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[GRAPHIC APPEARS HERE]
AMERICAN PERFORMANCE FUNDS
The Right Fit For Your Investment Goals
MIDYEAR REPORT
February 28, 1999
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LETTER FROM THE CHAIRMAN
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Dear Shareholders:
We are pleased to present the mid-year report for the six months ended February
28, 1999, a period that was a very strong one for our fund family.
Historically, market volatility has created opportunity and that was the case
this time. Our funds were well positioned for the markets' decline late last
summer, and to take advantage of a rebound in the late fall and winter.
American Performance Funds Shine
Because of its strong performance throughout this turbulent period, we are very
pleased to report that the American Performance Short-Term Income Fund, ranked
#1 among 105 mutual funds in the Lipper short-term investment grade debt
category for the year ended 2/28/99./1/ The fund also received a five star
overall Morningstar rating/TM/, among 1,525 fixed-income funds for the three-
year period ended 2/28/99. Based on performance over three, five and ten-year
periods, only the top ten percent of funds in any one category are granted such
a rating by Morningstar./2/
Among our equity funds, the American Performance Growth Equity Fund was the
standout performer.
For the year ended February 28, 1999 the Fund ranked 85 out of 1,011 mutual
funds in the Lipper growth funds category./3/ In addition to beating the Lipper
Growth Funds average, which returned 13.19%, the Fund returned a remarkable
30.46% (without sales charge)+ for the year ended February 28, 1999--
outperforming its industry benchmark, the S&P 500,/4/ which returned 19.76%
over the same period.
Introducing the New Small Cap Equity Fund++
We are also pleased to announce the American Performance Small Cap Equity Fund
was launched on February 17, 1999. This fund is intended for investors who seek
long-term appreciation and are comfortable taking an aggressive approach to
pursuing this objective.
The Fund invests in the stock and securities convertible into stock of smaller
companies with market capitalization similar to those of the S&P 600 Index/5/,
which as of the date of this report, ranged from $18 million to $3.3 billion.
Assisted by a staff of experienced professionals, Grafton Potter, CFA, manages
the Fund, as well as the American Performance Equity Fund and the American
Performance Growth Equity Fund.
In closing . . .
In the pages that follow you will find a discussion for each of the American
Performance Funds. These discussions will help you understand your investments,
their recent performances and their current prospects. The Small Cap Fund was
not included in these discussions due to its short reporting period.
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. As always, if you would like to learn
more about the American Performance Funds, please do not hesitate to contact us
at 1-800-762-7085 for more information or a prospectus which includes
information on fees, expenses and sales charges. Or you can visit our website
at http://www.apfunds.com. Please read the prospectus carefully before
investing.
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 105 short-
term investment grade debt funds for the one-year period ended 2/28/99, and 3
out of 81 for the three year period, as reported by Lipper Analytical
Services. The Fund was not ranked for the 5 and 10-year periods. Lipper
rankings are based on total return and do not include the effect of a sales
charge.
/2/Morningstar proprietary ratings reflect risk-adjusted performance through
2/28/99. The ratings are subject to change every month. Past performance is
no guarantee for future results. Morningstar ratings are calculated from a
fund's three-, five- and ten-year returns (with fee adjustments) in excess of
90-day Treasury Bill returns, and a risk factor that reflects fund
performance below 90-day Treasury bill returns. The Fund received five stars
for the three-year period and was not rated for the five- and ten-year
periods. It was rated among 1,525 Fixed Income Funds for the three-year
period. The top ten percent of the funds in a rating category receive five
stars; the next 22.5% receive four stars; the next 35% receive three stars;
the next 22.5% receive two stars; and the bottom 10% receive one star.
/3/The American Performance Growth Equity Fund ranked 85 out of 1,011 growth
funds for the one-year period ended 2/28/99, as reported by Lipper Analytical
Services. The Fund was not ranked for the 3, 5- and 10-year periods. Lipper
rankings are based on total return and do not include the effect of a sales
charge.
/4/The Lipper Growth Funds Average is comprised of companies with long-term
earnings expected to grow significantly faster than the earnings of the
stocks represented in the major unmanaged stock indices.
/5/S&P 500 Stock Index is an unmanaged index which consists of 500 stocks
chosen for market size, liquidity and industry group representation and is
one of the most widely used benchmarks of U.S. equity performance. The S&P
600 Index consists of 600 domestic stocks chosen for market size, liquidity,
and industry group representation, both indices are unmanaged, and do not
reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services.
+ With a maximum sales charge of 5.00%, the Fund's return for the one year
period ended 2/28/99 was 23.94%.
++ 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.
This material is authorized for distribution to prospective investors only when
accompanied or preceded by a current prospectus, which contains more complete
information on any of the Funds, including fees, expenses and sales charges.
Shares of the funds are not deposits or obligations of, or guaranteed or
endorsed by, Bank of Oklahoma, N.A., any of its affiliates or the distributor.
Shares are NOT FDIC INSURED nor are they insured by any other government
agency. An investment in the funds involves investment risk, including possible
loss of principal. Past performance is no guarantee of future results.
Investment return and net asset value will fluctuate so that an investor's
shares, when redeemed may be worth more or less than the original cost.
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- 1 -
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LETTER FROM THE INVESTMENT ADVISER
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Dear Shareholders:
The financial markets were far more volatile over the six months ended February
28, 1999 than they have been in years. As the period opened, fallout from
events in Asia reached the United States, and in mid-August, with anxiety
prevalent, the equity markets took a steep dive. By early October, the S&P
500/1/ plummeted more than 250 points from its July high of 1190 and virtually
all stocks in all sectors suffered somewhat. The fixed income markets also took
a pounding as investors fled to U.S. Treasuries and liquidity across all other
sectors tightened.
By late September, however, many of the situations that triggered the turmoil
had eased. In short, the world economy had not collapsed. Nor had the U.S.
economy been dramatically impacted by events overseas. More importantly, citing
a desire to cushion the U.S. economy against weakness abroad and to sustain
growth domestically, the Federal Reserve made the first of three cuts in short-
term interest rates. Confidence returned-- and with it, liquidity began
trickling back. By mid-October, bonds were reviving and stocks had reversed
their downward trend. Over the next two months, the equities markets recovered
to their mid-summer levels and then, moved higher.
Another Good Year
Ultimately, 1998 proved to be another good year for equities and for the fourth
year in a row, the S&P 500 rose more than 20%, gaining 28.5% for the period. To
all appearances, it was another astonishing year for the equity investors.
However, the appearances set by the equity market proved to be deceiving in
1998. The S&P 500 is a market-cap weighted index, and hence is highly dependent
on the performance of the largest stocks, which now include some of the best
known technology names. Throughout the year, larger capitalization stocks--
particularly large cap technology stocks--dramatically outperformed the rest of
the market. Consequently, it was very difficult to beat the S&P 500 if you did
not own the leading companies. However, 1998 was a good year for stock
investors with the average stock posting a gain, albeit not as large as the
market leaders, over the course of 1998.
As 1999 began, investor sentiment continued to favor the large caps-but
concerns were growing, particularly concerning technology issues. Over the past
several years, while their earnings have increased at a record pace, their
stock prices have increased even faster. On news that earnings could soften
somewhat in the near-term, enthusiasm for this group wilted slightly. The bond
markets, too, paused and retrenched a bit on reports of stronger-than-expected
growth in the fourth quarter.
The Train Keeps Rolling
Nonetheless, after being jolted by the fiascoes in Russia and Asia, investors
recovered and returned to the marketplace with renewed enthusiasm by the end of
the period. This confidence is not entirely misplaced. Currently, inflation is
not a threat at home or abroad, which should contain production costs and
interest rates over the near term. Corporate profit potential has been reduced,
but not dramatically. Yes, it is very unlikely that our economy can sustain the
5.0% to 6.0% rate of growth achieved in the fourth quarter of 1998, but we
believe it should still grow in the coming year.
A slower pace of growth, of course, could result in slower corporate profit
growth, which in turn could end the stock market's astonishing four-year string
of 20% returns. However, we believe the environment is still favorable for
stocks. Moreover, under the circumstances, our economy is unlikely to need
additional help from the Federal Reserve. Consequently, interest rates should
drift lower and, in our view, the next several months should be good ones for
the fixed income markets. It is important to remember that while our economy is
in very good shape, problems do remain in economies around the world, which
can-and at some point probably will-affect the United States' economy.
Therefore, we continue to monitor these situations closely and take a cautious
approach to the both the equity and fixed income markets.
Sincerely,
/s/ James L. Huntzinger
James L. Huntzinger
Bank of Oklahoma, N.A
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/1/S&P 500 Stock Index, an unmanaged index that consists of 500 stocks chosen
for market size, liquidity and industry group representation, 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 Funds' performance reflects the deduction of fees for
these value-added services.
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- 2 -
<PAGE>
THE AMERICAN PERFORMANCE MONEY MARKET FUNDS
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While the mood swings were less extreme than in other fixed income sectors, the
money markets ran the gamut of emotions during the six months ended February
28, 1999. Early in the period, investors fled to high quality security seeking
safety as the Asian flu hit our shores, stocks tumbled and several large hedge
funds collapsed. Then, in the fall, the Federal Reserve stepped in and calmed
fears by cutting short-term interest rates. As the New Year opened, however,
evidence that the economy was growing faster than anticipated began to appear.
Investors again grew uneasy-and interest rates moved higher. This increase, we
believe, will be short-lived. As the economy slows in the coming months, we
expect to see interest rates drift downward again.
The American Performance Cash Management Fund
Over the course of seven weeks in the fall, global instability forced the
Federal Reserve to cut interest rates by 75 basis points (0.75%). Having
invested in longer-dated fixed rate securities to lock in yields and extend the
weighted average maturity of the portfolio's holdings earlier in the year, the
Fund was well positioned for this turn of events. Moreover, the Fund held
securities from participants in the banking industry. Due to the wave of
consolidation that took place in this industry in 1998, these securities were
very strong performers. Despite the ups and downs of the interest rates and the
markets over the course of the period, the Fund performed well producing a 7-
day yield of 4.56%, as of February 28, 1999.
The American Performance U.S. Treasury Fund
Due to the turmoil in Asia and the impact of this on other markets worldwide,
investors emphasized safety and liquidity in the early months of the six-month
period ended February 28, 1999. While a good deal of the uncertainty dissipated
over the following months, safety remained an underlying concern of investors
throughout the fall, and as 1999 opened. Therefore, high quality securities
performed well over the course of the period-and the Fund benefited, because it
invested primarily in this sector. Looking ahead, we expect to see our economy
experience a slower pace of growth and for interest rates to drift lower. At
the same time, however, the global situation, remains unresolved, and at some
point probably will affect the economy of the United States. We do believe that
safety will remain an underlying concern. Consequently, no major changes are
anticipated in the allocation of the portfolio.
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Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
An investment in the funds are 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 by or endorsed by Bank of Oklahoma N.A., its affiliates or the
distributor, nor are they insured by the Federal Deposit Insurance Corporation
or any other agency.
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- 3 -
<PAGE>
THE AMERICAN PERFORMANCE BOND FUNDS
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In short, the six months ended February 28, 1999 were challenging ones in the
fixed income markets as sentiment moved to extremes-in both directions. As the
period opened, aftershocks from troubles abroad reached our shores and evidence
that our economy was slowing appeared. Investors ran for cover-and found it in
U.S. Treasuries, to the virtual exclusion of all other securities except those
of the very highest quality. The yield on the 30-year Treasury moved into
record low territory. In late September, however, the Federal Reserve stepped
in and made the first of what would ultimately be three short-term interest
rate cuts. While fixed income investors clearly anticipated that these cuts
would be larger than they were, the Fed's moves did have their intended impact.
Uncertainty diminished. Liquidity began trickling back into the marketplace. By
the time the New Year opened, sentiment had improved significantly.
In mid-February, however, uncertainty again rippled through the markets in
response to early indications of the economy's stronger-than-anticipated growth
in the fourth quarter. Volatility did increase-but, in comparison to last
August, the reaction was relatively mild and we believe, appropriate. Given the
fact that we are now in the seventh year of an expansion, it is unrealistic to
believe that a 5.0% to 6.0% growth rate can be sustained. Over the coming
months, we expect to see the economy decelerate to a slower, steadier and, in
the eyes of the Federal Reserve, healthier pace of growth-an environment which
will require no action on their part. Given this, we believe interest rates
should drift lower as we move through the year. With this in mind, our fixed
income portfolios have been positioned at the longer end of their maturity
ranges.
- 4 -
<PAGE>
THE AMERICAN PERFORMANCE INTERMEDIATE-TAX FREE FUND
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Unlike other sectors of the fixed income markets, the municipal markets were
relatively quiet during the six months ended February 28, 1999. Though not as
liquid as U.S. Treasury securities, municipal bonds were perceived as safe
investments and were not significantly affected by investors' stampede to
quality in August and September. Then, when the Federal Reserve cut interest
rates and the taxable markets rallied, the municipal markets moved ahead as
well--and performed impressively versus corporate and government securities as
1998 drew to a close.
Of course, even in the tax-free markets, certain securities were stronger
performers than others. Much as in the taxable markets, investors favored the
highest quality bonds throughout the period. With the credit quality of the
Fund's holdings averaging AAA, the portfolio benefited handsomely. For the six-
month period ended February 28, 1999, the Fund produced a total return of 2.11%
(without sales charge)+ versus a return of 2.62% for the Lehman Brothers
Municipal Bond Index.
Smooth Sailing Ahead
We are optimistic about prospects for the municipal market and for the Fund in
the months ahead. With the fundamentals of the economy remaining intact, we
expect to see interest rates begin to work their way lower later in the year.
In an effort to capture this move downward, the average maturity of the Fund
moved out slightly in recent weeks. Nonetheless, we do not expect a decline in
rates to trigger a great deal of volatility or even excitement in the municipal
markets. The sheer stability of this market in the months ahead could be, in
fact, an enormous plus. Much as the equity markets have benefited as baby
boomers seek to amass wealth, the municipal markets should begin to benefit as
they seek to preserve it.
As of February 28, 1999, 97.5% of the Fund's net assets were invested in a
Average Annual Total Return
<TABLE>
<CAPTION>
2/28/99 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 1.98% 5.16%
-------------------------------
5 Year 4.86% 5.50%
-------------------------------
Since Inception 5.99% 6.47%
(5/29/92)
</TABLE>
laddered portfolio of securities issued by municipalities in some 20 states
across the country. The average credit quality of these securities was AAA- the
average maturity was 5.4 years. The remainder of the Fund's net assets were
held in cash and equivalents.++
VALUE OF $10,000 INVESTMENT
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Intermediate Tax-Free Bond Fund (No-Load) Intermediate Tax-Free Bond Fund (Load) Lehman Brothers Municipal Bond Index
----------------------------------------- -------------------------------------- ------------------------------------
<S> <C> <C> <C>
5/29/92 10,000 9,699 10,000
8/31/92 10,314 10,004 10,347
8/31/93 11,506 11,160 11,636
8/31/94 11,709 11,357 11,652
8/31/95 12,601 12,222 12,685
8/31/96 13,065 12,673 13,480
8/31/97 13,952 13,532 14,726
8/31/98 14,967 14,517 16,000
2/28/99 15,271 14,812 16,419
</TABLE>
* Reflects 3.00% maximum sales charge.
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Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 3.00%, the Fund's return for the six-month
period was -0.96%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance 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.
The Fund's income may be subject to certain state and local taxes and,
depending on your tax status, the federal alternative minimum tax.
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- 5 -
<PAGE>
THE AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
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Smart security selection was the primary reason for the Fund's exceptionally
strong performance over the six months ended February 28, 1999. Focused on high
quality, high yield securities, the Fund was underweighted in U.S. Treasuries
as market sentiment shifted dramatically in their favor in August and
September. Historically, however, shifts in sentiment have created
opportunity--and this time was no exception. Taking advantage of the moment, we
decreased our holdings in U.S. Treasuries, to allow us to increase our position
in mortgage-backed securities, which proved to be higher yielding investments,
in the late fall. Consequently, the Fund was well positioned for the market's
comeback in the second half of the period.
As a result, for the six months ended February 28, 1999, the Fund produced a
total return of 2.53% (without sales charge)+ and outperformed its benchmark,
the Merrill Lynch U.S. Government/Corporate 1-5-Year Index, which returned
1.94% for the period. Moreover, we are very pleased to report that the Fund was
ranked #1 out of 105 Short-Term Investment Grade Debt Funds in the Short-Term
Investment Grade Debt Category as reported by Lipper Analytical Services for
the one year period ended February 28, 1999./1/
As of February 28, 1999, approximately 83.6% of the Fund's net assets were
invested in asset- and mortgage-backed securities, 4.2% in corporate bonds,
8.8% in U.S. Treasury and agency-related securities with the remainder held in
cash and equivalents. The average maturity of the portfolio's holdings was 2.85
years; the average credit quality was AAA.++
Average Annual Total Return
<TABLE>
<CAPTION>
2/28/99 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 4.57% 6.66%
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Since Inception 6.00% 6.48%
(10/19/94)
</TABLE>
VALUE OF A $10,000 INVESTMENT
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Short-Term Income Fund (No-Load) Short-Term Income Fund (Load) Merrill Lynch U.S. Govt./Corp. 1-5 yr. Index
-------------------------------- ----------------------------- --------------------------------------------
<S> <C> <C> <C>
10/19/94 10,000 9,804 10,000
8/31/95 10,481 10,276 10,879
8/31/96 10,967 10,752 11,418
8/31/97 11,828 11,596 12,288
8/31/98 12,830 12,578 13,288
2/28/99 13,149 12,892 13,546
</TABLE>
* Relects 2.00% maximum sales charge.
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Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 2.00%, the Fund's return for the six-month
period was 0.45%.
++The composition of the Fund's portfolio is subject to change.
/1/The American Performance Short-Term Income Fund ranked 1 out of 105 short-
term investment grade debt funds for the one-year period ended 2/28/99, and 3
out of 81 for the three year period, respectively, as reported by Lipper
Analytical Services. The Fund was not ranked for the 5 and 10-year periods.
Lipper rankings are based on total return and do not include the effect of a
sales charge.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Short-Term Income Fund is measured
against the Merrill Lynch 1-5 Year U.S. Government/Corporate 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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- 6 -
<PAGE>
THE AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
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Despite all the sound and fury, the six-month period ended February 28, 1999
was a good one for the Fund. The portfolio suffered in the first half of the
period as the Asian flu hit our shores and investors fled to treasuries. In the
second half of the period, however, confidence returned and market sentiment no
longer focused solely on government issues. Liquidity returned to the
marketplace--and virtually all sectors of the market recovered. Well-
diversified and positioned at the longer end of its maturity range, the Fund
captured much of the rally and benefited handsomely.
Consequently, for the six-month period ended February 28, 1999, the Fund
produced a total return of 1.14% (without sales charge)+, which lagged its
benchmark, the Lehman Brothers Intermediate Government/Corporate Bond Index,
which experienced a return of 1.86%. Nonetheless, our results earned the Fund a
rank of 32 out of 98 Short Intermediate Investment Grade Debt Funds in the
Intermediate Grade Debt Category as reported by Lipper Analytical Services for
the one-year period ended February 28, 1999./1/
As of February 28, 1999, approximately 7.1% of the Fund's net assets were
invested in asset-backed securities, 44.0% in mortgage-related securities,
25.3% in corporate bonds, 17.9% in U.S. Treasury and agency related securities
and 4.6% in taxable municipal bonds with the remainder invested in cash and
equivalents. The average maturity of the Fund's portfolio was 4.34 years; the
average credit quality of the portfolio's holdings was AA.++
Average Annual Total Return
<TABLE>
<CAPTION>
2/28/99 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 2.29% 5.45%
-------------------------------
5 Year 4.78% 5.43%
-------------------------------
Since Inception 6.68% 7.07%
(9/28/90)
</TABLE>
VALUE OF A $10,000 INVESTMENT
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Intermediate Bond Fund (No-Load) Intermediate Bond Fund (Load) Lehman Brothers Inter. Govt./Corp. Bond Index
-------------------------------- ----------------------------- ---------------------------------------------
<S> <C> <C> <C>
9/28/90 10,000 9,699 10,000
8/31/91 11,142 10,807 11,194
8/31/92 12,525 12,148 12,663
8/31/93 13,657 13,247 13,825
8/31/94 13,502 13,096 13,776
8/31/95 14,422 13,988 15,079
8/31/96 14,914 14,466 15,747
8/31/97 16,163 15,678 17,076
8/31/98 17,587 17,058 18,609
2/28/99 17,770 17,236 18,955
</TABLE>
* Reflects 3.00% maximum sales charge.
- --------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 3.00%, the Fund's return for the six-month
period was -1.85%.
++The composition of the Fund's portfolio is subject to change.
/1/The American Performance Intermediate Bond Fund ranked 32 out of 98 and 32
out of 47 for the one- and five-year periods, respectively, for the short
intermediate investment grade funds as reported by Lipper Analytical Services.
The Fund was not ranked for the 10 year period. Lipper rankings are based on
total return and do not include the effect of a sales charge. All rankings as
of 2/28/99.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Intermediate Bond Fund is measured
against the Lehman Brothers Intermediate Government/Corporate Bond Index, an
unmanaged index considered to be representative of the performance of
government and corporate bonds with maturities of less than 10 years. The index
does not reflect the deduction of expenses associated with a mutual fund, such
as investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services.
- --------------------------------------------------------------------------------
- 7 -
<PAGE>
THE AMERICAN PERFORMANCE BOND FUND
- --------------------------------------------------------------------------------
While the ride was rather rocky at times, we are pleased to report that the
Fund performed well over the course of the six months ended February 28, 1999.
Taking a cautious approach to the marketplace, the portfolio's assets were
invested in a variety of fixed income securities as the period opened. As a
result, while the Fund's U.S. Treasury exposures performed well in the storms
of August and September, other holdings took a beating.
Throughout this period, we stayed the course-and other than adjusting the
fund's maturity structure slightly, few changes were made in the portfolio's
allocation. This emphasis on diversification paid off in the second half when
fears eased and liquidity returned to the marketplace. As 1998 ended and the
New Year began, the Fund's holdings in sectors beyond U.S. Treasuries bounced
back strongly. Consequently, for the six months ended February 28, 1999, the
Fund, returned 0.54% (without sales charge)+, falling short of its benchmark,
the Salomon Brothers Broad Investment Grade Bond Index, which produced a total
return of 1.72%. Nevertheless, we are pleased to report the Fund was ranked 52
out of 251 intermediate investment grade debt funds in the Intermediate
Investment Grade Debt Category as reported by Lipper Analytical Services for
the one-year period ended February 28, 1999./1/
As of February 28, 1999, approximately 3.2% of the Fund's net assets were
invested in asset-backed securities, 44.1% in mortgage-backed securities, 26.7%
in corporate bonds, 9.5% in taxable municipal bonds, 14.5% in U.S. Treasury and
agency-related securities with the remainder held in cash and cash equivalents.
The average maturity of the portfolio's holdings was 6.96 years; the average
credit quality was AA.++
Average Annual Total Return
<TABLE>
<CAPTION>
2/28/99 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 1.60% 5.85%
-------------------------------
5 Year 5.36% 6.22%
-------------------------------
Since Inception 7.51% 8.04%
(9/28/90)
</TABLE>
VALUE OF A $10,000 INVESTMENT
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Bond Fund (No-Load) Bond Fund (Load) Salomon Brothers (Investment Grade) Bond Index
------------------- ---------------- ----------------------------------------------
<S> <C> <C> <C>
9/28/90 10,000 9,597 10,000
8/31/91 11,312 10,856 11,365
8/31/92 12,750 12,236 12,922
8/31/93 14,248 13,675 14,354
8/31/94 13,975 13,412 14,146
8/31/95 15,122 14,513 15,754
8/31/96 15,552 14,925 16,404
8/31/97 17,111 16,422 18,044
8/31/98 19,091 18,322 19,939
2/28/99 19,172 18,400 20,282
</TABLE>
* Reflects 4.00% maximum sales charge.
- --------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 4.00%, the Fund's return for the six-month
period was -3.51%.
++The composition of the Fund's portfolio is subject to change.
/1/The American Performance Bond Fund ranked 52 out 251 and 54 out of 119 for
the one- and five-year periods, respectively for the intermediate investment
grade debt funds as reported by Lipper Analytical Services. The Fund was not
ranked for the 10 year period. Lipper rankings are based on total return and
do not include the effect of a sales charge. All rankings are as of 2/28/99.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Bond Fund is measured against the
Salomon Broad Investment-Grade Bond Index, an unmanaged index considered to be
representative of the performance of investment-grade corporate and U.S.
Government bonds in general. The index does not reflect the deduction of
expenses associated with a mutual fund, such as investment management and fund
accounting fees. The Fund's performance reflects the deduction of fees for
these value-added services.
- --------------------------------------------------------------------------------
- 8 -
<PAGE>
THE AMERICAN PERFORMANCE BALANCED FUND
- --------------------------------------------------------------------------------
Despite an environment that was considered volatile at times, the six months
ended February 28, 1999 were good ones for the Fund. Throughout the period, the
Fund was over weighted in equities. With positions in many larger cap growth
companies, the portfolio was battered in August and September. However, the
Fund rebounded smartly as this group led the market higher throughout the fall
and early winter.
While the ride was also rather bumpy in the bond markets, the Fund's fixed
income exposures also contributed to performance. Focused on yield and having
lengthened maturities earlier in the year, our managers captured much of the
rally sparked by the Federal Reserve interest rate cuts in the fall. As a
result, for the six-month period ended February 28, 1999, we are pleased to
report that the Fund posted a total return of 15.86% (without sales charge),
versus its benchmarks, the S&P 500 and the Salomon Brothers Broad Investment-
Grade Bond Index, which posted total returns of 30.27% and 1.72% respectively.
Optimistic but Cautious
Despite periodic bouts of anxiety, it is clear that our economy remains in very
good shape and that the environment is still favorable for equities. However,
it is also apparent that some caution is warranted. The earnings momentum of
the market's favorites, larger cap growth companies, will inevitably slow.
Moreover, this is a market which does not reward good earnings, and severely
punishes those that disappoint. We expect to approach the marketplace
cautiously in the months ahead. While the portfolio holds exposures in many of
the market's leaders, it also remains well diversified with positions in more
than 90 other companies. Many of our other holdings, too, are more focused on
value than on earnings, unlike the handful of stocks that drove much of the
current advance of the market.
As of February 28, 1999, 63.5% of the portfolio's net assets were invested in
stocks, 14.9% in asset- and mortgage-backed securities, 12.7% in U.S. Treasury
and agency-related securities, 6.0% in corporate bonds and 1.9% in taxable
municipal bonds with the
Average Annual Total Return
<TABLE>
<CAPTION>
2/28/99 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 5.68% 11.27%
--------------------------------
Since Inception 15.65% 17.25%
(6/1/95)
</TABLE>
remainder in cash and cash equivalents. The average credit quality of the fixed
income holdings in the portfolio was AAA; the average maturity was 8.44 years.
The top five holdings in the equity portion of the Fund's portfolio were
General Electric Co. (2.5% of the portfolio's net assets), Microsoft Corp.
(2.5%), MCI Worldcom, Inc. (2.4%), Merck & Co., Inc. (2.2%) and Intel Corp.
