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AMERICAN PERFORMANCE FUNDS
The Right Fit For Your Investment Goals
MIDYEAR REPORT
February 29, 2000
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LETTER FROM THE CHAIRMAN AND INVESTMENT ADVISER
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Dear Shareholders:
We are pleased to present this report for the six months ended February 29,
2000, a period that was a good one for the financial markets in general, and
for the American Performance Funds in particular. While they were certainly
volatile, technology stocks led the equity market higher. Few other sectors
experienced the same astonishing gains. While the environment in the bond
market was challenging, we are pleased to note that all of our fixed income
funds continued to perform well.
We are also pleased to report that investors continued to invest in mutual
funds--and we are pleased to report that many chose the American Performance
Funds. Over the course of six months, total net assets under management rose
9%, increasing from roughly $1.572 billion to $1.717 billion at the end of the
six-month period.
Turning to the Markets . . .
According to many of the major indices, the six-month period ended February 29,
2000 once again demonstrated the stunning strength of the bull market. Looking
beyond the headlines, however, the story was somewhat different. In our
opinion, without technology, the S&P 500 Stock Index/1/ (S&P) would have been
flat for this six-month period. The twelve months ended December 31, 1999
illustrated the situation even more clearly. During this period, 10 stocks
accounted for 70% of the S&P's return. Eight of these issues were technology
companies. 52% of the 500 stocks in the S&P were down for the year. More than
half of this group saw declines of 20% or more. We believe, had technology
stocks been excluded, the S&P would have produced a lower return. Over the
course of 1999, the rising tide of technology stocks did not raise all boats--
or even a few drifting nearby.
Enthusiasm reigns
Of course, none of this escaped the Federal Reserve Board (the Fed). During the
period, rates were hiked three times in an effort to slow the economy and, as
has become increasingly obvious, dampen the enthusiasm for technology and "new
economy" stocks--enthusiasm that Chairman Alan Greenspan considers clearly
overblown. With each increase, the markets did experience a sell off, but,
beyond providing a buying opportunity for investors who missed out earlier,
these pullbacks had little impact. As the new year opened, it became clear that
the time-honored measures of corporate viability, such as earnings and cash
flow, were being ignored. If and when valuations of technology issues were
discussed at all, "projected revenues", in some cases, projected years in
advance, were used as yardsticks. As a result, as the period drew to a close,
the Price-to-Earnings ratios of the top-performing stocks--where earnings could
be measured-were in the triple digits versus the P/E ratio for the market as a
whole, which hovered, in the low twenties.
Needless to say, in such an environment, interest in fixed income securities
was also scarce. On the positive side, the anticipated Y2K effect proved to be
a non-event. At the same time, however, the Fed hiked interest rates--and made
it very clear that they were willing to do more in the months ahead if the
economy did not show signs of slowing. As a result, despite a relatively
positive environment for bonds--a solid economy and a Fed determined to stamp
any inflationary sparks--investor disinterest was noticeable as the period drew
to a close.
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Past performance is no guarantee of future results. Investment return and net
asset value will fluctuate, so that an investor's shares, when redeemed, may be
worth more or less than the original cost.
/1/The S&P 500 Stock Index is an unmanaged index that consists of 500 stocks
chosen for market size, liquidity and industry group representation and is
one of the most widely used benchmarks of U.S. equity performance. The index
does not reflect the deduction of expenses associated with a mutual fund,
such as investment management and fund accounting fees. The American
Performance 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.
For more complete information on any of the Funds, including fees, expenses and
sales charges, please call 1-800-762-7085 for a prospectus. This material is
authorized for distribution to prospective investors only when preceded or
accompanied by a current prospectus, which contains more complete information
on any of the Funds, including fees, expenses and sales charges.
The American Performance Funds are distributed by BISYS Fund Services.
Shares of the Funds are not deposits or obligations of, or guaranteed or
endorsed by, Bank of Oklahoma, N.A., any of its affiliates or the distributor.
Shares are NOT FDIC INSURED, nor are they insured by any other government
agency. An investment in the Funds involves investment risk, including possible
loss of principal.
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- 1 -
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LETTER FROM THE CHAIRMAN AND INVESTMENT ADVISER (CONTINUED)
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Irrational, misplaced or . . . right?
Looking at the impact on both the stock and bond markets, it is clear that the
story for the past several months--indeed, the past several years--has been the
astounding rise of the technology sector. Even the most skeptical investor has
had to admit that these companies may, in fact, offer unprecedented
opportunity. Technology is transforming the way we live and the way business is
being conducted. U.S. companies are at the forefront of this revolution--and it
is a revolution that is spreading worldwide. The potential that these companies
represent could very well be unprecedented at home and in markets abroad.
Some of the enthusiasm we have seen for these issues may not be entirely
misplaced. At this point, however, the valuation gap between these stocks and
all others is large. Eventually, technology/internet stocks should face a
correction and the divergence should be resolved--if for no other reason than
that the values available in other sectors may become too attractive to ignore.
If a correction in valuations takes place, the markets may be relatively
volatile--or seem to be. As pointed out earlier, the indices are now highly
reflective of the performance of technology issues. Just as they pulled the
major indices dramatically higher in the months past, any decline or correction
in the technology stocks could drag the averages significantly lower in the
months ahead. Most companies are not in the same boat as the
technology/internet issues--nor are widely diversified stock portfolios. Having
suffered from neglect over the past two years, we believe the average stock is
not likely to see the type of drop that a technology issue might in a
correction.
As a result, we are optimistic about the prospects for the months ahead. Our
economy remains strong. The Fed is determined to control inflation--and to this
end, we expect to see one or two more tightening moves in the months ahead.
This could create upward pressure on rates during the early part of the year.
Later in the year, however, as the economy slows, we expect to see them fall
back a bit. A slower economy, we believe, will create a positive backdrop for
both stocks and bonds.
In closing . . .
We would like to thank you for your continued confidence in us. We look forward
to providing you with superior investment management and service to meet your
investment needs now and in the future. As always, if you would like to learn
more about the American Performance Funds, please do not hesitate to contact us
at 1-800-762-7085, or you can visit our Website at http://www.apfunds.com.
Please read the prospectus carefully before investing.
Sincerely,
/s/ Walter B. Grimm
Walter B. Grimm
Chairman
American Performance Funds
/s/ James L. Huntzinger
James L. Huntzinger
Chief Investment Officer
Bank of Oklahoma, N.A.
- 2 -
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AMERICAN PERFORMANCE MONEY MARKET FUNDS
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As widely anticipated, the Fed increased short-term interest rates three times
during the six months ended February 29, 2000. These moves were prompted by
evidence that the economy was moving along at a red-hot pace--and Chairman
Greenspan's growing and very public discomfort with the rapidly escalating
valuation of the stock market. But enthusiasm for certain issues was so high,
the impact of the rate hikes on the stock market was fleeting. As the period
drew to a close, however, evidence of slowing was beginning to appear on the
fringes of the economy.
Nonetheless, it is increasingly clear that the three hikes done to date will
not be sufficient to slow either the economy or the stock market enough to
satisfy the Fed. With economies worldwide on the rebound, they now have the
"air cover" necessary to raise rates at home and keep inflation at bay. As a
result, we expect to see the Fed move once or twice again to raise rates in the
months ahead to cool off the economy. To this end, maturities in the money
markets funds have been pulled in to increase their flexibility. As a result,
both are well positioned to take full advantage of the higher short-term rates
we see ahead.
The American Performance Cash Management Fund
Anticipating that rates would rise, the Fund was invested with an eye toward
flexibility during the six month period ended February 29, 2000. Average
maturities were pulled in. Moreover, securities selected for investment
included a variety of short-term fixed and variable instruments. As a result,
the Fund benefited handsomely from the rising rate environment. For the six and
twelve-month periods ended February 29, 2000, Lipper Analytical Services ranked
our Fund in the 34th and 31st percentile or 122 of 366 and 106 of 350 funds in
the Money Market Funds category, respectively./1/
The American Performance U.S. Treasury Fund
All in all, it was a very good period for investors in short Treasuries.
Reaction to any disruption due to Y2K would have been swiftest and surest in
this market--thus investors here experienced relief as January 1, 2000 came and
went without incident. Also, yields moved up with rates. By the period's end,
returns were far more significant than they were just one year ago. Moreover,
given the Fed's current tightening bias, we expect to see yields go higher in
the months ahead. With this in mind, the Fund's average maturity has been
pulled into 24 days in recent weeks. Consequently, the Fund has the flexibility
to capitalize on any increase in rates.
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Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The American Performance Cash Management Fund ranked 106 out of 350, 99 out
of 279 and 78 out of 230 for the one- three- and five-year periods,
respectively, for the money market funds category 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 2/29/00.
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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THE AMERICAN PERFORMANCE BOND FUNDS
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To no one's surprise, the Fed hiked short-term rates three times during the six
months ended February 29, 2000. Reassured that inflation was under control, the
stock market rumbled higher--while bonds wilted in the face of higher rates.
Very simply, the higher stocks climbed the lower enthusiasm for bonds fell.
Also, as 1999 drew to a close, many investors chose to take losses in bonds to
shelter stock gains. Municipal markets were particularly hard hit in this
regard. All fixed income markets, however, were affected to a greater or lesser
degree by this phenomenon. As a result, the period was a relatively difficult
one for virtually all fixed income investors.
Looked at from a long-term perspective, however, all was not doom and gloom in
the marketplace. The long anticipated, Y2K was a non-event, and yes, the Fed
did reverse from loosening to tightening, but the hikes were made to slow the
activity and control inflation. Slowing is already apparent on the fringes of
the economy. In the months ahead, the impact of these moves should become even
more apparent. What inflationary sparks there are will be contained--which
will, ultimately, be a strong positive for the fixed-income market.
None of this, however, succeeded in pulling investors' attention away from the
stock markets. This, we believe, may be the situation for some time to come.
Investors, including money market investors are watching the stock market
thinking that it will provide the first clues that the economy is slowing--
which in our opinion is an inevitability. At what point a slowdown will happen,
and how high the Fed will have to move rates before they begin to pinch, is
unclear. What is very clear, however, is their determination to cool off the
red-hot economy. Consequently, we believe the months ahead will be better ones
for the fixed income investors. Moreover, we have shortened maturities in our
funds as much as possible to position the funds to take advantage of the higher
short-rate environment that likely lies ahead.
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THE AMERICAN PERFORMANCE INTERMEDIATE TAX-FREE BOND FUND
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While all sectors of the fixed income markets suffered as interest rates rose
early in the six months ended February 29, 2000, the longer end of the
municipal bond markets was particularly hard hit.
Not only did values fall as rates rose, many wealthy investors sought to
shelter stock market gains by taking losses in bonds--and the municipal bonds
were among the most frequently chosen to go. Later in the period, however, the
government's announcement that its bond buyback would begin sooner than
expected led to a firming of long-term Treasuries, and some of the enthusiasm
flowed in the direction of municipal bonds.
Nonetheless, this firming in the final two months of the period was not enough
to compensate for the weakness in the first four. Focused on high quality
securities in the longer end of the yield curve, the Fund produced a total
return of 0.17% (without sales charge)+ for the six months ended February 29,
2000. Over the same period, its benchmark, the Lehman Brothers Municipal Bond
Index, produce a total return of -0.02%.
Better Days Ahead
We believe the impact of the Fed's recent action to slow growth should begin to
produce results in the months ahead. If not, the Fed is clearly willing to do
more. Consequently, we expect to see the long bond trend downward as we move
through the year. The end result should be an environment that is far more
positive for municipal bond investors--a stable, slow growth low inflation
climate where, after years of growing tax revenues, the credit quality of
municipalities nationwide is very high.
As of February 29, 2000, approximately 95.6% of the Fund's net 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 9.8 years with an effective duration of 5.8
years. The remainder of the Fund's assets was held in cash equivalents.++
Average Annual Total Return
<TABLE>
<CAPTION>
2/29/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year -4.67% -1.71%
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5 Year 4.03% 4.66%
--------------------------------
Since Inception 4.97% 5.39%
(5/29/92)
</TABLE>
[CHART]
Intermediate Tax-Free Intermediate Tax-Free Lehman Brothers
Bond (No-Load) Bond Fund (Load)* Municipal Bond Index
5/29/92 10,000 9,699 10,000
8/31/92 10,314 10,004 10,347
8/31/93 11,506 11,160 11,636
8/31/94 11,709 11,357 11,652
8/31/95 12,601 12,222 12,685
8/31/96 13,065 12,673 13,480
8/31/97 13,952 13,532 14,726
8/31/98 14,967 14,517 16,000
8/31/99 14,984 14,534 16,080
2/29/00 15,019 14,567 16,076
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Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 3.00%, the Fund's return for the period was -
2.88%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Intermediate Tax-Free Bond Fund is
measured against the Lehman Brothers Municipal Bond Index, an unmanaged index
that is considered to be representative of the performance of the municipal
bond market as a whole. The index does not reflect the deduction of expenses
associated with a mutual fund, such as investment management and fund
accounting fees. The Fund's performance reflects the deduction of fees for
these value-added services. 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.
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- 5 -
<PAGE>
THE AMERICAN PERFORMANCE SHORT-TERM INCOME FUND
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Designed to generate yield, the Fund was heavily weighted in mortgage-backed
securities over the course of the period. Having increased exposures in this
group over the past year, these securities continued to offer investors a
"relatively better deal" both in terms of credit quality and yield than others
in the short-end of the curve. Here, as with our other fixed income funds,
mortgage-backs contributed to the Fund's performance. For the six and twelve-
month periods ended February 29, 2000, Lipper Analytical Services ranked our
Fund in the 14th and 39th percentile or 16 of 114 and 43 of 111 funds in the
Short Investment Grade Debt Funds category, respectively. Even more
impressively, for the three year period ending the same date, the Fund is
ranked #1 out of 99 funds in its category. The Fund was also rated 4 stars by
Morningstar among 1,676 fixed income funds for the 12-month period ended
February 29, 2000./1/,/2/
As impressive as this relative performance is, however, the period was a
lackluster one for fixed income investors in general. Having shortened
maturities to maximize its flexibility, the Fund was able to capitalize to some
extent on the increase in interest rates and produce a total return of 2.49%
(without sales charge)+ for the six months ended February 29, 2000. Its
benchmark, the Merrill Lynch 1-5 = Year U.S. Government/Corporate Index
produced a total return of 1.72% over the same period.
As of February 29, 2000, approximately 84.4% of the Fund's net assets were
invested in mortgage-backed securities, 0.9% in asset-backed securities, 2.0%
in corporate bonds, 11% in U.S. Treasury and agency-related securities with the
remainder held in cash and cash equivalents. The average maturity of the
portfolio's holdings was 2.5 years; the average credit quality was AAA.++
Average Annual Total Return
<TABLE>
<CAPTION>
2/29/00 Load* No-Load
-------------------------------
<S> <C> <C>
1 Year 1.50% 3.62%
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5 Year 5.69% 6.11%
-------------------------------
Since Inception 5.56% 5.95%
(10/19/94)
</TABLE>
[CHART]
Short-Term Income Short-Term Merrill Lynch U.S.
Fund (No-Load) Income Fund (Load)* Govt./Corp. 1-5 yr. Index
10/19/94 10,000 9,804 10,000
8/31/95 10,481 10,276 10,879
8/31/96 10,967 10,752 11,410
8/31/97 11,828 11,596 12,288
8/31/98 12,830 12,578 13,288
8/31/99 13,300 13,040 13,730
2/29/00 13,633 13,365 13,966
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Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The American Performance Short Term Income Fund ranked 43 out of 111, 1 out
of 99 and 11 out of 68 for the one- three- and five-year periods, respectively,
for the short investment grade debt funds category 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 2/29/00.
/2/Morningstar proprietary ratings reflect risk-adjusted performance through
February 29, 2000. The ratings are subject to change every month. Past
performance is no guarantee for future results. Morningstar ratings are
calculated from a fund's three-, five- and 10-year returns (with fee
adjustments) in excess of 90-day Treasury bill returns, and a risk factor that
reflects fund performance below 90-day Treasury bill returns. The Fund received
5 stars for the three-year period and 4 stars for the five-year period and was
not rated for the 10-year period. It was rated among 1,676 and 1,263 fixed
income funds for the three- and five-year periods, respectively. The top ten
percent of funds in a rating category receive five stars; the next 22.5%
receive four stars; the next 35% receive three stars; the next 22.5% receive
two stars; and the bottom 10% receive one star.
+With the maximum sales charge of 2.00%, the Fund's return for the period was
0.46%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Short-Term Income Fund is measured
against the Merrill Lynch 1-5-Year U.S. Government/Corporate Index, an
unmanaged index considered to be representative of the performance of
investment-grade bonds with maturities of less than five years. The index does
not reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fees. The Fund's performance reflects
the deduction of fees for these value-added services. Investors cannot invest
directly in an index, although they can invest in its underlying securities.
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- 6 -
<PAGE>
THE AMERICAN PERFORMANCE INTERMEDIATE BOND FUND
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Throughout the six months ended February 29, 2000, the Fund was heavily
weighted in mortgage-backed securities in an effort to capture yield. In this
respect, the group did not disappoint and the higher yields on these securities
contributed to the Fund's performance. For the six and twelve-month periods
ended February 29, 2000, Lipper Analytical Services ranked our Fund in the 23rd
and 31st percentile or 25 of 109 and 32 of 103 funds in the Short Intermediate
Investment Grade Debt Funds category./1/
Despite this high ranking, however, the six months ended February 29, 2000 were
somewhat disappointing ones for intermediate funds in general as the impact of
rising rates was felt. Our Fund was no exception. The Fund's benchmark the
Lehman Brothers Intermediate Government/Corporate Bond produced a return of
1.45% over the course of the period, the Fund generated a return of 1.81%
(without sales charge).+
Anticipating higher rates ahead, the Fund's maturities were shortened
throughout the period in an effort to maximize its flexibility. As of February
29, 2000, the average maturity of the Fund's portfolio was 4.4 years; the
average credit quality of the portfolio's holdings was AA. As of February 29,
2000 5.2% of the Fund's net assets were invested in asset-backed securities,
49.2% in mortgage-related securities, 20.6% in corporate bonds, 4.4% in
municipal bonds, 15.3% in U.S. Treasury securities and government agencies,
with the remainder invested in cash and cash equivalents.++
Average Annual Total Return
<TABLE>
<CAPTION>
2/29/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year -0.68% 2.40%
--------------------------------
5 Year 5.22% 5.86%
--------------------------------
Since Inception 6.22% 6.57%
(9/28/90)
</TABLE>
[CHART]
Intermediate Bond Intermediate Lehman Brothers Inter.
Fund (No-Load) Bond Fund (Load)* Govt./Corp. Bond Index
9/28/90 10,000 9,699 10,000
8/31/91 11,142 10,807 11,194
8/31/92 12,525 12,148 12,663
8/31/93 13,657 13,247 13,825
8/31/94 13,502 13,096 13,776
8/31/95 14,422 13,988 15,079
8/31/96 14,914 14,466 15,747
8/31/97 16,163 15,678 17,076
8/31/98 17,587 17,058 18,609
8/31/99 17,873 17,335 19,018
2/29/00 18,207 17,660 19,294
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Past performance is not predictive of future results. The investment return and
NAV will fluctuate so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
/1/The American Performance Intermediate Bond Fund ranked 32 out of 103, 7 out
of 75 and 25 out of 59 for the one-, three- and five-year periods,
respectively, for the short intermediate investment grade debt funds category
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 2/29/00.
+With the maximum sales charge of 3.00%, the Fund's return for the period was -
1.23%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Intermediate Bond Fund is measured
against the Lehman Brothers Intermediate Government/Corporate Bond Index, an
unmanaged index considered to be representative of the performance of
government and corporate bonds with maturities of less than 10 years. The index
does not reflect the deduction of expenses associated with a mutual fund, such
as investment management and fund accounting fees. The Fund's performance
reflects the deduction of fees for these value-added services. 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, yield was emphasized throughout the period. As a
result, the fund continued to be heavily weighted in mortgage-backed
securities. While this sector continued to generate solid yield, the impact of
rising rates coupled with investors' total disinterest in fixed income
securities was felt. The portfolio also had some exposure in the long end of
the Treasury market, which benefited as the government announced the earlier-
than-expected start of its buyback program. But, even for these issues, the
period was a lackluster one. For the six months ended February 29, 2000, the
Fund produced a total return of 1.82% (without sales charge)+ versus a return
of 1.93% for its benchmark, the Salomon Brothers Broad (Investment Grade) Bond
Index.
We are pleased that the Fund continued to perform well. For the six and
twelve-month periods ended February 29, 2000, Lipper Analytical Services
ranked our Fund in the 27th and 28th percentile or 79 of 297 and 76 of 279
funds in the Intermediate Investment Grade Debt Funds category,
respectively./1/
As of the same date, approximately 2.2% of the Fund's net assets were invested
in asset-backed securities, 51.3% in mortgage-backed securities, 20.4% in
corporate bonds, 7.6% in municipal bonds, 13.9% in U.S. Treasury and agency-
related securities with the remainder held in cash and cash equivalents. The
average maturity of the portfolio's holdings was approximately 8 years; the
average credit quality was AA.++
Average Annual Total Return
<TABLE>
<CAPTION>
2/29/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year -2.99% 1.08%
--------------------------------
5 Year 5.64% 6.50%
--------------------------------
Since Inception 6.81% 7.28%
(9/28/90)
</TABLE>
[CHART]
Salomon Brothers (Investment
Bond Fund (No-Load) Bond Fund (Load)* Grade) Bond Index
9/28/90 10,000 9,597 10,000
8/31/91 11,312 10,856 11,365
8/31/92 12,750 12,236 12,922
8/31/93 14,248 13,675 14,354
8/31/94 13,975 13,412 14,146
8/31/95 15,122 14,513 15,754
8/31/96 15,552 14,925 16,404
8/31/97 17,111 16,422 18,044
8/31/98 19,091 18,322 19,939
8/31/99 19,034 18,267 20,114
2/29/00 19,388 18,606 20,502
- -------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return
and NAV will fluctuate, so that the investor's shares, when redeemed, may be
worth more or less than the original cost.
+With the maximum sales charge of 4.00%, the Fund's return for the period was-
2.23%.
/1/The American Performance Bond Fund ranked 76 out 279, 21 out of 203 and 45
out of 149 for the one-, three- and five-year periods, respectively for the
intermediate investment grade debt funds category as reported by Lipper
Analytical Services. The Fund was not ranked for the 10-year period. Lipper
rankings are based on total return and do not include the effect of a sales
charge. All rankings are as of 2/29/00.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Bond Fund is measured against the
Salomon Brothers Broad (Investment Grade) Bond Index, an unmanaged index
considered to be representative of the performance of investment-grade
corporate and U.S. Government bonds in general. The index does not reflect the
deduction of expenses associated with a mutual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services. Investors cannot invest
directly in an index, although they can invest in its underlying securities.
- -------------------------------------------------------------------------------
- 8 -
<PAGE>
THE AMERICAN PERFORMANCE BALANCED FUND
- -------------------------------------------------------------------------------
Despite all the sound and fury in the financial markets, the six months ended
February 29, 2000 were good ones for the Fund. While large cap growth stocks
generally did well, several tech names in the portfolio were among the
market's strongest performers. Our holdings in the small cap sector and, even
more surprisingly given the market's current growth bias, our holdings in the
value arena also produced positive returns. The environment in the bond
markets was somewhat more challenging. But Fund's holdings here were focused
on mortgage-backed securities, which continued to generate strong cash flows.
In short, throughout the period, the portfolio's holdings worked together to
move forward--rather than has been the case in the past of stronger sectors
compensating for weakness of others. Consequently, for the six months ended
February 29, 2000, the Fund produced a total return of 3.64% (without sales
charge) +, versus its benchmarks, the S&P 500 Stock Index and the Salomon
Brothers Broad (Investment Grade) Bond Index, which posted total returns of
4.10% and 1.93% respectively.
Slower growth ahead
Despite seemingly unbounded enthusiasm for large cap technology issues, in
recent weeks it was clear that investors are now beginning to look beyond
them. With the valuation gap between these issues and all others in the
marketplace so wide, attractive opportunities abound--and many, as we saw with
the brief "old economy" rally at the end of the period, have become just too
tempting to ignore. As a result, we expect to see the market broaden in the
coming months--and those investors who have stood strong and maintained
diversified portfolios to benefit. We're also optimistic about the prospects
for the fixed income markets in the months ahead. With rates moving higher,
the inflation-adjusted returns on long and intermediate bonds is now very
attractive.
As of February 29, 2000, approximately 64% of the Fund's net assets were
invested in stocks and 32.8% in bonds
Average Annual Total Return
<TABLE>
<CAPTION>
2/29/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 0.71% 6.02%
--------------------------------
Since Inception 13.55% 14.79%
(6/1/95)
</TABLE>
and the remainder in cash and equivalents. The average credit quality of the
fixed income holdings in the portfolio was AA; the average maturity was 8.7
years. The top five holdings in the equity portion of the Fund's portfolio
were Microsoft Corp. (3.27% of net assets), Cisco Systems, Inc. (3.08%),
General Electric Co. (3.08%), Intel Corp. (3.01%) and Oracle Corp. (1.60%).++
[CHART]
Balanced Balanced S&P 500 Salomon Brothers
Fund Fund Stock (Investment Grade) Lipper Balanced
(No-Load) (Load)* Index Bond Index Funds Average
6/1/95 10,000 9,497 10,000 10,000 10,000
8/31/95 10,698 10,159 10,361 10,165 10,528
8/31/96 11,860 11,263 12,229 10,584 11,673
8/31/97 14,983 14,229 17,295 11,642 14,527
8/31/98 15,665 14,877 18,699 12,864 14,931
8/31/99 18,565 17,631 26,143 12,977 17,713
2/29/00 19,241 18,273 27,215 13,227 18,347
- -------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return
and NAV will fluctuate, so that the investor's shares, when redeemed, may be
worth more or less than the original cost.
+With the maximum sales charge of 5.00%, the Fund's return for the period was-
1.56%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Balanced Fund is measured against
the S&P 500 Stock Index, an unmanaged index considered to be representative
the performance of the U.S. stock market as a whole, and the Salomon Brothers
Broad (Investment Grade) Bond Index, which is widely used to represent the
performance of investment-grade corporate and U.S. Government bonds. The
indices do not reflect the deduction of expenses associated with a mutual
fund, such as investment management and fund accounting fees. The Fund's
performance reflects the deduction of fees for these value-added services.
Investors cannot invest directly in an index, although they can invest in its
underlying securities.
- -------------------------------------------------------------------------------
- 9 -
<PAGE>
THE AMERICAN PERFORMANCE EQUITY FUND
- --------------------------------------------------------------------------------
Despite Chairman Greenspan's musings, investors seem to live in a world of
their own throughout the six months ended February 29, 2000. Over the course of
the period, they drove several of the large cap tech stocks to record highs and
pumped money into the hottest areas of the "new economy"--fiber optics,
wireless, semi conductors and biotechnology. All other sectors of the market
suffered from neglect.
Market-weighted in the technology sector, the portfolio did participate in the
market's rise. Holdings in Oracle (1.84% of net assets), Qualcomm (1.05%),
Applied Materials (1.12%), Sun Microsystems (1.25%) and Powertel (0.43%) made
very impressive contributions to performance. But, as always, we remained
committed to our diversified strategy--and our positions in other sectors just
could not keep up with the torrid pace set by the tech stocks. For the six
months ended February 29, 2000, the Fund posted a total return of 2.01%
(without sales charge)+ versus its benchmark, the S&P 500 Stock Index, which
posted a return of 4.10% over the same period.++
Old Economy versus the New
Very simply, activity in the stock market reflects activity in the economy.
Thus it is no surprise that, given their rate of growth and rapidly expanding
role in our economy, technology and telecommunication stocks have been the
focus of literally all eyes. Yet, unlike many tech issues, many "old line"
businesses generate large, steady revenues and, even more intriguingly, will
never face the threat of overnight obsolescence.
We believe, at some point--though it is impossible to predict how or what will
trigger it--market valuations should be resolved. Moreover, as the tech stocks
move higher, the risks involved in investing solely in this sector increase as
well. As a result, while our portfolio is well represented in the tech arena,
we remain committed to a diversified strategy.
As of February 29, 2000, the top five holdings in the Fund's portfolio were
Average Annual Total Return
<TABLE>
<CAPTION>
2/29/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 0.61% 5.89%
--------------------------------
5 Year 19.52% 20.76%
--------------------------------
Since Inception 14.51% 15.14%
(9/28/90)
</TABLE>
Cisco Systems, Inc. (4.84% of net assets), General Electric Co. (4.28%), Intel
Corp. (3.73%), Microsoft Corp. (3.66%) and Home Depot, Inc. (1.84%).++
[CHART]
Equity (No-Load) Equity (Load)* S&P 500 Stock Index
9/28/90 10,000 9,497 10,000
8/31/91 12,457 11,830 13,345
8/31/92 11,961 11,359 14,406
8/31/93 13,770 13,077 16,586
8/31/94 14,411 13,686 17,491
8/31/95 17,256 16,388 21,243
8/31/96 20,453 19,424 25,216
8/31/97 28,681 27,230 35,459
8/31/98 28,910 27,455 38,338
8/31/99 36,982 35,121 53,600
2/29/00 37,726 35,827 55,798
- --------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 5.00%, the Fund's return for the period was-
3.11%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Equity Fund is measured against the
S&P 500 Stock Index, an unmanaged index that consists of 500 stocks chosen for
market size, liquidity and industry group representation and is one of the most
widely used benchmarks of U.S. equity performance. The index does not reflect
the deduction of expenses associated with a mutual fund, such as investment
management and fund accounting fees. The Fund's performance reflects the
deduction of fees for these value-added services. Investors cannot invest
directly in an index, although they can invest in its underlying securities.
