<PAGE>
AMERICAN PERFORMANCE FUNDS
The Right Fit For Your Investment Goals
ANNUAL REPORT
August 31, 2000
<PAGE>
LETTER FROM THE CHAIRMAN AND INVESTMENT ADVISER
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Dear Shareholders:
We are pleased to present this report on the twelve months ended August 31,
2000. While the ride was bumpy in both the stock and bond markets, the year
overall was a good one for investors in our funds as all of our portfolios
gained ground. The performance of the Short-Term Income Fund was particularly
impressive. Maintaining its five star rating from Morningstar/1/, it produced a
total return of 6.92% (without sales charge)+ for the year ended August 31,
2000. Given these results, it was ranked the #4 fund among 110 Short
Intermediate Investment Grade Debt Funds by Lipper Analytical Services for the
one-year period ended August 31, 2000./2/
Celebrating Ten Years of Strong Performance
This September, we are very pleased to report; our fund family celebrates its
tenth birthday. Ten years ago, in September of 1990, the first five American
Performance Funds were launched with some $340 million in total net assets
under management.
Today, there are ten American Performance Funds, and we manage some $1.9
billion in assets for our shareholders--investors like you across the country
who have chosen to place their confidence in us. We would like to thank you for
your support and trust. Over the years, our commitment to providing you with
top-notch investment management and services has not wavered. Nor will it in
the years ahead--years we hope will be just as prosperous for our fund family
and shareholders as our first ten have been.
Turning to the markets . . .
Very simply, the year ended August 31, 2000 was a study in contrasts.
Throughout the first half, tech stocks roared ahead while all other stocks and
the bond markets languished. Enthusiasm rather than earnings propelled the "new
economy" issues. Few investors paid attention to the underlying fundamentals of
the market favorites. Concerned about the red-hot pace of economic growth--and,
yes, skyrocketing valuations in the equities market-- the Federal Reserve Board
(the "Fed") moved to increase interest rates. Given the environment, however,
the first of their actions did little more than trigger temporary sell-offs in
the stock market.
In the second half of the year, however, the climate changed and for those
heavily invested in "new economy" issues, it changed dramatically. Despite
interest rate hikes, the economy had yet to show evidence of slowing--and the
Fed had indicated its willingness to increase rates yet again until signs did
appear. What's more, by late March, the valuation gap between technology stocks
and all others was at a record-breaking level--a gap so wide that even
enthusiastic investors were given pause for thought. Realizing that a slower
economy might bring the valuations of some of the market favorites back to
earth, most investors did pause. When they did, many started looking at
earnings and fundamentals. Valuations began to erode. In short, by the end of
the period, it was clear that the 90's were over--the doubling valuations and
the tremendous outperformance of high beta growth stocks had ended.
Rising rates should have also put a real damper on the bond markets as well.
However, here, the situation was a little more complicated. During the first
half of the period, as they had for the past two years, bond returns suffered
in comparison to stocks. The rate increases--and any that might be in the
offing--were already priced in. Very simply, bearish sentiment had left the
bond markets with virtually nowhere to go but up in the second half. Then,
early in the summer, evidence that the economy was slowing began to appear.
Finally, by the end of the summer, bonds with their positive returns had
started to look good in comparison to the returns of many "new economy" stocks.
--------------------------------------------------------------------------------
Past performance is no guarantee of future results. The 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.
/1/Morningstar ratings reflect historical risk-adjusted performance as of
August 31, 2000. The ratings are subject to change every month. Past
performance is not a guarantee of future results. Morningstar ratings are
calculated from a fund's three-, five-, and 10-year returns (with fee
adjustments) in excess of 90-day Treasury Bill returns and risk factor that
reflects fund performance below 90-day Treasury Bill returns. The overall
rating is a weighted average of the three-, five-, and 10-year rating. The
American Performance Short-Term Income Fund received 5-stars for the three-,
and five-year periods and it was rated among 1,731 and 1,296 fixed income
funds for the three- and five-year periods. The Fund was not rated for the
10-year period. The top 10% of the funds in a broad asset class receive 5
stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the
next 22.5% receive 2 stars, and the bottom 10% receive 1 star.
/2/The American Performance Short-Term Income Fund ranked 4 out of 110 and 4
out of 69 funds in the Short Investment Grade Debt Funds category, for the
one- and five-year periods, respectively, 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 8/31/00.
+ With the maximum sales charge of 2.00%, the Fund's return for the one year
period ended 8/31/00 was 4.80%.
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 -
<PAGE>
LETTER FROM THE CHAIRMAN AND INVESTMENT ADVISER (CONTINUED)
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Where do we go from here?
We believe the Fed is determined to slow growth to forestall inflation. So the
question now is will the economy fall in a soft landing pattern or will the Fed
choke off growth so it lands with a thud? Given the most recent evidence, it
seems that a soft landing is in offing and in our opinion, the Fed will do no
more to nudge things along this year. Nonetheless, thoughts that they have done
too much already and that the next move may be an easing may be a touch
premature. Keep in mind, that slower growth between 3% to 4% is not no-growth
or a recession. In any other time, in fact, it would be considered solid.
Yet, in relation to the torrid pace of the past several years, it may seem like
we are crawling. However, this environment does bode well for both stocks and
bonds. We expect to see stocks move upward in the months ahead within the
backdrop of a benign Fed. We feel tech stocks should regain some ground as the
correction in this sector is completed. At the same time, however, we believe
there is nothing on the horizon to trigger another hyper-investing climate in
the stock market.
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 for more information or a prospectus which includes
information on fees, expenses and sales charges. Or you can visit our website
at http://www.apfunds.com. Please read the prospectus carefully before
investing.
Sincerely,
/s/ Walter B. Grimm
Walter B. Grimm
Chairman
American Performance Funds
/s/ James L. Huntzinger
James L. Huntzinger
Chief Investment Officer
Bank of Oklahoma, N.A.
- 2 -
<PAGE>
AMERICAN PERFORMANCE MONEY MARKET FUNDS
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After telegraphing its intentions in advance, the Fed began a cycle of
increasing interest rates in the fall of 1999. The first moves triggered little
more than short-term sell-offs in the stock market. By the spring, the effects
began to be felt and the economy started to show signs of slowing. Throughout
the summer, more evidence of a slow down appeared. By the period's end, it
seemed as if the Fed would pull off a "soft landing" again. Based on this,
expectations of further increases declined--and expectations of an easing early
in 2001 began to grow.
Such an easing so early in the slowdown cycle seems rather unlikely. The
economy is still astonishingly strong. An easing in the near future could undo
what the Fed has managed to accomplish with the rate increases to date.
Consequently, while we do not expect the Fed to hike rates again any time soon,
we do not expect an easing either. This scenario will produce slower growth--
and slower growth does not mean no growth or a recession, simply a more
moderated pace of activity. With considerably lowered inflationary pressures,
we believe interest rates should be relatively stable, and by historical
measures, remain relatively low.
The American Performance Cash Management Fund
Anticipating that Fed would move and move decisively to cool off the economy,
maturities were pulled in to maximize the Fund's flexibility. In addition,
without penalizing yield, the credit quality of the Fund's holdings was
dramatically increased over the course of the year. As a result, it was well
positioned to capitalize on the rising rate environment--and it did. For the
12-month period ended August 31, 2000 Lipper Analytical Services ranked it in
the 31st percentile or 111 out of 360 funds in the Money Market Funds
category./1/
The American Performance U.S. Treasury Fund
Rising rates produced higher yields for investors in short Treasuries in the
year ended August 31, 2000. In order to maximize the Fund's ability to
capitalize on this environment and minimize maturity risk, maturities were
pulled in early in the period and kept very short throughout the year. This
strategy proved successful. For the 12-month period ended August 31, 2000,
Lipper Analytical Services ranked it in the 25th percentile or 23 out of 92
funds in the U.S. Treasury Money Market Funds category./2/
--------------------------------------------------------------------------------
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.
/1/The American Performance Cash Management Fund ranked 111 out of 360 and 84
out of 245 funds in the Money Market Funds category, for the one- and five-
year periods, respectively, 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 8/31/00.
/2/The American Performance U.S. Treasury Fund ranked 23 out of 92 and 31 out
of 71 funds in the U.S. Treasury Money Market Funds category, for the one-
and five-year periods, respectively, 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 8/31/00.
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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- 3 -
<PAGE>
THE AMERICAN PERFORMANCE BOND FUNDS
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Fixed income investors just could not get a break during much of the year ended
August 31, 2000. As the period opened, uncertainty about Y2K unnerved the bond
markets. Meanwhile, over in the stock markets, technology and Internet stocks
mesmerized investors--when returns like these were available (however
fleeting), few were willing to consider bonds. During this period, too, the Fed
ruminated about raising rates--prompting what investors were left to run in the
other direction--and then, began a cycle of raising them 25 to 50 basis points
at a time. Therefore, throughout the first nine months of the period, sentiment
in the marketplace was decidedly bearish.
The mood began to lighten, however, in the third quarter of the period.
Evidence that the hikes were having an effect and the economy was slowing
started to appear. It appeared as if the Fed might actually be able to pull off
another soft landing. Expectations of further tightening lessened. Much to the
relief of the fixed income markets, valuations began to matter again in the
stock markets. The government's buy back of longer treasury securities began in
January. This influenced the marketplace. We believe investors suddenly
realized this might be more than a token effort by politicians. If it chose to
do so, the government had the means to retire all long-term debt, and in our
opinion given the size of the surpluses, might very well do so. As a result,
the climate in the marketplace was more positive at the end of the period than
it had been in the beginning.
Clearly, with interest rates now as high as they were in '95-96, we are
beginning to see the Fed get what it wanted--a slower economy where the threat
of inflation is minimal. The stock market, too, is cooling off. In fact, it
does seem as if another soft landing is in the offing. The key now is to land--
and then, stay on the ground. We feel given the strong economy and the level of
consumer confidence, any ease in the near-term could cause a spike in growth
and re-ignite the stock market. Therefore, while the environment could be more
positive for bonds in the months ahead than it has been in the recent past,
expectations of any easing of rates in early 2001 seem somewhat unrealistic.
- 4 -
<PAGE>
THE AMERICAN PERFORMANCE INTERMEDIATE TAX-FREE BOND FUND
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With all eyes focused on the stock market through the year ended August 31,
2000, fixed income securities across the board suffered from neglect. This,
coupled with rising interest rates and the high rate of refundings, created a
difficult environment for municipals--particularly in the first half of the
period. Late in the second half, however, the climate began to improve as signs
that the economy was slowing began to appear. The announcement of the
government buyback of longer treasury securities and expectations that the Fed
was almost done increasing rates also helped revive enthusiasm.
Despite the environment, the Fund performed well over the period due primarily
to smart security selection. Anticipating the economy would begin to slow and
longer rates decline, maturities were lengthened to just under 10 years late in
the first half. This move paid off and, for the year ended August 31, 2000; the
Fund produced a total return of 5.78% (without sales charge). Over the same
period, its benchmark, the Lehman Brothers Municipal Bond Index, produced a
total return of 6.77%. For its 12-month performance as of August 31, 2000,
Lipper Analytical Services ranked the Fund in the 22nd percentile or 26 out of
121 funds in the Intermediate Municipal Debt Funds category./1/
Slower Growth, More Interest
In the months ahead, we expect to see the economy slow further and the long
bond rates to trend lower. Consequently, we expect to maintain the Fund's
average maturity at the longer end of its range over the near-term. While a
stable, slow growth, low inflation climate may not provide a zippy scenario for
bond investors; it should create a far more positive and receptive environment
for fixed income investments than the one of the year just past.
As of August 31, 2000, approximately 96% of the Fund's assets were invested in
a laddered portfolio of securities issued by municipalities in some 21 states
across the country. The average credit quality of these securities was AA+; the
average maturity was 9.5 years with an effective duration of 5.5 years. The
remainder of the Fund's assets, approximately 2.5%, was held in cash and cash
equivalents./2/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/00 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 2.56% 5.78%
-------------------------------
5 Year 4.08% 4.71%
-------------------------------
Since Inception 5.35% 5.74%
(5/29/92)
</TABLE>
[CHART]
VALUE OF A $10,000 INVESTMENT
[GRAPH]
Intermediate Intermediate
Tax-Free Tax-Free Lehman Brothers
Bond Fund Bond Fund Municipal Bond
(No Load) (Load)* Index
5/29/92 $10,000 $ 9,699 $10,000
8/92 10,314 10,004 10,347
8/93 11,506 11,160 11,636
8/94 11,709 11,357 11,652
8/95 12,601 12,222 12,685
8/96 13,065 12,673 13,480
8/97 13,952 13,532 14,726
8/98 14,967 14,517 16,000
8/99 14,984 14,534 16,080
8/00 15,860 15,383 17,169
* Reflects 3.00% maximum sales charge.
--------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The American Performance Intermediate Tax-Free Bond Fund ranked 26 out of
121 and 56 out of 99 funds in the Intermediate Municipal Debt Funds
category, for the one- and five-year periods, respectively, 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 8/31/00.
/2/The composition of the Fund's portfolio is subject to change.
During the period certain fees were waived and/or voluntarily reimbursed. Had
these waivers and/or reimbursements not been in effect, performance quoted
would have been lower.
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. Investors cannot invest directly in an index,
although they can invest in its underlying securities.
The Fund's income may be subject to certain state and local taxes and,
depending on your tax status, the federal alternative minimum tax.
--------------------------------------------------------------------------------
- 5 -
<PAGE>
THE AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
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Astute analysis of interest rate movements and strong security selection again
produced strong results. Anticipating early in the period that the economy's
rapid growth would prompt the Fed to increase interest rates, we placed
emphasis on securities that would suffer least in a rising rate environment.
Therefore, over the course of the year, the portfolio was heavily weighted in
mortgage-backed securities. Exposure in the corporate sector was minimal.
Initially, the portfolio was lightly weighted in treasuries as well--though as
the period wore on, positions here were increased slightly to take advantage of
the government buy back.
We are very pleased to report this allocation proved successful in the
difficult environment of the period. For the twelve months ended August 31,
2000, the Fund outperformed its benchmark producing a total return of 6.92%
(without sales charge) versus a return of 5.96% for the Merrill Lynch U.S.
Government/Corporate 1-5-Year Index. For its 12-month performance as of August
31, 2000, the Lipper Analytical Services ranked the Fund in the 4th percentile
or 4 out of 110 funds in the Short Investment Grade Debt Funds category. Even
more impressively, for the three year period ended the same date, the Fund is
ranked 2nd out of 95 funds in its category./1/
As of August 31, 2000, approximately 83.2% of the Fund's net assets were
invested in mortgage-backed securities, 0.6% in asset backed securities, 2.5%
in corporate bonds, 14.1% in treasury and agency-related securities with the
remainder held in cash and cash equivalents. The average maturity of the
portfolio's holdings was 2.6 years; the average credit quality was AAA./2/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/00 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 4.80% 6.92%
-------------------------------
5 Year 5.87% 6.29%
-------------------------------
Since Inception 5.83% 6.19%
(10/19/94)
</TABLE>
VALUE OF A $10,000 INVESTMENT
[GRAPH]
Short-Term Short-Term Merrill Lynch
Income Income U.S. Govt./
Fund Fund Corp.
(No Load) (Load)* 1-5 Yr. Index
10/19/94 10,000 9,804 10,000
8/95 10,481 10,276 10,879
8/96 10,967 10,752 11,410
8/97 11,828 11,596 12,288
8/98 12,830 12,578 13,288
8/99 13,300 13,040 13,730
8/00 14,222 13,943 14,548
* Reflects 2.00% maximum sales charge.
--------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The American Performance Short-Term Income Fund ranked 4 out of 110, 2 out
of 95 and 4 out of 69 funds in the Short Investment Grade Debt Funds
category, for the one-, three- and five-year periods, respectively, 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 8/31/00.
/2/The composition of the Fund's portfolio is subject to change.
During the period certain fees were waived and/or voluntarily reimbursed. Had
these waivers and/or reimbursements not been in effect, performance quoted
would have been lower.
The performance of the American Performance Short-Term Income Fund is measured
against the Merrill Lynch U.S. Government/Corporate 1-5-Year Index, an
unmanaged index considered to be representative of the performance of
investment-grade bonds with maturities of less than five years. The index does
not reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fees. The Fund's performance reflects
the deduction of fees for these value-added services. Investors cannot invest
directly in an index, although they can invest in its underlying securities.
--------------------------------------------------------------------------------
- 6 -
<PAGE>
THE AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
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Capturing yield was the name of the game in the bearish environment of the
period. Consequently, throughout the year, the Fund was heavily weighted in
mortgage-backed securities that proved to be strong performers. Moreover, in
early January, when all negative expectations appeared to be priced in, the
Fund's average maturity was lengthened to just under 5 years. Positions in
Treasuries were also increased to take advantage of the government buy back of
longer treasury securities. These moves proved key to the Fund's performance.
The Fund produced a return of 6.21% (without sales charge) compared to its
benchmark the Lehman Brothers Intermediate Government/Corporate Bond Index
which produced a return of 6.27% for the year ended August 31, 2000. For its
12-month performance as of August 31, 2000, Lipper Analytical Services ranked
the Fund in the 26th percentile or 29 out of 114 funds in the Short
Intermediate Investment Grade Debt Funds category./1/
As of 8/31/00, the average maturity of the Fund's portfolio was 4.7 years
(maturities were pulled in again in anticipation of the Fed's moves over the
summer). The average credit quality of the portfolio's holdings was AA.
Approximately 1.7% of the Fund's net assets were invested in asset-backed
securities, 4.4% in municipal bonds, 49.3% in mortgage-related securities,
18.7% in corporate bonds, 18.8% in treasury securities, with the remainder
invested in cash and cash equivalents./2/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/00 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 3.04% 6.21%
-------------------------------
5 Year 5.02% 5.67%
-------------------------------
Since Inception 6.35% 6.68%
(9/28/90)
</TABLE>
VALUE OF $10,000 INVESTMENT
[GRAPH]
Intermediate Intermediate Lehman Brothers
Bond-Fund Bond-Fund Inter. Govt.
(No-Load) (Load)* Credit Bond Index
9/28/90 10,000 9,699 10,000
8/91 11,142 10,807 11,194
8/92 12,525 12,148 12,663
8/93 13,657 13,247 13,825
8/94 13,502 13,096 13,776
8/95 14,422 13,988 15,079
8/96 14,914 14,466 15,747
8/97 16,163 15,678 17,076
8/98 17,587 17,058 18,609
8/99 17,873 17,335 19,018
8/00 18,994 18,423 20,210
*Reflects 3.00% maximum sales charge.
--------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The American Performance Intermediate Bond Fund ranked 29 out of 114 and 15
out of 63 funds in the Short-intermediate Investment Grade Debt Funds
category, for the one- and five-year periods, respectively, 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 8/31/00.
/2/The composition of the Fund's portfolio is subject to change.
During the period certain fees were waived and/or voluntarily reimbursed. Had
these waivers and/or reimbursements not been in effect, performance quoted
would have been lower.
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. Investors cannot
invest directly in an index, although they can invest in its underlying
securities.
--------------------------------------------------------------------------------
- 7 -
<PAGE>
THE AMERICAN PERFORMANCE BOND FUND
--------------------------------------------------------------------------------
Given the environment in the marketplace, our emphasis was firmly fixed on
yield throughout the year. Consequently, the Fund was heavily weighted in
mortgage-backed securities during the period. In addition, as the New Year
began, positions in treasuries were slightly increased. The Fund's already
light weighting in corporates, on the other hand, was lightened further as this
sector took the brunt of rising rates and suffered mightily as stocks weakened.
These allocation decisions--and smart security selection within the chosen
sectors--were key to the Fund's performance over the course of the year.
For the year ended August 31, 2000, the Fund produced a total return of 6.38%
(without sales charge) versus the return of 7.47% of its benchmark, the Salomon
Broad (Investment Grade) Bond Index. For its 12-month performance as of August
31, 2000, the Fund ranked in the 42nd percentile or 121 out of 288 funds in the
Intermediate Investment Grade Debt Funds category./1/
At the end of the period, approximately 0.8% of the Fund's net assets were
invested in asset-backed securities, 53.1% in mortgage-backed securities, 20.9%
in corporate bonds, 13.0% in treasury and agency-related securities, 7.7% in
municipal bonds and the remainder held in cash and cash equivalents. The
average maturity of the portfolio's holdings was approximately 8.0 years; the
average credit quality was AA./2/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/00 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 2.16% 6.38%
-------------------------------
5 Year 5.16% 6.03%
-------------------------------
Since Inception 6.93% 7.37%
(9/28/90)
</TABLE>
[CHART]
VALUE OF A $10,000 INVESTMENT
[GRAPH]
Salomon Brothers Broad
Bond Fund Bond Fund (Investment Grade)
(No-load) (Load)* Bond Index
9/28/90 $10,000 $ 9,597 $10,000
8/91 11,312 10,856 11,365
8/92 12,750 12,236 12,922
8/93 14,248 13,675 14,354
8/94 13,975 13,412 14,146
8/95 15,122 14,513 15,754
8/96 15,552 14,925 16,404
8/97 17,111 16,422 18,044
8/98 19,091 18,322 19,939
8/99 19,034 18,267 20,114
8/00 20,257 19,440 21,617
* Reflects 4.00% maximum sales charge.
--------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The American Performance Bond Fund ranked 121 out of 288 and 38 out of 149
funds in the Intermediate Investment Grade Debt Funds category, for the one-
and five-year periods, respectively, 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 8/31/00.
/2/The composition of the Fund's portfolio is subject to change.
During the period certain fees were waived and/or voluntarily reimbursed. Had
these waivers and/or reimbursements not been in effect, performance quoted
would have been lower.
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. Investors cannot invest
directly in an index, although they can invest in its underlying securities.
--------------------------------------------------------------------------------
- 8 -
<PAGE>
THE AMERICAN PERFORMANCE BALANCED FUND
--------------------------------------------------------------------------------
Large cap growth stocks led the stock market higher during the first half of
the year ended August 31, 2000--and virtually all other investments were left
reeling in their wake. Consequently, by mid-January, the valuations of other
sectors, particularly value stocks, were very attractive. At this point, the
Fund added a value component to the portfolio, and this exposure was gradually
increased. With a value bias by the end of the period, the Fund was not
dramatically impacted by the decline in large cap growth stocks in the second
half.
In the fixed income arena, too, the Fund was conservatively positioned. With an
average maturity longer than the industry average and focused on yield, fixed
income holdings also made a strong contribution to performance. The Fund
produced a total return of 13.06% (without sales charge) for the year ended
August 31, 2000, versus its benchmarks, the S&P 500 Stock Index and the Salomon
Brothers Broad (Investment Grade) Bond Index, which posted total returns of
16.31% and 7.47% respectively. For its 12-month performance as of August 31,
2000, Lipper Analytical Services ranked the Fund in the 43rd percentile or 198
out of 467 funds in the Balanced Funds category./1/
Value offers real value
We anticipate that in the months ahead, growth stocks will more than likely
recover from the recent slump--but value stocks may actually be stronger
performers in the slower growth environment, given their valuations. Therefore,
we expect to maintain the Fund's value bias over the near-term. In addition, we
expect the fixed income portion of the portfolio to be invested conservatively
in higher yielding, higher quality intermediate securities.
As of August 31, 2000, approximately 65.4% of the portfolio's assets were
invested in stocks and 32.3% in bonds and the remainder in cash and cash
equivalents. The average credit quality of the fixed income holdings in the
portfolio was AA; the average maturity was 9.5 years. The top five holdings in
the equity portion of the Fund's portfolio were General Electric Co. (3.28% of
net assets), Cisco Systems, Inc. (2.89%), Intel Corp. (2.72%), Pfizer, Inc
(1.96%) and Microsoft Corp. (1.93%)./2/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 7.38% 13.06%
--------------------------------
5 Year 13.26% 14.43%
--------------------------------
Since Inception 14.04% 15.17%
(6/1/95)
</TABLE>
[CHART]
VALUE OF A $10,000 INVESTMENT
[GRAPH]
Balanced Fund Balanced Fund S&P 500 Stock
(No-Load) (Load)* Index
6/1/95 $10,000 $ 9,497 $10,000
8/95 10,698 10,159 10,361
8/96 11,860 11,263 12,229
8/97 14,983 14,229 17,295
8/98 15,665 14,877 18,699
8/99 18,565 17,631 26,143
8/00 20,990 19,933 30,407
Salomon Brothers Broad
(Investment Grade) Lipper Balanced Funds
Bond Index Average
6/1/95 $10,000 $10,000
8/95 10,165 10,528
8/96 10,584 11,673
8/97 11,642 14,527
8/98 12,864 14,931
8/99 12,977 17,713
8/00 13,946 19,883
* Reflects 5.00% maximum sales charge.
--------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The American Performance Balanced Fund ranked 198 out of 467 and 88 out of
243 funds in the Balanced Funds category, for the one- and five-year
periods, respectively, 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 8/31/00.
/2/The composition of the Fund's portfolio is subject to change.
During the period certain fees were waived and/or voluntarily reimbursed. Had
these waivers and/or reimbursements not been in effect, performance quoted
would have been lower.
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. Investors cannot
invest directly in an index, although they can invest in its underlying
securities.
The Lipper Balanced Funds Average is an average of funds whose primary
objective is to conserve principal by maintaining at all times a balanced
portfolio of both stocks and bonds. Typically, the stock/bond ratio ranges
around 60%/40%.
--------------------------------------------------------------------------------
- 9 -
<PAGE>
THE AMERICAN PERFORMANCE EQUITY FUND
--------------------------------------------------------------------------------
In our first half, tech stocks set a brisk pace in comparison to the rest of
the market. However, tech stocks ran out of steam in the second half ended
August 31, 2000. By the end of March, the valuations of these issues had risen
so high that even ardent investors began to question the underlying
fundamentals. The fall of tech stocks dampened enthusiasm for equities
throughout the summer. Nonetheless, those outside the tech sector had been in
the doldrums for some time--and few suffered the dramatic declines of the
market favorites.
While the Fund did hold a number of tech stocks throughout the period, it was
widely diversified. Therefore, while the Fund was impacted by the decline of
tech stocks in the spring, holdings in other sectors did provide some air
cover. We feel the Fund suffered far less than those funds focused solely on
"new economy" issues. For the year ended August 31, 2000, it produced a total
return of 15.70% (without sales charge) versus a return of 16.31% and 9.32% for
its benchmarks, the S&P 500 Stock Index and the S&P 500/BARRA Value Index. For
its 12-month performance as of August 31, 2000, Lipper Analytical Services
ranked the Fund in the 39th percentile or 380 of 983 funds in the Growth &
Income Funds category./1/
An "Orderly" Airletting
The correction in technology stocks was not particularly surprising, but the
orderly pace of the adjustment has been. Starting in early spring, the re-
evaluation of these issues is on going--yet, we may be close to the end of this
cycle. Still, we believe when the cycle does end, that we will not see a return
to the hyper-inflated prices of the recent past--which may come as a shock to
some investors. We may hear a good deal of "doom" and "gloom" moaning as the
economy and the market move into a more historically "normal" cycle.
We believe that in the slower growth, stable interest rate, low inflation
climate we see ahead, the market should move up gradually--and earn what in the
past has been considered solid returns. In short, lack of excitement does not
mean that all potential is gone. To the contrary, the environment should be
good for equities, just not very exciting--and investors have to adjust to
this.
As of August 31, 2000, the top five holdings in the Fund's portfolio were
General Electric (4.07% of net assets), Citigroup, Inc. (3.47%), Exxon-Mobil
Corp. (2.89%), Cisco Systems, Inc. (2.68%) and Intel Corp. (2.54%)./2/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 9.89% 15.70%
--------------------------------
5 Year 18.69% 19.91%
--------------------------------
Since Inception 15.18% 15.78%
(9/28/90)
</TABLE>
[CHART]
VALUE OF A $10,000 INVESTMENT
[GRAPH]
S&P 500/BARRA
Equity Fund Equity Fund S&P 500 Value
(No-Load) (Load)* Stock Index Index
9/28/90 10,000 9,497 10,000 10,000
8/91 12,457 11,830 13,345 12,832
8/92 11,961 11,359 14,406 13,911
8/93 13,770 13,077 16,586 17,236
8/94 14,411 13,686 17,491 17,955
8/95 17,256 16,388 21,243 21,376
8/96 20,453 19,424 25,216 25,165
8/97 28,681 27,230 35,459 34,511
8/98 28,910 27,455 38,338 34,377
8/99 36,982 35,121 53,600 46,101
8/00 42,790 40,636 62,342 50,399
* Reflects 5.00% maximum sales charge.
--------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The American Performance Equity Fund ranked 380 out of 983 and 156 out of
416 funds in the Growth and Income Funds category, for the one- and five-
year periods, respectively, 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 8/31/00.
/2/The composition of the Fund's portfolio is subject to change.
