HUNTINGTON FUNDS SEMI-ANNUAL REPORT
June 30, 1999
TRUST SHARES AND INVESTMENT SHARES
[bullet] Huntington Florida Tax-Free Money Fund
[bullet] Huntington Money Market Fund
[bullet] Huntington Ohio Municipal Money Market Fund
[bullet] Huntington U.S. Treasury Money Market Fund
[bullet] Huntington Growth Fund
[bullet] Huntington Income Equity Fund
[bullet] Huntington Michigan Tax-Free Fund
[bullet] Huntington Ohio Tax-Free Fund
[bullet] Huntington Fixed Income Securities Fund
[bullet] Huntington Intermediate Government Income Fund
[bullet] Huntington Mortgage Securities Fund
[bullet] Huntington Short/Intermediate Fixed Income Securities Fund
[Huntington Logo Omitted]
<PAGE>
MESSAGE FROM THE INVESTMENT MANAGER
Dear Shareholder,
We are pleased to present the June 30, 1999 Semi-Annual Report to Shareholders
of the Huntington Funds. Please take a few moments to review the message from
Jim Buskirk, our Chief Investment Officer, as well as the Investment Review
section of this report. In the review section, we have included the comments of
our portfolio managers on market activity, portfolio composition and strategy,
and investment performance. A comprehensive financial statement for each of the
Huntington Funds, including their investment portfolios, is found on the
succeeding pages.
In January, we launched our twelfth fund, the Huntington Florida Tax-Free Money
Fund. The investment objective of this fund is to seek the highest level of
interest income exempt from federal income tax consistent with liquidity and
stability of principal. The Fund invests in high quality obligations the value
of which is generally intended to be exempt from the Florida intangible personal
property tax. This Fund is an attractive investment option for our Florida
clients.
On behalf of the Huntington Funds and The Huntington National Bank, we thank you
for investing with us. We are pleased that you have chosen us to help you
achieve your financial goals.
Yours truly,
/s/ Signature omitted
Richard W. Stenberg
Senior Vice President,
Director, Private Financial Group
The Huntington National Bank
1
<PAGE>
MESSAGE FROM THE CHIEF INVESTMENT OFFICER
Dear Shareholder,
You've no doubt come to my letter expecting to read my views of the economy
(it's robust), or the market (it's less robust but still healthy), or market
sectors (cyclicals charged into the lead during the second quarter), or perhaps
even individual stocks (how do you value companies with no earnings?).
No, I'll do little of that in this letter, as it is my belief that investors are
already bombarded with too much of this sort of information. CNBC is on in many
restaurants, for goodness sakes! `How's the market today?' has become an
accepted form of greeting during these heady times. What value can I possibly
add to all of this financial overkill?
Instead, I offer a book recommendation to those of you who are truly interested
in this business of investing. The book, John C. Bogle's COMMON SENSE ON MUTUAL
FUNDS, is a must-read. You see, Bogle is a tireless champion of the small
investor and is continually calling for mutual fund companies to keep costs
under control and to focus on serving the needs of shareholders. From Chapter 15
of the book, Bogle cites the mutual fund industry's founding principles as being
management, diversification, and service. Of these principles, management is the
most important, according to the author. He writes, `Fund management, in my
view, should be defined by a spirit of trusteeship, professional competence and
discipline, and focus on the long term.' Bogle worries that trusteeship, the
attribute that makes shareholders' interests the top priority, is being replaced
by a focus on asset gathering, that professional competence and discipline are
being replaced by speculation, and that the focus on the long term is being
replaced by fixation on the present.
That said, I would now invite you to read the following semi-annual reviews by
our fund managers, most of whom have overseen their funds for ten years and
more. These managers continue to apply long-term focus and discipline with one
interest in mind: yours.
It remains a distinct pleasure to serve you.
Very truly yours,
/s/Signature omitted
James M. Buskirk, CFA
Senior Vice President and Chief Investment Officer
The Huntington National Bank
2
<PAGE>
INVESTMENT REVIEW
MONEY MARKET FUNDS: HUNTINGTON FLORIDA TAX-FREE MONEY FUND (RYAN NELSON, VICE
PRESIDENT AND PORTFOLIO MANAGER, COUNTRYWIDE INVESTMENTS, INC.)
Continued economic growth and tight labor markets caused the Fed to adopt a
tightening bias during the first half of 1999. Due to this uncertainty regarding
interest rates we remained cautious. The Florida Tax-Free Money Fund's average
maturity was kept short in anticipation of rising interest rates. In late June,
the ambiguity surrounding monetary policy was temporarily resolved as the Fed
increased the Fed Fund's rate by 25 basis points and announced a neutral stance
toward any future interest rate movements. For the six months ended June 30,
1999, short-term Treasury yields were up approximately 0.50% while short-term
municipal yields rose about 0.35%. Strong investor demand and light issuance in
the municipal money market sector caused prices to improve relative to
Treasuries making municipal yields unattractive on an after tax basis. Despite
the lower yields in short-term municipals, the Fund on a gross basis as reported
by IBC Donoghue outperformed its peer group of Florida tax-free money market
funds for the six months ended June 30, 1999.
With the Fed maintaining a neutral bias, we will work to extend the average
maturity of the Fund to the 50 to 55 day range. As we move closer to December
31, 1999, our investment strategy for the Fund is to become 100% invested in
short-term, high-quality Florida municipal securities trading at yield levels
equal to approximately 68 to 70% of U.S. Treasuries.
HUNTINGTON MONEY MARKET FUND, HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND,
HUNTINGTON U.S. TREASURY MONEY MARKET FUND (WILLIAM G. DOUGHTY, VICE PRESIDENT
AND PORTFOLIO MANAGER, HUNTINGTON NATIONAL BANK)
The key factor in the outlook for short-term rates and inflation is growth in
the main industrialized countries and the output gap. There is pressure on
resources in the United States, but elsewhere there is spare capacity. Inflation
is very unlikely to rise significantly given the extent of spare capacity.
The rise in the federal funds rate was in line with expectations and represents
the first increase in interest rates by a central bank for more than two years.
A further 25 basis points rise is likely at the August meeting. The outlook for
rates next year is more uncertain.
The Money Market Funds will continue to purchase high-quality securities which
fit their guidelines, and maintain the average life around 35 days.
EQUITY FUNDS: HUNTINGTON INCOME EQUITY FUND (JAMES M. BUSKIRK, CFA, SENIOR VICE
PRESIDENT AND CHIEF FINANCIAL OFFICER, HUNTINGTON NATIONAL BANK)
The management of the Huntington Income Equity Fund has aimed since 1990 to
provide shareholders with a relatively high yield, a consistently increasing
dividend payout, and a low-cost, low volatility means of participating in the
stock market. No exception was made in the most recently completed quarter, as
portfolio turnover was maintained at a minimum, a practice that allows
shareholders to benefit not only from steady dividend increases from most of the
Fund's long-held stocks, but also from the minimal capital gains that are
realized -- and distributed -- from our long-term approach to equity investing.
We know of few mutual funds as committed to growing income while minimizing
capital gains distributions as this one. These twin goals result in more of the
Fund's return being `kept' by its shareholders, as opposed to being paid out in
the form of capital gains taxes and transaction costs.
The Fund recovered some from a disappointing first quarter, although it
continues to lag its Equity Income peer group on a year-to-date basis. Its
energy and cyclical stocks performed especially well during the second quarter,
as the markets leadership rotated away from the large-cap growth issues that had
been in favor for so long. How long this rotation, which benefits the Fund,
lasts is anyone's guess, but it must be understood that we own energy and
cyclical stocks in favor of the large cap growth favorites for one simple
reason: They pay relatively high dividends. On the negative side of the ledger
during this year's first half were the Fund's consumer issues, its utility
holdings, and its bank holdings.
Of interest are the Fund's top ten holdings. All but two of these ten,
Worthington Industries and GTE Corp., were on last quarter's top ten holdings
list. This speaks to our low turnover. Furthermore, all but one, GTE, are steady
and consistent dividend growers. This speaks to our commitment to growing the
Fund's dividend payout.
HUNTINGTON GROWTH FUND (PHILLIP H. FARRINGTON, VICE PRESIDENT AND PORTFOLIO
MANAGER; JAMES J. GIBBONEY, JR., CFA, VICE PRESIDENT AND PORTFOLIO MANAGER,
HUNTINGTON NATIONAL BANK)
The Huntington Growth Fund's total return for the six-month period ended
June 30, 1999 was 10.55% for Trust Shares and 10.38% for Investment Shares
(before sales load). The average `Growth Fund' as reported by Lipper Analytical
Services Inc. returned 11.64% in the period. Historically, this Fund has not
been as aggressively man-
3
<PAGE>
INVESTMENT REVIEW
aged as some of those generally included in this category. Because of valuation
concerns with technology stocks in general, this pattern has continued, though
the possibility of increasing our risk profile remains. As these stocks tend to
be quite volatile, opportunities to increase our exposure here may present
themselves in coming months.
Although the Fund's turnover generally is lower than average, several positions
were weaned in the quarter and the proceeds used to add more reasonably priced
stocks. Positions in American Greetings and IMS Health were increased, while
Diebold represents a recent new purchase. The Fund's top five holdings are
Pfizer, Colgate-Palmolive, Home Depot, Automatic Data and Walgreen.
INCOME FUNDS: HUNTINGTON FIXED INCOME SECURITIES FUND; HUNTINGTON SHORT/
INTERMEDIATE FIXED INCOME SECURITIES FUND (STEPHEN M. GEIS, CFA, VICE PRESIDENT
AND PORTFOLIO MANAGER, HUNTINGTON NATIONAL BANK)
Virtually all fixed income investors and bond mutual funds have been afflicted
with the problem of rising interest rates over the first half of 1999. The rate
rise was primarily the result of anticipation by investors of higher Federal
Reserve rates. Although coupon or interest payments in a bond fund are not
immediately or dramatically impacted by higher rates, the net asset or principal
values are negatively affected. Relative to standard industry benchmarks such as
Lehman Brothers Government/Corporate Bond Index, as well as peer group averages
reported by Lipper Analytical Services, total return for these Funds was well
within expected ranges.
Trading activity remained about average for these Funds. U.S. Treasury
obligations were sold and replaced with U.S. Government agency securities. Our
long-held strategies with respect to average maturity, diversification, credit
quality, and laddered distribution of maturities remain intact.
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND (DUANE J. CARPENTER, ASSISTANT
VICE PRESIDENT AND PORTFOLIO MANAGER, HUNTINGTON NATIONAL BANK)
U.S. Treasury rates rose another 50 - 60 basis points during the second quarter,
after a similar rise during the first quarter of 1999. The rise in rates
reduced future prepayment expectations in the mortgage-backed market, as well
as reducing the probability that some of our agency issues would be called
early. These factors extended the duration of the Fund out to 3.9 years from
3.3 years at the end of March.
We believe that economic growth will slow and that inflation is not a threat. As
a result, interest rates look very attractive when compared to the levels of
only six months ago. This could be a good time to put money to work in the bond
market and the longer duration of the portfolio should improve returns in the
second half of 1999.
HUNTINGTON MORTGAGE SECURITIES FUND (DUANE J. CARPENTER, ASSISTANT VICE
PRESIDENT AND PORTFOLIO MANAGER, HUNTINGTON NATIONAL BANK)
The rise in U.S. Treasury rates in the first and second quarters of 1999
reduced future prepayment expectations in the mortgage-backed market, causing
the duration of the Fund to extend out to 3.5 years from 2.8 years at the end
of March. No purchases or sales were made during the second quarter, allowing
the principal and interest payments to accumulate and provide additional
liquidity for the Fund. We expect this liquidity to be reinvested in securities
with yields nearly 1% higher than what was available only six months ago.
HUNTINGTON OHIO TAX-FREE FUND (WILLIAM DOUGHTY, VICE PRESIDENT AND PORTFOLIO
MANAGER, HUNTINGTON NATIONAL BANK)
Municipal bond yields are up significantly from the lows achieved last October,
and are now measurably higher than levels that prevailed during most of last
year. The slope of the yield curve remains quite steep. With municipal bonds,
a yield differential in excess of 200 basis points can be obtained by moving
from 1-year paper out to 18 years or so.
The Fund will continue to look for opportunities to extend the average life of
the portfolio by trading out of shorter dated securities and extending out the
yield curve. We will also look to swap out of securities with losses to offset
gains taken earlier in the year.
HUNTINGTON MICHIGAN TAX-FREE FUND (DUANE J. CARPENTER, ASSISTANT VICE PRESIDENT
AND PORTFOLIO MANAGER, HUNTINGTON NATIONAL BANK)
Municipal bonds continue to offer excellent value for those investors who need
tax-exempt income. Even though the average tax-exempt bond maturing in ten
years yields less than five percent, this yield represents approximately 80% of
a comparable taxable U.S. Treasury Note.
New purchase activity will continue to be focused on high-quality issues
maturing between ten and fifteen years which we think offer some of the best
value available in the fixed income market. This strategy will also help us to
maintain the average maturity of the Fund between five and seven years.
4
<PAGE>
PORTFOLIO OF INVESTMENTS
----------------------------------------
HUNTINGTON FLORIDA TAX-FREE MONEY FUND June 30, 1999 (unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
FLORIDA - 74.0%
- -------------------------------------------------------------------------------
$1,300 ABN Amro Munitops, Weekly VRDNs, ABN
Amro Bank LOC, RB, 3.640%, 04/05/06 $ 1,300
- -------------------------------------------------------------------------------
150 Boynton Beach Recreational Facilities,
MBIA, RB, 5.800%, 11/01/99 151
- -------------------------------------------------------------------------------
700 Broward County Housing Authority, Weekly
VRDNs, Banc One Texas N.A. LOC, RB,
3.450%, 11/01/05 700
- -------------------------------------------------------------------------------
250 Cape Coral, Special Assessment Water
Improvement, MBIA, 6.500%, 07/01/99 250
- -------------------------------------------------------------------------------
100 Clearwater, Water & Sewer, AMBAC, RB,
4.500%, 12/01/99 100
- -------------------------------------------------------------------------------
1,400 Collier County, Health Facilities Authority, Cleveland
Clinic Health System, Daily VRDNs, National
Bank of Detroit LOC, RB, 3.850%, 01/01/33 1,400
- -------------------------------------------------------------------------------
300 Dade County, Weekly VRDNs, ADP South Inc.,
3.730%, 11/15/17 300
- -------------------------------------------------------------------------------
900 Eustis, Weekly VRDNs, Suntrust Bank
LOC, RB, 3.750%, 11/15/17 900
- -------------------------------------------------------------------------------
500 Florida State Board of Education, Daily VRDNs,
Series 67, Societe Generale LOC, GO,
3.450%, 09/01/24 500
- -------------------------------------------------------------------------------
400 Florida Housing Agency, Weekly VRDNs,
South Point, FNMA, GO, 3.660%, 02/15/28 400
- -------------------------------------------------------------------------------
100 Florida State Department of Natural Resources,
Preservation 2000-A, FSA, RB, 4.600%, 07/01/99 100
- -------------------------------------------------------------------------------
220 Fort Pierce, Capital Improvement, FGIC, RB,
3.300%, 10/01/99 220
- -------------------------------------------------------------------------------
500 Highlands County, Adventist Health System,
Weekly VRDNs, Canadian Imperial Bank
LOC, RB, 3.750%, 10/01/26 500
- -------------------------------------------------------------------------------
300 Hillsborough County, Daily VRDNs,
Tampa Electric Co., RB, 3.350%, 09/01/25 300
- -------------------------------------------------------------------------------
545 Indian River County, District Hospital, Weekly
VRDNs, Krediet Bank, N.V. LOC, HRB,
3.500%, 10/01/15 545
- -------------------------------------------------------------------------------
300 Jacksonville, Health Facilities Authority, Weekly VRDNs,
NationsBank LOC, HRB, 3.850%, 01/01/16 300
- -------------------------------------------------------------------------------
100 Jacksonville, Electric Authority,
Series 3-A, RB, 4.600%, 10/01/99 100
- -------------------------------------------------------------------------------
155 Jacksonville, Electric Authority, Series 5, RB,
Pre-refunded at 100, 6.000%, 10/01/99 156
- -------------------------------------------------------------------------------
200 Jacksonville, Weekly VRDNs, River Garden/Cove
Project, First Union Corp. LOC, RB,
3.800%, 06/01/22 200
- -------------------------------------------------------------------------------
500 Jacksonville, Daily VRDNs, Genesis Rehabilitation Hospital,
NationsBank LOC, HRB, 3.750%, 05/01/21 500
- -------------------------------------------------------------------------------
200 Lakeland, Wastewater Improvement, MBIA, RB,
4.500%, 10/01/99 201
- -------------------------------------------------------------------------------
100 Lee County, Series A, FSA, RB, 3.000%, 08/01/99 100
- -------------------------------------------------------------------------------
400 Manatee County, Housing Authority, Weekly VRDNs,
Harbour Project B, Marine Midland Bank
LOC, RB, 3.600%, 12/01/07 400
- -------------------------------------------------------------------------------
1,000 Manatee County, Pollution Control, Daily VRDNs,
Florida Power & Light, RB, 3.350%, 09/01/24 1,000
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
FLORIDA - (CONTINUED)
- -------------------------------------------------------------------------------
$ 700 Marion County, Housing Authority, Weekly
VRDNs, Paddock Place, Project F, Suntrust
Bank LOC, RB, 3.750%, 12/01/07 $ 700
- -------------------------------------------------------------------------------
925 Orange County, Weekly VRDNs, University of
Central Florida, First Union Corp. LOC, RB,
3.500%, 03/01/17 925
- -------------------------------------------------------------------------------
500 Orange County, Health Facilities Authority,
Weekly VRDNs, Adventist Health System/Sunbelt,
Rabobank Nederland LOC, RB, 3.650%, 11/15/26 500
- -------------------------------------------------------------------------------
250 Palm Beach County, School District, AMBAC, GO,
5.375%, 08/01/99 251
- -------------------------------------------------------------------------------
100 Pinellas County, Resource Recovery, MBIA, RB,
6.500%, 10/01/99 101
- -------------------------------------------------------------------------------
400 Plant City, Weekly VRDNs, Southern Florida Baptist
Hospital Project, NationsBank LOC, HRB,
3.650%, 03/01/13 400
- -------------------------------------------------------------------------------
800 Port St. Joe, Capital Improvement, BANs,
4.350%, 07/01/99 800
- -------------------------------------------------------------------------------
330 Putnam County, Weekly VRDNs, National
Rural Utilities Cooperative Finance, Seminole
Electric H2, RB, 3.550%, 03/15/14 330
- -------------------------------------------------------------------------------
400 Putnam County, Semi-annual VRDNs,
National Rural Utilities Cooperative Finance,
RB, 3.130%, 12/15/09 400
- -------------------------------------------------------------------------------
600 St. Johns County, HFA, Weekly VRDNs, Anastasia Shore Apartments
Project, NationsBank LOC, RB, 3.500%, 11/01/14 600
- -------------------------------------------------------------------------------
175 St. Johns County, School Board, MBIA, RB,
4.400%, 07/01/99 175
- -------------------------------------------------------------------------------
1,200 St. Lucie County, Daily VRDNs, Florida
Power & Light, RB, 3.350%, 01/01/26 1,200
- -------------------------------------------------------------------------------
450 St. Lucie County, Monthly VRDNs, Florida
Convalescent Centers, Toronto Dominion Bank
LOC, HRB, 3.500%, 01/01/11 450
- -------------------------------------------------------------------------------
380 St. Lucie County, AMBAC, GO, 4.000%, 10/01/99 381
- -------------------------------------------------------------------------------
100 St. Petersburg, Public Improvement, MBIA, RB,
5.800%, 02/01/00 101
- -------------------------------------------------------------------------------
200 Tallahassee, Municipal Electric, RB,
5.100%, 10/01/99 201
- -------------------------------------------------------------------------------
400 Volusia County, Housing Authority, Weekly VRDNs,
Sun Pointe Apartments Project-Series H,
Key Bank LOC, RB, 3.550%, 12/01/05 400
- -------------------------------------------------------------------------------
TOTAL FLORIDA (AT AMORTIZED COST) 18,538
- -------------------------------------------------------------------------------
OTHER - 26.6%
200 Abilene TX, Hendrick Medical Center,
MBIA, RB, 5.100%, 09/01/99 201
- -------------------------------------------------------------------------------
100 Avon CO, MBIA, RB, 3.250%, 09/15/99 100
- -------------------------------------------------------------------------------
155 Brazos River Authority TX, RB,
Pre-refunded at 100, 6.900%, 08/15/99 156
- -------------------------------------------------------------------------------
190 Cincinnati & Hamilton County OH,
Semi-annual VRDNs, Banc One LOC, RB,
3.750%, 08/01/15 190
- -------------------------------------------------------------------------------
280 Clarendon NY, BANs, 3.625%, 12/22/99 280
- -------------------------------------------------------------------------------
5
<PAGE>
PORTFOLIO OF INVESTMENTS
---------------------------------------
HUNTINGTON FLORIDA TAX-FREE MONEY FUND (Continued)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OTHER - (CONTINUED)
- -------------------------------------------------------------------------------
$ 100 Coconino AZ, AMBAC, GO, 4.500%, 07/01/99 $ 100
- -------------------------------------------------------------------------------
188 Cook County IL, School District, FGIC, GO,
4.650%, 12/01/99 189
- -------------------------------------------------------------------------------
230 Corpus Christi TX, EDR, Semi-annual
VRDNs, PNC Bank of Ohio N.A.
LOC, 3.350%, 08/01/11 230
- -------------------------------------------------------------------------------
200 Crawford County OH, AMBAC, GO,
3.150%, 12/01/99 200
- -------------------------------------------------------------------------------
800 Cuyahoga County OH, University Hospitals of
Cleveland, Daily VRDNs, Chase Manhattan Bank
LOC, RB, 3.800%, 01/01/16 800
- -------------------------------------------------------------------------------
100 Glenwood Springs CO, MBIA, RB,
3.250%, 10/01/99 100
- -------------------------------------------------------------------------------
300 Harvard IL, Harvard Memorial Hospital Project,
Weekly VRDNs, First of America Bank IL
LOC, HRB, 3.850%, 07/01/18 300
- -------------------------------------------------------------------------------
200 Iowa Student Loan Liquidity Corp., AMBAC, RB,
6.500%, 12/01/99 203
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OTHER - (CONTINUED)
- -------------------------------------------------------------------------------
$ 670 McCreary County KY, Weekly VRDNs, Fifth
Third Bank LOC, RB, 3.750%, 04/01/13 $ 670
- -------------------------------------------------------------------------------
450 McCreary County KY, Weekly VRDNs, Series B,
Fifth Third Bank LOC, RB, 3.750%, 04/01/13 450
- -------------------------------------------------------------------------------
250 New Haven CT, Series A, FGIC, GO,
4.300%, 08/01/99 250
- -------------------------------------------------------------------------------
500 Northern Ozaukee WI, School District, BANs,
3.400%, 02/01/00 500
- -------------------------------------------------------------------------------
250 Opelika AL, AMBAC, GO, 3.250%, 07/01/99 250
- -------------------------------------------------------------------------------
100 Shreveport LA, ETM, MBIA, GO, 8.500%, 07/01/99 100
- -------------------------------------------------------------------------------
