MESSAGE FROM THE INVESTMENT MANAGER
DEAR FELLOW SHAREHOLDERS:
WE ARE PLEASED TO PRESENT THE HUNTINGTON FUNDS ANNUAL REPORT FOR THE YEAR 1999.
WE HOPE YOU WILL TAKE A FEW MOMENTS TO REVIEW THE MESSAGE FROM OUR CHIEF
INVESTMENT OFFICER, JIM BUSKIRK, THE COMMENTS OF OUR FUND PORTFOLIO MANAGERS,
AND THE FINANCIAL HIGHLIGHTS FOR THE TWELVE MEMBERS OF OUR FUND FAMILY.
AT THE BEGINNING OF 1999, WE CHANGED THE NAME OF THE FUND FAMILY FROM THE
MONITOR FUNDS TO THE HUNTINGTON FUNDS. THE FUNDS NOW SHARE THE REPUTATION OF THE
NAME HUNTINGTON, A SOLID FINANCIAL SERVICES COMPANY FOR OVER ONE HUNDRED
THIRTY-FOUR YEARS. WE ALSO LAUNCHED THE TWELFTH FUND OF OUR FAMILY, THE
HUNTINGTON FLORIDA TAX-FREE MONEY FUND, WHICH IS AN ATTRACTIVE INVESTMENT OPTION
FOR OUR FLORIDA RESIDENT CLIENTS. WE ARE PLEASED WITH THE GROWTH THAT THIS FUND
HAS ENJOYED.
WE HAVE EXPERIENCED SOME POSITIVE CHANGES IN THE MANAGERS OF OUR FUND
PORTFOLIOS. BILL DOUGHTY, VICE PRESIDENT, NOW SUPERVISES THE MANAGEMENT OF ALL
MONEY MARKET AND FIXED INCOME FUNDS. BILL HAS MORE THAN TWENTY-FIVE YEARS OF
EXPERIENCE IN FIXED INCOME MANAGEMENT AND IS ASSISTED BY A TEAM OF PORTFOLIO
MANAGERS/ANALYSTS AND TRADERS. JIM GIBBONEY, CFA, VICE PRESIDENT, HAS MORE THAN
TWENTY YEARS OF EXPERIENCE AND IS NOW SENIOR MANAGER OF THE HUNTINGTON GROWTH
FUND. HE HAD SERVED AS CO-MANAGER OF THAT FUND SINCE 1994.
ON BEHALF OF THE HUNTINGTON FUNDS, THE HUNTINGTON NATIONAL BANK, OUR FUND
MANAGERS AND ASSOCIATES, WE THANK YOU FOR CHOOSING THE HUNTINGTON FUNDS TO HELP
YOU REACH YOUR FINANCIAL GOALS.
YOURS TRULY
[RICHARD STENBERG SIG OMITTED]
RICHARD STENBERG
SENIOR VICE PRESIDENT,
DIRECTOR, PRIVATE FINANCIAL GROUP
THE HUNTINGTON NATIONAL BANK
1
<PAGE>
MESSAGE FROM THE CHIEF INVESTMENT OFFICER
DEAR SHAREHOLDER:
A FRIEND OF MINE RECENTLY LAMENTED WHAT HAS BECOME A FAMILIAR REFRAIN: "WHY IS
EVERYONE GETTING RICH BUT ME?" ONE NATIONAL MAGAZINE ACTUALLY WENT SO FAR AS TO
DEVOTE AN ENTIRE COVER STORY TO THIS MALADY ASSOCIATED WITH NOT KEEPING UP WITH
THE JONESES, WHICH IT REFERRED TO AS "THE WHINE OF THE 90'S." MY FRIEND'S ANGST
WAS DUE SOLELY TO HIS STOCK PORTFOLIO'S FAILURE TO KEEP UP WITH THE POPULAR
MARKET AVERAGES, WHICH SET NEW HIGHS ON SEVERAL OCCASIONS THROUGHOUT THE COURSE
OF 1999. THE NASDAQ, THE SO-CALLED OVER-THE-COUNTER MARKET, WAS PARTICULARLY
IMPRESSIVE, GAINING OVER 80% LAST YEAR, WHILE THE BROADER, LARGER
CAPITALIZATION-WEIGHTED STANDARD & POOR'S 500 INDEX POSTED A MORE MODEST GAIN OF
21%, REPRESENTING AN UNPRECEDENTED FIFTH CONSECUTIVE YEAR OF GAINS IN EXCESS OF
20%.
BY ALL INDICATIONS, THIS RISING MARKET TIDE SHOULD HAVE LIFTED ALL BOATS. BUT
UPON CLOSER INSPECTION, THE AVERAGES, MAY NOT REFLECT WHAT ACTUALLY HAPPENED TO
THE AVERAGE STOCK DURING 1999. IT IS THIS SAD TRUTH THAT GAVE RISE TO MY
FRIEND'S FRUSTRATION WITH HIS PORTFOLIO. ACCORDING TO MEDIA GENERAL FINANCIAL
SERVICES, AN INFORMATION SERVICES COMPANY, FULLY 63% OF THE STOCKS TRADED ON THE
NEW YORK STOCK EXCHANGE (NYSE) FELL IN PRICE DURING 1999. THE NYSE SAW 1,006
STOCKS RISE, WHILE 1,695 DECLINED. WITHIN THE CONTEXT OF A MARKET WHOSE
BENCHMARKS GAINED BETWEEN 20% AND 25% IN 1999, MORE STOCKS LOST VALUE THAN
GAINED. THE NASDAQ IS AN EVEN MORE VIVID EXAMPLE OF THE WIDE GULF BETWEEN THE
PERFORMANCE OF THE "HAVES" AND THE "HAVE-NOTS". WHILE THAT INDEX POSTED AN
EYE-POPPING GAIN OF 86% LAST YEAR, LED BY STELLAR RETURNS FROM ITS TECHNOLOGY
COMPONENT STOCKS, STILL NEARLY AS MANY STOCKS IN THAT INDEX FELL AS GAINED. FOR
THE YEAR, 2,135 NASDAQ STOCKS GAINED, WHILE 2,073 DECLINED IN VALUE.
THIS WIDE DISPARITY IN INDIVIDUAL STOCK RETURNS WAS FURTHER ILLUSTRATED IN OUR
LOCAL NEWSPAPER, THE COLUMBUS (OH.) DISPATCH, WHICH LISTED 42 CENTRAL-OHIO
PUBLICLY-TRADED COMPANIES AND THEIR RESPECTIVE STOCK PRICE CHANGES OF 1999.
TWENTY-NINE, OR 69%, ON THIS LIST FELL IN PRICE, OF WHICH 16 LOST A QUARTER OR
MORE OF THEIR VALUE. AMONG THAT LATTER GROUP WERE SUCH FINE COMPANIES AS
NATIONWIDE FINANCIAL, CARDINAL HEALTH, AND BOB EVANS FARMS.
THE BOND MARKET WAS NOT FRIENDLY TO INVESTORS LAST YEAR EITHER, AS INTEREST
RATES WORKED THEIR WAY DECIDEDLY HIGHER WHICH TOOK BOND PRICES LOWER. AN
INCREASINGLY STRONG DOMESTIC ECONOMY, LABOR SHORTAGES, A REBOUND IN ASIA, AND
WORRIES ABOUT A STOCK MARKET BUBBLE LED THE FEDERAL RESERVE TO IMPLEMENT A
SERIES OF INTEREST RATE HIKES.
SO, 1999 WAS A YEAR IN WHICH THOSE INVESTED IN A RELATIVELY NARROW SECTOR OF THE
STOCK MARKET -- TECHNOLOGY -- DID EXTREMELY WELL, WHILE THOSE INVESTED IN MORE
CONVENTIONAL CHOICES LAMENTED "WHY IS EVERYONE GETTING RICH BUT ME?"
THROUGHOUT THIS LAST YEAR OF THE MILLENNIUM, OUR HUNTINGTON FUNDS REMAINED TRUE
TO THEIR STATED GOALS. OUR BOND FUNDS CONTINUED TO FOCUS ON HIGH CREDIT QUALITY
AND INTERMEDIATE MATURITIES, OUR INCOME EQUITY FUND CONTINUED WITH ITS PAYOUT OF
A HIGHER CASH DIVIDEND, AND OUR GROWTH FUND CONTINUED TO SEEK GROWING COMPANIES
AT A REASONABLE PRICE. THESE BASIC TENETS HAVE SERVED OUR FUNDS' SHAREHOLDERS
WELL FOR YEARS, IN GOOD MARKETS AND IN BAD, AND WE BELIEVE THAT OUR FOCUS ON
QUALITY WILL REWARD OUR SHAREHOLDERS EQUALLY AS WELL IN THE FUTURE.
YOURS TRULY,
[JAMES M. BUSKIRK SIG OMITTED]
JAMES M. BUSKIRK
CHIEF INVESTMENT OFFICER
2
<PAGE>
GROWTH FUND AS OF 12/31/99
MANAGEMENT DISCUSSION AND ANALYSIS
THE TOTAL RETURN OF THE GROWTH FUND IN 1999 WAS 13.59% (TRUST SHARES) AND
13.25% (INVESTMENT SHARES WITHOUT LOAD) VERSUS 21.04% FOR THE S&P 500. THE
PREDOMINANT THEME OF THE MARKET IN 1999 WAS GROWTH AND TOTAL DISDAIN FOR VALUE.
ALSO, THE PERFORMANCE OF HIGH P/E (PRICE TO EARNINGS RATIO) STOCKS WAS EXTREME,
WHILE THE TYPICAL STOCK WAS ACTUALLY DOWN FROM ITS 52-WEEK HIGH. AS PORTFOLIO
MANAGERS, WE NORMALLY MAKE PURCHASE DECISIONS ON STOCKS BY ASSESSING GROWTH
PROSPECTS COMPARED TO EXISTING VALUATIONS ASSIGNED BY THE MARKET. THIS VALUATION
JUDGMENT KEPT US FROM OWNING MANY OF THOSE STOCKS THAT DID SO WELL IN 1999.
GOING FORWARD, WE PLAN TO OWN MORE OF THOSE STOCKS WITH GREAT GROWTH
POTENTIAL. OUR INTENTION IS TO TAKE REASONABLE AND CONSISTENT STEPS TO INCREASE
OUR EXPOSURE TO TECHNOLOGY AND COMMUNICATIONS SERVICES STOCKS. HOPEFULLY, THE
MARKET WILL ALSO REEVALUATE THOSE PHARMACEUTICAL AND CONSUMER GROWTH STOCKS WE
CONTINUE TO OWN. THOSE TWO CIRCUMSTANCES ALONE COULD MAKE FOR A MUCH BRIGHTER
YEAR IN 2000.
PORTFOLIO PROFILE
AS OF 12/31/99
NET ASSETS ($ MIL)...........................$312.6
NET ASSET VALUE (TRUST SHARES)...............$49.52
30-DAY SEC YIELD (%)..........................0.60%
NUMBER OF ISSUES.................................61
CASH RESERVES (%)..............................3.0%
FIVE LARGEST EQUITY HOLDINGS
AS OF 12/31/99
HOME DEPOT.....................................7.4%
AUTOMATIC DATA PROCESSING......................5.2%
GENERAL ELECTRIC...............................4.4%
WALGREEN.......................................4.2%
IMS HEALTH.....................................3.5%
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE HUNTINGTON
GROWTH FUND, TRUST SHARES OR INVESTMENT SHARES, VERSUS THE STANDARD & POOR'S
COMPOSITE 500 INDEX (S&P 500)+
[LINE GRAPH OMITTED]
FOR EXPLANATION OF INDICES AND OTHER NOTES, PLEASE REFER TO PAGE 50.
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so that when shares are redeemed, they may be
worth more or less than their original cost. Mutual funds are not obligations of
or guaranteed by any bank and are not federally insured.
3
<PAGE>
INCOME EQUITY FUND AS OF 12/31/99
MANAGEMENT DISCUSSION AND ANALYSIS
SINCE ITS INCEPTION IN 1989, THE HUNTINGTON INCOME EQUITY FUND HAS BEEN
POSITIONED RELATIVELY CONSERVATIVELY, WITH AN EMPHASIS ON STOCKS WITH HIGH
DIVIDENDS AND MODEST DIVIDEND GROWTH PROSPECTS. OUR FEELING WAS THEN AND IS NOW
THAT CERTAIN INVESTORS DESIRE BOTH PARTICIPATION IN STOCK MARKET ADVANCES AS
WELL AS SOME DOWNSIDE PROTECTION IN MAJOR MARKET SELL-OFFS. OUR FEELING WAS ALSO
THAT MANY INVESTORS ARE BENEFITED OVER TIME THROUGH THE OWNERSHIP OF A FUND THAT
PAYS A RELATIVELY HIGH AND RISING STREAM OF DIVIDEND INCOME, YEAR-IN AND
YEAR-OUT. FURTHER, THEY ARE BENEFITED FROM A RELATIVELY TAX-EFFICIENT FUND, AS
WELL. ALL OF THESE ATTRIBUTES -- REASONABLE CAPITAL APPRECIATION OVER TIME, HIGH
AND GROWING DIVIDENDS PAID, AND TAX EFFICIENCY -- HAVE BEEN PROVIDED BY THIS
FUND.
THESE ATTRIBUTES NOTWITHSTANDING, HOWEVER, THE FUND'S TOTAL RETURN
PERFORMANCE PROVED DISAPPOINTING IN 1999. IN SPITE OF ITS CASH DIVIDEND ONCE
AGAIN ADVANCING, IN SPITE OF ITS LOW PORTFOLIO TURNOVER, AND ITS RESULTING
MINIMAL CAPITAL GAINS DISTRIBUTION, THE FUND SUFFERED A NEGATIVE TOTAL RETURN
FOR THE YEAR, LARGELY DUE TO ITS SENSITIVITY TO INTEREST RATES. THAT IS, RISING
RATES THROUGHOUT THE ENTIRE YEAR HAD A DECIDEDLY NEGATIVE IMPACT ON THE STOCK
PRICES OF THE FUND'S SIGNIFICANT HOLDINGS IN BANKS, UTILITIES, AND REITS. ALSO,
COMPANY -- AND/OR INDUSTRY -- SPECIFIC PROBLEMS DROVE THE STOCK PRICES OF SUCH
LONG-HELD POSITIONS AS CLOROX, AMERICAN HOME PRODUCTS, AND XEROX SHARPLY LOWER,
AS INVESTORS WERE UNWILLING TO TOLERATE ANY EARNINGS SHORTFALLS BY THESE
SO-CALLED "OLD ECONOMY" COMPANIES. NO SMALL MEASURE FOR THE WEAKNESS IN SUCH
STOCKS IS DUE TO INVESTORS FLEEING WHAT THEY PERCEIVE TO BE NO-GROWTH, OLD-LINE
COMPANIES IN FAVOR OF THOSE FAST-GROWING "NEW ECONOMY" COMPANIES ENGAGED IN ALL
FACETS OF THE TECHNOLOGY REVOLUTION. SINCE OUR FUND'S FOCUS IS SQUARELY ON
DIVIDENDS AND SINCE MANY OF THE EVER-POPULAR TECHNOLOGY STOCKS HAVE LITTLE IN
THE WAY OF REPORTABLE EARNINGS, MUCH LESS DIVIDENDS, WE HAVE NOT PARTICIPATED IN
THE RECENT ROBUST GROWTH OF THAT SECTOR. IN OTHER WORDS, WE HAVE REMAINED -- AND
ARE REMAINING -- COMMITTED TO OUR CHARGE OF PROVIDING THOSE SAME FINE ATTRIBUTES
NOTED ABOVE. WE EXPECT THAT THE MARKET WILL POSITIVELY REWARD THAT FOCUS OVER
TIME.
WHILE WE CONTINUE TO BELIEVE THAT ATTEMPTING TO DIVINE THE NEAR-TERM
DIRECTION OF THE MARKET IS LITTLE MORE THAN GUESSWORK, WE EXPECT A CONTINUATION
OF THE SAME STEADY DIVIDEND INCREASES THAT HAVE BENEFITED THE FUND'S
SHAREHOLDERS THROUGH THE YEARS. DIVIDEND GROWTH FOR THE FUND HAS AVERAGED 6% PER
YEAR OVER THE PAST EIGHT YEARS. WE WILL CONTINUE TO MANAGE THE FUND WITH THE
INTENT OF CONTINUING THAT FAVORABLE TREND.
PORTFOLIO PROFILE
AS OF 12/31/99
NET ASSETS ($ MIL)...........................$227.3
NET ASSET VALUE (TRUST SHARES)...............$36.71
30-DAY SEC YIELD (%)..........................3.17%
NUMBER OF ISSUES.................................48
CASH RESERVES (%)..............................1.0%
FIVE LARGEST EQUITY HOLDINGS
AS OF 12/31/99
GENERAL ELECTRIC...............................6.8%
CHASE MANHATTAN................................4.4%
US WEST........................................4.0%
BRISTOL-MYERS SQUIBB...........................4.0%
WORTHINGTON INDUSTRIES.........................3.6%
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE HUNTINGTON
INCOME EQUITY FUND, TRUST SHARES, OR SYNTHETIC INVESTMENT SHARES, VERSUS THE S&P
500 COMPOSITE INDEX (S&P 500)+
[Line graph omitted]
FOR EXPLANATION OF INDICES AND OTHER NOTES, PLEASE REFER TO PAGE 50.
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so that when shares are redeemed, they may be
worth more or less than their original cost. Mutual funds are not obligations of
or guaranteed by any bank and are not federally insured.
4
<PAGE>
MICHIGAN TAX-FREE FUND AS OF 12/31/99
MANAGEMENT DISCUSSION AND ANALYSIS
MUNICIPAL BONDS CONTINUE TO OFFER VALUE FOR THOSE INVESTORS THAT NEED
TAX-EXEMPT INCOME. IN 1999, THE LONG-TERM MUNICIPAL MARKET ONCE AGAIN
OUTPERFORMED TREASURIES BY A WIDE MARGIN AMOUNT IN A WEAKENING MARKET
ENVIRONMENT, SIMPLY EVINCING LESS VOLATILITY IN BOTH DIRECTIONS.
WE EXPECT THAT NEW PURCHASE ACTIVITY WILL CONTINUE TO BE FOCUSED ON HIGH
QUALITY ISSUES MATURING BETWEEN TEN AND FIFTEEN YEARS. WE BELIEVE THIS STRATEGY
WILL ALSO HELP US TO MAINTAIN THE AVERAGE MATURITY OF THE FUND BETWEEN FIVE AND
TEN YEARS.
FOR THE YEAR ENDED DECEMBER 31,1999 THE TOTAL RETURN OF THE HUNTINGTON
MICHIGAN TAX- FREE FUND WAS, -0.54% (TRUST SHARES) AND -0.77% (INVESTMENT
SHARES) AS COMPARED TO 0.74% FOR THE LEHMAN BROTHERS 5-YEAR MUNICIPAL BOND INDEX
AND -0.14% FOR THE LEHMAN BROTHERS 7-YEAR MUNICIPAL BOND INDEX.
PORTFOLIO PROFILE
AS OF 12/31/99
NET ASSETS ($ MIL)............................$28.0
NET ASSET VALUE (TRUST SHARES)...............$10.44
AVERAGE MATURITY (YRS.).........................7.2
30-DAY SEC YIELD (%)..........................4.23%
NUMBER OF ISSUES.................................62
CASH RESERVES (%)..............................0.2%
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE HUNTINGTON
MICHIGAN TAX-FREE FUND, TRUST SHARES OR INVESTMENT SHARES, VERSUS THE LEHMAN
BROTHERS 5-YEAR MUNICIPAL INDEX (L5MB)+, AND THE LEHMAN BROTHERS 7-YEAR
MUNICIPAL BOND INDEX (L7MB)+.
[LINE GRAPH OMITTED]
FOR EXPLANATION OF INDICES AND OTHER NOTES, PLEASE REFER TO PAGE 50.
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so that when shares are redeemed, they may be
worth more or less than their original cost. Mutual funds are not obligations of
or guaranteed by any bank and are not federally insured.
The performance of the graph begins on 12/31/91. Effective April 13, 1998, the
Michigan Tax-Free Fund became the successor by reorganization to the FMB
Michigan Tax-Free Bond Fund.
5
<PAGE>
OHIO TAX-FREE FUND AS OF 12/31/99
MANAGEMENT DISCUSSION AND ANALYSIS
BOND INVESTORS CAN BE FORGIVEN FOR BREATHING A SIGH OF RELIEF AT THE
BEGINNING OF 2000. LAST YEAR TURNED OUT TO BE ONE OF THE HARDEST YEARS IN A
DECADE FOR FIXED INCOME SECURITIES. BONDS OUTSIDE THE U.S. GOVERNMENT MARKET,
SUCH AS CORPORATE AND MUNICIPAL SECURITIES, WEAKENED RELATIVE TO TREASURIES, AND
MANY INVESTORS GOT SOCKED WITH LOSSES.
NOW INVESTORS GET TO MAKE A FRESH START. WE RECOMMEND THAT INVESTORS TAKE
TIME TO REVIEW THEIR PORTFOLIOS AND CONSIDER THE OUTLOOK FOR THEIR BOND
INVESTMENTS.
THE OHIO TAX-FREE FUND WILL CONTINUE TO LOOK FOR OPPORTUNITIES TO EXTEND
THE AVERAGE MATURITY OF THE PORTFOLIO WITH A GOAL OF AN AVERAGE LIFE BETWEEN 5
AND 10 YEARS.
THE PERFORMANCE OF THE HUNTINGTON OHIO TAX-FREE FUND FOR 1999 WAS -0.92 %
(TRUST SHARES) AND -1.17% (INVESTMENT SHARES) VERSUS -1.65% FOR THE LIPPER
INTERMEDIATE MUNICIPAL DEBT AVERAGE, AND 1.69 % FOR THE LIPPER SHORT MUNICIPAL
DEBT AVERAGE, -2.32 % FOR THE LIPPER OHIO INTERMEDIATE MUNICIPAL DEBT AVERAGE,
AND 0.72% FOR THE LEHMAN BROTHERS 5-YEAR G.O. INDEX.
PORTFOLIO PROFILE
AS OF 12/31/99
NET ASSETS ($ MIL)............................$54.0
NET ASSET VALUE (TRUST SHARES)...............$20.68
AVERAGE MATURITY (YRS.).........................7.2
30-DAY SEC YIELD (%)..........................4.09%
NUMBER OF ISSUES................................143
CASH RESERVES (%)..............................0.0%
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE HUNTINGTON OHIO
TAX-FREE FUND, TRUST SHARES, VERSUS THE LEHMAN BROTHERS 5-YEAR G.O. INDEX
(LB5GO)+, THE LIPPER SHORT MUNICIPAL DEBT AVERAGE (LSMA)++, THE LIPPER
INTERMEDIATE MUNICIPAL DEBT AVERAGE (LIMA)+, AND THE LIPPER OHIO INTERMEDIATE
MUNICIPAL FUNDS AVERAGE (LOIMA)++
[Line graph omitted]
FOR EXPLANATION OF INDICES AND OTHER NOTES, PLEASE REFER TO PAGE 50.
6
<PAGE>
OHIO TAX-FREE FUND (CONTINUED) AS OF 12/31/99
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE HUNTINGTON OHIO
TAX-FREE FUND, INVESTMENT SHARES, VERSUS THE LEHMAN BROTHERS 5-YEAR G.O. INDEX
(LB5GO)+, THE LIPPER SHORT MUNICIPAL DEBT AVERAGE (LSMA)++, THE LIPPER
INTERMEDIATE MUNICIPAL DEBT AVERAGE (LIMA)++, AND THE LIPPER OHIO INTERMEDIATE
MUNICIPAL FUNDS AVERAGE (LOIMA)++
[Line graph omitted]
FOR EXPLANATION OF INDICES AND OTHER NOTES, PLEASE REFER TO PAGE 50.
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so that when shares are redeemed, they may be
worth more or less than their original cost. Mutual funds are not obligations of
or guaranteed by any bank and are not federally insured.
7
<PAGE>
FIXED INCOME SECURITIES FUND AS OF 12/31/99
MANAGEMENT DISCUSSION AND ANALYSIS
IN THE COMING YEAR, THE MAIN RISK IS THAT CORE CONSUMER PRICE INDEX
INFLATION WILL ACCELERATE MODERATELY, RESULTING IN MEDIOCRE TOTAL RETURNS ON
BOTH STOCKS AND BONDS. WE SEE FOUR FACTORS THAT ARE LIKELY TO CONTRIBUTE TO
SOMEWHAT HIGHER CONSUMER INFLATION: OIL, FASTER GLOBAL GROWTH, TIGHT LABOR
MARKETS, AND A CYCLICAL SLOWDOWN IN PRODUCTIVITY GROWTH.
TRADING ACTIVITY IN THE FOURTH QUARTER WAS SOMEWHAT ACTIVE AS WE REDUCED
OUR TREASURIES POSITION TO TAKE ADVANTAGE OF HIGHER SPREADS IN THE CORPORATE
MARKET. WE WILL CONTINUE TO LOOK FOR OPPORTUNITIES TO INCREASE OUR CORPORATE
POSITION.
THE RETURNS FOR 1999 WERE SLIGHTLY BELOW SOME OF THE STANDARD BENCHMARKS,
DUE TO A LARGER EXPOSURE TO CORPORATE BONDS THAN THE INDEX. THE RETURN FOR THE
HUNTINGTON FIXED INCOME SECURITIES FUND WAS -3.84% (TRUST SHARES) AND -4.07%
(INVESTMENT SHARES) COMPARED TO THE LEHMAN BROTHERS GOVERNMENT/CORPORATE BOND
INDEX OF -2.15%.
PORTFOLIO PROFILE
AS OF 12/31/99
NET ASSETS ($ MIL)...........................$152.1
NET ASSET VALUE (TRUST SHARES)...............$19.74
AVERAGE MATURITY (YRS.).........................8.8
30-DAY SEC YIELD (%)..........................6.63%
NUMBER OF ISSUES................................141
CASH RESERVES (%)..............................2.1%
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE HUNTINGTON
FIXED INCOME SECURITIES FUND, TRUST SHARES OR INVESTMENT SHARES, VERSUS THE
LEHMAN BROTHERS GOVERNMENT/CORPORATE BOND INDEX (LBGCB)+, AND THE LIPPER
INTERMEDIATE INVESTMENT-GRADE DEBT FUNDS AVERAGE (LIIGDF)++
[Line graph omitted]
FOR EXPLANATION OF INDICES AND OTHER NOTES, PLEASE REFER TO PAGE 50.
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so that when shares are redeemed, they may be
worth more or less than their original cost. Mutual funds are not obligations of
or guaranteed by any bank and are not federally insured.
8
<PAGE>
INTERMEDIATE GOVERNMENT INCOME FUND AS OF 12/31/99
MANAGEMENT DISCUSSION AND ANALYSIS
ON BALANCE, THE BOND MARKET SHOULD REMAIN ON THE DEFENSIVE, BARRING ANY
MAJOR BREAK IN OIL PRICES OR A SIZABLE AND ABRUPT PROBLEM WITH THE STOCK MARKET.
OPPORTUNITIES FOR SHORT-LIVED RALLIES MAY STILL EMERGE, MOSTLY STEMMING FROM THE
VACILLATING PERCEPTION OVER THE PRECISE PATH OF ADDITIONAL MONETARY ACTIONS BY
THE FEDERAL RESERVE AND THE TONE OF THE VARIOUS ECONOMIC RELEASES.
TRADING ACTIVITY WAS MINIMAL FOR THE FUND DURING THE FOURTH QUARTER, AND NO
MAJOR ACTIVITY IS PLANNED FOR THE FIRST QUARTER OF 2000. THE FUND IS
WELL-POSITIONED TO PROVIDE A COMPETITIVE YIELD THAT EXCEEDS THE YIELD AVAILABLE
ON A MONEY MARKET FUND WITHOUT TAKING A GREAT DEAL OF MATURITY RISK.
THE HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND ENDED THE YEAR WITH A
TOTAL RETURN OF -1.09% (TRUST SHARES) AND -1.33% (INVESTMENT SHARES) COMPARED
WITH 0.39% FOR THE LEHMAN BROTHERS INTERMEDIATE GOVERNMENT/CORPORATE BOND INDEX.
PORTFOLIO PROFILE
AS OF 12/31/99
NET ASSETS ($ MIL)...........................$101.6
NET ASSET VALUE (TRUST SHARES)................$9.76
AVERAGE MATURITY (YRS.).........................5.3
30-DAY SEC YIELD (%)..........................5.86%
NUMBER OF ISSUES.................................53
CASH RESERVES (%)..............................5.6%
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE HUNTINGTON
INTERMEDIATE GOVERNMENT INCOME FUND, TRUST SHARES OR INVESTMENT SHARES, VERSUS
THE LEHMAN BROTHERS INTERMEDIATE GOVERNMENT/CORPORATE BOND INDEX (LIGC)+
[Line graph omitted]
FOR EXPLANATION OF INDICES AND OTHER NOTES, PLEASE REFER TO PAGE 50.
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so that when shares are redeemed, they may be
worth more or less than their original cost. Mutual funds are not obligations of
or guaranteed by any bank and are not federally insured.
The performance of this graph begins on 12/31/91. Effective April 13, 1998. The
Intermediate Government Income Fund became the successor by the reorganization
to the FMBIntermediate Government Income Fund.
9
<PAGE>
MORTGAGE SECURITIES FUND AS OF 12/31/99
MANAGEMENT DISCUSSION AND ANALYSIS
MORTGAGE REPAYMENTS SHOWED TWO PRIMARY TRENDS DURING 1999. FIRST, WE SAW
PREPAYMENTS SLOW DRAMATICALLY AS HIGHER INTEREST RATES QUENCHED REFINANCING.