During the period certain fees were waived and/or voluntarily reimbursed. Had
these waivers and/or reimbursements not been in effect, performance quoted
would have been lower.
The performance of the American Performance Equity Fund is now being measured
against the S&P 500/BARRA Value Index to better represent the Funds new
objective of a value equity investment style. The S&P 500/BARRA Value Index and
the S&P 500 Stock Index are unmanaged indices, the S&P 500/BARRA Value Index
contains firms with lower price-to-book ratios. The S&P 500 Stock Index
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. Investors cannot invest directly in an index, although they can
invest in its underlying securities.
--------------------------------------------------------------------------------
- 10 -
<PAGE>
THE AMERICAN PERFORMANCE GROWTH EQUITY FUND
--------------------------------------------------------------------------------
Throughout the fall and winter, tech stocks rose at a breakneck pace. Then, in
the spring, reality set in and a sell-off began. The correction lasted
throughout the summer. At the same time, however, the Fund was diversified.
Overlooked as investors stampeded to "new economy" issues earlier in the
period, many of our holdings were overlooked in the rush to move away. Few saw
the declines the tech stocks did.
However, with the major indices now so reflective of the movement of large cap
technology and telecomm issues, this diversification ultimately both hurt and
helped. Throughout the first half, many of our holdings beyond the tech sector
underperformed. In the second half, these holdings helped the Fund hold its
ground. Still, for the year ended August 31, 2000, the Fund produced a total
return of 20.45% (without sales charge), the S&P 500 Stock Index and the S&P
BARRA Growth Index which produced returns of 16.31% and 22.11% for the same
period, respectively.
What goes up . . .
Just as enthusiasm for tech stocks was wildly overblown last year, the current
gloom concerning their prospects may be just as overdone. Clearly, while many
of the Internet stocks may be in trouble, few of the larger cap tech names are
going out of business any time soon. Certainly, the pace of growth may taper
off in the coming years--but the pace they are coming off has been explosive.
In short, at any other time, in any other context, the prospects of tech and
telecomm companies would be considered very, very good indeed. They do still
offer investors strong potential for long-term growth--albeit growth at a far
more reasonable pace which, given what has happened over the past several
years, could take some getting used to. Nonetheless, every cloud has a positive
aspect: the recent correction has made these opportunities available at prices
that are more reasonable.
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 14.45% 20.45%
--------------------------------
Since Inception 23.92% 26.21%
(11/3/97)
</TABLE>
As of August 31, 2000, the top five holdings in the Fund's portfolio were Intel
Corp. (7.76% of net assets), General Electric Co. (7.75%), Cisco Systems, Inc.
(7.22%), Microsoft Corp. (5.24%) and Pfizer, Inc. (4.35%)./1/
[CHART]
VALUE OF A $10,000 INVESTMENT
[GRAPH]
Growth Equity Growth Equity S&P 500 S&P 500/BARRA
Fund (No-Load) Fund (Load)* Stock Index Growth Index
11/3/97 $10,000 $ 9,500 $10,000 $10,000
8/98 11,269 10,702 10,605 11,406
8/99 16,023 15,217 14,827 16,511
8/00 19,300 18,328 17,245 20,161
* Reflects 5.00% maximum sales charge.
--------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The composition of the Fund's portfolio is subject to change.
During the period certain fees were waived and/or voluntarily reimbursed. Had
these waivers and/or reimbursements not been in effect, performance quoted
would have been lower.
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 S&P BARRA
Growth Index is constructed of the stocks in the S&P 500 with a higher price-
to-book ratio. These 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. Investors cannot invest directly in an index,
although they can invest in its underlying securities.
--------------------------------------------------------------------------------
- 11 -
<PAGE>
THE AMERICAN PERFORMANCE SMALL CAP EQUITY FUND
--------------------------------------------------------------------------------
While not affected by the decline in technology stocks in the year ended August
31, 2000, small cap stocks did suffer over the summer from the overall lack of
enthusiasm for equities the drop caused. Consequently, after getting some long
overdue attention in the first half, small caps moved back into the shadows.
Value stocks did somewhat better than growth--but, in general, the sector just
plugged along to the close of the period.
Despite the rather difficult environment, the Fund held its ground throughout
the year and made some progress. In the first half of the year, it did
participate as growth stocks shone. In the second half, the portfolio's
diversification insulated it to some extent from the market environment. For
the year ended August 31, 2000, the Fund posted a total return of 21.60%
(without sales charge) versus its benchmark, the S&P SmallCap 600 Index, which
posted a return of 28.19% over the same period.
Plenty of Room to Grow
Looking ahead, we expect the Fed to succeed in slowing our economy--and for
earnings expectations to become far more realistic. As inflated expectations
for both large and small cap issues dissipate, the environment for small cap
issues should improve.
Moreover, slower economies have traditionally been more hospitable to small
companies--e.g., with the earnings of large cap stocks constrained, small caps
have offered investors greater growth potential. Given this, we are optimistic
about the potential for small cap stocks in general, and for the Fund's
holdings in particular, in the months ahead.
As of August 31, 2000, the Fund's portfolio held over 100 names. The five
largest of these holdings were Vertex Pharmaceuticals, Inc. (1.90% of net
assets), SEI Investments Co. (1.90%), Kemet Corp. (1.68%), Silicon Valley
Bancshares (1.65%) and Cullen/Frost Bankers, Inc. (1.62%)./1/
Average Annual Total Return
<TABLE>
<CAPTION>
8/31/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 15.53% 21.60%
--------------------------------
Since Inception 13.22% 17.10%
(2/17/99)
</TABLE>
[CHART]
VALUE OF A $10,000 INVESTMENT
[GRAPH]
S & P
Small Cap Equity Small Cap Equity Small Cap 600
Fund (No-Load) Fund (Load)* Index
2/17/99 $10,000 $ 9,500 $10,000
2/99 9,920 9,421 9,984
8/99 10,477 9,949 10,877
8/00 12,740 12,099 13,943
* Reflects 5.00% maximum sales charge.
--------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The composition of the Fund's portfolio is subject to change.
During the period certain fees were waived and/or voluntarily reimbursed. Had
these waivers and/or reimbursements not been in effect, performance quoted
would have been lower.
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. Investors cannot invest
directly in an index, although they can invest in its underlying securities.
Small-capitalization funds typically carry additional risks, since smaller
companies generally have a higher risk of failure and, by definition, are not
as well established as "blue-chip" companies. Historically, stocks of smaller
companies have experienced a greater degree of market volatility than stocks on
average.
--------------------------------------------------------------------------------
- 12 -
<PAGE>
TABLE OF CONTENTS
Independent Auditors' Report
Page 14
Statements of Assets and Liabilities
Page 15
Statements of Operations
Page 18
Statements of Changes in Net Assets
Page 21
Schedules of Portfolio Investments
Page 26
Notes to Financial Statements
Page 69
Financial Highlights
Page 75
- 13 -
<PAGE>
INDEPENDENT AUDITORS' REPORT
The Shareholders and Board of Trustees of
the American Performance Funds:
We have audited the accompanying statements of assets and liabilities of the
American Performance Funds 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, and Small
Cap Equity Fund (collectively, the Funds), including the schedules of portfolio
investments, as of August 31, 2000, 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 auditing standards generally
accepted in the United States of America. 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, 2000, by
confirmation with the custodian, 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, 2000, 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 accounting principles generally accepted in the United
States of America.
KPMG LLP
Columbus, Ohio
October 20, 2000
- 14 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
August 31, 2000
<TABLE>
<CAPTION>
U.S. Cash
Treasury Management
Fund Fund
------------ ------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost..................... $224,209,028 $564,629,394
Repurchase agreements, at cost..................... 387,041,568 82,480,867
------------ ------------
Total Investments................................ 611,250,596 647,110,261
Interest and dividends receivable.................. 70,944 3,311,093
Prepaid expenses and other assets.................. 2,188 4,914
------------ ------------
Total Assets..................................... 611,323,728 650,426,268
------------ ------------
LIABILITIES:
Dividends payable.................................. 2,646,053 3,103,212
Accrued expenses and other payables:
Investment advisory fees.......................... 181,542 148,037
Administration fees............................... 12,869 11,220
Custodian fees.................................... 13,616 15,315
Fund accounting fees.............................. 1,266 1,352
Transfer agent fees............................... 1,287 1,402
Other liabilities................................. 57,098 59,635
------------ ------------
Total Liabilities................................ 2,913,731 3,340,173
------------ ------------
COMPOSITION OF NET ASSETS:
Capital............................................ 608,359,546 647,086,740
Undistributed net investment income................ 50,451 7,509
Accumulated undistributed net realized losses on
investment transactions........................... -- (8,154)
------------ ------------
Net Assets....................................... $608,409,997 $647,086,095
============ ============
Shares of beneficial interest issued and
outstanding....................................... 608,359,546 647,086,740
============ ============
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, 2000
<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
$26,439,389; $62,517,455;
$79,434,557; and
$54,582,179, respectively). $26,695,128 $61,905,417 $78,242,595 $53,617,149
Investment in affiliates, at
cost....................... -- 83,340 5,824,236 2,279,406
----------- ----------- ----------- -----------
Total Investments......... 26,695,128 61,988,757 84,066,831 55,896,555
Cash........................ -- -- -- 108
Interest and dividends
receivable................. 321,272 446,954 830,053 633,175
Receivable for capital
shares issued.............. -- -- -- 25,092
Prepaid expenses and other
assets..................... 1,201 7,499 3,726 1,625
----------- ----------- ----------- -----------
Total Assets.............. 27,017,601 62,443,210 84,900,610 56,556,555
----------- ----------- ----------- -----------
LIABILITIES:
Dividends payable........... 98,564 334,226 425,968 298,973
Payable for investments
purchased.................. -- 425,594 191,726 66,693
Payable for capital shares
redeemed................... -- 4,231 -- 5,073
Accrued expenses and other
payables:
Investment advisory fees... 7,863 -- 25,045 16,767
Administration fees........ 585 1,364 1,854 1,243
Distribution fees.......... -- 8,957 17,889 11,977
Custodian fees............. 674 1,581 2,147 1,437
Fund accounting fees....... 88 205 278 186
Transfer agent fees........ 59 136 185 124
Other liabilities.......... 7,811 16,454 17,494 13,522
----------- ----------- ----------- -----------
Total Liabilities......... 115,644 792,748 682,586 415,995
----------- ----------- ----------- -----------
COMPOSITION OF NET ASSETS:
Capital..................... 26,616,333 62,428,060 86,183,955 57,600,099
Undistributed (distributions
in excess of) net
investment income.......... 15,281 22,706 (20,451) (156)
Accumulated undistributed
(distributions in excess
of) net realized
gains/(losses) on
investment transactions.... 14,604 (188,266) (753,518) (494,353)
Net unrealized
appreciation/(depreciation)
on investments............. 255,739 (612,038) (1,191,962) (965,030)
----------- ----------- ----------- -----------
Net Assets................ $26,901,957 $61,650,462 $84,218,024 $56,140,560
=========== =========== =========== ===========
Shares of beneficial
interest issued and
outstanding................ 2,548,031 6,209,668 8,356,479 6,120,824
=========== =========== =========== ===========
Net asset value and
redemption price per share:
($0.00001 par value per
share, unlimited number of
shares authorized)......... $ 10.56 $ 9.93 $ 10.08 $ 9.17
=========== =========== =========== ===========
Maximum Sales Charge........ 3.00% 2.00% 3.00% 4.00%
=========== =========== =========== ===========
Maximum Offering Price
(100%/(100%-Maximum Sales
Charge) of net asset value
adjusted to nearest cent)
per share.................. $ 10.89 $ 10.13 $ 10.39 $ 9.55
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 16 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
August 31, 2000
<TABLE>
<CAPTION>
Growth Small Cap
Balanced Equity Equity Equity
Fund Fund Fund Fund
----------- ------------ ------------ ----------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $59,304,798;
$107,727,921;
$113,009,990; and
$6,361,585,
respectively)........... $68,958,761 $147,527,730 $173,529,703 $7,866,295
Investment in affiliates,
at cost................. 1,373,991 3,468,271 1,936,179 179,993
----------- ------------ ------------ ----------
Total Investments...... 70,332,752 150,996,001 175,465,882 8,046,288
Interest and dividends
receivable.............. 347,298 292,910 121,495 5,750
Deferred organization
costs................... -- -- 16,886 --
Prepaid expenses and
other assets............ 947 2,286 -- 438
----------- ------------ ------------ ----------
Total Assets........... 70,680,997 151,291,197 175,604,263 8,052,476
----------- ------------ ------------ ----------
LIABILITIES:
Payable for capital
shares redeemed......... -- 875 2,006 --
Accrued expenses and
other payables:
Investment advisory
fees................... 24,747 62,338 73,065 --
Administration fees..... 1,535 3,280 3,843 173
Distribution fees....... -- 31,169 36,532 --
Custodian fees.......... 1,768 3,740 4,384 195
Fund accounting fees.... 230 492 548 26
Transfer agent fees..... 153 328 384 17
Other liabilities....... 16,239 25,709 34,396 10,079
----------- ------------ ------------ ----------
Total Liabilities...... 44,672 127,931 155,158 10,490
----------- ------------ ------------ ----------
COMPOSITION OF NET ASSETS:
Capital.................. 61,502,592 83,125,229 111,635,639 6,528,136
Undistributed
(distributions in excess
of) net
investment income....... 294,557 163,818 (19) 5,617
Accumulated undistributed
(distributions in excess
of) net realized
gains/(losses) on
investment transactions. (814,787) 28,074,410 3,293,772 3,523
Net unrealized
appreciation on
investments............. 9,653,963 39,799,809 60,519,713 1,504,710
----------- ------------ ------------ ----------
Net Assets............. $70,636,325 $151,163,266 $175,449,105 $8,041,986
=========== ============ ============ ==========
Shares of beneficial
interest issued and
outstanding............. 5,096,994 8,648,303 10,587,318 641,172
=========== ============ ============ ==========
Net asset value and
redemption price per
share:
($0.00001 par value per
share, unlimited number
of shares authorized).. $ 13.86 $ 17.48 $ 16.57 $ 12.54
=========== ============ ============ ==========
Maximum Sales Charge..... 5.00% 5.00% 5.00% 5.00%
=========== ============ ============ ==========
Maximum Offering Price
(100%/(100%-Maximum
Sales Charge) of net
asset value adjusted to
nearest cent) per share. $ 14.59 $ 18.40 $ 17.44 $ 13.20
=========== ============ ============ ==========
</TABLE>
See notes to financial statements.
- 17 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the year ended August 31, 2000
<TABLE>
<CAPTION>
U.S. Cash
Treasury Management
Fund Fund
----------- -----------
<S> <C> <C>
Investment Income:
Interest income..................................... $28,268,830 $34,312,613
----------- -----------
Total Income...................................... 28,268,830 34,312,613
----------- -----------
Expenses:
Investment advisory fees............................ 1,944,043 2,297,693
Administration fees................................. 972,021 1,148,847
Distribution fees................................... 1,215,022 1,436,053
Fund accounting fees................................ 101,280 115,304
Transfer agent fees................................. 100,265 120,844
Custodian fees...................................... 145,808 172,332
Other expenses...................................... 181,254 176,101
----------- -----------
Total Expenses.................................... 4,659,693 5,467,174
Expenses voluntarily reduced........................ (1,215,022) (2,297,693)
----------- -----------
Net Expenses...................................... 3,444,671 3,169,481
----------- -----------
Net Investment Income............................... 24,824,159 31,143,132
----------- -----------
Realized Gains On Investments:
Net realized gains on investment transactions....... 54,542 279
----------- -----------
Net realized gains on investments................... 54,542 279
----------- -----------
Change in net assets resulting from operations....... $24,878,701 $31,143,411
=========== ===========
</TABLE>
See notes to financial statements.
- 18 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the year ended August 31, 2000
<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............. $1,469,004 $4,255,192 $5,822,128 $4,208,397
Dividend income............. 12,390 -- -- --
Dividend income from
affiliates................. -- 83,215 82,570 49,476
---------- ---------- ---------- ----------
Total Income.............. 1,481,394 4,338,407 5,904,698 4,257,873
---------- ---------- ---------- ----------
Expenses:
Investment advisory fees.... 152,552 347,187 463,877 321,821
Administration fees......... 55,474 126,250 168,684 117,027
Distribution fees........... 69,342 157,812 210,854 146,283
Fund accounting fees........ 16,123 69,158 56,152 39,542
Transfer agent fees......... 15,727 14,858 22,981 13,737
Custodian fees.............. 8,321 18,938 25,303 17,555
Other expenses.............. 19,632 31,618 39,979 31,201
---------- ---------- ---------- ----------
Total Expenses............ 337,171 765,821 987,830 687,166
Expenses voluntarily
reduced/reimbursed......... (124,816) (405,147) (175,691) (121,318)
---------- ---------- ---------- ----------
Net Expenses.............. 212,355 360,674 812,139 565,848
---------- ---------- ---------- ----------
Net Investment Income....... 1,269,039 3,977,733 5,092,559 3,692,025
---------- ---------- ---------- ----------
Realized/Unrealized
Gains/(Losses) On
Investments:
Net realized gains/(losses)
on investment transactions. 20,148 (129,902) (195,594) (432,180)
Change in unrealized
appreciation on investment
transactions............... 193,770 348,114 149,914 306,625
---------- ---------- ---------- ----------
Net realized/unrealized
gains/(losses) on
investments................ 213,918 218,212 (45,680) (125,555)
---------- ---------- ---------- ----------
Change in net assets
resulting from operations.... $1,482,957 $4,195,945 $5,046,879 $3,566,470
========== ========== ========== ==========
</TABLE>
See notes to financial statements.
- 19 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the year ended August 31, 2000
<TABLE>
<CAPTION>
Growth Small Cap
Balanced Equity Equity Equity
Fund Fund Fund Fund
---------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
Investment Income:
Interest income............... $1,403,533 $ -- $ -- $ 288
Dividend income............... 476,558 2,209,849 1,146,273 52,876
Dividend income from
affiliates................... 95,376 143,301 248,992 9,255
---------- ----------- ----------- ----------
Total Income................ 1,975,467 2,353,150 1,395,265 62,419
---------- ----------- ----------- ----------
Expenses:
Investment advisory fees...... 465,140 1,119,848 1,140,772 53,360
Administration fees........... 125,714 324,594 330,659 15,467
Distribution fees............. 157,142 405,741 413,322 19,333
Fund accounting fees.......... 33,932 51,241 49,637 6,036
Organization fees............. -- -- 8,758 --
Transfer agent fees........... 15,986 40,491 45,062 1,546
Custodian fees................ 18,858 48,691 49,600 2,320
Other expenses................ 30,243 61,530 71,737 15,862
---------- ----------- ----------- ----------
Total Expenses.............. 847,015 2,052,136 2,109,547 113,924
Expenses voluntarily
reduced/reimbursed........... (366,827) (320,372) (335,691) (73,542)
---------- ----------- ----------- ----------
Net Expenses................ 480,188 1,731,764 1,773,856 40,382
---------- ----------- ----------- ----------
Net Investment Income (loss).. 1,495,279 621,386 (378,591) 22,037
---------- ----------- ----------- ----------
Realized/Unrealized
Gains/(Losses) On Investments:
Net realized gains/(losses) on
investment transactions...... (742,710) 29,154,321 3,633,358 32,712
Change in unrealized
appreciation/(depreciation)
on investment transactions... 6,947,067 (6,512,772) 25,881,742 1,468,183
---------- ----------- ----------- ----------
Net realized/unrealized gains
on investments............... 6,204,357 22,641,549 29,515,100 1,500,895
---------- ----------- ----------- ----------
Change in net assets resulting
from operations................ $7,699,636 $23,262,935 $29,136,509 $1,522,932
========== =========== =========== ==========
</TABLE>
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,
2000 1999 2000 1999
-------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income. $ 24,824,159 $ 17,366,637 $ 31,143,132 $ 23,363,383
Net realized
gains/(losses) on
investment
transactions......... 54,542 (12,023) 279 (8,431)
-------------- --------------- --------------- ---------------
Change in net assets
from operations........ 24,878,701 17,354,614 31,143,411 23,354,952
-------------- --------------- --------------- ---------------
Distributions to
Shareholders:
From net investment
income................ (24,824,159) (17,366,637) (31,143,132) (23,363,383)
-------------- --------------- --------------- ---------------
Change in net assets
from shareholder
distributions......... (24,824,159) (17,366,637) (31,143,132) (23,363,383)
-------------- --------------- --------------- ---------------
Capital Transactions:
Proceeds from shares
issued................ 1,194,515,873 1,310,712,928 1,422,426,833 1,239,471,976
Dividends reinvested.. 79,812 48,968 22,215 22,689
Cost of shares
redeemed.............. (980,655,214) (1,304,653,860) (1,327,243,281) (1,154,176,913)
-------------- --------------- --------------- ---------------
Change in net assets
from capital
transactions.......... 213,940,471 6,108,036 95,205,767 85,317,752
-------------- --------------- --------------- ---------------
Change in net assets... 213,995,013 6,096,013 95,206,046 85,309,321
Net Assets:
Beginning of period... 394,414,984 388,318,971 551,880,049 466,570,728
-------------- --------------- --------------- ---------------
End of period......... $ 608,409,997 $ 394,414,984 $ 647,086,095 $ 551,880,049
============== =============== =============== ===============
Share Transactions:
Issued................ 1,194,515,873 1,310,712,928 1,422,426,833 1,239,471,976
Reinvested............ 79,812 48,968 22,215 22,689
Redeemed.............. (980,655,214) (1,304,653,860) (1,327,243,281) (1,154,176,913)
-------------- --------------- --------------- ---------------
Change in shares....... 213,940,471 6,108,036 95,205,767 85,317,752
============== =============== =============== ===============
</TABLE>
See notes to financial statements.
- 21 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Intermediate
Tax-Free Bond Fund Short-Term Income Fund
------------------------ --------------------------
Year Ended Year Ended Year Ended Year Ended
August 31, August 31, August 31, August 31,
2000 1999 2000 1999
----------- ----------- ------------ ------------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 1,269,039 $ 1,323,754 $ 3,977,733 $ 3,172,014
Net realized gains/(losses)
on investment transactions. 20,148 160,296 (129,902) (26,791)
Net change in unrealized
appreciation/(depreciation)
on investment
transactions.............. 193,770 (1,455,800) 348,114 (1,389,792)
----------- ----------- ------------ ------------
Change in net assets from
operations.................. 1,482,957 28,250 4,195,945 1,755,431
----------- ----------- ------------ ------------
Distributions to
Shareholders:
From net investment income. (1,269,039) (1,323,754) (3,977,733) (3,172,014)
From net realized gains.... (165,840) (95,497) -- --
In excess of net realized
gains...................... -- -- -- (16,447)
----------- ----------- ------------ ------------
Change in net assets from
shareholder distributions... (1,434,879) (1,419,251) (3,977,733) (3,188,461)
----------- ----------- ------------ ------------
Capital Transactions:
Proceeds from shares
issued..................... 3,409,550 7,046,579 13,130,204 59,412,745
Proceeds from shares issued
in common trust conversion. -- -- 820,862 --
Dividends reinvested....... 361,252 276,273 1,043,683 999,811
Cost of shares redeemed.... (7,270,037) (6,032,443) (16,085,836) (28,845,926)
----------- ----------- ------------ ------------
Change in net assets from
capital transactions........ (3,499,235) 1,290,409 (1,091,087) 31,566,630
----------- ----------- ------------ ------------
Change in net assets........ (3,451,157) (100,592) (872,875) 30,133,600
Net Assets:
Beginning of period........ 30,353,114 30,453,706 62,523,337 32,389,737
----------- ----------- ------------ ------------
End of period.............. $26,901,957 $30,353,114 $ 61,650,462 $ 62,523,337
=========== =========== ============ ============
Share Transactions:
Issued..................... 330,377 647,376 1,326,486 5,897,473
Issued in common trust
conversion................. -- -- 83,252 --
Reinvested................. 35,069 25,272 105,718 99,303
Redeemed................... (706,247) (553,996) (1,629,241) (2,874,678)
----------- ----------- ------------ ------------
Change in shares............ (340,801) 118,652 (113,785) 3,122,098
=========== =========== ============ ============
</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,
2000 1999 2000 1999
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 5,092,559 $ 5,095,981 $ 3,692,025 $ 3,378,030
Net realized gains/(losses)
on investment
transactions.............. (195,594) 61,996 (432,180) 95,329
Net change in unrealized
appreciation/(depreciation)
on investment
transactions.............. 149,914 (3,713,168) 306,625 (3,614,380)
------------ ------------ ------------ ------------
Change in net assets from
operations................. 5,046,879 1,444,809 3,566,470 (141,021)
------------ ------------ ------------ ------------
Distributions to
Shareholders:
From net investment income. (5,092,559) (5,095,981) (3,692,025) (3,378,030)
------------ ------------ ------------ ------------
Change in net assets from
shareholder distributions.. (5,092,559) (5,095,981) (3,692,025) (3,378,030)
------------ ------------ ------------ ------------
Capital Transactions:
Proceeds from shares
issued.................... 10,367,624 17,508,773 6,665,297 22,322,799
Dividends reinvested....... 1,904,243 1,884,498 2,018,702 1,787,424
Cost of shares redeemed.... (15,140,455) (13,991,464) (15,139,281) (10,575,786)
------------ ------------ ------------ ------------
Change in net assets from
capital transactions....... (2,868,588) 5,401,807 (6,455,282) 13,534,437
------------ ------------ ------------ ------------
Change in net assets........ (2,914,268) 1,750,635 (6,580,837) 10,015,386
Net Assets:
Beginning of period........ 87,132,292 85,381,657 62,721,397 52,706,011
------------ ------------ ------------ ------------
End of period.............. $ 84,218,024 $ 87,132,292 $ 56,140,560 $ 62,721,397
============ ============ ============ ============
Share Transactions:
Issued..................... 1,032,712 1,687,759 732,129 2,343,736
Reinvested................. 190,096 181,866 221,830 186,871
Redeemed................... (1,510,355) (1,353,613) (1,663,037) (1,103,597)
------------ ------------ ------------ ------------
Change in shares............ (287,547) 516,012 (709,078) 1,427,010
============ ============ ============ ============
</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,
2000 1999 2000 1999
------------ ----------- ------------ ------------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 1,495,279 $ 1,322,110 $ 621,386 $ 637,691
Net realized gains/(losses)
on investment
transactions.............. (742,710) 4,705,901 29,154,321 27,915,926
Net change in unrealized
appreciation/(depreciation)
on investments
transactions.............. 6,947,067 1,669,615 (6,512,772) 17,311,573
------------ ----------- ------------ ------------
Change in net assets from
operations................. 7,699,636 7,697,626 23,262,935 45,865,190
------------ ----------- ------------ ------------
Distributions to
Shareholders:
From net investment income. (1,434,640) (1,294,489) (550,526) (657,274)
From net realized gains.... (4,681,118) (2,183,054) (28,849,701) (10,290,881)
In excess of net realized
gains..................... (68,227) -- -- --
------------ ----------- ------------ ------------
Change in net assets from
shareholder distributions.. (6,183,985) (3,477,543) (29,400,227) (10,948,155)
------------ ----------- ------------ ------------
Capital Transactions:
Proceeds from shares
issued.................... 17,730,852 15,425,879 11,705,130 19,316,113
Proceeds from shares issued
in common trust
conversion................ -- -- 1,730,723 --
Dividends reinvested....... 6,179,992 3,472,606 26,554,184 10,603,164
Cost of shares redeemed.... (11,361,222) (7,203,269) (66,466,801) (48,023,525)
------------ ----------- ------------ ------------
Change in net assets from
capital transactions....... 12,549,622 11,695,216 (26,476,764) (18,104,248)
------------ ----------- ------------ ------------
Change in net assets........ 14,065,273 15,915,299 (32,614,056) 16,812,787
Net Assets:
Beginning of period........ 56,571,052 40,655,753 183,777,322 166,964,535
------------ ----------- ------------ ------------
End of period.............. $ 70,636,325 $56,571,052 $151,163,266 $183,777,322
============ =========== ============ ============
Share Transactions:
Issued..................... 1,320,248 1,132,779 693,817 1,089,565
Issued in common trust
conversion................ -- -- 102,410 --
Reinvested................. 468,218 261,784 1,638,278 628,771
Redeemed................... (846,200) (526,889) (3,906,114) (2,683,372)
------------ ----------- ------------ ------------
Change in shares............ 942,266 867,674 (1,471,609) (965,036)
============ =========== ============ ============
</TABLE>
See notes to financial statements.