400 Trinity River TX, Daily VRDNs, IDA, ADP, Inc.
Project, RB, 3.700%, 01/01/13 400
- -------------------------------------------------------------------------------
1,000 Wadworth OH, CSD, BANs, 3.470%, 08/10/99 1,001
- -------------------------------------------------------------------------------
TOTAL OTHER 6,670
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (AT AMORTIZED COST) $25,208
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
-------------------------------------------------
HUNTINGTON MONEY MARKET FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
(A) COMMERCIAL PAPER - 95.6%
- -------------------------------------------------------------------------------
AGRICULTURE - 1.8%
$ 7,570 Archer-Daniels-Midland, 4.780%, 08/12/99 $ 7,528
10,000 Archer-Daniels-Midland, 4.900%, 09/20/99 9,890
- -------------------------------------------------------------------------------
17,418
- -------------------------------------------------------------------------------
AUTOMOTIVE - 4.6%
15,000 Daimler Chrysler N.A., 4.760%, 07/13/99 14,976
15,000 Daimler Chrysler N.A., 4.780%, 08/13/99 14,914
15,000 General Motors Acceptance Corp.,
5.020%, 09/15/99 14,841
- -------------------------------------------------------------------------------
44,731
- -------------------------------------------------------------------------------
BANKING - 5.7%
15,000 Morgan J. P. & Co., 4.890%, 09/15/99 14,845
10,000 National City Credit Corp., 4.760%, 07/20/99 9,975
15,000 National City Credit Corp., 4.810%, 08/04/99 14,932
15,000 Toronto Dominion Holdings, 4.780%, 07/06/99 14,990
- -------------------------------------------------------------------------------
54,742
- -------------------------------------------------------------------------------
BANKING & FINANCE - 2.6%
10,000 Goldman Sachs & Co., 4.850%, 07/09/99 9,989
15,000 Goldman Sachs & Co., 5.040%, 09/20/99 14,830
- -------------------------------------------------------------------------------
24,819
- -------------------------------------------------------------------------------
CHEMICALS - 9.1%
7,300 Air Products & Chemicals, Inc., 4.960%, 07/19/99 7,282
17,500 Akzo Nobel Inc., 4.770%, 08/23/99 17,370
15,000 du Pont (E.I.) de Nemours & Co., 4.800%, 07/08/99 14,986
15,000 du Pont (E.I.) de Nemours & Co., 4.900%, 09/17/99 14,841
10,000 Monsanto Co., 5.020%, 07/22/99 9,971
13,000 Monsanto Co., 5.030%, 08/10/99 12,927
10,000 U.S. Borax Inc., 5.040%, 09/21/99 9,920
- -------------------------------------------------------------------------------
87,297
- -------------------------------------------------------------------------------
CONSUMER PRODUCTS - 6.5%
10,000 Fortune Brands, Inc., 4.820%, 07/19/99 9,976
10,000 Fortune Brands, Inc., 4.790%, 07/27/99 9,966
15,000 Hasbro Inc., 4.860%, 08/09/99 14,921
15,000 Hasbro Inc., 5.220%, 10/01/99 14,800
13,000 Snap On Inc., 5.110%, 07/08/99 12,987
- -------------------------------------------------------------------------------
62,650
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
(A) COMMERCIAL PAPER - (CONTINUED)
- -------------------------------------------------------------------------------
DIVERSIFIED OPERATIONS - 4.7%
$10,000 Minnesota Mining & Manufacturing,
4.950%, 08/09/99 $ 9,946
10,000 Motorola, Inc., 4.800%, 07/02/99 9,999
10,000 Motorola, Inc., 4.990%, 07/29/99 9,961
15,000 Siemens Capital Corp., 4.930%,
09/16/99 14,842
- -------------------------------------------------------------------------------
44,748
- -------------------------------------------------------------------------------
ENERGY - 1.0%
10,000 Duke Energy Corp., 4.770%, 07/16/99 9,980
- -------------------------------------------------------------------------------
9,980
- -------------------------------------------------------------------------------
ENTERTAINMENT - 2.6%
10,000 The Walt Disney Co., 4.740%, 07/09/99 9,989
15,000 The Walt Disney Co., 4.780%, 08/26/99 14,889
- -------------------------------------------------------------------------------
24,878
- -------------------------------------------------------------------------------
FEDERAL AGENCY - 2.8%
15,000 Federal Home Loan Mortgage Corp., 4.730%,
09/09/99 14,862
11,720 Federal Home Loan Mortgage Corp., 4.740%,
09/09/99 11,613
- -------------------------------------------------------------------------------
26,475
- -------------------------------------------------------------------------------
FINANCE COMMERCIAL - 8.8%
15,000 General Electric Capital Corp., 4.760%,
07/01/99 15,000
15,000 General Electric Capital Corp., 4.800%,
07/07/99 14,988
15,000 IBM Credit Corp., 4.780%, 08/11/99 14,918
10,000 IBM Credit Corp., 4.950%, 09/03/99 9,912
15,000 Xerox Credit Corp., 4.780%, 07/12/99 14,978
15,000 Xerox Credit Corp., 5.020%, 07/27/99 14,946
- -------------------------------------------------------------------------------
84,742
- -------------------------------------------------------------------------------
FOOD & BEVERAGE - 4.7%
15,000 Anheuser Busch Co., 5.000%, 07/23/99 14,954
15,000 Coca-Cola, Inc., 4.770%, 07/16/99 14,970
15,000 Coca-Cola, Inc., 4.890%, 08/18/99 14,902
- -------------------------------------------------------------------------------
44,826
- -------------------------------------------------------------------------------
6
<PAGE>
------------------------------------------------
HUNTINGTON MONEY MARKET FUND (Continued)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
(A) COMMERCIAL PAPER - (CONTINUED)
- -------------------------------------------------------------------------------
FOOD PRODUCTS - 7.1%
$10,000 Golden Peanut Co., 4.790%, 08/11/99 $ 9,946
11,000 Golden Peanut Co., 5.020%, 09/14/99 10,885
15,000 Heinz H.J. Co., 4.780%, 07/12/99 14,978
10,000 Heinz H.J. Co., 4.830%, 07/23/99 9,970
13,000 Hershey Foods, Inc., 4.770%, 07/14/99 12,978
10,000 Hershey Foods, Inc., 4.830%, 08/16/99 9,938
- -------------------------------------------------------------------------------
68,695
- -------------------------------------------------------------------------------
FUNDING CORP - 2.1%
10,000 New Center Asset Trust, 4.870%, 08/23/99 9,928
10,000 New Center Asset Trust, 5.840%, 09/21/99 9,885
- -------------------------------------------------------------------------------
19,813
- -------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS & HOUSEWARES - 2.6%
15,000 Procter & Gamble Co., 4.760%, 07/15/99 14,972
10,000 Procter & Gamble Co., 4.850%, 08/06/99 9,952
- -------------------------------------------------------------------------------
24,924
- -------------------------------------------------------------------------------
INSURANCE - 2.6%
12,000 AI Credit Corp., 4.830%, 08/02/99 11,949
13,000 USAA Capital Corp., 5.000%, 07/20/99 12,966
- -------------------------------------------------------------------------------
24,915
- -------------------------------------------------------------------------------
MEDICAL SUPPLIES - 3.3%
10,000 Becton Dickinson, 4.900%, 08/30/99 9,918
16,400 Becton Dickinson, 5.000%, 08/31/99 16,261
5,400 Becton Dickinson, 5.050%, 09/13/99 5,344
- -------------------------------------------------------------------------------
31,523
- -------------------------------------------------------------------------------
METALS & MINING - 2.1%
10,000 Aluminum Company America, 4.840%, 07/21/99 9,973
10,000 Aluminum Company America, 4.970%, 07/21/99 9,972
- -------------------------------------------------------------------------------
19,945
- -------------------------------------------------------------------------------
OIL & GAS - 1.0%
10,000 Shell Oil Co., 4.840%, 07/28/99 9,964
- -------------------------------------------------------------------------------
9,964
- -------------------------------------------------------------------------------
PHARMACEUTICALS - 4.1%
10,000 Schering Corp., 4.850%, 07/29/99 9,962
15,000 Schering Corp., 4.880%, 08/17/99 14,905
15,000 Warner Lambert Co., 4.830%, 08/17/99 14,905
- -------------------------------------------------------------------------------
39,772
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
(A) COMMERCIAL PAPER - (CONTINUED)
- -------------------------------------------------------------------------------
PRINTING & PUBLISHING - 4.0%
$11,100 McGraw-Hill Companies, Inc., 4.780%, 08/05/99 $ 11,048
11,000 McGraw-Hill Companies, Inc., 5.030%, 09/27/99 10,865
6,750 Times Mirror, Co., 4.840%, 07/22/99 6,731
10,000 Times Mirror, Co., 4.830%, 08/12/99 9,944
- -------------------------------------------------------------------------------
38,588
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS - 10.9%
20,000 A T&T Corp., 4.700%, 07/19/99 19,953
10,000 A T&T Corp., 4.740%, 07/29/99 9,963
15,000 Ameritech, Corp., 4.780%, 07/26/99 14,950
15,000 BellSouth Telecommunications, Inc.,
4.800%, 07/09/99 14,984
15,000 BellSouth Telecommunications, Inc.,
4.760%, 07/20/99 14,962
15,000 Lucent Technologies, 4.830%, 08/03/99 14,934
15,000 Lucent Technologies, 4.870%, 08/13/99 14,913
- -------------------------------------------------------------------------------
104,659
- -------------------------------------------------------------------------------
UTILITIES - 0.9%
9,100 Baltimore Gas & Electric Co., 5.220%, 07/08/99 9,091
- -------------------------------------------------------------------------------
9,091
- -------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (AT AMORTIZED COST) 919,195
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 4.8%
- -------------------------------------------------------------------------------
5,713 Morgan Stanley & Co., Inc., 4.720%, dated
06/30/99, due 07/01/99, repurchase price
$5,713,749 (collateralized by U.S. Treasury
obligations, total par value $4,315,000,
12.750%, 11/15/10, total market
value $5,894,841) 5,713
40,000 Morgan Stanley & Co., Inc., 4.750%, dated
06/30/99, due 07/01/99, repurchase price
$40,005,277 (collateralized by FHLB
obligations, total par value $41,240,000,
5.790%, 06/01/02, total market
value $40,919,513) 40,000
- -------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 45,713
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (AT AMORTIZED COST) $964,908
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
----------------------------------
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO - 98.2%
- -------------------------------------------------------------------------------
$1,500 Allen County, BANs, 3.350%, 04/13/00 $ 1,502
- -------------------------------------------------------------------------------
1,405 American Municipal Power, Inc., BANs,
3.400%, 12/03/99 1,405
- -------------------------------------------------------------------------------
1,340 Ashland County, IDR, Weekly VRDNs, Landover
Properties, Banc One Dayton N.A. LOC,
3.570%, 11/01/04 1,340
- -------------------------------------------------------------------------------
1,300 Ashland, BANs, 3.300%, 03/16/00 1,302
- -------------------------------------------------------------------------------
1,300 Brunswick, BANs, 3.700%, 09/15/99 1,301
- -------------------------------------------------------------------------------
1,500 Butler County, LTD, BANs, 3.490%, 03/16/00 1,504
- -------------------------------------------------------------------------------
1,500 Butler County, LTD, BANs, 3.550%, 10/21/99 1,502
- -------------------------------------------------------------------------------
2,000 Canton, BANs, 3.910%, 06/08/00 2,011
- -------------------------------------------------------------------------------
1,895 Centerville, Weekly VRDNs, Betheny Village,
PNC Bank LOC, 3.500%, 11/01/13 1,895
- -------------------------------------------------------------------------------
3,000 Cincinnati Hamilton, Daily VRDNs, Kenwood
Project, Krediet Bank N.V. LOC, 3.600%, 09/01/25 3,000
- -------------------------------------------------------------------------------
1,570 Clark County, BANs, 3.550%, 05/10/00 1,574
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO - (CONTINUED)
- -------------------------------------------------------------------------------
$5,000 Cleveland, Income Tax, Weekly VRDNs, AMBAC,
Toronto Dominion Bank LOC, RB,
3.300%, 05/15/24 $ 5,000
- -------------------------------------------------------------------------------
4,500 Columbus, Electric System Revenue, Monthly
VRDNs, Union Bank of Switzerland LOC,
3.300%, 09/01/09 4,500
- -------------------------------------------------------------------------------
8,700 Columbus, Weekly VRDNs, Series 1994, SSRB,
3.700%, 06/01/11 8,700
- -------------------------------------------------------------------------------
1,400 Columbus, Weekly VRDNs, Westdeutsche
Landersbank LOC, 3.650%, 06/01/16 1,400
-------------------------------------------------------------------------------
525 Columbus, Weekly VRDNs, Westdeutsche
Landersbank LOC, GO, 3.650%, 12/01/17 525
- -------------------------------------------------------------------------------
2,575 Coshocton County, Weekly VRDNs, Echoing Hills Village,
Bank One Columbus N.A. LOC, HRB, 3.620%, 03/01/14 2,575
- -------------------------------------------------------------------------------
2,000 Cuyahoga County, Weekly VRDNs,
Cleveland Clinic Foundation, Chase
Manhattan Bank LOC, HRB, 3.500%, 01/01/24 2,000
- -------------------------------------------------------------------------------
7
<PAGE>
PORTFOLIO OF INVESTMENTS
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND (Continued)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO - (CONTINUED)
- -------------------------------------------------------------------------------
$ 455 Cuyahoga County, Cleveland Neighborhood,
Key Bank LOC, RB, 3.400%, 06/01/02 $ 455
- -------------------------------------------------------------------------------
1,400 Cuyahoga County, Daily VRDNs, Cleveland Orchestra,
Bank of America LOC, 3.450%, 04/01/28 1,400
- -------------------------------------------------------------------------------
2,000 Cuyahoga County, Weekly VRDNs,
Cleveland Clinic, Series 1996A, Morgan
Guaranty Trust LOC, HRB, 3.450%, 01/01/26 2,000
- -------------------------------------------------------------------------------
3,500 Cuyahoga County, Weekly VRDNs, Cleveland
Clinic, Series B, HRB, 3.500%, 01/01/26 3,500
- -------------------------------------------------------------------------------
1,800 Cuyahoga County, Weekly VRDNs, Cleveland Clinic,
Series D, HRB, 3.500%, 01/01/26 1,800
- -------------------------------------------------------------------------------
1,500 Cuyahoga County, IDA, Weekly VRDNs,
Allen Group Inc., Dresdner Bank AG
NY LOC, 3.350%, 12/01/15 1,500
- -------------------------------------------------------------------------------
975 Cuyahoga County, IDR, Fogg Centax 11 Project,
Equitable Federal LOC, 3.200%, 07/01/99 (e) 975
- -------------------------------------------------------------------------------
1,600 Cuyahoga County, IDR, Weekly VRDNs,
Edgecomb Metals, Banque Nationale De
Paris LOC, 3.650%, 09/01/09 1,600
- -------------------------------------------------------------------------------
1,105 Delaware, BANs, 3.360%, 06/01/00 1,106
- -------------------------------------------------------------------------------
1,800 Dover, BANs, 3.900%, 09/09/99 1,801
- -------------------------------------------------------------------------------
1,300 Erie County, BANs, 3.375%, 11/18/99 1,302
- -------------------------------------------------------------------------------
2,000 Euclid, BANs, 3.220%, 12/30/99 2,002
- -------------------------------------------------------------------------------
2,279 Euclid, CSD, BANs, 3.750%, 06/15/00 2,288
- -------------------------------------------------------------------------------
1,600 Evendale, IDR, Weekly VRDNs, Shaver Real Estate,
ABN AMRO Bank LOC, 3.650%, 09/01/15 1,600
- -------------------------------------------------------------------------------
1,600 Fairfield, BANs, 3.80%, 08/27/99 1,600
- -------------------------------------------------------------------------------
995 Fairfield, BANs, 3.750%, 06/09/00 998
- -------------------------------------------------------------------------------
5,000 Franklin County, Weekly VRDNs, Series 1996,
U.S. Health, Morgan Guaranty Trust
LOC, HRB, 3.550%, 12/01/21 5,000
- -------------------------------------------------------------------------------
1,100 Franklin County, Weekly VRDNs, Children's Hospital,
Banc One SPA, HRB, 3.720%, 12/01/14 1,100
- -------------------------------------------------------------------------------
100 Franklin County, Weekly VRDNs, Franciscan
Sisters, Chase Manhattan Bank LOC, HRB,
3.800%, 07/01/15 100
- -------------------------------------------------------------------------------
2,500 Franklin County, Weekly VRDNs, Holy Cross
Health, Morgan Guaranty Trust LOC, HRB,
3.650%, 06/01/16 2,500
- -------------------------------------------------------------------------------
750 Franklin County, IDR, Weekly VRDNs, Columbus
College Art & Design, Bank One LOC,
3.620%, 10/01/11 750
- -------------------------------------------------------------------------------
1,400 Franklin County, Weekly VRDNs, Dominican Sisters,
Fifth Third Bank LOC, 3.600%, 12/01/16 1,400
- -------------------------------------------------------------------------------
2,500 Franklin County, Series 1998, Weekly VRDNs,
HRB, 3.650%, 12/01/28 2,500
- -------------------------------------------------------------------------------
1,100 Hamilton County, Monthly VRDNs, Automated
Data Processing Co., 3.250%, 10/15/12 1,100
- -------------------------------------------------------------------------------
2,000 Hamilton County, Weekly VRDNs, Children's Hospital,
Series A, PNC Bank LOC, HRB, 3.620%, 05/15/17 2,000
- -------------------------------------------------------------------------------
2,000 Hamilton County, Weekly VRDNs, Bank One
Indiana N.A. LOC, HRB, 3.600%, 01/01/30 2,000
- -------------------------------------------------------------------------------
5,300 Hamilton County, Weekly VRDNs, Health Alliance,
Series A, MBIA, HRB, 3.250%, 01/01/18 5,300
- -------------------------------------------------------------------------------
1,800 Hamilton County, Weekly VRDNs, Health Alliance,
Series B, MBIA, HRB, 3.350%, 01/01/18 1,800
- -------------------------------------------------------------------------------
1,735 Hamilton County, Weekly VRDNs, Cincinnati
Arts Association, Fifth Third Bank LOC,
3.670%, 05/01/13 1,735
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO - (CONTINUED)
- -------------------------------------------------------------------------------
$4,000 Hamilton County, Weekly VRDNs, Health Alliance,
Series E, MBIA, HRB, 3.250%, 01/01/18 $ 4,000
- -------------------------------------------------------------------------------
2,000 Hancock County, BANs, 3.42%, 12/01/99 2,003
- -------------------------------------------------------------------------------
1,500 Highland Heights, BANs, 3.250%, 11/18/99 1,501
- -------------------------------------------------------------------------------
1,000 Hilliard, BANs, 3.850%, 09/09/99 1,001
------------------------------------------------------------------------------
1,820 Lorain County, Weekly VRDNs, United Methodist
Project, Key Bank LOC, 3.550%, 06/01/22 1,820
- -------------------------------------------------------------------------------
1,000 Loveland, GO, BANs, 3.860%, 09/09/99 1,000
- -------------------------------------------------------------------------------
5,000 Lucas County, Weekly VRDNs, Toledo
Zoological Society, Key Bank LOC, RB,
3.650%, 10/01/05 5,000
- -------------------------------------------------------------------------------
2,775 Lyndhurst, BANs, 3.375%, 03/16/00 2,779
- -------------------------------------------------------------------------------
900 Mahoning County, Weekly VRDNs, Series 1992,
Copeland Oaks, Bank One LOC,
3.620%, 04/01/17 900
- -------------------------------------------------------------------------------
2,000 Mahoning County, Weekly VRDNS, Forum Health Obligation
Group B, MBIA, HRB, 3.570%, 12/01/28 2,000
- -------------------------------------------------------------------------------
900 Marion County, Weekly VRDNs, Bank One LOC,
3.620%, 08/01/20 900
- -------------------------------------------------------------------------------
3,000 Marysville Exempted Village, BANs,
3.610%, 06/01/00 3,008
- -------------------------------------------------------------------------------
4,855 Mason County, EDR, Weekly VRDNs, Cedar Village
Project, 3.700%, 12/01/07 4,855
------------------------------------------------------------------------------
1,500 Mason, CSD, BANs, 3.380%, 02/17/00 1,504
------------------------------------------------------------------------------
2,000 Middleburg Heights, Weekly VRDNs, Southwest
General Health, Key Bank LOC, 3.600%, 08/15/22 2,000
- -------------------------------------------------------------------------------
1,300 Montgomery County, Daily VRDNs, Miami Valley
Hospital, Series A, National City Bank LOC, SPA,
3.450%, 11/15/22 1,300
- -------------------------------------------------------------------------------
1,800 Montgomery County, Weekly VRDNs, Society
St. Vincent DePaul, National City Bank LOC,
3.600%, 12/01/10 1,800
- -------------------------------------------------------------------------------
1,000 Morrow County, Weekly VRDNs, Field Container,
American National Bank LOC,
3.550%, 12/01/99 1,000
- -------------------------------------------------------------------------------
1,000 Ohio School Districts, BANs, 4.140%, 06/30/00 1,007
- -------------------------------------------------------------------------------
2,000 Ohio State, Air Quality Development Authority,
Cleveland Electric, FGIC, RB,
3.000%, 07/08/99 (e) 2,000
- -------------------------------------------------------------------------------
2,700 Ohio State, Air Quality Development Authority,
Daily VRDNs, Mead Corp., Deutsche Bank LOC,
3.800%, 10/01/01 2,700
- -------------------------------------------------------------------------------
3,900 Ohio State, HEF, Weekly VRDNs, Fifth Third
Bank LOC, 3.620%, 09/01/17 3,900
- -------------------------------------------------------------------------------
2,130 Ohio State, HEF, Weekly VRDNs, Fifth Third
Bank LOC, 3.620%, 09/01/24 2,130
- -------------------------------------------------------------------------------
1,000 Ohio State, HEF, Weekly VRDNs, Mt. Vernon
Nazarene College, National City Bank LOC,
3.650%, 9/01/09 1,000
- -------------------------------------------------------------------------------
3,000 Ohio State, HEF, Weekly VRDNs, Malone College,
National City Bank LOC, 3.650%, 10/01/22 3,000
- -------------------------------------------------------------------------------
3,500 Ohio State, Water Development Authority, Daily
VRDNs, Mead Corp., Bank of America LOC,
3.800%, 11/01/15 3,500
- -------------------------------------------------------------------------------
4,000 Ohio State, Water Development Authority, Weekly
VRDNs, Cleveland Electric, First Chicago LOC,
3.650%, 07/01/20 4,000
- -------------------------------------------------------------------------------
1,000 Ohio State, Water Development, Cleveland Electric,
Series A, FGIC, RB, 3.650%, 07/08/99 (e) 1,000
- -------------------------------------------------------------------------------
2,747 Orange, CSD, BANs, 3.500%, 06/08/00 2,753
- -------------------------------------------------------------------------------
8
<PAGE>
----------------------------------
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND (Continued)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO - (CONTINUED)
- -------------------------------------------------------------------------------
$ 935 Orrville, Weekly VRDNs, National City Bank
LOC, HRB, 3.550%, 12/01/07 $ 935
- -------------------------------------------------------------------------------
1,000 Ottawa, BANs, 4.000%, 08/06/99 1,000
- -------------------------------------------------------------------------------
1,000 Sandusky, BANs, 4.125%, 07/29/99 1,000
- -------------------------------------------------------------------------------
1,000 Sandusky, BANs, 3.875%, 09/16/99 1,001
- -------------------------------------------------------------------------------
3,000 Sharonville, IDR, Weekly VRDNs, Edgecomb Metals,
Banque Nationale De Paris LOC, 3.700%, 11/01/09 3,000
- -------------------------------------------------------------------------------
1,000 Solon, BANs, 3.600%, 06/15/00 1,003
- -------------------------------------------------------------------------------
2,500 Summit County, BANs, 3.625%, 11/18/99 2,507
- -------------------------------------------------------------------------------
2,000 Summit County, BANs, 3.800%, 06/01/00 2,011
- -------------------------------------------------------------------------------
2,350 The Ohio State University, Weekly VRDNs,
General Receipts, RB, 3.500%, 12/01/27 2,350
- -------------------------------------------------------------------------------
3,740 The Ohio State University, Weekly VRDNs,
Series 1986B, National Westminster Bank
PLC LOC, 3.550%, 12/01/06 3,740
- -------------------------------------------------------------------------------
1,660 The Ohio State University, Weekly VRDNs,
Series 1985B, National Westminster Bank
PLC LOC, 3.550%, 12/01/01 1,660
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO - (CONTINUED)
- -------------------------------------------------------------------------------
$ 2,000 Toledo Lucas, RB, 3.700%, 09/01/99 (e) $ 2,000
- -------------------------------------------------------------------------------
2,000 University of Cincinnati, General Receipts, BANs,
3.800%, 03/01/00 2,003
- -------------------------------------------------------------------------------
885 Vermillion, BANs, 3.500%, 10/28/99 886
- -------------------------------------------------------------------------------
2,500 Wooster, BANs, 3.300%, 10/14/99 2,501
- -------------------------------------------------------------------------------
TOTAL OHIO (AT AMORTIZED COST) 189,206
- -------------------------------------------------------------------------------
OTHER - 1.9%
- -------------------------------------------------------------------------------
70 Nuveen Tax-Exempt Money Market Fund, Inc.,
3.230% 70
- -------------------------------------------------------------------------------
1,640 Merrill Lynch Institution Tax-Exempt Fund,
3.470% 1,640
- -------------------------------------------------------------------------------
2,000 Puerto Rico Commonwealth, Tax & Revenue
Anticipation Note, Series A.,
3.500%, 07/30/99 2,001
- -------------------------------------------------------------------------------
TOTAL OTHER 3,711
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (AT AMORTIZED COST) $192,917
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
-----------------------------------
HUNTINGTON U.S. TREASURY MONEY MARKET FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
(A) U.S. TREASURY BILLS - 37.1%
- -------------------------------------------------------------------------------
