HUNTINGTON FUNDS SEMI-ANNUAL REPORT
June 30, 2000
TRUST SHARES
INVESTMENT A SHARES
INVESTMENT B SHARES
Huntington Florida Tax-Free Money Fund
Huntington Money Market Fund
Huntington Ohio Municipal Money Market Fund
Huntington U.S. Treasury Money Market Fund
Huntington Growth Fund
Huntington Income Equity Fund
Huntington Michigan Tax-Free Fund
Huntington Ohio Tax-Free Fund
Huntington Fixed Income Securities Fund
Huntington Intermediate Government Income Fund
Huntington Mortgage Securities Fund
Huntington Short/Intermediate Fixed Income Securities Fund
{logo omitted]
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MESSAGE FROM THE INVESTMENT MANAGER
DEAR SHAREHOLDERS:
WELCOME TO THE HUNTINGTON FUNDS' FIRST SHAREHOLDER REPORT OF THE NEW MILLENNIUM.
ON BEHALF OF THE HUNTINGTON FUNDS AND HUNTINGTON NATIONAL BANK, WE ARE PLEASED
TO PRESENT THIS 2000 SEMI-ANNUAL REPORT, WHICH INCLUDES AN INVESTMENT COMMENTARY
FROM OUR CHIEF INVESTMENT OFFICER, JIM BUSKIRK, AS WELL AS COMMENTS FROM ALL OUR
PORTFOLIO MANAGERS ON THE LATEST MANAGEMENT UPDATES FOR OUR TWELVE FUNDS.
AS WE VENTURED INTO THIS NEW MILLENNIUM, WE FOCUSED ON MEETING SEVERAL KEY
INITIATIVES FOR OUR FUND FAMILY. FIRST, WE HAVE LAUNCHED A NEW RETAIL CLASS OF
SHARES FOR FOUR OF OUR FUNDS -- GROWTH, INCOME EQUITY, MONEY MARKET AND FIXED
INCOME. THE INVESTMENT B SHARES, WHICH WERE LAUNCHED MAY 1, WILL HELP US BETTER
MEET THE NEEDS OF OUR CUSTOMERS THROUGHOUT OUR RETAIL BANKING OFFICE NETWORK.
SECOND, WE HAVE RE-EVALUATED OUR INVESTMENT PERSPECTIVE IN OUR GROWTH FUND,
MANAGED BY JIM GIBBONEY, TO CONSIDER HIGHER GROWTH STOCKS. OUR CHANGE IN
PERSPECTIVE HAS RESULTED IN A RESTRUCTURING OF THE FUND IN THE FIRST HALF OF
2000. MR. GIBBONEY SHARES MORE DETAILS IN HIS MANAGER'S COMMENTARY.
LASTLY, WE HAVE SUCCESSFULLY EXECUTED SEVERAL KEY OPERATIONAL AND TRADING
IMPROVEMENTS IN ORDER TO DRAMATICALLY IMPROVE SERVICE AND EFFICIENCY FOR OUR
SHAREHOLDERS. WE HOPE YOU HAVE NOTICED.
WE VALUE YOUR BUSINESS AND WILL CONTINUE TO FOCUS OUR EFFORTS ON DELIVERING
LEGENDARY CUSTOMER SERVICE TO EACH OF YOU. AND, AS WE WELCOME THE NEW
MILLENNIUM, WE HOPE THAT OUR DECADES OF INVESTMENT EXPERIENCE WILL CONTINUE TO
HELP BRING YOU CLOSER TO YOUR FINANCIAL GOALS.
THANK YOU FOR INVESTING IN THE HUNTINGTON FUNDS.
YOURS TRULY,
/s/signature omitted
DANIEL BENHASE
EXECUTIVE VICE PRESIDENT
DIRECTOR, PRIVATE FINANCIAL GROUP
THE HUNTINGTON NATIONAL BANK
1
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MESSAGE FROM THE CHIEF INVESTMENT OFFICER
DEAR SHAREHOLDERS:
THE MORE THINGS CHANGE, THE MORE THEY STAY THE SAME.
SUCH HAS BEEN THE CASE WITH THE STOCK MARKET FOR THE PAST FEW YEARS. FOR ALL OF
ITS DAILY FLUCTUATIONS, GROUP ROTATIONS, AND CHANGES IN INVESTOR SENTIMENT, THE
MARKET HAS LATELY SETTLED INTO SOMETHING OF A SEASONAL PATTERN. THAT IS, WE'VE
GROWN ACCUSTOMED TO STOCK PRICES MOVING HIGHER EARLY IN THE YEAR, ESPECIALLY
GROWTH STOCKS (WHICH TODAY MEANS ONLY TECHNOLOGY SHARES), FOLLOWED BY AN ANXIOUS
PERIOD OF OUTPERFORMANCE IN THE SPRING BY THE SO-CALLED VALUE OR "OLD ECONOMY"
SECTORS OF THE MARKET. THIS VOLATILE PERIOD GIVES RISE TO MUCH CONFUSION ON THE
PART OF INDIVIDUAL INVESTORS, THEIR CONFUSION MAGNIFIED BY THE ADVICE FROM
WELL-HEELED STRATEGISTS CALLING FOR THESE VALUE STOCKS TO OUTPERFORM
INDEFINITELY. SADLY, THEIR OUTPERFORMANCE LASTS LITTLE MORE THAN TWO MONTHS,
ENOUGH TIME, IT SEEMS, FOR MANY NERVOUS INVESTORS TO SWAP THEIR GROWTH
STOCKS/FUNDS FOR VALUE STOCKS/FUNDS -- AT JUST THE WRONG TIME! THEN, JUST AS THE
ROSY EXPECTATIONS FOR CONTINUED EXPONENTIAL EARNINGS GAINS FROM GROWTH STOCKS
ARE CALLED INTO QUESTION, THEY RISE FROM THE DEAD AND SPRINT UNINTERRUPTEDLY
AHEAD FOR THE BALANCE OF THE YEAR.
THE FIRST HALF OF THIS YEAR HAS BEEN WITNESS TO JUST SUCH A PATTERN, AS GROWTH
STOCKS HAVE JUST RE-TAKEN MARKET LEADERSHIP AS THE SECOND QUARTER ENDED. WILL
THE SECOND HALF REVERT TO FORM, WITH GROWTH GAINING IN STRENGTH AS WE MOVE
AHEAD? STAY TUNED.
SO WHAT IS THE INVESTOR TO DO IN THE FACE OF SUCH UNCERTAINTY? ONE WORD:
DIVERSIFICATION. OUR FAMILY OF HUNTINGTON FUNDS OFFERS A VEHICLE FOR NEARLY
EVERY MARKET ENVIRONMENT, EVERY INVESTOR SITUATION. IF GROWTH STOCKS CONTINUE TO
LEAD, OUR HUNTINGTON GROWTH FUND SHOULD BENEFIT; IF VALUE STOCKS RETURN TO THE
FOREFRONT, THEN OUR HUNTINGTON INCOME EQUITY FUND SHOULD DO WELL, TOO; ON THE
OTHER HAND, IF THE BOND MARKET WERE EVER TO GAIN THE ADVANTAGE OVER STOCKS, OUR
BOND FUND CHOICES -- SHORT/INTERMEDIATE, FIXED INCOME, INTERMEDIATE GOVERNMENT
INCOME, MORTGAGE SECURITIES, OHIO TAX-FREE, AND MICHIGAN TAX-FREE -- WILL SERVE
THEIR SHAREHOLDERS WELL, AS THEY OFFER SUCH ATTRIBUTES AS EXPERIENCED
MANAGEMENT, DIVERSIFICATION AMONG ISSUERS AND MATURITIES, AND HIGH CREDIT
QUALITY.
I INVITE YOU TO READ THE FOLLOWING SEMI-ANNUAL REVIEWS BY OUR FUND MANAGERS,
MOST OF WHOM HAVE OVERSEEN THEIR FUNDS FOR TEN YEARS AND MORE. AND LIKE YOU,
THEY ARE FUND SHAREHOLDERS, TOO.
IT CONTINUES TO BE AN HONOR AND A PRIVILEGE TO SERVE YOU.
VERY TRULY YOURS,
/s/signature omitted
JAMES M. BUSKIRK
CHIEF INVESTMENT OFFICER
2
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INVESTMENT REVIEW
MONEY MARKET FUNDS: HUNTINGTON FLORIDA TAX-FREE MONEY FUND (RYAN NELSON, VICE
PRESIDENT AND PORTFOLIO MANAGER, FORT WASHINGTON INVESTMENT ADVISORS, INC.)
SHORT-TERM FIXED INCOME MARKETS FACED CONTINUED UNCERTAINTY AS THE FEDERAL OPEN
MARKET COMMITTEE OF THE FEDERAL RESERVE (FOMC) MET AND RAISED SHORT-TERM
BORROWING RATES BY A TOTAL OF 75 BASIS POINTS OVER THE SECOND QUARTER. THE
THREAT OF INFLATIONARY IMBALANCES FROM CONTINUED STRENGTH IN THE ECONOMY
PROMPTED THE TIGHTER MONETARY POLICY BY THE FOMC.
THE FLORIDA TAX-FREE MONEY FUND'S AVERAGE MATURITY OF 28 DAYS WAS SLIGHTLY
SHORTER THAN THE COMPARABLE PEER GROUP OF (FLORIDA) MUNICIPAL MONEY MARKET FUNDS
AS REPORTED BY IM MONEY NET, INC.. THE INCREASE IN SHORT-TERM INTEREST RATES
RESULTED IN HIGHER THAN ANTICIPATED YIELDS FOR SHORT-TERM VARIABLE PRODUCTS. THE
SHORTER AVERAGE MATURITY ALLOWED US TO TAKE ADVANTAGE OF THE HIGHER SHORT-TERM
YIELDS, RESULTING IN A HIGHER RETURN THAN OUR PEERS.
THE FUND'S TARGET AVERAGE MATURITY OVER THE NEXT QUARTER IS EXPECTED TO BE IN
THE 40 TO 50 DAY RANGE IN AN EFFORT TO CUSHION THE EFFECT OF ANY FUTURE INTEREST
RATE ACTIVITY. TO MEET THIS OBJECTIVE WE WILL PRUDENTLY INVEST IN SHORT-TERM
HIGH QUALITY MUNICIPAL SECURITIES THAT WE ANTICIPATE WILL OFFER ABOVE-AVERAGE
RETURNS.
HUNTINGTON MONEY MARKET FUND (WILLIAM G. DOUGHTY, VICE PRESIDENT AND PORTFOLIO
MANAGER, HUNTINGTON NATIONAL BANK)
AS WIDELY EXPECTED, THE FEDERAL RESERVE AT ITS JUST CONCLUDED TWO-DAY FEDERAL
OPEN MARKET COMMITTEE MEETING, VOTED TO MAINTAIN THE 6.5% FEDERAL FUNDS RATE,
BUT ALSO ISSUED A STATEMENT WARNING THAT THE RISKS REMAIN SKEWED TOWARD
INFLATION DUE TO MUCH SLOWER GROWTH IN THE ECONOMY. THE FUND EXPECTS TO CONTINUE
TO PURCHASE HIGH QUALITY COMMERCIAL PAPER WITH AN AVERAGE LIFE OF 35 - 45 DAYS.
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND (WILLIAM G. DOUGHTY, VICE PRESIDENT
AND PORTFOLIO MANAGER, HUNTINGTON NATIONAL BANK)
EVIDENCE THAT THE BOND MARKET BELIEVES THAT THE FEDERAL RESERVE IS CLOSE
TO THE END OF ITS TIGHTENING CYCLE CAN BE SEEN IN THE YIELD LEVELS, WHICH HAVE
RALLIED MORE THAN 50 BASIS POINTS IN THE PAST SIX WEEKS IN THE TAXABLE BOND
MARKET. IN THE SHORT-TERM MUNICIPAL MARKET, SUPPLY IS VERY LIGHT, WHILE DEMAND
HAS BEEN INCREASING. VARIABLE RATES HAVE BEEN DECLINING BY 50 TO 75 BASIS POINTS
AND ONE-YEAR NOTES HAVE DECLINED BY 25 BASIS POINTS. THE FUND EXPECTS TO
CONTINUE TO ADD A MIX OF VARIABLE RATE DEMAND NOTES AND SOME ONE-YEAR NOTES. THE
AVERAGE LIFE OF THE FUND IS EXPECTED TO RANGE FROM 55 TO 65 DAYS.
HUNTINGTON TREASURY MONEY MARKET FUND (WILLIAM G. DOUGHTY, VICE PRESIDENT AND
PORTFOLIO MANAGER, HUNTINGTON NATIONAL BANK)
LOOKING AHEAD, WE EXPECT TWO SEPARATE 25 BASIS POINT FEDERAL FUNDS RATE HIKES
BEFORE YEAR-END. WHILE OVERALL ECONOMIC GROWTH IS MODERATING SOMEWHAT AND OIL
PRICES MAY HAVE PEAKED, THE FEDERAL RESERVE STILL WILL BE RESPONDING TO SOME OF
THE DELAYED INFLATIONARY CONSEQUENCES OF THE EARLIER SOARING OIL PRICES AND
EARLIER STRONG GROWTH. THE FUND EXPECTS TO CONTINUE TO USE AN EQUAL MIX OF
REPURCHASE AGREEMENTS AND TREASURY NOTES AND BILLS WITH AN AVERAGE LIFE OF 35 TO
45 DAYS.
EQUITY FUNDS: HUNTINGTON GROWTH FUND (JAMES J. GIBBONEY, JR., CFA, VICE
PRESIDENT AND PORTFOLIO MANAGER, HUNTINGTON NATIONAL BANK)
THE HUNTINGTON GROWTH FUND HAS BEEN IN OPERATION SINCE JULY 3RD, 1989.
MANAGEMENT OF THE FUND HAS BEEN CONSISTENT SINCE INCEPTION, WITH A FOCUS ON
OWNING PRIMARILY LARGE CAPITALIZATION, WELL-ESTABLISHED COMPANIES WITH THE
POTENTIAL FOR CONTINUING EARNINGS GROWTH. THOUGH MANAGED AS A GROWTH FUND, WE
HAD GENERALLY USED HISTORICAL VALUATION RANGES AS ONE GUIDE IN STOCK SELECTION.
OUR INVESTMENT PERSPECTIVE ON THE GROWTH FUND HAS CHANGED SOMEWHAT. WE ARE NOW
WILLING TO CONSIDER SOME OF THOSE HIGHER GROWTH STOCKS. WE ARE NOW FACTORING THE
OPPORTUNITY COST OF NOT OWNING SOME OF THESE STOCKS INTO OUR DECISION-MAKING
PROCESS. OUR CHANGE IN PERSPECTIVE HAS RESULTED IN SOME RESTRUCTURING OF THE
GROWTH FUND IN THE FIRST HALF OF 2000.
3
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INVESTMENT REVIEW (CONTINUED)
OUR HOLDINGS IN TECHNOLOGY AND TELECOMMUNICATIONS SERVICES HAVE INCREASED
NOTICEABLY SO FAR THIS YEAR. WE ARE NOW APPROACHING S&P 500 WEIGHTINGS IN THESE
TWO CRITICAL AREAS. BY NECESSITY, OUR PURCHASES WERE FUNDED BY SALES OF EXISTING
HOLDINGS. THE RESULT IS A REDUCTION IN CONSUMER NON-DURABLE, BASIC MATERIAL, AND
CAPITAL GOODS ISSUES. WE'VE HEIGHTENED OUR GROWTH PROFILE WITH ABOUT 25% OF THE
FUND. THIS RESTRUCTURING WAS ACCOMPLISHED WITH MUCH CONSIDERATION GIVEN TOWARDS
LIMITING ITS IMPACT ON FUND SHAREHOLDERS. WE BELIEVE THESE CHANGES ARE IN THE
LONG-TERM BEST INTERESTS OF OUR FUND OWNERS.