- 24 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Growth Equity Fund Small Cap Equity Fund
-------------------------- ------------------------------
February 17, 1999
Year Ended Year Ended Year Ended through
August 31, August 31, August 31, August 31,
2000 1999 2000 1999(a)
------------ ------------ ----------- -----------------
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income
(loss)............... $ (378,591) $ 15,523 $ 22,037 $ 11,531
Net realized gains on
investment
transactions......... 3,633,358 18,308,527 32,712 61,567
Net change in
unrealized
appreciation on
investment
transactions......... 25,881,742 16,661,213 1,468,183 36,527
------------ ------------ ----------- ----------
Change in net assets
from operations....... 29,136,509 34,985,263 1,522,932 109,625
------------ ------------ ----------- ----------
Distributions to
Shareholders:
From net investment
income............... -- (52,151) (26,572) (2,885)
In excess of net
investment income.... -- (99,796) -- --
From net realized
gains................ (18,261,639) (3,188,583) (90,755) --
------------ ------------ ----------- ----------
Change in net assets
from shareholder
distributions......... (18,261,639) (3,340,530) (117,327) (2,885)
------------ ------------ ----------- ----------
Capital Transactions:
Proceeds from shares
issued............... 44,207,253 41,764,899 286,179 7,523,215
Dividends reinvested.. 17,606,396 3,093,162 91,377 163
Cost of shares
redeemed............. (32,615,722) (19,803,332) (1,130,719) (240,574)
------------ ------------ ----------- ----------
Change in net assets
from capital
transactions.......... 29,197,927 25,054,729 (753,163) 7,282,804
------------ ------------ ----------- ----------
Change in net assets... 40,072,797 56,699,462 652,442 7,389,544
Net Assets:
Beginning of period... 135,376,308 78,676,846 7,389,544 --
------------ ------------ ----------- ----------
End of period......... $175,449,105 $135,376,308 $ 8,041,986 $7,389,544
============ ============ =========== ==========
Share Transactions:
Issued................ 2,721,551 2,881,072 25,545 729,012
Reinvested............ 1,118,577 231,194 8,449 17
Redeemed.............. (2,006,930) (1,349,518) (98,314) (23,537)
------------ ------------ ----------- ----------
Change in shares....... 1,833,198 1,762,748 (64,320) 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, 2000
<TABLE>
<CAPTION>
Principal Amortized
Amount Security Description Cost
------------ -------------------------------------------------- ------------
<C> <S> <C>
U.S. Treasury Bills (36.9%):
$225,000,000 6.42%, 9/21/00.................................... $224,209,028
------------
Total U.S. Treasury Bills 224,209,028
------------
Repurchase Agreements (63.6%):
25,000,000 Bear Stearns, 6.60%, 9/1/00, (Purchased on
8/31/00, proceeds at maturity $25,004,583,
collateralized by $18,675,000 U.S. Treasury Bond,
12.00%, 8/15/13, market value $25,489,599)....... 25,000,000
25,000,000 Goldman Sachs, 6.60%, 9/1/00, (Purchased on
8/31/00, proceeds at maturity $25,004,583,
collateralized by $31,538,000 U.S. Treasury
Strips, 0.00%, 2/15/02 to 11/15/22; and
$28,648,000 U.S. Treasury Strip Principal, 0.00%,
8/15/05 to 5/15/17, market value $25,500,515).... 25,000,000
142,041,568 JP Morgan, 6.60%, 9/1/00, (Purchased on 8/31/00,
proceeds at maturity $142,067,609, collateralized
by $138,455,000 U.S. Treasury Notes, 6.50% to
6.75%, 5/15/05 to 10/15/06, market value
$144,883,026).................................... 142,041,568
</TABLE>
<TABLE>
<CAPTION>
Principal Amortized
Amount Security Description Cost
------------ ------------------------------------------------ ------------
<C> <S> <C>
Repurchase Agreements, continued:
$ 25,000,000 Morgan Stanley Dean Witter, 6.58%, 9/1/00,
(Purchased on 8/31/00, proceeds at maturity
$25,004,569, collateralized by $25,240,000 U.S.
Treasury Note, 5.75%, 11/15/00, market value
$25,628,898)................................... $ 25,000,000
145,000,000 SG Cowen, 6.60%, 9/1/00, (Purchased on 8/31/00,
proceeds at maturity $145,026,583,
collateralized by $146,768,000 U.S. Treasury
Bills, Bonds, Notes, 0.00% to 7.88%, 11/30/00
to 8/15/29, market value $147,995,999)......... 145,000,000
25,000,000 Warburg Dillon Read, LLC, 6.60%, 9/1/00,
(Purchased on 8/31/00, proceeds at maturity
$25,004,583, collateralized by $22,126,000 U.S.
Treasury Bond, 7.25%, 8/15/22, market value
$25,525,017)................................... 25,000,000
------------
Total Repurchase Agreements 387,041,568
------------
Total Investments
(Cost $611,250,596)(a)--100.5% 611,250,596
Liabilities in excess of other assets--(0.5)% (2,840,599)
------------
Total Net Assets--100.0% $608,409,997
============
</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, 2000
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
----------- ---------------------------------------------------- ------------
<C> <S> <C>
Bankers Acceptance (0.8%):
Banking (0.8%):
$ 5,000,000 First USA, Inc., 6.58%, 9/26/00..................... $ 5,000,000
------------
Total Bankers Acceptance 5,000,000
------------
Certificates of Deposit (2.2%):
Yankee (2.2%):
5,000,000 Barclays US Funding Corp., 6.50%, 9/6/00............ 5,000,000
5,000,000 Paribas Finance, Inc.,
6.51%, 10/31/00.................................... 5,000,000
4,000,000 Societe Generale, Inc.,
6.46%, 9/21/00..................................... 3,985,644
------------
Total Certificates of Deposit 13,985,644
------------
Commercial Paper (28.0%):
Automotive (3.8%):
5,000,000 American Honda Finance,
6.48%, 10/10/00.................................... 4,964,900
5,000,000 DaimlerChrysler, 6.47%, 9/13/00..................... 4,989,216
5,000,000 Ford Motor Credit Corp.,
6.49%, 10/20/00.................................... 4,955,832
5,000,000 General Motors Acceptance Corp., 6.49%, 10/16/00.... 4,959,438
5,000,000 Toyota Motor Credit Corp.,
6.47%, 9/29/00**................................... 4,974,839
------------
24,844,225
------------
Banking (2.3%):
5,000,000 Catapillar Finance, 6.49%, 9/5/00................... 4,996,394
5,000,000 Fortes Funding, 6.51%, 10/6/00**.................... 4,968,354
5,000,000 Mellon Funding Corp.,
6.40%, 10/23/00.................................... 4,953,778
------------
14,918,526
------------
Beverages & Tobacco (0.8%):
5,000,000 Anheuser-Busch Co.,
6.17%, 9/13/00..................................... 4,989,717
------------
Brokerage Services (1.5%):
5,000,000 Bear Stearns, 6.50%, 9/11/00........................ 4,990,972
5,000,000 Goldman Sachs Group,
6.48%, 11/6/00..................................... 4,940,600
------------
9,931,572
------------
Computers & Peripherals (1.5%):
5,000,000 Hewlett-Packard Co.,
6.47%, 9/11/00..................................... 4,991,014
5,000,000 IBM Credit Corp.,
6.48%, 10/12/00.................................... 4,963,100
------------
9,954,114
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
----------- ---------------------------------------------------- ------------
<C> <S> <C>
Commercial Paper, continued:
Cosmetics/Personal Care (1.5%):
$ 5,000,000 Kimberly-Clark Corp.,
6.47%, 10/30/00**.................................. $ 4,946,982
5,000,000 Procter & Gamble,
6.48%, 9/28/00 4,975,700
------------
9,922,682
------------
Electrical Equipment (0.8%):
5,000,000 Emerson Electric Co.,
6.48%, 9/11/00**................................... 4,991,000
------------
Financial Services (4.7%):
5,000,000 Abbey National, Ltd. PLC,
6.47%, 10/13/00.................................... 4,962,258
5,000,000 AIG Funding, 6.47%, 9/6/00.......................... 4,995,507
5,000,000 American Express Credit Corp., 6.53%, 9/15/00....... 4,987,361
5,000,000 Citi Corp., 6.49%, 9/12/00.......................... 4,990,085
5,000,000 Citi Group, Inc., 6.49%, 9/13/00.................... 4,989,183
5,000,000 Prudential Funding,
6.44%, 10/17/00.................................... 4,958,856
------------
29,883,250
------------
Food Products & Services (1.1%):
5,000,000 Sara Lee, 6.46%, 9/28/00............................ 4,975,775
2,000,000 Unilever Capital Corp.,
6.65%, 9/14/00* **................................. 2,000,000
------------
6,975,775
------------
Insurance (1.5%):
5,000,000 American General Corp.,
6.52%, 9/25/00..................................... 4,978,267
5,000,000 ING America Insurance,
6.49%, 9/26/00..................................... 4,977,465
------------
9,955,732
------------
Oil--Intergrated Companies (1.5%):
5,000,000 Chevron, 6.49%, 9/8/00.............................. 4,993,690
5,000,000 Total Fina Elf SA,
6.51%, 9/7/00 **................................... 4,994,575
------------
9,988,265
------------
Pharmaceuticals (2.3%):
5,000,000 Abbott Laboratories,
6.46%, 9/13/00..................................... 4,989,233
5,000,000 Pfizer, Inc., 6.45%, 9/15/00**...................... 4,987,458
5,000,000 SmithKline Beecham Corp., 6.51%, 9/5/00............. 4,996,384
------------
14,973,075
------------
</TABLE>
Continued
- 27 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
----------- ------------------------ ------------
<C> <S> <C>
Commercial Paper, continued:
Printing & Publishing (0.8%):
$ 5,000,000 New York Times, 6.48%,
9/28/00................ $ 4,975,700
------------
Restaurants (0.8%):
5,000,000 McDonald's Corp.,
6.45%, 9/1/00**........ 5,000,000
------------
Retail--Department Stores (0.8%):
5,000,000 Wal-Mart Stores, Inc.,
6.48%, 9/12/00**....... 4,990,100
------------
Telecommunications (1.5%):
5,000,000 AT&T Corp., 6.48%,
9/1/00................. 5,000,000
5,000,000 BellSouth
Telecommunications,
Inc., 6.47%, 9/13/00... 4,989,217
------------
9,989,217
------------
Utilities--Electric (0.8%):
5,000,000 General Electric Capital
Corp., 6.48%, 10/20/00. 4,955,900
------------
Total Commercial Paper 181,238,850
------------
Corporate Bonds (3.1%):
Banking (1.5%):
5,000,000 Bank of America Corp.,
6.74%, 11/3/00*........ 5,001,366
5,000,000 Wells Fargo & Co.,
6.46%, 9/1/00.......... 5,000,000
------------
10,001,366
------------
Financial Services (1.6%):
5,000,000 Associates Corporation
of America,
6.52%, 9/18/00*........ 4,998,427
5,000,000 Morgan Stanley Dean
Witter, 6.81%,
10/16/00*.............. 5,004,148
------------
10,002,575
------------
Total Corporate Bonds 20,003,941
------------
U.S. Government Agencies (44.7%):
Fannie Mae (9.3%):
10,000,000 6.40%, 9/5/00........... 9,992,889
10,000,000 6.66%, 9/6/00*.......... 9,999,868
10,000,000 6.43%, 9/22/00*......... 10,000,000
10,000,000 6.20%, 12/27/00......... 9,996,150
5,000,000 5.44%, 1/24/01.......... 4,976,361
5,000,000 6.55%, 3/20/01.......... 4,999,697
10,000,000 6.73%, 8/23/01.......... 10,002,732
------------
59,967,697
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
----------- ---------------------------------------------------- ------------
<C> <S> <C>
U.S. Government Agencies, continued:
Federal Farm Credit Bank (3.1%):
$10,000,000 6.65%, 9/1/00....................................... $ 10,000,000
10,000,000 6.55%, 11/1/00...................................... 10,000,000
------------
20,000,000
------------
Federal Home Loan Bank (12.4%):
10,000,000 6.59%, 9/6/00*...................................... 10,000,000
10,000,000 6.60%, 2/2/01....................................... 10,000,000
10,000,000 6.76%, 3/13/01...................................... 10,000,000
10,000,000 6.80%, 5/16/01...................................... 10,000,000
15,000,000 6.98%, 5/25/01...................................... 15,000,000
10,000,000 6.93%, 6/14/01...................................... 10,000,000
10,000,000 7.02%, 7/27/01...................................... 10,000,000
5,000,000 7.00%, 8/7/01....................................... 5,000,000
------------
80,000,000
------------
Freddie Mac (14.5%):
20,000,000 6.43%, 9/7/00....................................... 19,978,566
20,000,000 6.39%, 9/12/00...................................... 19,960,950
20,000,000 6.43%, 9/19/00...................................... 19,935,700
20,000,000 6.39%, 10/10/00..................................... 19,861,550
5,000,000 6.39%, 1/4/01....................................... 4,889,149
10,000,000 6.75%, 4/27/01...................................... 10,000,000
------------
94,625,915
------------
Student Loan Marketing Assoc. (5.4%):
15,000,000 6.47%, 9/6/00*...................................... 15,000,000
10,000,000 6.60%, 9/6/00*...................................... 10,000,000
10,000,000 6.73%, 9/6/00*...................................... 10,000,000
------------
35,000,000
------------
Total U.S. Government Agencies 289,593,612
------------
U.S. Treasury Bills (8.5%):
55,000,000 6.42%, 9/21/00...................................... 54,807,347
------------
Total U.S. Treasury Bills 54,807,347
------------
</TABLE>
Continued
- 28 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
----------- --------------------------------------------------- ------------
<C> <S> <C>
Repurchase Agreements (12.7%):
$32,480,867 Bear Stearns, 6.63%, 9/1/00, (Purchased on 8/31/00,
proceeds at maturity $32,486,849, collateralized
by $1,850,000 U.S. Treasury Bond, 12.00%, 8/15/13,
market value $2,534,902; $31,300,000 FHLB, 6.50%,
2/26/04, market value $30,815,445)................ $ 32,480,867
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
----------- ------------------------------------------------- ------------
<C> <S> <C>
Repurchase Agreements, continued:
$50,000,000 Morgan Stanley Dean Witter, 6.65%, 9/1/00,
(Purchased on 8/31/00, proceeds at maturity
$50,009,236, collateralized by $49,910,000 FHLB,
7.56%, 11/16/01, market value $51,061,080)...... $ 50,000,000
------------
Total Repurchase Agreements 82,480,867
------------
Total Investments
(Cost $647,110,261)(a)--100.0% 647,110,261
Liabilities in excess of other assets--0.0% (24,166)
------------
Total Net Assets--100.0% $647,086,095
============
</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, 2000. The date presented
reflects the next rate change date.
** Illiquid security. Represents a restricted security, purchased under Rule
144A, Section 4(2), which is exempt from registration under the Securities
Act of 1933, as amended.
PLC--Public Limited Company
FHLB--Federal Home Loan Bank
See notes to financial statements.
- 29 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments
August 31, 2000
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Alternative Minimum Tax Paper (3.2%):
Illinois (1.3%):
$350,000 Chicago, O'Hare International Airport Revenue
Refunding, Series A, 5.60%, 1/1/07, Callable 1/1/03 @
102*, Insured by: MBIA $ 359,708
Texas (1.9%):
250,000 Texas State Student Loan, GO, 6.50%, 8/1/07, Callable
8/1/02 @ 100*........................................ 255,248
250,000 Texas State Student Loan, GO, 5.75%, 8/1/08, Callable
8/1/04 @ 100*........................................ 255,958
-----------
511,206
-----------
Total Alternative Minimum Tax Paper 870,914
-----------
Municipal Bonds (92.6%):
Alabama (1.8%):
500,000 Montgomery, Educational Building Facilities Authority,
Revenue Bond, Faulkner University Project, 4.95%,
10/1/14, Callable 10/1/08 @ 102*, Insured by: MBIA... 490,080
-----------
Alaska (2.0%):
500,000 Alaska State Housing Financial Corp., Series A, 6.10%,
12/1/06.............................................. 535,310
-----------
Arizona (1.9%):
500,000 Arizona State University Revenue Refunding, Series A,
5.80%, 7/1/07, Callable 7/1/02 @ 101*................ 515,530
-----------
California (2.0%):
500,000 Folsom, School Facilities Project, GO, Series B,
6.00%, 8/1/06, Callable 8/1/04 @ 102*, Insured by:
FGIC................................................. 541,615
-----------
Florida (1.9%):
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..................... 503,855
-----------
Hawaii (1.9%):
500,000 Hawaii State Refunding, GO, 5.13%, 2/1/07, Insured by:
FGIC--TCRS........................................... 513,305
-----------
Illinois (11.9%):
500,000 Chicago Park District Refunding, GO, 5.45%, 1/1/04,
Callable 1/1/03 @ 102, Insured by: FGIC.............. 514,050
400,000 Chicago Park District Refunding, GO, Series A, 5.25%,
11/15/12, Callable 11/15/08 @ 100*, Insured by: MBIA. 405,020
250,000 Chicago Project & Referendum, GO, Series B, 5.13%,
1/1/13, Callable 1/1/06 @ 102*, Insured by: FGIC..... 248,965
500,000 Chicago School Finance Authority Refunding, GO, Series
A, 5.38%, 6/1/08, Callable 6/1/03 @ 102*, Insured by:
FGIC................................................. 516,195
500,000 Illinois Development Finance Authority, Pollution
Control Revenue Refunding, Commonwealth Edison Co.,
5.70%, 1/15/09, Insured by: AMBAC.................... 531,050
500,000 Illinois Health Facilities Authority, Revenue Bond,
Methodist Medical Center, 5.13%, 11/15/18, Callable
11/15/08 @ 101*...................................... 469,805
500,000 Illinois Health Facilities Revenue, OSF Healthcare
System, 5.75%, 11/15/07, Callable 11/15/03 @ 102*.... 505,545
-----------
3,190,630
-----------
Indiana (5.8%):
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............. 483,825
600,000 Indiana State Office Building, Revenue Bond, Series B,
5.25%, 7/1/15, Callable 7/1/03 @ 102*, Insured by:
AMBAC................................................ 586,062
</TABLE>
Continued
- 30 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued:
Indiana, continued:
$500,000 South Bend Water Works, Revenue Bond, 4.75%, 1/1/12,
Callable 1/1/06 @ 101*, Insured by: FSA.............. $ 483,375
-----------
1,553,262
-----------
Louisiana (1.9%):
500,000 Louisiana Public Facilities Authority, Louisiana Water
Co. Project, 5.45%, 2/1/13, Callable 8/1/07 @ 100*,
Insured by: AMBAC.................................... 508,670
-----------
Michigan (4.1%):
550,000 Detroit Sewer Disposal, Revenue Bond, Series A, 5.25%,
7/1/15, Callable 7/1/05 @ 101*, Insured by: MBIA..... 546,601
600,000 Michigan State Building Authority, Revenue Bond,
Series I, 4.75%, 10/15/15, Callable 10/15/09 @ 100*.. 558,246
-----------
1,104,847
-----------
Minnesota (0.7%):
200,000 Southern Minnesota Municipal Power Agency, Power
Supply System Revenue, Series B, 5.00%, 1/1/10,
Callable 1/1/04 @ 102*, Insured by: AMBAC............ 201,102
-----------
Nevada (6.7%):
250,000 Clark County, Series A, Limited GO, 6.00%, 7/1/06,
Callable 7/1/03 @ 101*............................... 261,175
500,000 Las Vegas, Downtown Redevelopment Agency, Tax
Increment Revenue Refunding, 5.40%, 6/1/07, Callable
6/1/05 @ 101*, Insured by: FSA....................... 515,485
500,000 Reno, Hospital Revenue, St. Mary's Regional Medical
Center, 5.25%, 5/15/07, Callable 5/15/03 @ 102*,
Insured by: MBIA..................................... 509,970
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..... 513,615
-----------
1,800,245
-----------
New York (1.5%):
400,000 Suffolk County Water Authority, Revenue Bond, Series
A, 5.00%, 6/1/14, Callable 6/1/07 @ 102*, Insured
by: AMBAC............................................ 394,884
-----------
Ohio (3.8%):
500,000 Ohio Municipal Electric Generation Agency, 5.38%,
2/15/13, Callable 2/15/03 @ 102*, Insured by: AMBAC.. 505,010
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............ 521,585
-----------
1,026,595
-----------
Oklahoma (18.1%):
600,000 Edmond, Oklahoma Public Works Authority, Revenue
Refunding, 5.00%, 7/1/15, Callable 7/1/08 @ 100*,
Insured by: MBIA..................................... 581,028
430,000 Grand River Dam Authority, Revenue Bond, 5.90%,
11/1/08, Callable 11/2/00 @ 101*, ETM................ 447,888
500,000 Oklahoma City Water Utilities, Revenue Bond, Series A,
5.00 %, 7/1/16, Callable 7/1/09 @ 100*............... 478,855
500,000 Oklahoma City, GO, 5.60%, 5/1/10, Callable 5/1/03 @
100*................................................. 510,115
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........................................... 507,970
500,000 Tulsa Industrial Authority, Hospital Revenue, St.
John's Medical Center Project, 5.70%, 2/15/04........ 518,345
500,000 Tulsa International Airport, Revenue Refunding, 5.40%,
6/1/03, Insured by: FGIC............................. 512,260
540,000 Tulsa Public Facilities Authority, Capital
Improvement, Series 1988-B, 5.70%, 3/1/05, Callable
3/1/03 @ 102*........................................ 554,407
200,000 Tulsa Public Facilities Authority, Revenue Bond,
5.80%, 7/1/01........................................ 202,056
</TABLE>
Continued
- 31 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued:
Oklahoma, continued:
$500,000 Tulsa Public Facilities Authority, Revenue Refunding,
Solid Waste, Ogden Martin Systems, 5.65%, 11/1/06,
Insured by: AMBAC.................................... $ 522,145
-----------
4,835,069
-----------
Pennsylvania (5.0%):
350,000 Bristol Township School District, GO, Series A, 5.25%,
2/15/09, Callable 2/15/04 @ 100*, Insured by: MBIA,
State Aid Withholding................................ 355,509
500,000 Harrisburg, Recovery Facilities Revenue Bond, Series
A, 5.00%, 9/1/12, Callable 9/1/08 @ 101*, Insured
by: FSA.............................................. 495,110
500,000 Lackawanna County, GO, Series A, 4.80%, 1/1/13,
Callable 1/1/09 @ 100*, Insured by: FGIC............. 482,190
-----------
1,332,809
-----------
South Carolina (1.3%):
350,000 Georgetown County, Pollution Control Facilities,
Revenue Refunding, International Paper Co. Project,
6.25%, 6/15/05, Callable 6/15/02 @ 102*.............. 360,882
-----------
South Dakota (2.7%):
700,000 South Dakota Housing Development Authority,
Homeownership Mortgage, Series A, 5.70%, 5/1/08,
Callable 5/1/06 @ 102*............................... 729,203
-----------
Texas (7.4%):
250,000 Brownsville Utilities System, Revenue Refunding,
6.25%, 9/1/07, Callable 9/1/02 @ 100*, Insured by:
MBIA................................................. 257,798
400,000 Houston Water & Sewer System, Revenue Refunding,
Series B, 6.10%, 12/1/05, Callable 12/1/02 @ 102*.... 419,964
500,000 Katy Independent School District, GO, Series A, 4.80%,
2/15/14, Callable 2/15/08 @ 100*..................... 473,205
500,000 Tarrant County Water Control, Revenue Bond, 4.75%,
3/1/12, Callable 3/1/03 @ 100*, Insured by: AMBAC.... 483,650
400,000 Tomball Independent School District, GO, 4.75%,
2/15/16, Callable 2/15/09 @ 100*..................... 367,852
-----------
2,002,469
-----------
Washington (8.4%):
400,000 Grays Harbor County Public Utility, Revenue Bond,
5.13%, 1/1/14, Callable 1/1/07 @ 100*, Insured by:
AMBAC................................................ 396,352
500,000 Seattle Municipality Sewer, Revenue Bond, Series X,
5.50%, 1/1/16, Callable 1/1/03 @ 102*, Insured by:
FGIC................................................. 502,060
500,000 Tacoma Electric System, Revenue Refunding, 5.70%,
1/1/03, Insured by: FGIC............................. 513,450
500,000 Washington State Health Care Facilities, Revenue Bond,
5.13%, 12/1/12, Callable 12/1/07 @ 101*, Insured
by: MBIA............................................. 498,835
350,000 Washington State Health Care Facilities, Revenue Bond,
5.50%, 11/15/13, Callable 11/15/08 @ 101*, Insured
by: AMBAC............................................ 357,648
-----------
2,268,345
-----------
West Virginia (1.8%):
500,000 Pleasants County Pollution Control, Revenue Bond,
4.70%, 11/1/07....................................... 489,610
-----------
Total Municipal Bonds 24,898,317
-----------
</TABLE>
Continued
- 32 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Investment Companies (3.4%):
925,897 SEI Institutional Tax Free Fund........................ $ 925,897
-----------
Total Investment Companies 925,897
-----------
Total Investments (Cost $26,439,389)(a)--99.2% 26,695,128
-----------
Other assets in excess of liabilities--0.8% 206,829
-----------
Total Net Assets--100.0% $26,901,957
===========
</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........... $ 478,764
Unrealized depreciation........... (223,025)
---------
Net unrealized appreciation....... $ 255,739
=========
</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.
