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[LOGO OF AMERICAN PERFORMANCE FUNDS APPEARS HERE]
AMERICAN PERFORMANCE FUNDS
The Right Fit For Your Investment Goals
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ANNUAL REPORT
August 31, 1999
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LETTER FROM THE CHAIRMAN AND INVESTMENT ADVISER
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Dear Shareholders:
We are pleased to present this report for the twelve months ended August 31,
1999, a year that was challenging for all investors. In an environment that can
only be described as rocky and often times frustrating, we are pleased to
report that the American Performance Funds held their ground and, in some
cases, beat their industry benchmarks and posted strong gains.
Small Cap Equity Fund Introduced+
On February 17, 1999, the American Performance Small Cap Equity Fund was
successfully launched. This Fund is intended for aggressive investors who seek
long-term appreciation. As of August 31, 1999, the Fund was invested in the
stocks of approximately 100 companies with market capitalization between $200
million and $1.5 billion.
Turning to the Markets . . .
In retrospect, it was no surprise that the year just past was a volatile one
for the markets. Over the course of the period, the Federal Reserve Board (the
Fed) changed short-term interest rates five times: first cutting them in
September, then again in October and finally in November of 1998. The Fed then
reversed direction, increasing them in June and August of 1999.
The downward moves in the fall of 1998 were made in response to concerns that a
recession loomed for economies worldwide as well as in the United States.
Having their intended impact, the cuts helped stabilize markets suffering the
after-effects of the Asian economic flu, and supported continued growth in the
United States. It then became clear that the assumption the United States would
suffer a bad--or even mild--case of the flu were overblown, and the securities
markets rebounded. Liquidity also returned to sectors of the fixed-income
markets that had been badly battered in August and September. Through it all,
our economy continued to perk right along.
The Fed Applied the Brakes
By spring, in the eyes of the ever-vigilant Fed, things were moving along a
little too quickly. Rather than prolonging growth in our economy, the decreases
appeared to be prompting further and faster growth. Unemployment was at
historically low levels, and consumer confidence remained very high. Finally,
much to the dismay of Chairman Alan Greenspan, enthusiasm for stocks was
stronger than ever. After several months of indicating its willingness to do
so, the Fed reversed direction in June and raised short-term rates in a move to
slow the economy and tamp out any inflationary sparks. In August, it did so
again. While these moves take months to influence the economy, the effects were
apparent immediately in the securities markets. Bonds across the spectrum fell,
and enthusiasm for equities waned noticeably as the summer ended.
Despite the Fed's worries about the booming economy at home and strengthening
economies abroad, inflation or a hint of it has yet to materialize. Therefore,
the Fed has indicated it may again increase rates before the end of 1999. We
believe this is not likely for several reasons. Chief among them is the fact
that a stronger world economy, coupled with a strong U.S. economy, should
continue to provide an excellent environment for continued earnings and
corporate profits. Increased rates however, may have an impact far beyond our
shores, and could weaken many of the markets just now getting back on their
feet. In addition, Y2K concerns dog the market. Of course, there is no way to
be sure there will be no disruptions, short of living through the problem.
However, we have now passed through many of the "conversion windows," and so
far no major difficulties have been encountered. Therefore, we are confident
that the Y2K issue will turn out to be only a minor irritant.
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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.
+ 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.
For more complete information on any of the Funds, including fees, expenses and
sales charges, please call 1-800-762-7085 for a prospectus. This material is
authorized for distribution to prospective investors only when preceded or
accompanied by a current prospectus, which contains more complete information
on any of the Funds, including fees, expenses and sales charges.
The American Performance Funds are distributed by BISYS Fund Services.
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.
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- 1 -
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LETTER FROM THE CHAIRMAN AND INVESTMENT ADVISER (CONTINUED)
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Perception, Reality and Profit
Given this backdrop, we believe the markets' prospects are brighter than many
pundits are currently predicting. The fundamentals of our economy are solid.
Earnings are strong and should continue to be so for quite some time. The only
bad news is, with its recent decline, the stock market is still priced to
perfection, which leaves stocks vulnerable to any news that is not perfect. In
our opinion, that means volatility is likely. However, this does not mean that
the long-term bull market is over. In fact, we believe now is the time to hold,
not fold.
In Closing . . .
We would like to thank you for your continued confidence in us. We look forward
to providing you with superior investment management and service to meet your
investment needs now and in the future. 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, 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
/s/ James L. Huntzinger
James L. Huntzinger
Chief Investment Officer
Bank of Oklahoma, N.A.
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THE AMERICAN PERFORMANCE MONEY MARKET FUNDS
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After three interest rate cuts in 1998, the Fed reversed its stance and shocked
the markets with increases in June and August of 1999. These moves were
prompted by evidence that the economy was continuing to grow at a faster than
anticipated pace and, according to some, Chairman Alan Greenspan's unannounced
but apparent inclination to dampen enthusiasm for stocks. The increases had
their intended impact--sentiment in the marketplace changed dramatically. After
a year of pricing downward movements, expectations grew that rates would climb
further. At the end of the period, August 31, 1999, interest rates were 100
basis points higher than they had been in January. Therefore, total returns
across the fixed-income markets were relatively disappointing for the year
ended August 31, 1999.
Looking ahead, however, we expect that the environment will improve in the
coming months, and that we are closer to the end of this spurt in interest
rates than to the beginning, for several reasons. Inflation remains benign.
While the Fed is concerned about growth in our economy, they are also mindful
of the impact of their actions on other markets worldwide, and many of these
economies are relatively weak. Finally, liquidity in the marketplace is high,
and is anticipated to increase as companies move to raise cash needed prior to
the turn of the millennium and the possibility of Y2K problems. As a result, we
are optimistic about the prospects for the fixed-income markets and the money
markets in the months ahead.
The American Performance Cash Management Fund
Despite the ups and downs of interest rates over the past twelve months, the
Fund held its ground due in part to the performance of its holdings in the
banking sector. Consolidation and cost cutting strengthened many of these
companies, and their credit quality improved. Moreover, as interest rates began
moving higher, the average maturity of the Fund was lengthened in an effort to
capture higher yields. At the end of the period, the average maturity of the
Fund's holdings was approximately 64 days.
The American Performance U.S. Treasury Fund
After experiencing unprecedented popularity in the wake of the Asian debacle,
the Treasury markets calmed as 1999 opened. Nonetheless, given the uncertain
environment, high-quality Treasury securities were solid performers throughout
the year ended August 31, 1999. At the end of the period, the average maturity
of the Fund's holdings was 15 days.
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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 money market funds is not insured or guaranteed by the
FDIC or any other government agency. Although the money market funds seek to
preserve the value of your investment at $1.00 per share, it is possible to
lose money by investing in the funds.
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THE AMERICAN PERFORMANCE BOND FUNDS
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Put simply, the year ended August 31, 1999, was a difficult one in the fixed-
income markets. As the period opened, the meltdown in the Asian markets drove
investors to U.S. Treasury securities, drying up liquidity in many sectors.
Liquidity returned throughout the fall of 1998; rates moved lower; and bonds
rallied. Then, alarmed by the economy's surprising strength, the Fed indicated
its willingness to raise interest rates--and, in June of 1999, did so. Another
increase followed in August. Therefore, the market environment throughout the
summer grew more volatile, and investors' outlook on growth changed
dramatically. This reaction was not surprising--as the period drew to a close,
interest rates were at least a percentage point higher than a year ago.
Nevertheless, we may now be closer to the end of this increase in rates than to
the beginning. To be sure, our economy is running red hot, and unemployment is
at historic lows. However, inflation has not materialized. Due in part to
global competition, new technologies and manufacturing over-capacity, inflation
may not appear for quite some time. In addition, with Y2K around the corner and
many economies around the world still recovering from the Asian economic flu,
we believe the Fed may hesitate to move again soon.
Consequently, while the past several months have been rough ones, we are
optimistic about the prospects for the bond markets in the months ahead. While
we do not believe that the Y2K situation will ultimately prove to be much more
than an irritant, we are seeing now that it could provide investors with
tremendous opportunities. In fact, in recent weeks, we have seen the supply of
securities increase as issuers attempt to raise money before the year's end--
and "good deals" abound. Anticipating this, cash balances were increased in all
of our fixed-income funds earlier in the year. Therefore, we are now in the
position to capitalize on some of the very attractive opportunities that are
arising.
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THE AMERICAN PERFORMANCE INTERMEDIATE TAX-FREE BOND FUND
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Long thought to be a safe harbor, the municipal markets felt the impact of
interest rate increases in the second half of the year ended August 31, 1999.
Following the Treasury market more closely than it has in some time, the bond
market moved to sell municipals in the second quarter of 1999 as the Fed began
to signal its intentions to raise interest rates. The brunt of the storm passed
with the first increase; by the time the Fed tightened the second time, the
expectation of its second move was already priced into the market.
Focused on securities in the intermediate range of the curve, the Fund felt the
turbulence less than those invested primarily in the shorter end of the curve.
In addition, the high quality of our holdings helped the Fund stand its ground.
Nonetheless, due to the rising rate environment, the second half of the year
was a far more frustrating one than the first. Consequently, for the twelve
months ended August 31, 1999, the Fund produced a total return of 0.19%
(without sales charge)+ versus a return of 0.50% for the Lehman Brothers
Municipal Bond Index.
A Time of Opportunity
We are very optimistic about the prospects for the municipal markets in the
months ahead. With Y2K looming and the global markets still in a fragile state,
we believe the Fed is more likely to be concerned about preserving liquidity
than raising rates to stamp out any inflationary sparks. In addition, because
municipals are tax-free investments, they traditionally have offered investors
approximately 86% of the yield of a Treasury bond of comparable maturity. As of
August 31, 1999, they offer 97% of the yield of a Treasury of comparable
maturity--and, in our opinion, now present attractive opportunities for
investors in general and for the fund in particular.++
As of August 31, 1999, approximately 98% of the Fund's net assets were invested
in a laddered portfolio of securities issued by municipalities in some twenty
states
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/99 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year -2.82% 0.19%
--------------------------------
5 Year 4.43% 5.06%
--------------------------------
Since Inception 5.29% 5.73%
(5/29/92)
</TABLE>
across the country. The remainder of the Fund's net assets, approximately 2%,
was held in cash and cash equivalents. The average credit quality of these
securities was AA; the average maturity was 9.82 years, with an effective
duration of 5.85 years./1/
[CHART]
Intermediate Intermediate Lehman Brothers
Tax-Free Tax-Free Municipal
Bond (No-Load) Bond Fund (Load) Bond Index
5/29/92 10,000 9,699 10,000
8/31/92 10,314 10,004 10,347
8/31/93 11,506 11,160 11,636
8/31/94 11,709 11,357 11,652
8/31/95 12,601 12,222 12,685
8/31/96 13,065 12,673 13,480
8/31/97 13,952 13,532 14,726
8/31/98 14,967 14,517 16,000
8/31/99 14,984 14,534 16,080
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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 period was
- -2.82%.
++Source: Ibbotson Assoc., August 31, 1999.
/1/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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THE AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
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Reaction to changes in the environment or the direction of interest rates is
always swift and sure in the shorter end of the fixed-income market--and the
performance of this sector over the year ended August 31, 1999, was no
exception to this rule. Nonetheless, the period was a relatively good one for
the Fund. While it did experience some fallout from events in Asia in August of
1998, the Fund's focus on high-quality, high-yield securities contributed to
its overall solid performance.
Moreover, in the first half of the period, holdings in corporate bonds were
decreased in favor of mortgage-backed securities, which offered relatively
comparable yields and higher credit quality. In the second half of the period,
these issues were strong performers. As a result, for the twelve months ended
August 31, 1999, we are pleased to report that the Fund produced a total return
of 3.66% (without sales charge),+ beating its benchmark, the Merrill Lynch 1-5-
Year U.S. Government/Corporate Index, which produced a total return of 3.33%
over the same period.
As of August 31, 1999, approximately 83.1% of the Fund's assets were invested
in mortgage-backed securities, 3.4% in corporate bonds and 7.1% 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 2.7
years; the average credit quality was AAA./1/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/99 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 1.55% 3.66%
-------------------------------
Since Inception 5.61% 6.04%
(10/19/94)
</TABLE>
[CHART]
Short-Term Income Short-Term Income Merrill Lynch U.S.
Fund (No-Load) Fund (Load) Govt./Corp. 1-5 yr. Index
10/19/94 10,000 9,804 10,000
8/31/95 10,481 10,276 10,879
8/31/96 10,967 10,752 11,410
8/31/97 11,828 11,596 12,288
8/31/98 12,830 12,578 13,288
8/31/99 13,300 13,040 13,730
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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 period was
1.55%.
/1/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 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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<PAGE>
THE AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
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Well diversified, the Fund was buffeted in the liquidity crunch in the early
part of the period, as investors sought safety above all else and fled to
Treasuries. As the markets stabilized however, mortgage-backed securities
performed particularly well--and, heavily weighted in these issues, the Fund
benefited. Nonetheless, the strong performance of these securities and a slight
lengthening of our portfolio's maturities to capture higher yields over the
summer of 1998 were not enough to compensate for the battering the Fund took
during the fall of 1998.
For the twelve months ended August 31, 1999, the Fund produced a total return
of 1.73% (without the sales charge).+ This slightly lagged the Fund's
benchmark, the Lehman Brothers Intermediate Government/Corporate Bond Index,
which returned 2.20%. As a result, for the 12-month period, the Fund ranked 50
out of 100 similar funds in the Lipper Intermediate Grade Debt Category.++
As of the same date, approximately 6% of the Fund's assets were invested in
asset-backed securities, 57% in mortgage-related securities, 6% in corporate
bonds and 8% in U.S. Treasury securities, with the remainder invested in cash
and cash equivalents. The average maturity of the Fund's portfolio was 4.4
years; the average credit quality of the portfolio's holdings was AA./1/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/99 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year -1.28% 1.73%
--------------------------------
5 Year 5.13% 5.78%
--------------------------------
Since Inception 6.36% 6.72%
(9/28/90)
</TABLE>
[CHART]
Intermediate Bond Intermediate Bond Lehman Brothers Inter.
Fund (No-Load) Fund (Load) Govt./Corp. Bond Index
9/28/90 10,000 9,699 10,000
8/31/91 11,142 10,807 11,194
8/31/92 12,525 12,148 12,663
8/31/93 13,657 13,247 13,825
8/31/94 13,502 13,096 13,776
8/31/95 14,422 13,988 15,079
8/31/96 14,914 14,466 15,747
8/31/97 16,163 15,678 17,076
8/31/98 17,587 17,058 18,609
8/31/99 17,873 17,335 19,018
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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 period was
- -1.28%.
++ The American Performance Intermediate Bond Fund ranked 50 out of 100 and 32
out of 55 for the one and five-year periods, respectively, for the short-
intermediate investment-grade funds as reported by Lipper, Inc. 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
8/31/99.
/1/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 Bond Fund is measured
against the Lehman Brothers Intermediate Government/Corporate Bond Index, an
unmanaged index considered to be representative of the performance of
government and corporate bonds with maturities of less than 10 years. The index
does not reflect the deduction of expenses associated with a mutual fund, such
as investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services.
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<PAGE>
THE AMERICAN PERFORMANCE BOND FUND
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The year ended August 31, 1999, was a challenging one. As the period opened,
the Fund's concentration in higher quality securities insulated it somewhat
from the troubles in Asia. Nonetheless, when all was said and done, all but
U.S. Treasury securities felt the impact. In the fall of 1998, the markets
rebounded, and higher quality issues led the way. Offering higher returns than
U.S. Treasuries and greater credit quality than corporates, mortgage-backed
securities performed particularly well. Heavily weighted in these issues, the
Fund regained ground lost over the first eight months of 1999 and handily beat
the performance of its peers. For the 12-month period, it was ranked 160 out
of 264 similar funds in the Intermediate Grade Debt Category by Lipper, Inc.+
But, even the outstanding performance of our mortgage-backed holdings, coupled
with the solid performance of positions in several other sectors could not
completely erase the after-effects of the meltdown last August. For the twelve
months ending August 31, 1999, the Fund produced a total return of -0.19%
(without sales charge),++ versus a return of 0.88% for its benchmark, the
Salomon Brothers Broad (Investment Grade) Bond Index.
As of August 31, 1999, approximately 3.0% of the Fund's assets were invested
in asset-backed securities, 48.7% in mortgage-backed securities, 20.4% in
corporate bonds, 7.0% in municipal bonds and 18.2% 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 9 years; the
average credit quality was AA./1/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/99 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year -4.21% -0.19%
--------------------------------
5 Year 5.52% 6.39%
--------------------------------
Since Inception 6.99% 7.48%
(9/28/90)
</TABLE>
[CHART]
Salomon Brothers
Bond Fund Bond Fun (Investment Grade)
(No-Load) (Load) Bond Index
9/28/90 10,000 9,597 10,000
8/31/91 11,312 10,856 11,365
8/31/92 12,750 12,236 12,922
8/31/93 14,248 13,675 14,354
8/31/94 13,975 13,412 14,146
8/31/95 15,122 14,513 15,754
8/31/96 15,552 14,925 16,404
8/31/97 17,111 16,422 18,044
8/31/98 19,091 18,322 19,939
8/31/99 19,034 18,267 20,114
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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.
+ The American Performance Bond Fund ranked 160 out 264 and 60 out of 125 for
the one and five-year periods, respectively, for the 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 8/31/99.
++ With the maximum sales charge of 4.00%, the Fund's return for the period
was -4.21%.
/1/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 Bond Fund is measured against the
Salomon Brothers Broad (Investment Grade) Bond Index, an unmanaged index
considered to be representative of the performance of investment-grade
corporate and U.S. government bonds in general. The index does not reflect the
deduction of expenses associated with a mutual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services.
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- 8 -
<PAGE>
THE AMERICAN PERFORMANCE BALANCED FUND
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After starting on a rather disconcerting note last August, the twelve months
ended August 31, 1999 were good ones for the Fund. While aftershocks from
events in Asia were felt, the bond markets shook them off in the fall of 1998,
and stabilized. Stocks, too, rebounded and moved higher, with just a stumble
or two along the way. Larger cap growth issues led the market for most of the
period. With the portfolio's equity holdings heavily weighted in this sector,
the Fund benefited from their popularity.
To counterweight the rapidly rising valuations of these larger cap holdings,
new positions in the value and small-cap sectors were added over the course of
the year. While the performance of these issues did not rival that of the
large caps, they did make a solid contribution to performance. The portfolio's
fixed income holdings also performed well; high-coupon issues were strong
performers in the uncertain environment of the period. As a result, for the
twelve months ended August 31, 1999, the Fund produced a total return of
18.51% (without sales charge)+ versus its benchmarks the S&P 500 and the
Salomon Brothers Broad (Investment Grade) Bond Index, which posted total
returns of 39.81% and 0.88% respectively.
Stability Through Diversification
While we remain optimistic about the prospects for larger cap growth
prospects, as the period drew to a close, the valuation gap between these
stocks and virtually all others in the marketplace widened. We believe that
value and smaller cap issues now represent much less valuation risk and very
real opportunity for investors. At some point the markets will recognize this.
Therefore, in the months ahead, we will continue to capitalize on this
situation and add to the positions recently established in the value and
small-cap sectors. With regard to the fixed-income portion of the portfolio,
we will continue to seek out those issues that offer the potential of high
total return, rather than simply producing income.
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/99 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 12.60% 18.51%
--------------------------------
Since Inception 14.28% 15.67%
(6/1/95)
</TABLE>
As of August 31, 1999, approximately 63% of the portfolio's assets were
invested in stocks and 37% in bonds. The average credit quality of the fixed-
income holdings in the portfolio was AA, and the average maturity was 8.7
years. The top five holdings in the equity portion of the Fund's portfolio
were General Electric Co. (2.50% of net assets), Microsoft Corp. (2.08%), Dell
Computer Corp. (1.88%), Intel Corp. (1.85%) and Cisco Systems, Inc.
(1.81%)./1/
[CHART]
Salomon Brothers
Balanced Fund Balanced S&P 500 (Investment Grade Lipper Balanced
(No Load) Fund (Load) Stock Index Bond Index) Funds Average
6/1/95 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
8/31/99 18,565 17,631 26,143 12,977 17,713
- -------------------------------------------------------------------------------
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 period was
12.60%.
/1/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 considered to be representative
the performance of the U.S. stock market as a whole, 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
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The year ended August 31, 1999 was a relatively good year for the Fund--and at
the same time, a very frustrating one. As the period opened, the Fed cut
interest rates, and investors shook off their worries about Asia--and stocks
rebounded strongly. Again, large caps, particularly large-cap technology
stocks, led the way, with just a minor interruption in the market as 1999
opened. Investors looked briefly at the smaller and mid-cap issues, which were
favored throughout late winter and early spring of 1999.
By late April, even the most optimistic investor had to concede that valuations
in this sector were rather high. Enthusiasm dissipated, and the market
flattened out. Many stocks, despite posting earnings gains, wilted--and some
technology issues lost most of the ground gained earlier in the year.
Consequently, what could have been an outstanding year for the market, and for
our portfolio, became just a good year. For the twelve months ended August 31,
1999, the Fund posted a total return of 27.92% (without sales charge)+ versus
its benchmark, the S&P 500 Index, which posted a return of 39.81% over the same
period.
Uncertainty Creates Volatility
While inflation is not currently a factor, the Fed believes it might be at some
point in the future--and, we believe that the Fed could raise interest rates at
the first hint of any increase in inflationary pressure. The question now is,
will such pressure materialize and prompt further increases? The economy's
growth is strong, and there is the potential of further surprises in the fall
of 1999 as companies stockpile inventories to avoid any Y2K disruption.
At the same time, however, in our opinion, the United States is well prepared
for Y2K. A growth spurt may only lead to a weaker first quarter as companies
clear out their inventories. We believe the chance of either increased
inflation or major Y2K disruptions materializing are rather remote; however,
they do present an element of uncertainty to the markets. Hence, we expect the
marketplace to
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/99 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 21.54% 27.92%
--------------------------------
5 Year 19.52% 20.74%
--------------------------------
Since Inception 15.12% 15.79%
(9/28/90)
</TABLE>
be somewhat volatile in the months ahead.
As of August 31, 1999, the top five holdings in the Fund's portfolio were
Microsoft Corp. (4.68% of net assets), General Electric Co. (4.56%), MCI
WorldCom, Inc. (2.91%), Exxon Corp. (2.57%) and Merck & Co. (2.30%)./1/
[CHART]
Equity (No-Load) Equity (Load) S&P 500 Stock Index
9/28/90 10,000 9,497 10,000
8/31/91 12,457 11,830 13,345
8/31/92 11,961 11,359 14,406
8/31/93 13,770 13,077 16,586
8/31/94 14,411 13,686 17,491
8/31/95 17,256 16,388 21,243
8/31/96 20,453 19,424 25,216
8/31/97 28,681 27,230 35,459
8/31/98 28,910 27,455 38,338
8/31/99 36,982 35,121 53,600
- --------------------------------------------------------------------------------
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 period was
21.54%.
/1/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
- --------------------------------------------------------------------------------
While there were some hiccups along the way, the year ended August 31, 1999,
was a good year for large-cap growth stocks in general and for our Fund
specifically. The group was among the quickest to rebound and move to higher in
the wake of the Asian debacle in the fall of 1998. The ride upward was not
completely a smooth one--they did hit a rough patch from March through June of
1999. Again, the setback was temporary. As the summer began, the large-cap
growth stocks were again the market's favorites.
Gains for the sector were strong for the year overall. The rise in technology
issues was particularly notable. As a result, with its holdings focused on
large-cap groups and with sizable positions in technology companies like Intel
(4.85% of the net assets), IBM (2.94%) and Dell Computer (4.20%), the Fund was
very well positioned for this turn of events and benefited handsomely./1/
For the twelve months ended August 31, 1999, the Fund posted a return of 42.19%
(without sales charge)+, versus a return of 39.81% for its benchmark, the S&P
500 Index.
Cautious Optimism
While there have been dire predictions concerning the impact of Y2K on growth
issues, particularly technology stocks, we believe that ultimately it may be
nothing more than a minor irritant. Nevertheless, we expect to approach the
markets cautiously in the months ahead. At this point, we feel that many large-
cap growth issues are priced to absolute perfection. Investors could greet
negative news of any kind very harshly. This said, we are optimistic about the
prospects for growth stocks overall as our economy remains strong--and as the
outlook for earnings growth among the larger cap growth stocks remains bright.
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/99 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 35.10% 42.19%
--------------------------------
Since Inception 25.83% 29.43%
(11/3/97)
</TABLE>
As of August 31, 1999, the top five holdings in the Fund's portfolio were Intel
(4.85% of net assets), Cisco Systems, Inc., (4.60%), Microsoft Corp., (4.59%),
General Electric Co., (4.43%) and Dell Computer Corp. (4.20%)./1/
[CHART]
Growth Equity Growth Equity
Fund (No-Load) Fund (Load) S&P 500 Index
11/3/97 10,000 9,500 10,000
8/31/98 11,269 10,702 10,605
8/31/99 16,023 15,217 14,827
- --------------------------------------------------------------------------------
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 period was
35.10%.
/1/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>
THE AMERICAN PERFORMANCE SMALL CAP EQUITY FUND
- --------------------------------------------------------------------------------
Introduced on February 17, 1999, the Fund seeks long-term capital appreciation
and is designed for investors comfortable with an aggressive approach to
achieving this objective. The Fund is invested primarily in the stock and
convertible securities of smaller companies with market capitalizations
generally between $200 million and $1.5 billion. Security selection is made
based on fundamental and quantitative analysis. Generally, the portfolio
holdings exhibit the risk characteristics of the S&P SmallCap 600 Index.
A Good Start . . .
Launched in mid-February, the Fund benefited as investors turned their
attention to the small-cap sector in early spring of 1999. This brief
flirtation did not last however, as the large-cap growth stocks stole back the
spotlight in late spring. Nevertheless, since inception, several of our
holdings posted impressive gains. Among the standout performers were Mercury
Interactive (0.78% of portfolio net assets), Macromedia (1.02%), MedImmune
(0.98%) and Profit Recovery Group (1.08%).*
Consequently, while it is far to early too make any definitive judgment
regarding the Fund's long-term potential, we are pleased with its initial
results given the environment. Since its inception on February 17, 1999, it has
produced a total return of 4.77% (without sales charge).+ In comparison the
Fund's benchmark the S&P SmallCap 600 Index produced a return of 8.77% for the
same time period.
Nothing Lasts Forever
As the reign of the large-cap growth stocks rolls on, it becomes difficult to
imagine that it will ever end. However, while the prospects for the large-cap
sector remain bright, the valuation gap between this sector and the small-cap
sector has reached historical levels in recent months. Inevitably, investors
will recognize the opportunities this represents. In our opinion, the market
should broaden, and the valuation gap could be resolved--if for no other reason
than that the value it presents is too
AGGREGATE TOTAL RETURN
<TABLE>
<CAPTION>
8/31/99 Load* No-Load
--------------------------------
<S> <C> <C>
Since Inception -0.51% 4.77%
(2/17/99)
</TABLE>
attractive to ignore. Therefore, we are optimistic about the prospects for
smaller cap issues in the months and years ahead.