$30,000 4.340%, 07/22/99 $ 29,924
25,000 4.360%, 08/19/99 24,852
25,000 4.567%, 09/16/99 24,759
15,000 4.653%, 09/16/99 14,853
20,000 4.757%, 09/30/99 19,762
20,000 4.365%, 10/21/99 19,728
25,000 4.615%, 11/04/99 24,596
20,000 4.963%, 12/16/99 19,547
- -------------------------------------------------------------------------------
TOTAL U.S. TREASURY BILLS (AT AMORTIZED COST) 178,021
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 56.8%
- -------------------------------------------------------------------------------
40,000 Banc One Corp., 4.900%, dated 06/29/99,
due 07/06/99, repurchase price $40,038,111
(collateralized by various U.S.Treasury obligations,
range in par value $1,150,000 to $39,310,000,rates
6.125% to 6.875%, maturities 08/31/99 to 12/31/01,
for a total market value $40,460,000) 40,000
- -------------------------------------------------------------------------------
20,000 Commerzbank, 4.850%, dated 06/30/99,
due 07/07/99, repurchase price $20,018,861
(collateralized by U.S. Treasury obligations,
total par value $15,065,000, 12.750%,
11/15/10, total market value $20,580,714) 20,000
- -------------------------------------------------------------------------------
20,000 Credit Suisse First Boston, 4.900%, dated 06/29/99,
due 07/06/99, repurchase price $20,019,055
(collateralized by U.S. Treasury obligations,
total par value $16,546,000, 8.125%, 08/15/21, total
market value $20,673,087) 20,000
- -------------------------------------------------------------------------------
50,000 Goldman Sachs Co., 4.700%, dated 06/24/99,
due 07/01/99, repurchase price $50,045,694
(collateralized by U.S. Treasury obligations,
total par value $42,920,000, 7.875%, 02/15/21,
total market value $52,210,490) 50,000
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - (CONTINUED)
- -------------------------------------------------------------------------------
$10,000 Lehman Brothers, Inc., 4.850%, dated 06/30/99,
due 07/07/99, repurchase price $10,009,430
(collateralized by U.S. Treasury obligations,
total par value $7,360,000, 13.750%, 08/15/04,
total market value $10,274,798) $ 10,000
- -------------------------------------------------------------------------------
50,000 Merrill Lynch Corp., 4.750%, dated 06/25/99,
due 07/02/99, repurchase price $50,046,180
(collateralized by U.S. Treasury obligations,
total par value $51,320,000, 5.250% 08/15/03,
total market value $51,458,179) 50,000
- -------------------------------------------------------------------------------
12,274 Morgan Stanley & Co., Inc., 4.720%,
dated 06/30/99, due 07/01/99, repurchase
price $12,275,109 (collateralized by
U.S. Treasury obligations, total par value
$9,235,000, 12.750%, 11/15/10, total
market value $12,616,189) 12,274
- -------------------------------------------------------------------------------
50,000 Prudential Inc., 4.800%, dated 06/28/99,
due 07/02/99, repurchase price $50,026,666,
(collateralized by U.S. Treasury obligations,
total par value $41,885,000, 8.125%,
08/15/19, total market value $51,900,483) 50,000
- -------------------------------------------------------------------------------
20,000 Salomon Smith Barney, Inc., 4.730%,
dated 06/24/99, due 07/01/99, repurchase price
$20,018,394 (collateralized by U.S. Treasury
obligations, total par value $16,370,000,
8.750%, 05/15/17, total market value $20,878,200) 20,000
- -------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 272,274
- -------------------------------------------------------------------------------
U.S. TREASURY NOTE - 6.3%
30,000 5.875%, 08/31/99 30,057
- -------------------------------------------------------------------------------
TOTAL U.S. TREASURY NOTE (AT AMORTIZED COST) 30,057
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (AT AMORTIZED COST) $480,352
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
9
<PAGE>
PORTFOLIO OF INVESTMENTS
-------------------------------------------------------
HUNTINGTON GROWTH FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
SHARES VALUE
(000) (000)
- -------------------------------------------------------------------------------
COMMON STOCK - 94.0%
- -------------------------------------------------------------------------------
BASIC INDUSTRY - 2.7%
550 Hanna (M. A.) Co. $ 9,041
- -------------------------------------------------------------------------------
BUSINESS EQUIPMENT & SERVICES - 0.7%
38 Cintas Corp. 2,553
- -------------------------------------------------------------------------------
CAPITAL GOODS - 2.0%
110 Boeing Co. 4,861
33 Caterpillar, Inc. 1,998
- -------------------------------------------------------------------------------
6,859
- -------------------------------------------------------------------------------
CHEMICALS - 3.3%
17 Potash Corp. 859
300 Sigma Aldrich Corp. 10,331
- -------------------------------------------------------------------------------
11,190
- -------------------------------------------------------------------------------
CONSUMER NON-DURABLES - 6.0%
75 Colgate-Palmolive Co. 7,405
100 Fortune Brands, Inc. 4,137
170 Gillette Co. 6,970
19 Procter & Gamble Co. 1,696
- -------------------------------------------------------------------------------
20,208
- -------------------------------------------------------------------------------
CONSUMER PRODUCTS - 7.4%
245 American Greetings Corp. 7,381
28 Bestfoods 1,386
30 Lancaster Colony Corp. 1,035
90 Media General, Inc., CL A 4,605
115 Newell Co. 5,347
43 Sara Lee Corp. 976
50 Wrigley Wm. Jr. Co. 4,500
- -------------------------------------------------------------------------------
25,230
- -------------------------------------------------------------------------------
CONTAINERS & PACKAGING - 2.2%
125 Avery Dennison Corp. 7,547
- -------------------------------------------------------------------------------
DIVERSIFIED MANUFACTURING - 0.5%
19 Tyco International Ltd. 1,830
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 6.3%
75 Analog Devices, Inc.* 3,764
71 Emerson Electric Co. 4,452
88 General Electric Co. 10,000
67 Hubbell, Inc. 3,052
- -------------------------------------------------------------------------------
21,268
- -------------------------------------------------------------------------------
ENERGY - 8.2%
310 Anadarko Petroleum Corp. 11,412
20 Exxon Corp. 1,543
27 Mobil Corp. 2,723
41 Royal Dutch Petroleum Co., ADR 2,470
150 Schlumberger Limited 9,553
- -------------------------------------------------------------------------------
27,701
- -------------------------------------------------------------------------------
ENTERTAINMENT - 2.4%
52 Carnival Corp. 2,522
211 Mattel, Inc. 5,572
- -------------------------------------------------------------------------------
8,094
- -------------------------------------------------------------------------------
FINANCIAL - 3.2%
50 American Express Co. 6,506
24 Fannie Mae 1,641
60 Wells Fargo Co. 2,565
- -------------------------------------------------------------------------------
10,712
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL AMOUNT /
SHARES VALUE
(000) (000)
- -------------------------------------------------------------------------------
COMMON STOCK - (CONTINUED)
- -------------------------------------------------------------------------------
FOOD & BEVERAGE - 2.5%
217 PepsiCo, Inc. $ 8,395
- -------------------------------------------------------------------------------
FOOD DISTRIBUTORS - 2.2%
247 Sysco Corp. 7,352
- -------------------------------------------------------------------------------
HEALTH CARE - 4.5%
400 IMS Health Inc. 12,500
37 Medtronic Inc. 2,850
- -------------------------------------------------------------------------------
15,350
- -------------------------------------------------------------------------------
HOLDING COMPANY - 0.5%
-- Berkshire Hathaway Inc. CL-A* 1,654
-- Berkshire Hathaway Inc. CL-B* 34
- -------------------------------------------------------------------------------
1,688
- -------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS - 2.2%
46 Illinois Tool Works, Inc. 3,772
257 RPM, Inc. 3,653
- -------------------------------------------------------------------------------
7,425
- -------------------------------------------------------------------------------
INSURANCE - 1.7%
50 American International Group 5,853
- -------------------------------------------------------------------------------
MEDICAL SUPPLIES - 2.6%
200 Boston Scientific Corp. 8,788
- -------------------------------------------------------------------------------
PHARMACEUTICALS - 12.2%
201 Abbott Laboratories 9,127
38 American Home Products Corp. 2,185
50 Johnson & Johnson 4,900
100 Merck & Co. 7,400
50 Pfizer, Inc. 5,488
31 Pharmacia & Upjohn, Inc. 1,761
200 Schering-Plough Corp. 10,600
- -------------------------------------------------------------------------------
41,461
- -------------------------------------------------------------------------------
RETAIL - 10.3%
225 Home Depot 14,498
98 Kohl's Corp.* 7,564
444 Walgreen 13,031
- -------------------------------------------------------------------------------
35,093
- -------------------------------------------------------------------------------
TECHNOLOGY - 9.4%
300 Automatic Data Processing, Inc. 13,200
32 Computer Sciences Corp.* 2,232
100 Diebold, Inc 2,875
52 Microsoft Corp.* 4,690
88 Oracle Corp.* 3,271
82 Solectron Corp.* 5,468
- -------------------------------------------------------------------------------
31,736
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS - 1.0%
17 Vodafone AirTouch PLC - ADR* 3,251
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK (IDENTIFIED COST $149,432) 318,625
- -------------------------------------------------------------------------------
(B) COMMERCIAL PAPER - 5.8%
$6,000 Chevron Corp., 4.940%, 07/02/99 6,000
- -------------------------------------------------------------------------------
6,000 Ford Motor Credit Corp., 5.100%, 07/09/99 6,000
- -------------------------------------------------------------------------------
7,646 Prudential Funding Corp., 5.100%, 07/01/99
(at amortized cost) 7,646
- -------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $19,646) 19,646
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST $169,078) $338,271
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
10
<PAGE>
HUNTINGTON INCOME EQUITY FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
SHARES VALUE
(000) (000)
- -------------------------------------------------------------------------------
COMMON STOCK - 86.9%
- -------------------------------------------------------------------------------
BANKING & FINANCE - 15.5%
130 Chase Manhattan Corp. $ 11,261
194 First Union Corp. 9,137
200 Fleet Financial Group, Inc. 8,874
100 National City Corp. 6,550
110 Ohio Casualty Corp. 3,974
- -------------------------------------------------------------------------------
39,796
- -------------------------------------------------------------------------------
BASIC INDUSTRY - 7.1%
80 du Pont (E.I.) de Nemours & Co. 5,465
450 Hanna (M. A.) Co. 7,397
90 PPG Industries, Inc. 5,315
- -------------------------------------------------------------------------------
18,177
- -------------------------------------------------------------------------------
CAPITAL GOODS - 3.2%
500 Worthington Industries, Inc. 8,219
- -------------------------------------------------------------------------------
CONSUMER DURABLES - 2.6%
120 Ford Motor Co. 6,772
- -------------------------------------------------------------------------------
CONSUMER NON-DURABLES - 8.8%
80 Clorox Co. 8,545
100 Deluxe Corp. 3,894
70 Gallaher Group PLC-ADR 1,711
150 International Flavor & Fragrances, Inc. 6,656
60 Nabisco Group Holdings Corp. 1,174
20 RJ Reynolds Tobacco Holdings 630
- -------------------------------------------------------------------------------
22,610
- -------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT - 4.8%
108 General Electric Co. 12,204
- -------------------------------------------------------------------------------
ENERGY - 10.6%
85 Atlantic Richfield Co. 7,103
84 Exxon Corp. 6,478
100 Royal Dutch Petroleum Co., ADR 6,024
120 Texaco, Inc. 7,500
- -------------------------------------------------------------------------------
27,105
- -------------------------------------------------------------------------------
PHARMACEUTICALS - 10.0%
160 American Home Products Corp. 9,200
140 Bristol-Meyers Squibb Co. 9,861
116 Pharmacia & Upjohn, Inc. 6,590
- -------------------------------------------------------------------------------
25,651
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL AMOUNT/
SHARES VALUE
(000) (000)
- -------------------------------------------------------------------------------
COMMON STOCK - (CONTINUED)
- -------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS - 3.7%
85 Mack-Cali Realty Corp. $ 2,630
275 Nationwide Health Properties, Inc. 5,242
66 Simon Property Group, Inc. 1,662
- -------------------------------------------------------------------------------
9,534
- -------------------------------------------------------------------------------
TECHNOLOGY - 4.2%
180 Xerox Corp. 10,631
- -------------------------------------------------------------------------------
TELECOMMUNICATIONS - 9.4%
60 Bell Atlantic Corp. 3,923
100 GTE Corp. 7,569
200 Hong Kong Telecom Ltd., ADR 5,388
125 US West, Inc. 7,344
- -------------------------------------------------------------------------------
24,224
- -------------------------------------------------------------------------------
UTILITIES - 7.0%
315 DPL, Inc. 5,788
240 Ipalco Enterprises, Inc. 5,085
90 Peoples Energy Corp. 3,392
150 Wisconsin Energy Corp. 3,759
- -------------------------------------------------------------------------------
18,024
- -------------------------------------------------------------------------------
TOTAL COMMON STOCK (IDENTIFIED COST $106,730) 222,947
- -------------------------------------------------------------------------------
CORPORATE BONDS - 11.8%
$5,000 Banc One Corp., 8.000%, 04/29/27 5,294
4,000 Ford Capital BV, 9.500%, 06/01/10 4,660
2,000 General Motors, 9.400%, 07/15/21 2,398
5,000 Hydro-Quebec, 8.500%, 12/01/29 5,669
3,000 J.C. Penney & Co., 7.650%, 08/15/16 2,963
2,000 KeyCorp Institutional Capital-A, 7.826%, 12/01/26 1,963
1,500 TRW Inc., 9.350%, 06/04/20 1,710
5,000 Weyerhaeuser Co., 8.500%, 01/15/25 5,619
- -------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (IDENTIFIED COST $28,482) 30,276
- -------------------------------------------------------------------------------
(B) COMMERCIAL PAPER - 1.2%
3,095 Prudential Funding Corp., 5.100%, 07/01/99 3,095
- -------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (IDENTIFIED COST $3,095) 3,095
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST $138,307) $256,318
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
HUNTINGTON MICHIGAN TAX-FREE FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
MICHIGAN LONG-TERM MUNICIPAL SECURITIES - 95.3%
- -------------------------------------------------------------------------------
$ 710 Ann Arbor, Water Supply System, Series T,
MBIA, RB, 7.375%, 02/01/03 $ 779
- -------------------------------------------------------------------------------
300 Anchor Bay, CSD, FGIC, GO, 4.550%, 05/01/13 279
- -------------------------------------------------------------------------------
475 Byron Center, Public Schools, GO,
4.800%, 05/01/11 461
- -------------------------------------------------------------------------------
305 Byron Center, Public Schools, GO,
4.900%, 05/01/12 296
- -------------------------------------------------------------------------------
500 Cadillac, Public Schools, FGIC, GO,
5.375%, 05/01/10 509
- -------------------------------------------------------------------------------
230 Cedar Springs, Unlimited Tax, GO,
4.850%, 05/01/12 222
- -------------------------------------------------------------------------------
500 Chelsea, SDA, FGIC, GO, Pre-refunded at 101,
5.500%, 05/01/05 (c) 526
- -------------------------------------------------------------------------------
200 Clio, SDA, GO, 7.200%, 05/01/01 206
- -------------------------------------------------------------------------------
500 Dearborn, SDA, GO, 5.250%, 05/01/06 512
- -------------------------------------------------------------------------------
250 Detroit, SDA, AMBAC, GO, Pre-refunded at 102,
7.100%, 05/01/01 (c) 268
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
MICHIGAN LONG-TERM MUNICIPAL SECURITIES - (CONTINUED)
- -------------------------------------------------------------------------------
$ 500 Detroit, Sewer Disposal, MBIA, RB,
5.000%, 07/01/11 $ 496
- -------------------------------------------------------------------------------
500 Fowlerville, Community, SDA, MBIA, GO, Pre-refunded
at 100, 5.350%, 05/01/07 (c) 518
- -------------------------------------------------------------------------------
545 Grand Rapids, Downtown Development Authority,
MBIA, TA, 6.600%, 06/01/08 595
- -------------------------------------------------------------------------------
500 Grand Rapids, Water Supply Authority, FGIC, RB,
6.625%, 01/01/08 523
- -------------------------------------------------------------------------------
310 Grandville, Public SDA, FGIC, GO,
6.000%, 05/01/05 332
- -------------------------------------------------------------------------------
490 Greenville, Public School District, GO,
4.900%, 05/01/13 474
- -------------------------------------------------------------------------------
500 Grosse Ile Township, SDA, FGIC, GO, Pre-refunded at 100, 5.600%,
05/01/07 (c) 526
- -------------------------------------------------------------------------------
500 Harrison, Community School Project, AMBAC, GO,
5.800%, 05/01/05 530
- -------------------------------------------------------------------------------
655 Holland, Water Supply System, Series A, RB,
5.250%, 07/01/12 653
- -------------------------------------------------------------------------------
11
<PAGE>
PORTFOLIO OF INVESTMENTS
HUNTINGTON MICHIGAN TAX-FREE FUND (Continued)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
MICHIGAN LONG-TERM MUNICIPAL SECURITIES - (CONTINUED)
- -------------------------------------------------------------------------------
$ 355 Holton, Public Schools, FGIC, RB,
4.800%, 05/01/13 $ 340
- -------------------------------------------------------------------------------
500 Huron Valley, SDA, FGIC, GO, Pre-refunded at 100,
5.450%, 05/01/07 (c) 521
- -------------------------------------------------------------------------------
500 Jenison, Public Schools, FGIC, GO,
5.400%, 05/01/08 516
- -------------------------------------------------------------------------------
450 Kelloggsville, Public Schools, FGIC, GO,
5.000%, 05/01/13 439
- -------------------------------------------------------------------------------
500 Kenowa Hills, Public Schools, MBIA, GO,
5.500%, 05/01/08 517
- -------------------------------------------------------------------------------
200 Kent, HFA, Mary Free Hospital Project,
Series A, RB, 6.500%, 04/01/05 207
- -------------------------------------------------------------------------------
500 Kent, HFA, Pine Rest Christian Hospital Project,
FGIC, RB, 6.500%, 11/01/10 529
- -------------------------------------------------------------------------------
780 Lake Orion, Community School District, GO,
4.950%, 05/01/11 768
- -------------------------------------------------------------------------------
500 Lake Shore, Public Schools, Macomb County, GO,
5.400%, 05/01/12 509
- -------------------------------------------------------------------------------
525 Lansing, Building Authority, GO, ETM,
7.150%, 06/01/03 548
- -------------------------------------------------------------------------------
350 Lenawee County, Building Authority, Human
Services Project, AMBAC, GO, 6.000%, 05/01/09 366
- -------------------------------------------------------------------------------
500 Lincoln Park, SDA, FGIC, GO,
5.500%, 05/01/06 522
- -------------------------------------------------------------------------------
110 Mancelona, Public Schools, GO, 5.200%, 05/01/12 110
- -------------------------------------------------------------------------------
500 Mattawan, SDA, GO, 6.400%, 05/01/09 533
- -------------------------------------------------------------------------------
750 Michigan State, RB, 5.250%, 01/01/08 747
- -------------------------------------------------------------------------------
500 Michigan State, Building Authority, AMBAC, GO,
Pre-refunded at 102, 6.750%, 10/01/01 (c) 537
- -------------------------------------------------------------------------------
1,000 Michigan State, Environmental Protection Program,
GO, Pre-refunded at 102, 6.250%, 11/01/02 (c) 1,076
- -------------------------------------------------------------------------------
350 Michigan State, HEA, Hope College Project,
Series B, RB, 5.900%, 04/01/09 356
- -------------------------------------------------------------------------------
500 Michigan State, HEA, Student Loan, Series 13,
AMBAC, RB, 5.700%, 04/01/02 513
- -------------------------------------------------------------------------------
300 Michigan State, HFA, Central Michigan Community
Hospital, Series A, RB, 5.750%, 10/01/02 308
- -------------------------------------------------------------------------------
450 Michigan State, HFA, Daughters Charity Project,
RB, 5.500%, 11/01/05 471
- -------------------------------------------------------------------------------
500 Michigan State, HFA, Detroit Medical Center Project,
Series A, RB, 6.375%, 08/15/09 504
- -------------------------------------------------------------------------------
500 Michigan State, HFA, Mercy Health Services,
Series Q, AMBAC, RB, 5.100%, 08/15/07 508
- -------------------------------------------------------------------------------
660 Michigan State, HFA, Otsego Memorial Hospital
Project, RB, 6.000%, 01/01/09 682
- -------------------------------------------------------------------------------
615 Michigan State, HFA, Sparrow Obligated Group
Project, MBIA, RB, 6.300%, 11/15/03 653
- -------------------------------------------------------------------------------
200 Michigan State, HFA, Saint John Hospital Project,
Series A, AMBAC, RB, 5.750%, 05/15/04 211
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
MICHIGAN LONG-TERM MUNICIPAL SECURITIES - (CONTINUED)
- -------------------------------------------------------------------------------
$ 420 Michigan State, Housing Development Authority,
Walled Lake Villa Project, FSA, RB,
5.850%, 04/15/07 $ 446
- -------------------------------------------------------------------------------
400 Michigan State, Strategic Fund, Lutheran Social
Services Project, RB, 5.200%, 09/01/04 408
- -------------------------------------------------------------------------------
435 Northern Michigan University, AMBAC, RB,
Pre-refunded at 102, 5.500%,
06/01/03 (c) 459
- -------------------------------------------------------------------------------
500 Oakland County, EDA, Cranbrock Elderly Community Project, RB,
Pre-refunded at 100, 6.375%, 11/01/04 543
- -------------------------------------------------------------------------------
500 Oakland County, Sewer Revenue, 6.250%, 11/01/06 508
- -------------------------------------------------------------------------------
500 Ottawa County, Holland Township Extension, GO,
Pre-refunded at 100, 6.800%, 08/01/01 526
- -------------------------------------------------------------------------------
500 Paw Paw, Public School District, FGIC, GO,
6.500%, 05/01/09 559
- -------------------------------------------------------------------------------
150 Rochester Hills, SDA, GO, Pre-refunded at 100,
6.500%, 05/01/02 (c) 159
- -------------------------------------------------------------------------------
500 Rockford, Public School Authority, GO,
5.600%, 05/01/05 521
- -------------------------------------------------------------------------------
640 Saginaw Valley State University, RB,
5.000%, 07/01/12 630
- -------------------------------------------------------------------------------
500 Saint Joseph, Mercy Memorial Medical Center,
AMBAC, RB, 5.125%, 01/01/09 504
- -------------------------------------------------------------------------------
230 Saranac, SDA, GO, 5.700%, 05/01/07 242
- -------------------------------------------------------------------------------
400 Troy, Downtown Development Authority,
Series A, TA, RB, 6.100%, 11/01/10 431
- -------------------------------------------------------------------------------
300 University of Michigan, Series A-1, RB,
5.250%, 12/01/10 302
- -------------------------------------------------------------------------------
500 University of Michigan, Major Capital Projects, RB,
5.800%, 04/01/10 527
- -------------------------------------------------------------------------------
500 Utica, Community Schools Project, GO,
5.700%, 05/01/06 528
- -------------------------------------------------------------------------------
405 Warren, Transportation Fund, GO, 5.000%, 06/01/07 409
- -------------------------------------------------------------------------------
500 West Ottawa, Public School District, FGIC, GO,
5.400%, 05/01/09 514
- -------------------------------------------------------------------------------
TOTAL MICHIGAN LONG-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST $29,053) 29,912
- -------------------------------------------------------------------------------
MICHIGAN SHORT-TERM MUNICIPAL SECURITIES - 1.7%
500 Kent, HFA, Blodgett Memorial Hospital Project,
MBIA, RB, Pre-refunded at 100, 5.750%, 07/01/99 500
- -------------------------------------------------------------------------------
45 Kent, HFA, Blodgett Memorial Medical Center Project,
Series A, RB, 6.875%, 07/01/99 45
- -------------------------------------------------------------------------------
TOTAL MICHIGAN SHORT-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST $533) 545
- -------------------------------------------------------------------------------
TOTAL MICHIGAN SECURITIES (IDENTIFIED COST $29,586) 30,457
- -------------------------------------------------------------------------------
CASH EQUIVALENT - 1.8%
- -------------------------------------------------------------------------------
559 Federated Michigan Municipal Cash Trust, 3.220% 559
- -------------------------------------------------------------------------------
TOTAL CASH EQUIVALENT (IDENTIFIED COST $559) 559
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST $30,145) $ 31,016
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
12
<PAGE>
------------------------------------------------
HUNTINGTON OHIO TAX-FREE FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO LONG-TERM MUNICIPAL SECURITIES - 92.6%
- -------------------------------------------------------------------------------
$ 500 Akron, GO, 5.300%, 12/01/11 $ 508
- -------------------------------------------------------------------------------
215 Alliance, CSD, AMBAC, GO, 6.200%, 12/01/01 225