- 33 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Asset Backed Securities (0.6%):
$ 3,117 AFC Home Equity Loan Trust, Series 1993-2, Class A,
6.00%, 1/20/13...................................... $ 3,029
62,281 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09...................................... 61,832
107,484 Crown Home Equity Loan Trust, Series 1996-1, Class
A3, 6.81%, 6/25/11.................................. 106,869
23,968 First Plus Home Loan Trust, Series 1997-2, Class A7,
7.54%, 4/10/23...................................... 23,972
144,082 Nomura Asset Securities Corp., Series 1995-2, Class
2M, 7.12%, 1/25/26.................................. 142,699
20,955 The Money Store Home Equity Trust, Series 1992-B,
Class A, 6.90%, 7/15/07............................. 20,753
7,787 UCFC Home Equity Loan, Series 1993-D1, Class A1,
5.45%, 7/10/13...................................... 7,673
-----------
Total Asset Backed Securities 366,827
-----------
Collateralized Mortgage Obligations (83.2%):
2,071,615 BA Mortgage Securities, Inc., Series 1998-4, Class
2A3, 6.50%, 8/25/13................................. 1,952,289
32,249 Bear Stearns Mortgage Securities, Inc., Series 1993-
4, Class A10, 7.10%, 4/25/24........................ 32,034
552,683 Bear Stearns Mortgage Securities, Inc., Series 1993-
10, Class A9, 7.20%, 7/25/24........................ 524,358
6,234 Chase Mortgage Finance Corp., Series 1992-L2, Class
2A10, 7.50%, 4/25/20................................ 6,204
62,609 Chase Mortgage Finance Corp., Series 1992-K, Class
A5, 7.50%, 10/25/24................................. 62,088
75,041 Chase Mortgage Finance Corp., Series 1993-N, Class
A5, 6.75%, 11/25/24................................. 73,858
40,204 Chase Mortgage Finance Corp., Series 1994-L, Class
2A9, 7.50%, 11/25/25................................ 40,017
54,399 Chase Mortgage Finance Corp., Series 1994-L, Class
2A8, 8.63%, 11/25/25................................ 54,214
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 67,669 CMC Securities Corp., Series 1994-H1, Class 30A3,
8.25%, 10/25/24...................................... $ 68,049
43,906 Collateralized Mortgage Obligation Trust, Series 54,
Class C, 9.25%, 11/1/13.............................. 44,537
397,914 Collateralized Mortgage Obligation Trust, Series 34,
Class D, 6.00%, 10/1/17.............................. 393,177
39,734 Countrywide Funding Corp., Series 1994-10, Class A5,
6.00%, 5/25/09....................................... 39,430
106,856 Countrywide Funding Corp., Series 1994-13, Class A8,
6.50%, 6/25/09....................................... 105,327
358,000 Countrywide Funding Corp., Series 1994-9, Class A7,
6.50%, 5/25/24....................................... 348,434
106,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24....................................... 106,453
96,000 Countrywide Funding Corp., Series 1994-19, Class A6,
8.50%, 12/25/24...................................... 97,004
52,000 Countrywide Funding Corp., Series 1995-4, Class A6,
7.50%, 9/25/25....................................... 51,855
959,000 Countrywide Home Loan, Series 1997-1, Class A4,
7.40%, 3/25/27....................................... 954,204
143,000 Countrywide Home Loan, Series 1997-1, Class A8,
7.50%, 3/25/27....................................... 142,508
1,072,798 Countrywide Home Loan, Series 1998-2, Class A1,
6.50%, 3/25/28....................................... 1,049,689
273,291 Countrywide Home Loan, Series 1998-13, Class A1,
6.75%, 8/25/28....................................... 267,683
80,000 Countrywide Mortgage Backed Securities, Inc.,
Series 1993-E, Class A6, 6.50%, 1/25/24.............. 76,602
213,159 Countrywide Mortgage Backed Securities, Inc.,
Series 1994-G, Class A3, 6.50%, 4/25/24.............. 211,496
</TABLE>
Continued
- 34 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 727,004 Countrywide Mortgage Trust, Series 1993-1, Class A7,
7.55%, 4/25/23....................................... $ 722,177
22,000 Fannie Mae,
Series 1992-41, Class G, 8.00%, 3/25/05.............. 22,141
31,000 Fannie Mae,
Series G92-44, Class H, 8.00%, 11/25/06.............. 31,111
25,792 Fannie Mae,
Series 1992-47, Class J, 8.00%, 2/25/07.............. 26,015
65,000 Fannie Mae,
Series 1993-211, Class PG, 6.00%, 3/25/07............ 64,187
185,000 Fannie Mae,
Series 1992-196, Class J, 6.00%, 11/25/07............ 177,776
20,493 Fannie Mae,
Series 1992-203, Class K, 6.50%, 11/25/07............ 20,236
25,000 Fannie Mae,
Series G92-44, Class HA, 8.00%, 1/25/08.............. 25,215
49,826 Fannie Mae,
Series G93-11, Class H, 6.00%, 12/25/08.............. 49,159
100,000 Fannie Mae,
Series 1992-124, Class D, 7.00%, 4/25/10............. 97,544
11,120 Fannie Mae,
Series 1992-38, Class L, 6.50%, 11/25/16............. 11,065
2,343 Fannie Mae,
Series 1993-202, Class EA, 5.50%, 12/25/16........... 2,332
60,000 Fannie Mae,
Series 1997-24, Class PD, 6.75%, 7/18/17............. 59,690
21,135 Fannie Mae,
Series 1994-36, Class CB, 5.88%, 3/25/18............. 20,973
638 Fannie Mae,
Series 1988-26, Class C, 7.50%, 7/25/18.............. 634
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 92,102 Fannie Mae,
Series 1992-58, Class J, 6.50%, 12/25/18.............. $ 91,530
40,716 Fannie Mae,
Series 1992-202, Class G, 7.50%, 12/25/18............. 40,614
13,040 Fannie Mae,
Series 1992-148, Class B, 7.00%, 4/25/19.............. 12,968
146,139 Fannie Mae,
Series 1991-141, Class PH, 7.50%, 4/25/19............. 145,868
3,582 Fannie Mae,
Series 1992-159, Class PH, 6.50%, 6/25/19............. 3,553
2,262 Fannie Mae,
Series G93-19, Class K, 6.50%, 6/25/19................ 2,251
356,732 Fannie Mae,
Series 1993-144, Class C, 7.00%, 7/25/19.............. 354,859
75,529 Fannie Mae,
Series 1991-132, Class G, 7.50%, 8/25/19.............. 75,365
103,000 Fannie Mae,
Series 1992-58, Class L, 6.00%, 9/25/19............... 100,587
165,000 Fannie Mae,
Series 1992-188, Class PJ, 7.50%, 10/25/19............ 163,543
141,104 Fannie Mae,
Series 1992-198, Class J, 6.50%, 12/25/19............. 139,426
4,738 Fannie Mae,
Series 1993-2, Class PG, 7.00%, 2/25/20............... 4,711
263,388 Fannie Mae,
Series 1992-161, Class D, 7.00%, 3/25/20.............. 261,719
19,422 Fannie Mae,
Series 1994-83, Class B, 7.50%, 3/25/20............... 19,336
1,962 Fannie Mae,
Series 1993-74, Class B, 6.50%, 4/25/20............... 1,951
</TABLE>
Continued
- 35 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 51,879 Fannie Mae,
Series G92-15, Class G, 7.00%, 4/25/20................ $ 51,568
164,871 Fannie Mae,
Series 1992-41, Class PU, 8.00%, 5/25/20.............. 164,419
14,823 Fannie Mae,
Series 1992-15, Class H, 6.75%, 6/25/20............... 14,748
3,064 Fannie Mae,
Series 1992-34, Class E, 7.00%, 7/25/20............... 3,050
14,050 Fannie Mae,
Series 1992-147, Class PL, 7.25%, 7/25/20............. 13,959
11,162 Fannie Mae,
Series 1996-49, Class BA, 7.00%, 8/25/20.............. 11,111
82,320 Fannie Mae,
Series 1992-185, Class G, 7.15%, 8/25/20.............. 81,847
71,578 Fannie Mae,
Series 1991-176, Class PJ, 7.00%, 10/25/20............ 71,132
141,754 Fannie Mae,
Series 1991-14, Class H, 7.00%, 10/25/20.............. 140,657
5,904 Fannie Mae,
Series 1992-103, Class JA, 7.50%, 11/25/20............ 5,885
1,138 Fannie Mae,
Series 1991-147, Class K, 7.00%, 1/25/21.............. 1,133
169,710 Fannie Mae,
Series 1992-27, Class PM, 7.00%, 1/25/21.............. 168,775
20,000 Fannie Mae,
Series 1993-29, Class D, 7.00%, 2/25/21............... 19,516
50,000 Fannie Mae,
Series 1991-176, Class PK, 7.00%, 2/25/21............. 49,460
304,750 Fannie Mae,
Series 1992-135, Class J, 7.50%, 2/25/21.............. 304,339
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 27,172 Fannie Mae,
Series 1992-83, Class G, 7.00%, 3/25/21............... $ 27,015
361,106 Fannie Mae,
Series 693-3, Class H, 7.00%, 3/25/21................. 358,470
44,000 Fannie Mae,
Series 1993-2, Class PH, 7.35%, 3/25/21............... 43,924
15,241 Fannie Mae,
Series G92-8, Class K, 7.50%, 3/25/21................. 15,141
106,058 Fannie Mae,
Series G92-11, Class J, 7.00%, 4/25/21................ 105,488
164,000 Fannie Mae,
Series 1992-15, Class J, 7.00%, 4/25/21............... 162,126
20,212 Fannie Mae,
Series 1992-79, Class K, 7.50%, 4/25/21............... 20,102
932 Fannie Mae,
Series 1991-142, Class PK, 8.00%, 4/25/21............. 928
25,012 Fannie Mae,
Series 1993-16, Class D, 7.50%, 5/25/21............... 24,839
23,769 Fannie Mae,
Series 1991-148, Class K, 7.50%, 5/25/21.............. 23,680
91,089 Fannie Mae,
Series 1992-131, Class H, 7.50%, 6/25/21.............. 90,680
211,000 Fannie Mae,
Series 1992-34, Class GA, 8.00%, 6/25/21.............. 212,250
4,880 Fannie Mae,
Series 1992-123, Class D, 7.50%, 8/25/21.............. 4,864
20,836 Fannie Mae,
Series 1991-108, Class J, 7.00%, 9/25/21.............. 20,479
149,635 Fannie Mae,
Series 1992-117, Class L, 7.50%, 9/25/21.............. 149,414
</TABLE>
Continued
- 36 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 44,010 Fannie Mae,
Series 1992-117, Class LA, 8.00%, 9/25/21............. $ 44,137
102,000 Fannie Mae,
Series 1992-161, Class G, 7.50%, 11/25/21............. 101,307
63,386 Fannie Mae,
Series 1992-49, Class KA, 8.00%, 11/25/21............. 63,720
125,846 Fannie Mae,
Series 1992-11, Class E, 8.00%, 12/25/21.............. 127,616
40,000 Fannie Mae,
Series 1993-9, Class PH, 7.00%, 1/25/22............... 39,538
211,000 Fannie Mae,
Series 1992-34, Class G, 8.00%, 3/25/22............... 212,909
69,825 Fannie Mae,
Series 1992-82, Class E, 7.00%, 4/25/22............... 68,927
5,128 Fannie Mae,
Series 1996-51, Class AJ, 7.00%, 6/18/22.............. 5,107
42,351 Fannie Mae,
Series 1993-225, Class UC, 6.25%, 9/25/22............. 41,539
171,988 Fannie Mae,
Series 1992-172, Class K, 7.00%, 9/25/22.............. 169,195
73,629 Fannie Mae,
Series 1995-23, Class M, 6.50%, 10/25/22.............. 73,183
106,055 Fannie Mae,
Series G92-61, Class G, 7.00%, 10/25/22............... 104,913
30,876 Fannie Mae,
Series 1994-23, Class A, 6.00%, 12/25/22.............. 30,623
106,212 Fannie Mae,
Series 1993-225, Class NB, 6.50%, 12/25/22............ 103,655
24,055 Fannie Mae,
Series 1993-27, Class A, 5.50%, 2/25/23............... 23,631
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 579 Fannie Mae,
Series 1993-41, Class J, 6.00%, 3/25/23............... $ 548
1,178 Fannie Mae,
Series 1993-2251, Class A, 6.50%, 3/25/23............. 1,171
35,460 Fannie Mae,
Series 1994-23, Class G, 6.00%, 5/25/23............... 35,166
17,634 Fannie Mae,
Series 1993-155, Class LA, 6.50%, 5/25/23............. 16,948
184,265 Fannie Mae,
Series 1993-252, Class M, 6.50%, 5/25/23.............. 179,776
298,133 Fannie Mae,
Series 1994-89, Class C, 8.00%, 6/25/23............... 299,591
9,019 Fannie Mae,
Series 1994-38, Class A, 7.00%, 7/25/23............... 8,905
1,350 Fannie Mae,
Series 1993-147, Class N, 7.00%, 8/25/23.............. 1,322
7,595 Fannie Mae,
Series 1994-75, Class M, 7.00%, 10/25/23.............. 7,446
2,500,000 Fannie Mae,
Series 1997-60, Class PD, 6.50%, 1/18/24.............. 2,405,974
121,920 Fannie Mae,
Series 1994-62, Class H, 7.00%, 3/25/24............... 118,217
5,054 Fannie Mae,
Series 1994-42, Class L, 6.50%, 4/25/24............... 4,923
97,070 Fannie Mae,
Series 1997-12, Class G, 7.00%, 7/18/24............... 95,958
10,000 Fannie Mae,
Series 1997-27, Class BL, 7.00%, 9/18/24.............. 9,947
67,000 Fannie Mae,
Series 1996-46, Class H, 7.25%, 9/25/24............... 66,537
</TABLE>
Continued
- 37 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 38,805 Fannie Mae,
Series 1997-55, Class A, 7.00%, 3/18/26.............. $ 38,314
831,715 Fannie Mae,
Series 1998-24, Class J, 6.50%, 5/18/28.............. 807,778
16,689 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA8, 10.00%, 7/25/27..................... 16,849
2,057 Freddie Mac,
Series 1301, Class EA, 7.00%, 8/15/05................ 2,050
4,559 Freddie Mac,
Series 1317, Class G, 7.00%, 5/15/06................. 4,547
2,938 Freddie Mac,
Series 1215, Class G, 6.75%, 6/15/06................. 2,927
1,134 Freddie Mac,
Series 1561, Class D, 6.00%, 8/15/06................. 1,130
1,086 Freddie Mac,
Series 1229, Class I, 7.00%, 8/15/06................. 1,083
66,504 Freddie Mac,
Series 1203, Class H, 6.00%, 1/15/07................. 65,219
225 Freddie Mac,
Series 1575, Class PE, 6.00%, 3/15/07................ 224
29,793 Freddie Mac,
Series 1475, Class O, 7.00%, 2/15/08................. 28,720
146,488 Freddie Mac,
Series 1679, Class H, 6.00%, 11/15/08................ 143,317
86,008 Freddie Mac,
Series 1667, Class C, 6.00%, 1/15/09................. 84,404
25,712 Freddie Mac,
Series 35, Class PE, 7.25%, 6/17/18.................. 25,658
4,237 Freddie Mac,
Series 1518, Class C, 7.00%, 3/15/19................. 4,224
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 111,728 Freddie Mac,
Series 1552, Class F,
6.00%, 6/15/19........................................ $ 110,279
75,000 Freddie Mac,
Series 1656, Class B,
6.25%, 1/15/20........................................ 73,854
51,788 Freddie Mac,
Series 1499, Class B,
6.75%, 2/15/20........................................ 51,341
6,870 Freddie Mac,
Series 1343, Class J,
7.50%, 7/15/20........................................ 6,851
13,958 Freddie Mac,
Series 1288, Class H,
7.00%, 11/15/20....................................... 13,913
52,640 Freddie Mac,
Series 1383, Class DB, 7.50%, 11/15/20................ 52,578
38,659 Freddie Mac,
Series 1210, Class H,
6.75%, 12/15/20....................................... 38,264
60,000 Freddie Mac,
Series 1035, Class F,
7.00%, 12/15/20....................................... 59,550
18,556 Freddie Mac,
Series 1186, Class H,
7.50%, 12/15/20....................................... 18,538
87,173 Freddie Mac,
Series 1207, Class K,
6.75%, 1/15/21........................................ 86,629
162,314 Freddie Mac,
Series 114, Class H,
6.95%, 1/15/21........................................ 159,340
24,010 Freddie Mac,
Series 1177, Class I,
6.95%, 1/15/21........................................ 23,937
308,183 Freddie Mac,
Series 1228, Class G,
7.00%, 1/15/21........................................ 306,922
73,407 Freddie Mac,
Series 1069, Class I,
6.95%, 2/15/21........................................ 73,093
46,640 Freddie Mac,
Series 115, Class I,
7.00%, 2/15/21........................................ 46,092
</TABLE>
Continued
- 38 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 98,855 Freddie Mac,
Series 1289, Class PL,
7.50%, 2/15/21........................................ $ 98,811
42,624 Freddie Mac,
Series 1646, Class MA,
6.50%, 3/15/21........................................ 42,098
47,928 Freddie Mac,
Series 1406, Class G, 6.75%, 3/15/21.................. 47,536
163,057 Freddie Mac,
Series 1206, Class H, 7.00%, 3/15/21.................. 162,166
42,262 Freddie Mac,
Series 1394, Class GB, 7.00%, 3/15/21................. 41,979
156,945 Freddie Mac,
Series 1350, Class H, 7.50%, 3/15/21.................. 157,297
8,979 Freddie Mac,
Series 1311, Class I, 7.50%, 3/15/21.................. 8,954
68,199 Freddie Mac,
Series 139, Class G, 7.00%, 4/15/21................... 67,064
21,404 Freddie Mac,
Series 1303, Class K, 8.00%, 4/15/21.................. 21,329
188,674 Freddie Mac,
Series 1370, Class H, 7.00%, 5/15/21.................. 187,771
104,282 Freddie Mac,
Series 1351, Class TD, 7.00%, 5/15/21................. 103,870
180,698 Freddie Mac,
Series 1418, Class C, 7.50%, 5/15/21.................. 180,730
136,155 Freddie Mac,
Series 1302, Class PJ, 8.00%, 5/15/21................. 137,073
94,121 Freddie Mac,
Series 1265, Class J, 7.00%, 6/15/21.................. 93,728
27,025 Freddie Mac,
Series 1714, Class LD, 7.00%, 6/15/21................. 26,640
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 4,372 Freddie Mac,
Series 1237, Class I, 8.00%, 6/15/21.................. $ 4,380
86,973 Freddie Mac,
Series 1702-B, Class L, 7.00%, 7/15/21................ 85,066
79,515 Freddie Mac,
Series 1358, Class I, 7.00%, 7/15/21.................. 79,146
56,363 Freddie Mac,
Series 1255, Class G, 7.50%, 7/15/21.................. 56,410
129,000 Freddie Mac,
Series 1212, Class H, 8.00%, 8/15/21.................. 130,774
69,803 Freddie Mac,
Series 1241, Class J, 7.00%, 9/15/21.................. 69,537
79,000 Freddie Mac,
Series 1674, Class B, 6.05%, 10/15/21................. 75,514
120,604 Freddie Mac,
Series 1397, Class D, 7.00%, 10/15/21................. 120,165
12,232 Freddie Mac,
Series 1638, Class J, 6.50%, 11/15/21................. 12,119
322,000 Freddie Mac,
Series 1173, Class E, 6.50%, 11/15/21................. 309,911
72,951 Freddie Mac,
Series 1315, Class I, 7.00%, 11/15/21................. 72,484
172,478 Freddie Mac,
Series 1163, Class JA, 7.00%, 11/15/21................ 168,920
138,000 Freddie Mac,
Series 1355, Class K, 7.30%, 11/15/21................. 137,704
89,419 Freddie Mac,
Series 53, Class C,
7.50%, 1/20/22........................................ 89,092
15,667 Freddie Mac,
Series 1890, Class K,
7.00%, 3/15/22........................................ 15,603
</TABLE>
Continued
- 39 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 111,000 Freddie Mac,
Series 1217, Class I,
7.00%, 3/15/22........................................ $ 107,440
238,082 Freddie Mac,
Series 1384, Class C, 7.00%, 7/15/22.................. 234,471
164,000 Freddie Mac,
Series 1312, Class I, 8.00%, 7/15/22.................. 165,635
4,234 Freddie Mac,
Series 1653, Class B, 6.00%, 8/15/22.................. 4,176
938 Freddie Mac,
Series 1574, Class L, 6.50%, 9/15/22.................. 929
27,547 Freddie Mac,
Series 1474, Class C, 7.00%, 10/15/22................. 27,447
99,000 Freddie Mac,
Series 1411, Class O, 7.00%, 11/15/22................. 92,993
145,291 Freddie Mac,
Series 1486, Class C, 7.00%, 11/15/22................. 143,310
41,625 Freddie Mac,
Series 1905, Class B, 7.00%, 12/15/22................. 41,424
79,966 Freddie Mac,
Series 1648, Class JA, 6.00%, 1/15/23................. 78,653
10,091 Freddie Mac,
Series 1543, Class XU, 7.00%, 5/15/23................. 9,794
42,206 Freddie Mac,
Series 1749, Class C, 8.00%, 6/15/23.................. 42,119
127,000 Freddie Mac,
Series 1543, Class XV, 7.00%, 7/15/23................. 121,703
22,029 Freddie Mac,
Series 1869, Class TD, 7.50%, 7/15/23................. 21,961
48,759 Freddie Mac,
Series 1652, Class L, 7.00%, 1/15/24.................. 48,089
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 74,000 Freddie Mac,
Series 1931, Class J, 7.50%, 2/15/24.................. $ 74,371
377,312 Freddie Mac,
Series 1853, Class B, 7.50%, 4/15/24.................. 377,791
18,166 Freddie Mac,
Series 1729, Class M, 7.50%, 5/15/24.................. 17,823
117,000 Freddie Mac,
Series 1881, Class H, 7.50%, 5/15/24.................. 117,086
26,765 Freddie Mac,
Series 1935, Class CA, 7.50%, 9/15/24................. 26,724
63,325 Freddie Mac,
Series 1935, Class JC, 7.00%, 12/15/24................ 62,892
110,000 Freddie Mac,
Series 1932, Class B, 7.00%, 6/15/25.................. 108,884
276,000 Freddie Mac,
Series 1983, Class U, 7.00%, 11/17/25................. 268,849
249,184 Freddie Mac,
Series 2152, Class AC, 7.50%, 1/15/26................. 251,381
720,533 Freddie Mac,
Series 2136, Class AJ, 6.50%, 7/15/26................. 677,169
78,000 Freddie Mac,
Series 53, Class A,
7.13%, 7/20/26........................................ 75,977
187,251 General Electric Capital Mortgage Services, Inc.,
Series 1996-5, Class A3, 7.35%, 3/25/11............... 186,789
49,167 General Electric Capital Mortgage Services Inc.,
Series 1993-12, Class A2, 6.50%, 10/25/23............. 47,689
46,400 General Electric Capital Mortgage Services, Inc.,
Series 1193-12, Class A3, 6.50%, 10/25/23............. 45,805
</TABLE>
Continued
- 40 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 6,975 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4, 7.75%, 8/25/24.............. $ 6,973
414,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A6, 6.50%, 11/25/24............. 396,003
891,982 General Electric Capital Mortgage Services, Inc.,
Series 1996-11, Class A3, 7.50%, 7/25/26.............. 888,012
1,326,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12, 7.50%, 4/25/27.............. 1,321,663
297,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10, 7.50%, 5/25/27.............. 296,002
83,136 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A3, 7.50%, 6/25/27............... 82,850
750,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-W, Class A5, 6.75%, 10/25/27.............. 743,033
61,539 General Electric Capital Mortgage Services, Inc.,
Series 1997-9, Class 2A4, 7.00%, 10/25/27............. 61,112
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-12, Class A3, 7.00%, 12/25/27............. 988,999
1,800,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11, 6.75%, 6/25/28.............. 1,670,993
37,026 Government National Mortgage Assoc.,
Series 1996-22, Class B, 7.00%, 8/16/17............... 36,891
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 58,468 Government National Mortgage Assoc.,
Series 1996-26, Class B, 7.00%, 12/16/20............. $ 58,246
8,733 Government National Mortgage Assoc.,
Series 1995, Class C, 7.35%, 7/20/21................. 8,717
40,039 Government National Mortgage Assoc.,
Series 1996-15, Class 0, 7.00%, 11/20/21............. 39,855
330,000 Government National Mortgage Assoc.,
Series 1995-8, Class GA, 7.00%, 12/20/22............. 324,888
287,000 Government National Mortgage Assoc.,
Series 1995-8, Class G, 7.00%, 12/20/22.............. 281,698
339,542 Government National Mortgage Assoc.,
Series 1996-15, Class CA, 7.50%, 1/20/24............. 340,516
466,000 Government National Mortgage Assoc.,
Series 1997-6, Class B, 7.50%, 5/20/24............... 466,236
64,599 Government National Mortgage Assoc.,
Series 1997-4, Class B, 7.00%, 8/20/26............... 62,398
215,500 Headlands Mortgage Securities, Inc., Series 1997-5,
Class A1, 6.75%, 11/25/27............................ 211,192
212,471 Housing Securities, Inc.,
Series 1992-B, Class 5, 8.50%, 3/25/22............... 211,439
627,907 Independent National Mortgage Corp.,
Series 1994-L, Class A6, 8.00%, 8/25/24.............. 632,981
489,000 Independent National Mortgage Corp.,
Series 1994-O, Class A5, 8.50%, 9/25/24.............. 495,622
</TABLE>
Continued
- 41 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 38,248 Independent National Mortgage Corp.,
Series 1994-N, Class A7, 8.25%, 10/25/24.............. $ 38,135
155,774 Independent National Mortgage Corp.,
Series 1994-T, Class A3, 8.13%, 11/25/24.............. 156,414
189,698 Independent National Mortgage Corp.,
Series 1994-T, Class A5, 8.38%, 11/25/24.............. 191,003
368,811 Independent National Mortgage Corp.,
Series 1994-U, Class A4, 8.38%, 12/25/24.............. 369,615
50,428 Independent National Mortgage Corp.,
Series 1994-U, Class A6, 8.63%, 12/25/24.............. 50,616
52,000 Independent National Mortgage Corp.,
Series 1995-A, Class A6, 8.65%, 3/25/25............... 52,540
76,806 Independent National Mortgage Corp.,
Series 1995-A, Class A4, 8.75%, 3/25/25............... 76,420
249,000 Independent National Mortgage Corp.,
Series 1995-A, Class A5, 8.75%, 3/25/25............... 251,878
62,435 Independent National Mortgage Corp.,
Series 1995-H, Class A12, 8.00%, 6/25/25.............. 62,121
90,135 Independent National Mortgage Corp.,
Series 1995-M, Class A2, 7.50%, 9/25/25............... 89,795
401,439 Independent National Mortgage Corp.,
Series 1995-N, Class A4, 7.50%, 10/25/25.............. 400,207
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 299,000 Independent National Mortgage Corp.,
Series 1995-W, Class A6, 7.13%, 2/25/26............... $ 296,698
213,000 Independent National Mortgage Corp.,
Series 1995-V, Class A10, 7.13%, 2/25/26.............. 211,807
194,000 Independent National Mortgage Corp.,
Series 1995-W, Class A5, 7.13%, 2/25/26............... 192,830
269,000 Independent National Mortgage Corp.,
Series 1996-D, Class A6, 7.00%, 5/25/26............... 262,216
28,893 Investors Government National Mortgage Association,
Mortgage Backed Securities Trust, Inc., Series 1984-2,
Class E, 7.88%, 4/25/08............................... 28,985
293,000 Norwest Asset Securities Corp., Series 1996-3, Class
A8, 7.25%, 9/25/26.................................... 290,360
393,432 Norwest Asset Securities Corp., Series 1996-4, Class
A3, 7.75%, 9/25/26.................................... 393,338
55,000 Norwest Asset Securities Corp., Series 1997-4, Class
A8, 7.50%, 3/25/27.................................... 54,572
130,000 PNC Mortgage Securities Corp., Series 1996-1, Class A9,
7.75%, 6/25/26........................................ 128,569
83,750 PNC Mortgage Securities Corp., Series 1996-3, Class A3,
7.25%, 12/25/26....................................... 83,290
61,097 Prudential Home Mortgage Securities,
Series 1993-29, Class A6, 6.75%, 8/25/08.............. 60,786
268,173 Prudential Home Mortgage Securities,
Series 1992-29, Class A9, 8.00%, 10/25/22............. 268,974
</TABLE>
Continued
- 42 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 323,739 Prudential Home Mortgage Securities,
Series 1992-47, Class A10, 8.00%, 1/25/23............ $ 323,574
94,373 Prudential Home Mortgage Securities,
Series 1992-51, Class A10, 7.75%, 2/25/23............ 94,025
419,118 Prudential Home Mortgage Securities,
Series 1993-62, Class A6, 6.50%, 7/25/23............. 411,201
65,572 Prudential Home Mortgage Securities,
Series 1993-38, Class A3, 6.15%, 9/25/23............. 64,287
250,000 Prudential Home Mortgage Securities,
Series 1994-2, Class A8, 6.75%, 2/25/24.............. 243,213
7,161 Prudential Home Mortgage Securities,
Series 1994-15, Class A2, 6.00%, 5/25/24............. 7,125
217,591 Prudential Home Mortgage Securities,
Series 1994-15, Class A5, 6.80%, 5/25/24............. 213,326
254,707 Prudential Home Mortgage Securities,
Series 1996-5, Class A2, 7.25%, 4/25/26.............. 253,643
216,761 Residential Accredit Loans, Inc., Series 1998-QS16,
Class A1, 6.50%, 11/25/13............................ 209,064
1,085,000 Residential Accredit Loans, Inc., Series 1998-QS9,
Class A3, 6.75%, 7/25/28............................. 1,072,012
330,000 Residential Accredit Loans, Inc., Series 1998-QS7,
Class CB2, 6.75%, 7/25/28............................ 312,767
6,767 Residential Asset Securitization Trust,
Series 1997-A1, Class A1, 7.00%, 3/25/27............. 6,730
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 352 Residential Asset Securitization Trust,
Series 1997-A3, Class A7, 10.00%, 5/25/27............. $ 352
14,479 Residential Asset Securitization Trust,
Series 1998-A1, Class A5, 6.75%, 3/25/28.............. 14,385
1,600,000 Residential Asset Securitization Trust,
Series 1998-A5, Class A5, 6.75%, 6/25/28.............. 1,528,458
246,042 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S43, Class A10, 8.00%, 12/25/22........... 245,449
45,222 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S2, Class A5, 8.00%, 1/25/23.............. 45,426
47,011 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S26, Class A8, 7.50%, 7/25/23............. 46,799
242,218 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6, 7.00%, 8/25/23............. 239,062
25,397 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S40, Class A5, 6.20%, 11/25/23............ 25,218
213,417 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A7, 7.50%, 9/25/25............. 212,800
593,543 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S9, Class A10, 7.25%, 4/25/26............. 574,193
165,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A9, 7.50%, 5/25/26............. 164,462
</TABLE>
Continued
- 43 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 102,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A10, 7.50%, 5/25/26............ $ 101,215
212,730 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A11, 7.75%, 6/25/26............ 211,866
137,329 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A12, 7.60%, 7/25/26............ 136,708
837,806 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A10, 8.00%, 7/25/26............ 840,051
330,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S7, Class A3, 7.50%, 5/25/27.............. 327,898
175,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S8, Class A9, 7.50%, 6/25/27.............. 172,629
175,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S9, Class A20, 7.50%, 7/25/27............. 175,194
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S12, Class A18, 6.75%, 8/25/27............ 480,015
1,490,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2, 7.25%, 9/25/27............. 1,482,117
1,728,173 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S10, Class A8, 6.75%, 4/25/28............. 1,702,993
93,000 Securitized Asset Sales, Inc.,
Series 1995-A, Class A6, 8.13%, 3/25/24............... 94,187
201,000 Structured Mortgage Asset Residential Trust,
Series 1993-4, Class AE, 7.50%, 2/25/23............... 200,349
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 19,000 Structured Mortgage Asset Residential Trust,
Series 1992-12B, Class G, 7.60%, 1/25/24............. $ 18,771
164,037 Vendee Mortgage Trust,
Series 1992-1, Class 2E, 7.75%, 3/15/16.............. 163,712
359,000 Vendee Mortgage Trust,
Series 1992-1, Class 2F, 7.75%, 7/15/17.............. 360,203
-----------
Total Collateralized Mortgage Obligations 51,317,311
-----------
Corporate Bonds (2.5%):
Beverages (0.1%):
50,000 Coca-Cola Enterprises, Inc., 6.38%, 8/1/01............ 49,625
-----------
Brokerage Services (1.1%):
500,000 Morgan Stanley Dean Witter & Co., 5.75%, 2/15/01...... 497,499
250,000 Salomon Smith Barney Holdings, Inc.,
5.88%, 2/1/01........................................ 248,750
-----------
746,249
-----------
Entertainment (0.1%):
50,000 Sony Corp., 6.13%, 3/4/03............................. 49,063
-----------
Financial Services (1.0%):
500,000 Ford Motor Credit Corp., 5.75%, 1/25/01............... 497,500
50,000 Mellon Financial Co.,
6.00%, 3/1/04........................................ 48,125
50,000 Norwest Financial, Inc., 7.75%, 8/15/01............... 50,313
-----------
595,938
-----------
Telecommunications (0.2%):
50,000 Southwestern Bell Telephone, 6.38%, 4/1/01............ 49,813
50,000 U.S. West Communications, Inc., 6.38%, 10/15/02....... 49,125
-----------
98,938
-----------
Total Corporate Bonds 1,539,813
-----------
</TABLE>
Continued
- 44 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies (4.1%):
Freddie Mac (1.2%):
$ 774,322 6.50%, 12/1/11, Gold Pool #E20275..................... $ 760,725
-----------
Government National Mortgage Assoc. (2.9%):
1,064 8.00%, 2/15/01, Pool #292............................. 1,083
5,897 8.00%, 3/15/01, Pool #365............................. 6,000
812 8.00%, 4/15/01, Pool #148............................. 827
14,977 7.25%, 10/15/03, Pool #2439........................... 14,972
11,657 8.00%, 3/15/04, Pool #2387............................ 11,927
30,486 8.00%, 5/15/04, Pool #3229............................ 31,200
19,877 8.00%, 5/15/04, Pool #3236............................ 20,343
30,979 7.25%, 2/15/05, Pool #5504............................ 30,989
36,386 7.25%, 2/15/05, Pool #5719............................ 36,408
13,625 7.25%, 3/15/05, Pool #6229............................ 13,633
50,367 7.25%, 4/15/05, Pool #6423............................ 50,414
29,113 8.00%, 5/15/05, Pool #5844............................ 29,805
68,325 8.00%, 8/15/05, Pool #6711............................ 69,948
44,537 7.25%, 11/15/05, Pool #8572........................... 44,579
19,190 7.25%, 12/15/05, Pool #9024........................... 19,208
36,879 7.25%, 12/15/05, Pool #9018........................... 36,914
53,993 7.25%, 12/15/05, Pool #8958........................... 54,043
32,568 7.25%, 12/15/05, Pool #9546........................... 32,599
38,820 7.25%, 1/15/06, Pool #9377............................ 38,856
11,802 7.25%, 1/15/06, Pool #9399............................ 11,813
33,692 8.00%, 2/15/06, Pool #9208............................ 34,492
65,435 8.00%, 8/15/06, Pool #11277........................... 66,990
19,551 8.00%, 9/15/06, Pool #11926........................... 20,015
40,374 8.00%, 10/15/06, Pool #11931.......................... 41,333
61,139 8.00%, 10/15/06, Pool #13014.......................... 62,591
40,202 8.00%, 10/15/06, Pool #12265.......................... 41,157
65,332 8.00%, 11/15/06, Pool #13173.......................... 66,883
44,948 8.00%, 11/15/06, Pool #13379.......................... 46,016
55,344 8.00%, 2/15/07, Pool #15008........................... 56,659
42,156 8.00%, 8/15/07, Pool #18730........................... 43,157
114,244 8.00%, 8/15/07, Pool #19641........................... 116,957
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
U.S. Government Agencies, continued:
Government National Mortgage Assoc., continued:
$ 25,979 8.00%, 9/15/07, Pool #19103.......................... $ 26,596
79,029 8.00%, 11/15/07, Pool #20059......................... 80,906
32,990 8.00%, 11/15/07, Pool #21277......................... 33,773
26,370 8.00%, 12/15/07, Pool #20866......................... 26,996
22,712 8.00%, 12/15/07, Pool #20455......................... 23,252
63,316 8.00%, 12/15/07, Pool #14999......................... 64,820
16,746 8.00%, 2/15/08, Pool #22610.......................... 17,144
97,993 8.00%, 2/15/08, Pool #23055.......................... 100,319
13,276 8.00%, 3/15/08, Pool #22438.......................... 13,596
14,746 6.50%, 7/15/23, Pool #350795......................... 14,321
19,446 7.50%, 3/15/24, Pool #376439......................... 19,446
13,393 7.00%, 4/20/24, Pool #1655........................... 13,173
25,830 6.50%, 12/15/25, Pool #414856........................ 24,984
143,788 8.00%, 6/15/26, Pool #423563......................... 145,747
20,020 7.00%, 11/20/26, Pool #2320.......................... 19,669
-----------
1,776,553
-----------
Total U.S. Government Agencies 2,537,278
-----------
U.S. Treasury Notes (10.0%):
5,000,000 5.63%, 11/30/00...................................... 4,990,600
1,150,000 6.50%, 3/31/02....................................... 1,153,588
-----------
Total U.S. Treasury Notes 6,144,188
-----------
Investment in Affiliates (0.1%):
Investment Companies (0.1%):
83,340 American Performance Cash Management Fund............ 83,340
-----------
Total Investment in Affiliates 83,340
-----------
Total Investments
(Cost $62,600,795)(a)--100.5% 61,988,757
Liabilities in excess of other assets--(0.5)% (338,295)
-----------
Total Net Assets--100.0% $61,650,462
===========
</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
$742. Cost for federal income tax purposes differs from value by net
unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $ 156,317
Unrealized depreciation............... (769,097)
---------
Net unrealized depreciation........... $(612,780)
=========
</TABLE>
See notes to financial statements.