- --------------------------------------------------------------------------------
- 10 -
<PAGE>
THE AMERICAN PERFORMANCE GROWTH EQUITY FUND
- --------------------------------------------------------------------------------
While large cap growth stocks did well during the six months ended February 29,
2000, a very small number of names experienced the gains that made the
headlines. With holdings in many of these issues, like Oracle (3.24% of net
assets), Qualcomm (2.05%), Sun Microsystems (2.93%), Corning (1.32%) and
Applied Materials (1.03%), the Fund participated in the rise. Yet, our
portfolio, like most diversified funds held positions in companies that were
beyond the spotlight's glare. Lacking the "sizzle" necessary to attract
investors' attention, many large cap growth issues struggled during the
period.++
Ultimately, because industry averages are now so reflective of the performance
of tech and telecom names, a good many "old economy" large cap growth issues
underperformed. Invested in these issues as well as technology, the Fund's
performance was impacted. For the six months ended February 29, 2000, the Fund
posted a total return of 10.05% (without sales charge)+ versus its benchmark,
the S&P 500 Stock Index, which posted a return of 4.10% over the same period.
Risks increase with rewards
As the reign of the technology and telecomm stocks rolls on, it seems harder
than ever to believe it will ever end. Yet as these groups move higher, the
valuation disparity between them and all other groups in the market place
widens--and the risks involved in investing in these sectors increases.
Inevitably, the valuation gap will be resolved--if for no other reason than the
values available in other sectors become too attractive to ignore.
In recent weeks as many "old economy" growth stocks hit bargain levels, we have
seen some evidence that this will lead to better performance. We believe that,
despite their lack of glamour and relatively low current stock prices, old-line
businesses are not wilting away. Moreover, at current levels, there are
outstanding opportunities available for investors pursuing a diversified
strategy such as ours. As a result, we are optimistic about the prospects for
the fund in the months ahead.
Average Annual Total Return
<TABLE>
<CAPTION>
2/29/00 Load* No-Load
--------------------------------
<S> <C> <C>
1 Year 10.58% 16.40%
--------------------------------
Since Inception 24.85% 27.65%
(11/3/97)
</TABLE>
As of February 29, 2000 the top five equity holdings in the Fund's portfolio
were Microsoft Corp. (6.96% of net assets), Cisco Systems, Inc. (6.61%), Intel
Corp. (6.22%), General Electric Co., (4.79%) and Oracle Corp. (3.24%).++
[CHART]
Growth Equity Growth Equity
Fund (No-Load) Fund (Load)* S&P 500 Index
11/3/97 10,000 9,500 10,000
8/31/98 11,269 10,702 10,605
8/31/99 16,023 15,217 14,827
2/29/00 17,634 16,747 15,435
- --------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 5.00%, the Fund's return for the period was
4.58%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Growth Equity Fund is measured
against the S&P 500 Stock Index, an unmanaged index that consists of 500 stocks
chosen for market size, liquidity and industry group representation and is one
of the most widely used benchmarks of U.S. equity performance. The index does
not reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fees. The Fund's performance reflects
the deduction of fees for these value-added services. Investors cannot invest
directly in an index, although they can invest in its underlying securities.
- --------------------------------------------------------------------------------
- 11 -
<PAGE>
AMERICAN PERFORMANCE SMALL CAP EQUITY FUND
- --------------------------------------------------------------------------------
The sheer attractiveness of values available in the small cap sector persuaded
investors to give the group some long overdue attention during the six months
ended February 29, 2000. As a result, the valuation gap between the small caps
and larger issues narrowed over the course of the period. Nonetheless, in this
sector like all others, growth issues led the way--and here, technology,
telecom and biotech stocks were investors' clear favorites.
Well represented in these groups, the Fund benefited from the impressive gains
posted by names such as Incyte Pharmaceutical (2.66% of net assets), Protein
Design Lab (2.11%), Aspect Communications (1.17%), and Mercury Interactive
(2.56%). At the same time, however, the Fund held positions in other sectors--
and like other diversified funds, performance was impacted by investors' lack
of enthusiasm for "old economy" businesses, no matter how strong their
fundamentals. As a result, for the six months ended February 29, 2000, the Fund
posted a total return of 17.11% (without sales charge)+ versus its benchmark,
the S&P SmallCap 600 Index, which posted a return of 24.21% over the same
period.++
Plenty of Room to Grow
Looking ahead, we expect the Fed to persevere and succeed in slowing our
economy. In a slower economy, larger capitalization companies can rely on
overseas markets to maintain and, even increase revenues. Smaller cap issues do
not always have this opportunity. Realizing this, enthusiasm for the small cap
sector is now somewhat muted--and may remain so until the direction of the
economy is resolved.
At the same time, the valuation gap between small and large cap issues still
looms. Astonishingly attractive opportunities still abound--and, even in the
light of a slower economy, many are too attractive to be ignored much longer.
As a result, we are optimistic about the prospects for the small cap sector in
general and for the fund in particular in the months ahead.
AVERAGE ANNUAL TOTAL RETURN
<TABLE>
<CAPTION>
2/29/00 Load* No-Load
-------------------------------
<S> <C> <C>
1 year 17.52 23.68
-------------------------------
Since Inception 15.99 21.96
(2/17/99)
</TABLE>
As of February 29, 2000 the Fund's top five holdings were Incyte
Pharmaceuticals (2.66% of net assets), Mercury Interactive Corp. (2.56%),
Protein Design Labs, Inc. (2.11%), IDEC Pharmaceuticals Corp. (1.87%) and
Micrel, Inc. (1.67%).++
[CHART]
Small Cap Equity Small Cap
Fund (No-Load) Equity Fund (Load)* Small Cap 600 Index
2/17/99 10,000 9,500 10,000
2/28/99 9,920 9,421 9,984
8/31/99 10,477 9,949 10,877
2/29/00 12,269 11,651 13,510
- --------------------------------------------------------------------------------
Past performance is not predictive of future results. The investment return and
NAV will fluctuate, so that the investor's shares, when redeemed, may be worth
more or less than the original cost.
+With the maximum sales charge of 5.00%, the Fund's return for the six-month
period was 11.26%.
++The composition of the Fund's portfolio is subject to change.
Certain fees of the Fund are currently being waived, resulting in higher
returns than would occur if full fees were charged.
The performance of the American Performance Small Cap Equity Fund is measured
against the S&P SmallCap 600 Index, an unmanaged index that tracks the
performance of domestic, small-capitalization stocks. The index does not
reflect the deduction of expenses associated with a mutual fund, such as
investment management and fund accounting fees. The Fund's performance reflects
the deduction of fees for these value-added services. 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
Statements of Assets and Liabilities
Page 14
Statements of Operations
Page 17
Statements of Changes in Net Assets
Page 20
Schedules of Portfolio Investments
Page 25
Notes to Financial Statements
Page 72
Financial Highlights
Page 77
- 13 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
U.S. Cash
Treasury Management
Fund Fund
------------ ------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost.................... $188,258,104 $458,023,750
Repurchase agreements, at cost.................... 306,811,166 153,670,670
------------ ------------
Total Investments................................. 495,069,270 611,694,420
Interest and dividends receivable................. 48,888 2,458,070
Prepaid expenses and other assets................. 6,125 12,387
------------ ------------
Total Assets.................................... 495,124,283 614,164,877
------------ ------------
LIABILITIES:
Dividends payable................................. 2,041,867 2,295,644
Payable for investments purchased................. -- 10,000,000
Payable for capital shares redeemed............... 1,100 --
Accrued expenses and other payables:
Investment advisory fees......................... 165,321 126,424
Administration fees.............................. 16,230 15,038
Other liabilities................................ 14,014 37,216
------------ ------------
Total Liabilities............................... 2,238,532 12,474,322
------------ ------------
COMPOSITION OF NET ASSETS:
Capital........................................... 492,889,842 601,691,196
Undistributed net investment income............... 7,932 7,509
Accumulated net realized losses on investment
transactions..................................... (12,023) (8,150)
------------ ------------
Net Assets...................................... $492,885,751 $601,690,555
============ ============
Shares of beneficial interest issued and
outstanding...................................... 492,889,842 601,691,196
============ ============
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.
- 14 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Intermediate
Tax-Free Intermediate
Bond Short-Term Bond Bond
Fund Income Fund Fund Fund
------------ ----------- ------------ -----------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $27,413,015;
$64,617,164; $85,010,812
and $58,553,309,
respectively)............ $26,849,390 $63,410,778 $82,888,896 $56,912,720
Interest and dividends
receivable............... 337,237 382,863 795,027 653,636
Receivable for investments
sold..................... -- 629 726 --
Prepaid expenses and other
assets................... 1,552 2,817 3,328 3,175
----------- ----------- ----------- -----------
Total Assets............ 27,188,179 63,797,087 83,687,977 57,569,531
----------- ----------- ----------- -----------
LIABILITIES:
Dividends payable......... 101,745 341,794 417,191 302,045
Payable for investments
purchased................ -- -- 1,880 --
Accrued expenses and other
payables:
Investment advisory fees. 7,624 -- 23,102 16,000
Administration fees...... 893 2,086 2,734 1,884
Distribution fees........ -- 8,692 16,502 11,429
Other liabilities........ 4,016 24,751 19,784 13,190
----------- ----------- ----------- -----------
Total Liabilities....... 114,278 377,323 481,193 344,548
----------- ----------- ----------- -----------
COMPOSITION OF NET ASSETS:
Capital................... 27,637,766 64,816,186 86,166,597 59,405,913
Undistributed
(distributions in excess
of) net investment
income................... 15,281 21,650 (12,699) 8,164
Accumulated net realized
losses on investment
transactions............. (15,521) (211,686) (825,198) (548,505)
Net unrealized
depreciation on
investments.............. (563,625) (1,206,386) (2,121,916) (1,640,589)
----------- ----------- ----------- -----------
Net Assets.............. $27,073,901 $63,419,764 $83,206,784 $57,224,983
=========== =========== =========== ===========
Shares of beneficial
interest issued and
outstanding.............. 2,647,744 6,452,563 8,356,913 6,319,386
=========== =========== =========== ===========
Net asset value and
redemption price per
share: ($0.00001
par value per share,
unlimited number of
shares authorized)....... $ 10.23 $ 9.83 $ 9.96 $ 9.06
=========== =========== =========== ===========
Maximum Sales Charge...... 3.00% 2.00% 3.00% 4.00%
=========== =========== =========== ===========
Maximum Offering Price
(100%/(100%-maximum sales
charge) of net asset
value adjusted to the
nearest cent) per share.. $ 10.55 $ 10.03 $ 10.27 $ 9.44
=========== =========== =========== ===========
</TABLE>
See notes to financial statements.
- 15 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Assets and Liabilities
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Growth Small Cap
Balanced Equity Equity Equity
Fund Fund Fund Fund
----------- ------------ ------------ ----------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
(Cost $55,546,346;
$111,915,330;
$122,115,379 and
$6,884,131,
respectively)........... $60,163,797 $153,685,878 $169,107,920 $8,297,143
Interest and dividends
receivable.............. 286,694 177,079 88,340 4,968
Deferred organization
costs................... -- -- 20,366 --
Prepaid expenses and
other assets............ 2,295 4,778 3,750 1,999
----------- ------------ ------------ ----------
Total Assets........... 60,452,786 153,867,735 169,220,376 8,304,110
----------- ------------ ------------ ----------
LIABILITIES:
Payable for capital
shares redeemed......... -- -- 413 --
Accrued expenses and
other payables:
Investment advisory
fees................... 20,217 62,794 67,048 --
Administration fees..... 1,964 5,028 5,481 263
Distribution fees....... -- 31,397 33,524 --
Other liabilities....... 13,795 32,218 27,102 9,788
----------- ------------ ------------ ----------
Total Liabilities...... 35,976 131,437 133,568 10,051
----------- ------------ ------------ ----------
COMPOSITION OF NET ASSETS:
Capital.................. 56,209,640 105,713,193 120,907,777 7,047,932
Undistributed
(distributions in excess
of) net investment
income.................. 214,946 2,319 (144,824) 4,512
Accumulated undistributed
(distributions in excess
of) net realized gains
on investment
transactions............ (625,227) 6,250,238 1,331,314 (171,397)
Net unrealized
appreciation on
investments............. 4,617,451 41,770,548 46,992,541 1,413,012
----------- ------------ ------------ ----------
Net Assets............. $60,416,810 $153,736,298 $169,086,808 $8,294,059
=========== ============ ============ ==========
Shares of beneficial
interest issued and
outstanding............. 4,706,977 9,965,012 11,165,512 685,869
=========== ============ ============ ==========
Net asset value and
redemption price per
share: ($0.00001 par
value per share,
unlimited number of
shares authorized)...... $ 12.84 $ 15.43 $ 15.14 $ 12.09
=========== ============ ============ ==========
Maximum Sales Charge..... 5.00% 5.00% 5.00% 5.00%
=========== ============ ============ ==========
Maximum Offering Price
(100%/(100%-maximum
sales charge) of net
asset value adjusted to
the nearest cent) per
share................... $ 13.52 $ 16.24 $ 15.94 $ 12.73
=========== ============ ============ ==========
</TABLE>
See notes to financial statements.
- 16 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the six months ended February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
U.S. Cash
Treasury Management
Fund Fund
----------- -----------
<S> <C> <C>
Investment Income:
Interest income..................................... $12,343,229 $15,669,141
----------- -----------
Total Income...................................... 12,343,229 15,669,141
----------- -----------
Expenses:
Investment advisory fees............................ 920,435 1,117,568
Administration fees................................. 460,217 558,784
Distribution fees................................... 575,270 698,477
Fund accounting fees................................ 49,070 57,042
Custodian fees...................................... 69,035 83,820
Transfer agent fees................................. 46,882 58,531
Trustees fees....................................... 4,838 5,760
Other expenses...................................... 74,512 77,104
----------- -----------
Total Expenses.................................... 2,200,259 2,657,086
Expenses voluntarily reduced........................ (575,270) (1,117,568)
----------- -----------
Net Expenses...................................... 1,624,989 1,539,518
----------- -----------
Net Investment Income............................... 10,718,240 14,129,623
----------- -----------
Realized Gains On Investments
Net realized gains on investment transactions....... -- 283
----------- -----------
Net realized gains on investments................... -- 283
----------- -----------
Change in net assets resulting from operations....... $10,718,240 $14,129,906
=========== ===========
</TABLE>
See notes to financial statements.
- 17 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the six months ended February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term Intermediate
Bond Income Bond Bond
Fund Fund Fund Fund
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
Investment Income:
Interest income............. $ 763,689 $2,126,095 $ 2,950,494 $2,160,616
Dividend income............. 6,336 -- -- --
Dividend income from
affiliates................. -- 58,820 36,587 30,030
--------- ---------- ----------- ----------
Total Income.............. 770,025 2,184,915 2,987,081 2,190,646
--------- ---------- ----------- ----------
Expenses:
Investment advisory fees.... 79,285 176,993 234,438 165,999
Administration fees......... 28,831 64,361 85,251 60,364
Distribution fees........... 36,038 80,451 106,563 75,454
Fund accounting fees........ 8,329 34,877 30,276 20,255
Custodian fees.............. 4,325 9,654 12,788 9,055
Transfer agent fees......... 5,345 7,156 10,590 6,578
Trustees fees............... 186 728 1,130 728
Other expenses.............. 9,366 24,603 22,104 17,076
--------- ---------- ----------- ----------
Total Expenses............ 171,705 398,823 503,140 355,509
Expenses voluntarily
reduced.................... (64,869) (202,738) (85,251) (60,364)
--------- ---------- ----------- ----------
Net Expenses.............. 106,836 196,085 417,889 295,145
--------- ---------- ----------- ----------
Net Investment Income....... 663,189 1,988,830 2,569,192 1,895,501
--------- ---------- ----------- ----------
Realized/Unrealized Losses On
Investments:
Net realized losses on
investment transactions.... (9,976) (154,378) (259,522) (478,012)
Change in unrealized
depreciation on investment
transactions............... (625,594) (252,173) (780,040) (368,934)
--------- ---------- ----------- ----------
Net realized and unrealized
losses on investments...... (635,570) (406,551) (1,039,562) (846,946)
--------- ---------- ----------- ----------
Change in net assets
resulting from operations... $ 27,619 $1,582,279 $ 1,529,630 $1,048,555
========= ========== =========== ==========
</TABLE>
See notes to financial statements.
- 18 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Operations
For the six months ended February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Growth Small Cap
Balanced Equity Equity
Fund Equity Fund Fund Fund
---------- ----------- ----------- ----------
<S> <C> <C> <C> <C>
Investment Income:
Interest income............... $ 670,208 $ -- $ -- $ 288
Dividend income............... 213,751 1,134,048 543,404 27,185
Dividend income from
affiliates................... 55,035 68,878 152,969 6,134
---------- ----------- ----------- ----------
Total Income................ 938,994 1,202,926 696,373 33,607
---------- ----------- ----------- ----------
Expenses:
Investment advisory fees...... 219,056 594,552 532,265 26,372
Administration fees........... 59,205 172,334 154,280 7,644
Distribution fees............. 74,005 215,417 192,849 9,555
Fund accounting fees.......... 16,411 26,881 23,720 2,739
Audit fees.................... 3,856 7,090 6,596 4,664
Custodian fees................ 8,881 25,851 23,143 1,147
Organization fees............. -- -- 5,278 --
Registration and filing fees.. 2,911 4,028 8,143 3,076
Transfer agent fees........... 6,416 21,516 19,225 764
Trustees fees................. 728 2,408 1,740 72
Other expenses................ 8,702 26,301 20,159 1,357
---------- ----------- ----------- ----------
Total Expenses.............. 400,171 1,096,378 987,398 57,390
Expenses voluntarily reduced.. (168,733) (163,718) (146,567) (35,927)
---------- ----------- ----------- ----------
Net Expenses................ 231,438 932,660 840,831 21,463
---------- ----------- ----------- ----------
Net Investment income (loss).. 707,556 270,266 (144,458) 12,144
---------- ----------- ----------- ----------
Realized/Unrealized Gains
(Losses) On Investments:
Net realized gains (losses) on
investment transactions...... (557,000) 7,330,149 1,385,612 (142,209)
Change in unrealized
appreciation/(depreciation)
on investment transactions... 1,910,555 (3,367,440) 12,354,570 1,376,485
---------- ----------- ----------- ----------
Net realized and unrealized
gains on investments......... 1,353,555 3,962,709 13,740,182 1,234,276
---------- ----------- ----------- ----------
Change in net assets resulting
from operations............... $2,061,111 $ 4,232,975 $13,595,724 $1,246,420
========== =========== =========== ==========
</TABLE>
See notes to financial statements.
- 19 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
U.S. Treasury Fund Cash Management Fund
------------------------------ ------------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
February 29, August 31, February 29, August 31,
2000 1999 2000 1999
------------- --------------- ------------- ---------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income. $ 10,718,240 $ 17,366,637 $ 14,129,623 $ 23,363,383
Net realized gains
(losses) on
investment
transactions......... -- (12,023) 283 (8,431)
------------- --------------- ------------- ---------------
Change in net assets
from operations....... 10,718,240 17,354,614 14,129,906 23,354,952
------------- --------------- ------------- ---------------
Distributions to
Shareholders:
From net investment
income............... (10,718,240) (17,366,637) (14,129,623) (23,363,383)
------------- --------------- ------------- ---------------
Change in net assets
from shareholder
distributions......... (10,718,240) (17,366,637) (14,129,623) (23,363,383)
------------- --------------- ------------- ---------------
Capital Transactions:
Proceeds from shares
issued............... 577,357,609 1,310,712,928 664,711,408 1,239,471,976
Dividends reinvested.. 74,717 48,968 9,670 22,689
Cost of shares
redeemed............. (478,961,559) (1,304,653,860) (614,910,855) (1,154,176,913)
------------- --------------- ------------- ---------------
Change in net assets
from capital
transactions.......... 98,470,767 6,108,036 49,810,223 85,317,752
------------- --------------- ------------- ---------------
Change in net assets... 98,470,767 6,096,013 49,810,506 85,309,321
Net Assets:
Beginning of period... 394,414,984 388,318,971 551,880,049 466,570,728
------------- --------------- ------------- ---------------
End of period......... $ 492,885,751 $ 394,414,984 $ 601,690,555 $ 551,880,049
============= =============== ============= ===============
Share Transactions:
Issued................ 577,357,609 1,310,712,928 664,711,408 1,239,471,976
Reinvested............ 74,717 48,968 9,670 22,689
Redeemed.............. (478,961,559) (1,304,653,860) (614,910,855) (1,154,176,913)
------------- --------------- ------------- ---------------
Change in Shares....... 98,470,767 6,108,036 49,810,223 85,317,752
============= =============== ============= ===============
</TABLE>
See notes to financial statements.
- 20 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term
Bond Fund Income Fund
------------------------- --------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
February 29, August 31, February 29, August 31,
2000 1999 2000 1999
------------ ----------- ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income... $ 663,189 $ 1,323,754 $ 1,988,830 $ 3,172,014
Net realized gains
(losses) on investment
transactions........... (9,976) 160,296 (154,378) (26,791)
Net change in unrealized
depreciation on
investment
transactions........... (625,594) (1,455,800) (252,173) (1,389,792)
----------- ----------- ----------- ------------
Change in net assets from
operations.............. 27,619 28,250 1,582,279 1,755,431
----------- ----------- ----------- ------------
Distributions to
Shareholders:
From net investment
income................. (663,189) (1,323,754) (1,988,830) (3,172,014)
From net realized gains. (165,841) (95,497) -- --
In excess of net
realized gains ........ -- -- -- (16,447)
----------- ----------- ----------- ------------
Change in net assets from
shareholder
distributions........... (829,030) (1,419,251) (1,988,830) (3,188,461)
----------- ----------- ----------- ------------
Capital Transactions:
Proceeds from shares
issued................. 1,791,793 7,046,579 7,885,038 59,412,745
Dividends reinvested.... 268,846 276,273 522,309 999,811
Cost of shares redeemed. (4,538,441) (6,032,443) (7,104,369) (28,845,926)
----------- ----------- ----------- ------------
Change in net assets from
capital transactions.... (2,477,802) 1,290,409 1,302,978 31,566,630
----------- ----------- ----------- ------------
Change in net assets..... (3,279,213) (100,592) 896,427 30,133,600
Net Assets:
Beginning of period..... 30,353,114 30,453,706 62,523,337 32,389,737
----------- ----------- ----------- ------------
End of period........... $27,073,901 $30,353,114 $63,419,764 $ 62,523,337
=========== =========== =========== ============
Share Transactions:
Issued.................. 173,943 647,376 795,232 5,897,473
Reinvested.............. 26,101 25,272 52,760 99,303
Redeemed................ (441,132) (553,996) (718,882) (2,874,678)
----------- ----------- ----------- ------------
Change in Shares......... (241,088) 118,652 129,110 3,122,098
=========== =========== =========== ============
</TABLE>
See notes to financial statements.
- 21 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Intermediate Bond Fund Bond Fund
-------------------------- --------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
February 29, August 31, February 29, August 31,
2000 1999 2000 1999
------------ ------------ ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income.. $ 2,569,192 $ 5,095,981 $ 1,895,501 $ 3,378,030
Net realized gains
(losses) on investment
transactions.......... (259,522) 61,996 (478,012) 95,329
Net change in
unrealized
depreciation on
investment
transactions.......... (780,040) (3,713,168) (368,934) (3,614,380)
----------- ------------ ----------- ------------
Change in net assets
from operations........ 1,529,630 1,444,809 1,048,555 (141,021)
----------- ------------ ----------- ------------
Distributions to
Shareholders:
From net investment
income................ (2,569,192) (5,095,981) (1,895,501) (3,378,030)
----------- ------------ ----------- ------------
Change in net assets
from shareholder
distributions.......... (2,569,192) (5,095,981) (1,895,501) (3,378,030)
----------- ------------ ----------- ------------
Capital Transactions:
Proceeds from shares
issued................ 3,403,621 17,508,773 2,878,034 22,322,799
Dividends reinvested... 997,077 1,884,498 1,053,934 1,787,424
Cost of shares
redeemed.............. (7,286,644) (13,991,464) (8,581,436) (10,575,786)
----------- ------------ ----------- ------------
Change in net assets
from capital
transactions........... (2,885,946) 5,401,807 (4,649,468) 13,534,437
----------- ------------ ----------- ------------
Change in net assets.... (3,925,508) 1,750,635 (5,496,414) 10,015,386
Net Assets:
Beginning of period.... 87,132,292 85,381,657 62,721,397 52,706,011
----------- ------------ ----------- ------------
End of period.......... $83,206,784 $ 87,132,292 $57,224,983 $ 62,721,397
=========== ============ =========== ============
Share Transactions:
Issued................. 339,196 1,687,759 314,932 2,343,736
Reinvested............. 99,135 181,866 115,259 186,871
Redeemed............... (725,444) (1,353,613) (940,707) (1,103,597)
----------- ------------ ----------- ------------
Change in Shares........ (287,113) 516,012 (510,516) 1,427,010
=========== ============ =========== ============
</TABLE>
See notes to financial statements.
- 22 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Balanced Fund Equity Fund
------------------------- --------------------------
Six Months Six Months
Ended Year Ended Ended Year Ended
February 29, August 31, February 29, August 31,
2000 1999 2000 1999
------------ ----------- ------------ ------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 707,556 $ 1,322,110 $ 270,266 $ 637,691
Realized gains (losses) on
investment transactions... (557,000) 4,705,901 7,330,149 27,915,926
Net change in unrealized
appreciation/(depreciation)
on investment
transactions.............. 1,910,555 1,669,615 (3,367,440) 17,311,573
----------- ----------- ------------ ------------
Change in net assets from
operations................. 2,061,111 7,697,626 4,232,975 45,865,190
----------- ----------- ------------ ------------
Distributions to
Shareholders:
From net investment income. (722,678) (1,294,489) (360,905) (657,274)
From net realized gains.... (4,749,345) (2,183,054) (28,849,701) (10,290,881)
----------- ----------- ------------ ------------
Change in net assets from
shareholder distributions.. (5,472,023) (3,477,543) (29,210,606) (10,948,155)
----------- ----------- ------------ ------------
Capital Transactions:
Proceeds from shares
issued.................... 7,268,209 15,425,879 6,060,242 19,316,113
Dividends reinvested....... 5,469,184 3,472,606 26,460,920 10,603,164
Cost of shares redeemed.... (5,480,723) (7,203,269) (37,584,555) (48,023,525)
----------- ----------- ------------ ------------
Change in net assets from
capital transactions....... 7,256,670 11,695,216 (5,063,393) (18,104,248)
----------- ----------- ------------ ------------
Change in net assets........ 3,845,758 15,915,299 (30,041,024) 16,812,787
Net Assets:
Beginning of period........ 56,571,052 40,655,753 183,777,322 166,964,535
----------- ----------- ------------ ------------
End of period.............. $60,416,810 $56,571,052 $153,736,298 $183,777,322
=========== =========== ============ ============
Share Transactions:
Issued..................... 543,700 1,132,779 352,424 1,089,565
Reinvested................. 415,420 261,784 1,632,730 628,771
Redeemed................... (406,871) (526,889) (2,140,054) (2,683,372)
----------- ----------- ------------ ------------
Change in Shares............ 552,249 867,674 (154,900) (965,036)
=========== =========== ============ ============
</TABLE>
See notes to financial statements.
- 23 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
Growth Equity Fund Small Cap Equity Fund
-------------------------- ------------------------------
Six Months Six Months February 17, 1999
Ended Year Ended Ended through
February 29, August 31, February 29, August 31,
2000 1999 2000 1999 (a)
------------ ------------ ------------ -----------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income
(loss)............... $ (144,458) $ 15,523 $ 12,144 $ 11,531
Net realized gains
(losses) on
investment
transactions......... 1,385,612 18,308,527 (142,209) 61,567
Net change in
unrealized
appreciation on
investment
transactions......... 12,354,570 16,661,213 1,376,485 36,527
------------ ------------ ---------- ----------
Change in net assets
from operations....... 13,595,724 34,985,263 1,246,420 109,625
------------ ------------ ---------- ----------
Distributions to
Shareholders:
From net investment
income............... -- (52,151) (17,783) (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) (108,538) (2,885)
------------ ------------ ---------- ----------
Capital Transactions:
Proceeds from shares
issued............... 29,384,571 41,764,899 177,053 7,523,215
Dividends reinvested.. 17,606,396 3,093,162 90,872 163
Cost of shares
redeemed............. (8,614,552) (19,803,332) (501,292) (240,574)
------------ ------------ ---------- ----------
Change in net assets
from capital
transactions.......... 38,376,415 25,054,729 (233,367) 7,282,804
------------ ------------ ---------- ----------
Change in net assets... 33,710,500 56,699,462 904,515 7,389,544
Net Assets:
Beginning of period... 135,376,308 78,676,846 7,389,544 --
------------ ------------ ---------- ----------
End of period......... $169,086,808 $135,376,308 $8,294,059 $7,389,544
============ ============ ========== ==========
Share Transactions:
Issued................ 1,830,526 2,881,072 16,310 729,012
Reinvested............ 1,118,577 231,194 8,406 17
Redeemed.............. (537,711) (1,349,518) (44,339) (23,537)
------------ ------------ ---------- ----------
Change in Shares....... 2,411,392 1,762,748 (19,623) 705,492
============ ============ ========== ==========
</TABLE>
- --------
(a) Period from commencement of operations.