THE GROWTH FUND'S TRUST SHARES TOTAL RETURN FOR THE SIX-MONTH PERIOD ENDED JUNE
30, 2000 WAS 4.93% . THE S&P 500 RETURNED -0.42% FOR THE PERIOD. AS OF JUNE 30,
2000, THE FUND'S TOP FIVE HOLDINGS WERE: HOME DEPOT, AUTOMATIC DATA PROCESSING,
ANADARKO PETROLEUM, ORACLE AND WALGREEN.
HUNTINGTON INCOME EQUITY FUND (JAMES M. BUSKIRK, CFA, SENIOR VICE
PRESIDENT AND CHIEF FINANCIAL OFFICER, HUNTINGTON NATIONAL BANK)
THE HUNTINGTON INCOME EQUITY FUND HAS BEEN MANAGED SINCE INCEPTION TO ATTEMPT
TO PROVIDE SHAREHOLDERS WITH A RELATIVELY HIGH YIELD, A CONSISTENTLY INCREASING
DIVIDEND PAYOUT, AND A LOW-COST, LOW VOLATILITY MEANS OF PARTICIPATING IN THE
STOCK MARKET. THE MOST RECENTLY COMPLETED QUARTER WAS NO EXCEPTION. OUR
PORTFOLIO ACTIVITY DID INCREASE SOMEWHAT, AS WE WERE CONFRONTED WITH THE
CHALLENGE OF MAINTAINING THE FUND'S HIGH DIVIDEND IN THE FACE OF TWO FACTORS:
ONE OF OUR HOLDINGS ATLANTIC RICHFIELD, A HIGHER YIELDING COMPANY, EXPERIENCING
A TAKEOVER BY BP AMOCO, A LOWER YIELDING COMPANY, AND THE REDUCTION IN THE
DIVIDEND OF ONE OF OUR HOLDINGS (OHIO CASUALTY). IN ORDER TO KEEP OUR FUND'S
CASH DIVIDEND HIGH AND RISING, WE ELIMINATED BOTH BP AMOCO AND OHIO CASUALTY,
AND REPLACED THEM WITH HIGHER YIELDING STOCKS.
THE FUND'S SECOND QUARTER BEGAN ON A POSITIVE NOTE, AS THE SEVERE SELL-OFF IN
THE TECHNOLOGY SECTOR PROVED TO BE A BOON TO OUR "OLD ECONOMY" STOCKS, AS
INVESTORS TEMPORARILY SOUGHT REFUGE THERE. DURING APRIL AND
MAY, WHILE THE S&P 500 DECLINED MORE THAN 5% AND THE NASDAQ FELL BY AN
ASTOUNDING 26%, OUR FUND WAS FLAT. THEN IN JUNE INVESTORS ONCE MORE ROTATED TO
GROWTH STOCKS, SADDLING OUR FUND WITH A DECLINE OF 4% FOR THE MONTH AND THE
QUARTER. BANK STOCKS AND CYCLICALS, BOTH AREAS FERTILE GROUND FOR DIVIDENDS,
WERE ESPECIALLY WEAK IN JUNE, AND WHILE THE FUND'S ENERGY EXPOSURE HELD UP
RELATIVELY WELL; IT WAS NOT ENOUGH TO SAVE THE MONTH AND QUARTER.
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. WE WILL CONTINUE TO MANAGE THE FUND WITH THE INTENT OF
CONTINUING THAT FAVORABLE TREND.
INCOME FUNDS: (WILLIAM G. DOUGHTY, VICE PRESIDENT AND PORTFOLIO MANAGER,
HUNTINGTON NATIONAL BANK)
HUNTINGTON MICHIGAN TAX-FREE FUND
THE COMBINATION OF A DECLINING INTEREST RATE OUTLOOK, INCREASED DEMAND FROM
MARKET PARTICIPANTS AND BELOW AVERAGE SUPPLY IN THE MUNICIPAL MARKETPLACE LEADS
US TO BELIEVE BONDS WILL PERFORM WELL IN THE LAST HALF OF 2000. NEW PURCHASE
ACTIVITY WILL CONTINUE TO BE FOCUSED ON HIGH QUALITY ISSUES MATURING BETWEEN TEN
AND FIFTEEN YEARS. WE BELIEVE THAT THIS STRATEGY WILL ALSO HELP US TO MAINTAIN
THE AVERAGE MATURITY OF THE FUND BETWEEN FIVE AND TEN YEARS.
HUNTINGTON OHIO TAX-FREE FUND
TWO MAIN FACTORS IN THE MUNICIPAL MARKET -- THE AMOUNT OF REFUNDING ISSUES AND
THE NEED FOR BORROWING BY STATE AND LOCAL GOVERNMENTS -- SUGGEST THAT THE SUPPLY
OF NEW ISSUES IN THE MUNICIPAL MARKET MAY CONTINUE TO BE BELOW AVERAGE.
REFUNDING ISSUES PEAKED IN 1998 DURING AN EXTENDED PERIOD OF LOW INTEREST RATES.
IN ADDITION TO THE LACK OF POTENTIAL REFUNDING IN THE MUNICIPAL MARKETPLACE,
THERE MAY NOT BE A GREAT NEED FOR STATE AND LOCAL GOVERNMENTS TO ISSUE DEBT.
THE FUND WILL CONTINUE TO LOOK FOR OPPORTUNITIES TO EXTEND THE AVERAGE LIFE OF
THE PORTFOLIO WITH THE GOAL OF ACHIEVING AN AVERAGE LIFE OF BETWEEN FIVE AND TEN
YEARS.
HUNTINGTON FIXED INCOME SECURITIES FUND
THE INVESTMENT GRADE BOND MARKET HAS POSTED NEGATIVE RETURNS OF ALMOST 2% FROM
MAY 1999 THROUGH MAY 2000. THROUGH MAY 2000, CORPORATE BONDS HAVE ESSENTIALLY
POSTED 0% RETURNS, MATERIALLY UNDERPERFORMING U.S. TREASURY SECURITIES. THE
ROLLING READJUSTMENT PROCESS HAS PRODUCED RECESSION-LIKE SPREAD LEVELS. WHILE
TIMING
4
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IS ALWAYS CHALLENGING, WE BELIEVE THE RISK/REWARD TRADE OFF AT CURRENT
VALUATIONS SIGNIFICANTLY FAVORS CORPORATE BONDS OVER U.S. TREASURY SECURITIES.
THE FUND WILL CONTINUE TO LOOK FOR VALUE IN THE CORPORATE BOND MARKET THAT ADDS
VALUE IN THE FIVE TO TEN YEAR AREA. THE AVERAGE LIFE OF THE FUND IS EXPECTED TO
BE AROUND EIGHT YEARS.
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND
GOVERNMENT-SPONSORED AGENCIES CAME UNDER FIRE THIS YEAR, AND ARE BEING
THREATENED WITH THE REMOVAL OF THEIR CREDIT LINES WITH THE TREASURY. IF THIS
REMOVAL SHOULD TAKE PLACE, IT WOULD HAVE NEGATIVE IMPLICATIONS FOR THEIR DEBT
AND MORTGAGE RATES. TREASURY BUYBACKS HAVE ALSO ENHANCED THE BID FOR OTHER
GOVERNMENT-GUARANTEED ALTERNATIVES, SUCH AS GNMA SECURITIES. THESE DEVELOPMENTS
HAVE PLACED A LOT OF UNCERTAINTIES IN THE GOVERNMENT MARKETPLACE DURING THE
FIRST HALF OF 2000. SOME ADJUSTMENTS WERE MADE TO THE FUND THE FIRST HALF OF
2000, AND SOME TRADING ACTIVITY IS PLANNED FOR THE SECOND HALF OF 2000. THE FUND
WILL LOOK TO TAKE ADVANTAGE OF SOME OF THE HIGHER YIELDS IN THE AGENCIES MARKET,
AND LOOK TO EXTEND THE DURATION OF THE FUND. WE BELIEVE THE FUND IS
WELL-POSITIONED TO PROVIDE A COMPETITIVE YIELD THAT EXCEEDS THAT AVAILABLE ON A
MONEY MARKET WITHOUT TAKING A GREAT DEAL OF MATURITY RISK.
HUNTINGTON MORTGAGE SECURITIES FUND
THE COMBINATION OF THE SIGNIFICANT DECLINE IN MORTGAGE SUPPLY, THE DROP IN
IMPLIED VOLATILITY, AND THE IMPROVEMENT IN CONVEXITY HAS PROVIDED LIMITED
SUPPORT TO MORTGAGE SPREADS. THE SUPPLY OF AGENCY SECURITIES DROPPED 58%
IN THE FIRST FIVE MONTHS OF 2000 TO THE LOWEST LEVEL SINCE 1997. THIS DECREASE
IN OVERALL SUPPLY SHOULD BODE WELL FOR MORTGAGES. DURING THE SECOND HALF OF THE
YEAR, WE WILL LOOK TO SELL 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.
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND
MANY INVESTORS WHO HAVE EXPERIENCED THE ROARING BULL MARKET IN STOCKS DURING THE
PAST NINE YEARS MAY HAVE GIVEN LITTLE THOUGHT TO THE FIXED INCOME MARKETS.
HOWEVER, INVESTING IN BONDS OR BOND FUNDS CAN OFFER MANY FEATURES THAT HELP
CREATE A BALANCED PORTFOLIO. THESE CAN BE USED TO PROVIDE INCOME, CONTRIBUTE TO
A DIVERSE PORTFOLIO, LOWER VOLATILITY, AND REDUCE RISK. THIS FUND WILL CONTINUE
TO PURCHASE INVESTMENT GRADE CORPORATE BONDS WITH MATURITIES UP TO FIVE YEARS,
WITH AN AVERAGE LIFE OF THREE YEARS.
5
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STATEMENT OF NET ASSETS
HUNTINGTON FLORIDA TAX-FREE MONEY FUND JUNE 30, 2000 (UNAUDITED)
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PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
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MUNICIPAL BONDS -- 99.4%
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ARKANSAS -- 1.0%
$ 355 UNIVERSITY OF ARKANSAS,
MONTICELLO CAMPUS PROJECT, RB,
4.900%, 10/01/00 $ 355
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TOTAL ARKANSAS 355
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FLORIDA -- 84.9%
500 ABN-AMRO MUNITOPS, WEEKLY VRDNS, FGIC,
4.800%, 10/05/05 500
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2,000 ABN-AMRO MUNITOPS, WEEKLY VRDNS, FSA,
4.800%, 04/05/06 2,000
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200 BOYNTON BEACH, WATER & SEWER AUTHORITY,
RB, AMBAC, PRE-REFUNDED @102
(B), 7.400%, 11/01/00 206
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1,600 BROWARD COUNTY, HFA, WEEKLY VRDNS,
MARGATE INNS, LOC: BANK ONE,
4.850%, 11/01/05 1,600
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1,200 COLLIER COUNTY, HFA,
DAILY VRDNS, CLEVELAND CLINIC HEALTH
SYSTEM, 4.500%, 01/01/33 1,200
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400 DADE COUNTY, IDA, WEEKLY VRDNS,
ADP SOUTH, 4.900%, 11/15/17 400
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300 ESCAMBIA COUNTY, HEFA, MONTHLY VRDNS,
LOC: TORONTO DOMINION BANK,
4.450%, 01/01/11 300
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800 EUSTIS, WEEKLY VRDNS, MULTI-PURPOSE
REVENUE, LOC: SUNTRUST BANK,
4.800%, 12/01/27 800
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570 FIRST FLORIDA GOVERNMENTAL FINANCING
COMMISSION, SERIES C, RB, MBIA,
5.900%, 07/01/00 570
-------------------------------------------------------------------------------
1,200 FLORIDA, HFA, WEEKLY VRDNS,
LOC: COMERICA, 4.900%, 04/01/26 1,200
-------------------------------------------------------------------------------
400 FLORIDA, HFA, WEEKLY VRDNS,
SOUTH POINTE PROJECT, SERIES J,
4.660%, 02/15/28 400
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800 FLORIDA, HFA, WEEKLY VRDNS,
THE CROSSINGS ASSOCIATES PROJECT,
4.800%, 02/01/08 800
-------------------------------------------------------------------------------
100 FLORIDA STATE, EVERGLADES PORT AUTHORITY,
SERIES B, RB, FGIC, ETM,
7.000%, 09/01/00 101
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1,000 FLORIDA STATE, GENERAL FINANCING
DEPARTMENT, ENVIRONMENTAL PRESERVATION,
SERIES 2000-B, RB, FSA,
4.500%, 07/01/00 1,000
-------------------------------------------------------------------------------
900 FLORIDA STATE, HFA, WEEKLY VRDNS,
CARLTON PROJECT, SERIES E,
LOC: KBC BANK, 4.850%, 12/01/08 900
-------------------------------------------------------------------------------
2,100 FLORIDA STATE, HFA, WEEKLY VRDNS,
HORIZON PLACE PROJECT,
4.600%, 12/01/05 2,100
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1,000 FLORIDA STATE, WEEKLY VRDNS,
FINANCE AUTHORITY, CAPITAL PROJECTS
LOAN PROGRAM, SERIES 1998A,
LOC: CREDIT SUISSE, 4.850%, 06/01/28 1,000
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
FLORIDA -- (CONTINUED)
-------------------------------------------------------------------------------
$ 500 HALIFAX, HOSPITAL MEDICAL
CENTER, TANS, LOC: BANK OF
AMERICA, 4.500%, 03/15/01 $ 501
-------------------------------------------------------------------------------
95 HIGHLANDS COUNTY, SCHOOL BOARD, RB,
MBIA, 3.700%, 09/01/00 95
-------------------------------------------------------------------------------
1,100 HILLSBOROUGH COUNTY, IDA, WEEKLY VRDNS,
LESLIE CONTROLS, LOC: FIRST UNION,
4.850%, 08/01/19 1,100
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545 INDIAN RIVER COUNTY, WEEKLY VRDNS,
DISTRICT HOSPITAL, LOC: KBC BANK,
4.900%, 10/01/15 545
-------------------------------------------------------------------------------
300 JACKSONVILLE, ELECTRIC AUTHORITY,
SERIES 6-C, RB,
6.400%, 10/01/00 302
-------------------------------------------------------------------------------
300 JACKSONVILLE, HEFA, WEEKLY VRDNS,
FACULTY PRACTICE ASSOCIATION,
LOC: BANK OF AMERICA, 4.800%, 01/01/16 300
-------------------------------------------------------------------------------
200 JACKSONVILLE, HEFA, WEEKLY VRDNS,
RIVER GARDEN, LOC: FIRST UNION,
4.850%, 08/01/22 200
-------------------------------------------------------------------------------
1,000 LEE COUNTY, CAPITAL IMPROVEMENT
REVENUE, SERIES B, RB, MBIA,
4.750%, 10/01/00 1,002
-------------------------------------------------------------------------------
1,000 LEE COUNTY, EDR, WEEKLY VRDNS,
CANTERBURY SCHOOL PROJECT,
LOC: SUNTRUST BANK, 4.800%, 12/01/19 1,000
-------------------------------------------------------------------------------
100 LEE COUNTY, SCHOOL BOARD
PARTICIPATION NOTE,
COP, FSA, 4.550%, 08/01/00 100
-------------------------------------------------------------------------------
500 LEE COUTNY, SCHOOL BOARD PARTERNSHIP,
COP, FSA, 6.200%, 08/01/00 501
-------------------------------------------------------------------------------
400 MANATEE COUNTY, HFA, WEEKLY VRDNS,
HARBOR PROJECT, SERIES B,
LOC: CREDIT SUISSE FIRST BOSTON,
4.750%, 12/01/07 400
-------------------------------------------------------------------------------
900 MANATEE COUNTY, PCR, DAILY VRDNS,
FLORIDA POWER & LIGHT COMPANY PROJECT,
RB, 4.500%, 09/01/24 900
-------------------------------------------------------------------------------
500 MARTIN COUNTY, PCR, DAILY VRDNS,
FLORIDA POWER & LIGHT COMPANY PROJECT,
RB, 4.600%, 07/15/22 500
-------------------------------------------------------------------------------
210 MIAMI SPRINGS, UTILITIES SYSTEM,
RB, MBIA,
4.000%, 09/01/00 210
-------------------------------------------------------------------------------
185 OCALA, WATER & SEWER AUTHORITY,
RB, AMBAC,
5.000%, 10/01/00 185
-------------------------------------------------------------------------------
720 ORANGE COUNTY, IDA, WEEKLY VRDNS,
UNIVERSITY OF CENTRAL FLORIDA,
LOC: FIRST UNION, 4.850%, 03/01/17 720
-------------------------------------------------------------------------------
100 ORMOND BEACH, WATER & SEWER AUTHORITY,
RB, FGIC, 5.750%, 09/01/00 100
-------------------------------------------------------------------------------
1,000 PALM BEACH COUNTY, WEEKLY VRDNS,
COMMUNITY FOUNDATION,
LOC: NORTHERN TRUST,
4.700%, 07/01/34 1,000
-------------------------------------------------------------------------------
900 PALM BEACH COUNTY, WEEKLY VRDNS,
HENRY MORRISON FLAGLER PROJECT,
LOC: NORTHERN TRUST, 4.700%, 11/01/34 900
-------------------------------------------------------------------------------
300 PALM BEACH, SCHOOL BOARD AUTHORITY,
COP, AMBAC, 4.300%, 08/01/00 300
-------------------------------------------------------------------------------
6
<PAGE>
HUNTINGTON FLORIDA TAX-FREE MONEY FUND (CONTINUED)
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
FLORIDA -- (CONTINUED)
$ 100 PEMBROKE PINES, PUBLIC IMPROVEMENTS,
RB, AMBAC, 4.625%, 10/01/00 $ 100
-------------------------------------------------------------------------------
100 PINELLAS COUNTY, WATER
IMPROVEMENT SYSTEM,
RB, AMBAC, 4.200%, 10/01/00 100
-------------------------------------------------------------------------------
1,400 PLANT CITY, HFA, WEEKLY VRDNS,
SOUTHERN FLORIDA BAPTIST
HOSPITAL PROJECT,
LOC: BARNETT BANK, 4.750%, 03/01/13 1,400
-------------------------------------------------------------------------------
100 POLK COUNTY, UTILITY SYSTEM AUTHORITY,
SERIES B, RB, FGIC, 4.200%, 10/01/00 100
-------------------------------------------------------------------------------
400 PUTNAM COUNTY, PCR, SEMI-ANNUAL VRDNS,
SEMINOLE ELECTRIC COOPERATIVE PROJECT,
SERIES D, 4.350%, 12/15/09 400
-------------------------------------------------------------------------------
580 PUTNAM COUNTY, PCR, WEEKLY VRDNS,
SEMINOLE ELECTRIC PROJECT, SERIES H-2,
4.850%, 03/15/14 580
-------------------------------------------------------------------------------
450 SAINT LUCIE COUNTY, IDA, MONTHLY VRDNS,
CONVENTION CENTER PROJECT,
LOC: TORONTO DOMINION BANK,
4.450%, 01/01/11 450
-------------------------------------------------------------------------------
500 SAINT LUCIE COUNTY, PCR, DAILY VRDNS,
FLORIDA POWER & LIGHT COMPANY PROJECT,
4.500%, 01/01/26 500
-------------------------------------------------------------------------------
100 SARASOTA COUNTY, GO, FGIC,