- -------------------------------------------------------------------------------
300 Aurora, CSD, FGIC, GO, 5.500%, 12/01/07 314
- -------------------------------------------------------------------------------
280 Avon Lake, Water System, AMBAC, RB, 5.100%, 10/01/05 286
- -------------------------------------------------------------------------------
250 Beachwood, CSD, GO, 6.600%, 12/01/04 267
- -------------------------------------------------------------------------------
215 Bedford, CSD, Energy Conservation Improvement,
GO, 5.350%, 06/15/02 219
- -------------------------------------------------------------------------------
200 Bedford, CSD, Energy Conservation Improvement,
GO, 5.400%, 06/15/03 204
- -------------------------------------------------------------------------------
500 Butler County, GO, 5.000%, 12/01/12 490
- -------------------------------------------------------------------------------
500 Butler County, Water Works Improvement, RB,
4.700%, 12/01/13 477
- -------------------------------------------------------------------------------
500 Chagrin Falls, Exempted School District, GO,
5.100%, 12/01/10 501
- -------------------------------------------------------------------------------
250 Cincinnati, GO, 6.750%, 12/01/01 265
- -------------------------------------------------------------------------------
500 Cleveland Heights, Series B, GO, 5.600%, 12/01/02 522
- -------------------------------------------------------------------------------
500 Cleveland, Water Works Improvement, RB,
5.250%, 01/01/13 504
- -------------------------------------------------------------------------------
200 Cleveland, Series B, AMBAC, GO,
6.400%, 10/01/02 212
- -------------------------------------------------------------------------------
500 Cleveland, Public Power System, Series B, MBIA,
RB, 5.900%, 11/15/01 519
- -------------------------------------------------------------------------------
250 Columbus, CSD, FGIC, GO, 5.050%, 12/01/02 256
- -------------------------------------------------------------------------------
250 Columbus, GO, 6.300%, 04/15/03 258
- -------------------------------------------------------------------------------
270 Columbus, Series 2, GO, 5.350%, 05/15/03 279
- -------------------------------------------------------------------------------
500 Columbus, Series B, GO, 6.300%, 01/01/05 530
- -------------------------------------------------------------------------------
214 Columbus, GO, 5.700%, 07/15/06 223
- -------------------------------------------------------------------------------
300 Columbus, Series D, GO, 5.250%, 09/15/11 303
- -------------------------------------------------------------------------------
500 Columbus, GO, 5.000%, 07/15/13 493
- -------------------------------------------------------------------------------
250 Copley, Fairlawn, CSD, GO, 5.150%, 12/01/01 255
- -------------------------------------------------------------------------------
500 Cuyahoga County, GO, 5.200%, 11/15/09 507
- -------------------------------------------------------------------------------
500 Cuyahoga County, HRB, 5.250%, 01/01/13 503
- -------------------------------------------------------------------------------
500 Cuyahoga County, Series B, GO, 4.500%, 10/01/00 505
- -------------------------------------------------------------------------------
200 Cuyahoga Falls, MBIA, GO, 5.400%, 12/01/06 209
- -------------------------------------------------------------------------------
500 Dayton, Capital Facilities, GO, 5.000%, 12/01/12 490
- -------------------------------------------------------------------------------
250 Dover, Electric System, FGIC, RB, 5.500%, 12/01/07 261
- -------------------------------------------------------------------------------
250 Dublin, CSD, FGIC, GO, 6.050%, 12/01/03 266
- -------------------------------------------------------------------------------
250 Dublin, CSD, FGIC, GO, 6.150%, 12/01/04 269
- -------------------------------------------------------------------------------
500 Dublin, CSD, MBIA, GO, 5.000%, 12/01/08 504
- -------------------------------------------------------------------------------
250 Eastlake, GO, 5.000%, 12/01/04 255
- -------------------------------------------------------------------------------
440 Elyria, GO, 5.100%, 12/01/11 439
- -------------------------------------------------------------------------------
250 Euclid, GO, 6.400%, 12/01/04 267
- -------------------------------------------------------------------------------
500 Euclid, GO, 5.300%, 12/01/07 517
- -------------------------------------------------------------------------------
500 Euclid, GO, 5.450%, 12/01/08 519
- -------------------------------------------------------------------------------
500 Euclid, GO, 5.000%, 12/01/12 491
- -------------------------------------------------------------------------------
245 Fairfield, CSD, FGIC, GO, 5.650%, 12/01/06 259
- -------------------------------------------------------------------------------
250 Findlay, SSRB, 5.200%, 07/01/06 256
- -------------------------------------------------------------------------------
500 Findlay, GO, 5.500%, 07/01/08 521
- -------------------------------------------------------------------------------
500 Franklin County, GO, 5.050%, 12/01/05 515
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO LONG-TERM MUNICIPAL SECURITIES - (CONTINUED)
- -------------------------------------------------------------------------------
$ 285 Franklin County, Convention Authority, MBIA, RB,
5.500%, 12/01/03 $ 297
- -------------------------------------------------------------------------------
305 Franklin County, MBIA, GO, 6.000%, 09/01/06
327 500 Franklin County, Children's Hospital,
Series A, HRB, Pre-refunded at 102,
6.400%, 11/01/01 (c) 534
- -------------------------------------------------------------------------------
250 Franklin County, Children's Hospital, Series A, HRB,
6.500%, 05/01/07 268
- -------------------------------------------------------------------------------
500 Franklin County, Children's Hospital, Series A, HRB,
5.800%, 11/01/10 519
- -------------------------------------------------------------------------------
515 Gahanna, GO, 5.250%, 06/01/02 528
- -------------------------------------------------------------------------------
580 Gahanna, GO, 5.550%, 06/01/05 606
- -------------------------------------------------------------------------------
250 Gahanna, Series A, GO, Pre-refunded at 102,
6.400%, 06/01/01 (c) 265
- -------------------------------------------------------------------------------
500 Gahanna-Jefferson, CSD, GO, 4.550%, 12/01/13 466
- -------------------------------------------------------------------------------
250 Grandview Heights, GO, 7.100%, 12/01/06 269
- -------------------------------------------------------------------------------
250 Grandview Heights, CSD, GO, 5.400%, 12/01/05 261
- -------------------------------------------------------------------------------
300 Greene County, Water System, Series A, FGIC, RB,
5.750%, 12/01/09 317
- -------------------------------------------------------------------------------
500 Hamilton County, GO, 5.100%, 12/01/11 499
- -------------------------------------------------------------------------------
505 Hamilton County, GO, 4.875%, 12/01/12 492
- -------------------------------------------------------------------------------
500 Hamilton County, Children's Hospital, Series D,
FGIC, HRB, 4.900%, 05/15/03 508
- -------------------------------------------------------------------------------
500 Hamilton County, Christ Hospital, Series A,
FGIC, HRB, 6.500%, 01/01/02 518
- -------------------------------------------------------------------------------
300 Hamilton County, Museum Center, GO,
5.950%, 12/01/02 316
- -------------------------------------------------------------------------------
500 Hamilton County, SSRB, 4.700%, 12/01/09 490
- -------------------------------------------------------------------------------
155 Hamilton County, Series A, SSRB,
6.300%, 12/01/01 162
- -------------------------------------------------------------------------------
305 Hamilton County, Series A, SSRB,
6.400%, 12/01/03 321
- -------------------------------------------------------------------------------
95 Hamilton County, Series A, SSRB,
Pre-refunded at 102, 6.300%, 06/01/01 (c) 100
- -------------------------------------------------------------------------------
195 Hamilton County, Series A, SSRB,
Pre-refunded at 102, 6.400%, 06/01/01 (c) 207
- -------------------------------------------------------------------------------
500 Hamilton County, Waste Water Systems,
Series A, FSA, RB, 4.800%, 10/15/12 480
- -------------------------------------------------------------------------------
315 Hancock County, GO, 5.200%, 12/01/08 321
- -------------------------------------------------------------------------------
250 Hilliard, CSD, AMBAC, GO, 5.000%, 12/01/03 256
- -------------------------------------------------------------------------------
500 Hilliard, CSD, Series A, GO, 5.350%, 12/01/04 520
- -------------------------------------------------------------------------------
170 Hilliard, GO, 5.350%, 12/01/06 177
- -------------------------------------------------------------------------------
180 Hilliard, GO, 5.500%, 12/01/07 188
- -------------------------------------------------------------------------------
500 Hilliard, CSD, GO, 4.800%, 12/01/08 496
- -------------------------------------------------------------------------------
245 Indian Hill, Water Works, RB, 4.900%, 06/01/05 250
- -------------------------------------------------------------------------------
500 Jefferson County, GO, 4.950%, 12/01/12 492
- -------------------------------------------------------------------------------
500 Kent State University, Series A, RB,
4.700%, 05/01/10 486
- -------------------------------------------------------------------------------
500 Kent State University, MBIA, RB, 5.300%, 05/01/10 509
- -------------------------------------------------------------------------------
585 Kettering, GO, 5.050%, 12/01/04 600
- -------------------------------------------------------------------------------
535 Lakewood, GO, 5.850%, 12/01/02 560
- -------------------------------------------------------------------------------
255 Lakewood, CSD, GO, 5.050%, 12/01/05 260
- -------------------------------------------------------------------------------
250 Lakota, LSD, AMBAC, GO, 6.400%, 12/01/00 259
- -------------------------------------------------------------------------------
13
<PAGE>
PORTFOLIO OF INVESTMENTS
HUNTINGTON OHIO TAX-FREE FUND (Continued)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO LONG-TERM MUNICIPAL SECURITIES - (CONTINUED)
- -------------------------------------------------------------------------------
$ 500 Lorain County, HRB, 6.000%, 09/01/08 $ 537
- -------------------------------------------------------------------------------
500 Lorain County, Water Authority, AMBAC, RB,
4.950%, 10/01/04 511
- -------------------------------------------------------------------------------
200 Marysville, Village School, AMBAC, GO,
6.900%, 12/01/00 209
- -------------------------------------------------------------------------------
500 Mason, CSD, GO, 5.150%, 12/01/12 498
- -------------------------------------------------------------------------------
250 Mentor, Street Improvement, Series 1991-A, GO,
6.700%, 12/01/03 264
- -------------------------------------------------------------------------------
250 Miami County, GO, 4.875%, 12/01/10 246
- -------------------------------------------------------------------------------
500 Miami University, RB, 5.400%, 12/01/05 518
- -------------------------------------------------------------------------------
200 Miami Valley, Regional Transit Authority, GO,
5.100%, 12/01/01 204
- -------------------------------------------------------------------------------
270 Montgomery County, GO, 5.600%, 12/01/05 279
- -------------------------------------------------------------------------------
285 Montgomery County, GO, 5.750%, 12/01/06 295
- -------------------------------------------------------------------------------
500 Montgomery County, GO, 5.400%, 12/01/11 513
- -------------------------------------------------------------------------------
500 Montgomery County, Miami Valley Hospital,
Series A, AMBAC, HRB, 6.100%, 11/15/02 528
- -------------------------------------------------------------------------------
500 Montgomery County, Series A, GO,
Pre-refunded at 100, 6.450%, 09/01/01 (c) 523
- -------------------------------------------------------------------------------
500 Montgomery County, Series A, GO,
Pre-refunded at 100, 6.500%, 09/01/01 (c) 524
- -------------------------------------------------------------------------------
250 Muskingum County, Bethesda Hospital,
Connie Lee Insured, HRB, 5.350%, 12/01/07 258
- -------------------------------------------------------------------------------
500 Northeast, Regional Sewer District, AMBAC, RB,
6.400%, 11/15/03 530
- -------------------------------------------------------------------------------
235 Norwalk, Water Works System, Series 1996, RB,
5.550%, 04/01/09 245
- -------------------------------------------------------------------------------
250 Norwalk, Water Works System, Series 1996, RB,
5.600%, 04/01/10 262
- -------------------------------------------------------------------------------
500 Ohio State Building Authority, Correction Facility,
Series A, RB, 6.500%, 10/01/04 532
- -------------------------------------------------------------------------------
500 Ohio State Building Authority, James Rhodes Center,
Series A, RB, 6.200%, 06/01/04 528
- -------------------------------------------------------------------------------
250 Ohio State Capital Facilities, Series 1995, AMBAC,
RB, 5.800%, 06/01/03 262
- -------------------------------------------------------------------------------
300 Ohio State Economic Development, Sysco Food
Service, RB, 6.600%, 12/01/03 327
- -------------------------------------------------------------------------------
445 Ohio State, HEF, Denison University, RB,
5.400%, 11/01/11 452
- -------------------------------------------------------------------------------
250 Ohio State, HEF, John Carroll University, RB,
5.350%, 10/01/05 257
- -------------------------------------------------------------------------------
250 Ohio State, HEF, Oberlin College, RB,
5.000%, 10/01/02 255
- -------------------------------------------------------------------------------
555 Ohio State, HEF, Ohio Northern University,
Connie Lee, RB, 4.900%, 05/01/03 565
- -------------------------------------------------------------------------------
570 Ohio State, HEF, Ohio Northern University, RB,
4.700%, 05/01/12 539
- -------------------------------------------------------------------------------
600 Ohio State, HEF, Ohio Northern University, RB,
4.800%, 05/01/13 566
- -------------------------------------------------------------------------------
250 Ohio State, HEF, University of Dayton, FGIC, RB,
6.100%, 12/01/01 261
- -------------------------------------------------------------------------------
500 Ohio State, Public Facilities, Series A, MBIA, RB,
6.750%, 12/01/01 515
- -------------------------------------------------------------------------------
750 Ohio State, Turnpike Authority, Series A, RB,
5.350%, 02/15/09 763
- -------------------------------------------------------------------------------
500 Ohio State University, Series A2, RB,
5.750%, 12/01/09 521
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO LONG-TERM MUNICIPAL SECURITIES - (CONTINUED)
- -------------------------------------------------------------------------------
$ 500 Ohio State University, Series A2, RB,
5.300%, 12/01/01 $ 513
- -------------------------------------------------------------------------------
500 Ohio State, Water Development Authority, Clean Air
Project, MBIA, RB, 5.650%, 06/01/05 525
- -------------------------------------------------------------------------------
250 Olmstead Falls, LSD, FGIC, GO,
6.300%, 12/15/01 263
- -------------------------------------------------------------------------------
250 Pickerington, LSD, AMBAC, GO,
5.550%, 12/01/07 260
- -------------------------------------------------------------------------------
500 Rocky River, CSD, GO, 5.150%, 12/01/08 510
- -------------------------------------------------------------------------------
250 Solon, GO, 6.550%, 12/01/00 258
- -------------------------------------------------------------------------------
250 Solon, GO, 6.650%, 12/01/01 258
- -------------------------------------------------------------------------------
150 Solon, GO, 5.650%, 12/01/05 156
- -------------------------------------------------------------------------------
500 Solon, GO, 5.250%, 12/01/07 518
- -------------------------------------------------------------------------------
250 Solon, LSD, ETM, GO, 6.850%, 12/01/00 260
- -------------------------------------------------------------------------------
245 South Euclid, Recreational Facilities, GO,
6.150%, 12/01/00 253
- -------------------------------------------------------------------------------
250 Southwestern, CSD, Series A, AMBAC, GO,
6.000%, 12/01/04 266
- -------------------------------------------------------------------------------
500 Southwestern, CSD, Series A, AMBAC, GO,
4.650%, 12/01/13 471
- -------------------------------------------------------------------------------
250 Springfield, LSD, GO, 6.000%, 12/01/02 263
- -------------------------------------------------------------------------------
500 State of Ohio, Series T, HRB, 4.800%, 05/15/01 506
- -------------------------------------------------------------------------------
500 Strongsville, GO, 6.700%, 12/01/11 559
- -------------------------------------------------------------------------------
250 Summit County, MBIA, GO, 5.650%, 12/01/07 262
- -------------------------------------------------------------------------------
500 Troy, GO, 6.250%, 12/01/11 551
- -------------------------------------------------------------------------------
550 Twinsburg, LSD, GO, 5.400%, 12/01/09 568
- -------------------------------------------------------------------------------
250 University of Cincinnati, MBIA, RB,
6.400%, 12/01/03 268
- -------------------------------------------------------------------------------
500 University of Cincinnati, MBIA, RB,
5.100%, 06/01/11 499
- -------------------------------------------------------------------------------
250 University of Cincinnati, Series R5, RB,
5.150%, 06/01/05 255
- -------------------------------------------------------------------------------
250 University of Cincinnati, Series R9, RB,
5.600%, 06/01/09 254
- -------------------------------------------------------------------------------
250 University of Cincinnati, Series V, RB,
5.250%, 06/01/08 254
- -------------------------------------------------------------------------------
265 University of Cincinnati, Series V, RB,
5.350%, 06/01/09 269
- -------------------------------------------------------------------------------
500 Vandalia, GO, 5.450%, 12/01/10 514
- -------------------------------------------------------------------------------
175 Warren County, Sewer Improvement,
Lower Miami Valley, RB, 5.250%, 12/01/08 179
- -------------------------------------------------------------------------------
185 Warren County, Sewer Improvement,
Lower Miami Valley, RB, 5.350%, 12/01/09 189
- -------------------------------------------------------------------------------
170 Warren County, Series A, SSRB, Pre-refunded at 102,
6.950%, 12/01/00 (c) 181
- -------------------------------------------------------------------------------
400 Warren County, Water System Improvement, P&G
Project, RB, 5.250%, 12/01/07 413
- -------------------------------------------------------------------------------
235 Warren County, Water Works, FGIC, RB,
6.100%, 12/01/02 249
- -------------------------------------------------------------------------------
470 Westerville, Water System, RB, 5.900%, 12/01/04 500
- -------------------------------------------------------------------------------
500 Westlake, CSD, Series A, GO, 5.500%, 12/01/10 516
- -------------------------------------------------------------------------------
500 Westlake, GO, 5.350%, 12/01/10 516
- -------------------------------------------------------------------------------
250 Worthington, CSD, FGIC, GO, 5.850%, 06/01/02 260
- -------------------------------------------------------------------------------
250 Worthington, CSD, MBIA, GO, 7.150%, 12/01/00 259
- -------------------------------------------------------------------------------
250 Wright State University, AMBAC, RB,
5.000%, 05/01/06 254
- -------------------------------------------------------------------------------
515 Wyoming, CSD, FGIC, GO, 4.600%, 12/01/12 485
- -------------------------------------------------------------------------------
14
<PAGE>
------------------------------------------------
HUNTINGTON OHIO TAX-FREE FUND (Continued)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
TOTAL OHIO LONG-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST $55,161) $ 56,608
- -------------------------------------------------------------------------------
OTHER LONG-TERM MUNICIPAL SECURITIES - 0.9%
- -------------------------------------------------------------------------------
$ 500 Puerto Rico Commonwealth, Mead Corp., Deutsche
Bank LOC, GO, 6.500%, 07/01/11 569
- -------------------------------------------------------------------------------
TOTAL OTHER LONG-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST $558) 569
- -------------------------------------------------------------------------------
OHIO SHORT-TERM MUNICIPAL SECURITIES - 5.6%
- -------------------------------------------------------------------------------
290 Aurora, GO, Pre-refunded at 102,
7.350%, 12/01/99 (c) 300
- -------------------------------------------------------------------------------
250 Blue Ash, GO, 6.500%, 11/01/99 253
- -------------------------------------------------------------------------------
1,000 Cleveland, Income Tax, Weekly VRDNs, AMBAC,
Toronto Dominion Bank LOC, RB,
3.300%, 05/15/24 1,000
- -------------------------------------------------------------------------------
500 Cuyahoga County, GO, Pre-refunded at 102,
6.900%, 01/01/99 (c) 514
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
OHIO SHORT-TERM MUNICIPAL SECURITIES - (CONTINUED)
- -------------------------------------------------------------------------------
$ 100 Cuyahoga County, Economic Development, Daily
VRDNs, Bank of America LOC, RB,
3.350%, 04/01/28 $ 100
- -------------------------------------------------------------------------------
420 Euclid, GO, Pre-refunded at 102,
7.000%, 12/01/99 (c) 434
- -------------------------------------------------------------------------------
550 Franklin County, Holy Cross Hospital, Series A,
HRB, 7.200%, 06/01/00 567
- -------------------------------------------------------------------------------
250 Hamilton County, Children's Hospital, MBIA, HRB,
4.600%, 05/15/00 252
- -------------------------------------------------------------------------------
TOTAL OHIO SHORT-TERM MUNICIPAL SECURITIES
(IDENTIFIED COST $3,352) 3,420
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST $59,071) $ 60,597
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
--------------------------------------
HUNTINGTON FIXED INCOME SECURITIES FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
CORPORATE BONDS - 74.3%
- -------------------------------------------------------------------------------
BANKS AND SAVINGS & LOANS - 5.5%
$1,000 ABN Amro, 7.250%, 05/31/05 $ 1,012
1,000 Banc One, 7.000%, 07/15/05 1,004
250 BankAmerica Corp., 7.750%, 07/15/02 259
250 Citicorp, 9.750%, 08/01/99 251
1,000 Citicorp, 7.250%, 09/01/08 1,012
1,000 First Tennessee Bank, 6.400%, 04/01/08 955
1,000 KeyCorp, 6.750%, 03/15/06 983
1,000 Mellon Bank N.A., 6.500%, 08/01/05 980
1,000 NBD Bancorp, 7.125%, 05/15/07 1,006
1,000 Swiss Bank Corp.- New York, 7.250%, 09/01/06 1,008
- -------------------------------------------------------------------------------
8,470
- -------------------------------------------------------------------------------
BASIC INDUSTRY - 2.4%
500 Air Products & Chemicals, Inc., 8.875%, 08/01/01 524
1,000 Norsk Hydro, 6.700%, 01/15/18 914
250 Weyerhaeuser Co., 9.050%, 02/01/03 268
1,000 Weyerhaeuser Co., 7.250%, 07/01/13 1,012
1,000 Worthington Industries, Inc., 7.125%, 05/15/06 983
- -------------------------------------------------------------------------------
3,701
- -------------------------------------------------------------------------------
CAPITAL GOODS - 0.2%
250 Caterpillar, Inc., 9.375%, 07/15/00 258
- -------------------------------------------------------------------------------
258
- -------------------------------------------------------------------------------
CONSUMER GOODS & SERVICES - 14.5%
1,500 American Home Products Corp., 6.500%, 10/15/02 1,506
1,000 Amgen, Inc., 6.500%, 12/01/07 980
1,000 Bergen Brunswig Corp., 7.250%, 06/01/05 1,000
1,000 Cardinal Health, 6.000%, 01/15/06 949
1,000 Carnival Corp., 6.150%, 10/01/03 968
1,000 Darden Restaurants, Inc., 6.375%, 02/01/06 944
250 Dayton Hudson Corp., 10.000%, 12/01/00 263
1,000 E.W. Scripps Co., 6.625%, 10/15/07 991
800 Gerber Products, 9.000%, 10/15/06 904
750 Grand Met Investment Corp., 7.125%, 09/15/04 763
1,000 Harvard University, 8.125%, 04/15/07 1,082
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
CORPORATE BONDS - (CONTINUED)
- -------------------------------------------------------------------------------
CONSUMER GOODS & SERVICES - (CONTINUED)
- -------------------------------------------------------------------------------
$1,000 Hertz Corp., 7.000%, 07/15/03 $ 1,005
1,000 J.C. Penney & Co., 6.875%, 10/15/15 921
1,200 Knight Ridder, 9.875%, 04/15/09 1,452
250 Limited, Inc., 9.125%, 02/01/01 259
1,000 Limited, Inc., 7.800%, 05/15/02 1,022
750 May Department Stores Co., 9.875%, 06/15/00 776
1,000 McDonald's Corp., 8.875%, 04/01/11 1,170
500 Philip Morris Co., Inc., 7.625%, 05/15/02 513
1,000 Ralston Purina, 9.250%, 10/15/09 1,151
1,000 Rubbermaid, Inc., 6.600%, 11/15/06 993
1,000 Stewart Enterprises, 6.700%, 12/01/03 998
250 Universal Corp., 9.250%, 02/15/01 261
1,500 V.F. Corp., 7.600%, 04/01/04 1,564
- -------------------------------------------------------------------------------
22,435
- -------------------------------------------------------------------------------
DIVERSIFIED INDUSTRIAL - 1.4%
500 Joseph E. Seagram & Sons, Inc., 7.000%, 04/15/08 488
1,000 Tandy Corp., 6.950%, 09/01/07 996
500 Watts Industries, 8.375%, 12/01/03 533
250 Whirlpool Corp., 9.500%, 06/15/00 258
- -------------------------------------------------------------------------------
2,275
- -------------------------------------------------------------------------------
ENERGY - OIL & GAS - 0.7%
1,000 Ashland Oil, Inc., 7.710%, 05/11/07 1,031