As of August 31, 1999, the Fund's portfolio held over 100 names. The five
largest of these holdings were Ryland Group, Inc. (2.05% of net assets),
Centura Banks, Inc. (1.75%), Geon Co. (1.74%), Universal Health Services
(1.72%) and Newfield Exploration Co. (1.69%)./1/
[CHART]
Small Cap Equity Small Cap Equity
Fund (No-Load) Fund (Load) Small Cap 600 Index
2/17/99 10,000 9,500 10,000
2/28/99 9,920 9,421 9,984
8/31/99 10,477 9,949 10,877
- --------------------------------------------------------------------------------
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 -0.51%.
/1/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 Small Cap Equity Fund is measured
against the S&P SmallCap 600 Index, an unmanaged index that tracks the
performance of domestic, small-capitalization stocks. 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.
Small-capitalization funds typically carry additional risks, since smaller
companies generally have a higher risk of failure and, by definition, are not
as well established as "blue-chip" companies. Historically, stocks of smaller
companies have experienced a greater degree of market volatility than stocks on
average.
- --------------------------------------------------------------------------------
- 12 -
<PAGE>
TABLE OF CONTENTS
Independent Auditors' Report
Page 14
Statements of Assets and Liabilities
Page 15
Statements of Operations
Page 18
Statements of Changes in Net Assets
Page 21
Schedules of Portfolio Investments
Page 26
Notes to Financial Statements
Page 72
Financial Highlights
Page 78
- 13 -
<PAGE>
Independent Auditors' Report
The Shareholders and Board of Trustees of the American Performance Funds:
We have audited the accompanying statements of assets and liabilities of the
American Performance Funds comprised of the U.S. Treasury Fund, Cash
Management Fund, Intermediate Tax-Free Bond Fund, Short-Term Income Fund,
Intermediate Bond Fund, Bond Fund, Balanced Fund, Equity Fund, Growth Equity
Fund, Small Cap Equity Fund (collectively, the Funds), including the schedules
of portfolio investments, as of August 31, 1999, and the related statements of
operations, statements of changes in net assets and the financial highlights
for each of the periods indicated herein. These financial statements and the
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included verification of securities
owned as of August 31, 1999, by examination, correspondence with brokers and
other appropriate audit procedures. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the aforementioned funds comprising the American Performance Funds as of
August 31, 1999, the results of their operations, the changes in their net
assets and the financial highlights for each of the periods indicated herein,
in conformity with generally accepted accounting principles.
KPMG LLP
Columbus, Ohio
October 15, 1999
- 14 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
August 31, 1999
<TABLE>
<CAPTION>
U.S. Cash
Treasury Management
Fund Fund
------------ ------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost.................... $139,226,410 $480,998,110
Repurchase agreements, at cost.................... 256,844,904 71,012,645
------------ ------------
Total Investments................................. 396,071,314 552,010,755
Interest and dividends receivable................. 38,597 2,233,160
Prepaid expenses and other assets................. 13,638 18,100
------------ ------------
Total Assets.................................... 396,123,549 554,262,015
------------ ------------
LIABILITIES:
Dividends payable................................. 1,483,253 2,142,026
Payable for capital shares redeemed............... 11,100 --
Accrued expenses and other payables:
Investment advisory fees......................... 136,362 132,159
Administration fees.............................. 13,302 14,903
Other liabilities................................ 64,548 92,878
------------ ------------
Total Liabilities............................... 1,708,565 2,381,966
------------ ------------
COMPOSITION OF NET ASSETS:
Capital........................................... 394,419,075 551,880,973
Undistributed net investment income............... 7,932 7,509
Accumulated net realized losses on investment
transactions..................................... (12,023) (8,433)
------------ ------------
Net Assets...................................... $394,414,984 $551,880,049
============ ============
Shares of beneficial interest issued and
outstanding...................................... 394,419,075 551,880,973
============ ============
Net asset value and redemption price per share:
($0.00001 par value per share, unlimited number
of shares authorized)........................... $ 1.00 $ 1.00
============ ============
</TABLE>
See notes to financial statements.
- 15 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
August 31, 1999
<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 $30,048,966;
$63,433,342; $88,179,234
and $63,683,054,
respectively)............ $30,110,935 $62,479,129 $86,837,358 $62,411,399
Interest and dividends
receivable............... 371,425 393,929 802,988 679,278
Prepaid expenses and other
assets................... 2,173 3,916 4,236 3,458
----------- ----------- ----------- -----------
Total Assets............ 30,484,533 62,876,974 87,644,582 63,094,135
----------- ----------- ----------- -----------
LIABILITIES:
Dividends payable......... 115,791 311,901 436,125 325,811
Payable for investments
purchased................ -- 10,002 11,520 --
Accrued expenses and other
payables:
Investment advisory fees. 9,007 -- 25,659 18,461
Administration fees...... 1,000 2,058 2,883 2,075
Distribution fees........ -- 8,928 18,589 13,293
Other liabilities........ 5,621 20,748 17,514 13,098
----------- ----------- ----------- -----------
Total Liabilities....... 131,419 353,637 512,290 372,738
----------- ----------- ----------- -----------
COMPOSITION OF NET ASSETS:
Capital................... 30,115,568 63,513,208 89,052,543 64,055,381
Undistributed
(distributions in excess
of) net investment
income................... 15,281 21,650 (12,699) 8,164
Accumulated undistributed
(distributions in excess
of) net realized gains on
investment transactions.. 160,296 (57,308) (565,676) (70,493)
Net unrealized
appreciation
(depreciation) on
investments.............. 61,969 (954,213) (1,341,876) (1,271,655)
----------- ----------- ----------- -----------
Net Assets.............. $30,353,114 $62,523,337 $87,132,292 $62,721,397
=========== =========== =========== ===========
Shares of beneficial
interest issued and
outstanding.............. 2,888,832 6,323,453 8,644,026 6,829,902
=========== =========== =========== ===========
Net asset value and
redemption price per
share: ($0.00001 par
value per share,
unlimited number of
shares authorized)....... $ 10.51 $ 9.89 $ 10.08 $ 9.18
=========== =========== =========== ===========
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 the
nearest cent) per share.. $ 10.84 $ 10.09 $ 10.39 $ 9.56
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 16 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
August 31, 1999
<TABLE>
<CAPTION>
Growth Small Cap
Balanced Equity Equity Equity
Fund Fund Fund Fund
----------- ------------ ------------ ----------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $53,632,286;
$138,520,630;
$100,737,170 and
$7,353,122,
respectively)........... $56,339,182 $183,658,618 $135,375,141 $7,389,649
Cash..................... -- -- 5,400 --
Interest and dividends
receivable.............. 264,175 267,190 92,542 6,443
Deferred organization
costs................... -- -- 25,644 --
Prepaid expenses and
other assets............ 3,052 7,698 5,480 1,146
----------- ------------ ------------ ----------
Total Assets........... 56,606,409 183,933,506 135,504,207 7,397,238
----------- ------------ ------------ ----------
LIABILITIES:
Payable for capital
shares redeemed......... -- -- 11,056 --
Accrued expenses and
other payables:
Investment advisory
fees................... 19,817 77,793 56,132 --
Administration fees..... 1,897 6,188 4,545 247
Distribution fees....... -- 39,406 28,408 --
Other liabilities....... 13,643 32,797 27,758 7,447
----------- ------------ ------------ ----------
Total Liabilities...... 35,357 156,184 127,899 7,694
----------- ------------ ------------ ----------
COMPOSITION OF NET ASSETS:
Capital.................. 48,952,970 110,776,586 82,531,362 7,281,299
Undistributed
(distributions in excess
of) net investment
income.................. 230,068 92,958 (366) 10,151
Accumulated undistributed
net realized gains on
investment transactions. 4,681,118 27,769,790 18,207,341 61,567
Net unrealized
appreciation on
investments............. 2,706,896 45,137,988 34,637,971 36,527
----------- ------------ ------------ ----------
Net Assets............. $56,571,052 $183,777,322 $135,376,308 $7,389,544
=========== ============ ============ ==========
Shares of beneficial
interest issued and
outstanding............. 4,154,728 10,119,912 8,754,120 705,492
=========== ============ ============ ==========
Net asset value and
redemption price per
share: ($0.00001 par
value per share,
unlimited number of
shares authorized)...... $ 13.62 $ 18.16 $ 15.46 $ 10.47
=========== ============ ============ ==========
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
the nearest cent) per
share................... $ 14.34 $ 19.12 $ 16.27 $ 11.02
=========== ============ ============ ==========
</TABLE>
See notes to financial statements.
- 17 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the year ended August 31, 1999
<TABLE>
<CAPTION>
U.S. Cash
Treasury Management
Fund Fund
----------- -----------
<S> <C> <C>
Investment Income:
Interest income..................................... $20,338,910 $26,724,112
----------- -----------
Total Income...................................... 20,338,910 26,724,112
----------- -----------
Expenses:
Investment advisory fees............................ 1,664,869 2,063,008
Administration fees................................. 832,442 1,031,513
Distribution fees................................... 1,040,542 1,289,379
Custodian fees...................................... 124,862 154,722
Fund accounting fees................................ 92,732 109,037
Transfer agent fees................................. 87,139 110,972
Trustees fees....................................... 8,952 10,779
Other expenses...................................... 161,277 154,453
----------- -----------
Total Expenses.................................... 4,012,815 4,923,863
Expenses voluntarily reduced........................ (1,040,542) (1,563,134)
----------- -----------
Net Expenses...................................... 2,972,273 3,360,729
----------- -----------
Net Investment Income............................... 17,366,637 23,363,383
----------- -----------
Realized Losses On Investments:
Net realized losses on investment transactions...... (12,023) (8,431)
----------- -----------
Net realized losses on investments.................. (12,023) (8,431)
----------- -----------
Change in net assets resulting from operations....... $17,354,614 $23,354,952
=========== ===========
</TABLE>
See notes to financial statements.
- 18 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the year ended August 31, 1999
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term Intermediate
Bond Income Bond Bond
Fund Fund Fund Fund
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
Investment Income:
Interest income........... $ 1,532,805 $ 3,396,230 $ 5,896,036 $ 3,869,055
Dividend income from
affiliates............... 19,600 82,077 56,475 61,251
----------- ----------- ----------- -----------
Total Income............ 1,552,405 3,478,307 5,952,511 3,930,306
----------- ----------- ----------- -----------
Expenses:
Investment advisory fees.. 167,972 298,363 483,181 312,332
Administration fees....... 61,081 108,497 175,704 113,576
Distribution fees......... 76,352 135,885 219,627 141,969
Custodian fees............ 9,162 16,274 26,355 17,036
Fund accounting fees...... 17,229 63,340 63,143 39,757
Transfer agent fees....... 17,950 12,629 25,624 13,411
Trustees fees............. 749 1,099 2,049 1,248
Other expenses............ 15,589 35,311 36,550 26,523
----------- ----------- ----------- -----------
Total Expenses.......... 366,084 671,398 1,032,233 665,852
Expenses voluntarily
reduced.................. (137,433) (365,105) (175,703) (113,576)
----------- ----------- ----------- -----------
Net Expenses............ 228,651 306,293 856,530 552,276
----------- ----------- ----------- -----------
Net Investment Income..... 1,323,754 3,172,014 5,095,981 3,378,030
----------- ----------- ----------- -----------
Realized/Unrealized Gains
(Losses) On Investments:
Net realized gains
(losses) on investment
transactions............. 160,296 (26,791) 61,996 95,329
Change in unrealized
depreciation on
investment transactions.. (1,455,800) (1,389,792) (3,713,168) (3,614,380)
----------- ----------- ----------- -----------
Net realized and
unrealized losses on
investments.............. (1,295,504) (1,416,583) (3,651,172) (3,519,051)
----------- ----------- ----------- -----------
Change in net assets
resulting from
operations............... $ 28,250 $ 1,755,431 $ 1,444,809 $ (141,021)
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 19 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the year ended August 31, 1999
<TABLE>
<CAPTION>
Growth Small Cap
Balanced Equity Equity Equity
Fund Fund Fund Fund (a)
---------- ----------- ----------- ---------
<S> <C> <C> <C> <C>
Investment Income:
Interest income.............. $1,194,251 $ -- $ -- $ 3,240
Dividend income.............. 393,775 2,576,498 1,098,546 23,045
Dividend income from
affiliates.................. 84,120 110,904 186,832 7,195
---------- ----------- ----------- --------
Total Income............... 1,672,146 2,687,402 1,285,378 33,480
---------- ----------- ----------- --------
Expenses:
Investment advisory fees..... 388,251 1,314,346 801,041 21,596
Administration fees.......... 104,934 380,973 232,188 6,259
Distribution fees............ 131,166 476,212 290,232 7,824
Audit fees................... 4,827 11,856 8,303 2,736
Custodian fees............... 15,740 57,144 34,827 939
Fund accounting fees......... 31,281 58,237 37,259 2,834
Organization fees............ -- -- 9,718 --
Registration and filing fees. 5,401 11,259 17,299 3,539
Transfer agent fees.......... 12,453 50,570 29,864 4,673
Trustees fees................ 1,213 4,592 2,470 50
Other expenses............... 12,526 46,445 27,231 919
---------- ----------- ----------- --------
Total Expenses............. 707,792 2,411,634 1,490,432 51,369
Expenses voluntarily reduced. (357,756) (361,923) (220,577) (29,420)
---------- ----------- ----------- --------
Net Expenses............... 350,036 2,049,711 1,269,855 21,949
---------- ----------- ----------- --------
Net Investment Income........ 1,322,110 637,691 15,523 11,531
---------- ----------- ----------- --------
Realized/Unrealized Gains On
Investments:
Net realized gains on
investment transactions..... 4,705,901 27,915,926 18,308,527 61,567
Change in unrealized
appreciation on investment
transactions................ 1,669,615 17,311,573 16,661,213 36,527
---------- ----------- ----------- --------
Net realized and unrealized
gains on investments........ 6,375,516 45,227,499 34,969,740 98,094
---------- ----------- ----------- --------
Change in net assets resulting
from operations.............. $7,697,626 $45,865,190 $34,985,263 $109,625
========== =========== =========== ========
</TABLE>
- --------
(a) For the period February 17, 1999 (commencement of operations) through
August 31, 1999.
See notes to financial statements.
- 20 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
U.S. Treasury Fund Cash Management Fund
------------------------------- -------------------------------
Year Ended Year Ended Year Ended Year Ended
August 31, August 31, August 31, August 31,
1999 1998 1999 1998
--------------- -------------- --------------- --------------
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income. $ 17,366,637 $ 18,063,806 $ 23,363,383 $ 20,468,175
Net realized gains
(losses) on
investment
transactions......... (12,023) 21,082 (8,431) 12,486
--------------- -------------- --------------- --------------
Change in net assets
from operations....... 17,354,614 18,084,888 23,354,952 20,480,661
--------------- -------------- --------------- --------------
Distributions to
Shareholders:
From net investment
income............... (17,366,637) (18,063,806) (23,363,383) (20,468,175)
From net realized
gains................ -- (56,293) -- --
--------------- -------------- --------------- --------------
Change in net assets
from shareholder
distributions......... (17,366,637) (18,120,099) (23,363,383) (20,468,175)
--------------- -------------- --------------- --------------
Capital Transactions:
Proceeds from shares
issued............... 1,310,712,928 1,070,787,836 1,239,471,976 1,129,291,958
Dividends reinvested.. 48,968 42,811 22,689 25,815
Cost of shares
redeemed............. (1,304,653,860) (980,900,895) (1,154,176,913) (993,854,941)
--------------- -------------- --------------- --------------
Change in net assets
from capital
transactions.......... 6,108,036 89,929,752 85,317,752 135,462,832
--------------- -------------- --------------- --------------
Change in net assets... 6,096,013 89,894,541 85,309,321 135,475,318
Net Assets:
Beginning of period... 388,318,971 298,424,430 466,570,728 331,095,410
--------------- -------------- --------------- --------------
End of period......... $ 394,414,984 $ 388,318,971 $ 551,880,049 $ 466,570,728
=============== ============== =============== ==============
Share Transactions:
Issued................ 1,310,712,928 1,070,787,836 1,239,471,976 1,129,291,958
Reinvested............ 48,968 42,811 22,689 25,815
Redeemed.............. (1,304,653,860) (980,900,895) (1,154,176,913) (993,854,941)
--------------- -------------- --------------- --------------
Change in shares....... 6,108,036 89,929,752 85,317,752 135,462,832
=============== ============== =============== ==============
</TABLE>
See notes to financial statements.
- 21 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term
Bond Fund Income Fund
------------------------ -------------------------
Year Ended Year Ended Year Ended Year Ended
August 31, August 31, August 31, August 31,
1999 1998 1999 1998
----------- ----------- ------------ -----------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income....... $ 1,323,754 $ 1,274,909 $ 3,172,014 $ 1,318,231
Net realized gains (losses)
on investment transactions. 160,296 137,152 (26,791) 45,164
Net change in unrealized
appreciation/(depreciation)
on investment transactions. (1,455,800) 602,188 (1,389,792) 392,685
----------- ----------- ------------ -----------
Change in net assets from
operations.................. 28,250 2,014,249 1,755,431 1,756,080
----------- ----------- ------------ -----------
Distributions to Shareholders:
From net investment income.. (1,323,754) (1,274,909) (3,172,014) (1,318,231)
From net realized gains..... (95,497) (181,702) -- --
In excess of net realized
gains...................... -- -- (16,447) --
----------- ----------- ------------ -----------
Change in net assets from
shareholder distributions... (1,419,251) (1,456,611) (3,188,461) (1,318,231)
----------- ----------- ------------ -----------
Capital Transactions:
Proceeds from shares issued. 7,046,579 8,350,420 59,412,745 19,931,828
Dividends reinvested........ 276,273 356,309 999,811 699,140
Cost of shares redeemed..... (6,032,443) (5,354,470) (28,845,926) (4,337,290)
----------- ----------- ------------ -----------
Change in net assets from
capital transactions........ 1,290,409 3,352,259 31,566,630 16,293,678
----------- ----------- ------------ -----------
Change in net assets......... (100,592) 3,909,897 30,133,600 16,731,527
Net Assets:
Beginning of period......... 30,453,706 26,543,809 32,389,737 15,658,210
----------- ----------- ------------ -----------
End of period............... $30,353,114 $30,453,706 $ 62,523,337 $32,389,737
----------- ----------- ------------ -----------
Share Transactions:
Issued...................... 647,376 766,891 5,897,473 1,986,244
Reinvested.................. 25,272 32,766 99,303 69,739
Redeemed.................... (553,996) (491,985) (2,874,678) (433,553)
----------- ----------- ------------ -----------
Change in shares............. 118,652 307,672 3,122,098 1,622,430
=========== =========== ============ ===========
</TABLE>
See notes to financial statements.
- 22 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Intermediate Bond Fund Bond Fund
-------------------------- -------------------------
Year Ended Year Ended Year Ended Year Ended
August 31, August 31, August 31, August 31,
1999 1998 1999 1998
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 5,095,981 $ 4,763,811 $ 3,378,030 $ 2,796,794
Net realized gains on
investment transactions... 61,996 122,855 95,329 293,685
Net change in unrealized
appreciation/(depreciation)
on investment
transactions.............. (3,713,168) 1,996,594 (3,614,380) 1,891,340
------------ ------------ ------------ -----------
Change in net assets from
operations................. 1,444,809 6,883,260 (141,021) 4,981,819
------------ ------------ ------------ -----------
Distributions to
Shareholders:
From net investment income. (5,095,981) (4,763,811) (3,378,030) (2,796,794)
------------ ------------ ------------ -----------
Change in net assets from
shareholder distributions.. (5,095,981) (4,763,811) (3,378,030) (2,796,794)
------------ ------------ ------------ -----------
Capital Transactions:
Proceeds from shares
issued.................... 17,508,773 15,610,472 22,322,799 21,515,847
Dividends reinvested....... 1,884,498 1,637,548 1,787,424 1,537,768
Cost of shares redeemed.... (13,991,464) (11,304,364) (10,575,786) (7,986,780)
------------ ------------ ------------ -----------
Change in net assets from
capital transactions....... 5,401,807 5,943,656 13,534,437 15,066,835
------------ ------------ ------------ -----------
Change in net assets........ 1,750,635 8,063,105 10,015,386 17,251,860
Net Assets:
Beginning of period........ 85,381,657 77,318,552 52,706,011 35,454,151
------------ ------------ ------------ -----------
End of period.............. $ 87,132,292 $ 85,381,657 $ 62,721,397 $52,706,011
============ ============ ============ ===========
Share Transactions:
Issued..................... 1,687,759 1,504,780 2,343,736 2,260,859
Reinvested................. 181,866 158,104 186,871 161,484
Redeemed................... (1,353,613) (1,090,310) (1,103,597) (835,283)
------------ ------------ ------------ -----------
Change in shares............ 516,012 572,574 1,427,010 1,587,060
============ ============ ============ ===========
</TABLE>
See notes to financial statements.
- 23 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Balanced Fund Equity Fund
------------------------ --------------------------
Year Ended Year Ended Year Ended Year Ended
August 31, August 31, August 31, August 31,
1999 1998 1999 1998
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 1,322,110 $ 1,157,315 $ 637,691 $ 866,125
Net realized gains on
investment transactions... 4,705,901 2,957,980 27,915,926 17,019,219
Net change in unrealized
appreciation/(depreciation)
on investment
transactions.............. 1,669,615 (2,919,423) 17,311,573 (14,850,993)
----------- ----------- ------------ ------------
Change in net assets from
operations................. 7,697,626 1,195,872 45,865,190 3,034,351
----------- ----------- ------------ ------------
Distributions to
Shareholders:
From net investment income. (1,294,489) (967,598) (657,274) (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.. (3,477,543) (4,038,233) (10,948,155) (25,829,996)
----------- ----------- ------------ ------------
Capital Transactions:
Proceeds from shares
issued.................... 15,425,879 12,096,163 19,316,113 30,278,446
Dividends reinvested....... 3,472,606 4,255,914 10,603,164 25,561,376
Cost of shares redeemed.... (7,203,269) (3,102,619) (48,023,525) (36,966,169)
----------- ----------- ------------ ------------
Change in net assets from
capital transactions....... 11,695,216 13,249,458 (18,104,248) 18,873,653
----------- ----------- ------------ ------------
Change in net assets........ 15,915,299 10,407,097 16,812,787 (3,921,992)
Net Assets:
Beginning of period........ 40,655,753 30,248,656 166,964,535 170,886,527
----------- ----------- ------------ ------------
End of period.............. $56,571,052 $40,655,753 $183,777,322 $166,964,535
=========== =========== ============ ============
Share Transactions:
Issued..................... 1,132,779 922,140 1,089,565 1,738,159
Reinvested................. 261,784 334,333 628,771 1,607,102
Redeemed................... (526,889) (230,322) (2,683,372) (2,121,689)
----------- ----------- ------------ ------------
Change in shares............ 867,674 1,026,151 (965,036) 1,223,572
=========== =========== ============ ============
</TABLE>
See notes to financial statements.
- 24 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Small Cap
Growth Equity Fund Equity Fund
------------------------- ------------
November 3, February 17,
1997 1999
Year Ended through through
August 31, August 31, August 31,
1999 1998 (a) 1999 (a)
------------ ----------- ------------
<S> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income................ $ 15,523 $ 135,930 $ 11,531
Net realized gains on investment
transactions........................ 18,308,527 3,186,827 61,567
Net change in unrealized appreciation
on investment transactions.......... 16,661,213 1,516,703 36,527
------------ ----------- ----------
Change in net assets from operations.. 34,985,263 4,839,460 109,625
------------ ----------- ----------
Distributions to Shareholders:
From net investment income........... (52,151) (101,819) (2,885)
In excess of net investment income... (99,796) -- --
From net realized gains.............. (3,188,583) -- --
------------ ----------- ----------
Change in net assets from shareholder
distributions........................ (3,340,530) (101,819) (2,885)
------------ ----------- ----------
Capital Transactions:
Proceeds from shares issued.......... 41,764,899 80,122,291 7,523,215
Dividends reinvested................. 3,093,162 12,716 163
Cost of shares redeemed.............. (19,803,332) (6,195,802) (240,574)
------------ ----------- ----------
Change in net assets from capital
transactions......................... 25,054,729 73,939,205 7,282,804
------------ ----------- ----------
Change in net assets.................. 56,699,462 78,676,846 7,389,544
Net Assets:
Beginning of period.................. 78,676,846 -- --
------------ ----------- ----------
End of period........................ $135,376,308 $78,676,846 $7,389,544
============ =========== ==========
Share Transactions:
Issued............................... 2,881,072 7,516,651 729,012
Reinvested........................... 231,194 1,070 17
Redeemed............................. (1,349,518) (526,349) (23,537)
------------ ----------- ----------
Change in shares...................... 1,762,748 6,991,372 705,492
============ =========== ==========
</TABLE>
- --------
(a) Period from commencement of operations.
See notes to financial statements.
- 25 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
U.S. Treasury Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------- ------------
<C> <S> <C>
U.S. Treasury Bills (35.3%):
$125,000,000 5.18%, 9/15/99.................................... $124,748,729
15,000,000 4.62%, 5/25/00.................................... 14,477,681
------------
Total U.S. Treasury Bills 139,226,410
------------
Repurchase Agreements (65.1%):
19,000,000 Bear Stearns, 5.42%, 9/1/99, (Purchased on
8/31/99, proceeds at maturity $19,002,861,
collateralized by $15,310,000 U.S. Treasury Bond,
8.75%, 5/15/17, market value $19,389,512)........ 19,000,000
19,000,000 JP Morgan, 5.40%, 9/1/99, (Purchased on 8/31/99,
proceeds at maturity $19,002,850, collateralized
by $18,337,000 U.S. Treasury Note, 7.50%,
11/15/01, market value $19,380,263).............. 19,000,000
90,000,000 Morgan Stanley, 5.40%, 9/1/99, (Purchased on
8/31/99, proceeds at maturity $90,013,500,
collateralized by $90,570,000 U.S. Treasury Note,
5.88%, 11/15/99, market value $92,267,449)....... 90,000,000
90,844,904 SG Cowen, 5.43%, 9/1/99, (Purchased on 8/31/99,
proceeds at maturity $90,858,607, collateralized
by $93,205,000 U.S. Treasury Notes, Bonds and
Bills, 0.00% to 9.13%, 9/2/99 to 2/15/29, market
value $92,347,985)............................... 90,844,904
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- ------------------------------------------------- ------------
<C> <S> <C>
Repurchase Agreements, continued
$19,000,000 SunTrust, 5.36%, 9/1/99, (Purchased on 8/31/99,
proceeds at maturity $19,002,829, collateralized
by $17,823,000 U.S. Treasury Bonds, 7.88%,
2/15/21 and 6.63% 5/15/07, market value
$19,389,610).................................... $ 19,000,000
19,000,000 Warburg Dillon, 5.41%, 9/1/99, (Purchased on
8/31/99, proceeds at maturity $19,002,855,
collateralized by $15,082,000 U.S. Treasury
Bond, 9.25%, 2/15/16, market value $19,292,562) 19,000,000
------------
Total Repurchase Agreements 256,844,904
------------
Total Investments (Cost $396,071,314) (a)--100.4% $396,071,314
Liabilities in excess of other assets--(0.4)% (1,656,330)
------------
Total Net Assets--100.0% $394,414,984
============
</TABLE>
- --------
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
See notes to financial statements.