See notes to financial statements.
- 24 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
U.S. Treasury Fund
Schedule of Portfolio Investments
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Principal Amortized
Amount Security Description Cost
--------- -------------------------------------------------- ------------
<C> <S> <C>
U.S. Treasury Bills (38.2%):
$175,000,000 5.69%, 4/27/00.................................... $173,424,385
15,000,000 4.62%, 5/25/00.................................... 14,833,719
------------
Total U.S. Treasury Bills 188,258,104
------------
Repurchase Agreements (62.2%):
23,000,000 Bear Stearns, 5.75%, 3/1/00, (Purchased on
2/29/00, proceeds at maturity $23,003,674,
collateralized by $23,000,000 U.S. Treasury Note,
7.00%, 7/15/06, market value $23,547,632)........ 23,000,000
110,000,000 JP Morgan, 5.76%, 3/1/00, (Purchased on 2/29/00,
proceeds at maturity $110,017,600, collateralized
by $113,013,000 U.S. Treasury Notes, 5.88%,
11/15/04 and 5.63%, 2/28/01, market value
$112,200,785).................................... 110,000,000
23,000,000 Merrill Lynch, 5.55%, 3/1/00, (Purchased on
2/29/00, proceeds at maturity $23,003,546,
collateralized by $23,940,000 U.S. Treasury Note,
5.88%, 11/15/05, market value $23,478,012)....... 23,000,000
23,000,000 Morgan Stanley, 5.70%, 3/1/00, (Purchased on
2/29/00, proceeds at maturity $23,003,642,
collateralized by $24,120,000 U.S. Treasury Bill,
0.00%, 7/20/00, market value $23,579,712)........ 23,000,000
</TABLE>
<TABLE>
<CAPTION>
Principal Amortized
Amount Security Description Cost
--------- ------------------------------------------------ ------------
<C> <S> <C>
Repurchase Agreements, continued:
$104,811,166 SG Cowen, 5.75%, 3/1/00, (Purchased on 2/29/00,
proceeds at maturity $104,827,907,
collateralized by $107,778,000 U.S. Treasury
Notes, 5.50% to 6.50%, 10/31/01 to 10/15/06,
market value $107,034,094)..................... $104,811,166
23,000,000 Warburg Dillon Read, LLC, 5.77%, 3/1/00,
(Purchased on 2/29/00, proceeds at maturity
$23,003,686, collateralized by $21,401,000 U.S.
Treasury Note, 7.25%, 8/15/22, market value
$23,507,146)................................... 23,000,000
------------
Total Repurchase Agreements 306,811,166
------------
Total Investments (Cost $495,069,270)
(a) --100.4% 495,069,270
Liabilities in excess of other assets--(0.4)% (2,183,519)
------------
Total Net Assets--100.0% $492,885,751
============
</TABLE>
- --------
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
See notes to financial statements.
- 25 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- --------------------------------------------------- ------------
<C> <S> <C>
Certificates of Deposit (3.3%):
Yankee (3.3%):
$ 10,000,000 Bayerische Hypo Vereinsbank AG, 5.19%*, 3/15/00.... $ 9,998,748
10,000,000 Rabobank Nederland NY, 5.60%, 6/14/00.............. 9,999,173
------------
Total Certificates of Deposit 19,997,921
------------
Commercial Paper (25.4%):
Automotive (0.8%):
5,000,000 General Motors Corp., 5.76%, 3/10/00............... 4,992,800
------------
Banking (4.2%):
5,000,000 Merita North America, Inc., 5.37%, 3/20/00......... 4,985,829
10,000,000 Svenska Handelsbanken, Inc., 5.38%, 6/1/00......... 9,999,999
10,000,000 UBS Finance, 5.30%, 4/14/00........................ 9,935,222
------------
24,921,050
------------
Beverages & Tobacco (0.8%):
5,000,000 Anheuser-Busch Co., 5.80%, 4/10/00................. 4,967,778
------------
Brokerage Services (2.6%):
10,000,000 Bear Stearns, 5.48%, 4/11/00....................... 9,937,588
5,000,000 Goldman Sachs Group, 5.85%, 4/3/00................. 4,973,188
------------
14,910,776
------------
Computers & Peripherals (0.8%):
5,000,000 IBM Credit Corp., 5.84%, 4/18/00................... 4,961,067
------------
Drugs (1.7%):
5,000,000 Abbott Laboratories, 5.72%, 3/28/00................ 4,978,550
5,000,000 Pfizer, Inc., 5.74%, 3/14/00....................... 4,989,636
------------
9,968,186
------------
Electrical Equipment (0.8%):
5,000,000 Emerson Electric Co., 5.70%, 03/22/00.............. 4,983,375
------------
Financial Services (3.4%):
5,000,000 American Express Credit Corp., 5.82%, 4/14/00...... 4,964,433
5,000,000 Ford Motor Credit Corp., 5.66%, 3/10/00............ 4,992,924
5,000,000 Merrill Lynch & Co., Inc., 5.75%, 3/27/00.......... 4,979,236
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------- ------------
<C> <S> <C>
Commercial Paper, continued:
Financial Services continued:
$ 5,000,000 Salomon Smith Barney Holdings, Inc.,
5.85%, 5/4/00.................................... $ 4,948,000
------------
19,884,593
------------
Food Products & Services (0.8%):
5,000,000 Nestles Capital, 5.68%, 3/21/00................... 4,984,222
------------
Insurance (0.8%):
5,000,000 Prudential Funding, 5.78%, 4/4/00................. 4,972,706
------------
Manufacturing--Consumer Goods (0.6%):
3,460,000 Minnesota Mining & Manufacturing, 5.81%, 4/19/00.. 3,432,638
------------
Office Equipment & Services (0.8%):
5,000,000 Pitney Bowes, Inc., 5.72%, 3/24/00................ 4,981,728
------------
Oil--Intergrated Companies (1.6%):
5,000,000 BP Amoco Capital, 5.78%, 4/5/00................... 4,971,903
5,000,000 Chevron, 5.80%, 5/3/00............................ 4,949,250
------------
9,921,153
------------
Paper Products (0.8%):
5,000,000 Kimberly-Clark, 5.75% 3/29/00..................... 4,977,639
------------
Printing & Publishing (0.8%):
5,000,000 Washington Post,
5.68%, 3/6/00.................................... 4,996,056
------------
Retail--Department Stores (0.8%):
5,000,000 Wal-Mart Stores, Inc., 5.76%, 3/21/00............. 4,984,000
------------
Telecommunications (1.7%):
5,000,000 BellSouth Telecommunications, Inc., 5.76%,
3/20/00.......................................... 4,984,800
5,000,000 SBC Communications, 5.78%, 4/4/00................. 4,972,706
------------
9,957,506
------------
Transportation & Shipping (0.8%):
5,000,000 United Parcel Service, 5.60%, 3/31/00............. 4,976,667
------------
Utilities--Electric (0.8%):
5,000,000 General Electric Capital Corp., 5.82%, 4/7/00..... 4,970,092
------------
Total Commercial Paper 152,744,032
------------
</TABLE>
Continued
- 26 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Cash Management Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------- ------------
<C> <S> <C>
Corporate Bonds (16.6%):
Banking (13.3%):
$ 5,000,000 Banc One, 6.14%*, 3/17/00, MTN.................... $ 5,000,747
5,000,000 Bank of America Corp., 6.09%*, 3/20/00............ 5,000,034
10,000,000 First National Bank of Maryland, 6.09%*, 5/8/00,
MTN.............................................. 9,999,037
10,000,000 First Union, 6.06%*, 6/2/00, MTN.................. 10,000,000
10,000,000 Fleet National Bank, 6.16%*, 4/26/00.............. 10,002,532
10,000,000 Huntington National Bank, 5.99%*, 5/24/00, MTN.... 9,998,644
10,000,000 Key Bank, N. A., 6.04%*, 4/20/00.................. 10,000,794
10,000,000 PNC Bank, N. A., 5.77%*, 3/1/00................... 10,000,000
10,000,000 Wells Fargo & Co., 6.01%*, 3/10/00................ 9,999,878
------------
80,001,666
------------
Financial Services (3.3%):
10,000,000 JP Morgan & Co., Inc., 6.01%*, 3/1/00............. 10,000,017
5,240,000 Morgan Stanley Dean Witter, 6.49%*, 3/1/00, MTN... 5,240,000
3,000,000 Morgan Stanley Dean Witter, 6.18%*, 3/10/00, MTN.. 3,000,073
1,700,000 Morgan Stanley Dean Witter, 6.05%*, 4/3/00, MTN... 1,700,122
------------
19,940,212
------------
Total Corporate Bonds 99,941,878
------------
U.S. Government Agencies (23.4%):
Fannie Mae (2.5%):
5,000,000 5.77%, 5/4/00..................................... 4,948,756
10,000,000 6.20%, 12/27/00................................... 9,990,094
------------
14,938,850
------------
Federal Farm Credit Bank (3.3%):
20,000,000 5.78%, 4/3/00..................................... 20,000,000
------------
Federal Home Loan Bank (5.0%):
10,000,000 5.52%, 6/22/00.................................... 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
------------
30,000,000
------------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- ------------------------------------------------- ------------
<C> <S> <C>
U.S. Government Agencies, continued:
Freddie Mac (12.4%):
$ 25,000,000 5.64%, 3/24/00................................... $ 24,909,917
25,000,000 5.70%, 3/30/00................................... 24,885,208
25,000,000 5.70%, 4/4/00.................................... 24,865,417
------------
74,660,542
------------
Student Loan Marketing Assoc. (0.2%):
1,000,000 6.48%*, 8/4/00................................... 1,000,766
------------
Total U.S. Government Agencies 140,600,158
------------
U.S. Treasury Bills (7.4%):
25,000,000 5.15%, 3/23/00................................... 24,919,944
20,000,000 5.69%, 4/27/00................................... 19,819,817
------------
Total U.S. Treasury Bills 44,739,761
------------
Repurchase Agreements (25.6%):
100,000,000 Bear Stearns, 5.80%, 3/1/00, (Purchased on
2/29/00, proceeds at maturity $100,016,111,
collateralized by $25,000,000 Fannie Mae, 7.06%,
8/14/07, market value $24,104,312; $30,970,000
FHLB, 7.13%, 8/17/04, market value $30,584,625;
$33,345,000 Freddie Mac, 5.75%, 7/15/03, market
value $32,271,592; and $11,450,000 U.S. Treasury
Note, 12.00%, 8/15/13, market value
$15,265,245).................................... 100,000,000
53,670,670 CS First Boston, 5.80%, 3/1/00, (Purchased on
2/29/00, proceeds at maturity $53,679,317,
collateralized by $56,294,000 Fannie Maes,
0.00%, 8/11/00, market value $53,679,317)....... 53,670,670
------------
Total Repurchase Agreements 153,670,670
------------
Total Investments ($611,694,420) (a)--101.7% 611,694,420
Liabilities in excess of other assets--(1.7)% (10,003,865)
------------
Total Net Assets--100.0% $601,690,555
============
</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 February 29, 2000. The date presented
reflects the next rate change date.
MTN--Medium Term Note
See notes to financial statements.
- 27 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments
February 29, 2000
(Unaudited)
<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............................... $ 353,511
-----------
Texas (1.9%):
250,000 Texas State Student Loan, GO, 6.50%, 8/1/07, Callable
8/1/02 @ 100*........................................ 253,380
250,000 Texas State Student Loan, GO, 5.75%, 8/1/08, Callable
8/1/04 @ 100*........................................ 251,730
-----------
505,110
-----------
Total Alternative Minimum Tax Paper 858,621
-----------
Municipal Bonds (95.6%):
Alabama (1.7%):
500,000 Montgomery, Educational Building Facilities Authority,
Revenue Bond, Faulkner University Project, 4.95%,
10/01/14, Callable 10/1/08 @ 102*, Insured by: MBIA.. 462,350
-----------
Alaska (1.9%):
500,000 Alaska State Housing Financial Corp., Series A, 6.10%,
12/1/06.............................................. 522,705
-----------
Arizona (1.9%):
500,000 Arizona State University Revenue Refunding, Series A,
5.80%, 7/1/07, Callable 7/1/02 @ 101*................ 510,520
-----------
California (3.0%):
500,000 Folsom, School Facilities Project, GO, Series B,
6.00%, 8/1/06, Callable 8/1/04 @ 102*, Insured by:
FGIC................................................. 532,975
270,000 Los Angeles, Public Facilities Corp. Revenue, 5.40%,
8/1/07, Callable 2/1/01 @ 101*, ETM.................. 274,555
-----------
807,530
-----------
District of Columbia (1.9%):
500,000 District of Columbia Refunding, GO, Series B-1, 5.20%,
6/1/04, Insured by: AMBAC............................ 502,610
-----------
Florida (1.8%):
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..................... 491,300
-----------
Hawaii (1.8%):
500,000 State, GO, 5.13%, 2/1/07, Insured by: FGIC,TCRS....... 498,395
-----------
Illinois (11.5%):
400,000 Chicago Park District Funding, GO, Series A, 5.25%,
11/15/12, Callable 11/15/08 @ 100, Insured by: MBIA.. 389,480
500,000 Chicago Park District Refunding, GO, 5.45%, 1/1/04,
Callable 1/1/03 @ 102, Insured by: FGIC.............. 507,210
250,000 Chicago Project & Referendum, GO, Series B, 5.13%,
1/1/13, Callable 1/1/06 @ 102, Insured by: FGIC...... 235,758
500,000 Chicago School Finance Authority Refunding, GO, Series
A, 5.38%, 6/1/08, Callable 6/1/03 @ 102*, Insured by:
FGIC................................................. 501,295
500,000 Illinois Development Finance Authority, Pollution
Control Revenue Refunding, Commonwealth Edison Co.,
5.70%, 1/15/09, Insured by: AMBAC.................... 512,914
500,000 Illinois Health Facilities Authority, Revenue Bond,
Methodist Medical Center, 5.13%, 11/15/18, Callable
11/15/08 @ 101*...................................... 437,905
500,000 Illinois Health Facilities Revenue, OSF Healthcare
System, 5.75%, 11/15/07, Callable 11/15/03 @ 102*.... 502,120
-----------
3,086,682
-----------
</TABLE>
Continued
- 28 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued:
Indiana (5.4%):
$500,000 Blackford County School Building, Revenue Bond, First
Mortgage, 5.10%, 1/15/16, Callable 7/15/06 @ 101*,
Insured by: AMBAC, State Aid Withholding............. $ 455,495
600,000 Indiana State Office Building, Revenue Bond, Series B,
5.25%, 7/1/15, Callable 7/1/03 @ 102*, Insured by:
AMBAC................................................ 553,536
500,000 South Bend Water Works, Revenue Bond, 4.75%, 1/1/12,
Callable 1/1/06 @ 101*, Insured by: FSA.............. 455,445
-----------
1,464,476
-----------
Louisiana (1.8%):
500,000 Lousiana Public Facilities Authority, Lousiana Water
Co. Project, 5.45%, 2/1/13, Callable 8/1/07 @ 100*,
Insured by: AMBAC.................................... 492,510
-----------
Michigan (4.0%):
550,000 Detroit Sewer Disposal, Revenue Bond, Series A, 5.25%,
7/1/15, Callable 7/1/05 @ 101*, Insured by: MBIA..... 521,103
45,000 Holly Area School District, GO, 5.30%, 5/1/09,
Prerefunded 5/1/05 @ 101, Insured by: FGIC........... 45,892
600,000 Michigan State Building Authority, Revenue Bond,
Series I, 4.75%, 10/15/15, Callable 10/15/09 @ 100... 523,476
-----------
1,090,471
-----------
Minnesota (2.0%):
550,000 Southern Minnesota Municipal Power Agency, Power
Supply System Revenue, Series B, 5.00%, 1/1/10,
Callable 1/1/04 @ 102*, Insured by: AMBAC............ 530,492
-----------
Nevada (6.5%):
250,000 Clark County, Series A, Limited GO, 6.00%, 7/1/06,
Callable 7/1/03 @ 101*............................... 259,233
500,000 Las Vegas, Downtown Redevelopment Agency, Tax
Increment Revenue Refunding, 5.40%, 6/1/07, Callable
6/1/05 @ 101*, Insured by: FSA....................... 499,660
500,000 Reno, Hospital Revenue, St. Mary's Regional Medical
Center, 5.25%, 5/15/07, Callable 5/15/03 @ 102*,
Insured by: MBIA..................................... 497,000
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..... 509,855
-----------
1,765,748
-----------
New York (1.4%):
400,000 Suffolk County Water Authority, Revenue Bond, Series
A, 5.00%, 6/1/14, Callable 6/1/07 @ 102*, Insured by:
AMBAC................................................ 367,756
-----------
Ohio (3.7%):
500,000 Ohio Municipal Electric Generation Agency, 5.38%,
2/15/13, Callable 2/15/03 @ 102*, Insured by: AMBAC.. 490,165
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............ 513,950
-----------
1,004,115
-----------
Oklahoma (17.5%):
600,000 Edmond, Oklahoma Public Works Authourity, Revenue
Refunding, 5.00%, 7/1/15, Callable 7/1/08 @ 100*,
Insured by: MBIA..................................... 546,503
430,000 Grand River Dam Authority, Revenue Bond, 5.90%,
11/1/08, Callable 11/2/00 @ 101*, ETM................ 439,770
500,000 Oklahoma City Water Utilities, Revenue Bond, Series A,
5.00%, 7/1/16, Callable 7/1/09 @ 100*................ 450,755
500,000 Oklahoma City, GO, 5.60%, 5/1/10, Callable 5/1/03 @
100*................................................. 505,695
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........................................... 503,760
</TABLE>
Continued
- 29 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Municipal Bonds, continued:
Oklahoma, continued:
$500,000 Tulsa Industrial Authority, Hospital Revenue, St.
John's Medical Center Project, 5.70%, 2/15/04........ $ 511,525
500,000 Tulsa International Airport, Revenue Refunding, 5.40%,
6/1/03, Insured by: FGIC............................. 508,450
200,000 Tulsa Public Facilities Authority, 5.80%, 7/1/01...... 202,548
540,000 Tulsa Public Facilities Authority, Capital
Improvement, Series 1988-B, 5.70%, 3/1/05, Callable
3/1/03 @ 102*........................................ 546,787
500,000 Tulsa Public Facilities Authority, Revenue Refunding,
Solid Waste, Ogden Martin Systems, 5.65%, 11/1/06,
Insured by: AMBAC.................................... 506,605
-----------
4,722,398
-----------
Pennsylvania (5.2%):
500,000 Bristol Township School District, GO, Series A, 5.25%,
2/15/09, Callable 2/15/04 @ 100*, Insured by: MBIA,
State Aid Withholding................................ 497,870
500,000 Harrisburg, Recovery Facilities Revenue Bond, Series
A, 5.00%, 9/1/12, Callable 9/1/08 @ 101*, Insured by:
FSA.................................................. 469,000
500,000 Lackawanna County, GO, Series A, 4.80%, 1/1/13,
Callable 1/1/09 @ 100, Insured by: FGIC.............. 452,940
-----------
1,419,810
-----------
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*.............. 355,079
-----------
South Dakota (2.6%):
700,000 South Dakota Housing Development Authority,
Homeownership Mortgage, Series A, 5.70%, 5/1/08,
Callable 5/1/06 @ 102*............................... 706,671
-----------
Texas (7.1%):
250,000 Brownsville Utilities System, Revenue Refunding,
6.25%, 9/1/07, Callable 9/1/02 @ 100*, Insured by:
MBIA................................................. 257,705
400,000 Houston Water & Sewer System, Revenue Refunding,
Series B, 6.10%, 12/1/05, Callable 12/1/02 @ 102*.... 417,008
500,000 Katy Independent School District, GO, Series A, 4.80%,
2/15/14, Callable 2/15/08 @ 100*..................... 445,970
500,000 Tarrant County Water Control, Revenue Bond, 4.75%,
3/1/12, Callable 3/1/03 @ 100*, Insured by: AMBAC.... 454,640
400,000 Tomball Independent School District, GO, 4.75%,
2/15/16, Callable 2/15/09 @ 100*..................... 346,868
-----------
1,922,191
-----------
Washington (9.9%):
400,000 Grays Harbor County Public Utility, Revenue Bond,
5.13%, 1/1/14, Callable 1/1/07 @ 100*, Insured by:
AMBAC................................................ 375,712
500,000 Port Tacoma, Revenue Refunding, Series A, 5.50%,
11/1/04, Callable 11/1/02 @ 100*, Insured by: AMBAC.. 506,395
500,000 Seattle Municipality Sewer, Revenue Bond, Series X,
5.50%, 1/1/16, Callable 1/1/03 @ 102*, Insured by:
FGIC................................................. 484,050
500,000 Tacoma Electric System, Revenue Refunding, 5.70%,
1/1/03, Insured by: FGIC............................. 510,845
500,000 Washington State Health Care Facilities, Revenue Bond,
5.13%, 12/1/12, Callable 12/1/07 @ 101*, Insured by:
MBIA................................................. 471,545
350,000 Washington State Health Care Facilities, Revenue Bond,
5.50%, 11/15/13, Callable 11/15/08 @ 101*, Insured
by: AMBAC............................................ 342,395
-----------
2,690,942
-----------
West Virginia (1.7%):
500,000 Pleasants County Pollution Control, Revenue Bond,
4.70%, 11/1/07....................................... 464,240
-----------
Total Municipal Bonds 25,878,991
-----------
</TABLE>
Continued
- 30 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Tax-Free Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Investment Companies (0.4%):
111,778 SEI Institutional Tax Free Fund........................ $ 111,778
-----------
Total Investment Companies 111,778
-----------
Total Investments (Cost $27,413,015) (a)--99.2% 26,849,390
Other assets in excess of liabilities--0.8% 224,511
-----------
Total Net Assets--100.0% $27,073,901
===========
</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............... $ 231,925
Unrealized depreciation............... (795,550)
---------
Net unrealized depreciation........... $(563,625)
=========
</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.