- 45 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security
Amount Description Market Value
--------- ---------------------------------------------------- ------------
<C> <S> <C>
Asset Backed Securities (1.7%):
$ 10,451 Advanta Mortgage Loan Trust, Series 1993-3, Class
A3, 4.75%, 2/25/10................................. $ 10,363
162,221 CoreStates Home Equity Trust, Series 1993-2, Class
A, 5.10%, 3/15/09.................................. 161,052
537,420 Crown Home Equity Loan Trust, Series 1996-1, Class
A3, 6.81%, 6/25/11................................. 534,346
22,576 First Plus Home Loan Trust, Series 1996-2, Class A6,
7.85%, 8/20/13..................................... 22,519
720,408 Nomura Asset Securities Corp., Series 1995-2, Class
2M, 7.12%, 1/25/26................................. 713,491
------------
Total Asset Backed Securities 1,441,771
------------
Collateralized Mortgage Obligations (49.3%):
300,000 BA Mortgage Securities, Inc., Series 1997-3, Class
A2, 7.00%, 12/25/27................................ 290,106
765,000 Chase Mortgage Finance Corp., Series 1994-G, Class
A8, 7.50%, 4/25/25................................. 753,058
260,000 Chase Mortgage Finance Corp., Series 1994-I, Class
A6, 7.75%, 6/25/25................................. 258,112
147,000 Chase Mortgage Finance Corp., Series 1994-L, Class
2A5, 9.00%, 11/25/25............................... 150,385
439,000 Citicorp Mortgage Securities, Inc., Series 1993-1,
Class A3, 7.50%, 1/25/23........................... 431,155
316,000 Citicorp Mortgage Securities, Inc., Series 1993-2,
Class A6, 7.50%, 3/25/23........................... 310,126
403,000 Citicorp Mortgage Securities, Inc., Series 1997-2,
Class A2, 7.25%, 5/25/27........................... 399,627
182,512 Citicorp Mortgage Securities, Inc., Series 1997-5,
Class A5, 7.25%, 11/25/27.......................... 167,091
59,455 Countrywide Funding Corp., Series 1994-17, Class A5,
7.50%, 7/25/24..................................... 59,164
410,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24..................................... 411,751
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security
Amount Description Market Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 251,000 Countrywide Funding Corp., Series 1994-17, Class A9,
8.00%, 7/25/24...................................... $ 252,908
125,000 Countrywide Funding Corp., Series 1995-4, Class A7,
7.50%, 9/25/25...................................... 122,235
121,000 Countrywide Home Loan, Series 1997-1, Class A4,
7.40%, 3/25/27...................................... 120,395
285,000 Countrywide Home Loan, Series 1997-1, Class A12,
7.50%, 3/25/27...................................... 283,549
277,000 Countrywide Home Loan, Series 1997-1, Class A13,
7.50%, 3/25/27...................................... 274,709
473,140 Countrywide Home Loan, Series 1997-2, Class A3,
7.50%, 4/25/27...................................... 471,030
715,199 Countrywide Home Loan, Series 1998-2, Class A1,
6.50%, 3/25/28...................................... 699,793
730,000 Countrywide Home Loan, Series 1998-15, Class A16,
6.75%, 10/25/28..................................... 698,106
210,000 Fannie Mae, Series 1992-7, Class E, 8.00%, 6/25/08... 212,906
106,000 Fannie Mae, Series 19919-147, Class LD, 7.00%,
10/25/08............................................ 105,361
270,000 Fannie Mae, Series 1992-202, Class H, 7.50%, 5/25/19. 269,964
4,690 Fannie Mae, Series G95-2, Class O, 8.00%, 5/25/19.... 4,665
52,000 Fannie Mae, Series 1992-188, Class PJ, 7.50%,
10/25/19............................................ 51,541
895,049 Fannie Mae, Series 1993-102, Class G, 6.25%, 1/25/20. 885,052
28,997 Fannie Mae, Series 1990-62, Class G, 9.00%, 6/25/20.. 29,960
538,000 Fannie Mae, Series 1992-177, Class CB, 7.50%,
2/25/21............................................. 536,472
135,000 Fannie Mae, Series 1993-2, Class PH, 7.35%, 3/25/21.. 134,767
199,852 Fannie Mae, Series 1992-132, Class PL, 8.00%,
3/25/21............................................. 200,312
26,694 Fannie Mae, Series G-7, Class E, 8.90%, 3/25/21...... 27,494
124,638 Fannie Mae, Series 1991-66, Class J, 8.13%, 6/25/21.. 126,693
</TABLE>
Continued
- 46 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security
Amount Description Market Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 117,449 Fannie Mae, Series D-32, Class L, 8.00%, 10/25/21.... $ 118,990
30,870 Fannie Mae, Series G-32, Class N, 8.10%, 10/25/21.... 31,362
85,000 Fannie Mae, Series 1993-2, Class PK, 7.50%, 2/25/22.. 84,680
50,000 Fannie Mae, Series 1996-35, Class D, 7.00%, 3/25/23.. 49,707
111,000 Fannie Mae, Series 1993-155, Class M, 7.00%, 9/25/23. 107,105
53,696 Fannie Mae, Series 1996-22, Class C, 7.25%, 2/25/24.. 53,343
680,000 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A3, 7.75%, 5/25/27...................... 680,163
202,387 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27...................... 201,685
54,000 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA7, 8.00%, 7/25/27..................... 54,261
30,000 Freddie Mac, Series 1176, Class H, 8.00%, 12/15/06... 30,563
14,000 Freddie Mac, Series 1156, Class ID, 7.00%, 1/15/09... 13,946
620,063 Freddie Mac, Series 1482, Class F, 6.50%, 5/15/19.... 616,634
179,976 Freddie Mac, Series 1546, Class E, 6.75%, 11/15/19... 177,918
29,832 Freddie Mac, Series 1281, Class G, 8.00%, 9/15/20.... 29,909
147,178 Freddie Mac, Series 1268, Class G, 8.00%, 9/15/20.... 147,338
231,825 Freddie Mac, Series 1240, Class L, 6.50%, 2/15/21.... 229,422
158,994 Freddie Mac, Series 1052, Class G, 7.50%, 3/15/21.... 158,236
565,000 Freddie Mac, Series 1383, Class E, 7.50%, 3/15/21.... 562,146
109,862 Freddie Mac, Series 1350, Class H, 7.50%, 3/15/21.... 110,108
225,000 Freddie Mac, Series 1281, Class H, 8.40%, 4/15/21.... 229,327
88,097 Freddie Mac, Series 138, Class E, 8.07%, 7/15/21..... 89,283
54,681 Freddie Mac, Series 1128, Class IB, 7.00%, 8/15/21... 53,946
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security
Amount Description Market Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 187,000 Freddie Mac, Series 1264, Class I, 8.30%, 4/15/22.... $ 191,787
245,000 Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22.... 249,204
19,212 Freddie Mac, Series 1461, Class B, 7.00%, 6/15/22.... 18,652
130,000 Freddie Mac, Series 1310, Class J, 8.00%, 6/15/22.... 132,163
200,000 Freddie Mac, Series 1379, Class H, 7.00%, 10/15/22... 191,025
103,403 Freddie Mac, Series 1856, Class B, 7.50%, 3/15/23.... 103,122
55,000 Freddie Mac, Series 1795, Class B, 7.00%, 12/15/23... 53,296
98,000 Freddie Mac, Series 1665, Class M, 6.50%, 1/15/24.... 94,671
155,253 Freddie Mac, Series 1853, Class B, 7.50%, 4/15/24.... 155,450
100,000 Freddie Mac, Series 1723, Class PN, 7.00%, 5/15/24... 93,094
95,000 Freddie Mac, Series 1931, Class D, 7.25%, 7/15/25.... 93,603
158,000 Freddie Mac, Series 1904, Class D, 7.50%, 10/15/26... 156,459
100,700 General Electric Capital Mortgage Services, Inc.,
Series 1994-7, Class A10, 6.00%, 2/25/09............ 99,569
105,000 General Electric Capital Mortgage Services, Inc.,
Series 1992-12A, Class A7, 7.50%, 10/25/22.......... 103,062
511,336 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A2, 6.50%, 10/25/23........... 495,970
5,077 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4, 6.25%, 12/25/23........... 5,048
156,667 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4, 7.75%, 8/25/24............ 156,618
107,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A10, 8.88%, 11/25/24.......... 108,575
553,796 General Electric Capital Mortgage Services, Inc.,
Series 1995-6, Class A4, 7.00%, 8/25/25............. 546,813
102,553 General Electric Capital Mortgage Services, Inc.,
Series 1996-15, Class A12, 7.75%, 10/25/26.......... 102,157
</TABLE>
Continued
- 47 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31,2000
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 100,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-1, Class A14, 7.50%, 3/25/27............. $ 97,824
132,316 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A11, 7.50%, 4/25/27............. 131,685
789,935 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A8, 7.50%, 4/25/27.............. 787,596
664,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12, 7.50%, 4/25/27............. 661,829
838,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10, 7.50%, 5/25/27............. 835,184
119,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A4, 7.50%, 6/25/27.............. 118,607
280,858 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A2, 7.50%, 6/25/27.............. 277,140
299,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-8, Class A17, 7.13%, 10/25/27............ 288,939
168,383 General Electric Capital Mortgage Services, Inc.,
Series 1998-2, Class A12, 7.00%, 1/25/28............. 165,395
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11, 6.75%, 6/25/28............. 928,330
2,896 Government National Mortgage Assoc., Series 1994-1,
Class A, 7.55%, 9/16/22.............................. 2,866
566,000 Government National Mortgage Assoc., Series 1996-7,
Class C, 7.50%, 2/16/23.............................. 566,405
76,000 Government National Mortgage Assoc., Series 1997-6,
Class B, 7.50%, 5/20/24.............................. 76,039
44,707 Government National Mortgage Assoc., Series 1994-5,
Class D, 7.50%, 7/16/24.............................. 43,092
532,000 Government National Mortgage Assoc., Series 1999-1,
Class G, 6.50%, 7/20/26.............................. 483,153
167,129 Headlands Mortgage Securities, Series 1997-1, Class
AI10, 7.75%, 3/25/27................................. 166,317
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security
Amount Description Market Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 245,000 Housing Securities, Inc., Series 1992-EB, Class B5B,
7.63%, 9/25/22...................................... $ 242,753
160,000 Independent National Mortgage Corp., Series 1994-17,
Class A5, 8.38%, 10/25/24........................... 161,874
133,000 Independent National Mortgage Corp., Series 1994-T,
Class A4, 8.25%, 11/25/24........................... 134,937
114,234 Independent National Mortgage Corp., Series 1994-T,
Class A5, 8.375%, 11/25/24.......................... 115,020
31,930 Independent National Mortgage Corp., Series 1995-A,
Class A4, 8.75%, 3/25/25............................ 31,770
117,000 Independent National Mortgage Corp., Series 1995-N,
Class A4, 7.50%, 10/25/25........................... 115,439
106,282 Independent National Mortgage Corp., Series 1995-N,
Class A4, 7.50%, 10/25/25........................... 105,956
140,000 Independent National Mortgage Corp., Series 1995-Q,
Class A5, 7.50%, 11/25/25........................... 139,500
159,000 Independent National Mortgage Corp., Series 1995-U,
Class A5, 7.13%, 1/25/26............................ 158,005
51,454 Independent National Mortgage Corp., Series 1996-A,
Class A4, 7.00%, 3/25/26............................ 50,496
49,074 Independent National Mortgage Corp., Series 1996-S,
Class A2, 6.93%, 5/25/26............................ 48,705
590,000 Norwest Asset Securities Corp., Series 1997-2, Class
A7, 7.70%, 3/25/27.................................. 590,932
435,000 Norwest Asset Securities Corp., Series 1997-6, Class
A2, 7.75%, 5/25/27.................................. 434,665
562,000 Norwest Asset Securities Corp., Series 1997-8, Class
A3, 7.50%, 6/25/27.................................. 559,083
2,203,000 Norwest Asset Securities Corp., Series 1997-21, Class
A7, 7.00%, 1/25/28.................................. 2,021,957
145,000 Norwest Asset Securities Corp., Series 1997-21, Class
A6, 7.00%, 1/25/28.................................. 138,239
</TABLE>
Continued
- 48 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security
Amount Description Market Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 100,000 Paine Webber Mortgage Acceptance Corp., Series 1994-
5A, Class A5, 8.13%, 7/25/24........................ $ 101,071
132,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A16, 7.38%, 6/25/26................................. 130,390
131,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A18, 7.38%, 6/25/26................................. 130,329
135,156 PNC Mortgage Securities Corp., Series 1996-3, Class
A3, 7.25%, 12/25/26................................. 134,412
535,000 PNC Mortgage Securities Corp., Series 1997-2, Class
A3, 7.50%, 3/25/27.................................. 518,399
150,000 Prudential Home Mortgage Securities, Series 1992-32,
Class A9, 7.45%, 10/25/22........................... 146,879
657,000 Prudential Home Mortgage Securities, Series 1992-33,
Class A8, 7.50%, 11/25/22........................... 649,418
1,188,012 Prudential Home Mortgage Securities, Series 1992-40,
Class A10, 7.50%, 12/25/22.......................... 1,178,496
1,046,000 Prudential Home Mortgage Securities, Series 1992-43,
Class A6, 7.50%, 1/25/23............................ 1,021,220
156,847 Prudential Home Mortgage Securities, Series 1992-50,
Class A5, 7.63%, 2/25/23............................ 156,118
186,356 Prudential Home Mortgage Securities, Series 1992-51,
Class A10, 7.75%, 2/25/23........................... 185,669
115,000 Prudential Home Mortgage Securities, Series 1993-19,
Class A11, 7.49%, 6/25/23........................... 114,665
300,000 Prudential Home Mortgage Securities, Series 1993-19,
Class A13, 7.50%, 6/25/23........................... 288,993
164,504 Prudential Home Mortgage Securities, Series 1993-38,
Class A3, 6.15%, 9/25/23............................ 161,282
962,000 Prudential Home Mortgage Securities, Series 1993-44,
Class A17, 6.00%, 11/25/23.......................... 867,532
500,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.75%, 12/26/23........................... 464,230
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security
Amount Description Market Value
--------- ----------------------------------------------------- ------------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 473,000 Prudential Home Mortgage Securities, Series 1994-6,
Class A6, 6.50%, 2/25/24............................ $ 452,278
870,363 Prudential Home Mortgage Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24............................ 853,304
156,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A10, 7.38%, 5/25/24........................... 149,955
816,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A6, 7.50%, 5/25/24............................ 812,181
385,000 Prudential Home Mortgage Securities, Series 1994-22,
Class A6, 7.30%, 6/25/24............................ 377,966
130,000 Prudential Home Mortgage Securities, Series 1994-27,
Class A5, 8.25%, 9/25/24............................ 131,167
328,000 Prudential Home Mortgage Securities, Series 1996-5,
Class A9, 7.25%, 4/25/26............................ 326,209
200,000 Residential Accredit Loans, Inc., Series 1997-QS1,
Class A11, 7.50%, 2/25/27........................... 197,306
73,266 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S36, Class A4, 6.75%, 11/25/07.......... 70,911
823,541 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6, 7.00%, 8/25/23........... 812,810
235,775 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A19, 7.50%, 9/25/25.......... 235,093
371,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A10, 7.75%, 9/25/25.......... 367,943
264,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A15, 7.50%, 5/25/26.......... 261,180
81,234 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A9, 7.75%, 7/25/26........... 80,909
81,657 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A10, 8.00%, 7/25/26.......... 81,876
309,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S2, Class A4, 7.50%, 1/25/27............ 304,983
</TABLE>
Continued
- 49 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security
Amount Description Market Value
--------- ---------------------------------------------------- ------------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 125,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S3, Class A8, 7.30%, 2/25/27........... $ 120,948
43,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S5, Class A4, 7.63%, 4/25/27........... 42,804
355,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S12, Class A18, 6.75%, 8/25/27......... 340,811
1,103,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2, 7.25%, 9/25/27.......... 1,097,165
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S9, Class 2A4, 6.75%, 4/25/28.......... 953,580
249,294 Ryland Acceptance Corp., Series 1997, Class JA,
8.75%, 4/20/21..................................... 248,022
170,000 Securitized Asset Sales, Inc., Series 1995-A, Class
A12, 7.75%, 3/25/24................................ 168,526
386,000 Vendee Mortgage Trust, Series 1992-2, Class F,
7.00%, 2/15/18..................................... 384,796
------------
Total Collateralized Mortgage Obligations 41,520,455
------------
Corporate Bonds (18.7%):
Banking (2.4%):
1,000,000 Bank One Corp., 7.25%, 8/15/04...................... 1,001,250
1,000,000 BankAmerica Corp., 7.75%, 7/15/02................... 1,010,000
------------
2,011,250
------------
Brokerage Services (5.0%):
2,000,000 Bear Stearns Co., Inc., 6.75%, 4/15/03.............. 1,972,500
1,500,000 Merrill Lynch & Co., Inc., 6.64%, 9/19/02........... 1,488,750
750,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05. 736,875
------------
4,198,125
------------
Financial Services (5.2%):
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28.......... 439,375
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
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security
Amount Description Market Value
--------- ---------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds, continued:
Financial Services, continued:
$1,000,000 General Motors Acceptance Corp., 6.63%, 10/15/05.... $ 968,750
------------
4,375,625
------------
Food Products & Services (3.8%):
2,200,000 Grand Metropolitan Investment, 8.63%, 8/15/01....... 2,230,250
1,000,000 McCormick & Co., 8.95%, 7/1/01...................... 1,015,000
------------
3,245,250
------------
Leasing (1.7%):
1,500,000 Hertz Corp., 6.00%, 1/15/03......................... 1,460,625
------------
Pharmaceuticals (0.6%):
500,000 American Home Products Corp., 6.50%, 10/15/02....... 496,875
------------
Total Corporate Bonds 15,787,750
------------
Taxable Municipal Bonds (4.4%):
California (0.6%):
500,000 Monrovia Redevelopment Agency Tax Allocation, 6.90%,
5/1/17, Callable 5/1/08 @ 102*, Insured by: AMBAC.. 469,375
------------
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............................................ 923,750
------------
Louisiana (2.3%):
1,000,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.45%, 2/1/05, Insured by: FGIC................. 972,500
1,000,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.50%, 2/1/06, Insured by: FGIC................. 967,500
------------
1,940,000
------------
Wisconsin (0.4%):
380,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08
@ 100*............................................. 366,225
------------
Total Taxable Municipal Bonds 3,699,350
------------
U.S. Government Agencies (8.8%):
Fannie Mae (0.8%):
316,200 7.77%, 9/1/00, Pool #189916**....................... 323,175
</TABLE>
Continued
- 50 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies, continued:
Fannie Mae, continued:
$ 107,046 8.01%, 9/1/00, Pool #188965**......................... $ 109,732
241,690 8.86%, 9/1/00, Pool #224951**......................... 251,411
-----------
684,318
-----------
Freddie Mac (2.6%):
46,070 7.00%, 10/1/07, Gold Pool #E40422..................... 45,903
2,212,349 6.50%, 12/1/11, Gold Pool #E20275..................... 2,173,500
-----------
2,219,403
-----------
Government National Mortgage Assoc. (5.4%):
1,181 9.00%, 11/15/01, Pool #194441......................... 1,221
2,839 9.00%, 8/15/03, Pool #229571.......................... 2,936
9,331 9.00%, 12/15/04, Pool #284008......................... 9,687
27,838 9.00%, 3/15/06, Pool #299211.......................... 28,899
57,798 9.00%, 12/15/06, Pool #316045......................... 59,801
157,366 7.50%, 6/15/07, Pool #329595.......................... 159,233
559,800 6.00%, 1/15/09, Pool #371901.......................... 545,256
2,805 10.00%, 2/15/19, Pool #269976......................... 2,978
112,368 8.00%, 11/15/21, Pool #308330......................... 113,872
56,705 8.00%, 2/15/22, Pool #319029.......................... 57,450
103,959 8.00%, 5/15/23, Pool #343406.......................... 105,352
59,578 8.00%, 10/20/24, Pool #1884........................... 60,076
13,585 8.00%, 2/20/26, Pool #2171............................ 13,700
567,760 7.00%, 3/15/26, Pool #419128.......................... 560,350
30,955 8.00%, 3/20/26, Pool #2187............................ 31,218
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies, continued:
Government National Mortgage Assoc., continued:
$ 121,775 8.00%, 4/20/26, Pool #2205............................ $ 122,802
493,295 8.00%, 5/20/26, Pool #2219............................ 497,439
960,194 8.00%, 6/15/26, Pool #423563.......................... 973,282
1,127,609 8.00%, 6/15/26, Pool #426149.......................... 1,142,810
15,043 7.00%, 3/20/27, Pool #2394............................ 14,780
-----------
4,503,142
-----------
Total U.S. Government Agencies 7,406,863
-----------
U.S. Treasury Notes (10.0%):
4,100,000 4.50%, 9/30/00........................................ 4,093,063
3,000,000 6.38%, 4/30/02........................................ 3,004,680
1,250,000 6.75%, 5/15/05........................................ 1,288,663
-----------
Total U.S. Treasury Notes 8,386,406
-----------
Investment in Affiliates (6.9%):
Investment Companies (6.9%):
3,063,877 American Performance Cash Management Fund............. 3,063,877
2,760,359 American Performance U.S. Treasury Fund............... 2,760,359
-----------
Total Investment in Affiliates 5,824,236
-----------
Total Investments (Cost $85,258,793)(a)--99.8% 84,066,831
Other assets in excess of liabilities--0.2% 151,193
-----------
Total Net Assets--100.0% $84,218,024
===========
</TABLE>
--------
(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............ $ 204,348
Unrealized depreciation............ (1,396,310)
-----------
Net unrealized depreciation........ $(1,191,962)
===========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts may
apply to this security.
** Variable rate investments. The rate presented on the Schedule of Portfolio
Investments is the rate in effect at August 31, 2000. The date presented
reflects the next rate change date.
AMBAC -- AMBAC Indemnity Corporation
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance
GO -- General Obligation Bond
See notes to financial statements.