5.800%, 10/01/00 100
-------------------------------------------------------------------------------
500 SEMINOLE COUNTY, SDA, TANS,
4.000%, 07/28/00 500
-------------------------------------------------------------------------------
200 UNIVERSITY OF FLORIDA,
ATHLETIC ASSOCIATION CAPITAL
IMPROVEMENT, DAILY VRDNS, UNIVERSITY
OF FLORIDA STADIUM PROJECT, LOC:
SUNTRUST BANK,
4.750%, 02/01/20 200
-------------------------------------------------------------------------------
165 UNIVERSITY OF SOUTH FLORIDA,
HOUSING FACILITY,
SERIES A, RB, MBIA, 7.000%, 07/01/00 165
-------------------------------------------------------------------------------
400 VOLUSIA COUNTY, HFA, WEEKLY VRDNS,
SUN POINTE APARTMENTS PROJECT,
SERIES H, LOC: KEY BANK,
5.100%, 12/01/05 400
-------------------------------------------------------------------------------
TOTAL FLORIDA 30,933
-------------------------------------------------------------------------------
ILLINOIS -- 2.5%
300 HARVARD COUNTY, HEALTH CARE
FACILITY, WEEKLY VRDNS, HARVARD
MEMORIAL HOSPITAL PROJECT,
LOC: FIRST OF AMERICA,
4.950%, 07/01/18 300
-------------------------------------------------------------------------------
200 ILLINOIS, HEFA, DAILY VRDNS,
ELMHURST MEMORIAL HEALTH, SERIES A,
4.700%, 01/01/28 200
-------------------------------------------------------------------------------
400 ILLINOIS, HEFA, DAILY VRDNS,
ELMHURST MEMORIAL HOSPITAL, SERIES B,
4.700%, 01/01/20 400
-------------------------------------------------------------------------------
TOTAL ILLINOIS 900
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
OHIO -- 7.7%
$ 1,000 AMERICAN MUNICIPAL POWER, BANS,
4.750%, 08/25/00 $ 1,001
-------------------------------------------------------------------------------
1,500 AMERICAN MUNICIPAL POWER, BANS,
5.250%, 01/19/01 1,497
-------------------------------------------------------------------------------
305 BUCKEYE TAX EXEMPT MORTGAGE BOARD TRUST,
SEMI-ANNUAL VRDNS, 4.520%, 08/01/02 305
-------------------------------------------------------------------------------
TOTAL OHIO 2,803
-------------------------------------------------------------------------------
TEXAS -- 2.1%
555 CORPUS CHRISTI, IDA, SEMI-ANNUAL VRDNS,
TEXAS AIR PROJECT, LOC: PNC BANK,
4.300%, 08/01/11 555
-------------------------------------------------------------------------------
220 DALLAS, INDEPENDENT SCHOOL DISTRICT, GO,
5.100%, 08/15/00 220
-------------------------------------------------------------------------------
TOTAL TEXAS 775
-------------------------------------------------------------------------------
WASHINGTON -- 1.3%
460 WASHINGTON STATE, HEALTH CARE FACILITIES,
FRANCISCAN HEALTH PROJECT, RB, MBIA,
PRE-REFUNDED @100 (B), 6.000%, 07/01/00 460
-------------------------------------------------------------------------------
TOTAL WASHINGTON 460
-------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (COST $36,226) 36,226
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--99.4% (COST $36,226) 36,226
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.6% 211
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 24,530,122 OUTSTANDING SHARES
OF BENEFICIAL INTEREST 24,530
-------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 11,892,025 OUTSTANDING SHARES
OF BENEFICIAL INTEREST 11,892
UNDISTRIBUTED NET INVESTMENT INCOME 16
-------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (1)
-------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $36,437
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $1.00
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- INVESTMENT A SHARES $1.00
-------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
(See notes which are an integral part of the Financial Statements.)
7
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON MONEY MARKET FUND JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
COMMERCIAL PAPER -- 89.3%
-------------------------------------------------------------------------------
AGRICULTURE -- 1.7%
$15,000 CANADIAN WHEAT BOARD,
6.550%, 08/18/00 $ 14,869
-------------------------------------------------------------------------------
14,869
-------------------------------------------------------------------------------
AUTO -- 3.0%
12,000 DAIMLER CHRYSLER, 6.560%, 09/12/00 11,840
15,000 DAIMLER CHRYSLER, 6.540%, 09/19/00 14,782
-------------------------------------------------------------------------------
26,622
-------------------------------------------------------------------------------
BANKS -- 6.7%
15,000 NATIONAL CITY CREDIT,
6.050%, 07/12/00 14,972
15,000 NATIONAL CITY CREDIT,
6.530%, 09/06/00 14,818
15,000 TORONTO DOMINION HOLDINGS,
6.480%, 08/08/00 14,897
15,000 TORONTO DOMINION HOLDINGS,
6.525%, 08/15/00 14,878
-------------------------------------------------------------------------------
59,565
-------------------------------------------------------------------------------
CHEMICALS -- 3.3%
15,000 E.I. DU PONT DE NEMOURS,
6.530%, 08/02/00 14,913
15,000 E.I. DU PONT DE NEMOURS,
6.540%, 09/27/00 14,758
-------------------------------------------------------------------------------
29,671
-------------------------------------------------------------------------------
COMPUTERS -- 1.7%
15,000 IBM CREDIT, 6.480%, 08/11/00 14,889
-------------------------------------------------------------------------------
14,889
-------------------------------------------------------------------------------
CONSUMER PRODUCTS -- 2.6%
15,000 FORTUNE BRANDS, 6.130%, 07/25/00 14,939
8,000 NIKE, 6.500%, 07/13/00 7,983
-------------------------------------------------------------------------------
22,922
-------------------------------------------------------------------------------
DIVERSIFIED OPERATIONS -- 3.2%
13,226 MINNESOTA MINING & MANUFACTURING,
6.500%, 08/08/00 13,135
15,000 MINNESOTA MINING & MANUFACTURING,
6.189%, 07/19/00 14,954
-------------------------------------------------------------------------------
28,089
-------------------------------------------------------------------------------
DRUGS & HEALTH CARE -- 2.9%
13,500 BECTON DICKINSON, 6.520%, 07/05/00 13,490
12,500 BECTON DICKINSON, 6.550%, 09/07/00 12,345
-------------------------------------------------------------------------------
25,835
-------------------------------------------------------------------------------
ELECTRICAL SERVICES -- 3.4%
15,000 DUKE ENERGY, 6.320%, 07/20/00 14,950
15,000 DUKE ENERGY, 6.520%, 08/10/00 14,891
-------------------------------------------------------------------------------
29,841
-------------------------------------------------------------------------------
ELECTRONIC COMPONENTS -- 3.4%
10,000 MOTOROLA, 6.197%, 07/07/00 9,990
10,000 MOTOROLA, 6.100%, 07/17/00 9,973
10,000 MOTOROLA, 6.560%, 09/13/00 9,865
-------------------------------------------------------------------------------
29,828
-------------------------------------------------------------------------------
ENTERTAINMENT -- 1.7%
15,000 WALT DISNEY, 6.080%, 07/10/00 14,977
-------------------------------------------------------------------------------
14,977
-------------------------------------------------------------------------------
FINANCIAL SERVICES -- 4.5%
10,000 FORD MOTOR CREDIT, 6.500%, 07/21/00 9,964
15,000 HOUSEHOLD BANK, 6.640%, 08/25/00 14,848
15,000 HOUSEHOLD FINANCE, 6.190%, 07/06/00 14,987
-------------------------------------------------------------------------------
39,799
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
COMMERCIAL PAPER -- (CONTINUED)
-------------------------------------------------------------------------------
FOOD & BEVERAGE -- 18.1%
$15,000 ANHEUSER BUSCH, 6.100%, 07/14/00 $ 14,967
10,000 CAMPBELL SOUP, 6.500%, 07/24/00 9,958
15,000 CAMPBELL SOUP, 6.600%, 08/23/00 14,854
10,000 COCA COLA, 6.500%, 08/07/00 9,933
10,000 COCA COLA, 6.640%, 09/01/00 9,886
10,000 COCA COLA, 6.560%, 09/29/00 9,836
15,000 GENERAL MILLS, 6.270%, 07/13/00 14,969
14,500 GOLDEN PEANUT, 6.450%, 07/03/00 14,495
15,000 GOLDEN PEANUT, 6.237%, 07/06/00 14,987
15,000 H.J. HEINZ, 6.520%, 07/31/00 14,918
15,000 H.J. HEINZ, 6.520%, 08/09/00 14,894
17,500 KELLOGG, 6.510%, 08/07/00 17,383
-------------------------------------------------------------------------------
161,080
-------------------------------------------------------------------------------
FUNDING CORPORATION -- 1.1%
10,000 NEW CENTER ASSET TRUST,
6.651%, 09/14/00 9,864
-------------------------------------------------------------------------------
9,864
-------------------------------------------------------------------------------
INSURANCE -- 9.1%
10,000 AI CREDIT, 6.070%, 07/05/00 9,993
10,000 AIG FUNDING, 6.550%, 08/09/00 9,929
15,000 MET LIFE FUNDING, 6.120%, 07/17/00 14,959
15,000 MET LIFE FUNDING, 6.620%, 08/14/00 14,879
12,000 USAA CAPITAL, 6.329%, 07/18/00 11,965
9,118 USAA CAPITAL, 6.550%, 09/08/00 9,004
10,000 USAA CAPITAL, 6.630%, 09/18/00 9,855
-------------------------------------------------------------------------------
80,584
-------------------------------------------------------------------------------
INVESTMENT BANKER/BROKER DEALER -- 3.4%
15,000 GOLDMAN SACHS GROUP, 6.410%, 07/26/00 14,933
15,000 GOLDMAN SACHS GROUP, 6.640%, 08/17/00 14,870
-------------------------------------------------------------------------------
29,803
-------------------------------------------------------------------------------
MACHINERY -- 1.4%
12,900 SNAP ON, 6.520%, 08/01/00 12,828
-------------------------------------------------------------------------------
12,828
-------------------------------------------------------------------------------
PRINTING & PUBLISHING -- 5.3%
15,000 GANNETT, 6.480%, 07/18/00 14,954
10,500 MCGRAW HILL, 6.510%, 07/21/00 10,462
10,000 MCGRAW-HILL, 6.236%, 07/25/00 9,959
12,000 MCGRAW-HILL, 6.570%, 08/31/00 11,866
-------------------------------------------------------------------------------
47,241
-------------------------------------------------------------------------------
RETAIL -- 1.7%
15,000 WAL-MART STORES, 6.560%, 09/26/00 14,762
-------------------------------------------------------------------------------
14,762
-------------------------------------------------------------------------------
STEEL & STEEL WORKS -- 3.4%
15,000 ALCOA, 6.400%, 07/27/00 14,931
15,000 ALCOA, 6.650%, 08/03/00 14,909
-------------------------------------------------------------------------------
29,840
-------------------------------------------------------------------------------
TELEPHONE & TELECOMMUNICATION -- 7.8%
15,000 AT & T, 6.670%, 09/05/00 14,817
15,000 AT & T, 6.560%, 09/11/00 14,803
10,000 BELLSOUTH TELEPHONE, 6.500%,
07/07/00 9,989
15,000 LUCENT TECHNOLOGY, 6.510%, 08/04/00 14,908
15,000 SBC COMMUNICATIONS, 6.110%, 07/11/00 14,975
-------------------------------------------------------------------------------
69,492
-------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (COST $792,401) 792,401
-------------------------------------------------------------------------------
8
<PAGE>
HUNTINGTON MONEY MARKET FUND (CONTINUED)
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
AGENCY OBLIGATIONS -- 4.5%
-------------------------------------------------------------------------------
$10,000 FHLB, 6.229%, 07/31/00 $ 10,000
10,000 SLMA, 6.214%, 07/20/00 10,000
10,000 SLMA, 6.093%, 08/17/00 10,000
10,000 SLMA, 6.043%, 09/21/00 10,000
-------------------------------------------------------------------------------
TOTAL AGENCY OBLIGATIONS (COST $40,000) 40,000
-------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 6.7%
-------------------------------------------------------------------------------
19,286 MORGAN STANLEY DEAN WITTER, 6.420%,
DATED 06/30/00, DUE 07/03/00,
REPURCHASE PRICE $19,296,818
(COLLATERALIZED BY U.S. TREASURY
OBLIGATION, TOTAL PAR VALUE
$14,905,000, 8.750%, 08/15/20,
TOTAL MARKET VALUE
$19,696,098) 19,286
-------------------------------------------------------------------------------
40,000 MORGAN STANLEY DEAN WITTER, 6.650%,
DATED 06/30/00, DUE 07/03/00,
REPURCHASE PRICE $40,022,167
(COLLATERALIZED BY FHLMC SOVEREIGN
AGENCY NOTE, TOTAL PAR VALUE
$42,570,000, 5.000%, 01/15/04,
TOTAL MARKET VALUE
$41,004,666) 40,000
-------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS (COST $59,286) 59,286
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.5% (COST $891,687) 891,687
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
AMORTIZED
COST
(000)
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--(0.5%) $ (4,043)
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR
VALUE) BASED ON 543,746,430 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 543,746
-------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR
VALUE) BASED ON 343,970,119 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 343,970
-------------------------------------------------------------------------------
INVESTMENT B SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 10,340 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 11
-------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 6
-------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (89)
-------------------------------------------------------------------------------
TOTAL NET ASSETS -- 100.0% $887,644
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $1.00
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- INVESTMENT A SHARES $1.00
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- INVESTMENT B SHARES $1.00
-------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- 95.8%
-------------------------------------------------------------------------------
OHIO -- 95.8%
$ 1,100 ALLEN COUNTY, BANS, 4.549%, 09/14/00 $ 1,101
-------------------------------------------------------------------------------
1,300 ALLEN COUNTY, BANS, 4.730%, 09/14/00 1,301
-------------------------------------------------------------------------------
1,500 AMERICAN MUNICIPAL POWER, BANS,
4.750%, 08/25/00 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
-------------------------------------------------------------------------------
1,500 ASHLAND, SANITARY SEWER SYSTEM
IMPROVEMENT, GO, 4.459%, 03/15/01 1,503
-------------------------------------------------------------------------------
1,500 AVON LAKE, BANS, 4.750%, 03/29/01 1,504
-------------------------------------------------------------------------------
1,500 BUTLER COUNTY, BANS, 4.150%, 10/19/00 1,502
-------------------------------------------------------------------------------
1,500 BUTLER COUNTY, BANS, 4.549%, 03/15/01 1,504