- 31 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Asset Backed Securities (0.9%):
$ 3,493 AFC Home Equity Loan Trust, Series 1993-2, Class A,
6.00%, 1/20/13...................................... $ 3,333
3,704 AFC Home Equity Loan Trust, Series 1995-3, Class 1A2,
6.80%, 10/26/26..................................... 3,662
88,688 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09...................................... 87,239
242,862 Crown Home Equity Loan Trust, Series 1996-1, Class
A3,
6.81%, 6/25/11...................................... 231,979
25,000 First Plus Home Loan Trust,
Series 1997-2, Class A7,
7.54%, 4/10/23...................................... 25,281
34,395 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3,
7.30%, 3/25/12...................................... 34,233
150,439 Nomura Asset Securities Corp., Series 1995-2, Class
2M,
7.12%, 1/25/26...................................... 148,353
25,042 The Money Store Home Equity Trust, Series 1992-B,
Class A, 6.90%, 7/15/07............................. 24,513
9,938 UCFC Home Equity Loan,
Series 1993-D1, Class A1,
5.45%, 7/10/13...................................... 9,747
-----------
Total Asset Backed Securities 568,340
-----------
Collateralized Mortgage Obligations (84.4%):
2,071,615 BA Mortgage Securities, Inc.,
Series 1998-4, Class 2A3,
6.50%, 8/25/13...................................... 1,929,854
45,358 Bear Stearns Mortgage Securities, Inc., Series 1993-
4, Class A10, 7.10%, 4/25/24........................ 44,919
552,683 Bear Stearns Mortgage Securities, Inc., Series 1993-
10, Class A9, 7.20%, 7/25/24........................ 521,794
13,579 Chase Mortgage Finance Corp., Series 1992-L2, Class
2A10, 7.50%, 4/25/20................................ 13,518
69,431 Chase Mortgage Finance Corp., Series 1992-K, Class
A5, 7.50%, 10/25/24................................. 67,925
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 83,663 Chase Mortgage Finance Corp., Series 1993-N, Class A5,
6.75%, 11/25/24....................................... $ 81,841
25,994 Chase Mortgage Finance Corp., Series 1994-L, Class 2A9,
7.50%, 11/25/25....................................... 25,912
48,911 Chase Mortgage Finance Corp., Series 1994-L, Class 2A8,
8.63%, 11/25/25....................................... 48,837
75,819 CMC Securities Corp.,
Series 1994-H1, Class 30A3,
8.25%, 10/25/24....................................... 76,206
35,950 Collateralized Mortgage Obligation Trust, Series 54,
Class C,
9.25%, 11/1/13........................................ 35,985
435,152 Collateralized Mortgage Obligation Trust, Series 34,
Class D,
6.00%, 10/1/17........................................ 434,719
53,584 Countrywide Funding Corp.,
Series 1994-10, Class A5,
6.00%, 5/25/09........................................ 53,131
106,856 Countrywide Funding Corp.,
Series 1994-13, Class A8,
6.50%, 6/25/09........................................ 104,546
353,000 Countrywide Funding Corp.,
Series 1994-9, Class A7,
6.50%, 5/25/24........................................ 337,570
130,000 Countrywide Funding Corp.,
Series 1994-19, Class A6,
8.50%, 12/25/24....................................... 131,184
52,000 Countrywide Funding Corp.,
Series 1995-4, Class A6,
7.50%, 9/25/25........................................ 51,597
909,000 Countrywide Home Loan,
Series 1997-1, Class A4,
7.40%, 3/25/27........................................ 900,410
143,000 Countrywide Home Loan,
Series 1997-1, Class A8,
7.50%, 3/25/27........................................ 142,454
1,191,993 Countrywide Home Loan,
Series 1998-2, Class A1,
6.50%, 3/25/28........................................ 1,156,448
304,800 Countrywide Home Loan,
Series 1998-13, Class A1,
6.75%, 8/25/28........................................ 294,964
</TABLE>
Continued
- 32 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 80,000 Countrywide Mortgage Backed Securities, Inc.,
Series 1993-E, Class A6,
6.50%, 1/25/24....................................... $ 74,504
696,338 Countrywide Mortgage Trust,
Series 1993-1, Class A7,
7.55%, 4/25/23....................................... 682,126
370 Fannie Mae,
Series 1993-118, Class E,
6.10%, 12/25/04...................................... 368
22,000 Fannie Mae,
Series 1992-41, Class G,
8.00%, 3/25/05....................................... 22,173
31,000 Fannie Mae,
Series G92-44, Class H,
8.00%, 11/25/06...................................... 30,951
31,610 Fannie Mae,
Series 1992-47, Class J,
8.00%, 2/25/07....................................... 31,912
172,000 Fannie Mae,
Series 1992-196, Class J,
6.00%, 11/25/07...................................... 162,912
20,493 Fannie Mae,
Series 1992-203, Class K,
6.50%, 11/25/07...................................... 19,996
25,000 Fannie Mae,
Series G92-44, Class HA,
8.00%, 1/25/08....................................... 25,237
61,703 Fannie Mae,
Series G93-11, Class H,
6.00%, 12/25/08...................................... 60,141
100,000 Fannie Mae,
Series 1992-124, Class D,
7.00%, 4/25/10....................................... 96,191
53,687 Fannie Mae,
Series 1992-38, Class L,
6.50%, 11/25/16...................................... 53,420
11,127 Fannie Mae,
Series 1993-202, Class EA,
5.50%, 12/25/16...................................... 11,051
47,552 Fannie Mae,
Series 1990-4, Class G,
8.75%, 5/25/17....................................... 47,566
252 Fannie Mae,
Series 1992-198, Class H,
6.00%, 2/25/18....................................... 249
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 35,766 Fannie Mae,
Series 1994-36, Class CB,
5.88%, 3/25/18....................................... $ 35,458
1,502 Fannie Mae,
Series 1988-26, Class C,
7.50%, 7/25/18....................................... 1,488
59,994 Fannie Mae,
Series 1992-58, Class J,
6.50%, 12/25/18...................................... 59,598
12,743 Fannie Mae,
Series G92-64, Class G,
7.00%, 12/25/18...................................... 12,699
53,446 Fannie Mae,
Series 1992-202, Class G,
7.50%, 12/25/18...................................... 53,445
16,466 Fannie Mae,
Series 1993-94, Class E,
6.00%, 3/25/19....................................... 16,374
19,469 Fannie Mae,
Series G93-27, Class AD,
6.00%, 3/25/19....................................... 19,364
16,778 Fannie Mae,
Series 1992-148, Class B,
7.00%, 4/25/19....................................... 16,678
186,257 Fannie Mae,
Series 1991-141, Class PH,
7.50%, 4/25/19....................................... 186,281
7,440 Fannie Mae,
Series G93-19, Class K,
6.50%, 6/25/19....................................... 7,396
6,224 Fannie Mae,
Series 1992-159, Class PH,
6.50%, 6/25/19....................................... 6,185
322,000 Fannie Mae,
Series 1993-144, Class C,
7.00%, 7/25/19....................................... 319,698
110,097 Fannie Mae,
Series 1991-132, Class G,
7.50%, 8/25/19....................................... 110,104
51,000 Fannie Mae,
Series 1992-58, Class L,
6.00%, 9/25/19....................................... 49,103
155,000 Fannie Mae,
Series 1992-188, Class PJ,
7.50%, 10/25/19...................................... 151,683
44,000 Fannie Mae,
Series 1992-198, Class J,
6.50%, 12/25/19...................................... 43,336
</TABLE>
Continued
- 33 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 56,799 Fannie Mae,
Series 1993-2, Class PG,
7.00%, 2/25/20....................................... $ 56,146
986 Fannie Mae,
Series 1992-17, Class G,
6.50%, 3/25/20....................................... 982
474,850 Fannie Mae,
Series 1992-161, Class D,
7.00%, 3/25/20....................................... 474,034
73,458 Fannie Mae,
Series 1994-83, Class B,
7.50%, 3/25/20....................................... 73,330
16,713 Fannie Mae,
Series 1993-74, Class B,
6.50%, 4/25/20....................................... 16,624
18,127 Fannie Mae,
Series G92-15, Class G,
7.00%, 4/25/20....................................... 17,833
208,729 Fannie Mae,
Series 1992-41, Class PU,
8.00%, 5/25/20....................................... 209,304
36,765 Fannie Mae,
Series 1992-15, Class H,
6.75%, 6/25/20....................................... 36,597
9,279 Fannie Mae,
Series 1992-34, Class E,
7.00%, 7/25/20....................................... 9,247
31,221 Fannie Mae,
Series 1992-147, Class PL,
7.25%, 7/25/20....................................... 31,125
25,696 Fannie Mae,
Series 1996-49, Class BA,
7.00%, 8/25/20....................................... 25,619
89,309 Fannie Mae,
Series 1992-185, Class G,
7.15%, 8/25/20....................................... 89,270
64,531 Fannie Mae,
Series 1991-176, Class PJ,
7.00%, 10/25/20...................................... 64,267
156,173 Fannie Mae,
Series 1991-14, Class H,
7.00%, 10/25/20...................................... 154,450
6,712 Fannie Mae,
Series G92-13, Class PH,
7.00%, 11/25/20...................................... 6,682
9,481 Fannie Mae,
Series 1992-103, Class JA,
7.50%, 11/25/20...................................... 9,416
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 285,829 Fannie Mae,
Series 1992-49, Class J,
7.00%, 12/25/20...................................... $ 284,841
3,151 Fannie Mae,
Series F92-44, Class D,
8.00%, 12/25/20...................................... 3,137
208,452 Fannie Mae,
Series 1992-27, Class PM,
7.00%, 1/25/21....................................... 207,431
109,354 Fannie Mae,
Series 1991-147, Class K,
7.00%, 1/25/21....................................... 108,984
49 Fannie Mae,
Series 1992-172, Class C,
7.00%, 2/25/21....................................... 48
20,000 Fannie Mae,
Series 1993-29, Class D,
7.00%, 2/25/21....................................... 19,259
50,000 Fannie Mae,
Series 1991-176, Class PK,
7.00%, 2/25/21....................................... 49,267
296,000 Fannie Mae,
Series 1992-135, Class J,
7.50%, 2/25/21....................................... 294,888
3,981 Fannie Mae,
Series 1992-89, Class K,
7.00%, 3/25/21....................................... 3,966
21,020 Fannie Mae,
Series 1992-83, Class G,
7.00%, 3/25/21....................................... 20,861
44,000 Fannie Mae,
Series 1993-2, Class PH,
7.35%, 3/25/21....................................... 43,686
417,408 Fannie Mae,
Series 693-3, Class H,
7.00%, 3/25/21....................................... 412,303
29,664 Fannie Mae,
Series G92-8, Class K,
7.50%, 3/25/21....................................... 29,662
100,000 Fannie Mae,
Series 1992-15, Class J,
7.00%, 4/25/21....................................... 98,620
119,797 Fannie Mae,
Series G92-11, Class J,
7.00%, 4/25/21....................................... 119,180
30,331 Fannie Mae,
Series 1991-142, Class PK,
8.00%, 4/25/21....................................... 30,338
</TABLE>
Continued
- 34 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 31,620 Fannie Mae,
Series 1992-79, Class K,
7.50%, 4/25/21....................................... $ 31,611
51,388 Fannie Mae,
Series 1991-148, Class K,
7.50%, 5/25/21....................................... 51,346
37,338 Fannie Mae,
Series 1993-16, Class D,
7.50%, 5/25/21....................................... 37,364
96,898 Fannie Mae,
Series 1992-131, Class H,
7.50%, 6/25/21....................................... 96,919
211,000 Fannie Mae,
Series 1992-34, Class GA,
8.00%, 6/25/21....................................... 212,195
8,665 Fannie Mae,
Series 1992-123, Class D,
7.50%, 8/25/21....................................... 8,660
23,045 Fannie Mae,
Series 1991-108, Class J,
7.00%, 9/25/21....................................... 22,394
155,000 Fannie Mae,
Series 1992-117, Class L,
7.50%, 9/25/21....................................... 155,057
50,000 Fannie Mae,
Series 1992-117, Class LA,
8.00%, 9/25/21....................................... 50,201
10,000 Fannie Mae,
Series 1992-161, Class G,
7.50%, 11/25/21...................................... 9,918
41,000 Fannie Mae,
Series 1992-49, Class KA,
8.00%, 11/25/21...................................... 41,250
40,000 Fannie Mae,
Series 1993-9, Class PH,
7.00%, 1/25/22....................................... 38,964
107,000 Fannie Mae,
Series 1992-34, Class G,
8.00%, 3/25/22....................................... 108,414
41,668 Fannie Mae,
Series 1992-82, Class E,
7.00%, 4/25/22....................................... 40,987
31,057 Fannie Mae,
Series 1996-51, Class AJ,
7.00%, 6/18/22....................................... 31,010
43,139 Fannie Mae,
Series 1993-225, Class UC,
6.25%, 9/25/22....................................... 42,335
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 189,869 Fannie Mae,
Series 1992-172, Class K,
7.00%, 9/25/22....................................... $ 185,620
133,043 Fannie Mae,
Series 1995-23, Class M,
6.50%, 10/25/22...................................... 132,383
72,724 Fannie Mae,
Series G92-61, Class G,
7.00%, 10/25/22...................................... 71,236
68,981 Fannie Mae,
Series 1994-23, Class A,
6.00%, 12/25/22...................................... 68,226
114,773 Fannie Mae,
Series 1993-225, Class NB,
6.50%, 12/25/22...................................... 110,595
31,675 Fannie Mae,
Series 1993-27, Class A,
5.50%, 2/25/23....................................... 30,811
579 Fannie Mae,
Series 1993-41, Class J,
6.00%, 3/25/23....................................... 575
4,933 Fannie Mae,
Series 1993-2251, Class A,
6.50%, 3/25/23....................................... 4,910
78,448 Fannie Mae,
Series 1994-23, Class G,
6.00%, 5/25/23....................................... 77,584
17,634 Fannie Mae,
Series 1993-155, Class LA,
6.50%, 5/25/23....................................... 16,240
208,050 Fannie Mae,
Series 1993-252, Class M,
6.50%, 5/25/23....................................... 202,655
108,858 Fannie Mae,
Series 1994-89, Class C,
8.00%, 6/25/23....................................... 109,516
13,252 Fannie Mae,
Series 1994-38, Class A,
7.00%, 7/25/23....................................... 13,153
2,934 Fannie Mae,
Series 1993-147, Class N,
7.00%, 8/25/23....................................... 2,831
11,409 Fannie Mae,
Series 1994-75, Class M,
7.00%, 10/25/23...................................... 11,085
2,500,000 Fannie Mae,
Series 1997-60, Class PD,
6.50%, 1/18/24....................................... 2,359,800
</TABLE>
Continued
- 35 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 149,126 Fannie Mae,
Series 1994-62, Class H,
7.00%, 3/25/24....................................... $ 145,749
6,902 Fannie Mae,
Series 1994-42, Class L,
6.50%, 4/25/24....................................... 6,692
95,000 Fannie Mae,
Series 1997-12, Class G,
7.00%, 7/18/24....................................... 94,351
10,000 Fannie Mae,
Series 1997-27, Class BL,
7.00%, 9/18/24....................................... 9,890
52,000 Fannie Mae,
Series 1996-46, Class H,
7.25%, 9/25/24....................................... 50,774
45,072 Fannie Mae,
Series 1997-55, Class A,
7.00%, 3/18/26....................................... 44,400
939,322 Fannie Mae,
Series 1998-24, Class J,
6.50%, 5/18/28....................................... 892,788
29,073 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA8, 10.00%, 7/25/27..................... 29,552
9,703 Freddie Mac,
Series 1301, Class EA,
7.00%, 8/15/05....................................... 9,689
113,457 Freddie Mac,
Series 1377, Class G,
6.00%, 4/15/06....................................... 113,054
17,541 Freddie Mac,
Series 1317, Class G,
7.00%, 5/15/06....................................... 17,431
3,574 Freddie Mac,
Series 1561, Class D,
6.00%, 8/15/06....................................... 3,559
35,222 Freddie Mac,
Series 1229, Class I,
7.00%, 8/15/06....................................... 34,982
3,253 Freddie Mac,
Series 1575, Class PE,
6.00%, 3/15/07....................................... 3,243
29,793 Freddie Mac,
Series 1475,
Class O, 7.00%, 2/15/08.............................. 28,106
152,938 Freddie Mac,
Series 1679, Class H,
6.00%, 11/15/08...................................... 149,417
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 76,451 Freddie Mac,
Series 1667, Class C,
6.00%, 1/15/09....................................... $ 73,915
43,601 Freddie Mac,
Series 35, Class PE,
7.25%, 6/17/18....................................... 43,373
6,478 Freddie Mac,
Series 1518, Class C,
7.00%, 3/15/19....................................... 6,467
50,000 Freddie Mac,
Series 1552, Class F,
6.00%, 6/15/19....................................... 49,053
6,775 Freddie Mac,
Series 1929, Class NC,
7.50%, 1/15/20....................................... 6,760
52,000 Freddie Mac,
Series 1499, Class B,
6.75%, 2/15/20....................................... 51,204
43,260 Freddie Mac,
Series 1343, Class J,
7.50%, 7/15/20....................................... 43,260
6,928 Freddie Mac,
Series 1081, Class J,
7.00%, 10/15/20...................................... 6,914
19,560 Freddie Mac,
Series 1288, Class H,
7.00%, 11/15/20...................................... 19,514
66,146 Freddie Mac,
Series 1383, Class DB,
7.50%, 11/15/20...................................... 66,249
49,407 Freddie Mac,
Series 1210, Class H,
6.75%, 12/15/20...................................... 49,036
60,000 Freddie Mac,
Series 1035, Class F,
7.00%, 12/15/20...................................... 59,246
27,534 Freddie Mac,
Series 1186, Class H,
7.50%, 12/15/20...................................... 27,585
94,052 Freddie Mac,
Series 1207, Class K,
6.75%, 1/15/21....................................... 93,247
344,295 Freddie Mac,
Series 1228, Class G,
7.00%, 1/15/21....................................... 341,902
33,836 Freddie Mac,
Series 1177, Class I,
6.95%, 1/15/21....................................... 33,772
</TABLE>
Continued
- 36 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 40,827 Freddie Mac,
Series 114, Class H,
6.95%, 1/15/21....................................... $ 39,686
52,109 Freddie Mac,
Series 115, Class I,
7.00%, 2/15/21....................................... 51,031
88,638 Freddie Mac,
Series 1069, Class I,
6.95%, 2/15/21....................................... 88,152
126,400 Freddie Mac,
Series 1289, Class PL,
7.50%, 2/15/21....................................... 126,658
144,119 Freddie Mac,
Series 1206, Class H,
7.00%, 3/15/21....................................... 143,368
55,821 Freddie Mac,
Series 1406, Class G,
6.75%, 3/15/21....................................... 55,067
50,773 Freddie Mac,
Series 1646, Class MA,
6.50%, 3/15/21....................................... 50,260
81,408 Freddie Mac,
Series 1311, Class I,
7.50%, 3/15/21....................................... 81,383
180,310 Freddie Mac,
Series 1350, Class H,
7.50%, 3/15/21....................................... 180,671
77,671 Freddie Mac,
Series 139, Class G,
7.00%, 4/15/21....................................... 75,639
73,434 Freddie Mac,
Series 1303, Class K,
8.00%, 4/15/21....................................... 73,454
123,863 Freddie Mac,
Series 1370, Class H,
7.00%, 5/15/21....................................... 123,103
127,492 Freddie Mac,
Series 1351, Class TD,
7.00%, 5/15/21....................................... 126,683
146,110 Freddie Mac,
Series 1418, Class C,
7.50%, 5/15/21....................................... 146,169
168,186 Freddie Mac,
Series 1302, Class PJ,
8.00%, 5/15/21....................................... 169,451
36,834 Freddie Mac,
Series 1714, Class LD,
7.00%, 6/15/21....................................... 35,555
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 90,382 Freddie Mac,
Series 1265, Class J,
7.00%, 6/15/21....................................... $ 89,555
4,006 Freddie Mac,
Series 1237, Class I,
8.00%, 6/15/21....................................... 4,031
76,521 Freddie Mac,
Series 1702-B, Class L,
7.00%, 7/15/21....................................... 73,356
95,721 Freddie Mac,
Series 1358, Class I,
7.00%, 7/15/21....................................... 95,512
56,194 Freddie Mac,
Series 1255, Class G,
7.50%, 7/15/21....................................... 56,318
129,000 Freddie Mac,
Series 1212, Class H,
8.00%, 8/15/21....................................... 129,635
66,557 Freddie Mac,
Series 1241, Class J,
7.00%, 9/15/21....................................... 66,046
51,756 Freddie Mac,
Series 1278, Class I,
7.00%, 9/15/21....................................... 51,663
97,969 Freddie Mac,
Series 1397, Class D,
7.00%, 10/15/21...................................... 96,276
245 Freddie Mac,
Series 189, Class C,
8.00%, 10/15/21...................................... 244
111,800 Freddie Mac,
Series 1163, Class JA,
7.00%, 11/15/21...................................... 109,311
84,739 Freddie Mac,
Series 1315, Class I,
7.00%, 11/15/21...................................... 83,903
23,524 Freddie Mac,
Series 1638, Class J,
6.50%, 11/15/21...................................... 23,055
145,000 Freddie Mac,
Series 1355, Class K,
7.30%, 11/15/21...................................... 145,093
320,000 Freddie Mac,
Series 1173, Class E,
6.50%, 11/15/21...................................... 305,730
207,880 Freddie Mac,
Series 53, Class C,
7.50%, 1/20/22....................................... 208,118
</TABLE>
Continued
- 37 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<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....................................... $ 106,578
47,447 Freddie Mac,
Series 1890, Class K,
7.00%, 3/15/22....................................... 47,091
183,985 Freddie Mac,
Series 1384, Class C,
7.00%, 7/15/22....................................... 180,223
130,000 Freddie Mac,
Series 1312, Class I,
8.00%, 7/15/22....................................... 130,668
4,308 Freddie Mac,
Series 1653, Class B,
6.00%, 8/15/22....................................... 4,207
2,567 Freddie Mac,
Series 1574, Class L,
6.50%, 9/15/22....................................... 2,546
34,372 Freddie Mac,
Series 1474, Class C,
7.00%, 10/15/22...................................... 34,090
80,000 Freddie Mac,
Series 1411, Class O,
7.00%, 11/15/22...................................... 73,719
104,555 Freddie Mac,
Series 1486, Class C,
7.00%, 11/15/22...................................... 102,626
77,132 Freddie Mac,
Series 1754, Class CA,
8.50%, 11/15/22...................................... 77,129
54,186 Freddie Mac,
Series 1905, Class B,
7.00%, 12/15/22...................................... 54,095
90,513 Freddie Mac,
Series 1648, Class JA,
6.00%, 1/15/23....................................... 88,049
8,781 Freddie Mac,
Series 1543, Class XU,
7.00%, 5/15/23....................................... 8,263
72,172 Freddie Mac,
Series 1749, Class C,
8.00%, 6/15/23....................................... 72,515
96,000 Freddie Mac,
Series 1543, Class XV,
7.00%, 7/15/23....................................... 90,899
61,878 Freddie Mac,
Series 1869, Class TD,
7.50%, 7/15/23....................................... 61,917
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 51,473 Freddie Mac,
Series 1652, Class L,
7.00%, 1/15/24....................................... $ 49,845
50,000 Freddie Mac,
Series 1931, Class J,
7.50%, 2/15/24....................................... 49,788
401,000 Freddie Mac,
Series 1853, Class B,
7.50%, 4/15/24....................................... 400,878
18,166 Freddie Mac,
Series 1729, Class M,
7.50%, 5/15/24....................................... 17,600
112,000 Freddie Mac,
Series 1881, Class H,
7.50%, 5/15/24....................................... 112,011
34,000 Freddie Mac,
Series 1935, Class CA,
7.50%, 9/15/24....................................... 34,164
70,000 Freddie Mac,
Series 1935, Class JC,
7.00%, 12/15/24...................................... 69,191
110,000 Freddie Mac,
Series 1932, Class B,
7.00%, 6/15/25....................................... 107,713
244,000 Freddie Mac,
Series 1983, Class U,
7.00%, 11/17/25...................................... 234,647
261,038 Freddie Mac,
Series 2152, Class AC,
7.50%, 1/15/26....................................... 259,657
762,253 Freddie Mac,
Series 2136, Class AJ,
6.50%, 7/15/26....................................... 710,757
76,000 Freddie Mac,
Series 53, Class A,
7.13%, 7/20/26....................................... 73,237
56,096 General Electric Capital Mortgage Services, Inc.,
Series 1193-12, Class A3,
6.50%, 10/25/23...................................... 55,052
53,704 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2,
6.50%, 10/25/23...................................... 51,041
414,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A6,
6.50%, 11/25/24...................................... 385,430
</TABLE>
Continued
- 38 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$1,283,024 General Electric Capital Mortgage Services, Inc.,
Series 1996-11, Class A3,
7.50%, 7/25/26....................................... $ 1,279,650
1,304,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12,
7.50%, 4/25/27....................................... 1,297,689
297,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10,
7.50%, 5/25/27....................................... 292,803
104,546 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A3,
7.50%, 6/25/27....................................... 104,169
750,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-W, Class A5,
6.75%, 10/25/27...................................... 740,018
84,365 General Electric Capital Mortgage Services, Inc.,
Series 1997-9, Class 2A4,
7.00%, 10/25/27...................................... 83,763
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-12, Class A3,
7.00%, 12/25/27...................................... 970,680
1,800,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11,
6.75%, 6/25/28....................................... 1,626,851
70,692 Government National Mortgage Assoc., Series 1996-22,
Class B, 7.00%, 8/16/17.............................. 70,684
70,000 Government National Mortgage Assoc., Series 1996-26,
Class B, 7.00%, 12/16/20............................. 69,870
6,327 Government National Mortgage Assoc., Series 1995,
Class C, 7.35%, 7/20/21.............................. 6,324
78,579 Government National Mortgage Assoc., Series 1996-15,
Class 0, 7.00%, 11/20/21............................. 78,448
287,000 Government National Mortgage Assoc., Series 1995-8,
Class G, 7.00%, 12/20/22............................. 279,917
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 330,000 Government National Mortgage Assoc., Series 1995-8,
Class GA, 7.00%, 12/20/22............................ $ 322,267
373,507 Government National Mortgage Assoc., Series 1996-15,
Class CA, 7.50%, 1/20/24............................. 372,464
466,000 Government National Mortgage Assoc., Series 1997-6,
Class B, 7.50%, 5/20/24.............................. 464,739
70,857 Government National Mortgage Assoc., Series 1997-4,
Class B, 7.00%, 8/20/26.............................. 69,890
249,711 Headlands Mortgage Securities, Inc., Series 1997-5,
Class AII1,
6.75%, 11/25/27...................................... 244,273
225,916 Housing Securities, Inc.,
Series 1992-B, Class 5,
8.50%, 3/25/22....................................... 224,909
460,000 Independent National Mortgage Corp.,
Series 1994-L, Class A6,
8.00%, 8/25/24....................................... 460,488
433,000 Independent National Mortgage Corp., Series 1994-O,
Class A5,
8.50%, 9/25/24....................................... 436,829
65,740 Independent National Mortgage Corp., Series 1994-N,
Class A7,
8.25%, 10/25/24...................................... 65,769
228,886 Independent National Mortgage Corp., Series 1994-T,
Class A5,
8.38%, 11/25/24...................................... 230,459
149,528 Independent National Mortgage Corp., Series 1994-T,
Class A3,
8.13%, 11/25/24...................................... 150,048
310,823 Independent National Mortgage Corp., Series 1994-U,
Class A4,
8.38%, 12/25/24...................................... 312,182
71,635 Independent National Mortgage Corp., Series 1994-U,
Class A6,
8.63%, 12/25/24...................................... 72,103
268,978 Independent National Mortgage Corp., Series 1995-A,
Class A4,
8.75%, 3/25/25....................................... 267,722
55,000 Independent National Mortgage Corp., Series 1995-A,
Class A6,
8.65%, 3/25/25....................................... 55,576
37,865 Independent National Mortgage Corp., Series 1995-H,
Class A12,
8.00%, 6/25/25....................................... 37,813
</TABLE>
Continued
- 39 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 582,772 Independent National Mortgage Corp., Series 1995-N,
Class A4,
7.50%, 10/25/25...................................... $ 578,116
299,000 Independent National Mortgage Corp.,
Series 1995-W, Class A6,
7.13%, 2/25/26....................................... 294,673
42,139 Independent National Mortgage Corp.,
Series 1995-V, Class A6,
7.13%, 2/25/26....................................... 41,699
204,000 Independent National Mortgage Corp.,
Series 1995-W, Class A5,
7.13%, 2/25/26....................................... 202,627
318,636 Independent National Mortgage Corp.,
Series 1996-D, Class A7,
7.00%, 5/25/26....................................... 317,230
271,000 Independent National Mortgage Corp.,
Series 1996-D, Class A6,
7.00%, 5/25/26....................................... 259,621
27,577 Investors Government National Mortgage Assoc.,
Mortgage Backed Sec. Trust Inc.,
Series 1984-2, Class E,
7.88%, 4/25/08....................................... 27,618
105,535 Morgan Stanley Mortgage Trust, Series 34, Class 6,
8.97%, 6/22/18....................................... 105,144
290,000 Norwest Asset Securities Corp., Series 1996-3, Class
A8,
7.25%, 9/25/26....................................... 279,479
55,000 Norwest Asset Securities Corp., Series 1997-4, Class
A8,
7.50%, 3/25/27....................................... 53,766
489,350 Norwest Asset Securities Corp., Series 1996-4, Class
A3,
7.75%, 9/25/26....................................... 488,591
130,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A9,
7.75%, 6/25/26....................................... 127,326
125,852 PNC Mortgage Securities Corp., Series 1996-3, Class
A3,
7.25%, 12/25/26...................................... 124,412
137,798 Prudential Home Mortgage Securities,
Series 1993-29, Class A6,
6.75%, 8/25/08....................................... 137,183
261,174 Prudential Home Mortgage Securities,
Series 1992-29, Class A9,
8.00%, 10/25/22...................................... 260,075
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 10,306 Prudential Home Mortgage Securities,
Series 1992-47, Class A9,
8.00%, 1/25/23....................................... $ 10,261
325,000 Prudential Home Mortgage Securities,
Series 1992-47, Class A10,
8.00%, 1/25/23....................................... 323,229
106,974 Prudential Home Mortgage Securities,
Series 1992-51, Class A10,
7.75%, 2/25/23....................................... 104,523
455,844 Prudential Home Mortgage Securities,
Series 1993-62, Class A6,
6.50%, 7/25/23....................................... 443,778
79,056 Prudential Home Mortgage Securities,
Series 1993-38, Class A3,
6.15%, 9/25/23....................................... 76,612
250,000 Prudential Home Mortgage Securities,
Series 1994-2, Class A8,
6.75%, 2/25/24....................................... 240,870
39,130 Prudential Home Mortgage Securities,
Series 1994-15, Class A2,
6.00%, 5/25/24....................................... 38,690
228,160 Prudential Home Mortgage Securities,
Series 1994-15, Class A5,
6.80%, 5/25/24....................................... 222,167
325,641 Prudential Home Mortgage Securities,
Series 1996-5, Class A2,
7.25%, 4/25/26....................................... 322,046
234,058 Residential Accredit Loans, Inc., Series 1998-QS16,
Class A1, 6.50%, 11/25/13............................ 223,893
1,085,000 Residential Accredit Loans, Inc., Series 1998-QS9,
Class A3, 6.75%, 7/25/28............................. 1,061,011
330,000 Residential Accredit Loans, Inc., Series 1998-QS7,
Class CB2, 6.75%, 7/25/28............................ 305,593
11,330 Residential Asset Securitization Trust,
Series 1997-A1, Class A1,
7.00%, 3/25/27....................................... 11,275
26,194 Residential Asset Securitization Trust,
Series 1998-A1, Class A5,
6.75%, 3/25/28....................................... 26,011
1,600,000 Residential Asset Securitization Trust,
Series 1998-A5, Class A5,
6.75%, 6/25/28....................................... 1,491,905
6,537 Residential Asset Securitization Trust,
Series 1997-A3, Class A7,
10.00%, 5/25/27...................................... 6,546
</TABLE>
Continued
- 40 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 336,803 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S43, Class A10,
8.00%, 12/25/22...................................... $ 336,981
49,371 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S2, Class A5,
8.00%, 1/25/23....................................... 49,270
107,176 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S26, Class A8,
7.50%, 7/25/23....................................... 106,899
250,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6,
7.00%, 8/25/23....................................... 237,725
41,304 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S40, Class A5,
6.20%, 11/25/23...................................... 40,990
29,426 Residential Funding Mortgage Securities I, Inc.,
Series 1994-S13, Class A2,
7.00%, 5/25/24....................................... 29,300
248,043 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A7,
7.50%, 9/25/25....................................... 246,322
600,545 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S9, Class A10,
7.25%, 4/25/26....................................... 568,974
165,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A9,
7.50%, 5/25/26....................................... 163,319
84,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A10,
7.50%, 5/25/26....................................... 82,019
302,147 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A11,
7.75%, 6/25/26....................................... 301,597
221,289 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A12,
7.60%, 7/25/26....................................... 220,700
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$1,016,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A10,
8.00%, 7/25/26....................................... $ 1,017,636
330,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S7, Class A3,
7.50%, 5/25/27....................................... 322,367
175,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S8, Class A9,
7.50%, 6/25/27....................................... 169,890
175,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S9, Class A20,
7.50%, 7/25/27....................................... 173,772
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S12, Class A18,
6.75%, 8/25/27....................................... 464,445
1,480,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2,
7.25%, 9/25/27....................................... 1,466,088
1,987,388 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S10, Class A8,
6.75%, 4/25/28....................................... 1,915,544
93,000 Securitized Asset Sales, Inc.,
Series 1995-A, Class A6,
8.13%, 3/25/24....................................... 93,595
5,000 Securitized Asset Sales, Inc.,
Series 1995-A, Class A12,
7.75%, 3/25/24....................................... 4,901
201,000 Structured Mortgage Asset Residential Trust,
Series 1993-4, Class AE,
7.50%, 2/25/23....................................... 199,850
19,000 Structured Mortgage Asset Residential Trust,
Series 1992-12B, Class G,
7.60%, 1/25/24....................................... 18,497
25,956 Vendee Mortgage Trust,
Series 1992-2, Class D,
7.00%, 9/15/15....................................... 25,897
378,877 Vendee Mortgage Trust,
Series 1992-1, Class 2E,
7.75%, 3/15/16....................................... 379,313
</TABLE>
Continued
- 41 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 319,000 Vendee Mortgage Trust,
Series 1992-1, Class 2F,
7.75%, 7/15/17....................................... $ 320,920
-----------
Total Collateralized Mortgage Obligations 53,544,897
-----------
Corporate Bonds (2.0%):
Brokerage Services (1.2%):
500,000 Morgan Stanley Dean Witter & Co., 5.75%, 2/15/01...... 495,625
250,000 Salomon Smith Barney Holdings, Inc., 5.88%, 2/1/01.... 248,125
-----------
743,750
-----------
Financial Services (0.8%):
500,000 Ford Motor Credit Corp., 5.75%, 1/25/01............... 495,625
-----------
Total Corporate Bonds 1,239,375
-----------
U.S. Government Agencies (4.4%):
Freddie Mac (1.3%):
829,582 6.50%, 12/1/11, Gold Pool #E20275 805,217
-----------
Government National Mortgage Assoc. (3.1%):
3,223 8.00%, 11/15/00, Pool #101............................ 3,244
4,869 8.00%, 2/15/01, Pool #292............................. 4,909
18,461 8.00%, 3/15/01, Pool #365............................. 18,611
3,021 8.00%, 4/15/01, Pool #148............................. 3,046
22,999 7.25%, 10/15/03, Pool #2439........................... 22,510
13,134 8.00%, 3/15/04, Pool #2387............................ 13,294
36,117 8.00%, 5/15/04, Pool #3229............................ 36,557
23,545 8.00%, 5/15/04, Pool #3236............................ 23,832
45,850 7.25%, 2/15/05, Pool #5719............................ 44,919
37,449 7.25%, 2/15/05, Pool #5504............................ 36,688
16,225 7.25%, 3/15/05, Pool #6229............................ 15,896
57,309 7.25%, 4/15/05, Pool #6423............................ 56,144
34,812 8.00%, 5/15/05, Pool #5844............................ 35,247
75,295 8.00%, 8/15/05, Pool #6711............................ 76,236
52,796 7.25%, 11/15/05, Pool #8572........................... 51,723
50,724 7.25%, 12/15/05, Pool #9018........................... 49,693
64,331 7.25%, 12/15/05, Pool #8958........................... 63,024
21,925 7.25%, 12/15/05, Pool #9024........................... 21,479
38,667 7.25%, 12/15/05, Pool #9546........................... 37,881
42,370 7.25%, 1/15/06, Pool #9377............................ 41,509
12,873 7.25%, 1/15/06, Pool #9399............................ 12,611
38,731 8.00%, 2/15/06, Pool #9208............................ 39,215
75,779 8.00%, 8/15/06, Pool #11277........................... 76,726
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies, continued:
Government National Mortgage Assoc., continued:
$ 20,994 8.00%, 9/15/06, Pool #11926........................... $ 21,256
42,970 8.00%, 10/15/06, Pool #11931.......................... 43,507
69,050 8.00%, 10/15/06, Pool #13014.......................... 69,913
47,028 8.00%, 10/15/06, Pool #12265.......................... 47,616
50,499 8.00%, 11/15/06, Pool #13379.......................... 51,130
75,936 8.00%, 11/15/06, Pool #13173.......................... 76,885
66,633 8.00%, 2/15/07, Pool #15008........................... 67,466
121,497 8.00%, 8/15/07, Pool #19641........................... 123,016
44,748 8.00%, 8/15/07, Pool #18730........................... 45,307
29,943 8.00%, 9/15/07, Pool #19103........................... 30,317
91,619 8.00%, 11/15/07, Pool #20059.......................... 92,764
40,551 8.00%, 11/15/07, Pool #21277.......................... 41,071
26,288 8.00%, 12/15/07, Pool #20455.......................... 26,624
72,465 8.00%, 12/15/07, Pool #14999.......................... 73,393
28,243 8.00%, 12/15/07, Pool #20866.......................... 28,604
19,215 8.00%, 2/15/08, Pool #22610........................... 19,461
105,185 8.00%, 2/15/08, Pool #23055........................... 106,533
13,960 8.00%, 3/15/08, Pool #22438........................... 14,139
14,922 6.50%, 7/15/23, Pool #350795.......................... 14,175
20,793 7.50%, 3/15/24, Pool #376439.......................... 20,555
14,359 7.00%, 4/20/24, Pool #1655............................ 13,883
27,354 6.50%, 12/15/25, Pool #414856......................... 25,755
152,524 8.00%, 6/15/26, Pool #423563.......................... 152,977
21,298 7.00%, 11/20/26, Pool #2320........................... 20,545
-----------
2,011,886
-----------
Total U.S. Government Agencies 2,817,103
-----------
U.S. Treasury Bills (6.6%):
4,200,000 5.26%, 3/16/00........................................ 4,190,237
-----------
Total U.S. Treasury Bills 4,190,237
-----------
</TABLE>
Continued
- 42 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Short-Term Income Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Investment Companies (1.7%):
$1,050,826 American Performance Cash Management Fund............. $ 1,050,826
-----------
Total Investment Companies 1,050,826
-----------
Total Investments (Cost $64,617,164)(a)--100.0% 63,410,778
-----------
Other assets in excess of liabilities--0.0% 8,986
-----------
Total Net Assets--100.0% $63,419,764
===========
</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............. $ 67,536
Unrealized depreciation............. (1,273,922)
-----------
Net unrealized depreciation......... $(1,206,386)
===========
</TABLE>
See notes to financial statements.
