<PAGE> 1
AMERICAN PERFORMANCE FUNDS
EQUITY FUND
SMALL CAP EQUITY FUND
SUPPLEMENT DATED JUNE 29, 2000
TO PROSPECTUS DATED JANUARY 1, 2000
The American Performance EQUITY FUND is adopting a value-oriented investment
strategy. This means that instead of focusing on both large capitalization value
and growth stocks, the Equity Fund will focus exclusively on medium to large
capitalization value stocks. The Equity Fund's INVESTMENT GOAL and PRINCIPAL
INVESTMENT STRATEGY will not change. However, the manner in which the Equity
Fund pursues this goal will change. The adoption of this strategy will be
implemented gradually over the next three months. Please read the details below.
The following language replaces pages 30 and 31 of the Prospectus.
EQUITY FUND
Equity Fund
---------------------------------------------------------
INVESTMENT GOAL
Growth of capital and, secondarily, income by investing
in U.S. common stocks.
APPLE LOGO
PRINCIPAL INVESTMENT STRATEGY
The Equity Fund seeks growth of capital and, secondarily,
income by investing primarily in a diversified portfolio
of common stocks and securities convertible into common
stocks.
To pursue this goal, the Fund invests primarily in equity
securities of U.S. companies with weighted average market
values and book-to-price ratios similar to those of
stocks included in the Standard & Poor's 500/BARRA Value
Index (S&P 500/BARRA Value Index). The S&P 500/BARRA
Value Index includes stocks based on only one
attribute -- the book-to-price ratio. However, stocks
included in the S&P 500/BARRA Index and securities to be
selected by the manager of the Equity Fund also exhibit
characteristics associated with "value" stocks: lower
price-to-earnings ratios, higher dividend yields, and
lower historical and predicted earnings growth. In
addition, although the S&P 500/BARRA Value Index covers
many economic sectors, it tends to have a higher
concentration in the energy and financial service
sectors.
The Fund attempts to identify stocks of undervalued
companies by employing a quantitative investment approach
whereby individual stocks are ranked according to various
quantitative factors including relative price strength,
relative value, earnings momentum, and earnings estimate
revisions. Additional criteria the manager uses to select
particular stocks include industry weightings,
volatility, momentum, size,
trading activity, growth, earnings yield, value, earnings variability, leverage,
currency sensitivity, and dividend yield. Economic conditions may warrant the
consideration of other factors when ranking individual stocks.
In managing the Fund's portfolio, the manager attempts to match the risk
characteristics of the stocks comprising the S&P 500/BARRA Value Index. The Fund
does not seek to match the performance of the S&P 500/BARRA Value Index, nor
does it limit its investments to stocks in that index.
In addition to the securities described above, the Fund may invest in money
market instruments, U.S. Treasury obligations, and other types of equity and
debt securities.
The Fund may, from time to time, take temporary defensive positions that are
inconsistent with the Fund's principal investment strategies in attempting to
respond to adverse market, economic, political, or other conditions. In these
and in other cases, the Fund may not achieve its investment goal.
THE S&P 500/BARRA
VALUE INDEX:
CONSISTS OF THOSE
STOCKS IN THE S&P 500
INDEX WHICH EXHIBIT
"VALUE"
CHARACTERISTICS AS
MEASURED BY A STOCK'S
SINGLE
ATTRIBUTE -- ITS
BOOK-TO-PRICE RATIO.
AS OF MARCH 31, 2000,
THE S&P 500/BARRA
VALUE INDEX STATISTICS
WERE AS FOLLOWS: THE
SMALLEST COMPANY HAD A
MARKET VALUE OF $391
MILLION, THE LARGEST
COMPANY HAD A MARKET
VALUE OF $269 BILLION,
THE MEAN MARKET VALUE
WAS $15 BILLION, AND
THE WEIGHTED AVERAGE
MARKET VALUE WAS $67
BILLION.
<PAGE> 2
WHAT ARE THE MAIN RISKS OF INVESTING IN THIS FUND?
Loss of money is a risk of investing in the Fund. In addition, your investment
in the Fund may be subject to the following principal risks:
- INVESTMENT STYLE RISK -- Investment style risk is the possibility that returns
from value stocks will trail returns from other asset classes or the overall
stock market.
- MARKET RISK -- Market risk is the possibility that the Fund's investments in
equity securities will decline because of drops in the stock market. Stock
markets tend to move in cycles, with periods of either rising or falling
prices. The value of your investment will go up or down in response to these
movements.
The Fund may trade securities actively, which could increase its transaction
costs (thus lowering performance) and may increase the amount of taxes that you
pay.
For more information about these risks please refer to the section titled
"Investment Practices and Risks."
SMALL CAP EQUITY FUND
The American Performance Small Cap Equity Fund is constructed to exhibit
investment characteristics of the stocks comprising the S&P Small Cap 600 Index.
However, the Fund will not always limit its investments to stocks within the S&P
Small Cap 600 Index and will hold only a representative sample of the S&P Small
Cap 600 Index. This language replaces the last sentence on page 43 of the
Prospectus.
As of May 31, 2000, the S&P Small Cap 600 Index statistics were as follows: the
smallest company had a market value of $33 million, the largest company had a
market value of $6.5 billion, the mean market value was $609 million, and the
weighted average market value was $1.1 billion.
AN INVESTMENT IN A FUND IS NOT A DEPOSIT OR AN OBLIGATION OF BANK OF OKLAHOMA,
N.A., ITS AFFILIATES, OR ANY BANK, AND IS NOT INSURED OR GUARANTEED BY THE
FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
AP1STICK062900