- 26 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- --------------------------------------------------- ------------
<C> <S> <C>
Certificates of Deposit (7.2%):
Yankee (7.2%):
$10,000,000 Bayerische Hypo Vereinsbank AG, 5.19%*, 9/15/99.... $ 9,995,710
10,000,000 Paribas Finance, 5.44%, 1/18/00.................... 10,000,000
10,000,000 Rabobank Nederland NY, 5.60%, 6/14/00.............. 9,997,738
10,000,000 Societe Generale, 5.05%, 11/29/99.................. 10,000,000
------------
Total Certificates of Deposit 39,993,448
------------
Commercial Paper (23.2%):
Automotive (1.8%):
10,000,000 Ford Motor Credit, 5.15%, 12/10/99................. 9,856,944
------------
Banking (10.7%):
10,000,000 Associates First Capital, 1/31/00.................. 9,765,667
10,000,000 Den Norske Bank, 4.92%, 10/27/99................... 9,923,467
10,000,000 Deutsche, 5.34%, 1/18/00........................... 9,793,817
5,000,000 Merita North America, Inc., 5.40%, 1/18/00......... 4,895,750
5,000,000 Merita North America, Inc., 5.37%, 3/20/00......... 4,850,088
10,000,000 Svenska Handelsbanken, Inc., 5.38%, 6/1/00......... 9,999,999
10,000,000 UBS Finance, 5.30%, 4/14/00........................ 9,667,278
------------
58,896,066
------------
Brokerage Services (3.5%):
10,000,000 Bear Stearns, 5.48%, 4/11/00....................... 9,660,544
10,000,000 Goldman Sachs Group, 5.16%, 10/29/99............... 9,916,867
------------
19,577,411
------------
Environmental Services (1.8%):
10,000,000 John Deere Capital Corp., 5.12%, 10/4/99........... 9,953,067
------------
Insurance (3.6%):
10,000,000 American General Corp., 5.11%, 9/13/99............. 9,982,966
10,000,000 Prudential Funding, 5.10%, 9/27/99................. 9,963,167
------------
19,946,133
------------
Utilities--Electric (1.8%):
10,000,000 General Electric Capital Corp. Stars, 5.10%*,
9/16/99........................................... 10,000,000
------------
Total Commercial Paper 128,229,621
------------
Corporate Bonds (32.2%):
Banking (18.7%):
5,000,000 Banc One, 5.15%*, 9/15/99, MTN..................... 5,001,973
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- ---------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds, continued:
$5,000,000 Bank of America Corp., 5.35%*, 10/15/99............. $ 5,000,560
5,000,000 Bank of America Corp., 5.12%*, 9/20/99.............. 5,000,363
10,000,000 First National Bank Of Maryland, 5.36%*, 11/8/99,
MTN................................................ 9,997,935
10,000,000 First Union, 5.02%*, 9/2/99, MTN.................... 10,000,000
5,000,000 First USA Bank, 5.66%*, 10/21/99.................... 5,007,082
10,000,000 Fleet National Bank, 5.41%*, 10/26/99............... 10,010,761
10,000,000 Huntington National Bank, 5.36%*, 11/24/99, MTN..... 9,995,705
10,000,000 Key Bank, N.A., 5.31%*, 10/20/99.................... 10,003,682
10,000,000 PNC Bank, N.A., 5.09%*, 9/1/99...................... 9,998,036
10,000,000 Spintab, 5.36%*, 9/30/99, MTN....................... 10,001,342
3,000,000 US Bancorp, 5.60%*, 11/15/99, MTN................... 3,000,253
10,000,000 Wells Fargo & Co., 4.99%*, 9/10/99.................. 9,997,403
------------
103,015,095
------------
Financial Services (8.1%):
10,000,000 Caterpillar Financial Services, 5.34%*, 10/20/99,
MTN................................................ 10,001,736
5,000,000 General Motors Acceptance Corp., 5.45%*, 11/24/99,
MTN................................................ 5,000,219
5,000,000 General Motors Acceptance Corp., 5.45%*, 11/26/99,
MTN................................................ 4,999,975
10,000,000 JP Morgan & Co., Inc., 5.57%*, 9/1/99............... 10,000,394
5,000,000 Merrill Lynch & Co., Inc.,
5.85%*, 11/16/99................................... 5,009,591
5,240,000 Morgan Stanley Dean Witter, 5.43%*, 9/1/99, MTN..... 5,250,818
3,000,000 Morgan Stanley Dean Witter, 5.16%*, 9/10/99, MTN.... 3,001,552
1,700,000 Morgan Stanley Dean Witter, 5.36%*, 10/4/99, MTN.... 1,700,795
------------
44,965,080
------------
Insurance (5.4%):
10,000,000 Combined Insurance Co., 5.20%*, 12/10/99 **......... 10,000,000
10,000,000 First Allmerica Financial Life Insurance Co.,
5.44%*, 11/5/99**.................................. 10,000,000
10,000,000 Security Life of Denver, 5.24%*, 9/24/99**.......... 10,000,000
------------
30,000,000
------------
Total Corporate Bonds 177,980,175
------------
</TABLE>
Continued
- 27 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------- ------------
<C> <S> <C>
U.S. Government Agencies (10.9%):
Federal Home Loan Bank (6.4%):
$25,000,000 5.13%*, 11/3/99................................... $ 24,994,798
10,000,000 5.52%, 6/22/00.................................... 10,000,000
------------
34,994,798
------------
Student Loan Marketing Assoc. (4.5%):
25,000,000 5.16%*, 11/8/99................................... 24,994,693
------------
Total U.S. Government Agencies 59,989,491
------------
U.S. Treasury Bills (13.6%):
50,000,000 5.18%, 9/15/99.................................... 49,899,424
25,000,000 4.67%, 9/30/99.................................... 24,905,951
------------
Total U.S. Treasury Bills 74,805,375
------------
Repurchase Agreements (12.9%):
60,000,000 Bear Stearns, 5.46%, 9/1/99, (Purchased on
8/31/99, proceeds at maturity $60,009,100,
collateralized by $9,760,000 U.S. Treasury Bond,
10.38% 11/15/12, market value $12,469,726 and
$50,00,000 FNMA, 2/10/00, market value
$48,797,875) .................................... 60,000,000
11,012,645 Morgan Stanley, 5.44%, 9/1/99, (Purchased on
8/31/99, proceeds at maturity $11,014,309,
collateralized by $11,120,000 Federal Home Loan
Bank Bond, 5.10% 5/17/00, market value
$11,222,053)..................................... 11,012,645
------------
Total Repurchase Agreements 71,012,645
------------
Total Investments (Cost $552,010,755)
(a)--100.0% 552,010,755
------------
Liabilities in excess of other assets--0.0% (130,706)
------------
Total Net Assets--100.0% $551,880,049
============
</TABLE>
- --------
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
* Variable rate investments. The rate presented on the Schedule of Portfolio
Investments is the rate in effect at August 31, 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
See notes to financial statements.
- 28 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Alternative Minimum Tax Paper (2.9%):
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............................... $ 359,205
-----------
Texas (1.7%):
250,000 Texas State Student Loan, GO, 6.50%, 8/1/07, Callable
8/1/02 @ 100*........................................ 258,063
250,000 Texas State Student Loan, GO, 5.75%, 8/1/08, Callable
8/1/04 @ 100*........................................ 252,540
-----------
510,603
-----------
Total Alternative Minimum Tax Paper 869,808
-----------
Municipal Bonds (94.5%):
Alabama (1.6%):
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.. 478,525
-----------
Alaska (1.7%):
500,000 Alaska State Housing Financial Corp., Series A, 6.10%,
12/1/06.............................................. 516,180
-----------
Arizona (2.6%):
250,000 Arizona State Transportation Board, Highway Revenue,
Sub-Series A, 6.10%, 7/1/01.......................... 258,575
500,000 Arizona State University Revenue Refunding, Series A,
5.80%, 7/1/07, Callable 7/1/02 @ 101*................ 520,805
-----------
779,380
-----------
California (2.7%):
500,000 Folsom, School Facilities Project, GO, Series B,
6.00%, 8/1/06, Callable 8/1/04 @ 102*, Insured by:
FGIC................................................. 538,465
270,000 Los Angeles, Public Facilities Corp. Revenue, 5.40%,
8/1/07, Callable 2/1/99 @ 101.5*, ETM................ 279,126
-----------
817,591
-----------
Colorado (1.6%):
500,000 University of Colorado Hospital Authority, Revenue
Bond, Series A, 5.00%, 11/15/12, Callable 11/15/07 @
102*, Insured by: AMBAC.............................. 479,880
-----------
District of Columbia (1.7%):
500,000 District of Columbia Refunding, GO, Series B-1, 5.20%,
6/1/04, Insured by: AMBAC............................ 512,205
-----------
Florida (1.6%):
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..................... 500,430
-----------
Hawaii (1.7%):
500,000 State, GO, 5.13%, 2/1/07, Insured by: FGIC--TCRS...... 509,395
-----------
Illinois (10.3%):
400,000 Chicago Park District Funding, GO, Series A, 5.25%,
11/15/12, Callable 11/15/08 @ 100, Insured by: MBIA.. 396,588
500,000 Chicago Park District Refunding, GO, 5.45%, 1/1/04,
Callable 1/1/03 @ 102, Insured by: FGIC.............. 518,280
250,000 Chicago Project & Referendum, GO, Series B, 5.13%,
1/1/13, Callable 1/1/06 @ 102, Insured by: FGIC...... 242,123
500,000 Chicago School Finance Authority Refunding, GO, Series
A, 5.38%, 6/1/08, Callable 6/1/03 @ 102*, Insured by:
FGIC................................................. 510,915
500,000 Illinois Development Finance Authority, Pollution
Control Revenue Refunding, Commonwealth Edison Co.,
5.70%, 1/15/09, Insured by: AMBAC.................... 523,994
</TABLE>
Continued
- 29 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued:
$500,000 Illinois Health Facilities Authority, Revenue Bond,
Methodist Medical Center, 5.13%, 11/15/18, Callable
11/15/08 @ 101*...................................... $ 459,545
500,000 Illinois Health Facilities Revenue, OSF Healthcare
System, 5.75%, 11/15/07, Callable 11/15/03 @ 102*.... 504,880
-----------
3,156,325
-----------
Indiana (5.0%):
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.............. 470,335
600,000 Indiana State Office Building, Revenue Bond, Series B,
5.25%, 7/1/15, Callable 7/1/03 @ 102*, Insured by:
AMBAC................................................ 573,240
500,000 South Bend Water Works, Revenue Bond, 4.75%, 1/1/12,
Callable 1/1/06 @ 101*, Insured by: FSA.............. 467,550
-----------
1,511,125
-----------
Louisiana (1.6%):
500,000 Lousiana Public Facilities Authority, Lousiana Water
Co. Project, 5.45%, 2/1/13, Callable 8/1/07 @ 100*,
Insured by: AMBAC.................................... 499,220
-----------
Michigan (4.4%):
550,000 Detroit Sewer Disposal, Revenue Bond, Series A, 5.25%,
7/1/15, Callable 7/1/05 @ 101*, Insured by: MBIA..... 537,818
45,000 Holly Area School District, GO, 5.30%, 5/1/09,
Prerefunded 5/1/05 @ 101, Insured by: FGIC........... 46,923
205,000 Holly Area School District, GO, 5.30%, 5/1/09,
Prerefunded 5/1/05 @ 101, Insured by: FGIC........... 213,762
600,000 Michigan State Building Authority, Revenue Bond,
Series I, 4.75%, 10/15/15, Callable 10/15/09 @ 100... 543,906
-----------
1,342,409
-----------
Minnesota (1.8%):
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............ 547,333
-----------
Nevada (5.9%):
250,000 Clark County, Series A, Limited GO, 6.00%, 7/1/06,
Callable 7/1/03 @ 101*............................... 263,353
500,000 Las Vegas, Downtown Redevelopment Agency, Tax
Increment Revenue Refunding, 5.40%, 6/1/07, Callable
6/1/05 @ 101*, Insured by: FSA....................... 511,645
500,000 Reno, Hospital Revenue, St. Mary's Regional Medical
Center, 5.25%, 5/15/07, Callable 5/15/03 @ 102*,
Insured by: MBIA..................................... 507,090
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..... 518,580
-----------
1,800,668
-----------
New York (1.3%):
400,000 Suffolk County Water Authority, Revenue Bond, Series
A, 5.00%, 6/1/14, Callable 6/1/07 @ 102*, Insured by:
AMBAC................................................ 384,232
-----------
Ohio (3.4%):
500,000 Ohio Municipal Electric Generation Agency, 5.38%,
2/15/13, Callable 2/15/03 @ 102*, Insured by: AMBAC.. 500,335
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............ 524,365
-----------
1,024,700
-----------
</TABLE>
Continued
- 30 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued:
Oklahoma (15.9%):
$600,000 Edmond, Oklahoma Public Works Authority, Revenue
Refunding, 5.00%, 7/1/15, Callable 7/1/08 @ 100*,
Insured by: MBIA..................................... $ 561,282
455,000 Grand River Dam Authority, Revenue Bond, 5.90%,
11/1/08, Callable 4/19/99 @ 101*, ETM................ 475,448
500,000 Oklahoma City Water Utilities, Revenue Bond, Series A,
5.00%, 7/1/16, Callable 7/1/09 @ 100*................ 468,050
500,000 Oklahoma City, GO, 5.60%, 5/1/10, Callable 5/1/03 @
100*................................................. 512,880
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........................................... 514,155
500,000 Tulsa Industrial Authority, Hospital Revenue, St.
John's Medical Center Project, 5.70%, 2/15/04........ 516,430
500,000 Tulsa International Airport, Revenue Refunding, 5.40%,
6/1/03, Insured by: FGIC............................. 517,600
200,000 Tulsa Public Facilities Authority, 5.80%, 7/1/01...... 204,972
540,000 Tulsa Public Facilities Authority, Capital
Improvement, Series 1988-B, 5.70%, 3/1/05, Callable
3/1/03 @ 102*........................................ 558,505
500,000 Tulsa Public Facilities Authority, Revenue Refunding,
Solid Waste, Ogden Martin Systems, 5.65%, 11/1/06,
Insured by: AMBAC.................................... 519,335
-----------
4,848,657
-----------
Pennsylvania (5.9%):
500,000 Bristol Township School District, GO, Series A, 5.25%,
2/15/09, Callable 2/15/04 @ 100*, Insured by: MBIA
State Aid Withholding................................ 504,330
500,000 Harrisburg, Recovery Facilities Revenue Bond, Series
A, 5.00%, 9/1/12, Callable 9/1/08 @ 101*, Insured by:
FSA.................................................. 479,235
500,000 Lackawanna County, GO, Series A, 4.80%, 1/1/13,
Callable 1/1/09 @ 100, Insured by: FGIC.............. 466,925
320,000 Philadelphia Water & Sewer, Revenue Refunding, 15th
Series, 6.88%, 10/1/06, Callable 10/1/99 @ 102*,
Insured by: MBIA..................................... 327,232
-----------
1,777,722
-----------
South Carolina (2.5%):
400,000 Anderson County Hosp. Facs., Revenue Bond, 5.25%,
2/1/12, Callable 2/1/03 @ 102, Insured by: MBIA...... 394,248
350,000 Georgetown County, Pollution Control Facilities,
Revenue Refunding, International Paper Co. Project,
6.25%, 6/15/05, Callable 6/15/02 @ 102*.............. 365,519
-----------
759,767
-----------
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*............................... 717,143
-----------
Texas (8.2%):
250,000 Brownsville Utilities System, Revenue Refunding,
6.25%, 9/1/07, Callable 9/1/02 @ 100*, Insured by:
MBIA................................................. 261,723
500,000 Coastal Bend, Health Facilities Development, Revenue
Bond, Series A, 5.60%, 11/15/02, Insured by: AMBAC... 519,280
400,000 Houston Water & Sewer System, Revenue Refunding,
Series B, 6.10%, 12/1/05, Callable 12/1/02 @ 102*.... 423,268
500,000 Katy Independent School District, GO, Series A, 4.80%,
2/15/14, Callable 2/15/08 @ 100*..................... 460,425
500,000 Tarrant County Water Control, Revenue Bond, 4.75%,
3/1/12, Callable 3/1/03 @ 100*, Insured by: AMBAC.... 468,140
400,000 Tomball Independent School District, GO, 4.75%,
2/15/16, Callable 2/15/09 @ 100*..................... 359,368
-----------
2,492,204
-----------
Washington (9.1%):
400,000 Grays Harbor County Public Utility, Revenue Bond,
5.13%, 1/1/14, Callable 1/1/07 @ 100*, Insured by:
AMBAC................................................ 387,928
500,000 Port Tacoma, Revenue Refunding, Series A, 5.50%,
11/1/04, Callable 11/1/02 @ 100*, Insured by: AMBAC.. 514,125
</TABLE>
Continued
- 31 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued:
$500,000 Seattle Municipality Sewer, Revenue Bond, Series X,
5.50%, 1/1/16, Callable 1/1/03 @ 102*, Insured by:
FGIC................................................. $ 497,295
500,000 Tacoma Electric System, Revenue Refunding, 5.70%,
1/1/03, Insured by: FGIC............................. 519,914
500,000 Washington State Health Care Facilities, Revenue Bond,
5.13%, 12/1/12, Callable 12/1/07 @ 101*, Insured by:
MBIA................................................. 484,765
350,000 Washington State Health Care Facilities, Revenue Bond,
5.50%, 11/15/13, Callable 11/15/08 @ 101*, Insured
by: AMBAC............................................ 349,286
-----------
2,753,313
-----------
West Virginia (1.6%):
500,000 Pleasants County Pollution Control, Revenue Bond,
4.70%, 11/1/07....................................... 485,185
-----------
Total Municipal Bonds 28,693,589
-----------
Investment Companies (1.8%):
547,538 SEI Institutional Tax Free Fund....................... 547,538
-----------
Total Investment Companies 547,538
-----------
Total Investments (Cost $30,048,966)(a)--99.2% 30,110,935
Other assets in excess of liabilities--0.8% 242,179
-----------
Total Net Assets--100.0% $30,353,114
===========
</TABLE>
- --------
(a) Represents cost for federal income tax and financial reporting purposes and
differs from value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $ 524,411
Unrealized depreciation............... (462,442)
---------
Net unrealized appreciation........... $ 61,969
=========
</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.
- 32 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Asset Backed Securities (1.4%):
$ 4,180 AFC Home Equity Loan Trust, Series 1993-2, Class A,
6.00%, 1/20/13...................................... $ 4,072
25,297 AFC Home Equity Loan Trust, Series 1995-3, Class 1A2,
6.80%, 10/26/26..................................... 25,358
122,462 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09...................................... 121,272
300,000 Crown Home Equity Loan Trust, Series 1996-1, Class
A3, 6.81%, 6/25/11.................................. 292,538
25,000 First Plus Home Loan Trust, Series 1997-2, Class A7,
7.54%, 4/10/23...................................... 26,050
163,727 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3,
7.30%, 3/25/12...................................... 163,365
172,763 Nomura Asset Securities Corp., Series 1995-2, Class
2M, 7.12%, 1/25/26.................................. 172,786
29,904 The Money Store Home Equity Trust, Series 1992-B,
Class A, 6.90%, 7/15/07............................. 29,826
13,825 The Money Store Home Equity Trust, Series 1997-A,
Class A4, 6.89%, 3/15/16............................ 13,858
13,015 UCFC Home Equity Loan, Series 1993-D1, Class A1,
5.45%, 7/10/13...................................... 12,889
-----------
Total Asset Backed Securities 862,014
-----------
Collateralized Mortgage Obligations (83.1%):
2,653,129 BA Mortgage Securities, Inc.,
Series 1998-4, Class 2A3, 6.50%, 8/25/13............ 2,517,659
52,893 Bear Stearns Mortgage Securities, Inc., Series 1993-
4, Class A10, 7.10%, 4/25/24........................ 52,778
601,023 Bear Stearns Mortgage Securities, Inc., Series 1993-
10, Class A9, 7.20%, 7/25/24........................ 579,927
20,171 Chase Mortgage Finance Corp., Series 1992-L2, Class
2A10, 7.50%, 4/25/20................................ 20,163
78,788 Chase Mortgage Finance Corp., Series 1992-K, Class
A5, 7.50%, 10/25/24................................. 78,352
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 96,010 Chase Mortgage Finance Corp., Series 1993-N, Class A5,
6.75%, 11/25/24...................................... $ 94,623
51,066 Chase Mortgage Finance Corp., Series 1994-L, Class
2A9, 7.50%, 11/25/25................................. 51,076
33,000 Citicorp Mortgage Securities, Inc., Series 1992-11,
Class A6, 8.00%, 6/25/07............................. 32,972
88,201 CMC Securities Corp., Series 1994-H1, Class 30A3,
8.25%, 10/25/24...................................... 89,131
43,000 Collateralized Mortgage Obligation Trust, Series 54,
Class C, 9.25%, 11/1/13.............................. 43,166
536,412 Collateralized Mortgage Obligation Trust, Series 34,
Class D, 6.00%, 10/1/17.............................. 533,237
64,444 Countrywide Funding Corp., Series 1994-10, Class A5,
6.00%, 5/25/09....................................... 63,963
106,856 Countrywide Funding Corp., Series 1994-13, Class A8,
6.50%, 6/25/09....................................... 105,448
340,000 Countrywide Funding Corp., Series 1994-9, Class A7,
6.50%, 5/25/24....................................... 328,114
15,000 Countrywide Funding Corp., Series 1994-19, Class A6,
8.50%, 12/25/24...................................... 15,298
52,000 Countrywide Funding Corp., Series 1995-4, Class A6,
7.50%, 9/25/25....................................... 51,950
879,000 Countrywide Home Loan, Series 1997-1, Class A4,
7.40%, 3/25/27....................................... 871,942
73,000 Countrywide Home Loan, Series 1997-1, Class A8,
7.50%, 3/25/27....................................... 73,254
1,339,637 Countrywide Home Loan, Series 1998-2, Class A1,
6.50%, 3/25/28....................................... 1,308,289
339,946 Countrywide Home Loan, Series 1998-13, Class A1,
6.75%, 8/25/28....................................... 331,155
80,000 Countrywide Mortgage Backed Securities, Inc.,
Series 1993-E, Class A6,
6.50%, 1/25/24....................................... 75,259
</TABLE>
Continued
- 33 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 90,000 Countrywide Mortgage Trust, Series 1993-1, Class A7,
7.55%, 4/25/23....................................... $ 90,000
2,620 Fannie Mae,
Series 1993-118, Class E, 6.10%, 12/25/04............ 2,612
22,000 Fannie Mae,
Series 1992-41, Class G,
8.00%, 3/25/05....................................... 22,374
2,192 Fannie Mae,
Series 1992-57, Class G,
7.00%, 8/25/05....................................... 2,185
5,000 Fannie Mae,
Series G92-44, Class H,
8.00%, 11/25/06...................................... 5,066
142,000 Fannie Mae,
Series 1992-196, Class J,
6.00%, 11/25/07...................................... 135,948
23,911 Fannie Mae,
Series 1992-203, Class K,
6.50%, 11/25/07...................................... 23,634
100,000 Fannie Mae,
Series 1992-124, Class D,
7.00%, 4/25/10....................................... 97,853
78,147 Fannie Mae,
Series 1992-38, Class L,
6.50%, 11/25/16...................................... 77,993
4,290 Fannie Mae,
Series 1993-202, Class EA,
5.50%, 12/25/16...................................... 4,265
2,667 Fannie Mae,
Series 1992-71, Class D,
8.25%, 3/25/17....................................... 2,657
2,597 Fannie Mae,
Series 1992-198, Class H,
6.00%, 2/25/18....................................... 2,587
71 Fannie Mae,
Series 1992-159, Class PG,
6.50%, 6/25/18....................................... 71
2,574 Fannie Mae,
Series 1988-26, Class C,
7.50%, 7/25/18....................................... 2,589
32,005 Fannie Mae,
Series G92-64, Class G,
7.00%, 12/25/18...................................... 32,017
96,319 Fannie Mae,
Series 1992-58, Class J,
6.50%, 12/25/18...................................... 96,139
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 58,665 Fannie Mae,
Series 1992-202, Class G,
7.50%, 12/25/18...................................... $ 59,033
50,118 Fannie Mae,
Series G93-27, Class AD,
6.00%, 3/25/19....................................... 49,894
38,845 Fannie Mae,
Series 1993-94, Class E,
6.00%, 3/25/19....................................... 38,687
13,062 Fannie Mae,
Series 1992-148, Class B,
7.00%, 4/25/19....................................... 13,096
103,581 Fannie Mae,
Series 1991-141, Class PH,
7.50%, 4/25/19....................................... 104,471
3,397 Fannie Mae,
Series G93-19, Class K,
6.50%, 6/25/19....................................... 3,387
10,000 Fannie Mae,
Series 1992-159, Class PH,
6.50%, 6/25/19....................................... 9,991
59,944 Fannie Mae,
Series 1991-132, Class G,
7.50%, 8/25/19....................................... 60,436
105,000 Fannie Mae,
Series 1992-188, Class PJ,
7.50%, 10/25/19...................................... 105,852
1,878 Fannie Mae,
Series G93-5, Class C,
6.50%, 1/25/20....................................... 1,871
8,574 Fannie Mae,
Series 1992-17, Class G,
6.50%, 3/25/20....................................... 8,555
762,049 Fannie Mae,
Series 1992-161, Class D,
7.00%, 3/25/20....................................... 762,477
23,396 Fannie Mae,
Series G92-15, Class G,
7.00%, 4/25/20....................................... 23,326
34,411 Fannie Mae,
Series 1993-74, Class B,
6.50%, 4/25/20....................................... 34,327
66,824 Fannie Mae,
Series 1992-15, Class H,
6.75%, 6/25/20....................................... 66,814
173,817 Fannie Mae,
Series 1992-98, Class PL,
8.00%, 6/25/20....................................... 173,577
</TABLE>
Continued
- 34 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 55,861 Fannie Mae,
Series 1992-147, Class PL,
7.25%, 7/25/20....................................... $ 55,800
17,758 Fannie Mae,
Series 1992-34, Class E,
7.00%, 7/25/20....................................... 17,778
40,672 Fannie Mae,
Series 1996-49, Class BA,
7.00%, 8/25/20....................................... 40,754
8,227 Fannie Mae,
Series 1991-42, Class K,
7.00%, 8/25/20....................................... 8,190
142,549 Fannie Mae,
Series 1992-185, Class G,
7.15%, 8/25/20....................................... 142,441
83 Fannie Mae,
Series 1992-201, Class B,
7.00%, 9/25/20....................................... 83
92,943 Fannie Mae,
Series 1991-176, Class PJ,
7.00%, 10/25/20...................................... 92,646
179,685 Fannie Mae,
Series 1991-14, Class H,
7.00%, 10/25/20...................................... 178,369
28,748 Fannie Mae,
Series G92-13, Class PH,
7.00%, 11/25/20...................................... 28,662
14,537 Fannie Mae,
Series 1992-103, Class JA,
7.50%, 11/25/20...................................... 14,592
446,768 Fannie Mae,
Series 1992-49, Class J,
7.00%, 12/25/20...................................... 446,813
3,182 Fannie Mae,
Series 1991-82, Class PL,
7.00%, 12/25/20...................................... 3,170
64,248 Fannie Mae,
Series G92-19, Class K,
7.50%, 12/25/20...................................... 64,191
73,724 Fannie Mae,
Series F92-44, Class D,
8.00%, 12/25/20...................................... 73,867
216,694 Fannie Mae,
Series 1991-147, Class K,
7.00%, 1/25/21....................................... 216,828
91,000 Fannie Mae,
Series 1992-27, Class PM,
7.00%, 1/25/21....................................... 90,768
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 1,664 Fannie Mae,
Series 1992-172, Class C,
7.00%, 2/25/21....................................... $ 1,654
20,000 Fannie Mae,
Series 1993-29, Class D,
7.00%, 2/25/21....................................... 19,595
251,000 Fannie Mae,
Series 1992-135, Class J,
7.50%, 2/25/21....................................... 253,120
16,046 Fannie Mae,
Series 1992-89, Class K,
7.00%, 3/25/21....................................... 16,038
30,000 Fannie Mae,
Series 1993-2, Class PH,
7.35%, 3/25/21....................................... 30,116
19,860 Fannie Mae,
Series 1992-83, Class G,
7.00%, 3/25/21....................................... 19,895