(2.2%).++
- --------------------------------------------------------------------------------
VALUE OF A $10,000 INVESTMENT
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Balanced Fund Balanced Fund S&P 500 Salomon Brothers Lipper Balanced
(No-Load) (Load) Stock Index (Investment Grade Bond Index) Funds Average
--------- ------ ----------- ----------------------------- -------------
<S> <C> <C> <C> <C> <C>
6/1/95 10,000 9,497 10,000 10,000 10,000
8/31/95 10,698 10,159 10,361 10,165 10,528
8/31/96 11,860 11,263 12,229 10,584 11,673
8/31/97 14,983 14,229 17,295 11,642 14,527
8/31/98 15,665 14,877 18,699 12,864 14,931
2/28/99 18,149 17,236 24,359 13,085 15,970
</TABLE>
* Reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 5.00%, the Fund's return for the six-month
period was 10.07%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Balanced Fund is measured against
the S&P 500 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 performers, and the Salomon Brothers
Broad Investment-Grade Bond Index, which is widely used to represent the
performance of investment-grade corporate and U.S. Government Bonds. The
indices do not reflect the deduction of expenses associated with a mutual fund,
such as investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services.
- --------------------------------------------------------------------------------
- 9 -
<PAGE>
THE AMERICAN PERFORMANCE EQUITY FUND
- --------------------------------------------------------------------------------
The six months ended February 28, 1999 were the worst of times and the best of
times for the equity markets. As the period opened, events in Asia, Russia and
Latin America unnerved investors. Virtually overnight, sentiment turned
negative and stocks worldwide experienced sharp declines. Then, in early fall,
action by the Federal Reserve Board to ease interest rates and progress towards
reform in overseas economies calmed fears. The markets bounced back and by the
end of the period were flirting with record highs. However, again, large cap
growth stocks experienced the lion's share of the gains over the course of the
period. Smaller and lesser-known names, on average, lagged and this affected
the performance of widely diversified portfolios like ours. Nevertheless, the
Fund did hold positions in several of the market's leaders. Our exposures in
MCI WorldCom, Inc. (4.5% of the portfolio's net assets) and Microsoft Corp.
(4.2%) made substantial contributions to performance. As a result, for the six
months ended February 28, 1999, the Fund produced a total return of 23.23%
(without sales charge)+ versus its benchmark, the S&P 500 which returned 30.27%
for the same period.
Natural Drift is Upward
Despite the anxiety over the direction of the economy, we remain optimistic
about the market's prospects. Currently, inflation is low around the world and
this should hold down production costs and interest rates in the near future.
At the same time, however, the economy's current pace of growth is
unsustainable and should slow later in the year. With slower growth, the
unprecedented four-year string of 20% gains in the stock market could end.
Nonetheless, in the moderate growth, low inflation and low interest rate
environment we see ahead, we hope to see equities trend upward.
As of February 28, 1999, the top five holdings in the Fund's portfolio were MCI
WorldCom, Inc. (4.5% of the portfolio's net assets), Microsoft Corp. (4.2%),
General Electric Co. (3.9%), Merck & Co., Inc. (3.1%) and Pfizer, Inc.
(2.9%).++
Average Annual Total Return
<TABLE>
<CAPTION>
2/28/99 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 3.20% 8.63%
--------------------------------
5 Year 19.19% 20.41%
--------------------------------
Since Inception 15.58% 16.29%
(9/28/90)
</TABLE>
VALUE OF A $10,000 INVESTMENT
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Equity (No-Load) Equity (Load) S&P 500 Stock Index
---------------- ------------- -------------------
<S> <C> <C> <C>
9/28/90 10,000 9,497 10,000
8/31/91 12,457 11,830 13,345
8/31/92 11,961 11,359 14,406
8/31/93 13,770 13,077 16,586
8/31/94 14,411 13,686 17,491
8/31/95 17,256 16,388 21,243
8/31/96 20,453 19,424 25,216
8/31/97 28,681 27,230 35,459
8/31/98 28,910 27,455 38,338
2/28/99 35,626 33,833 49,943
</TABLE>
* Reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 5.00%, the Fund's return for the six-month
period was 17.09%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Equity Fund is measured against the
S&P 500 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
- --------------------------------------------------------------------------------
The six months ended February 28, 1999 were uneasy ones for investors,
particularly growth investors. Events abroad rattled the markets as the period
opened and triggered a sharp decline. While stocks across the market dropped,
growth stocks were battered. However, they were the quickest to recover when
the market experienced an upward momentum and enthusiasm for equities was
reborn in the fall. Fueled by excitement in the Internet sector, technology
stocks, in particular, bounced back briskly and moved higher.
Somewhat overextended, the technology stocks experienced a decline in the
beginning of 1999. Nonetheless, the period was a good one for the market in
general and our Fund in particular. For the six months ended February 28, 1999,
the Fund posted a return of 34.43% (without sales charge)+ versus its
benchmark, the S&P 500 which returned 30.27% for the same period.
Slower Growth Ahead
Clearly, market sentiment has improved dramatically since last summer--and with
good reason. While problems abroad have not been resolved, progress is being
made. Inflation is still benign. Interest rates, even given their recent spike
on the news of stronger-than-expected growth in the fourth quarter, are still
low. This concern may be overblown. It is somewhat unrealistic to expect our
economy to grow at the pace seen at the close of 1998, and we anticipate seeing
a slower pace of growth as we move forward. Given this, it is somewhat
unrealistic to expect the stock market, for a fifth year in a row, to return
over 20%. Nonetheless, the fundamentals are intact. Therefore, we believe both
the short and long term prospects for equities remain bright.
As of February 28, 1999, the top five holdings in the Fund's portfolio were
Average Annual Total Return
<TABLE>
<CAPTION>
2/28/99 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 23.94% 30.46%
--------------------------------
Since Inception 31.64% 36.88%
(11/3/97)
</TABLE>
General Electric Co. (4.1% of the portfolio's net assets), Microsoft Corp.
(4.0%), Intel Corp. (3.9%), Merck & Co., Inc. (3.8%), and Lucent Technologies,
Inc. (3.7%).++
VALUE OF A $10,000 INVESTMENT
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
Growth Equity Fund (No-Load) Growth Equity Fund (Load) S&P 500 Index
---------------------------- ------------------------- -------------
<S> <C> <C> <C>
11/3/97 10,000 9,500 10,000
8/31/98 11,269 10,702 10,605
2/28/99 15,150 14,387 13,815
</TABLE>
* Reflects 5.00% maximum sales charge.
- --------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 5.00%, the Fund's return for the six-month
period was 27.73%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance 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>
TABLE OF CONTENTS
Statements of Assets and Liabilities
Page 13
Statements of Operations
Page 16
Statements of Changes in Net Assets
Page 19
Schedules of Portfolio Investments
Page 24
Notes to Financial Statements
Page 68
Financial Highlights
Page 73
- 12 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
U.S. Cash
Treasury Management
Fund Fund
------------ ------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost...................... $123,522,914 $444,439,837
Repurchase agreements, at amortized cost............ 276,202,897 44,862,939
------------ ------------
Total Investments................................... 399,725,811 489,302,776
Interest and dividends receivable................... 108,955 3,482,244
Receivable for capital shares issued................ 34 --
Prepaid expenses and other assets................... 22,154 20,121
------------ ------------
Total Assets...................................... 399,856,954 492,805,141
------------ ------------
LIABILITIES:
Dividends payable................................... 1,257,192 1,642,535
Payable for investment securities purchased......... -- 9,996,050
Accrued expenses and other payables:
Investment advisory fees........................... 125,260 145,890
Administration fees................................ 10,886 13,095
Custodian fees..................................... 9,394 10,941
Other liabilities.................................. 23,733 38,898
------------ ------------
Total Liabilities................................. 1,426,465 11,847,409
------------ ------------
COMPOSITION OF NET ASSETS:
Capital............................................. 398,430,489 480,957,732
------------ ------------
Net Assets........................................ $398,430,489 $480,957,732
============ ============
Shares of beneficial interest issued and
outstanding........................................ 398,430,489 480,957,732
============ ============
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.
- 13 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term Intermediate
Bond Income Bond Bond
Fund Fund Fund Fund
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (Cost
$29,087,728; $57,126,325;
$85,352,322; and
$52,560,478; respectively). $30,451,430 $57,269,540 $86,160,858 $53,602,794
Interest and dividends
receivable................. 366,182 380,465 819,009 635,157
Receivable for capital
shares issued.............. -- 34 34 34
Prepaid expenses and other
assets..................... 2,746 4,187 5,658 4,924
----------- ----------- ----------- -----------
Total Assets.............. 30,820,358 57,654,226 86,985,559 54,242,909
----------- ----------- ----------- -----------
LIABILITIES:
Dividends payable........... 98,883 266,569 412,710 261,965
Payable to custodian........ -- 12,917 -- 151
Payable for investments
purchased.................. 507,545 251,993 130,263 100,500
Payable for capital shares
redeemed................... 20,003 -- -- --
Accrued expenses and other
payables:
Investment advisory fees... 8,586 -- 23,356 14,481
Administration fees........ 826 1,565 2,370 1,476
Distribution fees.......... -- 7,053 16,683 10,344
Custodian fees............. 736 1,245 2,002 1,241
Other liabilities.......... 2,627 3,801 7,135 7,675
----------- ----------- ----------- -----------
Total Liabilities......... 639,206 545,143 594,519 397,833
----------- ----------- ----------- -----------
COMPOSITION OF NET ASSETS:
Capital..................... 28,648,737 56,930,648 86,156,874 52,908,711
Undistributed (distributions
in excess of) net
investment income.......... 15,281 2,535 (35,792) 9,225
Net unrealized
appreciation/depreciation
on investments............. 1,363,702 143,215 808,536 1,042,316
Accumulated undistributed
net realized gains (losses)
from investment
transactions............... 153,432 32,685 (538,578) (115,176)
----------- ----------- ----------- -----------
Net Assets................ $30,181,152 $57,109,083 $86,391,040 $53,845,076
=========== =========== =========== ===========
Shares of beneficial
interest issued and
outstanding................ 2,755,194 5,673,261 8,367,482 5,649,103
=========== =========== =========== ===========
Net asset value and
redemption price per share:
($0.00001 par value per
share, unlimited number of
shares authorized)........ $ 10.95 $ 10.07 $ 10.32 $ 9.53
=========== =========== =========== ===========
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.................. $ 11.29 $ 10.28 $ 10.64 $ 9.93
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 14 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Growth Small Cap
Balanced Equity Equity Equity
Fund Fund Fund Fund
----------- ------------ ------------ ----------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value (Cost
$47,051,380; $136,850,843;
$77,679,460; and
$4,812,224; respectively). $53,601,987 $190,739,367 $117,690,281 $4,772,207
Cash....................... -- -- -- 10
Interest and dividends
receivable................ 233,013 282,282 96,740 1,844
Receivable for capital
shares issued............. -- 157 1,091 --
Unamortized organization
costs..................... -- -- 30,980 --
Prepaid expenses and other
assets.................... 2,812 11,190 7,710 --
----------- ------------ ------------ ----------
Total Assets............. 53,837,812 191,032,996 117,826,802 4,774,061
----------- ------------ ------------ ----------
LIABILITIES:
Payable for capital shares
redeemed.................. -- -- 1,552 --
Accrued expenses and other
payables:
Investment advisory fees.. 7,074 74,282 50,234 --
Administration fees....... 1,483 5,288 3,249 132
Distribution fees......... -- 37,141 22,350 --
Custodian fees............ 1,248 4,457 2,682 40
Other liabilities......... 4,618 16,272 1,368 888
----------- ------------ ------------ ----------
Total Liabilities........ 14,423 137,440 81,435 1,060
----------- ------------ ------------ ----------
COMPOSITION OF NET ASSETS:
Capital.................... 46,778,853 125,207,073 72,024,777 4,810,306
Undistributed
(distributions in excess
of) net investment income. 211,255 82,940 (8,478) 3,365
Net unrealized
appreciation/depreciation
on investments............ 6,550,607 53,888,524 40,010,821 (40,017)
Accumulated undistributed
net realized gains
(losses) from investment
transactions.............. 282,674 11,717,019 5,718,247 (653)
----------- ------------ ------------ ----------
Net Assets............... $53,823,389 $190,895,556 $117,745,367 $4,773,001
=========== ============ ============ ==========
Shares of beneficial
interest issued and
outstanding............... 3,994,846 10,895,255 8,054,786 481,027
=========== ============ ============ ==========
Net asset value and
redemption price per
share:
($0.00001 par value per
share, unlimited number
of shares authorized).... $ 13.47 $ 17.52 $ 14.62 $ 9.92
=========== ============ ============ ==========
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................. $ 14.18 $ 18.44 $ 15.39 $ 10.44
=========== ============ ============ ==========
</TABLE>
See notes to financial statements.
- 15 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the six months ended February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
U.S. Cash
Treasury Management
Fund Fund
----------- -----------
<S> <C> <C>
Investment Income:
Interest income..................................... $10,409,666 $13,221,360
----------- -----------
Total Income...................................... 10,409,666 13,221,360
----------- -----------
Expenses:
Investment advisory fees............................ 846,125 992,369
Administration fees................................. 423,066 496,189
Distribution fees................................... 528,828 620,231
Fund accounting fees................................ 46,564 52,691
Transfer agent fees................................. 45,772 54,533
Custodian fees...................................... 63,458 74,426
Other expenses...................................... 90,597 76,616
----------- -----------
Total Expenses.................................... 2,044,410 2,367,055
Expenses voluntarily reduced........................ (528,828) (620,231)
----------- -----------
Net Expenses...................................... 1,515,582 1,746,824
----------- -----------
Net Investment Income............................... 8,894,084 11,474,536
----------- -----------
Realized/Unrealized Gains (Losses) On Investments:
Net realized gains (losses) on investment
transactions....................................... (7,932) (7,507)
----------- -----------
Change in net assets resulting from operations....... $ 8,886,152 $11,467,029
=========== ===========
</TABLE>
See notes to financial statements.
- 16 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the six months ended February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term Intermediate
Bond Income Bond Bond
Fund Fund Fund Fund
------------ ---------- ------------ -----------
<S> <C> <C> <C> <C>
Investment Income:
Interest income.............. $ 748,539 $1,394,007 $ 2,874,771 $ 1,808,690
Dividend income from
affiliates.................. 9,457 38,522 24,159 20,564
--------- ---------- ----------- -----------
Total Income............... 757,996 1,432,529 2,898,930 1,829,254
--------- ---------- ----------- -----------
Expenses:
Investment advisory fees..... 82,706 121,352 235,679 146,016
Administration fees.......... 30,075 44,129 85,702 53,097
Distribution fees............ 37,594 55,160 107,127 66,371
Fund accounting fees......... 8,521 28,641 31,480 19,530
Transfer agent fees.......... 9,239 5,109 12,501 6,742
Custodian fees............... 4,511 6,619 12,855 7,964
Other expenses............... 7,159 12,392 16,226 12,612
--------- ---------- ----------- -----------
Total Expenses............. 179,805 273,402 501,570 312,332
Expenses voluntarily reduced. (67,669) (162,081) (85,702) (53,097)
--------- ---------- ----------- -----------
Net Expenses............... 112,136 111,321 415,868 259,235
--------- ---------- ----------- -----------
Net Investment Income........ 645,860 1,321,208 2,483,062 1,570,019
--------- ---------- ----------- -----------
Realized/Unrealized Gains
(Losses) On Investments:
Net realized gains (losses)
on investment transactions.. 153,432 44,087 66,001 51,707
Change in unrealized
appreciation/depreciation on
investments................. (154,067) (292,364) (1,562,756) (1,300,409)
--------- ---------- ----------- -----------
Net realized/unrealized gains
(losses) on investments..... (635) (248,277) (1,496,755) (1,248,702)
--------- ---------- ----------- -----------
Change in net assets
resulting from operations... $ 645,225 $1,072,931 $ 986,307 $ 321,317
========= ========== =========== ===========
</TABLE>
See notes to financial statements.
- 17 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the six months ended February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Growth Small Cap
Balanced Equity Equity Equity
Fund Fund Fund Fund (a)
---------- ----------- ----------- ---------
<S> <C> <C> <C> <C>
Investment Income:
Interest income................ $ 537,692 $ -- $ -- $ 2,731
Dividend income................ 174,528 1,302,769 510,875 1,332
Dividend income from
affiliates.................... 47,271 40,997 106,103 573
---------- ----------- ----------- --------
Total Income................. 759,491 1,343,766 616,978 4,636
---------- ----------- ----------- --------
Expenses:
Investment advisory fees....... 173,747 643,107 339,925 911
Administration fees............ 46,959 186,410 98,530 264
Distribution fees.............. 58,698 233,010 123,161 330
Fund accounting fees........... 14,502 28,511 15,893 172
Transfer agent fees............ 5,542 24,327 11,591 147
Custodian fees................. 7,044 27,961 14,779 40
Other expenses................. 9,465 35,438 26,639 648
---------- ----------- ----------- --------
Total Expenses............... 315,957 1,178,764 630,518 2,512
Expenses voluntarily reduced... (192,530) (177,088) (93,603) (1,241)
---------- ----------- ----------- --------
Net Expenses................. 123,427 1,001,676 536,915 1,271
---------- ----------- ----------- --------
Net Investment Income.......... 636,064 342,090 80,063 3,365
---------- ----------- ----------- --------
Realized/Unrealized Gains
(Losses) On Investments:
Net realized gains (losses) on
investment transactions....... 298,960 11,863,155 5,720,003 (653)
Change in unrealized
appreciation/depreciation on
investments................... 5,513,326 26,062,109 22,034,063 (40,017)
---------- ----------- ----------- --------
Net realized/unrealized gains
(losses) on investments....... 5,812,286 37,925,264 27,754,066 (40,670)
---------- ----------- ----------- --------
Change in net assets resulting
from operations................ $6,448,350 $38,267,354 $27,834,129 $(37,305)
========== =========== =========== ========
</TABLE>
- --------
(a) For the period February 17, 1999 (commencement of operations) through
February 28, 1999
See notes to financial statements.
- 18 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
U.S. Treasury Fund Cash Management Fund
----------------------------- -----------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
February 28, August 31, February 28, August 31,
1999 1998 1999 1998
------------- -------------- ------------- --------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income. $ 8,894,084 $ 18,063,806 $ 11,474,536 $ 20,468,175
Net realized gains
(losses) on
investment
transactions......... (7,932) 21,082 (7,507) 12,486
------------- -------------- ------------- --------------
Change in net assets
resulting from
operations............ 8,886,152 18,084,888 11,467,029 20,480,661
------------- -------------- ------------- --------------
Distributions to
Shareholders:
From net investment
income............... (8,894,084) (18,063,806) (11,474,536) (20,468,175)
From net realized
gains................ -- (56,293) -- --
------------- -------------- ------------- --------------
Change in net assets
from shareholder
distributions......... (8,894,084) (18,120,099) (11,474,536) (20,468,175)
------------- -------------- ------------- --------------
Capital Transactions:
Proceeds from shares
issued............... 556,082,352 1,070,787,836 573,346,575 1,129,291,958
Dividends reinvested.. 24,296 42,811 9,267 25,815
Cost of shares
redeemed............. (545,987,198) (980,900,895) (558,961,331) (993,854,941)
------------- -------------- ------------- --------------
Change in net assets
from share
transactions.......... 10,119,450 89,929,752 14,394,511 135,462,832
------------- -------------- ------------- --------------
Change in net assets... 10,111,518 89,894,541 14,387,004 135,475,318
Net Assets:
Beginning of period... 388,318,971 298,424,430 466,570,728 331,095,410
------------- -------------- ------------- --------------
End of period......... $ 398,430,489 $ 388,318,971 $ 480,957,732 $ 466,570,728
============= ============== ============= ==============
Share Transactions:
Issued................ 556,082,353 1,070,787,836 573,346,575 1,129,291,958
Reinvested............ 24,296 42,811 9,267 25,815
Redeemed.............. (545,987,198) (980,900,895) (558,961,331) (993,854,941)
------------- -------------- ------------- --------------
Change in shares....... 10,119,451 89,929,752 14,394,511 135,462,832
============= ============== ============= ==============
</TABLE>
See notes to financial statements.
- 19 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term
Bond Fund Income Fund
------------------------- -------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
February 28, August 31, February 28, August 31,
1999 1998 1999 1998
------------ ----------- ------------ -----------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income.... $ 645,860 $ 1,274,909 $ 1,321,208 $ 1,318,231
Net realized gains
(losses) on investment
transactions............ 153,432 137,152 44,087 45,164
Net change in unrealized
appreciation/depreciation
on investments.......... (154,067) 602,188 (292,364) 392,685
----------- ----------- ----------- -----------
Change in net assets
resulting from
operations............... 645,225 2,014,249 1,072,931 1,756,080
----------- ----------- ----------- -----------
Distributions to
Shareholders:
From net investment
income.................. (645,860) (1,274,909) (1,321,208) (1,318,231)
From net realized gains.. (95,497) (181,702) (16,447) --
----------- ----------- ----------- -----------
Change in net assets from
shareholder
distributions............ (741,357) (1,456,611) (1,337,655) (1,318,231)
----------- ----------- ----------- -----------
Capital Transactions:
Proceeds from shares
issued.................. 2,830,823 8,350,420 31,566,855 19,931,828
Dividends reinvested..... 180,359 356,309 465,517 699,140
Cost of shares redeemed.. (3,187,604) (5,354,470) (7,048,302) (4,337,290)
----------- ----------- ----------- -----------
Change in net assets from
capital transactions..... (176,422) 3,352,259 24,984,070 16,293,678
----------- ----------- ----------- -----------
Change in net assets...... (272,554) 3,909,897 24,719,346 16,731,527
Net Assets:
Beginning of period...... 30,453,706 26,543,809 32,389,737 15,658,210
----------- ----------- ----------- -----------
End of period............ $30,181,152 $30,453,706 $57,109,083 $32,389,737
=========== =========== =========== ===========
Share Transactions:
Issued................... 257,428 766,891 3,123,330 1,986,244
Reinvested............... 16,372 32,766 46,007 69,739
Redeemed................. (288,786) (491,985) (697,431) (433,553)
----------- ----------- ----------- -----------
Change in shares.......... (14,986) 307,672 2,471,906 1,622,430
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 20 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Intermediate Bond Fund Bond Fund
-------------------------- -------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
February 28, August 31, February 28, August 31,
1999 1998 1999 1998
------------ ------------ ------------ -----------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income.... $ 2,483,062 $ 4,763,811 $ 1,570,019 $ 2,796,794
Net realized gains
(losses) on investment
transactions............ 66,001 122,855 51,707 293,685
Net change in unrealized
appreciation/depreciation
on investments.......... (1,562,756) 1,996,594 (1,300,409) 1,891,340
----------- ------------ ----------- -----------
Change in net assets
resulting from
operations............... 986,307 6,883,260 321,317 4,981,819
----------- ------------ ----------- -----------
Distributions to
Shareholders:
From net investment
income.................. (2,483,062) (4,763,811) (1,570,019) (2,796,794)
----------- ------------ ----------- -----------
Change in net assets from
shareholder
distributions............ (2,483,062) (4,763,811) (1,570,019) (2,796,794)
----------- ------------ ----------- -----------
Capital Transactions:
Proceeds from shares
issued.................. 8,612,659 15,610,472 7,815,884 21,515,847
Dividends reinvested..... 889,482 1,637,548 833,888 1,537,768
Cost of shares redeemed.. (6,996,003) (11,304,364) (6,262,005) (7,986,780)
----------- ------------ ----------- -----------
Change in net assets from
capital transactions..... 2,506,138 5,943,656 2,387,767 15,066,835
----------- ------------ ----------- -----------
Change in net assets...... 1,009,383 8,063,105 1,139,065 17,251,860
Net Assets:
Beginning of period...... 85,381,657 77,318,552 52,706,011 35,454,151
----------- ------------ ----------- -----------
End of period............ $86,391,040 $ 85,381,657 $53,845,076 $52,706,011
=========== ============ =========== ===========
Share Transactions:
Issued................... 823,829 1,504,780 805,540 2,260,859
Reinvested............... 84,897 158,104 85,646 161,484
Redeemed................. (669,258) (1,090,310) (644,975) (835,283)
----------- ------------ ----------- -----------
Change in shares.......... 239,468 572,574 246,211 1,587,060
=========== ============ =========== ===========
</TABLE>
See notes to financial statements.
- 21 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Balanced Fund Equity Fund
------------------------- --------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
February 28, August 31, February 28, August 31,
1999 1998 1999 1998
------------ ----------- ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income.... $ 636,064 $ 1,157,315 $ 342,090 $ 866,125
Net realized gains
(losses) on investment
transactions............ 298,960 2,957,980 11,863,155 17,019,219
Net change in unrealized
appreciation/depreciation
on investments.......... 5,513,326 (2,919,423) 26,062,109 (14,850,993)
----------- ----------- ------------ ------------
Change in net assets
resulting from
operations............... 6,448,350 1,195,872 38,267,354 3,034,351
----------- ----------- ------------ ------------
Distributions to
Shareholders:
From net investment
income.................. (618,759) (967,598) (371,691) (755,719)
From net realized gains.. (2,183,054) (3,070,635) (10,290,881) (25,074,277)
----------- ----------- ------------ ------------
Change in net assets from
shareholder
distributions............ (2,801,813) (4,038,233) (10,662,572) (25,829,996)
----------- ----------- ------------ ------------
Capital Transactions:
Proceeds from shares
issued.................. 8,962,153 12,096,163 7,119,884 30,278,446
Dividends reinvested..... 2,799,361 4,255,914 10,465,257 25,561,376
Cost of shares redeemed.. (2,240,415) (3,102,619) (21,258,902) (36,966,169)
----------- ----------- ------------ ------------
Change in net assets from
capital transactions..... 9,521,099 13,249,458 (3,673,761) 18,873,653
----------- ----------- ------------ ------------
Change in net assets...... 13,167,636 10,407,097 23,931,021 (3,921,992)
Net Assets:
Beginning of period...... 40,655,753 30,248,656 166,964,535 170,886,527
----------- ----------- ------------ ------------
End of period............ $53,823,389 $40,655,753 $190,895,556 $166,964,535
=========== =========== ============ ============
Share Transactions:
Issued................... 664,592 922,140 417,177 1,738,159
Reinvested............... 212,994 334,333 621,249 1,607,102
Redeemed................. (169,794) (230,322) (1,228,119) (2,121,689)
----------- ----------- ------------ ------------
Change in shares.......... 707,792 1,026,151 (189,693) 1,223,572
=========== =========== ============ ============
</TABLE>
See notes to financial statements.
- 22 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Small Cap
Growth Equity Fund Equity Fund
------------------------------ -----------------
Six Months November 3, 1997 February 17, 1999
Ended through through
February 28, August 31, February 28,
1999 1998 (a) 1999 (a)
------------ ---------------- -----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income....... $ 80,063 $ 135,930 $ 3,365
Net realized gains (losses)
on investment transactions. 5,720,003 3,186,827 (653)
Net change in unrealized
appreciation/depreciation
on investments............. 22,034,063 1,516,703 (40,017)
------------ ----------- ----------
Change in net assets
resulting from operations... 27,834,129 4,839,460 (37,305)
------------ ----------- ----------
Distributions to Shareholders:
From net investment income.. (125,169) (101,819) --
From net realized gains..... (3,188,583) -- --
------------ ----------- ----------
Change in net assets from
shareholder distributions... (3,313,752) (101,819) --
------------ ----------- ----------
Capital Transactions:
Proceeds from shares issued. 18,611,007 80,122,291 4,810,306
Dividends reinvested........ 3,084,050 12,716 --
Cost of shares redeemed..... (7,146,913) (6,195,802) --
------------ ----------- ----------
Change in net assets from
capital transactions........ 14,548,144 73,939,205 4,810,306
------------ ----------- ----------
Change in net assets......... 39,068,521 78,676,846 4,773,001
Net Assets:
Beginning of period......... 78,676,846 -- --
------------ ----------- ----------
End of period............... $117,745,367 $78,676,846 $4,773,001
============ =========== ==========
Share Transactions:
Issued...................... 1,354,397 7,516,650 481,027
Reinvested.................. 230,588 1,070 --
Redeemed.................... (521,571) (526,349) --
------------ ----------- ----------
Change in shares............. 1,063,414 6,991,371 481,027
============ =========== ==========
</TABLE>
- --------
(a) Period from commencement of operations.