THE SECOND TREND WAS EXTREMELY FAST TURNOVER ON DISCOUNTS. HOMEOWNERS WERE,
APPARENTLY, CONSOLIDATING MORE EXPENSIVE DEBTS OR TAKING MONEY OUT OF THEIR
HOMES FOR OTHER PURPOSES. WE EXPECT THIS TREND TO SLOW IN THE FUTURE BECAUSE OF
HIGHER RATES AND THE EXISTING EQUITY TAKEN OUT OF THESE HOMES.
DURING THE FIRST QUARTER WE ANTICIPATE SELLING OFF SOME OF OUR SHORTER
DURATION MORTGAGES AND REPLACE THEM WITH MORE SEASONED MORTGAGES, WITH A MORE
STABLE CASH FLOW. THIS SHOULD EXTEND THE AVERAGE DURATION OF THE FUND SLIGHTLY.
THE HUNTINGTON MORTGAGE SECURITIES FUND HAD A TOTAL RETURN OF 1.01% (TRUST
SHARES) AND 0.88% (INVESTMENT SHARES) FOR THE YEAR ENDED DECEMBER 31, 1999. THIS
COMPARES WITH 1.85 % FOR THE LEHMAN BROTHERS MORTGAGE-BACKED INDEX.
PORTFOLIO PROFILE
AS OF 12/31/99
NET ASSETS ($ MIL)............................$33.2
NET ASSET VALUE (TRUST SHARES)................$7.86
AVERAGE MATURITY (YRS.).........................5.6
30-DAY SEC YIELD (%)..........................6.27%
NUMBER OF ISSUES.................................43
CASH RESERVES (%)..............................3.1%
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE HUNTINGTON
MORTGAGE SECURITIES FUND, TRUST SHARES OR INVESTMENT SHARES, VERSUS THE LEHMAN
BROTHERS MORTGAGE-BACKED INDEX (LMI)+, AND THE LIPPER U.S. MORTGAGE FUNDS
AVERAGE (LUSMF)++
[Line graph omitted]
FOR EXPLANATION OF INDICES AND OTHER NOTES, PLEASE REFER TO PAGE 50.
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so that when shares are redeemed, they may be
worth more or less than their original cost. Mutual funds are not obligations of
or guaranteed by any bank and are not federally insured.
10
<PAGE>
SHORT/INTERMEDIATE
FIXED INCOME SECURITIES FUND AS OF 12/31/99
MANAGEMENT DISCUSSION AND ANALYSIS
WE BELIEVE BOND YIELDS WILL FALL IN 2000, IN LARGE PART BECAUSE THE
INFLATION ENVIRONMENT REMAINS BENIGN. THE CORE INFLATION RATE IS HOVERING AT
JUST 2.30% IN THE 12 MONTHS ENDED NOVEMBER 30, 1999. SIGNS OF A SLOWDOWN IN SOME
SECTORS OF THE ECONOMY, SUCH AS HOUSING, SUGGEST THE ECONOMY IS POISED TO
DECELERATE IN THE MONTHS AHEAD. THE FEDERAL GOVERNMENT IS STILL RUNNING A BUDGET
SURPLUS AND MAY EVEN START BUYING BACK ITS OWN TREASURY NOTES AND BONDS IN 2000.
TRADING ACTIVITY WAS MODEST IN THE FOURTH QUARTER AS WE CONTINUED TO REDUCE
OUR TREASURY POSITION AND INCREASE OUR CORPORATE BOND HOLDINGS. DURING THE FIRST
QUARTER WE WILL CONSIDER FURTHER INCREASING OUR CORPORATE HOLDINGS.
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999 , THE TOTAL RETURN OF THE
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND WAS 1.05% (TRUST
SHARES). THIS COMPARES WITH 0.39% FOR THE LEHMAN BROTHERS INTERMEDIATE
GOVERNMENT/CORPORATE BOND INDEX AND 2.19% FOR THE MERRILL LYNCH 1-5 YEAR
GOVERNMENT/ CORPORATE INDEX.
PORTFOLIO PROFILE
AS OF 12/31/99
NET ASSETS ($ MIL)...........................$113.3
NET ASSET VALUE (TRUST SHARES)...............$19.24
AVERAGE MATURITY (YRS.).........................3.3
30-DAY SEC YIELD (%)..........................6.31%
NUMBER OF ISSUES.................................98
CASH RESERVES (%)..............................2.7%
COMPARISON OF CHANGE IN THE VALUE OF A $10,000 INVESTMENT IN THE HUNTINGTON
SHORT/INTERMEDIATE INCOME FUND, TRUST SHARES, VERSUS THE LEHMAN BROTHERS
INTERMEDIATE GOVERNMENT/CORPORATE BOND INDEX (LIGC)+, THE MERRILL LYNCH 1-5
YEAR U.S. CORPORATE/GOVERNMENT INDEX (ML1-5YGC)+, THE MERRILL LYNCH 1-5 YEAR
U.S. TREASURY INDEX (ML1-5YUT)+, AND THE LIPPER SHORT/INTERMEDIATE INVESTMENT-
GRADE DEBT FUNDS AVERAGE (LSTIGD)++
[Line graph omitted]
FOR EXPLANATION OF INDICES AND OTHER NOTES, PLEASE REFER TO PAGE 50.
Past performance is not predictive of future performance. Your investment return
and principal value will fluctuate so that when shares are redeemed, they may be
worth more or less than their original cost. Mutual funds are not obligations of
or guaranteed by any bank and are not federally insured.
11
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON FLORIDA TAX-FREE MONEY FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 99.5%
- --------------------------------------------------------------------------------
CALIFORNIA -- 0.7%
$ 300 SANTA PAULA, WEEKLY VRDNS, PUBLIC FINANCE
AUTHORITY, ACQUIS PROJECT, RB,
5.000%, 02/01/26 $ 300
- --------------------------------------------------------------------------------
TOTAL CALIFORNIA 300
- --------------------------------------------------------------------------------
FLORIDA -- 98.1%
1,300 ABN AMRO MUNITOPS, WEEKLY VRDNS, (A)
LOC: ABN AMRO BANK, 5.660%, 04/05/06 1,300
- --------------------------------------------------------------------------------
500 BREVARD COUNTY, SCHOOL DISTRICT, TANS,
4.000%, 06/30/00 502
- --------------------------------------------------------------------------------
540 BREVARD COUNTY, HFA, WEEKLY VRDNS,
MALABAR LAKES, SERIES A, LOC: FIRST BANK,
5.300%, 12/01/10 540
- --------------------------------------------------------------------------------
300 BREVARD COUNTY, HFA, WEEKLY VRDNS,
MALABAR LAKES, SERIES C, LOC: FIRST BANK,
5.300%, 12/01/10 300
- --------------------------------------------------------------------------------
1,900 BROWARD COUNTY, HFA, WEEKLY VRDNS,
MARGATE INNS, LOC: BANK ONE,
4.900%, 11/01/05 1,900
- --------------------------------------------------------------------------------
400 COLLIER COUNTY, HEFA,
DAILY VRDNS, CLEVELAND CLINIC HEALTH
SYSTEM, RB, 4.700%, 01/01/33 400
- --------------------------------------------------------------------------------
400 DADE COUNTY, IDA, WEEKLY VRDNS, ADP SOUTH,
4.920%, 11/15/17 400
- --------------------------------------------------------------------------------
800 EUSTIS, WEEKLY VRDNS, RB, LOC:
SUNTRUST BANK, 5.550%, 12/01/27 800
- --------------------------------------------------------------------------------
570 FIRST FLORIDA GOVERNMENTAL FINANCING
COMMISSION, RB, SERIES C, MBIA,
5.900%, 07/01/00 576
- --------------------------------------------------------------------------------
400 FLORIDA HOUSING AGENCY, WEEKLY VRDNS RB,
4.700%, 02/15/28 400
- --------------------------------------------------------------------------------
1,200 FLORIDA HOUSING AGENCY, WEEKLY VRDNS,
RB, LOC: COMERICA, 5.400%, 04/01/26 1,200
- --------------------------------------------------------------------------------
900 FLORIDA STATE, BOARD OF EDUCATION, CAPITAL
OUTLAY, DAILY VRDNS, GO, SERIES SGA 67,
LOC: SOCIETE GENERAL, 4.900%, 06/01/22 900
- --------------------------------------------------------------------------------
200 FLORIDA STATE, BOARD OF EDUCATION, CAPITAL
OUTLAY, GO, PRE-REFUNDED 06/01/00
@ 102, (B), 7.250%, 06/01/23 207
- --------------------------------------------------------------------------------
500 FLORIDA STATE, BOARD OF EDUCATION, CAPITAL
OUTLAY, GO, SERIES A, 7.000%, 06/01/00 507
- --------------------------------------------------------------------------------
150 FLORIDA STATE, BOARD OF EDUCATION, CAPITAL
OUTLAY, GO, SERIES E, 5.100%, 06/01/00 151
- --------------------------------------------------------------------------------
100 FLORIDA STATE, EVERGLADES PORT AUTHORITY, FGIC,
RB, SERIES B, 7.000%, 09/01/00 102
- --------------------------------------------------------------------------------
2,000 FLORIDA STATE, FINANCE AUTHORITY, WEEKLY
VRDNS, CAPITAL PROJECTS LOAN PROGRAM,
RB, SERIES 1998A, LOC: CREDIT SUISSE,
4.900%, 06/01/28 2,000
- --------------------------------------------------------------------------------
1,000 FLORIDA STATE, GENERAL FINANCING DEPARTMENT,
ENVIRONMENTAL PRESERVATION, FSA, RB,
SERIES 2000-B, 4.500%, 07/01/00 1,005
- --------------------------------------------------------------------------------
900 FLORIDA STATE, HFA, WEEKLY VRDNS, CARLTON
PROJECT, RB, SERIES E, LOC: KBC BANK,
5.350%, 12/01/08 900
- --------------------------------------------------------------------------------
1,000 FLORIDA STATE, HFA, WEEKLY VRDNS, OAKS AT
REGENCY APARTMENTS, RB, 5.200%, 12/01/05 1,000
- --------------------------------------------------------------------------------
1,000 GULF BREEZE, LOCAL GOVERNMENT, WEEKLY
VRDNS, FGIC, RB, 5.250%, 12/01/20 1,000
- --------------------------------------------------------------------------------
95 HIGHLANDS COUNTY, SCHOOL BOARD, MBIA, RB,
3.700%, 09/01/00 95
- --------------------------------------------------------------------------------
300 HILLSBOROUGH COUNTY, IDA, DAILY VRDNS, TAMPA
ELECTRIC, RB, SERIES 1990, 3.900%, 09/01/25 300
- --------------------------------------------------------------------------------
1,100 HILLSBOROUGH COUNTY, IDA, WEEKLY VRDNS,
LESLIE CONTROLS, RB, LOC: FIRST UNION,
5.050%, 08/01/19 1,100
- --------------------------------------------------------------------------------
1,500 INDIAN RIVER COUNTY, DISTRICT HOSPITAL,
SUNHEALTH NETWORK, TECP, LOC: KBC BANK,
3.750%, 01/10/00 1,500
- --------------------------------------------------------------------------------
2,000 INDIAN RIVER COUNTY, DISTRICT HOSPITAL,
SUNHEALTH NETWORK, TECP, LOC: KBC BANK,
3.850%, 01/11/00 2,000
- --------------------------------------------------------------------------------
545 INDIAN RIVER COUNTY, WEEKLY VRDNS, DISTRICT
HOSPITAL, RB, LOC: KBC BANK,
5.350%, 10/01/15 545
- --------------------------------------------------------------------------------
1,500 JACKSONVILLE ELECTRIC AUTHORITY, TECP,
3.750%, 01/10/00 1,500
- --------------------------------------------------------------------------------
2,000 JACKSONVILLE ELECTRIC AUTHORITY, TECP,
3.850%, 01/10/00 2,000
- --------------------------------------------------------------------------------
300 JACKSONVILLE, HEFA, WEEKLY VRDNS,
FACULTY PRACTICE ASSOCIATION, RB,
LOC: BANK OF AMERICA, 5.450%, 10/01/16 300
- --------------------------------------------------------------------------------
200 JACKSONVILLE, HEFA, WEEKLY VRDNS,
RIVER GARDEN, RB, LOC: FIRST UNION,
5.100%, 08/01/22 200
- --------------------------------------------------------------------------------
2,000 JACKSONVILLE, WEEKLY VRDNS, YMCA FIRST COAST
PROJECT, RB, LOC: FIRST UNION,
5.000%, 03/01/18 2,000
- --------------------------------------------------------------------------------
100 LEE COUNTY, SCHOOL BOARD PARTICIPATION NOTE,
FSA, COP, 4.550%, 08/01/00 100
- --------------------------------------------------------------------------------
1,000 LEE COUNTY, EDR, WEEKLY VRDNS, CANTERBURY
SCHOOL PROJECT, RB, LOC: SUNTRUST BANK,
5.550%, 12/01/19 1,000
- --------------------------------------------------------------------------------
500 LEE COUNTY, SCHOOL BOARD PARTNERSHIP, FSA,
COP, 6.200%, 08/01/00 508
- --------------------------------------------------------------------------------
400 MANATEE COUNTY, HFA, WEEKLY VRDNS, HARBOR
PROJECT, RB, SERIES B, LOC: CREDIT SUISSE,
5.550%, 12/01/07 400
- --------------------------------------------------------------------------------
345 MIAMI, SPORTS & EXHIBITION AUTHORITY, SPECIAL
OBLIGATION, RB, FGIC, PRE-REFUNDED 04/01/00
@102 (B), 7.100%, 01/01/11 354
- --------------------------------------------------------------------------------
210 MIAMI SPRINGS, UTILITIES SYSTEM, RB, MBIA,
4.000%, 09/01/00 210
- --------------------------------------------------------------------------------
500 ORANGE COUNTY, HEFA, WEEKLY VRDNS,
ADVEBTIST HEALTH SYSTEMS, RB, LOC:
RABOBANK, 5.400%, 11/15/26 500
- --------------------------------------------------------------------------------
1,200 ORANGE COUNTY, IDA, WEEKLY VRDNS, LAKE
HIGHLAND PREP SCHOOL, RB, LOC: FIRST UNION,
5.050%, 10/01/18 1,200
- --------------------------------------------------------------------------------
720 ORANGE COUNTY, IDA, WEEKLY VRDNS, UNIVERSITY
OF CENTRAL FLORIDA, RB, LOC: FIRST UNION,
5.050%, 03/01/17 720
- --------------------------------------------------------------------------------
800 ORANGE COUNTY, WEEKLY VRDNS, SCHOOL BOARD,
TRUST CERTIFICATES, RB, SERIES 130, MBIA,
5.560%, 08/01/23 800
- --------------------------------------------------------------------------------
2,000 ORLANDO, TECP, 3.650%, 01/18/00 2,000
- --------------------------------------------------------------------------------
100 ORMOND BEACH, WATER & SEWER DEVELOPMENT,
FGIC, RB, 5.750%, 09/01/00 101
- --------------------------------------------------------------------------------
875 PALM BEACH COUNTY, CRIMINAL JUSTICE FACILITY,
FGIC, RB, 7.250%, 06/01/11 899
- --------------------------------------------------------------------------------
1,150 PALM BEACH COUNTY, WEEKLY VRDNS,
COMMUNITY FOUNDATION, RB, LOC: NORTHERN
TRUST, 5.350%, 07/01/34 1,150
- --------------------------------------------------------------------------------
12
(See notes which are an integral part of the Financial Statements.)
<PAGE>
HUNTINGTON FLORIDA TAX-FREE MONEY FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
- --------------------------------------------------------------------------------
FLORIDA -- (CONTINUED)
$ 900 PALM BEACH COUNTY, WEEKLY VRDNS, HENRY
MORISON FLAGLER PROJECT, RB, LOC: NORTHERN
TRUST, 5.350%, 11/01/34 $ 900
- --------------------------------------------------------------------------------
100 PEMBROKE PINES, PUBLIC IMPROVEMENTS,
AMBAC, RB, 4.625%, 10/01/00 100
- --------------------------------------------------------------------------------
800 PINELLAS COUNTY, HEFA, DAILY VRDNS,
POOLED HOSPITAL LOAN PROGRAM,
AMBAC, RB, BPA: SUNTRUST BANK,
4.700%, 12/01/15 800
- --------------------------------------------------------------------------------
100 PINELLAS COUNTY, WATER IMPROVEMENT SYSTEM,
AMBAC, RB, 4.200%, 10/01/00 100
- --------------------------------------------------------------------------------
400 PLANT CITY, HFA, WEEKLY VRDNS, SOUTHERN
FLORIDA BAPTIST HOSPITAL PROJECT, RB, LOC:
BARNETT BANK, 5.450%, 03/01/13 400
- --------------------------------------------------------------------------------
400 PUTNAM COUNTY, PCR, SEMI-ANNUAL VRDNS,
SEMINOLE ELECTRIC PROJECT, RB,
3.800%, 12/15/09 400
- --------------------------------------------------------------------------------
580 PUTNAM COUNTY, IDA, WEEKLY VRDNS, SEMINOLE
ELECTRIC PROJECT, RB SERIES
H-2, 5.550%, 03/15/14 580
- --------------------------------------------------------------------------------
1,560 SARASOTA COUNTY, WEEKLY VRDNS, PUBLIC
HOUSING TRUST CERTIFICATES, MBIA, RB,
SERIES 99, 5.560%, 07/01/28 1,560
- --------------------------------------------------------------------------------
500 SEMINOLE COUNTY, SCHOOL DISTRICT TANS,
4.000%, 07/28/00 502
- --------------------------------------------------------------------------------
450 ST LUCIE COUNTY, IDA, MONTHLY VRDNS,
CONVENTION CENTER PROJECT, TORONTO
DOMINION LOC, RB, 3.700%, 01/01/11 450
- --------------------------------------------------------------------------------
100 ST PETERSBURG, PUBLIC IMPROVEMENT, MBIA, RB,
5.800%, 02/01/00 100
- --------------------------------------------------------------------------------
165 UNIVERSITY OF SOUTH FLORIDA, HOUSING FACILITY,
MBIA, RB, 7.000%, 07/01/00 167
- --------------------------------------------------------------------------------
400 VOLUSIA COUNTY, HFA, WEEKLY VRDNS, SUN
POINTE APARTMENTS PROJECT, RB, LOC:
KEY BANK, 5.200%, 12/01/05 400
- --------------------------------------------------------------------------------
TOTAL FLORIDA 44,031
- --------------------------------------------------------------------------------
ILLINOIS -- 0.7%
- --------------------------------------------------------------------------------
300 HARVARD COUNTY, HEALTH CARE FACILITY,
WEEKLY VRDNS, HARVARD MEMORIAL
HOSPITAL, RB, LOC: FIRST OF AMERICA,
5.750%, 07/01/18 300
- --------------------------------------------------------------------------------
TOTAL ILLINOIS 300
- --------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (COST $44,631) 44,631
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--99.5% (COST $44,631) 44,631
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.5% 231
- --------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001 PAR
VALUE) BASED ON 25,297,832 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 25,298
INVESTMENT SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 19,570,300 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 19,570
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (1)
- --------------------------------------------------------------------------------
OVERDISTRIBUTED NET INVESTMENT INCOME (5)
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $44,862
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $1.00
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- INVESTMENT SHARES $1.00
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
- --------------------------------------------------------------------------------
HUNTINGTON MONEY MARKET FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
- --------------------------------------------------------------------------------
(C) COMMERCIAL PAPER -- 86.9%
- --------------------------------------------------------------------------------
AGRICULTURE -- 2.6%
$10,000 CARGILL, 5.700%, 01/13/00 $ 9,981
15,000 CARGILL, 5.900%, 01/19/00 14,956
- --------------------------------------------------------------------------------
24,937
- --------------------------------------------------------------------------------
BANKING -- 5.1%
15,000 NATIONAL CITY CREDIT, 5.970%, 01/25/00 14,940
10,000 NATIONAL CITY CREDIT, 5.750%, 03/07/00 9,895
15,000 TORONTO DOMINION HOLDINGS, 5.770%, 01/10/00 14,978
10,000 TORONTO DOMINION HOLDINGS, 5.920%, 02/10/00 9,935
- --------------------------------------------------------------------------------
49,748
- --------------------------------------------------------------------------------
BANKING & FINANCE -- 2.6%
10,000 GOLDMAN SACHS GROUP, 5.980%, 01/26/00 9,958
15,000 GOLDMAN SACHS GROUP, 6.180%, 02/29/00 14,848
- --------------------------------------------------------------------------------
24,806
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION -- 1.5%
15,000 HALLIBURTON, 5.850%, 01/04/00 14,993
- --------------------------------------------------------------------------------
14,993
- --------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
- --------------------------------------------------------------------------------
BUILDING DIVERSIFIED OPERATIONS -- 6.8%
$17,000 MINNESOTA MINING & MANUFACTURING,
5.840%, 01/20/00 $16,948
15,000 MINNESOTA MINING & MANUFACTURING,
5.900%, 03/21/00 14,803
20,000 MOTOROLA, 6.050%, 03/30/00 19,701
10,000 MOTOROLA, 5.500%, 03/30/00 9,864
5,000 MOTOROLA, 5.600%, 03/31/00 4,930
- --------------------------------------------------------------------------------
66,246
- --------------------------------------------------------------------------------
CHEMICALS -- 4.6%
15,000 DUPONT, 5.880%, 03/02/00 14,851
15,000 DUPONT, 5.940%, 03/10/00 14,829
15,000 MONSANTO, 5.860%, 02/04/00 14,917
- --------------------------------------------------------------------------------
44,597
- --------------------------------------------------------------------------------
CONSUMER PRODUCTS -- 4.3%
16,000 FORTUNE BRANDS, 5.900%, 01/31/00 15,921
8,000 HASBRO, 5.050%, 01/07/00 7,993
8,000 NIKE, 5.810%, 02/02/00 7,959
10,000 NIKE, 5.850%, 02/16/00 9,925
- --------------------------------------------------------------------------------
41,798
- --------------------------------------------------------------------------------
13
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON MONEY MARKET FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
- --------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
- --------------------------------------------------------------------------------
ENERGY -- 3.6%
$10,000 DUKE ENERGY, 5.880%, 01/06/00 $ 9,992
15,000 DUKE ENERGY, 5.750%, 01/14/00 14,969
10,000 EMERSON ELECTRIC, 5.760%, 01/28/00 9,957
- --------------------------------------------------------------------------------
34,918
- --------------------------------------------------------------------------------
ENTERTAINMENT -- 2.6%
10,000 WALT DISNEY, 5.840%, 01/19/00 9,971
15,000 WALT DISNEY, 5.880%, 01/21/00 14,951
- --------------------------------------------------------------------------------
24,922
- --------------------------------------------------------------------------------
FINANCIAL SERVICES -- 11.1%
15,000 CITIGROUP HOLDINGS, 5.770%, 01/06/00 14,988
15,000 FORD MOTOR CREDIT, 5.856%, 01/03/00 15,000
10,000 HOUSEHOLD FINANCE, 5.700%, 01/12/00 9,982
15,000 HOUSEHOLD FINANCE, 5.930%, 02/04/00 14,916
15,000 IBM CREDIT, 5.880%, 02/08/00 14,907
15,000 IBM CREDIT, 5.760%, 02/09/00 14,906
12,500 WEYERHAUSER, 5.870%, 01/21/00 12,459
10,687 XEROX, 5.900%, 02/03/00 10,629
- --------------------------------------------------------------------------------
107,787
- --------------------------------------------------------------------------------
FOOD & BEVERAGE -- 14.8%
15,000 CAMPBELL SOUP, 5.800%, 01/27/00 14,937
15,000 CAMPBELL SOUP, 6.000%, 02/11/00 14,898
10,000 COCA-COLA, 5.760%, 02/18/00 9,923
10,000 COCA-COLA, 5.900%, 02/28/00 9,905
17,580 GOLDEN PEANUT ,5.930%, 02/10/00 17,464
9,100 GOLDEN PEANUT, 5.900%, 02/14/00 9,034
12,000 H.J. HEINZ, 4.000%, 01/10/00 11,988
15,000 KELLOGG, 5.650%, 01/18/00 14,960
15,000 HERSHEY FOODS, 5.770%, 01/28/00 14,935
15,625 HERSHEY FOODS, 5.750%, 01/31/00 15,550
10,000 KELLOGG, 5.900%, 02/22/00 9,915
- --------------------------------------------------------------------------------
143,509
- --------------------------------------------------------------------------------
FUNDING CORPORATION -- 1.5%
15,000 NEW CENTER ASSET TRUST 6.000%,
03/16/00 14,813
- --------------------------------------------------------------------------------
14,813
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS & HOUSEWARES -- 1.6%
15,000 PROCTER & GAMBLE 5.900%, 01/27/00 14,936
- --------------------------------------------------------------------------------
14,936
- --------------------------------------------------------------------------------
INSURANCE -- 5.3%
10,000 A I CREDIT, 5.800%, 01/18/00 9,973
10,000 MET LIFE FUNDING, 5.930%, 01/24/00 9,962
15,000 MET LIFE FUNDING, 5.700%, 02/03/00 14,922
9,480 USAA CAPITAL, 5.760%, 01/18/00 9,454
7,000 USAA CAPITAL, 5.920%, 01/26/00 6,971
- --------------------------------------------------------------------------------
51,282
- --------------------------------------------------------------------------------
MEDICAL & MEDICAL SERVICES -- 2.4%
10,000 BECTON DICKINSON, 5.860%, 02/01/00 9,950
13,150 BECTON DICKINSON, 5.920%, 02/15/00 13,053
- --------------------------------------------------------------------------------
23,003
- --------------------------------------------------------------------------------
METALS & MINING -- 1.6%
15,000 ALCOA, 5.930%, 01/10/00 14,978
- --------------------------------------------------------------------------------
14,978
- --------------------------------------------------------------------------------
PHARMACEUTICALS -- 4.6%
20,000 ABBOTT LABS, 5.750%, 01/11/00 19,968
15,000 MERCK, 5.800%, 02/03/00 14,920
10,000 PFIZER, (A) 5.650%, 01/25/00 9,962
- --------------------------------------------------------------------------------
44,850
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING -- 1.6%
15,000 GANNETT, (A) 5.900%, 01/20/00 14,953
- --------------------------------------------------------------------------------
14,953
- --------------------------------------------------------------------------------
TELECOMMUNICATION -- 8.7%
15,000 AT&T, 5.810%, 01/21/00 14,945
10,000 BELL SOUTH, 5.650%, 02/01/00 9,951
10,000 BELL SOUTH, 5.680%, 02/08/00 9,940
10,000 BELL SOUTH, 5.790%, 02/11/00 9,934
15,000 LUCENT TECHNOLOGIES, 5.800%, 01/11/00 14,976
10,000 LUCENT TECHNOLOGIES, 5.800%, 01/24/00 9,963
15,000 SBC COMMUNICATION, (A) 5.670%,
02/02/00 14,924
- --------------------------------------------------------------------------------
84,633
- --------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (COST $841,709) 841,709
- --------------------------------------------------------------------------------
AGENCY OBLIGATIONS -- 8.7%
- --------------------------------------------------------------------------------
10,000 FHLB, 5.798%, 01/21/00 9,999
20,000 FHLB, 5.968%, 01/28/00 20,000
15,000 FHLB, (A) 5.790%, 03/22/00 14,805
5,000 FHLMC, 5.480%, 01/05/00 4,997
15,000 FHLMC, 5.600%, 02/29/00 14,862
20,000 SLMA, 6.093%, 02/17/00 20,000
- --------------------------------------------------------------------------------
TOTAL AGENCY OBLIGATIONS (COST $84,663) 84,663
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 4.8%
- --------------------------------------------------------------------------------
6,485 MORGAN STANLEY & CO., INC., 2.42%, DATED
12/31/99, DUE 01/03/00, REPURCHASE PRICE
$6,616,189 (COLLATERALIZED BY U.S.
TREASURY OBLIGATION, TOTAL PAR VALUE
$5,210,000, 9.25%, 02/15/16, TOTAL
MARKET VALUE $6,615,072) 6,485
- --------------------------------------------------------------------------------
40,000 MORGAN STANLEY & CO., INC., 3.70%,
DATED 12/30/99, DUE 01/03/00,
REPURCHASE PRICE $40,016,444
(COLLATERALIZED BY FNMA MEDIUM TERM
NOTE, TOTAL PAR VALUE $39,920,000,
6.41%, 02/02/00, TOTAL MARKET VALUE
$40,819,660) 40,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS (COST $46,485) 46,485
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.4% (COST $972,857) 972,857
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET-- (0.4%) (3,717)
- --------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001 PAR VALUE)
BASED ON 633,075,477 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 633,075
INVESTMENT SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 336,137,042
OUTSTANDING SHARES OF BENEFICIAL INTEREST 336,137
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (89)
- --------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 17
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $969,140
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $1.00
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- INVESTMENT SHARES $1.00
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
14
(See notes which are an integral part of the Financial Statements.)