52,196 Fannie Mae,
Series G92-8, Class K,
7.50%, 3/25/21....................................... 52,261
3,780 Fannie Mae,
Series 1992-123, Class D,
7.50%, 4/25/21....................................... 3,769
46,595 Fannie Mae,
Series 1991-142, Class PK,
8.00%, 4/25/21....................................... 46,889
97,741 Fannie Mae,
Series 1991-148, Class K,
7.50%, 5/25/21....................................... 98,337
22,779 Fannie Mae,
Series 1993-16, Class D,
7.50%, 5/25/21....................................... 22,792
80,158 Fannie Mae,
Series 1992-131, Class H,
7.50%, 6/25/21....................................... 80,285
211,000 Fannie Mae,
Series 1992-34, Class GA,
8.00%, 6/25/21....................................... 213,465
14,820 Fannie Mae,
Series 1992-123, Class D,
7.50%, 8/25/21....................................... 14,905
26,389 Fannie Mae,
Series 1991-108, Class J,
7.00%, 9/25/21....................................... 26,159
154,575 Fannie Mae,
Series 1994-89, Class B,
8.00%, 9/25/21....................................... 153,962
</TABLE>
Continued
- 35 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 10,000 Fannie Mae,
Series 1992-161, Class G,
7.50%, 11/25/21...................................... $ 9,958
40,000 Fannie Mae,
Series 1993-9, Class PH,
7.00%, 1/25/22....................................... 39,599
40,735 Fannie Mae,
Series 1992-82, Class E,
7.00%, 4/25/22....................................... 40,481
64,224 Fannie Mae,
Series 1996-51, Class AJ,
7.00%, 6/18/22....................................... 64,330
3,000 Fannie Mae,
Series 1992-126, Class YY,
7.63%, 6/25/22....................................... 2,998
47,906 Fannie Mae,
Series 1993-225, Class UC,
6.25%, 9/25/22....................................... 47,099
109,810 Fannie Mae,
Series 1994-23, Class A,
6.00%, 12/25/22...................................... 109,122
138,537 Fannie Mae,
Series 1993-225, Class NB,
6.50%, 12/25/22...................................... 134,625
42,187 Fannie Mae,
Series 1993-27, Class A,
5.50%, 2/25/23....................................... 41,488
1,280 Fannie Mae,
Series 1993-41, Class J,
6.00%, 3/25/23....................................... 1,272
7,205 Fannie Mae,
Series 1993-2251, Class A,
6.50%, 3/25/23....................................... 7,184
124,510 Fannie Mae,
Series 1994-23, Class G,
6.00%, 5/25/23....................................... 123,687
227,148 Fannie Mae,
Series 1993-252, Class M,
6.50%, 5/25/23....................................... 224,884
25,343 Fannie Mae,
Series 1993-155, Class LA,
6.50%, 5/25/23....................................... 25,226
84,000 Fannie Mae,
Series 1994-89, Class C,
8.00%, 6/25/23....................................... 85,119
16,072 Fannie Mae,
Series 1994-38, Class A,
7.00%, 7/25/23....................................... 16,106
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 4,369 Fannie Mae,
Series 1993-147, Class N,
7.00%, 8/25/23....................................... $ 4,357
15,454 Fannie Mae,
Series 1994-75, Class M,
7.00%, 10/25/23...................................... 15,155
2,500,000 Fannie Mae,
Series 1997-60, Class PD,
6.50%, 1/18/24....................................... 2,427,899
178,615 Fannie Mae,
Series 1994-62, Class H,
7.00%, 3/25/24....................................... 171,491
9,812 Fannie Mae,
Series 1994-42, Class L,
6.50%, 4/25/24....................................... 9,444
95,000 Fannie Mae,
Series 1997-12, Class G,
7.00%, 7/18/24....................................... 95,167
10,000 Fannie Mae,
Series 1997-27, Class BL,
7.00%, 9/18/24....................................... 9,909
52,000 Fannie Mae,
Series 1996-46, Class H,
7.25%, 9/25/24....................................... 51,276
54,911 Fannie Mae,
Series 1997-55, Class A,
7.00%, 3/18/26....................................... 54,316
999,140 Fannie Mae,
Series 1998-24, Class J,
6.50%, 5/18/28....................................... 961,532
45,034 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA8, 10.00%, 7/25/27..................... 46,025
10,000 Freddie Mac,
Series 1301, Class EA,
7.00%, 8/15/05....................................... 10,028
33,314 Freddie Mac,
Series 1317, Class G,
7.00%, 5/15/06....................................... 33,381
6,338 Freddie Mac,
Series 1561, Class D,
6.00%, 8/15/06....................................... 6,327
75,834 Freddie Mac,
Series 1229, Class I,
7.00%, 8/15/06....................................... 75,899
6,816 Freddie Mac,
Series 1575, Class PE,
6.00%, 3/15/07....................................... 6,811
</TABLE>
Continued
- 36 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 29,866 Freddie Mac,
Series 1475, Class O,
7.00%, 2/15/08....................................... $ 29,055
71,673 Freddie Mac,
Series 1667, Class C,
6.00%, 1/15/09....................................... 69,819
1,543 Freddie Mac,
Series 1103, Class M,
8.50%, 3/15/09....................................... 1,539
2,491 Freddie Mac,
Series 1517, Class E,
6.00%, 4/15/18....................................... 2,485
3,454 Freddie Mac,
Series 1394, Class F,
6.00%, 7/15/18....................................... 3,447
9,424 Freddie Mac,
Series 1518, Class C,
7.00%, 3/15/19....................................... 9,466
4,427 Freddie Mac,
Series 1350, Class G,
7.50%, 8/15/19....................................... 4,417
6,962 Freddie Mac,
Series 1437, Class F,
7.00%, 11/15/19...................................... 6,957
52,177 Freddie Mac,
Series 1929, Class NC,
7.50%, 1/15/20....................................... 52,221
52,000 Freddie Mac,
Series 1499, Class B,
6.75%, 2/15/20....................................... 51,938
81,051 Freddie Mac,
Series 1332, Class H,
7.50%, 4/15/20....................................... 81,147
6,257 Freddie Mac,
Series 1302, Class PI,
8.00%, 5/15/20....................................... 6,243
3,276 Freddie Mac,
Series 1184, Class H,
8.00%, 6/15/20....................................... 3,269
15,403 Freddie Mac,
Series 1265, Class I,
7.00%, 7/15/20....................................... 15,412
99,022 Freddie Mac,
Series 1343, Class J,
7.50%, 7/15/20....................................... 99,580
28,520 Freddie Mac,
Series 1081, Class J,
7.00%, 10/15/20...................................... 28,575
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 205 Freddie Mac,
Series 1254, Class H,
7.50%, 10/15/20...................................... $ 204
21,996 Freddie Mac,
Series 1288, Class H,
7.00%, 11/15/20...................................... 22,100
8,406 Freddie Mac,
Series 1358, Class H,
7.00%, 11/15/20...................................... 8,391
1,995 Freddie Mac,
Series 1165, Class K,
7.00%, 12/15/20...................................... 1,992
1,368 Freddie Mac,
Series 1163, Class I,
6.95%, 12/15/20...................................... 1,365
21,667 Freddie Mac,
Series 1109, Class H,
6.95%, 12/15/20...................................... 21,647
44,965 Freddie Mac,
Series 1250, Class H,
7.00%, 12/15/20...................................... 44,999
43,889 Freddie Mac,
Series 1186, Class H,
7.50%, 12/15/20...................................... 44,311
316,158 Freddie Mac,
Series 1228, Class G,
7.00%, 1/15/21....................................... 317,044
47,991 Freddie Mac,
Series 114, Class H,
6.95%, 1/15/21....................................... 47,505
14,202 Freddie Mac,
Series 1177, Class I,
6.95%, 1/15/21....................................... 14,252
53,187 Freddie Mac,
Series 115, Class I,
7.00%, 2/15/21....................................... 52,866
106,682 Freddie Mac,
Series 1069, Class I,
6.95%, 2/15/21....................................... 107,063
125,904 Freddie Mac,
Series 1289, Class PL,
7.50%, 2/15/21....................................... 126,862
73,907 Freddie Mac,
Series 1646, Class MA,
6.50%, 3/15/21....................................... 73,706
67,000 Freddie Mac,
Series 1406, Class G,
6.75%, 3/15/21....................................... 66,802
</TABLE>
Continued
- 37 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 64,000 Freddie Mac,
Series 1206, Class H,
7.00%, 3/15/21....................................... $ 64,053
130,000 Freddie Mac,
Series 1350, Class H,
7.50%, 3/15/21....................................... 131,381
89,270 Freddie Mac,
Series 139, Class G,
7.00%, 4/15/21....................................... 88,512
53,689 Freddie Mac,
Series 1303, Class K,
8.00%, 4/15/21....................................... 53,839
146,584 Freddie Mac,
Series 1351, Class TD,
7.00%, 5/15/21....................................... 147,038
111,000 Freddie Mac,
Series 1302, Class PJ,
8.00%, 5/15/21....................................... 112,296
49,291 Freddie Mac,
Series 1714, Class LD,
7.00%, 6/15/21....................................... 48,747
95,000 Freddie Mac,
Series 1265, Class J,
7.00%, 6/15/21....................................... 95,347
6,264 Freddie Mac,
Series 1237, Class I,
8.00%, 6/15/21....................................... 6,336
54,130 Freddie Mac,
Series 1702-B, Class L,
7.00%, 7/15/21....................................... 53,543
73,519 Freddie Mac,
Series 1255, Class G,
7.50%, 7/15/21....................................... 74,138
59,000 Freddie Mac,
Series 1241, Class J,
7.00%, 9/15/21....................................... 58,934
172,747 Freddie Mac,
Series 1278, Class I,
7.00%, 9/15/21....................................... 173,072
79,693 Freddie Mac,
Series 1397, Class D,
7.00%, 10/15/21...................................... 79,201
2,860 Freddie Mac,
Series 189, Class C,
8.00%, 10/15/21...................................... 2,854
278,000 Freddie Mac,
Series 1173, Class E,
6.50%, 11/15/21...................................... 260,364
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 32,445 Freddie Mac,
Series 1638, Class J,
6.50%, 11/15/21...................................... $ 31,865
207,278 Freddie Mac,
Series 53, Class C,
7.50%, 1/20/22....................................... 208,092
86,000 Freddie Mac,
Series 1217, Class I,
7.00%, 3/15/22....................................... 83,354
42,548 Freddie Mac,
Series 1890, Class K,
7.00%, 3/15/22....................................... 42,574
69,216 Freddie Mac,
Series 1384, Class C,
7.00%, 7/15/22....................................... 68,353
122,000 Freddie Mac,
Series 1312, Class I,
8.00%, 7/15/22....................................... 124,677
6,802 Freddie Mac,
Series 1653, Class B,
6.00%, 8/15/22....................................... 6,636
5,908 Freddie Mac,
Series 1574, Class L,
6.50%, 9/15/22....................................... 5,899
41,564 Freddie Mac,
Series 1474, Class C,
7.00%, 10/15/22...................................... 41,362
50,000 Freddie Mac,
Series 1486, Class C,
7.00%, 11/15/22...................................... 49,677
80,000 Freddie Mac,
Series 1411, Class O,
7.00%, 11/15/22...................................... 74,191
182,489 Freddie Mac,
Series 1754, Class CA,
8.50%, 11/15/22...................................... 182,996
65,762 Freddie Mac,
Series 1905, Class B,
7.00%, 12/15/22...................................... 65,876
129,664 Freddie Mac,
Series 1648, Class JA,
6.00%, 1/15/23....................................... 126,893
10,687 Freddie Mac,
Series 1543, Class XU,
7.00%, 5/15/23....................................... 10,423
98,246 Freddie Mac,
Series 1749, Class C,
8.00%, 6/15/23....................................... 98,680
</TABLE>
Continued
- 38 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 96,000 Freddie Mac,
Series 1543, Class XV,
7.00%, 7/15/23........................................ $ 92,741
125,613 Freddie Mac,
Series 1869, Class TD,
7.50%, 7/15/23........................................ 125,968
55,861 Freddie Mac,
Series 1775, Class E,
8.00%, 11/15/23....................................... 55,768
67,392 Freddie Mac,
Series 1652, Class L,
7.00%, 1/15/24........................................ 66,504
401,000 Freddie Mac,
Series 1853, Class B,
7.50%, 4/15/24........................................ 405,409
18,924 Freddie Mac,
Series 1729, Class M,
7.50%, 5/15/24........................................ 18,539
34,000 Freddie Mac,
Series 1935, Class CA,
7.50%, 9/15/24........................................ 34,295
70,000 Freddie Mac,
Series 1935, Class JC,
7.00%, 12/15/24....................................... 69,765
110,000 Freddie Mac,
Series 1932, Class B,
7.00%, 6/15/25........................................ 108,500
244,000 Freddie Mac,
Series 1983, Class U,
7.00%, 11/17/25....................................... 235,927
268,658 Freddie Mac,
Series 2152, Class AC,
7.50%, 1/15/26........................................ 271,046
910,430 Freddie Mac,
Series 2136, Class AJ,
6.50%, 7/15/26........................................ 857,972
260,000 Freddie Mac,
Series 53, Class A,
7.13%, 7/20/26........................................ 253,715
65,684 General Electric Capital Mortgage Services, Inc.,
Series 1193-12, Class A3,
6.50%, 10/25/23....................................... 64,806
58,191 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2 , 6.50%, 10/25/23........... 56,330
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 414,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A6,
6.50%, 11/25/24..................................... $ 389,404
131,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-5, Class A5,
7.00%, 8/25/25...................................... 130,202
603,086 General Electric Capital Mortgage Services, Inc.,
Series 1996-11, Class A3,
7.50%, 7/25/26...................................... 605,052
1,178,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12,
7.50%, 4/25/27...................................... 1,180,886
294,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10,
7.50%, 5/25/27...................................... 293,241
750,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-W, Class A5,
6.75%, 10/25/27..................................... 743,078
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-12, Class A3,
7.00%, 12/25/27..................................... 978,690
1,800,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11,
6.75%, 6/25/28...................................... 1,691,541
60,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A3,
7.50%, 6/25/27...................................... 60,228
100,000 Government National Mortgage Assoc., Series 1996-22,
Class B,
7.00%, 8/16/17...................................... 100,154
339,235 Government National Mortgage Assoc., Series 1994-6,
Class G,
7.99%, 12/16/19..................................... 338,219
8,916 Government National Mortgage Assoc., Series 1995,
Class C,
7.35%, 7/20/21...................................... 8,989
125,033 Government National Mortgage Assoc., Series 1996-15,
Class 0,
7.00%, 11/20/21..................................... 124,360
</TABLE>
Continued
- 39 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 287,000 Government National Mortgage Assoc., Series 1995-8,
Class G,
7.00%, 12/20/22...................................... $ 281,269
324,000 Government National Mortgage Assoc., Series 1995-8,
Class GA,
7.00%, 12/20/22...................................... 318,047
437,000 Government National Mortgage Assoc., Series 1997-6,
Class B,
7.50%, 5/20/24....................................... 437,486
77,381 Government National Mortgage Assoc., Series 1997-4,
Class B, 7.00%, 8/20/26.............................. 73,675
288,772 Headlands Mortgage Securities, Inc., Series 1997-5,
Class AII1, 6.75%, 11/25/27.......................... 285,206
9,932 Housing Securities, Inc., Series 1994-3, Class A4,
7.25%, 11/25/17...................................... 9,895
6,919 Housing Securities, Inc., Series 1992-B, Class 5,
8.50%, 3/25/22....................................... 6,890
370,000 Independent National Mortgage Corp., Series 1994-L,
Class A6, 8.00%, 8/25/24............................. 373,172
101,000 Independent National Mortgage Corp.,
Series 1994-O, Class A5,
8.50%, 9/25/24....................................... 103,120
151,000 Independent National Mortgage Corp.,
Series 1994-T, Class A5,
8.38%, 11/25/24...................................... 153,062
185,391 Independent National Mortgage Corp.,
Series 1994-U, Class A4,
8.38%, 12/25/24...................................... 187,231
435,587 Independent National Mortgage Corp.,
Series 1995-A, Class A4,
8.75%, 3/25/25....................................... 437,774
54,981 Independent National Mortgage Corp.,
Series 1995-H, Class A12,
8.00%, 6/25/25....................................... 55,110
432,000 Independent National Mortgage Corp.,
Series 1995-N, Class A4,
7.50%, 10/25/25...................................... 433,715
59,841 Independent National Mortgage Corp.,
Series 1995-N, Class A3,
7.50%, 10/25/25...................................... 59,777
299,000 Independent National Mortgage Corp.,
Series 1995-W, Class A6,
7.13%, 2/25/26....................................... 296,755
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 133,000 Independent National Mortgage Corp.,
Series 1995-V, Class A6,
7.13%, 2/25/26...................................... $ 132,669
154,000 Independent National Mortgage Corp.,
Series 1995-W, Class A5,
7.13%, 2/25/26...................................... 153,678
77,000 Independent National Mortgage Corp.,
Series 1995-V, Class A2,
7.25%, 2/25/26...................................... 76,885
1,542 Independent National Mortgage Corp., Series 1995-V,
Class A1, 7.25%, 2/25/26............................ 1,536
252,000 Independent National Mortgage Corp.,
Series 1996-D, Class A6, 7.00%, 5/25/26............. 243,785
713,000 Independent National Mortgage Corp., Series 1996-D,
Class A7, 7.00%, 5/25/26............................ 711,852
31,954 Investors Government National Mortgage Assoc.
Mortgage Backed Sec. Trust Inc., Series 1984-2,
Class E,
7.88%, 4/25/08...................................... 32,357
290,000 Norwest Asset Securities Corp., Series 1996-3, Class
A8, 7.25%, 9/25/26.................................. 283,400
50,000 Norwest Asset Securities Corp., Series 1997-4, Class
A8, 7.50%, 3/25/27.................................. 49,473
8,749 Norwest Asset Securities Corp., Series 1997-10, Class
A2, 6.50%, 8/25/27.................................. 8,712
41,915 Norwest Asset Securities Corp., Series 1996-4, Class
A3, 7.75%, 9/25/26.................................. 42,210
130,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A9, 7.75%, 6/25/26.................................. 128,548
8,615 PNC Mortgage Securities Corp., Series 1996-3, Class
A3, 7.25%, 12/25/26................................. 8,601
61,680 Prudential Home Mortgage Securities, Series 1993-29,
Class A6, 6.75%, 8/25/08............................ 61,609
233,579 Prudential Home Mortgage Securities, Series 1992-29,
Class A9, 8.00%, 10/25/22........................... 237,916
</TABLE>
Continued
- 40 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 255,000 Prudential Home Mortgage Securities, Series 1992-47,
Class A10, 8.00%, 1/25/23............................ $ 257,695
77,217 Prudential Home Mortgage Securities, Series 1992-47,
Class A9, 8.00%, 1/25/23............................. 77,299
479,221 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.50%, 7/25/23............................. 470,839
90,327 Prudential Home Mortgage Securities, Series 1993-38,
Class A3, 6.15%, 9/25/23............................. 89,147
2,200,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.75%, 12/26/23............................ 2,019,732
75,201 Prudential Home Mortgage Securities, Series 1994-15,
Class A2, 6.00%, 5/25/24............................. 74,735
233,811 Prudential Home Mortgage Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24............................. 229,602
1,975 Prudential Home Mortgage Securities, Series 1994-33,
Class A3, 8.63%, 12/25/24............................ 1,968
384,793 Prudential Home Mortgage Securities, Series 1996-5,
Class A2, 7.25%, 4/25/26............................. 384,716
247,343 Residential Accredit Loans, Inc., Series 1998-QS16,
Class A1, 6.50%, 11/25/13............................ 239,774
37,105 Residential Accredit Loans, Inc., Series 1996-QS4,
Class AI6, 8.00%, 8/25/26............................ 37,073
191,153 Residential Accredit Loans, Inc., Series 1997-QS3,
Class A3, 7.50%, 4/25/27............................. 190,698
1,085,000 Residential Accredit Loans, Inc., Series 1998-QS9,
Class A3, 6.75%, 7/25/28............................. 1,065,014
330,000 Residential Accredit Loans, Inc., Series 1998-QS7,
Class CB2, 6.75%, 7/25/28............................ 309,187
22,453 Residential Asset Securitization Trust, Series 1997-
A1, Class A1, 7.00%, 3/25/27......................... 22,418
40,142 Residential Asset Securitization Trust, Series 1998-
A1, Class A5, 6.75%, 3/25/28......................... 39,999
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$1,600,000 Residential Asset Securitization Trust, Series 1998-
A5, Class A5, 6.75%, 6/25/28......................... $ 1,541,527
16,456 Residential Asset Securitization Trust, Series 1997-
A3, Class A7, 10.00%, 5/25/27........................ 16,607
330,228 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S43, Class A10,
8.00%, 12/25/22...................................... 332,474
53,003 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S2, Class A5,
8.00%, 1/25/23....................................... 53,650
74,154 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S26, Class A8,
7.50%, 7/25/23....................................... 74,361
250,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6,
7.00%, 8/25/23....................................... 240,830
59,552 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S40, Class A5,
6.20%, 11/25/23...................................... 59,253
63,420 Residential Funding Mortgage Securities I, Inc.,
Series 1994-S13, Class A2,
7.00%, 5/25/24....................................... 63,283
606,669 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S9, Class A10,
7.25%, 4/25/26....................................... 588,130
82,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A10,
7.50%, 5/25/26....................................... 81,272
165,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A9,
7.50%, 5/25/26....................................... 164,731
451,721 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A11,
7.75%, 6/25/26....................................... 453,650
</TABLE>
Continued
- 41 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 680,600 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A10,
8.00%, 7/25/26....................................... $ 686,565
75,985 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A18,
7.58%, 7/25/26....................................... 75,970
225,437 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A12,
7.60%, 7/25/26....................................... 225,994
330,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S7, Class A3,
7.50%, 5/25/27....................................... 327,297
175,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S8, Class A9,
7.50%, 6/25/27....................................... 172,237
175,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S9, Class A20,
7.50%, 7/25/27....................................... 174,479
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S12, Class A18,
6.75%, 8/25/27....................................... 472,780
1,418,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2,
7.25%, 9/25/27....................................... 1,412,527
2,180,894 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S10, Class A8,
6.75%, 4/25/28....................................... 2,126,328
60,000 Securitized Asset Sales, Inc., Series 1995-A, Class
A6, 8.13%, 3/25/24................................... 60,770
168,000 Structured Mortgage Asset Residential Trust,
Series 1993-4, Class AE,
7.50%, 2/25/23....................................... 168,195
43,000 Structured Mortgage Asset Residential Trust,
Series 1992-12B, Class G,
7.60%, 1/25/24....................................... 42,572
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 26,448 Vendee Mortgage Trust, Series 1993-1, Class D,
7.00%, 11/15/12...................................... $ 26,402
96,040 Vendee Mortgage Trust, Series 1992-2, Class D,
7.00%, 9/15/15....................................... 96,066
411,000 Vendee Mortgage Trust, Series 1992-1, Class 2E,
7.75%, 3/15/16....................................... 414,428
301,000 Vendee Mortgage Trust, Series 1992-1, Class 2F,
7.75%, 7/15/17....................................... 304,518
-----------
Total Collateralized Mortgage Obligations 52,013,347
-----------
Corporate Bonds (2.0%):
Brokerage Services (1.2%):
500,000 Morgan Stanley Dean Witter & Co., 5.75%, 2/15/01...... 496,250
250,000 Salomon Smith Barney Holdings, Inc., 5.88%, 2/1/01.... 247,500
-----------
743,750
-----------
Financial Services (0.8%):
500,000 Ford Motor Credit Corp., 5.75%, 1/25/01............... 494,375
-----------
Total Corporate Bonds 1,238,125
-----------
U.S. Government Agencies (2.1%):
Freddie Mac (1.6%):
117,928 6.50%, 2/1/00, Gold Pool #N92990...................... 117,388
914,709 6.50%, 12/1/11, Gold Pool #E20275..................... 894,485
-----------
1,011,873
-----------
Government National Mortgage Assoc. (0.5%):
15,067 6.50%, 7/15/23, Pool #350795.......................... 14,434
23,367 7.50%, 3/15/24, Pool #376439.......................... 23,231
15,318 7.00%, 4/20/24, Pool #1655............................ 14,910
28,916 6.50%, 12/15/25, Pool #414856......................... 27,454
178,444 8.00%, 6/15/26, Pool #423563.......................... 180,529
22,450 7.00%, 11/20/26, Pool #2320........................... 21,815
-----------
282,373
-----------
Total U.S. Government Agencies 1,294,246
-----------
U.S. Treasury Bills (4.8%):
3,000,000 5.18%, 9/15/99........................................ 2,993,941
-----------
Total U.S. Treasury Bills 2,993,941
-----------
</TABLE>
Continued
- 42 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Treasury Notes (5.0%):
$3,150,000 4.50%, 9/30/00........................................ $ 3,114,374
-----------
Total U.S. Treasury Notes 3,114,374
-----------
Investment Companies (1.5%):
963,082 American Performance Cash Management Fund............. 963,082
-----------
Total Investment Companies 963,082
-----------
Total Investments (Cost $63,433,342) (a)--99.9% 62,479,129
Other assets in excess of liabilities--0.1% 44,208
-----------
Total Net Assets--100.0% $62,523,337
===========
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$2,656. Cost for federal income tax purposes differs from value by net
unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............. $ 108,541
Unrealized depreciation............. (1,065,410)
-----------
Net unrealized depreciation......... $ (956,869)
===========
</TABLE>
See notes to financial statements.