-------------------------------------------------------------------------------
1,000 BUTLER COUNTY, IDR, WEEKLY VRDNS,
4.900%, 08/01/12 1,000
-------------------------------------------------------------------------------
1,860 CENTERVILLE, WEEKLY VRDNS,
BETHANY LUTHERAN VILLAGE PROJECT,
LOC: PNC BANK, 4.850%, 11/01/13 1,860
-------------------------------------------------------------------------------
1,810 CLARK COUNTY, BANS, 4.750%, 05/08/01 1,815
-------------------------------------------------------------------------------
1,280 CLARK COUNTY, BANS, 4.900%, 06/20/01 1,284
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
OHIO -- (CONTINUED)
-------------------------------------------------------------------------------
$ 3,500 CLEVELAND, INCOME TAX REVENUE,
WEEKLY VRDNS, AMBAC,
4.900%, 05/15/24 $ 3,500
-------------------------------------------------------------------------------
4,700 COLUMBUS, SSRB, WEEKLY VRDNS,
SERIES 1994, 4.700%, 06/01/11 4,700
-------------------------------------------------------------------------------
2,300 COLUMBUS, WEEKLY VRDNS,
ELECTRIC SYSTEM REVENUE,
LOC: UNION BANK OF SWITZERLAND,
4.200%, 09/01/09 2,300
-------------------------------------------------------------------------------
1,000 COLUMBUS, WEEKLY VRDNS, SERIES
1, 4.500%, 06/01/16 1,000
-------------------------------------------------------------------------------
300 COLUMBUS, WEEKLY VRDNS, SERIES
1, 4.600%, 12/01/17 300
-------------------------------------------------------------------------------
2,405 COSHOCTON COUNTY, HRB, WEEKLY VRDNS,
ECHOING HILLS VILLAGE PROJECT,
LOC: BANK ONE, 4.800%, 03/01/14 2,405
-------------------------------------------------------------------------------
2,000 CUYAHOGA COUNTY, CONTINUING
CARE FACILITIES, WEEKLY VRDNS,
ELIZA JENNINGS PROJECT,
LOC: LASALLE NATIONAL BANK,
4.750%, 02/01/29 2,000
-------------------------------------------------------------------------------
1,200 CUYAHOGA COUNTY, EDR, DAILY VRDNS,
CLEVELAND ORCHESTRA, LOC:
BANK OF AMERICA,
4.500%, 04/01/28 1,200
-------------------------------------------------------------------------------
3,400 CUYAHOGA COUNTY, HFA, DAILY VRDNS,
CLEVELAND CLINIC FOUNDATION,
SERIES 1997-D, 4.550%, 01/01/26 3,400
-------------------------------------------------------------------------------
(See notes which are an integral part of the Financial Statements.)
9
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND (CONTINUED)
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
OHIO -- (CONTINUED)
-------------------------------------------------------------------------------
$ 1,275 CUYAHOGA COUNTY, HFA, DAILY VRDNS,
UNIVERSITY HOSPITAL CLEVELAND,
LOC: CHASE MANHATTAN BANK,
4.450%, 01/01/16 $ 1,275
-------------------------------------------------------------------------------
2,000 CUYAHOGA COUNTY, HFA, WEEKLY VRDNS,
CLEVELAND CLINIC FOUNDATION,
SERIES 1996-A, LOC: MORGAN
GUARANTY TRUST,
4.750%, 01/01/26 2,000
-------------------------------------------------------------------------------
3,500 CUYAHOGA COUNTY, HFA,
WEEKLY VRDNS, CLEVELAND
CLINIC FOUNDATION, SERIES
1996-B, 4.800%, 01/01/26 3,500
-------------------------------------------------------------------------------
1,900 CUYAHOGA COUNTY, HFA, WEEKLY VRDNS,
CLEVELAND CLINIC FOUNDATION, SERIES A,
4.800%, 01/01/24 1,900
-------------------------------------------------------------------------------
1,400 CUYAHOGA COUNTY, IDA, WEEKLY VRDNS,
ALLEN GROUP PROJECT,
LOC: DRESDNER BANK,
4.550%, 12/01/15 1,400
-------------------------------------------------------------------------------
1,600 CUYAHOGA COUNTY, IDR, WEEKLY VRDNS,
EDGECOMB METALS PROJECT,
LOC: BANQUE NATIONALE PARIS,
4.850%, 09/01/09 1,600
-------------------------------------------------------------------------------
1,800 DOVER, BANS, 3.950%, 09/07/00 1,801
-------------------------------------------------------------------------------
2,415 EUCLID, BANS, 4.500%, 12/15/00 2,421
-------------------------------------------------------------------------------
1,600 EVANDALE, IDR, WEEKLY VRDNS,
SHAVER REAL ESTATE, LOC: ABN-AMRO BANK,
4.600%, 09/01/15 1,600
-------------------------------------------------------------------------------
1,000 FRANKLIN COUNTY, HRB, WEEKLY VRDNS,
CHILDRENS HOSPITAL PROJECT, SERIES B,
4.900%, 12/01/14 1,000
-------------------------------------------------------------------------------
2,500 FRANKLIN COUNTY, HRB, WEEKLY VRDNS,
DOCTORS OF OHIO HEALTH
PROJECT, SERIES B,
LOC: NATIONAL CITY BANK,
4.830%, 12/01/28 2,500
-------------------------------------------------------------------------------
2,400 FRANKLIN COUNTY, HRB, WEEKLY VRDNS,
HOLY CROSS HEALTH SYSTEM,
4.800%, 06/01/16 2,400
-------------------------------------------------------------------------------
3,300 FRANKLIN COUNTY, HRB, WEEKLY VRDNS,
U.S. HEALTH, SERIES A, LOC: MORGAN
GUARANTY TRUST, 4.730%, 12/01/21 3,300
-------------------------------------------------------------------------------
2,800 FRANKLIN COUNTY, IDA, MONTHLY VRDNS,
BRICKER & ECKLER PROJECT,
LOC: BANK ONE,
4.250%, 11/01/14 2,800
-------------------------------------------------------------------------------
750 FRANKLIN COUNTY, IDA, WEEKLY VRDNS,
COLUMBUS COLLEGE ART & DESIGN PROJECT,
LOC: BANK ONE, 4.850%, 10/01/11 750
-------------------------------------------------------------------------------
1,350 FRANKLIN COUNTY, IDA, WEEKLY VRDNS,
DOMINICAN SISTER, LOC:
FIFTH THIRD BANK,
4.850%, 12/01/16 1,350
-------------------------------------------------------------------------------
2,650 GREENE COUNTY, SERIES B, GO,
4.500%, 03/02/01 2,656
-------------------------------------------------------------------------------
2,000 HAMILTON COUNTY, HFA, WEEKLY VRDNS,
MULTI-FAMILY MANAGEMENT
AFFORDABLE HOUSING,
SERIES A, LOC: BANK ONE,
4.800%, 01/01/30 2,000
-------------------------------------------------------------------------------
3,590 HAMILTON COUNTY, HRB, WEEKLY VRDNS,
HEALTH ALLIANCE, SERIES A, MBIA,
4.900%, 01/01/18 3,590
-------------------------------------------------------------------------------
1,900 HAMILTON COUNTY, HRB, WEEKLY VRDNS,
HEALTH ALLIANCE, SERIES E, MBIA,
4.900%, 01/01/18 1,900
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
OHIO -- (CONTINUED)
-------------------------------------------------------------------------------
$ 2,000 HAMILTON COUNTY, HRB, WEEKLY VRDNS,
CHILDRENS MEDICAL CENTER PROJECT,
SERIES A, LOC: PNC BANK,
4.850%, 05/15/17 $ 2,000
-------------------------------------------------------------------------------
1,600 HAMILTON COUNTY, HRB, WEEKLY VRDNS,
HEALTH ALLIANCE, SERIES B, MBIA,
4.850%, 01/01/18 1,600
-------------------------------------------------------------------------------
1,100 HAMILTON COUNTY, MONTHLY
VRDNS, AUTOMATIC
DATA PROCESSING, 4.500%, 10/15/12 1,100
-------------------------------------------------------------------------------
1,660 HAMILTON COUNTY, WEEKLY VRDNS,
CINCINNATI ARTS ASSOCIATION,
LOC: FIFTH THIRD BANK,
4.960%, 05/01/13 1,660
-------------------------------------------------------------------------------
2,000 HILLIARD, CSD, BANS,
4.980%, 02/23/01 2,004
-------------------------------------------------------------------------------
1,300 HUBER HEIGHTS, BANS,
5.250%, 05/31/01 1,303
-------------------------------------------------------------------------------
2,665 LUCAS COUNTY, WEEKLY VRDNS,
TOLEDO ZOOLOGICAL SOCIETY,
LOC: KEYBANK,
4.750%, 10/01/05 2,665
-------------------------------------------------------------------------------
1,000 LYNDHURST CITY, BANS,
4.625%, 03/15/01 1,002
-------------------------------------------------------------------------------
2,000 MAHONING COUNTY, HRB, WEEKLY VRDNS,
FORUM HEALTH OBLIGATION GROUP B,
MBIA, 4.800%, 12/01/28 2,000
-------------------------------------------------------------------------------
870 MAHONING COUNTY, WEEKLY VRDNS,
COPELAND OAKS PROJECT, SERIES 1992,
LOC: BANK ONE, 4.800%, 04/01/17 870
-------------------------------------------------------------------------------
700 MARION COUNTY, HRB, WEEKLY VRDNS,
LOC: BANK ONE, 4.800%, 08/01/20 700
-------------------------------------------------------------------------------
1,000 MARYSVILLE, BANS, 4.460%, 11/16/00 1,001
-------------------------------------------------------------------------------
1,650 MARYSVILLE, CSD, BANS,
5.000%, 05/31/01 1,655
-------------------------------------------------------------------------------
4,555 MASON COUNTY, EDR, WEEKLY VRDNS,
CEDAR VILLAGE PROJECT, LOC:
FIFTH THIRD BANK,
4.850%, 12/01/17 4,555
-------------------------------------------------------------------------------
1,700 MASON, BANS, 4.950%, 05/31/01 1,703
-------------------------------------------------------------------------------
2,000 MASON, CSD, BANS, 4.630%, 02/15/01 2,005
-------------------------------------------------------------------------------
1,020 MASSILLON, BANS, 4.900%, 01/12/01 1,022
-------------------------------------------------------------------------------
2,000 MIDDLESBURG HEIGHTS, HRB, WEEKLY VRDNS,
SOUTHWEST GENERAL HEALTH,
LOC: KEYBANK,
4.800%, 08/15/22 2,000
-------------------------------------------------------------------------------
1,300 MONTGOMERY COUNTY, DAILY VRDNS,
MIAMI VALLEY HOSPITAL PROJECT,
SERIES A,
4.500%, 11/15/22 1,300
-------------------------------------------------------------------------------
2,900 MONTGOMERY COUNTY, WEEKLY VRDNS,
SOCIETY ST. VINCENT DEPAUL,
LOC: NATIONAL CITY BANK,
4.800%, 12/01/10 2,900
-------------------------------------------------------------------------------
1,000 MORROW COUNTY, IDA, WEEKLY VRDNS,
FIELD CONTAINER, LOC:
AMERICAN NATIONAL,
4.800%, 06/01/03 1,000
-------------------------------------------------------------------------------
2,350 OHIO STATE UNIVERSITY, WEEKLY VRDNS,
GENERAL RECEIPTS, 4.750%, 12/01/27 2,350
-------------------------------------------------------------------------------
1,800 OHIO STATE, AQDA, DAILY VRDNS,
CINCINNATI GAS & ELECTRIC, SERIES A,
LOC: ABN-AMRO BANK, 4.500%, 09/01/30 1,800
-------------------------------------------------------------------------------
1,500 OHIO STATE, AQDA, DAILY VRDNS,
LOC: DEUTSCHE BANK, 4.450%, 10/01/01 1,500
-------------------------------------------------------------------------------
10
<PAGE>
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND (CONTINUED)
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
OHIO -- (CONTINUED)
-------------------------------------------------------------------------------
$ 2,000 OHIO STATE, AQDA, PENNSYLVANIA POWER
COMPANY PROJECT, AMBAC,
4.050%, 07/11/00 $ 2,000
-------------------------------------------------------------------------------
1,700 OHIO STATE, AQDA, PENNSYLVANIA POWER
COMPANY PROJECT, AMBAC,
3.950%, 07/13/00 1,700
-------------------------------------------------------------------------------
3,000 OHIO STATE, AQDA, TECP,
4.050%, 07/05/00 3,000
-------------------------------------------------------------------------------
3,000 OHIO STATE, AQDA, WEEKLY VRDNS,
4.900%, 12/01/19 3,000
-------------------------------------------------------------------------------
3,200 OHIO STATE, HEF, WEEKLY VRDNS,
LOC: FIFTH THIRD BANK,
4.850%, 09/01/17 3,200
-------------------------------------------------------------------------------
2,250 OHIO STATE, HEF, WEEKLY VRDNS,
LOC: FIFTH THIRD BANK,
4.850%, 09/01/24 2,250
-------------------------------------------------------------------------------
3,000 OHIO STATE, HEF, WEEKLY VRDNS,
MALONE COLLEGE, 4.850%, 10/01/22 3,000
-------------------------------------------------------------------------------
1,000 OHIO STATE, HEF, WEEKLY VRDNS,
MT. VERNON NAZARENE,
LOC: NATIONAL CITY BANK,
4.850%, 09/01/09 1,000
-------------------------------------------------------------------------------
1,000 OHIO STATE, PCR, WEEKLY VRDNS,
CLEVELAND ILLUMINATING
PROJECT, SERIES A, RB,
3.500%, 03/01/15 1,000
-------------------------------------------------------------------------------
520 OHIO STATE, WDA, DAILY VRDNS,
MEAD COMPANY, SERIES B,
LOC: BANK OF AMERICA,
4.450%, 11/01/15 520
-------------------------------------------------------------------------------
2,500 ORANGE COUNTY, CSD, BANS,
3.640%, 07/20/00 2,500
-------------------------------------------------------------------------------
910 ORRVILLE, HRB, WEEKLY VRDNS,
ORRVILLE HOSPITAL FOUNDATION,
LOC: NATIONAL CITY BANK,
4.800%, 12/01/07 910
-------------------------------------------------------------------------------
1,000 OTTAWA COUNTY, BANS, 4.599%, 02/14/01 1,002
-------------------------------------------------------------------------------
1,164 PARMA, IDA, BANS, 4.200%, 10/31/00 1,165
-------------------------------------------------------------------------------
1,000 SANDUSKY, BANS, 4.125%, 09/14/00 1,001
-------------------------------------------------------------------------------
AMORTIZED
SHARES/ COST
PRINCIPAL AMOUNT (000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
OHIO -- (CONTINUED)
-------------------------------------------------------------------------------
$ 1,400 SENECA COUNTY, HFA, WEEKLY VRDNS,
SAINT FRANCIS HOME PROJECT,
LOC: NATIONAL CITY BANK,
4.800%, 12/15/13 $ 1,400
-------------------------------------------------------------------------------
3,000 SHARONVILLE, IDR, WEEKLY VRDNS,
EDGECOMB METALS PROJECT,
LOC: WELLS FARGO BANK,
4.750%, 11/01/09 3,000
-------------------------------------------------------------------------------
1,000 SOUTHWESTERN, CSD, BANS,
5.125%, 12/08/00 1,002
-------------------------------------------------------------------------------
2,000 UNIVERSITY OF CINCINNATI,
GENERAL RECEIPTS,
SERIES AJ, BANS,
4.500%, 03/01/01 2,005
-------------------------------------------------------------------------------
2,000 UNIVERSITY OF CINCINNATI,
GENERAL RECEIPTS,
SERIES AK, BANS,
4.250%, 10/05/00 2,002
-------------------------------------------------------------------------------
TOTAL OHIO 161,004
-------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (COST $161,004) 161,004
-------------------------------------------------------------------------------
MONEY MARKETS -- 3.7%
-------------------------------------------------------------------------------
6,102,915 MERRILL LYNCH INSTITUTIONAL
TAX-EXEMPT FUND 6,103
-------------------------------------------------------------------------------
186,100 NUVEEN TAX EXEMPT MONEY MARKET FUND 186
-------------------------------------------------------------------------------
TOTAL MONEY MARKETS (COST $6,289) 6,289