<PAGE>
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.1%
- --------------------------------------------------------------------------------
OHIO -- 98.1%
$1,500 ALLEN COUNTY, BANS, 3.350%, 04/13/00 $ 1,501
- --------------------------------------------------------------------------------
2,350 AMERICAN MUNICIPAL POWER, BANS,
3.900%, 09/08/00 2,350
- --------------------------------------------------------------------------------
1,879 AMERICAN MUNICIPAL POWER, BANS,
4.100%, 12/01/00 1,879
- --------------------------------------------------------------------------------
1,170 ASHLAND COUNTY, IDR, WEEKLY VRDNS,
LANDOVER PROPERTIES PROJECT, LOC: BANK ONE,
5.400%, 11/01/04 1,170
- --------------------------------------------------------------------------------
1,300 ASHLAND COUNTY, SANITARY SEWER SYSTEM NOTES,
3.300%, 03/16/00 1,301
- --------------------------------------------------------------------------------
1,500 BUTLER COUNTY, BANS, 3.490%, 03/16/00 1,501
- --------------------------------------------------------------------------------
1,500 BUTLER COUNTY, BANS, 4.150%, 10/19/00 1,505
- --------------------------------------------------------------------------------
900 BUTLER COUNTY, IDR, WEEKLY VRDNS,
5.600%, 08/01/12 900
- --------------------------------------------------------------------------------
2,000 CANTON, BANS, 3.910%, 06/08/00 2,005
- --------------------------------------------------------------------------------
1,860 CENTERVILLE, WEEKLY VRDNS, BETHANY
LUTHERAN VILLAGE PROJECT, LOC: PNC BANK,
5.550%, 11/01/13 1,860
- --------------------------------------------------------------------------------
1,570 CLARK COUNTY, BANS, 3.550%, 05/10/00 1,572
- --------------------------------------------------------------------------------
6,000 CLEVELAND, INCOME TAX REVENUE, LOC: AMBAC,
5.550%, 05/15/24 6,000
- --------------------------------------------------------------------------------
8,700 COLUMBUS, SSRB, WEEKLY VRDNS, SERIES 1994,
5.400%, 06/01/11 8,700
- --------------------------------------------------------------------------------
4,300 COLUMBUS, WEEKLY VRDNS, ELECTRIC SYSTEM
REVENUE, LOC: UNION BANK OF SWITZERLAND,
3.650%, 09/01/09 4,300
- --------------------------------------------------------------------------------
11,500 COLUMBUS, WEEKLY VRDNS, SERIES 1,
5.300%, 12/01/17 11,500
- --------------------------------------------------------------------------------
2,490 COSHOCTON COUNTY, HRB, WEEKLY VRDNS,
ECHOING HILLS VILLAGE PROJECT, LOC: BANK ONE,
5.470%, 03/01/14 2,490
- --------------------------------------------------------------------------------
4,000 CUYAHOGA COUNTY, EDR, DAILY VRDNS,
CLEVELAND ORCHESTRA, LOC: BANK OF AMERICA,
4.750%, 04/01/28 4,000
- --------------------------------------------------------------------------------
3,500 CUYAHOGA COUNTY, HFA, DAILY VRDNS,
CLEVELAND CLINIC FOUNDATION, SERIES 1997-D,
4.800%, 01/01/26 3,500
- --------------------------------------------------------------------------------
3,175 CUYAHOGA COUNTY, HFA, DAILY VRDNS,
UNIVERSITY HOSPITAL CLEVELAND, LOC:
CHASE MANHATTAN BANK,
4.700%, 01/01/16 3,175
- --------------------------------------------------------------------------------
5,000 CUYAHOGA COUNTY, HFA, WEEKLY VRDNS,
CLEVELAND CLINIC FOUNDATION, SERIES 1996-A,
LOC: MORGAN GUARANTY TRUST,
5.650%, 01/01/26 5,000
- --------------------------------------------------------------------------------
3,500 CUYAHOGA COUNTY, HFA, WEEKLY VRDNS,
CLEVELAND CLINIC FOUNDATION, SERIES 1996-B,
5.650%, 01/01/26 3,500
- --------------------------------------------------------------------------------
2,000 CUYAHOGA COUNTY, HFA, WEEKLY VRDNS,
CLEVELAND CLINIC FOUNDATION, SERIES A,
5.650%, 01/01/24 2,000
- --------------------------------------------------------------------------------
1,400 CUYAHOGA COUNTY, IDA, WEEKLY VRDNS,
ALLEN GROUP PROJECT, LOC: DRESDNER BANK,
5.500%, 12/01/15 1,400
- --------------------------------------------------------------------------------
1,600 CUYAHOGA COUNTY, IDR, WEEKLY VRDNS,
EDGECOMB METALS PROJECT, LOC: BANQUE
NATIONALE PARIS, 5.550%, 09/01/09 1,600
- --------------------------------------------------------------------------------
1,105 DELAWARE COUNTY, BANS, 3.360%, 06/01/00 1,105
- --------------------------------------------------------------------------------
1,000 DELAWARE COUNTY, BANS, 3.650%, 06/01/00 1,000
- --------------------------------------------------------------------------------
1,800 DOVER, BANS, 3.950%, 09/07/00 1,803
- --------------------------------------------------------------------------------
2,415 EUCLID, BANS, 3.980%, 12/15/00 2,428
- --------------------------------------------------------------------------------
2,279 EUCLID, CSD, BANS, 3.750%, 05/25/00 2,283
- --------------------------------------------------------------------------------
1,600 EVANDALE, IDR, WEEKLY VRDNS, SHAVER
REAL ESTATE, LOC: ABN AMRO BANK,
5.000%, 09/01/15 1,600
- --------------------------------------------------------------------------------
995 FAIRFIELD, BANS, 3.750%, 06/09/00 996
- --------------------------------------------------------------------------------
3,600 FRANKLIN COUNTY, HRB, DAILY VRDNS,
FRANCISCAN SISTERS, LOC: CHASE
MANHATTAN BANK, 4.700%, 07/01/15 3,600
- --------------------------------------------------------------------------------
1,000 FRANKLIN COUNTY, HRB, WEEKLY VRDNS,
CHILDRENS HOSPITAL PROJECT, SERIES B,
5.570%, 12/01/14 1,000
- --------------------------------------------------------------------------------
2,500 FRANKLIN COUNTY, HRB, WEEKLY VRDNS, DOCTORS
OF OHIO HEALTH PROJECT, SERIES B, LOC:
NATIONAL CITY BANK, 5.700%, 12/01/28 2,500
- --------------------------------------------------------------------------------
2,500 FRANKLIN COUNTY, HRB, WEEKLY VRDNS,
HOLY CROSS HEALTH SYSTEM,
5.400%, 06/01/16 2,500
- --------------------------------------------------------------------------------
4,900 FRANKLIN COUNTY, HRB, WEEKLY VRDNS,
U.S. HEALTH, SERIES A, LOC: MORGAN
GUARANTY TRUST, 5.400%, 12/01/21 4,900
- --------------------------------------------------------------------------------
750 FRANKLIN COUNTY, IDA, WEEKLY VRDNS,
COLUMBUS COLLEGE ART & DESIGN PROJECT,
LOC: BANK ONE, 5.500%, 10/01/11 750
- --------------------------------------------------------------------------------
1,350 FRANKLIN COUNTY, IDA, WEEKLY VRDNS,
DOMINICAN SISTER, LOC: FIFTH THIRD BANK,
5.600%, 12/01/16 1,350
- --------------------------------------------------------------------------------
2,000 HAMILTON COUNTY, HFA, WEEKLY VRDNS,
MULTIFAMILY MANAGEMENT AFFORDABLE
HOUSING, SERIES A, LOC: BANK ONE,
5.470%, 01/01/30 2,000
- --------------------------------------------------------------------------------
3,850 HAMILTON COUNTY, HRB, HEALTH ALLIANCE,
SERIES A, LOC: MBIA, 5.400%, 01/01/18 3,850
- --------------------------------------------------------------------------------
4,000 HAMILTON COUNTY, HRB, HEALTH ALLIANCE,
SERIES E, LOC: MBIA, 5.400%, 01/01/18 4,000
- --------------------------------------------------------------------------------
2,000 HAMILTON COUNTY, HRB, WEEKLY VRDNS,
CHILDRENS MEDICAL CENTER PROJECT,
SERIES A, LOC: PNC BANK,
5.500%, 05/15/17 2,000
- --------------------------------------------------------------------------------
1,800 HAMILTON COUNTY, HRB, WEEKLY VRDNS,
HEALTH ALLIANCE, SERIES B, LOC: MBIA,
5.350%, 01/01/18 1,800
- --------------------------------------------------------------------------------
1,100 HAMILTON COUNTY, MONTHLY VRDNS, AUTOMATIC
DATA PROCESSING, 3.700%, 10/15/12 1,100
- --------------------------------------------------------------------------------
1,735 HAMILTON COUNTY, WEEKLY VRDNS, CINCINNATI
ARTS ASSOCIATION, LOC: FIFTH THIRD BANK,
5.460%, 05/01/13 1,735
- --------------------------------------------------------------------------------
2,000 HILLIARD, BANS 4.250%, 05/25/00 2,002
- --------------------------------------------------------------------------------
1,820 LORAIN COUNTY, WEEKLY VRDNS, ELYRIA UNITED
METHODIST PROJECT, SERIES A, LOC: BANK ONE,
5.470%, 06/01/22 1,820
- --------------------------------------------------------------------------------
5,000 LUCAS COUNTY, WEEKLY VRDNS, RB, TOLEDO
ZOOLOGICAL SOCIETY, LOC: KEYBANK,
5.500%, 10/01/05 5,000
- --------------------------------------------------------------------------------
2,775 LYNDHURST, BANS 3.375%, 03/16/00 2,776
- --------------------------------------------------------------------------------
2,000 MAHONING COUNTY, HRB, WEEKLY VRDNS, FORUM
HEALTH OBLIGATION GROUP B, LOC: MBIA,
5.400%, 12/01/28 2,000
- --------------------------------------------------------------------------------
900 MAHONING COUNTY, WEEKLY VRDNS, COPELAND
OAKS PROJECT, SERIES 1992, LOC: BANK ONE,
5.470%, 04/01/17 900
- --------------------------------------------------------------------------------
700 MARION COUNTY, HRB, WEEKLY VRDNS, LOC:
BANK ONE, 5.470%, 08/01/20 700
- --------------------------------------------------------------------------------
15
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
- --------------------------------------------------------------------------------
OHIO -- (CONTINUED)
- --------------------------------------------------------------------------------
$3,000 MARYSVILLE VILLAGE, CSD, BANS,
3.610%, 06/01/00 $3,004
- --------------------------------------------------------------------------------
1,500 MASON COUNTY, CSD, BANS, SERIES 1999,
3.380%, 02/17/00 1,501
- --------------------------------------------------------------------------------
4,555 MASON COUNTY,EDR, WEEKLY VRDNS, CEDAR
VILLAGE PROJECT, LOC: FIFTH THIRD BANK,
5.460%, 12/01/17 4,555
- --------------------------------------------------------------------------------
2,000 MIDDLESBURG HEIGHTS, HRB, WEEKLY VRDNS,
SOUTHWEST GENERAL HEALTH, LOC: KEYBANK,
5.500%, 08/15/22 2,000
- --------------------------------------------------------------------------------
1,300 MONTGOMERY COUNTY, DAILY VRDNS, MIAMI
VALLEY HOSPITAL PROJECT, SERIES A,
4.800%, 11/15/22 1,300
- --------------------------------------------------------------------------------
3,000 MONTGOMERY COUNTY, WEEKLY VRDNS, SOCIETY
ST. VINCENT DEPAUL, LOC: NATIONAL CITY BANK,
5.500%, 12/01/10 3,000
- --------------------------------------------------------------------------------
1,000 MORROW COUNTY, IDA, FIELD CONTAINER,
WEEKLY VRDNS, LOC: AMERICAN NATIONAL,
5.550%, 06/01/03 1,000
- --------------------------------------------------------------------------------
2,350 OHIO STATE UNIVERSITY, WEEKLY VRDNS, GENERAL
RECEIPTS, 4.900%, 12/01/27 2,350
- --------------------------------------------------------------------------------
5,000 OHIO STATE, AQDA, WEEKLY VRDNS,
5.400%, 12/01/19 5,000
- --------------------------------------------------------------------------------
700 OHIO STATE, AQDA, DAILY VRDNS, CINCINNATI
GAS & ELECTRIC, RB, SERIES A, LOC:
ABN AMRO BANK, 4.750%, 09/01/30 700
- --------------------------------------------------------------------------------
6,300 OHIO STATE, AQDA, DAILY VRDNS, LOC:
DEUTSCHE BANK, 4.700%, 10/01/01 6,300
- --------------------------------------------------------------------------------
1,700 OHIO STATE, AQDA, TECP, 3.800%, 01/21/00 1,700
- --------------------------------------------------------------------------------
2,000 OHIO STATE, AQDA, TECP, 3.800%, 02/07/00 2,000
- --------------------------------------------------------------------------------
1,000 OHIO STATE, CSD, CASH FLOW BORROWING
PROGRAM, BANS, 4.140%, 06/30/00 1,004
- --------------------------------------------------------------------------------
3,300 OHIO STATE, HEF, WEEKLY VRDNS, LOC:
FIFTH THIRD BANK, 5.500%, 09/01/17 3,300
- --------------------------------------------------------------------------------
2,050 OHIO STATE, HEF, WEEKLY VRDNS, LOC:
FIFTH THIRD BANK, 5.500%, 09/01/24 2,050
- --------------------------------------------------------------------------------
3,000 OHIO STATE, HEF, WEEKLY VRDNS, MALONE
COLLEGE, 5.550%, 10/01/22 3,000
- --------------------------------------------------------------------------------
1,000 OHIO STATE, HEF, WEEKLY VRDNS, MT. VERNON
NAZARENE, LOC: NATIONAL CITY BANK,
5.550%, 09/01/09 1,000
- --------------------------------------------------------------------------------
4,600 OHIO STATE, WDA, DAILY VRDNS, MEAD
COMPANY, SERIES B, LOC: BANK OF AMERICA,
4.700%, 11/01/15 4,600
- --------------------------------------------------------------------------------
1,000 OHIO STATE, WDA, TECP, 3.800%, 02/07/00 1,000
- --------------------------------------------------------------------------------
4,000 OHIO STATE, WDA, WEEKLY VRDNS, CLEVELAND
ELECTRIC, LOC: FIRST NATIONAL BANK,
5.350%, 08/01/20 4,000
- --------------------------------------------------------------------------------
2,747 ORANGE COUNTY, CSD, BANS, 3.500%, 06/08/00 2,750
- --------------------------------------------------------------------------------
2,500 ORANGE COUNTY, CSD, BANS, 3.640%, 07/20/00 2,503
- --------------------------------------------------------------------------------
910 ORRVILLE, HRB, WEEKLY VRDNS, ORRVILLE HOSPITAL
FOUNDATION, LOC: NATIONAL CITY BANK,
5.500%, 12/01/07 910
- --------------------------------------------------------------------------------
1,164 PARMA, IDA, BANS, 4.200%, 10/31/00 1,167
- --------------------------------------------------------------------------------
1,000 SANDUSKY, BANS, 4.125%, 09/14/00 1,002
- --------------------------------------------------------------------------------
1,400 SENECA COUNTY, HFA, WEEKLY VRDNS, SAINT
FRANCIS HOME PROJECT, LOC: NATIONAL CITY
BANK, 5.500%, 12/15/13 1,400
- --------------------------------------------------------------------------------
3,000 SHARONVILLE, IDR, EDGECOMB METALS PROJECT,
LOC: WELLS FARGO BANK, 5.550%, 11/01/09 3,000
- --------------------------------------------------------------------------------
1,000 SOLON, BANS, 3.600%, 06/15/00 1,002
- --------------------------------------------------------------------------------
2,000 SUMMIT COUNTY, BANS, 3.800%, 06/01/00 2,005
- --------------------------------------------------------------------------------
2,000 UNIVERSITY OF CINCINNATI, GENERAL RECEIPTS,
BANS, 3.140%, 03/01/00 2,001
- --------------------------------------------------------------------------------
2,000 UNIVERSITY OF CINCINNATI, GENERAL RECEIPTS,
BANS, SERIES AK, 4.250%, 10/05/00 2,005
- --------------------------------------------------------------------------------
TOTAL OHIO 208,316
- --------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (COST $208,316) 208,316
- --------------------------------------------------------------------------------
MONEY MARKETS -- 3.0%
- --------------------------------------------------------------------------------
3,161 MERRILL LYNCH INSTITUTIONAL TAX-EXEMPT
FUND, DAILY VRDNS 4.410%, 3,161
- --------------------------------------------------------------------------------
3,259 NUVEEN TAX EXEMPT MONEY MARKET
FUND, DAILY VRDNS 4.307%, 3,259
- --------------------------------------------------------------------------------
TOTAL MONEY MARKETS (COST $6,420) 6,420
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--101.1% (COST $214,736) 214,736
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET-- (1.1%) (2,309)
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001 PAR VALUE)
BASED ON 90,816,160 OUTSTANDING SHARES OF BENEFICIAL
INTEREST 90,816
- --------------------------------------------------------------------------------
INVESTMENT SHARES (UNLIMITED AUTHORIZATION -- $0.001 PAR
VALUE) BASED ON 121,633,604 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 121,633
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (12)
- --------------------------------------------------------------------------------
OVERDISTRIBUTED NET INVESTMENT INCOME (10)
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $212,427
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $1.00
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- INVESTMENT SHARES $1.00
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
HUNTINGTON U.S. TREASURY MONEY MARKET FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
- --------------------------------------------------------------------------------
(C) U.S. TREASURY BILLS -- 64.7%
- --------------------------------------------------------------------------------
$65,000 U.S. TREASURY BILL, 4.870%, 01/13/00 $ 64,887
65,000 U.S. TREASURY BILL, 4.720%, 01/20/00 64,827
10,000 U.S. TREASURY BILL, 4.900%, 02/03/00 9,955
25,000 U.S. TREASURY BILL, 4.800%, 02/10/00 24,865
25,000 U.S. TREASURY BILL, 4.830%, 02/17/00 24,841
50,000 U.S. TREASURY BILL, 4.880%, 03/02/00 49,592
25,000 U.S. TREASURY BILL, 5.350%, 03/23/00 24,699
25,000 U.S. TREASURY BILL, 5.340%, 04/20/00 24,598
- --------------------------------------------------------------------------------
TOTAL U.S. TREASURY BILLS (COST $288,264) 288,264
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 35.7%
- --------------------------------------------------------------------------------
$20,000 BANC ONE, 4.5%, DATED 12/29/99, DUE
01/05/00, REPURCHASE PRICE $20,017,500
(COLLATERALIZED BY U.S. TREASURY OBLIGATIONS,
TOTAL PAR VALUE $20,025,000, 6.625%,
04/30/02, TOTAL MARKET VALUE $20,394,383) $20,000
- --------------------------------------------------------------------------------
25,000 COMMERCE BANK, 5.40%, DATED 12/28/99,
DUE 01/04/00, REPURCHASE PRICE
$25,026,250 (COL-LATERALIZED BY U.S.
TREASURY OBLIGATIONS, TOTAL PAR VALUE
$25,283,000, 4.75%-6.50%, 05/15/05-
11/15/08, TOTAL MARKET VALUE $25,464,395) 25,000
- --------------------------------------------------------------------------------
16
(See notes which are an integral part of the Financial Statements.)
<PAGE>
HUNTINGTON U.S. TREASURY MONEY MARKET FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- (CONTINUED)
- --------------------------------------------------------------------------------
$10,000 MERRILL LYNCH, 3.00%, DATED 12/31/99, DUE
01/04/00, REPURCHASE PRICE $10,003,333
(COLLATERALIZED BY U.S. TREASURY OBLIGATIONS,
TOTAL PAR VALUE $10,280,000, 5.75%, 04/30/03,
TOTAL MARKET VALUE $10,189,520) $10,000
- --------------------------------------------------------------------------------
20,000 MERRILL LYNCH, 4.75%, DATED 12/29/99,
DUE 01/05/00, REPURCHASE PRICE
$20,018,472 (COLLATERALIZED BY U.S.
TREASURY OBLIGATIONS, TOTAL PAR VALUE
$19,880,000, 6.25%, 01/31/02, TOTAL
MARKET VALUE $20,390,370) 20,000
- --------------------------------------------------------------------------------
20,000 MERRILL LYNCH, 2.00%, DATED 12/30/99,
DUE 01/06/00, REPURCHASE PRICE
$20,007,778 (COLLATERALIZED BY U.S.
TREASURY OBLIGATIONS, TOTAL PAR VALUE
$20,150,000, 5.125%, 08/31/00, TOTAL
MARKET VALUE $20,382,777) 20,000
- --------------------------------------------------------------------------------
25,000 MORGAN STANELY & CO., INC., 2.95%,
DATED 12/30/99, DUE 01/03/00,
REPURCHASE PRICE $25,008,194
(COLLATERALIZED BY U.S. TREASURY
OBLIGATIONS, TOTAL PAR VALUE $25,760,000, 4.00%,
10/31/00, TOTAL MARKET VALUE $25,510,052) 25,000
- --------------------------------------------------------------------------------
18,790 MORGAN STANELY & CO., INC., 2.42%,
DATED 12/31/99, DUE 01/03/00,
REPURCHASE PRICE $18,793,989
(COLLATERALIZED BY U.S. TREASURY
OBLIGATION, TOTAL PAR VALUE $15,085,000, 9.25%,
02/15/16, TOTAL MARKET VALUE $19,153,236) 18,790
- --------------------------------------------------------------------------------
20,000 SMITH BARNEY, INC., 5.38%, DATED
12/27/99, DUE 01/03/00, REPURCHASE
PRICE $20,017,933 (COLLATERALIZED BY
U.S. TREASURY OBLIGATIONS, TOTAL PAR VALUE
$21,259,000, 3.375%, 01/15/07, TOTAL MARKET
VALUE $21,169,394.17) 20,000
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS (COST $158,790) 158,790
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.4% (COST $447,054) 447,054
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET-- (0.4%) (1,765)
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001 PAR
VALUE) BASED ON 404,505,605 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 404,504
- --------------------------------------------------------------------------------
INVESTMENT SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 40,788 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 40,788
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (3)
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $445,289
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $1.00
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- INVESTMENT SHARES $1.00
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
HUNTINGTON GROWTH FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE
(000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 97.1%
- --------------------------------------------------------------------------------
AIRCRAFT -- 1.5%
110,000 BOEING $ 4,572
- --------------------------------------------------------------------------------
4,572
- --------------------------------------------------------------------------------
APPAREL/TEXTILES -- 0.6%
38,000 CINTAS 2,019
- --------------------------------------------------------------------------------
2,019
- --------------------------------------------------------------------------------
BANKS -- 1.0%
8,500 STATE STREET 621
60,000 WELLS FARGO 2,426
- --------------------------------------------------------------------------------
3,047
- --------------------------------------------------------------------------------
BEAUTY PRODUCTS -- 5.2%
150,000 COLGATE PALMOLIVE 9,750
110,000 GILLETTE 4,531
19,000 PROCTER & GAMBLE 2,082
- --------------------------------------------------------------------------------
16,363
- --------------------------------------------------------------------------------
COMPUTERS -- 6.8%
32,260 COMPUTER SCIENCES* 3,053
100,000 DIEBOLD 2,350
52,000 MICROSOFT* 6,071
88,125 ORACLE* 9,876
- --------------------------------------------------------------------------------
21,350
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING -- 1.1%
115,000 NEWELL RUBBERMAID 3,335
- --------------------------------------------------------------------------------
3,335
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE -- 17.5%
200,600 ABBOTT LABORATORIES 7,284
38,000 AMERICAN HOME PRODUCTS 1,499
400,000 IMSHEALTH 10,875
50,000 JOHNSON &JOHNSON 4,656
100,000 MERCK 6,706
150,000 PFIZER 4,866
31,000 PHARMACIA & UPJOHN 1,395
200,000 SCHERING-PLOUGH 8,437
300,000 SIGMA ALDRICH 9,019
- --------------------------------------------------------------------------------
54,737
- --------------------------------------------------------------------------------
FINANCIAL SERVICES -- 3.1%
50,000 AMERICAN EXPRESS 8,312
24,000 FANNIE MAE 1,499
- --------------------------------------------------------------------------------
9,811
- --------------------------------------------------------------------------------
FOOD & BEVERAGE -- 4.9%
28,000 BESTFOODS 1,472
30,000 LANCASTER COLONY 994
217,000 PEPSICO 7,649
43,000 SARA LEE 949
50,000 WM. WRIGLEY 4,147
- --------------------------------------------------------------------------------
15,211
- --------------------------------------------------------------------------------
17
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON GROWTH FUND (CONTINUED)
- --------------------------------------------------------------------------------
SHARES VALUE
(000)
- --------------------------------------------------------------------------------
COMMON STOCK (CONTINUED)
- --------------------------------------------------------------------------------
HOLDING COMPANIES -- 0.4%
24 BERKSHIRE HATHAWAY, CL A* $ 1,346
15 BERKSHIRE HATHAWAY, CL B* 27
- --------------------------------------------------------------------------------
1,373
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS -- 4.1%
67,264 HUBBELL 1,833
46,000 ILLINOIS TOOL WORKS 3,108
82,000 SOLECTRON* 7,800
- --------------------------------------------------------------------------------
12,741
- --------------------------------------------------------------------------------
INSURANCE -- 2.2%
62,500 AMERICAN INTERNATIONAL GROUP 6,758
- --------------------------------------------------------------------------------
6,758
- --------------------------------------------------------------------------------
MACHINERY -- 6.2%
33,300 CATERPILLAR 1,567
70,800 EMERSON ELECTRIC 4,062
88,500 GENERAL ELECTRIC 13,695
- --------------------------------------------------------------------------------
19,324
- --------------------------------------------------------------------------------
MARINE TRANSPORTATION -- 0.8%
52,000 CARNIVAL 2,486
- --------------------------------------------------------------------------------
2,486
- --------------------------------------------------------------------------------
MEDICAL & MEDICAL SERVICES -- 2.3%
200,000 BOSTON SCIENTIFIC* 4,375
73,200 MEDTRONIC 2,667
- --------------------------------------------------------------------------------
7,042
- --------------------------------------------------------------------------------
METALS & MINING -- 0.3%
16,600 POTASH OF SASKATCHEWAN 800
- --------------------------------------------------------------------------------
800
- --------------------------------------------------------------------------------
MISCELLANEOUS BUSINESS SERVICES -- 5.4%
300,000 AUTOMATIC DATA PROCESSING 16,163
16,000 ECOLAB 626
- --------------------------------------------------------------------------------
16,789
- --------------------------------------------------------------------------------
OFFICE SUPPLIES -- 2.9%
125,000 AVERY DENNISON 9,109
- --------------------------------------------------------------------------------
9,109
- --------------------------------------------------------------------------------
PETROLEUM & FUEL PRODUCTS -- 6.4%
310,000 ANADARKO PETROLEUM 10,579
150,000 SCHLUMBERGER 8,438
29,040 TRANSOCEAN SEDCO FOREX 978
- --------------------------------------------------------------------------------
19,995
- --------------------------------------------------------------------------------
PETROLEUM REFINING -- 0.5%
26,700 ROYAL DUTCH PETROLEUM 1,614
- --------------------------------------------------------------------------------
1,614
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING -- 2.4%
120,000 AMERICAN GREETINGS, CL A 2,835
90,300 MEDIA GENERAL, CL A 4,696
- --------------------------------------------------------------------------------
7,531
- --------------------------------------------------------------------------------
SHARES/ VALUE
PRINCIPAL AMOUNT (000) (000)
- --------------------------------------------------------------------------------
COMMON STOCK -- (CONTINUED)
- --------------------------------------------------------------------------------
RETAIL -- 13.8%
337,500 HOME DEPOT $ 23,140
98,000 KOHLS* 7,074
443,600 WALGREEN 12,975
- --------------------------------------------------------------------------------
43,189
- --------------------------------------------------------------------------------
SEMI-CONDUCTORS/INSTRUMENTS -- 2.2%
75,000 ANALOG DEVICES* 6,975
- --------------------------------------------------------------------------------
6,975
- --------------------------------------------------------------------------------
SPECIALTY CONSTRUCTION -- 1.1%
100,000 FORTUNE BRANDS 3,306
- --------------------------------------------------------------------------------
3,306
- --------------------------------------------------------------------------------
TELEPHONE & TELECOMMUNICATION -- 1.3%
82,500 VODAFONE GROUP 4,084
- --------------------------------------------------------------------------------
4,084
- --------------------------------------------------------------------------------
WHOLESALE -- 3.1%
33,000 CARDINAL HEALTH 1,580
209,300 SYSCO 8,280
- --------------------------------------------------------------------------------
9,860
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK (COST $127,998) 303,421
- --------------------------------------------------------------------------------
INTEREST BEARING COMMERCIAL PAPER -- 2.4%
- --------------------------------------------------------------------------------
6,347 FORD MOTOR CREDIT, 1.050%, 01/03/00 6,347
- --------------------------------------------------------------------------------
1,083 GMAC, 1.000%, 01/03/00 1,083
- --------------------------------------------------------------------------------
TOTAL INTEREST BEARING COMMERCIAL PAPER
(COST $7,430) 7,430
- --------------------------------------------------------------------------------
U.S. TREASURY BILL -- 0.6%
- --------------------------------------------------------------------------------
2,000 U.S. TREASURY BILL, 2.500%, 01/06/00 1,999
- --------------------------------------------------------------------------------
TOTAL U.S. TREASURY BILLS (COST $1,999) 1,999
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.1% (COST $137,427) 312,850
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET -- (0.1%) (292)
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 5,962,962
OUTSTANDING SHARES OF BENEFICIAL
INTEREST 127,362
- --------------------------------------------------------------------------------
INVESTMENT SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 349,476
OUTSTANDING SHARES OF BENEFICIAL INTEREST 10,046
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (287)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION ON INVESTMENTS 175,423
- --------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 14
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $312,558
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $49.52
- --------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE-- INVESTMENT SHARES $49.47
- --------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT SHARES ($49.47 / 96.00%) $51.53
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
18
(See notes which are an integral part of the Financial Statements.)