- 43 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Asset Backed Securities (6.0%):
$ 48,871 Advanta Mortgage Loan Trust, Series 1993-3, Class A3,
4.75%, 2/25/10...................................... $ 48,217
373,125 AFC Home Equity Loan Trust, Series 1995-3, Class 1A2,
6.80%, 10/26/26..................................... 374,028
318,971 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09...................................... 315,871
1,500,000 Crown Home Equity Loan Trust, Series 1996-1, Class
A3, 6.81%, 6/25/11.................................. 1,462,695
31,034 Equicon Home Equity Loan Trust, Series 1992-7, Class
A, 5.90%, 9/18/05................................... 30,934
54,984 First Plus Home Loan Trust, Series 1996-2, Class A6,
7.85%, 8/20/13...................................... 56,030
2,050,000 Ford Credit Auto Loan Master Trust, Series 1995-1,
Class A, 6.50%, 8/15/02............................. 2,053,874
863,817 Nomura Asset Securities Corp., Series 1995-2, Class
2M, 7.12%, 1/25/26.................................. 863,929
-----------
Total Asset Backed Securities 5,205,578
-----------
Collateralized Mortgage Obligations (47.6%):
300,000 BA Mortgage Securities, Inc., Series 1997-3, Class
A2, 7.00%, 12/25/27................................. 288,672
675,000 Chase Mortgage Finance Corp., Series 1994-G, Class
A8, 7.50%, 4/25/25.................................. 671,180
227,000 Chase Mortgage Finance Corp., Series 1994-I, Class
A6, 7.75%, 6/25/25.................................. 225,722
147,000 Chase Mortgage Finance Corp., Series 1994-L, Class
2A5, 9.00%, 11/25/25................................ 150,992
36,000 Chemical Mortgage Securities Inc., Series 1996-1,
Class A4, 7.00%, 1/25/26............................ 35,132
284,000 Citicorp Mortgage Securities, Inc., Series 1993-1,
Class A3, 7.50%, 1/25/23............................ 277,479
316,000 Citicorp Mortgage Securities, Inc., Series 1993-2,
Class A6, 7.50%, 3/25/23............................ 311,345
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 49,057 Citicorp Mortgage Securities, Inc., Series 1996-1,
Class A4, 7.50%, 12/25/26............................ $ 48,900
238,000 Citicorp Mortgage Securities, Inc., Series 1997-2,
Class A2, 7.25%, 5/25/27............................. 236,060
176,000 Citicorp Mortgage Securities, Inc., Series 1997-5,
Class A5, 7.25%, 11/25/27............................ 167,073
79,000 Countrywide Funding Corp., Series 1994-17, Class A5,
7.50%, 7/25/24....................................... 79,228
308,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24....................................... 310,618
198,000 Countrywide Funding Corp., Series 1994-17, Class A9,
8.00%, 7/25/24....................................... 199,140
125,000 Countrywide Funding Corp., Series 1995-4, Class A7,
7.50%, 9/25/25....................................... 121,440
121,000 Countrywide Home Loan, Series 1997-1, Class A4,
7.40%, 3/25/27....................................... 120,028
277,000 Countrywide Home Loan, Series 1997-1, Class A13,
7.50%, 3/25/27....................................... 272,975
281,000 Countrywide Home Loan, Series 1997-1, Class A12,
7.50%, 3/25/27....................................... 278,449
470,000 Countrywide Home Loan, Series 1997-2, Class A3,
7.50%, 4/25/27....................................... 469,065
893,091 Countrywide Home Loan, Series 1998-2, Class A1,
6.50%, 3/25/28....................................... 872,193
730,000 Countrywide Home Loan, Series 1998-15, Class A16,
6.75%, 10/25/28...................................... 687,631
201,000 Fannie Mae,
Series 1992-7, Class E,
8.00%, 6/25/08....................................... 205,543
106,000 Fannie Mae,
Series 1991-147, Class LD, 7.00%, 10/25/08........... 105,884
256,000 Fannie Mae, Series 1992-202, Class H, 7.50%, 5/25/19.. 260,023
</TABLE>
Continued
- 44 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 44,811 Fannie Mae,
Series G95-2, Class O,
8.00%, 5/25/19....................................... $ 44,890
35,000 Fannie Mae, Series 1992-188, Class PJ,
7.50%, 10/25/19...................................... 35,284
1,000,000 Fannie Mae, Series 1993-102, Class G, 6.25%, 1/25/20.. 990,760
37,760 Fannie Mae, Series 1990-62, Class G,
9.00%, 6/25/20....................................... 39,223
327,000 Fannie Mae,
Series 1992-177, Class CB, 7.50%, 2/25/21............ 328,756
135,000 Fannie Mae, Series 1993-2, Class PH,
7.35%, 3/25/21....................................... 135,522
155,000 Fannie Mae, Series 1992-132, Class PL, 8.00%, 3/25/21. 157,031
33,203 Fannie Mae,
Series G-7, Class E, 8.90%, 3/25/21................. 34,398
15,954 Fannie Mae,
Series G97-1, Class A3,
7.00%, 5/20/21....................................... 15,902
34,869 Fannie Mae,
Series 1991-66, Class J,
8.13%, 6/25/21....................................... 35,643
40,121 Fannie Mae, Series 1994-89, Class B, 8.00%, 9/25/21... 39,962
39,404 Fannie Mae,
Series G-32, Class N,
8.10%, 10/25/21...................................... 40,269
45,291 Fannie Mae,
Series D-32, Class L, 8.00%, 10/25/21................ 46,178
50,000 Fannie Mae,
Series 1993-2, Class PK, 7.50%, 2/25/22.............. 50,207
111,000 Fannie Mae,
Series 1993-155, Class M, 7.00%, 9/25/23............. 107,366
134,624 Fannie Mae,
Series 1996-22, Class C, 7.25%, 2/25/24.............. 134,551
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 50,000 Fannie Mae,
Series 1996-35, Class D, 7.00%, 3/25/23.............. $ 49,629
225,000 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A3, 7.75%, 5/25/27....................... 226,436
448,240 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 450,732
54,000 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA7, 8.00%, 7/25/27...................... 54,501
754,097 Freddie Mac,
Series 1538, Class E, 6.00%, 3/15/05................. 752,279
30,000 Freddie Mac,
Series 1176, Class H, 8.00%, 12/15/06................ 30,932
258 Freddie Mac,
Series 1513, Class P, 6.50%, 5/15/08................. 256
11,000 Freddie Mac,
Series 1156, Class ID, 7.00%, 1/15/09................ 11,022
1,389,754 Freddie Mac,
Series 1482, Class F, 6.50%, 5/15/19................. 1,388,322
16,643 Freddie Mac,
Series 1332, Class H, 7.50%, 4/15/20................. 16,663
32,949 Freddie Mac,
Series 1281, Class G, 8.00%, 9/15/20................. 33,354
327,029 Freddie Mac,
Series 1268, Class G, 8.00%, 9/15/20................. 330,315
516,000 Freddie Mac,
Series 1383, Class E, 7.50%, 3/15/21................. 521,651
147,000 Freddie Mac,
Series 1350, Class H, 7.50%, 3/15/21................. 148,561
101,000 Freddie Mac,
Series 1052, Class G, 7.50%, 3/15/21................. 99,563
23,680 Freddie Mac,
Series 138, Class E, 8.07%, 7/15/21.................. 24,127
</TABLE>
Continued
- 45 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 44,457 Freddie Mac,
Series 1128, Class IB, 7.00%, 8/15/21................. $ 44,084
68,000 Freddie Mac,
Series 1264, Class I, 8.30%, 4/15/22.................. 69,895
123,000 Freddie Mac,
Series 1281, Class I, 8.00%, 5/15/22.................. 124,997
21,867 Freddie Mac,
Series 1461, Class B, 7.00%, 6/15/22.................. 20,995
86,000 Freddie Mac,
Series 1310, Class J, 8.00%, 6/15/22.................. 87,446
283,677 Freddie Mac,
Series 1754, Class CA, 8.50%, 11/15/22................ 284,465
177,366 Freddie Mac,
Series 1856, Class B, 7.50%, 3/15/23.................. 178,206
98,000 Freddie Mac,
Series 1665, Class M, 6.50%, 1/15/24.................. 95,247
40,000 Freddie Mac,
Series 1853, Class B, 7.50%, 4/15/24.................. 40,440
100,000 Freddie Mac,
Series 1723, Class PN, 7.00%, 5/15/24................. 93,490
95,000 Freddie Mac,
Series 1931, Class D, 7.25%, 7/15/25.................. 93,361
100,000 Freddie Mac,
Series 1240, Class L, 6.50%, 2/15/21.................. 99,064
159,000 Freddie Mac,
Series 1379, Class H, 7.00%, 10/15/22................. 151,413
50,000 Freddie Mac,
Series 1795, Class B, 7.00%, 12/15/23................. 48,591
146,000 Freddie Mac,
Series 1904, Class D, 7.50%, 10/15/26................. 143,765
125,717 General Electric Capital Mortgage Services, Inc.,
Series 1994-7, Class A10, 6.00%, 2/25/09.............. 124,316
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 90,000 General Electric Capital Mortgage Services, Inc.,
Series 1992-12A, Class A7, 7.50%, 10/25/22............ $ 88,518
605,183 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2,
6.50%, 10/25/23....................................... 585,835
17,612 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4,
6.25%, 12/25/23....................................... 17,535
97,675 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4,
7.75%, 8/25/24........................................ 98,366
57,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A10,
8.88%, 11/25/24....................................... 58,620
570,745 General Electric Capital Mortgage Services, Inc.,
Series 1995-6, Class A4,
7.00%, 8/25/25........................................ 564,849
181,210 General Electric Capital Mortgage Services, Inc.,
Series 1996-15, Class A12,
7.75%, 10/25/26....................................... 181,658
100,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-1, Class A14,
7.50%, 3/25/27........................................ 97,255
645,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A8,
7.50%, 4/25/27........................................ 646,696
644,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12,
7.50%, 4/25/27........................................ 645,578
135,324 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A-11,
7.50%, 4/25/27........................................ 135,418
838,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10,
7.50%, 5/25/27........................................ 835,838
</TABLE>
Continued
- 46 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 119,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A4,
7.50%, 6/25/27....................................... $ 118,654
132,961 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A2,
7.50%, 6/25/27....................................... 131,557
280,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-8, Class A17, 7.13%, 10/25/27............ 269,718
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11, 6.75%, 6/25/28............. 939,745
32,360 Government National Mortgage Assoc.,
Series 1994-6, Class G, 7.99%, 12/16/19.............. 32,263
10,280 Government National Mortgage Assoc.,
Series 1994-1, Class A, 7.55%, 9/16/22............... 10,333
253,000 Government National Mortgage Assoc.,
Series 1996-7, Class C, 7.50%, 2/16/23............... 253,838
51,000 Government National Mortgage Assoc.,
Series 1997-6, Class B, 7.50%, 5/20/24............... 51,057
71,500 Government National Mortgage Assoc.,
Series 1994-5, Class D, 7.50%, 7/16/24............... 69,711
500,000 Government National Mortgage Assoc.,
Series 1999-1, Class G, 6.50%, 7/20/26............... 451,241
326,000 Headlands Mortgage Securities, Series 1997-1, Class
AI10, 7.75%, 3/25/27................................. 328,308
229,000 Housing Securities, Inc.,
Series 1992-EB, Class B5B, 7.63%, 9/25/22............ 226,543
139,000 Independent National Mortgage Corp., Series 1994-17,
Class A5, 8.38%, 10/25/24............................ 141,897
</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............. $ 101,365
311,943 Independent National Mortgage Corp.,
Series 1995-A, Class A4, 8.75%, 3/25/25.............. 313,509
92,000 Independent National Mortgage Corp.,
Series 1995-N, Class A4, 7.50%, 10/25/25............. 90,606
137,000 Independent National Mortgage Corp.,
Series 1995-N, Class A4, 7.50%, 10/25/25............. 137,544
140,000 Independent National Mortgage Corp.,
Series 1995-Q, Class A5, 7.50%, 11/25/25............. 138,674
195,000 Independent National Mortgage Corp.,
Series 1995-U, Class A5, 7.13%, 1/25/26.............. 194,723
172,000 Independent National Mortgage Corp.,
Series 1995-V, Class A6, 7.13%, 2/25/26.............. 171,572
152,000 Independent National Mortgage Corp.,
Series 1996-D, Class A7, 7.00%, 5/25/26.............. 151,755
89,641 Independent National Mortgage Corp.,
Series 1996-S, Class A2, 6.93%, 5/25/26.............. 89,277
50,000 Norwest Asset Securities Corp., Series 1996-8, Class
A4, 6.00%, 12/25/26.................................. 43,367
590,000 Norwest Asset Securities Corp., Series 1997-2, Class
A7, 7.70%, 3/25/27................................... 590,903
320,000 Norwest Asset Securities Corp., Series 1997-6, Class
A2, 7.75%, 5/25/27................................... 322,109
367,000 Norwest Asset Securities Corp., Series 1997-8, Class
A3, 7.50%, 6/25/27................................... 365,253
</TABLE>
Continued
- 47 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<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................................... $ 2,023,917
124,000 Norwest Asset Securities Corp., Series 1997-21, Class
A6, 7.00%, 1/25/28................................... 117,303
75,000 Paine Webber Mortgage Acceptance Corp.,
Series 1994-5A, Class A5, 8.125%, 7/25/24............ 75,845
132,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A16, 7.38%, 6/25/26.................................. 129,922
113,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A18, 7.38%, 6/25/26.................................. 112,441
287,989 PNC Mortgage Securities Corp., Series 1996-3, Class
A3, 7.25%, 12/25/26.................................. 287,531
500,000 PNC Mortgage Securities Corp., Series 1997-2, Class
A3, 7.50%, 3/35/27................................... 482,550
150,000 Prudential Home Mortgage Securities,
Series 1992-32, Class A9, 7.45%, 10/25/22............ 146,709
183,000 Prudential Home Mortgage Securities,
Series 1992-33, Class A8, 7.50%, 11/25/22............ 180,751
1,000,374 Prudential Home Mortgage Securities,
Series 1992-40, Class A10, 7.50%, 12/25/22........... 987,329
917,000 Prudential Home Mortgage Securities,
Series 1992-43, Class A6, 7.50%, 1/25/23............. 890,691
170,481 Prudential Home Mortgage Securities,
Series 1992-50, Class A5, 7.63%, 2/25/23............. 169,856
231,565 Prudential Home Mortgage Securities,
Series 1992-51, Class A10, 7.75%, 2/25/23............ 231,389
94,146 Prudential Home Mortgage Securities,
Series 1993-8, Class A3, 7.90%, 3/25/23.............. 93,633
115,000 Prudential Home Mortgage Securities,
Series 1993-19, Class A11, 7.49%, 6/25/23............ 114,488
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 300,000 Prudential Home Mortgage Securities,
Series 1993-19, Class A13, 7.50%, 6/25/23............ $ 292,296
226,610 Prudential Home Mortgage Securities,
Series 1993-38, Class A3, 6.15%, 9/25/23............. 223,650
931,000 Prudential Home Mortgage Securities,
Series 1993-44, Class A17, 6.00%, 11/25/23........... 837,611
500,000 Prudential Home Mortgage Securities,
Series 1993-62, Class A6, 6.75%, 12/26/23............ 459,030
450,000 Prudential Home Mortgage Securities,
Series 1994-6, Class A6, 6.50%, 2/25/24.............. 421,034
935,244 Prudential Home Mortgage Securities,
Series 1994-15, Class A5, 6.80%, 5/25/24............. 918,409
96,000 Prudential Home Mortgage Securities,
Series 1994-18, Class A10, 7.38%, 5/25/24............ 92,180
782,000 Prudential Home Mortgage Securities,
Series 1994-18, Class A6, 7.50%, 5/25/24............. 775,087
385,000 Prudential Home Mortgage Securities,
Series 1994-22, Class A6, 7.30%, 6/25/24............. 377,831
97,000 Prudential Home Mortgage Securities,
Series 1994-27, Class A5, 8.25%, 9/25/24............. 98,418
328,000 Prudential Home Mortgage Securities,
Series 1996-5, Class A9, 7.25%, 4/25/26.............. 323,628
200,000 Residential Accredit Loans, Inc., Series 1997-QS1,
Class A11, 7.50%, 2/25/27............................ 196,872
93,013 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S36, Class A4, 6.75%, 11/25/07........... 91,979
850,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6, 7.00%, 8/25/23............ 818,822
359,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A10, 7.75%, 9/25/25........... 355,008
</TABLE>
Continued
- 48 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 226,409 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A19, 7.50%, 9/25/25........... $ 226,923
264,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A15, 7.50%, 5/25/26........... 261,070
185,907 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A9, 7.75%, 7/25/26............ 186,576
94,659 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A10, 8.00%, 7/25/26........... 95,489
217,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S2, Class A4, 7.50%, 1/25/27............. 213,096
700,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S2, Class A2, 7.50%, 1/25/27............. 699,377
125,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S3, Class A8, 7.30%, 2/25/27............. 119,773
67,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S5, Class A4, 7.625%, 4/25/27............ 67,269
355,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S12, Class A18, 6.75%, 8/25/27........... 335,674
1,061,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2, 7.25%, 9/25/27............ 1,056,905
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S9, Class 2A4, 6.75%, 4/25/28............ 918,570
189,073 Ryland Acceptance Corp., Series 1997, Class JA,
8.75%, 4/20/21....................................... 189,938
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 165,000 Securitized Asset Sales, Inc., Series 1995-A, Class
A12, 7.75%, 3/25/24................................. $ 163,211
386,000 Vendee Mortgage Trust, Series 1992-2, Class F,
7.00%, 2/15/18...................................... 386,340
-----------
Total Collateralized Mortgage Obligations 41,406,941
-----------
Corporate Bonds (22.9%):
Banking (2.3%):
1,000,000 Bank One Corp., 7.25%, 8/15/04....................... 1,008,750
1,000,000 BankAmerica Corp., 7.75%, 7/15/02.................... 1,023,750
-----------
2,032,500
-----------
Brokerage Services (6.5%):
500,000 Bear Stearns Co., Inc., 6.75%, 8/15/00............... 503,435
2,000,000 Bear Stearns Co., Inc., 6.75%, 4/15/03............... 1,970,000
1,500,000 Merrill Lynch & Co., Inc., 6.64%, 9/19/02............ 1,492,500
1,000,000 Salomon Smith Barney Holdings, Inc., 6.63%, 6/1/00... 1,004,650
750,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.. 730,313
-----------
5,700,898
-----------
Financial Services (7.4%):
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28........... 456,250
2,100,000 CNA Financial Corp., 6.25%, 11/15/03................. 2,031,750
2,000,000 Commercial Credit Co., 6.38%, 9/15/02................ 1,975,000
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 992,500
1,000,000 General Motors Acceptance Corp., 6.63%, 10/15/05..... 972,500
-----------
6,428,000
-----------
Food Products & Services (3.8%):
2,200,000 Grand Metropolitan Investment, 8.63%, 8/15/01........ 2,279,750
1,000,000 McCormick & Co., 8.95%, 7/1/01....................... 1,045,000
-----------
3,324,750
-----------
Leasing (1.7%):
1,500,000 Hertz Corp., 6.00%, 1/15/03.......................... 1,456,875
-----------
</TABLE>
Continued
- 49 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Corporate Bonds, continued:
Pharmaceuticals (0.6%):
$ 500,000 American Home Products Corp., 6.50%, 10/15/02........ $ 496,875
-----------
Telecommunications (0.6%):
500,000 COMSAT Corp., 8.95%, 5/15/01......................... 520,000
-----------
Total Corporate Bonds 19,959,898
-----------
Taxable Municipal Bonds (4.3%):
California (0.5%):
500,000 Monrovia Redevelopment Agency Tax Allocation, 6.90%,
5/1/17, Callable 5/1/08 @ 102*, Insured by: AMBAC... 471,250
-----------
Georgia (1.1%):
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................................................. 935,000
-----------
Louisiana (2.3%):
1,000,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.45%, 2/1/05, Insured by: FGIC.................. 978,750
1,000,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.50%, 2/1/06, Insured by: FGIC.................. 973,750
-----------
1,952,500
-----------
Wisconsin (0.4%):
400,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08
@ 100............................................... 389,000
-----------
Total Taxable Municipal Bonds 3,747,750
-----------
U.S. Government Agencies (10.2%):
Fannie Mae (0.8%):
326,608 6.58%, 9/1/99, Pool #189916.......................... 332,526
108,791 6.59%, 9/1/99, Pool #188965.......................... 110,898
289,603 7.00%, 9/1/99, Pool #224951.......................... 293,947
-----------
737,371
-----------
Freddie Mac (3.0%):
62,040 7.00%, 10/1/07, Gold Pool #E40422.................... 61,836
2,613,455 6.50%, 12/1/11, Gold Pool #E20275.................... 2,555,671
-----------
2,617,507
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies, continued:
Government National Mortgage Assoc. (6.4%):
$ 3,182 9.00%, 11/15/01, Pool #194441......................... $ 3,316
4,500 9.00%, 8/15/03, Pool #229571.......................... 4,689
14,767 9.00%, 12/15/04, Pool #284008......................... 15,454
15,897 9.00%, 1/15/05, Pool #247502.......................... 16,638
34,232 9.00%, 3/15/06, Pool #299211.......................... 35,825
92,232 9.00%, 12/15/06, Pool #316045......................... 96,159
212,253 7.50%, 6/15/07, Pool #329595.......................... 215,437
641,314 6.00%, 1/15/09, Pool #371901.......................... 620,029
2,866 10.00%, 2/15/19, Pool #269976......................... 3,093
127,606 8.00%, 11/15/21, Pool #308330......................... 129,061
65,763 8.00%, 2/15/22, Pool #319029.......................... 66,497
122,150 8.00%, 5/15/23, Pool #343406.......................... 123,547
71,732 8.00%, 10/20/24, Pool #1884........................... 72,043
16,678 8.00%, 2/20/26, Pool #2171............................ 16,751
707,798 7.00%, 3/15/26, Pool #419128.......................... 689,593
36,314 8.00%, 3/20/26, Pool #2187............................ 36,475
146,633 8.00%, 4/20/26, Pool #2205............................ 147,277
615,064 8.00%, 5/20/26, Pool #2219............................ 617,758
1,372,516 8.00%, 6/15/26, Pool #426149.......................... 1,388,341
1,191,625 8.00%, 6/15/26, Pool #423563.......................... 1,205,555
16,888 7.00%, 3/20/27, Pool #2394............................ 16,412
-----------
5,519,950
-----------
Total U.S. Government Agencies 8,874,828
-----------
U.S. Treasury Bills (3.4%):
3,000,000 5.18%, 9/15/99........................................ 2,993,941
-----------
Total U.S. Treasury Bills 2,993,941
-----------
U.S. Treasury Notes (2.6%):
1,000,000 8.88%, 5/15/00........................................ 1,023,890
1,275,000 4.50%, 9/30/00........................................ 1,260,580
-----------
Total U.S. Treasury Notes 2,284,470
-----------
U.S. Treasury Bonds (2.0%):
2,000,000 5.25%, 2/15/29........................................ 1,747,800
-----------
Total U.S. Treasury Bonds 1,747,800
-----------
Investment Companies (0.7%):
616,152 American Performance Cash Management Fund............. 616,152
-----------
Total Investment Companies 616,152
-----------
Total Investments (Cost $88,179,234)(a)--99.7% 86,837,358
-----------
Other assets in excess of liabilities--0.3% 294,934
-----------
Total Net Assets--100.0% $87,132,292
===========
</TABLE>
Continued
- 50 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
- --------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$6,562. Cost for federal income tax purposes differs from value by net
unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............. $ 251,024
Unrealized depreciation............. (1,599,462)
-----------
Net unrealized depreciation......... $(1,348,438)
===========
</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
- 51 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ ----------
<C> <S> <C>
Asset Backed Securities (3.0%):
$1,000,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11....................................... $ 975,130
392,944 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3, 7.30%, 3/25/12............ 392,075
500,000 UCFC Home Equity Loan, Series 1996-D1, Class A4,
6.78%, 2/15/16....................................... 499,585
----------
Total Asset Backed Securities 1,866,790
----------
Collateralized Mortgage Obligations (48.7%):
800,000 BA Mortgage Securities, Inc., Series 1997-3, Class A2,
7.00%, 12/25/27...................................... 769,792
75,000 Capstead Securities Corp., Series 1993-1, Class E,
7.50%, 2/1/23........................................ 73,043
38,422 Chase Mortgage Finance Corp., Series 1994-L, Class
2A9, 7.50%, 11/25/25................................. 38,430
100,000 Chemical Mortgage Securities, Inc., Series 1993-1,
Class A7, 7.45%, 2/25/23............................. 96,659
7,053 Chemical Mortgage Securities, Inc., Series 1996-1,
Class A6, 8.00%, 1/25/26............................. 7,024
305,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24....................................... 307,593
166,000 Countrywide Funding Corp., Series 1994-17, Class A9,
8.00%, 7/25/24....................................... 166,956
62,000 Countrywide Funding Corp., Series 1994-17, Class A11,
8.25%, 7/25/24....................................... 63,160
460,000 Countrywide Funding Corp., Series 1995-4, Class A7,
7.50%, 9/25/25....................................... 446,899
511,000 Countrywide Funding Corp., Series 1994-17, Class A6,
7.63%, 7/25/24....................................... 511,664
275,000 Countrywide Home Loan, Series 1997-1, Class A13,
7.50%, 3/25/27....................................... 271,004
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 273,000 Countrywide Mortgage Backed Securities, Inc.,
Series 1994-J, Class A7, 8.00%, 6/25/24............... $ 275,211
130,000 Fannie Mae,
Series 1992-118, Class PJ, 7.50%, 2/25/21............. 132,077
223,000 Fannie Mae,
Series 1992-168, Class KA, 7.50%, 11/25/21............ 222,194
235,000 Fannie Mae,
Series 1991-171, Class J, 8.00%, 12/25/21............. 237,958
123,000 Fannie Mae,
Series 1992-88, Class L, 8.00%, 12/25/21.............. 125,037
115,000 Fannie Mae,
Series 1993-82, Class H, 7.00%, 5/25/23............... 110,083
155,000 Fannie Mae,
Series 1997-16, Class HA, 7.00%, 2/18/25.............. 150,177
448,240 Financial Asset Securitization, Inc., Series 1997-NAM1,
Class A2, 7.75%, 5/25/27.............................. 450,732
500,000 Financial Asset Securitization, Inc., Series 1997-NAM2,
Class FA5, 7.70%, 7/25/27............................. 503,185
176,000 Freddie Mac,
Series 1281, Class I, 8.00%, 5/15/22.................. 178,857
100,000 Freddie Mac,
Series 1541, Class H, 7.00%, 10/15/22................. 98,109
35,578 Freddie Mac,
Series 1753, Class CB, 8.13%, 5/15/23................. 35,896
109,000 Freddie Mac,
Series 1853, Class B, 7.50%, 4/15/24.................. 110,199
496,000 Freddie Mac,
Series 1847, Class B, 7.50%, 7/15/24.................. 500,118
110,000 Freddie Mac,
Series 54, Class C,
7.75%, 3/18/25........................................ 109,806
847,328 Fund America Investors Corp., Series 1991-1, Class K,
7.95%, 10/20/21....................................... 847,238
</TABLE>
Continued
- 52 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- -------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 79,319 General Electric Capital Mortgage Services, Inc.,
Series 1993-17, Class A13, 6.50%, 12/25/23............. $ 77,946
60,812 General Electric Capital Mortgage Services, Inc.,
Series 1994-13, Class A7, 6.50%, 4/25/24............... 60,197
116,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A9, 8.63%, 11/25/24.............. 118,760
175,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-5, Class A6, 7.50%, 8/25/25................ 169,654
232,305 General Electric Capital Mortgage Services, Inc.,
Series 1996-13, Class A13, 7.75%, 8/25/26.............. 233,615
911,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12, 7.50%, 4/25/27............... 913,232
253,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10, 7.50%, 5/25/27............... 252,347
154,138 General Electric Capital Mortgage Services, Inc.,
Series 1997-6, Class A2, 7.50%, 7/25/27................ 154,394
1,000,000 Government National Mortgage Assoc.,
Series 1999-7, Class D, 6.25%, 8/16/27................. 894,238
688,454 Government National Mortgage Assoc.,
Series 1996-15, Class CA, 7.50%, 1/20/24............... 685,976
90,000 Government National Mortgage Assoc.,
Series 1996-15, Class H, 7.50%, 8/16/26................ 89,504
359,000 Government National Mortgage Assoc.,
Series 1996-20, Class J, 7.50%, 9/20/26................ 356,717
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- -------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 364,000 Government National Mortgage Assoc.,
Series 1996-22, Class E, 7.00%, 5/16/24................ $ 348,501
575,000 Government National Mortgage Assoc.,
Series 1999-1, Class G, 6.50%, 7/20/26................. 518,928
500,000 Government National Mortgage Assoc.,
Series 1999-2, Class D, 6.50%, 10/20/26................ 456,922
250,000 Headlands Mortgage Securities,
Series 1997-1, Class AI10, 7.75%, 3/25/27.............. 251,770
130,000 Headlands Mortgage Securities, Series 1997-3, Class 1A6,
7.00%, 7/25/27......................................... 126,740
500,000 Headlands Mortgage Securities,
Series 1997-5, Class A17, 7.25%, 11/25/27.............. 498,330
466,000 Housing Securities, Inc.,
Series 1992-EB, Class B5B,
7.63%, 9/25/22......................................... 461,000
473,000 Independent National Mortgage Corp., Series 1994-L,
Class A5,
8.00%, 8/25/24......................................... 475,322
75,544 Independent National Mortgage Corp., Series 1994-N,
Class A7,
8.25%, 10/25/24........................................ 76,211
192,000 Independent National Mortgage Corp., Series 1994-U,
Class A10,
8.75%, 12/25/24........................................ 197,548
25,484 Independent National Mortgage Corp., Series 1995-A,
Class A4,
8.75%, 3/25/25......................................... 25,612
220,000 Independent National Mortgage Corp., Series 1995-U,
Class A2,
7.13%, 1/25/26......................................... 219,688
295,000 Independent National Mortgage Corp., Series 1995-U,
Class A5,
7.13%, 1/25/26......................................... 294,581
175,000 Independent National Mortgage Corp., Series 1995-U,
Class A4,
7.25%, 1/25/26......................................... 172,793
234,000 Independent National Mortgage Corp., Series 1995-W,
Class A6,
7.13%, 2/25/26......................................... 232,243
</TABLE>
Continued
- 53 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 223,899 Merrill Lynch Trust,
Series 45, Class F, 9.10%, 9/20/14.................... $ 228,677
175,000 Norwest Asset Securities Corp.,
Series 1996-1, Class A11, 7.50%, 8/25/26.............. 182,917
159,000 Norwest Asset Securities Corp.,
Series 1996-3, Class A5, 7.63%, 9/25/26............... 155,729
101,000 Norwest Asset Securities Corp.,
Series 1996-4, Class A3, 7.75%, 9/25/26............... 100,523
207,000 Norwest Asset Securities Corp.,
Series 1996-8, Class A3, 7.50%, 12/25/26.............. 203,773
491,000 Norwest Asset Securities Corp.,
Series 1997-2, Class A7, 7.70%, 3/25/27............... 491,751
528,000 Norwest Asset Securities Corp.,
Series 1997-6, Class A2, 7.75%, 5/25/27............... 531,480
624,000 Norwest Asset Securities Corp.,
Series 1997-8, Class A3, 7.50%, 6/25/27............... 621,030
1,020,000 Norwest Asset Securities Corp.,
Series 1997-21, Class A7, 7.00%, 1/25/28.............. 937,084
440,107 Norwest Asset Securities Corp.,
Series 1996-4, Class A3, 7.75%, 9/25/26............... 443,201
324,000 Paine Webber Mortgage Acceptance Corp.,
Series 1994-5A, Class A4, 8.13%, 7/25/24.............. 327,567
65,000 PNC Mortgage Securities Corp., Series 1998-5, Class
2A3, 6.75%, 7/25/28................................... 59,199
107,000 PNC Mortgage Securities Corp., Series 1998-7, Class
1A21, 7.00%, 9/25/28.................................. 98,925
240,000 PNC Mortgage Securities Corp., Series 1998-6, Class
1A14, 7.00%, 9/25/28.................................. 229,757
148,000 PNC Mortgage Securities Corp., Series 1996-1, A4,
7.50%,