See notes to financial statements.
- 23 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
U.S. Treasury Fund
Schedule of Portfolio Investments
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------- ------------
<C> <S> <C>
U.S. Treasury Bills (31.0%):
$ 7,000 0.00%, 3/4/99..................................... $ 6,998
100,000,000 0.00%, 4/22/99.................................... 99,330,138
25,000,000 0.00%, 11/12/99................................... 24,185,778
------------
Total U.S. Treasury Bills 123,522,914
------------
Repurchase Agreements (69.3%):
19,000,000 Bear Stearns, 4.74%, 3/1/99 (Purchased on 2/26/99,
proceeds at maturity $19,007,505, collateralized
by $18,220,000 U.S. Treasury Bonds, 6.13%,
11/15/27, market value $19,431,448).............. 19,000,000
19,000,000 Deutsche Bank, 4.72%, 3/1/99 (Purchased on
2/26/99, proceeds at maturity $19,007,473,
collateralized by $13,830,000 U.S. Treasury
Bonds, 9.13%, 5/15/18, market value $19,405,577). 19,000,000
19,000,000 Merrill Lynch & Co., Inc., 4.70%, 3/1/99
(Purchased on 2/26/99, proceeds at maturity
$19,007,442, collateralized by $18,415,000 U.S.
Treasury Notes, 8.75%, 8/15/00, market value
$19,393,345)..................................... 19,000,000
19,000,000 Morgan Stanley Dean Witter & Co., 4.70%, 3/1/99
(Purchased on 2/26/99, proceeds at maturity
$19,007,442, collateralized by $12,360,000 U.S.
Treasury Bonds, 11.25%, 2/15/15, market value
$19,432,003)..................................... 19,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- ------------------------------------------------- ------------
<C> <S> <C>
Repurchase Agreements, continued
$ 91,202,897 SG Cowen, 4.75%, 3/1/99 (Purchased on 2/26/99,
proceeds at maturity $91,238,998, collateralized
by $89,990,000 U.S. Treasury Notes, 5.88%,
11/30/01, market value $92,772,675)............. $ 91,202,897
19,000,000 SunTrust Banks, 4.70%, 3/1/99 (Purchased on
2/26/99, proceeds at maturity $19,007,442,
collateralized by $14,923,000 U.S. Treasury
Bonds, 8.13%, 5/15/21, market value
$19,483,739).................................... 19,000,000
90,000,000 Warburg Dillon Read, LLC, 4.74%, 3/1/99
(Purchased on 2/26/99, proceeds at maturity
$90,035,550, collateralized by $71,930,000 U.S.
Treasury Bonds, 8.13%, 8/15/21, market value
$93,427,815).................................... 90,000,000
------------
Total Repurchase Agreements 276,202,897
------------
Total Investments
(Amortized Cost $399,725,811)
(a)--100.3% 399,725,811
Liabilities in excess of other assets--(0.3)% (1,295,322)
------------
Total Net Assets--100.0% $398,430,489
============
</TABLE>
- -----------
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
See notes to financial statements.
- 24 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- ------------------------ ------------
<C> <S> <C>
Certificates of Deposit (23.9%):
Domestic (7.3%):
$ 5,000,000 BankAmerica Corp.,
5.34%, 3/29/99......... $ 5,000,000
10,000,000 CoreStates Bank, N.A.,
4.92%*, 5/18/99........ 10,000,000
10,000,000 Mellon Bank Corp.,
5.48%, 3/12/99......... 10,000,000
10,000,000 Mercantile Safe Deposit
& Trust, 5.11%*,
4/8/99................. 10,003,741
------------
35,003,741
------------
Yankee (16.6%):
10,000,000 Banca CRT, 5.13%,
3/31/99................ 10,000,000
10,000,000 Banque Nationale De
Paris,
4.83%, 5/3/99.......... 10,000,000
10,000,000 Barclays Bank, 4.80%*,
3/4/99................. 9,997,946
10,000,000 Den Danske Bank,
4.99%*, 4/6/99......... 10,000,000
10,000,000 Instituto Banc San
Paolo,
5.09%*, 3/8/99......... 9,998,137
10,000,000 Skandinaviska Enskilda
Banken, 5.16%*,
3/15/99................ 10,000,000
10,000,000 Societe General, 4.82%,
5/27/99................ 10,000,000
10,000,000 Svenska Handelsbanken,
5.79%, 5/14/99......... 10,013,503
------------
80,009,586
------------
Total Certificates of Deposit 115,013,327
------------
Commercial Paper (16.5%):
Banking (4.1%):
10,000,000 Bankers Trust Corp.,
4.97%, 5/14/99......... 9,899,278
5,000,000 Merita North America,
Inc.,
4.87%, 4/26/99......... 4,962,589
5,000,000 Merita North America,
Inc.,
4.93%, 5/12/99......... 4,951,200
------------
19,813,067
------------
Brokerage Services (4.1%):
10,000,000 CS First Boston Corp.,
5.13%, 4/13/99......... 9,940,278
10,000,000 Salomon Smith Barney
Holdings, Inc., 5.50%,
3/9/99................. 9,988,111
------------
19,928,389
------------
Financial Services (8.3%):
10,000,000 Associate First Capital
Corp., 4.95%, 5/5/99... 9,912,069
10,000,000 Chrysler Financial Co.
LLC,
4.95%, 4/13/99......... 9,941,592
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- --------------------------------------------------- ------------
<C> <S> <C>
Commercial Paper, continued:
$10,000,000 CIT Group, Inc., 4.84%, 5/5/99..................... $ 9,913,694
10,000,000 General Electric Capital Corp., 4.92%, 4/14/99..... 9,940,600
------------
39,707,955
------------
Total Commercial Paper 79,449,411
------------
Corporate Bonds (39.5%):
Automotive (2.1%):
10,000,000 American Honda Financial Corp., 4.95%*, 4/20/99,
MTN (b)........................................... 10,000,000
------------
Banking (14.5%):
10,000,000 Abbey National PLC,
4.82%*, 4/20/99, MTN.............................. 9,996,940
10,000,000 Banco Popular de Puerto Rico, 5.00%*, 5/10/99...... 10,000,000
10,000,000 Bank of New York,
5.75%, 5/14/99.................................... 10,013,236
5,000,000 BankAmerica Corp.,
5.17%*, 3/22/99................................... 5,000,695
5,000,000 First USA Bank,
5.32%*, 4/21/99................................... 5,016,259
10,000,000 PNC Bank, N.A.,
4.87%*, 4/1/99.................................... 9,996,050
10,000,000 US Bank, N.A.,
4.82%*, 3/17/99................................... 9,998,922
10,000,000 Wells Fargo & Co.,
4.89%*, 5/11/99, MTN.............................. 9,994,901
------------
70,017,003
------------
Brokerage Services (7.3%):
10,000,000 Goldman Sachs Group LP, 5.00%*, 4/15/99............ 10,000,000
10,000,000 J.P. Morgan & Co., Inc.,
5.09%*, 3/1/99, MTN............................... 10,000,776
5,000,000 Merrill Lynch & Co., Inc., 5.40%*, 5/17/99, MTN.... 5,020,158
5,000,000 Merrill Lynch & Co., Inc., 5.25%*, 5/25/99, MTN.... 5,002,731
5,000,000 Morgan Stanley Dean Witter & Co., 5.44%*, 3/1/99,
MTN............................................... 5,000,000
------------
35,023,665
------------
Computers (2.1%):
10,000,000 International Business Machines Corp., 5.11%*,
3/8/99............................................ 9,999,444
------------
</TABLE>
Continued
- 25 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- --------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds, continued
Financial Services (3.1%):
$ 5,000,000 Aktiebolaget Spintab,
5.24%*, 3/12/99, MTN.............................. $ 5,000,034
10,000,000 Fleet Financial Group, Inc.,
5.57%*, 3/15/99................................... 10,001,543
------------
15,001,577
------------
Insurance (10.4%):
10,000,000 Combined Insurance Co.,
5.13%*, 3/10/99 **................................ 10,000,000
10,000,000 First Allmerica Financial Life Insurance Co.,
5.04%*, 5/5/99.................................... 10,000,000
10,000,000 General America Life Insurance, 5.13%*, 4/1/99..... 10,000,000
10,000,000 Jackson National Life Insurance Co., 5.28%*,
3/1/99............................................ 10,000,000
10,000,000 Security Life of Denver,
5.30%*, 3/24/99**................................. 10,000,000
------------
50,000,000
------------
Total Corporate Bonds 190,041,689
------------
U.S. Government Agencies (12.5%):
Fannie Mae (2.1%):
10,000,000 0.00%, 4/1/99...................................... 9,958,236
------------
Federal Home Loan Bank (5.2%):
25,000,000 4.76%*, 5/3/99..................................... 24,988,623
------------
Student Loan Marketing Assoc. (5.2%):
25,000,000 4.76%*, 5/7/99, MTN................................ 24,988,551
------------
Total U.S. Government Agencies 59,935,410
------------
</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 February 28, 1999. 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.
MTN -- Medium Term Note
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- ------------------------------------------------- ------------
<C> <S> <C>
Repurchase Agreement (9.3%):
$44,862,939 Credit Suisse First Boston Corp., 4.65%, 3/1/99,
(Purchased on 2/26/99, proceeds at maturity
$44,880,324, collateralized by $29,112,000
U.S.Treasury Bonds, 11.25%, 2/15/15, market
value $45,664,348).............................. $ 44,862,939
------------
Total Repurchase Agreement 44,862,939
------------
Total Investments
(Amortized Cost $489,302,776) (a)--101.7% 489,302,776
Liabilities in excess of other assets--(1.7)% (8,345,044)
------------
Total Net Assets--100.0% $480,957,732
============
</TABLE>
See notes to financial statements.
- 26 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Alternative Minimum Tax Paper (3.0%):
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............................... $ 371,385
-----------
Texas (1.8%):
250,000 Texas State Student Loan, GO, 6.50%, 8/1/07, Callable
8/1/02 @ 100*........................................ 264,663
250,000 Texas State Student Loan, GO, 5.75%, 8/1/08, Callable
8/1/04 @ 100*........................................ 261,225
-----------
525,888
-----------
Total Alternative Minimum Tax Paper 897,273
-----------
Municipal Bonds (94.5%):
Alabama (1.7%):
500,000 Montgomery, Educational Building Facilities Authority,
Revenue Bond, Faulkner University Project, 4.95%,
10/01/14, Callable 10/1/08 @ 102*, Insured by: MBIA.. 507,015
-----------
Alaska (1.7%):
500,000 Alaska State Housing Financial Corp., Series A, 6.10%,
12/1/06.............................................. 527,745
-----------
Arizona (3.5%):
500,000 Arizona State Transportation Board, Highway Revenue,
Sub-Series A, 6.10%, 7/1/01.......................... 529,790
500,000 Arizona State University Revenue Refunding, Series A,
5.80%, 7/1/07, Callable 7/1/02 @ 101*................ 534,880
-----------
1,064,670
-----------
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................................................. 559,555
285,000 Los Angeles, Public Facilities Corp. Revenue, 5.40%,
8/1/07, Callable 2/1/99 @ 101.5*, ETM................ 300,601
-----------
860,156
-----------
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.............................. 510,790
-----------
Dist of Columbia (1.7%):
500,000 District of Columbia Refunding, GO, Series B-1, 5.20%,
6/1/04, Insured by: AMBAC............................ 526,740
-----------
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..................... 521,835
-----------
Hawaii (1.8%):
500,000 State, GO, 5.13%, 2/1/07, Insured by: FGIC--TCRS...... 530,215
-----------
Illinois (8.7%):
500,000 Chicago Park District Refunding, GO, 5.45%, 1/1/04,
Callable 1/1/03 @ 102, Insured by: FGIC.............. 532,765
500,000 Chicago School Finance Authority Refunding, GO, Series
A, 5.38%, 6/1/08, Callable 6/1/03 @ 102*, Insured by:
FGIC................................................. 527,840
500,000 Illinois Development Finance Authority, Pollution
Control Revenue Refunding, Commonwealth Edison Co.,
5.70%, 1/15/09, Insured by: AMBAC.................... 551,204
500,000 Illinois Health Facilities Authority, Revenue Bond,
Methodist Medical Center, 5.13%, 11/15/18, Callable
11/15/08 @ 101*...................................... 497,200
500,000 Illinois Health Facilities Revenue, OSF Healthcare
System, 5.75%, 11/15/07, Callable 11/15/03 @ 102*.... 528,140
-----------
2,637,149
-----------
</TABLE>
Continued
- 27 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Municipal Bonds, continued:
Indiana (5.4%):
$ 500,000 Blackford County School Building, Revenue Bond, First
Mortgage, 5.10%, 1/15/16, Callable 7/15/06 @ 101*,
Insured by: AMBAC State Aid Withholding............... $ 503,680
600,000 Indiana State Office Building, Revenue Bond, Series B,
5.25%, 7/1/15, Callable 7/1/03 @ 102*, Insured by:
AMBAC................................................. 608,682
500,000 South Bend Water Works, Revenue Bond, 4.75%, 1/1/12,
Callable 1/1/06 @ 101*, Insured by: FSA............... 502,575
----------
1,614,937
----------
Louisiana (1.7%):
500,000 Lousiana Public Facilities Authority, Lousiana Water
Co. Project, 5.45%, 2/1/13, Callable 8/1/07 @ 100*,
Insured by: AMBAC..................................... 525,270
----------
Michigan (2.8%):
550,000 Detroit Sewer Disposal, Revenue Bond, Series A, 5.25%,
7/1/15, Callable 7/1/05 @ 101*, Insured by: MBIA...... 567,583
250,000 Holly Area School District, GO, 5.30%, 5/1/09, Callable
5/1/05 @101*, Insured by: FGIC........................ 270,583
----------
838,166
----------
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...................... 569,954
----------
Nevada (6.2%):
250,000 Clark County, Series A, Limited GO, 6.00%, 7/1/06,
Callable 7/1/03 @ 101*................................ 271,650
500,000 Las Vegas, Downtown Redevelopment Agency, Tax Increment
Revenue Refunding, 5.40%, 6/1/07, Callable 6/1/05 @
101*, Insured by: FSA................................. 532,015
500,000 Reno, Hospital Revenue, St. Mary's Regional Medical
Center, 5.25%, 5/15/07, Callable 5/15/03 @ 102*,
Insured by: MBIA...................................... 524,535
500,000 Washoe County Airport Authority, Airport Systems
Improvement Revenue Refunding, Series A, 5.60%,
7/1/03, Callable 7/1/02 @ 101*, Insured by: MBIA...... 530,310
----------
1,858,510
----------
New York (1.4%):
400,000 Suffolk County Water Authority, Revenue Bond, Series A,
5.00%, 6/1/14, Callable 6/1/07 @ 102*, Insured by:
AMBAC................................................. 408,672
----------
North Dakota (1.3%):
400,000 Valley City Lutheran Health System, Series A-5, 4.60%,
1/1/10, Callable 1/1/08 @ 101*, Insured by: MBIA...... 398,156
----------
Ohio (3.5%):
500,000 Ohio Municipal Electric Generation Agency, 5.38%,
2/15/13, Callable 2/15/03 @ 102*, Insured by: AMBAC... 525,610
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............. 541,290
----------
1,066,900
----------
Oklahoma (16.8%):
600,000 Edmond, Oklahoma Public Works Authority, Revenue
Refunding, 5.00%, 7/1/15, Callable 7/1/08 @ 100*,
Insured by: MBIA...................................... 600,401
455,000 Grand River Dam Authority, Revenue Bond, 5.90%,
11/1/08, Callable 4/19/99 @ 101*, ETM................. 492,633
500,000 Oklahoma City Water Utilities, Revenue Bond, Series A,
5.00%, 7/1/16, Callable 7/1/09 @ 100*................. 500,370
</TABLE>
Continued
- 28 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<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*.................................................. $ 523,390
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. 525,580
500,000 Tulsa Industrial Authority, Hospital Revenue, St.
John's Medical Center Project, 5.70%, 2/15/04......... 537,260
500,000 Tulsa International Airport, Revenue Refunding, 5.40%,
6/1/03, Insured by: FGIC.............................. 532,200
200,000 Tulsa Public Facilities Authority, 5.80%, 7/1/01....... 209,394
540,000 Tulsa Public Facilities Authority, Capital Improvement,
Series 1988-B, 5.70%, 3/1/05, Callable 3/1/03 @ 102*.. 575,667
500,000 Tulsa Public Facilities Authority, Revenue Refunding,
Solid Waste, Ogden Martin Systems, 5.65%, 11/1/06,
Insured by: AMBAC..................................... 542,020
----------
5,038,915
----------
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................................. 523,320
500,000 Harrisburg, Recovery Facilities Revenue Bond, Series A,
5.00%, 9/1/12, Callable 9/1/08 @ 101*, Insured by:
FSA................................................... 510,095
320,000 Philadelphia Water & Sewer, Revenue Refunding, 15th
Series, 6.88%, 10/1/06, Callable 10/1/99 @ 102*,
Insured by: MBIA...................................... 333,258
----------
1,366,673
----------
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*............... 370,017
----------
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*................................ 739,256
----------
Texas (7.4%):
250,000 Brownsville Utilities System, Revenue Refunding, 6.25%,
9/1/07, Callable 9/1/02 @ 100*, Insured by: MBIA...... 268,948
500,000 Coastal Bend, Health Facilities Development, Revenue
Bond, Series A, 5.60%, 11/15/02, Insured by: AMBAC.... 530,555
400,000 Houston Water & Sewer System, Revenue Refunding, Series
B, 6.10%, 12/1/05, Callable 12/1/02 @ 102*............ 434,916
500,000 Katy Independent School District, GO, Series A, 4.80%,
2/15/14, Callable 2/15/08 @ 100*...................... 498,725
500,000 Tarrant County Water Control, Revenue Bond, 4.75%,
3/1/12, Callable 3/1/03 @ 100*, Insured by: AMBAC..... 501,990
----------
2,235,134
----------
Washington (11.0%):
400,000 Grays Harbor County Public Utility, Revenue Bond,
5.13%, 1/1/14, Callable 1/1/07 @ 100*, Insured by:
AMBAC................................................. 409,232
500,000 Port Tacoma, Revenue Refunding, Series A, 5.50%,
11/1/04, Callable 11/1/02 @ 100*, Insured by: AMBAC... 526,975
500,000 Seattle Municipality Sewer, Revenue Bond, Series X,
5.50%, 1/1/16, Callable 1/1/03 @ 102*, Insured by:
FGIC.................................................. 516,595
410,000 State, GO Limited, Revenue Refunding, Series R-92-A,
6.40%, 9/1/03, Callable 9/1/01 @ 101*................. 440,488
500,000 Tacoma Electric System, Revenue Refunding, 5.70%,
1/1/03, Insured by: FGIC.............................. 534,044
500,000 Washington State Health Care Facilities, Revenue Bond,
5.13%, 12/1/12, Callable 12/1/07 @ 101*, Insured by:
MBIA.................................................. 515,195
350,000 Washington State Health Care Facilities, Revenue Bond,
5.50%, 11/15/13, Callable 11/15/08 @ 101*, Insured by:
AMBAC................................................. 372,435
----------
3,314,964
----------
</TABLE>
Continued
- 29 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Municipal Bonds, continued:
West Virginia (1.7%):
$ 500,000 Pleasants County Pollution Control, Revenue Bond,
4.70%, 11/1/07....................................... $ 510,695
-----------
Total Municipal Bonds 28,542,534
-----------
Investment Companies (3.4%):
1,011,623 SEI Institutional Tax Free Fund...................... 1,011,623
-----------
Total Investment Companies 1,011,623
-----------
Total Investments (Cost $29,087,728)(a)--100.9% 30,451,430
Liabilities in excess of other assets--(0.9)% (270,278)
-----------
Total Net Assets--100.0% $30,181,152
===========
</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............... $1,367,890
Unrealized depreciation............... (4,188)
----------
Net unrealized appreciation........... $1,363,702
==========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts also
apply to this security.
AMBAC -- AMBAC Indemnity Corporation
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Corporation
FNMA -- Federal National Mortgage Association
FSA -- Financial Security Assurance
GO -- General Obligation Bond
MBIA -- Municipal Bond Insurance Association
TCRS -- Transferable Custodial Receipts
See notes to financial statements.