<PAGE>
HUNTINGTON INCOME EQUITY FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
SHARES VALUE
(000)
- --------------------------------------------------------------------------------
COMMON STOCK -- 86.1%
- --------------------------------------------------------------------------------
AUTO -- 2.8%
120,000 FORD MOTOR $ 6,412
- --------------------------------------------------------------------------------
6,412
- --------------------------------------------------------------------------------
BANKS -- 12.4%
130,000 CHASE MANHATTAN 10,099
194,400 FIRST UNION 6,379
200,000 FLEET BOSTON FINANCIAL 6,962
200,000 NATIONAL CITY 4,737
- --------------------------------------------------------------------------------
28,177
- --------------------------------------------------------------------------------
CHEMICALS -- 6.3%
46,686 E.I. DUPONT DE NEMOURS 3,075
150,000 INTERNATIONAL FLAVORS & FRAGRANCES 5,662
90,000 PPG INDUSTRIES 5,631
- --------------------------------------------------------------------------------
14,368
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE -- 9.0%
160,000 AMERICAN HOME PRODUCTS 6,310
140,000 BRISTOL-MYERS SQUIBB 8,986
116,000 PHARMACIA & UPJOHN 5,220
- --------------------------------------------------------------------------------
20,516
- --------------------------------------------------------------------------------
ELECTRICAL UTILITIES -- 5.5%
315,000 DAYTON POWER & LIGHT 5,453
240,000 IPALCO ENTERPRISES 4,095
150,000 WISCONSIN ENERGY 2,887
- --------------------------------------------------------------------------------
12,435
- --------------------------------------------------------------------------------
FOOD & BEVERAGE -- 0.6%
70,000 GALLAHER GROUP, ADR 1,076
20,000 RJ REYNOLDS TOBACCO HOLDINGS* 353
- --------------------------------------------------------------------------------
1,429
- --------------------------------------------------------------------------------
GAS & NATURAL GAS -- 1.3%
90,000 PEOPLES ENERGY 3,015
- --------------------------------------------------------------------------------
3,015
- --------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS -- 3.6%
160,000 CLOROX 8,060
- --------------------------------------------------------------------------------
8,060
- --------------------------------------------------------------------------------
INSURANCE -- 1.6%
220,000 OHIO CASUALTY 3,534
- --------------------------------------------------------------------------------
3,534
- --------------------------------------------------------------------------------
MACHINERY -- 6.8%
100,000 GENERAL ELECTRIC 15,475
- --------------------------------------------------------------------------------
15,475
- --------------------------------------------------------------------------------
MISCELLANEOUS BUSINESS SERVICES -- 1.2%
100,000 DELUXE 2,744
- --------------------------------------------------------------------------------
2,744
- --------------------------------------------------------------------------------
PETROLEUM & FUEL PRODUCTS -- 12.8%
85,000 ATLANTIC RICHFIELD 7,353
98,273 CONOCO 2,445
84,000 EXXON MOBIL 6,767
100,000 ROYAL DUTCH PETROLEUM, ADR 6,044
120,000 TEXACO 6,518
- --------------------------------------------------------------------------------
29,127
- --------------------------------------------------------------------------------
PHOTOGRAPHIC EQUIPMENT & SUPPLIES -- 1.8%
180,000 XEROX 4,084
- --------------------------------------------------------------------------------
4,084
- --------------------------------------------------------------------------------
SHARES/ VALUE
PRINCIPAL AMOUNT (000) (000)
- --------------------------------------------------------------------------------
OMMON STOCK -- (CONTINUED)
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUSTS -- 3.3%
85,000 MACK-CALI REALTY $ 2,215
275,000 NATIONWIDE HEALTH PROPERTIES 3,781
65,500 SIMON PROPERTY GROUP 1,502
- --------------------------------------------------------------------------------
7,498
- --------------------------------------------------------------------------------
RUBBER & PLASTIC -- 2.2%
450,000 HANNA 4,922
- --------------------------------------------------------------------------------
4,922
- --------------------------------------------------------------------------------
STEEL & STEEL WORKS -- 3.6%
500,000 WORTHINGTON INDUSTRIES 8,281
- --------------------------------------------------------------------------------
8,281
- --------------------------------------------------------------------------------
TELEPHONE & TELECOMMUNICATION -- 11.3%
60,000 BELL ATLANTIC 3,694
200,000 CABLE & WIRELESS, ADR 5,825
100,000 GTE 7,056
125,000 US WEST 9,000
- --------------------------------------------------------------------------------
25,575
- --------------------------------------------------------------------------------
TOTAL COMMON STOCK (COST $103,750) 195,652
- --------------------------------------------------------------------------------
CORPORATE BONDS -- 12.5%
$ 5,000 ABITIBI-CONSOLIDATED, 8.500%, 08/01/29 4,838
4,000 FORD MOTOR CAPITAL, 9.500%, 06/01/10 4,460
2,000 GENERAL MOTORS, 9.400%, 07/15/21 2,313
5,000 HYDRO - QUEBEC, 8.500%, 12/01/29 5,344
3,000 J.C. PENNEY, 7.650%, 08/15/16 2,599
2,000 KEYCORP INSTITUTIONAL SERIES A
7.826%, 12/01/26 1,868
1,500 TRW, 9.350%, 06/04/20 1,671
5,000 WEYERHAUSER, 8.500%, 01/15/25 5,263
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (COST $29,728) 28,356
- --------------------------------------------------------------------------------
INTEREST BEARING COMMERCIAL PAPER -- 0.3%
- --------------------------------------------------------------------------------
760 GMAC, 1.000%, 01/03/00 760
- --------------------------------------------------------------------------------
TOTAL INTEREST BEARING COMMERCIAL PAPER
(COST $760) 760
- --------------------------------------------------------------------------------
U.S. TREASURY BILLS -- 0.7%
- --------------------------------------------------------------------------------
1,600 U.S. TREASURY BILL, 4.660%, 01/06/00 1,599
- --------------------------------------------------------------------------------
TOTAL U.S. TREASURY BILLS (COST $1,599) 1,599
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--99.6% (COST $135,837) 226,367
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.4% 947
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001
PAR VALUE) BASED ON 6,146,944 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 134,983
- --------------------------------------------------------------------------------
INVESTMENT SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 45,401 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 1,746
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (134)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION ON INVESTMENTS 90,530
- --------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 189
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $227,314
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $36.71
- --------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE --INVESTMENT SHARES $36.72
- --------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT SHARES ($36.72 / 94.50%) $38.86
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
19
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON MICHIGAN TAX-FREE FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 98.6%
- --------------------------------------------------------------------------------
MICHIGAN -- 98.6%
- --------------------------------------------------------------------------------
$300 ANCHOR BAY, CSD, GO, 4.550%, 05/01/13 $269
- --------------------------------------------------------------------------------
710 ANN ARBOR, WATER SUPPLY SYSTEM,
SERIES T, MBIA, RB, 7.375%, 02/01/03 763
- --------------------------------------------------------------------------------
475 BYRON CENTER, PUBLIC SCHOOLS, GO,
4.800%, 05/01/11 450
- --------------------------------------------------------------------------------
305 BYRON CENTER, PUBLIC SCHOOLS, GO,
4.900%, 05/01/12 288
- --------------------------------------------------------------------------------
500 CADILLAC, PUBLIC SCHOOLS, FGIC, GO,
5.375%, 05/01/10 500
- --------------------------------------------------------------------------------
230 CEDAR SPRINGS UNLIMITED TAX GO,
4.850%, 05/01/12 216
- --------------------------------------------------------------------------------
500 CHELSEA, SDA, FGIC, GO, 5.500%, 05/01/08 518
- --------------------------------------------------------------------------------
200 CLIO, SDA, GO, 7.200%, 05/01/01 206
- --------------------------------------------------------------------------------
225 CORNELL TOWNSHIP, EDA, RB, 4.700%,
11/01/16 225
- --------------------------------------------------------------------------------
500 DEARBORN, SDA, GO, 5.250%, 05/01/06 506
- --------------------------------------------------------------------------------
250 DETROIT, SDA, AMBAC, GO, , PRE-REFUNDED @
102 (B), 7.100%, 05/01/07 263
- --------------------------------------------------------------------------------
500 FOWLERVILLE COUNTY, SDA, MBIA, GO,
5.350%, 05/01/10 509
- --------------------------------------------------------------------------------
545 GRAND RAPIDS, DOWNTOWN DEVELOPMENT
AUTHORITY, RB, MBIA, 6.600%, 06/01/08 582
- --------------------------------------------------------------------------------
310 GRANDVILLE, PUBLIC SDA, FGIC, GO,
6.000%, 05/01/05 325
- --------------------------------------------------------------------------------
490 GREENVILLE, PUBLIC SCHOOLS, UNLIMITED TAX, GO,
4.900%, 05/01/13 456
- --------------------------------------------------------------------------------
500 GROSSE ILE TOWNSHIP, SDA, FGIC, GO,
5.600%, 05/01/10 517
- --------------------------------------------------------------------------------
500 HARRISON, COMMUNITY SCHOOL PROJECT,
AMBAC, GO, 5.800%, 05/01/05 520
- --------------------------------------------------------------------------------
655 HOLLAND, WATER SUPPLY SYSTEM, SERIES A, RB,
5.250%, 07/01/12 638
- --------------------------------------------------------------------------------
355 HOLTON, PUBLIC SCHOOLS, FGIC, RB,
4.800%, 05/01/13 327
- --------------------------------------------------------------------------------
500 HURON VALLEY, SDA, FGIC, GO,
5.450%, 05/01/08 512
- --------------------------------------------------------------------------------
80 JENISON, PUBLIC SCHOOL DISTRICT, FGIC, GO,
5.400%, 05/01/08 81
- --------------------------------------------------------------------------------
420 JENISON, PUBLIC SCHOOL DISTRICT, GO,
5.400%, 05/02/08 433
- --------------------------------------------------------------------------------
450 KELLOGGSVILLE, PUBLIC SCHOOL DISTRICT, GO,
5.000%, 05/01/13 418
- --------------------------------------------------------------------------------
500 KENOWA HILLS, PUBLIC SCHOOLS, MBIA, GO,
5.500%, 05/01/08 508
- --------------------------------------------------------------------------------
200 KENT, HFA, MARY FREE HOSPITAL PROJECT,
SERIES A, RB, 6.500%, 04/01/05 204
- --------------------------------------------------------------------------------
500 KENT COUNTY, HFA, PINE REST CHRISTIAN
HOSPITAL PROJECT, FGIC, RB, 6.500%,
11/01/10 521
- --------------------------------------------------------------------------------
780 LAKE ORION COMMUNITY, CSD, GO,
4.950%, 05/01/11 749
- --------------------------------------------------------------------------------
500 LAKE SHORE, PUBLIC SCHOOLS, MACOMB
COUNTY, GO, 5.400%, 05/01/12 496
- --------------------------------------------------------------------------------
525 LANSING, BUILDING AUTHORITY, GO, ETM,
7.150%, 06/01/03 541
- --------------------------------------------------------------------------------
350 LENAWEE COUNTY, BUILDING AUTHORITY, HUMAN
SERVICES PROJECT, AMBAC, GO,
6.000%, 05/01/09 359
- --------------------------------------------------------------------------------
500 LINCOLN PARK, SDA, FGIC, GO,
5.500%, 05/01/06 513
- --------------------------------------------------------------------------------
110 MANCELONA, PUBLIC SCHOOLS, GO,
5.200%, 05/01/12 106
- --------------------------------------------------------------------------------
500 MATTAWAN, SDA, GO, 6.400%, 05/01/09 524
- --------------------------------------------------------------------------------
1,000 MICHIGAN STATE, ENVIRONMENTAL
PROTECTION PROGRAM, GO, PRE-REFUNDED @
102 (B), 6.250%, 11/01/08 1,060
- --------------------------------------------------------------------------------
500 MICHIGAN STATE, HEA, STUDENT LOAN, SERIES 13,
AMBAC, RB, 5.700%, 04/01/02 511
- --------------------------------------------------------------------------------
300 MICHIGAN STATE, HFA, CENTRAL MICHIGAN
COMMUNITY HOSPITAL, SERIES A, RB,
5.750%, 10/01/02 301
- --------------------------------------------------------------------------------
400 MICHIGAN STATE, HFA, DAUGHTERS CHARITY
PROJECT, RB, 5.500%, 11/01/05 407
- --------------------------------------------------------------------------------
750 MICHIGAN STATE, HFA, HOLLAND COMMUNITY
HOSPITAL PROJECT, RB, 5.250%, 01/01/08 723
- --------------------------------------------------------------------------------
500 MICHIGAN STATE, HFA, DETROIT MEDICAL CENTER
PROJECT, SERIES A, RB, 6.375%, 08/15/09 471
- --------------------------------------------------------------------------------
500 MICHIGAN STATE, HFA, MERCY HEALTH SERVICES,
SERIES Q, AMBAC, RB, 5.100%, 08/15/07 495
- --------------------------------------------------------------------------------
660 MICHIGAN STATE, HFA, OTSEGO, MEMORIAL HOSPITAL
PROJECT, RB, 6.000%, 01/01/09 665
- --------------------------------------------------------------------------------
200 MICHIGAN STATE, HFA, SAINT JOHN HOSPITAL
PROJECT, SERIES A, AMBAC, RB,
5.750%, 05/15/04 208
- --------------------------------------------------------------------------------
615 MICHIGAN STATE, HFA, SPARROW OBLIGATED
GROUP PROJECT, MBIA, RB, 6.300%,
11/15/03 643
- --------------------------------------------------------------------------------
420 MICHIGAN STATE, HOUSING DEVELOPMENT
AUTHORITY, WALLED LAKE VILLA PROJECT, FSA, RB,
5.850%, 04/15/07 435
- --------------------------------------------------------------------------------
300 MICHIGAN STATE, MICHIGAN UNIVERSITY,
5.250%, 12/01/10 293
- --------------------------------------------------------------------------------
640 MICHIGAN STATE, SAGINAW VALLEY UNIVERSITY,
AMBAC, 5.000%, 07/01/12 610
- --------------------------------------------------------------------------------
400 MICHIGAN STATE, STRATEGIC FUND, LUTHERAN
SOCIAL SERVICES PROJECT, RB,
5.200%, 09/01/04 401
- --------------------------------------------------------------------------------
435 NORTHERN MICHIGAN UNIVERSITY, AMBAC, RB,
5.500%, 12/01/09 453
- --------------------------------------------------------------------------------
500 OAKLAND COUNTY, EDA, CRANBROOK ELDERLY
COMMUNITY PROJECT, RB, 6.375%, 11/01/14 533
- --------------------------------------------------------------------------------
500 OTTAWA COUNTY, HOLLAND TOWNSHIP
EXTENSION, GO, 6.800%, 08/01/05 517
- --------------------------------------------------------------------------------
500 PAW PAW, PUBLIC SCHOOL DISTRICT,
6.500%, 05/01/09 546
- --------------------------------------------------------------------------------
150 ROCHESTER, SDA, GO, 6.500%, 05/01/07 156
- --------------------------------------------------------------------------------
500 ROCKFORD, PUBLIC SCHOOL AUTHORITY, GO,
5.600%, 05/01/05 513
- --------------------------------------------------------------------------------
500 SAINT JOSEPH, MERCY MEMORIAL MEDICAL CENTER,
AMBAC, RB, 5.125%, 01/01/09 491
- --------------------------------------------------------------------------------
230 SARANAC, SDA, GO, 5.700%, 05/01/07 238
- --------------------------------------------------------------------------------
500 STATE BUILDING AUTHORITY, RB, AMBAC,
6.750%, 10/01/07 528
- --------------------------------------------------------------------------------
20
(See notes which are an integral part of the Financial Statements.)
<PAGE>
HUNTINGTON MICHIGAN TAX-FREE FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
- --------------------------------------------------------------------------------
MICHIGAN -- (CONTINUED)
- --------------------------------------------------------------------------------
$400 TROY, DOWNTOWN DEVELOPMENT AUTHORITY,
SERIES A, TA, RB, 6.100%, 11/01/10 $ 422
- --------------------------------------------------------------------------------
500 UNIVERSITY OF MICHIGAN, MAJOR CAPITAL PROJECTS,
RB, 5.800%, 04/01/10 516
- --------------------------------------------------------------------------------
500 UTICA, COMMUNITY SCHOOLS PROJECT, GO,
5.700%, 05/01/06 518
- --------------------------------------------------------------------------------
405 WARREN, TRANSPORTATION FUND, GO,
5.000%, 06/01/07 405
- --------------------------------------------------------------------------------
500 WEST OTTAWA, PUBLIC SCHOOL DISTRICT, FGIC, GO,
5.400%, 05/01/09 504
- --------------------------------------------------------------------------------
TOTAL MICHIGAN 27,606
- --------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (COST $27,349) 27,606
- --------------------------------------------------------------------------------
MONEY MARKETS -- 0.2%
- --------------------------------------------------------------------------------
65 FEDERATED MICHIGAN MUNICIPAL CASH TRUST,
DAILY VRDNS, 3.400% 65
- --------------------------------------------------------------------------------
TOTAL MONEY MARKETS (COST $65) 65
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.8% (COST $27,414) 27,671
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--1.2% 321
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001 PAR VALUE)
BASED ON 1,993,096 OUTSTANDING SHARES OF BENEFICIAL
INTEREST $20,670
- --------------------------------------------------------------------------------
INVESTMENT SHARES (UNLIMITED AUTHORIZATION -- $0.001 PAR
VALUE) BASED ON 688,062 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 7,078
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (21)
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION ON INVESTMENTS 257
- --------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 8
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% 27,992
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $10.44
- --------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE-- INVESTMENT SHARES $10.44
- --------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT SHARES ($10.44 / 98.00%) $10.65
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
HUNTINGTON OHIO TAX-FREE FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- 99.2%
- --------------------------------------------------------------------------------
OHIO -- 98.2%
$500 AKRON, GO, 5.300%, 12/01/11 $498
- --------------------------------------------------------------------------------
915 AKRON, GO, 6.500%, 11/01/14 988
- --------------------------------------------------------------------------------
215 ALLIANCE, CSD, AMBAC, GO,
6.200%, 12/01/01 222
- --------------------------------------------------------------------------------
300 AURORA, CSD, FGIC, GO, 5.500%, 12/01/07 308
- --------------------------------------------------------------------------------
290 AURORA, GO, 7.350%, 12/01/00 298
- --------------------------------------------------------------------------------
280 AVON LAKE, WATER SYSTEM, AMBAC, RB,
5.100%, 10/01/05 283
- --------------------------------------------------------------------------------
250 BEACHWWOD ,CSD, GO, 6.600%, 12/01/04 263
- --------------------------------------------------------------------------------
215 BEDFORD, CSD, ENERGY CONSERVATION
IMPROVEMENT, GO, 5.350%, 06/15/02 217
BEDFORD, CSD, ENERGY CONSERVATION,
- --------------------------------------------------------------------------------
200 IMPROVEMENT, 5.400%, 06/15/03 201
- --------------------------------------------------------------------------------
500 BUTLER COUNTY, AMBAC, GO, 5.000%,
12/01/12 475
- --------------------------------------------------------------------------------
100 BUTLER COUNTY, IDA, WEEKLY VRDNS,
5.600%, 08/01/12 100
- --------------------------------------------------------------------------------
500 BUTLER COUNTY, IMPROVEMENT WATERWORKS,
FSA, RB, 4.700%, 12/01/13 448
- --------------------------------------------------------------------------------
500 CHARGIN FALLS, EXEMPTED SCHOOL DISTRICT,
SERIES 2, GO, 5.100%, 12/01/10 491
- --------------------------------------------------------------------------------
250 CINCINNATI, GO, 6.750%, 12/01/01 261
- --------------------------------------------------------------------------------
200 CLEVELAND, AMBAC, SERIES B, GO,
6.400%, 10/01/02 209
- --------------------------------------------------------------------------------
500 CLEVELAND HEIGHTS, SERIES B, GO,
5.600%, 12/01/02 514
- --------------------------------------------------------------------------------
500 CLEVELAND, PUBLIC POWER SYSTEM SERIES B,
MBIA, RB, 5.900%, 11/15/01 513
- --------------------------------------------------------------------------------
500 CLEVELAND, WATERWORKS SERIES I, FSA, RB,
5.250%, 01/01/13 482
- --------------------------------------------------------------------------------
250 COLUMBUS, CSD, FGIC, GO, 5.050%,
12/01/02 253
- --------------------------------------------------------------------------------
250 COLUMBUS, GO, 6.300%, 04/15/03 255
- --------------------------------------------------------------------------------
500 COLUMBUS, POLICE/FIREMAN DISABILITY, GO,
5.000%, 07/15/13 471
- --------------------------------------------------------------------------------
270 COLUMBUS, SERIES 2, GO,
5.350%, 05/15/03 276
- --------------------------------------------------------------------------------
500 COLUMBUS, SERIES B, GO,
6.300%, 01/01/05 523
- --------------------------------------------------------------------------------
300 COLUMBUS, SERIES D, GO,
5.250%, 09/15/11 298
- --------------------------------------------------------------------------------
188 COLUMBUS, SPECIAL ASSIGNMENT,
5.700%, 07/15/06 190
- --------------------------------------------------------------------------------
500 CUYAHOGA COUNTY, AMBAC, HRB,
5.250%, 01/01/13 479
- --------------------------------------------------------------------------------
500 CUYAHOGA COUNTY, GO, 5.200%, 11/15/09 498
- --------------------------------------------------------------------------------
500 CUYAHOGA COUNTY, SERIES B, GO,
4.500%, 10/01/00 502
- --------------------------------------------------------------------------------
200 CUYAHOGA FALLS, MBIA, GO, 5.400%,
12/01/06 205
- --------------------------------------------------------------------------------
500 DAYTON, MBIA, GO, 5.000%, 12/01/12 475
- --------------------------------------------------------------------------------
250 DOVER, MUNICIPAL ELECTRIC SYSTEM, FGIC, RB,
5.500%, 12/01/07 257
- --------------------------------------------------------------------------------
250 DUBLIN, CSD, FGIC, GO, 6.150%, 12/01/04 266
- --------------------------------------------------------------------------------
250 DUBLIN, FGIC, GO, 6.050%, 12/01/03 262
- --------------------------------------------------------------------------------
250 EASTLAKE, BAN, 5.000%, 12/01/04 251
- --------------------------------------------------------------------------------
500 EUCLID, GO, 5.300%, 12/01/07 506
- --------------------------------------------------------------------------------
500 EUCLID, GO, 5.450%, 12/01/08 509
- --------------------------------------------------------------------------------
500 EUCLID, GO, 5.000%, 12/01/12 474
- --------------------------------------------------------------------------------
250 EUCLID, GO, PRE-REFUNDED 12/01/01 @ 102 (B),
6.400%, 12/01/04 263
- --------------------------------------------------------------------------------
21
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON OHIO TAX-FREE FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
- --------------------------------------------------------------------------------
OHIO -- (CONTINUED)
$245 FAIRFIELD CSD, FGIC, GO, 5.650%,
12/01/06 $254
- --------------------------------------------------------------------------------
500 FINDLAY, GO, 5.500%, 07/01/08 511
- --------------------------------------------------------------------------------
250 FINDLAY, SSRB, GO, 5.200%, 07/01/06 252
- --------------------------------------------------------------------------------
250 FRANKLIN COUNTY, CHILDREN'S HOSPITAL, RB,
SERIES A, 6.500%, 05/01/07 263
- --------------------------------------------------------------------------------
500 FRANKLIN COUNTY, CHILDREN'S HOSPITAL, RB,
SERIES PJ-A ,5.800%, 11/01/10 505
- --------------------------------------------------------------------------------
500 FRANKLIN COUNTY, CHILDREN'S HOSPITAL, SERIES A,
RB, PRE-REFUNDED 11/01/01 @ 102 (B),
6.400%, 11/01/06 526
- --------------------------------------------------------------------------------
285 FRANKLIN COUNTY, CONVENTION FACILITY AUTHORITY,
TAX & LEASE, MBIA, RB, 5.500%, 12/01/03 294
- --------------------------------------------------------------------------------
500 FRANKLIN COUNTY, GO, 5.050%, 12/01/05 505
- --------------------------------------------------------------------------------
550 FRANKLIN COUNTY, HOLY CROSS HEALTH SYSTEM,
SERIES A, RB, 7.200%, 06/01/00 556
- --------------------------------------------------------------------------------
305 FRANKLIN, MBIA, GO, 6.000%, 09/01/06 323
- --------------------------------------------------------------------------------
515 GAHANNA, GO, 5.250%, 06/01/02 521
- --------------------------------------------------------------------------------
580 GAHANNA, GO, 5.550%, 06/01/05 595
- --------------------------------------------------------------------------------
250 GAHANNA, GO, PRE-REFUNDED
06/01/01 @ 102, (B), 6.400%, 06/01/02 261
- --------------------------------------------------------------------------------
500 GAHANNA-JEFFERSON, PUBLIC SCHOOLS, GO,
4.550%, 12/01/13 441
- --------------------------------------------------------------------------------
250 GRANDVIEW HEIGHTS, CSD, GO,
5.400%, 12/01/05 256
- --------------------------------------------------------------------------------
250 GRANDVIEW HEIGHTS, GO, 7.100%, 12/01/06 265
- --------------------------------------------------------------------------------
300 GREENE COUNTY, WATER SYSTEM, SERIES A,
FGIC, RB, 5.750%, 12/01/09 313
- --------------------------------------------------------------------------------
300 HAMILTON COUNTY, BUILDING IMPROVEMENT
MUSEUM CENTER, GO, 5.950%, 12/01/02 311
- --------------------------------------------------------------------------------
500 HAMILTON COUNTY, CHILDREN'S HOSPITAL MEDICAL
CENTER, SERIES D, FGIC, RB,
4.900%, 05/15/03 503
- --------------------------------------------------------------------------------
500 HAMILTON COUNTY, GO, 5.100%, 12/01/11 486
- --------------------------------------------------------------------------------
250 HAMILTON COUNTY, HFA, MEDICAL CENTER,
SERIES E, MBIA, RB, 4.600%, 05/15/00 250
- --------------------------------------------------------------------------------
500 HAMILTON COUNTY, HFA, SERIES A, FGIC,
RB, PRE-REFUNDED 1/01/01 @ 100
(B), 6.500%, 01/01/02 511
- --------------------------------------------------------------------------------
95 HAMILTON COUNTY, SEWER SYSTEM, RB,
6.300%, 12/01/01 98
- --------------------------------------------------------------------------------
305 HAMILTON COUNTY, SEWER SYSTEM, RB,
6.400%, 12/01/03 318
- --------------------------------------------------------------------------------
195 HAMILTON COUNTY, SEWER SYSTEM, RB,
PRE-REFUNDED 06/01/01 @ 102 (B),
6.400%, 12/01/03 204
- --------------------------------------------------------------------------------
500 HAMILTON COUNTY, WASTEWATER SYSTEM,
SERIES A, FSA, RB, 4.800%, 10/15/12 464
- --------------------------------------------------------------------------------
315 HANCOCK COUNTY, GO, 5.200%, 12/01/08 315
- --------------------------------------------------------------------------------
250 HILLIARD, CSD, AMBAC, GO, 5.000%,
12/01/03 253
- --------------------------------------------------------------------------------
500 HILLIARD, CSD, GO, 4.800%, 12/01/08 487
- --------------------------------------------------------------------------------
500 HILLIARD, CSD, SERIES A , GO, 5.350%,
12/01/04 511
- --------------------------------------------------------------------------------
170 HILLIARD, GO, 5.350%, 12/01/06 173
- --------------------------------------------------------------------------------
180 HILLIARD, GO, 5.500%, 12/01/07 184
- --------------------------------------------------------------------------------
245 INDIAN HILL, WATERWORKS, RB, 4.900%,
06/01/05 246
- --------------------------------------------------------------------------------
500 JEFFERSON COUNTY, COUNTY JAIL CONSTRUCTION,
FSA, GO, 4.950%, 12/01/12 469
- --------------------------------------------------------------------------------
500 KENT STATE UNIVERSITY, GENERAL RECEIPTS,
MBIA, RB, 5.300%, 05/01/10 501
- --------------------------------------------------------------------------------
585 KETTERING, GO, 5.050%, 12/01/04 590
- --------------------------------------------------------------------------------
255 LAKEWOOD, CSD, GO, 5.050%, 12/01/05 256
- --------------------------------------------------------------------------------
535 LAKEWOOD, GO, 5.850%, 12/01/02 552
- --------------------------------------------------------------------------------
500 LORAIN COUNTY, CATHOLIC HEALTHCARE PARTNERS,
SERIES B, MBIA, HRB, 6.000%, 09/01/08 529
- --------------------------------------------------------------------------------
500 MASON, CSD, GO, 5.150%, 12/01/12 483
- --------------------------------------------------------------------------------
250 MENTOR, STREET IMPROVEMENT, SERIES 1991, GO,
6.700%, 12/01/03 260
- --------------------------------------------------------------------------------
250 MIAMI COUNTY, GO, 4.875%, 12/01/10 241
- --------------------------------------------------------------------------------
500 MIAMI UNIVERSITY, GENERAL RECEIPTS, RB,
5.400%, 12/01/05 508
- --------------------------------------------------------------------------------
500 MONTGOMERY COUNTY, GO, 5.400%, 12/01/11 502
- --------------------------------------------------------------------------------
500 MONTGOMERY COUNTY, HRB, MIAMI VALLEY,
SERIES A, AMBAC, 6.100%, 11/15/02 520
- --------------------------------------------------------------------------------
500 MONTGOMERY COUNTY, SERIES A, GO,
PRE-REFUNDED 09/01/01 @ 100 (B),
6.450%, 09/01/04 516
- --------------------------------------------------------------------------------
500 MONTGOMERY COUNTY, SERIES A, GO,
6.500%, 09/01/05 516
- --------------------------------------------------------------------------------
270 MONTGOMERY, GO, 5.600%, 12/01/05 275
- --------------------------------------------------------------------------------
285 MONTGOMERY, GO, 5.750%, 12/01/06 291
- --------------------------------------------------------------------------------
250 MUSKINGUM COUNTY, HRB, BETHSHEBA
CARE SYSTEM, 5.350%, 12/01/07 255
- --------------------------------------------------------------------------------
500 NORTHEAST, REGIONAL SEWER REVENUE, AMBAC,
6.400%, 11/15/03 522
- --------------------------------------------------------------------------------
235 NORWALK, UNLIMITED TAX, GO, 5.550%,
04/01/09 240
- --------------------------------------------------------------------------------
250 NORWALK, UNLIMITED TAX, GO, 5.600%,
04/01/10 257
- --------------------------------------------------------------------------------
500 OHIO STATE UNIVERSITY GENERAL RECEIPTS, RB,
5.300%, 12/01/01 509
- --------------------------------------------------------------------------------
500 OHIO STATE UNIVERSITY GENERAL RECEIPTS, RB,
5.750%, 12/01/09 512
- --------------------------------------------------------------------------------
200 OHIO STATE, AQDA, RB, DAILY VRDNS,
4.700%, 10/01/01 200
- --------------------------------------------------------------------------------
300 OHIO STATE, AQDA, CINCINNATI GAS & ELECTRIC,
SERIES A, DAILY VRDNS, 4.750%, 09/01/30 300
- --------------------------------------------------------------------------------
300 OHIO STATE, EDA, RB, 6.600%, 12/01/03 318
- --------------------------------------------------------------------------------
250 OHIO STATE, ELEMENTARY & SECONDARY CAPITAL
FACILITY, SERIES A, AMBAC, RB,
5.800%, 06/01/03 259
- --------------------------------------------------------------------------------
445 OHIO STATE, HEF, DENSISON UNIVERSITY, RB,
5.400%, 11/01/11 441
- --------------------------------------------------------------------------------
600 OHIO STATE, HEF, OBERLIN COLLEGE, RB,
5.250%, 10/01/14 581
- --------------------------------------------------------------------------------
600 OHIO STATE, HEF, OHIO NORTHERN UNIVERSITY, RB,
4.800%, 05/01/13 548
- --------------------------------------------------------------------------------
250 OHIO STATE, HEF, RB, 5.000%, 10/01/02 253
- --------------------------------------------------------------------------------
555 OHIO STATE, HEF, RB, 4.900%, 05/01/03 559
- --------------------------------------------------------------------------------
250 OHIO STATE, HEF, RB, 5.350%, 10/01/05 252
- --------------------------------------------------------------------------------
570 OHIO STATE, HEF, RB, 4.700%, 05/01/12 519
- --------------------------------------------------------------------------------
250 OHIO STATE, HEF, UNIVERSITY OF DAYTON, FGIC,
RB, 6.100%, 12/01/01 258
- --------------------------------------------------------------------------------
250 OHIO STATE, HEF, WRIGHT STATE UNIVERSITY, RB,
AMBAC, 5.000%, 05/01/06 251
- --------------------------------------------------------------------------------
500 OHIO STATE, HFA, CORRECTIONAL FACILITY, SERIES A,
RB, 6.500%, 10/01/04 524
- --------------------------------------------------------------------------------
500 OHIO STATE, HFA, JAMES RHODES PROJECT,
SERIES A, RB, 6.200%, 06/01/04 521
- --------------------------------------------------------------------------------
22
(See notes which are an integral part of the Financial Statements.)