- 51 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Asset Backed Securities (0.8%):
$ 358,280 Crown Home Equity Loan Trust, Series 1996-1, Class
A3, 6.81%, 6/25/11.................................. $ 356,230
109,857 UCFC Home Equity Loan, Series 1996-D1, Class A4,
6.78%, 2/15/16...................................... 109,539
-----------
Total Asset Backed Securities 465,769
-----------
Collateralized Mortgage Obligations (53.1%):
820,000 BA Mortgage Securities, Inc., Series 1997-3, Class
A2, 7.00%, 12/25/27................................. 792,956
90,000 Capstead Securities Corp., Series 1993-1, Class E,
7.50%, 2/1/23....................................... 88,145
14,945 Chase Mortgage Finance Corp., Series 1994-L, Class
2A9, 7.50%, 11/25/25................................ 14,876
125,000 Chemical Mortgage Securities, Inc., Series 1993-1,
Class A7, 7.45%, 2/25/23............................ 120,745
516,000 Countrywide Funding Corp., Series 1994-17, Class A6,
7.63%, 7/25/24...................................... 515,592
305,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24...................................... 306,302
173,000 Countrywide Funding Corp., Series 1994-17, Class A9,
8.00%, 7/25/24...................................... 174,315
120,000 Countrywide Funding Corp., Series 1994-17, Class A11,
8.25%, 7/25/24...................................... 122,147
460,000 Countrywide Funding Corp., Series 1995-4, Class A7,
7.50%, 9/25/25...................................... 449,825
275,000 Countrywide Home Loan, Series 1997-1, Class A13,
7.50%, 3/25/27...................................... 272,726
392,000 Countrywide Mortgage Backed Securities, Inc., Series
1994-J, Class A7, 8.00%, 6/25/24.................... 394,991
130,000 Fannie Mae, Series 1992-118, Class PJ, 7.50%,
2/25/21............................................. 129,923
223,000 Fannie Mae, Series 1992-168, Class KA, 7.50%,
11/25/21............................................ 218,675
123,000 Fannie Mae, Series 1992-88, Class L, 8.00%, 12/25/21. 124,356
741,000 Fannie Mae, Series 1991-171, Class J, 8.00%,
12/25/21............................................ 751,231
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 126,000 Fannie Mae, Series 1993-82, Class H, 7.00%, 5/25/23... $ 120,588
155,000 Fannie Mae, Series 1997-16, Class HA, 7.00%, 2/18/25.. 151,238
202,387 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 201,685
319,189 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA5, 7.70%, 7/25/27...................... 317,820
176,000 Freddie Mac, Series 1281, Class I, 8.00%, 5/15/22..... 179,020
100,000 Freddie Mac, Series 1541, Class H, 7.00%, 10/15/22.... 98,875
20,051 Freddie Mac, Series 1753, Class CB, 8.13%, 5/15/23.... 20,120
102,561 Freddie Mac, Series 1853, Class B, 7.50%, 4/15/24..... 102,691
443,637 Freddie Mac, Series 1847, Class B, 7.50%, 7/15/24..... 443,613
143,000 Freddie Mac, Series 54, Class C, 7.75%, 3/18/25....... 143,563
705,071 Fund America Investors Corp., Series 1991-1, Class K,
7.95%, 10/20/21...................................... 702,271
66,023 General Electric Capital Mortgage Services, Inc.,
Series 1993-17, Class A13, 6.50%, 12/25/23........... 64,302
57,055 General Electric Capital Mortgage Services, Inc.,
Series 1994-13, Class A7, 6.50%, 4/25/24............. 56,433
116,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A9, 8.63%, 11/25/24............ 117,318
175,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-5, Class A6, 7.50%, 8/25/25.............. 170,940
165,674 General Electric Capital Mortgage Services, Inc.,
Series 1996-13, Class A13, 7.75%, 8/25/26............ 165,089
911,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12, 7.50%, 4/25/27............. 908,021
253,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10, 7.50%, 5/25/27............. 252,150
</TABLE>
Continued
- 52 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 46,807 General Electric Capital Mortgage Services, Inc.,
Series 1997-6, Class A2, 7.50%, 7/25/27.............. $ 46,589
507,625 Government National Mortgage Assoc., Series 1996-15,
Class CA, 7.50%, 1/20/24............................. 509,081
364,000 Government National Mortgage Assoc., Series 1996-22,
Class E, 7.00%, 5/16/24.............................. 351,663
585,000 Government National Mortgage Assoc., Series 1999-1,
Class G, 6.50%, 7/20/26.............................. 531,287
95,000 Government National Mortgage Assoc., Series 1996-15,
Class H, 7.50%, 8/16/26.............................. 94,615
374,000 Government National Mortgage Assoc., Series 1996-20,
Class J, 7.50%, 9/20/26.............................. 368,664
500,000 Government National Mortgage Assoc., Series 1999-2,
Class D, 6.50%, 10/20/26............................. 469,005
1,000,000 Government National Mortgage Assoc., Series 1999-7,
Class D, 6.25%, 8/16/27.............................. 887,850
128,167 Headlands Mortgage Securities, Series 1997-1, Class
AI10, 7.75%, 3/25/27................................. 127,544
130,000 Headlands Mortgage Securities, Series 1997-3, Class
1A6, 7.00%, 7/25/27.................................. 127,920
500,000 Headlands Mortgage Securities, Series 1997-5, Class
A17, 7.25%, 11/25/27................................. 497,270
466,000 Housing Securities, Inc., Series 1992-EB, Class B5B,
7.63%, 9/25/22....................................... 461,727
674,000 Independent National Mortgage Corp., Series 1994-L,
Class A5, 8.00%, 8/25/24............................. 684,668
22,037 Independent National Mortgage Corp., Series 1994-N,
Class A7, 8.25%, 10/25/24............................ 21,972
376,000 Independent National Mortgage Corp., Series 1994-U,
Class A10, 8.75%, 12/25/24........................... 385,855
2,608 Independent National Mortgage Corp., Series 1995-A,
Class A4, 8.75%, 3/25/25............................. 2,595
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 167,731 Independent National Mortgage Corp., Series 1995-U,
Class A2, 7.13%, 1/25/26............................. $ 166,681
172,000 Independent National Mortgage Corp., Series 1995-U,
Class A5, 7.13%, 1/25/26............................. 170,923
225,000 Independent National Mortgage Corp., Series 1995-U,
Class A4, 7.25%, 1/25/26............................. 222,926
234,000 Independent National Mortgage Corp., Series 1995-W,
Class A6, 7.13%, 2/25/26............................. 232,198
22,991 Merrill Lynch Trust, Series 45, Class F, 9.10%,
9/20/14.............................................. 22,921
175,000 Norwest Asset Securities Corp., Series 1996-1, Class
A11, 7.50%, 8/25/26.................................. 169,358
169,000 Norwest Asset Securities Corp., Series 1996-3, Class
A5, 7.63%, 9/25/26................................... 169,220
101,000 Norwest Asset Securities Corp., Series 1996-4, Class
A3, 7.75%, 9/25/26................................... 100,480
301,631 Norwest Asset Securities Corp., Series 1996-4, Class
A3, 7.75%, 9/25/26................................... 301,559
10,000 Norwest Asset Securities Corp., Series 1997-4, Class
A8, 7.50%, 3/25/27................................... 9,922
519,000 Norwest Asset Securities Corp., Series 1997-2, Class
A7, 7.70%, 3/25/27................................... 519,820
558,000 Norwest Asset Securities Corp., Series 1997-6, Class
A2, 7.75%, 5/25/27................................... 557,570
624,000 Norwest Asset Securities Corp., Series 1997-8, Class
A3, 7.50%, 6/25/27................................... 620,761
1,030,000 Norwest Asset Securities Corp., Series 1997-21, Class
A7, 7.00%, 1/25/28................................... 945,355
229,388 Paine Webber Mortgage Acceptance Corp., Series 1994-
5A, Class A4, 8.13%, 7/25/24......................... 231,124
163,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A4, 7.50%, 6/25/26................................... 157,791
</TABLE>
Continued
- 53 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 492,000 PNC Mortgage Securities Corp., Series 1997-2, Class
A3, 7.50%, 3/25/27................................... $ 476,733
558,000 PNC Mortgage Securities Corp., Series 1998-5, Class
2A3, 6.75%, 7/25/28.................................. 514,515
290,000 PNC Mortgage Securities Corp., Series 1998-6, Class
1A14, 7.00%, 9/25/28................................. 280,126
107,000 PNC Mortgage Securities Corp., Series 1998-7, Class
1A21, 7.00%, 9/25/28................................. 101,113
113,000 Prudential Home Mortgage Securities, Series 1992-32,
Class A9, 7.45%, 10/25/22............................ 110,648
733,000 Prudential Home Mortgage Securities, Series 1992-33,
Class A8, 7.50%, 11/25/22............................ 724,541
195,899 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.50%, 7/25/23............................. 192,199
367,000 Prudential Home Mortgage Securities, Series 1993-51,
Class A9, 6.00%, 12/25/23............................ 337,460
500,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.75%, 12/26/23............................ 464,230
564,000 Prudential Home Mortgage Securities, Series 1996-5,
Class A9, 7.25%, 4/25/26............................. 560,921
14,084 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S43, Class A10, 8.00%, 12/25/22.......... 14,050
46,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S26, Class A9, 7.50%, 7/25/23............ 45,789
484,436 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6, 7.00%, 8/25/23............ 478,124
1,153,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A11, 6.00%, 9/25/25........... 1,015,170
69,106 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A7, 7.50%, 9/25/25............ 68,907
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 347,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A10, 7.75%, 9/25/25.......... $ 344,141
227,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A14, 8.00%, 9/25/25.......... 228,725
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S10, Class A6, 7.50%, 5/25/26........... 499,565
79,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A15, 7.50%, 5/25/26.......... 78,156
159,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A5, 7.75%, 5/25/26........... 157,373
16,964 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A11, 7.75%, 6/25/26.......... 16,895
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S12, Class A18, 6.75%, 8/25/27.......... 480,015
1,339,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2, 7.25%, 9/25/27........... 1,331,916
427,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S15, Class A2, 7.00%, 10/25/27.......... 418,887
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S9, Class 2A4, 6.75%, 4/25/28........... 953,580
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S19, Class A5, 6.75%, 8/25/28........... 458,450
264,117 Ryland Acceptance Corp., Series 1997, Class JA,
8.75%, 4/20/21...................................... 262,769
10,000 Ryland Mortgage Securities Corp., Series 1992-2,
Class E, 8.00%, 2/25/23............................. 9,951
291,000 Vendee Mortgage Trust, Series 1996-3, Class 2F,
7.75%, 11/15/22..................................... 294,720
-----------
Total Collateralized Mortgage Obligations 29,779,125
-----------
Corporate Bonds (20.9%):
Automotive (0.9%):
500,000 General Motors Corp., 7.70%, 4/15/16................. 495,000
-----------
</TABLE>
Continued
- 54 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Corporate Bonds, continued:
Banking (2.7%):
$1,500,000 BankAmerica Corp., 7.13%, 5/12/05.................... $ 1,488,750
-----------
Brokerage Services (3.2%):
1,000,000 Merrill Lynch & Co., Inc., 8.00%, 2/1/02............. 1,013,750
800,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.. 786,000
-----------
1,799,750
-----------
Financial Services (7.0%):
1,000,000 Associates Corp., N.A., 7.50%, 4/15/02............... 1,005,000
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28........... 439,375
1,050,000 Ford Motor Credit Corp., 7.75%, 3/15/05.............. 1,059,188
500,000 General Electric Capital Corp., 7.50%, 6/15/09....... 514,375
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 992,500
-----------
4,010,438
-----------
Leasing (1.8%):
1,000,000 Hertz Corp., 7.38%, 6/15/01.......................... 1,000,000
-----------
Office Equipment & Services (1.8%):
1,000,000 Xerox Corp., 8.13%, 4/15/02.......................... 991,250
-----------
Retail (1.9%):
1,000,000 May Department Stores, 8.38%, 10/1/22................ 1,041,250
-----------
Telecommunications (1.6%):
1,000,000 Alltel Corp., 7.00%, 3/15/16......................... 897,500
-----------
Total Corporate Bonds 11,723,938
-----------
Taxable Municipal Bonds (7.7%):
California (0.8%):
500,000 Monrovia Redevelopment Agency Tax Allocation, 6.90%,
5/1/17, Callable 5/1/08 @ 102*, Insured by: AMBAC... 469,375
-----------
Colorado (2.2%):
1,195,000 Boulder County Revenue Bond, Series B, 7.63%, 9/1/21,
Callable 9/1/07 @ 100*, Insured by: AMBAC........... 1,195,000
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ----------------------------------------------------- -----------
<C> <S> <C>
Taxable Municipal Bonds, continued:
Georgia (1.6%):
$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................................................. $ 923,750
-----------
Illinois (0.3%):
150,000 Springfield Tax Allocation, 7.50%, 2/1/12, Callable
2/1/05 @ 100*, Insured by: AMBAC.................... 150,375
-----------
Missouri (1.7%):
1,005,000 St. Louis, Municipal Finance Corp., Firemens'
Retirement System, Revenue Bond, 6.55%, 8/1/09,
Insured by: MBIA.................................... 954,750
-----------
Wisconsin (1.1%):
395,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08
@ 100*.............................................. 380,681
260,000 Wisconsin Housing & Economic Development Revenue
Bonds, Series H, 7.88%, 3/1/26, Callable 9/1/05 @
102*................................................ 255,775
-----------
636,456
-----------
Total Taxable Municipal Bonds 4,329,706
-----------
U.S. Government Agencies (9.9%):
Freddie Mac (2.9%):
1,659,262 6.50%, 12/1/11, Gold Pool #E20275.................... 1,630,125
-----------
Government National Mortgage Assoc. (7.0%):
21,497 10.50%, 11/15/15, Pool #268347....................... 23,412
60,681 11.00%, 2/15/16, Pool #279067........................ 66,464
62,908 9.00%, 10/15/20, Pool #289412........................ 65,759
111,473 9.00%, 7/15/21, Pool #308511......................... 116,453
371,810 7.00%, 9/15/23, Pool #347688......................... 367,334
568,970 7.50%, 11/15/23, Pool #354701........................ 568,970
441,097 7.50%, 12/15/25, Pool #401510........................ 441,097
381,862 8.00%, 5/15/26, Pool #428480......................... 387,025
22,780 8.00%, 6/15/26, Pool #426149......................... 23,087
1,928,179 7.00%, 7/15/29, Pool #490215......................... 1,894,050
-----------
3,953,651
-----------
Total U.S. Government Agencies 5,583,776
-----------
</TABLE>
Continued
- 55 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
---------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Treasury Bonds (2.2%):
$1,000,000 7.63%, 2/15/25........................................ $ 1,219,370
-----------
Total U.S. Treasury Bonds 1,219,370
-----------
U.S. Treasury Notes (0.9%):
500,000 6.75%, 5/15/05........................................ 515,465
-----------
Total U.S. Treasury Notes 515,465
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Investment in Affiliates (4.1%):
Investment Companies (4.1%):
1,155,016 American Performance Cash Management Fund.............. $ 1,155,016
1,124,390 American Performance U.S. Treasury Fund................ 1,124,390
-----------
Total Investment in Affiliates 2,279,406
-----------
Total Investments (Cost $56,861,585)(a)--99.6% 55,896,555
Other assets in excess of liabilities--0.4% 244,005
-----------
Total Net assets--100.0% $56,140,560
===========
</TABLE>
--------
(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............. $ 262,853
Unrealized depreciation............. (1,227,883)
-----------
Net unrealized depreciation......... $ (965,030)
===========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts
also apply to this security.
AMBAC--AMBAC Indemnity Corporation
FSA--Financial Security Assurance
GO--General Obligation Bond
MBIA--Municipal Bond Insurance Association
See notes to financial statements.
- 56 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks (65.4%):
Advertising (0.1%):
900 Catalina Marketing Corp.(b)........................... $ 38,419
600 True North Communications, Inc........................ 27,825
-----------
66,244
-----------
Airlines (0.0%):
4,200 Mesa Air Group, Inc.(b)............................... 23,363
-----------
Apparel Manufacturers (0.0%):
1,500 Kellwood Co........................................... 24,000
-----------
Automotive Parts (0.0%):
1,200 Gentex Corp.(b)....................................... 31,050
-----------
Banking (2.8%):
14,600 Bank of America Corp.................................. 782,013
900 Centura Banks, Inc.................................... 31,781
8,200 Chase Manhattan Corp.................................. 458,175
1,330 Commerce Bancorp, Inc................................. 68,744
1,600 FirstMerit Corp....................................... 37,300
11,900 FleetBoston Financial Corp............................ 507,981
1,800 IndyMac Bancorp, Inc.................................. 30,375
800 Silicon Valley Bancshares(b).......................... 46,100
-----------
1,962,469
-----------
Beverages (0.5%):
6,600 Coca-Cola Co. ........................................ 347,325
-----------
Broadcasting/Cable (0.3%):
5,600 Comcast Corp., Class A(b)............................. 208,600
-----------
Building Materials (0.4%):
8,900 Johns Manville Corp. ................................. 111,250
9,500 Masco Corp. .......................................... 185,250
-----------
296,500
-----------
Business Equipment & Services (0.1%):
900 United Stationers, Inc.(b)............................ 29,194
500 Zebra Technologies Corp., Class A(b).................. 27,000
-----------
56,194
-----------
Chemicals (0.2%):
1,000 Cambrex Corp. ........................................ 46,937
1,100 Ferro Corp. .......................................... 22,688
1,200 Geon Co............................................... 20,925
1,300 NL Industries, Inc.................................... 30,306
800 Scotts Co., Class A(b)................................ 24,800
-----------
145,656
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued:
Commercial Services (0.3%):
1,900 Aaron Rents, Inc...................................... $ 26,125
4,800 Hertz Corp., Class A.................................. 147,000
1,500 Regis Corp............................................ 23,719
-----------
196,844
-----------
Computer Hardware (0.8%):
4,200 Sun Microsystems, Inc. (b)............................ 533,138
-----------
Computer Software & Services (5.3%):
9,600 America Online, Inc. (b).............................. 562,800
900 American Management
Systems, Inc. (b).................................... 16,819
2,100 CSG Systems International, Inc. (b)................... 94,894
1,200 eLoyalty Corp. (b).................................... 16,350
600 FactSet Research Systems, Inc......................... 20,513
500 HNC Software, Inc. (b)................................ 27,203
600 Hyperion Solutions Corp. (b).......................... 18,975
200 Mercury Interactive Corp. (b)......................... 24,438
19,500 Microsoft Corp. (b)................................... 1,361,343
11,500 Oracle Corp. (b)...................................... 1,045,780
1,200 Phoenix Technology Ltd. (b)........................... 20,700
400 RSA Security, Inc. (b)................................ 23,625
900 Siebel Systems, Inc. (b).............................. 178,031
1,100 Veritas Software Corp. (b)............................ 132,619
1,700 Yahoo!, Inc. (b)...................................... 206,550
-----------
3,750,640
-----------
Computers & Peripherals (7.0%):
1,000 Anixter International, Inc. (b)....................... 35,000
400 Black Box Corp. (b)................................... 23,800
29,700 Cisco Systems, Inc. (b)............................... 2,038,162
14,800 Dell Computer Corp. (b)............................... 645,650
8,300 EMC Corp. (b)......................................... 813,400
3,100 Hewlett-Packard Co.................................... 374,325
1,500 Hutchinson Technology, Inc. (b)....................... 35,625
6,900 International Business
Machines Corp. ...................................... 910,800
700 National Instruments Corp. (b)........................ 30,231
1,900 S3, Inc. (b).......................................... 22,444
-----------
4,929,437
-----------
Consumer Products (1.5%):
2,100 Applica, Inc. (b)..................................... 21,788
2,200 Colgate-Palmolive Co. ................................ 112,063
3,000 Eastman Kodak Co...................................... 186,750
28,200 Fortune Brands, Inc................................... 719,099
800 Salton, Inc. (b)...................................... 30,100
-----------
1,069,800
-----------
</TABLE>
Continued
- 57 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued:
Diversified Manufacturing Operations (4.7%):
700 Corning, Inc.......................................... $ 229,556
2,600 Emerson Electric Co. ................................. 172,088
39,500 General Electric Co................................... 2,318,156
2,000 Material Sciences Corp.(b)............................ 21,000
6,000 Minnesota Mining & Manufacturing Co. ................. 558,000
-----------
3,298,800
-----------
Electronic Components/Instruments (1.0%):
200 Coherent, Inc.(b)..................................... 16,100
600 Electro Scientific Industries, Inc.(b)................ 24,713
1,700 KEMET Corp.(b)........................................ 51,000
600 Methode Electronics, Inc., Class A.................... 36,075
1,600 Pioneer-Standard Electronics, Inc..................... 21,900
200 Plexus Corp.(b)....................................... 30,950
12,500 Rockwell International Corp. ......................... 505,468
-----------
686,206
-----------
Entertainment (1.7%):
3,100 Aztar Corp.(b)........................................ 45,144
6,000 Metro-Goldwyn-Mayer, Inc.(b).......................... 153,750
10,600 The Walt Disney Co. .................................. 412,737
2,900 Time Warner, Inc. .................................... 247,950
5,500 Viacom, Inc., Class B(b).............................. 370,219
-----------
1,229,800
-----------
Financial Services (5.5%):
8,400 Allied Capital Corp. ................................. 170,100
9,000 American Express Co................................... 532,125
9,100 Associates First Capital Corp.,
Class A.............................................. 255,938
3,700 Bear Stearns Companies, Inc........................... 248,131
1,142 Charles Schwab Corp................................... 43,610
12,600 CIT Group, Inc., Class A.............................. 220,500
19,867 Citigroup, Inc........................................ 1,159,716
17,700 John Hancock Financial
Services, Inc.(b).................................... 446,925
600 Legg Mason, Inc....................................... 31,650
4,900 Mellon Financial Corp. ............................... 221,725
2,900 Morgan Stanley Dean Witter & Co. ..................... 311,931
3,900 SEI Investments Co. .................................. 247,650
-----------
3,890,001
-----------
Food Products & Services (0.7%):
2,200 Fleming Companies, Inc. .............................. 33,963
12,200 Kellogg Co. .......................................... 282,887
1,500 Smithfield Foods, Inc.(b)............................. 39,844
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued:
Food Products & Services, continued:
9,200 SUPERVALU, Inc........................................ $ 137,425
700 Whole Foods Market, Inc.(b)........................... 35,350
-----------
529,469
-----------
Health Care (1.2%):
700 Cognex Corp.(b)....................................... 28,000
5,900 Johnson & Johnson..................................... 542,431
3,600 Medtronic, Inc. ...................................... 184,500
2,600 Owens & Minor, Inc.................................... 39,813
400 Quest Diagnostics, Inc.(b)............................ 49,500
-----------
844,244
-----------
Home Builders (0.1%):
1,800 Ryland Group, Inc. ................................... 44,213
-----------
Insurance (3.0%):
10,000 Allstate Corp. ....................................... 290,625
6,400 American International Group, Inc..................... 570,400
4,200 Fannie Mae............................................ 225,750
1,400 Fidelity National Financial, Inc. .................... 27,913
11,200 Loews Corp............................................ 906,499
1,500 Mutual Risk Management Ltd. .......................... 31,875
500 Radian Group, Inc. ................................... 31,063
-----------
2,084,125
-----------
Leisure & Recreation Products (0.1%):
1,200 Polaris Industries, Inc. ............................. 40,950
-----------
Machinery & Equipment (0.2%):
3,700 Black & Decker Corp. ................................. 148,231
1,200 Lincoln Electric Holdings, Inc. ...................... 17,550
-----------
165,781
-----------
Medical--Biotechnology (0.1%):
100 IDEC Pharmaceuticals Corp.(b)......................... 13,963
400 Protein Design Labs, Inc.(b).......................... 30,300
200 Techne Corp.(b)....................................... 19,100
-----------
63,363
-----------
Medical Equipment & Supplies (0.4%):
2,300 Beckman Coulter, Inc. ................................ 175,088
1,200 Patterson Dental Co.(b)............................... 28,500
2,580 SpaceLabs Medical, Inc.(b)............................ 23,381
500 Varian Medical Systems, Inc.(b)....................... 22,969
-----------
249,938
-----------
Metals--Processing & Fabrication (0.1%):
3,900 A. M. Castle & Co. ................................... 40,950
2,600 Amcast Industrial Corp. .............................. 31,200
-----------
72,150
-----------
</TABLE>
Continued
- 58 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued:
Oil & Gas Exploration, Production, and Services (1.5%):
2,900 Anadarko Petroleum Corp............................... $ 190,733
5,700 Helmerich & Payne, Inc................................ 210,544
900 HS Resources, Inc.(b)................................. 28,519
2,600 Kerr-McGee Corp....................................... 164,288
800 Newfield Exploration Co.(b)........................... 34,600
6,500 Phillips Petroleum Co. ............................... 402,187
1,300 Vintage Petroleum, Inc. .............................. 27,300
-----------
1,058,171
-----------
Oil--Intergrated Companies (3.9%):
4,600 Exxon Mobil Corp. .................................... 375,475
10,300 Murphy Oil Corp. ..................................... 687,525
30,000 Occidental Petroleum Corp............................. 648,750
1,100 Pride International, Inc.(b).......................... 27,088
4,000 Royal Dutch Petroleum Co.............................. 244,750
31,700 Ultramar Diamond Shamrock Corp........................ 742,968
-----------
2,726,556
-----------
Pharmaceuticals (5.2%):
3,600 Abbott Laboratories................................... 157,500
700 Alpharma, Inc......................................... 39,638
1,600 Bindley Western Industries, Inc....................... 46,100
14,700 Bristol-Myers Squibb Co. ............................. 779,099
500 Cephalon, Inc.(b)..................................... 25,156
600 COR Therapeutics, Inc.(b)............................. 33,600
1,800 Eli Lilly & Co. ...................................... 131,400
750 Jones Pharma, Inc..................................... 26,813
8,800 Merck & Co., Inc. .................................... 614,900
32,000 Pfizer, Inc........................................... 1,383,999
3,300 Pharmacia Corp........................................ 193,256
5,300 Schering-Plough Corp.................................. 212,663
400 Vertex Pharmaceuticals, Inc.(b)....................... 34,000
-----------
3,678,124
-----------
Printing & Publishing (0.0%):
650 Valassis Communications, Inc.(b)...................... 18,769
-----------
Restaurants (0.0%):
900 Applebee's International, Inc......................... 20,419
-----------
Retail (2.8%):
2,700 Building Materials Holding Corp.(b)................... 25,988
1,300 Damark International, Inc., Class A(b)................ 20,252
13,200 Home Depot, Inc....................................... 634,425
600 Insight Enterprises, Inc.(b).......................... 30,150
22,100 Kmart Corp.(b)........................................ 154,700
900 Men's Wearhouse, Inc.(b).............................. 27,450
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Common Stocks, continued:
Retail, continued:
600 Michaels Stores, Inc.(b).............................. $ 21,000
21,200 Wal-Mart Stores, Inc.................................. 1,005,674
800 Zale Corp.(b)......................................... 29,550
-----------
1,949,189
-----------
Semiconductors (5.1%):
500 Alpha Industries, Inc.(b)............................. 25,219
2,100 Applied Industrial Technologies, Inc.................. 35,569
7,800 Applied Materials, Inc.(b)............................ 673,237
600 Broadcom Corp.(b)..................................... 150,000
1,000 Dallas Semiconductor Corp. ........................... 41,375
25,700 Intel Corp. .......................................... 1,924,287
700 International Rectifier Corp.(b)...................... 44,056
1,200 Kulicke & Soffa Industries, Inc.(b)................... 21,825
600 Lattice Semiconductor Corp.(b)........................ 46,725
2,000 Micron Technology, Inc.(b)............................ 163,500
1,100 Silicon Valley Group, Inc.(b)......................... 30,663
6,490 Texas Instruments, Inc. .............................. 434,424
-----------
3,590,880
-----------
Telecommunications (6.7%):
7,800 AT&T Corp............................................. 245,700
1,400 Audiovox Corp.(b)..................................... 25,375
700 CommScope, Inc.(b).................................... 17,456
900 DMC Stratex Networks, Inc.(b)......................... 23,006
3,900 JDS Uniphase Corp.(b)................................. 485,489
11,700 Lucent Technologies, Inc.............................. 489,206
6,300 Motorola, Inc......................................... 227,194
2,300 Nextel Communications, Inc.,
Class A(b)........................................... 127,506
10,100 Nortel Networks Corp.................................. 823,780
2,700 Qualcom, Inc.(b)...................................... 161,663
4,600 Qwest Communications
International, Inc.(b)............................... 237,475
8,400 SBC Communications, Inc............................... 350,700
2,600 Sprint Corp. (PCS Group)(b)........................... 130,488
2,500 Tellabs, Inc.(b)...................................... 140,469
14,200 Verizon Communications................................ 619,475
17,100 WorldCom, Inc.(b)..................................... 624,150
-----------
4,729,132
-----------
Television (0.6%):
9,800 Univision Communications, Inc. Class A(b)............. 432,425
-----------
Textile Products (0.0%):
8,300 Dixie Group, Inc.(b).................................. 33,200
-----------
</TABLE>
Continued
- 59 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Transportation (0.5%):
9,400 Union Pacific Corp................................... $ 373,650
-----------
Transportation & Shipping (0.2%):
1,500 American Freightways Corp.(b)........................ 24,656
3,100 Arkansas Best Corp. (b).............................. 46,694
600 Expeditors International of Washington, Inc.......... 29,400
2,300 Yellow Corp. (b)..................................... 35,075
-----------
135,825
-----------
Utilities--Electric (0.8%):
5,100 Calpine Corp. (b).................................... 504,900
1,400 Hawaiian Electric Industries, Inc.................... 45,850
-----------
550,750
-----------
Utilities--Water (0.0%):
800 American States Water Co............................. 20,850
-----------
Total Common Stocks 46,158,240
-----------
Asset Backed Securities (0.4%):
$ 37,369 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09...................................... 37,099
107,484 Crown Home Equity Loan Trust, Series 1996-1, Class
A3,
6.81%, 6/25/11...................................... 106,869
144,082 Nomura Asset Securities Corp., Series 1995-2, Class
2M,
7.12%, 1/25/26...................................... 142,699
-----------
Total Asset Backed Securities 286,667
-----------
Collateralized Mortgage Obligations (9.7%):
500,000 BA Mortgage Securities, Inc., Series 1997-3, Class
A2,
7.00%, 12/25/27..................................... 483,510
525,000 Chase Mortgage Finance Corp., Series 1993-L, Class
2A12,
7.00%, 10/25/24..................................... 487,625
80,000 Fannie Mae, Series 1997-16,
Class HA, 7.00%, 2/18/25............................ 78,058
101,194 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27...................... 100,843
59,000 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A2, 6.50%, 10/25/23........... 57,227
81,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3,
Class A12, 7.50%, 4/25/27........................... 80,735
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 200,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4,
Class A10, 7.50%, 5/25/27........................... $ 199,328
548,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-9,
Class 1A17, 7.25%, 10/25/27......................... 525,669
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9,
Class A11, 6.75%, 6/25/28........................... 928,330
1,000,000 Government National Mortgage Assoc., Series 1999-1,
Class G, 6.50%, 7/20/26............................. 908,183
500,000 Government National Mortgage Assoc., Series 1999-2,
Class D, 6.50%, 10/20/26............................ 469,005
500,000 Headlands Mortgage Securities, Series 1997-5, Class
A17, 7.25%, 11/25/27................................ 497,270
260,000 Independent National Mortgage Corp., Series 1995-M,
Class A4, 7.50%, 9/25/25............................ 255,211
134,000 Norwest Asset Securities Corp., Series 1996-3, Class
A8,
7.25%, 9/25/26...................................... 132,793
1,000,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.75%, 12/26/23........................... 928,461
103,356 Prudential Home Mortgage Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24............................ 101,330
190,000 Prudential Home Mortgage Securities, Series 1996-2,
Class A13, 7.00%, 3/25/26........................... 186,901
151,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A7, 6.88%, 5/25/26............................ 147,675
193,774 Residential Funding Mortgage Securities I, Series
1993-S28,
Class A6, 7.00%, 8/25/23............................ 191,249
108,000 Residential Funding Mortgage Securities I, Series
1994-S2,
Class A5, 6.63%, 1/25/24............................ 104,050
-----------
Total Collateralized Mortgage Obligations 6,863,453
-----------
Corporate Bonds (3.3%):
Banking (0.7%):
250,000 BankAmerica Corp., 7.13%, 5/12/05.................... 248,124
250,000 J.P. Morgan, 6.25%, 12/15/05......................... 238,438
-----------
486,562
-----------
</TABLE>
Continued
- 60 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Corporate Bonds, continued:
Beverages (0.4%):
$ 250,000 Anheuser Busch Co., 6.90%, 10/1/02................... $ 248,438
-----------
Brokerage Services (0.6%):
200,000 Salomon Smith Barney Holdings, Inc., 6.63%, 7/1/02... 198,250
250,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.. 245,625
-----------
443,875
-----------
Financial Services (1.2%):
250,000 Associates Corp. N.A.,
6.00%, 12/1/02...................................... 244,063
500,000 Cincinnati Financial Corp.,
6.90%, 5/15/28...................................... 439,374
200,000 General Motors Acceptance Corp., 6.63%, 10/15/05..... 193,750
-----------
877,187
-----------
Retail Stores (0.4%):
250,000 Wal-Mart Stores, Inc., 7.25%, 6/1/13................. 252,188
-----------
Total Corporate Bonds 2,308,250
-----------
Taxable Municipal Bonds (0.7%):
Georgia (0.5%):
350,000 Cedartown Development Authority, 7.00%, 2/1/22,
Callable 2/1/07 @ 102,
Insured by: AMBAC................................... 327,688
-----------
Louisiana (0.2%):
170,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.45%, 2/1/05, Insured by: FGIC.................. 165,325
-----------
Total Taxable Municipal Bonds 493,013
-----------
U.S. Government Agencies (2.9%):
Fannie Mae (0.4%):
300,000 7.50%, 4/16/07,
Callable 4/16/02 @ 100.............................. 299,232
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies, continued:
Freddie Mac (0.2%):
$ 165,926 6.50%, 12/1/11, Gold Pool #E20275..................... $ 163,013
-----------
Government National Mortgage Assoc., (2.3%):
363,812 7.00%, 1/15/26, Pool #421420.......................... 359,079
116,676 6.00%, 2/20/26, Pool #2166............................ 110,451
382,147 8.00%, 6/15/26, Pool #423563.......................... 387,356
735,596 7.00%, 7/15/29, Pool #492747.......................... 722,429
-----------
1,579,315
-----------
Total U.S. Government Agencies 2,041,560
-----------
U.S. Treasury Bonds (3.7%):
525,000 6.25%, 8/15/23........................................ 546,488
2,000,000 6.13%, 11/15/27....................................... 2,068,120
-----------
Total U.S. Treasury Bonds 2,614,608
-----------
U.S. Treasury Notes (11.6%):
2,200,000 4.50%, 9/30/00........................................ 2,196,278
750,000 5.63%, 11/30/00....................................... 748,590
200,000 7.75%, 2/15/01........................................ 201,250
2,800,000 5.88%, 11/30/01....................................... 2,785,999
1,000,000 6.50%, 5/31/02........................................ 1,004,370
1,000,000 6.00%, 8/15/04........................................ 998,750
250,000 6.75%, 5/15/05........................................ 257,733
-----------
Total U.S. Treasury Notes 8,192,970
-----------
Investment in Affiliates (1.9%):
Investment Companies (1.9%):
1,373,991 American Performance Cash Management Fund............. 1,373,991
-----------
Total Investment in Affiliates 1,373,991
-----------
Total Investments (Cost $60,678,789)(a)--99.6% 70,332,752
Other assets in excess of liabilities--0.4% 303,573
-----------
Total Net Assets--100.0% $70,636,325
===========
</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
$542,600. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............. $10,853,775
Unrealized depreciation.............. (1,742,412)
-----------
Net unrealized appreciation.......... $ 9,111,363
===========
</TABLE>
(b) Represents non-income producing securities.