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--99.6% (COST $167,293) 167,293
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.4% 750
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 72,309,886 OUTSTANDING SHARES
OF BENEFICIAL INTEREST 72,310
-------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR
VALUE) BASED ON 95,694,262 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 95,694
-------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 51
-------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (12)
-------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $168,043
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER SHARE -- TRUST SHARES $1.00
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- INVESTMENT A SHARES $1.00
-------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
HUNTINGTON U.S. TREASURY MONEY MARKET FUND JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
U.S. TREASURY BILLS -- 34.4%
-------------------------------------------------------------------------------
$30,000 5.800%, 07/20/00 $ 29,910
15,000 5.689%, 07/27/00 14,940
10,000 5.715%, 08/10/00 9,938
25,000 6.086%, 08/24/00 24,776
15,000 6.050%, 10/19/00 14,729
15,000 6.040%, 11/09/00 14,678
20,000 5.885%, 11/30/00 19,503
30,000 5.930%, 12/14/00 29,180
-------------------------------------------------------------------------------
TOTAL U.S. TREASURY BILLS (COST $157,654) 157,654
-------------------------------------------------------------------------------
U.S. TREASURY NOTES -- 4.4%
-------------------------------------------------------------------------------
20,000 8.750%, 08/15/00 20,063
-------------------------------------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST $20,063) 20,063
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- 61.5%
-------------------------------------------------------------------------------
$20,000 BANK ONE, 6.380%, DATED 06/28/00,
DUE 07/05/00, REPURCHASE PRICE
$20,024,811 (COLLATERALIZED BY
U.S. TREASURY OBLIGATION, TOTAL
PAR VALUE $20,000,000, 5.750%,
06/30/01, TOTAL MARKET
VALUE $20,440,625) $ 20,000
-------------------------------------------------------------------------------
35,000 COMMERCE BANK, 6.350%, DATED
06/30/00, DUE 07/07/00,
REPURCHASE PRICE $35,043,215
(COLLATERALIZED BY U.S.
TREASURY OBLIGATION, TOTAL PAR
VALUE $25,575,000, 12.000%,
08/15/13, TOTAL MARKET
VALUE $35,776,808) 35,000
-------------------------------------------------------------------------------
See notes which are an integral part of the Financial Statements.)
11
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON U.S. TREASURY MONEY MARKET FUND (CONTINUED)
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- (CONTINUED)
-------------------------------------------------------------------------------
$50,000 CREDIT SUISSE FIRST BOSTON, 6.350%,
DATED 06/26/00, DUE 07/03/00,
REPURCHASE PRICE $50,061,736
(COLLATERALIZED BY VARIOUS
U.S. TREASURY OBLIGATIONS, RANGING
IN PAR VALUE $8,671,000 - 30,000,000,
8.500% - 11.250, 02/15/15 - 02/15/20,
TOTAL MARKET VALUE $51,562,962) $ 50,000
-------------------------------------------------------------------------------
50,000 GOLDMAN SACHS GROUP, 6.400%,
DATED 6/27/00, DUE 07/03/00,
REPURCHASE PRICE $50,053,333
(COLLATERALIZED BY U.S. TREASURY
OBLIGATION, TOTAL PAR VALUE
$41,620,000, 8.125%, 08/15/19,
TOTAL MARKET VALUE
$51,415,564) 50,000
-------------------------------------------------------------------------------
20,000 LEHMAN BROTHERS, INC., 6.370%,
DATED 06/27/00, DUE 07/03/00,
REPURCHASE PRICE $20,021,233
(COLLATERALIZED BY U.S. TREASURY
OBLIGATION, TOTAL PAR VALUE
$14,060,000, 10.625%, 08/15/15,
TOTAL MARKET VALUE $20,529,942) 20,000
-------------------------------------------------------------------------------
20,000 MERRILL LYNCH, 6.250%, DATED 06/28/00,
DUE 07/05/00, REPURCHASE PRICE
$20,024,306 (COLLATERALIZED BY
U.S. TREASURY OBLIGATION,
TOTAL PAR VALUE $20,610,000,
5.750%, 04/30/03, TOTAL MARKET
VALUE $20,490,848) 20,000
-------------------------------------------------------------------------------
21,748 MORGAN STANLEY DEAN WITTER, 6.420%,
DATED 06/30/00, DUE 07/03/00,
REPURCHASE PRICE $21,759,235
(COLLATERALIZED BY U.S. TREASURY
OBLIGATION, TOTAL PAR VALUE
$16,635,000, 9.250%, 02/15/16,
TOTAL MARKET VALUE $22,218,607) 21,748
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PRINCIPAL AMORTIZED
AMOUNT COST
(000) (000)
-------------------------------------------------------------------------------
REPURCHASE AGREEMENTS -- (CONTINUED)
$45,000 PRUDENTIAL SECURITIES, 6.420%,
DATED 06/29/00, DUE 07/06/00,
REPURCHASE PRICE $45,056,175
(COLLATERALIZED BY U.S. TREASURY
OBLIGATION, TOTAL PAR VALUE
$37,170,000, 8.125%, 08/15/19,
TOTAL MARKET VALUE $45,924,033) $ 45,000
--------------------------------------------------------------------------------
20,000 SALOMON SMITH BARNEY, 6.300%,
DATED 06/29/00, DUE 07/06/00,
REPURCHASE PRICE $20,024,500
(COLLATERALIZED BY U.S. TREASURY
OBLIGATION, TOTAL PAR VALUE
$15,660,000, 8.875%, 08/15/17,
TOTAL MARKET VALUE $20,422,157) 20,000
--------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS (COST $281,748) 281,748
--------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.4% (COST $459,465) 459,465
--------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--(0.4%) (1,689)
--------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR
VALUE) BASED ON 420,809,437 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 420,808
--------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 36,952,646 OUTSTANDING SHARES
OF BENEFICIAL INTEREST 36,952
--------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 5
--------------------------------------------------------------------------------
ACCUMULATED NET REALIZED GAIN ON INVESTMENTS 11
--------------------------------------------------------------------------------
TOTAL NET ASSETS --100.0% $457,776
--------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $1.00
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- INVESTMENT A SHARES $1.00
-------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
HUNTINGTON GROWTH FUND JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------
SHARES VALUE
(000)
-------------------------------------------------------------------------------
COMMON STOCK -- 98.7%
-------------------------------------------------------------------------------
APPAREL/TEXTILES -- 0.7%
57,000 CINTAS $ 2,091
-------------------------------------------------------------------------------
2,091
-------------------------------------------------------------------------------
BANKS -- 0.3%
8,500 STATE STREET 902
-------------------------------------------------------------------------------
902
-------------------------------------------------------------------------------
BEAUTY PRODUCTS -- 2.9%
75,000 COLGATE PALMOLIVE 4,491
110,000 GILLETTE 3,843
19,000 PROCTER & GAMBLE 1,088
-------------------------------------------------------------------------------
9,422
-------------------------------------------------------------------------------
COMPUTERS -- 18.4%
176,000 CISCO SYSTEMS* 11,187
32,260 COMPUTER SCIENCES* 2,409
50,000 EMC* 3,847
28,000 HEWLETT PACKARD 3,496
30,000 INTERNATIONAL BUSINESS MACHINES 3,287
124,000 MICROSOFT* 9,920
176,250 ORACLE* 14,816
164,000 SOLECTRON* 6,867
38,000 SUN MICROSYSTEMS* 3,456
-------------------------------------------------------------------------------
59,285
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
SHARES VALUE
(000)
-------------------------------------------------------------------------------
COMMON STOCK -- (CONTINUED)
-------------------------------------------------------------------------------
DRUGS & HEALTH CARE -- 15.7%
200,600 ABBOTT LABORATORIES $ 8,939
38,000 AMERICAN HOME PRODUCTS 2,232
400,000 IMSHEALTH 7,200
50,000 JOHNSON & JOHNSON 5,094
100,000 MERCK 7,662
150,000 PFIZER 7,200
36,890 PHARMACIA 1,907
200,000 SCHERING-PLOUGH 10,100
-------------------------------------------------------------------------------
50,334
-------------------------------------------------------------------------------
FINANCIAL SERVICES -- 2.8%
150,000 AMERICAN EXPRESS 7,819
24,000 FANNIE MAE 1,252
-------------------------------------------------------------------------------
9,071
-------------------------------------------------------------------------------
FOOD & BEVERAGE -- 1.2%
50,000 WM. WRIGLEY 4,009
-------------------------------------------------------------------------------
4,009
-------------------------------------------------------------------------------
HOLDING COMPANIES -- 0.4%
24 BERKSHIRE HATHAWAY, CL A* 1,291
15 BERKSHIRE HATHAWAY, CL B* 26
-------------------------------------------------------------------------------
1,317
-------------------------------------------------------------------------------
(See notes which are an integral part of the Financial Statements.)
12
<PAGE>
HUNTINGTON GROWTH FUND (CONTINUED)
-------------------------------------------------------------------------------
SHARES VALUE
(000)
--------------------------------------------------------------------------------
COMMON STOCK -- (CONTINUED)
--------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS -- 5.2%
265,500 GENERAL ELECTRIC $ 14,071
46,000 ILLINOIS TOOL WORKS 2,622
--------------------------------------------------------------------------------
16,693
--------------------------------------------------------------------------------
INFORMATION RETRIEVAL SERVICES -- 0.8%
50,000 AMERICA ONLINE* 2,638
--------------------------------------------------------------------------------
2,638
--------------------------------------------------------------------------------
INSURANCE -- 2.3%
62,500 AMERICAN INTERNATIONAL GROUP 7,344
--------------------------------------------------------------------------------
7,344
--------------------------------------------------------------------------------
MARINE TRANSPORTATION -- 0.3%
52,000 CARNIVAL 1,014
--------------------------------------------------------------------------------
1,014
--------------------------------------------------------------------------------
MEDICAL & MEDICAL SERVICES -- 1.1%
73,200 MEDTRONIC 3,646
--------------------------------------------------------------------------------
3,646
--------------------------------------------------------------------------------
MISCELLANEOUS BUSINESS SERVICES -- 5.2%
300,000 AUTOMATIC DATA PROCESSING 16,069
16,000 ECOLAB 625
--------------------------------------------------------------------------------
16,694
--------------------------------------------------------------------------------
OFFICE SUPPLIES -- 2.6%
125,000 AVERY DENNISON 8,391
--------------------------------------------------------------------------------
8,391
--------------------------------------------------------------------------------
PETROLEUM & FUEL PRODUCTS -- 8.2%
310,000 ANADARKO PETROLEUM 15,287
150,000 SCHLUMBERGER 11,194
--------------------------------------------------------------------------------
26,481
--------------------------------------------------------------------------------
PRINTING & PUBLISHING -- 1.4%
90,300 MEDIA GENERAL, CL A 4,385
--------------------------------------------------------------------------------
4,385
--------------------------------------------------------------------------------
RETAIL -- 13.1%
337,500 HOME DEPOT 16,854
196,000 KOHLS* 10,903
443,600 WALGREEN 14,278
--------------------------------------------------------------------------------
42,035
--------------------------------------------------------------------------------
SEMI-CONDUCTORS/INSTRUMENTS -- 8.5%
150,000 ANALOG DEVICES* 11,400
20,000 APPLIED MATERIALS* 1,813
86,000 INTEL 11,497
40,000 TEXAS INSTRUMENTS 2,748
-------------------------------------------------------------------------------
27,458
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
SHARES/ VALUE
PRINCIPAL AMOUNT (000) (000)
-------------------------------------------------------------------------------
COMMON STOCK -- (CONTINUED)
-------------------------------------------------------------------------------
TELEPHONE & TELECOMMUNICATION-- 4.0%
58,000 AT&T $ 1,834
52,000 LUCENT TECHNOLOGIES 3,081
52,000 SBC COMMUNICATIONS 2,249
82,500 VODAFONE GROUP 3,419
47,000 WORLDCOM* 2,156
-------------------------------------------------------------------------------
12,739
-------------------------------------------------------------------------------
WHOLESALE -- 3.5%
33,000 CARDINAL HEALTH 2,442
209,300 SYSCO 8,817
-------------------------------------------------------------------------------
11,259
-------------------------------------------------------------------------------
TOTAL COMMON STOCK (COST $145,595) 317,208
-------------------------------------------------------------------------------
COMMERCIAL PAPER -- 1.3%
-------------------------------------------------------------------------------
$ 4,249 PRUDENTIAL FUNDING, 6.003%, 07/03/00 4,249
-------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (COST $4,249) 4,249
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--100.0% (COST $149,844) 321,457
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.0% 22
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR
VALUE) BASED ON 5,879,453 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 123,306
-------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 313,671 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 8,306
-------------------------------------------------------------------------------
INVESTMENT B SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 26 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 1
-------------------------------------------------------------------------------
ACCUMULATED NET INVESTMENT LOSS (109)
-------------------------------------------------------------------------------
ACCUMULATED NET REALIZED GAIN ON INVESTMENTS 18,362
-------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION ON INVESTMENTS 171,613
-------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $321,479
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $51.91
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE --
INVESTMENT A SHARES $51.83
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT A SHARES ($51.83 / 94.25%) $54.99
NET ASSET VALUE AND OFFERING PRICE PER SHARE --
INVESTMENT B SHARES $51.76
-------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
(See notes which are an integral part of the Financial Statements.)