- 43 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Asset Backed Securities (5.2%):
$ 29,868 Advanta Mortgage Loan Trust, Series 1993-3, Class A3,
4.75%, 2/25/10...................................... $ 29,326
54,641 AFC Home Equity Loan Trust, Series 1995-3, Class 1A2,
6.80%, 10/26/26..................................... 54,008
231,002 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09...................................... 227,227
1,214,310 Crown Home Equity Loan Trust, Series 1996-1, Class
A3, 6.81%, 6/25/11.................................. 1,159,896
45,125 First Plus Home Loan Trust, Series 1996-2, Class A6,
7.85%, 8/20/13...................................... 45,278
2,050,000 Ford Credit Auto Loan Master Trust, Series 1995-1,
Class A, 6.50%, 8/15/02............................. 2,045,040
752,197 Nomura Asset Securities Corp., Series 1995-2, Class
2M, 7.12%, 1/25/26.................................. 741,764
-----------
Total Asset Backed Securities 4,302,539
-----------
Collateralized Mortgage Obligations (49.2%):
300,000 BA Mortgage Securities, Inc., Series 1997-3, Class
A2, 7.00%, 12/25/27,................................ 284,268
700,000 Chase Mortgage Finance Corp., Series 1994-G, Class
A8, 7.50%, 4/25/25.................................. 681,975
242,000 Chase Mortgage Finance Corp., Series 1994-I, Class
A6, 7.75%, 6/25/25.................................. 237,046
147,000 Chase Mortgage Finance Corp., Series 1994-L, Class
2A5, 9.00%, 11/25/25................................ 149,946
429,000 Citicorp Mortgage Securities, Inc., Series 1993-1,
Class A3, 7.50%, 1/25/23............................ 414,217
316,000 Citicorp Mortgage Securities, Inc., Series 1993-2,
Class A6, 7.50%, 3/25/23............................ 301,107
403,000 Citicorp Mortgage Securities, Inc., Series 1997-2,
Class A2, 7.25%, 5/25/27............................ 395,794
119,858 Citicorp Mortgage Securities, Inc., Series 1997-5,
Class A5, 7.25%, 11/25/27........................... 107,448
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 79,000 Countrywide Funding Corp., Series 1994-17, Class A5,
7.50%, 7/25/24....................................... $ 78,784
400,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24....................................... 399,036
226,000 Countrywide Funding Corp., Series 1994-17, Class A9,
8.00%, 7/25/24....................................... 224,823
125,000 Countrywide Funding Corp., Series 1995-4, Class A7,
7.50%, 9/25/25....................................... 120,496
121,000 Countrywide Home Loan, Series 1997-1, Class A4,
7.40%, 3/25/27....................................... 119,857
281,000 Countrywide Home Loan, Series 1997-1, Class A12,
7.50%, 3/25/27....................................... 276,077
277,000 Countrywide Home Loan, Series 1997-1, Class A13,
7.50%, 3/25/27....................................... 269,981
515,000 Countrywide Home Loan, Series 1997-2, Class A3, 7.50%,
4/25/27.............................................. 509,623
794,662 Countrywide Home Loan, Series 1998-2, Class A1, 6.50%,
3/25/28.............................................. 770,965
730,000 Countrywide Home Loan, Series 1998-15, Class A16,
6.75%, 10/25/28...................................... 675,951
201,000 Fannie Mae,
Series 1992-7, Class E, 8.00%, 6/25/08............... 202,592
106,000 Fannie Mae,
Series 19919-147, Class LD, 7.00%, 10/25/08.......... 104,837
22,656 Fannie Mae,
Series G95-2, Class O, 8.00%, 5/25/19................ 22,625
264,000 Fannie Mae,
Series 1992-202, Class H, 7.50%, 5/25/19............. 264,100
35,000 Fannie Mae,
Series 1992-188, Class PJ, 7.50%, 10/25/19........... 34,251
1,000,000 Fannie Mae,
Series 1993-102, Class G, 6.25%, 1/25/20............. 981,160
</TABLE>
Continued
- 44 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 32,253 Fannie Mae,
Series 1990-62, Class G, 9.00%, 6/25/20.............. $ 33,257
477,000 Fannie Mae,
Series 1992-177, Class CB, 7.50%, 2/25/21............ 473,189
135,000 Fannie Mae,
Series 1993-2, Class PH, 7.35%, 3/25/21.............. 134,038
246,003 Fannie Mae,
Series 1992-132, Class PL, 8.00%, 3/25/21............ 245,780
30,285 Fannie Mae,
Series G-7, Class E, 8.90%, 3/25/21.................. 31,180
4,589 Fannie Mae,
Series G97-1, Class A3, 7.00%, 5/20/21............... 4,576
41,850 Fannie Mae,
Series 1991-66, Class J, 8.13%, 6/25/21.............. 42,287
92,556 Fannie Mae,
Series D-32, Class L, 8.00%, 10/25/21................ 93,400
34,504 Fannie Mae,
Series G-32, Class N, 8.10%, 10/25/21................ 34,842
65,000 Fannie Mae,
Series 1993-2, Class PK, 7.50%, 2/25/22.............. 63,546
50,000 Fannie Mae,
Series 1996-35, Class D, 7.00%, 3/25/23.............. 49,323
111,000 Fannie Mae,
Series 1993-155, Class M, 7.00%, 9/25/23............. 106,016
88,862 Fannie Mae,
Series 1996-22, Class C, 7.25%, 2/25/24.............. 88,645
282,636 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 282,362
225,000 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A3, 7.75%, 5/25/27....................... 224,246
54,000 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA7, 8.00%, 7/25/27...................... 54,044
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 359,169 Freddie Mac,
Series 1538, Class E, 6.00%, 3/15/05.................. $ 355,944
30,000 Freddie Mac,
Series 1176, Class H, 8.00%, 12/15/06................. 30,176
14,000 Freddie Mac,
Series 1156, Class ID, 7.00%, 1/15/09................. 13,901
946,670 Freddie Mac,
Series 1482, Class F, 6.50%, 5/15/19.................. 933,663
214,024 Freddie Mac,
Series 1268, Class G, 8.00%, 9/15/20.................. 213,784
41,054 Freddie Mac,
Series 1281, Class G, 8.00%, 9/15/20.................. 41,097
212,000 Freddie Mac,
Series 1240, Class L, 6.50%, 2/15/21.................. 208,185
126,217 Freddie Mac,
Series 1350, Class H, 7.50%, 3/15/21.................. 126,470
565,000 Freddie Mac,
Series 1383, Class E, 7.50%, 3/15/21.................. 565,560
163,000 Freddie Mac,
Series 1052, Class G, 7.50%, 3/15/21.................. 161,339
39,440 Freddie Mac,
Series 138, Class E, 8.07%, 7/15/21................... 39,746
56,840 Freddie Mac,
Series 1128, Class IB, 7.00%, 8/15/21................. 54,762
121,000 Freddie Mac,
Series 1264, Class I, 8.30%, 4/15/22.................. 122,783
155,000 Freddie Mac,
Series 1281, Class I, 8.00%, 5/15/22.................. 157,700
15,552 Freddie Mac,
Series 1461, Class B, 7.00%, 6/15/22.................. 14,662
86,000 Freddie Mac,
Series 1310, Class J, 8.00%, 6/15/22.................. 86,630
</TABLE>
Continued
- 45 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 200,000 Freddie Mac,
Series 1379, Class H, 7.00%, 10/15/22................. $ 187,136
83,689 Freddie Mac,
Series 1754, Class CA, 8.50%, 11/15/22................ 83,686
184,931 Freddie Mac,
Series 1856, Class B, 7.50%, 3/15/23.................. 185,250
55,000 Freddie Mac,
Series 1795, Class B, 7.00%, 12/15/23................. 53,692
98,000 Freddie Mac,
Series 1665, Class M, 6.50%, 1/15/24.................. 93,281
40,000 Freddie Mac,
Series 1853, Class B, 7.50%, 4/15/24.................. 39,988
100,000 Freddie Mac,
Series 1723, Class PN, 7.00%, 5/15/24................. 91,122
95,000 Freddie Mac,
Series 1931, Class D, 7.25%, 7/15/25.................. 93,613
146,000 Freddie Mac,
Series 1904, Class D, 7.50%, 10/15/26................. 142,984
125,717 General Electric Capital Mortgage Services, Inc.,
Series 1994-7, Class A10, 6.00%, 2/25/09.............. 124,059
90,000 General Electric Capital Mortgage Services, Inc.,
Series 1992-12A, Class A7, 7.50%, 10/25/22............ 86,734
558,522 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2, 6.50%, 10/25/23............ 530,831
11,513 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4, 6.25%, 12/25/23............. 11,444
162,124 General Electric Capital Mortgage Services, Inc.,
Series 1994-18, Class A4, 7.75%, 8/25/24.............. 161,938
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 107,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A10, 8.88%, 11/25/24............ $ 108,838
630,542 General Electric Capital Mortgage Services, Inc.,
Series 1995-6, Class A4, 7.00%, 8/25/25............... 617,067
148,719 General Electric Capital Mortgage Services, Inc.,
Series 1996-15, Class A12, 7.75%, 10/25/26............ 148,493
100,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-1, Class A14, 7.50%, 3/25/27.............. 96,498
664,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12, 7.50%, 4/25/27.............. 660,786
466,891 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A-11, 7.50%, 4/25/27............. 465,528
766,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A8, 7.50%, 4/25/27............... 762,453
838,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10, 7.50%, 5/25/27.............. 826,159
273,223 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A2, 7.50%, 6/25/27............... 265,931
119,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-5, Class A4, 7.50%, 6/25/27............... 117,301
280,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-8, Class A17, 7.13%, 10/25/27............. 264,569
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11, 6.75%, 6/25/28.............. 903,806
</TABLE>
Continued
- 46 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 4,721 Government National Mortgage Assoc.,
Series 1994-1, Class A, 7.55%, 9/16/22............... $ 4,583
565,000 Government National Mortgage Assoc.,
Series 1996-7, Class C, 7.50%, 2/16/23............... 562,829
51,000 Government National Mortgage Assoc.,
Series 1997-6, Class B, 7.50%, 5/20/24............... 50,862
54,612 Government National Mortgage Assoc.,
Series 1994-5, Class D, 7.50%, 7/16/24............... 52,420
500,000 Government National Mortgage Assoc.,
Series 1999-1, Class G, 6.50%, 7/20/26............... 456,496
326,000 Headlands Mortgage Securities, Series 1997-1, Class
AI10, 7.75%, 3/25/27................................. 325,635
229,000 Housing Securities, Inc., Series 1992-EB, Class B5B,
7.63%, 9/25/22....................................... 223,332
150,000 Independent National Mortgage Corp.,
Series 1994-17, Class A5, 8.38%, 10/25/24............ 150,474
85,000 Independent National Mortgage Corp.,
Series 1994-T, Class A4, 8.25%, 11/25/24............. 85,417
83,535 Independent National Mortgage Corp.,
Series 1994-T, Class A5, 8.38%, 11/25/24............. 84,109
116,970 Independent National Mortgage Corp.,
Series 1995-A, Class A4, 8.75%, 3/25/25.............. 116,424
92,000 Independent National Mortgage Corp.,
Series 1995-N, Class A4, 7.50%, 10/25/25............. 89,138
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 153,317 Independent National Mortgage Corp.,
Series 1995-N, Class A4, 7.50%, 10/25/25............. $ 152,092
140,000 Independent National Mortgage Corp.,
Series 1995-Q, Class A5, 7.50%, 11/25/25............. 136,371
209,000 Independent National Mortgage Corp.,
Series 1995-U, Class A5, 7.13%, 1/25/26.............. 207,307
54,496 Independent National Mortgage Corp.,
Series 1995-V, Class A6, 7.13%, 2/25/26.............. 53,926
62,000 Independent National Mortgage Corp.,
Series 1996-A, Class A4, 7.00%, 3/25/26.............. 59,875
67,252 Independent National Mortgage Corp.,
Series 1996-S, Class A2, 6.93%, 5/25/26.............. 66,324
29,371 Independent National Mortgage Corp.,
Series 1996-D, Class A7, 7.00%, 5/25/26.............. 29,241
590,000 Norwest Asset Securities Corp., Series 1997-2, Class
A7, 7.70%, 3/25/27................................... 582,124
416,000 Norwest Asset Securities Corp., Series 1997-6, Class
A2, 7.75%, 5/25/27................................... 415,289
512,000 Norwest Asset Securities Corp., Series 1997-8, Class
A3, 7.50%, 6/25/27................................... 503,859
2,203,000 Norwest Asset Securities Corp., Series 1997-21, Class
A7, 7.00%, 1/25/28................................... 2,004,002
124,000 Norwest Asset Securities Corp., Series 1997-21, Class
A6, 7.00%, 1/25/28................................... 115,783
80,000 Paine Webber Mortgage Acceptance Corp.,
Series 1994-5A, Class A5, 8.13%, 7/25/24............. 79,967
</TABLE>
Continued
- 47 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 132,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A16, 7.38%, 6/25/26.................................. $ 128,032
113,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A18, 7.38%, 6/25/26.................................. 111,616
203,099 PNC Mortgage Securities Corp., Series 1996-3, Class
A3, 7.25%, 12/25/26.................................. 200,775
480,000 PNC Mortgage Securities Corp., Series 1997-2, Class
A3, 7.50%, 3/25/27................................... 459,043
150,000 Prudential Home Mortgage Securities, Series 1992-32,
Class A9, 7.45%, 10/25/22............................ 144,413
365,000 Prudential Home Mortgage Securities, Series 1992-33,
Class A8, 7.50%, 11/25/22............................ 354,981
1,164,083 Prudential Home Mortgage Securities, Series 1992-40,
Class A10, 7.50%, 12/25/22........................... 1,121,174
980,000 Prudential Home Mortgage Securities, Series 1992-43,
Class A6, 7.50%, 1/25/23............................. 943,475
206,501 Prudential Home Mortgage Securities, Series 1992-51,
Class A10, 7.75%, 2/25/23............................ 201,770
167,509 Prudential Home Mortgage Securities, Series 1992-50,
Class A5, 7.63%, 2/25/23............................. 162,849
951 Prudential Home Mortgage Securities, Series 1993-8,
Class A3, 7.90%, 3/25/23............................. 943
115,000 Prudential Home Mortgage Securities, Series 1993-19,
Class A11, 7.49%, 6/25/23............................ 113,467
300,000 Prudential Home Mortgage Securities, Series 1993-19,
Class A13, 7.50%, 6/25/23............................ 289,101
198,334 Prudential Home Mortgage Securities, Series 1993-38,
Class A3, 6.15%, 9/25/23............................. 192,203
937,000 Prudential Home Mortgage Securities, Series 1993-44,
Class A17, 6.00%, 11/25/23........................... 830,585
500,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.75%, 12/26/23............................ 456,470
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 455,000 Prudential Home Mortgage Securities, Series 1994-6,
Class A6, 6.50%, 2/25/24............................. $ 421,740
106,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A10, 7.38%, 5/25/24............................ 100,783
912,642 Prudential Home Mortgage Securities, Series 1994-15,
Class A5, 6.80%, 5/25/24............................. 888,666
782,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A6, 7.50%, 5/25/24............................. 763,654
385,000 Prudential Home Mortgage Securities, Series 1994-22,
Class A6, 7.30%, 6/25/24............................. 371,321
130,000 Prudential Home Mortgage Securities, Series 1994-27,
Class A5, 8.25%, 9/25/24............................. 130,468
328,000 Prudential Home Mortgage Securities, Series 1996-5,
Class A9, 7.25%, 4/25/26............................. 319,315
200,000 Residential Accredit Loans, Inc., Series 1997-QS1,
Class A11, 7.50%, 2/25/27............................ 193,798
73,266 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S36, Class A4, 6.75%, 11/25/07........... 69,330
850,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6, 7.00%, 8/25/23............ 808,265
359,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A10, 7.75%, 9/25/25........... 351,719
274,028 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A19, 7.50%, 9/25/25........... 272,127
264,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A15, 7.50%, 5/25/26........... 256,898
100,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A10, 8.00%, 7/25/26........... 100,161
</TABLE>
Continued
- 48 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 129,972 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S16, Class A9, 7.75%, 7/25/26........... $ 129,749
252,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S2, Class A4, 7.50%, 1/25/27............ 243,883
125,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S3, Class A8, 7.30%, 2/25/27............ 118,855
72,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S5, Class A4, 7.625 %, 4/25/27.......... 71,819
355,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S12, Class A18, 6.75%, 8/25/27.......... 329,756
1,093,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2, 7.25%, 9/25/27........... 1,082,726
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S9, Class 2A4, 6.75%, 4/25/28........... 915,870
278,289 Ryland Acceptance Corp., Series 1997, Class JA,
8.75%, 4/20/21...................................... 278,879
165,000 Securitized Asset Sales, Inc., Series 1995-A, Class
A12, 7.75%, 3/25/24................................. 161,733
386,000 Vendee Mortgage Trust, Series 1992-2, Class F,
7.00%, 2/15/18...................................... 378,739
-----------
Total Collateralized Mortgage Obligations 40,916,309
-----------
Corporate Bonds (20.6%):
Banking (2.4%):
1,000,000 Bank One Corp., 7.25%, 8/15/04....................... 985,000
1,000,000 BankAmerica Corp., 7.75%, 7/15/02.................... 1,007,500
-----------
1,992,500
-----------
Brokerage Services (6.8%):
500,000 Bear Stearns Co., Inc., 6.75%, 8/15/00............... 500,765
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Corporate Bonds, continued:
Brokerage Services, continued:
$2,000,000 Bear Stearns Co., Inc., 6.75%, 4/15/03............... $ 1,950,000
1,500,000 Merrill Lynch & Co., Inc., 6.64%, 9/19/02............ 1,477,500
1,000,000 Salomon Smith Barney Holdings, Inc., 6.63%, 6/1/00... 1,000,820
750,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.. 716,250
-----------
5,645,335
-----------
Financial Services (5.2%):
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28........... 440,000
2,000,000 Commercial Credit Co., 6.38%, 9/15/02................ 1,955,000
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 983,750
1,000,000 General Motors Acceptance Corp., 6.63%, 10/15/05..... 953,750
-----------
4,332,500
-----------
Food Products & Services (3.9%):
2,200,000 Grand Metropolitan Investment, 8.63%, 8/15/01........ 2,241,250
1,000,000 McCormick & Co., 8.95%, 7/1/01....................... 1,023,750
-----------
3,265,000
-----------
Leasing (1.7%):
1,500,000 Hertz Corp., 6.00%, 1/15/03.......................... 1,441,875
-----------
Pharmaceuticals (0.6%):
500,000 American Home Products Corp., 6.50%, 10/15/02........ 489,375
-----------
Total Corporate Bonds 17,166,585
-----------
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... 468,125
-----------
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................................................. 930,000
-----------
</TABLE>
Continued
- 49 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Taxable Municipal Bonds, continued:
Louisiana (2.3%):
$1,000,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.45%, 2/1/05, Insured by: FGIC.................. $ 960,000
1,000,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.50%, 2/1/06, Insured by: FGIC.................. 955,000
-----------
1,915,000
-----------
Wisconsin (0.4%):
390,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08
@ 100*.............................................. 371,963
-----------
Total Taxable Municipal Bonds 3,685,088
-----------
U.S. Government Agencies (9.5%):
Fannie Mae (0.8%):
107,896 6.92%, 4/1/00, Pool #188965**........................ 109,784
321,328 7.07%, 4/1/00, Pool #189916**........................ 325,946
251,880 7.24%, 4/1/00, Pool #224951**........................ 258,177
-----------
693,907
-----------
Freddie Mac (2.8%):
54,746 7.00%, 10/1/07, Gold Pool #E40422.................... 54,348
2,370,234 6.50%, 12/1/11, Gold Pool #E20275.................... 2,300,620
-----------
2,354,968
-----------
Government National Mortgage Assoc. (5.9%):
1,793 9.00%, 11/15/01, Pool #194441........................ 1,861
3,689 9.00%, 8/15/03, Pool #229571......................... 3,829
11,705 9.00%, 12/15/04, Pool #284008........................ 12,199
6,444 9.00%, 1/15/05, Pool #247502......................... 6,716
31,885 9.00%, 3/15/06, Pool #299211......................... 33,230
77,807 9.00%, 12/15/06, Pool #316045........................ 80,801
166,204 7.50%, 6/15/07, Pool #329595......................... 167,189
606,335 6.00%, 1/15/09, Pool #371901......................... 579,917
2,837 10.00%, 2/15/19, Pool #269976........................ 3,022
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies, continued:
Government National Mortgage Assoc., continued:
$ 126,603 8.00%, 11/15/21, Pool #308330......................... $ 126,973
64,723 8.00%, 2/15/22, Pool #319029.......................... 64,908
115,231 8.00%, 5/15/23, Pool #343406.......................... 115,567
65,147 8.00%, 10/20/24, Pool #1884........................... 65,005
14,956 8.00%, 2/20/26, Pool #2171............................ 14,919
667,355 7.00%, 3/15/26, Pool #419128.......................... 645,352
33,849 8.00%, 3/20/26, Pool #2187............................ 33,758
136,140 8.00%, 4/20/26, Pool #2205............................ 135,806
559,077 8.00%, 5/20/26, Pool #2219............................ 557,741
1,018,535 8.00%, 6/15/26, Pool #423563.......................... 1,021,560
1,200,833 8.00%, 6/15/26, Pool #426149.......................... 1,204,352
15,995 7.00%, 3/20/27, Pool #2394............................ 15,433
-----------
4,890,138
-----------
Total U.S. Government Agencies 7,939,013
-----------
U.S. Treasury Bonds (0.6%):
500,000 6.50%, 2/15/10........................................ 502,940
-----------
Total U.S. Treasury Bonds 502,940
-----------
U.S. Treasury Notes (5.2%):
1,000,000 8.88%, 5/15/00........................................ 1,006,370
3,350,000 4.50%, 9/30/00........................................ 3,317,773
-----------
Total U.S. Treasury Notes 4,324,143
-----------
Investment Companies (4.9%):
3,936,918 American Performance Cash Management Fund............. 3,936,918
115,361 American Performance U.S. Treasury Fund............... 115,361
-----------
Total Investment Companies 4,052,279
-----------
Total Investments (Cost $85,010,812)(a)--99.6% 82,888,896
Other assets in excess of liabilities--0.4% 317,888
-----------
Total Net Assets--100.0% $83,206,784
===========
</TABLE>
Continued
- 50 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Intermediate Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
- --------
(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............. $ 81,654
Unrealized depreciation............. (2,203,570)
-----------
Net unrealized depreciation......... $(2,121,916)
===========
</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 February 29, 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 Obligations Bond
See notes to financial statements.