AMBAC--AMBAC Indemnity Corporation
FGIC--Financial Guaranty Insurance Corporation
ADR--American Depository Receipt
See notes to financial statements.
- 61 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments
August 31, 2000
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- -------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks (97.6%):
Automotive (1.9%):
39,000 General Motors Corp..................................... $ 2,815,313
------------
Banking (5.3%):
57,600 Bank of America Corp.................................... 3,085,199
27,200 Bank One Corp........................................... 958,800
36,500 Chase Manhattan Corp.................................... 2,039,438
43,300 FleetBoston Financial Corp.............................. 1,848,369
------------
7,931,806
------------
Beverages (1.5%):
24,500 Coca-Cola Co. .......................................... 1,289,313
21,600 PepsiCo, Inc. .......................................... 920,700
------------
2,210,013
------------
Commercial Services (0.6%):
30,100 Hertz Corp., Class A.................................... 921,813
------------
Computer Software & Services (4.6%):
20,000 America Online, Inc.(b)................................. 1,172,500
25,800 Electronic Data Systems Corp. .......................... 1,285,163
34,600 Microsoft Corp.(b)...................................... 2,415,512
23,700 Oracle Corp.(b)......................................... 2,155,219
------------
7,028,394
------------
Computers & Peripherals (7.7%):
59,100 Cisco Systems, Inc.(b).................................. 4,055,737
37,900 Compaq Computer Corp.................................... 1,290,969
20,700 Dell Computer Corp.(b).................................. 903,038
16,000 EMC Corp.(b)............................................ 1,568,000
13,600 Hewlett-Packard Co...................................... 1,642,200
16,400 International Business
Machines Corp. ........................................ 2,164,799
------------
11,624,743
------------
Consumer Products (1.1%):
62,900 Fortune Brands, Inc..................................... 1,603,950
------------
Cosmetics/Personal Care (1.3%):
30,900 Procter & Gamble Co..................................... 1,910,006
------------
Diversified Manufacturing Operations (5.7%):
104,800 General Electric Co..................................... 6,150,450
19,900 Honeywell International, Inc............................ 767,394
28,500 Tyco International, Ltd................................. 1,624,500
------------
8,542,344
------------
Electronic Components/Instruments (4.5%):
15,400 Advanced Energy Industries, Inc.(b)..................... 879,725
38,900 AVX Corp. .............................................. 1,164,569
16,000 Cytyc Corp.(b).......................................... 746,000
39,100 KEMET Corp.(b).......................................... 1,173,000
40,800 Rockwell International Corp............................. 1,649,849
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- -------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued:
Electronic Components/Instruments, continued:
30,600 Vishay Intertechnology, Inc.(b)......................... $ 1,233,563
------------
6,846,706
------------
Entertainment (2.3%):
28,300 Metro-Goldwyn-Mayer, Inc.(b)............................ 725,188
42,800 The Walt Disney Co. .................................... 1,666,524
16,700 Viacom, Inc., Class B(b)................................ 1,124,119
------------
3,515,831
------------
Financial Services (9.5%):
43,200 Allied Capital Corp. ................................... 874,800
32,400 American Express Co..................................... 1,915,649
42,200 Associates First Capital Corp., Class A................. 1,186,875
18,600 Bear Stearns Companies, Inc............................. 1,247,363
42,900 CIT Group, Inc., Class A................................ 750,750
89,733 Citigroup, Inc. ........................................ 5,238,182
28,300 MBNA Corp............................................... 999,344
13,400 Morgan Stanley Dean Witter & Co......................... 1,441,338
53,800 Nova Corp.(b)........................................... 773,375
------------
14,427,676
------------
Food Products & Services (2.3%):
120,750 Archer Daniels Midland Co............................... 1,064,109
47,100 ConAgra, Inc. .......................................... 862,519
28,600 Kellogg Co.............................................. 663,163
20,300 Unilever NV ADR......................................... 959,175
------------
3,548,966
------------
Health Care (1.0%):
16,600 Johnson & Johnson....................................... 1,526,163
------------
Insurance (5.7%):
32,100 American International Group, Inc....................... 2,860,913
22,500 AXA Financial, Inc...................................... 1,164,375
82,200 Conseco, Inc............................................ 693,563
27,800 Fannie Mae.............................................. 1,494,250
20,300 Loews Corp. ............................................ 1,643,031
14,700 PacifiCare Health Systems, Inc.(b)...................... 792,881
------------
8,649,013
------------
Medical Equipment & Supplies (0.7%):
13,200 Beckman Coulter, Inc.................................... 1,004,850
------------
Oil & Gas Exploration, Production, and Services (3.5%):
40,900 Helmerich & Payne, Inc.................................. 1,510,744
22,300 Kerr-McGee Corp......................................... 1,409,081
48,900 Lyondell Chemical Co.................................... 638,756
59,300 Ocean Energy, Inc.(b)................................... 900,619
37,700 Vintage Petroleum, Inc.................................. 791,700
------------
5,250,900
------------
</TABLE>
Continued
- 62 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------ --------------------------------------------------------- ------------
<C> <S> <C>
Common Stocks, continued:
Oil--Intergrated Companies (6.8%):
53,600 Exxon Mobil Corp......................................... $ 4,375,099
20,300 Murphy Oil Corp. ........................................ 1,355,025
96,300 Occidental Petroleum Corp................................ 2,082,488
24,900 Royal Dutch Petroleum Co.--New York Shares ADR........... 1,523,569
42,600 Ultramar Diamond Shamrock Corp........................... 998,438
------------
10,334,619
------------
Pharmaceuticals (6.5%):
25,500 Abbott Laboratories...................................... 1,115,625
28,100 Bristol-Myers Squibb Co.................................. 1,489,300
25,100 ICN Pharmaceuticals, Inc................................. 710,644
28,900 Merck & Co., Inc......................................... 2,019,388
79,100 Pfizer, Inc.............................................. 3,421,074
19,100 Pharmacia Corp........................................... 1,118,544
------------
9,874,575
------------
Printing & Publishing (0.9%):
50,100 R.R. Donnelley & Sons Co. ............................... 1,290,075
------------
Rental--Auto/Equipment (1.2%):
44,000 Ryder System, Inc........................................ 844,250
44,100 United Rentals, Inc.(b).................................. 915,075
------------
1,759,325
------------
Retail (4.6%):
23,600 Albertson's, Inc......................................... 507,400
30,600 Federated Department Stores, Inc.(b)..................... 845,325
29,300 Home Depot, Inc.......................................... 1,408,231
48,500 May Department Stores Co................................. 1,112,469
39,100 Sears, Roebuck & Co...................................... 1,219,431
40,400 Wal-Mart Stores, Inc. ................................... 1,916,475
------------
7,009,331
------------
Semiconductors (7.0%):
10,900 Applied Materials, Inc.(b)............................... 940,806
13,600 Credence Systems Corp.(b)................................ 796,450
15,600 Cymer, Inc.(b)........................................... 716,625
51,200 Intel Corp............................................... 3,833,600
32,200 Kulicke & Soffa Industries, Inc.(b)...................... 585,638
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued:
Semiconductors, continued:
28,100 LTX Corp.(b).......................................... $ 718,306
9,900 Micron Technology, Inc.(b)............................ 809,325
36,300 Silicon Storage Technology, Inc.(b)................... 1,191,094
14,700 Texas Instruments, Inc................................ 983,981
------------
10,575,825
------------
Telecommunications (8.5%):
50,800 AT&T Corp............................................. 1,600,200
38,600 BellSouth Corp........................................ 1,440,263
23,600 Lucent Technologies, Inc.............................. 986,775
30,300 Motorola, Inc......................................... 1,092,694
13,300 Nortel Networks Corp.................................. 1,084,781
57,500 SBC Communications, Inc............................... 2,400,624
16,500 Sprint Corp. (PCS Group)(b)........................... 828,094
21,000 Verizon Communications................................ 916,125
67,900 WorldCom, Inc.(b)..................................... 2,478,349
------------
12,827,905
------------
Television (0.6%):
22,200 Univision Communications, Inc. Class A(b)............. 979,575
------------
Transportation (0.6%):
22,800 Union Pacific Corp.................................... 906,300
------------
Utilities--Electric (1.7%):
35,000 TXU Corp.............................................. 1,222,813
30,400 Unicom Corp........................................... 1,388,900
------------
2,611,713
------------
Total Common Stocks 147,527,730
------------
Investment in Affiliates (2.3%):
Investment Companies (2.3%):
3,468,271 American Performance Cash Management Fund............. 3,468,271
------------
Total Investment in Affiliates 3,468,271
------------
Total Investments
(Cost $111,196,192)(a)--99.9% 150,996,001
Other assets in excess of liabilities--0.1% 167,265
------------
Total Net Assets--100.0% $151,163,266
============
</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
$273,065. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............. $43,793,224
Unrealized depreciation.............. (4,266,480)
-----------
Net unrealized appreciation.......... $39,526,744
===========
</TABLE>
(b) Represents non-income producing securities.
ADR--American Depository Receipt
See notes to financial statements.
- 63 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Growth Equity Fund
Schedule of Portfolio Investments
August 31, 2000
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks (98.9%):
Automotive (1.0%):
74,600 Ford Motor Co. ....................................... $ 1,804,388
------------
Beverages (2.1%):
68,400 Coca-Cola Co. ........................................ 3,599,550
------------
Building Materials (0.6%):
79,200 Johns Manville Corp. ................................. 990,000
------------
Computer Hardware (2.0%):
27,900 Sun Microsystems, Inc.(b)............................. 3,541,556
------------
Computer Software & Services (14.1%):
62,400 America Online, Inc.(b)............................... 3,658,200
131,600 Microsoft Corp.(b).................................... 9,187,324
75,400 Oracle Corp.(b)....................................... 6,856,688
8,500 Siebel Systems, Inc.(b)............................... 1,681,406
11,000 Veritas Software Corp.(b)............................. 1,326,188
16,600 Yahoo!, Inc.(b)....................................... 2,016,900
------------
24,726,706
------------
Computers & Peripherals (15.1%):
184,600 Cisco Systems, Inc.(b)................................ 12,668,175
100,800 Dell Computer Corp.(b)................................ 4,397,400
58,200 EMC Corp.(b).......................................... 5,703,600
27,900 International Business Machines Corp. ................ 3,682,800
------------
26,451,975
------------
Diversified Manufacturing Operations (8.9%):
6,300 Corning, Inc.......................................... 2,066,006
231,600 General Electric Co................................... 13,592,025
------------
15,658,031
------------
Entertainment (2.0%):
28,900 Time Warner, Inc. .................................... 2,470,950
15,600 Viacom, Inc., Class B(b).............................. 1,050,075
------------
3,521,025
------------
Financial Services (3.6%):
71,900 Allied Capital Corp. ................................. 1,455,975
25,300 Bear Stearns Companies, Inc........................... 1,696,682
43,700 MBNA Corp............................................. 1,543,156
35,000 Paychex, Inc.......................................... 1,561,875
------------
6,257,688
------------
Health Care (2.9%):
33,100 Johnson & Johnson..................................... 3,043,131
40,000 Medtronic, Inc........................................ 2,050,000
------------
5,093,131
------------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued:
Oil--Intergrated Companies (2.4%):
29,200 Murphy Oil Corp....................................... $ 1,949,100
93,100 Ultramar Diamond Shamrock Corp........................ 2,182,031
------------
4,131,131
------------
Pharmaceuticals (12.1%):
78,800 Bristol-Myers Squibb Co. ............................. 4,176,400
20,800 Eli Lilly & Co. ...................................... 1,518,400
16,000 MedImmune, Inc.(b).................................... 1,346,000
63,800 Merck & Co., Inc...................................... 4,458,025
176,400 Pfizer, Inc. ......................................... 7,629,300
54,200 Schering-Plough Corp.................................. 2,174,775
------------
21,302,900
------------
Retail (5.1%):
71,200 Home Depot, Inc....................................... 3,422,050
117,800 Wal-Mart Stores, Inc.................................. 5,588,138
------------
9,010,188
------------
Semiconductors (12.6%):
35,600 Applied Materials, Inc.(b)............................ 3,072,725
5,600 Broadcom Corp.(b)..................................... 1,400,000
181,900 Intel Corp............................................ 13,619,762
18,300 Micron Technology, Inc.(b)............................ 1,496,025
37,800 Texas Instruments, Inc................................ 2,530,238
------------
22,118,750
------------
Telecommunications (11.5%):
22,600 JDS Uniphase Corp.(b)................................. 2,813,347
81,500 Lucent Technologies, Inc.............................. 3,407,718
24,500 Nextel Communications, Inc., Class A(b)............... 1,358,219
59,700 Nortel Networks Corp.................................. 4,869,280
26,700 Qualcom, Inc.(b)...................................... 1,598,663
40,600 Qwest Communications International, Inc.(b)........... 2,095,975
31,800 Sprint Corp. (PCS Group)(b)........................... 1,595,963
24,100 Tellabs, Inc.(b)...................................... 1,354,119
29,100 WorldCom, Inc.(b)..................................... 1,062,150
------------
20,155,434
------------
Television (1.4%):
57,200 Univision Communications, Inc. Class A(b)............. 2,523,950
------------
Utilities--Electric (1.5%):
26,700 Calpine Corp.(b)...................................... 2,643,300
------------
Total Common Stocks 173,529,703
------------
</TABLE>
Continued
- 64 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Growth Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Security
Shares Description Market Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Investment in Affiliates (1.1%):
Investment Companies (1.1%):
1,936,179 American Performance Cash Management Fund............. $ 1,936,179
------------
Total Investment in Affiliates 1,936,179
------------
Total Investments
(Cost $114,946,169)(a)--100.0% 175,465,882
Liabilities in excess of other assets--0.0% (16,777)
------------
Total Net Assets--100.0% $175,449,105
============
</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
$778,713. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation.............. $63,604,863
Unrealized depreciation.............. (3,863,863)
-----------
Net unrealized appreciation.......... $59,741,000
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 65 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments
August 31, 2000
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks (97.9%):
Advertising (2.6%):
2,700 Catalina Marketing Corp.(b)............................. $ 115,256
2,100 True North Communications, Inc.......................... 97,388
----------
212,644
----------
Airlines (0.6%):
8,900 Mesa Air Group, Inc.(b)................................. 49,506
----------
Apparel Manufacturers (0.8%):
3,800 Kellwood Co............................................. 60,800
----------
Automotive Parts (0.9%):
2,900 Gentex Corp.(b)......................................... 75,038
----------
Banking (5.2%):
4,700 Banknorth Group, Inc.................................... 76,963
2,200 Centura Banks, Inc...................................... 77,688
4,200 Cullen/Frost Bankers, Inc............................... 130,200
2,300 Silicon Valley Bancshares(b)............................ 132,537
----------
417,388
----------
Beverages (1.0%):
1,500 Canandaigua Brands, Inc., Class A(b).................... 80,813
----------
Building Materials (1.8%):
2,600 Hughes Supply, Inc...................................... 55,380
2,600 Texas Industries, Inc................................... 88,725
----------
144,105
----------
Business Equipment & Services (1.6%):
1,800 United Stationers, Inc.(b).............................. 58,388
1,300 Zebra Technologies Corp., Class A(b).................... 70,200
----------
128,588
----------
Chemicals (2.8%):
2,100 Cambrex Corp............................................ 98,569
3,500 Geon Co................................................. 61,031
2,100 Scotts Co., Class A(b).................................. 65,100
----------
224,700
----------
Commercial Services (0.8%):
4,000 Regis Corp.............................................. 63,250
----------
Computer Software & Services (3.2%):
2,300 American Management Systems, Inc.(b).................... 42,981
1,200 HNC Software, Inc.(b)................................... 65,288
1,600 Hyperion Solutions Corp.(b)............................. 50,600
2,700 Progress Software Corp.(b).............................. 36,956
1,100 RSA Security, Inc.(b)................................... 64,969
----------
260,794
----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Computers & Peripherals (5.1%):
2,900 Anixter International, Inc.(b).......................... $ 101,500
4,000 Avid Technology, Inc.(b)................................ 56,250
4,200 Hutchinson Technology, Inc.(b).......................... 99,750
2,000 National Instruments Corp.(b)........................... 86,375
5,500 S3, Inc.(b)............................................. 64,969
----------
408,844
----------
Consumer Products (0.7%):
5,800 Applica, Inc.(b)........................................ 60,175
----------
Diversified Manufacturing Operations (0.6%):
4,900 Material Sciences Corp.(b).............................. 51,450
----------
Electronic Components/Instruments (5.6%):
700 Coherent, Inc.(b)....................................... 56,350
1,000 CTS Corp................................................ 51,313
1,800 Electro Scientific Industries, Inc.(b).................. 74,137
4,500 KEMET Corp.(b).......................................... 134,999
1,300 Methode Electronics, Inc., Class A...................... 78,162
3,800 Pioneer-Standard Electronics, Inc....................... 52,013
----------
446,974
----------
Electronics (1.4%):
1,500 Harman International Industries, Inc.................... 115,125
----------
Engineering (0.8%):
1,200 Dycom Industries, Inc.(b)............................... 63,600
----------
Entertainment (1.1%):
5,800 Aztar Corp.(b).......................................... 84,463
----------
Financial Services (5.5%):
2,800 Charles Schwab Corp..................................... 106,925
1,700 Eaton Vance Corp........................................ 82,344
1,600 Investors Financial Services Corp....................... 98,500
2,400 SEI Investments Co...................................... 152,400
----------
440,169
----------
Food Products & Services (3.0%):
4,900 Fleming Companies, Inc.................................. 75,644
3,600 Smithfield Foods, Inc.(b)............................... 95,625
1,400 Whole Foods Market, Inc.(b)............................. 70,700
----------
241,969
----------
Gas Distribution (2.9%):
5,000 Energen Corp............................................ 129,688
2,500 New Jersey Resources Corp............................... 100,000
----------
229,688
----------
</TABLE>
Continued
- 66 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Health Care (2.5%):
1,800 Cognex Corp.(b)......................................... $ 72,000
1,800 Universal Health Services, Class B(b)................... 127,350
----------
199,350
----------
Home Builders (1.1%):
3,600 Ryland Group, Inc....................................... 88,425
----------
Insurance (3.2%):
4,000 Fidelity National Financial, Inc........................ 79,750
3,300 Mutual Risk Management Ltd.............................. 70,125
5,900 Selective Insurance Group, Inc.......................... 105,831
----------
255,706
----------
Machinery & Equipment (0.5%):
1,900 Manitowoc Co., Inc...................................... 43,581
----------
Medical--Biotechnology (2.7%):
800 Enzo Biochem, Inc.(b)................................... 48,000
400 IDEC Pharmaceuticals Corp.(b)........................... 55,850
1,000 Protein Design Labs, Inc.(b)............................ 75,750
400 Techne Corp.(b)......................................... 38,200
----------
217,800
----------
Medical Equipment & Supplies (2.5%):
3,800 Patterson Dental Co.(b)................................. 90,249
5,160 SpaceLabs Medical, Inc.(b).............................. 46,763
1,400 Varian Medical Systems, Inc.(b)......................... 64,313
----------
201,325
----------
Metals--Processing & Fabrication (2.0%):
10,000 A. M. Castle & Co....................................... 105,000
1,700 Stillwater Mining Co.(b)................................ 57,800
----------
162,800
----------
Oil & Gas Exploration, Production, and Services (3.4%):
2,100 HS Resources, Inc.(b)................................... 66,544
1,800 Newfield Exploration Co.(b)............................. 77,850
7,200 Offshore Logistics, Inc.(b)............................. 125,100
----------
269,494
----------
Pharmaceuticals (7.2%):
1,300 Barr Laboratories, Inc.(b).............................. 92,300
3,600 Bindley Western Industries, Inc......................... 103,725
1,300 Cephalon, Inc.(b)....................................... 65,406
1,400 COR Therapeutics, Inc.(b)............................... 78,400
2,300 Jones Pharma, Inc....................................... 82,225
1,800 Vertex Pharmaceuticals, Inc.(b)......................... 152,999
----------
575,055
----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Printing & Publishing (0.6%):
1,800 Valassis Communications, Inc.(b)........................ $ 51,975
----------
Restaurants (2.4%):
2,100 Cheesecake Factory, Inc.(b)............................. 75,731
9,200 Ruby Tuesday, Inc....................................... 115,000
----------
190,731
----------
Retail (3.8%):
4,800 Building Materials Holding Corp.(b)..................... 46,200
3,200 Damark International, Inc., Class A(b).................. 49,850
1,500 Insight Enterprises, Inc.(b)............................ 75,375
1,700 Michaels Stores, Inc.(b)................................ 59,500
2,000 Zale Corp.(b)........................................... 73,875
----------
304,800
----------
Semiconductors (9.4%):
1,400 Alpha Industries, Inc.(b)............................... 70,613
6,100 Applied Industrial Technologies, Inc.................... 103,318
2,400 Dallas Semiconductor Corp............................... 99,300
1,400 Helix Technology Corp................................... 53,025
1,600 International Rectifier Corp.(b)........................ 100,700
3,500 Kulicke & Soffa Industries, Inc.(b)..................... 63,656
1,500 Lattice Semiconductor Corp.(b).......................... 116,812
2,800 Silicon Valley Group, Inc.(b)........................... 78,050
1,040 Texas Instruments, Inc.................................. 69,615
----------
755,089
----------
Telecommunications (2.3%):
4,400 Audiovox Corp.(b)....................................... 79,749
1,800 CommScope, Inc.(b)...................................... 44,888
2,300 DMC Stratex Networks, Inc.(b)........................... 58,794
----------
183,431
----------
Textile Products (0.8%):
16,500 Dixie Group, Inc.(b).................................... 66,000
----------
Transportation & Shipping (4.5%):
3,900 American Freightways Corp.(b)........................... 64,106
8,300 Arkansas Best Corp.(b).................................. 125,019
2,100 Expeditors International of Washington, Inc............. 102,900
4,300 Yellow Corp.(b)......................................... 65,575
----------
357,600
----------
Utilities--Electric (1.0%):
2,200 CH Energy Group, Inc.................................... 83,050
----------
Total Common Stocks 7,866,295
----------
</TABLE>
Continued
- 67 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments, Continued
August 31, 2000
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Investment in Affiliates (2.2%):
Investment Companies (2.2%):
179,993 American Performance Cash Management Fund.............. $ 179,993
----------
Total Investment in Affiliates 179,993
----------
Total Investments (Cost $6,541,578)(a)--100.1% 8,046,288
Liabilities in excess of other assets--(0.1)% (4,302)
----------
Total Net Assets--100.0% $8,041,986
==========
</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
$14,612. Cost for federal income tax purposes differs from value by net
unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation............... $1,867,704
Unrealized depreciation............... (377,606)
----------
Net unrealized appreciation........... $1,490,098
==========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 68 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements
August 31, 2000
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" and
collectively, "the Funds").