13
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON INCOME EQUITY FUND JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------
SHARES VALUE
(000)
-------------------------------------------------------------------------------
COMMON STOCK -- 83.9%
-------------------------------------------------------------------------------
AUTO/TRUCK PART & EQUIPMENT -- 5.5%
200,000 DANA $ 4,237
140,000 FEDERAL SIGNAL 2,310
120,000 FORD MOTOR 5,160
15,712 VISTEON* 191
-------------------------------------------------------------------------------
11,898
-------------------------------------------------------------------------------
BANKS -- 11.8%
195,000 CHASE MANHATTAN 8,982
194,400 FIRST UNION 4,824
200,000 FLEET BOSTON FINANCIAL 6,800
300,000 NATIONAL CITY 5,119
-------------------------------------------------------------------------------
25,725
-------------------------------------------------------------------------------
CHEMICALS -- 3.7%
16,687 E.I. DU PONT DE NEMOURS 730
450,000 M.A. HANNA 4,050
74,000 PPG INDUSTRIES 3,279
-------------------------------------------------------------------------------
8,059
-------------------------------------------------------------------------------
DRUGS & HEALTH CARE -- 11.4%
160,000 AMERICAN HOME PRODUCTS 9,400
140,000 BRISTOL-MYERS SQUIBB 8,155
138,040 PHARMACIA 7,135
-------------------------------------------------------------------------------
24,690
-------------------------------------------------------------------------------
ELECTRICAL SERVICES -- 8.1%
240,000 IPALCO ENTERPRISES 4,830
310,000 NISOURCE 5,774
200,000 TECO ENERGY 4,012
150,000 WISCONSIN ENERGY 2,972
-------------------------------------------------------------------------------
17,588
-------------------------------------------------------------------------------
FOOD & BEVERAGE -- 2.9%
220,000 CONAGRA 4,194
70,000 GALLAHER GROUP, ADR 1,501
20,000 RJ REYNOLDS TOBACCO HOLDINGS 559
-------------------------------------------------------------------------------
6,254
-------------------------------------------------------------------------------
GAS & NATURAL GAS -- 1.3%
90,000 PEOPLES ENERGY 2,914
-------------------------------------------------------------------------------
2,914
-------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS -- 8.3%
160,000 CLOROX 7,170
204,000 GENERAL ELECTRIC 10,812
-------------------------------------------------------------------------------
17,982
-------------------------------------------------------------------------------
PETROLEUM & FUEL PRODUCTS -- 12.1%
248,274 CONOCO 6,098
84,000 EXXON MOBIL 6,594
100,000 ROYAL DUTCH PETROLEUM, ADR 6,156
140,000 TEXACO 7,455
-------------------------------------------------------------------------------
26,303
-------------------------------------------------------------------------------
PHOTOGRAPHIC EQUIPMENT & SUPPLIES -- 1.7%
180,000 XEROX 3,735
-------------------------------------------------------------------------------
3,735
-------------------------------------------------------------------------------
PRINTING & PUBLISHING -- 1.0%
100,000 R.R. DONNELLEY & SONS 2,256
-------------------------------------------------------------------------------
2,256
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
SHARES/ VALUE
PRINCIPAL AMOUNT (000) (000)
-------------------------------------------------------------------------------
COMMON STOCK -- (CONTINUED)
-------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST -- 2.5%
85,000 MACK-CALI REALTY $ 2,183
125,000 NATIONWIDE HEALTH PROPERTIES 1,742
65,500 SIMON PROPERTY GROUP 1,453
-------------------------------------------------------------------------------
5,378
-------------------------------------------------------------------------------
STEEL & STEEL WORKS -- 2.4%
500,000 WORTHINGTON INDUSTRIES 5,250
-------------------------------------------------------------------------------
5,250
-------------------------------------------------------------------------------
TELEPHONE & TELECOMMUNICATION -- 11.2%
60,000 BELL ATLANTIC 3,049
200,000 CABLE & WIRELESS, ADR 4,300
100,000 GTE 6,225
125,000 US WEST 10,719
-------------------------------------------------------------------------------
24,293
-------------------------------------------------------------------------------
TOTAL COMMON STOCK (COST $106,744) 182,325
-------------------------------------------------------------------------------
CORPORATE BONDS -- 12.1%
-------------------------------------------------------------------------------
$ 4,259 CONTINENTAL AIRLINES,
9.500%, 10/15/13 4,403
2,000 COUNTRYWIDE CAPITAL I,
8.000%, 12/15/26 1,655
3,000 J.C. PENNY, 8.125%, 04/01/27 2,242
5,000 LEGRAND, 8.500%, 02/15/25 5,131
4,500 NATIONWIDE CSN TRUST,
9.875%, 02/15/25 4,680
2,000 RALSTON PURINA, 9.300%, 05/01/21 2,233
5,250 TRENWICK CAPITAL TRUST I,
8.820%, 02/01/37 4,231
1,500 TRW, 9.350%, 06/04/20 1,680
-------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (COST $26,733) 26,255
-------------------------------------------------------------------------------
COMMERCIAL PAPER -- 3.5%
-------------------------------------------------------------------------------
7,587 PRUDENTIAL FUNDING, 6.003%, 07/03/00 7,587
-------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (COST $7,587) 7,587
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--99.5% (COST $141,064) 216,167
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.5% 1,059
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR
VALUE) BASED ON 6,265,449 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 139,230
-------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR
VALUE) BASED ON 44,134 OUTSTANDING
SHARES OF BENEFICIAL INTEREST 1,702
-------------------------------------------------------------------------------
INVESTMENT B SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 36 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 1
-------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 324
-------------------------------------------------------------------------------
ACCUMULATED NET REALIZED GAIN ON INVESTMENTS 866
-------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION ON INVESTMENTS 75,103
-------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $217,226
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $34.43
-------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE -- INVESTMENT A SHARES $34.44
-------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT A SHARES ($34.44 / 94.25%) $36.54
-------------------------------------------------------------------------------
NET ASSET VALUE AND OFFERING PRICE PER SHARE --
INVESTMENT B SHARES $34.42
-------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
(See notes which are an integral part of the Financial Statements.)
14
<PAGE>
HUNTINGTON MICHIGAN TAX-FREE FUND JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- 97.5%
--------------------------------------------------------------------------------
MICHIGAN -- 97.5%
$ 300 ANCHOR BAY, CSD, GO,
FGIC, 4.550%, 05/01/13 $ 274
--------------------------------------------------------------------------------
710 ANN ARBOR, WATER SUPPLY SYSTEM, SERIES T,
RB, MBIA, 7.375%, 02/01/03 754
--------------------------------------------------------------------------------
475 BYRON CENTER, PUBLIC SCHOOLS, GO, FSA,
4.800%, 05/01/11 460
--------------------------------------------------------------------------------
305 BYRON CENTER, PUBLIC SCHOOLS, GO, FSA,
4.900%, 05/01/12 296
--------------------------------------------------------------------------------
500 CADILLAC, AREA PUBLIC SCHOOLS, GO, FGIC,
5.375%, 05/01/10 507
--------------------------------------------------------------------------------
230 CEDAR SPRINGS, PUBLIC SCHOOLS, GO, FSA,
4.850%, 05/01/12 221
--------------------------------------------------------------------------------
500 CHELSEA, SDA, GO, FGIC,
PRE-REFUNDED @ 101 (B),
5.500%, 05/01/05 519
--------------------------------------------------------------------------------
500 DEARBORN, SDA, GO, 5.250%, 05/01/06 507
--------------------------------------------------------------------------------
250 DETROIT, SDA, GO, AMBAC,
PRE-REFUNDED @ 102 (B),
7.100%, 05/01/01 260
--------------------------------------------------------------------------------
500 FOWLERVILLE COUNTY, SDA, GO, MBIA,
PRE-REFUNDED @ 100 (B),
5.350%, 05/01/07 512
--------------------------------------------------------------------------------
545 GRAND RAPIDS, DOWNTOWN DEVELOPMENT
AUTHORITY, TA, MBIA, 6.600%, 06/01/08 583
--------------------------------------------------------------------------------
310 GRANDVILLE, SDA, GO, FGIC,
6.000%, 05/01/05 325
--------------------------------------------------------------------------------
490 GREENVILLE, PUBLIC SCHOOLS, GO, FSA,
4.900%, 05/01/13 470
--------------------------------------------------------------------------------
500 GROSSE ILE TOWNSHIP, SDA, GO, FGIC,
PRE-REFUNDED @ 100 (B),
5.600%, 05/01/10 520
--------------------------------------------------------------------------------
500 HARRISON, COMMUNITY SCHOOLS, GO, AMBAC,
5.800%, 05/01/07 520
--------------------------------------------------------------------------------
655 HOLLAND, WATER SUPPLY SYSTEM, SERIES A,
RB, 5.250%, 07/01/12 649
--------------------------------------------------------------------------------
355 HOLTON, PUBLIC SCHOOLS, GO, FGIC,
4.800%, 05/01/13 333
--------------------------------------------------------------------------------
500 HURON VALLEY, SDA, GO, FGIC,
PRE-REFUNDED @ 100 (B),
5.450%, 05/01/07 516
--------------------------------------------------------------------------------
80 JENISON, PUBLIC SCHOOLS, GO, FGIC,
5.400%, 05/01/08 82
--------------------------------------------------------------------------------
420 JENISON, PUBLIC SCHOOLS, GO, FGIC,
PRE-REFUNDED @ 101 (B),
5.400%, 05/01/06 435
--------------------------------------------------------------------------------
450 KELLOGGSVILLE, PUBLIC SCHOOL, GO, FGIC,
5.000%, 05/01/13 438
--------------------------------------------------------------------------------
500 KENOWA HILLS, PUBLIC SCHOOLS, GO, MBIA,
5.500%, 05/01/08 512
--------------------------------------------------------------------------------
500 KENT COUNTY, HRB, PINE REST
CHRISTIAN HOSPITAL PROJECT, RB, FGIC,
6.500%, 11/01/10 519
--------------------------------------------------------------------------------
200 KENT, HRB, MARY FREE BED HOSPITAL PROJECT,
SERIES A, RB, 6.500%, 04/01/05 202
--------------------------------------------------------------------------------
780 LAKE ORION, SDA, GO, FGIC,
4.950%, 05/01/11 765
--------------------------------------------------------------------------------
500 LAKE SHORE, PUBLIC SCHOOLS, GO, FSA,
5.400%, 05/01/12 506
--------------------------------------------------------------------------------
350 LENAWEE COUNTY, BUILDING AUTHORITY,
HUMAN SERVICES PROJECT, GO, AMBAC,
6.000%, 05/01/09 360
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
--------------------------------------------------------------------------------
MICHIGAN -- (CONTINUED)
--------------------------------------------------------------------------------
$ 500 LINCOLN PARK, SDA, GO,
FGIC, 5.500%, 05/01/06 $ 515
--------------------------------------------------------------------------------
110 MANCELONA, PUBLIC SCHOOLS, GO, FGIC,
5.200%, 05/01/12 110
--------------------------------------------------------------------------------
500 MATTAWAN, SDA, GO, 6.400%, 05/01/09 522
--------------------------------------------------------------------------------
500 MICHIGAN STATE, BUILDING AUTHORITY,
SERIES II, RB, AMBAC, PRE-REFUNDED
@ 102 (B), 6.750%, 10/01/01 523
--------------------------------------------------------------------------------
500 MICHIGAN STATE, HFA,
DETROIT MEDICAL CENTER
PROJECT, SERIES A, RB,
6.375%, 08/15/09 457
--------------------------------------------------------------------------------
750 MICHIGAN STATE, HFA,
HOLLAND COMMUNITY
HOSPITAL PROJECT, RB,
5.250%, 01/01/08 714
--------------------------------------------------------------------------------
500 MICHIGAN STATE, HFA,
MERCY HEALTH SERVICES,
SERIES Q, RB, AMBAC,
5.100%, 08/15/07 499
--------------------------------------------------------------------------------
660 MICHIGAN STATE, HFA, OTSEGO MEMORIAL
HOSPITAL GAYLORD PROJECT, RB,
LOC: BANK ONE, 6.000%, 01/01/09 663
--------------------------------------------------------------------------------
200 MICHIGAN STATE, HFA, SAINT JOHN
HOSPITAL PROJECT, SERIES A, RB,
AMBAC, ETM, 5.750%, 05/15/04 207
--------------------------------------------------------------------------------
615 MICHIGAN STATE, HFA, SPARROW OBLIGATED
GROUP PROJECT, RB, MBIA,
6.300%, 11/15/03 638
--------------------------------------------------------------------------------
420 MICHIGAN STATE, HOUSING DEVELOPMENT
AUTHORITY, WALLED LAKE VILLA
PROJECT, RB, FSA
5.850%, 04/15/07 435
--------------------------------------------------------------------------------
640 MICHIGAN STATE, SAGINAW VALLEY UNIVERSITY
PROJECT, RB, AMBAC, 5.000%, 07/01/12 625
--------------------------------------------------------------------------------
400 MICHIGAN STATE, STRATEGIC FUND,
LUTHERAN SOCIAL SERVICES PROJECT, RB,
LOC: FIRST OF AMERICA,
5.200%, 09/01/04 399
--------------------------------------------------------------------------------
435 NORTHERN MICHIGAN UNIVERSITY, RB, AMBAC,
PRE-REFUNDED @ 102 (B),
5.500%, 06/01/03 451
--------------------------------------------------------------------------------
500 OAKLAND COUNTY, EDA, CRANBROOK ELDERLY
COMMUNITY PROJECT, SERIES B, RB,
PRE-REFUNDED @ 100 (B),
6.375%, 11/01/04 530
--------------------------------------------------------------------------------
500 OTTAWA COUNTY, HOLLAND TOWNSHIP EXTENSION,
GO, PRE-REFUNDED @ 100 (B),
6.800%, 08/01/01 512
--------------------------------------------------------------------------------
500 PAW PAW, SDA, GO, FGIC,
6.500%, 05/01/09 551
--------------------------------------------------------------------------------
500 ROCKFORD, PUBLIC SCHOOLS, GO,
5.600%, 05/01/05 513
--------------------------------------------------------------------------------
500 SAINT JOSEPH, HRB, MERCY MEMORIAL
MEDICAL CENTER PROJECT, RB, AMBAC,
5.125%, 01/01/09 497
--------------------------------------------------------------------------------
230 SARANAC, SDA, GO, 5.700%, 05/01/07 237
--------------------------------------------------------------------------------
400 TROY, DOWNTOWN DEVELOPMENT AUTHORITY,
SERIES A, TA, 6.100%, 11/01/10 424
--------------------------------------------------------------------------------
300 UNIVERSITY OF MICHIGAN, HOSPITAL PROJECT,
SERIES A-1, RB, 5.250%, 12/01/10 293
--------------------------------------------------------------------------------