- -------------------------------------------------------------------------------
1,031
- -------------------------------------------------------------------------------
FINANCE COMPANIES - 9.5%
1,000 Abbey National PLC, 6.690%, 10/17/05 986
1,000 Ameritech Capital, 6.550%, 01/15/28 916
1,000 Bear Stearns, 6.625%, 01/15/04 990
1,000 Case (J.I.) Credit Corp., 6.750%, 10/21/07 974
1,000 Countrywide Funding Corp., 8.250%, 07/15/02 1,044
1,000 Crown Cork & Seal Finance PLC, 7.000%, 12/15/06 981
1,000 CSW Investments, 7.450%, 08/01/06 (f) 1,004
500 Eaton Off Shore, Ltd., 9.000%, 02/15/01 521
1,000 Ford Motor Credit Corp., 7.750%, 03/15/05 1,045
- -------------------------------------------------------------------------------
15
<PAGE>
PORTFOLIO OF INVESTMENTS
--------------------------------------
HUNTINGTON FIXED INCOME SECURITIES FUND (Continued)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
CORPORATE BONDS - (CONTINUED)
- -------------------------------------------------------------------------------
FINANCE COMPANIES - (CONTINUED)
- -------------------------------------------------------------------------------
$ 500 Kimco Realty, 6.500%, 10/01/03 $ 487
1,000 MBNA Corp., 6.875%, 06/01/05 965
1,000 Salomon Brothers, 6.750%, 01/15/06 968
1,300 Smurfit Capital, 6.750%, 11/20/05 1,269
1,300 SunAmerica, Inc., 7.340%, 08/30/05 1,339
1,250 Wilmington Trust Co., 6.625%, 05/01/08 1,195
- -------------------------------------------------------------------------------
14,684
- -------------------------------------------------------------------------------
(D) FOREIGN INDUSTRIAL - 3.9%
1,000 Canadian National Railroad, 7.000%, 03/15/04 1,008
1,000 English China Clay, 7.375%, 10/01/02 1,016
750 Hydro-Quebec, Canada, 7.375%, 02/01/03 769
1,000 Hydro-Quebec, Canada, 9.750%, 01/15/18 1,065
500 Northern Telecom, Ltd., 8.750%, 06/12/01 524
1,000 Philips Electronics, 8.375%, 09/15/06 1,038
615 Rhone-Poulnec, 7.750%, 01/15/02 629
- -------------------------------------------------------------------------------
6,049
- -------------------------------------------------------------------------------
(D) FOREIGN SOVEREIGN - 4.8%
1,000 Barcelona City, Spain, 8.125%, 02/15/05 1,063
1,000 Gen De Catalunya, 6.375%, 12/15/07 967
500 Province of Ontario, Canada, 6.125%, 06/28/00 501
1,000 Province of Ontario, Canada, 6.000%, 02/21/06 968
250 Province of Quebec, Canada, 8.800%, 04/15/03 270
1,000 Province of Quebec, Canada, 8.625%, 01/19/05 1,094
1,000 Republic of Finland, 7.875%, 07/28/04 1,064
1,550 Republic of Iceland, 6.125%, 02/01/04 1,517
- -------------------------------------------------------------------------------
7,444
- -------------------------------------------------------------------------------
GAS & ELECTRIC UTILITIES - 7.9%
1,000 Atlantic City Electric, 6.750%, 05/12/08 990
500 Baltimore Gas & Electric, 6.625%, 03/15/08 494
1,000 Cincinnati Gas & Electric, 6.400%, 04/01/08 969
1,100 Duke Energy Corporation, 6.375%, 03/01/08 1,119
815 Iowa Electric Power & Light, 8.625%, 05/15/01 852
1,300 Jersey Central Power & Light, 7.125%, 10/01/04 1,316
1,000 Minnesota Power & Light, 7.750%, 06/01/07 1,034
1,000 National Rural Utilities, 7.200%, 10/01/15 999
1,000 Northwestern Public Services, 7.100%, 08/01/05 1,014
1,000 Otter Tail Power Co., 6.375%, 12/01/07 975
1,000 Pennsylvania Power & Light, 6.875%, 02/01/03 1,006
1,000 Public Service Electric & Gas, 6.250%, 01/01/07 964
500 Western Resources, Inc., 7.250%, 07/01/99 500
- -------------------------------------------------------------------------------
12,232
- -------------------------------------------------------------------------------
INDUSTRIAL - 12.4%
1,000 Archer-Daniels-Midland Co., 7.500%, 03/15/27 1,024
1,000 Boeing Co., 7.250%, 06/15/25 989
1,500 Borg-Warner Auto, 7.000%, 11/01/06 1,449
1,000 Briggs & Stratton, 7.250%, 09/15/07 964
1,000 Cargill, Inc., 6.875%, 05/01/28 921
1,000 Carpenter Technology, 6.530%, 04/15/09 965
1,500 Dow Chemical, 8.550%, 10/15/09 1,666
1,000 E G & G, Inc., 6.800%, 10/15/05 1,006
1,000 Goodrich BF Co., 6.450%, 04/15/08 953
1,000 Johnson Controls, 6.300%, 02/01/08 957
1,000 Kerr-McGee Corp., 6.625%, 10/15/07 958
1,000 Lubrizol Corp., 5.875%, 12/01/08 916
545 Monsanto Co., 8.875%, 12/15/09 621
1,000 Nalco Chemical Co., 6.250%, 05/15/08 969
1,000 Olsten Corp., 7.000%, 03/15/06 949
1,000 Parker-Hannifin Corp., 5.650%, 09/15/03 960
1,000 Reynolds & Reynolds, 7.000%, 12/15/06 995
1,000 Servicemaster LP, 6.950%, 08/15/07 995
1,000 Toro Company, 7.125%, 06/15/07 945
- -------------------------------------------------------------------------------
19,202
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
CORPORATE BONDS - (CONTINUED)
- -------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS - 4.6%
$ 1,000 Black & Decker Co., 7.500%, 04/01/03 $ 1,022
1,000 Carlisle Companies, Inc., 7.250%, 01/15/07 1,016
1,000 FBG (Fosters Brewing) Finance, Ltd., 6.750%, 11/15/05 979
1,200 Georgia Pacific Corp., 9.950%, 06/15/02 1,297
1,000 Millennium America, Inc., 7.000%, 11/15/06 935
1,000 Noranda, Inc., 7.000%, 07/15/05 959
1,000 Tosco Corp., 7.250%, 01/01/07 978
- -------------------------------------------------------------------------------
7,186
- -------------------------------------------------------------------------------
INSURANCE - 3.0%
1,000 Geico Corp., 7.500%, 04/15/05 1,038
1,000 Lincoln National Corp., 7.250%, 05/15/05 1,012
1,500 MBIA, Inc., 9.000%, 02/15/01 1,566
1,000 U.S. Life, 6.375%, 06/15/00 1,000
- -------------------------------------------------------------------------------
4,616
- -------------------------------------------------------------------------------
TECHNOLOGY - 1.0%
500 International Business Machines,
6.375%, 06/15/00 503
1,000 Motorola, Inc., 7.500%, 05/15/25 1,008
- -------------------------------------------------------------------------------
1,511
- -------------------------------------------------------------------------------
TELEPHONE UTILITIES & COMMUNICATION - 1.6%
1,000 Comsat Corp., 8.950%, 05/15/01 1,047
900 GTE Corp., 9.100%, 06/01/03 975
500 Southwestern Bell Telephone Co.,
6.625%, 04/01/05 497
- -------------------------------------------------------------------------------
2,519
- -------------------------------------------------------------------------------
TRANSPORTATION - 0.9%
1,000 Atchison Topeka & Santa Fe Railroad,
6.550%, 07/01/06 973
250 Union Pacific Co., 9.625%, 12/15/02 271
165 Union Pacific Co., 8.500%, 01/15/17 170
- -------------------------------------------------------------------------------
1,414
- -------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (IDENTIFIED COST $115,933) 115,027
- -------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 16.7%
6,000 5.625%, 05/14/04 5,881
20,000 6.375%, 06/15/09 19,934
- -------------------------------------------------------------------------------
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION
(IDENTIFIED COST $25,429) 25,815
- -------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 3.0%
1,356 Pool #345128, 6.500%, 01/15/24 1,305
1,438 Pool #372962, 7.000%, 03/15/24 1,419
775 Pool #352982, 7.500%, 05/15/24 783
515 Pool #373015, 8.000%, 06/15/24 529
579 Pool #391615, 8.500%, 09/15/24 606
- -------------------------------------------------------------------------------
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(IDENTIFIED COST $4,639) 4,642
- -------------------------------------------------------------------------------
U.S. TREASURIES - 2.2%
1,000 U.S. Treasury Bonds, 8.750%, 08/15/20 1,283
2,000 U.S. Treasury Notes, 6.625%, 02/15/27 2,110
- -------------------------------------------------------------------------------
TOTAL U.S. TREASURIES (IDENTIFIED COST $3,213) 3,393
- -------------------------------------------------------------------------------
(B) COMMERCIAL PAPER - 2.3%
3,651 Prudential Funding Corp., 5.100%, 07/01/99 3,651
- -------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (AT AMORTIZED COST) 3,651
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST $152,865) $152,528
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
16
<PAGE>
-------------------------------
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
GOVERNMENT MORTGAGE-BACKED AGENCIES - 20.1%
- -------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP. - 0.6%
$ 52 Pool # 214693, 9.000%, 12/01/01 $ 53
531 Pool # C90005, 8.000%, 01/01/13 545
- -------------------------------------------------------------------------------
598
- -------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP. - REMIC - 6.1%
609 Series 23, 5.500%, 08/25/16 607
4,047 Series 1502, 6.250%, 01/15/19 4,018
2,000 Series 1617, 6.200%, 01/15/23 1,931
- -------------------------------------------------------------------------------
6,556
- -------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 0.8%
873 Pool # 124308, 7.500%, 05/01/07 887
- -------------------------------------------------------------------------------
887
- -------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - REMIC - 12.6%
789 Series 1992-113, 7.500%, 07/25/02 799
1,000 Series 1993-56, 6.350%, 07/25/18 997
2,475 Series 1992-210, 6.500%, 03/25/19 2,427
3,500 Series 1993-163, 6.750%, 03/25/22 3,463
2,000 Series 1994-56H, 6.000%, 07/25/22 1,940
2,000 Series 1998-46 PJ, 6.250%, 12/18/22 1,919
2,000 Series 1994-51 PH, 6.500%, 01/25/23 1,987
- -------------------------------------------------------------------------------
13,532
- -------------------------------------------------------------------------------
TOTAL GOVERNMENT MORTGAGE-BACKED AGENCIES
(IDENTIFIED COST $22,080) 21,573
- -------------------------------------------------------------------------------
GOVERNMENT AGENCIES - 37.8%
- -------------------------------------------------------------------------------
FEDERAL HOME LOAN BANK - 11.0%
2,000 6.125%, 09/20/00 2,014
1,000 6.480%, 01/08/02 1,002
3,000 6.330%, 12/03/02 3,000
2,000 6.030%, 04/17/03 1,995
2,000 5.880%, 04/15/08 1,927
2,000 5.985%, 04/09/09 1,918
- -------------------------------------------------------------------------------
11,856
- -------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP. - 10.7%
1,000 6.600%, 11/12/99 1,004
1,000 6.550%, 01/04/00 1,006
2,500 6.120%, 01/21/03 2,490
2,000 6.830%, 06/15/05 2,001
2,000 7.000%, 07/06/05 2,003
3,000 6.540%, 11/06/07 2,969
- -------------------------------------------------------------------------------
11,473
- -------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 4.7%
2,000 7.550%, 04/22/02 2,082
1,000 6.330%, 10/02/02 1,002
2,000 6.160%, 06/16/03 1,987
- -------------------------------------------------------------------------------
5,071
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
GOVERNMENT AGENCIES - (CONTINUED)
- -------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -
MEDIUM TERM NOTES - 11.4%
$ 1,000 6.630%, 06/05/01 $ 1,007
1,000 6.500%, 12/27/01 1,000
4,000 6.880%, 11/20/06 3,970
1,500 6.900%, 08/21/07 1,490
1,000 6.240%, 01/14/08 963
1,120 6.170%, 01/15/08 1,085
3,000 6.000%, 02/23/09 2,806
- -------------------------------------------------------------------------------
12,321
- -------------------------------------------------------------------------------
TOTAL GOVERNMENT AGENCIES (IDENTIFIED COST $41,134) 40,721
- -------------------------------------------------------------------------------
U.S. TREASURY NOTES - 37.2%
2,000 8.000%, 05/15/01 2,087
1,000 6.250%, 10/31/01 1,013
1,000 7.500%, 11/15/01 1,040
1,000 6.250%, 02/28/02 1,014
2,000 5.750%, 04/30/03 1,997
2,000 5.750%, 08/15/03 1,995
3,000 5.875%, 02/15/04 3,009
2,000 7.250%, 05/15/04 2,117
2,000 7.875%, 11/15/04 2,180
2,000 7.500%, 02/15/05 2,148
2,000 6.500%, 05/15/05 2,056
2,000 6.500%, 08/15/05 2,056
2,000 5.875%, 11/15/05 1,994
4,000 5.625%, 02/15/06 3,929
2,000 6.875%, 05/15/06 2,105
2,000 7.000%, 07/15/06 2,118
1,000 6.500%, 10/15/06 1,032
2,000 6.250%, 02/15/07 2,037
2,000 6.625%, 05/15/07 2,082
2,000 6.125%, 08/15/07 2,021
- -------------------------------------------------------------------------------
TOTAL U.S. TREASURY NOTES (IDENTIFIED COST $39,292) $ 40,030
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENT - 3.6%
3,905 Morgan Stanley & Co., Inc., 4.720%, dated 06/30/99,
due 07/01/99, repurchase price $3,905,512 (collateralized
by U.S. Treasury obligations, total par value $3,345,000,
10.000%, 05/15/10, total market value $4,031,111) 3,905
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST $106,411) $106,229
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
17
<PAGE>
PORTFOLIO OF INVESTMENTS
------------------------------------------
HUNTINGTON MORTGAGE SECURITIES FUND June 30, 1999 (unaudited)
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
FEDERAL HOME LOAN BANK - 5.6%
$ 2,000 5.485%, 01/21/03 $ 1,965
- -------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORPORATION - 25.7%
941 Gold 30 Yr., 6.500%, 12/01/25 910
1,717 Gold 30 Yr., 7.000%, 04/01/27 1,700
57 Pool # 220007, 8.750%, 08/01/01 58
67 Pool # 380059, 9.500%, 10/01/04 71
1,490 Pool # E65142, 6.500%, 07/01/11 1,471
1,557 Pool # C80391, 7.000%, 03/01/26 1,542
1,223 Pool # D69575, 7.500%, 03/01/26 1,238
1,000 REMIC 1490 PH, 6.250%, 04/15/08 990
1,139 REMIC 163-F, 6.000%, 07/15/21 1,102
- -------------------------------------------------------------------------------
9,082
- -------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 49.8%
80 Pool # 303459, 8.000%, 07/01/02 81
105 Pool # 050279, 8.500%, 02/01/05 109
706 Pool # 313817, 6.000%, 07/01/09 681
184 Pool # 250128, 7.500%, 09/01/09 186
933 Pool # 338449, 6.000%, 05/01/11 901
952 Pool # 250554, 6.500%, 05/01/11 938
725 Pool # 377783, 6.500%, 04/01/12 715
1,689 Pool # 397835, 6.500%, 09/01/12 1,664
1,164 Pool # 303753, 9.000%, 12/01/20 1,233
815 Pool # 303653, 7.000%, 12/01/25 805
1,058 Pool # 339836, 7.000%, 03/01/26 1,046
1,686 Pool # 250551, 7.000%, 05/01/26 1,667
677 Pool # 343212, 7.500%, 05/01/26 685
1,500 REMIC 1998-M1, 6.250%, 01/25/08 1,434
1,000 REMIC 1996-53, 6.500%, 12/18/11 988
1,000 REMIC 1998-44, 6.250%, 04/18/21 983
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - (CONTINUED)
$ 1,500 REMIC 1993-163 PY, 6.750%, 03/25/22 $ 1,484
500 REMIC 1994-56 H, 6.000%, 07/25/22 485
500 REMIC 1998-46 PJ, 6.250%, 12/18/22 480
1,000 REMIC 1994-51 PH, 6.500%, 01/25/23 993
- -------------------------------------------------------------------------------
17,558
- -------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 8.4%
17 Pool # 305936, 8.500%, 04/15/06 18
114 Pool # 306058, 8.500%, 06/15/06 119
49 Pool # 328651, 8.500%, 05/15/07 51
301 Pool # 349379, 7.000%, 05/15/08 303
238 Pool # 344961, 7.000%, 06/15/08 239
314 Pool # 348112, 7.000%, 06/15/08 316
717 Pool # 200023, 9.500%, 05/15/18 772
657 Pool # 780398, 9.000%, 04/15/21 708
425 Pool # 780408, 9.000%, 10/15/22 451
- -------------------------------------------------------------------------------
2,977
- -------------------------------------------------------------------------------
U.S. TREASURY NOTE - 1.9%
675 6.875%, 07/31/99 676
- -------------------------------------------------------------------------------
REPURCHASE AGREEMENTS - 7.9%
2,790 Morgan Stanley & Co. Inc., 4.720%, dated 06/30/99,
due 07/01/99, repurchase price $2,790,365 (collateralized
by U.S. Treasury obligations, total par value $2,315,000,
8.125%, 08/15/21, total market value $2,892,433) 2,790
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (IDENTIFIED COST $35,181) $ 35,048
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
18
<PAGE>
---------------------------------
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME June 30, 1999 (unaudited)
SECURITIES FUND
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
CORPORATE BONDS - 64.1%
- --------------------------------------------------------------------------------
BANKS AND SAVINGS & LOANS - 9.1%
$ 1,000 Bank One, N.A., 7.375%, 12/01/02 $ 1,026
1,000 Bank of Scotland, 8.800%, 01/27/04 1,072
1,000 Bankers Trust Co., 9.200%, 07/15/99 1,001
1,000 First Chicago, 9.875%, 07/01/99 1,000
500 First Fidelity Banciro, 9.625%, 08/15/99 502
1,000 First Security Bank Utah, 7.875%, 10/15/99 1,007
1,000 Greenpoint Bank, 6.700%, 07/15/02 990
1,000 Harris Bancorp, 9.375%, 06/01/01 1,050
1,000 Homeside Lending, 6.200%, 05/15/03 979
1,000 Mellon Corp., 6.300%, 06/01/00 1,004
1,000 Susquehanna Banc, 6.300%, 02/01/03 978
- -------------------------------------------------------------------------------
10,609
- -------------------------------------------------------------------------------
BASIC INDUSTRY - 4.3%
1,000 Akzo Nobel Inc., 6.000%, 11/15/03 (f) 970
1,000 LaFarge Corp., 9.320%, 04/24/01 1,045
1,000 Praxair, Inc., 6.150%, 04/15/03 983
1,000 Tech Corp., 8.700%, 05/01/02 1,044
1,000 WMX Technologies, Inc., 8.250%, 11/15/99 1,009
- -------------------------------------------------------------------------------
5,051
- -------------------------------------------------------------------------------
CONSUMER GOODS & SERVICES - 8.9%
1,000 American Home Products, 7.700%, 02/15/00 1,013
1,000 American Stores, 9.125%, 04/01/02 1,064
500 Autozone Inc., 6.000%, 11/01/03 481
1,000 Cox Communications, Inc., 6.375%, 06/15/00 1,004
1,000 Leggett & Platt, Inc., 6.070%, 03/19/03 984
1,000 PepsiCo, Inc., 6.80%, 05/15/00 1,009
750 Safeway Stores, Inc., 8.570%, 04/01/03 794
1,000 Sears Roebuck Co., 8.470%, 03/11/02 1,049
1,000 Sony Corp., 6.125%, 03/04/03 989
1,000 Tyson Foods, Inc., 6.000%, 01/15/03 981
1,000 York International Corp., 6.750%, 03/01/03 1,006
- -------------------------------------------------------------------------------
10,374
- -------------------------------------------------------------------------------
DATA PROCESSING - 0.8%
1,000 Oracle Corp., 6.720%, 02/15/04 990
- -------------------------------------------------------------------------------
990
- -------------------------------------------------------------------------------
FINANCIAL - 9.4%
338 AFG Receivables Trust 97-A, 6.650%, 10/15/02 340
1,000 AT&T Capital Corp., 6.900% 01/30/02 999
1,000 American General Finance, 6.875%, 07/01/99 1,000
1,200 Bear Stearns Co., 7.625%, 09/15/99 1,205
1,000 Chrysler Financial Corp., 13.250%, 10/15/99 1,021
500 CSW Investments, 6.950%, 08/01/01 (f) 504
1,000 Ford Motor Credit Co., 7.750%, 10/01/99 1,006
1,000 General Motors Acceptance Corp., 6.750%, 02/07/02 1,007
1,000 Goldman Sachs Group, 6.875%, 09/15/99 (f) 1,003
1,000 McKesson Finance Canada, 6.550%, 11/01/02 (f) 974
1,000 Spieker Properties, 6.800%, 12/15/01 998
1,000 Toyota Motor Credit Co., 5.625%, 11/13/03 966
- -------------------------------------------------------------------------------
11,023
- -------------------------------------------------------------------------------
(D) FOREIGN INDUSTRIAL - 2.3%
1,600 Pacific Dunlap, 9.750%, 12/15/00 1,678
1,000 Rhone-Poulenc, 6.750%, 10/15/99 1,003
- -------------------------------------------------------------------------------
2,681
- -------------------------------------------------------------------------------
(D) FOREIGN SOVEREIGN - 0.9%
1,000 Montreal Urban Commission, 9.125%, 03/15/01 1,044
- -------------------------------------------------------------------------------
1,044
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- -------------------------------------------------------------------------------
CORPORATE BONDS - (CONTINUED)
- -------------------------------------------------------------------------------
GAS & ELECTRIC UTILITIES - 11.4%
$ 1,000 Atlantic City Electric, 6.000%, 01/15/03 $ 984
1,000 Cincinnati Gas & Electric Co., 6.450%, 02/15/04 993
1,000 Consolidated Edison, 7.625%, 03/01/04 1,045
1,000 Detroit Edison, 6.560%, 05/01/01 1,003
1,000 Metropolitan Edison Co., 7.220%, 01/30/03 1,025
1,000 National Rural Utilities, 5.300%, 10/20/03 956
1,000 Nipsco Capital Markets, 7.390%, 04/01/04 1,026
1,000 Northwest Natural Gas, 5.550%, 11/12/02 969
1,350 Penn Power & Light, 6.875%, 02/01/03 1,358
1,000 Public Service of CO, 6.000%, 04/15/03 980
1,000 Public Service Electric, 6.875%, 01/01/03 1,008
1,000 Rochester Gas & Electric, 8.250%, 03/15/02 1,039
1,000 Scana Corp., 6.050%, 01/13/03 984
- -------------------------------------------------------------------------------
13,370
- -------------------------------------------------------------------------------
INDUSTRIAL PRODUCTS - 10.2%
1,000 AAR Corp., 9.500%, 11/01/01 1,068
1,000 Allied Signal, 9.875%, 06/01/02 1,090
1,000 Avnet, 6.450%, 08/15/03 981
1,000 Black & Decker Corp., 7.500%, 04/01/03 1,023
1,000 Cooper Industries, Inc., 5.780%, 01/16/03 978
1,000 Dana Corp., 6.250%, 03/01/04 983
1,000 Eastman Kodak, 9.375%, 03/15/03 1,095
1,000 First Data Corp., 6.625%, 04/01/03 1,017
1,000 Ingersoll-Rand Corp., 6.875%, 02/01/03 1,015
1,000 Parker Hannifin Corp., 5.650%, 09/15/03 960
1,000 Stanley Works, 5.750%, 03/01/04 974
750 Ultramar Corp., 8.250%, 07/01/99 750
- -------------------------------------------------------------------------------
11,934
- -------------------------------------------------------------------------------
INSURANCE - 0.9%
1,000 U.S. Life, 6.375%, 06/15/00 1,000
- -------------------------------------------------------------------------------
1,000
- -------------------------------------------------------------------------------
OIL & GAS - 0.9%
1,000 Anadarko Petroleum Co., 6.750%, 03/15/03 998
- -------------------------------------------------------------------------------
998
- -------------------------------------------------------------------------------
TELEPHONE UTILITIES & COMMUNICATIONS - 1.7%
1,000 AirTouch Communications, 7.125%, 07/15/01 1,014
1,000 Cable & Wireless, 6.375%, 03/06/03 983
- -------------------------------------------------------------------------------
1,997
- -------------------------------------------------------------------------------
TRANSPORTATION - 3.3%
1,500 CSX Corp., 9.500%, 08/01/00 1,549
765 Conrail, Inc., 9.750%, 06/01/00 791
1,000 Rollins Truck, 7.000%, 03/15/03 990
575 Union Pacific Railroad Co., 7.060%, 05/15/03 580
- -------------------------------------------------------------------------------
3,910
- -------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (COST $75,650) 74,981
- -------------------------------------------------------------------------------
GOVERNMENT BONDS - 29.4%
- -------------------------------------------------------------------------------
GOVERNMENT AGENCIES - 29.4%
3,000 Federal National Mortgage Association,
6.700%, 08/10/01 3,004
32,000 Federal National Mortgage Association,
5.625%, 05/14/04 31,365
- -------------------------------------------------------------------------------
34,369
- -------------------------------------------------------------------------------
TOTAL GOVERNMENT BONDS (COST $34,020) 34,369
- -------------------------------------------------------------------------------
(B) COMMERCIAL PAPER - 5.0%
1,000 General Electric Credit Corp., 5.000%, 07/01/99 1,000
4,823 Prudential Funding Corp., 4.551%, 07/01/99 4,823
- -------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (AT AMORTIZED COST) 5,823
- -------------------------------------------------------------------------------
TOTAL INVESTMENTS (COST $115,493) $115,173
- -------------------------------------------------------------------------------
See Notes to Portfolios of Investments page 20.
19
<PAGE>
NOTES TO PORTFOLIOS OF INVESTMENTS
* Non-income producing securities.
(a) Discount Security. Disclosed rate is the effective rate of the security
at the time of purchase.
(b) Non-Discount security. Disclosed rate is the coupon rate.
(c) Pre-Refunded Security--The maturity date shown represents the pre-
refunded date.
(d) U.S. Dollar denominated.
(e) Putable Security--the maturity date shown represents the put date.
(f) Section 4(2) Commercial Paper/Rule 144A Security--Security is subject to
contractual or legal restriction on its resale may be deemed liquid
pursuant to guidelines established by the Board of Trustees.
Amounts designated as "--" are either $0 or have been rounded to $0.
The following abbreviations are used in these Portfolios of Investments:
ADR -- American Depository Receipt
AMBAC -- American Municipal Bond Assurance Corporation
BANs -- Bond Anticipation Notes
BIG -- Bond Investors Guaranty
CSD -- City School District
EDA -- Economic Development Authority
EDR -- Educational Development Revenue
ETM -- Escrowed to Maturity
FGIC -- Financial Guaranty Insurance Company
FHLB -- Federal Home Loan Bank
FNMA -- Federal National Mortgage Association
FSA -- Federal Assurance Association
GNMA -- Government National Mortgage Association
GO -- General Obligation
HEA -- Higher Education Authority
HEF -- Higher Education Facility
HFA -- Housing Finance Authority
HRB -- Hospital Revenue Bonds
IDA -- Industrial Development Authority
IDR -- Industrial Development Revenue
LOC -- Letter of Credit
LSD -- Local School District
LTD -- Limited
MBIA -- Municipal Bond Investors Assurance
NA -- North America
PERCS -- Preferred Equity Redemption Cumulative Stock
PLC -- Public Limited Company
RB -- Revenue Bond
REMIC -- Real Estate Mortgage Investment Conduit
SDA -- School District Authority
SPA -- Standby Purchase Agreement
SSRB -- Sewer System Revenue Bonds
TA -- Tax Allocation
TANs -- Tax Anticipation Notes
VRDNs -- Variable Rate Demand Notes-rates disclosed are in effect at June 30,
1999. Maturity date represents final maturity, not next reset date.
The categories of investments are shown as a percentage of net assets.
The following is a summary of investment information as of June 30, 1999 (000)
<TABLE>
<CAPTION>
COST OF
INVESTMENTS NET UNREALIZED GROSS GROSS
FOR FEDERAL TAX APPRECIATION/ UNREALIZED UNREALIZED TOTAL
HUNTINGTON FUNDS PURPOSES DEPRECIATION APPRECIATION DEPRECIATION NET ASSETS
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Florida Tax-Free Money Fund $ 25,208** -- -- -- $ 25,039
Money Market Fund 964,908** -- -- -- 960,892
Ohio Municipal Money Market Fund 192,917** -- -- -- 192,614
U.S. Treasury Money Market Fund 480,352** -- -- -- 479,174
Growth Fund 169,078 169,193 169,193 -- 338,693
Income Equity Fund 138,307 118,011 118,277 (266) 256,431
Michigan Tax-Free Fund 30,145 871 968 (97) 31,386
Ohio Tax-Free Fund 59,071 1,526 1,801 (275) 61,118
Fixed Income Securities Fund 152,865 (337) 2,258 (2,595) 154,804
Intermediate Government Income Fund 106,411 (182) 1,001 (1,183) 107,590
Mortgage Securities Fund 35,181 (133) 242 (375) 35,278
Short/Intermediate Fixed Income
Securities Fund 115,493 (320) 552 (872) 116,924
- ----------------------------------------------------------------------------------------------------------------
</TABLE>
** At amortized cost.
(See Notes which are an integral part of the Financial Statements)
20
<PAGE>
CONCENTRATION OF CREDIT RISK
Huntington Florida Tax-Free Money Fund, Huntington Ohio Municipal Money Market
Fund, Huntington Michigan Tax-Free Fund, and Huntington Ohio Tax-Free Fund,
invest in debt instruments of Municipal issuers. The issuers' abilities to meet
their obligations may be affected by economic developments in a specific state
or region.