6/25/26.............................................. 140,458
491,000 PNC Mortgage Securities Corp., Series 1997-2, Class A3,
7.50%, 3/35/27........................................ 473,864
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- -------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 108,000 Prudential Home Mortgage Securities,
Series 1992-32, Class A9, 7.45%, 10/25/22.............. $ 105,630
733,000 Prudential Home Mortgage Securities,
Series 1992-33, Class A8, 7.50%, 11/25/22.............. 723,991
254,776 Prudential Home Mortgage Securities,
Series 1993-62, Class A6, 6.50%, 7/25/23............... 250,319
500,000 Prudential Home Mortgage Securities,
Series 1993-62, Class A6, 6.75%, 12/26/23.............. 459,030
554,000 Prudential Home Mortgage Securities,
Series 1996-5, Class A9, 7.25%, 4/25/26................ 546,615
259,000 Prudential Home Mortgage Securities,
Series 1993-51, Class A9, 6.00%, 12/25/23.............. 237,443
26,313 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S43, Class A10, 8.00%, 12/25/22............ 26,492
20,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S26, Class A9, 7.50%, 7/25/23.............. 19,869
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6, 7.00%, 8/25/23.............. 481,660
1,153,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A11, 6.00%, 9/25/25............. 999,282
97,373 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A7, 7.50%, 9/25/25.............. 97,594
347,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A10, 7.75%, 9/25/25............. 343,141
211,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A14, 8.00%, 9/25/25............. 212,336
</TABLE>
Continued
- 54 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- -------------------------------------------------------- ----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 67,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A15, 7.50%, 5/25/26............. $ 66,256
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S10, Class A6, 7.50%, 5/25/26.............. 494,970
79,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A5, 7.75%, 5/25/26.............. 78,114
46,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A11, 7.75%, 6/25/26............. 46,197
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S2, Class A2, 7.50%, 1/25/27............... 999,110
62,229 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S9, Class A14, 7.50%, 7/25/27.............. 62,098
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S12, Class A18, 6.75%, 8/25/27............. 472,780
1,339,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2, 7.25%, 9/25/27.............. 1,333,832
221,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S15, Class A2, 7.00%, 10/25/27............. 214,854
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S9, Class 2A4, 6.75%, 4/25/28.............. 918,570
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S19, Class A5, 6.75%, 8/25/28.............. 453,785
335,935 Ryland Acceptance Corp.,
Series 1997, Class JA, 8.75%, 4/20/21.................. 337,472
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 10,000 Ryland Mortgage Securities Corp., Series 1992-2,
Class E, 8.00%, 2/25/23............................. $ 10,077
37,000 Securitized Asset Sales,
Series 1995-A, Class A7, 8.00%, 3/25/24............. 37,265
132,000 Vendee Mortgage Trust,
Series 1996-3, Class 2F, 7.75%, 11/15/22............ 133,946
-----------
Total Collateralized Mortgage Obligations 30,590,533
-----------
Corporate Bonds (20.4%):
Automotive (0.8%):
500,000 General Motors Corp., 7.70%, 4/15/16................. 503,125
-----------
Banking (2.4%):
1,500,000 BankAmerica Corp., 7.13%, 5/12/05.................... 1,483,125
-----------
Brokerage Services (2.9%):
1,000,000 Merrill Lynch & Co., Inc., 8.00%, 2/1/02............. 1,026,250
800,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.. 779,000
-----------
1,805,250
-----------
Financial Services (7.8%):
1,000,000 Associates Corp., N.A., 7.50%, 4/15/02............... 1,016,250
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28........... 456,250
1,000,000 CNA Financial Corp., 7.25%, 11/15/23................. 911,250
1,050,000 Ford Motor Credit Corp., 7.75%, 3/15/05.............. 1,077,563
500,000 General Electric Capital Corp., 7.50%, 6/15/09....... 513,750
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 992,500
-----------
4,967,563
-----------
Leasing (1.6%):
1,000,000 Hertz Corp., 7.38%, 6/15/01.......................... 1,013,750
-----------
Office Equipment & Services (1.7%):
1,000,000 Xerox Corp., 8.13%, 4/15/02.......................... 1,041,250
-----------
Retail (1.7%):
1,000,000 May Department Stores, 8.38%, 10/1/22................ 1,048,750
-----------
</TABLE>
Continued
- 55 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Corporate Bonds, continued:
Telecommunications (1.5%):
$1,000,000 Alltell Corp., 7.00%, 3/15/16........................ $ 935,000
-----------
Total Corporate Bonds 12,797,813
-----------
Taxable Municipal Bonds (7.0%):
California (0.8%):
500,000 Monrovia Redevelopment Agency Tax Allocation, 6.90%,
5/1/17, Callable 5/1/08 @ 102*, Insured by: AMBAC... 471,250
-----------
Colorado (2.0%):
1,195,000 Boulder County Revenue Bond, Series B, 7.63%, 9/1/21,
Callable 9/1/07 @ 100*, Insured by: AMBAC........... 1,197,987
-----------
Georgia (1.5%):
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................................................. 935,000
-----------
Illinois (0.2%):
150,000 Springfield Tax Allocation, 7.50%, 2/1/12, Callable
2/1/05 @ 100*, Insured by: AMBAC.................... 152,063
-----------
Missouri (1.5%):
1,005,000 St. Louis, Municipal Finance Corp., Firemen's
Retirement System, Revenue Bond, 6.55%, 8/1/09,
Insured by: MBIA.................................... 962,287
-----------
Wisconsin (1.0%):
395,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08
@ 100............................................... 384,138
260,000 Wisconsin Housing & Economic Development Revenue
Bonds, Series H, 7.88%, 3/1/26, Callable 9/1/05 @
102*................................................ 259,675
-----------
643,813
-----------
Total Taxable Municipal Bonds 4,362,400
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies (10.0%):
Freddie Mac (3.1%):
$1,960,091 6.50%, 12/1/11, Gold Pool #E20275..................... $ 1,916,754
-----------
Government National Mortgage Assoc. (6.9%):
22,336 10.50%, 11/15/15, Pool #268347........................ 24,472
62,436 11.00%, 2/15/16, Pool #279067......................... 69,030
21,495 9.00%, 1/15/20, Pool #280664.......................... 22,798
63,929 9.00%, 10/15/20, Pool #289412......................... 67,765
140,190 9.00%, 7/15/21, Pool #308511.......................... 148,513
424,669 7.00%, 9/15/23, Pool #347688.......................... 411,262
656,597 7.50%, 11/15/23, Pool #354701......................... 652,526
504,402 7.50%, 12/15/25, Pool #401510......................... 501,350
499,079 8.00%, 5/15/26, Pool #428480.......................... 504,878
27,728 8.00%, 6/15/26, Pool #426149.......................... 28,047
1,998,291 7.00%, 7/15/29, Pool #490215.......................... 1,936,483
-----------
4,367,124
-----------
Total U.S. Government Agencies 6,283,878
-----------
U.S. Treasury Bills (1.6%):
1,000,000 5.18%, 9/15/99........................................ 997,980
-----------
Total U.S. Treasury Bills 997,980
-----------
U.S. Treasury Bonds (8.2%):
1,000,000 7.63%, 2/15/25........................................ 1,150,820
500,000 6.13%, 11/15/27....................................... 484,310
1,000,000 5.50%, 8/15/28........................................ 893,420
3,000,000 5.25%, 2/15/29........................................ 2,621,700
-----------
Total U.S. Treasury Bonds 5,150,250
-----------
Investment Companies (0.6%):
361,755 American Performance Cash Management Fund............. 361,755
-----------
Total Investment Companies 361,755
-----------
Total Investments (Cost $63,683,054) (a)--99.5% 62,411,399
-----------
Other assets in excess of liabilities--0.5% 309,998
-----------
Total Net Assets--100.0% $62,721,397
===========
</TABLE>
Continued
- 56 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
- --------
(a) Represents cost for federal income tax and financial reporting purposes and
differs from value by net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............. $ 263,236
Unrealized depreciation............. (1,534,891)
-----------
Net unrealized depreciation......... $(1,271,655)
===========
</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
MBIA -- Municipal Bond Insurance Association
See notes to financial statements.
- 57 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks (62.9%):
Advertising (0.2%):
300 Catalina Marketing Corp.(b)............................ $ 27,225
2,100 R.H. Donnelley Corp. .................................. 36,356
800 True North Communications, Inc. ....................... 26,350
----------
89,931
----------
Aerospace/Defense (1.4%):
200 Alliant Techsystems, Inc.(b)........................... 14,600
3,700 AlliedSignal, Inc. .................................... 226,625
9,200 B. F. Goodrich Co. .................................... 339,825
2,900 United Technologies Corp. ............................. 191,763
----------
772,813
----------
Airlines (0.1%):
1,000 America West Holdings Corp., Class B(b)................ 19,500
800 SkyWest, Inc. ......................................... 16,100
----------
35,600
----------
Apparel Manufacturers (0.0%):
1,100 OshKosh B'Gosh, Inc. .................................. 17,738
----------
Automotive (0.3%):
3,700 Ford Motor Co. ........................................ 192,863
----------
Automotive Parts (0.2%):
4,800 Cooper Tire & Rubber Co. .............................. 91,200
900 Gentex Corp.(b) ....................................... 17,213
1,100 Tower Automotive, Inc.(b).............................. 22,000
----------
130,413
----------
Banking (2.2%):
7,000 Bank of America Corp. ................................. 423,500
3,400 Bank One Corp. ........................................ 136,425
900 Centura Banks, Inc. ................................... 41,681
4,800 Chase Manhattan Corp. ................................. 401,700
4,500 First Union Corp. ..................................... 186,750
1,015 Hudson United Bancorp ................................. 32,290
----------
1,222,346
----------
Beverages (1.4%):
12,000 Coca-Cola Co. ......................................... 717,750
2,900 PepsiCo, Inc. ......................................... 98,963
----------
816,713
----------
Broadcasting/Cable (1.8%):
400 Adelphia Communications,
Class A(b)............................................ 24,800
7,900 CBS Corp.(b)........................................... 371,300
6,100 Comcast Corp., Special Class A......................... 199,013
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
6,300 Cox Communications, Inc.,
Class A(b)............................................ $ 234,281
2,000 Jones Intercable, Inc.(b).............................. 87,750
1,600 MediaOne Group, Inc.(b)................................ 105,200
----------
1,022,344
----------
Building Materials (1.8%):
31,900 Johns Manville Corp. .................................. 458,563
2,200 Tecumseh Products, Inc. ............................... 125,400
8,400 USG Corp. ............................................. 411,600
----------
995,563
----------
Chemicals (1.0%):
1,000 Cambrex Corp. ......................................... 26,875
6,500 Engelhard Corp. ....................................... 129,593
1,100 Ferro Corp. ........................................... 26,400
900 Geon Co. .............................................. 26,888
4,100 Lubrizol Corp. ........................................ 104,038
3,900 Monsanto Co. .......................................... 160,143
1,900 NL Industries, Inc. ................................... 22,919
600 Scotts Co., Class A(b)................................. 23,813
1,900 W.R. Grace & Co.(b).................................... 36,338
----------
557,007
----------
Commercial Services (0.9%):
800 Avis Rent A Car, Inc.(b)............................... 17,600
5,700 Deluxe Corp. .......................................... 194,157
800 Dollar Thrifty Automotive Group(b)..................... 15,050
2,400 H & R Block, Inc. ..................................... 133,500
500 NCO Group, Inc.(b)..................................... 22,750
1,100 Nielsen Media Research(b).............................. 40,356
750 Profit Recovery Group International, Inc.(b)........... 28,546
1,300 Regis Corp. ........................................... 24,863
1,600 Rollins, Inc. ......................................... 25,100
----------
501,922
----------
Computer Software & Services (3.9%):
1,700 Acxiom Corp.(b)........................................ 29,856
3,900 America Online, Inc.(b)................................ 356,119
900 American Management Systems(b)......................... 25,763
7,500 Compuware Corp.(b)..................................... 226,406
5,700 CSG Systems International, Inc.(b)..................... 128,606
400 FactSet Research Systems, Inc.(b)...................... 18,525
800 Macromedia, Inc.(b).................................... 31,700
12,700 Microsoft Corp.(b)..................................... 1,175,543
5,400 Oracle Corp.(b)........................................ 197,100
1,000 Symantec Corp.(b)...................................... 30,000
----------
2,219,618
----------
</TABLE>
Continued
- 58 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Computers & Peripherals (6.2%):
1,100 Anixter International, Inc.(b)......................... $ 23,169
15,100 Cisco Systems, Inc.(b)................................. 1,023,968
21,800 Dell Computer Corp.(b)................................. 1,064,112
6,800 EMC Corp.(b)........................................... 408,000
1,600 Hewlett-Packard Co. ................................... 168,600
5,600 International Business Machines Corp. ................. 697,550
3,100 NCR Corp.(b)........................................... 135,625
----------
3,521,024
----------
Cosmetics/Personal Care (2.1%):
5,900 Avon Products, Inc. ................................... 258,863
6,200 Kimberly-Clark Corp. .................................. 353,012
5,900 Procter & Gamble Co. .................................. 585,574
----------
1,197,449
----------
Diversified Manufacturing Operations (3.0%):
1,900 ACX Technologies, Inc.(b).............................. 23,513
12,600 General Electric Co. .................................. 1,415,137
2,300 Tyco International, Ltd. .............................. 233,018
----------
1,671,668
----------
Electric Integrated (0.9%):
12,600 PECO Energy Co. ....................................... 511,875
----------
Electronics (0.2%):
700 DII Group, Inc.(b)..................................... 24,806
500 Electro Scientific Industries, Inc.(b)................. 20,000
800 KEMET Corp.(b)......................................... 20,650
800 Park Electrochemical Corp.............................. 23,250
600 Plexus Corp.(b)........................................ 17,850
400 Vitesse Semiconductor Corp.(b)......................... 27,200
----------
133,756
----------
Entertainment (0.5%):
2,400 Aztar Corp.(b)......................................... 22,050
4,300 The Walt Disney Co. ................................... 119,325
3,900 Viacom, Inc., Class B(b)............................... 164,044
----------
305,419
----------
Financial Services (3.3%):
5,200 Allied Capital Corp. .................................. 117,488
6,500 Associates First Capital Corp., Class A................ 223,031
4,600 Bear Stearns Cos., Inc. ............................... 191,475
11,200 Citigroup, Inc. ....................................... 497,700
6,900 Household International, Inc. ......................... 260,475
1,100 Legg Mason, Inc. ...................................... 42,006
4,500 Morgan Stanley Dean Witter & Co. ...................... 386,156
1,800 Providian Financial Corp. ............................. 139,725
----------
1,858,056
----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Food Products & Services (1.4%):
3,000 Chiquita Brands International, Inc. ................... $ 19,875
5,400 Earthgrains Co. ....................................... 130,275
2,600 Fleming Cos., Inc. .................................... 31,363
3,500 General Mills, Inc. ................................... 293,124
5,100 IBP, Inc. ............................................. 116,981
1,400 Pilgrim's Pride Corp., Class B......................... 14,875
4,000 Safeway, Inc.(b)....................................... 186,250
900 Smithfield Foods, Inc.(b).............................. 26,438
----------
819,181
----------
Forest Products--Lumber & Paper (0.4%):
2,200 Georgia Pacific Corp. ................................. 91,025
7,300 Louisiana-Pacific Corp. ............................... 135,050
----------
226,075
----------
Health Care (2.0%):
700 Cognex Corp.(b)........................................ 21,131
2,300 Coventry Health Care, Inc.(b).......................... 23,144
500 Express Scripts, Inc., Class A(b)...................... 33,688
700 IDEXX Laboratories, Inc.(b)............................ 11,900
7,500 Johnson & Johnson...................................... 766,875
2,400 Medtronic, Inc. ....................................... 187,800
2,200 Owens & Minor, Inc..................................... 24,338
1,000 Quest Diagnostics, Inc.(b)............................. 26,438
1,100 Universal Health Services, Class B(b).................. 36,712
----------
1,132,026
----------
Home Builders (0.5%):
4,700 Centex Corp. .......................................... 132,187
900 Crossmann Communities, Inc.(b)......................... 22,725
7,000 D. R. Horton, Inc. .................................... 101,938
2,000 Ryland Group, Inc. .................................... 48,125
----------
304,975
----------
Insurance (2.1%):
1,300 20th Century Industries................................ 24,375
1,900 Aetna Services, Inc. .................................. 147,725
2,500 American General Corp. ................................ 177,499
20,500 Conseco, Inc. ......................................... 491,999
1,120 Fidelity National Financial, Inc. ..................... 17,220
1,500 First American Financial Corp. ........................ 22,313
800 FPIC Insurance Group, Inc.(b).......................... 13,900
1,800 Fremont General Corp. ................................. 17,888
3,400 Hartford Financial Services Group, Inc. ............... 154,488
1,700 Marsh & McLennan Cos., Inc. ........................... 123,781
1,200 MMI Cos., Inc. ........................................ 15,975
----------
1,207,163
----------
</TABLE>
Continued
- 59 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Leisure & Recreation Products (0.1%):
1,100 Polaris Industries, Inc. .............................. $ 39,531
----------
Machinery & Equipment (0.2%):
1,800 Lincoln Electric Holdings.............................. 36,449
1,250 MotivePower Industries, Inc.(b)........................ 15,469
300 SPX Corp.(b)........................................... 25,425
900 Terex Corp.(b)......................................... 24,188
----------
101,531
----------
Metals--Processing & Fabrication (0.1%):
1,800 Amcast Industrial Corp. ............................... 28,575
----------
Office Equipment & Services (0.3%):
3,500 Xerox Corp. ........................................... 167,125
----------
Oil & Gas Exploration, Production,
and Services (0.2%):
1,600 Devon Energy Corp.(b).................................. 61,800
1,800 Vintage Petroleum, Inc. ............................... 25,763
----------
87,563
----------
Oil--Integrated Companies (3.5%):
2,500 Ashland, Inc. ......................................... 96,406
3,700 Chevron Corp. ......................................... 341,324
7,400 Exxon Corp. ........................................... 583,674
2,100 Mobil Corp. ........................................... 214,988
7,800 Occidental Petroleum Corp. ............................ 169,163
4,200 Sunoco, Inc. .......................................... 136,763
17,100 Ultramar Diamond Shamrock Corp. ....................... 446,738
----------
1,989,056
----------
Pharmaceuticals (6.8%):
10,400 Abbott Laboratories.................................... 451,100
480 Alza Corp.(b).......................................... 24,180
2,400 Bindley Western Industries, Inc. ...................... 40,200
8,100 Bristol-Myers Squibb Co. .............................. 570,038
3,300 Eli Lilly & Co. ....................................... 246,263
300 Medimmune, Inc.(b)..................................... 30,956
11,800 Merck & Co., Inc. ..................................... 792,812
600 Patterson Dental Co.(b)................................ 24,600
16,800 Pfizer, Inc. .......................................... 634,199
900 Priority Healthcare Corp., Class B(b).................. 25,313
900 Roberts Pharmaceutical Corp.(b)........................ 24,131
8,200 Schering-Plough Corp. ................................. 431,013
7,700 Warner-Lambert Co. .................................... 510,125
----------
3,804,930
----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Printing & Publishing (0.1%):
1,600 Bowne & Co., Inc. ...................................... $ 22,200
650 Valassis Communications, Inc.(b)........................ 28,438
----------
50,638
----------
Real Estate Investment Trusts (0.0%):
2,100 Indymac Mortgage Holdings, Inc. ........................ 28,219
----------
Research And Development (0.0%):
800 Pharmaceutical Product Development, Inc.(b)............. 16,200
----------
Restaurants (0.1%):
2,700 Ryan's Family Steak Houses, Inc.(b)..................... 26,156
3,100 Taco Cabana, Inc., Class A(b)........................... 28,675
----------
54,831
----------
Retail (3.3%):
700 Ames Department Stores, Inc.(b)......................... 20,563
600 Ann Taylor Stores Corp.(b).............................. 19,875
1,900 Building Materials Holding Corp.(b)..................... 21,138
1,300 Burlington Coat Factory Warehouse Corp. ................ 21,450
5,100 Gap, Inc. .............................................. 199,537
10,000 Home Depot, Inc. ....................................... 611,249
800 Hughes Supply, Inc. .................................... 18,600
3,100 May Department Stores Co. .............................. 121,094
5,900 Staples, Inc.(b)........................................ 128,325
15,200 Wal-Mart Stores, Inc. .................................. 673,549
800 Williams-Sonoma, Inc.(b)................................ 31,200
----------
1,866,580
----------
Semiconductors (2.6%):
1,700 Applied Industrial Technologies, Inc. .................. 25,606
3,400 Applied Materials, Inc.(b).............................. 241,613
12,700 Intel Corp. ............................................ 1,043,780
1,200 Kulicke & Soffa Industries, Inc.(b)..................... 24,675
1,400 Lam Research Corp.(b)................................... 79,013
400 Lattice Semiconductor Corp.(b).......................... 24,650
500 Novellus Systems, Inc.(b)............................... 26,969
1,600 Silicon Valley Group, Inc.(b)........................... 19,000
----------
1,485,306
----------
Steel (0.0%):
2,000 Steel Technologies, Inc. ............................... 23,250
----------
Telecommunications (5.9%):
2,800 Ameritech Corp. ........................................ 176,750
1,800 AT&T Corp. ............................................. 81,000
3,400 Bell Atlantic Corp. .................................... 208,250
</TABLE>
Continued
- 60 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued:
Telecommunications, continued:
6,200 BellSouth Corp. ...................................... $ 280,550
8,100 Lucent Technologies, Inc. ............................ 518,906
10,700 MCI WorldCom, Inc.(b)................................. 810,525
2,500 Nextel Communications, Inc.,
Class A(b)........................................... 144,531
800 Powertel, Inc.(b)..................................... 29,600
1,700 Qualcom, Inc.(b)...................................... 326,719
7,100 SBC Communications, Inc. ............................. 340,800
2,900 Tellabs, Inc.(b)...................................... 172,731
1,100 Vodafone Airtouch PLC ADR............................. 220,619
-----------
3,310,981
-----------
Textile Products (0.2%):
2,500 Interface, Inc. ...................................... 21,719
4,400 Shaw Industries....................................... 88,000
-----------
109,719
-----------
Tobacco & Tobacco Product (0.7%):
10,600 Philip Morris Cos., Inc. ............................. 396,838
-----------
Transportation (0.2%):
2,100 Union Pacific Corp. .................................. 102,244
-----------
Transportation Leasing & Trucking (0.1%):
2,200 Arkansas Best Corp.(b)................................ 27,500
1,000 Roadway Express, Inc. ................................ 21,063
2,100 Yellow Corp.(b)....................................... 33,337
-----------
81,900
-----------
Utilities--Electric (0.6%):
3,200 Entergy Corp. ........................................ 95,400
800 Hawaiian Electric Industries, Inc. ................... 28,450
3,600 Southern Co. ......................................... 97,425
2,400 Texas Utilities Co. .................................. 97,050
-----------
318,325
-----------
Utilities--Natural Gas (0.1%):
1,333 Indiana Energy, Inc. ................................. 28,243
500 Piedmont Natural Gas Co., Inc. ....................... 16,781
-----------
45,024
-----------
Utilities--Water (0.0%):
800 United Water Resources, Inc. ......................... 26,800
-----------
Total Common Stocks 35,598,704
-----------
Asset Backed Securities (1.1%):
$ 73,477 CoreStates Home Equity Trust,
Series 1993-2, Class A, 5.10%, 3/15/09............... 72,763
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ ----------
<C> <S> <C>
Asset Backed Securities, continued:
$ 300,000 Crown Home Equity Loan Trust, Series 1996-1, Class A3,
6.81%, 6/25/11....................................... $ 292,539
98,236 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3, 7.30%, 3/25/12............ 98,019
172,763 Nomura Asset Securities Corp.,
Series 1995-2, Class 2M, 7.12%, 1/25/26.............. 172,786
----------
Total Asset Backed Securities 636,107
----------
Collateralized Mortgage Obligations (12.8%):
500,000 BA Mortgage Securities, Inc.,
Series 1997-3, Class A2, 7.00%, 12/25/27............. 481,120
500,000 Chase Mortgage Finance Corp.,
Series 1993-L, Class 2A12, 7.00%, 10/25/24........... 463,310
80,000 Fannie Mae,
Series 1997-16, Class HA, 7.00%, 2/18/25............. 77,510
224,120 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 225,366
69,829 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2, 6.50%, 10/25/23........... 67,596
50,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12, 7.50%, 4/25/27............. 50,123
200,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10, 7.50%, 5/25/27............. 199,484
464,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-9, Class 1A17, 7.25%, 10/25/27........... 442,753
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11, 6.75%, 6/25/28............. 939,745
1,000,000 Government National Mortgage Assoc.,
Series 1999-1, Class G, 6.50%, 7/20/26............... 902,483
</TABLE>
Continued
- 61 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ ----------
<C> <S> <C>
Collateralized Mortgage Obligations continued:
$ 500,000 Government National Mortgage Assoc., Series 1999-2,
Class D, 6.50%, 10/20/26............................. $ 456,922
500,000 Headlands Mortgage Securities, Series 1997-5, Class
A17, 7.25%, 11/25/27................................. 498,330
260,000 Independent National Mortgage Corp., Series 1995-M,
Class A4, 7.50%, 9/25/25............................. 254,795
134,000 Norwest Asset Securities Corp.,
Series 1996-3, Class A8, 7.25%, 9/25/26.............. 130,950
1,000,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.75%, 12/26/23............................ 918,060
111,060 Prudential Home Mortgage Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24............................. 109,061
130,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A7, 6.88%, 5/25/24............................. 126,476
190,000 Prudential Home Mortgage Securities, Series 1996-2,
Class A13, 7.00%, 3/25/26............................ 186,147
200,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6, 7.00%, 8/25/23............ 192,664
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S2, Class A2, 7.50%, 1/25/27............. 499,555
----------
Total Collateralized Mortgage Obligations 7,222,450
----------
Corporate Bonds (5.5%):
Banking (0.9%):
250,000 BankAmerica Corp., 7.13%, 5/12/05..................... 247,188
250,000 J.P. Morgan, 6.25%, 12/15/05.......................... 237,500
----------
484,688
----------
Beverages (0.4%):
250,000 Anheuser Busch Co., 6.90%, 10/1/02.................... 250,000
----------
Brokerage Services (1.2%):
250,000 Bear Stearns Co., Inc., 6.75%, 8/15/00................ 251,717
200,000 Salomon Smith Barney Holdings, Inc., 6.63%, 7/1/02.... 198,750
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ ----------
<C> <S> <C>
Corporate Bonds, continued:
Brokerage Services, continued:
$ 250,000 Salomon Smith Barney Holdings, Inc.,
6.88%, 6/15/05....................................... $ 243,438
----------
693,905
----------
Financial Services (2.0%):
250,000 Associates Corp. N.A., 6.00%, 12/1/02................. 243,750
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28............ 456,250
250,000 Ford Motor Credit Co., 6.38%, 9/15/99................. 250,100
200,000 General Motors Acceptance Corp., 6.63%, 10/15/05...... 194,500
----------
1,144,600
----------
Retail Stores (1.0%):
300,000 J.C. Penney & Co., 7.25%, 4/1/02...................... 301,875
250,000 Wal-Mart Stores, Inc., 7.25%, 6/1/13.................. 253,750
----------
555,625
----------
Total Corporate Bonds 3,128,818
----------
Taxable Municipal Bonds (0.9%):
Georgia (0.6%):
350,000 Cedartown Development Authority, 7.00%, 2/1/22,
Callable 2/1/07 @ 102, Insured by: AMBAC............. 327,250
----------
Louisiana (0.3%):
170,000 Orleans Parish School Board Refunding Bonds, Series A,
6.45%, 2/1/05,
Insured by: FGIC..................................... 166,388
----------
Total Taxable Municipal Bonds 493,638
----------
U.S. Government Agencies (4.1%):
Fannie Mae (0.5%):
300,000 7.50%, 4/16/07........................................ 301,440
----------
Freddie Mac (0.4%):
55,324 6.50%, 2/1/00, Gold Pool #N92990...................... 55,071
196,009 6.50%, 12/1/11, Gold Pool #E20275..................... 191,675
----------
246,746
----------
Government National Mortgage Assoc. (3.2%):
414,798 7.00%, 1/15/26, Pool #421420.......................... 404,693
143,594 6.00%, 2/20/26, Pool #2166............................ 132,296
</TABLE>
Continued
- 62 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
U.S. Government Agencies, continued:
Government National Mortgage Assoc., continued:
$ 474,255 8.00%, 6/15/26, Pool #423563........................... $ 479,799
749,391 7.00%, 7/15/29, Pool #492747........................... 726,213
----------
1,743,001
----------
Total U.S. Government Agencies 2,291,187
----------
U.S. Treasury Notes (5.3%):
200,000 7.75%, 2/15/01......................................... 205,662
2,800,000 5.875%, 11/30/01....................................... 2,803,472
----------
Total U.S. Treasury Notes 3,009,134
----------
U.S. Treasury Bonds (4.3%):
525,000 6.25%, 8/15/23......................................... 514,431
2,000,000 6.13%, 11/15/27........................................ 1,937,240
----------
Total U.S. Treasury Bonds 2,451,671
----------
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$68,300. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............. $ 5,100,871
Unrealized depreciation............. (2,462,275)
-----------
Net unrealized appreciation......... $ 2,638,596
===========
</TABLE>
(b) Represents non-income producing securities.