- 51 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Asset Backed Securities (2.2%):
$ 809,540 Crown Home Equity Loan Trust, Series 1996-1, Class
A3, 6.81%, 6/25/11.................................. $ 773,264
82,548 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3, 7.30%, 3/25/12........... 82,160
387,848 UCFC Home Equity Loan, Series 1996-D1, Class A4,
6.78%, 2/15/16...................................... 386,987
-----------
Total Asset Backed Securities 1,242,411
-----------
Collateralized Mortgage Obligations (51.3%):
800,000 BA Mortgage Securities, Inc., Series 1997-3, Class
A2, 7.00%, 12/25/27,................................ 758,048
80,000 Capstead Securities Corp., Series 1993-1, Class E,
7.50%, 2/1/23....................................... 77,076
19,558 Chase Mortgage Finance Corp., Series 1994-L, Class
2A9, 7.50%, 11/25/25................................ 19,496
125,000 Chemical Mortgage Securities, Inc., Series 1993-1,
Class A7, 7.45%, 2/25/23............................ 119,614
305,000 Countrywide Funding Corp., Series 1994-17, Class A7,
7.88%, 7/25/24...................................... 304,265
166,000 Countrywide Funding Corp., Series 1994-17, Class A9,
8.00%, 7/25/24...................................... 165,135
108,000 Countrywide Funding Corp., Series 1994-17, Class A11,
8.25%, 7/25/24...................................... 108,884
460,000 Countrywide Funding Corp., Series 1995-4, Class A7,
7.50%, 9/25/25...................................... 443,426
516,000 Countrywide Funding Corp., Series 1994-17, Class A6,
7.63%, 7/25/24...................................... 511,490
275,000 Countrywide Home Loan, Series 1997-1, Class A13,
7.50%, 3/25/27...................................... 268,032
274,000 Countrywide Mortgage Backed Securities, Inc.,
Series 1994-J, Class A7, 8.00%, 6/25/24............. 272,603
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 130,000 Fannie Mae,
Series 1992-118, Class PJ, 7.50%, 2/25/21............ $ 129,279
223,000 Fannie Mae,
Series 1992-168, Class KA, 7.50%, 11/25/21........... 219,772
123,000 Fannie Mae,
Series 1992-88, Class L, 8.00%, 12/25/21............. 123,687
735,000 Fannie Mae,
Series 1991-171, Class J, 8.00%, 12/25/21............ 746,159
126,000 Fannie Mae,
Series 1993-82, Class H, 7.00%, 5/25/23.............. 118,486
155,000 Fannie Mae,
Series 1997-16, Class HA, 7.00%, 2/18/25............. 151,838
282,634 Financial Asset Securitization, Inc., Series 1997-
NAM1, Class A2, 7.75%, 5/25/27....................... 282,360
500,000 Financial Asset Securitization, Inc., Series 1997-
NAM2, Class FA5, 7.70%, 7/25/27...................... 499,350
176,000 Freddie Mac,
Series 1281, Class I, 8.00%, 5/15/22................. 179,066
100,000 Freddie Mac,
Series 1541, Class H, 7.00%, 10/15/22................ 97,444
27,328 Freddie Mac,
Series 1753, Class CB, 8.13%, 5/15/23................ 27,579
109,000 Freddie Mac,
Series 1853, Class B, 7.50%, 4/15/24................. 108,967
507,477 Freddie Mac,
Series 1847, Class B, 7.50%, 7/15/24................. 507,172
143,000 Freddie Mac,
Series 54, Class C, 7.75%, 3/18/25................... 142,949
753,690 Fund America Investors Corp., Series 1991-1, Class K,
7.95%, 10/20/21...................................... 752,438
</TABLE>
Continued
- 52 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 72,776 General Electric Capital Mortgage Services, Inc.,
Series 1993-17, Class A13, 6.50%, 12/25/23............ $ 70,279
59,903 General Electric Capital Mortgage Services, Inc.,
Series 1994-13, Class A7, 6.50%, 4/25/24.............. 59,077
116,000 General Electric Capital Mortgage Services, Inc.,
Series 1994-29, Class A9, 8.63%, 11/25/24............. 117,434
175,000 General Electric Capital Mortgage Services, Inc.,
Series 1995-5, Class A6, 7.50%, 8/25/25............... 168,014
246,482 General Electric Capital Mortgage Services, Inc.,
Series 1996-13, Class A13, 7.75%, 8/25/26............. 246,238
911,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12, 7.50%, 4/25/27.............. 906,591
253,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10, 7.50%, 5/25/27.............. 249,425
102,884 General Electric Capital Mortgage Services, Inc.,
Series 1997-6, Class A2, 7.50%, 7/25/27............... 102,605
629,769 Government National Mortgage Assoc.,
Series 1996-15, Class CA, 7.50%, 1/20/24.............. 628,011
364,000 Government National Mortgage Assoc.,
Series 1996-22, Class E, 7.00%, 5/16/24............... 345,758
575,000 Government National Mortgage Assoc.,
Series 1999-1, Class G, 6.50%, 7/20/26................ 524,971
90,000 Government National Mortgage Assoc.,
Series 1996-15, Class H, 7.50%, 8/16/26............... 89,444
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 364,000 Government National Mortgage Assoc.,
Series 1996-20, Class J, 7.50%, 9/20/26.............. $ 355,470
500,000 Government National Mortgage Assoc.,
Series 1999-2, Class D, 6.50%, 10/20/26.............. 455,393
1,000,000 Government National Mortgage Assoc.,
Series 1999-7, Class D, 6.25%, 8/16/27............... 887,475
250,000 Headlands Mortgage Securities, Series 1997-1, Class
AI10, 7.75%, 3/25/27................................. 249,720
130,000 Headlands Mortgage Securities, Series 1997-3, Class
1A6, 7.00%, 7/25/27.................................. 124,033
500,000 Headlands Mortgage Securities, Series 1997-5, Class
A17, 7.25%, 11/25/27................................. 496,420
466,000 Housing Securities, Inc., Series 1992-EB, Class B5B,
7.63%, 9/25/22....................................... 454,467
473,000 Independent National Mortgage Corp., Series 1994-L,
Class A5, 8.00%, 8/25/24............................. 470,096
37,877 Independent National Mortgage Corp., Series 1994-N,
Class A7, 8.25%, 10/25/24............................ 37,894
227,000 Independent National Mortgage Corp., Series 1994-U,
Class A10, 8.75%, 12/25/24........................... 231,176
9,556 Independent National Mortgage Corp., Series 1995-A,
Class A4, 8.75%, 3/25/25............................. 9,511
232,410 Independent National Mortgage Corp., Series 1995-U,
Class A2, 7.13%, 1/25/26............................. 230,527
268,000 Independent National Mortgage Corp., Series 1995-U,
Class A5, 7.13%, 1/25/26............................. 265,829
175,000 Independent National Mortgage Corp., Series 1995-U,
Class A4, 7.25%, 1/25/26............................. 168,361
234,000 Independent National Mortgage Corp., Series 1995-W,
Class A6, 7.13%, 2/25/26............................. 230,614
</TABLE>
Continued
- 53 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 106,159 Merrill Lynch Trust,
Series 45, Class F, 9.10%, 9/20/14................... $ 105,671
175,000 Norwest Asset Securities Corp., Series 1996-1, Class
A11, 7.50%, 8/25/26.................................. 167,727
159,000 Norwest Asset Securities Corp., Series 1996-3, Class
A5, 7.63%, 9/25/26................................... 154,338
101,000 Norwest Asset Securities Corp., Series 1996-4, Class
A3, 7.75%, 9/25/26................................... 99,058
10,000 Norwest Asset Securities Corp., Series 1997-4, Class
A8, 7.50%, 3/25/27................................... 9,776
519,000 Norwest Asset Securities Corp., Series 1997-2, Class
A7, 7.70%, 3/25/27................................... 512,071
558,000 Norwest Asset Securities Corp., Series 1997-6, Class
A2, 7.75%, 5/25/27................................... 557,046
624,000 Norwest Asset Securities Corp., Series 1997-8, Class
A3, 7.50%, 6/25/27................................... 614,078
1,030,000 Norwest Asset Securities Corp., Series 1997-21, Class
A7, 7.00%, 1/25/28................................... 936,959
375,168 Norwest Asset Securities Corp., Series 1996-4, Class
A3, 7.75%, 9/25/26................................... 374,587
298,683 Paine Webber Mortgage Acceptance Corp.,
Series 1994-5A, Class A4, 8.13%, 7/25/24............. 299,815
65,000 PNC Mortgage Securities Corp., Series 1998-5, Class
2A3, 6.75%, 7/25/28.................................. 58,888
240,000 PNC Mortgage Securities Corp., Series 1998-6, Class
1A14, 7.00%, 9/25/28................................. 226,253
107,000 PNC Mortgage Securities Corp., Series 1998-7, Class
1A21, 7.00%, 9/25/28................................. 97,917
148,000 PNC Mortgage Securities Corp., Series 1996-1, Class
A4, 7.50%, 6/25/26................................... 139,061
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 497,000 PNC Mortgage Securities Corp., Series 1997-2, Class
A3, 7.50%, 3/25/27................................... $ 475,301
113,000 Prudential Home Mortgage Securities, Series 1992-32,
Class A9, 7.45%, 10/25/22............................ 108,791
733,000 Prudential Home Mortgage Securities, Series 1992-33,
Class A8, 7.50%, 11/25/22............................ 712,879
229,877 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.50%, 7/25/23............................. 223,792
500,000 Prudential Home Mortgage Securities, Series 1993-62,
Class A6, 6.75%, 12/26/23............................ 456,470
564,000 Prudential Home Mortgage Securities, Series 1996-5,
Class A9, 7.25%, 4/25/26............................. 549,065
267,000 Prudential Home Mortgage Securities, Series 1993-51,
Class A9, 6.00%, 12/25/23............................ 241,256
19,241 Residential Funding Mortgage Securities I, Inc.,
Series 1992-S43, Class A10, 8.00%, 12/25/22.......... 19,251
20,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S26, Class A9, 7.50%, 7/25/23............ 19,603
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6, 7.00%, 8/25/23............ 475,450
1,153,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A11, 6.00%, 9/25/25........... 990,046
80,319 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A7, 7.50%, 9/25/25............ 79,761
347,000 Residential Funding Mortgage Securities I, Inc.,
Series 1995-S11, Class A10, 7.75%, 9/25/25........... 339,963
</TABLE>
Continued
- 54 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 227,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A14, 8.00%, 9/25/25........... $ 225,906
67,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A15, 7.50%, 5/25/26........... 65,198
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S10, Class A6, 7.50%, 5/25/26............ 485,880
79,000 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S14, Class A5, 7.75%, 5/25/26............ 77,380
25,411 Residential Funding Mortgage Securities I, Inc.,
Series 1996-S15, Class A11, 7.75%, 6/25/26........... 25,365
10,829 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S9, Class A14, 7.50%, 7/25/27............ 10,780
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S12, Class A18, 6.75%, 8/25/27........... 464,445
1,339,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S13, Class A2, 7.25%, 9/25/27............ 1,326,412
427,000 Residential Funding Mortgage Securities I, Inc.,
Series 1997-S15, Class A2, 7.00%, 10/25/27........... 412,042
1,000,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S9, Class 2A4, 6.75%, 4/25/28............ 915,869
500,000 Residential Funding Mortgage Securities I, Inc.,
Series 1998-S19, Class A5, 6.75%, 8/25/28............ 451,115
298,874 Ryland Acceptance Corp., Series 1997, Class JA,
8.75%, 4/20/21....................................... 299,509
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 10,000 Ryland Mortgage Securities Corp., Series 1992-2,
Class E, 8.00%, 2/25/23............................. $ 9,947
253,000 Vendee Mortgage Trust, Series 1996-3, Class 2F,
7.75%, 11/15/22..................................... 253,746
-----------
Total Collateralized Mortgage Obligations 29,377,915
-----------
Corporate Bonds (20.4%):
Automotive (0.9%):
500,000 General Motors Corp., 7.70%, 4/15/16................. 495,000
-----------
Banking (2.6%):
1,500,000 BankAmerica Corp., 7.13%, 5/12/05.................... 1,466,250
-----------
Brokerage Services (3.1%):
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.. 764,000
-----------
1,777,750
-----------
Financial Services (7.0%):
1,000,000 Associates Corp., N.A., 7.50%, 4/15/02............... 1,003,750
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28........... 440,000
1,050,000 Ford Motor Credit Corp., 7.75%, 3/15/05.............. 1,056,563
500,000 General Electric Capital Corp., 7.50%, 6/15/09....... 500,625
1,000,000 General Motors Acceptance Corp., 6.63%, 10/1/02...... 983,750
-----------
3,984,688
-----------
Leasing (1.7%):
1,000,000 Hertz Corp., 7.38%, 6/15/01.......................... 1,001,250
-----------
Office Equipment & Services (1.8%):
1,000,000 Xerox Corp., 8.13%, 4/15/02.......................... 1,013,750
-----------
Retail (1.7%):
1,000,000 May Department Stores, 8.38%, 10/1/22................ 990,000
-----------
Telecommunications (1.6%):
1,000,000 ALLTEL Corp., 7.00%, 3/15/16......................... 933,750
-----------
Total Corporate Bonds 11,662,438
-----------
</TABLE>
Continued
- 55 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Taxable Municipal Bonds (7.6%):
California (0.8%):
$ 500,000 Monrovia Redevelopment Agency Tax Allocation, 6.90%,
5/1/17, Callable 5/1/08 @ 102*, Insured by: AMBAC... $ 468,125
-----------
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........... 1,196,493
-----------
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................................................. 930,000
-----------
Illinois (0.3%):
150,000 Springfield Tax Allocation, 7.50%, 2/1/12, Callable
2/1/05 @ 100*, Insured by: AMBAC.................... 149,813
-----------
Missouri (1.6%):
1,005,000 St. Louis, Municipal Finance Corp., Firemens'
Retirement System, Revenue Bond, 6.55%, 8/1/09,
Insured by: MBIA.................................... 942,188
-----------
Wisconsin (1.1%):
395,000 State GO, Series D, 6.90%, 11/1/11, Callable 11/1/08
@ 100*.............................................. 376,731
260,000 Wisconsin Housing & Economic Development Revenue
Bonds, Series H, 7.88%, 3/1/26, Callable 9/1/05 @
102*................................................ 257,400
-----------
634,131
-----------
Total Taxable Municipal Bonds 4,320,750
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies (10.2%):
Freddie Mac (3.0%):
$1,777,675 6.50%, 12/1/11, Gold Pool #E20275..................... $ 1,725,465
-----------
Government National Mortgage Assoc. (7.2%):
21,928 10.50%, 11/15/15, Pool #268347........................ 23,908
61,583 11.00%, 2/15/16, Pool #279067......................... 67,742
21,314 9.00%, 1/15/20, Pool #280664.......................... 22,393
63,431 9.00%, 10/15/20, Pool #289412......................... 66,602
126,959 9.00%, 7/15/21, Pool #308511.......................... 133,227
405,506 7.00%, 9/15/23, Pool #347688.......................... 393,722
607,356 7.50%, 11/15/23, Pool #354701......................... 599,867
444,321 7.50%, 12/15/25, Pool #401510......................... 439,091
445,560 8.00%, 5/15/26, Pool #428480.......................... 446,879
24,259 8.00%, 6/15/26, Pool #426149.......................... 24,330
1,969,961 7.00%, 7/15/29, Pool #490215.......................... 1,888,287
-----------
4,106,048
-----------
Total U.S. Government Agencies 5,831,513
-----------
U.S. Treasury Bonds (3.7%):
500,000 6.50%, 2/15/10........................................ 502,940
1,000,000 7.63%, 2/15/25........................................ 1,153,760
500,000 6.13%, 11/15/27....................................... 486,950
-----------
Total U.S. Treasury Bonds 2,143,650
-----------
Investment Companies (4.1%):
2,334,043 American Performance Cash Management Fund............. 2,334,043
-----------
Total Investment Companies 2,334,043
-----------
Total Investments (Cost $58,553,309)(a)--99.5% 56,912,720
Other assets in excess of liabilities--0.5% 312,263
-----------
Total Net Assets--100.0% $57,224,983
===========
</TABLE>
Continued
- 56 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Bond Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
- --------
(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 $ 124,087
Unrealized depreciation (1,764,676)
-----------
Net unrealized depreciation $(1,640,589)
===========
</TABLE>
* Represents next call date. Additional subsequent call dates and amounts also
apply to this security.
AMBAC--American Municipal Bond Assurance Corp.
FSA--Financial Security Assurance
GO--General Obligations Bond
MBIA--Municipal Bond Insurance Association
See notes to financial statements.
- 57 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks (64.0%):
Advertising (0.1%):
300 Catalina Marketing Corp.(b)............................ $ 25,538
600 True North Communications, Inc......................... 22,200
----------
47,738
----------
Aerospace/Defense (0.6%):
3,800 B. F. Goodrich Co...................................... 90,963
5,700 Lockheed Martin Corp................................... 99,394
3,200 United Technologies Corp............................... 162,999
----------
353,356
----------
Automotive (0.1%):
1,900 Ford Motor Co.......................................... 79,088
----------
Automotive Parts (0.1%):
1,300 Gentex Corp.(b)........................................ 37,984
1,600 Tower Automotive, Inc.(b).............................. 19,000
----------
56,984
----------
Banking (1.9%):
8,900 Bank of America Corp................................... 409,956
5,600 Bank One Corp.......................................... 144,550
800 Centura Banks, Inc..................................... 27,000
1,900 Chase Manhattan Corp................................... 151,288
1,030 Commerce Bancorp, Inc.................................. 34,634
3,700 First Union Corp....................................... 109,150
1,200 FirstMerit Corp........................................ 17,025
9,200 Regions Financial Corp................................. 186,300
500 Silicon Valley Bancshares(b)........................... 39,625
400 U.S. Trust Corp........................................ 55,400
----------
1,174,928
----------
Beverages (0.8%):
10,300 Coca-Cola Co........................................... 498,906
----------
Broadcasting/Cable (0.6%):
4,100 CBS Corp.(b)........................................... 244,206
1,300 MediaOne Group, Inc.(b)................................ 102,050
----------
346,256
----------
Building Materials (0.4%):
1,500 Armstrong World Industries, Inc........................ 28,500
7,100 USG Corp............................................... 230,750
----------
259,250
----------
Business Equipment & Services (0.0%):
400 Zebra Technologies Corp.,
Class A(b)............................................ 26,625
----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Chemicals (0.9%):
1,000 Cambrex Corp........................................... $ 40,125
2,100 E.I. du Pont de Nemours & Co........................... 106,050
5,500 Engelhard Corp......................................... 74,938
900 Ferro Corp............................................. 16,988
1,100 Geon Co................................................ 22,963
3,300 Lubrizol Corp.......................................... 81,881
3,700 Monsanto Co............................................ 143,605
1,300 NL Industries, Inc..................................... 18,769
600 Scotts Co., Class A(b)................................. 19,500
----------
524,819
----------
Commercial Services (0.2%):
2,800 Hertz Corp., Class A................................... 100,275
650 Profit Recovery Group
International, Inc.(b)................................ 12,025
1,500 Regis Corp............................................. 23,250
----------
135,550
----------
Computer Hardware (1.2%):
7,600 Sun Microsystems, Inc.(b).............................. 723,900
----------
Computer Software & Services (8.0%):
12,300 America Online, Inc.(b)................................ 725,700
900 American Management Systems(b)......................... 28,631
500 Aspen Technology, Inc.(b).............................. 22,375
1,000 CIBER, Inc.(b)......................................... 23,250
200 Clarify, Inc.(b)....................................... 28,863
3,900 Computer Associates International, Inc................. 250,819
2,500 Electronic Data Systems Corp........................... 161,875
600 FactSet Research Systems, Inc.(b)...................... 18,075
200 HNC Software, Inc.(b).................................. 19,675
500 Macromedia, Inc.(b).................................... 43,219
800 Mercury Interactive Corp.(b)........................... 77,100
22,115 Microsoft Corp.(b)..................................... 1,976,527
13,000 Oracle Corp.(b)........................................ 965,250
300 QRS Corp.(b)........................................... 28,313
400 RSA Security, Inc.(b).................................. 26,700
2,200 Yahoo!, Inc.(b)........................................ 351,312
----------
4,747,684
----------
Computers & Peripherals (8.0%):
1,100 Anixter International, Inc.(b)......................... 20,556
400 Black Box Corp.(b)..................................... 29,925
14,100 Cisco Systems, Inc.(b)................................. 1,863,843
4,100 Compaq Computer Corp. ................................. 101,988
16,900 Dell Computer Corp.(b)................................. 689,731
</TABLE>
Continued
- 58 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Computers & Peripherals, continued:
4,700 EMC Corp.(b)........................................... $ 559,300
3,400 Hewlett-Packard Co..................................... 457,300
7,900 International Business Machines Corp. ................. 805,799
800 National Instruments Corp.(b).......................... 35,925
3,900 Novell, Inc.(b)........................................ 128,944
1,700 S3, Inc.(b)............................................ 27,094
1,000 Telxon Corp............................................ 21,500
400 Xircom, Inc.(b)........................................ 16,613
----------
4,758,518
----------
Consumer Products (0.0%):
2,000 Action Performance Companies, Inc.(b).................. 18,125
----------
Cosmetics/Personal Care (0.9%):
2,100 Kimberly-Clark Corp.................................... 108,544
5,000 Procter & Gamble Co.................................... 440,000
----------
548,544
----------
Diversified Manufacturing Operations (3.6%):
1,600 Corning, Inc........................................... 300,800
14,100 General Electric Co.................................... 1,863,843
----------
2,164,643
----------
Electric Integrated (0.3%):
5,200 PECO Energy Co. ....................................... 194,025
----------
Electronic Components/Instruments (0.2%):
600 Benchmark Electronics, Inc.(b)......................... 18,975
500 C-Cube Microsystems, Inc.(b)........................... 46,625
400 CTS Corp............................................... 25,800
700 Methode Electronics, Inc., Class A..................... 40,688
----------
132,088
----------
Electronics (0.1%):
600 KEMET Corp.(b)......................................... 36,863
----------
Entertainment (1.0%):
3,100 Aztar Corp.(b)......................................... 29,450
4,000 The Walt Disney Co..................................... 134,000
4,500 Time Warner, Inc. ..................................... 384,750
1,300 Viacom, Inc., Class B(b)............................... 72,475
----------
620,675
----------
Financial Services (3.6%):
3,800 Allied Capital Corp. .................................. 66,025
3,000 American Express Co.................................... 402,562
7,100 Associates First Capital Corp.,
Class A............................................... 141,113
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Financial Services, continued:
4,400 Bear Stearns Cos., Inc................................. $ 172,700
9,700 Citigroup, Inc......................................... 501,368
1,500 Goldman Sachs Group, Inc............................... 138,750
6,800 Household International, Inc........................... 217,174
600 Legg Mason, Inc........................................ 23,550
8,000 MBNA Corp.............................................. 182,000
1,800 Morgan Stanley Dean Witter & Co........................ 126,788
2,400 Providian Financial Corp. ............................. 155,550
300 SEI Investments Co..................................... 26,794
----------
2,154,374
----------
Food Products & Services (0.7%):
2,500 Fleming Companies., Inc. .............................. 38,594
6,300 General Mills, Inc..................................... 207,506
8,500 IBP, Inc............................................... 106,250
1,900 Smithfield Food, Inc.(b)............................... 29,450
700 Whole Foods Market, Inc.(b)............................ 26,578
----------
408,378
----------
Forest Products--Lumber & Paper (0.4%):
3,500 Georgia Pacific Corp................................... 121,406
3,700 Rayonier, Inc. ........................................ 147,075
----------
268,481
----------
Health Care (1.4%):
700 Cognex Corp. (b)....................................... 30,756
1,400 IDEXX Laboratories, Inc.(b)............................ 41,388
9,800 Johnson & Johnson...................................... 703,149
2,600 Owens & Minor, Inc. ................................... 28,600
900 Quest Diagnostics, Inc.(b)............................. 30,881
----------
834,774
----------
Home Builders (0.2%):
2,500 Centex Corp............................................ 49,218
2,200 Champion Enterprises, Inc. (b)......................... 13,888
1,900 Ryland Group, Inc...................................... 33,725
----------
96,831
----------
Insurance (1.3%):
1,000 21st Century Insurance Group........................... 17,625
600 Aetna Services, Inc.................................... 24,675
2,000 American General Corp. ................................ 104,375
2,600 American International Group, Inc...................... 229,937
3,000 Hartford Financial Services Group, Inc................. 93,750
1,500 Marsh & McLennan Cos., Inc. ........................... 116,063
1,600 Mutual Risk Management Ltd. ........................... 22,000
</TABLE>
Continued
- 59 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Insurance, continued:
4,500 Radian Group, Inc...................................... $ 156,094
4,900 Sierra Health Services, Inc.(b)........................ 30,013
----------
794,532
----------
Leisure & Recreation Products (0.2%):
1,100 Harley-Davidson, Inc. ................................. 74,938
800 Polaris Industries, Inc................................ 24,500
----------
99,438
----------
Machinery & Equipment (0.3%):
1,000 Lincoln Electric Holdings.............................. 19,500
3,800 W.W., Grainger, Inc.................................... 162,688
----------
182,188
----------
Medical--Biotechnology (0.3%):
400 IDEC Pharmaceuticals Corp.(b).......................... 56,350
300 Incyte Pharmaceuticals, Inc.(b)........................ 82,669
200 Protein Design Labs, Inc.(b)........................... 50,038
----------
189,057
----------
Medical Equipment & Supplies (0.0%):
600 Patterson Dental Co.(b)................................ 21,619
----------
Metals--Processing & Fabrication (0.1%):
1,900 Amcast Industrial Corp. ............................... 22,681
2,000 Intermet Corp. ........................................ 22,500
----------
45,181
----------
Oil & Gas Exploration, Production, and Services (0.1%):
1,300 HS Resources, Inc.(b).................................. 21,450
700 Newfield Exploration Co.(b)............................ 21,700
1,800 Vintage Petroleum, Inc................................. 26,100
----------
69,250
----------
Oil--Intergrated Companies (2.7%):
1,700 Chevron Corp. ......................................... 126,969
5,800 Exxon Mobil Corp....................................... 436,812
34,800 Occidental Petroleum Corp.............................. 558,974
3,100 Royal Dutch Petroleum Co............................... 162,750
15,600 Ultramar Diamond Shamrock Corp......................... 338,325
----------
1,623,830
----------
Pharmaceuticals (4.5%):
3,900 Amgen, Inc.(b)......................................... 265,931
1,600 Bindley Western Industries, Inc........................ 27,500
9,200 Bristol-Myers Squibb Co. .............................. 522,675
3,300 Eli Lilly & Co. ....................................... 196,144
500 Jones Pharma, Inc...................................... 35,875
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Pharmaceuticals, continued:
8,800 Merck & Co., Inc. ..................................... $ 541,750
17,100 Pfizer, Inc............................................ 549,337
7,000 Schering-Plough Corp................................... 244,125
3,600 Warner-Lambert Co. .................................... 308,025
----------
2,691,362
----------
Printing & Publishing (0.0%):
500 Consolidated Graphics, Inc.(b)......................... 6,844
750 Valassis Communications, Inc.(b)....................... 20,766
----------
27,610
----------
Real Estate Investment Trusts (0.0%):
1,800 Indymac Mortgage Holdings, Inc. ....................... 22,838
----------
Research And Development (0.1%):
1,300 Pharmaceutical Product Development, Inc.(b)............ 31,525
----------
Restaurants (0.1%):
900 Applebee's International, Inc.......................... 25,340
3,700 CKE Restaurants, Inc................................... 23,588
----------
48,928
----------
Retail (3.4%):
2,900 Building Materials Holding Corp.(b).................... 29,091
1,000 Ethan Allen Interiors, Inc............................. 23,313
3,800 Gap, Inc. ............................................. 183,588
5,200 Gymboree Corp.(b)...................................... 24,375
10,500 Home Depot, Inc........................................ 607,030
6,100 May Department Stores Co............................... 159,744
3,200 Sears, Roebuck & Co.................................... 88,200
18,700 Wal-Mart Stores, Inc................................... 910,455
800 Wet Seal, Inc., Class A(b)............................. 8,250
700 Zale Corp.(b).......................................... 26,338
----------
2,060,384
----------
Semiconductors (5.2%):
1,600 Applied Industrial Technologies, Inc. ................. 29,000
1,000 Dallas Semiconductor Corp. ............................ 40,375
400 Etec Systems, Inc.(b).................................. 47,113
400 Helix Technology Corp.................................. 28,450
16,100 Intel Corp............................................. 1,819,299
300 Kulicke & Soffa Industries, Inc.(b).................... 23,850
600 Lattice Semiconductor Corp.(b)......................... 42,150
500 Micrel, Inc.(b)........................................ 57,625
800 Micron Technology, Inc................................. 78,450
1,200 Silicon Valley Group, Inc.(b).......................... 30,375
</TABLE>
Continued
- 60 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Semiconductors, continued:
5,400 Texas Instruments, Inc. ............................... $ 899,100
1,400 Ultratech Stepper, Inc.(b)............................. 24,500
----------
3,120,287
----------
Steel (0.0%):
1,900 Steel Technologies, Inc................................ 17,813
----------
Telecommunications (7.3%):
500 Aspect Communications Corp.(b)......................... 32,219
11,900 AT&T Corp.............................................. 588,306
2,000 Bell Atlantic Corp. ................................... 97,875
3,000 BellSouth Corp......................................... 122,250
5,100 Brightpoint, Inc.(b)................................... 65,663
700 CommScope, Inc.(b)..................................... 27,256
700 Digital Microwave Corp.(b)............................. 23,363
12,900 Lucent Technologies, Inc............................... 767,549
12,000 MCI WorldCom, Inc.(b).................................. 535,500
2,300 Motorola, Inc.......................................... 392,150
1,100 Nextel Communications, Inc., Class A(b)................ 149,944
3,200 Qualcom, Inc.(b)....................................... 455,799
2,400 RCN Corp.(b)........................................... 143,700
15,700 SBC Communications, Inc................................ 596,600
3,800 Sprint Corp. .......................................... 231,800
3,700 Tellabs, Inc.(b)....................................... 177,600
600 Whittman-Hart, Inc.(b)................................. 27,225
----------
4,434,799
----------
Textile Products (0.0%):
4,300 Dixie Group, Inc.(b)................................... 24,725
----------
Tobacco & Tobacco Products (0.5%):
17,000 R.J. Reynolds Tobacco Holdings, Inc. .................. 306,000
----------
Transportation (0.6%):
22,600 Norfolk Southern Corp.................................. 306,513
2,200 Union Pacific Corp..................................... 83,600
----------
390,113
----------
Transportation & Shipping (0.0%):
3,100 Arkansas Best Corp.(b)................................. 29,256
----------
Transportation Leasing & Trucking (0.1%):
1,900 Yellow Corp.(b)........................................ 30,400
----------
Utilities--Diversified (0.2%):
3,008 Dynegy, Inc., Class A.................................. 141,000
----------
Utilities--Electric (0.7%):
3,100 AES Corp.(b)........................................... 259,818
700 Hawaiian Electric Industries, Inc...................... 20,169
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Common Stocks, continued:
Utilities--Electric, continued:
1,700 Southern Co.......................................... $ 37,719
2,400 Texas Utilities Co................................... 78,300
-----------
396,006
-----------
Utilities--Natural Gas (0.9%):
13,400 Williams Companies, Inc.............................. 560,288
-----------
Utilities--Water (0.1%):
1,000 American States Water Co............................. 26,938
800 United Water Resources, Inc. ........................ 27,850
-----------
54,788
-----------
Total Common Stocks 38,624,620
-----------
Asset Backed Securities (0.8%):
$ 53,213 CoreStates Home Equity Trust, Series 1993-2, Class A,
5.10%, 3/15/09...................................... 52,343
242,862 Crown Home Equity Loan Trust, Series 1996-1, Class
A3, 6.81%, 6/25/11.................................. 231,980
20,637 General Electric Capital Mortgage Services, Inc.,
Series 1996-HE2, Class A3,
7.30%, 3/25/12...................................... 20,540
150,439 Nomura Asset Securities Corp., Series 1995-2, Class
2M,
7.12%, 1/25/26...................................... 148,353
-----------
Total Asset Backed Securities 453,216
-----------
Collateralized Mortgage Obligations (11.0%):
500,000 BA Mortgage Securities, Inc.,
Series 1997-3, Class A2,
7.00%, 12/25/27,.................................... 473,780
500,000 Chase Mortgage Finance Corp., Series 1993-L, Class
2A12, 7.00%, 10/25/24............................... 457,655
80,000 Fannie Mae,
Series 1997-16, Class HA,
7.00%, 2/18/25...................................... 78,368
141,317 Financial Asset Securitization, Inc.,
Series 1997-NAM1, Class A2,
7.75%, 5/25/27...................................... 141,180
64,445 General Electric Capital Mortgage Services, Inc.,
Series 1993-12, Class A-2,
6.50%, 10/25/23..................................... 61,250
</TABLE>
Continued
- 61 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ---------------------------------------------------- -----------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 81,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-3, Class A12,
7.50%, 4/25/27..................................... $ 80,608
200,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-4, Class A10,
7.50%, 5/25/27..................................... 197,174
537,000 General Electric Capital Mortgage Services, Inc.,
Series 1997-9, Class 1A17,
7.25%, 10/25/27.................................... 507,959
1,000,000 General Electric Capital Mortgage Services, Inc.,
Series 1998-9, Class A11,
6.75%, 6/25/28..................................... 903,806
1,000,000 Government National Mortgage Assoc., Series 1999-1,
Class G,
6.50%, 7/20/26..................................... 912,994
500,000 Government National Mortgage Assoc., Series 1999-2,
Class D,
6.50%, 10/20/26.................................... 455,393
500,000 Headlands Mortgage Securities, Series 1997-5, Class
A17,
7.25%, 11/25/27.................................... 496,420
260,000 Independent National Mortgage Corp., Series 1995-M,
Class A4,
7.50%, 9/25/25..................................... 251,064
134,000 Norwest Asset Securities Corp., Series 1996-3, Class
A8,
7.25%, 9/25/26..................................... 129,138
1,000,000 Prudential Home Mortgage Securities,
Series 1993-62, Class A6,
6.75%, 12/26/23.................................... 912,940
108,376 Prudential Home Mortgage Securities,
Series 1994-15, Class A5,
6.80%, 5/25/24..................................... 105,529
135,000 Prudential Home Mortgage Securities, Series 1994-18,
Class A7,
6.88%, 5/25/24..................................... 129,916
190,000 Prudential Home Mortgage Securities, Series 1996-2,
Class A13,
7.00%, 3/25/26..................................... 183,939
200,000 Residential Funding Mortgage Securities I, Inc.,
Series 1993-S28, Class A6,
7.00%, 8/25/23..................................... 190,180
-----------
Total Collateralized Mortgage Obligations 6,669,293
-----------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ----------------------------------------------------- -----------
<C> <S> <C>
Corporate Bonds (4.2%):
Banking (0.8%):
$ 250,000 BankAmerica Corp.,
7.13%, 5/12/05...................................... $ 244,375
250,000 J.P. Morgan, 6.25%, 12/15/05......................... 232,188
-----------
476,563
-----------
Beverages (0.4%):
250,000 Anheuser Busch Co.,
6.90%, 10/1/02...................................... 245,938
-----------
Brokerage Services (1.1%):
250,000 Bear Stearns Co., Inc., 6.75%, 8/15/00............... 250,382
200,000 Salomon Smith Barney Holdings, Inc., 6.63%, 7/1/02... 197,250
250,000 Salomon Smith Barney Holdings, Inc., 6.88%, 6/15/05.. 238,750
-----------
686,382
-----------
Financial Services (1.5%):
250,000 Associates Corp. N.A., 6.00%, 12/1/02................ 241,875
500,000 Cincinnati Financial Corp., 6.90%, 5/15/28........... 439,999
200,000 General Motors Acceptance Corp., 6.63%, 10/15/05..... 190,750
-----------
872,624
-----------
Retail Stores (0.4%):
250,000 Wal-Mart Stores, Inc.,
7.25%, 6/1/13....................................... 244,688
-----------
Total Corporate Bonds 2,526,195
-----------
Taxable Municipal Bonds (0.8%):
Georgia (0.5%):
350,000 Cedartown Development Authority, 7.00%, 2/1/22,
Callable 2/1/07 @ 102, Insured by: AMBAC............ 328,125
-----------
Louisiana (0.3%):
170,000 Orleans Parish School Board Refunding Bonds, Series
A, 6.45%, 2/1/05,
Insured by: FGIC.................................... 163,200
-----------
Total Taxable Municipal Bonds 491,325
-----------
</TABLE>
Continued
- 62 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Balanced Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Government Agencies (3.4%):
Fannie Mae (0.5%):
$ 300,000 7.50%, 4/16/07........................................ $ 295,110
-----------
Freddie Mac (0.3%):
177,768 6.50%, 12/1/11, Gold Pool #E20275..................... 172,546
-----------
Government National Mortgage Assoc. (2.6%):
379,087 7.00%, 1/15/26, Pool #421420.......................... 367,437
135,640 6.00%, 2/20/26, Pool #2166............................ 123,914
405,367 8.00%, 6/15/26, Pool #423563.......................... 406,571
745,614 7.00%, 7/15/29, Pool #492747.......................... 714,507
-----------
1,612,429
-----------
Total U.S. Government Agencies 2,080,085
-----------
U.S. Treasury Bonds (4.1%):
525,000 6.25%, 8/15/23........................................ 515,776
2,000,000 6.13%, 11/15/27....................................... 1,947,800
-----------
Total U.S. Treasury Bonds 2,463,576
-----------
</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............. $ 7,955,525
Unrealized depreciation............. (3,338,074)
-----------
Net unrealized appreciation......... $ 4,617,451
===========
</TABLE>
(b) Represents non-income producing securities.