- 30 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Asset Backed Securities (1.5%):
$ 5,144 AFC Home Equity Loan Trust, Series 1993-2, Class A,
6.00%, 1/20/13........................................ $ 5,098
62,152 AFC Home Equity Loan Trust,
Series 1995-3, Class 1A2,
6.80%, 10/26/26....................................... 62,991
174,603 CoreStates Home Equity Trust,
Series 1993-2, Class A,
5.10%, 3/15/09........................................ 171,504
30,616 CPS Auto Trust,
Series 1997-3, Class A1,
6.10%, 12/15/02....................................... 30,664
300,000 Crown Home Equity Loan Trust,
Series 1996-1, Class A3,
6.81%, 6/25/11........................................ 297,587
7,992 IBM Credit Receivables Lease Asset
Master Trust, Series 1993-1,
Class A, 4.55%, 11/15/00.............................. 7,970
200,000 Nomura Asset Securities Corp.,
Series 1995-2, Class 2M,
7.12%, 1/25/26........................................ 195,342
37,503 The Money Store Home Equity Trust,
Series 1992-B, Class A,
6.90%, 7/15/07........................................ 37,833
54,000 The Money Store Home Equity Trust,
Series 1997-A, Class A4,
6.89%, 3/15/16........................................ 54,197
16,611 UCFC Home Equity Loan,
Series 1993-D1, Class A1,
5.45%, 7/10/13........................................ 16,524
----------
Total Asset Backed Securities 879,710
----------
Collateralized Mortgage Obligations (82.1%):
8,822 American Housing Trust,
Series VII, Class 1C,
9.25%, 7/25/08........................................ 8,808
3,831,799 BA Mortgage Securities, Inc.,
Series 1998-4, Class 2A3,
6.50%, 8/25/13........................................ 3,822,336
1,227,206 Bear Stearns Mortgage Securities, Inc.,
Series 1993-10, Class A9,
7.20%, 7/25/24........................................ 1,248,203
94,219 Bear Stearns Mortgage Securities, Inc.,
Series 1996-8, Class A9,
7.60%, 11/25/27....................................... 94,198
14,643 Chase Mortgage Finance Corp.,
Series 1992-L2, Class 2A10,
7.50%, 4/25/20........................................ 14,754
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 116,946 Chase Mortgage Finance Corp.,
Series 1992-K, Class A5,
7.50%, 10/25/24....................................... $ 116,529
112,513 Chase Mortgage Finance Corp.,
Series 1993-N, Class A5,
6.75%, 11/25/24....................................... 112,916
408,417 Chase Mortgage Finance Corp.,
Series 1994-K, Class A5,
8.00%, 9/25/25........................................ 410,630
183,382 Chase Mortgage Finance Corp.,
Series 1994-L, Class 2A9,
7.50%, 11/25/25....................................... 184,857
19,000 Citicorp Mortgage Securities, Inc.,
Series 1992-11, Class A6,
8.00%, 6/25/07........................................ 19,145
29,527 CMC Securities Corp.,
Series 1994-H1, Class 30A2,
8.25%, 10/25/24....................................... 29,499
37,549 Collateralized Mortgage Obligation Trust, Series 54,
Class C,
9.25%, 11/1/13........................................ 38,978
654,191 Collateralized Mortgage Obligation Trust, Series 34,
Class D,
6.00%, 10/1/17........................................ 654,683
100,888 Countrywide Funding Corp.,
Series 1994-10, Class A5,
6.00%, 5/25/09........................................ 100,503
246,000 Countrywide Funding Corp.,
Series 1994-9, Class A7,
6.50%, 5/25/24........................................ 242,728
700,000 Countrywide Home Loan,
Series 1997-1, Class A4,
7.40%, 3/25/27........................................ 705,096
1,863,102 Countrywide Home Loan,
Series 1998-2, Class A1,
6.50%, 3/25/28........................................ 1,861,704
48,000 Countrywide Home Loans,
Series 1997-1, Class A8,
7.50%, 3/25/27........................................ 48,599
80,000 Countrywide Mortgage Backed Securities, Inc., Series
1993-E, Class A6, 6.50%, 1/25/24...................... 78,825
5,049 Fannie Mae,
Series 1993-118, Class E,
6.10%, 12/25/04....................................... 5,051
22,000 Fannie Mae,
Series 1992-41, Class G,
8.00%, 3/25/05........................................ 22,608
</TABLE>
Continued
- 31 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 1,515 Fannie Mae,
Series 1992-32, Class D,
7.25%, 7/25/05........................................ $ 1,510
21,331 Fannie Mae,
Series 1992-57, Class G,
7.00%, 8/25/05........................................ 21,364
470 Fannie Mae,
Series 1992-70, Class G,
7.00%, 10/25/05....................................... 468
5,000 Fannie Mae,
Series G92-44, Class H,
8.00%, 11/25/06....................................... 5,150
35,062 Fannie Mae,
Series 1992-203, Class K,
6.50%, 11/25/07....................................... 35,183
19,340 Fannie Mae,
Series 1993-106, Class K,
7.00%, 8/25/09........................................ 19,305
100,000 Fannie Mae,
Series 1992-124, Class D,
7.00%, 4/25/10........................................ 101,620
18,280 Fannie Mae,
Series G93-22, Class BA,
7.30%, 3/25/13........................................ 18,251
54,062 Fannie Mae,
Series 1992-38, Class L,
6.50%, 11/25/16....................................... 54,166
6,254 Fannie Mae,
Series 1993-202, Class EA,
5.50%, 12/25/16....................................... 6,232
65,737 Fannie Mae,
Series 1992-71, Class D,
8.25%, 3/25/17........................................ 66,134
6,817 Fannie Mae,
Series 1992-84, Class H,
7.50%, 1/25/18........................................ 6,824
8,000 Fannie Mae,
Series 1992-198, Class H,
6.00%, 2/25/18........................................ 7,984
5,058 Fannie Mae,
Series 1992-118, Class PG,
7.00%, 3/25/18........................................ 5,049
5,818 Fannie Mae,
Series 1992-159, Class PG,
6.50%, 6/25/18........................................ 5,806
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 2,538 Fannie Mae,
Series 1992-177, Class B,
6.75%, 6/25/18........................................ $ 2,538
4,651 Fannie Mae,
Series 1988-26, Class C,
7.50%, 7/25/18........................................ 4,701
5,971 Fannie Mae,
Series 1992-58, Class J,
6.50%, 12/25/18....................................... 5,986
7,536 Fannie Mae,
Series 1992-169, Class H,
6.50%, 1/25/19........................................ 7,517
4,474 Fannie Mae,
Series 1993-2, Class PE,
7.00%, 3/25/19........................................ 4,473
22,523 Fannie Mae,
Series 1992-148, Class B,
7.00%, 4/25/19........................................ 22,712
44,223 Fannie Mae,
Series 1992-31, Class H,
7.50%, 4/25/19........................................ 44,154
10,000 Fannie Mae,
Series 1992-159, Class PH,
6.50%, 6/25/19........................................ 9,979
4,019 Fannie Mae,
Series G93-19, Class K,
6.50%, 6/25/19........................................ 4,024
19,117 Fannie Mae,
Series 1990-31, Class H,
7.00%, 6/25/19........................................ 19,109
26,874 Fannie Mae,
Series 1992-34, Class EB,
7.00%, 10/25/19....................................... 26,807
95,000 Fannie Mae,
Series 1992-188, Class PJ,
7.50%, 10/25/19....................................... 97,654
123,768 Fannie Mae,
Series 1992-98, Class PJ,
7.50%, 11/25/19....................................... 123,643
13,474 Fannie Mae,
Series 1992-7, Class PN,
7.50%, 11/25/19....................................... 13,485
19,157 Fannie Mae,
Series 1992-6, Class H,
6.75%, 12/25/19....................................... 19,145
</TABLE>
Continued
- 32 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 12,034 Fannie Mae,
Series 1991-173, Class PH,
6.95%, 1/25/20........................................ $ 12,025
17,224 Fannie Mae,
Series G93-5, Class C,
6.50%, 1/25/20........................................ 17,226
19,309 Fannie Mae,
Series 1992-125, Class H,
7.00%, 2/25/20........................................ 19,241
25,374 Fannie Mae,
Series 1992-17, Class G,
6.50%, 3/25/20........................................ 25,408
1,133,856 Fannie Mae,
Series 1992-161, Class D,
7.00%, 3/25/20........................................ 1,135,972
30,000 Fannie Mae,
Series 1993-74, Class B,
6.50%, 4/25/20........................................ 29,928
23,731 Fannie Mae,
Series G92-15, Class G,
7.00%, 4/25/20........................................ 23,878
20,349 Fannie Mae,
Series 1992-174, Class G,
7.25%, 4/25/20........................................ 20,348
98,498 Fannie Mae,
Series 1992-49, Class H,
7.00%, 5/25/20........................................ 98,392
54,405 Fannie Mae,
Series 1992-15, Class H,
6.75%, 6/25/20........................................ 54,625
44,034 Fannie Mae,
Series 1992-34, Class E,
7.00%, 7/25/20........................................ 44,273
14,622 Fannie Mae,
Series G92-35, Class C,
7.50%, 7/25/20........................................ 14,639
10,543 Fannie Mae,
Series 1992-150, Class J,
7.00%, 8/25/20........................................ 10,514
70,202 Fannie Mae,
Series 1991-42, Class K,
7.00%, 8/25/20........................................ 70,157
147,747 Fannie Mae,
Series 1992-143, Class J,
7.00%, 9/25/20........................................ 147,739
17,840 Fannie Mae,
Series 1992-201, Class B,
7.00%, 9/25/20........................................ 17,865
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 14,216 Fannie Mae,
Series 1991-154, Class PH,
7.50%, 9/25/20........................................ $ 14,199
670 Fannie Mae,
Series 1991-135, Class J,
7.50%, 9/25/20........................................ 667
76,706 Fannie Mae,
Series 1991-176, Class PJ,
7.00%, 10/25/20....................................... 76,965
69,314 Fannie Mae,
Series G92-13, Class PH,
7.00%, 11/25/20....................................... 69,510
78,390 Fannie Mae,
Series 1991-77, Class PH,
7.00%, 11/25/20....................................... 78,443
31,352 Fannie Mae,
Series 1992-103, Class JA,
7.50%, 11/25/20....................................... 31,637
9,330 Fannie Mae,
Series 1991-74, Class K,
7.95%, 11/25/20....................................... 9,324
47,509 Fannie Mae,
Series G92-38, Class E,
7.50%, 11/25/20....................................... 47,499
35,494 Fannie Mae,
Series 1991-82, Class PL,
7.00%, 12/25/20....................................... 35,565
12,407 Fannie Mae,
Series G92-31, Class H,
7.50%, 12/25/20....................................... 12,432
37,000 Fannie Mae,
Series F92-44, Class D,
8.00%, 12/25/20....................................... 37,335
252,644 Fannie Mae,
Series 1991-147, Class K,
7.00%, 1/25/21........................................ 253,922
4,596 Fannie Mae,
Series 1991-163, Class K,
6.95%, 2/25/21........................................ 4,587
20,000 Fannie Mae,
Series 1993-29, Class D,
7.00%, 2/25/21........................................ 19,872
6,867 Fannie Mae,
Series 1992-172, Class C,
7.00%, 2/25/21........................................ 6,831
18,780 Fannie Mae,
Series 1992-83, Class G,
7.00%, 3/25/21........................................ 18,955
</TABLE>
Continued
- 33 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 15,000 Fannie Mae,
Series 1992-89, Class K,
7.00%, 3/25/21........................................ $ 15,081
39,563 Fannie Mae,
Series G92-8, Class K,
7.50%, 3/25/21........................................ 39,805
18,712 Fannie Mae,
Series 1992-123, Class D,
7.50%, 4/25/21........................................ 18,738
8,736 Fannie Mae,
Series 1992-97, Class D,
8.00%, 4/25/21........................................ 8,718
31,355 Fannie Mae,
Series 1991-142, Class PK,
8.00%, 4/25/21........................................ 31,662
34,208 Fannie Mae,
Series 1992-131, Class H,
7.50%, 6/25/21........................................ 34,387
27,430 Fannie Mae,
Series 1992-123, Class D,
7.50%, 8/25/21........................................ 27,675
33,762 Fannie Mae,
Series 1991-108, Class J,
7.00%, 9/25/21........................................ 34,143
248,188 Fannie Mae,
Series 1994-89, Class B,
8.00%, 9/25/21........................................ 249,046
10,000 Fannie Mae,
Series 1992-161, Class G,
7.50%, 11/25/21....................................... 10,061
22,352 Fannie Mae,
Series 1992-82, Class E,
7.00%, 4/25/22........................................ 22,509
99,000 Fannie Mae,
Series 1996-51, Class AJ,
7.00%, 6/18/22........................................ 99,510
12,000 Fannie Mae,
Series 1992-126, Class YY,
7.63%, 6/25/22........................................ 12,063
65,297 Fannie Mae,
Series 1993-225, Class UC,
6.25%, 9/25/22........................................ 65,201
258,479 Fannie Mae,
Series 1994-23, Class A,
6.00%, 12/25/22....................................... 257,394
95,099 Fannie Mae,
Series 1993-225, Class NB,
6.50%, 12/25/22....................................... 95,048
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 72,548 Fannie Mae,
Series 1993-27, Class A,
5.50%, 2/25/23........................................ $ 71,893
2,806 Fannie Mae,
Series 1993-41, Class J,
6.00%, 3/25/23........................................ 2,786
10,513 Fannie Mae,
Series 1993-2251, Class A,
6.50%, 3/25/23........................................ 10,527
292,235 Fannie Mae,
Series 1994-23, Class G,
6.00%, 5/25/23........................................ 291,007
252,512 Fannie Mae,
Series 1993-252, Class M,
6.50%, 5/25/23........................................ 255,093
31,083 Fannie Mae,
Series 1993-155, Class LA,
6.50%, 5/25/23........................................ 31,049
22,421 Fannie Mae,
Series 1994-38, Class A,
7.00%, 7/25/23........................................ 22,594
7,376 Fannie Mae,
Series 1993-147, Class N,
7.00%, 8/25/23........................................ 7,396
12,676 Fannie Mae,
Series 1994-75, Class M,
7.00%, 10/25/23....................................... 12,737
13,657 Fannie Mae,
Series 1994-42, Class L,
6.50%, 4/25/24........................................ 13,591
10,000 Fannie Mae,
Series 1997-27, Class BL,
7.00%, 9/18/24........................................ 10,002
76,924 Fannie Mae,
Series 1997-55, Class A,
7.00%, 3/18/26........................................ 77,268
1,041,100 Fannie Mae,
Series 1998-24, Class J,
6.50%, 5/18/28........................................ 1,040,319
91,241 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA8, 10.00%, 7/25/27...................... 93,420
25,000 First Plus Home Loan Trust,
Series 1997-2, Class A7,
7.54%, 4/10/23........................................ 27,004
10,000 Freddie Mac,
Series 1301, Class EA,
7.00%, 8/15/05........................................ 10,041
</TABLE>
Continued
- 34 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 6,600 Freddie Mac,
Series 1243, Class I,
7.50%, 9/15/05........................................ $ 6,590
10,000 Freddie Mac,
Series 1317, Class G,
7.00%, 5/15/06........................................ 10,090
9,392 Freddie Mac,
Series 1561, Class D,
6.00%, 8/15/06........................................ 9,419
13,782 Freddie Mac,
Series 1229, Class I,
7.00%, 8/15/06........................................ 13,869
10,889 Freddie Mac,
Series 1575, Class PE,
6.00%, 3/15/07........................................ 10,914
23,575 Freddie Mac,
Series 1423, Class I,
7.00%, 12/15/07....................................... 23,733
31,414 Freddie Mac,
Series 1475, Class O,
7.00%, 2/15/08........................................ 31,653
71,673 Freddie Mac,
Series 1667, Class C,
6.00%, 1/15/09........................................ 71,470
26,968 Freddie Mac,
Series 1103, Class M,
8.50%, 3/15/09........................................ 27,173
49,131 Freddie Mac,
Series 1367, Class F,
6.75%, 12/15/17....................................... 49,109
8,028 Freddie Mac,
Series 1517, Class E,
6.00%, 4/15/18........................................ 8,022
19,639 Freddie Mac,
Series 1394, Class F,
6.00%, 7/15/18........................................ 19,635
15,000 Freddie Mac,
Series 1518, Class C,
7.00%, 3/15/19........................................ 15,137
323,172 Freddie Mac,
Series 1493, Class B,
7.00%, 6/15/19........................................ 323,478
2,318 Freddie Mac,
Series 1222, Class G,
7.80%, 6/15/19........................................ 2,314
36,085 Freddie Mac,
Series 1207, Class J,
6.75%, 7/15/19........................................ 36,087
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 21,422 Freddie Mac,
Series 1437, Class F,
7.00%, 11/15/19....................................... $ 21,497
45,131 Freddie Mac,
Series 1252, Class G,
6.80%, 12/15/19....................................... 45,207
50,000 Freddie Mac,
Series 1499, Class B,
6.75%, 2/15/20........................................ 50,524
15,987 Freddie Mac,
Series 1250, Class G,
7.00%, 4/15/20........................................ 15,956
203,776 Freddie Mac,
Series 1332, Class H,
7.50%, 4/15/20........................................ 205,306
2,361 Freddie Mac,
Series 1397, Class C,
7.00%, 6/15/20........................................ 2,357
37,000 Freddie Mac,
Series 1184, Class H,
8.00%, 6/15/20........................................ 37,329
35,754 Freddie Mac,
Series 1101, Class L,
6.95%, 9/15/20........................................ 35,794
12,650 Freddie Mac,
Series 1254, Class H,
7.50%, 10/15/20....................................... 12,702
26,554 Freddie Mac,
Series 1152, Class K,
7.00%, 11/15/20....................................... 26,554
40,011 Freddie Mac,
Series 1358, Class H,
7.00%, 11/15/20....................................... 40,082
36,129 Freddie Mac,
Series 1288, Class H,
7.00%, 11/15/20....................................... 36,466
16,650 Freddie Mac,
Series 1165, Class K,
7.00%, 12/15/20....................................... 16,697
94,047 Freddie Mac,
Series 1109, Class H,
6.95%, 12/15/20....................................... 94,478
16,365 Freddie Mac,
Series 1163, Class I,
6.95%, 12/15/20....................................... 16,402
74,000 Freddie Mac,
Series 1250, Class H,
7.00%, 12/15/20....................................... 74,400
</TABLE>
Continued
- 35 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 56,237 Freddie Mac,
Series 1186, Class H,
7.50%, 12/15/20....................................... $ 56,836
7,190 Freddie Mac,
Series 1177, Class I,
6.95%, 1/15/21........................................ 7,244
306,122 Freddie Mac,
Series 1228, Class G,
7.00%, 1/15/21........................................ 308,821
150,397 Freddie Mac,
Series 1191, Class D,
7.00%, 2/15/21........................................ 150,710
57,000 Freddie Mac,
Series 1069, Class I,
6.95%, 2/15/21........................................ 57,476
42,000 Freddie Mac,
Series 1406, Class G,
6.75%, 3/15/21........................................ 42,380
102,255 Freddie Mac,
Series 1646, Class MA,
6.50%, 3/15/21........................................ 102,444
80,000 Freddie Mac,
Series 1350, Class H,
7.50%, 3/15/21........................................ 81,554
90,000 Freddie Mac,
Series 139, Class G,
7.00%, 4/15/21........................................ 91,035
28,083 Freddie Mac,
Series 1303, Class K,
8.00%, 4/15/21........................................ 28,311
150,000 Freddie Mac,
Series 1351, Class TD,
7.00%, 5/15/21........................................ 151,396
15,000 Freddie Mac,
Series 1302, Class PJ,
8.00%, 5/15/21........................................ 15,250
33,715 Freddie Mac,
Series 1278, Class H,
7.00%, 6/15/21........................................ 33,768
42,896 Freddie Mac,
Series 1714, Class LD,
7.00%, 6/15/21........................................ 43,155
10,804 Freddie Mac,
Series 1237, Class I,
8.00%, 6/15/21........................................ 10,955
45,000 Freddie Mac,
Series 1702-B, Class L,
7.00%, 7/15/21........................................ 45,289
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 46,194 Freddie Mac,
Series 1255, Class G,
7.50%, 7/15/21........................................ $ 46,759
25,000 Freddie Mac,
Series 1241, Class J,
7.00%, 9/15/21........................................ 24,982
175,000 Freddie Mac,
Series 1278, Class I,
7.00%, 9/15/21........................................ 176,645
51,000 Freddie Mac,
Series 1397, Class D,
7.00%, 10/15/21....................................... 51,215
4,525 Freddie Mac,
Series 189, Class C,
8.00%, 10/15/21....................................... 4,548
244,000 Freddie Mac,
Series 1173, Class E,
6.50%, 11/15/21....................................... 236,022
184,367 Freddie Mac,
Series 53, Class C,
7.50%, 1/20/22........................................ 185,742
111,655 Freddie Mac,
Series 1754, Class B,
8.50%, 2/15/22........................................ 112,154
77,000 Freddie Mac,
Series 1890, Class K,
7.00%, 3/15/22........................................ 77,427
122,000 Freddie Mac,
Series 1312, Class I,
8.00%, 7/15/22........................................ 128,070
10,172 Freddie Mac,
Series 1653, Class B,
6.00%, 8/15/22........................................ 10,154
10,334 Freddie Mac,
Series 1574, Class L,
6.50%, 9/15/22........................................ 10,355
63,754 Freddie Mac,
Series 1474, Class C,
7.00%, 10/15/22....................................... 64,596
80,000 Freddie Mac,
Series 1411, Class O,
7.00%, 11/15/22....................................... 76,701
224,143 Freddie Mac,
Series 1648, Class JA,
6.00%, 1/15/23........................................ 223,789
14,052 Freddie Mac,
Series 1543, Class XU,
7.00%, 5/15/23........................................ 14,096
</TABLE>
Continued
- 36 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 23,000 Freddie Mac,
Series 1749, Class C,
8.00%, 6/15/23........................................ $ 23,226
6,088 Freddie Mac,
Series 42, Class J,
8.00%, 6/17/23........................................ 6,092
200,000 Freddie Mac,
Series 1869, Class TD,
7.50%, 7/15/23........................................ 201,559
55,000 Freddie Mac,
Series 1853, Class B,
7.50%, 4/15/24........................................ 55,655
27,169 Freddie Mac,
Series 1729, Class M,
7.50%, 5/15/24........................................ 26,980
34,000 Freddie Mac,
Series 1935, Class CA,
7.50%, 9/15/24........................................ 34,373
70,000 Freddie Mac,
Series 1935, Class JC,
7.00%, 12/15/24....................................... 70,153
50,000 Freddie Mac,
Series 1983, Class U,
7.00%, 11/17/25....................................... 49,946
96,000 Freddie Mac,
Series 53, Class A,
7.13%, 7/20/26........................................ 96,622
403,559 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3,
7.30%, 3/25/12........................................ 405,541
66,761 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2,
6.50%, 10/25/23....................................... 66,538
84,000 General Electric Capital Mortgage Services, Inc.,
Series 1193-12, Class A3,
6.50%, 10/25/23....................................... 84,035
7,466 General Electric Capital Mortgage Services, Inc.,
Series 1994-19, Class A4,
7.75%, 6/25/24........................................ 7,465
11,410 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A3,
7.00%, 8/25/24........................................ 11,374
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 18,162 General Electric Capital Mortgage Services, Inc.,
Series 1994-23, Class A3,
7.75%, 8/25/24........................................ $ 18,151
229,678 General Electric Capital Mortgage Services, Inc.,
Series 1994-28, Class A5,
8.00%, 8/25/24........................................ 230,036
409,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A6,
6.50%, 11/25/24....................................... 405,004
13,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-30, Class A7,
7.50%, 11/25/24....................................... 12,959
40,713 General Electric Capital Mortgage Services, Inc.,
Series 1995-6, Class A3,
7.00%, 8/25/25........................................ 40,663
468,000 General Electric Capital Mortgage Services, Inc.,
Series 1996-11, Class A3,
7.50%, 7/25/26........................................ 473,079
567,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12,
7.50%, 4/25/27........................................ 574,165
165,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10,
7.50%, 5/25/27........................................ 167,725
220,569 General Electric Capital Mortgage Services, Inc.,
Series 1997-6, Class A15,
7.50%, 7/25/27........................................ 222,640
99,174 General Electric Capital Mortgage Services, Inc.,
Series 1997-7, Class A2,
7.20%, 8/25/27........................................ 99,357
1,800,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11,
6.75%, 6/25/28........................................ 1,788,264
3,723 Government National Mortgage Assoc.,
Series 1994-6, Class B,
7.88%, 11/16/17....................................... 3,723
</TABLE>
Continued
- 37 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 306,854 Government National Mortgage Assoc.,
Series 1994-6, Class G,
7.99%, 12/16/19...................................... $ 308,491
15,007 Government National Mortgage Assoc.,
Series 1995, Class C,
7.35%, 7/20/21....................................... 15,169
31,395 Government National Mortgage Assoc.,
Series 1996-15, Class 0,
7.00%, 11/20/21...................................... 31,512
59,958 Government National Mortgage Assoc.,
Series 1995-2, Class H,
8.00%, 7/20/22....................................... 59,817
18,142 Government National Mortgage Assoc.,
Series 1994-5, Class A,
7.50%, 12/16/22...................................... 18,128
169,000 Government National Mortgage Assoc.,
Series 1995-8, Class G,
7.00%, 12/20/22...................................... 168,988
78,000 Government National Mortgage Assoc.,
Series 1994-5, Class B,
7.50%, 7/16/23....................................... 77,697
6,000 Government National Mortgage Assoc.,
Series 1994-5, Class CA,
8.00%, 8/16/23....................................... 6,088
120,000 Government National Mortgage Assoc.,
Series 1997-6, Class B,
7.50%, 5/20/24....................................... 121,491
84,288 Government National Mortgage Assoc.,
Series 1997-4, Class B,
7.00%, 8/20/26....................................... 82,798
48,049 Headlands Mortgage Securities, Inc., Series 1997-5,
Class AII1,
6.75%, 11/25/27...................................... 48,406
60,989 Housing Securities, Inc.,
Series 1994-3, Class A4,
7.25%, 11/25/17...................................... 61,009
8,619 Housing Securities, Inc.,
Series 1992-B, Class 5,
8.50%, 3/25/22....................................... 8,627
171,541 IMC Home Equity Loan Trust,
Series 1996-3, Class A3,
7.27%, 4/25/11....................................... 175,142
261,000 Independent National Mortgage Corp.,
Series 1994-L, Class A6,
8.00%, 8/25/24....................................... 267,254
323,340 Independent National Mortgage Corp.,
Series 1994-O, Class A3,
8.00%, 9/25/24....................................... 323,796
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 10,000 Independent National Mortgage Corp.,
Series 1994-O, Class A5,
8.50%, 9/25/24........................................ $ 10,333
125,000 Independent National Mortgage Corp.,
Series 1994-N, Class A6,
8.00%, 10/25/24....................................... 125,353
146,000 Independent National Mortgage Corp.,
Series 1994-T, Class A5,
8.38%, 11/25/24....................................... 149,702
43,828 Independent National Mortgage Corp.,
Series 1995-A, Class A3,
8.75%, 3/25/25........................................ 43,769
62,280 Independent National Mortgage Corp.,
Series 1995-D, Class A6,
9.00%, 3/25/25........................................ 62,162
598,000 Independent National Mortgage Corp.,
Series 1995-A, Class A4,
8.75%, 3/25/25........................................ 605,009
54,714 Independent National Mortgage Corp.,
Series 1995-H, Class A12,
8.00%, 6/25/25........................................ 55,071
223,000 Independent National Mortgage Corp.,
Series 1995-N, Class A4,
7.50%, 10/25/25....................................... 224,748
75,000 Independent National Mortgage Corp.,
Series 1995-N, Class A3,
7.50%, 10/25/25....................................... 75,503
32,961 Independent National Mortgage Corp.,
Series 1995-Q, Class A5,
7.25%, 11/25/25....................................... 32,872
40,024 Independent National Mortgage Corp.,
Series 1995-Q, Class A6,
8.00%, 11/25/25....................................... 39,937
81,659 Independent National Mortgage Corp.,
Series 1995-S, Class A3,
7.00%, 1/25/26........................................ 81,605
31,414 Independent National Mortgage Corp.,
Series 1995-V, Class A1,
7.25%, 2/25/26........................................ 31,453
67,000 Independent National Mortgage Corp.,
Series 1995-V, Class A2,
7.25%, 2/25/26........................................ 67,434
175,000 Independent National Mortgage Corp.,
Series 1995-W, Class A6,
7.13%, 2/25/26........................................ 176,425
676,000 Independent National Mortgage Corp.,
Series 1996-D, Class A7,
7.00%, 5/25/26........................................ 679,840
</TABLE>
Continued
- 38 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 4,430 Investors Government National
Mortgage Assoc. Mortgage Backed Sec. Trust Inc.,
Series 1984-2, Class E,
7.88%, 4/25/08........................................ $ 4,508
241,000 Norwest Asset Securities Corp.,
Series 1996-3, Class A8,
7.25%, 9/25/26........................................ 244,305
240,000 Norwest Asset Securities Corp.,
Series 1997-10, Class A2,
6.50%, 8/25/27........................................ 240,084
50,000 PNC Mortgage Securities Corp., Series 1996-1, Class A9,
7.75%, 6/25/26........................................ 51,537
108,525 Prudential Home Mortgage Securities,
Series 1993-29, Class A6,
6.75%, 8/25/08........................................ 108,908
124,180 Prudential Home Mortgage Securities,
Series 1992-47, Class A9,
8.00%, 1/25/23........................................ 124,894
428,438 Prudential Home Mortgage Securities,
Series 1993-8, Class A4,
7.40%, 3/25/23........................................ 430,323
215,385 Prudential Home Mortgage Securities,
Series 1993-14, Class A7,
6.25%, 5/25/23........................................ 214,915
40,626 Prudential Home Mortgage Securities,
Series 1993-14, Class A6,
6.50%, 5/25/23........................................ 40,549
281,000 Prudential Home Mortgage Securities,
Series 1993-62, Class A6,
6.50%, 7/25/23........................................ 280,924
134,173 Prudential Home Mortgage Securities,
Series 1993-38, Class A3,
6.15%, 9/25/23........................................ 133,543
13,717 Prudential Home Mortgage Securities,
Series 1993-44, Class A10,
6.00%, 11/25/23....................................... 13,667
2,200,000 Prudential Home Mortgage Securities,
Series 1993-62, Class A6,
6.75%, 12/26/23....................................... 2,183,214
48,992 Prudential Home Mortgage Securities,
Series 1994-15, Class A2,
6.00%, 5/25/24........................................ 48,811
275,346 Prudential Home Mortgage Securities,
Series 1994-15, Class A5,
6.80%, 5/25/24........................................ 275,481
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 25,086 Prudential Home Mortgage Securities,
Series 1994-33, Class A3,
8.63%, 12/25/24....................................... $ 25,302
348,000 Prudential Home Mortgage Securities,
Series 1996-5, Class A2,
7.25%, 4/25/26........................................ 349,656
262,155 Residential Accredit Loans, Inc.,
Series 1998-QS16, Class A1,
6.50%, 11/25/13....................................... 262,616
560 Residential Accredit Loans, Inc.,
Series 1996-QS3, Class AI5,
7.46%, 6/25/26........................................ 558
775,000 Residential Accredit Loans, Inc.,
Series 1997-QS3, Class A3,
7.50%, 4/25/27........................................ 779,084
1,020,000 Residential Accredit Loans, Inc.,
Series 1998-QS9, Class A3,
6.75%, 7/25/28........................................ 1,023,356
330,000 Residential Accredit Loans, Inc.,
Series 1998-QS7, Class CB2,
6.75%, 7/25/28........................................ 329,993
30,670 Residential Asset Securitization Trust, Series 1996-A4,
Class A5,
7.50%, 9/25/26........................................ 30,560
66,605 Residential Asset Securitization Trust, Series 1997-A1,
Class A1,
7.00%, 3/25/27........................................ 66,803
75,000 Residential Asset Securitization Trust, Series 1998-A1,
Class A5,
6.75%, 3/25/28........................................ 75,229
1,600,000 Residential Asset Securitization Trust, Series 1998-A5,
Class A5,
6.75%, 6/25/28........................................ 1,579,504
59,510 Residential Asset Securitization Trust, Series 1997-A3,
Class A7,
10.00%, 5/25/27....................................... 60,511
362,475 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S43, Class A10,
8.00%, 12/25/22....................................... 365,592
250,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6,
7.00%, 8/25/23........................................ 246,555
95,475 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S40, Class A5,
6.20%, 11/25/23....................................... 95,112
</TABLE>
Continued
- 39 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 125,000 Residential Funding Mortgage Securities I, Inc.,
Series 1994-S13, Class A2,
7.00%, 5/25/24........................................ $ 125,443
1,211 Residential Funding Mortgage Securities I, Inc.,
Series 1994-S17, Class A3,
8.00%, 8/25/24........................................ 1,207
22,652 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A13,
7.40%, 9/25/25........................................ 22,758
613,337 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S9, Class A10,
7.25%, 4/25/26........................................ 616,446
100,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A9,
7.50%, 5/25/26........................................ 101,572
479,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A11,
7.75%, 6/25/26........................................ 483,991
26,892 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A10,
7.63%, 6/25/26........................................ 26,869
451,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A10,
8.00%, 7/25/26........................................ 460,806
160,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A18,
7.58%, 7/25/26........................................ 161,335
2,745 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S18, Class A7,
7.25%, 8/25/26........................................ 2,738
41,671 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S22, Class A4,
7.25%, 10/25/26....................................... 41,522
122,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S23, Class A3,
7.25%, 11/25/26....................................... 122,788
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 175,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S8, Class A9,
7.50%, 6/25/27........................................ $ 178,557
175,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S9, Class A20,
7.50%, 7/25/27........................................ 176,281
4,803 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A8,
7.10%, 9/25/27........................................ 4,795
1,375,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2,
7.25%, 9/25/27........................................ 1,389,756
2,895,120 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S10, Class A8,
6.75%, 4/25/28........................................ 2,898,538
50,000 Securitized Asset Sales, Inc.,
Series 1995-A, Class A6,
8.13%, 3/25/24........................................ 52,240
33,670 Vendee Mortgage Trust,
Series 1993-1, Class D,
7.00%, 11/15/12....................................... 33,756
140,773 Vendee Mortgage Trust,
Series 1992-2, Class D,
7.00%, 9/15/15........................................ 141,633
280,000 Vendee Mortgage Trust,
Series 1992-1, Class 2E,
7.75%, 3/15/16........................................ 285,089
295,000 Vendee Mortgage Trust,
Series 1992-1, Class 2F,
7.75%, 7/15/17........................................ 302,961
----------
Total Collateralized Mortgage Obligations 46,827,816
----------
Corporate Bonds (4.2%)
Brokerage Services (1.9%):
335,000 Merrill Lynch & Co., Inc.,
6.38%, 3/30/99........................................ 335,321
500,000 Morgan Stanley Dean Witter & Co.,
5.75%, 2/15/01........................................ 499,375
250,000 Salomon Smith Barney Holdings, Inc.,
5.88%, 2/1/01......................................... 248,750
----------
1,083,446
----------
</TABLE>
Continued
- 40 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Corporate Bonds, continued:
Electric Utility (0.3%):
$ 175,000 Georgia Power Company,
7.63%, 3/1/23,
Callable 3/1/99 @104.78*.............................. $ 183,313
----------
Financial Services (2.0%):
135,000 Associates Corp., N.A.,
7.50%, 5/15/99........................................ 135,563
250,000 Commercial Credit Co.,
6.70%, 8/1/99......................................... 251,183
260,000 Ford Motor Credit Corp.,
7.25%, 5/15/99........................................ 260,920
500,000 Ford Motor Credit Corp.,
5.75%, 1/25/01........................................ 500,000
----------
1,147,666
----------
Total Corporate Bonds 2,414,425
----------
U.S. Government Agencies (6.4%):
Federal Home Loan Bank (3.4%):
1,900,000 7.02%, 7/6/99, Series HA99............................. 1,911,628
----------
Freddie Mac (2.4%):
159,536 6.00%, 7/1/99, Gold Pool #G50188....................... 161,890
168,950 6.50%, 2/1/00, Gold Pool #N92990....................... 172,547
1,037,797 6.50%, 12/1/11, Gold Pool #E20275...................... 1,045,374
----------
1,379,811
----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- -------------------------------------------- -----------
<C> <S> <C>
U.S. Government Agencies, continued:
Government National Mortgage Assoc (0.6%):
$ 15,198 6.50%, 7/15/23, Pool #350795................ $ 15,135
26,555 7.50%, 3/15/24, Pool #376439................ 27,283
17,260 7.00%, 4/20/24, Pool #1655.................. 17,422
30,503 6.50%, 12/15/25, Pool #414856............... 30,346
206,726 8.00%, 6/15/26, Pool #423563................ 215,241
25,161 7.00%, 11/20/26, Pool #2320................. 25,399
-----------
330,826
-----------
Total U.S. Government Agencies 3,622,265
-----------
U.S. Treasury Notes (2.4%):
1,400,000 4.50%, 9/30/00.............................. 1,386,490
-----------
Total U.S. Treasury Notes 1,386,490
-----------
Investment Companies (3.7%):
2,138,834 American Performance Cash Management Fund... 2,138,834
-----------
Total Investment Companies 2,138,834
-----------
Total Investments (Cost $57,126,325)(a)--100.3% 57,269,540
-----------
Liabilities in excess of other assets--(0.3)% (160,457)
-----------
Total Net Assets--100.0% $57,109,083
===========
</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............... $ 321,506
Unrealized depreciation............... (178,291)
---------
Net unrealized appreciation........... $ 143,215
=========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts also
apply to this security.