ADR -- American Depository Receipt
AMBAC -- AMBAC Indemnity Corporation
FGIC -- Financial Guaranty Insurance Corporation
PLC -- Public Limited Company
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- --------------------------------------------- -----------
<C> <S> <C>
Investment Companies (2.7%):
$1,467,473 American Performance Cash Management Fund.... $ 1,467,473
40,000 American Performance U.S. Treasury Fund...... 40,000
-----------
Total Investment Companies 1,507,473
-----------
Total Investments (Cost $53,632,286)(a)--99.6% $56,339,182
Other assets in excess of liabilities--0.4% 231,870
-----------
Total Net Assets--100.0% $56,571,052
===========
</TABLE>
See notes to financial statements.
- 63 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Security Market
Shares Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks (98.0%):
Aerospace/Defense (2.0%):
22,200 AlliedSignal, Inc. ................................... $ 1,359,750
38,600 B. F. Goodrich Co. ................................... 1,425,787
12,700 United Technologies Corp. ............................ 839,788
-----------
3,625,325
-----------
Automotive Parts (1.4%):
71,300 Cooper Tire & Rubber Co. ............................. 1,354,700
29,000 Dana Corp. ........................................... 1,263,313
-----------
2,618,013
-----------
Banking (3.7%):
39,000 Bank of America Corp. ................................ 2,359,500
52,400 Bank One Corp. ....................................... 2,102,550
27,400 Chase Manhattan Corp. ................................ 2,293,038
-----------
6,755,088
-----------
Beverages (3.1%):
70,600 Coca-Cola Co. ........................................ 4,222,763
45,200 PepsiCo, Inc. ........................................ 1,542,450
-----------
5,765,213
-----------
Broadcasting/Cable (1.0%):
40,200 CBS Corp.(b).......................................... 1,889,400
-----------
Building Materials (0.7%):
83,100 Johns Manville Corp. ................................. 1,194,563
-----------
Chemicals (1.1%):
5,400 Dow Chemical.......................................... 613,575
69,900 Engelhard Corp. ...................................... 1,393,631
-----------
2,007,206
-----------
Commercial Services (1.8%):
72,900 Deluxe Corp. ......................................... 2,483,156
21,800 Hertz Corp., Class A.................................. 878,813
-----------
3,361,969
-----------
Computer Software & Services (7.2%):
11,300 America Online, Inc.(b)............................... 1,031,831
11,700 Citrix Systems, Inc.(b)............................... 666,900
41,500 Compuware Corp.(b).................................... 1,252,781
29,000 CSG Systems International, Inc.(b).................... 654,313
92,900 Microsoft Corp.(b).................................... 8,599,055
33,500 Peregrine Systems, Inc.(b)............................ 1,105,500
-----------
13,310,380
-----------
Computers & Peripherals (6.7%):
60,100 Cisco Systems, Inc.(b)................................ 4,075,530
62,600 Dell Computer Corp.(b)................................ 3,055,663
30,000 EMC Corp.(b).......................................... 1,800,000
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued
Computers & Peripherals, continued:
27,500 International Business Machines Corp. ................ $ 3,425,469
-----------
12,356,662
-----------
Consumer Products (0.3%):
16,000 Fortune Brands, Inc. ................................. 600,000
-----------
Containers & Packaging (0.3%):
11,500 Ball Corp............................................. 516,781
-----------
Cosmetics/Personal Care (3.2%):
17,200 Colgate-Palmolive Co. ................................ 920,200
23,700 Kimberly-Clark Corp. ................................. 1,349,419
37,200 Procter & Gamble Co. ................................. 3,692,100
-----------
5,961,719
-----------
Diversified Manufacturing Operations (4.8%):
74,600 General Electric Co. ................................. 8,378,513
18,500 Ogden Corp. .......................................... 420,875
-----------
8,799,388
-----------
Electric Integrated (2.6%):
30,200 PECO Energy Co. ...................................... 1,226,875
131,200 Reliant Energy, Inc. ................................. 3,632,600
-----------
4,859,475
-----------
Entertainment (0.9%):
22,800 The Walt Disney Co. .................................. 632,700
24,100 Viacom, Inc., Class B(b) ............................. 1,013,706
-----------
1,646,406
-----------
Financial Services (6.3%):
102,100 Allied Capital Corp. ................................. 2,306,821
24,100 Associates First Capital Corp., Class A............... 826,931
83,000 Citigroup, Inc. ...................................... 3,688,312
56,700 Household International, Inc. ........................ 2,140,425
8,100 Morgan Stanley Dean Witter & Co. ..................... 695,081
9,300 Providian Financial Corp. ............................ 721,913
38,400 Washington Mutual, Inc. .............................. 1,219,200
-----------
11,598,683
-----------
Food Products & Services (1.5%):
31,200 Flowers Industries, Inc. ............................. 493,350
30,800 IBP, Inc. ............................................ 706,475
22,200 Quaker Oats Co. ...................................... 1,483,238
-----------
2,683,063
-----------
Forest Products--Lumber & Paper (0.7%):
29,500 Georgia Pacific Corp. ................................ 1,220,563
-----------
Health Care (2.1%):
37,400 Johnson & Johnson..................................... 3,824,150
-----------
</TABLE>
Continued
- 64 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Security Market
Shares Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued:
Home Builders (1.2%):
82,900 D. R. Horton, Inc. ................................... $ 1,207,231
47,400 Kaufman & Broad Home Corp. ........................... 968,738
-----------
2,175,969
-----------
Hotels & Lodging (0.3%):
25,800 Starwood Hotels & Resorts Worldwide................... 614,363
-----------
Insurance (4.4%):
13,000 Aetna Services, Inc. ................................. 1,010,750
14,100 American International Group, Inc. ................... 1,306,894
26,600 Aon Corp. ............................................ 887,775
50,300 Conseco, Inc. ........................................ 1,207,200
43,500 Hartford Financial Services Group, Inc. .............. 1,976,531
16,900 Marsh & McLennan Cos., Inc. .......................... 1,230,531
10,800 Nationwide Financial Services, Inc. .................. 394,200
-----------
8,013,881
-----------
Office Equipment & Services (1.0%):
38,000 Xerox Corp. .......................................... 1,814,500
-----------
Oil--Intergrated Companies (6.6%):
22,400 Chevron Corp. ........................................ 2,066,400
59,900 Exxon Corp. .......................................... 4,724,612
16,600 Mobil Corp. .......................................... 1,699,425
40,900 Royal Dutch Petroleum--New York Shares ADR............ 2,530,687
40,700 Ultramar Diamond Shamrock Corp. ...................... 1,063,288
-----------
12,084,412
-----------
Pharmaceuticals (10.3%):
26,300 Abbott Laboratories................................... 1,140,763
19,500 American Home Products Corp. ......................... 809,250
11,100 Bausch & Lomb, Inc. .................................. 733,294
55,000 Bristol-Myers Squibb Co. ............................. 3,870,625
8,400 Eli Lilly & Co. ...................................... 626,850
51,900 Ivax Corp.(b) ........................................ 856,350
63,000 Merck & Co., Inc. .................................... 4,232,812
105,500 Pfizer, Inc. ......................................... 3,982,624
38,800 Warner-Lambert Co. ................................... 2,570,500
-----------
18,823,068
-----------
Real Estate Investment Trusts (0.4%):
32,300 Rouse Co. ............................................ 734,825
-----------
Retail (4.5%):
21,500 Abercrombie & Fitch(b)................................ 749,813
18,900 Ann Taylor Stores Corp.(b)............................ 626,063
11,500 Dayton Hudson Corp. .................................. 667,000
52,300 Home Depot, Inc. ..................................... 3,196,837
15,700 J.C. Penney Co., Inc. ................................ 569,125
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
---------- ----------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued:
Retail, continued:
57,000 Wal-Mart Stores, Inc. ............................... $ 2,525,812
------------
8,334,650
------------
Semiconductors (4.3%):
21,800 Applied Materials, Inc.(b)........................... 1,549,163
50,700 Intel Corp. ......................................... 4,166,906
28,700 Lam Research Corp.(b)................................ 1,619,756
8,000 Texas Instruments, Inc. ............................. 656,500
------------
7,992,325
------------
Telecommunications (10.0%):
39,200 AT&T Corp. .......................................... 1,764,000
14,800 Bell Atlantic Corp. ................................. 906,500
21,300 General Instrument Corp.(b).......................... 1,047,694
23,500 Lucent Technologies, Inc. ........................... 1,505,469
70,700 MCI WorldCom, Inc.(b)................................ 5,355,524
38,300 Nextel Communications, Inc., Class A(b).............. 2,214,219
11,200 Qualcom, Inc.(b)..................................... 2,152,500
25,300 Qwest Communications International, Inc.(b).......... 727,375
52,600 SBC Communications, Inc. ............................ 2,524,799
------------
18,198,080
------------
Television (0.7%):
16,800 Univision Communications,
Class A(b).......................................... 1,239,000
------------
Textile Products (0.9%):
84,300 Shaw Industries...................................... 1,686,000
------------
Tobacco & Tobacco Product (1.1%):
53,700 Philip Morris Cos., Inc. ............................ 2,010,394
------------
Transportation (0.4%):
16,900 Union Pacific Corp. ................................. 822,819
------------
Utilities--Electric (0.2%):
11,000 Texas Utilities Co. ................................. 444,813
------------
Waste Disposal--Non Hazardous (0.3%):
40,400 Allied Waste Industries, Inc.(b)..................... 515,100
------------
Total Common Stocks 180,098,246
------------
Investment Companies (1.9%):
3,560,372 American Performance Cash Management Fund............ 3,560,372
------------
Total Investment Companies 3,560,372
------------
Total Investments
(Cost $138,520,630)(a)--99.9% 183,658,618
------------
Other assets in excess of liabilities--0.1% 118,704
------------
Total Net Assets--100.0% $183,777,322
============
</TABLE>
Continued
- 65 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
- --------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$113,839. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............. $52,135,731
Unrealized depreciation.............. (7,111,582)
-----------
Net unrealized appreciation.......... $45,024,149
===========
</TABLE>
(b) Represents non-income producing securities.
ADR -- American Depository Receipt
See notes to financial statements.
- 66 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Growth Equity Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ -------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks (97.7%):
Aerospace/Defense (1.3%):
28,100 AlliedSignal, Inc....................................... $ 1,721,125
------------
Beverages (3.7%):
83,700 Coca-Cola Co. .......................................... 5,006,306
------------
Broadcasting/Cable (2.4%):
50,800 Comcast Corp., Special Class A.......................... 1,657,350
41,500 Cox Communications, Inc., Class A(b).................... 1,543,281
------------
3,200,631
------------
Building Materials (1.9%):
51,700 USG Corp................................................ 2,533,300
------------
Computer Software & Services (9.2%):
31,200 America Online, Inc.(b)................................. 2,848,950
59,700 Compuware Corp.(b)...................................... 1,802,194
67,200 Microsoft Corp.(b)...................................... 6,220,200
42,200 Oracle Corp.(b)......................................... 1,540,300
------------
12,411,644
------------
Computers & Peripherals (13.4%):
91,900 Cisco Systems, Inc.(b).................................. 6,231,969
116,700 Dell Computer Corp.(b).................................. 5,696,419
40,100 EMC Corp.(b)............................................ 2,406,000
32,000 International Business Machines Corp.................... 3,986,000
------------
18,320,388
------------
Cosmetics/Personal Care (4.8%):
41,900 Avon Products, Inc...................................... 1,838,363
23,800 Kimberly-Clark Corp..................................... 1,355,113
32,900 Procter & Gamble Co..................................... 3,265,324
------------
6,458,800
------------
Diversified Manufacturing Operations (5.6%):
53,400 General Electric Co..................................... 5,997,487
15,000 Tyco International, Ltd................................. 1,519,687
------------
7,517,174
------------
Electric Integrated (1.0%):
34,000 PECO Energy Co.......................................... 1,381,250
------------
Financial Services (2.0%):
18,900 Morgan Stanley Dean Witter & Co......................... 1,621,856
14,200 Providian Financial Corp................................ 1,102,275
------------
2,724,131
------------
Food Products & Services (3.6%):
25,700 Bestfoods............................................... 1,262,513
29,800 General Mills, Inc...................................... 2,495,749
25,100 Safeway, Inc.(b)........................................ 1,168,719
------------
4,926,981
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued
Health Care (3.4%):
27,800 Johnson & Johnson........................................ $ 2,842,550
22,900 Medtronic, Inc........................................... 1,791,925
------------
4,634,475
------------
Insurance (2.1%):
68,300 Conseco, Inc............................................. 1,639,200
26,600 Hartford Life Inc., Class A.............................. 1,155,438
------------
2,794,638
------------
Office Equipment & Services (1.1%):
31,800 Xerox Corp............................................... 1,518,450
------------
Pharmaceuticals (15.8%):
57,500 Abbott Laboratories...................................... 2,494,063
43,300 Bristol-Myers Squibb Co.................................. 3,047,238
25,300 Eli Lilly & Co........................................... 1,888,013
68,400 Merck & Co., Inc......................................... 4,595,624
92,100 Pfizer, Inc.............................................. 3,476,775
61,000 Schering-Plough Corp..................................... 3,206,313
42,700 Warner-Lambert Co........................................ 2,828,875
------------
21,536,901
------------
Printing & Publishing (1.1%):
30,300 Houghton Mifflin Co...................................... 1,446,825
------------
Retail (7.2%):
40,100 Gap, Inc................................................. 1,568,913
54,700 Home Depot, Inc.......................................... 3,343,538
44,500 Staples, Inc.(b)......................................... 967,875
87,200 Wal-Mart Stores, Inc..................................... 3,864,049
------------
9,744,375
------------
Semiconductors (4.9%):
79,900 Intel Corp............................................... 6,566,781
------------
Telecommunications (13.2%):
23,500 Ameritech Corp........................................... 1,483,438
22,700 Bell Atlantic Corp....................................... 1,390,375
47,900 BellSouth Corp........................................... 2,167,475
72,200 Lucent Technologies, Inc................................. 4,625,312
27,500 MCI WorldCom, Inc.(b).................................... 2,083,125
8,900 Qualcom, Inc.(b)......................................... 1,710,469
58,500 SBC Communications, Inc.................................. 2,807,999
26,200 Tellabs, Inc.(b)......................................... 1,560,538
------------
17,828,731
------------
Total Common Stocks 132,272,906
------------
</TABLE>
Continued
- 67 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Growth Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ -------------------------------------------- ------------
<C> <S> <C>
Investment Companies (2.3%):
3,102,235 American Performance Cash Management Fund... $ 3,102,235
------------
Total Investment Companies 3,102,235
------------
Total Investments (Cost $100,737,170) (a)--100.0% 135,375,141
Other assets in excess of liabilities--0.0% 1,167
------------
Total Net Assets--100.0% $135,376,308
============
</TABLE>
- --------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$54,381. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............. $38,961,986
Unrealized depreciation.............. (4,378,396)
-----------
Net unrealized appreciation.......... $34,583,590
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 68 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments
August 31, 1999
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ----------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks (97.4%):
Advertising (1.6%):
3,400 ADVO, Inc.(b).............................................. $ 66,725
600 Catalina Marketing Corp.(b)................................ 54,450
----------
121,175
----------
Airlines (0.8%):
3,000 SkyWest, Inc............................................... 60,375
----------
Automotive Parts (1.7%):
2,700 Gentex Corp.(b)............................................ 51,638
3,600 Tower Automotive, Inc.(b).................................. 72,000
----------
123,638
----------
Banking (6.4%):
3,400 Banknorth Group, Inc....................................... 98,600
2,800 Centura Banks, Inc......................................... 129,674
4,500 Cullen/Frost Bankers, Inc. ................................ 117,563
3,900 Premier Bancshares, Inc. .................................. 65,081
800 U.S. Trust Corp............................................ 66,500
----------
477,418
----------
Building Materials (0.8%):
1,800 Texas Industries, Inc...................................... 57,600
----------
Chemicals (3.5%):
2,700 Cambrex Corp............................................... 72,563
4,300 Geon Co.................................................... 128,463
1,500 The Scotts Co., Class A(b)................................. 59,531
----------
260,557
----------
Commercial Services (3.5%):
2,100 ABM Industries, Inc. ...................................... 48,300
1,400 Lason, Inc.(b)............................................. 63,263
2,100 Profit Recovery Group International, Inc.(b)............... 79,930
3,700 Regis Corp. ............................................... 70,763
----------
262,256
----------
Computer Software & Services (4.5%):
3,400 Acxiom Corp.(b)............................................ 59,713
2,600 American Management Systems(b)............................. 74,424
1,900 Macromedia, Inc.(b)........................................ 75,287
1,200 Mercury Interactive Corp.(b)............................... 57,300
2,200 Progress Software Corp.(b)................................. 67,375
----------
334,099
----------
Computers & Peripherals (3.4%):
3,100 Anixter International, Inc.(b)............................. 65,294
1,600 Jack Henry & Assoc., Inc................................... 52,000
2,000 National Computer Systems, Inc............................. 78,000
5,500 S3, Inc.(b)................................................ 55,000
----------
250,294
----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ----------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Electric Integrated (1.8%):
1,300 Central Hudson Gas & Electric Corp......................... $ 54,925
3,168 Sierra Pacific Resources(b)................................ 77,220
----------
132,145
----------
Electronic Components/Instruments (0.6%):
1,600 C-Cube Microsystems, Inc.(b)............................... 44,500
----------
Electronics (5.2%):
1,400 Electro Scientific Industries, Inc.(b)..................... 56,000
1,700 Harman International Industries, Inc....................... 72,250
2,400 KEMET Corp.(b)............................................. 61,950
2,100 Park Electrochemical Corp.................................. 61,031
1,900 Plexus Corp.(b)............................................ 56,525
1,000 Sanmina Corp.(b)........................................... 75,000
----------
382,756
----------
Entertainment (0.9%):
7,500 Aztar Corp.(b)............................................. 68,906
----------
Financial Services (3.2%):
4,300 AmeriCredit Corp.(b)....................................... 55,094
2,500 Legg Mason, Inc............................................ 95,469
900 SEI Investments Co. ....................................... 82,744
----------
233,307
----------
Food Products & Services (4.4%):
8,800 Chiquita Brands International, Inc. ....................... 58,300
8,400 Fleming Cos., Inc.......................................... 101,325
2,800 J & J Snack Foods, Inc.(b)................................. 58,800
3,700 Smithfield Food, Inc.(b)................................... 108,688
----------
327,113
----------
Gas Distribution (2.3%):
3,900 Energen Corp............................................... 73,613
2,400 New Jersey Resources Corp.................................. 93,000
----------
166,613
----------
Health Care (6.8%):
1,700 Cognex Corp.(b)............................................ 51,319
6,800 Coventry Health Care, Inc.(b).............................. 68,425
1,300 Express Scripts, Inc., Class A(b).......................... 87,587
3,600 IDEXX Laboratories, Inc.(b)................................ 61,200
2,600 Invacare Corp.............................................. 48,588
5,800 Owens & Minor, Inc......................................... 64,163
3,800 Universal Health Services, Class B(b)...................... 126,824
----------
508,106
----------
Home Builders (3.0%):
4,600 D. R. Horton, Inc.......................................... 66,988
6,300 Ryland Group, Inc. ........................................ 151,594
----------
218,582
----------
</TABLE>
Continued
- 69 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ ----------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Insurance (4.3%):
6,800 First American Financial Corp.............................. $ 101,150
5,600 Fremont General Corp....................................... 55,650
2,600 Mutual Risk Management, Ltd................................ 71,500
4,900 Selective Insurance Group, Inc............................. 87,281
----------
315,581
----------
Leisure & Recreation Products (1.4%):
2,900 Polaris Industries, Inc. .................................. 104,219
----------
Machinery & Equipment (3.5%):
1,400 Astec Industries, Inc.(b).................................. 47,425
2,100 Helix Technology Corp. .................................... 59,325
3,800 JLG Industries, Inc. ...................................... 67,450
2,200 Manitowoc Co., Inc. ....................................... 81,538
----------
255,738
----------
Metals--Processing & Fabrication (1.6%):
3,200 Amcast Industrial Corp..................................... 50,800
5,700 Intermet Corp.............................................. 65,728
----------
116,528
----------
Oil & Gas Exploration, Production,
and Services (3.5%):
3,500 HS Resources, Inc.(b)...................................... 59,938
4,100 Newfield Exploration Co.(b)................................ 124,537
5,400 Vintage Petroleum, Inc..................................... 77,288
----------
261,763
----------
Pharmaceuticals (6.1%):
1,700 Barr Laboratories, Inc.(b)................................. 58,650
6,800 Bindley Western Industries, Inc............................ 113,900
3,200 COR Therapeutics, Inc.(b).................................. 69,800
2,600 Jones Pharma, Inc.......................................... 70,363
700 MedImmune, Inc.(b)......................................... 72,230
2,400 Priority Healthcare Corp., Class B(b)...................... 67,500
----------
452,443
----------
Printing & Publishing (1.8%):
4,600 Bowne & Co., Inc........................................... 63,825
1,600 Valassis Communications, Inc.(b)........................... 70,000
----------
133,825
----------
Research And Development (0.6%):
2,200 Pharmaceutical Product Development, Inc.(b)................ 44,550
----------
Restaurants (2.2%):
2,800 Ruby Tuesday, Inc.......................................... 50,750
5,400 Ryan's Family Steak Houses, Inc.(b)........................ 52,313
2,000 The Cheesecake Factory, Inc.(b)............................ 60,500
----------
163,563
----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ---------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Retail (6.4%):
2,200 Ann Taylor Stores Corp.(b)................................ $ 72,875
3,300 Brown Shoe Co., Inc....................................... 57,338
7,000 Building Materials Holding Corp.(b)....................... 77,875
2,600 Hughes Supply, Inc........................................ 60,450
1,700 Insight Enterprises, Inc.(b).............................. 51,425
2,400 Shopco Stores, Inc.(b).................................... 68,700
2,200 Williams-Sonoma, Inc.(b).................................. 85,799
----------
474,462
----------
Semiconductors (5.0%):
4,300 Applied Industrial Technologies, Inc...................... 64,768
2,500 Electro Glas, Inc.(b)..................................... 48,125
3,000 Kulicke & Soffa Industries, Inc.(b)....................... 61,688
1,000 Lattice Semiconductor Corp.(b)............................ 61,625
1,300 Novellus Systems, Inc.(b)................................. 70,118
5,300 Silicon Valley Group, Inc.(b)............................. 62,938
----------
369,262
----------
Steel (1.2%):
7,400 Steel Technologies, Inc................................... 86,025
----------
Telecommunications (1.6%):
2,000 DSP Communications, Inc.(b)............................... 47,000
1,400 Plantronics, Inc.(b)...................................... 70,875
----------
117,875
----------
Textile Products (1.5%):
6,800 Interface, Inc............................................ 59,075
2,200 Mohawk Industries, Inc.(b)................................ 49,775
----------
108,850
----------
Transportation Leasing & Trucking (2.3%):
7,000 Arkansas Best Corp.(b).................................... 87,500
5,000 Yellow Corp.(b)........................................... 79,375
----------
166,875
----------
Total Common Stocks 7,200,999
----------
Investment Companies (2.6%):
188,650 American Performance Cash Management Fund................. 188,650
----------
Total Investment Companies 188,650
----------
Total Investments (Cost $7,353,122)(a)--100.0% 7,389,649
----------
Liabilities in excess of other assets--0.0% (105)
----------
Total Net Assets--100.0% $7,389,544
==========
</TABLE>
Continued
- 70 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 1999
- --------
(a) Represents cost for financial reporting purposes and differs from cost
basis for federal income tax purposes by the amount of losses recognized
for financial reporting in excess of federal income tax reporting of
$29,189. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $ 581,441
Unrealized depreciation............... (574,103)
---------
Net unrealized appreciation........... $ 7,338
=========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 71 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements
August 31, 1999
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 Short-Term Income Fund and the Intermediate Bond
Fund seek current income, consistent with the preservation of capital. The
Intermediate Tax-Free Bond Fund's investment objective is to seek current
income consistent with the preservation of capital, that is exempt from
federal income tax. 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 and, secondarily, income.