<PAGE>
HUNTINGTON OHIO TAX-FREE FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
- --------------------------------------------------------------------------------
OHIO -- (CONTINUED)
$750 OHIO STATE, TURNPIKE COMMISSION, RB,
5.350%, 02/15/09 $747
- --------------------------------------------------------------------------------
500 OHIO STATE, WATER DEVIATION, MBIA, RB,
5.650%, 06/01/05 518
- --------------------------------------------------------------------------------
250 OLMSTEDNFALLS, CSD, FGIC, GO,
6.300%, 12/15/01 258
- --------------------------------------------------------------------------------
250 PICKERINGTON, CSD, AMBAC, GO,
5.550%, 12/01/07 256
- --------------------------------------------------------------------------------
500 ROCKY RIVER, CSD, GO, 5.150%, 12/01/08 500
- --------------------------------------------------------------------------------
500 RURAL LORAIN, WATER AUTHORITY RESOURCE,
AMBAC, RB, 4.950%, 10/01/04 504
- --------------------------------------------------------------------------------
250 SOLON, CSD, ETM, GO, 6.850%, 12/01/00 256
- --------------------------------------------------------------------------------
150 SOLON, GO, 5.650%, 12/01/05 154
- --------------------------------------------------------------------------------
500 SOLON, GO, 5.250%, 12/01/07 507
- --------------------------------------------------------------------------------
245 SOUTH EUCLIC, GO, 6.150%, 12/01/00 249
- --------------------------------------------------------------------------------
250 SOUTH WESTERN, CSD, AMBAC, GO,
6.000%, 12/01/04 263
- --------------------------------------------------------------------------------
500 SOUTH WESTERN CITY, CSD, AMBAC, GO,
4.650%, 12/01/13 456
- --------------------------------------------------------------------------------
250 SPRINGFIELD, CSD, GO, 6.000%, 12/01/02 259
- --------------------------------------------------------------------------------
500 STRONGSVILLE, GO, 6.700%, 12/01/11 548
- --------------------------------------------------------------------------------
250 SUMMIT COUNTY, MBIA, GO, 5.650%,
12/01/07 257
- --------------------------------------------------------------------------------
500 TROY, GO, 6.250%, 12/01/11 528
- --------------------------------------------------------------------------------
550 TWINSBURG, CSD, FGIC, GO, 5.400%,
12/01/09 556
- --------------------------------------------------------------------------------
500 UNIVERSITY OF CINCINNATI, CERTIFICATE
PARTICIPATION, MBIA, 5.100%, 06/01/11 486
- --------------------------------------------------------------------------------
250 UNIVERSITY OF CINCINNATI, CERTIFICATE
PARTICIPATION, MBIA, PRE-REFUNDED
12/01/01 @ 102 B), 6.400%, 12/01/03 263
- --------------------------------------------------------------------------------
250 UNIVERSITY OF CINCINNATI, GENERAL
RECEIPTS, SERIES R5, RB, 5.150%,
06/01/05 251
- --------------------------------------------------------------------------------
250 UNIVERSITY OF CINCINNATI, GENERAL
RECEIPTS 5.250%, 06/01/08 249
- --------------------------------------------------------------------------------
250 UNIVERSITY OF CINCINNATI, GENERAL
RECEIPTS, SERIES R9, RB, 5.600%,
06/01/09 252
- --------------------------------------------------------------------------------
265 UNIVERSITY OF CINCINNATI, GENERAL
RECEIPTS, SERIES V, RB, 5.350%,
06/01/09 264
- --------------------------------------------------------------------------------
500 VANDALIA, VARIOUS PURPOSE, GO,
5.450%, 12/01/10 504
- --------------------------------------------------------------------------------
175 WARREN COUNTY, SEWER IMPROVEMENT,
LOWER MIAMI, GO, 5.250%, 12/01/08 176
- --------------------------------------------------------------------------------
185 WARREN COUNTY, SEWER IMPROVEMENT,
5.350%, 12/01/09 186
- --------------------------------------------------------------------------------
170 WARREN COUNTY, SEWER SYSTEM, SERIES A,
FGIC, RB, PRE-REFUNDED 12/01/00 @ 102
(B), 6.950%, 12/01/02 178
- --------------------------------------------------------------------------------
400 WARREN COUNTY, WATER IMPROVEMENT,
P&G PROJECT, GO, 5.250%, 12/01/07 405
- --------------------------------------------------------------------------------
235 WARREN COUNTY, WATERWORKS, FGIC, ETM, RB,
6.100%, 12/01/02 244
- --------------------------------------------------------------------------------
470 WESTERVILLE, GO, 5.900%, 12/01/04 493
- --------------------------------------------------------------------------------
500 WESTLAKE, CSD, GO, 5.500%, 12/01/10 506
- --------------------------------------------------------------------------------
500 WESTLAKE, GO, 5.350%, 12/01/10 504
- --------------------------------------------------------------------------------
250 WORTHINGTON, FGIC, GO, 5.850%, 06/01/02 257
- --------------------------------------------------------------------------------
TOTAL OHIO 53,061
- --------------------------------------------------------------------------------
PUERTO RICO -- 1.0%
500 PUERTO RICO COMMONWEALTH GO, MBIA,
6.500%, 07/01/11 555
- --------------------------------------------------------------------------------
TOTAL PUERTO RICO 555
- --------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (COST $53,199) 53,616
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--99.2% (COST $53,199) 53,616
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.8% 417
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001
PAR VALUE) BASED ON 2,549,082 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 52,229
- --------------------------------------------------------------------------------
INVESTMENT SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 63,386 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 1,377
- --------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION ON INVESTMENTS 417
- --------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 10
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $54,033
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $20.68
- --------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE -- INVESTMENT SHARES $20.67
- --------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING
PRICE PER SHARE -- INVESTMENT SHARES
($20.67 / 98.00%) $21.09
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
23
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON FIXED INCOME SECURITIES FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
CORPORATE BONDS -- 77.7%
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
AGRICULTURAL PRODUCTS -- 0.6%
$ 1,000 CARGILL (A), 6.875%, 05/01/28 $ 863
- --------------------------------------------------------------------------------
863
- --------------------------------------------------------------------------------
AIRCRAFT -- 0.6%
1,000 BOEING, 7.250%, 06/15/25 931
- --------------------------------------------------------------------------------
931
- --------------------------------------------------------------------------------
APPAREL/TEXTILES -- 1.0%
1,500 VF, 7.600%, 04/01/04 1,519
- --------------------------------------------------------------------------------
1,519
- --------------------------------------------------------------------------------
AUTO/TRUCK PARTS & EQUIPMENT -- 0.9%
1,500 BORG-WARNER AUTOMOTIVE, 7.000%,
11/01/06 1,410
- --------------------------------------------------------------------------------
1,410
- --------------------------------------------------------------------------------
BANKS -- 6.6%
1,000 ABN AMRO, 7.250%, 05/31/05 985
250 BANKAMERICA, 7.750%, 07/15/02 254
1,000 BANK ONE, 7.000%, 07/15/05 975
1,000 CITICORP, 7.250%, 09/01/08 976
1,000 FIRST TENNESSEE BANK, 6.400%, 04/01/08 916
1,000 KEYCORP, 6.750%, 03/15/06 945
1,000 MELLON BANK, 6.500%, 08/01/05 956
1,000 NBD BANCORP, 7.125%, 05/15/07 967
1,000 NATIONAL BANK CANADA NEW YORK,
7.750%, 11/01/09 989
1,000 SWISS BANK, 7.250%, 09/01/06 981
1,250 WILMINGTON TRUST, 6.625%, 05/01/08 1,145
- --------------------------------------------------------------------------------
10,089
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION -- 0.6%
1,000 ABBEY NATIONAL PLC, 6.690%, 10/17/05 959
- --------------------------------------------------------------------------------
959
- --------------------------------------------------------------------------------
CHEMICALS -- 4.8%
500 AIR PRODUCTS & CHEMICALS, 8.875%,
08/01/01 512
1,500 DOW CHEMICAL, 8.550%, 10/15/09 1,592
1,000 ENGLISH CHINA CLAYS-DEL, 7.375%,
10/01/02 995
1,000 GOODRICH BF, 6.450%, 04/15/08 915
1,000 GREAT LAKES CHEMICAL, 7.000%, 07/15/09 956
1,000 LUBRIZOL, 5.875%, 12/01/08 901
1,000 MILLENNIUM AMERICA, 7.000%, 11/15/06 897
545 MONSANTO, 8.875%, 12/15/09 593
- --------------------------------------------------------------------------------
7,361
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT -- 0.6%
1,000 MOTOROLA, 7.500%, 05/15/25 971
- --------------------------------------------------------------------------------
971
- --------------------------------------------------------------------------------
COMPUTERS -- 0.7%
1,000 SUN MICROSYSTEMS, 7.650%, 08/15/09 996
- --------------------------------------------------------------------------------
996
- --------------------------------------------------------------------------------
CONTAINERS & PACKAGING -- 2.1%
1,000 CROWN CORK & SEAL FINANCIAL,
7.000%, 12/15/06 944
1,000 NEWELL RUBBERMAID, 6.600%, 11/15/06 964
1,300 SMURFIT CAPITAL FUNDING, 6.750%,
11/20/05 1,235 1,235
- --------------------------------------------------------------------------------
3,143
- --------------------------------------------------------------------------------
DIVERSIFIED MINERALS -- 0.6%
1,000 NORANDA, 7.000%, 07/15/05 945
- --------------------------------------------------------------------------------
945
- --------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE -- 2.0%
1,500 AMERICAN HOME PRODUCTS, 6.500%,
10/15/02 1,477
1,000 AMGEN, 6.500%, 12/01/07 941
615 AVENTIS, 7.750%, 01/15/02 618
- --------------------------------------------------------------------------------
3,036
- --------------------------------------------------------------------------------
ELECTRICAL SERVICES -- 7.6%
1,000 ATLANTIC CITY ELECTRIC, 6.750%,
05/12/08 947
1,000 CSW INVESTMENTS (A), 7.450%, 08/01/06 965
1,000 CINCINNATI GAS & ELECTRIC, 6.400%,
04/01/08 895
1,000 CLECO UTILITY GROUP, 6.520%, 05/15/09 928
1,100 DUKE POWER, 6.375%, 03/01/08 1,000
750 HYDRO-QUEBEC, 7.375%, 02/01/03 751
815 IOWA ELECTRIC LIGHT & POWER, 8.625%,
05/15/01 831
1,300 JERSEY CENTRAL POWER & LIGHT, 7.125%,
10/01/04 1,279
1,000 MINNESOTA POWER & LIGHT, 7.750%,
06/01/07 1,016
1,000 OTTER TAIL POWER, 6.375%, 12/01/07 936
1,000 KONINKLIJKE PHILIPS ELECTRIC, 8.375%,
09/15/06 1,018
1,000 PUBLIC SERVICE ELECTRIC AND GAS,
6.250%, 01/01/07 926
- --------------------------------------------------------------------------------
11,492
- --------------------------------------------------------------------------------
FINANCIAL SERVICES -- 6.0%
1,000 BEAR STEARNS, 6.625%, 01/15/04 967
1,000 COUNTRY WIDE FUNDING, 8.250%,
07/15/02 1,022
500 EATON OFF SHORE, 9.000%, 02/15/01 510
1,000 FBG FINANCE, 6.750%, 11/15/05 945
1,000 FORD MOTOR CREDIT, 7.750%, 03/15/05 1,016
1,000 GOLDMAN SACHS GROUP, 7.350%, 10/01/09 975
1,000 MBNA, 6.875%, 06/01/05 944
1,000 NATIONAL RURAL UTILITY, 7.200%,
10/01/15 949
1,000 SALOMON, 6.750%, 01/15/06 948
1,000 TXU EASTERN FUNDING, (A),
6.750%, 05/15/09 915
- --------------------------------------------------------------------------------
9,191
- --------------------------------------------------------------------------------
FOOD & BEVERAGE -- 2.2%
1,000 ARCHER DANIELS MIDLAND, 7.500%, 03/15/27 959
750 GRAND METRO, 7.125%, 09/15/04 742
500 PHILIP MORRIS, 7.625%, 05/15/02 497
1,000 RALSTON PURINA, 9.250%, 10/15/09 1,086
- --------------------------------------------------------------------------------
3,284
- --------------------------------------------------------------------------------
FOREIGN -- 4.5%
1,000 CITY OF BARCELONA, 8.125%, 02/15/05 1,032
1,000 GEN DE CATAUNYA GENCAT, 6.375%, 12/15/07 944
1,000 PROVINCE OF ONTARIO, 6.000%, 02/21/06 946
250 PROVINCE OF QUEBEC, 8.800%, 04/15/03 262
1,000 PROVINCE OF QUEBEC, 8.625%, 01/19/05 1,055
1,000 REPUBLIC OF FINLAND, 7.875%, 07/28/04 1,035
1,550 REPUBLIC OF ICELAND, 6.125%, 02/01/04 1,492
- --------------------------------------------------------------------------------
6,766
- --------------------------------------------------------------------------------
INSURANCE -- 3.2%
1,000 GEICO, 7.500%, 04/15/05 1,012
1,000 LINCOLN NATIONAL, 7.250%, 05/15/05 976
1,500 MBIA, 9.000%, 02/15/01 1,536
1,300 SUNAMERICA, 7.340%, 08/30/05 1,306
- --------------------------------------------------------------------------------
4,830
- --------------------------------------------------------------------------------
LUMBER & WOOD PRODUCTS -- 1.6%
1,200 GEORGIA PACIFIC, 9.950%, 06/15/02 1,266
250 WEYERHAEUSER, 9.050%, 02/01/03 262
1,000 WEYERHAEUSER, 7.250%, 07/01/13 954
- --------------------------------------------------------------------------------
2,482
- --------------------------------------------------------------------------------
24 (See notes which are an integral part of the Financial Statements.)
<PAGE>
HUNTINGTON FIXED INCOME SECURITIES FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
- --------------------------------------------------------------------------------
MACHINERY -- 5.3%
$1,000 BLACK & DECKER, 7.500%, 04/01/03 $1,000
1,000 BRIGGS & STRATTON, 7.250%, 09/15/07 929
1,000 CASE CREDIT, 6.750%, 10/21/07 937
1,000 CATERPILLAR, 9.375%, 08/15/11 1,131
1,000 CUMMINS ENGINE, 7.125%, 03/01/28 852
1,000 DEERE, 8.500%, 01/09/22 1,049
750 PENTAIR, 7.850%, 10/15/09 734
1,000 TORO, 7.125%, 06/15/07 916
500 WATTS INDUSTRIES, 8.375%, 12/01/03 519
- --------------------------------------------------------------------------------
8,067
- --------------------------------------------------------------------------------
MARINE TRANSPORTATION -- 0.6%
1,000 CARNIVAL, 6.150%, 10/01/03 956
- --------------------------------------------------------------------------------
956
- --------------------------------------------------------------------------------
MEASURING DEVICES -- 1.8%
1,000 JCI, 6.300%, 02/01/08 920
1,000 PERKINELMER, 6.800%, 10/15/05 980
1,000 THERMO ELECTRON, 7.625%, 10/30/08 885
- --------------------------------------------------------------------------------
2,785
- --------------------------------------------------------------------------------
MISCELLANEOUS MANUFACTURING -- 1.2%
1,000 BLYTH INDUSTRIES, 7.900%, 10/01/09 946
1,000 NORSK HYDRO, 6.700%, 01/15/18 873
- --------------------------------------------------------------------------------
1,819
- --------------------------------------------------------------------------------
PETROLEUM & FUEL PRODUCTS -- 0.6%
1,000 PARKER-HANNIFIN, 5.650%, 09/15/03 948
- --------------------------------------------------------------------------------
948
- --------------------------------------------------------------------------------
PETROLEUM REFINING -- 1.9%
1,000 ASHLAND, 7.710%, 05/11/07 983
1,000 KERR-MCGEE, 6.625%, 10/15/07 921
1,000 TOSCO, 7.250%, 01/01/07 954
- --------------------------------------------------------------------------------
2,858
- --------------------------------------------------------------------------------
PRECIOUS METALS -- 0.7%
1,000 BARRICK GOLD FINANCE, 7.500%, 05/01/07 986
- --------------------------------------------------------------------------------
986
- --------------------------------------------------------------------------------
PRINTING & PUBLISHING -- 2.9%
1,000 E.W. SCRIPPS, 6.625%, 10/15/07 945
1,200 KNIGHT-RIDDER, 9.875%, 04/15/09 1,361
1,000 REYNOLDS & REYNOLDS, 7.000%, 12/15/06 946
1,000 TIME WARNER, 9.150%, 02/01/23 1,118
- --------------------------------------------------------------------------------
4,370
- --------------------------------------------------------------------------------
PROFESSIONAL SERVICES -- 1.2%
1,000 OLSTEN, 7.000%, 03/15/06 924
1,000 SERVICEMASTER, 6.950%, 08/15/07 928
- --------------------------------------------------------------------------------
1,852
- --------------------------------------------------------------------------------
RAILROADS -- 1.5%
1,000 ATCHISON TOPEKA & SANTA FE PACIFIC,
6.550%, 07/01/06 945
1,000 CANADIAN NATIONAL, 7.000%, 03/15/04 980
250 UNION PACIFIC, 9.625%, 12/15/02 264
164 UNION PACIFIC, 8.500%, 01/15/17 164
- --------------------------------------------------------------------------------
2,353
- --------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST -- 1.5%
500 KIMCO REALTY, 6.500%, 10/01/03 480
1,000 NEW PLAN EXCEL REALTY, 7.400%, 09/15/09 934
1,000 WEINGARTEN REALTY INVESTMENT,
7.350%, 07/20/09 928
- --------------------------------------------------------------------------------
2,342
- --------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
- --------------------------------------------------------------------------------
RENTAL AUTO/EQUIPMENT -- 0.7%
1,000 HERTZ, 7.000%, 07/15/03 989
- --------------------------------------------------------------------------------
989
- --------------------------------------------------------------------------------
RETAIL -- 3.9%
1,000 DARDEN RESTAURANTS, 6.375%, 02/01/06 921
1,000 J.C. PENNY, 6.875%, 10/15/15 830
250 LIMITED, 9.125%, 02/01/01 254
1,000 LIMITED, 7.800%, 05/15/02 1,005
1,000 MCDONALD'S, 8.875%, 04/01/11 1,108
1,000 NORDSTROM, 6.950%, 03/15/28 883
1,000 TANDY, 6.950%, 09/01/07 958
- --------------------------------------------------------------------------------
5,959
- --------------------------------------------------------------------------------
RUBBER & PLASTIC -- 0.6%
1,000 CARLISLE, 7.250%, 01/15/07 979
- --------------------------------------------------------------------------------
979
- --------------------------------------------------------------------------------
SPECIALTY CONSTRUCTION -- 0.7%
1,000 NORTHWESTERN, 7.100%, 08/01/05 988
- --------------------------------------------------------------------------------
988
- --------------------------------------------------------------------------------
STEEL & STEEL WORKS -- 1.2%
1,000 CARPENTER TECHNOLOGY, 6.530%, 04/15/09 923
1,000 WORTHINGTON INDUSTRIES, 7.125%, 05/15/06 955
- --------------------------------------------------------------------------------
1,878
- --------------------------------------------------------------------------------
TELEPHONE & TELECOMMUNICATION -- 2.5%
1,000 AMERITECH CAPITAL FUNDING, 6.550%,
01/15/28 845
1,000 COMSAT, 8.950%, 05/15/01 1,026
900 GTE, 9.100%, 06/01/03 948
500 NORTEL NETWORKS, 8.750%, 06/12/01 511
500 SOUTHWESTERN BELL TELEPHONE, 6.625%,
04/01/05 484
- --------------------------------------------------------------------------------
3,814
- --------------------------------------------------------------------------------
VITAMINS/HEALTH FOODS -- 0.6%
800 GERBER PRODUCTS, 9.000%, 10/15/06 871
- --------------------------------------------------------------------------------
871
- --------------------------------------------------------------------------------
WATER UTILITIES -- 0.7%
1,000 HYDRO QUEBEC, SERIES GW, 9.750%,
01/15/18 1,039
- --------------------------------------------------------------------------------
1,039
- --------------------------------------------------------------------------------
WHOLESALE -- 1.4%
1,000 BERGEN BRUNSWIG, 7.250%, 06/01/05 945
1,000 CARDINAL HEALTH, 6.000%, 01/15/06 926
250 UNIVERSAL, 9.250%, 02/15/01 255
- --------------------------------------------------------------------------------
2,126
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (COST $123,177) 118,247
- --------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 12.5%
- --------------------------------------------------------------------------------
20,000 FNMA, 6.375%, 06/15/09 19,092
- --------------------------------------------------------------------------------
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION
(COST $19,626) 19,092
- --------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 2.6%
- --------------------------------------------------------------------------------
1,301 POOL # 345128, 6.500%, 01/15/24 1,221
1,321 POOL # 372962, 7.000%, 03/15/24 1,276
562 POOL # 352982, 7.500%, 05/15/24 556
448 POOL # 373015, 8.000%, 06/15/24 453
420 POOL # 391615, 8.500%, 09/15/24 432
- --------------------------------------------------------------------------------
TOTAL GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION (COST $4,036) 3,938
- --------------------------------------------------------------------------------
25
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON FIXED INCOME SECURITIES FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
U.S. TREASURY NOTES -- 2.8%
$1,000 4.660%, 01/06/00 $ 1,000
1,000 8.750%, 08/15/20 1,211
2,000 6.625%, 02/15/27 1,982
- --------------------------------------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST $4,211) 4,193
- --------------------------------------------------------------------------------
TAXABLE MUNICIPAL BONDS -- 0.7%
- --------------------------------------------------------------------------------
1,000 HARVARD UNIVERSITY, 8.125%, 04/15/07 1,035
- --------------------------------------------------------------------------------
TOTAL TAXABLE MUNICIPAL BONDS (COST $1,056) 1,035
- --------------------------------------------------------------------------------
(C) COMMERCIAL PAPER -- 2.1%
- --------------------------------------------------------------------------------
954 AMEX, 4.003%, 01/06/00 954
1,679 FORD MOTOR CREDIT, 1.050%, 01/03/00 1,679
584 FORD MOTOR CREDIT, 1.750%, 01/05/00 584
- --------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (COST $3,217) 3,217
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.4% (COST $155,323) 149,722
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--1.6% 2,358
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001 PAR VALUE)
BASED ON 7,638,725 OUTSTANDING SHARES OF
BENEFICIAL INTEREST $157,355
- --------------------------------------------------------------------------------
INVESTMENT SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 65,520 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 1,500
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (1,272)
- --------------------------------------------------------------------------------
NET UNREALIZED DEPRECIATION ON INVESTMENTS (5,601)
- --------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 98
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $152,080
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $19.74
- --------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE-- INVESTMENT SHARES $19.74
- --------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT SHARES ($19.74 / 98.00%) $20.14
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSET PAGE 30.
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
GOVERNMENT MORTGAGE-BACKED AGENCIES - 20.7%
- --------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 0.1%
$ 40 FHLMC POOL # 214693, 9.000%, 12/01/01 $ 42
- --------------------------------------------------------------------------------
42
- --------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP. -- REMIC - 4.9%
3,167 SERIES 1502, 6.250%, 01/15/19 3,115
2,000 SERIES 1617, 6.200%, 01/15/23 1,884
- --------------------------------------------------------------------------------
4,999
- --------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.8%
774 POOL # 124308, 7.500%, 05/01/07 779
- --------------------------------------------------------------------------------
779
- --------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION --
REMIC - 12.9%
671 SERIES 1992-113, 7.500%, 07/25/02 672
1,000 SERIES 1993-56, 6.350%, 07/25/18 993
2,475 SERIES 1992-210, 6.500%, 03/25/19 2,389
3,500 SERIES 1993-163, 6.750%, 03/25/22 3,375
2,000 SERIES 1994-56, 6.000%, 07/25/22 1,898
2,000 SERIES 1998-46, 6.250%, 12/18/22 1,856
2,000 SERIES 1994-51, 6.500%, 01/25/23 1,940
- --------------------------------------------------------------------------------
13,123
- --------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION --
2.0%
1,096 POOL # 505082, 7.500%, 07/15/29 1,083
999 POOL # 477013, 7.500%, 10/15/29 987
- --------------------------------------------------------------------------------
2,070
- --------------------------------------------------------------------------------
TOTAL GOVERNMENT MORTGAGE-BACKED AGENCIES
(COST $21,905) 21,013
- --------------------------------------------------------------------------------
GOVERNMENT AGENCIES - 34.2%
- --------------------------------------------------------------------------------
FEDERAL HOME LOAN BANK -- 8.5%
$2,000 6.125%, 09/20/00 $1,995
1,000 6.480%, 01/08/02 991
2,000 6.030%, 04/17/03 1,942
2,000 5.880%, 04/15/08 1,855
2,000 5.985%, 04/09/09 1,857
- --------------------------------------------------------------------------------
8,640
- --------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP.-- 9.0%
2,500 6.120%, 01/21/03 2,447
2,000 6.830%, 06/15/05 1,925
2,000 7.000%, 07/06/05 1,969
3,000 6.540%, 11/06/07 2,855
- --------------------------------------------------------------------------------
9,196
- --------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION-- 9.9%
1,000 6.630%, 06/05/01 1,000
2,000 7.550%, 04/22/02 2,040
2,000 6.160%, 06/16/03 1,937
1,500 6.900%, 08/21/07 1,431
1,000 6.240%, 01/14/08 924
3,000 6.000%, 02/23/09 2,695
- --------------------------------------------------------------------------------
10,027
- --------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION --
MEDIUM TERM NOTES -- 6.8%
1,000 6.500%, 12/27/01 994
1,000 6.330%, 10/02/02 984
4,000 6.880%, 11/20/06 3,858
1,120 6.170%, 01/15/08 1,040
- --------------------------------------------------------------------------------
6,876
- --------------------------------------------------------------------------------
TOTAL GOVERNMENT AGENCIES
(COST $36,129) 34,739
- --------------------------------------------------------------------------------
26
(See notes which are an integral part of the Financial Statements.)