These Funds invest in securities which include revenue bonds, tax-exempt
commercial paper, tax and revenue anticipation notes, and general obligation
bonds. At June 30, 1999, the percentage of portfolio investments by each revenue
source were as follows:
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
Revenue Bonds:
Higher Education Bonds .................. 3.5%
Hospital Bonds .......................... 24.9%
Housing Bonds ........................... 12.7%
Industrial Bonds ........................ 11.9%
Lease Bonds ............................. 4.0%
Pollution Control Bonds ................. 12.8%
Recreational Bonds ...................... 0.6%
Sales Tax Bonds ......................... 1.6%
Utility Bonds ........................... 2.8%
General Obligations: 25.2%
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND
Revenue Bonds:
Health Care Bonds ....................... 5.9%
Higher Education Bonds .................. 11.4%
Hospital Bonds .......................... 20.1%
Housing Bonds ........................... 1.0%
Income Tax Bonds ........................ 2.6%
Industrial Bonds ........................ 14.8%
Lease Bonds ............................. 4.1%
Pollution Control Bonds ................. 1.0%
Utility Bonds ........................... 10.9%
General Obligations: ....................... 27.3%
Cash Equivalents: .......................... 0.9%
HUNTINGTON MICHIGAN TAX-FREE FUND
Revenue Bonds:
Higher Education Bonds .................. 10.7%
Hospital Bonds .......................... 20.2%
Housing Bonds ........................... 3.1%
Industrial Bonds ........................ 4.5%
Utility Bonds ........................... 9.5%
General Obligations: ....................... 50.2%
Cash Equivalents: .......................... 1.8%
HUNTINGTON OHIO TAX-FREE FUND
Revenue Bonds:
Higher Education Bonds .................. 12.4%
Highway Bonds ........................... 1.3%
Hospital Bonds .......................... 9.1%
Industrial Bonds ........................ 2.3%
Lease Bonds ............................. 2.6%
Utility Bonds ........................... 10.5%
General Obligations: ....................... 61.8%
21
<PAGE>
STATEMENTS OF ASSETS & LIABILITIES
JUNE 30, 1999 (unaudited)
(All numbers in thousands)
<TABLE>
<CAPTION>
HUNTINGTON HUNTINGTON
FLORIDA HUNTINGTON HUNTINGTON U.S. TREASURY
TAX-FREE MONEY OHIO MUNICIPAL MONEY
MONEY MARKET MONEY MARKET MARKET
FUND FUND FUND FUND
- -----------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C> <C>
Investments at value $25,208 $919,195 $192,917 $208,078
Investments in repurchase agreements -- 45,713 -- 272,274
Cash 37 -- 1 --
Dividends and interest receivable 191 6 1,244 735
Receivable for investments sold -- -- -- --
Receivable for fund share sold -- -- -- --
Deferred expenses -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Total Assets 25,436 964,914 194,162 481,087
- -----------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investments purchased 321 -- 1,007 --
Payable for fund share redeemed -- -- -- --
Dividend payable 60 3,517 444 1,705
ACCRUED EXPENSES:
Investment advisory fees 8 221 42 81
Administration personnel and services (2) 88 18 48
Custodian and recordkeeping fees and expenses 1 45 9 23
Distribution service fees -- Investment Shares -- 27 10 4
Other 9 124 18 52
- -----------------------------------------------------------------------------------------------------------
Total Liabilities 397 4,022 1,548 1,913
- -----------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital 25,039 960,981 192,626 479,176
Net unrealized appreciation (depreciation)
of investments -- -- -- --
Accumulated net realized gain (loss) on
investments -- (89) (12) (2
Undistributed net investment income -- -- -- --
- -----------------------------------------------------------------------------------------------------------
Total Net Assets 25,039 960,892 192,614 479,174
===========================================================================================================
NET ASSETS:
Trust Shares 23,865 659,915 78,494 437,092
Investment Shares 1,174 300,977 114,120 42,082
- -----------------------------------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION PROCEEDS PER SHARE:
Trust Shares $1.00 $1.00 $1.00 $1.00
Investment Shares $1.00 $1.00 $1.00 $1.00
- -----------------------------------------------------------------------------------------------------------
OFFERING PRICE PER SHARE:
Trust Shares $1.00 $1.00 $1.00 $1.00
Investment Shares $1.00 $1.00 $1.00 $1.00
- -----------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING:
Trust Shares 23,865 659,947 78,501 437,096
Investment Shares 1,174 301,034 114,125 42,083
- -----------------------------------------------------------------------------------------------------------
Total shares outstanding
($0.001 pare value) 25,039 960,981 192,626 479,179
===========================================================================================================
Investments, at identified cost $25,208 $964,908 $192,917 $480,352
===========================================================================================================
</TABLE>
*Computation of Offering price: 100/96 of net asset value.
**Computation of Offering price: 100/98 of net asset value.
***Computation of Offering price: 100/94.5 of net asset value.
(See Notes which are an integral part of the Financial Statements)
<TABLE>
<CAPTION>
HUNTINGTON HUNTINGTON
HUNTINGTON HUNTINGTON HUNTINGTON FIXED INTERMEDIATE
HUNTINGTON INCOME MICHIGAN OHIO INCOME GOVERNMENT
GROWTH EQUITY TAX-FREE TAX-FREE SECURITIES INCOME
FUND FUND FUND FUND FUND FUND
- --------------------------------------------------------------------------------------------------------------------------------
ASSETS:
<S> <C> <C> <C> <C> <C> <C>
Investments at value $338,271 $256,318 $31,016 $60,597 $152,528 $102,324
Investments in repurchase agreements -- -- -- -- -- 3,905
Cash 297 -- -- 81 -- --
Dividends and interest receivable 195 1,000 410 476 2,357 1,401
Receivable for investments sold 3,605 15,583 -- -- -- --
Receivable for fund share sold -- -- -- -- -- --
Deferred expenses -- -- -- -- -- 1
- --------------------------------------------------------------------------------------------------------------------------------
Total Assets 342,368 272,901 31,426 61,154 154,885 107,631
- --------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
Payable for investments purchased 3,437 16,300 -- -- -- --
Payable for fund share redeemed 3 -- -- -- -- --
Dividend payable -- -- -- -- -- --
ACCRUED EXPENSES:
Investment advisory fees 163 123 11 25 64 40
Administration personnel and services 30 22 3 6 18 10
Custodian and recordkeeping fees and expenses 15 11 1 3 7 5
Distribution service fees-- Investment Shares 6 -- 5 -- -- 2
Other 21 14 20 2 (8) (16)
- --------------------------------------------------------------------------------------------------------------------------------
Total Liabilities 3,675 16,470 40 36 81 41
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital 131,745 136,215 30,507 59,530 156,101 109,267
Net unrealized appreciation (depreciation)
of investments 169,193 118,011 871 1,526 (337) (182)
Accumulated net realized gain (loss) on
investments 37,592 -- 2 51 (990) (1,526)
Undistributed net investment income 163 123 6 11 30 31
- --------------------------------------------------------------------------------------------------------------------------------
Total Net Assets 338,693 256,431 31,386 61,118 154,804 107,590
================================================================================================================================
NET ASSETS:
Trust Shares 321,110 254,361 22,740 59,651 153,366 105,280
Investment Shares 17,583 2,070 8,646 1,467 1,438 2,310
- --------------------------------------------------------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION PROCEEDS PER SHARE:
Trust Shares $54.89 $41.52 $ 10.66 $21.10 $20.46 $ 9.99
Investment Shares $54.85 $41.53 $ 10.66 $21.09 $20.46 $ 9.99
- --------------------------------------------------------------------------------------------------------------------------------
OFFERING PRICE PER SHARE:
Trust Shares $54.89 $41.52 $10.66 $21.10 $20.46 $ 9.99
Investment Share $57.14* $43.95*** $10.88** $21.52** $20.88** $10.19**
- --------------------------------------------------------------------------------------------------------------------------------
SHARES OUTSTANDING:
Trust Shares 5,850 6,125 2,134 2,826 7,495 10,536
Investment Shares 321 50 811 70 70 231
- --------------------------------------------------------------------------------------------------------------------------------
Total shares outstanding
($0.001 pare value) 6,171 6,175 2,945 2,896 7,565 10,767
================================================================================================================================
Investments, at identified cost $169,078 $138,307 $30,145 $59,071 $152,865 $106,411
================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
SHORT/
HUNTINGTON INTERMEDIATE
MORTGAGE FIXED INCOME
SECURITIES SECURITIES
FUND FUND
- -------------------------------------------------------------------------
ASSETS:
<S> <C> <C>
Investments at value $32,258 $115,173
Investments in repurchase agreements 2,790 --
Cash -- --
Dividends and interest receivable 245 1,817
Receivable for investments sold (2) --
Receivable for fund share sold -- --
Deferred expenses -- --
- -------------------------------------------------------------------------
Total Assets 35,291 116,990
- -------------------------------------------------------------------------
LIABILITIES:
Payable for investments purchased -- --
Payable for fund share redeemed -- --
Dividend payable -- 1
ACCRUED EXPENSES:
Investment advisory fees 9 48
Administration personnel and services 3 10
Custodian and recordkeeping fees and expenses 4 5
Distribution service fees-- Investment Shares 1 --
Other (4) 2
- -------------------------------------------------------------------------
Total Liabilities 13 66
- -------------------------------------------------------------------------
NET ASSETS:
Paid-in capital 59,061 117,841
Net unrealized appreciation (depreciation)
of investments (133) (320)
Accumulated net realized gain (loss) on
investments (23,646) (603)
Undistributed net investment income (4) 6
- -------------------------------------------------------------------------
Total Net Assets 35,278 116,924
=========================================================================
NET ASSETS:
Trust Shares 34,234 116,924
Investment Shares 1,044 N/A
- -------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION PROCEEDS PER SHARE:
Trust Shares $ 8.01 $19.61
Investment Shares $ 8.03 N/A
- -------------------------------------------------------------------------
OFFERING PRICE PER SHARE:
Trust Shares $8.01 $19.61
Investment Share $8.19** N/A
- -------------------------------------------------------------------------
SHARES OUTSTANDING:
Trust Shares 4,273 5,963
Investment Shares 130 N/A
- -------------------------------------------------------------------------
Total shares outstanding
($0.001 pare value) 4,403 5,963
=========================================================================
Investments, at identified cost $35,181 $115,493
=========================================================================
</TABLE>
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999 (unaudited)
(All numbers in thousands)
<TABLE>
<CAPTION>
HUNTINGTON HUNTINGTON
FLORIDA HUNTINGTON HUNTINGTON U.S. TREASURY
TAX-FREE MONEY OHIO MUNICIPAL MONEY
MONEY MARKET MONEY MARKET MARKET
FUND FUND FUND FUND
- -------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C>
Interest Income $ 412 $ 23,870 $ 3,367 $ 11,878
Dividend income -- -- -- --
- -------------------------------------------------------------------------------------------------------------
Total income 412 23,870 3,367 11,878
- -------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 66 1,333 324 511
Administrative personnel and services 15 532 119 281
Custodian and recordkeeping fees and expenses 7 271 60 143
Transfer and dividend disbursing agent fees
and expenses 10 94 22 24
Fund share registration costs 3 98 11 12
Auditing fees 1 19 4 3
Legal fees 1 17 3 6
Trustees' fees -- 8 2 3
Printing and postage 2 60 12 22
Insurance premiums -- 8 2 2
Distribution services fees -- 354 159 60
Miscellaneous 1 6 17 2
- -------------------------------------------------------------------------------------------------------------
Total expenses 106 2,800 735 1,069
- -------------------------------------------------------------------------------------------------------------
Deduct--
Waiver of investment advisory fees (40) -- (54) --
Waiver of distribution services fees -- (212) (95) (36)
- -------------------------------------------------------------------------------------------------------------
NET EXPENSES 66 2,588 586 1,033
- -------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 346 21,282 2,781 10,845
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments
(identified cost basis) -- -- -- (2)
Net change in unrealized appreciation
(depreciation) on investments -- -- -- --
- -------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS -- -- -- (2)
- -------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $ 346 $ 21,282 $ 2,781 $ 10,843
=============================================================================================================
</TABLE>
Amounts designated as "--" are either $0 or have been rounded to $0. (See Notes
which are an integral part of the Financial Statements)
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999 (unaudited)
(All numbers in thousands)
<TABLE>
<CAPTION>
HUNTINGTON HUNTINGTON
HUNTINGTON HUNTINGTON HUNTINGTON FIXED INTERMEDIATE
HUNTINGTON INCOME MICHIGAN OHIO INCOME GOVERNMENT
GROWTH EQUITY TAX-FREE TAX-FREE SECURITIES INCOME
FUND FUND FUND FUND FUND FUND
- -----------------------------------------------------------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C> <C> <C> <C> <C>
Interest Income $ 745 $ 1,160 $ 856 $ 1,655 $ 5,270 $ 3,346
Dividend income 1,648 3,339 -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Total income 2,393 4,499 856 1,655 5,270 3,346
- -----------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 1,010 739 81 158 404 272
Administrative personnel and services 185 135 18 35 89 60
Custodian and recordkeeping fees and expenses 94 69 9 18 45 30
Transfer and dividend disbursing agent fees
and expenses 42 22 7 22 22 21
Fund share registration costs 12 14 -- 5 12 20
Auditing fees 1 4 3 1 -- 1
Legal fees 3 4 -- 1 2 3
Trustees' fees 2 2 -- 1 1 1
Printing and postage 17 14 1 3 8 7
Insurance premiums 1 2 -- 1 1 1
Distribution services fees 21 2 11 2 2 3
Miscellaneous 2 2 7 8 5 7
- -----------------------------------------------------------------------------------------------------------------------------------
Total expenses 1,390 1,009 137 255 591 426
- -----------------------------------------------------------------------------------------------------------------------------------
Deduct--
Waiver of investment advisory fees -- -- (11) -- -- (27)
Waiver of distribution services fees -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES 1,390 1,009 126 255 591 399
- -----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME 1,003 3,490 730 1,400 4,679 2,947
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments
(identified cost basis) 38,804 2,075 2 51 (990) 194
Net change in unrealized appreciation
(depreciation) on investments (5,836) 2,161 (997) (2,185) (9,208) (4,789)
- -----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS 32,968 4,236 (995) (2,134) (10,198) (4,595)
- -----------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $ 33,971 $ 7,726 $ (265) $ (734) $ (5,519) $ (1,648)
===================================================================================================================================
</TABLE>
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 1999 (unaudited)
(All numbers in thousands)
<TABLE>
<CAPTION>
HUNTINGTON
SHORT/
HUNTINGTON INTERMEDIATE
MORTGAGE FIXED INCOME
SECURITIES SECURITIES
FUND FUND
- -------------------------------------------------------------------------------
INVESTMENT INCOME:
<S> <C> <C>
Interest Income $ 1,170 $ 3,817
Dividend income -- --
- -------------------------------------------------------------------------------
Total income 1,170 3,817
- -------------------------------------------------------------------------------
EXPENSES:
Investment advisory fees 90 306
Administrative personnel and services 20 67
Custodian and recordkeeping fees and expenses 25 34
Transfer and dividend disbursing agent fees
and expenses 25 7
Fund share registration costs 5 11
Auditing fees -- 2
Legal fees -- 2
Trustees' fees -- 1
Printing and postage 1 7
Insurance premiums -- 1
Distribution services fees 3 --
Miscellaneous 5 2
- -------------------------------------------------------------------------------
Total expenses 174 440
- -------------------------------------------------------------------------------
Deduct--
Waiver of investment advisory fees (36) --
Waiver of distribution services fees (1) --
- -------------------------------------------------------------------------------
NET EXPENSES 137 440
- -------------------------------------------------------------------------------
NET INVESTMENT INCOME 1,033 3,377
Realized and unrealized gain (loss)
on investments
Net realized gain (loss) on investments
(identified cost basis) (3) (603)
Net change in unrealized appreciation
(depreciation) on investments (1,020) (2,642)
- -------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENTS (1,023) (3,245)
- -------------------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $ 10 $ 132
===============================================================================
</TABLE>
22 & 23
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
(All numbers in thousands)
<TABLE>
<CAPTION>
HUNTINGTON HUNTINGTON
HUNTINGTON HUNTINGTON OHIO MUNICIPAL U.S. TREASURY
FLORIDA TAX-FREE MONEY MARKET MONEY MARKET MONEY MARKET
MONEY FUND FUND FUND FUND
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED YEAR ENDED YEAR ENDED YEAR
JUNE 30, JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1999 1999 DEC. 31, 1999 DEC. 31, 1999 DEC. 31,
(UNAUDITED) (UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
- -----------------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS --
<S> <C> <C> <C> <C> <C> <C> <C>
Net investment income $ 346 $ 21,282 $ 37,721 $ 2,781 $ 5,881 $ 10,845 $ 26,326
Net realized gain (loss) on
investment transactions -- -- -- -- -- (2) --
Change in net unrealized
appreciation (depreciation)
of investments -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Change in net assets resulting
from operations 346 21,282 37,721 2,781 5,881 10,843 26,326
- -----------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS --
From net investment income:
Trust Shares (342) (15,156) (26,860) (1,164) (2,560) (9,849) (23,572)
Investment Shares (4) (6,126) (10,861) (1,617) (3,321) (996) (2,754)
From net realized gain on investments:
Trust Shares -- -- -- -- -- -- --
Investment Shares -- -- -- -- -- -- --
In excess of net realized gain on investments:
Trust Shares -- -- -- -- -- -- --
Investment Shares -- -- -- -- -- -- --
- -----------------------------------------------------------------------------------------------------------------------------------
Change in net assets from
distributions to shareholders (346) (21,282) (37,721) (2,781) (5,881) (10,845) (26,326)
- -----------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS--
Trust Shares:
Proceeds from shares issued
from merger N/A N/A 143,355 N/A N/A N/A N/A
Proceeds from shares issued 48,751 382,421 836,084 56,507 134,841 682,701 950,040
Reinvestment of distributions -- 4 21 -- -- 8 73
Cost of shares redeemed (24,886) (423,050) (703,021) (80,619) (104,903) (722,864) (956,412)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Trust Shares Transactions 23,865 (40,625) 276,439 (24,112) 29,938 (40,155) (6,299)
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Shares:
Proceeds from shares issued
from merger N/A N/A 11,004 N/A N/A N/A N/A
Proceeds from shares issued 2,814 280,582 437,013 135,390 252,320 44,751 209,121
Reinvestment of distributions -- 2,727 6,446 107 376 248 847
Cost of shares redeemed (1,640) (254,706) (322,423) (154,672) (202,297) (57,495) (213,148)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Investment Shares Transactions 1,174 28,603 132,040 (19,175) 50,399 (12,496) (3,180)
Change in net assets from fund
shares transactions 25,039 (12,022) 408,479 (43,287) 80,337 (52,651) (9,479)
Total change in Net Assets 25,039 (12,022) 408,479 (43,287) 80,337 (52,653) (9,479)
- -----------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period -- 972,914 564,435 235,901 155,564 531,827 541,306
- -----------------------------------------------------------------------------------------------------------------------------------
End of period $ 25,039 $960,892 $972,914 $192,614 $ 235,901 $ 479,174 $ 531,827
===================================================================================================================================
Undistributed net investment
income included in net assets
at end of period $ -- $ -- $ -- $ -- $ -- $ -- $ --
- -----------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED --
Trust Shares:
Shares issued from merger N/A N/A 143,581 N/A N/A N/A N/A
Shares issued 48,751 382,421 835,940 56,507 134,841 682,701 950,040
Reinvestment of distributions -- 4 22 -- -- 8 73
Shares redeemed (24,886) (423,050) (703,021) (80,619) (104,903) (722,864) (956,412)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Trust Shares Transactions 23,865 (40,625) 276,522 (24,112) 29,938 (40,155) (6,299)
- -----------------------------------------------------------------------------------------------------------------------------------
Investment Shares:
Shares issued from merger N/A N/A 11,010 N/A N/A N/A N/A
Shares issued 2,814 280,582 437,013 135,390 252,320 44,751 209,121
Reinvestment of distributions -- 2,727 6,446 107 376 248 847
Shares redeemed (1,640) (254,706) (322,423) (154,672) (202,297) (57,495) (213,148)
- -----------------------------------------------------------------------------------------------------------------------------------
Total Investment Shares
Transactions 1,174 28,603 132,046 (19,175) 50,399 (12,496) (3,180)
- -----------------------------------------------------------------------------------------------------------------------------------
Net change in fund share
transactions 25,039 (12,022) 408,568 (43,287) 80,337 (52,651) (9,479)
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
HUNTINGTON
HUNTINGTON HUNTINGTON MICHIGAN
GROWTH INCOME EQUITY TAX-FREE
FUND FUND FUND
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1999 DEC. 31, 1999 DEC. 31, 1999 DEC. 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
- -------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS --
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 1,003 $ 1,881 $ 3,490 $ 6,573 $ 730 $ 920
Net realized gain (loss) on
investment transactions 38,804 8,243 2,075 4,307 2 145
Change in net unrealized
appreciation (depreciation)
of investments (5,836) 37,083 2,161 27,275 (997) 75
- -------------------------------------------------------------------------------------------------------------------------
Change in net assets resulting
from operations 33,971 47,207 7,726 38,155 (265) 1,140
- -------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS --
From net investment income:
Trust Shares (843) (1,815) (3,429) (6,527) (535) (731)
Investment Shares (23) (47) (23) (20) (189) (253)
From net realized gain on investments:
Trust Shares -- (7,850) -- (4,275) -- (54)
Investment Shares -- (393) -- (31) -- (20)
In excess of net realized gain on investments:
Trust Shares -- (1,154) -- -- -- --
Investment Shares -- (58) -- -- -- --
- -------------------------------------------------------------------------------------------------------------------------
Change in net assets from
distributions to shareholders (866) (11,317) (3,452) (10,853) (724) (1,058)
- --------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS--
Trust Shares:
Proceeds from shares issued
from merger N/A 64,133 N/A N/A N/A N/A
Proceeds from shares issued 21,619 24,689 26,090 21,506 1,908 1,206
Reinvestment of distributions 286 3,916 1,055 3,497 17 32
Cost of shares redeemed (54,828) (33,300) (26,076) (17,765) (2,464) (4,740)
- -------------------------------------------------------------------------------------------------------------------------
Total Trust Shares Transactions (32,923) 59,438 1,069 7,238 (539) (3,502)
Investment Shares:
Proceeds from shares issued
from merger N/A 9,965 N/A N/A N/A N/A
Proceeds from shares issued 1,499 1,549 610 1,508 689 114
Reinvestment of distributions 23 493 22 49 151 217
Cost of shares redeemed (2,076) (1,893) (480) (65) (685) (1,538)
- -------------------------------------------------------------------------------------------------------------------------
Total Investment Shares Transactions (554) 10,114 152 1,492 155 (1,207)
- -------------------------------------------------------------------------------------------------------------------------
Change in net assets from fund
shares transactions (33,477) 69,552 1,221 8,730 (384) (4,709)
- -------------------------------------------------------------------------------------------------------------------------
Total change in Net Assets (372) 105,442 5,495 36,032 (1,373) (4,627)
- -------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 339,065 233,623 250,936 214,904 32,759 37,386
- -------------------------------------------------------------------------------------------------------------------------
End of period $338,693 $339,065 $256,431 $250,936 $31,386 $32,759
=========================================================================================================================
Undistributed net investment
income included in net assets
at end of period $ 163 $ 26 $ 123 $ 88 $ 6 $ --
- -------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED --
Trust Shares:
Shares issued from merger N/A 1,330 N/A N/A N/A N/A
Shares issued 426 521 646 555 176 109
Reinvestment of distributions 6 82 26 89 2 3
Shares redeemed (1,061) (701) (645) (460) (227) (431)
- -------------------------------------------------------------------------------------------------------------------------
Total Trust Shares Transactions (629) 1,232 27 184 (49) (319)
- -------------------------------------------------------------------------------------------------------------------------
Investment Shares:
Shares issued from merger N/A 202 N/A N/A N/A N/A
Shares issued 30 33 15 39 63 10
Reinvestment of distributions 1 11 1 1 14 20
Shares redeemed (42) (40) (12) (2) (63) (140)
- -------------------------------------------------------------------------------------------------------------------------
Total Investment Shares
Transactions (11) 206 4 38 14 (110)
- -------------------------------------------------------------------------------------------------------------------------
Net change in fund share
transactions (640) 1,438 31 222 (35) (429)
- -------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
HUNTINGTON
HUNTINGTON FIXED INCOME
OHIO TAX-FREE SECURITIES
FUND FUND
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED
1999 DEC. 31, 1999 DEC. 31,
(UNAUDITED) 1998 (UNAUDITED) 1998
- -----------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS --
<S> <C> <C> <C> <C>
Net investment income $ 1,400 $ 2,997 $ 4,679 $ 9,435
Net realized gain (loss) on
investment transactions 51 68 (990) 2,181
Change in net unrealized
appreciation (depreciation)
of investments (2,185) 315 (9,208) 2,837
- -----------------------------------------------------------------------------------------------
Change in net assets resulting
from operations (734) 3,380 (5,519) 14,453
- -----------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS --
From net investment income:
Trust Shares (1,360) (2,943) (4,609) (9,390)
Investment Shares (31) (65) (41) (89)
From net realized gain on investments:
Trust Shares -- (66) -- (2,141)
Investment Shares -- (2) -- (20)
In excess of net realized gain on investments:
Trust Shares -- -- -- --
Investment Shares -- -- -- --
- -----------------------------------------------------------------------------------------------
Change in net assets from
distributions to shareholders (1,391) (3,076) (4,650) (11,640)
- -----------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS --
Trust Shares:
Proceeds from shares issued
from merger N/A N/A N/A N/A
Proceeds from shares issued 3,756 8,440 14,205 21,544
Reinvestment of distributions 83 169 1,917 4,761
Cost of shares redeemed (5,261) (10,084) (21,133) (14,012)
- -----------------------------------------------------------------------------------------------
Total Trust Shares Transactions (1,422) (1,475) (5,011) 12,293
Investment Shares:
Proceeds from shares issued
from merger N/A N/A N/A N/A
Proceeds from shares issued 46 352 59 265
Reinvestment of distributions 21 48 32 84
Cost of shares redeemed (69) (355) (146) (405)
- -----------------------------------------------------------------------------------------------
Total Investment Shares Transactions (2) 45 (55) (56)
- -----------------------------------------------------------------------------------------------
Change in net assets from fund
shares transactions (1,424) (1,430) (5,066) 12,237
- -----------------------------------------------------------------------------------------------
Total change in Net Assets (3,549) (1,126) (15,235) 15,050
- -----------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 64,667 65,793 170,039 154,989
- -----------------------------------------------------------------------------------------------
End of period $ 61,118 $64,667 $154,804 $170,039
===============================================================================================
Undistributed net investment
income included in net assets
at end of period $ 11 $ 2 $ 30 $ 1
- -----------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED --
Trust Shares:
Shares issued from merger N/A N/A N/A N/A
Shares issued 173 388 675 995
Reinvestment of distributions 4 8 91 219
Shares redeemed (244) (462) (1,005) (645)
- -----------------------------------------------------------------------------------------------
Total Trust Shares Transactions (67) (66) (239) 569
- -----------------------------------------------------------------------------------------------
Investment Shares:
Shares issued from merger N/A N/A N/A N/A
Shares issued 2 16 3 12
Reinvestment of distributions 1 2 1 4
Shares redeemed (3) (16) (7) (18)
- -----------------------------------------------------------------------------------------------
Total Investment Shares
Transactions -- 2 (3) (2)
- -----------------------------------------------------------------------------------------------
Net change in fund share
transactions (67) (64) (242) 567
- -----------------------------------------------------------------------------------------------
</TABLE>
Amounts designated as "--" are either $0 or have been rounded to $0.