The Growth Equity Fund seeks long-term capital appreciation. 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 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
- 72 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 1999
and/or yield obtained may be more or less than those available in the
market when delivery takes place. The Fund records the transaction and
reflects the value of the security in determining net asset value at the
time the Fund makes the commitment to purchase a security on a when-
issued basis. Normally, the settlement date occurs within one month of
the purchase. No payment is made by the Fund and no interest accrues to
the Fund during the period between purchase and settlement. The Fund
establishes a segregated account in which it maintains cash and
marketable securities equal in value to commitments for when-issued
securities. Securities purchased on a when-issued basis or delayed
delivery basis do not earn income until the settlement date. The Funds
held no when-issued securities as of August 31, 1999.
Organization Costs:
All expenses incurred in connection with the Growth Equity Fund's
organization and registration under the 1940 Act and the Securities Act
of 1933 were paid by that Fund. Such expenses are amortized over a period
of five years commencing with the date of that Fund's 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 paid
by Bank of Oklahoma, N.A.
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 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 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
Continued
- 73 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 1999
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.
As of August 31, 1999, the following reclassifications have been made to
increase (decrease) such accounts with offsetting adjustments made to
capital:
<TABLE>
<CAPTION>
Accumulated
Undistributed
Net Realized
Undistributed Net Gain/(Loss)
Investment Income on Investments
----------------- --------------
<S> <C> <C>
U.S. Treasury Fund......................... $ 7,932 $ (7,932)
Cash Management Fund....................... 7,509 (7,509)
Short-Term Income Fund..................... 19,115 (19,115)
Intermediate Bond Fund..................... 23,093 (23,093)
Bond Fund.................................. (1,061) 1,061
Balanced Fund.............................. 8,497 (8,497)
Growth Equity Fund......................... 99,430 (99,430)
Small Cap Equity Fund...................... 1,505 --
</TABLE>
3.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., served as sub-investment adviser
to the Cash Management Fund until April 30, 1999 when the agreement was
terminated and BOK assumed the day-to-day management. Under the terms of the
investment advisory agreements, BOK and AMR are entitled to receive fees
based on a percentage of the average daily net assets of each of the Funds.
BOK also serves the Funds as custodian.
During the year ended August 31, 1999, BOK Financial Corp., an affiliate of
BOK, purchased securities from the Cash Management Fund for their carrying
value of approximately $10 million which approximates fair value.
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 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 daily net assets of each of the Funds. Under a
Sub-Administration agreement, BISYS pays BOK a fee of up to 0.05% of each
Fund's average daily net assets to perform certain 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
BOK, 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 August 31, 1999, BISYS received $25,031
from commissions earned on sales of shares of the variable net asset value
funds, $22,908 of which was reallowed to affiliated broker/dealers of the
Funds.
From time to time, fees may be voluntarily reduced or reimbursed in order to
assist each of the Funds in maintaining more competitive expense ratios.
Continued
- 74 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 1999
Information regarding these transactions for the period ended August 31,
1999 is as follows:
<TABLE>
<CAPTION>
U.S. Cash
Treasury Management
Fund Fund
---------- ----------
<S> <C> <C>
Investment Advisory Fees:
Annual fee before voluntary fee reductions
(percentage of average net assets)................. 0.40% 0.40%
Voluntary fee reductions............................ -- $ 200,753
Administration Fees:
Annual fee before voluntary fee reductions
(percentage of average net assets)................. 0.20% 0.20%
Voluntary fee reductions............................ -- $ 73,002
12b-1 Fees:
Annual fee before voluntary fee reductions
(percentage of average net assets)................. 0.25% 0.25%
Voluntary fee reductions............................ $1,040,542 $1,289,379
Custodian Fees:
Annual fee (percentage of average net assets)....... 0.03% 0.03%
Transfer Agent and Mutual Fund Accountant Fees....... $ 179,871 $ 220,009
</TABLE>
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term Intermediate
Bond Fund Income 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.. $ 61,081 $298,363 $175,703 $113,576
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.. $ 76,352 $ 66,742 -- --
Custodian Fees:
Annual fee (percentage of
average net assets)...... 0.03% 0.03% 0.03% 0.03%
Transfer Agent and Mutual
Fund Accountant Fees...... $ 35,179 $ 75,969 $ 88,767 $ 53,168
<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.. $226,590 $361,923 $220,577 $ 21,596
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.. $131,166 -- -- $ 7,824
Custodian Fees:
Annual fee (percentage of
average net assets)...... 0.03% 0.03% 0.03% 0.03%
Transfer Agent and Mutual
Fund Accountant Fees...... $ 43,734 $108,807 $ 67,123 $ 7,507
</TABLE>
Continued
- 75 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 1999
4.Purchases and Sales of Securities:
Purchases and sales of securities (excluding short-term securities) for the
year or period ended August 31, 1999 are as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Intermediate Tax-Free Bond Fund.................... $ 4,932,514 $ 3,523,803
Short-Term Income Fund............................. 84,629,796 56,573,509
Intermediate Bond Fund............................. 31,686,657 29,546,216
Bond Fund.......................................... 34,747,506 22,761,923
Balanced Fund...................................... 57,698,032 49,997,242
Equity Fund........................................ 225,048,321 255,170,674
Growth Equity Fund................................. 161,151,207 139,560,753
Small Cap Equity Fund.............................. 11,427,999 4,325,155
</TABLE>
5.Federal Income Tax Information
It is the policy of each Fund to qualify, or to 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, 1999 the following Funds have net capital loss
carryforwards which will be available through the stated years to offset
future net capital gains, if any, to the extent provided by the applicable
regulations. To the extent that this carryforward is used to offset future
capital gains, it is probable that the gains so offset will not be
distributed to shareholders:
<TABLE>
<CAPTION>
Amount Year Expires
-------- ------------
<S> <C> <C>
Short-Term Income Fund................................. $ 650 2007
Intermediate Bond Fund................................. 555,564 2004
Bond Fund.............................................. 70,493 2005
</TABLE>
Other Federal Income Tax Information (unaudited)
During the fiscal year ended August 31, 1999 the following Funds declared
long term capital gain distributions as follows:
<TABLE>
<CAPTION>
20%
----------
<S> <C>
Cash Management Fund.............................................. $ 4,480
Intermediate Tax-Free Bond Fund................................... 82,372
Balanced Fund..................................................... 2,054,996
Equity Fund....................................................... 9,746,964
Growth Equity Fund................................................ 3,188,583
</TABLE>
For corporate shareholders, the following percentage of the total ordinary
income distributions paid during the fiscal year ended August 31, 1999
qualify for the corporate dividend received deduction for the following
funds:
<TABLE>
<S> <C>
Balanced Fund.......................................................... 21.38%
Equity Fund............................................................ 72.18
Growth Equity Fund..................................................... 40.85
Small Cap Equity Fund.................................................. 7.51
</TABLE>
Continued
- 76 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 1999
Under current tax law, capital losses realized after October 31 of a Fund's
fiscal year may be deferred and treated as occurring on the first day of the
next fiscal year. As of August 31, 1999 the following funds have elected to
defer such losses:
<TABLE>
<CAPTION>
Post-October
Capital Losses
--------------
<S> <C>
U.S. Treasury Fund............................................. $12,023
Cash Management Fund........................................... 8,431
Short-Term Income Fund......................................... 54,002
Intermediate Bond Fund......................................... 3,550
</TABLE>
During the year ended August 31, 1999 the Intermediate Tax-Free Bond Fund
declared tax-exempt income distributions in the amount of $1,317,097.
Special Meeting of Shareholders (Unaudited)
A special meeting of the shareholders of the American Performance Aggressive
Growth Fund (the "Fund"), was held on December 15, 1998 to consider the
liquidation of the Fund's assets. All liquidated assets minus outstanding
liabilities and taxes to be distributed prorata to the Fund's shareholders
and, thereafter, the Fund to be terminated. The results of the special meeting
were 1,712,035.98 votes in favor of the resolution, 0 votes against the
resolution, and 0 abstentions. The Fund was subsequently terminated on
February 19, 1999.
- 77 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
U.S. Treasury Fund
------------------------------------------------
Year Ended August 31,
------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period...................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
Investment Activities
Net investment income....... 0.042 0.048 0.046 0.047 0.048
-------- -------- -------- -------- --------
Total from Investment
Activities................ 0.042 0.048 0.046 0.047 0.048
-------- -------- -------- -------- --------
Distributions
Net investment income....... (0.042) (0.048) (0.046) (0.047) (0.048)
-------- -------- -------- -------- --------
Total Distributions (0.042) (0.048) (0.046) (0.047) (0.048)
-------- -------- -------- -------- --------
Net Asset Value, End of
Period...................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return................. 4.26% 4.94% 4.74% 4.85% 4.95%
Ratios/Supplementary Data:
Net Assets at end of period
(000)...................... $394,415 $388,319 $298,424 $217,406 $187,007
Ratio of expenses to average
net assets................. 0.71% 0.72% 0.72% 0.74% 0.75%
Ratio of net investment
income to average net
assets..................... 4.17% 4.83% 4.65% 4.74% 4.88%
Ratio of expenses to average
net assets*................ 0.96% 0.97% 0.97% 0.99% 1.00%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 78 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Cash Management Fund
---------------------------------------------------
Year Ended August 31,
---------------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Begin-
ning of Period......... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- --------
Investment Activities
Net investment income.. 0.045 0.050 0.049 0.050 0.052
Net realized and
unrealized losses on
investments........... -- -- (0.010) -- --
-------- -------- -------- -------- -------- ---
Total from Investment
Activities........... 0.045 0.050 0.039 0.050 0.052
-------- -------- -------- -------- -------- ---
Distributions
Net investment income.. (0.045) (0.050) (0.049) (0.050) (0.052)
-------- -------- -------- -------- -------- ---
Total Distributions... (0.045) (0.050) (0.049) (0.050) (0.052)
-------- -------- -------- -------- -------- ---
Capital contribution... -- -- 0.010 -- --
-------- -------- -------- -------- -------- ---
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ======== ===
Total Return............ 4.63% 5.14% 5.05%(a) 5.14% 5.30%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $551,880 $466,571 $331,095 $375,797 $194,807
Ratio of expenses to
average net assets.... 0.65% 0.71% 0.72% 0.71% 0.74%
Ratio of net investment
income to
average net assets.... 4.53% 5.02% 4.93% 5.01% 5.18%
Ratio of expenses to
average net assets*... 0.95% 0.96% 0.97% 0.96% 0.99%
</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 captial contribution would have been
4.05%.
See notes to financial statements.
- 79 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Tax-Free Bond Fund
-------------------------------------------
Year Ended August 31,
-------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period....................... $ 10.99 $ 10.78 $ 10.57 $ 10.67 $ 10.42
------- ------- ------- ------- -------
Investment Activities
Net investment income........ 0.47 0.48 0.49 0.49 0.51
Net realized and unrealized
gains (losses) on
investments................. (0.44) 0.28 0.21 (0.10) 0.25
------- ------- ------- ------- ------- ---
Total from Investment
Activities................. 0.03 0.76 0.70 0.39 0.76
------- ------- ------- ------- ------- ---
Distributions
Net investment income........ (0.47) (0.48) (0.49) (0.49) (0.51)
Net realized gains........... (0.04) (0.07) -- -- --
------- ------- ------- ------- ------- ---
Total Distributions......... (0.51) (0.55) (0.49) (0.49) (0.51)
------- ------- ------- ------- ------- ---
Net Asset Value, End of
Period....................... $ 10.51 $ 10.99 $ 10.78 $ 10.57 $ 10.67
======= ======= ======= ======= ======= ===
Total Return (excludes sales
charge)...................... 0.19% 7.28% 6.79% 3.68% 7.62%
Ratios/Supplementary Data:
Net Assets at end of period
(000)....................... $30,353 $30,454 $26,544 $31,036 $28,114
Ratio of expenses to average
net assets.................. 0.75% 0.74% 0.74% 0.75% 0.51%
Ratio of net investment
income to average net
assets...................... 4.33% 4.44% 4.61% 4.58% 4.99%
Ratio of expenses to average
net assets*................. 1.20% 1.19% 1.19% 1.20% 1.24%
Portfolio turnover........... 11.96% 19.10% 11.38% 19.53% 8.35%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 80 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Short-Term Income Fund
---------------------------------------------------
Year Ended August 31, October 19,
------------------------------------ 1994
to August 31,
1999 1998 1997 1996 1995(a)
------- ------- ------- ------- ------------- ---
<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.. 0.59 0.62 0.61 0.59 0.52
Net realized and
unrealized gains
(losses) on
investments........... (0.23) 0.20 0.14 (0.14) (0.05)
------- ------- ------- ------- -------
Total from Investment
Activities........... 0.36 0.82 0.75 0.45 0.47
------- ------- ------- ------- -------
Distributions
Net investment income.. (0.59) (0.62) (0.61) (0.59) (0.52)
In excess of net
investment income..... -- -- (0.01) -- --
Net realized gains..... -- -- -- (0.01) --
In excess of net
realized gains........ --(d) -- -- (0.01) --
------- ------- ------- ------- -------
Total Distributions... (0.59) (0.62) (0.62) (0.61) (0.52)
------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 9.89 $ 10.12 $ 9.92 $ 9.79 $ 9.95
======= ======= ======= ======= =======
Total Return (excludes
sales charge)......... 3.66% 8.47% 7.85% 4.64% 4.81%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $62,523 $32,390 $15,658 $14,399 $10,228
Ratio of expenses to
average net assets.... 0.56% 0.41% 0.33% 0.41% 0.57%(b)
Ratio of net investment
income to average net
assets................ 5.85% 6.15% 6.14% 5.95% 5.96%(b)
Ratio of expenses to
average net assets*... 1.24% 1.22% 1.16% 1.24% 1.47%(b)
Portfolio turnover..... 109.69% 60.02% 37.55% 80.98% 212.35%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Not annualized.
(d) Distribution per share was less than $0.005.
See notes to financial statements.
- 81 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Bond Fund
-------------------------------------------
Year Ended August 31,
-------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period........................... $ 10.50 $ 10.23 $ 10.01 $ 10.26 $ 10.23
------- ------- ------- ------- -------
Investment Activities
Net investment income............ 0.60 0.61 0.60 0.60 0.61
Net realized and unrealized gains
(losses) on investments......... (0.42) 0.27 0.22 (0.25) 0.06
------- ------- ------- ------- -------
Total from Investment
Activities..................... 0.18 0.88 0.82 0.35 0.67
------- ------- ------- ------- -------
Distributions
Net investment income............ (0.60) (0.61) (0.60) (0.60) (0.61)
In excess of net realized gains.. -- -- -- -- (0.03)
------- ------- ------- ------- -------
Total Distributions............. (0.60) (0.61) (0.60) (0.60) (0.64)
------- ------- ------- ------- -------
Net Asset Value, End of Period.... $ 10.08 $ 10.50 $ 10.23 $ 10.01 $ 10.26
======= ======= ======= ======= =======
Total Return (excludes sales
charge).......................... 1.73% 8.80% 8.38% 3.41% 6.81%
Ratios/Supplementary Data:
Net Assets at end of period
(000)........................... $87,132 $85,382 $77,319 $63,088 $74,395
Ratio of expenses to average net
assets.......................... 0.97% 0.95% 0.93% 0.95% 0.98%
Ratio of net investment income to
average net assets.............. 5.80% 5.86% 5.89% 5.84% 6.00%
Ratio of expenses to average net
assets*......................... 1.17% 1.15% 1.13% 1.15% 1.18%
Portfolio turnover............... 34.47% 31.98% 40.77% 129.97% 154.43%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 82 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Bond Fund
--------------------------------------------
Year Ended August 31,
--------------------------------------------
1999 1998 1997 1996 1995
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period...................... $ 9.76 $ 9.29 $ 8.99 $ 9.29 $ 9.36
------- ------- ------- ------- -------
Investment Activities
Net investment income....... 0.57 0.57 0.58 0.57 0.56
Net realized and unrealized
gains (losses) on
investments................ (0.58) 0.47 0.30 (0.30) 0.15
------- ------- ------- ------- -------
Total from Investment
Activities................ (0.01) 1.04 0.88 0.27 0.71
------- ------- ------- ------- -------
Distributions
Net investment income....... (0.57) (0.57) (0.58) (0.57) (0.56)
In excess of net realized
gains...................... -- -- -- -- (0.22)
------- ------- ------- ------- -------
Total Distributions........ (0.57) (0.57) (0.58) (0.57) (0.78)
------- ------- ------- ------- -------
Net Asset Value, End of
Period...................... $ 9.18 $ 9.76 $ 9.29 $ 8.99 $ 9.29
======= ======= ======= ======= ======= ===
Total Return (excludes sales
charge)..................... (0.19)% 11.54% 10.03% 2.84% 8.21%
Ratios/Supplementary Data:
Net Assets at end of period
(000)...................... $62,721 $52,706 $35,454 $32,807 $37,293
Ratio of expenses to average
net assets................. 0.97% 0.96% 0.94% 0.96% 1.03%
Ratio of net investment
income to average net
assets..................... 5.95% 6.02% 6.29% 6.08% 6.18%
Ratio of expenses to average
net assets*................ 1.17% 1.16% 1.14% 1.16% 1.23%
Portfolio turnover.......... 41.02% 47.80% 83.65% 61.02% 185.48%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 83 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Balanced Fund
-------------------------------------------------
Year Ended August 31, June 1,
---------------------------------- 1995
to August 31,
1999 1998 1997 1996 1995(a)
------- ------- ------- ------- -------------
<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...... 0.34 0.40 0.41 0.35 0.08
Net realized and unrealized
gains on investments...... 1.90 0.21 2.46 0.79 0.62
------- ------- ------- ------- -------
Total from Investment
Activities............... 2.24 0.61 2.87 1.14 0.70
------- ------- ------- ------- -------
Distributions
Net investment income...... (0.34) (0.34) (0.41) (0.35) (0.08)
Net realized gains......... (0.65) (1.28) (0.36) (0.13) --
------- ------- ------- ------- -------
Total Distributions....... (0.99) (1.62) (0.77) (0.48) (0.08)
------- ------- ------- ------- -------
Net Asset Value, End of
Period..................... $ 13.62 $ 12.37 $ 13.38 $ 11.28 $ 10.62
======= ======= ======= ======= =======
Total Return (excludes sales
charge).................... 18.51% 4.55% 26.33% 10.87% 6.98%(c)
Ratios/Supplementary Data:
Net Assets at end of period
(000)..................... $56,571 $40,656 $30,249 $22,592 $12,842
Ratio of expenses to
average net assets........ 0.67% 0.47% 0.36% 0.38% 0.90%(b)
Ratio of net investment
income to average net
assets.................... 2.52% 3.02% 3.34% 3.27% 3.17%(b)
Ratio of expenses to
average net assets*....... 1.35% 1.34% 1.38% 1.40% 1.92%(b)
Portfolio turnover......... 99.94% 78.07% 66.12% 71.89% 18.68%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Not annualized.
See notes to financial statements.
- 84 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Equity Fund
----------------------------------------------
Year Ended August 31,
----------------------------------------------
1999 1998 1997 1996 1995
-------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period........................ $ 15.06 $ 17.33 $ 13.73 $ 12.33 $ 11.85
-------- -------- -------- ------- -------
Investment Activities
Net investment income......... 0.06 0.08 0.13 0.18 0.20
Net realized and unrealized
gains on investments......... 4.06 0.19 5.03 2.04 1.77
-------- -------- -------- ------- -------
Total from Investment
Activities.................. 4.12 0.27 5.16 2.22 1.97
-------- -------- -------- ------- -------
Distributions
Net investment income......... (0.06) (0.07) (0.13) (0.18) (0.19)
In excess of net investment
income....................... -- -- (0.01) -- --
Net realized gains............ (0.96) (2.47) (1.42) (0.64) (0.39)
In excess of net realized
gains........................ -- -- -- -- (0.91)
-------- -------- -------- ------- -------
Total Distributions.......... (1.02) (2.54) (1.56) (0.82) (1.49)
-------- -------- -------- ------- -------
Net Asset Value, End of Period. $ 18.16 $ 15.06 $ 17.33 $ 13.73 $ 12.33
======== ======== ======== ======= =======
Total Return (excludes sales
charge)....................... 27.92% 0.79% 40.23% 18.53% 19.74%
Ratios/Supplementary Data:
Net Assets at end of period
(000)........................ $183,777 $166,965 $170,887 $86,352 $76,398
Ratio of expenses to average
net assets................... 1.08% 1.07% 1.06% 1.08% 1.14%
Ratio of net investment income
to average net assets........ 0.33% 0.44% 0.88% 1.35% 1.73%
Ratio of expenses to average
net assets*.................. 1.27% 1.26% 1.25% 1.27% 1.33%
Portfolio turnover............ 120.70% 72.10% 93.82% 67.46% 100.44%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 85 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Growth Equity Fund
----------------------
November 3,
Year Ended 1997 to
August 31, August 31,
1999 1998(a)
---------- -----------
<S> <C> <C>
Net Asset Value, Beginning
of Period................ $ 11.25 $ 10.00
-------- -------
Investment Activities
Net investment income.... -- 0.02
Net realized and
unrealized gains on
investments............. 4.67 1.25
-------- -------
Total from Investment
Activities............. 4.67 1.27
-------- -------
Distributions
Net investment income.... (0.01) (0.02)
In excess of net
investment income....... (0.01) --
Net realized gains....... (0.44) --
-------- -------
Total Distributions..... (0.46) (0.02)
-------- -------
Net Asset Value, End of
Period................... $ 15.46 $ 11.25
======== =======
Total Return (excludes
sales charge)............ 42.19% 12.69%(c)
Ratios/Supplementary Data:
Net Assets at end of
period (000)............ $135,376 $78,677
Ratio of expenses to
average net assets...... 1.09% 1.12%(b)
Ratio of net investment
income to average net
assets.................. 0.01% 0.24%(b)
Ratio of expenses to
average net assets*..... 1.28% 1.31%(b)
Portfolio turnover....... 124.80% 36.08%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Not annualized.
See notes to financial statements.
- 86 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Small Cap
Equity Fund
------------
February 17,
1999 to
August 31,
1999(a)
------------
<S> <C>
Net Asset Value, Beginning of Period.............................. $10.00
------
Investment Activities
Net investment income............................................ 0.02
Net realized and unrealized gains on investments................. 0.46
------
Total from Investment Activities................................ 0.48
------
Distributions
Net investment income............................................ (0.01)
------
Total Distributions............................................. (0.01)
------
Net Asset Value, End of Period.................................... $10.47
======
Total Return (excludes sales charge).............................. 4.77%(c)
Ratios/Supplementary Data:
Net Assets at end of period (000)................................ $7,390
Ratio of expenses to average net assets.......................... 0.70%(b)
Ratio of net investment income to average net assets............. 0.37%(b)
Ratio of expenses to average net assets*......................... 1.63%(b)
Portfolio turnover............................................... 74.58%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Annualized.
(c) Not annualized.
See notes to financial statements.
- 87 -
<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 LLP
Two Nationwide Plaza
Columbus, Ohio 43215
- -----------------------
BULK RATE
U.S. POSTAGE
PAID
LANCASTER, PA
PERMIT NO. 1820
- -----------------------
AMERICAN PERFORMANCE FUNDS
3435 Stelzer Road
Columbus, Ohio 43219-3055