See notes to financial statements.
- 41 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ----------
<C> <S> <C>
Asset Backed Securities (7.1%):
$ 71,740 Advanta Mortgage Loan Trust,
Series 1993-3, Class A3,
4.75%, 2/25/10....................................... $ 69,832
916,749 AFC Home Equity Loan Trust,
Series 1995-3, Class 1A2,
6.80%, 10/26/26...................................... 929,116
454,779 CoreStates Home Equity Trust,
Series 1993-2, Class A,
5.10%, 3/15/09....................................... 446,707
1,500,000 Crown Home Equity Loan Trust,
Series 1996-1, Class A3,
6.81%, 6/25/11....................................... 1,487,940
115,600 Equicon Home Equity Loan Trust,
Series 1992-7, Class A,
5.90%, 9/18/05....................................... 115,326
54,984 First Plus Home Loan Trust,
Series 1996-2, Class A6,
7.85%, 8/20/13....................................... 57,251
2,050,000 Ford Credit Auto Loan Master Trust,
Series 1995-1, Class A,
6.50%, 8/15/02....................................... 2,068,901
1,000,000 Nomura Asset Securities Corp.,
Series 1995-2, Class 2M,
7.12%, 1/25/26....................................... 976,710
----------
Total Asset Backed Securities 6,151,783
----------
Collateralized Mortgage Obligations (44.0%):
300,000 BA Mortgage Securities, Inc.,
Series 1997-3, Class A2,
7.00%, 12/25/27...................................... 302,826
397,000 Chase Mortgage Finance Corp.,
Series 1994-G, Class A8,
7.50%, 4/25/25....................................... 401,931
429,000 Chemical Mortgage Securities Inc.,
Series 1996-1, Class A4,
7.00%, 1/25/26....................................... 430,489
160,000 Citicorp Mortgage Securities, Inc.,
Series 1993-1, Class A3,
7.50%, 1/25/23....................................... 163,055
250,000 Citicorp Mortgage Securities, Inc.,
Series 1993-2, Class A6,
7.50%, 3/25/23....................................... 254,810
317,000 Citicorp Mortgage Securities, Inc.,
Series 1996-1, Class A4,
7.50%, 12/25/26...................................... 319,320
88,000 Citicorp Mortgage Securities, Inc.,
Series 1997-2, Class A2,
7.25%, 5/25/27....................................... 88,945
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 161,000 Citicorp Mortgage Securities, Inc.,
Series 1997-5, Class A5,
7.25%, 11/25/27....................................... $ 161,330
38,000 Countrywide Funding Corp.,
Series 1994-17, Class A9,
8.00%, 7/25/24........................................ 39,413
245,000 Countrywide Funding Corp.,
Series 1994-17, Class A7,
7.88%, 7/25/24........................................ 251,103
79,000 Countrywide Funding Corp.,
Series 1994-17, Class A5,
7.50%, 7/25/24........................................ 79,901
125,000 Countrywide Funding Corp.,
Series 1995-4, Class A7,
7.50%, 9/25/25........................................ 127,862
121,000 Countrywide Home Loan,
Series 1997-1, Class A4,
7.40%, 3/25/27........................................ 121,881
271,000 Countrywide Home Loan,
Series 1997-1, Class A12,
7.50%, 3/25/27........................................ 274,423
248,000 Countrywide Home Loan,
Series 1997-1, Class A13,
7.50%, 3/25/27........................................ 251,249
271,000 Countrywide Home Loan,
Series 1997-2, Class A3,
7.50%, 4/25/27........................................ 275,122
1,242,068 Countrywide Home Loan,
Series 1998-2, Class A1,
6.50% 3/25/28......................................... 1,241,135
66,000 Fannie Mae,
Series 1992-7, Class E,
8.00%, 6/25/08........................................ 68,615
91,000 Fannie Mae,
Series 19919-147, Class LD,
7.00%, 10/25/08....................................... 91,983
14,525 Fannie Mae,
Series 1992-147, Class PK,
7.25%, 4/25/19........................................ 14,498
166,000 Fannie Mae,
Series 1992-202, Class H,
7.50%, 5/25/19........................................ 167,443
99,912 Fannie Mae,
Series G95-2, Class O,
8.00%, 5/25/19........................................ 100,929
35,000 Fannie Mae,
Series 1992-188, Class PJ,
7.50%, 10/25/19....................................... 35,978
</TABLE>
Continued
- 42 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$1,000,000 Fannie Mae,
Series 1993-102, Class G,
6.25%, 1/25/20........................................ $1,002,349
43,860 Fannie Mae,
Series 1990-62, Class G,
9.00%, 6/25/20........................................ 45,579
36,544 Fannie Mae,
Series 1991-162, Class E,
7.50%, 9/25/20........................................ 36,573
131,000 Fannie Mae,
Series 1992-177, Class CB,
7.50%, 2/25/21........................................ 133,383
103,000 Fannie Mae,
Series 1993-2, Class PH,
7.35%, 3/25/21........................................ 103,753
69,000 Fannie Mae,
Series 1992-132, Class PL,
8.00%, 3/25/21........................................ 70,738
33,604 Fannie Mae,
Series G-7, Class E,
8.90%, 3/25/21........................................ 35,074
25,000 Fannie Mae,
Series G97-1, Class A3,
7.00%, 5/20/21........................................ 25,052
39,125 Fannie Mae,
Series 1991-66, Class J,
8.13%, 6/25/21........................................ 40,278
272,082 Fannie Mae,
Series 1994-89, Class B,
8.00%, 9/25/21........................................ 273,023
42,192 Fannie Mae,
Series G-32, Class N,
8.10%, 10/25/21....................................... 43,431
40,505 Fannie Mae,
Series D-32, Class L,
8.00%, 10/25/21....................................... 41,700
50,000 Fannie Mae,
Series 1993-2, Class PK,
7.50%, 2/25/22........................................ 51,228
98,000 Fannie Mae,
Series 1993-155, Class M,
7.00%, 9/25/23........................................ 95,922
30,000 Fannie Mae,
Series 1996-22, Class C,
7.25%, 2/25/24........................................ 30,193
500,000 Financial Asset Securitization, Inc.,
Series 1997-NAM1, Class A2,
7.75%, 5/25/27........................................ 507,088
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 225,000 Financial Asset Securitization, Inc.,
Series 1997-NAM1, Class A3,
7.75%, 5/25/27........................................ $ 229,196
54,000 Financial Asset Securitization, Inc.,
Series 1997-NAM2, Class FA7,
8.00%, 7/25/27........................................ 55,324
1,190,670 Freddie Mac,
Series 1538, Class E,
6.00%, 3/15/05........................................ 1,192,062
10,000 Freddie Mac,
Series 1176, Class H,
8.00%, 12/15/06....................................... 10,659
12,702 Freddie Mac,
Series 1513, Class P,
6.50%, 5/15/08........................................ 12,695
11,000 Freddie Mac,
Series 1156, Class ID,
7.00%, 1/15/09........................................ 11,129
2,000,000 Freddie Mac,
Series 1482, Class F,
6.50%, 5/15/19........................................ 2,009,979
79,912 Freddie Mac,
Series 1332, Class H,
7.50%, 4/15/20........................................ 80,512
52,809 Freddie Mac,
Series 1050, Class G,
7.00%, 6/15/20........................................ 52,936
53,536 Freddie Mac,
Series 1281, Class G,
8.00%, 9/15/20........................................ 54,629
705,629 Freddie Mac,
Series 1268, Class G,
8.00%, 9/15/20........................................ 718,189
4,049 Freddie Mac,
Series 176, Class G,
7.00%, 12/15/20....................................... 4,042
1,605 Freddie Mac,
Series 1189, Class F,
7.50%, 1/15/21........................................ 1,604
50,000 Freddie Mac,
Series 1052, Class G,
7.50%, 3/15/21........................................ 50,719
136,000 Freddie Mac,
Series 1350, Class H,
7.50%, 3/15/21........................................ 138,642
131,000 Freddie Mac,
Series 1383, Class E,
7.50%, 3/15/21........................................ 132,401
</TABLE>
Continued
- 43 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 10,000 Freddie Mac,
Series 138, Class E,
8.07%, 7/15/21........................................ $ 10,295
31,447 Freddie Mac,
Series 1128, Class IB,
7.00%, 8/15/21........................................ 31,701
12,694 Freddie Mac,
Series 1753, Class B,
8.50%, 11/15/21....................................... 12,716
13,000 Freddie Mac,
Series 1264, Class I,
8.30%, 4/15/22........................................ 13,310
113,000 Freddie Mac,
Series 1281, Class I,
8.00%, 5/15/22........................................ 117,519
31,449 Freddie Mac,
Series 1461, Class B,
7.00%, 6/15/22........................................ 31,548
82,000 Freddie Mac,
Series 1310, Class J,
8.00%, 6/15/22........................................ 84,193
86,000 Freddie Mac,
Series 1754, Class CA,
8.50%, 11/15/22....................................... 87,523
116,000 Freddie Mac,
Series 1856, Class B,
7.50%, 3/15/23........................................ 117,063
98,000 Freddie Mac,
Series 1665, Class M,
6.50%, 1/15/24........................................ 98,170
40,000 Freddie Mac,
Series 1853, Class B,
7.50%, 4/15/24........................................ 40,477
100,000 Freddie Mac,
Series 1723, Class PN,
7.00%, 5/15/24........................................ 97,930
70,000 Freddie Mac,
Series 1931, Class D,
7.25%, 7/15/25........................................ 70,717
174,900 General Electric Capital Mortgage Services, Inc.,
Series 1995-HE1, Class A2,
6.90%, 2/25/10........................................ 177,515
25,000 General Electric Capital Mortgage Services, Inc.,
Series 1992-12A, Class A7,
7.50%, 10/25/22....................................... 25,535
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 694,319 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2,
6.50%, 10/25/23....................................... $ 692,000
29,788 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4,
6.25%, 12/25/23....................................... 29,712
58,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4,
7.75%, 8/25/24........................................ 58,665
8,686 General Electric Capital Mortgage Services, Inc.,
Series 1994-23, Class A3,
7.75%, 8/25/24........................................ 8,681
32,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A10,
8.88%, 11/25/24....................................... 33,197
219,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-6, Class A4,
7.00%, 8/25/25........................................ 220,671
100,000 General Electric Capital Mortgage Services, Inc.,
Series 1996-15, Class A12,
7.75%, 10/25/26....................................... 101,010
100,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-1, Class A14,
7.50%, 3/25/27........................................ 102,277
497,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A8,
7.50%, 4/25/27........................................ 503,203
450,314 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A9,
7.50%, 4/25/27........................................ 452,673
76,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A-11,
7.50%, 4/25/27........................................ 76,654
594,000 General Electric Capital Mortgage Services, Inc.,
Series1997-3, Class A12,
7.50%, 4/25/27........................................ 601,506
</TABLE>
Continued
- 44 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 838,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10,
7.50%, 5/25/27....................................... $ 851,840
84,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A4,
7.50%, 6/25/27....................................... 85,351
173,105 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A2,
7.50%, 6/25/27....................................... 175,807
229,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-8, Class A17,
7.13%, 10/25/27...................................... 229,327
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11,
6.75%, 6/25/28....................................... 993,480
107,126 Government National Mortgage Assoc.,
Series 1994-6, Class G,
7.99%, 12/16/19...................................... 107,698
18,777 Government National Mortgage Assoc.,
Series 1994-1, Class A,
7.55%, 9/16/22....................................... 18,988
169,000 Government National Mortgage Assoc.,
Series 1996-7, Class C,
7.50%, 2/16/23....................................... 171,617
51,000 Government National Mortgage Assoc.,
Series 1997-6, Class B,
7.50%, 5/20/24....................................... 51,634
50,000 Government National Mortgage Assoc.,
Series 1994-5, Class D,
7.50%, 7/16/24....................................... 50,750
500,000 Government National Mortgage Assoc.,
Series 1999-1, Class G,
6.50%, 7/20/26....................................... 486,606
326,000 Headlands Mortgage Securities,
Series 1997-1, Class AI10,
7.75%, 3/25/27....................................... 330,848
343,083 IMC Home Equity Loan Trust,
Series 1996-3, Class A3,
7.27%, 4/25/11....................................... 350,284
84,000 Independent National Mortgage Corp., Series 1994-17,
Class A5,
8.38%, 10/25/24...................................... 87,233
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 100,000 Independent National Mortgage Corp., Series 1994-T,
Class A5,
8.38%, 11/25/24...................................... $ 102,536
661,000 Independent National Mortgage Corp., Series 1995-A,
Class A4,
8.75%, 3/25/25....................................... 668,747
87,891 Independent National Mortgage Corp., Series 1995-D,
Class A6,
9.00%, 3/25/25....................................... 87,725
15,000 Independent National Mortgage Corp., Series 1995-N,
Class A4,
7.50%, 10/25/25...................................... 15,277
137,000 Independent National Mortgage Corp., Series 1995-N,
Class A4,
7.50%, 10/25/25...................................... 138,074
43,085 Independent National Mortgage Corp., Series 1995-Q,
Class A5,
7.25%, 11/25/25...................................... 42,969
140,000 Independent National Mortgage Corp., Series 1995-Q,
Class A5,
7.50%, 11/25/25...................................... 142,406
117,000 Independent National Mortgage Corp., Series 1995-U,
Class A5,
7.13%, 1/25/26....................................... 118,113
120,000 Independent National Mortgage Corp., Series 1995-V,
Class A6,
7.13%, 2/25/26....................................... 120,493
120,000 Independent National Mortgage Corp., Series 1996-D,
Class A7,
7.00%, 5/25/26....................................... 120,682
152,497 Independent National Mortgage Corp., Series 1996-S,
Class A2,
6.93%, 5/25/26....................................... 152,543
50,000 Norwest Asset Securities Corp.,
Series 1996-8, Class A4,
6.00%, 12/25/26...................................... 47,792
416,000 Norwest Asset Securities Corp.,
Series 1997-2, Class A7,
7.70%, 3/25/27....................................... 424,394
255,000 Norwest Asset Securities Corp.,
Series 1997-6, Class A2,
7.75%, 5/25/27....................................... 259,247
300,000 Norwest Asset Securities Corp.,
Series 1997-8, Class A3,
7.50%, 6/25/27....................................... 305,163
124,000 Norwest Asset Securities Corp.,
Series 1997-21, Class A6,
7.00%, 1/25/28....................................... 124,727
</TABLE>
Continued
- 45 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$2,203,000 Norwest Asset Securities Corp.,
Series 1997-21, Class A7,
7.00%, 1/25/28........................................ $2,201,809
132,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A16,
7.38%, 6/25/26........................................ 134,257
103,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A18,
7.38%, 6/25/26........................................ 104,414
282,000 PNC Mortgage Securities Corp., Series 1996-3, Class A3,
7.25%, 12/25/26....................................... 283,763
506,000 PNC Mortgage Securities Corp., Series 1997-2, Class A3,
7.50%, 3/35/27........................................ 516,099
150,000 Prudential Home Mortgage Securities, Series 1992-32,
Class A9,
7.45%, 10/25/22....................................... 151,515
63,000 Prudential Home Mortgage Securities, Series 1992-33,
Class A8,
7.50%, 11/25/22....................................... 64,354
671,000 Prudential Home Mortgage Securities, Series 1992-40,
Class A10,
7.50%, 12/25/22....................................... 681,998
620,000 Prudential Home Mortgage Securities, Series 1992-43,
Class A6,
7.50%, 1/25/23........................................ 631,415
160,675 Prudential Home Mortgage Securities, Series 1992-50,
Class A5,
7.63%, 2/25/23........................................ 162,825
256,000 Prudential Home Mortgage Securities, Series 1992-51,
Class A10,
7.75%, 2/25/23........................................ 261,158
64,026 Prudential Home Mortgage Securities, Series 1993-8,
Class A4,
7.40%, 3/25/23........................................ 64,308
100,000 Prudential Home Mortgage Securities, Series 1993-8,
Class A3,
7.90%, 3/25/23........................................ 103,020
115,000 Prudential Home Mortgage Securities, Series 1993-19,
Class A11,
7.49%, 6/25/23........................................ 116,834
300,000 Prudential Home Mortgage Securities, Series 1993-19,
Class A13,
7.50%, 6/25/23........................................ 306,386
336,610 Prudential Home Mortgage Securities, Series 1993-38,
Class A3,
6.15%, 9/25/23........................................ 335,028
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 137,000 Prudential Home Mortgage Securities, Series 1993-44,
Class A17,
6.00%, 11/25/23....................................... $ 129,975
500,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6,
6.75%, 12/26/23....................................... 496,185
100,000 Prudential Home Mortgage Securities, Series 1994-6,
Class A6,
6.50%, 2/25/24........................................ 98,918
1,101,383 Prudential Home Mortgage Securities, Series 1994-15,
ClassA5,
6.80%, 5/25/24........................................ 1,101,922
619,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A6,
7.50%, 5/25/24........................................ 627,982
385,000 Prudential Home Mortgage Securities, Series 1994-22,
Class A6,
7.30%, 6/25/24........................................ 390,823
84,000 Prudential Home Mortgage Securities, Series 1994-27,
Class A5,
8.25%, 9/25/24........................................ 86,312
278,000 Prudential Home Mortgage Securities, Series 1996-5,
Class A9,
7.25%, 4/25/26........................................ 281,329
7,746 Residential Asset Securitization Trust, Series 1996-A8,
Class A1,
8.00%, 12/25/26....................................... 7,773
48,863 Residential Asset Securitization Trust, Series 1997-A5,
Class A7,
7.13%, 7/25/27........................................ 48,929
154,630 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S36, Class A4,
6.75%, 11/25/07....................................... 155,417
850,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6,
7.00%, 8/25/23........................................ 838,287
59,833 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A13,
7.40%, 9/25/25........................................ 60,114
213,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A19,
7.50%, 9/25/25........................................ 216,175
</TABLE>
Continued
- 46 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 50,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A10,
7.75%, 9/25/25....................................... $ 51,474
219,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A15,
7.50%, 5/25/26....................................... 223,403
288,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A9,
7.75%, 7/25/26....................................... 290,853
100,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A10,
8.00%, 7/25/26....................................... 102,174
55,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S2, Class A4,
7.50%, 1/25/27....................................... 56,069
700,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S2, Class A2,
7.50%, 1/25/27....................................... 705,897
125,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S3, Class A8,
7.30%, 2/25/27....................................... 127,068
814,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2,
7.25%, 9/25/27....................................... 822,736
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S9, Class 2A4,
6.75%, 4/25/28....................................... 994,940
162,000 Ryland Acceptance Corp.,
Series 1997, Class JA,
8.75%, 4/20/21....................................... 164,820
148,696 Salomon Brothers Mortgage Securities,
Series 1987-1, Class A,
8.50%, 1/25/17....................................... 153,903
380,000 Vendee Mortgage Trust,
Series 1992-2, Class F,
7.00%, 2/15/18....................................... 383,131
----------
Total Collateralized Mortgage Obligations 38,048,927
----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Corporate Bonds (25.3%):
Banking (2.4%):
$1,000,000 Bank One Corp., 7.25%, 8/15/04......................... $1,046,250
1,000,000 BankAmerica Corp., 7.75%, 7/15/02...................... 1,053,750
----------
2,100,000
----------
Brokerage Services (6.7%):
500,000 Bear Stearns Co., Inc.,
6.75%, 8/15/00........................................ 505,940
2,000,000 Bear Stearns Co., Inc.,
6.75%, 4/15/03........................................ 2,012,500
1,500,000 Merrill Lynch & Co., Inc.,
6.64%, 9/19/02........................................ 1,530,000
1,000,000 Salomon Smith Barney Holdings, Inc., 6.63%, 6/1/00..... 1,006,310
750,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.... 758,438
----------
5,813,188
----------
Financial Services (7.7%):
500,000 Cincinnati Financial Corp.,
6.90%, 5/15/28........................................ 496,250
2,100,000 CNA Financial Corp.,
6.25%, 11/15/03....................................... 2,023,875
2,000,000 Commercial Credit Co.,
6.38%, 9/15/02........................................ 2,017,500
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02........ 1,020,000
1,000,000 General Motors Acceptance Corp., 6.63%, 10/15/05....... 1,012,500
----------
6,570,125
----------
Food Products & Services (3.9%):
2,200,000 Grand Metropolitan Investment, 8.63%, 8/15/01.......... 2,332,000
1,000,000 McCormick & Co., 8.95%, 7/1/01......................... 1,068,750
----------
3,400,750
----------
Leasing (3.4%):
1,500,000 Hertz Corp., 6.00%, 1/15/03............................ 1,462,500
1,500,000 International Lease Finance Corp., 6.50%, 8/15/99...... 1,506,930
----------
2,969,430
----------
Pharmaceuticals (0.6%):
500,000 American Home Products Corp., 6.50%, 10/15/02.......... 509,375
----------
Telecommunications (0.6%):
500,000 COMSAT Corp., 8.95%, 5/15/01........................... 531,250
----------
Total Corporate Bonds 21,894,118
----------
</TABLE>
Continued
- 47 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ----------
<C> <S> <C>
Taxable Municipal Bonds (4.6%):
California (0.6%):
$ 500,000 Monrovia Redevelopment Agency Tax Allocation, 6.90%,
5/1/17, Callable 5/1/08 @ 102*,
Insured by: AMBAC.................................... $ 503,750
----------
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...................................... 993,750
----------
Louisiana (2.3%):
1,000,000 Orleans Parish School Board Refunding Bonds, Series A,
6.45%, 2/1/05, Insured by: FGIC...................... 1,013,750
1,000,000 Orleans Parish School Board Refunding Bonds, Series A,
6.50%, 2/1/06, Insured by: FGIC...................... 1,012,500
----------
2,026,250
----------
Wisconsin (0.5%):
400,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08 @
100*................................................. 414,000
----------
Total Taxable Municipal Bonds 3,937,750
----------
U.S. Government Agencies (12.6%):
Fannie Mae (1.1%):
337,258 7.77%, 11/1/22, Pool #189916.......................... 342,317
191,825 7.68%, 11/1/22, Pool #188965.......................... 195,422
417,304 8.39%, 7/1/23, Pool #224951........................... 428,259
----------
965,998
----------
Freddie Mac (3.7%):
156,018 8.00%, 7/1/99, Gold Pool #M80108...................... 156,798
78,908 7.00%, 10/1/07, Gold Pool #E40422..................... 80,363
2,965,134 6.50%, 12/1/11, Gold Pool #E20275..................... 2,986,780
----------
3,223,941
----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Government National Mortgage Assoc (7.8%):
$ 4,853 9.00%, 11/15/01, Pool #194441.......................... $ 5,072
5,266 9.00%, 8/15/03, Pool #229571........................... 5,503
17,594 9.00%, 12/15/04, Pool #284008.......................... 18,473
36,698 9.00%, 1/15/05, Pool #247502........................... 38,532
39,568 9.00%, 3/15/06, Pool #299211........................... 41,547
99,526 9.00%, 12/15/06, Pool #316045.......................... 104,083
296,438 7.50%, 6/15/07, Pool #329595........................... 307,739
692,192 6.00%, 1/15/09, Pool #371901........................... 689,547
6,969 10.00%, 2/15/19, Pool #269976.......................... 7,531
146,491 8.00%, 11/15/21, Pool #308330.......................... 152,351
66,634 8.00%, 2/15/22, Pool #319029........................... 69,230
148,643 8.00%, 5/15/23, Pool #343406........................... 154,623
89,760 8.00%, 10/20/24, Pool #1884............................ 92,693
20,547 8.00%, 2/20/26, Pool #2171............................. 21,229
745,513 7.00%, 3/15/26, Pool #419128........................... 755,742
44,049 8.00%, 3/20/26, Pool #2187............................. 45,520
192,401 8.00%, 4/20/26, Pool #2205............................. 198,786
804,556 8.00%, 5/20/26, Pool #2219............................. 831,178
1,649,238 8.00%, 6/15/26, Pool #426149........................... 1,716,213
1,380,488 8.00%, 6/15/26, Pool #423563........................... 1,437,350
19,019 7.00%, 3/20/27, Pool #2394............................. 19,199
----------
6,712,141
----------
Total U.S. Government Agencies 10,902,080
----------
U.S. Treasury Bonds (1.2%):
1,000,000 6.13%, 11/15/27........................................ 1,048,770
----------
Total U.S. Treasury Bonds 1,048,770
----------
U.S. Treasury Notes (4.1%):
300,000 8.00%, 8/15/99......................................... 304,284
1,000,000 8.88%, 5/15/00......................................... 1,042,920
2,200,000 4.50%, 9/30/00......................................... 2,178,770
----------
Total U.S. Treasury Notes 3,525,974
----------
</TABLE>
Continued
- 48 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- --------------------------------------------- -----------
<C> <S> <C>
Investment Companies (0.8%):
651,456 American Performance Cash Management Fund.... $ 651,456
-----------
Total Investment Companies 651,456
-----------
Total Investments (Cost $85,352,322)(a)--99.7% 86,160,858
-----------
Other assets in excess of liabilities--0.3% 230,182
-----------
Total Net Assets--100.0% $86,391,040
===========
</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............... $1,121,611
Unrealized depreciation............... (313,075)
----------
Net unrealized appreciation........... $ 808,536
==========
</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
February 28, 1999
(Unaudited)
<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....................................... $ 991,960
231,000 Norwest Asset Securities Corp.,
Series 1996-4, Class A3,
7.75%, 9/25/26....................................... 234,801
500,000 UCFC Home Equity Loan,
Series 1996-D1, Class A4,
6.78%, 2/15/16....................................... 508,000
----------
Total Asset Backed Securities 1,734,761
----------
Collateralized Mortgage Obligations (44.1%):
800,000 BA Mortgage Securities, Inc.,
Series 1997-3, Class A2,
7.00%, 12/25/27...................................... 807,536
75,000 Capstead Securities Corp.,
Series 1993-1, Class E,
7.50%, 2/1/23........................................ 76,210
166,373 Chase Mortgage Finance Corp.,
Series 1994-L, Class 2A9,
7.50%, 11/25/25...................................... 167,711
100,000 Chemical Mortgage Securities, Inc., Series 1993-1,
Class A7,
7.45%, 2/25/23....................................... 101,475
175,000 Chemical Mortgage Securities, Inc., Series 1996-1,
Class A6,
8.00%, 1/25/26....................................... 177,612
11,951 Citicorp Mortgage Securities, Inc., Series 1997-1,
Class A2,
7.25%, 2/25/27....................................... 11,921
217,000 Countrywide Funding Corp.,
Series 1994-17, Class A7,
7.88%, 7/25/24....................................... 222,405
140,000 Countrywide Funding Corp.,
Series 1994-17, Class A9,
8.00%, 7/25/24....................................... 145,205
382,000 Countrywide Funding Corp.,
Series 1995-4, Class A7,
7.50%, 9/25/25....................................... 390,745
392,000 Countrywide Funding Corp.,
Series 1994-17, Class A6,
7.63%, 7/25/24....................................... 399,861
265,000 Countrywide Home Loan,
Series 1997-1, Class A13,
7.50%, 3/25/27....................................... 268,472
256,000 Countrywide Mortgage Backed Securities, Inc.,
Series 1994-J, Class A7,
8.00%, 6/25/24....................................... 265,262
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 85,000 Fannie Mae,
Series 1992-118, Class PJ,
7.50%, 2/25/21........................................ $ 86,051
91,000 Fannie Mae,
Series 1992-168, Class KA,
7.50%, 11/25/21....................................... 92,885
103,000 Fannie Mae,
Series 1992-88, Class L,
8.00%, 12/25/21....................................... 105,544
19,458 Fannie Mae,
Series 1994-88, Class A,
7.50%, 3/25/23........................................ 19,449
55,000 Fannie Mae,
Series 1997-16, Class HA,
7.00%, 2/18/25........................................ 55,398
500,000 Financial Asset Securitization, Inc.,
Series 1997-NAM1, Class A2,
7.75%, 5/25/27........................................ 507,088
500,000 Financial Asset Securitization, Inc., Series 1997-NAM2,
Class FA5, 7.70%, 7/25/27............................. 506,927
171,000 Freddie Mac,
Series 1281, Class I,
8.00%, 5/15/22........................................ 177,839
50,000 Freddie Mac,
Series 1753, Class CB,
8.13%, 5/15/23........................................ 50,847
109,000 Freddie Mac,
Series 1853, Class B,
7.50%, 4/15/24........................................ 110,298
118,000 Freddie Mac,
Series 1847, Class B,
7.50%, 7/15/24........................................ 119,730
50,000 Freddie Mac,
Series 54, Class C,
7.75%, 3/18/25........................................ 51,428
83,000 Fund America Investors Corp.,
Series 1991-1, Class K,
7.95%, 10/20/21....................................... 82,942
968,542 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3,
7.30%, 3/25/12........................................ 973,297
88,210 General Electric Capital Mortgage Services, Inc.,
Series 1993-17, Class A13,
6.50%, 12/25/23....................................... 88,381
</TABLE>
Continued
- 50 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 97,134 General Electric Capital Mortgage Services, Inc.,
Series 1994-13, Class A7,
6.50%, 4/25/24........................................ $ 96,790
46,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A9,
8.63%, 11/25/24....................................... 47,532
175,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-5, Class A6,
7.50%, 8/25/25........................................ 178,406
142,000 General Electric Capital Mortgage Services, Inc.,