500 UNIVERSITY OF MICHIGAN,
MAJOR CAPITAL PROJECTS,
SERIES B, RB, 5.800%, 04/01/10 515
--------------------------------------------------------------------------------
15
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON MICHIGAN TAX-FREE FUND (CONTINUED)
--------------------------------------------------------------------------------
SHARES/ VALUE
PRINCIPAL AMOUNT (000) (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
--------------------------------------------------------------------------------
MICHIGAN -- (CONTINUED)
--------------------------------------------------------------------------------
$ 500 UTICA, COMMUNITY SCHOOLS, GO,
5.700%, 05/01/06 $ 516
--------------------------------------------------------------------------------
405 WARREN, TRANSPORTATION FUND, GO,
5.000%, 06/01/07 406
--------------------------------------------------------------------------------
500 WEST OTTAWA, SDA, GO, FGIC,
5.400%, 05/01/09 510
--------------------------------------------------------------------------------
TOTAL MICHIGAN 24,307
--------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (COST $23,985) 24,307
--------------------------------------------------------------------------------
MONEY MARKET -- 1.1%
--------------------------------------------------------------------------------
284,272 FEDERATED MICHIGAN MUNICIPAL CASH TRUST 284
--------------------------------------------------------------------------------
TOTAL MONEY MARKET (COST $284) 284
--------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.6% (COST $24,269) 24,591
OTHER ASSETS AND LIABILITIES, NET--1.4% 337
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
VALUE
(000)
--------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO
PAR VALUE) BASED ON
1,773,852 OUTSTANDING SHARES
OF BENEFICIAL INTEREST $18,392
--------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO
PAR VALUE) BASED ON
604,096 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 6,206
--------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 9
--------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (1)
--------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION ON INVESTMENTS 322
--------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $24,928
--------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $10.48
--------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION
PRICE PER SHARE --
INVESTMENT A SHARES $10.48
--------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE
PER SHARE -- INVESTMENT A SHARES
($10.48 / 95.25%) $11.00
--------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
HUNTINGTON OHIO TAX-FREE FUND JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- 99.2%
--------------------------------------------------------------------------------
OHIO -- 98.1%
$ 915 AKRON, GO, 6.500%, 11/01/14 $ 1,009
--------------------------------------------------------------------------------
500 AKRON, SERIES 2, GO, 5.300%, 12/01/11 503
--------------------------------------------------------------------------------
300 AURORA, CSD, GO, FGIC, 5.500%, 12/01/07 310
--------------------------------------------------------------------------------
290 AURORA, GO, BIG, 7.350%, 12/01/00 293
--------------------------------------------------------------------------------
280 AVON LAKE, WATER SYSTEM AUTHORITY,
RB, AMBAC, 5.100%, 10/01/05 283
--------------------------------------------------------------------------------
250 BEACHWWOD, CSD, GO, 6.600%, 12/01/04 261
--------------------------------------------------------------------------------
215 BEDFORD, CSD, ENERGY CONSERVATION
IMPROVEMENT, GO, 5.350%, 06/15/02 216
--------------------------------------------------------------------------------
500 BUTLER COUNTY, GO, AMBAC,
5.000%, 12/01/12 489
--------------------------------------------------------------------------------
500 BUTLER COUNTY, WATERWORKS IMPROVEMENT
PROJECT, RB, FSA, 4.700%, 12/01/13 462
--------------------------------------------------------------------------------
500 CHAGRIN FALLS, EXEMPTED VILLAGE
SCHOOL DISTRICT, SERIES 2,
GO, 5.100%, 12/01/10 501
--------------------------------------------------------------------------------
250 CINCINNATI, GO, 6.750%, 12/01/01 257
--------------------------------------------------------------------------------
500 CLEVELAND HEIGHTS, SERIES B, GO,
5.600%, 12/01/02 511
--------------------------------------------------------------------------------
500 CLEVELAND, PUBLIC POWER SYSTEM, SERIES B,
RB, MBIA, 5.900%, 11/15/01 509
--------------------------------------------------------------------------------
200 CLEVELAND, SERIES B, GO, AMBAC,
6.400%, 10/01/02 207
--------------------------------------------------------------------------------
500 CLEVELAND, WATERWORKS
IMPROVEMENT PROJECT,
SERIES I, RB, FSA, 5.250%, 01/01/13 496
--------------------------------------------------------------------------------
250 COLUMBUS, CSD, GO, FGIC,
5.050%, 12/01/02 252
--------------------------------------------------------------------------------
250 COLUMBUS, MUNICIPAL AIRPORT, GO,
6.300%, 04/15/03 253
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
--------------------------------------------------------------------------------
OHIO -- (CONTINUED)
--------------------------------------------------------------------------------
$ 500 COLUMBUS, POLICE/
FIREMAN DISABILITY, GO,
5.000%, 07/15/13 $ 486
--------------------------------------------------------------------------------
270 COLUMBUS, SERIES 2, GO,
5.350%, 05/15/03 275
--------------------------------------------------------------------------------
500 COLUMBUS, SERIES B, GO,
6.300%, 01/01/05 521
--------------------------------------------------------------------------------
300 COLUMBUS, SERIES D,
GO, 5.250%, 09/15/11 301
--------------------------------------------------------------------------------
188 COLUMBUS, SPECIAL ASSESSMENT, GO,
5.700%, 07/15/06 190
--------------------------------------------------------------------------------
400 COLUMBUS, WEEKLY VRDNS, SERIES 1,
4.500%, 06/01/16 400
--------------------------------------------------------------------------------
100 CUYAHOGA COUNTY, EDR, DAILY VRDNS,
CLEVELAND ORCHESTRA PROJECT,
LOC: BANK OF AMERICA,
4.500%, 04/01/28 100
--------------------------------------------------------------------------------
500 CUYAHOGA COUNTY, GO,
5.200%, 11/15/09 506
--------------------------------------------------------------------------------
500 CUYAHOGA COUNTY, HRB,
WALKER CENTER PROJECT,
SERIES I, RB, AMBAC,
5.250%, 01/01/13 492
--------------------------------------------------------------------------------
200 CUYAHOGA FALLS, GO, MBIA,
5.400%, 12/01/06 206
--------------------------------------------------------------------------------
500 DAYTON, CAPITAL FACILITIES,
GO, MBIA,
5.000%, 12/01/12 489
--------------------------------------------------------------------------------
250 DOVER, MUNICIPAL ELECTRIC
SYSTEM, RB, FGIC,
5.500%, 12/01/07 257
--------------------------------------------------------------------------------
250 DUBLIN, SDA, GO, FGIC,
6.050%, 12/01/03 260
--------------------------------------------------------------------------------
250 DUBLIN, SDA, GO, FGIC,
6.150%, 12/01/04 263
--------------------------------------------------------------------------------
250 EASTLAKE, BAN, 5.000%, 12/01/04 252
--------------------------------------------------------------------------------
500 EUCLID, GO, 5.300%, 12/01/07 513
--------------------------------------------------------------------------------
500 EUCLID, GO, 5.450%, 12/01/08 515
--------------------------------------------------------------------------------
(See notes which are an integral part of the Financial Statements.)
16
<PAGE>
HUNTINGTON OHIO TAX-FREE FUND (CONTINUED)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
--------------------------------------------------------------------------------
OHIO -- (CONTINUED)
--------------------------------------------------------------------------------
$ 500 EUCLID, GO, 5.000%, 12/01/12 $ 491
--------------------------------------------------------------------------------
250 EUCLID, GO, PRE-REFUNDED @ 102 (B),
6.400%, 12/01/01 261
--------------------------------------------------------------------------------
245 FAIRFIELD, SDA, GO, FGIC,
5.650%, 12/01/06 255
--------------------------------------------------------------------------------
500 FINDLAY, GO, 5.500%, 07/01/08 518
--------------------------------------------------------------------------------
250 FINDLAY, SEWER SYSTEM, GO,
5.200%, 07/01/06 254
--------------------------------------------------------------------------------
285 FRANKLIN COUNTY, CONVENTION
FACILITY AUTHORITY,
TAX & LEASE, RB, MBIA,
5.500%, 12/01/03 291
--------------------------------------------------------------------------------
500 FRANKLIN COUNTY, GO, 5.050%, 12/01/05 506
--------------------------------------------------------------------------------
500 FRANKLIN COUNTY, HOSPITAL
FACILITIES AUTHORITY,
CHILDREN'S HOSPITAL PROJECT,
SERIES A, RB,
5.800%, 11/01/10 506
--------------------------------------------------------------------------------
500 FRANKLIN COUNTY, HOSPITAL
FACILITIES AUTHORITY,
CHILDREN'S HOSPITAL PROJECT,
SERIES A, RB,
PRE-REFUNDED @ 102 (B),
6.400%, 11/01/01 521
--------------------------------------------------------------------------------
250 FRANKLIN COUNTY, HOSPITAL
FACILITIES AUTHORITY,
CHILDREN'S HOSPITAL, SERIES A, RB,
6.500%, 05/01/07 261
--------------------------------------------------------------------------------
305 FRANKLIN, ROAD EXTENSION, GO, MBIA,
6.000%, 09/01/06 323
--------------------------------------------------------------------------------
515 GAHANNA, GO, 5.250%, 06/01/02 521
--------------------------------------------------------------------------------
580 GAHANNA, GO, 5.550%, 06/01/05 599
--------------------------------------------------------------------------------
500 GAHANNA-JEFFERSON, PUBLIC SCHOOLS, GO,
4.550%, 12/01/13 454
--------------------------------------------------------------------------------
250 GRANDVIEW HEIGHTS, CSD, GO,
5.400%, 12/01/05 257
--------------------------------------------------------------------------------
250 GRANDVIEW HEIGHTS, GO,
7.100%, 12/01/06 263
--------------------------------------------------------------------------------
300 GREENE COUNTY, WATER SYSTEM, SERIES A,
RB, FGIC, 5.750%, 12/01/09 316
--------------------------------------------------------------------------------
300 HAMILTON COUNTY, BUILDING IMPROVEMENT
MUSEUM CENTER, GO, 5.950%, 12/01/02 309
--------------------------------------------------------------------------------
500 HAMILTON COUNTY, GO, 5.100%, 12/01/11 499
--------------------------------------------------------------------------------
500 HAMILTON COUNTY, HOSPITAL
FACILITIES AUTHORITY,
CHILDREN'S HOSPITAL MEDICAL
CENTER, SERIES D,
RB, FGIC, 4.900%, 05/15/03 501
--------------------------------------------------------------------------------
195 HAMILTON COUNTY, SEWER SYSTEM, RB,
PRE-REFUNDED @ 102 (B),
6.400%, 06/01/01 202
--------------------------------------------------------------------------------
305 HAMILTON COUNTY, SEWER SYSTEM, SERIES A,
RB, 6.400%, 12/01/03 316
--------------------------------------------------------------------------------
95 HAMILTON COUNTY, SEWER SYSTEM,
SERIES A, RB,
PRE-REFUNDED @102,
6.300%, 06/01/01 97
--------------------------------------------------------------------------------
500 HAMILTON COUNTY, WASTEWATER
SYSTEM, SERIES A,
RB, FSA, 4.800%, 10/15/12 474
--------------------------------------------------------------------------------
315 HANCOCK COUNTY, GO,
5.200%, 12/01/08 320
--------------------------------------------------------------------------------
170 HILLIARD, GO, 5.350%, 12/01/06 175
--------------------------------------------------------------------------------
180 HILLIARD, GO, 5.500%, 12/01/07 186
--------------------------------------------------------------------------------
500 HILLIARD, SDA, GO,
5.350%, 12/01/04 512
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
--------------------------------------------------------------------------------
OHIO -- (CONTINUED)
--------------------------------------------------------------------------------
$ 500 HILLIARD, SDA, GO,
4.800%, 12/01/08 $ 494
--------------------------------------------------------------------------------
250 HILLIARD, SDA, GO, AMBAC,
5.000%, 12/01/03 252
--------------------------------------------------------------------------------
245 INDIAN HILL, WATERWORKS
IMPROVEMENT PROJECT,
RB, 4.900%, 06/01/05 245
--------------------------------------------------------------------------------
500 JEFFERSON COUNTY, COUNTY
JAIL CONSTRUCTION,
GO, FSA, 4.950%, 12/01/12 488
--------------------------------------------------------------------------------
500 KENT STATE UNIVERSITY, GENERAL RECEIPTS,
RB, MBIA, 5.300%, 05/01/10 506
--------------------------------------------------------------------------------
585 KETTERING, GO, 5.050%, 12/01/04 592
--------------------------------------------------------------------------------
255 LAKEWOOD, CSD, GO, ETM,
5.050%, 12/01/05 258
--------------------------------------------------------------------------------
535 LAKEWOOD, GO, 5.850%, 12/01/02 549
--------------------------------------------------------------------------------
500 LORAIN COUNTY, CATHOLIC
HEALTH CARE PARTNERS,
SERIES B, RB, MBIA,
6.000%, 09/01/08 528
--------------------------------------------------------------------------------
500 MASON, CSD, GO, 5.150%, 12/01/12 498
--------------------------------------------------------------------------------
250 MENTOR, STREET IMPROVEMENT,
SERIES 1991, GO,
6.700%, 12/01/03 257
--------------------------------------------------------------------------------
250 MIAMI COUNTY, GO, 4.875%, 12/01/10 245
--------------------------------------------------------------------------------
500 MIAMI UNIVERSITY, GENERAL RECEIPTS, RB,
5.400%, 12/01/05 512
--------------------------------------------------------------------------------
500 MONTGOMERY COUNTY, GO, 5.400%, 12/01/11 509
--------------------------------------------------------------------------------
500 MONTGOMERY COUNTY, MIAMI VALLEY HOSPITAL
PROJECT, SERIES A, RB, AMBAC,
6.100%, 11/15/02 515
--------------------------------------------------------------------------------
500 MONTGOMERY COUNTY, SERIES A, GO,
PRE-REFUNDED @ 100 (B),
6.450%, 09/01/01 511
--------------------------------------------------------------------------------
500 MONTGOMERY COUNTY, SERIES A, GO,
PRE-REFUNDED @ 100 (B),
6.500%, 09/01/01 511
--------------------------------------------------------------------------------