AMBAC -- AMBAC Indemnity Corporation
FGIC -- Financial Guaranty Insurance Corporation
<TABLE>
<CAPTION>
Shares
or
Principal Market
Amount Security Description Value
--------- ------------------------------------------------------ -----------
<C> <S> <C>
U.S. Treasury Notes (8.5%):
$2,200,000 4.50%, 9/30/00........................................ $ 2,178,836
200,000 7.75%, 2/15/01........................................ 202,592
2,800,000 5.88%, 11/30/01....................................... 2,768,892
-----------
Total U.S. Treasury Notes 5,150,320
-----------
Investment Companies (2.8%):
1,659,469 American Performance Cash Management Fund............. 1,659,469
45,698 American Performance U.S. Treasury Fund............... 45,698
-----------
Total Investment Companies 1,705,167
-----------
Total Investments (Cost $55,546,346)(a)--99.6% 60,163,797
Other assets in excess of liabilities--0.4% 253,013
-----------
Total Net Assets--100.0% $60,416,810
===========
</TABLE>
See notes to financial statements.
- 63 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security
Shares Description Market Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks (99.0%):
Aerospace/Defense (1.5%):
51,700 Lockheed Martin Corp.................................. $ 901,519
43,900 Raytheon Co., Class B................................. 812,150
12,700 United Technologies Corp. ............................ 646,906
------------
2,360,575
------------
Automotive Parts (1.2%):
58,000 Cooper Tire & Rubber Co. ............................. 627,125
70,100 Delphi Automotive Systems Corp. ...................... 1,169,794
------------
1,796,919
------------
Banking (4.5%):
39,800 Bank of America Corp.................................. 1,833,288
36,500 Bank One Corp......................................... 942,156
27,400 Chase Manhattan Corp.................................. 2,181,725
100,200 Regions Financial Corp................................ 2,029,050
------------
6,986,219
------------
Beverages (2.2%):
53,900 Coca-Cola Co. ........................................ 2,610,781
24,300 PepsiCo, Inc. ........................................ 783,675
------------
3,394,456
------------
Broadcasting/Cable (1.3%):
8,300 Adelphia Communications, Class A(b)................... 455,981
26,300 CBS Corp.(b).......................................... 1,566,494
------------
2,022,475
------------
Chemicals (0.4%):
5,400 Dow Chemical.......................................... 585,900
------------
Commercial Services (0.3%):
14,900 Hertz Corp., Class A.................................. 533,606
------------
Computer Hardware (1.3%):
20,200 Sun Microsystems, Inc.(b)............................. 1,924,050
------------
Computer Software & Services (8.7%):
29,000 America Online, Inc.(b)............................... 1,711,000
13,100 Computer Associates International, Inc................ 842,494
23,400 Keane, Inc.(b)........................................ 561,600
62,900 Microsoft Corp.(b).................................... 5,621,687
38,000 Oracle Corp.(b)....................................... 2,821,500
29,100 PeopleSoft, Inc.(b)................................... 602,006
7,200 Yahoo!, Inc.(b)....................................... 1,149,750
------------
13,310,037
------------
Computers & Peripherals (10.9%):
56,300 Cisco Systems, Inc.(b)................................ 7,442,156
48,100 Dell Computer Corp.(b)................................ 1,963,081
</TABLE>
<TABLE>
<CAPTION>
Security
Shares Description Market Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued:
Computers & Peripherals, continued:
22,500 EMC Corp.(b).......................................... $ 2,677,500
13,600 Hewlett-Packard Co. .................................. 1,829,200
27,500 International Business Machines Corp. ................ 2,805,000
------------
16,716,937
------------
Cosmetics/Personal Care (3.1%):
17,200 Colgate-Palmolive Co. ................................ 897,625
23,500 Kimberly-Clark Corp. ................................. 1,214,656
30,200 Procter & Gamble Co. ................................. 2,657,600
------------
4,769,881
------------
Diversified Manufacturing Operations (5.0%):
49,800 General Electric Co................................... 6,582,938
22,200 Honeywell International, Inc. ........................ 1,068,375
------------
7,651,313
------------
Electric Integrated (2.1%):
29,600 PECO Energy Co. ...................................... 1,104,450
100,300 Reliant Energy, Inc. ................................. 2,062,419
------------
3,166,869
------------
Entertainment (2.3%):
31,300 Metro-Goldwyn-Mayer, Inc.(b).......................... 747,288
13,600 Pixar Animation Studios(b)............................ 476,000
12,300 Time Warner, Inc. .................................... 1,051,650
22,300 Viacom, Inc., Class B(b).............................. 1,243,225
------------
3,518,163
------------
Financial Services (4.5%):
41,500 Allied Capital Corp. ................................. 721,063
56,500 CIT Group, Inc., Class A.............................. 791,000
29,800 Citigroup, Inc. ...................................... 1,540,288
16,800 Goldman Sachs Group, Inc.............................. 1,553,999
41,700 Household International, Inc.......................... 1,331,794
14,100 Providian Financial Corp. ............................ 913,856
------------
6,852,000
------------
Food Products & Services (0.9%):
48,700 Archer Daniels Midland Co............................. 490,044
16,600 Quaker Oats Co........................................ 895,362
------------
1,385,406
------------
Forest Products--Lumber & Paper (0.6%):
28,700 Georgia Pacific Corp.................................. 995,531
------------
Health Care (2.2%):
35,600 Johnson & Johnson..................................... 2,554,300
32,000 Mallinckrodt, Inc..................................... 788,000
------------
3,342,300
------------
</TABLE>
Continued
- 64 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security
Shares Description Market Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued:
Insurance (2.6%):
14,100 American International Group, Inc..................... $ 1,246,969
21,600 CNA Financial Corp.(b)................................ 583,200
27,200 Hartford Financial Services Group, Inc................ 850,000
16,900 Marsh & McLennan Cos., Inc............................ 1,307,637
------------
3,987,806
------------
Iron & Steel (0.5%):
45,300 Allegheny Technologies, Inc........................... 767,269
------------
Leisure & Recreation Products (0.5%):
41,200 Brunswick Corp........................................ 728,725
------------
Oil & Gas Exploration (0.6%):
24,000 Transocean Sedco Forex, Inc........................... 946,500
------------
Oil--Intergrated Companies (4.0%):
18,600 Chevron Corp.......................................... 1,389,188
36,000 Exxon Mobil Corp...................................... 2,711,249
75,400 Occidental Petroleum Corp............................. 1,211,113
40,700 Ultramar Diamond Shamrock Corp........................ 882,681
------------
6,194,231
------------
Pharmaceuticals (7.6%):
26,300 Abbott Laboratories................................... 861,325
8,400 Amgen, Inc.(b)........................................ 572,775
45,400 Bristol-Myers Squibb Co............................... 2,579,287
8,400 Eli Lilly & Co........................................ 499,275
33,900 Ivax Corp............................................. 771,225
43,100 Merck & Co., Inc...................................... 2,653,343
79,100 Pfizer, Inc........................................... 2,541,088
14,600 Warner-Lambert Co..................................... 1,249,213
------------
11,727,531
------------
Real Estate Investment Trusts (0.5%):
32,300 Rouse Co.............................................. 706,563
------------
Rental--Auto/Equipment (0.3%):
30,000 United Rentals, Inc.(b)............................... 468,750
------------
Retail (5.2%):
21,100 Gap, Inc.............................................. 1,019,394
48,900 Home Depot, Inc....................................... 2,827,031
11,500 Target Corp........................................... 678,500
58,500 Toys "R" Us, Inc.(b).................................. 723,938
57,500 Wal-Mart Stores, Inc.................................. 2,799,531
------------
8,048,394
------------
Semiconductors (6.7%):
9,400 Applied Materials, Inc.(b)............................ 1,719,613
50,700 Intel Corp............................................ 5,729,099
</TABLE>
<TABLE>
<CAPTION>
Security
Shares Description Market Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued:
Semiconductors, continued:
11,400 Micron Technology, Inc................................ $ 1,117,913
10,400 Texas Instruments, Inc................................ 1,731,600
------------
10,298,225
------------
Telecommunications (11.6%):
39,200 AT&T Corp............................................. 1,937,950
9,400 Bell Atlantic Corp.................................... 460,013
40,100 Lucent Technologies, Inc.............................. 2,385,949
60,800 MCI WorldCom, Inc.(b)................................. 2,713,199
9,000 Motorola, Inc......................................... 1,534,500
12,200 Nextel Communications, Inc., Class A(b)............... 1,663,013
13,200 Pinnacle Holdings, Inc.(b)............................ 772,200
7,000 Powertel, Inc.(b)..................................... 655,375
11,300 Qualcom, Inc.(b)...................................... 1,609,544
52,600 SBC Communications, Inc............................... 1,998,800
13,500 Sprint Corp........................................... 823,500
28,200 Sprint PCS Group(b)................................... 1,459,350
------------
18,013,393
------------
Television (0.8%):
11,800 Univision Communications, Class A(b).................. 1,202,125
------------
Tobacco & Tobacco Products (1.1%):
31,500 Philip Morris Cos., Inc............................... 631,969
59,800 R.J. Reynolds Tobacco Holdings, Inc................... 1,076,400
------------
1,708,369
------------
Transportation (1.5%):
119,000 Norfolk Southern Corp................................. 1,613,938
16,900 Union Pacific Corp.................................... 642,200
------------
2,256,138
------------
Utilities--Diversified (1.1%):
22,000 Avista Corp........................................... 661,375
21,900 Dynegy, Inc., Class A................................. 1,026,563
------------
1,687,938
------------
Utilities--Natural Gas (1.4%):
50,600 Williams Companies, Inc............................... 2,115,713
------------
Total Common Stocks 152,170,307
------------
Investment Companies (1.0%):
1,515,571 American Performance Cash Management Fund............. 1,515,571
------------
Total Investment Companies 1,515,571
------------
Total Investments (Cost $111,915,330)(a)--100.0% 153,685,878
Other assets in excess of liabilities--0.0% 50,420
------------
Total Net Assets--100.0% $153,736,298
============
</TABLE>
Continued
- 65 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Equity Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
- --------
(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.............. $51,644,599
Unrealized depreciation.............. (9,874,051)
-----------
Net Unrealized appreciation.......... $41,770,548
===========
</TABLE>
(b) Represents non-income producing securities.
ADR -- American Depository Receipt
See notes to financial statements.
- 66 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Growth Equity Fund
Schedule of Portfolio Investments
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security
Shares Description Market Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks (96.9%):
Beverages (1.8%):
63,400 Coca-Cola Co.......................................... $ 3,070,938
------------
Building Materials (1.2%):
60,500 USG Corp.............................................. 1,966,250
------------
Computer Hardware (2.9%):
52,000 Sun Microsystems, Inc.(b)............................. 4,953,000
------------
Computer Software & Services (17.0%):
70,800 America Online, Inc.(b)............................... 4,177,200
27,300 Computer Associates International, Inc................ 1,755,731
52,200 Compuware Corp.(b).................................... 1,154,925
24,200 Electronic Data Systems Corp.......................... 1,566,950
131,700 Microsoft Corp.(b).................................... 11,770,687
73,800 Oracle Corp.(b)....................................... 5,479,649
17,400 Yahoo!, Inc.(b)....................................... 2,778,563
------------
28,683,705
------------
Computers & Peripherals (14.5%):
84,500 Cisco Systems, Inc.(b)................................ 11,169,843
120,700 Dell Computer Corp.(b)................................ 4,926,069
29,100 EMC Corp.(b).......................................... 3,462,900
48,400 International Business Machines Corp.................. 4,936,800
------------
24,495,612
------------
Cosmetics/Personal Care (1.5%):
28,400 Procter & Gamble Co................................... 2,499,200
------------
Diversified Manufacturing Operations (6.1%):
11,900 Corning, Inc.......................................... 2,237,200
61,300 General Electric Co................................... 8,103,094
------------
10,340,294
------------
Entertainment (1.0%):
20,600 Time Warner, Inc...................................... 1,761,300
------------
Financial Services (3.2%):
26,500 American Express Co................................... 3,555,969
80,700 MBNA Corp............................................. 1,835,925
------------
5,391,894
------------
Food Products & Services (1.2%):
59,600 General Mills, Inc.................................... 1,963,075
------------
Health Care (2.5%):
20,700 Bausch & Lomb, Inc.................................... 1,091,925
27,800 Johnson & Johnson..................................... 1,994,650
24,600 Medtronic, Inc........................................ 1,191,563
------------
4,278,138
------------
</TABLE>
<TABLE>
<CAPTION>
Security
Shares Description Market Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Common Stocks, continued:
Machinery & Equipment (0.8%):
30,000 W.W. Grainger, Inc.................................... $ 1,284,375
------------
Oil--Intergrated Companies (1.3%):
141,700 Occidental Petroleum Corp............................. 2,276,056
------------
Pharmaceuticals (9.9%):
27,700 Amgen, Inc.(b)........................................ 1,888,794
59,900 Bristol-Myers Squibb Co............................... 3,403,068
28,000 Eli Lilly & Co........................................ 1,664,250
46,300 Merck & Co., Inc...................................... 2,850,344
99,200 Pfizer, Inc........................................... 3,186,800
54,800 Schering-Plough Corp.................................. 1,911,150
21,500 Warner-Lambert Co..................................... 1,839,594
------------
16,744,000
------------
Retail (6.7%):
26,900 Gap, Inc.............................................. 1,299,606
66,200 Home Depot, Inc....................................... 3,827,188
104,200 Wal-Mart Stores, Inc.................................. 5,073,238
46,500 Walgreen Co........................................... 1,200,281
------------
11,400,313
------------
Semiconductors (10.1%):
9,500 Applied Materials, Inc.(b)............................ 1,737,906
93,000 Intel Corp............................................ 10,509,000
29,500 Texas Instruments, Inc................................ 4,911,750
------------
17,158,656
------------
Technology (0.7%):
17,400 Solectron Corp........................................ 1,139,700
------------
Telecommunications (10.1%):
49,400 AT&T Corp............................................. 2,442,213
79,500 Lucent Technologies, Inc.............................. 4,730,250
24,300 Qualcom, Inc.(b)...................................... 3,461,231
96,400 SBC Communications, Inc............................... 3,663,200
24,500 Sprint PCS Group(b)................................... 1,267,875
31,700 Tellabs, Inc.(b)...................................... 1,521,600
------------
17,086,369
------------
Transportation (1.0%):
127,500 Norfolk Southern Corp................................. 1,729,219
------------
Utilities--Electric (1.4%):
28,400 AES Corp.(b).......................................... 2,380,275
------------
Utilities--Natural Gas (2.0%):
79,900 Williams Companies, Inc............................... 3,340,819
------------
Total Common Stocks 163,943,188
------------
</TABLE>
Continued
- 67 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Growth Equity Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security
Shares Description Market Value
--------- ------------------------------------------------------ ------------
<C> <S> <C>
Investment Companies (3.1%):
5,164,732 American Performance Cash Management Fund............. $ 5,164,732
------------
Total Investment Companies 5,164,732
------------
Total Investments (Cost $122,115,379)(a)--100.0% 169,107,920
Liabilities in excess of other assets--0.0% (21,112)
------------
Total Net Assets--100.0% $169,086,808
============
</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.............. $52,668,000
Unrealized depreciation.............. (5,675,459)
-----------
Net unrealized appreciation.......... $46,992,541
===========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 68 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks (98.5%):
Advertising (1.9%):
900 Catalina Marketing Corp.(b)............................. $ 76,613
2,100 True North Communications, Inc. ........................ 77,700
----------
154,313
----------
Automotive Parts (1.7%):
3,000 Gentex Corp.(b)......................................... 87,656
4,700 Tower Automotive, Inc.(b)............................... 55,813
----------
143,469
----------
Banking (3.7%):
3,300 Banknorth Group, Inc.................................... 62,494
1,900 Centura Banks, Inc...................................... 64,125
3,300 Cullen/Frost Bankers, Inc............................... 70,950
800 U.S. Trust Corp. ....................................... 110,800
----------
308,369
----------
Beverages (0.9%):
1,500 Canandaigua Brands, Inc., Class A(b).................... 73,500
----------
Building Materials (0.7%):
1,900 Texas Industries, Inc. ................................. 57,000
----------
Business Equipment & Services (1.0%):
1,300 Zebra Technologies Corp., Class A(b).................... 86,531
----------
Chemicals (2.9%):
2,500 Cambrex Corp. .......................................... 100,313
3,400 Geon Co................................................. 70,975
2,100 Scotts Co., Class A(b).................................. 68,250
----------
239,538
----------
Commercial Services (1.2%):
2,000 Profit Recovery Group International, Inc.(b)............ 37,000
3,800 Regis Corp.............................................. 58,900
----------
95,900
----------
Computer Software & Services (9.6%):
2,600 American Management Systems(b).......................... 82,713
700 Clarify, Inc.(b)........................................ 101,019
1,600 eLoyalty Corp.(b)....................................... 48,900
800 HNC Software, Inc.(b)................................... 78,700
1,400 Macromedia, Inc.(b)..................................... 121,012
2,200 Mercury Interactive Corp.(b)............................ 212,024
2,700 Progress Software Corp.(b).............................. 67,331
1,200 RSA Security, Inc.(b)................................... 80,100
----------
791,799
----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Computers & Peripherals (5.2%):
3,100 Anixter International, Inc.(b).......................... $ 57,931
2,000 National Computer Systems, Inc. ........................ 79,500
2,200 National Instruments Corp.(b)........................... 98,794
4,300 S3, Inc.(b)............................................. 68,531
1,600 Technology Solutions Co.(b)............................. 11,600
3,200 Telxon Corp............................................. 68,800
1,200 Xircom, Inc.(b)......................................... 49,838
----------
434,994
----------
Consumer Products (0.7%):
6,300 Action Performance Companies, Inc.(b)................... 57,094
----------
Electronic Components/Instruments (3.9%):
1,600 Benchmark Electronics, Inc.(b).......................... 50,600
1,200 C-Cube Microsystems, Inc.(b)............................ 111,900
1,000 CTS Corp................................................ 64,500
1,700 Methode Electronics, Inc., Class A...................... 98,813
----------
325,813
----------
Electronics (2.4%):
1,400 Harman International Industries, Inc. .................. 86,713
1,800 KEMET Corp.(b).......................................... 110,587
----------
197,300
----------
Financial Services (3.1%):
3,600 AmeriCredit Corp.(b).................................... 49,950
1,500 Eaton Vance Corp. ...................................... 62,156
1,600 Investors Financial Services Corp. ..................... 64,800
900 SEI Investments Co...................................... 80,381
----------
257,287
----------
Food Products & Services (2.5%):
5,900 Fleming Companies., Inc. ............................... 91,081
3,900 Smithfield Food, Inc.(b)................................ 60,450
1,400 Whole Foods Market, Inc.(b)............................. 53,156
----------
204,687
----------
Forest Products--Lumber & Paper (1.0%):
4,400 Pope & Talbot, Inc...................................... 84,150
----------
Gas Distribution (2.2%):
5,000 Energen Corp............................................ 81,250
2,700 New Jersey Resources Corp............................... 100,238
----------
181,488
----------
Health Care (3.2%):
2,100 Cognex Corp.(b)......................................... 92,269
3,600 IDEXX Laboratories, Inc.(b)............................. 106,425
1,800 Universal Health Services, Class B(b)................... 69,975
----------
268,669
----------
</TABLE>
Continued
- 69 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Home Builders (2.1%):
5,700 D. R. Horton, Inc....................................... $ 64,125
6,300 Ryland Group, Inc....................................... 111,825
----------
175,950
----------
Insurance (2.3%):
1,300 E.W. Blanch Holdings, Inc............................... 61,100
4,800 Selective Insurance Group, Inc.......................... 74,100
9,400 Sierra Health Services, Inc.(b)......................... 57,575
----------
192,775
----------
Machinery & Equipment (1.6%):
3,400 Gardner Denver, Inc.(b)................................. 64,600
2,600 Manitowoc Co., Inc...................................... 70,038
----------
134,638
----------
Medical--Biotechnology (6.6%):
1,100 IDEC Pharmaceuticals Corp.(b)........................... 154,963
800 Incyte Pharmaceuticals, Inc.(b)......................... 220,449
700 Protein Design Labs, Inc.(b)............................ 175,131
----------
550,543
----------
Medical Equipment & Supplies (0.8%):
1,900 Patterson Dental Co.(b)................................. 68,459
----------
Metals--Processing & Fabrication (1.5%):
4,900 Intermet Corp. ......................................... 55,125
3,300 Quanex Corp. ........................................... 70,331
----------
125,456
----------
Oil & Gas Exploration, Production, and Services (2.5%):
3,600 HS Resources, Inc.(b)................................... 59,400
2,600 Newfield Exploration Co.(b)............................. 80,600
7,000 Offshore Logistics, Inc.(b)............................. 69,563
----------
209,563
----------
Pharmaceuticals (3.8%):
2,000 Barr Laboratories, Inc.(b).............................. 95,250
1,600 Jones Pharma, Inc. ..................................... 114,800
1,500 Vertex Pharmaceuticals, Inc. ........................... 108,938
----------
318,988
----------
Printing & Publishing (1.4%):
4,000 Consolidated Graphics, Inc.(b).......................... 54,750
2,300 Valassis Communications, Inc.(b)........................ 63,681
----------
118,431
----------
Research and Development (1.0%):
3,400 Pharmaceutical Product Development, Inc.(b)............. 82,450
----------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Common Stocks, continued:
Restaurants (1.5%):
3,800 Ruby Tuesday, Inc. ..................................... $ 64,363
2,100 The Cheesecake Factory, Inc.(b)......................... 62,475
----------
126,838
----------
Retail (3.5%):
7,800 Building Materials Holding Corp.(b)..................... 78,244
16,700 Gymboree Corp.(b)....................................... 78,281
6,100 Wet Seal, Inc., Class A(b).............................. 62,906
1,900 Zale Corp.(b)........................................... 71,488
----------
290,919
----------
Semiconductors (11.5%):
700 Alpha Industries, Inc.(b)............................... 101,631
4,600 Applied Industrial Technologies, Inc. .................. 83,375
2,600 Dallas Semiconductor Corp. ............................. 104,975
900 Etec Systems, Inc.(b)................................... 106,003
1,200 Helix Technology Corp. ................................. 85,350
900 Kulicke & Soffa Industries, Inc.(b)..................... 71,550
1,600 Lattice Semiconductor Corp.(b).......................... 112,400
1,200 Micrel, Inc.(b)......................................... 138,299
2,700 Silicon Valley Group, Inc.(b)........................... 68,344
4,400 Ultratech Stepper, Inc.(b).............................. 77,000
----------
948,927
----------
Telecommunications (6.4%):
500 Adaptive Broadband Corp.(b)............................. 57,516
1,500 Aspect Communications Corp.(b).......................... 96,655
4,700 Brightpoint, Inc.(b).................................... 60,513
1,900 CommScope, Inc.(b)...................................... 73,981
2,100 Digital Microwave Corp.(b).............................. 70,088
600 Powerwave Technologies, Inc.(b)......................... 95,925
1,600 Whittman-Hart, Inc.(b).................................. 72,600
----------
527,278
----------
Textile Products (0.9%):
12,400 Dixie Group, Inc.(b).................................... 71,300
----------
Transportation & Shipping (2.4%):
6,100 Arkansas Best Corp.(b).................................. 57,569
2,100 Expeditors International of Washington, Inc. ........... 79,275
1,900 USFreightways Corp. .................................... 63,175
----------
200,019
----------
Utilities--Electric (0.9%):
2,500 CH Energy Group, Inc. .................................. 71,406
----------
Total Common Stocks 8,175,841
----------
</TABLE>
Continued
- 70 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Small Cap Equity Fund
Schedule of Portfolio Investments, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
--------- -------------------------------------------------------- ----------
<C> <S> <C>
Investment Companies (1.5%):
121,302 American Performance Cash Management Fund............... $ 121,302
----------
Total Investment Companies 121,302
----------
Total Investments (Cost $6,884,131)(a)--100.0% 8,297,143
----------
Liabilities in excess of other assets--0.0% (3,084)
----------
Total Net Assets--100.0% $8,294,059
==========
</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............... $1,995,190
Unrealized depreciation............... (582,178)
----------
Net unrealized appreciation........... $1,413,012
==========
</TABLE>
(b) Represents non-income producing securities.