Series 1996-13, Class A13,
7.75%, 8/25/26........................................ 143,990
876,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12,
7.50%, 4/25/27........................................ 887,069
339,116 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A9,
7.50%, 4/25/27........................................ 340,892
253,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10,
7.50%, 5/25/27........................................ 257,179
290,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-6, Class A2,
7.50%, 7/25/27........................................ 292,956
191,000 Government National Mortgage Assoc.,
Series 1996-15, Class CA,
7.50%, 1/20/24........................................ 193,089
70,000 Government National Mortgage Assoc.,
Series 1996-15, Class H,
7.50%, 8/16/26........................................ 71,441
334,000 Government National Mortgage Assoc.,
Series 1996-20, Class J,
7.50%, 9/20/26........................................ 338,912
264,000 Government National Mortgage Assoc.,
Series 1996-22, Class E,
7.00%, 5/16/24........................................ 264,315
500,000 Government National Mortgage Assoc.,
Series 1999-1, Class G,
6.50%, 7/20/26........................................ 486,606
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 250,000 Headlands Mortgage Securities,
Series 1997-1, Class AI10,
7.75%, 3/25/27........................................ $ 253,718
130,000 Headlands Mortgage Securities,
Series 1997-3, Class 1A6,
7.00%, 7/25/27........................................ 130,961
500,000 Headlands Mortgage Securities,
Series 1997-5, Class A17,
7.25%, 11/25/27....................................... 505,122
272,000 Housing Securities, Inc.,
Series 1992-EB, Class B5B,
7.63%, 9/25/22........................................ 277,332
135,000 Independent National Mortgage Corp.,
Series 1994-L, Class A5,
8.00%, 8/25/24........................................ 139,473
44,000 Independent National Mortgage Corp.,
Series 1994-N, Class A7,
8.25%, 10/25/24....................................... 44,777
106,000 Independent National Mortgage Corp.,
Series 1994-U, Class A10,
8.75%, 12/25/24....................................... 109,999
54,000 Independent National Mortgage Corp.,
Series 1995-A, Class A4,
8.75%, 3/25/25........................................ 54,633
84,000 Independent National Mortgage Corp.,
Series 1995-U, Class A5,
7.13%, 1/25/26........................................ 84,799
100,000 Independent National Mortgage Corp.,
Series 1995-U, Class A2,
7.13%, 1/25/26........................................ 100,951
175,000 Independent National Mortgage Corp.,
Series 1995-U, Class A4,
7.25%, 1/25/26........................................ 177,093
185,000 Independent National Mortgage Corp.,
Series 1995-W, Class A6,
7.13%, 2/25/26........................................ 186,506
411,384 Merrill Lynch Trust,
Series 45, Class F,
9.10%, 9/20/14........................................ 423,364
175,000 Norwest Asset Securities Corp.,
Series 1996-1, Class A11,
7.50%, 8/25/26........................................ 194,227
50,000 Norwest Asset Securities Corp.,
Series 1996-3, Class A5,
7.63%, 9/25/26........................................ 51,444
101,000 Norwest Asset Securities Corp.,
Series 1996-4, Class A,
7.75%, 9/25/26........................................ 103,638
</TABLE>
Continued
- 51 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 207,000 Norwest Asset Securities Corp.,
Series 1996-8, Class A3,
7.50%, 12/25/26....................................... $ 210,366
330,000 Norwest Asset Securities Corp.,
Series 1997-2, Class A7,
7.70%, 3/25/27........................................ 336,659
381,000 Norwest Asset Securities Corp.,
Series 1997-6, Class A2,
7.75%, 5/25/27........................................ 387,346
367,000 Norwest Asset Securities Corp.,
Series 1997-8, Class A3,
7.50%, 6/25/27........................................ 373,316
1,020,000 Norwest Asset Securities Corp.,
Series 1997-21, Class A7,
7.00%, 1/25/28........................................ 1,019,448
250,000 Paine Webber Mortgage
Acceptance Corp.,
Series 1994-5A, Class A4,
8.13%, 7/25/24........................................ 255,552
107,000 PNC Mortgage Securities Corp., Series 1998-7, Class
1A21,
7.00%, 9/25/98........................................ 106,576
100,000 PNC Mortgage Securities Corp., Series 1998-6, Class
1A14,
7.00%, 9/25/28........................................ 101,121
148,000 PNC Mortgage Securities Corp., Series 1996-1, A4,
7.50%, 6/25/26........................................ 150,556
337,000 PNC Mortgage Securities Corp., Series 1997-2, Class A3,
7.50%, 3/35/27........................................ 343,726
75,000 Prudential Home Mortgage Securities, Series 1992-32,
Class A9,
7.45%, 10/25/22....................................... 75,758
286,000 Prudential Home Mortgage Securities, Series 1992-33,
Class A8,
7.50%, 11/25/22....................................... 292,149
194,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6,
6.50%, 7/25/23........................................ 193,948
500,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6,
6.75%, 12/26/23....................................... 496,185
552,000 Prudential Home Mortgage Securities, Series 1996-5,
Class A9,
7.25%, 4/25/26........................................ 558,611
219,000 Prudential Home Mortgage Securities, Series 1993-51,
Class A9,
6.00%, 12/25/23....................................... 209,230
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 65,607 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S43, Class A10,
8.00%, 12/25/22....................................... $ 66,171
20,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S26, Class A9,
7.50%, 7/25/23........................................ 20,384
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6,
7.00%, 8/25/23........................................ 493,110
792,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A11,
6.00%, 9/25/25........................................ 760,637
95,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A7,
7.50%, 9/25/25........................................ 96,416
297,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A10,
7.75%, 9/25/25........................................ 305,758
200,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A14,
8.00%, 9/25/25........................................ 206,785
67,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A15,
7.50%, 5/25/26........................................ 68,347
59,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A5,
7.75%, 5/25/26........................................ 60,771
100,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A11,
7.75%, 6/25/26........................................ 101,042
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S2, Class A2,
7.50%, 1/25/27........................................ 1,008,424
150,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S9, Class A14,
7.50%, 7/25/27........................................ 151,383
</TABLE>
Continued
- 52 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$1,099,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2,
7.25%, 9/25/27........................................ $1,110,793
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S9, Class 2A4,
6.75%, 4/25/28........................................ 994,939
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S19, Class A5,
6.75%, 8/25/28........................................ 493,765
76,000 Ryland Acceptance Corp.,
Series 1997, Class JA,
8.75%, 4/20/21........................................ 77,323
10,000 Ryland Mortgage Securities Corp.,
Series 1992-2, Class E,
8.00%, 2/25/23........................................ 10,159
15,000 Securitized Asset Sales,
Series 1995-A, Class A7,
8.00%, 3/25/24........................................ 15,587
75,000 Vendee Mortgage Trust,
Series 1996-3, Class 2F,
7.75%, 11/15/22....................................... 79,000
----------
Total Collateralized Mortgage Obligations 23,731,074
----------
Corporate Bonds (26.7%):
Automotive (1.0%):
500,000 General Motors Corp.,
7.70%, 4/15/16........................................ 557,500
----------
Banking (2.9%):
1,500,000 BankAmerica Corp.,
7.13%, 5/12/05........................................ 1,560,000
----------
Brokerage Services (5.2%):
1,000,000 Merrill Lynch & Co., Inc.,
8.00%, 2/1/02......................................... 1,053,750
1,000,000 Merrill Lynch & Co., Inc.,
6.50%, 7/15/18........................................ 951,250
800,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.... 809,000
----------
2,814,000
----------
Financial Services (9.8%):
1,000,000 Associates Corp., N.A.,
7.50%, 4/15/02........................................ 1,043,750
500,000 Cincinnati Financial Corp.,
6.90%, 5/15/28........................................ 496,250
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Corporate Bonds, continued:
Financial Service, continued:
$1,000,000 CNA Financial Corp.,
7.25%, 11/15/23..................................... $ 998,750
1,050,000 Ford Motor Credit Corp.,
7.75%, 3/15/05...................................... 1,128,750
500,000 General Electric Capital Corp.,
7.50%, 6/15/09...................................... 548,125
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 1,020,000
-----------
5,235,625
-----------
Leasing (1.9%):
1,000,000 Hertz Corp., 7.38%, 6/15/01.......................... 1,025,000
-----------
Office Equipment & Services (2.0%):
1,000,000 Xerox Corp., 8.13%, 4/15/02.......................... 1,060,000
-----------
Retail (2.0%):
1,000,000 May Department Stores,
8.38%, 10/1/22...................................... 1,073,750
-----------
Telecommunications (1.9%):
1,000,000 ALLTEL Corp., 7.00%, 3/15/16......................... 1,037,500
-----------
Total Corporate Bonds 14,363,375
-----------
Taxable Municipal Bonds (9.5%):
California (0.9%):
500,000 Monrovia Redevelopment Agency Tax Allocation, 6.90%,
5/1/17, Callable 5/1/08 @ 102*,
Insured by: AMBAC................................... 503,750
-----------
Colorado (2.4%):
1,195,000 Boulder County Revenue Bond,
Series B, 7.63%, 9/1/21,
Callable 9/1/07 @ 100*,
Insured by: AMBAC................................... 1,226,369
-----------
Georgia (1.8%):
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..................................... 993,750
-----------
Illinois (0.3%):
150,000 Springfield Tax Allocation, 7.50%, 2/1/12, Callable
2/1/05 @ 100*, Insured by: AMBAC.................... 156,750
-----------
</TABLE>
Continued
- 53 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ----------
<C> <S> <C>
Taxable Municipal Bonds, continued:
Missouri (1.9%):
$1,005,000 St. Louis, Municipal Finance Corp., Firemens'
Retirement System, Revenue Bond, 6.55%, 8/1/09,
Insured By: MBIA..................................... $1,013,794
----------
Virginia (0.9%):
500,000 Portsmouth GO, 6.63%, 7/15/14, Callable 7/15/07 @
102*,
Insured by: FGIC..................................... 493,750
----------
Wisconsin (1.3%):
415,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08 @
100*................................................. 429,525
260,000 Wisconsin Housing & Economic Development Revenue
Bonds, Series H, 7.88%, 3/1/26, Callable 9/1/05 @
102*................................................. 271,050
----------
700,575
----------
Total Taxable Municipal Bonds 5,088,738
----------
U.S. Government Agencies (9.4%):
Freddie Mac (4.2%):
2,223,851 6.50%, 12/1/11, Gold Pool #E20275..................... 2,240,085
----------
Government National Mortgage Assoc (5.2%):
22,722 10.50%, 11/15/15, Pool #268347........................ 24,987
63,241 11.00%, 2/15/16, Pool #279067......................... 70,138
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- --------------------------------------------- -----------
<C> <S> <C>
U.S. Government Agencies, continued:
Government National Mortgage Assoc, continued:
$ 21,669 9.00%, 1/15/20, Pool #280664................. $ 23,294
64,405 9.00%, 10/15/20, Pool #289412................ 69,235
159,934 9.00%, 7/15/21, Pool #308511................. 171,929
470,472 7.00%, 9/15/23, Pool #347688................. 477,087
756,048 7.50%, 11/15/23, Pool #354701................ 776,923
547,882 7.50%, 12/15/25, Pool #401510................ 562,910
592,416 8.00%, 5/15/26, Pool #428480................. 616,675
33,318 8.00%, 6/15/26, Pool #426149................. 34,671
-----------
2,827,849
-----------
Total U.S. Government Agencies 5,067,934
-----------
U.S. Treasury Bonds (5.1%):
1,000,000 7.63%, 2/15/25............................... 1,242,660
500,000 6.13%, 11/15/27.............................. 524,385
1,000,000 5.50%, 8/15/28............................... 968,180
-----------
Total U.S. Treasury Bonds 2,735,225
-----------
Investment Companies (1.6%):
881,687 American Performance Cash Management Fund.... 881,687
-----------
Total Investment Companies 881,687
-----------
Total Investments (Cost $52,560,478)(a)--99.6% 53,602,794
Other assets in excess of liabilities--0.4% 242,282
-----------
Total Net Assets--100.0% $53,845,076
===========
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $1,223,483
Unrealized depreciation............... (181,167)
----------
Net unrealized appreciation........... $1,042,316
==========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts also
apply to this security.
AMBAC -- American Municipal Bond Assurance Corp.
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
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks (63.5%):
Advertising (0.1%):
2,800 R.H. Donnelley Corp. .................................. $ 42,000
800 True North Communications, Inc. ....................... 18,650
-----------
60,650
-----------
Aerospace/Defense (1.5%):
300 Alliant Techsystems, Inc.(b)........................... 23,756
3,900 Allied Signal, Inc. ................................... 161,363
17,400 B. F. Goodrich Co. .................................... 593,775
1,400 BE Aerospace, Inc.(b).................................. 20,650
-----------
799,544
-----------
Airlines (0.1%):
1,100 America West Holdings Corp., Class B(b)................ 18,700
900 SkyWest, Inc. ......................................... 28,294
-----------
46,994
-----------
Apparel/Footwear (0.1%):
2,900 Ashworth, Inc.(b)...................................... 13,684
1,000 K-Swiss, Inc., Class S................................. 48,469
-----------
62,153
-----------
Automotive Parts (0.3%):
3,100 Federal-Mogul Corp. ................................... 152,481
-----------
Banking (1.8%):
7,600 Bank One Corp. ........................................ 408,500
1,700 Chase Manhattan Corp. ................................. 135,363
7,200 First Union Corp. ..................................... 383,850
515 HUBCO, Inc. ........................................... 16,898
60 Washington Federal, Inc. .............................. 1,350
-----------
945,961
-----------
Beverages (2.0%):
14,300 Coca-Cola Co. ......................................... 914,306
4,400 PepsiCo, Inc. ......................................... 165,550
-----------
1,079,856
-----------
Broadcasting/Cable (0.6%):
1,100 Adelphia Communications, Class A(b).................... 62,013
3,800 Comcast Corp., Special Class A......................... 269,562
-----------
331,575
-----------
Chemicals (1.3%):
11,000 Engelhard Corp. ....................................... 195,938
1,100 Ferro Corp. ........................................... 23,513
5,400 Hauser, Inc.(b)........................................ 18,900
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Chemicals, continued:
2,000 NL Industries, Inc. ................................... $ 19,375
10,400 Solutia, Inc. ......................................... 185,250
18,500 W.R. Grace & Co.(b).................................... 248,593
-----------
691,569
-----------
Commercial Services (0.7%):
900 Avis Rent A Car, Inc.(b)............................... 20,644
6,800 Deluxe Corp. .......................................... 230,349
1,300 Dollar Thrifty Automotive Group(b)..................... 15,438
1,472 InaCom Corp.(b)........................................ 22,816
600 NCO Group, Inc.(b)..................................... 18,750
2,300 Nielsen Media Research................................. 45,138
2,600 Protection One, Inc.(b)................................ 21,125
1,600 Rollins, Inc. ......................................... 25,700
-----------
399,960
-----------
Computer Software & Services (5.4%):
1,700 Acxiom Corp.(b)........................................ 40,694
5,200 America Online, Inc.(b)................................ 462,475
11,900 Compuware Corp.(b)..................................... 665,655
300 CSG Systems International, Inc.(b)..................... 21,375
3,400 Customtracks Corp.(b).................................. 27,200
8,900 Microsoft Corp.(b)..................................... 1,336,112
4,800 Oracle Corp.(b)........................................ 268,200
1,200 Symantec Corp.(b)...................................... 21,675
1,100 The Learning Company, Inc.(b).......................... 31,969
800 Wall Data, Inc.(b)..................................... 16,600
900 Wang Laboratories, Inc.(b)............................. 21,488
-----------
2,913,443
-----------
Computers & Peripherals (5.6%):
6,900 Apple Computer, Inc.(b)................................ 240,206
10,100 Cisco Systems, Inc.(b)................................. 987,905
7,400 Dell Computer Corp.(b)................................. 592,924
2,900 EMC Corp.(b)........................................... 296,888
900 Hutchinson Tech(b)..................................... 28,013
2,900 International Business Machines Corp. ................. 493,000
1,900 InterVoice, Inc.(b).................................... 20,663
7,300 Komag, Inc.(b)......................................... 51,100
800 Pomeroy Computer Resources, Inc.(b).................... 18,100
1,900 S3, Inc.(b)............................................ 16,744
3,500 Seagate Technology, Inc.(b)............................ 101,281
6,100 Unisys Corp.(b)........................................ 181,856
-----------
3,028,680
-----------
</TABLE>
Continued
- 55 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Cosmetics/Personal Care (2.6%):
11,900 Kimberly-Clark Corp. .................................. $ 562,275
9,200 Procter & Gamble Co. .................................. 823,400
-----------
1,385,675
-----------
Diversified Manufacturing Operations (3.1%):
1,900 ACX Technologies, Inc.(b).............................. 23,631
13,500 General Electric Co. .................................. 1,354,219
3,600 Tyco International Ltd. ............................... 267,975
1,200 Walter Industries, Inc.(b)............................. 14,700
-----------
1,660,525
-----------
Electronics (0.1%):
900 DII Group, Inc.(b)..................................... 21,038
1,500 Harmon Industries, Inc. ............................... 31,124
500 Vitesse Semiconductor Corp.(b)......................... 22,969
-----------
75,131
-----------
Entertainment (0.6%):
2,800 Family Golf Centers, Inc.(b)........................... 16,713
9,100 The Walt Disney Co. ................................... 320,206
-----------
336,919
-----------
Financial Services (2.6%):
2,000 American Express Co. .................................. 217,000
5,900 Associates First Capital Corp., Class A................ 239,688
1,300 Capital One Financial Corp. ........................... 165,913
2,500 Citigroup, Inc. ....................................... 146,875
400 E*Trade Group, Inc.(b)................................. 18,350
3,400 Freddie Mac............................................ 200,175
10,300 Household International, Inc. ......................... 418,437
1,300 Resource Bancshares Mortgage Group, Inc. .............. 18,200
-----------
1,424,638
-----------
Food Products & Services (0.5%):
2,700 Fleming Cos., Inc. .................................... 19,913
1,100 Fresh Del Monte Produce, Inc.(b)....................... 20,281
2,400 General Mills, Inc. ................................... 193,650
1,600 Pilgrim's Pride Corp., Class B......................... 30,500
900 Smithfield Foods, Inc.(b).............................. 23,653
-----------
287,997
-----------
Forest Products--Lumber & Paper (0.5%):
13,200 Louisiana-Pacific Corp. ............................... 242,550
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Health Care (2.2%):
1,200 ADAC Laboratories(b)................................... $ 21,450
1,600 CareMatrix Corp.(b).................................... 35,200
600 CONMED Corp.(b)........................................ 18,525
7,600 Johnson & Johnson...................................... 648,850
5,500 Mariner Post-Acute Network, Inc.(b).................... 12,031
5,500 McKesson HBOC, Inc. ................................... 374,000
2,700 Quest Diagnostics, Inc.(b)............................. 57,713
-----------
1,167,769
-----------
Home Builders (0.5%):
1,000 Crossmann Communities, Inc.(b)......................... 25,000
10,400 Kaufman & Broad Home Corp. ............................ 234,000
900 Lennar Corp. .......................................... 20,869
-----------
279,869
-----------
Household Goods (0.4%):
2,400 Unilever NV............................................ 173,850
3,000 USA Detergents, Inc.(b)................................ 19,500
-----------
193,350
-----------
Insurance (2.3%):
1,300 20th Century Industries................................ 24,863
5,400 Allstate Corp. ........................................ 202,500
7,800 Conseco, Inc. ......................................... 233,512
1,420 Fidelity National Financial, Inc. ..................... 28,400
1,300 First American Financial Corp. ........................ 30,469
900 FPIC Insurance Group, Inc.(b).......................... 39,038
12,300 Hartford Financial Services Group, Inc. ............... 664,968
1,200 MMI Cos., Inc. ........................................ 17,850
-----------
1,241,600
-----------
Leisure & Recreation Products (0.0%):
900 Polaris Industries, Inc. .............................. 25,425
-----------
Machinery & Equipment (0.8%):
1,600 Gardner Denver, Inc.(b)................................ 20,400
2,000 Lincoln Electric Holdings.............................. 41,000
1,000 SpeedFam International, Inc.(b)........................ 16,313
300 SPX Corp.(b)........................................... 17,138
4,200 Sundstrand Corp. ...................................... 284,287
2,100 Terex Corp.(b)......................................... 53,812
-----------
432,950
-----------
Metals--Processing & Fabrication (0.1%):
2,300 Amcast Industrial Corp. ............................... 43,556
-----------
</TABLE>
Continued
- 56 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Miscellaneous Energy (0.1%):
1,800 Devon Energy Corp. .................................... $ 42,188
-----------
Oil--Intergrated Companies (2.5%):
6,200 Ashland, Inc. ......................................... 275,900
9,000 Coastal Corp. ......................................... 288,000
4,400 Exxon Corp. ........................................... 292,875
16,400 Sunoco, Inc. .......................................... 499,175
-----------
1,355,950
-----------
Pharmaceuticals (9.1%):
6,200 Abbott Laboratories.................................... 287,913
2,700 American Home Products Corp. .......................... 160,650
600 Barr Laboratories, Inc.(b)............................. 22,200
6,800 Bristol-Myers Squibb Co. .............................. 856,375
1,700 COR Therapeutics, Inc.(b).............................. 16,681
2,000 Eli Lilly & Co. ....................................... 189,375
600 Jones Pharma, Inc. .................................... 16,875
400 MedImmune, Inc.(b)..................................... 22,000
14,600 Merck & Co., Inc. ..................................... 1,193,549
4,900 NBTY, Inc.(b).......................................... 29,400
600 Patterson Dental Co.(b)................................ 24,300
6,900 Pfizer, Inc. .......................................... 910,369
1,500 Roberts Pharmaceutical Corp.(b)........................ 33,938
6,300 Schering-Plough Corp. ................................. 352,406
1,200 SEQUUS Pharmaceuticals, Inc.(b)........................ 24,525
10,900 Warner-Lambert Co. .................................... 752,781
-----------
4,893,337
-----------
Printing & Publishing (0.1%):
1,500 Bowne & Co., Inc. ..................................... 20,906
500 Valassis Communications, Inc.(b)....................... 24,000
-----------
44,906
-----------
Real Estate Investment Trusts (0.1%):
800 Bradley Real Estate, Inc. ............................. 15,300
2,100 Indymac Mortgage Holdings, Inc. ....................... 22,313
-----------
37,613
-----------
Restaurants (0.2%):
2,700 Ryan's Family Steak Houses, Inc.(b).................... 30,713
6,300 Taco Cabana, Inc.(b)................................... 54,731
-----------
85,444
-----------
Retail (3.8%):
1,200 Ames Department Stores, Inc.(b)........................ 36,000
1,900 Books-A-Million, Inc.(b)............................... 21,256
1,600 Burlington Coat Factory Warehouse Corp. ............... 20,600
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Retail, continued:
2,500 Cato Corp., Class A.................................... $ 23,750
3,300 Gap, Inc. ............................................. 213,469
13,500 Home Depot, Inc. ...................................... 805,781
700 Micro Warehouse, Inc.(b)............................... 13,825
7,300 Sears, Roebuck & Co. .................................. 296,563
6,800 Wal-Mart Stores, Inc. ................................. 587,350
-----------
2,018,594
-----------
Semiconductors (2.2%):
9,900 Intel Corp. ........................................... 1,187,381
400 Novellus Systems, Inc.(b).............................. 23,625
-----------
1,211,006
-----------
Telecommunications (6.7%):
6,100 Airtouch Communications, Inc.(b)....................... 555,480
2,900 Aspect Telecommunications, Inc.(b)..................... 22,294
5,400 Bell Atlantic Corp. ................................... 310,163
3,700 GTE Corp. ............................................. 240,038
5,000 Lucent Technologies, Inc. ............................. 507,812
15,500 MCI WorldCom, Inc.(b).................................. 1,278,749
1,100 Powertel, Inc.(b)...................................... 14,300
5,500 SBC Communications, Inc. .............................. 290,813
4,100 Sprint Corp. .......................................... 351,831
600 WinStar Communications, Inc.(b)........................ 18,900
-----------
3,590,380
-----------
Textile Products (0.1%):
500 Mohawk Industries, Inc.(b)............................. 16,250
1,000 Pillowtex Corp. ....................................... 24,250
-----------
40,500
-----------
Tobacco & Tobacco Product (1.1%):
14,700 Philip Morris Cos., Inc. .............................. 575,138
-----------
Transportation (0.4%):
4,400 Burlington Northern Santa Fe Corp. .................... 145,751
1,300 Motivepower Industries, Inc.(b)........................ 35,831
2,700 Pittston BAX Group..................................... 19,406
1,000 Roadway Express, Inc. ................................. 15,375
-----------
216,363
-----------
Utilities--Electric (1.2%):
12,200 AES Corp.(b)........................................... 453,688
800 Hawaiian Electric Industries, Inc. .................... 27,900
500 Idacorp, Inc. ......................................... 15,531
3,600 Texas Utilities Co. ................................... 152,775
-----------
649,894
-----------
</TABLE>
Continued
- 57 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued:
Utilities--Natural Gas (0.1%):
1,333 Indiana Energy, Inc. ................................. $ 26,660
500 Piedmont Natural Gas Company, Inc. ................... 17,063
-----------
43,723
-----------
Utilities--Water (0.0%):
800 United Water Resources, Inc. ......................... 15,400
-----------
Total Common Stocks 34,131,256
-----------
Asset Backed Securities (1.1%):
$104,762 CoreStates Home Equity Trust,
Series 1993-2, Class A,
5.10%, 3/15/09....................................... 102,902
300,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11....................................... 297,588
200,000 Nomura Asset Securities Corp.,
Series 1995-2, Class 2M,
7.12%, 1/25/26....................................... 195,342
-----------
Total Asset Backed Securities 595,832
-----------
Collateralized Mortgage Obligations (13.8%):
500,000 BA Mortgage Securities, Inc.,
Series 1997-3, Class A2,
7.00%, 12/25/27...................................... 504,710
500,000 Chase Mortgage Finance Corp.,
Series 1993-L, Class 2A12,
7.00%, 10/25/24...................................... 496,530
80,000 Fannie Mae, Series 1997-16,
Class HA, 7.00%, 2/18/25............................. 80,578
250,000 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 253,544
242,136 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3, 7.30%, 3/25/12............ 243,324
80,114 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2, 6.50%, 10/25/23........... 79,846
50,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3,
Class A12, 7.50%, 4/25/27............................ 50,632
200,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4,
Class A10, 7.50%, 5/25/27............................ 203,303
449,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-9,
Class 1A17, 7.25%, 10/25/27.......................... 455,658
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9,
Class A11, 6.75%, 6/25/28........................... $ 993,481
1,000,000 Government National Mortgage Assoc., Series 1999-1,
Class G,
6.50%, 7/20/26...................................... 973,213
500,000 Headlands Mortgage Securities,
Series 1997-5, Class A17,
7.25%, 11/25/27..................................... 505,122
102,925 IMC Home Equity Loan Trust,
Series 1996-3, Class A3,
7.27%, 4/25/11...................................... 105,085
250,000 Independent National Mortgage Corp., Series 1995-M,
Class A4,
7.50%, 9/25/25...................................... 254,756
134,000 Norwest Asset Securities Corp.,
Series 1996-3, Class A8,
7.25%, 9/25/26...................................... 135,838
1,000,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6,
6.75%, 12/26/23..................................... 992,371
130,789 Prudential Home Mortgage Securities, Series 1994-15,
Class A5,
6.80%, 5/25/24...................................... 130,853
100,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A7,
6.88%, 5/25/24...................................... 100,550
190,000 Prudential Home Mortgage Securities, Series 1996-2,
Class A13,
7.00%, 3/25/26...................................... 191,687
200,000 Residential Funding Mortgage
Securities I, Inc., Series 1993-S28, Class A6,
7.00%, 8/25/23...................................... 197,244
500,000 Residential Funding Mortgage
Securities I, Inc., Series 1997-S2,
Class A2, 7.50%, 1/25/27............................ 504,212
-----------
Total Collateralized Mortgage Obligations 7,452,537
-----------
Corporate Bonds (6.0%):