<PAGE>
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND (CONTINUED)
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
U.S. TREASURY NOTES -- 38.3%
$2,000 8.000%, 05/15/01 $ 2,046
1,000 6.250%, 10/31/01 1,000
1,000 7.500%, 11/15/01 1,022
1,000 6.250%, 02/28/02 1,000
2,000 5.750%, 04/30/03 1,963
2,000 5.750%, 08/15/03 1,958
3,000 5.875%, 02/15/04 2,948
2,000 7.250%, 05/15/04 2,059
2,000 7.875%, 11/15/04 2,114
2,000 7.500%, 02/15/05 2,085
2,000 6.500%, 05/15/05 2,000
2,000 6.500%, 08/15/05 1,999
2,000 5.875%, 11/15/05 1,941
4,000 5.625%, 02/15/06 3,827
2,000 6.875%, 05/15/06 2,034
2,000 7.000%, 07/15/06 2,048
1,000 6.500%, 10/15/06 997
2,000 6.250%, 02/15/07 1,968
2,000 6.625%, 05/15/07 2,007
2,000 6.125%, 08/15/07 1,951
- --------------------------------------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST $39,265) 38,967
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 5.6%
5,654 MORGAN STANLEY & CO., INC., 2.42%, DATED
12/31/99, DUE 01/03/00, REPURCHASE PRICE
$5,655,240 (COLLATERALIZED BY U.S. TREASURY
OBLIGATIONS, TOTAL PAR VALUE $4,980,000,
10.00%, 05/15/10, TOTAL MARKET VALUE
$5,769,703) 5,654
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENT (COST $5,654) 5,654
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.8% (COST $102,953) $100,373
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--1.2% 1,248
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001 PAR
VALUE) BASED ON 10,197,049 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 103,352
- --------------------------------------------------------------------------------
INVESTMENT SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 210,493 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 2,310
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (1,514)
- --------------------------------------------------------------------------------
NET UNREALIZED DEPRECIATION ON INVESTMENTS (2,580)
- --------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 53
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $101,621
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $9.76
- --------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE-- INVESTMENT SHARES $9.76
- --------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT SHARES ($9.76 / 98.00%) $9.96
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
HUNTINGTON MORTGAGE SECURITIES FUND DECEMBER 31, 1999
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
FEDERAL HOME BANK -- 5.8%
$2,000 5.485%, 01/21/03 $ 1,935
- --------------------------------------------------------------------------------
1,935
- --------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 24.7%
55 POOL # 220007, 8.750%, 08/01/01 56
55 POOL # 380059, 9.500%, 10/01/04 57
1,327 POOL # E65142, 6.500%, 07/01/11 1,288
872 POOL # D66491, 6.500%, 12/01/25 823
1,416 POOL # C80391, 7.000%, 03/01/26 1,371
1,013 POOL # D69575, 7.500%, 03/01/26 1,003
1,602 POOL # C00512, 7.000%, 04/01/27 1,551
1,000 SERIES 1490, CLASS PH, 6.250%, 04/15/08 973
1,139 SERIES 163 CLASS F, 6.000%, 07/15/21 1,087
- --------------------------------------------------------------------------------
8,209
- --------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 52.3%
61 POOL # 303459, 8.000%, 07/01/02 62
93 POOL # 50279, 8.500%, 02/01/05 96
631 POOL # 313817, 6.000%, 07/01/09 598
167 POOL # 250128, 7.500%, 09/01/09 168
875 POOL # 250554, 6.500%, 05/01/11 849
858 POOL # 338449, 6.000%, 05/01/11 814
650 POOL # 37783, 6.500%, 04/01/12 631
1,556 POOL # 397835, 6.500%, 09/01/12 1,510
1,081 POOL # 252769, 7.500%, 08/01/19 1,069
748 POOL # 303653, 7.000%, 12/01/25 723
966 POOL # 339836, 7.000%, 03/01/26 934
1,570 POOL # 250551, 7.000%, 05/01/26 1,518
673 POOL # 343212, 7.500%, 05/01/26 665
1,002 POOL # 303753, 9.000%, 12/01/20 1,043
1,500 SERIES 1998-12 CLASS FQ, 6.250%,
01/25/08 1,398
1,000 SERIES 1996-53 CLASS PG, 6.500%,
12/18/11 957
1,000 SERIES 1998-46 CLASS PJ, 6.250%,
04/18/21 964
1,500 SERIES 1993-163 CLASS PY, 6.750%,
03/25/22 1,446
500 SERIES 1994-56 CLASS H, 6.000%,
07/25/22 475
500 SERIES 1998-46 CLASS PJ, 6.250%,
12/18/22 464
1,000 SERIES 1994-51 CLASS PH, 6.500%,
01/25/23 970
- --------------------------------------------------------------------------------
17,354
- --------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 13.5%
14 POOL # 305936, 8.500%, 04/15/06 14
108 POOL # 306058, 8.500%, 06/15/06 111
45 POOL # 328651, 8.500%, 05/15/07 46
258 POOL # 349379, 7.000%, 05/15/08 255
209 POOL # 344961, 7.000%, 06/15/08 207
301 POOL # 348112, 7.000%, 06/15/08 298
594 POOL # 200023, 9.500%, 05/15/18 633
567 POOL # 780398, 9.000%, 04/15/21 603
987 POOL # 316151, 7.500%, 04/15/22 975
361 POOL # 780408, 9.000%, 10/15/22 378
994 POOL # 352022, 7.000%, 11/15/23 960
- --------------------------------------------------------------------------------
4,480
- --------------------------------------------------------------------------------
REPURCHASE AGREEMENT-- 3.1%
1,026 MORGAN STANLEY & CO., INC., 2.42%,
DATED 12/31/99, DUE 01/03/00,
REPURCHASE PRICE $1,026,407
(COLLATERALIZED BY U.S. TREASURY
OBLIGATIONS, TOTAL PAR VALUE $845,000,
9.00%, 11/15/18, TOTAL MARKET
VALUE $1,047,640) 1,026
- --------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENT (COST $1,026) 1,026
- --------------------------------------------------------------------------------
TOTAL INVESTMENT--99.3% (COST $33,792) 33,004
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.7% 214
27
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON MORTGAGE SECURITIES FUND (CONTINUED)
- --------------------------------------------------------------------------------
VALUE
(000)
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 4,093,320
OUTSTANDING SHARES OF BENEFICIAL INTEREST $ 53,882
- --------------------------------------------------------------------------------
INVESTMENT SHARES (UNLIMITED AUTHORIZATION --
$0.001 PAR VALUE) BASED ON 130,024 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 3,794
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (23,676)
- --------------------------------------------------------------------------------
NET UNREALIZED DEPRECIATION ON INVESTMENTS (788)
- --------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 6
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $33,218
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $7.86
- --------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE-- INVESTMENT SHARES $7.89
- --------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING
PRICE PER SHARE -- INVESTMENT SHARES
($7.89 / 97.00%) $8.05
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME DECEMBER 31, 1999
SECURITIES FUND
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- 79.6%
- --------------------------------------------------------------------------------
AEROSPACE -- 1.9%
$1,000 AAR, 9.500%, 11/01/01 $1,044
1,000 HONEYWELL INTERNATIONAL, 9.875%,
06/01/02 1,063
- --------------------------------------------------------------------------------
2,107
- --------------------------------------------------------------------------------
AUTO / TRUCK PARTS -- 0.8%
1,000 DANA, 6.250%, 03/01/04 950
- --------------------------------------------------------------------------------
950
- --------------------------------------------------------------------------------
BANKS -- 5.3%
1,000 AMSOUTH BANCORP, 7.750%, 05/15/04 1,004
1,000 BANK ONE COLUMBUS, 7.375%,
12/01/02 1,004
1,000 FIRST BANK MINNESOTA, 7.550%,
06/15/04 1,004
1,000 FLEET FINANCIAL GROUP, 8.125%,
07/01/04 1,026
1,000 NATIONAL CITY BANK, 7.190%,
11/15/04 974
1,000 SUSQUEHANNA BANKSHARES, 6.300%,
02/01/03 964
- --------------------------------------------------------------------------------
5,976
- --------------------------------------------------------------------------------
BROADCASTING, NEWSPAPERS & ADVERTISING -- 0.9%
1,000 COX COMMUNICATIONS, 6.375%, 06/15/00 999
- --------------------------------------------------------------------------------
999
- --------------------------------------------------------------------------------
BUILDING PRODUCTS -- 1.8%
1,000 LAFARGE, 9.320%, 04/24/01 1,026
1,000 YORK INTERNATIONAL, 6.750%, 03/01/03 982
- --------------------------------------------------------------------------------
2,008
- --------------------------------------------------------------------------------
CHEMICALS -- 1.7%
1,000 AKZO NOBEL (A), 6.000%, 11/15/03 948
1,000 PRAXAIR, 6.150%, 04/15/03 954
- --------------------------------------------------------------------------------
1,902
- --------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT -- 0.8%
1,000 SONY, 6.125%, 03/04/03 969
- --------------------------------------------------------------------------------
969
- --------------------------------------------------------------------------------
COMPUTER COMMUNICATIONS EQUIPMENT -- 0.9%
1,000 SUN MICROSYSTEMS, 7.350%, 08/15/04 1,000
- --------------------------------------------------------------------------------
1,000
- --------------------------------------------------------------------------------
DATA PROCESSING -- 0.9%
1,000 FIRST DATA, 6.625%, 04/01/03 981
- --------------------------------------------------------------------------------
981
- --------------------------------------------------------------------------------
DRUGS & HEALTH CARE -- 0.9%
1,000 AMERICAN HOME PRODUCTS, 7.700%,
02/15/00 1,002
- --------------------------------------------------------------------------------
1,002
- --------------------------------------------------------------------------------
ELECTRICAL SERVICES -- 11.7%
1,000 ATLANTIC CITY ELECTRIC, 6.000%,
01/15/03 961
1,000 AVNET, 6.450%, 08/15/03 966
1,000 CINCINATTI GAS & ELECTRIC, 6.450%,
02/15/04 961
1,000 CON EDISON, 7.625%, 03/01/04 1,009
500 CSW INVESTMENTS (A), 6.950%, 08/01/01 496
1,000 DETROIT EDISON, 6.560%, 05/01/01 990
1,000 EDISON INTERNATIONAL, 6.875%, 09/15/04 976
1,000 INDIANA MICHIGAN POWER, 6.875%,
07/01/04 964
1,000 METROPOLITAN EDISON, 7.220%, 01/30/03 1,006
1,000 OHIO POWER, 6.750%, 07/01/04 960
1,000 PUBLIC SERVICE ELECTRIC & GAS, 6.000%,
04/15/03 961
1,000 PUBLIC SERVICE ELECTRIC & GAS, 6.875%,
01/01/03 985
1,000 ROCHESTER GAS & ELECTRIC, 8.250%,
03/15/02 1,019
1,000 SCANA, 6.050%, 01/13/03 959
- --------------------------------------------------------------------------------
13,213
- --------------------------------------------------------------------------------
FABRICATED METAL PRODUCTS -- 0.8%
1,000 STANLEY WORKS 5.750%, 03/01/04 949
- --------------------------------------------------------------------------------
949
- --------------------------------------------------------------------------------
FINANCIAL SERVICES -- 15.6%
229 AFG RECEIVABLES TRUST , 6.650%, 10/15/02 229
1,000 BOMBARDIER CAPITAL (A), 7.500%, 08/15/04 990
1,000 CHARLES SCHWAB, 6.040%, 04/29/04 940
1,000 CITIGROUP, 5.500%, 02/15/04 935
1,000 DONALDSON LUFKIN JENRETTE, 6.150%
05/04/04 946
1,000 DUKE CAPITAL, 7.250%, 10/01/04 994
1,000 FORD MOTOR CREDIT, 7.500%, 06/15/04 1,005
1,000 GMAC GLOBAL BOND, 6.750%, 02/07/02 992
1,000 GREENPOINT BANK, 6.700%, 07/15/02 980
1,000 HOME SAVINGS OF AMERICA, 6.500%,
08/15/04 950
1,000 LEHMAN BROTHERS, 6.625%, 04/01/04 964
1,000 MBNA AMERICAN BANK, 6.875%, 07/15/04 966
1,000 MCKESSON FINANCIAL (A), 6.550%, 11/01/02 933
1,000 MELLON FINANCIAL, 6.300%, 06/01/00 999
1,000 NATONAL RURAL UTILITY, 5.300%, 10/20/03 934
1,000 PAINE WEBBER GROUP, 6.375%, 05/15/04 952
1,000 SCOTLAND INTERNATIONAL, 8.800%,
01/27/04 1,045
1,000 TOYOTA MOTOR CREDIT, 5.625%, 11/13/03 952
1,000 TRANSAMERICA FINANCIAL AGENCY,
6.370%, 05/14/04 945
- --------------------------------------------------------------------------------
17,651
- --------------------------------------------------------------------------------
28
(See notes which are an integral part of the Financial Statements.)
<PAGE>
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME (CONTINUED)
SECURITIES FUND
- --------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
- --------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
- --------------------------------------------------------------------------------
FOOD & KINDRED PRODUCTS -- 1.7%
$1,000 PEPSICO, 6.800%, 05/15/00 $1,003
1,000 TYSON FOODS, 6.000%, 01/15/03 969
- --------------------------------------------------------------------------------
1,972
- --------------------------------------------------------------------------------
GAS & NATURAL GAS -- 2.6%
1,000 CONSOLIDATED NATURAL GAS, 7.250%,
10/01/04 990
1,000 NATIONAL FUEL GAS, 6.820%, 08/01/04 966
1,000 NORTHWEST NATURAL GAS, 5.550%, 11/12/02 959
- --------------------------------------------------------------------------------
2,915
- --------------------------------------------------------------------------------
HOUSEHOLD FURNITURE & FIXTURES -- 0.8%
1,000 LEGGETT & PLATT (A), 6.070%, 03/19/03 970
- --------------------------------------------------------------------------------
970
- --------------------------------------------------------------------------------
INSURANCE -- 3.4%
1,000 HARLEYSVILLE GROUP, 6.750%, 11/15/03 980
1,000 HARTFORD LIFE, 6.900%, 06/15/04 975
1,000 METROPOLITAN LIFE, (A) 6.300%, 11/01/03 962
1,000 US LIFE, 6.375%, 06/15/00 997
- --------------------------------------------------------------------------------
3,914
- --------------------------------------------------------------------------------
LEISURE -- 0.8%
1,000 TYCO INTERNATIONAL GROUP,
5.725%, 11/01/04 920
- --------------------------------------------------------------------------------
920
- --------------------------------------------------------------------------------
MACHINERY -- 2.6%
1,000 BLACK & DECKER, 7.500%, 04/01/03 1,000
1,000 CATERPILLAR FINANCIAL, 6.875%, 08/01/04 984
1,000 INGERSOLL RAND, 6.875%, 02/01/03 987
- --------------------------------------------------------------------------------
2,971
- --------------------------------------------------------------------------------
MEDICAL & MEDICAL SERVICES -- 0.9%
1,000 CARDINAL HEALTH, 6.500%, 02/15/04 974
- --------------------------------------------------------------------------------
974
- --------------------------------------------------------------------------------
METALS & MINING -- 0.9%
1,000 TECK, 8.700%, 05/01/02 1,022
- --------------------------------------------------------------------------------
1,022
- --------------------------------------------------------------------------------
MISCELLANEOUS BUSINESS SERVICES -- 6.6%
1,000 COOPER INDUSTRIES, 5.780%, 01/16/03 951
1,000 HARRIS BANCORP, 9.375%, 06/01/01 1,029
1,000 INTERNATIONAL PAPER, 7.625%, 08/01/04 995
1,000 NISOURCE CAPITAL MARKETS, 7.390%,
04/01/04 981
1,000 ORACLE, 6.720%, 02/15/04 972
1,600 PACIFIC DUNLAP, 9.750%, 12/15/00 1,642
1,000 XEROX CAPITAL, 5.875%, 05/15/04 934
- --------------------------------------------------------------------------------
7,504
- --------------------------------------------------------------------------------
PETROLEUM & FUEL PRODUCTS -- 1.7%
1,000 ANADARKO PETROLEUM, 6.750%, 03/15/03 982
1,000 PARKER-HANNIFIN, 5.650%, 09/15/03 947
- --------------------------------------------------------------------------------
1,929
- --------------------------------------------------------------------------------
PHOTOGRAPH EQUIPMENT -- 0.9%
1,000 EASTMAN KODAK, 9.375%, 03/15/03 1,062
- --------------------------------------------------------------------------------
1,062
- --------------------------------------------------------------------------------
RAILROADS -- 2.5%
765 CONRAIL, 9.750%, 06/01/00 776
1,500 CSX, 9.500%, 08/01/00 1,522
575 UNION PACIFIC, 7.060%, 05/15/03 570
- --------------------------------------------------------------------------------
2,868
- --------------------------------------------------------------------------------
REAL ESTATE -- 2.5%
1,000 HOMESIDE LENDING, 6.200%, 05/15/03 964
1,000 SIMON PROPERTY GROUP, 6.750%, 02/09/04 941
1,000 SPIEKER PROPERTIES LP, 6.800%, 12/15/01 986
- --------------------------------------------------------------------------------
2,891
- --------------------------------------------------------------------------------
RETAIL -- 3.3%
1,000 AUTOZONE, 6.000%, 11/01/03 944
1,000 DUTY FREE INTERNATIONAL, 7.000%,
01/15/04 986
750 SAFEWAY, 8.570%, 04/01/03 773
1,000 SEARS ROEBUCK, 8.470%, 03/11/02 1,022
- --------------------------------------------------------------------------------
3,725
- --------------------------------------------------------------------------------
TELEPHONE & TELECOMMUNICATION -- 2.6%
1,000 AIRTOUCH COMMUNICATIONS, 7.125%,
07/15/01 1,000
1,000 AT&T CAPITAL, 6.900%, 01/30/02 996
1,000 CABLE & WIRELESS, 6.375%, 03/06/03 989
- --------------------------------------------------------------------------------
2,985
- --------------------------------------------------------------------------------
TRUCKING & LEASING -- 0.9%
1,000 ROLLINS TRUCK LEASING, 7.000%, 03/15/03 976
- --------------------------------------------------------------------------------
976
- --------------------------------------------------------------------------------
WHOLESALE -- 0.9%
1,000 SUPER VALUE, 7.625%, 09/15/04 978
- --------------------------------------------------------------------------------
978
- --------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (COST $92,373) 90,283
- --------------------------------------------------------------------------------
GOVERNMENT AGENCY BOND -- 15.2%
- --------------------------------------------------------------------------------
18,000 FANNIE MAE, 5.625%, 05/14/04 17,205
- --------------------------------------------------------------------------------
TOTAL GOVERNMENT AGENCY (COST $17,502) 17,205
- --------------------------------------------------------------------------------
REGIONAL AGENCIES -- 0.9%
- --------------------------------------------------------------------------------
1,000 MONTREAL URBAN COMMUNITY,
9.125%, 03/15/01 1,023
- --------------------------------------------------------------------------------
TOTAL REGIONAL AGENCIES BONDS (COST $1,037) 1,023
- --------------------------------------------------------------------------------
(C) U.S. TREASURY BILL -- 0.9%
1,000 U.S. TREASURY BILL, 4.660%, 01/06/00 1,000
- --------------------------------------------------------------------------------
TOTAL U.S. TREASURY BILL (COST $1,000) 1,000
- --------------------------------------------------------------------------------
(C) COMMERCIAL PAPER -- 1.8%
1,442 FORD MOTOR CREDIT, 1.050%, 01/03/00 1,442
596 FORD MOTOR CREDIT, 1.750%, 01/05/00 596
- --------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (COST $2,038) 2,038
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.4% (COST $113,950) 111,549
- --------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--1.6% 1,792
- --------------------------------------------------------------------------------
NET ASSETS:
- --------------------------------------------------------------------------------
TRUST SHARES (UNLIMITED AUTHORIZATION -- $0.001
PAR VALUE) BASED ON 5,890,927 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 116,391
- --------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (723)
- --------------------------------------------------------------------------------
NET UNREALIZED DEPRECIATION ON INVESTMENTS (2,401)
- --------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 74
- --------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $113,341
- --------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $19.24
- --------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 30.
29
<PAGE>
NOTES TO STATEMENT OF NET ASSETS
* NON-INCOME PRODUCING SECURITIES.
(A) SECTION 4(2) COMMERCIAL PAPER/RULE 144A SECURITY--SECURITY IS SUBJECT TO
CONTRACTUAL OR LEGAL RESTRICTION ON ITS RESALE, DEEMED LIQUID PURSUANT TO
GUIDELINES ESTABLISHED BY THE BOARD OF TRUSTEES.
(B) PRE-REFUNDED SECURITY--THE MATURITY DATE SHOWN REPRESENTS THE PRE-REFUNDED
DATE.
(C) DISCOUNT SECURITY. DISCLOSED RATE IS THE EFFECTIVE RATE OF THE SECURITY AT
THE TIME OF PURCHASE.
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
THE FOLLOWING ABBREVIATIONS ARE USED IN THESE STATEMENT OF NET ASSETS:
ADR--AMERICAN DEPOSITORY RECEIPT
AMBAC--AMERICAN MUNICIPAL BOND ASSURANCE CORPORATION
AQDA--AIR QUALITY DEVELOPMENT AUTHORITY
BANS--BOND ANTICIPATION NOTES
BIG--BOND INVESTORS GUARANTY
BPA--BOND PAYING AGENT
COP--CERTIFICATE OF PARTICIPATION
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
FHLMC--FEDERAL HOME LOAN MORTGAGE CORPORATION
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
HEFA--HEALTH FACILITIES AUTHORITY
HFA--HOUSING FINANCE AUTHORITY
HRB--HOSPITAL REVENUE BONDS
IDA--INDUSTRIAL DEVELOPMENT AUTHORITY
IDR--INDUSTRIAL DEVELOPMENT REVENUE
LOC--LETTER OF CREDIT
LP--LIMITED PARTNERSHIP
LSD--LOCAL SCHOOL DISTRICT
LTD--LIMITED
MBIA--MUNICIPAL BOND INVESTORS ASSURANCE
NA--NORTH AMERICA
PCR--POLLUTION CONTROL REVENUE
PERCS--PREFERRED EQUITY REDEMPTION CUMULATIVE STOCK
PLC--PUBLIC LIMITED COMPANY
RB--REVENUE BOND
REMIC--REAL ESTATE MORTGAGE INVESTMENT CONDUIT
SDA--SCHOOL DISTRICT AUTHORITY
SLMA--STUDENT LOAN MARKETING ASSOCIATION
SPA--SECURITY PURCHASE AGREEMENT
SSRB--SEWER SYSTEM REVENUE BONDS
TA--TAX ALLOCATION
TANS--TAX ANTICIPATION NOTES
TECP--TAX EXEMPT COMMERCIAL PAPER
VRDNS--VARIABLE RATE DEMAND NOTES-RATES DISCLOSED ARE IN EFFECT AT DECEMBER 31,
1999. MATURITY DATE REPRESENTS FINAL MATURITY, NOT NEXT RESET DATE.
WDA--WATER DEVELOPMENT AUTHORITY THE CATEGORIES OF INVESTMENTS ARE SHOWN AS A
PERCENTAGE OF NET ASSETS.
THE FOLLOWING IS A SUMMARY OF INVESTMENT INFORMATION AS OF DECEMBER 31, 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 $ 44,631** -- -- -- $ 44,862