(See Notes which are an integral part of the Financial Statements)
24 & 25
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
(All numbers in thousands)
<TABLE>
<CAPTION>
HUNTINGTON HUNTINGTON SHORT/
INTERMEDIATE HUNTINGTON INTERMEDIATE
GOVERNMENT MORTGAGE SECURITIES FIXED INCOME
INCOME FUND FUND SECURITIES FUND
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1999 DEC. 31, 1999 DEC. 31, 1999 DEC. 31,
(UNAUDITED) 1998 (UNAUDITED) 1998 (UNAUDITED) 1998
- --------------------------------------------------------------------------------------------------------------------------
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS --
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 2,947 $ 3,713 $ 1,033 $ 2,324 $ 3,377 $ 7,338
Net realized gain (loss) on
investment transactions 194 (7) (3) 19 (603) 1,670
Change in net unrealized
appreciation (depreciation)
of investments (4,789) 2,433 (1,020) 35 (2,642) (88)
- --------------------------------------------------------------------------------------------------------------------------
Change in net assets resulting
from operations (1,648) 6,139 10 2,378 132 8,920
- --------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS --
From net investment income:
Trust Shares (2,880) (3,854) (1,028) (2,266) (3,371) (7,352)
Investment Shares (66) (102) (30) (63) -- --
From net realized gain on investments:
Trust Shares -- -- -- -- -- (956)
Investment Shares -- -- -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------
Change in net assets from
distributions to shareholders (2,946) (3,956) (1,058) (2,329) (3,371) (8,308)
- --------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS--
Trust Shares:
Proceeds from shares issued
from merger N/A N/A N/A N/A N/A N/A
Proceeds from shares issued 10,372 12,297 3,896 2881 10,148 9,438
Reinvestment of distributions 333 558 82 180 1,520 3,814
Cost of shares redeemed (10,200) (22,036) (3,718) (5,175) (19,220) (12,994)
- --------------------------------------------------------------------------------------------------------------------------
Total Trust Shares Transactions 505 (9,181) 260 (2,114) (7,552) 258
- --------------------------------------------------------------------------------------------------------------------------
Investment Shares:
Proceeds from shares issued
from merger N/A N/A N/A N/A N/A N/A
Proceeds from shares issued 29 11 44 53 N/A N/A
Reinvestment of distributions 50 82 22 45 N/A N/A
Cost of shares redeemed (745) (284) (59) (113) N/A N/A
- --------------------------------------------------------------------------------------------------------------------------
Total Investment Shares Transactions (666) (191) 7 (15) N/A N/A
- --------------------------------------------------------------------------------------------------------------------------
Change in net assets from fund
shares transactions (161) (9,372) 267 (2,129) (7,552) 258
Total change in Net Assets (4,755) (7,189) (781) (2,080) (10,791) 870
- --------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 112,345 119,534 36,059 38,139 127,715 126,845
- --------------------------------------------------------------------------------------------------------------------------
End of period $107,590 $112,345 $35,278 $36,059 $116,924 $127,715
==========================================================================================================================
Undistributed net investment
income included in net assets
at end of period $ 31 $ 30 $ (4) $ 21 $ 6 $ --
- --------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED--
Trust Shares:
Shares issued from merger N/A N/A N/A N/A N/A N/A
Shares issued 1,019 1,186 478 348 512 468
Reinvestment of distributions 33 54 10 22 77 189
Shares redeemed (1,002) (2,121) (456) (627) (970) (643)
- --------------------------------------------------------------------------------------------------------------------------
Total Trust Shares Transactions 50 (881) 32 (257) (381) 14
Investment Shares:
Shares issued from merger N/A N/A N/A N/A N/A N/A
Shares issued 3 1 5 7 N/A N/A
Reinvestment of distributions 5 8 3 5 N/A N/A
Shares redeemed (73) (27) (7) (14) N/A N/A
- --------------------------------------------------------------------------------------------------------------------------
Total Investment Shares
Transactions (65) (18) 1 (2) N/A N/A
- --------------------------------------------------------------------------------------------------------------------------
Net change in fund share
transactions (15) (899) 33 (259) (381) 14
- --------------------------------------------------------------------------------------------------------------------------
</TABLE>
Amounts designated as "--" are either $0 or have been rounded to $0.
(See Notes which are an integral part of the Financial Statements)
26
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
27
<PAGE>
FINANCIAL HIGHLIGHTS
MONEY MARKET FUNDS
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
DISTRIBUTIONS TO
NET ASSET SHAREHOLDERS NET ASSET
VALUE, NET FROM NET VALUE,
YEAR ENDED BEGINNING INVESTMENT INVESTMENT END OF
DECEMBER 31, OF PERIOD INCOME INCOME PERIOD
- ---------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
<S> <C> <C> <C> <C>
1999(a) $1.00 0.01 (0.01) $1.00
HUNTINGTON MONEY MARKET FUND
1999(b) $1.00 0.02 (0.02) $1.00
1998 $1.00 0.05 (0.05) $1.00
1997 $1.00 0.05 (0.05) $1.00
1996 $1.00 0.05 (0.05) $1.00
1995 $1.00 0.05 (0.05) $1.00
1994 $1.00 0.04 (0.04) $1.00
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND
1999(b) $1.00 0.02 (0.02) $1.00
1998 $1.00 0.03 (0.03) $1.00
1997 $1.00 0.03 (0.03) $1.00
1996 $1.00 0.03 (0.03) $1.00
1995 $1.00 0.04 (0.04) $1.00
1994 $1.00 0.02 (0.02) $1.00
HUNTINGTON U.S. TREASURY MONEY MARKET FUND
1999(b) $1.00 0.02 (0.02) $1.00
1998 $1.00 0.05 (0.05) $1.00
1997 $1.00 0.05 (0.05) $1.00
1996 $1.00 0.05 (0.05) $1.00
1995 $1.00 0.05 (0.05) $1.00
1994 $1.00 0.04 (0.04) $1.00
INVESTMENT SHARES
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
1999(a) $1.00 0.01 (0.01) $1.00
HUNTINGTON MONEY MARKET FUND
1999(b) $1.00 0.02 (0.02) $1.00
1998 $1.00 0.05 (0.05) $1.00
1997 $1.00 0.05 (0.05) $1.00
1996 $1.00 0.05 (0.05) $1.00
1995 $1.00 0.05 (0.05) $1.00
1994 $1.00 0.04 (0.04) $1.00
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND
1999(b) $1.00 0.02 (0.02) $1.00
1998 $1.00 0.03 (0.03) $1.00
1997 $1.00 0.03 (0.03) $1.00
1996 $1.00 0.03 (0.03) $1.00
1995 $1.00 0.03 (0.03) $1.00
1994 $1.00 0.02 (0.02) $1.00
HUNTINGTON U.S. TREASURY MONEY MARKET FUND
1999(b) $1.00 0.02 (0.02) $1.00
1998 $1.00 0.05 (0.05) $1.00
1997 $1.00 0.05 (0.05) $1.00
1996 $1.00 0.05 (0.05) $1.00
1995 $1.00 0.05 (0.05) $1.00
1994 $1.00 0.04 (0.04) $1.00
- ---------------------------------------------------------------------------------------------------------------------
<FN>
(a) Reflects operations for the period from January 6, 1999 (date of initial
public investment) to June 30, 1999 (unaudited).
(b) Six months ended June 30, 1999 (unaudited).
(c) Based on net asset value.
(d) Computed on an annualized basis.
(e) This voluntary expense decrease is reflected in both the expense and net
investment income ratios. Amounts designated as "--" are either $0 or
have been rounded to $0.
(See Notes which are an integral part of the Financial Statements)
</FN>
</TABLE>
28
<PAGE>
<TABLE>
<CAPTION>
RATIO TO AVERAGE NET ASSETS
----------------------------------------------
EXPENSE WAIVER NET ASSETS,
TOTAL NET REDUCTION/ END OF
YEAR ENDED RETURN INVESTMENT REIMBURSEMENT PERIOD
DECEMBER 31, (C) EXPENSES INCOME (E) (000 OMITTED)
- -----------------------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
<S> <C> <C> <C> <C> <C>
1999(a) 1.28% 0.50%(d) 2.63%(d) 0.30%(d) $ 23,865
HUNTINGTON MONEY MARKET FUND
1999(b) 2.21% 0.51%(d) 4.43%(d) -- $659,915
1998 5.13% 0.50% 4.99% -- $700,540
1997 5.17% 0.51% 5.06% -- $424,050
1996 5.01% 0.53% 4.90% -- $337,962
1995 5.58% 0.53% 5.44% 0.03% $296,764
1994 3.86% 0.51% 3.75% 0.02% $287,805
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND
1999(b) 1.32% 0.46%(d) 3.17%(d) 0.05%(d) $ 78,494
1998 3.07% 0.47% 3.03% 0.05% $102,606
1997 3.27% 0.45% 3.23% 0.07% $ 72,667
1996 3.14% 0.42% 3.10% 0.12% $ 56,654
1995 3.57% 0.42% 3.52% 0.20% $ 56,551
1994 2.41% 0.45% 2.40% 0.19% $ 39,624
HUNTINGTON U.S. TREASURY MONEY MARKET FUND
1999(b) 2.13% 0.40%(d) 4.25%(d) -- $437,092
1998 4.95% 0.40% 4.84% -- $447,305
1997 5.06% 0.42% 4.95% -- $483,548
1996 4.98% 0.42% 4.87% -- $474,593
1995 5.53% 0.43% 5.40% 0.01% $277,142
1994 3.79% 0.42% 3.76% 0.02% $256,538
INVESTMENT SHARES
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
1999(a) 1.08% 0.60%(d) 2.60%(d) 0.45%(d) $ 1,174
HUNTINGTON MONEY MARKET FUND
1999(b) 2.16% 0.61%(d) 4.33%(d) 0.15%(d) $300,977
1998 5.03% 0.60% 4.89% 0.15% $272,374
1997 5.07% 0.61% 4.96% 0.15% $140,385
1996 4.90% 0.63% 4.80% -- $ 97,557
1995 5.48% 0.63% 5.30% 0.03% $ 91,288
1994 3.76% 0.61% 3.85% 0.02% $ 41,629
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND
1999(b) 1.27% 0.56%(d) 3.07%(d) 0.20%(d) $114,120
1998 2.97% 0.57% 2.93% 0.20% $133,295
1997 3.17% 0.55% 3.13% 0.22% $ 82,897
1996 3.04% 0.52% 3.00% 0.12% $ 74,102
1995 3.47% 0.52% 3.42% 0.20% $ 55,469
1994 2.31% 0.55% 2.30% 0.19% $ 37,134
HUNTINGTON U.S. TREASURY MONEY MARKET FUND
1999(b) 2.08% 0.50%(d) 4.15%(d) 0.15%(d) $ 42,082
1998 4.85% 0.50% 4.74% 0.15% $ 54,522
1997 4.95% 0.52% 4.85% 0.15% $ 57,758
1996 4.87% 0.52% 4.77% 0.15% $ 47,884
1995 5.43% 0.53% 5.28% 0.18% $ 38,973
1994 3.68% 0.52% 3.66% 0.17% $ 20,390
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
29
<PAGE>
FINANCIAL HIGHLIGHTS
EQUITY FUNDS
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
DISTRIBUTIONS TO
NET REALIZED DISTRIBUTIONS TO SHAREHOLDERS DISTRIBUTIONS
NET ASSET AND SHAREHOLDERS FROM NET IN EXCESS
VALUE, NET UNREALIZED TOTAL FROM FROM NET REALIZED GAIN OF NET
YEAR ENDED BEGINNING INVESTMENT GAIN/(LOSS) INVESTMENT INVESTMENT ON INVESTMENT INVESTMENT
DECEMBER 31, OF PERIOD INCOME INVESTMENTS OPERATIONS INCOME TRANSACTIONS INCOME
- -------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON GROWTH FUND
<S> <C> <C> <C> <C> <C> <C> <C>
1999(a) $49.78 0.16 5.08 5.24 (0.13) -- --
1998 $43.48 0.29 7.69 7.98 (0.29) (1.21) (0.18)
1997 $33.97 0.29 11.63 11.92 (0.29) (2.12) --
1996 $30.81 0.40 4.72 5.12 (0.40) (1.56) --
1995 $26.30 0.43 7.62 8.05 (0.43) (3.11) --
1994 $26.17 0.39 0.21 0.60 (0.40) (0.07) --
HUNTINGTON INCOME EQUITY FUND
1999(a) $40.85 0.56 0.67 1.23 (0.56) -- --
1998 $36.30 1.09 5.26 6.35 (1.09) (0.71) --
1997 $30.26 1.03 6.70 7.73 (1.04) (0.65) --
1996 $27.25 1.00 3.51 4.51 (1.00) (0.50) --
1995 $21.93 0.94 5.34 6.28 (0.96) -- --
1994 $23.21 0.88 (1.29) (0.41) (0.87) -- --
INVESTMENT SHARES
HUNTINGTON GROWTH FUND
1999(a) $49.76 0.09 5.07 5.16 (0.07) -- --
1998 $43.46 0.19 7.67 7.86 (0.17) (1.21) (0.18)
1997 $33.96 0.19 11.63 11.82 (0.20) (2.12) --
1996 $30.81 0.31 4.73 5.04 (0.33) (1.56) --
1995 $26.31 0.35 7.61 7.96 (0.35) (3.11) --
1994 $26.16 0.33 0.22 0.55 (0.33) (0.07) --
HUNTINGTON INCOME EQUITY FUND
1999(a) $40.86 0.48 0.69 1.17 (0.50) -- --
1998 $36.29 0.98 5.29 6.27 (0.99) (0.71) --
1997(b) $31.20 0.65 5.72 6.37 (0.63) (0.65) --
- -------------------------------------------------------------------------------------------------------------------
<FN>
(a) Six months ended June 30, 1999 (unaudited).
(b) Reflects operations for the period from May 1, 1997 (effective date of
Investment Shares) to December 31, 1997. (c) Based on net asset value,
which does not reflect the sales load, if applicable.
(d) Computed on annualized basis.
(e) This voluntary expense decrease is reflected in both the expense and net
investment income ratios.
(f) Not annualized.
Amounts designated as "--" are either $0 or have been rounded to $0.
</FN>
</TABLE>
(See Notes which are an integral part of the Financial Statements)
30
<PAGE>
<TABLE>
<CAPTION>
RATIO TO AVERAGE NET ASSETS
-----------------------------
NET ASSET EXPENSE WAIVER NET ASSETS,
VALUE, TOTAL NET REDUCTION/ END OF PORTFOLIO
YEAR ENDED TOTAL END OF RETURN INVESTMENT REIMBURSEMENT PERIOD TURNOVER
DECEMBER 31, DISTRIBUTIONS PERIOD (C) EXPENSES INCOME (E) (000 OMITTED) RATE
- -----------------------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON GROWTH FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999(a) (0.13) $54.89 10.55% 0.81%(d) 0.61%(d) -- % $321,110 9%
1998 (1.68) $49.78 18.55% 0.79% 0.62% -- % $322,564 11%
1997 (2.40) $43.48 35.37% 0.80% 0.73% -- % $228,138 12%
1996 (1.96) $33.97 16.72% 0.83% 1.20% -- % $175,764 21%
1995 (3.54) $30.81 30.75% 0.86% 1.34% 0.05% $143,421 37%
1994 (0.47) $26.30 2.28% 0.88% 1.52% 0.04% $103,463 42%
HUNTINGTON INCOME EQUITY FUND
1999(a) (0.56) $41.52 3.06% 0.82%(d) 2.84%(d) -- % $254,361 19%
1998 (1.80) $40.85 17.79% 0.81% 2.83% -- % $249.051 13%
1997 (1.69) $36.30 25.99% 0.81% 3.08% -- % $214,625 24%
1996 (1.50) $30.26 16.88% 0.82% 3.50% -- % $172,767 25%
1995 (0.96) $27.25 29.26% 0.82% 3.85% -- % $141,892 17%
1994 (0.87) $21.93 (1.82%) 0.84% 3.91% -- % $115,399 50%
INVESTMENT SHARES
HUNTINGTON GROWTH FUND
1999(a) (0.07) $54.85 10.38% 1.06%(d) 0.36%(d) -- % $ 17,583 9%
1998 (1.56) $49.76 18.25% 1.04% 0.37% -- % $ 16,501 11%
1997 (2.31) $43.46 35.04% 1.05% 0.48% -- % $ 5,485 12%
1996 (1.89) $33.96 16.43% 1.08% 0.93% -- % $ 4,285 21%
1995 (3.46) $30.81 30.40% 1.11% 1.08% 0.05% $ 3,777 37%
1994 (0.40) $26.31 2.08% 1.13% 1.27% 0.04% $ 3,212 42%
HUNTINGTON INCOME EQUITY FUND
1999(a) (0.50) $41.53 2.92% 1.07%(d) 2.59%(d) -- % $ 2,070 19%
1998 (1.70) $40.86 17.56% 1.06% 2.58% -- % $ 1,885 13%
1997(b) (1.28) $36.29 16.09%(f) 1.08%(d) 2.76%(d) -- % $ 279 24%
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
31
<PAGE>
Financial Highlights
FIXED INCOME FUNDS
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
DISTRIBUTIONS TO
NET REALIZED DISTRIBUTIONS TO SHAREHOLDERS
NET ASSET AND SHAREHOLDERS FROM NET
VALUE, NET UNREALIZED TOTAL FROM FROM NET REALIZED GAIN
YEAR ENDED BEGINNING INVESTMENT GAIN/(LOSS) INVESTMENT INVESTMENT ON INVESTMENT
DECEMBER 31, OF PERIOD INCOME INVESTMENTS OPERATIONS INCOME TRANSACTIONS
- --------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON MICHIGAN TAX-FREE FUND
<S> <C> <C> <C> <C> <C>
1999(a) $10.99 0.25 (0.33) (0.08) (0.25) --
1998(b) $10.97 0.29 0.06 0.35 (0.31) (0.02)
1998(c) $10.89 0.25 0.06 0.31 (0.23) --
1997(d) $10.79 0.50 0.10 0.60 (0.50) --
1996(d) $10.79 0.50 -- 0.50 (0.50) --
1995(d) $ 9.97 0.49 0.82 1.31 (0.49) --
1994(d) $10.61 0.47 (0.63) (0.16) (0.47) (0.01)
HUNTINGTON OHIO TAX-FREE FUND
1999(a) $21.83 0.48 (0.74) (0.26) (0.47) --
1998 $21.74 0.98 0.11 1.09 (0.98) (0.02)
1997 $21.49 1.01 0.27 1.28 (1.02) (0.01)
1996 $21.77 1.01 (0.28) 0.73 (1.01) --
1995 $20.50 1.01 1.27 2.28 (1.01) --
1994 $22.04 0.99 (1.55) (0.56) (0.98) --
HUNTINGTON FIXED INCOME SECURITIES FUND
1999(a) $21.78 0.60 (1.32) (0.72) (0.60) --
1998 $21.41 1.26 0.65 1.91 (1.26) (0.28)
1997 $20.94 1.31 0.47 1.78 (1.31) --
1996 $21.78 1.34 (0.83) 0.51 (1.35) --
1995 $19.69 1.34 2.09 3.43 (1.34) --
1994 $22.03 1.28 (2.28) (1.00) (1.34) --
INVESTMENT SHARES
HUNTINGTON MICHIGAN TAX-FREE FUND
1999(a) $10.99 0.24 (0.34) (0.10) (0.23) --
1998(b) $10.97 0.28 0.06 0.34 (0.30) (0.02)
1998(c) $10.89 0.24 0.06 0.30 (0.22) --
1997(d) $10.79 0.47 0.10 0.57 (0.47) --
1996(d) $10.79 0.48 -- 0.48 (0.48) --
1995(d) $ 9.97 0.49 0.82 1.31 (0.49) --
1994(d) $10.61 0.47 (0.63) (0.16) (0.47) (0.01)
HUNTINGTON OHIO TAX-FREE FUND
1999(a) $21.82 0.45 (0.73) (0.28) (0.45) --
1998 $21.73 0.93 0.11 1.04 (0.93) (0.02)
1997 $21.48 0.98 0.25 1.23 (0.97) (0.01)
1996 $21.77 0.96 (0.29) 0.67 (0.96) --
1995 $20.50 0.96 1.27 2.23 (0.96) --
1994 $22.04 0.94 (1.56) (0.62) (0.92) --
HUNTINGTON FIXED INCOME SECURITIES FUND
1999(a) $21.78 0.50 (1.24) (0.74) (0.58) --
1998 $21.41 1.20 0.66 1.86 (1.21) (0.28)
1997 $20.95 1.25 0.47 1.72 (1.26) --
1996 $21.78 1.29 (0.83) 0.46 (1.29) --
1995 $19.70 1.29 2.09 3.38 (1.30) --
1994 $22.04 1.23 (2.29) (1.06) (1.28) --
- --------------------------------------------------------------------------------------------------------------------
<FN>
(a) Six months ended June 30, 1999 (unaudited)
(b) Seven months ended December 31, 1999.
(c) Six months ended May 31, 1998.
(d) Year ended November 30.
(e) Based on net asset value, which does not reflect the sales load, if
applicable.
(f) Expense ratios reflect the operating expense in effect during the period
prior to and subsequent to the reorganization.
(g) This voluntary expense decrease is reflected in both the expense and net
investment income ratio.
(h) Computed on an annualized basis.
(i) Not annualized.
</FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
</TABLE>
(See Notes which are an integral part of the Financial Statements)
32
<PAGE>
<TABLE>
<CAPTION>
RATIO TO AVERAGE NET ASSETS
----------------------------------------
NET ASSET EXPENSE WAIVER NET ASSETS,
VALUE, TOTAL NET REDUCTION/ END OF PORTFOLIO
YEAR ENDED TOTAL END OF RETURN INVESTMENT REIMBURSEMENT PERIOD TURNOVER
DECEMBER 31, DISTRIBUTIONS PERIOD (E) EXPENSES INCOME (G) (000 OMITTED) RATE
- ------------------------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON MICHIGAN TAX-FREE FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1999(a) (0.25) $10.66 (0.79%) 0.71%(h) 4.58%(h) -- $ 22,740 1%
1998(b) (0.33) $10.99 3.31%(i) 0.67%(h) 4.57%(h) 0.07%(h) $ 23,995 7%
1998(c) (0.23) $10.97 2.86%(i) 0.75%(f)(h) 4.55%(h) 0.14%(h) $ 27,440 2%
1997(d) (0.50) $10.89 5.73% 0.73% 4.66% 0.27% $ 24,954 7%
1996(d) (0.50) $10.79 4.78% 0.68% 4.72% 0.37% $ 23,082 16%
1995(d) (0.49) $10.79 13.21% 0.70% 4.62% 0.48% $ 20,700 35%
1994(d) (0.48) $ 9.97 (1.49%) 0.51% 4.50% 0.68% $ 15,495 22%
HUNTINGTON OHIO TAX-FREE FUND
1999(a) (0.47) $21.10 (1.21%) 0.80%(h) 4.43%(h) -- $ 59,651 4%
1998 (1.00) $21.83 5.16% 0.73% 4.50% -- $ 63,148 9%
1997 (1.03) $21.74 6.11% 0.72% 4.72% -- $ 64,325 14%
1996 (1.01) $21.49 3.48% 0.76% 3.48% -- $ 64,799 6%
1995 (1.01) $21.77 11.35% 0.78% 4.74% 0.08% $ 59,869 13%
1994 (0.98) $20.50 (2.57%) 0.77% 4.68% 0.04% $ 56,469 12%
HUNTINGTON FIXED INCOME SECURITIES FUND
1999(a) (0.60) $20.46 (3.33%) 0.73%(h) 5.79%(h) -- $153.366 34%
1998 (1.54) $21.78 9.18% 0.70% 5.78% -- $168,453 47%
1997 (1.31) $21.41 8.83% 0.70% 6.26% -- $153,374 116%
1996 (1.35) $20.94 2.56% 0.74% 6.39% -- $144,038 16%
1995 (1.34) $21.78 17.95% 0.77% 6.41% 0.05% $141,423 20%
1994 (1.34) $19.69 (4.62%) 0.75% 6.26% 0.04% $119,117 23%
INVESTMENT SHARES
HUNTINGTON MICHIGAN TAX-FREE FUND
1999(a) (0.23) $10.66 (0.91%) 0.96%(h) 4.33%(h) -- $ 8,646 1%
1998(b) (0.32) $10.99 3.14%(i) 0.92%(h) 4.32%(h) 0.07%(h) $ 8,764 7%
1998(c) (0.22) $10.97 2.75%(i) 1.00%(f)(h) 4.30%(h) 0.21%(h) $ 9,946 2%
1997(d) (0.47) $10.89 5.47% 0.98% 4.41% 0.37% $ 9,426 7%
1996(d) (0.48) $10.79 4.61% 0.84% 4.55% 0.56% $ 9,050 16%
1995(d) (0.49) $10.79 13.21% 0.70% 4.62% 0.48% $ 12,619 35%
1994(d) (0.48) $ 9.97 (1.49%) 0.51% 4.50% 0.68% $ 12,249 22%
HUNTINGTON OHIO TAX-FREE FUND
1999(a) (0.45) $21.09 (1.34%) 1.05%(h) 4.18%(h) -- $ 1,467 4%
1998 (0.95) $21.82 4.90% 0.98% 4.25% -- $ 1,519 9%
1997 (0.98) $21.73 5.88% 0.97% 4.47% -- $ 1,468 14%
1996 (0.96) $21.48 3.20% 1.01% 3.24% -- $ 1,900 6%
1995 (0.96) $21.77 11.10% 1.03% 4.49% 0.08% $ 2,163 13%
1994 (0.92) $20.50 (2.83%) 1.02% 4.43% 0.04% $ 2,307 12%
HUNTINGTON FIXED INCOME SECURITIES FUND
1999(a) (0.58) $20.46 (3.45%) 0.98%(h) 5.54%(h) -- $ 1,438 34%
1998 (1.49) $21.78 8.93% 0.95% 5.53% -- $ 1,586 47%
1997 (1.26) $21.41 8.54% 0.95% 6.01% -- $ 1,615 116%
1996 (1.29) $20.95 2.32% 0.99% 6.12% -- $ 1,851 16%
1995 (1.30) $21.78 17.63% 1.02% 6.17% 0.05% $ 2,176 20%
1994 (1.28) $19.70 (4.88%) 1.00% 6.01% 0.04% $ 1,958 23%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
33
<PAGE>
FINANCIAL HIGHLIGHTS
FIXED INCOME FUNDS (CONT'D)
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
DISTRIBUTIONS TO
NET REALIZED DISTRIBUTIONS TO SHAREHOLDERS DISTRIBUTIONS
NET ASSET AND SHAREHOLDERS FROM NET IN EXCESS
VALUE, NET UNREALIZED TOTAL FROM FROM NET REALIZED GAIN OF NET
YEAR ENDED BEGINNING INVESTMENT GAIN/(LOSS) INVESTMENT INVESTMENT ON INVESTMENT INVESTMENT
DECEMBER 31, OF PERIOD INCOME INVESTMENTS OPERATIONS INCOME TRANSACTIONS INCOME (J)
- --------------------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND
<S> <C> <C> <C> <C> <C>
1999(a) $10.42 0.27 (0.42) (0.15) (0.28) -- --
1998(b) $10.23 0.33 0.21 0.54 (0.35) -- --
1998(c) $10.16 0.29 0.04 0.33 (0.26) -- --
1997(d) $10.13 0.59 0.02 0.61 (0.58) -- --
1996(d) $10.24 0.59 (0.10) 0.49 (0.60) -- --
1995(d) $ 9.66 0.61 0.58 1.19 (0.61) -- --
1994(d) $10.46 0.57 (0.80) (0.23) (0.57) -- --
HUNTINGTON MORTGAGE SECURITIES FUND
1999(a) $ 8.25 0.23 (0.23) -- (0.24) -- --
1998 $ 8.24 0.50 0.01 0.51 (0.50) -- --
1997(k) $ 8.06 0.52 0.16 0.68 (0.50) -- --
1996(k) $ 8.09 0.55 (0.04) 0.51 (0.54) -- --
1995(k) $ 6.69 0.55 1.46 2.01 (0.55) -- (0.06)
1994(k) $ 9.93 0.89 (3.19) (2.30) (0.93) -- (0.01)
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND
1999(a) $20.13 0.55 (0.53) 0.02 (0.54) -- --
1998 $20.04 1.15 0.24 1.39 (1.15) (0.15) --
1997 $19.96 1.19 0.08 1.27 (1.19) -- --
1996 $20.35 1.17 (0.37) 0.80 (1.19) -- --
1995 $19.14 1.18 1.21 2.39 (1.18) -- --
1994 $20.57 1.13 (1.33) (0.20) (1.23) -- --
INVESTMENT SHARES
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND
1999(a) $10.42 0.28 (0.45) (0.17) (0.26) -- --
1998(b) $10.24 0.31 0.20 0.51 (0.33) -- --
1998(c) $10.16 0.28 0.05 0.33 (0.25) -- --
1997(d) $10.13 0.57 0.02 0.59 (0.56) -- --
1996(d) $10.24 0.57 (0.10) 0.47 (0.58) -- --
1995(d) $ 9.66 0.61 0.58 1.19 (0.61) -- --
1994(d) $10.46 0.57 (0.80) (0.23) (0.57) -- --
HUNTINGTON MORTGAGE SECURITIES FUND
1999(a) $ 8.27 0.22 (0.23) (0.01) (0.23) -- --
1998 $ 8.26 0.48 0.01 0.49 (0.48) -- --
1997(k) $ 8.08 0.50 0.17 0.67 (0.49) -- --
1996(k) $ 8.12 0.53 (0.04) 0.49 (0.53) -- --
1995(k) $ 6.70 0.55 1.46 2.01 (0.55) -- (0.04)
1994(k) $ 9.94 0.87 (3.19) (2.32) (0.91) -- (0.01)
- --------------------------------------------------------------------------------------------------------------------------------
<FN>
(a) Six months ended June 30, 1999 (unaudited).