See notes to financial statements.
- 71 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements
February 29, 2000
(Unaudited)
1.Organization:
The American Performance Funds (the "Funds") were organized on October 1,
1987, and are registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), as a diversified, open-end investment company
established as a Massachusetts business trust. The Funds presently offer
shares of the U.S. Treasury Fund, the Cash Management Fund, the Intermediate
Tax-Free Bond Fund, the Short-Term Income Fund, the Intermediate Bond Fund,
the Bond Fund, the Balanced Fund, the Equity Fund, the Growth Equity Fund
and the Small Cap Equity Fund (individually referred to as a "Fund").
The investment objective of the U.S. Treasury Fund and the Cash Management
Fund (the "money market funds") is to seek current income with liquidity and
stability of principal. The 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 generally accepted accounting principles (GAAP). The
presentation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities at the date of the financial statements
and the reported amounts of income and expenses for the period. Actual
results could differ from those estimates.
Securities Valuation:
Investments of the money market funds are valued in accordance with Rule
2a-7 of the 1940 Act, at amortized cost, which approximates market value.
Under the amortized cost method, discount or premium is amortized on a
constant basis to the maturity of the security.
Investments in common stocks, corporate bonds, commercial paper,
municipal bonds, and U.S. Government securities of the Intermediate Tax-
Free Bond Fund, Short-Term Income Fund, Intermediate Bond Fund, Bond
Fund, Balanced Fund, Equity Fund, Growth Equity Fund and Small Cap Equity
Fund (collectively, "the variable net asset value funds"), are valued
based upon the current available prices in the principal market in which
such securities are normally traded. Investments in investment companies
are valued at their net asset values as reported by such companies. Other
securities for which quotations are not readily available are valued at
their fair value under procedures established by the Fund's Board of
Trustees, including the use of approved independent pricing services. The
differences between the cost and market values of investments held by the
variable net asset value funds are reflected as either unrealized
appreciation or depreciation.
Security Transactions and Related Income:
Security transactions are accounted for on the date the security is
purchased or sold (trade date). Interest income is recognized on the
accrual basis and includes, where applicable, the pro rata amortization
of premium or accretion of discount. Dividend income is recorded on the
ex-dividend date. Gains or losses realized on sales of securities are
determined by comparing the identified cost of the security lot sold with
the net sales proceeds.
Securities Purchased on a When-issued Basis and Delayed Delivery Basis:
Each Fund may purchase securities on a "when-issued" basis. When-issued
securities are securities purchased for delivery beyond the normal
settlement date at a stated price and/or yield, thereby involving the
risk that the price
Continued
- 72 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 29, 2000
(Unaudited)
and/or yield obtained may be more or less than those available in the
market when delivery takes place. The Fund records the transaction and
reflects the value of the security in determining net asset value at the
time the Fund makes the commitment to purchase a security on a when-
issued basis. Normally, the settlement date occurs within one month of
the purchase. No payment is made by the Fund and no interest accrues to
the Fund during the period between purchase and settlement. The Fund
establishes a segregated account in which it maintains cash and
marketable securities equal in value to commitments for when-issued
securities. Securities purchased on a when-issued basis or delayed
delivery basis do not earn income until the settlement date. The Funds
held no when-issued securities as of February 29, 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 that 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 prorated
to each Fund on the basis of relative net assets or another appropriate
method.
Repurchase Agreements:
Each Fund may acquire securities from financial institutions such as
member banks of the Federal Deposit Insurance Corporation or from
registered broker/dealers which the respective investment adviser deems
creditworthy under guidelines approved by the Board of Trustees, subject
to the seller's agreement to repurchase such securities at a mutually
agreed-upon date and price. The repurchase price generally equals the
price paid by the Fund plus interest negotiated on the basis of current
short-term rates, which may be more or less than the rate on the
underlying portfolio securities. The seller, under a repurchase
agreement, is required to maintain the value of collateral held pursuant
to the agreement at not less than the repurchase price (including accrued
interest). Securities subject to repurchase agreements are held by the
Fund's custodian, another qualified sub-custodian or in the Federal
Reserve/Treasury book-entry system.
Dividends to Shareholders:
Dividends from net investment income are declared daily and paid monthly
for the money market funds. Dividends from net investment income are
declared daily and paid monthly for the Intermediate Tax-Free Bond Fund,
Short-Term Income Fund, Intermediate Bond Fund, and Bond Fund. Dividends
from net investment income are declared and paid quarterly for the
Balanced Fund, Equity Fund, Growth Equity Fund and Small Cap Equity Fund.
Net realized capital gains, if any, are declared and distributed at least
annually.
The amounts of dividends from net investment income and of distributions
from net realized gains are determined in accordance with federal income
tax regulations which may differ from GAAP. These "book/tax" differences
are either considered temporary or permanent in nature. To the extent
these differences are permanent in nature, such amounts are reclassified
within the composition of net assets based on their federal tax-basis
treatment; temporary
Continued
- 73 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 29, 2000
(Unaudited)
differences do not require reclassification. Dividends and distributions
to shareholders which exceed net investment income and net realized gains
for financial reporting purposes but not for tax purposes are reported as
dividends in excess of net investment income or distributions in excess
of net realized gains. To the extent they exceed net investment income
and net realized gains for tax purposes, they are reported as
distributions of capital.
3.Related Party Transactions:
Bank of Oklahoma N.A. ("BOK") (successor to BankOklahoma Trust Company), a
subsidiary of BancOklahoma Corp., serves as investment adviser to the Funds.
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 February 29, 2000, BISYS received $4,994
from commissions earned on sales of shares of the variable net asset value
funds, $4,462 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.
Information regarding these transactions for the period ended February 29,
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............................... -- $307,334
Administration Fees:
Annual fee before voluntary fee reductions (percentage
of average net assets)................................ 0.20% 0.20%
Voluntary fee reductions............................... -- $111,757
12b-1 Fees:
Annual fee before voluntary fee reductions (percentage
of average net assets)................................ 0.25% 0.25%
Voluntary fee reductions............................... $575,270 $698,477
Custodian Fees:
Annual fee (percentage of net assets).................. 0.03% 0.03%
Transfer Agent and Mutual Fund Accountant Fees.......... $ 95,952 $115,573
</TABLE>
Continued
- 74 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 29, 2000
(Unaudited)
<TABLE>
<CAPTION>
Intermediate
Tax-Free Short-Term Intermediate Bond
Bond Fund Income Fund Bond Fund 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..... $28,831 $176,993 $85,251 $60,364
Administration Fees:
Annual fee (percentage of
average net assets)......... 0.20% 0.20% 0.20% 0.20%
12b-1 Fees:
Annual fee before voluntary
fee reductions (percentage
of average net assets)...... 0.25% 0.25% 0.25% 0.25%
Voluntary fee reductions..... $36,038 $ 25,745 -- --
Custodian Fees:
Annual fee (percentage of
average net assets)......... 0.03% 0.03% 0.03% 0.03%
Transfer Agent and Mutual Fund
Accountant Fees.............. $13,674 $ 42,033 $40,866 $26,833
</TABLE>
<TABLE>
<CAPTION>
Balanced Growth Small Cap
Fund Equity Fund Equity Fund Equity Fund
-------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Investment Advisory Fees:
Annual fee before voluntary fee
reductions (percentage of
average net assets)........... 0.74% 0.69% 0.69% 0.69%
Voluntary fee reductions....... $94,728 $163,718 $146,567 $26,372
Administration Fees:
Annual fee (percentage of
average net assets)........... 0.20% 0.20% 0.20% 0.20%
12b-1 Fees:
Annual fee before voluntary fee
reductions (percentage of
average net assets)........... 0.25% 0.25% 0.25% 0.25%
Voluntary fee reductions....... $74,005 -- -- $ 9,555
Custodian Fees:
Annual fee (percentage of net
assets)....................... 0.03% 0.03% 0.03% 0.03%
Transfer Agent and Mutual Fund
Accountant Fees................ $22,827 $ 48,397 $ 42,945 $ 3,503
</TABLE>
4.Purchases and Sales of Securities:
Purchases and sales of securities (excluding short-term securities) for the
period ended February 29, 2000 are as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------ ------------
<S> <C> <C>
Intermediate Tax-Free Bond Fund.................... $ -- $ 2,184,759
Short-Term Income Fund............................. 18,157,802 18,110,246
Intermediate Bond Fund............................. 10,034,433 13,385,579
Bond Fund.......................................... 6,685,768 12,312,164
Balanced Fund...................................... 32,243,486 32,147,787
Equity Fund........................................ 77,979,671 109,815,847
Growth Equity Fund................................. 110,513,852 92,583,753
Small Cap Equity Fund.............................. 7,399,849 7,655,359
</TABLE>
Continued
- 75 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Notes to Financial Statements, Continued
February 29, 2000
(Unaudited)
5.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.
6.Subsequent Events:
On March 31, 2000, the Short-Term Income Fund and the Equity Fund issued
shares to acquire all of the assets and liabilities of certain common trust
funds of BOK. The following is a summary of shares issued, net assets
converted, net asset value per share and unrealized appreciation
(depreciation) as of the conversion date.
<TABLE>
<CAPTION>
Net Asset Unrealized
Value Appreciation/
Shares Net Assets Per Share (Depreciation)
------- ---------- --------- --------------
<S> <C> <C> <C> <C>
Short-Term Income Fund............ 83,252 $ 820,862 $ 9.86 $ 1,043
Equity Fund....................... 102,410 $1,730,723 $16.90 $(20,441)
</TABLE>
- 76 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
U.S. Treasury Fund
---------------------------------------------------------------
Six Months Year Ended August 31,
Ended ------------------------------------------------
February 29,
2000 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- --------
Investment Activities:
Net investment income.. 0.023 0.042 0.048 0.046 0.047 0.048
-------- -------- -------- -------- -------- --------
Total from Investment
Activities........... 0.023 0.042 0.048 0.046 0.047 0.048
-------- -------- -------- -------- -------- --------
Distributions
Net investment income.. (0.023) (0.042) (0.048) (0.046) (0.047) (0.048)
-------- -------- -------- -------- -------- --------
Total Distributions... (0.023) (0.042) (0.048) (0.046) (0.047) (0.048)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ======== ========
Total Return............ 2.33%(a) 4.26% 4.94% 4.74% 4.85% 4.95%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $492,886 $394,415 $388,319 $298,424 $217,406 $187,007
Ratio of expenses to
average net assets.... 0.71%(b) 0.71% 0.72% 0.72% 0.74% 0.75%
Ratio of net investment
income to average net
assets................ 4.66%(b) 4.17% 4.83% 4.65% 4.74% 4.88%
Ratio of expenses to
average net assets*... 0.96%(b) 0.96% 0.97% 0.97% 0.99% 1.00%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
- 77 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Cash Management Fund
------------------------------------------------------------------
Six Months Year Ended August 31,
Ended ---------------------------------------------------
February 29,
2000 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- --------
Investment Activities:
Net investment income.. 0.025 0.045 0.050 0.049 0.050 0.052
Net realized and
unrealized loss on
investments........... --(d) -- -- (0.010) -- --
-------- -------- -------- -------- -------- --------
Total from Investment
Activities........... 0.025 0.045 0.050 0.039 0.050 0.052
-------- -------- -------- -------- -------- --------
Distributions
Net investment income.. (0.025) (0.045) (0.050) (0.049) (0.050) (0.052)
-------- -------- -------- -------- -------- --------
Total Distributions... (0.025) (0.045) (0.050) (0.049) (0.050) (0.052)
-------- -------- -------- -------- -------- --------
Capital Contributions.. -- -- -- 0.010 -- --
-------- -------- -------- -------- -------- --------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ======== ========
Total Return............ 2.54%(b) 4.63% 5.14% 5.05%(a) 5.14% 5.30%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $601,691 $551,880 $466,571 $331,095 $375,797 $194,807
Ratio of expenses to
average net assets.... 0.55%(c) 0.65% 0.71% 0.72% 0.71% 0.74%
Ratio of net investment
income to average net
assets................ 5.06%(c) 4.53% 5.02% 4.93% 5.01% 5.18%
Ratio of expenses to
average net assets*... 0.95%(c) 0.95% 0.96% 0.97% 0.96% 0.99%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) The total return includes the effect of a capital contribution of $0.010
per share. The return without the capital contribution would have been
4.05%.
(b) Not annualized.
(c) Annualized.
(d) Amount is less than $0.0005.
See notes to financial statements.
- 78 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Tax-Free Bond Fund
----------------------------------------------------------
Six Months Year Ended August 31,
Ended -------------------------------------------
February 29,
2000 1999 1998 1997 1996 1995
------------ ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.51 $ 10.99 $ 10.78 $ 10.57 $ 10.67 $ 10.42
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income.. 0.24 0.47 0.48 0.49 0.49 0.51
Net realized and
unrealized gain (loss)
on investments........ (0.22) (0.44) 0.28 0.21 (0.10) 0.25
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.02 0.03 0.76 0.70 0.39 0.76
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.24) (0.47) (0.48) (0.49) (0.49) (0.51)
Net realized gains..... (0.06) (0.04) (0.07) -- -- --
------- ------- ------- ------- ------- -------
Total Distributions... (0.30) (0.51) (0.55) (0.49) (0.49) (0.51)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 10.23 $ 10.51 $ 10.99 $ 10.78 $ 10.57 $ 10.67
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 0.17%(a) 0.19% 7.28% 6.79% 3.68% 7.62%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $27,074 $30,353 $30,454 $26,544 $31,036 $28,114
Ratio of expenses to
average net assets.... 0.74%(b) 0.75% 0.74% 0.74% 0.75% 0.51%
Ratio of net investment
income to average net
assets................ 4.60%(b) 4.33% 4.44% 4.61% 4.58% 4.99%
Ratio of expenses to
average net assets*... 1.19%(b) 1.20% 1.19% 1.19% 1.20% 1.24%
Portfolio turnover..... 0.00% 11.96% 19.10% 11.38% 19.53% 8.35%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
- 79 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Short-Term Income Fund
------------------------------------------------------------------
Six Months Year Ended August 31, October 19,
Ended ------------------------------------ 1994
February 29, to August 31,
2000 1999 1998 1997 1996 1995(a)
------------ ------- ------- ------- ------- -------------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.89 $ 10.12 $ 9.92 $ 9.79 $ 9.95 $ 10.00
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income.. 0.30 0.59 0.62 0.61 0.59 0.52
Net realized and
unrealized gain (loss)
on investments........ (0.06) (0.23) 0.20 0.14 (0.14) (0.05)
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.24 0.36 0.82 0.75 0.45 0.47
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.30) (0.59) (0.62) (0.61) (0.59) (0.52)
In excess of net
investment income..... -- -- -- (0.01) -- --
Net realized gains..... -- -- -- -- (0.01) --
In excess of net
realized gains........ -- --(b) -- -- (0.01) --
------- ------- ------- ------- ------- -------
Total Distributions... (0.30) (0.59) (0.62) (0.62) (0.61) (0.52)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 9.83 $ 9.89 $ 10.12 $ 9.92 $ 9.79 $ 9.95
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 2.49%(c) 3.66% 8.47% 7.85% 4.64% 4.81%(c)
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $63,420 $62,523 $32,390 $15,658 $14,399 $10,228
Ratio of expenses to
average net assets.... 0.61%(d) 0.56% 0.41% 0.33% 0.41% 0.57%(d)
Ratio of net investment
income to average net
assets................ 6.18%(d) 5.85% 6.15% 6.14% 5.95% 5.96%(d)
Ratio of expenses to
average net assets*... 1.24%(d) 1.24% 1.22% 1.16% 1.24% 1.47%(d)
Portfolio turnover..... 29.69% 109.69% 60.02% 37.55% 80.98% 212.35%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Distribution per share was less than $0.005.
(c) Not annualized.
(d) Annualized.
See notes to financial statements.
- 80 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Intermediate Bond Fund
----------------------------------------------------------
Six Months Year Ended August 31,
Ended -------------------------------------------
February 29,
2000 1999 1998 1997 1996 1995
------------ ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.08 $ 10.50 $ 10.23 $ 10.01 $ 10.26 $ 10.23
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income.. 0.30 0.60 0.61 0.60 0.60 0.61
Net realized and
unrealized gain (loss)
on investments........ (0.12) (0.42) 0.27 0.22 (0.25) 0.06
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.18 0.18 0.88 0.82 0.35 0.67
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.30) (0.60) (0.61) (0.60) (0.60) (0.61)
In excess of net
realized gains........ -- -- -- -- -- (0.03)
------- ------- ------- ------- ------- -------
Total Distributions... (0.30) (0.60) (0.61) (0.60) (0.60) (0.64)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 9.96 $ 10.08 $ 10.50 $ 10.23 $ 10.01 $ 10.26
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 1.81%(a) 1.73% 8.80% 8.38% 3.41% 6.81%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $83,207 $87,132 $85,382 $77,319 $63,088 $74,395
Ratio of expenses to
average net assets.... 0.98%(b) 0.97% 0.95% 0.93% 0.95% 0.98%
Ratio of net investment
income to average net
assets................ 6.03%(b) 5.80% 5.86% 5.89% 5.84% 6.00%
Ratio of expenses to
average net assets*... 1.18%(b) 1.17% 1.15% 1.13% 1.15% 1.18%
Portfolio turnover..... 12.08% 34.47% 31.98% 40.77% 129.97% 154.43%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
- 81 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Bond Fund
-----------------------------------------------------------
Six Months Year Ended August 31,
Ended --------------------------------------------
February 29,
2000 1999 1998 1997 1996 1995
------------ ------- ------- ------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.18 $ 9.76 $ 9.29 $ 8.99 $ 9.29 $ 9.36
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income.. 0.29 0.57 0.57 0.58 0.57 0.56
Net realized and
unrealized gain (loss)
on investments........ (0.12) (0.58) 0.47 0.30 (0.30) 0.15
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.17 (0.01) 1.04 0.88 0.27 0.71
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.29) (0.57) (0.57) (0.58) (0.57) (0.56)
In excess of net
realized gains........ -- -- -- -- -- (0.22)
------- ------- ------- ------- ------- -------
Total Distributions... (0.29) (0.57) (0.57) (0.58) (0.57) (0.78)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 9.06 $ 9.18 $ 9.76 $ 9.29 $ 8.99 $ 9.29
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 1.82%(a) (0.19)% 11.54% 10.03% 2.84% 8.21%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $57,225 $62,721 $52,706 $35,454 $32,807 $37,293
Ratio of expenses to
average net assets.... 0.98%(b) 0.97% 0.96% 0.94% 0.96% 1.03%
Ratio of net investment
income to average net
assets................ 6.28%(b) 5.95% 6.02% 6.29% 6.08% 6.18%
Ratio of expenses to
average net assets*... 1.18%(b) 1.17% 1.16% 1.14% 1.16% 1.23%
Portfolio turnover..... 11.36% 41.02% 47.80% 83.65% 61.02% 185.48%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
- 82 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Balanced Fund
-------------------------------------------------------------
Six Months Year Ended August 31, June 1,
Ended ---------------------------------- 1995 to
February 29, August 31,
2000 1999 1998 1997 1996 1995(a)
------------ ------- ------- ------- ------- ----------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 13.62 $ 12.37 $ 13.38 $ 11.28 $ 10.62 $ 10.00
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income.. 0.21 0.34 0.40 0.41 0.35 0.08
Net realized and
unrealized gain on
investments........... 0.30 1.90 0.21 2.46 0.79 0.62
------- ------- ------- ------- ------- -------
Total from Investment
Activities........... 0.51 2.24 0.61 2.87 1.14 0.70
------- ------- ------- ------- ------- -------
Distributions
Net investment income.. (0.16) (0.34) (0.34) (0.41) (0.35) (0.08)
Net realized gains..... (1.13) (0.65) (1.28) (0.36) (0.13) --
------- ------- ------- ------- ------- -------
Total Distributions... (1.29) (0.99) (1.62) (0.77) (0.48) (0.08)
------- ------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 12.84 $ 13.62 $ 12.37 $ 13.38 $ 11.28 $ 10.62
======= ======= ======= ======= ======= =======
Total Return (excludes
sales charge).......... 3.64%(b) 18.51% 4.55% 26.33% 10.87% 6.98%(b)
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $60,417 $56,571 $40,656 $30,249 $22,592 $12,842
Ratio of expenses to
average net assets.... 0.78%(c) 0.67% 0.47% 0.36% 0.38% 0.90%(c)
Ratio of net investment
income to average net
assets................ 2.39%(c) 2.52% 3.02% 3.34% 3.27% 3.17%(c)
Ratio of expenses to
average net assets*... 1.35%(c) 1.35% 1.34% 1.38% 1.40% 1.92%(c)
Portfolio turnover..... 57.49% 99.94% 78.07% 66.12% 71.89% 18.68%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
- 83 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Equity Fund
-------------------------------------------------------------
Six Months Year Ended August 31,
Ended ----------------------------------------------
February 29,
2000 1999 1998 1997 1996 1995
------------ -------- -------- -------- ------- -------
(Unaudited)
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 18.16 $ 15.06 $ 17.33 $ 13.73 $ 12.33 $ 11.85
-------- -------- -------- -------- ------- -------
Investment Activities:
Net investment income.. 0.04 0.06 0.08 0.13 0.18 0.20
Net realized and
unrealized gain on
investments........... 0.48 4.06 0.19 5.03 2.04 1.77
-------- -------- -------- -------- ------- -------
Total from Investment
Activities........... 0.52 4.12 0.27 5.16 2.22 1.97
-------- -------- -------- -------- ------- -------
Distributions
Net investment income.. (0.04) (0.06) (0.07) (0.13) (0.18) (0.19)
In excess of net
investment income..... -- -- -- (0.01) -- --
Net realized gains..... (3.21) (0.96) (2.47) (1.42) (0.64) (0.39)
In excess of net
realized gains........ -- -- -- -- -- (0.91)
-------- -------- -------- -------- ------- -------
Total Distributions... (3.25) (1.02) (2.54) (1.56) (0.82) (1.49)
-------- -------- -------- -------- ------- -------
Net Asset Value, End of
Period................. $ 15.43 $ 18.16 $ 15.06 $ 17.33 $ 13.73 $ 12.33
======== ======== ======== ======== ======= =======
Total Return (excludes
sales charge).......... 2.01%(a) 27.92% 0.79% 40.23% 18.53% 19.74%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $153,736 $183,777 $166,965 $170,887 $86,352 $76,398
Ratio of expenses to
average net assets.... 1.08%(b) 1.08% 1.07% 1.06% 1.08% 1.14%
Ratio of net investment
income to average net
assets................ 0.31%(b) 0.33% 0.44% 0.88% 1.35% 1.73%
Ratio of expenses to
average net assets*... 1.27%(b) 1.27% 1.26% 1.25% 1.27% 1.33%
Portfolio turnover..... 45.93% 120.70% 72.10% 93.82% 67.46% 100.44%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a)Not annualized.
(b)Annualized.
See notes to financial statements.
- 84 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Growth Equity Fund
--------------------------------------
Six Months November 3,
Ended Year Ended 1997 to
February 29, August 31, August 31,
2000 1999 1998(a)
------------ ---------- -----------
(Unaudited)
<S> <C> <C> <C>
Net Asset Value, Beginning of Period.. $ 15.46 $ 11.25 $ 10.00
-------- -------- -------
Investment Activities:
Net investment income (loss)......... (0.01) -- 0.02
Net realized and unrealized gain on
investments......................... 1.64 4.67 1.25
-------- -------- -------
Total from Investment Activities.... 1.63 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........ $ 15.14 $ 15.46 $ 11.25
======== ======== =======
Total Return (excludes sales charge).. 10.05%(b) 42.19% 12.69%(b)
Ratios/Supplementary Data:
Net Assets at end of period (000).... $169,087 $135,376 $78,677
Ratio of expenses to average net
assets.............................. 1.09%(c) 1.09% 1.12%(c)
Ratio of net investment income (loss)
to average net assets............... (0.19)%(c) 0.01% 0.24%(c)
Ratio of expenses to average net
assets*............................. 1.28%(c) 1.28% 1.31%(c)
Portfolio turnover................... 62.03% 124.80% 36.08%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
- 85 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Financial Highlights
<TABLE>
<CAPTION>
Small Cap Equity Fund
--------------------------
Six Months February 17,
Ended 1999 to
February 29, August 31,
2000 1999(a)
------------ ------------
(Unaudited)
<S> <C> <C>
Net Asset Value, Beginning of Period............... $10.47 $10.00
------ ------
Investment Activities:
Net investment income............................. 0.04 0.02
Net realized and unrealized gain on investments... 1.74 0.46
------ ------
Total from Investment Activities................. 1.78 0.48
------ ------
Distributions
Net investment income............................. (0.03) (0.01)
Net realized gains................................ (0.13) --
------ ------
Total Distributions.............................. (0.16) (0.01)
------ ------
Net Asset Value, End of Period..................... $12.09 $10.47
====== ======
Total Return (excludes sales charge)............... 17.11%(b) 4.77%(b)
Ratios/Supplementary Data:
Net Assets at end of period (000)................. $8,294 $7,390
Ratio of expenses to average net assets........... 0.56%(c) 0.70%(c)
Ratio of net investment income to average net
assets........................................... 0.32%(c) 0.37%(c)
Ratio of expenses to average net assets*.......... 1.50%(c) 1.63%(c)
Portfolio turnover................................ 99.04% 74.58%
</TABLE>
- --------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
- 86 -
<PAGE>
AMERICAN PERFORMANCE FUNDS
Supplemental Information
Results of Shareholder Meeting
(Unaudited)
Proxy:
On December 16, 1999, special meetings of the shareholders of the American
Performance Funds were held to consider various proposals. The actual vote
tabulations for the various issues are as follows:
Cash Management Fund
Issue 1.
Approval of the amendment to the American Performance Cash Management
Fund's concentration policy and related concentration restriction to
allow the Fund, to concentrate its investments in certain securities
issued by U.S. banks, U.S. branches of foreign banks and foreign
branches of U.S. banks.
For
463,304,240
Against
1,685,972
Abstain --
Intermediate Bond Fund
Issue 2.
Approval of the amendment to the American Performance Intermediate
Bond Fund's investment objective to seek to maximize total return.
For7,298,208
Against --
Abstain
376,946
Short-Term Income Fund
Issue 3.
Approval of the amendment to the American Performance Short-Term
Income Fund's investment objective to seek to maximize total return.
For5,411,159
Against2,454
Abstain --
Balanced Fund
Issue 4.
Approval of the amendment to the American Performance Balanced Fund's
investment objective to seek capital appreciation and income.
For3,971,036
Against --
Abstain --
<PAGE>
AMERICAN PERFORMANCE FUNDS
----------------
BULK RATE
U.S. POSTAGE
PAID
LANCASTER, PA
PERMIT NO. 1793
----------------
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
AMERICAN PERFORMANCE FUNDS
3435 Stelzer Road
Columbus, Ohio 43219-3055
4/00