MONEY MARKET FUND 972,857 -- -- -- 969,140
OHIO MUNICIPAL MONEY MARKET FUND 214,736** -- -- -- 212,427
U.S. TREASURY MONEY MARKET FUND 447,054** -- -- -- 445,289
GROWTH FUND 137,427 175,423 177,378 (1,955) 312,558
INCOME EQUITY FUND 135,837 90,530 96,218 (5,688) 227,314
MICHIGAN TAX-FREE FUND 27,414 257 559 (302) 27,992
OHIO TAX-FREE FUND 53,199 417 978 (561) 54,033
FIXED INCOME SECURITIES FUND 155,323 (5,601) 841 (6,442) 152,080
INTERMEDIATE GOVERNMENT INCOME FUND 102,953 (2,580) 263 (2,843) 101,621
MORTGAGE SECURITIES FUND 33,792 (788) 33 (821) 33,218
SHORT/INTERMEDIATE FIXED INCOME
SECURITIES FUND 113,950 (2,401) 73 (2,474) 113,341
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
** AT AMORTIZED COST.
</FN>
</TABLE>
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS)
(CONTINUED)
30
<PAGE>
(CONTINUED)
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 DECEMBER 31, 1999, THE PERCENTAGE OF PORTFOLIO INVESTMENTS BY EACH
REVENUE SOURCE WAS AS FOLLOWS:
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
REVENUE BONDS:
HIGHER EDUCATION BONDS 2.8%
HOSPITAL BONDS 13.2%
HOUSING BONDS 19.3%
INDUSTRIAL BONDS 10.6%
POLLUTION CONTROL BONDS 0.9%
RECREATIONAL BONDS 21.0%
UTILITY BONDS 1.6%
GENERAL OBLIGATIONS: 10.4%
CASH EQUIVALENTS: 20.2%
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND
REVENUE BONDS:
HEALTH CARE BONDS 4.5%
HIGHER EDUCATION BONDS 10.7%
HOSPITAL BONDS 23.2%
HOUSING BONDS 0.9%
INCOME TAX BONDS 1.4%
INDUSTRIAL BONDS 11.0%
POLLUTION CONTROL BONDS 4.9%
UTILITY BONDS 8.6%
GENERAL OBLIGATIONS: 29.5%
CASH EQUIVALENTS: 5.3%
HUNTINGTON MICHIGAN TAX-FREE FUND
REVENUE BONDS:
HIGHER EDUCATION BONDS 12.2%
HOSPITAL BONDS 21.9%
HOUSING BONDS 1.6%
INDUSTRIAL BONDS 5.8%
UTILITY BONDS 5.1%
GENERAL OBLIGATIONS: 53.2%
CASH EQUIVALENTS: 0.2%
HUNTINGTON OHIO TAX-FREE FUND
REVENUE BONDS:
HIGHER EDUCATION BONDS 15.3%
HIGHWAY BONDS 1.4%
HOSPITAL BONDS 9.1%
INDUSTRIAL BONDS 1.9%
LEASE BONDS 0.6%
UTILITY BONDS 11.0%
GENERAL OBLIGATIONS: 60.7%
31
<PAGE>
STATEMENTS OF OPERATIONS
YEAR ENDED DECEMBER 31, 1999
(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
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
DIVIDENDS..................................... -- -- -- --
INTEREST ..................................... $1,033 $49,517 $6,641 $22,840
LESS: FOREIGN TAXES WITHHELD.................. -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME..................... 1,033 49,517 6,641 22,840
- --------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
INVESTMENT ADVISORY FEES...................... 156 2,635 618 948
ADMINISTRATION FEES........................... 44 1,342 288 663
DISTRIBUTION FEES-- INVESTMENT SHARES......... 13 762 308 111
TRANSFER AGENT FEES........................... 27 162 43 40
CUSTODIAN FEES................................ 8 249 54 127
PROFESSIONAL FEES............................. 2 110 17 31
PRINTING AND SHAREHOLDER REPORTS.............. 4 132 23 51
REGISTRATION AND FILING FEES.................. 5 60 42 20
TRUSTEES' FEES................................ -- 15 3 7
MISCELLANEOUS................................. 2 44 9 18
- --------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES.............................. 261 5,511 1,405 2,016
- --------------------------------------------------------------------------------------------------------------------------------
LESS:
WAIVER OF INVESTMENT ADVISORY FEES............ (94) -- (103) --
WAIVER OF DISTRIBUTION FEES, INVESTMENT SHARES (8) (457) (184) (66)
- --------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES..................................... 159 5,054 1,118 1,950
- --------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME............................ 874 44,463 5,523 20,890
- --------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN/(LOSS) ON INVESTMENTS
SOLD........................................ (1) -- -- (3)
NET CHANGE IN UNREALIZED APPRECIATION/
(DEPRECIATION) ON INVESTMENTS............... -- -- -- --
- --------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS................................. (1) -- -- (3)
- --------------------------------------------------------------------------------------------------------------------------------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS................... $ 873 $44,463 $5,523 $20,887
================================================================================================================================
<FN>
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)
32
<PAGE>
<TABLE>
<CAPTION>
HUNTINGTON
HUNTINGTON HUNTINGTON SHORT/
HUNTINGTON HUNTINGTON HUNTINGTON FIXED INTERMEDIATE HUNTINGTON INTERMEDIATE
HUNTINGTON INCOME MICHIGAN OHIO INCOME GOVERNMENT MORTGAGE FIXED INCOME
GROWTH EQUITY TAX-FREE TAX-FREE SECURITIES INCOME SECURITIES SECURITIES
FUND FUND FUND FUND FUND FUND FUND FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
DIVIDENDS...... $ 3,276 $ 6,861 -- -- -- -- -- --
INTEREST....... 1,341 2,333 $1,685 $3,206 $10,595 $ 6,619 $2,323 $ 7,522
LESS: FOREIGN
TAXES WITHHELD (20) (63) -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT
INCOME...... 4,597 9,131 1,685 3,206 10,595 6,619 2,323 7,522
- ------------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
INVESTMENT ADVISORY
FEES........ 1,969 1,453 159 305 789 533 178 593
ADMINISTRATION FEES.. 461 341 45 85 221 150 62 164
DISTRIBUTION FEES--
INVESTMENT SHARES.. 41 5 22 4 4 6 5 --
TRANSFER AGENT FEES... 92 47 18 44 50 41 59 13
CUSTODIAN FEES........ 86 63 8 16 41 28 9 31
PROFESSIONAL FEES..... 20 23 7 3 6 16 1 8
PRINTING AND SHARE-
HOLDER REPORTS..... 37 28 1 7 19 17 4 15
REGISTRATION AND
FILING FEES........ 33 31 1 8 30 40 13 30
TRUSTEES' FEES........ 5 4 1 1 2 1 1 2
MISCELLANEOUS......... 5 11 15 31 14 11 9 8
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES... 2,749 2,006 277 504 1,176 843 341 864
- ------------------------------------------------------------------------------------------------------------------------------------
LESS:
WAIVER OF INVESTMENT
ADVISORY FEES...... -- -- (22) -- -- (52) (71) --
WAIVER OF DISTRIBUTION
FEES, INVESTMENT
SHARES............ -- -- -- -- -- -- (3) --
- ------------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES...........2,749 2,006 255 504 1,176 791 267 864
- ------------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME..1,848 7,125 1,430 2,702 9,419 5,828 2,056 6,658
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED GAIN/
(LOSS) ON INVEST-
MENTS SOLD......39,334 1,638 (7) 36 (1,272) 205 (3) (723)
NET CHANGE IN
UNREALIZED APPRE-
CIATION/(DEPRE-
CIATION) ON
INVESTMENTS.. 394 (25,323) (1,611) (3,294) (14,472) (7,187) (1,675) (4,723)
- ------------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND
UNREALIZED GAIN/
(LOSS) ON
INVESTMENTS.. 39,728 (23,685) (1,618) (3,258) (15,744) (6,982) (1,678) (5,446)
- ------------------------------------------------------------------------------------------------------------------------------------
NET INCREASE/(DECREASE)
IN NET ASSETS
RESULTING FROM
OPERATIONS.......$41,576 $(16,560) $ (188) $ (556) $ (6,325) $(1,154) $ 378 $ 1,212
===================================================================================================================================
</TABLE>
33
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
(ALL NUMBERS IN THOUSANDS)
<TABLE>
<CAPTION>
HUNTINGTON
HUNTINGTON HUNTINGTON HUNTINGTON U.S. TREASURY
FLORIDA TAX-FREE MONEY MARKET OHIO MUNICIPAL MONEY MARKET
MONEY FUND FUND MONEY MARKET FUND FUND
YEAR YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
DEC. 31, DEC. 31, DEC. 31, DEC. 31, DEC. 31, DEC. 31, DEC. 31,
1999 1999 1998* 1999 1998 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS--
NET INVESTMENT INCOME $ 874 $ 44,463 $ 37,721 $ 5,523 $ 5,881 $ 20,890 $ 26,326
NET REALIZED GAIN (LOSS) ON
INVESTMENT TRANSACTIONS (1) -- -- -- -- (3) --
CHANGE IN NET UNREALIZED
APPRECIATION (DEPRECIATION)
OF INVESTMENTS -- -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING
FROM OPERATIONS 873 44,463 37,721 5,523 5,881 20,887 26,326
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS--
FROM NET INVESTMENT INCOME:
TRUST SHARES (726) (30,427) (26,860) (2,274) (2,560) (18,968) (23,572)
INVESTMENT SHARES (153) (14,019) (10,861) (3,259) (3,321) (1,922) (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 (879) (44,446) (37,721) (5,533) (5,881) (20,890) (26,326)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS--
TRUST SHARES:
PROCEEDS FROM SHARES ISSUED
FROM MERGER -- -- 143,355 -- -- -- --
PROCEEDS FROM SHARES ISSUED 70,627 866,033 836,084 113,764 134,841 1,337,264 950,040
REINVESTMENT OF DISTRIBUTIONS -- 13 21 -- -- 17 73
COST OF SHARES REDEEMED (45,329) (933,543) (703,021) (125,561) (104,903) (1,410,026) (956,412)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST SHARES TRANSACTIONS 25,298 (67,497) 276,439 (11,797) 29,938 (72,745) (6,299)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT SHARES:
PROCEEDS FROM SHARES ISSUED
FROM MERGER -- -- 11,004 -- -- -- --
PROCEEDS FROM SHARES ISSUED 33,914 591,216 437,013 246,202 252,320 83,616 209,121
REINVESTMENT OF DISTRIBUTIONS -- 6,707 6,446 251 376 486 847
COST OF SHARES REDEEMED (14,344) (534,217) (322,423) (258,120) (202,297) (97,892) (213,148)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT SHARES
TRANSACTIONS 19,570 63,706 132,040 (11,667) 50,399 (13,790) (3,180)
- ------------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS FROM
FUND SHARES TRANSACTIONS 44,868 (3,791) 408,479 (23,464) 80,337 (86,535) (9,479)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CHANGE IN NET ASSETS 44,862 (3,774) 408,479 (23,474) 80,337 (86,538) (9,479)
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD -- 972,914 564,435 235,901 155,564 531,827 541,306
- ------------------------------------------------------------------------------------------------------------------------------------
END OF PERIOD $44,862 $969,140 $972,914 $212,427 $ 235,901 $ 445,289 $ 531,827
====================================================================================================================================
UNDISTRIBUTED/OVERDISTRIBUTED
NET INVESTMENT
INCOME INCLUDED IN NET ASSETS
AT END OF PERIOD $ (5) $ 17 $ -- $ (10) $ -- $ -- $ --
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED--
TRUST SHARES:
SHARES ISSUED FROM MERGER -- -- 143,581 -- -- -- --
SHARES ISSUED 70,627 866,033 835,940 113,764 134,841 1,337,264 950,040
REINVESTMENT OF DISTRIBUTIONS -- 13 22 -- -- 17 73
SHARES REDEEMED (45,329) (933,543) (703,021) (125,561) (104,903) (1,410,026) (956,412)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST SHARES TRANSACTIONS 25,298 (67,497) 276,522 (11,797) 29,938 (72,745) (6,299)
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT SHARES:
SHARES ISSUED FROM MERGER -- -- 11,010 -- -- -- --
SHARES ISSUED 33,914 591,216 437,013 246,202 252,320 83,616 209,121
REINVESTMENT OF DISTRIBUTIONS -- 6,707 6,446 251 376 486 847
SHARES REDEEMED (14,344) (534,217) (322,423) (258,120) (202,297) (97,892) (213,148)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT SHARES
TRANSACTIONS 19,570 63,706 132,046 (11,667) 50,399 (13,790) (3,180)
- ------------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN FUND SHARE
TRANSACTIONS 44,868 (3,791) 408,568 (23,464) 80,337 (86,535) (9,479)
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS)
*COMBINED DATA FROM FUND PRIOR TO AND AFTER REORGANIZATION REFERRED TO IN NOTE (1).
</FN>
</TABLE>
34
<PAGE>
<TABLE>
<CAPTION>
HUNTINGTON HUNTINGTON HUNTINGTON HUNTINGTON HUNTINGTON
GROWTH INCOME EQUITY MICHIGAN OHIO TAX-FREE FIXED INCOME
FUND FUND TAX-FREE FUND FUND SECURITIES FUND
YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED ENDED
DEC. 31, DEC. 31, DEC. 31, DEC. 31, DEC. 31, DEC. 31, DEC. 31, DEC. 31 DEC. 31, DEC. 31,
1999 1998* 1999 1998 1999 1998* 1999 1998 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE)
IN NET ASSETS
OPERATIONS--
NET INVESTMENT
INCOME $ 1,848 $ 1,881 $ 7,125 $ 6,573 $ 1,430 $ 920 $ 2,702 $ 2,997 $ 9,419 $ 9,435
NET REALIZED GAIN
(LOSS)ON INVESTMENT
TRANSACTIONS $ 39,334 8,243 1,638 4,307 (7) 145 36 68 (1,272) 2,181
- ------------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET
UNREALIZED APPRE-
CIATION (DEPRECIA-
TION)
OF INVESTMENTS 394 37,083 (25,323) 27,275 (1,611) 75 (3,294) 315 (14,472) 2,837
- ------------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS
RESULTING FROM
OPERATIONS 41,576 47,207 (16,560) 38,155 (188) 1,140 (556) 3,380 (6,325) 14,453
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS--
FROM NET INVESTMENT
INCOME:
- - TRUST SHARES (1,806) (1,815) (6,975) (6,527) (1,049) (731) (2,636) (2,943) (9,240) (9,390)
INVESTMENT
SHARES (54) (47) (49) (20) (373) (253) (61) (65) (82) (89)
FROM NET REALIZED
GAIN ON INVESTMENTS:
TRUST SHARES (36,416) (7,850) (1,626) (4,275) -- (54) (32) (66) -- (2,141)
INVESTMENT
SHARES (1,993) (393) (12) (31) -- (20) (1) (2) -- (20)
IN EXCESS OF NET REALIZED GAIN ON INVESTMENTS:
TRUST SHARES -- (1,154) (134) -- (11) -- -- -- -- --
INVESTMENT
SHARES -- (58) (1) -- (3) -- -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET
ASSETS FROM
DISTRIBUTIONS
TO SHAREHOLDERS(40,269) (11,317) (8,797) (10,853) (1,436) (1,058) (2,730) (3,076) (9,322) 11,640)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANS-
ACTIONS--
TRUST SHARES:
PROCEEDS FROM
SHARES ISSUED
FROM MERGER -- 64,133 -- -- -- -- -- -- -- --
PROCEEDS FROM
SHARES ISSUED 43,196 24,689 39,778 21,506 3,249 1,206 5,092 8,440 28,740 21,544
REINVESTMENT
OF DISTRI-
BUTIONS 10,916 3,916 2,535 3,497 42 32 161 169 3,636 4,761
COST OF SHARES
REDEEMED (82,687) (33,300) (40,562) (17,765) (5,298) (4,740) (12,470) (10,084) (34,537) (14,012)
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST
SHARES TRANS-
ACTIONS (28,575) 59,438 1,751 7,238 (2,007) (3,502) (7,217) (1,475) (2,161) 12,293
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT SHARES:
PROCEEDS FROM
SHARES ISSUED
FROM MERGER -- 9,965 -- -- -- -- -- -- -- --
PROCEEDS FROM
SHARES ISSUED 2,057 1,549 783 1,508 781 114 67 352 66 265
REINVESTMENT
OF DISTRI-
BUTIONS 2,014 493 59 49 301 217 42 48 64 84
COST OF SHARES
REDEEMED (3,310) (1,893) (858) (65) (2,218) (1,538) (240) (355) (281) (405)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT
SHARES TRANS-
ACTIONS 761 10,114 (16) 1,492 (1,136) (1,207) (131) 45 (151) (56)
- ------------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET
ASSETS FROM FUND -
SHARES TRANS-
ACTIONS (27,814) 69,552 1,735 8,730 (3,143) (4,709) (7,348) (1,430) (2,312) 12,237
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CHANGE IN
NET ASSETS (26,507) 105,442 (23,622) 36,032 ( 4,767) (4,627) (10,634) (1,126) (17,959) 15,050
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF
PERIOD 339,065 233,623 250,936 214,904 32,759 37,386 64,667 65,793 170,039 154,989
- ------------------------------------------------------------------------------------------------------------------------------------
END OF PERIOD $312,558 $339,065 $227,314 $250,936 $27,992 $32,759 $ 54,033 $ 64,667 $152,080 $170,039
====================================================================================================================================
OVERDISTRIBUTED
NET INVESTMENT
INCOME INCLUDED
IN NET ASSETS
AT END OF PERIOD $ 14 $ 26 $ 189 $ 88 $ 8 $ -- $ 7 $ 2 $ 98 $ 1
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED
AND REDEEMED--
TRUST SHARES: -
SHARES ISSUED
FROM MERGER -- 1,330 -- -- -- -- -- -- -- --
SHARES ISSUED 847 521 1,004 555 303 109 237 388 1,399 995
REINVESTMENT
OF DISTRI-
BUTIONS 229 82 65 89 4 3 7 8 176 219
SHARES REDEEMED (1,593) (701) (1,020) (460) (497) (431) (588) (462) (1,671) (645)
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST
SHARES TRANS-
ACTIONS (517) 1,232 49 184 (190) (319) (344) (66) (96) 569
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT SHARES:
SHARES ISSUED
FROM MERGER -- 202 -- -- -- -- -- -- -- --
SHARES ISSUED 40 33 19 39 72 10 3 16 3 12
REINVEST-
MENT OF DISTRI-
BUTIONS 42 11 1 1 28 20 2 2 3 4
SHARES REDEEMED (65) (40) (21) (2) (209) (140) (12) (16) (13) (18)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVEST-
MENT SHARES
TRANS-
ACTIONS 17 206 (1) 38 (109) (110) (7) 2 (7) (2)
- ------------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN
FUND SHARE
TRANSACTIONS (500) 1,438 48 222 (299) (429) (351) (64) (103) 567
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
35
<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
YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
DEC. 31, DEC. 31, DEC. 31, DEC. 31, DEC. 31, DEC. 31,
1999 1998* 1999 1998 1999 1998
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS--
NET INVESTMENT INCOME $ 5,828 $ 3,713 $ 2,056 $ 2,324 $ 6,658 $ 7,338
NET REALIZED GAIN (LOSS) ON
INVESTMENT TRANSACTIONS 205 (7) (3) 19 (723) 1,670
CHANGE IN NET UNREALIZED
APPRECIATION (DEPRECIATION)
OF INVESTMENTS (7,187) 2,433 (1,675) 35 ( 4,723) (88)
- ------------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING
FROM OPERATIONS (1,154) 6,139 378 2,378 1,212 8,920
- ------------------------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS--
FROM NET INVESTMENT INCOME:
TRUST SHARES (5,682) (3,854) (2,012) (2,266) (6,584) (7,352)
INVESTMENT SHARES (123) (102) (59) (63) -- --
FROM NET REALIZED GAIN
ON INVESTMENTS:
TRUST SHARES -- -- -- -- -- (956)
INVESTMENT SHARES -- -- -- -- -- --
- ------------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS FROM
DISTRIBUTIONS TO SHARE-
HOLDERS (5,805) (3,956) (2,071) (2,329) ( 6,584) (8,308)
- ------------------------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS--
TRUST SHARES:
PROCEEDS FROM SHARES ISSUED
FROM MERGER -- -- -- -- -- --
PROCEEDS FROM SHARES ISSUED 22,116 12,297 5,578 2,881 2 0,415 9,438
REINVESTMENT OF DISTRIBUTIONS 694 558 174 180 2,790 3,814
COST OF SHARES REDEEMED (25,704) (22,036) (6,908) (5,175) (3 2,207) (12,994)
- -------------------------------------------------------------------------------------------- ---------------------------------------
TOTAL TRUST SHARES TRANSACTIONS (2,894) (9,181) (1,156) (2,114) (9,002) 258
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT SHARES:
PROCEEDS FROM SHARES ISSUED
FROM MERGER -- -- -- -- -- --
PROCEEDS FROM SHARES ISSUED 43 11 151 53 -- --
REINVESTMENT OF DISTRIBUTIONS 95 82 45 45 -- --
COST OF SHARES REDEEMED (1,009) (284) (188) (113) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT SHARES TRANSACTIONS (871) (191) 8 (15) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS FROM FUND
SHARES TRANSACTIONS (3,765) (9,372) (1,148) (2,129) (9,002) 258
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL CHANGE IN NET ASSETS (10,724) (7,189) (2,841) (2,080) (1 4,374) 870
- ------------------------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 112,345 119,534 36,059 38,139 127,715 126,845
- ------------------------------------------------------------------------------------------------------------------------------------
END OF PERIOD $101,621 $112,345 $33,218 $36,059 $113,341 $127,715
====================================================================================================================================
UNDISTRIBUTED/OVERDISTRIBUTED NET INVESTMENT
INCOME INCLUDED IN NET ASSETS
AT END OF PERIOD $ 53 $ 30 $ 6 $ 21 $ 74 $ --
- ------------------------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED--
TRUST SHARES:
SHARES ISSUED FROM MERGER -- -- -- -- -- --
SHARES ISSUED 2,208 1,186 689 348 1,042 468
REINVESTMENT OF DISTRIBUTIONS 69 54 22 22 142 189
SHARES REDEEMED (2,566) (2,121) (859) (627) (1,637) (643)
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL TRUST SHARES TRANSACTIONS (289) (881) (148) (257) (453) 14
- ------------------------------------------------------------------------------------------------------------------------------------
INVESTMENT SHARES:
SHARES ISSUED FROM MERGER -- -- -- -- -- --
SHARES ISSUED 4 1 19 7 -- --
REINVESTMENT OF DISTRIBUTIONS 9 8 2 5 -- --
SHARES REDEEMED (99) (27) (20) (14) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT SHARES
TRANSACTIONS (86) (18) 1 (2) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
NET CHANGE IN FUND SHARE
TRANSACTIONS (375) (899) (147) (259) (453) 14
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS)
*COMBINED DATA FROM FUND PRIOR TO AND AFTER REORGANIZATION REFERRED TO IN NOTE (1).
</FN>
</TABLE>
36
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
37
<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
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
TRUST SHARES
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
1999 $1.00 0.03 (0.03) $1.00
HUNTINGTON MONEY MARKET FUND
1999 $1.00 0.05 (0.05) $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
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND
1999 $1.00 0.03 (0.03) $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
HUNTINGTON U.S. TREASURY MONEY MARKET FUND
1999 $1.00 0.04 (0.04) $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
INVESTMENT SHARES
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
1999 $1.00 0.03 (0.03) $1.00
HUNTINGTON MONEY MARKET FUND
1999 $1.00 0.05 (0.05) $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
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND
1999 $1.00 0.03 (0.03) $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
HUNTINGTON U.S. TREASURY MONEY MARKET FUND
1999 $1.00 0.04 (0.04) $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
- ----------------------------------------------------------------------------------------------------------------
<FN>
(A) BASED ON NET ASSET VALUE, WHICH DOES NOT REFLECT THE SALES LOAD, IF APPLICABLE.
(B) 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.
</FN>
</TABLE>
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS)
38
<PAGE>
<TABLE>
<CAPTION>
RATIO TO AVERAGE NET ASSETS
---------------------------------------------------------
EXPENSE WAIVER NET ASSETS,
TOTAL NET REDUCTION/ END OF
RETURN GROSS INVESTMENT REIMBURSEMENT PERIOD
(A) EXPENSES INCOME (B) (000 OMITTED)
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
2.78% 0.49% 2.78% 0.30% $ 25,295
4.77% 0.49% 4.67% -- $633,055
5.13% 0.50% 4.99% -- $700,540
5.17% 0.51% 5.06% -- $424,050
5.01% 0.53% 4.90% -- $337,962
5.58% 0.53% 5.44% 0.03% $296,764
2.79% 0.48% 2.74% 0.05% $ 90,804
3.07% 0.47% 3.03% 0.05% $102,606
3.27% 0.45% 3.23% 0.07% $ 72,667
3.14% 0.42% 3.10% 0.12% $ 56,654
3.57% 0.42% 3.52% 0.20% $ 56,551
4.53% 0.40% 4.42% -- $404,501
4.95% 0.40% 4.84% -- $447,305
5.06% 0.42% 4.95% -- $483,548
4.98% 0.42% 4.87% -- $474,593
5.53% 0.43% 5.40% 0.01% $277,142
2.74% 0.57% 2.70% 0.43% $ 19,567
4.67% 0.60% 4.57% 0.15% $336,085
5.03% 0.60% 4.89% 0.15% $272,374
5.07% 0.61% 4.96% 0.15% $140,385
4.90% 0.63% 4.80% -- $ 97,557
5.48% 0.63% 5.30% 0.03% $ 91,288
2.69% 0.59% 2.64% 0.20% $121,623
2.97% 0.57% 2.93% 0.20% $133,295
3.17% 0.55% 3.13% 0.22% $ 82,897
3.04% 0.52% 3.00% 0.12% $ 74,102
3.47% 0.52% 3.42% 0.20% $ 55,469
4.42% 0.49% 4.34% 0.15% $ 40,788
4.85% 0.50% 4.74% 0.15% $ 54,522
4.95% 0.52% 4.85% 0.15% $ 57,758
4.87% 0.52% 4.77% 0.15% $ 47,884
5.43% 0.53% 5.28% 0.18% $ 38,973
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
39
<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
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
TRUST SHARES
HUNTINGTON GROWTH FUND
1999 $49.78 0.30 6.16 6.46 (0.30) (6.42) --
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) --
HUNTINGTON INCOME EQUITY FUND
1999 $40.85 1.16 (3.87) (2.71) (1.14) (0.27) (0.02)
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) -- --
INVESTMENT SHARES
HUNTINGTON GROWTH FUND
1999 $49.76 0.18 6.12 6.30 (0.17) (6.42) --
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) --
HUNTINGTON INCOME EQUITY FUND
1999 $40.86 1.03 (3.85) (2.82) (1.03) (0.27) (0.02)
1998 $36.29 0.98 5.29 6.27 (0.99) (0.71) --
1997(A) $31.20 0.65 5.72 6.37 (0.63) (0.65) --
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) REFLECTS OPERATIONS FOR THE PERIOD FROM MAY 1, 1997 (EFFECTIVE DATE OF
INVESTMENT SHARES) TO DECEMBER 31, 1997.
(B) BASED ON NET ASSET VALUE, WHICH DOES NOT REFLECT THE SALES LOAD, IF APPLICABLE.
(C) COMPUTED ON ANNUALIZED BASIS.
(D) THIS VOLUNTARY EXPENSE DECREASE IS REFLECTED IN BOTH THE EXPENSE AND NET INVESTMENT INCOME RATIOS.
(E) 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)
40
<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 GROSS INVESTMENT REIMBURSEMENT PERIOD TURNOVER
DISTRIBUTIONS PERIOD (B) EXPENSES INCOME (D) (000 OMITTED) RATE
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
(6.72) $49.52 13.59% 0.82% 0.57% -- $295,268 10%
(1.68) $49.78 18.55% 0.79% 0.62% -- $322,564 11%
(2.40) $43.48 35.37% 0.80% 0.73% -- $228,138 12%
(1.96) $33.97 16.72% 0.83% 1.20% -- $175,764 21%
(3.54) $30.81 30.75% 0.86% 1.34% 0.05% $143,421 37%
(1.43) $36.71 (6.75)% 0.82% 2.93% -- $225,647 20%
(1.80) $40.85 17.79% 0.81% 2.83% -- $249.051 13%
(1.69) $36.30 25.99% 0.81% 3.08% -- $214,625 24%
(1.50) $30.26 16.88% 0.82% 3.50% -- $172,767 25%
(0.96) $27.25 29.26% 0.82% 3.85% -- $141,892 17%
(6.59) $49.47 13.25% 1.07% 0.33% -- $ 17,290 10%
(1.56) $49.76 18.25% 1.04% 0.37% -- $ 16,501 11%
(2.31) $43.46 35.04% 1.05% 0.48% -- $ 5,485 12%
(1.89) $33.96 16.43% 1.08% 0.93% -- $ 4,285 21%
(3.46) $30.81 30.40% 1.11% 1.08% 0.05% $ 3,777 37%
(1.32) $36.72 (7.00)% 1.07% 2.68% -- $ 1,667 20%
(1.70) $40.86 17.56% 1.06% 2.58% -- $ 1,885 13%
(1.28) $36.29 16.09%(e) 1.08%(c) 2.76%(c) -- $ 279 24%
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
41
<PAGE>
FINANCIAL HIGHLIGHTS
FIXED INCOME FUNDS
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
DISTRIBUTIONS TO DISTRIBUTIONS
NET REALIZED DISTRIBUTIONS TO SHAREHOLDERS IN EXCESS
NET ASSET AND SHAREHOLDERS FROM NET OF NET
VALUE, NET UNREALIZED TOTAL FROM FROM NET REALIZED GAIN INVESTMENT
YEAR ENDED BEGINNING INVESTMENT GAIN/(LOSS) INVESTMENT INVESTMENT ON INVESTMENT INCOME
DECEMBER 31, OF PERIOD INCOME INVESTMENTS OPERATIONS INCOME TRANSACTIONS (B)
- ---------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON OHIO TAX-FREE FUND
<S> <C> <C> <C> <C> <C> <C> <C>
1999 $21.83 0.95 (1.15) (0.20) (0.94) (0.01) --
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) -- --
HUNTINGTON FIXED INCOME SECURITIES FUND
1999 $21.78 1.23 (2.05) (0.82) (1.22) -- --
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) -- --
HUNTINGTON MORTGAGE SECURITIES FUND
1999 $ 8.25 0.47 (0.39) 0.08 (0.47) -- --
1998(A) $ 8.24 0.50 0.01 0.51 (0.50) -- --
1997(E) $ 8.06 0.52 0.16 0.68 (0.50) -- --
1996(E) $ 8.09 0.55 (0.04) 0.51 (0.54) -- --
1995(E) $ 6.69 0.55 1.46 2.01 (0.55) -- (0.06)
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND
1999 $20.13 1.10 (0.90) 0.20 (1.09) -- --
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) -- --
INVESTMENT SHARES
HUNTINGTON OHIO TAX-FREE FUND
1999 $21.82 0.87 (1.12) (0.25) (0.89) (0.01) --
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) -- --
HUNTINGTON FIXED INCOME SECURITIES FUND
1999 $21.78 1.08 (1.95) (0.87) (1.17) -- --
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) -- --
HUNTINGTON MORTGAGE SECURITIES FUND
1999 $ 8.27 0.45 (0.38) 0.07 (0.45) -- --
1998(A) $ 8.26 0.48 0.01 0.49 (0.48) -- --
1997(E) $ 8.08 0.50 0.17 0.67 (0.49) -- --
1996(E) $ 8.12 0.53 (0.04) 0.49 (0.53) -- --
1995(E) $ 6.70 0.55 1.46 2.01 (0.55) -- (0.04)
- ----------------------------------------------------------------------------------------------------------------------
<FN>
(A) EFFECTIVE APRIL 24, 1998, PIPER CAPITAL MANAGEMENT, INC. CEASED TO SERVE AS THE SUBADVISER FOR MORTGAGE SECURITIES FUND.
(B) DISTRIBUTIONS IN EXCESS OF NET INVESTMENT INCOME WERE THE RESULT OF CERTAIN BOOK AND TAX TIMING DIFFERENCES.THESE DIFFERENCES
DID NOT REPRESENT A RETURN OF CAPITAL FOR FEDERAL INCOME TAX PURPOSES.
(C) BASED ON NET ASSET VALUE, WHICH DOES NOT REFLECT THE SALES LOAD OR CONTINGENT DEFERRED SALES LOAD, IF APPLICABLE.
(D) THIS VOLUNTARY EXPENSE DECREASE IS REFLECTED IN BOTH THE EXPENSE AND NET INVESTMENT INCOME RATIOS.
(E) 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.