Banking (0.9%):
250,000 BankAmerica Corp., 7.13%, 5/12/05.................... 260,000
250,000 J.P. Morgan, 6.25%, 12/15/05......................... 247,188
-----------
507,188
-----------
Beverages (0.5%):
250,000 Anheuser Busch Co.,
6.90%, 10/1/02...................................... 251,563
-----------
</TABLE>
Continued
- 58 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Corporate Bonds, continued:
Brokerage Services (1.3%):
$250,000 Bear Stearns Co., Inc., 6.75%, 8/15/00................ $ 252,969
200,000 Salomon Smith Barney Holdings, Inc., 6.63%, 7/1/02.... 201,500
250,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05... 252,813
-----------
707,282
-----------
Financial Services (2.2%):
250,000 Associates Corp., N.A.,
6.00%, 12/1/02....................................... 250,000
500,000 Cincinnati Financial Corp.,
6.90%, 5/15/28....................................... 496,249
250,000 Ford Motor Credit Co., 6.38%, 9/15/99................. 251,270
200,000 General Motors Acceptance Corp., 6.63%, 10/15/05...... 202,500
-----------
1,200,019
-----------
Retail Stores (1.1%):
300,000 J.C. Penney & Co., 7.25%, 4/1/02...................... 308,250
250,000 Wal-Mart Stores, Inc., 7.25%, 6/1/13.................. 270,938
-----------
579,188
-----------
Total Corporate Bonds 3,245,240
-----------
Taxable Municipal Bonds (1.9%):
Georgia (0.7%):
350,000 Cedartown Development Authority, 7.00%, 2/1/22,
Callable 2/1/07 @ 102, Insured by: AMBAC............. 351,313
-----------
Louisiana (0.3%):
170,000 Orleans Parish School Board Refunding Bonds, Series A,
6.45%, 2/1/05, Insured by: FGIC...................... 172,338
-----------
Virginia (0.9%):
500,000 Portsmouth GO, 6.63%, 7/15/14, Callable 7/15/07 @
102*,
Insured by: FGIC..................................... 493,749
-----------
Total Taxable Municipal Bonds 1,017,400
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies (3.7%):
Fannie Mae (0.6%):
$ 300,000 7.50%, 4/16/07........................................ $ 314,442
-----------
Freddie Mac (0.9%):
159,536 6.00%, 7/1/99, Gold Pool #G50188...................... 161,890
79,261 6.50%, 2/1/00, Gold Pool #N92990...................... 80,948
222,385 6.50%, 12/1/11, Gold Pool #E20275..................... 224,009
-----------
466,847
-----------
Government National Mortgage Assoc (2.2%):
463,049 7.00%, 1/15/26, Pool #421420.......................... 469,383
152,148 6.00%, 2/20/26, Pool #2166............................ 147,329
549,420 8.00%, 6/15/26, Pool #423563.......................... 572,051
-----------
1,188,763
-----------
Total U.S. Government Agencies 1,970,052
-----------
U.S. Treasury Bonds (4.9%):
525,000 6.25%, 8/15/23........................................ 554,615
2,000,000 6.13%, 11/15/27....................................... 2,097,540
-----------
Total U.S. Treasury Bonds 2,652,155
-----------
U.S. Treasury Notes (4.1%):
500,000 6.50%, 4/30/99........................................ 501,385
1,000,000 4.63%, 12/31/00....................................... 991,250
200,000 7.75%, 2/15/01........................................ 209,500
500,000 6.25%, 2/15/03........................................ 516,575
-----------
Total U.S. Treasury Notes 2,218,710
-----------
Investment Companies (0.6%):
318,805 American Performance Cash Management Fund............. 318,805
-----------
Total Investment Companies 318,805
-----------
Total Investments (Cost $47,051,380)(a)--99.6% 53,601,987
Other assets in excess of liabilities--0.4% 221,402
-----------
Total Net Assets--100.0% $53,823,389
===========
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............. $ 7,844,168
Unrealized depreciation............. (1,293,561)
-----------
Net unrealized appreciation......... $ 6,550,607
===========
</TABLE>
(b) Represents non-income producing securities.
AMBAC -- AMBAC Indemnity Corporation
FGIC -- Financial Guaranty Insurance Corporation
See notes to financial statements.
- 59 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks (99.6%):
Advertising (0.8%):
42,800 Snyder Communication, Inc.(b)............................ $ 1,465,900
------------
Aerospace/Defense (1.0%):
56,700 B. F. Goodrich Co. ...................................... 1,934,888
------------
Automotive (0.5%):
11,900 General Motors Corp. .................................... 982,494
------------
Automotive Parts (0.7%):
26,800 Federal-Mogul Corp. ..................................... 1,318,225
------------
Banking (4.8%):
39,800 Bank One Corp. .......................................... 2,139,250
27,500 Chase Manhattan Corp. ................................... 2,189,688
66,100 First Union Corp. ....................................... 3,523,956
23,600 PNC Bank Corp. .......................................... 1,228,675
------------
9,081,569
------------
Beverages (3.2%):
70,600 Coca-Cola Co. ........................................... 4,513,988
42,000 PepsiCo, Inc. ........................................... 1,580,250
------------
6,094,238
------------
Capital Goods (0.4%):
31,300 Stanley Works............................................ 760,981
------------
Chemicals (1.3%):
79,700 Engelhard Corp. ......................................... 1,419,656
77,200 W.R. Grace & Co.(b)...................................... 1,037,375
------------
2,457,031
------------
Commercial Services (1.3%):
71,500 Deluxe Corp. ............................................ 2,422,063
------------
Computer Software & Services (7.6%):
19,800 America Online, Inc.(b).................................. 1,760,963
20,900 BMC Software, Inc.(b).................................... 854,288
57,300 Compuware Corp.(b)....................................... 3,205,218
11,600 Keane, Inc.(b)........................................... 358,875
53,000 Microsoft Corp.(b)....................................... 7,956,624
5,700 Shared Medical Systems Corp. ............................ 290,700
------------
14,426,668
------------
Computers & Peripherals (8.0%):
90,000 Apple Computer, Inc.(b).................................. 3,133,124
42,100 Cisco Systems, Inc.(b)................................... 4,117,905
37,100 Compaq Computer Corp. ................................... 1,307,775
10,400 Dell Computer Corp.(b)................................... 833,300
6,300 EMC Corp.(b)............................................. 644,963
6,500 Gateway 2000, Inc.(b).................................... 472,469
4,400 International Business Machines Corp..................... 748,000
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued:
Computers & Peripherals, continued:
49,000 Seagate Technology, Inc.(b).............................. $ 1,417,938
88,600 Unisys Corp.(b).......................................... 2,641,388
------------
15,316,862
------------
Cosmetics/Personal Care (4.3%):
10,900 Colgate-Palmolive Co. ................................... 925,138
9,500 Gillette Co. ............................................ 509,438
74,100 Kimberly-Clark Corp. .................................... 3,501,224
37,200 Procter & Gamble Co. .................................... 3,329,400
------------
8,265,200
------------
Diversified Manufacturing Operations (3.9%):
74,200 General Electric Co. .................................... 7,443,188
300 Tenneco, Inc. ........................................... 8,981
------------
7,452,169
------------
Entertainment (1.5%):
80,400 The Walt Disney Co. ..................................... 2,829,075
------------
Financial Services (3.9%):
48,400 Associates First Capital Corp., Class A.................. 1,966,250
3,400 Capital One Financial Corp. ............................. 433,925
23,600 Citigroup, Inc. ......................................... 1,386,500
74,300 Household International, Inc. ........................... 3,018,438
7,800 Morgan Stanley Dean Witter & Co. ........................ 705,900
------------
7,511,013
------------
Food Products & Services (1.2%):
32,600 ConAgra, Inc. ........................................... 982,075
14,200 Quaker Oats Co. ......................................... 775,675
16,600 Sara Lee Corp. .......................................... 451,313
------------
2,209,063
------------
Forest Products--Lumber & Paper (1.8%):
24,200 Fort James Corp. ........................................ 722,975
99,600 Louisiana-Pacific Corp. ................................. 1,830,150
35,200 Westvaco Corp. .......................................... 787,600
------------
3,340,725
------------
Health Care (2.2%):
36,000 Johnson & Johnson........................................ 3,073,500
12,100 McKesson HBOC, Inc. ..................................... 822,800
19,200 Tenet Healthcare Corp.(b)................................ 378,000
------------
4,274,300
------------
Home Builders (1.0%):
6,500 Centex Corp. ............................................ 239,281
46,600 Kaufman & Broad Home Corp. .............................. 1,048,500
22,600 Pulte Corp. ............................................. 543,813
------------
1,831,594
------------
</TABLE>
Continued
- 60 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued:
Insurance (4.5%):
45,500 Allstate Corp. .......................................... $ 1,706,250
11,700 Aon Corp. ............................................... 689,569
62,300 Conseco, Inc. ........................................... 1,865,106
44,600 Hartford Financial Services
Group, Inc. ............................................ 2,411,188
5,300 Marsh & McLennan Companies, Inc. ........................ 375,306
42,700 Travelers Property Casualty Corp., Class A............... 1,619,931
------------
8,667,350
------------
Leisure & Recreation Products (0.0%):
1,700 Brunswick Corp. ......................................... 36,231
------------
Metals--Processing & Fabrication (0.2%):
11,000 Precision Castparts Corp. ............................... 408,375
------------
Office Equipment & Services (0.3%):
9,400 Avery Dennison Corp. .................................... 504,663
------------
Oil--Intergrated Companies (7.1%):
45,200 Ashland, Inc. ........................................... 2,011,400
9,900 Chevron Corp. ........................................... 761,063
33,100 Coastal Corp. ........................................... 1,059,200
48,600 Exxon Corp. ............................................. 3,234,937
8,600 Mobil Corp. ............................................. 715,413
22,100 Royal Dutch Petroleum-New York Shares.................... 969,638
78,300 Sunoco, Inc. ............................................ 2,383,255
46,300 Union Pacific Resources Group, Inc. ..................... 413,806
95,500 USX--Marathon Group...................................... 1,975,656
------------
13,524,368
------------
Pharmaceuticals (12.5%):
40,100 American Home Products Corp. ............................ 2,385,950
12,000 Bausch & Lomb, Inc. ..................................... 723,750
37,300 Bristol-Myers Squibb Co. ................................ 4,697,469
72,000 Merck & Co., Inc. ....................................... 5,885,999
41,900 Pfizer, Inc. ............................................ 5,528,181
12,200 Pharmacia & Upjohn, Inc. ................................ 664,138
61,200 Warner-Lambert Co. ...................................... 4,226,625
------------
24,112,112
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ -------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued:
Printing & Publishing (0.5%):
27,800 R.R. Donnelley & Sons Co. .............................. $ 952,150
------------
Retail (5.0%):
8,600 CVS Corp. .............................................. 455,800
65,700 Home Depot, Inc. ....................................... 3,921,468
56,300 Sears, Roebuck & Co. ................................... 2,287,187
39,600 Staples, Inc.(b)........................................ 1,164,488
20,600 Wal-Mart Stores, Inc. .................................. 1,779,325
------------
9,608,268
------------
Semiconductors (3.2%):
45,700 Intel Corp. ............................................ 5,481,144
6,700 Texas Instruments, Inc. ................................ 597,556
------------
6,078,700
------------
Telecommunications (12.1%):
14,800 Airtouch Communications, Inc.(b)........................ 1,347,725
54,300 Bell Atlantic Corp. .................................... 3,118,855
45,900 General Instrument Corp.(b)............................. 1,342,575
25,500 GTE Corp. .............................................. 1,654,313
19,200 Lucent Technologies, Inc. .............................. 1,950,000
103,100 MCI WorldCom, Inc.(b)................................... 8,505,749
56,400 SBC Communications, Inc. ............................... 2,982,150
27,000 Sprint Corp. ........................................... 2,316,938
------------
23,218,305
------------
Tobacco & Tobacco Product (1.1%):
53,700 Philip Morris Cos., Inc. ............................... 2,101,013
------------
Transportation (1.5%):
49,700 Burlington Northern Santa Fe Corp. ..................... 1,646,313
42,400 Ryder System, Inc. ..................................... 1,144,800
------------
2,791,113
------------
Utilities-Electric (2.2%):
27,000 AES Corp.(b)............................................ 1,004,063
44,500 Northeast Utilities(b).................................. 664,719
57,600 Texas Utilities Co...................................... 2,444,399
------------
4,113,181
------------
Total Common Stocks 190,089,887
------------
</TABLE>
Continued
- 61 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ -------------------------------------------- ------------
<C> <S> <C>
Investment Companies (0.3%):
649,480 American Performance Cash Management Fund... $ 649,480
------------
Total Investment Companies 649,480
------------
Total Investments (Cost $136,850,843) (a)--99.9% 190,739,367
Other assets in excess of liabilities--0.1% 156,189
------------
Total Net Assets--100.0% $190,895,556
============
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............. $60,317,773
Unrealized depreciation.............. (6,429,249)
-----------
Net unrealized appreciation.......... $53,888,524
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 62 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Growth Equity Fund
Schedule of Portfolio Investments
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks (95.7%):
Aerospace/Defense (1.1%):
38,500 B. F. Goodrich Co. ...................................... $ 1,313,813
------------
Banking (1.0%):
47,100 MBNA Corp. .............................................. 1,142,175
------------
Beverages (3.9%):
57,200 Coca-Cola Co. ........................................... 3,657,225
26,100 PepsiCo, Inc. ........................................... 982,013
------------
4,639,238
------------
Computer Software & Services (9.2%):
22,000 America Online, Inc.(b).................................. 1,956,625
44,700 Compuware Corp.(b)....................................... 2,500,406
31,400 Microsoft Corp.(b)....................................... 4,713,924
30,200 Oracle Corp.(b).......................................... 1,687,425
------------
10,858,380
------------
Computers & Peripherals (9.8%):
38,200 Cisco Systems, Inc.(b)................................... 3,736,437
36,700 Dell Computer Corp.(b)................................... 2,940,588
17,700 EMC Corp.(b)............................................. 1,812,038
17,800 International Business Machines Corp. ................... 3,025,999
------------
11,515,062
------------
Cosmetics/Personal Care (4.4%):
28,500 Avon Products, Inc. ..................................... 1,186,313
26,500 Kimberly-Clark Corp. .................................... 1,252,125
30,400 Procter & Gamble Co. .................................... 2,720,800
------------
5,159,238
------------
Diversified Manufacturing Operations (5.6%):
48,600 General Electric Co. .................................... 4,875,187
22,500 Tyco International Ltd. ................................. 1,674,844
------------
6,550,031
------------
Financial Services (2.3%):
12,000 American Express Co. .................................... 1,302,000
10,900 Capital One Financial Corp. ............................. 1,391,113
------------
2,693,113
------------
Food Products & Services (2.0%):
20,200 Bestfoods................................................ 948,138
17,300 General Mills, Inc. ..................................... 1,395,893
------------
2,344,031
------------
Forest Products--Lumber & Paper (1.1%):
71,400 Louisiana-Pacific Corp. ................................. 1,311,975
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued:
Health Care (3.5%):
28,800 Johnson & Johnson........................................ $ 2,458,800
25,000 McKesson HBOC, Inc. ..................................... 1,700,000
------------
4,158,800
------------
Home Builders (0.8%):
41,500 Kaufman & Broad Home Corp. .............................. 933,750
------------
Household Goods (0.8%):
13,200 Unilever NV.............................................. 956,175
------------
Insurance (1.2%):
37,000 Travelers Property Casualty Corp., Class A............... 1,403,688
------------
Machinery & Equipment (2.0%):
35,200 Sundstrand Corp. ........................................ 2,382,600
------------
Media (0.9%):
16,500 Gannett Co., Inc. ....................................... 1,047,750
------------
Pharmaceuticals (16.4%):
38,000 Abbott Laboratories...................................... 1,764,625
24,000 Bristol-Myers Squibb Co. ................................ 3,022,500
16,300 Eli Lilly & Co. ......................................... 1,543,406
54,400 Merck & Co., Inc. ....................................... 4,447,199
28,300 Pfizer, Inc. ............................................ 3,733,831
38,400 Schering-Plough Corp. ................................... 2,148,000
37,500 Warner-Lambert Co. ...................................... 2,589,844
------------
19,249,405
------------
Retail (8.1%):
20,900 Gap, Inc. ............................................... 1,351,969
47,200 Home Depot, Inc. ........................................ 2,817,250
39,200 Staples, Inc.(b)......................................... 1,152,725
49,400 Wal-Mart Stores, Inc. ................................... 4,266,924
------------
9,588,868
------------
Semiconductors (3.9%):
37,800 Intel Corp. ............................................. 4,533,638
------------
Telecommunications (14.6%):
28,500 Airtouch Communications, Inc.(b)......................... 2,595,281
17,500 Ameritech Corp. ......................................... 1,144,063
25,600 GTE Corp. ............................................... 1,660,800
43,000 Lucent Technologies, Inc. ............................... 4,367,187
41,100 MCI WorldCom, Inc.(b).................................... 3,390,750
36,400 SBC Communications, Inc. ................................ 1,924,650
24,100 Sprint Corp. ............................................ 2,068,081
------------
17,150,812
------------
</TABLE>
Continued
- 63 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Growth Equity Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued:
Tobacco & Tobacco Product (1.8%):
54,700 Philip Morris Cos., Inc. ................................ $ 2,140,138
------------
Utilities-Electric (1.3%):
41,000 AES Corp.(b)............................................. 1,524,688
------------
Total Common Stocks 112,597,368
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ -------------------------------------------- ------------
<C> <S> <C>
Investment Companies (4.3%):
5,092,913 American Performance Cash Management Fund... $ 5,092,913
------------
Total Investment Companies 5,092,913
------------
Total Investments (Cost $77,679,460) (a)--100.0% 117,690,281
Other assets in excess of liabilities--0.0% 55,086
------------
Total Net Assets--100.0% $117,745,367
============
</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.............. $41,220,953
Unrealized depreciation.............. (1,210,132)
-----------
Net unrealized appreciation.......... $40,010,821
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements
- 64 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ----------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks (92.8%):
Advertising (1.8%):
2,600 ADVO, Inc.(b).............................................. $ 52,000
5,300 Cyrk, Inc.(b).............................................. 34,119
----------
86,119
----------
Aerospace/Defense (1.8%):
3,600 BE Aerospace, Inc.(b)...................................... 53,100
1,200 Orbital Sciences Corp.(b).................................. 33,150
----------
86,250
----------
Airlines (1.9%):
2,900 SkyWest, Inc. ............................................. 91,169
----------
Apparel/Footwear (2.4%):
10,200 Ashworth, Inc.(b).......................................... 48,132
1,300 Kellwood Co. .............................................. 33,231
2,100 Nautica Enterprises, Inc.(b)............................... 31,500
----------
112,863
----------
Banking (5.9%):
2,600 Banknorth Group, Inc. ..................................... 69,550
600 Centura Banks, Inc. ....................................... 38,400
1,500 Cullen/Frost Bankers, Inc. ................................ 70,969
3,000 Premier Bancshares, Inc. .................................. 60,000
600 U.S. Trust Corp. .......................................... 44,925
----------
283,844
----------
Building Materials (1.0%):
5,100 Building Materials Holding Corp.(b)........................ 50,044
----------
Business Services (1.5%):
700 SEI Investments Co. ....................................... 69,300
----------
Chemicals (2.6%):
3,300 Geon Co. .................................................. 75,281
13,500 Hauser, Inc.(b)............................................ 47,250
----------
122,531
----------
Commercial Services (1.0%):
900 Prepaid Legal Services, Inc.(b)............................ 25,875
1,600 Service Expert, Inc.(b).................................... 20,100
----------
45,975
----------
Computer Software & Services (6.7%):
2,600 Acxiom Corp.(b)............................................ 62,237
1,400 American Management Systems(b)............................. 46,725
1,700 Computer Task Group, Inc. ................................. 34,425
5,000 Digi International, Inc.(b)................................ 32,500
1,200 HNC Software, Inc.(b)...................................... 32,250
1,000 Macromedia, Inc.(b)........................................ 30,563
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ----------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Computer Software & Services, continued:
1,000 Progress Software Corp.(b)................................. $ 30,750
2,300 Wall Data, Inc.(b)......................................... 47,724
----------
317,174
----------
Computers & Peripherals (4.8%):
1,700 Hutchinson Tech(b)......................................... 52,913
4,400 InterVoice, Inc.(b)........................................ 47,850
1,200 Jack Henry & Associates, Inc. ............................. 43,200
8,100 Komag, Inc.(b)............................................. 56,700
2,800 Read-Rite Corp.(b)......................................... 23,800
5,200 S3, Inc.(b)................................................ 45,825
----------
270,288
----------
Construction (0.6%):
1,100 Astec Industries, Inc.(b).................................. 30,250
----------
Distribution/Wholesale (0.7%):
1,500 Insight Enterprises, Inc.(b)............................... 34,875
----------
Diversified Manufacturing (1.2%):
1,400 SPS Technologies, Inc.(b).................................. 57,750
----------
Electronic Components/Instruments (3.5%):
1,200 C-Cube Microsystems, Inc.(b)............................... 22,500
3,000 Cable Design Technologies Corp.(b)......................... 38,813
700 Electro Scientific Industries, Inc.(b)..................... 25,594
1,100 Sanmina Corp.(b)........................................... 57,474
1,900 Three-Five Systems, Inc.(b)................................ 24,819
----------
169,200
----------
Engineering (0.6%):
3,000 Dames & Moore Group........................................ 29,625
----------
Entertainment (2.3%):
1,700 Anchor Gaming(b)........................................... 68,107
7,000 Family Golf Centers, Inc.(b)............................... 41,781
----------
109,888
----------
Financial Services (2.2%):
3,900 AmeriCredit Corp.(b)....................................... 43,387
600 E*Trade Group, Inc.(b)..................................... 27,525
900 Jefferies Group, Inc. ..................................... 35,494
----------
106,406
----------
Food Products & Services (2.7%):
7,700 Fleming Cos., Inc. ........................................ 56,788
2,800 Smithfield Foods, Inc.(b).................................. 73,587
----------
130,375
----------
</TABLE>
Continued
- 65 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ----------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Forest Products--Lumber & Paper (0.9%):
6,100 Pope & Talbot, Inc. ....................................... $ 42,319
----------
Health Care (3.6%):
2,300 ADAC Laboratories(b)....................................... 41,112
1,300 Curative Health Services, Inc.(b).......................... 14,625
8,800 Molecular Biosystems, Inc.(b).............................. 20,350
2,200 Orthodontic Centers of America, Inc.(b).................... 33,000
6,200 PhyCor, Inc.(b)............................................ 33,713
2,400 Respironics, Inc.(b)....................................... 30,750
----------
173,550
----------
Home Builders (1.8%):
1,600 Champion Enterprises, Inc.(b).............................. 31,500
3,500 D. R. Horton, Inc. ........................................ 55,781
----------
87,281
----------
Insurance (6.3%):
5,200 Capital Re Corp. .......................................... 87,099
1,800 Enhance Financial Services Group, Inc. .................... 42,638
3,000 First American Financial Corp. ............................ 70,312
3,700 Selective Insurance Group, Inc. ........................... 67,409
1,000 Trenwick Group, Inc. ...................................... 29,000
----------
296,458
----------
Machinery & Equipment (5.2%):
1,000 Applied Power, Inc., Class A............................... 24,125
3,100 Graco, Inc. ............................................... 67,424
3,700 JLG Industries, Inc. ...................................... 52,031
900 Kulicke & Soffa Industries, Inc.(b)........................ 22,838
1,100 Manitowoc Co., Inc. ....................................... 40,563
2,400 SpeedFam International, Inc.(b)............................ 39,150
----------
246,131
----------
Medical--Biotechnology (1.1%):
3,800 Liposome Company, Inc.(b).................................. 52,013
----------
Medical Services (0.8%):
2,800 Cerner Corp.(b)............................................ 39,550
----------
Metals--Processing & Fabrication (1.8%):
4,300 Intermet Corp. ............................................ 53,750
3,000 RTI International Metals, Inc.(b).......................... 31,875
----------
85,625
----------
Oil & Gas Exploration (2.0%):
14,200 Benton Oil & Gas Co.(b).................................... 43,488
3,100 Newfield Exploration Co.(b)................................ 50,375
----------
93,863
----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ----------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Pharmaceuticals (7.9%):
1,700 Barr Laboratories, Inc.(b)................................. $ 62,899
1,100 Biomatrix, Inc.(b)......................................... 76,449
4,300 COR Therapeutics, Inc.(b).................................. 42,194
1,900 Jones Pharma, Inc. ........................................ 53,438
700 MedImmune, Inc.(b)......................................... 38,500
9,600 NBTY, Inc.(b).............................................. 57,600
2,900 NCS HealthCare, Inc., Class A(b)........................... 41,144
----------
372,224
----------
Restaurants (0.6%):
1,500 The Cheesecake Factory, Inc.(b)............................ 30,750
----------
Retail (4.3%):
1,500 Ann Taylor Stores Corp.(b)................................. 56,718
2,500 Brown Group, Inc. ......................................... 39,062
2,500 Casey's General Stores, Inc. .............................. 32,188
5,000 Jan Bell Marketing, Inc.(b)................................ 23,750
600 O'Reilly Automotive, Inc.(b)............................... 26,363
7,100 The Bombay Co., Inc.(b).................................... 28,844
----------
206,925
----------
Steel (0.9%):
5,200 Steel Technologies, Inc. .................................. 41,681
----------
Telecommunications (2.9%):
5,800 Aspect Telecommunications, Inc.(b)......................... 44,588
2,700 Centigram Communications Corp.(b).......................... 29,531
1,100 Plantronics, Inc.(b)....................................... 66,550
----------
140,669
----------
Textile Products (1.2%):
1,700 Mohawk Industries, Inc.(b)................................. 55,250
----------
Transportation (1.5%):
3,100 RailTex, Inc.(b)........................................... 33,713
2,100 Werner Enterprises, Inc. .................................. 37,537
----------
71,250
----------
Utilities--Electric (2.0%):
1,000 Central Hudson Gas & Electric Corp. ....................... 36,250
1,700 Sierra Pacific Resources................................... 58,331
----------
94,581
----------
Utilities--Natural Gas (1.3%):
1,800 New Jersey Resources Corp. ................................ 62,888
----------
Utilities--Water (0.6%):
1,400 Philadelphia Suburban Corp. ............................... 30,450
----------
Total Common Stocks 4,427,384
----------
</TABLE>
Continued
- 66 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments, Continued
February 28, 1999
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ----------------------------------------------- ----------
<C> <S> <C>
Investment Companies (7.2%):
212,920 American Performance Cash Management Fund...... $ 212,920
131,903 American Performance U.S. Treasury Fund........ 131,903
----------
Total Investment Companies 344,823
----------
Total Investments (Cost $4,812,224)(a)--100.0% 4,772,207
Other assets in excess of liabilities--0.0% 794
----------
Total Net Assets--100.0% $4,773,001
==========
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $ 155,292
Unrealized depreciation............... (195,309)
---------
Net unrealized depreciation........... $ (40,017)
=========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 67 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements
February 28, 1999
(Unaudited)
1.Organization:
The American Performance Funds (the "Funds") were organized on October 1,
1987, and are registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), as a diversified, open-end investment company
established as a Massachusetts business trust. The Funds presently offer
shares of the U.S. Treasury Fund, the Cash Management Fund, the Intermediate
Tax-Free Bond Fund, the Short-Term Income Fund, the Intermediate Bond Fund,
the Bond Fund, the Balanced Fund, the Equity Fund, the Growth Equity Fund
and the Small Cap Equity Fund (individually referred to as a "Fund").