The investment objective of the U.S. Treasury Fund and the Cash Management
Fund (the "money market funds") is to seek current income with liquidity and
stability of principal. The Short-Term Income Fund and the Intermediate Bond
Fund seek total return. 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 capital appreciation
and income. 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 accounting principles generally accepted in the United
States of America (GAAP). The presentation of financial statements in
conformity with GAAP requires management to make estimates and assumptions
that affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of income and expenses for
the period. Actual results could differ from those estimates.
Securities Valuation:
Investments of the money market funds are valued in accordance with Rule
2a-7 of the 1940 Act, at amortized cost, which approximates market value.
Under the amortized cost method, discount or premium is amortized on a
constant basis to the maturity of the security.
Investments in common stocks, commercial paper, corporate bonds,
municipal securities, U.S. government securities, and U.S. government
agency securities of the variable net asset value funds are valued at
their market values determined on the latest available bid prices in the
principal market (closing sales prices if the principal market is an
exchange) in which such securities are normally traded. Debt instruments
with maturities of 60 days or less are valued at amortized cost, unless
the Board of Trustees determines that this does not result in a fair
value. The variable net asset value funds may also use an independent
pricing service approved by the Board of Trustees to value certain
securities. Such prices reflect market values which may be established
through the use of electronic and matrix techniques. Investments in the
investment companies are valued at their respective net asset values as
reported by such companies. The differences between cost and market
values of investments are reflected as 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 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
- 69 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 2000
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, 2000.
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 the Fund. Such expenses are amortized over a period
of five years commencing with the date of the initial public offering.
On June 30, 1998 the Funds adopted Statement of Position (SOP) 98-5,
"Reporting on the Costs of Start-Up Activities." Under the provisions of
SOP 98-5, costs associated with organizing a fund which commences
operating subsequent to June 30, 1998, must be expensed as incurred and
may not be amortized over future periods. Accordingly, costs incurred in
connection with the organization of the Small Cap Equity Fund were 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 pro-
rated to each Fund on the basis of relative net assets or another
appropriate method.
Repurchase Agreements:
Each Fund may acquire securities from financial institutions such as
member banks of the Federal Deposit Insurance Corporation or from
registered broker/dealers which the respective investment adviser deems
creditworthy under guidelines approved by the Board of Trustees, subject
to the seller's agreement to repurchase such securities at a mutually
agreed-upon date and price. The repurchase price generally equals the
price paid by the Fund plus interest negotiated on the basis of current
short-term rates, which may be more or less than the rate on the
underlying portfolio securities. The seller, under a repurchase
agreement, is required to maintain the value of collateral held pursuant
to the agreement at not less than the repurchase price (including accrued
interest). Securities subject to repurchase agreements are held by the
Fund's custodian, another qualified sub-custodian or in the Federal
Reserve/Treasury book-entry system.
Dividends to Shareholders:
Dividends from net investment income are declared daily and paid monthly
for the money market funds. Dividends from net investment income are
declared daily and paid monthly for the Intermediate Tax-Free Bond Fund,
Short-Term Income Fund, Intermediate Bond Fund, and Bond Fund. Dividends
from net investment income are declared and paid quarterly for the
Balanced Fund, Equity Fund, Growth Equity Fund and Small Cap Equity Fund.
Net realized capital gains, if any, are declared and distributed at least
annually.
The amounts of dividends from net investment income and of distributions
from net realized gains are determined in accordance with federal income
tax regulations which may differ from GAAP. These "book/tax" differences
are either considered temporary or permanent in nature. To the extent
these differences are permanent in nature (i.e. reclass of market
discounts, gain/loss, paydowns, and distributions), such amounts are
reclassified within the composition of net assets based on their federal
tax-basis treatment; temporary differences do not require
Continued
- 70 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 2000
reclassification. Dividends and distributions to shareholders which
exceed net investment income and net realized gains for financial
reporting purposes but not for tax purposes are reported as dividends in
excess of net investment income or distributions in excess of net
realized gains. To the extent they exceed net investment income and net
realized gains for tax purposes, they are reported as distributions of
capital.
As of August 31, 2000, the following relcassifications have been made to
increase (decrease) such accounts with offsetting adjustments made to
capital:
<TABLE>
<CAPTION>
Accumulated Undistributed
Undistributed Net Net Realized Gain/(Loss)
Investment Income on Investments
----------------- -------------------------
<S> <C> <C>
U.S. Treasury Fund.............. $ 42,519 $ (42,519)
Short-Term Income Fund.......... 1,056 (1,056)
Intermediate Bond Fund.......... (7,752) 7,752
Bond Fund....................... (8,320) 8,320
Balanced Fund................... 3,850 (3,850)
Growth Equity Fund.............. 378,938 (285,288)
Small Cap Fund.................. 1 (1)
</TABLE>
3.Related Party Transactions:
Bank of Oklahoma N.A. ("BOK"), a subsidiary of BancOklahoma Corp., serves as
investment adviser to the Funds. Under the terms of the investment advisory
agreements, BOK is entitled to receive fees based on a percentage of the
average net assets of each of the Funds. BOK also serves the Funds as
custodian.
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"),
and BISYS Fund Services Ohio, Inc. ("BISYS Ohio") are subsidiaries of The
BISYS Group, Inc. BISYS, whom certain officers of the Funds are affiliated,
serves the Funds as administrator. Such officers 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 of the administrative
duties for the Funds. BISYS Ohio serves the Funds as transfer agent and
mutual fund accountant.
The Funds have adopted a Distribution and Shareholder Services Plan in
accordance with Rule 12b-1 under the 1940 Act, pursuant to which the Funds
are authorized to pay or reimburse BISYS, as distributor, a periodic amount,
calculated at an annual rate not to exceed 0.25% of the average daily net
asset value of the Funds, and may be used by BISYS to pay banks, including
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, 2000, BISYS received $9,107
from commissions earned on sales of shares of the variable net asset value
funds, $8,196 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
- 71 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 2000
Information regarding these transactions for the period ended August 31,
2000 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............................ -- $ 631,871
Administration Fees:
Voluntary fee reductions............................ -- $ 229,769
12b-1 Fees:
Annual fee before voluntary fee reductions
(percentage of average net assets)................. 0.25% 0.25%
Voluntary fee reductions............................ $1,215,022 $1,436,053
Custodian Fees:
Annual fee (percentage of net assets)............... 0.03% 0.03%
</TABLE>
<TABLE>
<CAPTION>
Short-
Intermediate Term
Tax-Free Income Intermediate
Bond Fund Fund Bond Fund Bond Fund
------------ -------- ------------ -----------
<S> <C> <C> <C> <C>
Investment Advisory Fees:
Annual fee before voluntary
fee reductions
(percentage of average net
assets).................... 0.55% 0.55% 0.55% 0.55%
Voluntary fee reductions.... $ 55,474 $347,187 $168,684 $117,027
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.... $ 69,342 $ 50,500 -- --
Custodian Fees:
Annual fee (percentage of
average net assets)........ 0.03% 0.03% 0.03% 0.03%
Other Fees Reimbursed........ -- $ 7,460 $ 7,007 $ 4,291
<CAPTION>
Balanced Equity Growth Small Cap
Fund 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.... $201,142 $308,366 $314,128 $ 53,360
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.... $157,142 -- -- $ 19,333
Custodian Fees:
Annual fee (percentage of
net assets)................ 0.03% 0.03% 0.03% 0.03%
Other Fees Reimbursed........ $ 8,543 $ 12,006 $ 21,563 $ 849
</TABLE>
Continued
- 72 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 2000
4.Purchases and Sales of Securities:
Purchases and sales of securities (excluding short-term securities) for the
period ended August 31, 2000 are as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Intermediate Tax-Free Bond Fund.................... $ -- $ 3,996,724
Short-Term Income Fund............................. 30,280,096 32,398,084
Intermediate Bond Fund............................. 27,967,514 34,021,752
Bond Fund.......................................... 15,658,271 22,967,967
Balanced Fund...................................... 78,280,821 73,286,197
Equity Fund........................................ 183,779,052 240,111,238
Growth Equity Fund................................. 210,763,955 199,022,259
Small Cap Equity Fund.............................. 12,351,039 13,182,713
</TABLE>
5.Common Trust Conversion:
On March 31, 2000, the Short-Term Income Fund and the Equity Fund issued
shares to acquire the net assets of the BOK Common Trust Fixed Fund and the
BOK Common Trust Equity Fund, respectively. The following is a summary of
shares issued, net assets converted, net asset value per share issued and
unrealized appreciation (depreciation) of assets acquired as of the
conversion date.
<TABLE>
<CAPTION>
Net Asset Unrealized
Net Value Per Appreciation/
Shares Assets Share (Depreciation)
------- ---------- --------- --------------
<S> <C> <C> <C> <C>
Short-Term Income Fund............ 83,252 $ 820,862 $ 9.86 $ (5,939)
Equity Fund....................... 102,410 $1,730,723 $16.90 $1,174,593
</TABLE>
6.Federal Income Taxes:
It is the policy of each Fund 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, 2000 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>
Year
Amount Expires
-------- -------
<S> <C> <C>
Cash Management Fund......................................... $ 8,154 2008
Short-Term Income Fund....................................... 650 2007
Short-Term Income Fund....................................... 45,014 2008
Intermediate Bond Fund....................................... 551,020 2004
Bond Fund.................................................... 66,833 2005
Balanced Fund................................................ 64,274 2008
</TABLE>
Continued
- 73 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
August 31, 2000
Under current tax law, capital losses realized after October 31 of a Fund's
fiscal year may be deferred and treated as occuring on the first day of the
next fiscal year. As of August 31, 2000 the following funds have elected to
defer such losses:
<TABLE>
<CAPTION>
Post-October
Capital Losses
--------------
<S> <C>
Short-Term Income Fund......................................... $141,860
Intermediate Bond Fund......................................... 202,498
Bond Fund...................................................... 427,520
Balanced Fund.................................................. 207,913
</TABLE>
Other Federal Income Tax Information (unaudited)
During the fiscal year ended August 31, 2000 the following Funds declared
long-term capital gain distributions as follows:
<TABLE>
<CAPTION>
20%
-----------
<S> <C>
Intermediate Tax-Free Bond Fund.................................. $ 165,840
Balanced Fund.................................................... 4,553,364
Equity Fund...................................................... 28,757,927
Growth Equity Fund............................................... 14,380,940
</TABLE>
For corporate shareholders the following percentage of the total ordinary
income distributions paid during the fiscal year ended August 31, 2000
qualify for the corporate dividend received deduction for the following
funds:
<TABLE>
<S> <C>
Balanced Fund......................................................... 33.60%
Equity Fund........................................................... 100.00
Growth Equity Fund.................................................... 23.94
Small Cap Equity Fund................................................. 20.45
</TABLE>
During the year ended August 31, 2000 the Intermediate Tax-Free Bond Fund
paid tax-exempt income distributions in the amount of $1,286,267.
- 74 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
U.S. Treasury Fund
------------------------------------------------
Year Ended August 31,
------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<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....... 0.051 0.042 0.048 0.046 0.047
-------- -------- -------- -------- --------
Total from Investment
Activities................ 0.051 0.042 0.048 0.046 0.047
-------- -------- -------- -------- --------
Distributions
Net investment income....... (0.051) (0.042) (0.048) (0.046) (0.047)
-------- -------- -------- -------- --------
Total Distributions........ (0.051) (0.042) (0.048) (0.046) (0.047)
-------- -------- -------- -------- --------
Net Asset Value, End of
Period...................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return................. 5.20% 4.26% 4.94% 4.74% 4.85%
Ratios/Supplemental Data:
Net Assets at end of period
(000)...................... $608,410 $394,415 $388,319 $298,424 $217,406
Ratio of expenses to average
net assets................. 0.71% 0.71% 0.72% 0.72% 0.74%
Ratio of net investment
income to average net
assets..................... 5.11% 4.17% 4.83% 4.65% 4.74%
Ratio of expenses to average
net assets*................ 0.96% 0.96% 0.97% 0.97% 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.
See notes to financial statements.
- 75 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Cash Management Fund
---------------------------------------------------
Year Ended August 31,
---------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<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.... 0.054 0.045 0.050 0.049 0.050
Net realized losses on
investments............. -- -- -- (0.010) --
-------- -------- -------- -------- --------
Total from Investment
Activities............. 0.054 0.045 0.050 0.039 0.050
-------- -------- -------- -------- --------
Distributions
Net investment income.... (0.054) (0.045) (0.050) (0.049) (0.050)
-------- -------- -------- -------- --------
Total Distributions..... (0.054) (0.045) (0.050) (0.049) (0.050)
-------- -------- -------- -------- --------
Capital Contributions.... -- -- -- 0.010 --
-------- -------- -------- -------- --------
Net Asset Value, End of
Period................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ========
Total Return.............. 5.55% 4.63% 5.14% 5.05%(a) 5.14%
Ratios/Supplemental Data:
Net Assets at end of
period (000)............ $647,086 $551,880 $466,571 $331,095 $375,797
Ratio of expenses to
average net assets...... 0.55% 0.65% 0.71% 0.72% 0.71%
Ratio of net investment
income to average net
assets.................. 5.42% 4.53% 5.02% 4.93% 5.01%
Ratio of expenses to
average net assets*..... 0.95% 0.95% 0.96% 0.97% 0.96%
</TABLE>
--------
* During the period, certain fees were voluntarily reduced. If such
voluntary fee reductions had not occurred, the ratios would have been as
indicated.
(a) The total return includes the effect of a capital contribution of $0.010
per share. The return without the capital contribution would have been
4.05%.
See notes to financial statements.
- 76 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Tax-Free Bond Fund
-------------------------------------------
Year Ended August 31,
-------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period........................... $ 10.51 $ 10.99 $ 10.78 $ 10.57 $ 10.67
------- ------- ------- ------- -------
Investment Activities
Net investment income............ 0.47 0.47 0.48 0.49 0.49
Net realized/unrealized
gains/(losses) on investments... 0.11 (0.44) 0.28 0.21 (0.10)
------- ------- ------- ------- -------
Total from Investment
Activities..................... 0.58 0.03 0.76 0.70 0.39
------- ------- ------- ------- -------
Distributions
Net investment income............ (0.47) (0.47) (0.48) (0.49) (0.49)
Net realized gains............... (0.06) (0.04) (0.07) -- --
------- ------- ------- ------- -------
Total Distributions............. (0.53) (0.51) (0.55) (0.49) (0.49)
------- ------- ------- ------- -------
Net Asset Value, End of Period.... $ 10.56 $ 10.51 $ 10.99 $ 10.78 $ 10.57
======= ======= ======= ======= =======
Total Return (excludes sales
charge).......................... 5.78% 0.19% 7.28% 6.79% 3.68%
Ratios/Supplemental Data:
Net Assets at end of period
(000)........................... $26,902 $30,353 $30,454 $26,544 $31,036
Ratio of expenses to average net
assets.......................... 0.77% 0.75% 0.74% 0.74% 0.75%
Ratio of net investment income to
average net assets.............. 4.58% 4.33% 4.44% 4.61% 4.58%
Ratio of expenses to average net
assets*......................... 1.22% 1.20% 1.19% 1.19% 1.20%
Portfolio turnover............... 0.00% 11.96% 19.10% 11.38% 19.53%
</TABLE>
--------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
See notes to financial statements.
- 77 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Short-Term Income Fund
---------------------------------------------
Year Ended August 31,
---------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period......................... $ 9.89 $ 10.12 $ 9.92 $ 9.79 $ 9.95
------- ------- ------- ------- -------
Investment Activities
Net investment income.......... 0.62 0.59 0.62 0.61 0.59
Net realized/unrealized
gains/(losses) on investments. 0.04 (0.23) 0.20 0.14 (0.14)
------- ------- ------- ------- -------
Total from Investment
Activities................... 0.66 0.36 0.82 0.75 0.45
------- ------- ------- ------- -------
Distributions
Net investment income.......... (0.62) (0.59) (0.62) (0.61) (0.59)
In excess of net investment
income........................ -- -- -- (0.01) --
Net realized gains............. -- -- -- -- (0.01)
In excess of net realized
gains......................... -- --(a) -- -- (0.01)
------- ------- ------- ------- -------
Total Distributions........... (0.62) (0.59) (0.62) (0.62) (0.61)
------- ------- ------- ------- -------
Net Asset Value, End of Period.. $ 9.93 $ 9.89 $ 10.12 $ 9.92 $ 9.79
======= ======= ======= ======= =======
Total Return (excludes sales
charge)........................ 6.92% 3.66% 8.47% 7.85% 4.64%
Ratios/Supplemental Data:
Net Assets at end of period
(000)......................... $61,650 $62,523 $32,390 $15,658 $14,399
Ratio of expenses to average
net assets.................... 0.57% 0.56% 0.41% 0.33% 0.41%
Ratio of net investment income
to average net assets......... 6.30% 5.85% 6.15% 6.14% 5.95%
Ratio of expenses to average
net assets*................... 1.21% 1.24% 1.22% 1.16% 1.24%
Portfolio turnover............. 50.34% 109.69% 60.02% 37.55% 80.98%
</TABLE>
--------
* During the period, certain fees were voluntarily reduced and reimbursed.
If such voluntary fee reductions and reimbursements had not occurred, the
ratios would have been as indicated.
(a) Distribution per share was less than $0.005.
See notes to financial statements.
- 78 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Bond Fund
-------------------------------------------
Year Ended August 31,
-------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period........................... $ 10.08 $ 10.50 $ 10.23 $ 10.01 $ 10.26
------- ------- ------- ------- -------
Investment Activities
Net investment income............ 0.60 0.60 0.61 0.60 0.60
Net realized/unrealized
gains/(losses) on investments... -- (0.42) 0.27 0.22 (0.25)
------- ------- ------- ------- -------
Total from Investment
Activities..................... 0.60 0.18 0.88 0.82 0.35
------- ------- ------- ------- -------
Distributions
Net investment income............ (0.60) (0.60) (0.61) (0.60) (0.60)
------- ------- ------- ------- -------
Total Distributions............. (0.60) (0.60) (0.61) (0.60) (0.60)
------- ------- ------- ------- -------
Net Asset Value, End of Period.... $ 10.08 $ 10.08 $ 10.50 $ 10.23 $ 10.01
======= ======= ======= ======= =======
Total Return (excludes sales
charge).......................... 6.21% 1.73% 8.80% 8.38% 3.41%
Ratios/Supplemental Data:
Net Assets at end of period
(000)........................... $84,218 $87,132 $85,382 $77,319 $63,088
Ratio of expenses to average net
assets.......................... 0.96% 0.97% 0.95% 0.93% 0.95%
Ratio of net investment income to
average net assets.............. 6.04% 5.80% 5.86% 5.89% 5.84%
Ratio of expenses to average net
assets*......................... 1.17% 1.17% 1.15% 1.13% 1.15%
Portfolio turnover............... 34.32% 34.47% 31.98% 40.77% 129.97%
</TABLE>
--------
* During the period, certain fees were voluntarily reduced and reimbursed. If
such voluntary fee reductions and reimbursements had not occurred, the
ratios would have been as indicated.
See notes to financial statements.
- 79 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Bond Fund
--------------------------------------------
Year Ended August 31,
--------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period.......................... $ 9.18 $ 9.76 $ 9.29 $ 8.99 $ 9.29
------- ------- ------- ------- -------
Investment Activities
Net investment income........... 0.57 0.57 0.57 0.58 0.57
Net realized/unrealized
gains/(losses) on investments.. (0.01) (0.58) 0.47 0.30 (0.30)
------- ------- ------- ------- -------
Total from Investment
Activities.................... 0.56 (0.01) 1.04 0.88 0.27
------- ------- ------- ------- -------
Distributions
Net investment income........... (0.57) (0.57) (0.57) (0.58) (0.57)
------- ------- ------- ------- -------
Total Distributions............ (0.57) (0.57) (0.57) (0.58) (0.57)
------- ------- ------- ------- -------
Net Asset Value, End of Period... $ 9.17 $ 9.18 $ 9.76 $ 9.29 $ 8.99
======= ======= ======= ======= =======
Total Return (excludes sales
charge)......................... 6.38% (0.19)% 11.54% 10.03% 2.84%
Ratios/Supplemental Data:
Net Assets at end of period
(000).......................... $56,141 $62,721 $52,706 $35,454 $32,807
Ratio of expenses to average net
assets......................... 0.97% 0.97% 0.96% 0.94% 0.96%
Ratio of net investment income
to average net assets.......... 6.31% 5.95% 6.02% 6.29% 6.08%
Ratio of expenses to average net
assets*........................ 1.17% 1.17% 1.16% 1.14% 1.16%
Portfolio turnover.............. 27.39% 41.02% 47.80% 83.65% 61.02%
</TABLE>
--------
* During the period, certain fees were voluntarily reduced and reimbursed. If
such voluntary fee reductions and reimbursements had not occurred, the
ratios would have been as indicated.
See notes to financial statements.
- 80 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Balanced Fund
------------------------------------------------
Year Ended August 31,
-------------------------------------------
2000 1999 1998 1997 1996
------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of
Period....................... $ 13.62 $ 12.37 $ 13.38 $ 11.28 $ 10.62
------- ------- ------- ------- -------
Investment Activities
Net investment income........ 0.31 0.34 0.40 0.41 0.35
Net realized/unrealized gains
on investments.............. 1.37 1.90 0.21 2.46 0.79
------- ------- ------- ------- -------
Total from Investment
Activities................. 1.68 2.24 0.61 2.87 1.14
------- ------- ------- ------- -------
Distributions
Net investment income........ (0.31) (0.34) (0.34) (0.41) (0.35)
Net realized gains........... (1.11) (0.65) (1.28) (0.36) (0.13)
In excess of net realized
gains....................... (0.02) -- -- -- --
------- ------- ------- ------- -------
Total Distributions......... (1.44) (0.99) (1.62) (0.77) (0.48)
------- ------- ------- ------- -------
Net Asset Value, End of
Period....................... $ 13.86 $ 13.62 $ 12.37 $ 13.38 $ 11.28
======= ======= ======= ======= =======
Total Return (excludes sales
charge)...................... 13.06% 18.51% 4.55% 26.33% 10.87%
Ratios/Supplemental Data:
Net Assets at end of period
(000)....................... $70,636 $56,571 $40,656 $30,249 $22,592
Ratio of expenses to average
net assets.................. 0.76% 0.67% 0.47% 0.36% 0.38%
Ratio of net investment
income to average net
assets...................... 2.38% 2.52% 3.02% 3.34% 3.27%
Ratio of expenses to average
net assets*................. 1.35% 1.35% 1.34% 1.38% 1.40%
Portfolio turnover........... 124.49% 99.94% 78.07% 66.12% 71.89%
</TABLE>
--------
* During the period, certain fees were voluntarily reduced and reimbursed. If
such voluntary fee reductions and reimbursements had not occurred, the
ratios would have been as indicated.
See notes to financial statements.
- 81 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Equity Fund
-----------------------------------------------
Year Ended August 31,
-----------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- -------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period................ $ 18.16 $ 15.06 $ 17.33 $ 13.73 $ 12.33
-------- -------- -------- -------- -------
Investment Activities
Net investment income.... 0.07 0.06 0.08 0.13 0.18
Net realized/unrealized
gains on investments.... 2.52 4.06 0.19 5.03 2.04
-------- -------- -------- -------- -------
Total from Investment
Activities............. 2.59 4.12 0.27 5.16 2.22
-------- -------- -------- -------- -------
Distributions
Net investment income.... (0.06) (0.06) (0.07) (0.13) (0.18)
In excess of net
investment income....... -- -- -- (0.01) --
Net realized gains....... (3.21) (0.96) (2.47) (1.42) (0.64)
-------- -------- -------- -------- -------
Total Distributions..... (3.27) (1.02) (2.54) (1.56) (0.82)
-------- -------- -------- -------- -------
Net Asset Value, End of
Period................... $ 17.48 $ 18.16 $ 15.06 $ 17.33 $ 13.73
======== ======== ======== ======== =======
Total Return (excludes
sales charge)............ 15.70% 27.92% 0.79% 40.23% 18.53%
Ratios/Supplemental Data:
Net Assets at end of
period (000)............ $151,163 $183,777 $166,965 $170,887 $86,352
Ratio of expenses to
average net assets...... 1.07% 1.08% 1.07% 1.06% 1.08%
Ratio of net investment
income to average net
assets.................. 0.38% 0.33% 0.44% 0.88% 1.35%
Ratio of expenses to
average net assets*..... 1.26% 1.27% 1.26% 1.25% 1.27%
Portfolio turnover....... 114.90% 120.70% 72.10% 93.82% 67.46%
</TABLE>
--------
* During the period, certain fees were voluntarily reduced and reimbursed. If
such voluntary fee reductions and reimbursements had not occurred, the
ratios would have been as indicated.
See notes to financial statements.
- 82 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Growth Equity Fund
------------------------------------
November 3,
Year Ended August 31, 1997 to
----------------------- August 31,
2000 1999 1998(a)
---------- ---------- -----------
<S> <C> <C> <C>
Net Asset Value, Beginning of Period.... $ 15.46 $ 11.25 $ 10.00
---------- ---------- -------
Investment Activities
Net investment income (loss)........... (0.04) -- 0.02
Net realized/unrealized gains on
investments........................... 3.10 4.67 1.25
---------- ---------- -------
Total from Investment Activities...... 3.06 4.67 1.27
---------- ---------- -------
Distributions
Net investment income.................. -- (0.01) (0.02)
In excess of net investment income..... -- (0.01) --
Net realized gains..................... (1.95) (0.44) --
---------- ---------- -------
Total Distributions................... (1.95) (0.46) (0.02)
---------- ---------- -------
Net Asset Value, End of Period.......... $ 16.57 $ 15.46 $ 11.25
========== ========== =======
Total Return (excludes sales charge).... 20.45% 42.19% 12.69%(b)
Ratios/Supplemental Data:
Net Assets at end of period (000)...... $ 175,449 $ 135,376 $78,677
Ratio of expenses to average net
assets................................ 1.07% 1.09% 1.12%(c)
Ratio of net investment income/(loss)
to average net assets................. (0.23)% 0.01% 0.24%(c)
Ratio of expenses to average net
assets*............................... 1.28% 1.28% 1.31%(c)
Portfolio turnover..................... 124.30% 124.80% 36.08%
</TABLE>
--------
* During the period, certain fees were voluntarily reduced and reimbursed.
If such voluntary fee reductions and reimbursements had not occurred, the
ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
- 83 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Small Cap Equity Fund
-----------------------
February 17,
Year Ended 1999 to
August 31, August 31,
2000 1999(a)
---------- ------------
<S> <C> <C>
Net Asset Value, Beginning
of Period................ $10.47 $10.00
------ ------
Investment Activities
Net investment income.... 0.03 0.02
Net realized/unrealized
gains on investments.... 2.21 0.46
------ ------
Total from Investment
Activities............. 2.24 0.48
------ ------
Distributions
Net investment income.... (0.04) (0.01)
Net realized gains....... (0.13) --
------ ------
Total Distributions..... (0.17) (0.01)
------ ------
Net Asset Value, End of
Period................... $12.54 $10.47
====== ======
Total Return (excludes
sales charge)............ 21.60% 4.77%(b)
Ratios/Supplemental Data:
Net Assets at end of
period (000)............ $8,042 $7,390
Ratio of expenses to
average net assets...... 0.52% 0.70%(c)
Ratio of net investment
income to average net
assets.................. 0.28% 0.37%(c)
Ratio of expenses to
average net assets*..... 1.47% 1.63%(c)
Portfolio turnover....... 164.17% 74.58%
</TABLE>
--------
* During the period, certain fees were voluntarily reduced and reimbursed.
If such voluntary fee reductions and reimbursements had not occurred, the
ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
- 84 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Investment Adviser
Bank of Oklahoma, N.A.
Bank Oklahoma Tower
Tulsa, Oklahoma 74103
Manager, Administrator,
and Distributor
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219-3055
Legal Counsel
Ropes & Gray
One Franklin Square
1301 K Street N.W.
Washington, DC 20005
Auditors
KPMG LLP
Two Nationwide Plaza
Columbus, Ohio 43215