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>
42
<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 GROSS INVESTMENT REIMBURSEMENT PERIOD TURNOVER
DISTRIBUTIONS PERIOD (C) EXPENSES INCOME (D) (000 OMITTED) RATE
- -----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
(0.95) $20.68 (0.92)% 0.82% 4.44% -- $ 52,723 11%
(1.00) $21.83 5.16% 0.73% 4.50% -- $ 63,148 9%
(1.03) $21.74 6.11% 0.72% 4.72% -- $ 64,325 14%
(1.01) $21.49 3.48% 0.76% 3.48% -- $ 64,799 6%
(1.01) $21.77 11.35% 0.78% 4.74% 0.08% $ 59,869 13%
(1.22) $19.74 (3.84)% 0.74% 5.99% -- $150,787 44%
(1.54) $21.78 9.18% 0.70% 5.78% -- $168,453 47%
(1.31) $21.41 8.83% 0.70% 6.26% -- $153,374 116%
(1.35) $20.94 2.56% 0.74% 6.39% -- $144,038 16%
(1.34) $21.78 17.95% 0.77% 6.41% 0.05% $141,423 20%
(0.47) $ 7.86 1.01% 0.95% 5.81% 0.20% $ 32,193 20%
(0.50) $ 8.25 6.41% 0.63% 6.09% 0.20% $ 34,991 17%
(0.50) $ 8.24 8.77% 0.66% 6.39% 0.20% $ 37,057 63%
(0.54) $ 8.06 6.56% 0.67% 6.86% 0.29% $ 39,566 90%
(0.61) $ 8.09 31.10% 0.49% 7.29% 0.63% $ 52,667 194%
(1.09) $19.24 1.05% 0.73% 5.60% -- $113,341 92%
(1.30) $20.13 7.13% 0.71% 5.68% -- $127,715 61%
(1.19) $20.04 6.56% 0.71% 5.94% -- $126,845 160%
(1.19) $19.96 4.08% 0.72% 5.83% -- $125,514 39%
(1.18) $20.35 12.81% 0.74% 5.93% -- $133,951 40%
(0.90) $20.67 (1.17)% 1.07% 4.44% -- $ 1,310 11%
(0.95) $21.82 4.90% 0.98% 4.25% -- $ 1,519 9%
(0.98) $21.73 5.88% 0.97% 4.47% -- $ 1,468 14%
(0.96) $21.48 3.20% 1.01% 3.24% -- $ 1,900 6%
(0.96) $21.77 11.10% 1.03% 4.49% 0.08% $ 2,163 13%
(1.17) $19.74 (4.07)% 1.06% 5.65% -- $ 1,293 44%
(1.49) $21.78 8.93% 0.95% 5.53% -- $ 1,586 47%
(1.26) $21.41 8.54% 0.95% 6.01% -- $ 1,615 116%
(1.29) $20.95 2.32% 0.99% 6.12% -- $ 1,851 16%
(1.30) $21.78 17.63% 1.02% 6.17% 0.05% $ 2,176 20%
(0.45) $ 7.89 0.88% 1.45% 5.54% 0.45% $ 1,025 20%
(0.48) $ 8.27 6.09% 0.88% 5.84% 0.45% $ 1,068 17%
(0.49) $ 8.26 8.54% 0.91% 6.16% 0.45% $ 1,082 63%
(0.53) $ 8.08 6.25% 0.92% 6.57% 0.53% $ 1,666 90%
(0.59) $ 8.12 31.13% 0.76% 7.40 0.73% $ 2,008 194%
- ------------------------------------------------------------------------------------------------------------------------
</TABLE>
43
<PAGE>
FINANCIAL HIGHLIGHTS
FIXED INCOME FUNDS (CONT'D)
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
<CAPTION>
DISTRIBUTIONS TO
NET REALIZED DISTRIBUTIONS TO SHAREHOLDERS
NET ASSET AND SHAREHOLDERS FROM NET
PERIOD VALUE, NET UNREALIZED TOTAL FROM FROM NET REALIZED GAIN
ENDED BEGINNING INVESTMENT GAIN/(LOSS) INVESTMENT INVESTMENT ON INVESTMENT
(A) OF PERIOD INCOME INVESTMENTS OPERATIONS INCOME TRANSACTIONS
- -------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON MICHIGAN TAX-FREE FUND
<S> <C> <C> <C> <C> <C> <C>
1999 $10.99 0.49 (0.55) (0.06) (0.49) --
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) --
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND
1999 $10.42 0.55 (0.66) (0.11) (0.55) --
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) --
INVESTMENT SHARES
HUNTINGTON MICHIGAN TAX-FREE FUND
1999 $10.99 0.46 (0.55) (0.09) (0.46) --
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) --
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND
1999 $10.42 0.54 (0.68) (0.14) (0.52) --
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) --
- ----------------------------------------------------------------------------------------------------------------
<FN>
(A) FINANCIAL HIGHLIGHTS REFLECT COMBINED DATA FROM FUND PRIOR TO AND AFTER REORGANIZATION FOR THE SURVIVING ACCOUNTING ENTITY.
THE FISCAL YEAR END OF HUNTINGTON MICHIGAN TAX-FREE AND HUNTINGTON INTERMEDIATE GOVERNMENT FUND WAS CHANGED FROM
NOVEMBER 30 TO MAY 31, AND SUBSEQUENTLY TO DECEMBER 31 TO COINCIDE WITH THE OTHER HUNTINGTON FUNDS.
(B) SEVEN MONTHS ENDED DECEMBER 31.
(C) SIX MONTHS ENDED MAY 31.
(D) YEAR ENDED NOVEMBER 30.
(E) BASED ON NET ASSET VALUE, WHICH DOES NOT REFLECT THE SALES LOAD, IF APPLICABLE.
(F) THIS VOLUNTARY EXPENSE DECREASE IS REFLECTED IN BOTH THE EXPENSE AND NET INVESTMENT INCOME RATIOS.
(G) EXPENSE RATIOS REFLECT THE OPERATING EXPENSES IN EFFECT DURING THE PERIOD PRIOR TO AND SUBSEQUENT TO THE REORGANIZATION.
(H) COMPUTED ON AN ANNUALIZED BASIS.
(I) NOT ANNUALIZED.
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>
44
<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 (F) (000 OMITTED) RATE
- ------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
(0.49) $10.44 (0.54)% 0.74% 4.57% 0.07% $ 20,809 6%
(0.33) $10.99 3.31%(I) 0.67%(H) 4.57%(H) 0.07%(H) $ 23,995 7%
(0.23) $10.97 2.86%(I) 0.75%(G)(H) 4.55%(H) 0.14%(H) $ 27,440 2%
(0.50) $10.89 5.73% 0.73% 4.66% 0.27% $ 24,954 7%
(0.50) $10.79 4.78% 0.68% 4.72% 0.37% $ 23,082 16%
(0.49) $10.79 13.21% 0.70% 4.62% 0.48% $ 20,700 35%
(0.55) $ 9.76 (1.09)% 0.73% 5.45% 0.05% $ 99,566 14%
(0.35) $10.42 5.34%(I) 0.69%(H) 5.38%(H) 0.05%(H) $109,261 7%
(0.26) $10.23 3.33%(I) 0.76%(G)(H) 5.67%(H) 0.02%(H) $116,317 14%
(0.58) $10.16 6.27% 0.79% 5.91% -- $115,064 28%
(0.60) $10.13 4.97% 0.79% 5.89% -- $108,047 16%
(0.61) $10.24 12.64% 0.78% 6.09% -- $114,646 27%
(0.46) $10.44 (0.77)% 0.98% 4.33% 0.07% $ 7,183 6%
(0.32) $10.99 3.14%(I) 0.92%(H) 4.32%(H) 0.07%(H) $ 8,764 7%
(0.22) $10.97 2.75%(I) 1.00%(G)(H) 4.30%(H) 0.21%(H) $ 9,946 2%
(0.47) $10.89 5.47% 0.98% 4.41% 0.37% $ 9,426 7%
(0.48) $10.79 4.61% 0.84% 4.55% 0.56% $ 9,050 16%
(0.49) $10.79 13.21% 0.70% 4.62% 0.48% $ 12,619 35%
(0.52) $ 9.76 (1.33)% 0.74% 5.46% 0.04% $ 2,055 14%
(0.33) $10.42 5.06%(I) 0.94%(H) 5.13%(H) 0.05%(H) $ 3,084 7%
(0.25) $10.24 3.31%(I) 1.01%(G)(H) 5.42%(H) 0.09%(H) $ 3,217 14%
(0.56) $10.16 5.99% 1.04% 5.66% 0.10% $ 3,518 28%
(0.58) $10.13 4.80% 0.95% 5.73% 0.19% $ 5,230 16%
(0.61) $10.24 12.64% 0.78% 6.09% -- $ 7,610 27%
- ------------------------------------------------------------------------------------------------------------------
</TABLE>
45
<PAGE>
COMBINED NOTES TO FINANCIAL STATEMENTS
DECEMBER 31, 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 DECEMBER 31, 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.
++ EFFECTIVE OCTOBER 29, 1999, WESTERN-SOUTHERN ENTERPRISE
ACQUIRED COUNTRYWIDE CREDIT INDUSTRIES, INC., THE PARENT COMPANY OF COUNTRYWIDE
INVESTMENTS, INC., THE SUBADVISER TO FLORIDA TAX-FREE MONEY. PURSUANT TO THE
REQUIREMENTS OF THE INVESTMENT COMPANY ACT OF 1940, THE INITIAL SUBADVISORY
AGREEMENT WITH COUNTRYWIDE INVESTMENTS WAS TERMINATED AUTOMATICALLY UPON THE
ACQUISITION. ON OCTOBER 27, 1999, THE SHAREHOLDERS OF FLORIDA TAX-FREE MONEY
APPROVED A NEW SUBADVISORY AGREEMENT WITH COUNTRYWIDE INVESTMENTS WITH
SUBSTANTIALLY THE SAME TERMS.
(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 USING
METHODOLOGIES APPROVED AND 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 IS
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 MAY BE 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.
46
<PAGE>
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. FURTHERMORE, THE FUNDS COULD RECEIVE LESS
THAN THE REPURCHASE PRICE ON THE SALE OF COLLATERAL SECURITIES.
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.
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 DECEMBER 31, 1999, THE FOLLOWING FUNDS 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
<TABLE>
<CAPTION>
2002 2003 2004 2005 2006 2007 TOTAL
- ----------------------------------------------------------------------------------
FLORIDA TAX-
<S> <C> <C> <C> <C> <C> <C> <C>
FREE MONEY -- -- -- -- -- 1,014 $1,014
- ----------------------------------------------------------------------------------
MONEY
MARKET -- 86,788 -- 1,945 6 -- $88,739
- ----------------------------------------------------------------------------------
OHIO
MUNICIPAL
MONEY
MARKET 2,172 10,081 -- -- -- -- $12,253
- ----------------------------------------------------------------------------------
U.S. TREASURY
MONEY
MARKET -- -- -- -- -- 2,986 $ 2,986
- ----------------------------------------------------------------------------------
FIXED
INCOME -- -- -- -- -- 1,282,057 $1,282,057
- ----------------------------------------------------------------------------------
INTERMEDIATE
GOVERNMENT
INCOME 135,680 1,366,912 -- -- 10,235 806 $ 1,513,633
- ----------------------------------------------------------------------------------
MORTGAGE
SECURITIES10,376,781 10,841,602 2,455,048 -- -- 3,704 $23,677,135
- ----------------------------------------------------------------------------------
SHORT
INTERMEDIATE
FIXED INCOME -- -- -- -- -- 723,150 $723,150
- ----------------------------------------------------------------------------------
</TABLE>
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 DECEMBER 31, 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
47
<PAGE>
COMBINED NOTES TO FINANCIAL STATEMENTS
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 1999, 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 ADMINISTRATION AGREEMENT
THROUGH DECEMBER 20, 1999. HUNTINGTON PAID MONTHLY TO SEI INVESTMENTS MUTUAL
FUNDS SERVICES ("SIMFS"), UNDER A SUB-ADMINISTRATION AGREEMENT THROUGH DECEMBER
20, 1999, AN ANNUAL FEE OF 0.045% OF EACH FUND'S AVERAGE NET ASSETS FOR SERVICES
PERFORMED.
ON DECEMBER 20, 1999, HUNTINGTON ENTERED INTO A NEW ADMINISTRATION AGREEMENT
WHEREBY HUNTINGTON RECEIVES AN ANNUAL ADMINISTRATIVE FEE OF 0.14% OF EACH FUND'S
AVERAGE NET ASSETS, PAID MONTHLY, FOR SERVICES PERFORMED UNDER THE TRUST'S
ADMINISTRATION AGREEMENT. IN ADDITION, HUNTINGTON ENTERED INTO A NEW
SUB-ADMINISTRATION AGREEMENT WHEREBY HUNTINGTON PAYS SIMFSAN ANNUAL FEE OF 0.08%
OF EACH FUND'S AVERAGE NET ASSETS FOR SERVICES PERFORMED. THE NEW ADMINISTRATION
AND SUB-ADMINISTRATION AGREEMENT REFLECTS THE EXPANSION OF SIMFS' SERVICES TO
PROVIDE CERTAIN ACCOUNTING AND RECORDKEEPING SERVICES.
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.
CURRENTLY SIMFS PROVIDES CERTAIN ACCOUNTING AND RECORD KEEPING SERVICES WITH
RESPECT TO EACH OF THE FUND'S PORTFOLIOS OF INVESTMENTS AS PART OF ITS
SUB-ADMINISTRATOR AGREEMENT. PRIOR TO DECEMBER 20, 1999 HUNTINGTON PROVIDED
CERTAIN ACCOUNTING AND RECORD KEEPING SERVICES UNDER A SEPARATE AGREEMENT. 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 YEAR ENDED DECEMBER 31, 1999, HUNTINGTON RECEIVED FEES
OF $837,971. (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 YEAR ENDED DECEMBER 31, 1999, HUNTINGTON
RECEIVED FEES OF $720,037.
FOR THE YEAR ENDED DECEMBER 31, 1999, CERTAIN OFFICERS OF THE TRUST WERE
OFFICERS OF SIMFS AND SIDCO. SUCH OFFICERS RECEIVE NO COMPENSATION FROM THE
TRUST.
FOR THE YEAR ENDED DECEMBER 31, 1999, HUNTINGTON PAID $20,397 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
YEAR ENDED DECEMBER 31, 1999 WERE AS FOLLOWS (ALL NUMBERS IN THOUSANDS):
48
<PAGE>
INVESTMENT SECURITIES
---------------------
INCOME MICHIGAN
GROWTH EQUITY TAX-FREE
- -----------------------------------------------------------
PURCHASES $30,207 $51,528 $1,745
SALES $88,546 $48,698 $4,231
- -----------------------------------------------------------
INTERMEDIATE
OHIO FIXED GOVERNMENT
TAX-FREE INCOME INCOME
- ----------------------------------------------------------
PURCHASES $ 6,827 $16,665 --
SALES $13,576 $11,027 --
- -----------------------------------------------------------
SHORT/
INTERMEDIATE
MORTGAGE FIXED
SECURITIES INCOME
- -----------------------------------------------------------
PURCHASES -- $45,233
SALES -- $35,213
- -----------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS
---------------------------
INCOME MICHIGAN
GROWTH EQUITY TAX-FREE
- -----------------------------------------------------------
PURCHASES -- -- --
SALES -- -- --
- -----------------------------------------------------------
INTERMEDIATE
OHIO FIXED GOVERNMENT
TAX-FREE INCOME INCOME
- -----------------------------------------------------------
PURCHASES -- $54,318 $14,556
SALES -- $56,399 $25,400
- -----------------------------------------------------------
SHORT/
INTERMEDIATE
MORTGAGE FIXED
SECURITIES INCOME
- -----------------------------------------------------------
PURCHASES $6,680 $60,623
SALES $6,717 $69,435
- -----------------------------------------------------------
(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.
49
<PAGE>
EXPLANATION OF THE INDICES (& NOTES) IN THE MANAGEMENT DISCUSSION & ANALYSIS
GROWTH FUND + THE S&P 500 IS NOT ADJUSTED TO REFLECT SALES LOADS, EXPENSES, OR
OTHER FEES THAT THE SECURITIES AND EXCHANGE COMMISSION REQUIRES TO BE REFLECTED
IN THE FUND'S PERFORMANCE. THIS INDEX IS UNMANAGED.
* THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS. THE S&P 500 HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF
DIVIDENDS ON SECURITIES IN THE INDEX.
** REPRESENTS A HYPOTHETICAL INVESTMENT OF $10,000 IN THE FUND AFTER DEDUCTING
THE MAXIMUM SALES LOAD OF 4.00% ($10,000 INVESTMENT MINUS $400 SALES LOAD =
$9,600). THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS ON SECURITIES IN THE INDEX.
INCOME EQUITY FUND
+ THE S&P 500 IS NOT ADJUSTED TO REFLECT SALES LOADS, EXPENSES, OR OTHER FEES
THAT THE SECURITIES AND EXCHANGE COMMISSION REQUIRES TO BE REFLECTED IN THE
FUND'S PERFORMANCE. THIS INDEX IS UNMANAGED.
* THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS. THE S&P 500 HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF
DIVIDENDS ON SECURITIES IN THE INDEX.
** REPRESENTS A HYPOTHETICAL INVESTMENT OF $10,000 IN THE FUND AFTER DEDUCTING
THE MAXIMUM SALES LOAD OF 5.50% ($10,000 INVESTMENT MINUS $550 SALES LOAD =
$9,450). THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS ON SECURITIES IN THE INDEX. THE S&P 500 HAS BEEN ADJUSTED TO
REFLECT REINVESTMENT OF DIVIDENDS ON SECURITIES IN THE INDEX. # THE PERFORMANCE
OF THE INVESTMENT SHARES INCLUDES INFORMATION FROM THE COMMENCEMENT OF
OPERATIONS OF THE TRUST SHARES, RATHER THAN THE DATE INVESTMENTS WERE INTRODUCED
MICHIGAN TAX-FREE FUND
*THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS. **REPRESENTS A HYPOTHETICAL INVESTMENT OF $10,000 IN THE FUND
AFTER DEDUCTING THE SALES LOAD OF 4.75% WHICH WAS IN EFFECT AS OF 12/31/91
($10,000 INVESTMENT MINUS $475 SALES LOAD = $9,525). THE FUND'S PERFORMANCE
ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
+THE L5MB AND THE L7MB HAVE BEEN ADJUSTED TO REFLECT REINVESTMENT OF DIVIDENDS
ON SECURITIES IN THE INDEX. THE L5MB AND THE L7MB ARE NOT ADJUSTED TO REFLECT
SALES LOADS, EXPENSES, OR OTHER FEES THAT THE SECURITIES AND EXCHANGE COMMISSION
REQUIRES TO BE REFLECTED IN THE FUND'S PERFORMANCE. THESE INDICES ARE UNMANAGED.
OHIO TAX-FREE FUND
*THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS.
**REPRESENTS A HYPOTHETICAL INVESTMENT OF $10,000 IN THE FUND AFTER DEDUCTING
THE CURRENT SALES LOAD OF 2.00% EFFECTIVE 2/1/93 ($10,000 INVESTMENT MINUS $200
SALES LOAD = $9,800). THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL
DIVIDENDS AND DISTRIBUTIONS.
+THE LB5GO HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF DIVIDENDS ON SECURITIES
IN THE INDEX. THE LB5GO IS NOT ADJUSTED TO REFLECT SALES LOADS, EXPENSES, OR
OTHER FEES THAT THE SECURITIES AND EXCHANGE COMMISSION REQUIRES TO BE REFLECTED
IN THE FUND'S PERFORMANCE. THIS INDEX IS UNMANAGED.
++THE LSMA, LOIMA AND LIMA EACH REPRESENT THE AVERAGE OF THE TOTAL RETURNS
REPORTED BY ALL OF THE MUTUAL FUNDS THAT LIPPER ANALYTICAL SERVICES, INC. HAS
DETERMINED BELONG IN THE RESPECTIVE CATEGORIES, AND ARE NOT ADJUSTED TO REFLECT
ANY SALES LOADS. HOWEVER, THESE TOTAL RETURNS ARE REPORTED NET OF EXPENSES OR
OTHER FEES THAT THE SECURITIES AND EXCHANGE COMMISSION REQUIRES TO BE REFLECTED
IN A FUND'S PERFORMANCE.
FIXED INCOME SECURITIES FUND
*THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS.
**REPRESENTS A HYPOTHETICAL INVESTMENT OF $10,000 IN THE FUND
AFTER DEDUCTING THE CURRENT SALES LOAD OF 2.00% EFFECTIVE 2/1/93 ($10,000
INVESTMENT MINUS $200 SALES LOAD = $9,800). THE FUND'S PERFORMANCE ASSUMES THE
REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
+THE LBGCB HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF DIVIDENDS ON SECURITIES
IN THE INDEX. THE LBGCB IS NOT ADJUSTED TO REFLECT SALES LOADS, EXPENSES, OR
OTHER FEES THAT THE SECURITIES AND EXCHANGE COMMISSION REQUIRES TO BE REFLECTED
IN THE FUND'S PERFORMANCE. THIS INDEX IS UNMANAGED.
++THE LIIGDF REPRESENTS THE AVERAGE OF THE TOTAL RETURNS REPORTED BY ALL OF THE
MUTUAL FUNDS THAT LIPPER ANALYTICAL SERVICES, INC. HAS DETERMINED BELONG IN THAT
CATEGORY, AND IS NOT ADJUSTED TO REFLECT ANY SALES LOADS. HOWEVER, THESE TOTAL
RETURNS ARE REPORTED NET OF EXPENSES OR OTHER FEES THAT THE SECURITIES AND
EXCHANGE COMMISSION REQUIRES TO BE REFLECTED IN A FUND'S PERFORMANCE.
INTERMEDIATE GOVERNMENT INCOME FUND
*THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS.
**REPRESENTS A HYPOTHETICAL INVESTMENT OF $10,000 IN THE FUND
AFTER DEDUCTING THE SALES LOAD OF 4.75% IN EFFECT AS OF 12/31/91 ($10,000
INVESTMENT MINUS $475 SALES LOAD = $9,525). THE FUND'S PERFORMANCE ASSUMES THE
REINVESTMENT OF ALL DIVIDENDS AND DISTRIBUTIONS.
+THE LIGC HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF DIVIDENDS ON SECURITIES
IN THE INDEX. THE LIGCIS NOT ADJUSTED TO REFLECT SALES LOADS, EXPENSES, OR OTHER
FEES THAT THE SECURITIES AND EXCHANGE COMMISSION REQUIRES TO BE REFLECTED IN THE
FUND'S PERFORMANCE. THIS INDEX IS UNMANAGED.
MORTGAGE SECURITIES FUND
*THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS.
**REPRESENTS A HYPOTHETICAL INVESTMENT OF $10,000 IN THE FUND AFTER DEDUCTING
THE CURRENT SALES LOAD OF 2.00% ($10,000 INVESTMENT MINUS $200 SALES LOAD =
$9,800). THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS.
+THE LMI HAS BEEN ADJUSTED TO REFLECT REINVESTMENT OF DIVIDENDS ON SECURITIES IN
THE INDEX. LMI IS NOT ADJUSTED TO REFLECT SALES LOADS, EXPENSES, OR OTHER FEES
THAT THE SECURITIES AND EXCHANGE COMMISSION REQUIRES TO BE REFLECTED IN THE
FUND'S PERFORMANCE. THIS INDEX IS UNMANAGED.
++THE LUSMF REPRESENTS THE AVERAGE OF THE TOTAL RETURNS REPORTED BY ALL OF THE
MUTUAL FUNDS THAT LIPPER ANALYTICAL SERVICES, INC. HAS DETERMINED BELONG IN THAT
CATEGORY, AND IS NOT ADJUSTED TO REFLECT ANY SALES LOADS. HOWEVER, THESE TOTAL
RETURNS ARE REPORTED NET OF EXPENSES OR OTHER FEES THAT THE SECURITIES AND
EXCHANGE COMMISSION REQUIRES TO BE REFLECTED IN A FUND'S PERFORMANCE.
SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND
*THE FUND'S PERFORMANCE ASSUMES THE REINVESTMENT OF ALL DIVIDENDS AND
DISTRIBUTIONS. THE LIGC, THE ML1-5YUT AND THE MLI-5YGC HAVE BEEN ADJUSTED TO
REFLECT REINVESTMENT OF DIVIDENDS ON SECURITIES IN THE INDICES.
+THE LIGC, ML1-5YUT AND ML1-5YGC ARE NOT ADJUSTED TO REFLECT SALES LOADS,
EXPENSES, OR OTHER FEES THAT THE SECURITIES AND EXCHANGE COMMISSION REQUIRES TO
BE REFLECTED IN THE FUND'S PERFORMANCE. THESE INDICES ARE UNMANAGED.
++THE LSTIGD REPRESENTS THE AVERAGE OF THE TOTAL RETURNS REPORTED BY ALL THE
MUTUAL FUNDS THAT LIPPER ANALYTICAL SERVICES, INC. HAS DETERMINED BELONG IN THAT
CATEGORY, AND IS NOT REPORTED NET OF EXPENSES OR OTHER FEES THAT THE SECURITIES
AND EXCHANGE COMMISSION REQUIRES TO BE REFLECTED IN A FUND'S PERFORMANCE.
50
<PAGE>
NOTICE TO SHAREHOLDERS OF THE HUNTINGTON FUNDS
(UNAUDITED)
FOR THE FISCAL YEAR ENDED DECEMBER 31, 1999, EACH FUND IS DESIGNATING LONG-TERM
CAPITAL GAINS, QUALIFYING DIVIDENDS, AND EXEMPT INCOME WITH REGARD TO
DISTRIBUTIONS PAID DURING THE YEAR AS FOLLOWS:
<TABLE>
<CAPTION>
(A)
LONG TERM (B)
CAPITAL ORDINARY (C) (E)
GAINS INCOME TOTAL (D) TAX
DISTRIBUTIONS DISTRIBUTIONS DISTRIBUTIONS QUALIFYING EXEMPT
FUND TAX BASIS TAX BASIS TAX BASIS DIVIDENDS(1) INTEREST
- ------ ---------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
FLORIDA TAX-FREE MONEY 0% 0% 100% 0% 100%
MONEY MARKET 0% 100% 100% 0% 0%
OHIO MUNICIPAL MONEY MARKET 0% 0% 100% 0% 100%
U.S. TREASURY MONEY MARKET 0% 100% 100% 0% 0%
GROWTH 93% 7% 100% 100% 0%
INCOME EQUITY 70% 80% 100% 87% 0%
MICHIGAN TAX-FREE 1% 0% 100% 0% 99%
OHIO TAX-FREE 1% 0% 100% 0% 99%
FIXED INCOME 0% 100% 100% 0% 0%
INTERMEDIATE GOVERNMENT INCOME 0% 100% 100% 0% 0%
MORTGAGE SECURITIES 0% 100% 100% 0% 0%
SHORT/INTERMEDIATE FIXED INCOME 0% 100% 100% 0% 0%
PLEASE CONSULT YOUR TAX ADVISOR FOR PROPER TREATMENT OF THIS INFORMATION.
<FN>
(1) QUALIFYING DIVIDENDS REPRESENT DIVIDENDS WHICH QUALIFY FOR THE CORPORATE
DIVIDENDS RECEIVED DEDUCTIONS.
* ITEMS (A) AND (B) ARE BASED ON A PERCENTAGE OF THE FUNDS' TOTAL DISTRIBUTIONS.
** ITEMS (D) AND (E) ARE BASED ON A PERCENTAGE OF THE FUNDS' ORDINARY INCOME DISTRIBUTIONS.
</FN>
</TABLE>
51
<PAGE>
INDEPENDENT AUDITORS' REPORT
THE SHAREHOLDERS AND BOARD OF TRUSTEES OF
THE HUNTINGTON FUNDS:
WE HAVE AUDITED THE ACCOMPANYING STATEMENTS OF NET ASSETS OF THE HUNTINGTON
FUNDS ("THE FUNDS"), CONSISTING OF THE FLORIDA TAX-FREE MONEY FUND, MONEY MARKET
FUND, OHIO MUNICIPAL MONEY MARKET FUND, U.S. TREASURY MONEY MARKET FUND, GROWTH
FUND, INCOME EQUITY FUND, MICHIGAN TAX-FREE FUND, OHIO TAX-FREE FUND, FIXED
INCOME SECURITIES FUND, INTERMEDIATE GOVERNMENT INCOME FUND, MORTGAGE SECURITIES
FUND AND SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND AS OF DECEMBER 31,
1999, AND THE RELATED STATEMENTS OF OPERATIONS, STATEMENTS OF CHANGES IN NET
ASSETS AND THE FINANCIAL HIGHLIGHTS FOR THE PERIODS INDICATED IN THE ANNUAL
REPORT. THESE FINANCIAL STATEMENTS AND THE FINANCIAL HIGHLIGHTS ARE THE
RESPONSIBILITY OF THE MANAGEMENT OF THE FUNDS. OUR RESPONSIBILITY IS TO EXPRESS
AN OPINION ON THESE FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS BASED ON OUR
AUDITS.
WE CONDUCTED OUR AUDITS IN ACCORDANCE WITH GENERALLY ACCEPTED AUDITING
STANDARDS. THOSE STANDARDS REQUIRE THAT WE PLAN AND PERFORM THE AUDITS TO OBTAIN
REASONABLE ASSURANCE ABOUT WHETHER THE FINANCIAL STATEMENTS AND FINANCIAL
HIGHLIGHTS ARE FREE OF MATERIAL MISSTATEMENT. AN AUDIT INCLUDES EXAMINING, ON A
TEST BASIS, EVIDENCE SUPPORTING THE AMOUNTS AND DISCLOSURES IN THE FINANCIAL
STATEMENTS. OUR PROCEDURES INCLUDED VERIFICATION OF SECURITIES OWNED AS OF
DECEMBER 31, 1999, BY EXAMINATION AND CONFIRMATION WITH BROKERS AND OTHER
APPROPRIATE AUDIT PROCEDURES. AN AUDIT ALSO INCLUDES ASSESSING THE ACCOUNTING
PRINCIPLES USED AND SIGNIFICANT ESTIMATES MADE BY MANAGEMENT, AS WELL AS
EVALUATING THE OVERALL FINANCIAL STATEMENT PRESENTATION. WE BELIEVE THAT OUR
AUDITS PROVIDE A REASONABLE BASIS FOR OUR OPINION.
IN OUR OPINION, THE FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS REFERRED TO
ABOVE PRESENT FAIRLY, IN ALL MATERIAL RESPECTS, THE FINANCIAL POSITION OF EACH
OF THE AFOREMENTIONED FUNDS INCLUDED IN THE HUNTINGTON FUNDS AS OF DECEMBER 31,
1999, THE RESULTS OF THEIR OPERATIONS, THE CHANGES IN THEIR NET ASSETS AND THE
FINANCIAL HIGHLIGHTS FOR THE PERIODS INDICATED IN THE ANNUAL REPORT.
KPMG LLP
COLUMBUS, OHIO
FEBRUARY 11, 2000
52
<PAGE>
THE HUNTINGTON
NATIONAL BANK
a subsidiary of
Huntington Bancshares,
is the Investment Adviser,
Custodian and Administrator
of The Huntington Funds.
SEI Investments Disbribution Co.
and SEI Investments Mutual
Funds Services, the Disbributor
and the recordkeeper of the
Huntington Funds, respectively,
are not affiliated with The
Huntington National Bank.
LOGO [GRAPHIC OMITTED] HUNTINGTON FUNDS
(800)253-0412
1400022 (12/99)