(b) Seven months ended December 31, 1999.
(c) Six months ended May 31, 1998.
(d) Year ended November 30.
(e) Based on net asset value, which does not reflect the sales load, if
applicable.
(f) Expense ratios reflect the operating expense in effect during the period
prior to and subsequent to the reorganization.
(g) This voluntary expense decrease is reflected in both the expense and
net investment income ratio.
(h) Computed on an annualized basis.
(i) Not annualized.
(j) Distributions in excess of net investment income were the result of certain
book and tax timing differences. These distributions did not represent a
return of capital for federal income tax purposes.
(k) Per share information presented is based upon the monthly average number
of shares outstanding due to large fluctuations in the number of shares
outstanding during the period.
</FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
</TABLE>
(See Notes which are an integral part of the Financial Statements)
34
<PAGE>
<TABLE>
<CAPTION>
RATIO TO AVERAGE NET ASSETS
----------------------------------------
NET ASSET EXPENSE WAIVER NET ASSETS,
VALUE, TOTAL NET REDUCTION/ END OF PORTFOLIO
TOTAL END OF RETURN INVESTMENT REIMBURSEMENT PERIOD TURNOVER
DISTRIBUTIONS PERIOD (E) EXPENSES INCOME (G) (000 OMITTED) RATE
- ------------------------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND
<S> <C> <C> <C> <C> <C> <C> <C>
1999(a) (0.28) $ 9.99 (1.51%) 0.73%(h) 5.43%(h) -- $105,280 10%
1998(b) (0.35) $10.42 5.34%(i) 0.69%(h) 5.38%(h) 0.05%(h) $109,261 7%
1998(c) (0.26) $10.23 3.33%(i) 0.76%(f)(h) 5.67%(h) 0.02%(h) $116,317 14%
1997(d) (0.58) $10.16 6.27% 0.79% 5.91% -- $115,064 28%
1996(d) (0.60) $10.13 4.97% 0.79% 5.89% -- $108,047 16%
1995(d) (0.61) $10.24 12.64% 0.78% 6.09% -- $114,646 27%
1994(d) (0.57) $ 9.66 (2.23%) 0.83% 6.45% 0.02% $115,449 20%
HUNTINGTON MORTGAGE SECURITIES FUND
1999(a) (0.24) $ 8.01 (0.02%) 0.75%(h) 5.77%(h) 0.20%(h) $ 34,234 11%
1998 (0.50) $ 8.25 6.41% 0.63% 6.09% 0.20% $ 34,991 17%
1997(k) (0.50) $ 8.24 8.77% 0.66% 6.39% 0.20% $ 37,057 63%
1996(k) (0.54) $ 8.06 6.56% 0.67% 6.86% 0.29% $ 39,566 90%
1995(k) (0.61) $ 8.09 31.10% 0.49% 7.29% 0.63% $ 52,667 194%
1994(k) (0.94) $ 6.69 (24.59%) 0.88% 11.16% 0.12% $ 54,164 91%
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND
1999(a) (0.54) $19.61 0.12% 0.72%(h) 5.54%(h) -- $116,924 58%
1998 (1.30) $20.13 7.13% 0.71% 5.68% -- $127,715 61%
1997 (1.19) $20.04 6.56% 0.71% 5.94% -- $126,845 160%
1996 (1.19) $19.96 4.08% 0.72% 5.83% -- $125,514 39%
1995 (1.18) $20.35 12.81% 0.74% 5.93% -- $133,951 40%
1994 (1.23) $19.14 (0.98%) 0.72% 5.76% -- $125,112 38%
INVESTMENT SHARES
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND
1999(a) (0.26) $ 9.99 (1.63%) 0.98%(h) 5.19%(h) -- $ 2,310 10%
1998(b) (0.33) $10.42 5.06%(i) 0.94%(h) 5.13%(h) 0.05%(h) $ 3,084 7%
1998(c) (0.25) $10.24 3.31%(i) 1.01%(f)(h) 5.42%(h) 0.09%(h) $ 3,217 14%
1997(d) (0.56) $10.16 5.99% 1.04% 5.66% 0.10% $ 3,518 28%
1996(d) (0.58) $10.13 4.80% 0.95% 5.73% 0.19% $ 5,230 16%
1995(d) (0.61) $10.24 12.64% 0.78% 6.09% -- $ 7,610 27%
1994(d) (0.57) $ 9.66 (2.23%) 0.83% 6.45% 0.02% $ 9,718 20%
HUNTINGTON MORTGAGE SECURITIES FUND
1999(a) (0.23) $ 8.03 (0.16%) 1.00%(h) 5.52%(h) 0.45%(h) $ 1,044 11%
1998 (0.48) $ 8.27 6.09% 0.88% 5.84% 0.45% $ 1,068 17%
1997(k) (0.49) $ 8.26 8.54% 0.91% 6.16% 0.45% $ 1,082 63%
1996(k) (0.53) $ 8.08 6.25% 0.92% 6.57% 0.53% $ 1,666 90%
1995(k) (0.59) $ 8.12 31.13% 0.76% 7.40% 0.73% $ 2,008 194%
1994(k) (0.92) $ 6.70 (24.72%) 1.13% 10.91% 0.37% $ 4,259 91%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
35
<PAGE>
COMBINED NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1999
(1) ORGANIZATION
The Huntington Funds, formerly known as The Monitor Funds, (the "Trust") is
registered under the Investment Company Act of 1940, as amended (the "Act"), as
an open-end management investment company. As of June 30, 1999, the Trust
consisted of eight diversified and four non-diversified portfolios (individually
referred to as a "Fund", or collectively as the "Funds") as follows:
Huntington Florida Tax-Free Money Fund
("Florida Tax-Free Money")*
Huntington Money Market Fund ("Money Market")
Huntington Ohio Municipal Money Market Fund
("Ohio Municipal Money Market")*
Huntington U.S. Treasury Money Market Fund
("U.S. Treasury Money Market")
Huntington Growth Fund ("Growth")
Huntington Income Equity Fund ("Income Equity")
Huntington Michigan Tax-Free Fund ("Michigan Tax-Free")*+
Huntington Ohio Tax-Free Fund ("Ohio Tax-Free")*
Huntington Fixed Income Securities Fund ("Fixed Income")
Huntington Intermediate Government Income Fund
("Intermediate Government Income")+
Huntington Mortgage Securities Fund ("Mortgage Securities")
Huntington Short/Intermediate Fixed Income Securities Fund
("Short/Intermediate Fixed Income")
*non-diversified portfolio
The Funds each offer two classes of shares ("Trust Shares" and "Investment
Shares") except for Short/Intermediate Fixed Income which only offers Trust
Shares. Investment Shares are identical in all respects to Trust Shares, except
that Investment Shares are sold pursuant to a distribution plan adopted in
accordance with Rule 12b-1 under the Act and are subject to a sales charge.
Trust Shares are only offered to fiduciary, advisory, agency and other similar
clients of The Huntington National Bank, its affiliates or correspondent banks.
The objectives of the Funds can be found in the current prospectuses.
The assets of each Fund are segregated, and a shareholder's interest is limited
to the Fund and to the class in which shares are held.
+FMB Michigan Tax-Free Bond Fund and FMB Intermediate Government Income Fund
were reorganized into Michigan Tax-Free and Intermediate Government Income,
respectively, in 1998. Because the two FMB Funds were treated as accounting
survivors in the reorganization, historical information relating to these funds
is included herein with information for Michigan Tax-Free and Intermediate
Government Income.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by each Fund in the preparation of its financial statements. These
policies are in conformity with generally accepted accounting principles (GAAP).
The preparation of financial statements in accordance with GAAP requires
management to make estimates and assumptions that affect the reported amounts
and disclosures in the Statements. The actual results could differ from those
estimates.
A. INVESTMENT VALUATIONS
Securities of the money market funds (Money Market, Ohio Municipal Money Market,
U.S. Treasury Money Market and Florida Tax-Free Money) are valued using
amortized cost, which approximates market value. The Trust's use of the
amortized cost method to value the money market funds' portfolio securities is
conditioned on their compliance with Rule 2a-7 under the Act.
Each of the equity funds values its securities in calculating net asset value as
follows. Securities traded on a national securities exchange or quoted on the
NASDAQ National Market System are valued at their last-reported sale price on
the principal exchange or reported by NASDAQ or, if there is no reported sale,
and in the case of over-the-counter securities not included in the NASDAQ
National Market System, at a bid price estimated by a pricing service authorized
by the Board of Trustees (an "Authorized Pricing Service"). For the income
funds, securities traded on a national securities exchange or in the
over-the-counter market are valued at their last-reported sale price, or, if
there is no reported sale, at a bid price estimated by an Authorized Pricing
Service. For other debt securities, including zero-coupon securities, and
foreign securities, an Authorized Pricing Service will be used.
U.S. government securities held by the Mortgage Securities Fund are valued at
the mean between the over-the-counter bid and asked prices as furnished by an
Authorized Pricing Service.
Short-term investments with remaining maturities of 60 days or less at the time
of purchase are valued at amortized cost. Investments in other open-end
investment companies are valued at net asset value.
For securities which cannot be priced by an Authorized Pricing Service, the
Board of Trustees has authorized the Trust's recordkeeper to seek a good faith
fair value determination from a broker-dealer or other financial intermediary.
In certain circumstances, in accordance with the Trust's Security Valuation
Policy, the recordkeeper may seek a good faith fair value determination where an
Authorized Pricing Service has provided a price. The Trust's Security Valuation
Policy has also established a Pricing Committee which will price a security in
the event that no price can be obtained from an Authorized Pricing Service, a
broker-dealer or other financial intermediary.
B. REPURCHASE AGREEMENTS
It is the policy of the Funds to require the custodian bank to take possession,
to have legally segregated in the Federal Reserve Book Entry System, or to have
segregated within the custodian bank's vault, all securities held as collateral
under repurchase agreement transactions. Additionally, it's the policy of the
Trust to monitor, on a daily basis, the market value of each repurchase
agreement's collateral to ensure that the value of collateral at least equals
the repurchase price to be paid under the repurchase agreement transaction.
The Funds will only enter into repurchase agreements with banks and other
recognized financial institutions, such as broker/dealers, which are deemed by
the Funds' adviser to be creditworthy pursuant to the guidelines established by
the Trustees. Risks may arise from the potential inability of counterparties to
honor the terms of these agreements. Accordingly, the Funds could receive less
than the repurchase price on the sale of collateral securities.
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C. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS
Dividend income and distributions to shareholders are recorded on the
ex-dividend date. Interest income and expenses are accrued daily. Bond premium
and discount, if applicable, are amortized, as required by the Internal Revenue
Code, as amended (the "Code") which does not differ materially from GAAP. For
stripped mortgage backed securities, Mortgage Securities uses the constant yield
method for income recognition purposes.
Income, expenses (other than class specific expenses) and realized and
unrealized gains and losses for the Funds are allocated daily to each class of
shares based upon the relative proportion of net assets represented by such
class. Distribution fees are charged directly to such class.
Income distributions and capital gain distributions are determined in accordance
with income tax regulations which may differ from GAAP. These differences are
primarily due to the tax nature of distributions. As of December 31, 1998,
$2,491 has been reclassified from Income Equity's undistributed net investment
income to accumulated net realized and unrealized gain (loss) on investments.
Net investment income, net realized gain (loss), and net assets were not
affected by this change.
D. FEDERAL TAXES
It is the Funds' policy to comply with the provisions of the Code applicable to
regulated investment companies and to distribute to shareholders each year
substantially all of their income. Accordingly, no provisions for federal tax
are necessary.
At June 30, 1999, Money Market, Ohio Municipal Money Market, Intermediate
Government Income, and Mortgage Securities for federal tax purposes, had capital
loss carryforwards, which will reduce each Fund's taxable income arising from
future net realized gain on investments, if any, to the extent permitted by the
Code, and thus will reduce the amount of the distributions to shareholders which
would otherwise be necessary to relieve each Fund of any liability for federal
tax. Pursuant to the Code, such capital loss carryforwards will expire as listed
below:
YEAR AND AMOUNT OF EXPIRATION
2001 2002 2003 2004 2005 2006 TOTAL
- --------------------------------------------------------------------------------
Money
Market -- -- 86,955 -- 757 1,194 $88,906
- --------------------------------------------------------------------------------
Ohio
Municipal
Money
Market -- 2,172 10,081 -- -- -- $12,253
- --------------------------------------------------------------------------------
Intermediate
Government
Income 341,003 1,366,912 -- -- -- 11,041 $1,718,956
- --------------------------------------------------------------------------------
Mortgage
Securities -- 10,376,781 10,841,602 2,455,048 -- -- $ 23,673,431
- --------------------------------------------------------------------------------
E. DOLLAR ROLL TRANSACTIONS
Mortgage Securities may enter into mortgage "dollar rolls" in which it sells
securities for delivery in the current month and simultaneously contracts with
the same counterparty to repurchase similar (same type, coupon and maturity) but
not identical securities on a specified future date. The Fund would benefit to
the extent of any difference between the price received for the securities sold
and the lower forward price for the future purchase plus any fee income
received. As of June 30, 1999 no fee income was received for the year for dollar
roll transactions. The Fund maintains a segregated account, the dollar value of
which meets or exceeds its obligations with respect to dollar rolls.
F. OTHER
Investment transactions are accounted for on the trade date.
Gains or losses realized from the sale of securities are determined by comparing
the identified cost of the security sold with the net sales proceeds.
(3) INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE -- The Huntington National Bank, the Trust's investment
adviser ("Huntington" or the "Adviser"), receives for its services an annual
investment advisory fee for each of the Funds at the following annual rates:
Money Market and Ohio Municipal Money Market: 0.30% of the first $500 million of
average daily net assets of each Fund, 0.25% of the next $500 million, and 0.20%
of any amount over $1 billion; U.S. Treasury Money Market: 0.20% of the Fund's
average daily net assets; Florida Tax-Free Money: 0.50% of the first $100
million of the Fund's average daily net assets, 0.45% of the next $100 million,
0.40% of the next $100 million, and 0.375% of any amount over $300 million.
Growth and Income Equity: 0.60% of each Fund's average daily net assets; and
Michigan Tax-Free, Ohio Tax-Free, Fixed Income, Intermediate Government Income,
Mortgage Securities and Short/Intermediate Fixed Income: 0.50% of each Fund's
average daily net assets. The Adviser may voluntarily choose to waive a portion
of its fee. During the period, the Adviser waived 0.05% for Ohio Municipal Money
Market, 0.30% for Florida Tax-Free Money, 0.07% for Michigan Tax-Free, 0.05% for
Intermediate Government Income, and 0.20% for Mortgage Securities. The Adviser
can modify or terminate these voluntary waivers at any time at its sole
discretion.
SUB-ADVISORY FEE -- The Adviser has entered into a Sub-Advisory Agreement with
Countrywide Investments, Inc. ("Countrywide"), pursuant to which Countrywide
provides investment advice, statistical and other information for Florida
Tax-Free Money. For its services, Countrywide receives from the Adviser an
annual fee equal to 0.20% of the Fund's average daily net assets.
ADMINISTRATION FEE -- Huntington also serves as administrator to the Trust and
is entitled to receive an annual fee of 0.11% of each Fund's average net assets,
paid monthly, for services performed under the Trust's current Administration
Agreement. Huntington pays monthly to SEI Investments Mutual Funds Services
("SIMFS"), under a Sub-Administration Agreement, an annual fee of 0.045% of each
Fund's average net assets for services performed.
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COMBINED NOTES TO FINANCIAL STATEMENTS
DISTRIBUTION AGREEMENT -- SEI Investments Distribution Co. ("SIDCO") acts as the
Trust's distributor pursuant to a Distribution Agreement. SEI Investments
Management Corporation, a wholly-owned subsidiary of SEI Investments Company, is
the owner of all beneficial interests in SIMFS. SIDCO is a wholly-owned
subsidiary of SEI Investments Company.
DISTRIBUTION PLAN -- The Trust has adopted a distribution plan pursuant to Rule
12b-1 under the 1940 Act (the "Distribution Plan"). The Distribution Plan
provides for payments to be made to the Trust's distributor (SIDCO) in
connection with the provision of distribution and administrative services with
respect to the Funds' Investment Shares.
In accordance with the Distribution Plan, the distributor enters into agreements
with brokers and dealers relating to distribution and/or administrative services
with respect to the Investment Shares of the Funds. The distributor may also
enter into agreements with administrators (including financial institutions,
fiduciaries, custodians for public funds, and investment advisers) to provide
administrative services with respect to such shares.
In connection with the provision of the distribution and administrative services
described above, the distributor pays brokers, dealers and administrators
(including The Huntington Investment Company) a fee based on the amount of the
Investment Shares owned by their customers.
Under the Distribution Plan, for all of the Funds except Mortgage Securities,
amounts paid by the distributor for services rendered with respect to a Fund's
Investment Shares will be paid by the Fund in an amount which may not exceed an
annual rate of 0.25% of the average daily net assets attributable to the Fund's
Investment Shares. Money Market, Ohio Municipal Money Market, and U.S. Treasury
Money Market have voluntarily limited fees to 0.10%. For Mortgage Securities,
the amounts that may be paid by the Fund may not exceed an annual rate of 0.50%
of the average daily net assets attributable to the Fund's Investment Shares.
Mortgage Securities has voluntarily limited fees to 0.25%.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES AND EXPENSES, PORTFOLIO ACCOUNTING
AND CUSTODIAN FEES -- State Street Bank and Trust Company ("State Street")
serves as the Trust's transfer agent and dividend disbursing agent. The fees
payable to State Street for transfer agent and dividend disbursing services are
based on the size, type and number of accounts and transactions made by
shareholders.
Huntington provides certain accounting and recordkeeping services with respect
to each of the Funds' portfolios of investments. Prior to May 1, 1999, American
Data Services, Inc. ("ADS") provided these services with respect to Mortgage
Securities' portfolio of investments. Huntington receives an annual fee based on
the level of each Fund's average daily net assets. For the six-month period
ended June 30, 1999, Huntington received fees of $420,675. ADS received $11,958
plus out of pocket expenses for services rendered for the four-month period
ended April 30, 1999.
Huntington also receives a fee for its services as the custodian of the Funds'
investments and other assets. For the six-month period ended June 30, 1999,
Huntington received fees of $367,701.
For the six-month period ended June 30, 1999, certain Officers of the Trust were
Officers of SIMFS and SIDCO. Such Officers receive no compensation from the
Trust.
For the six-month period ended June 30, 1999, Huntington paid $13,432 in
commissions earned on sales of Investment Shares of the variable net asset value
funds to affiliate broker/dealers of the Funds.
(4) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term securities, for the
six-month period ended June 30, 1999 were as follows (all numbers in thousands):
INVESTMENT SECURITIES
---------------------
INCOME MICHIGAN
GROWTH EQUITY TAX-FREE
- --------------------------------------------------------------------------------
Purchases $27,706 $42,799 $300
Sales $58,466 $40,498 $590
- --------------------------------------------------------------------------------
INTERMEDIATE
OHIO FIXED GOVERNMENT
TAX-FREE INCOME INCOME
- --------------------------------------------------------------------------------
Purchases $2,648 -- --
Sales $4,547 $2,013 --
- --------------------------------------------------------------------------------
SHORT/
INTERMEDIATE
MORTGAGE FIXED
SECURITIES INCOME
- --------------------------------------------------------------------------------
Purchases -- $ 8,293
Sales -- $24,179
- --------------------------------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS
---------------------------
INCOME MICHIGAN
GROWTH EQUITY TAX-FREE
- --------------------------------------------------------------------------------
Purchases -- -- --
Sales -- -- --
- --------------------------------------------------------------------------------
INTERMEDIATE
OHIO FIXED GOVERNMENT
TAX-FREE INCOME INCOME
- --------------------------------------------------------------------------------
Purchases -- $54,318 $11,075
Sales -- $50,969 $18,141
- --------------------------------------------------------------------------------
SHORT/
INTERMEDIATE
MORTGAGE FIXED
SECURITIES INCOME
- --------------------------------------------------------------------------------
Purchases $3,566 $60,623
Sales $4,030 $52,979
- --------------------------------------------------------------------------------
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(5) INVESTMENT CONCENTRATION
Ohio Municipal Money Market and Ohio Tax-Free invest a substantial portion of
their assets in obligations and notes issued by the State of Ohio, political
subdivisions thereof, and agencies, instrumentalities, authorities and districts
of both the State and its political subdivisions. For Ohio Tax-Free, such issues
must be rated in one of the top four rating categories by a Nationally
Recognized Statistical Ratings Organization ("NRSRO") or unrated and deemed by
the investment adviser to be of comparable quality. For Ohio Municipal Money
Market, such issues must rate in the highest rating category by a NRSRO or
unrated and deemed by the investment adviser to be of comparable quality.
If there should be a default or other financial crisis relating to the State of
Ohio, an Ohio municipality or an agency or instrumentality of the State or the
municipality, the market value and marketability of the Ohio municipal bonds in
Ohio Municipal Money Market and Ohio Tax-Free's portfolios and the interest
income to the two Funds could be adversely affected.
Michigan Tax-Free invests a substantial portion of its assets in obligations and
notes issued by the State of Michigan, political subdivisions thereof, and
agencies, instrumentalities, authorities and districts of both the State and its
political subdivisions. If there should be a default or other financial crisis
related to the State of Michigan, a Michigan municipality or an agency or
instrumentality of the State, the market value and marketability of the Michigan
municipal bonds in Michigan Tax-Free's portfolio and the interest income could
be adversely affected.
Florida Tax-Free Money invests a substantial portion of its assets in
obligations and notes issued by the State of Florida, political subdivisions
thereof, and agencies, instrumentalities, authorities and districts of both the
State and its political subdivisions. If there should be a default or other
financial crisis related to the State of Florida, a Florida municipality or an
agency or instrumentality of the State, the market value of the Florida
municipal obligations in Florida Tax-Free Money's portfolio and the interest
income could be adversely affected.
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TRUSTEES
David S. Schoedinger
John M. Shary
William R. Wise
Mutual funds, including money market funds, are not bank deposits or
obligations, are not guaranteed by any bank, and are not insured
or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation,
the Federal Reserve Board, or any other government agency. Investment in
mutual funds involves investment risk, including the possible loss of
principal. Although 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.
This report is authorized for distribution to
prospective investors only when preceded or
accompanied by a prospectus which contains
facts concerning the
Funds' objectives and policies, management fees,
expenses and other information.
<PAGE>
[Graphic Omitted]
THE HUNTINGTON NATIONAL BANK,
a subsidiary of
Huntington Bancshares
Incorporated, is the
Investment Adviser, Administrator,
Custodian, and
Recordkeeper of
The Huntington Funds.
SEI Investments
Distribution Co. is
the Distributor and is
not affiliated with The
Huntington National Bank.
[Huntington Logo Omitted]
(800) 253-0412
1400022 (6/99)