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
Small Cap Equity Fund seeks long-term capital appreciation and, secondarily,
income.
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
presentation 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 Small Cap Equity
Fund (collectively, "the variable net asset value funds"), are valued
based upon the current available prices in the principal market 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 Fund'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.
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
Continued
- 68 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 28, 1999
(Unaudited)
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 February 28, 1999.
Organization Costs:
All expenses incurred in connection with each Fund's organization and
registration under the 1940 Act and the Securities Act of 1933 were paid
by that Fund, except for the Small Cap Equity Fund. Such expenses, except
those of the Small Cap Equity Fund, are amortized over a period of five
years commencing with the date of the initial public offering.
On June 30, 1998 the Funds adopted Statement of Position (SOP) 98-5,
"Reporting on the Costs of Start-Up Activities." Under the provisions of
SOP 98-5, costs associated with organizing a fund which commences
operating subsequent to June 30, 1998, must be expensed as incurred and
may not be amortized over future periods. Accordingly, costs incurred in
connection with the organization of the Small Cap Equity Fund were
expensed as incurred and are included in "Other Expenses" in the
accompanying Statement of Operations.
Other:
Expenses that are directly related to one of the Funds are charged
directly to that Fund. Other operating expenses of the Funds are prorated
to each Fund on the basis of relative net assets or another appropriate
method.
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 Small Cap Equity 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 GAAP. 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
Continued
- 69 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 28, 1999
(Unaudited)
differences do not require reclassification. Dividends and distributions
to shareholders which exceed net investment income and net realized gains
for financial reporting purposes but not for tax purposes are reported as
dividends in excess of net investment income or distributions in excess
of net realized gains. To the extent they exceed net investment income
and net realized gains for tax purposes, they are reported as
distributions of capital.
Federal Income Taxes:
It is the policy of each Fund to qualify, or continue to qualify, as a
regulated investment company by complying with the provisions available
to certain investment companies, as defined in applicable sections of the
Internal 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 Funds' latest fiscal year-end, the following
Funds had net capital loss carryover which will be available through
stated years to offset any future net capital gains, if any, to the
extent provided by the Treasury regulations. To the extent that this
carryover 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 loss incurred after October 31, within the Fund's 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
period ended February 28, 1999 are as follows:
<TABLE>
<CAPTION>
Purchases Sales
----------- -----------
<S> <C> <C>
Intermediate Tax-Free Bond Fund...................... $ 1,900,305 $ 2,238,598
Short-Term Income Fund............................... 44,864,118 21,365,518
Intermediate Bond Fund............................... 14,179,851 11,857,314
Bond Fund............................................ 10,379,869 8,000,418
Balanced Fund........................................ 21,722,488 15,486,731
Equity Fund.......................................... 86,846,138 99,674,616
Growth Equity Fund................................... 46,992,265 37,861,675
Small Cap Equity Fund................................ 4,467,401 --
</TABLE>
Continued
- 70 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 28, 1999
(Unaudited)
4.Related Party Transactions:
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. Under the terms of the investment advisory and
sub-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.
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"),
and BISYS Fund Services Ohio, Inc. ("BISYS Ohio") are subsidiaries of The
BISYS Group, Inc. BISYS, whom certain officers of the Funds are affiliated,
serves the Funds as administrator. Such officers and trustees are paid no
fees directly by the Funds for serving as officers of the Funds. Fees for
administration services are established under terms of the administration
contract as a percentage of the average net assets of each of the Funds.
Under a Sub-Administration agreement, BISYS pays the Adviser a fee of up to
0.05% of each Fund's average daily net assets to perform certain of the
administrative duties for 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 0.25% 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 period ended February 28, 1999, BISYS received $41,883
from commissions earned on sales of shares of the variable net asset value
funds, $37,430 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.
The variable net asset value funds can and do invest a portion of their
assets in the money market funds. To avoid duplicate fees, the money market
funds remit to any variable net asset value funds invested therein, an
amount equal to all fees assessed on the assets invested in such funds.
Information regarding these transactions for the period ended February 28,
1999 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............................... $528,828 $620,231
Custodian Fees:
Annual fee (percentage of net assets).................. 0.03% 0.03%
Transfer Agent and Mutual Fund Accountant Fees.......... $ 92,336 $107,224
</TABLE>
Continued
- 71 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 28, 1999
(Unaudited)
<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.. $ 30,075 $121,352 $85,702 $53,097
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.. $ 37,594 $ 40,729 -- --
Custodian Fees:
Annual fee before
voluntary fee reductions
(percentage of average
net assets).............. 0.03% 0.03% 0.03% 0.03%
Transfer Agent and Mutual
Fund Accountant Fees..... $ 17,760 $ 33,750 $43,981 $26,272
<CAPTION>
Balanced Growth Small Cap
Fund Equity Fund Equity Fund Equity 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.. $133,832 $177,088 $93,603 $ 911
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.. $ 58,698 -- -- $ 330
Custodian Fees:
Annual fee before
voluntary fee reductions
(percentage of net
assets).................. 0.03% 0.03% 0.03% 0.03%
Transfer Agent and Mutual
Fund Accountant Fees..... $ 20,044 $ 52,838 $27,484 $ 319
</TABLE>
5.Conversion of Common Trust Funds
On October 31, 1997 the Growth Equity Fund of the American Performance Funds
issued shares to acquire the assets and liabilities of the Common Fund "B"
Growth Equity of BOK. The following is a summary of the shares issued, net
assets acquired, net asset value per share and unrealized
appreciation/(depreciation) as of the date acquired:
<TABLE>
<CAPTION>
Net Unrealized
Asset Appreciation/
Shares Net Assets Value (Depreciation)
--------- ----------- ------ --------------
<S> <C> <C> <C> <C>
Growth Equity Fund................ 4,285,041 $42,850,409 $10.00 $16,460,055
</TABLE>
- 72 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
U.S. Treasury Fund
---------------------------------------------------------------
Six Months Year Ended August 31,
Ended ------------------------------------------------
February 28,
1999 1998 1997 1996 1995 1994
------------ -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- --------
Investment Activities
Net investment income.. 0.021 0.048 0.046 0.047 0.048 0.028
-------- -------- -------- -------- -------- --------
Distributions
Net investment income.. (0.021) (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 $ 1.000
======== ======== ======== ======== ======== ========
Total Return............ 2.11%(a) 4.94% 4.74% 4.85% 4.95% 2.87%
Ratios/Supplemental
Data:
Net Assets at end of
period (000).......... $398,430 $388,319 $298,424 $217,406 $187,007 $165,353
Ratio of expenses to
average net assets.... 0.72%(b) 0.72% 0.72% 0.74% 0.75% 0.81%
Ratio of net investment
income to average net
assets................ 4.20%(b) 4.83% 4.65% 4.74% 4.88% 2.81%
Ratio of expenses to
average net assets*... 0.97%(b) 0.97% 0.97% 0.99% 1.00% 1.01%
</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) Not annualized.
(b) Annualized.
See notes to financial statements.
- 73 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Cash Management Fund
------------------------------------------------------------------
Six Months Year Ended August 31,
Ended ---------------------------------------------------
February 28,
1999 1998 1997 1996 1995 1994
------------ -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- --------
Investment Activities
Net investment income.. 0.023 0.050 0.049 0.050 0.052 0.030
Net realized
gains(losses) from
investments........... -- -- (0.010) -- -- --
-------- -------- -------- -------- -------- --------
Total from Investment
Activities........... 0.023 0.050 0.039 0.050 0.052 0.030
-------- -------- -------- -------- -------- --------
Distributions
Net investment income.. (0.023) (0.050) (0.049) (0.050) (0.052) (0.030)
-------- -------- -------- -------- -------- --------
Total Distributions... (0.023) (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 $ 1.000
======== ======== ======== ======== ======== ========
Total Return............ 2.31%(b) 5.14% 5.05%(a) 5.14% 5.30% 3.08%
Ratios/Supplemental
Data:
Net Assets at end of
period (000).......... $480,958 $466,571 $331,095 $375,797 $194,807 $195,490
Ratio of expenses to
average net assets.... 0.70%(c) 0.71% 0.72% 0.71% 0.74% 0.78%
Ratio of net investment
income to average net
assets................ 4.63%(c) 5.02% 4.93% 5.01% 5.18% 3.05%
Ratio of expenses to
average net assets*... 0.95%(c) 0.96% 0.97% 0.96% 0.99% 0.98%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) The total return includes the effect of a capital contribution of $0.010
per share. The return without the capital contribution would have been
4.05%.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
- 74 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Tax-Free Bond Fund
----------------------------------------------------------
Six Months Year Ended August 31,
Ended -------------------------------------------
February 28,
1999 1998 1997 1996 1995 1994
------------ ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.99 $ 10.78 $ 10.57 $ 10.67 $ 10.42 $ 10.77
------- ------- ------- ------- ------- -------
Investment Activities
Net investment income.. 0.23 0.48 0.49 0.49 0.51 0.54
Net realized and
unrealized
gains/(losses) from
investments........... -- 0.28 0.21 (0.10) 0.25 (0.35)
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.23 0.76 0.70 0.39 0.76 0.19
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.23) (0.48) (0.49) (0.49) (0.51) (0.54)
Net realized gains..... (0.04) (0.07) -- -- -- --
------- ------- ------- ------- ------- -------
Total Distributions... (0.27) (0.55) (0.49) (0.49) (0.51) (0.54)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 10.95 $ 10.99 $ 10.78 $ 10.57 $ 10.67 $ 10.42
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 2.11%(a) 7.28% 6.79% 3.68% 7.62% 1.76%
Ratios/Supplemental
Data:
Net Assets at end of
period (000).......... $30,181 $30,454 $26,544 $31,036 $28,114 $30,097
Ratio of expenses to
average net assets.... 0.75%(b) 0.74% 0.74% 0.75% 0.51% 0.25%
Ratio of net investment
income to average net
assets................ 4.30%(b) 4.44% 4.61% 4.58% 4.99% 5.06%
Ratio of expenses to
average net assets*... 1.20%(b) 1.19% 1.19% 1.20% 1.24% 1.44%
Portfolio turnover..... 6.37% 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.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
- 75 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Short-Term Income Fund
------------------------------------------------------------
Six Months Year Ended August 31, October 19,
Ended ------------------------- 1994
February 28, to August 31,
1999 1998 1997 1996 1995(a)
------------ ------- ------- ------- -------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.12 $ 9.92 $ 9.79 $ 9.95 $ 10.00
------- ------- ------- ------- -------
Investment Activities
Net investment income.. 0.30 0.62 0.61 0.59 0.52
Net realized and
unrealized gains
(losses) from
investments........... (0.05) 0.20 0.14 (0.14) (0.05)
------- ------- ------- ------- -------
Total from Investment
Activities........... 0.25 0.82 0.75 0.45 0.47
------- ------- ------- ------- -------
Distributions
Net investment income.. (0.30) (0.62) (0.61) (0.59) (0.52)
In excess of net
investment income..... -- -- (0.01) -- --
Net realized gains..... (d) -- -- (0.01) --
In excess of net
realized gains........ -- -- -- (0.01) --
------- ------- ------- ------- -------
Total Distributions... (0.30) (0.62) (0.62) (0.61) (0.52)
------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 10.07 $ 10.12 $ 9.92 $ 9.79 $ 9.95
======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 2.53%(b) 8.47% 7.85% 4.64% 4.81%(b)
Ratios/Supplemental
Data:
Net Assets at end of
period (000).......... $57,109 $32,390 $15,658 $14,399 $10,228
Ratio of expenses to
average net assets.... 0.50%(c) 0.41% 0.33% 0.41% 0.57%(c)
Ratio of net investment
income to average net
assets................ 5.99%(c) 6.15% 6.14% 5.95% 5.96%(c)
Ratio of expenses to
average net assets*... 1.24%(c) 1.22% 1.16% 1.24% 1.47%(c)
Portfolio turnover..... 50.01% 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) Not annualized.
(c) Annualized.
(d) Distribution per share was less than $0.005.
See notes to financial statements.
- 76 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Bond Fund
----------------------------------------------------------
Six Months Year Ended August 31,
Ended -------------------------------------------
February 28,
1999 1998 1997 1996 1995 1994
------------ ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.50 $ 10.23 $ 10.01 $ 10.26 $ 10.23 $ 11.06
------- ------- ------- ------- ------- -------
Investment Activities
Net investment income.. 0.30 0.61 0.60 0.60 0.61 0.61
Net realized and
unrealized
gains(losses) from
investments........... (0.18) 0.27 0.22 (0.25) 0.06 (0.73)
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.12 0.88 0.82 0.35 0.67 (0.12)
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.30) (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... (0.30) (0.61) (0.60) (0.60) (0.64) (0.71)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 10.32 $ 10.50 $ 10.23 $ 10.01 $ 10.26 $ 10.23
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 1.14%(a) 8.80% 8.38% 3.41% 6.81% (1.14)%
Ratios/Supplemental
Data:
Net Assets at end of
period (000).......... $86,391 $85,382 $77,319 $63,088 $74,395 $84,144
Ratio of expenses to
average net assets.... 0.97%(b) 0.95% 0.93% 0.95% 0.98% 0.98%
Ratio of net investment
income to average net
assets................ 5.79%(b) 5.86% 5.89% 5.84% 6.00% 5.72%
Ratio of expenses to
average net assets*... 1.17%(b) 1.15% 1.13% 1.15% 1.18% 1.18%
Portfolio turnover..... 13.95% 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.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
- 77 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Bond Fund
----------------------------------------------------------
Six Months Year Ended August 31,
Ended -------------------------------------------
February 28,
1999 1998 1997 1996 1995 1994
------------ ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.76 $ 9.29 $ 8.99 $ 9.29 $ 9.36 $ 11.05
------- ------- ------- ------- ------- -------
Investment Activities
Net investment income.. 0.28 0.57 0.58 0.57 0.56 0.58
Net realized and
unrealized
gains(losses) from
investments........... (0.23) 0.47 0.30 (0.30) 0.15 (0.77)
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.05 1.04 0.88 0.27 0.71 (0.19)
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.28) (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... (0.28) (0.57) (0.58) (0.57) (0.78) (1.50)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 9.53 $ 9.76 $ 9.29 $ 8.99 $ 9.29 $ 9.36
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 0.54%(a) 11.54% 10.03% 2.84% 8.21% (1.92)%
Ratios/Supplemental
Data:
Net Assets at end of
period (000).......... $53,845 $52,706 $35,454 $32,807 $37,293 $38,257
Ratio of expenses to
average net assets.... 0.98%(b) 0.96% 0.94% 0.96% 1.03% 1.05%
Ratio of net investment
income to average net
assets................ 5.91%(b) 6.02% 6.29% 6.08% 6.18% 5.72%
Ratio of expenses to
average net assets*... 1.18%(b) 1.16% 1.14% 1.16% 1.23% 1.25%
Portfolio turnover..... 15.27% 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.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
- 78 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Balanced Fund
-------------------------------------------------------
Six Months Year Ended August 31, June 1,
Ended ------------------------- 1995
February 28, to August 31,
1999 1998 1997 1996 1995(a)
------------ ------- ------- ------- -------------
(Unaudited)
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 12.37 $ 13.38 $ 11.28 $ 10.62 $ 10.00
------- ------- ------- ------- -------
Investment Activities
Net investment income.. 0.17 0.40 0.41 0.35 0.08
Net realized and
unrealized
gains/(losses) from
investments........... 1.76 0.21 2.46 0.79 0.62
------- ------- ------- ------- -------
Total from Investment
Activities........... 1.93 0.61 2.87 1.14 0.70
------- ------- ------- ------- -------
Distributions
Net investment income.. (0.18) (0.34) (0.41) (0.35) (0.08)
Net realized gains..... (0.65) (1.28) (0.36) (0.13) --
------- ------- ------- ------- -------
Total Distributions... (0.83) (1.62) (0.77) (0.48) (0.08)
------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 13.47 $ 12.37 $ 13.38 $ 11.28 $ 10.62
======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 15.86%(b) 4.55% 26.33% 10.87% 6.98%(b)
Ratios/Supplemental
Data:
Net Assets at end of
period (000).......... $53,823 $40,656 $30,249 $22,592 $12,842
Ratio of expenses to
average net assets.... 0.53%(c) 0.47% 0.36% 0.38% 0.90%(c)
Ratio of net investment
income to average net
assets................ 2.71%(c) 3.02% 3.34% 3.27% 3.17%(c)
Ratio of expenses to
average net assets*... 1.35%(c) 1.34% 1.38% 1.40% 1.92%(c)
Portfolio turnover..... 34.30% 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) Not annualized.
(c) Annualized.
See notes to financial statements.
- 79 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Equity Fund
------------------------------------------------------------
Six Months Year Ended August 31,
Ended ---------------------------------------------
February 28,
1999 1998 1997 1996 1995 1994
------------ -------- -------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 15.06 $ 17.33 $ 13.73 $ 12.33 $ 11.85 $ 12.78
-------- -------- -------- ------- ------- -------
Investment Activities
Net investment income.. 0.03 0.08 0.13 0.18 0.20 0.14
Net realized and
unrealized
gains(losses) from
investments........... 3.42 0.19 5.03 2.04 1.77 0.40
-------- -------- -------- ------- ------- -------
Total from Investment
Activities........... 3.45 0.27 5.16 2.22 1.97 0.54
-------- -------- -------- ------- ------- -------
Distributions
Net investment income.. (0.03) (0.07) (0.13) (0.18) (0.19) (0.14)
In excess of net
investment income..... -- -- (0.01) -- -- --
Net realized gains..... (0.96) (2.47) (1.42) (0.64) (0.39) (1.33)
In excess of net
realized gains........ -- -- -- -- (0.91) --
-------- -------- -------- ------- ------- -------
Total Distributions... (0.99) (2.54) (1.56) (0.82) (1.49) (1.47)
-------- -------- -------- ------- ------- -------
Net Asset Value, End of
Period................. $ 17.52 $ 15.06 $ 17.33 $ 13.73 $ 12.33 $ 11.85
======== ======== ======== ======= ======= =======
Total Return (excludes
sales charge).......... 23.23%(a) 0.79% 40.23% 18.53% 19.74% 4.66%
Ratios/Supplemental
Data:
Net Assets at end of
period (000).......... $190,896 $166,965 $170,887 $86,352 $76,398 $84,618
Ratio of expenses to
average net assets.... 1.07%(b) 1.07% 1.06% 1.08% 1.14% 1.12%
Ratio of net investment
income to average
net assets............ 0.37%(b) 0.44% 0.88% 1.35% 1.73% 1.32%
Ratio of expenses to
average net assets*... 1.26%(b) 1.26% 1.25% 1.27% 1.33% 1.31%
Portfolio turnover..... 46.85% 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.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
- 80 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Growth Equity Fund
---------------------------
Six Months November 3,
Ended 1997 through
February 28, August 31,
1999 1998(a)
------------ ------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period.............. $ 11.25 $ 10.00
-------- -------
Investment Activities
Net investment income............................ 0.01 0.02
Net realized and unrealized gains(losses) from
investments..................................... 3.82 1.25
-------- -------
Total from Investment Activities................ 3.83 1.27
-------- -------
Distributions
Net investment income............................ (0.02) (0.02)
Net realized gains............................... (0.44) --
-------- -------
Total Distributions............................. (0.46) (0.02)
-------- -------
Net Asset Value, End of Period.................... $ 14.62 $ 11.25
======== =======
Total Return (excludes sales charge).............. 34.43%(b) 12.69%(b)
Ratios/Supplemental Data:
Net Assets at end of period (000)................ $117,745 $78,677
Ratio of expenses to average net assets.......... 1.09%(c) 1.12%(c)
Ratio of net investment income to average net
assets.......................................... 0.16%(c) 0.24%(c)
Ratio of expenses to average net assets*......... 1.28%(c) 1.31%(c)
Portfolio turnover............................... 39.43% 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) Not annualized.
(c) Annualized.
See notes to financial statements.
- 81 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Small Cap
Equity Fund
------------
February 17,
1999 through
February 28,
1999(a)
------------
(Unaudited)
<S> <C>
Net Asset Value, Beginning of Period............................. $10.00
------
Investment Activities
Net investment income........................................... 0.01
Net realized and unrealized gains/(losses) from investments..... (0.09)
------
Total from Investment Activities............................... (0.08)
------
Distributions
Net investment income........................................... --
Net realized gains.............................................. --
------
Total Distributions............................................ --
------
Net Asset Value, End of Period................................... $ 9.92
======
Total Return (excludes sales charge)............................. (0.80)%(b)
Ratios/Supplemental Data:
Net Assets at end of period (000)............................... $4,773
Ratio of expenses to average net assets......................... 0.88%(c)
Ratio of net investment income to average net assets............ 2.34%(c)
Ratio of expenses to average net assets*........................ 1.74%(c)
Portfolio turnover.............................................. --
</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) Not annualized.
(c) Annualized.
See notes to financial statements.
- 82 -
<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