270 MONTGOMERY, GO, 5.600%, 12/01/05 275
--------------------------------------------------------------------------------
285 MONTGOMERY, GO, 5.750%, 12/01/06 291
--------------------------------------------------------------------------------
250 MUSKINGUM COUNTY, HOSPITAL FACILITIES
AUTHORITY, BETHSHEBA CARE
SYSTEM, RB, CONNIE LEE,
5.350%, 12/01/07 255
--------------------------------------------------------------------------------
500 NORTHEAST, REGIONAL SEWER
DISTRICT, RB, AMBAC,
PRE-REFUNDED @ 101 (B),
6.400%, 11/15/01 517
--------------------------------------------------------------------------------
235 NORWALK, GO, 5.550%, 04/01/09 243
--------------------------------------------------------------------------------
250 NORWALK, GO, 5.600%, 04/01/10 258
--------------------------------------------------------------------------------
500 OHIO STATE UNIVERSITY,
GENERAL RECEIPTS,
SERIES A-2, RB, 5.750%, 12/01/09 515
--------------------------------------------------------------------------------
500 OHIO STATE, BUILDING AUTHORITY,
CORRECTIONAL FACILITY, SERIES A, RB,
6.500%, 10/01/04 521
--------------------------------------------------------------------------------
500 OHIO STATE, BUILDING AUTHORITY,
JAMES RHODES PROJECT, SERIES A, RB,
PRE-REFUNDED @ 102 (B),
6.200%, 06/01/01 518
--------------------------------------------------------------------------------
300 OHIO STATE, EDA, SYSCO FOOD SERVICES OF
CLEVELAND, RB, 6.600%, 12/01/03 315
--------------------------------------------------------------------------------
17
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON OHIO TAX-FREE FUND (CONTINUED)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
--------------------------------------------------------------------------------
OHIO -- (CONTINUED)
--------------------------------------------------------------------------------
$ 445 OHIO STATE, HEF,
DENSISON UNIVERSITY PROJECT,
RB, 5.400%, 11/01/11 $ 448
--------------------------------------------------------------------------------
250 OHIO STATE, HEF,
JOHN CARROLL UNIVERSITY
PROJECT, RB, 5.350%, 10/01/05 255
--------------------------------------------------------------------------------
600 OHIO STATE, HEF,
OBERLIN COLLEGE, RB,
5.250%, 10/01/14 596
--------------------------------------------------------------------------------
570 OHIO STATE, HEF,
OHIO NORTHERN UNIVERSITY
PROJECT, RB, 4.700%, 05/01/12 528
--------------------------------------------------------------------------------
600 OHIO STATE, HEF, OHIO
NORTHERN UNIVERSITY
PROJECT, RB, 4.800%, 05/01/13 555
--------------------------------------------------------------------------------
555 OHIO STATE, HEF, OHIO
NORTHERN UNIVERSITY
PROJECT, RB, LOC: CONNIE LEE,
4.900%, 05/01/03 557
--------------------------------------------------------------------------------
250 OHIO STATE, SPECIAL OBLIGATION,
ELEMENTARY & SECONDARY
CAPITAL FACILITY,
SERIES A, RB, AMBAC,
5.800%, 06/01/03 257
--------------------------------------------------------------------------------
750 OHIO STATE, TURNPIKE COMMISSION,
SERIES A, RB, 5.350%, 02/15/09 758
--------------------------------------------------------------------------------
500 OHIO STATE, WDA, CLEAN WATER PROJECT,
RB, MBIA, 5.650%, 06/01/05 516
--------------------------------------------------------------------------------
250 OLMSTED FALLS, LSD, GO, FGIC, ETM,
6.300%, 12/15/01 256
--------------------------------------------------------------------------------
250 PICKERINGTON, LSD, GO, AMBAC,
5.550%, 12/01/07 257
--------------------------------------------------------------------------------
500 ROCKY RIVER, CSD, GO,
5.150%, 12/01/08 506
--------------------------------------------------------------------------------
500 RURAL LORAIN, WATER AUTHORITY,
RB, AMBAC,
4.950%, 10/01/04 503
--------------------------------------------------------------------------------
150 SOLON, GO, 5.650%, 12/01/05 154
--------------------------------------------------------------------------------
500 SOLON, GO, 5.250%, 12/01/07 511
--------------------------------------------------------------------------------
500 SOUTH WESTERN, CSD, GO, AMBAC,
4.650%, 12/01/13 459
--------------------------------------------------------------------------------
250 SOUTH WESTERN, CSD, SERIES A,
GO, AMBAC,
6.000%, 12/01/04 261
--------------------------------------------------------------------------------
250 SPRINGFIELD, LSD, GO,
6.000%, 12/01/02 257
--------------------------------------------------------------------------------
500 STRONGSVILLE, GO,
6.700%, 12/01/11 549
--------------------------------------------------------------------------------
250 SUMMIT COUNTY, GO, MBIA,
5.650%, 12/01/07 258
--------------------------------------------------------------------------------
500 TROY, CAPITAL FACILITIES, GO,
6.250%, 12/01/11 533
--------------------------------------------------------------------------------
550 TWINSBURG, LSD, GO, FGIC,
5.400%, 12/01/09 564
--------------------------------------------------------------------------------
250 UNIVERSITY OF CINCINNATI, COP, MBIA,
PRE-REFUNDED @ 102 (B),
6.400%, 12/01/01 261
--------------------------------------------------------------------------------
250 UNIVERSITY OF CINCINNATI,
GENERAL RECEIPTS,
SERIES R5, RB, 5.150%, 06/01/05 253
--------------------------------------------------------------------------------
250 UNIVERSITY OF CINCINNATI,
GENERAL RECEIPTS,
SERIES R9, RB, 5.600%, 06/01/09 253
--------------------------------------------------------------------------------
250 UNIVERSITY OF CINCINNATI,
GENERAL RECEIPTS,
SERIES V, RB, 5.250%, 06/01/08 252
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
MUNICIPAL BONDS -- (CONTINUED)
OHIO -- (CONTINUED)
-------------------------------------------------------------------------------
$ 265 UNIVERSITY OF CINCINNATI,
GENERAL RECEIPTS,
SERIES V, RB, 5.350%, 06/01/09 $ 268
-------------------------------------------------------------------------------
500 UNIVERSITY OF CINCINNATI,
UNIVERSITY CENTER
PROJECT, COP, MBIA, 5.100%, 06/01/11 498
-------------------------------------------------------------------------------
500 VANDALIA, VARIOUS PURPOSE, GO,
5.450%, 12/01/10 513
--------------------------------------------------------------------------------
175 WARREN COUNTY, SEWER IMPROVEMENT,
LOWER MIAMI, GO, 5.250%, 12/01/08 178
--------------------------------------------------------------------------------
185 WARREN COUNTY, SEWER IMPROVEMENT,
LOWER MIAMI, GO, 5.350%, 12/01/09 188
--------------------------------------------------------------------------------
170 WARREN COUNTY, SEWER SYSTEM, SERIES A,
RB, FGIC, PRE-REFUNDED @ 102 (B),
6.950%, 12/01/00 175
--------------------------------------------------------------------------------
400 WARREN COUNTY, WATER IMPROVEMENT,
P&G PROJECT, GO, 5.250%, 12/01/07 408
--------------------------------------------------------------------------------
235 WARREN COUNTY, WATERWORKS IMPROVEMENT
PROJECT, RB, FGIC, ETM,
6.100%, 12/01/02 243
--------------------------------------------------------------------------------
470 WESTERVILLE, GO, 5.900%, 12/01/04 491
--------------------------------------------------------------------------------
500 WESTLAKE, CSD, GO, 5.500%, 12/01/10 514
--------------------------------------------------------------------------------
500 WESTLAKE, GO, 5.350%, 12/01/10 512
--------------------------------------------------------------------------------
250 WORTHINGTON, GO, FGIC, 5.850%, 06/01/02 256
--------------------------------------------------------------------------------
250 WRIGHT STATE UNIVERSITY,
GENERAL RECEIPTS,
RB, AMBAC, 5.000%, 05/01/06 251
--------------------------------------------------------------------------------
TOTAL OHIO 49,256
-------------------------------------------------------------------------------
PUERTO RICO -- 1.1%
500 PUERTO RICO COMMONWEALTH, GO, MBIA,
6.500%, 07/01/11 566
-------------------------------------------------------------------------------
TOTAL PUERTO RICO 566
-------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (COST $49,172) 49,822
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--99.2% (COST $49,172) 49,822
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.8% 406
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 2,357,922 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 48,290
-------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 54,583 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 1,196
--------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 48
--------------------------------------------------------------------------------
ACCUMULATED NET REALIZED GAIN ON INVESTMENTS 44
--------------------------------------------------------------------------------
NET UNREALIZED APPRECIATION ON INVESTMENTS 650
--------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $50,228
--------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $20.82
--------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE --
INVESTMENT A SHARES $20.81
--------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT A SHARES ($20.81 / 95.25%) $21.85
--------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
(See notes which are an integral part of the Financial Statements.)
18
<PAGE>
HUNTINGTON FIXED INCOME SECURITIES FUND JUNE 30, 2000 (UNAUDITED)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
CORPORATE BONDS -- 81.1%
--------------------------------------------------------------------------------
AEROSPACE & DEFENSE -- 1.2%
$ 1,000 BOEING, 7.250%, 06/15/25 $ 952
1,000 GOODRICH BF, 6.450%, 04/15/08 912
--------------------------------------------------------------------------------
1,864
--------------------------------------------------------------------------------
AGRICULTURAL PRODUCTS -- 0.5%
1,000 CARGILL MTN, 6.875%, 05/01/28 849
-------------------------------------------------------------------------------
849
--------------------------------------------------------------------------------
APPAREL/TEXTILES -- 1.0%
1,500 VF, 7.600%, 04/01/04 1,498
--------------------------------------------------------------------------------
1,498
--------------------------------------------------------------------------------
AUTO/TRUCK PARTS & EQUIPMENT -- 2.1%
1,500 BORG-WARNER AUTOMOTIVE, 7.000%,
11/01/06 1,414
1,000 CARLISLE, 7.250%, 01/15/07 974
1,000 DANA, 6.500%, 03/15/08 905
--------------------------------------------------------------------------------
3,293
--------------------------------------------------------------------------------
BANKS -- 7.7%
1,000 ABBEY NATIONAL PLC, 6.690%, 10/17/05 959
1,000 ABN-AMRO, 7.250%, 05/31/05 990
1,000 BANK ONE, 7.000%, 07/15/05 971
250 BANKAMERICA, 7.750%, 07/15/02 252
1,000 CENTURA BANK, 6.500%, 03/15/09 906
1,000 CITICORP, 7.250%, 09/01/08 974
1,000 FIRST TENNESSEE BANK, 6.400%, 04/01/08 889
1,000 KEYCORP, 6.750%, 03/15/06 951
1,000 MELLON BANK, 6.500%, 08/01/05 956
1,000 NATIONAL BANK CANADA (NEW YORK),
7.750%, 11/01/09 986
1,000 NBD BANCORP, 7.125%, 05/15/07 961
1,000 SWISS BANK, 7.250%, 09/01/06 984
1,000 WILMINGTON TRUST, 6.625%, 05/01/08 902
--------------------------------------------------------------------------------
11,681
--------------------------------------------------------------------------------
CHEMICALS -- 3.2%
500 AIR PRODUCTS & CHEMICALS, 8.875%, 08/01/01 506
1,500 DOW CHEMICAL, 8.550%, 10/15/09 1,616
1,000 ENGLISH CHINA CLAYS, 7.375%, 10/01/02 1,010
1,000 GREAT LAKES CHEMICAL, 7.000%, 07/15/09 942
1,000 LUBRIZOL, 5.875%, 12/01/08 907
--------------------------------------------------------------------------------
4,981
--------------------------------------------------------------------------------
COMPUTERS -- 0.6%
1,000 SUN MICROSYSTEMS, 7.650%, 08/15/09 1,000
--------------------------------------------------------------------------------
1,000
--------------------------------------------------------------------------------
CONTAINERS & PACKAGING -- 2.0%
1,000 CROWN CORK & SEAL,
7.000%, 12/15/06 854
1,000 NEWELL RUBBERMAID, 6.600%, 11/15/06 957
1,300 SMURFIT CAPITAL FUNDING, 6.750%,
11/20/05 1,220
--------------------------------------------------------------------------------
3,031
--------------------------------------------------------------------------------
DIVERSIFIED MINERALS -- 0.6%
1,000 NORANDA, 7.000%, 07/15/05 942
--------------------------------------------------------------------------------
942
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED
--------------------------------------------------------------------------------
DRUGS & HEALTH CARE -- 2.7%
$ 1,500 AMERICAN HOME PRODUCTS, 6.500%, 10/15/02 $ 1,485
1,000 AMGEN, 6.500%, 12/01/07 959
615 AVENTIS, 7.750%, 01/15/02 616
1,000 MONSANTO, 8.875%, 12/15/09 1,092
--------------------------------------------------------------------------------
4,152
--------------------------------------------------------------------------------
ELECTRICAL SERVICES -- 8.7%
1,000 ATLANTIC CITY ELECTRIC, 6.750%, 05/12/08 965
1,000 CINCINNATI GAS & ELECTRIC, 6.400%, 04/01/08 887
1,000 CLECO UTILITY GROUP MTN, 6.520%, 05/15/09 930
1,000 CSW INVESTMENTS (A), 7.450%, 08/01/06 952
1,100 DUKE ENERGY, 6.375%, 03/01/08 1,024
750 HYDRO-QUEBEC, 7.375%, 02/01/03 751
815 IOWA ELECTRIC LIGHT & POWER,
8.625%, 05/15/01 825
1,300 JERSEY CENTRAL POWER & LIGHT,
7.125%, 10/01/04 1,295
1,000 KONINKLIJKE PHILIPS ELECTRIC, 8.375%,
09/15/06 1,036
1,000 MINNESOTA POWER & LIGHT, 7.750%, 06/01/07 985
1,000 NORTHWESTERN, 7.100%, 08/01/05 987
1,000 OTTER TAIL POWER, 6.375%, 12/01/07 929
1,000 PUBLIC SERVICE ELECTRIC AND GAS,
6.250%, 01/01/07 934
1,000 TXU EASTERN FUNDING, 6.750%, 05/15/09 897
-------------------------------------------------------------------------------
13,397
--------------------------------------------------------------------------------
ELECTRONIC COMPONENTS -- 0.6%
1,000 MOTOROLA, 7.500%, 05/15/25 994
--------------------------------------------------------------------------------
994
--------------------------------------------------------------------------------
FINANCIAL SERVICES -- 3.1%
1,000 COUNTRY WIDE FUNDING, 8.250%, 07/15/02 1,007
1,000 FBG FINANCE, 6.750%, 11/15/05 960
1,000 FORD MOTOR CREDIT, 7.750%, 03/15/05 1,006
1,000 MBNA, 6.875%, 06/01/05 950
1,000 NATIONAL RURAL UTILITY, 7.200%, 10/01/15 952
--------------------------------------------------------------------------------
4,875
--------------------------------------------------------------------------------
FOOD & BEVERAGE -- 2.8%
1,000 ARCHER DANIELS MIDLAND, 7.500%, 03/15/27 934
800 GERBER PRODUCTS, 9.000%, 10/15/06 871
750 GRAND METRO, 7.125%, 09/15/04 742
500 PHILIP MORRIS, 7.625%, 05/15/02 496
1,000 RALSTON PURINA, 9.250%, 10/15/09 1,095
250 UNIVERSAL, 9.250%, 02/15/01 253
--------------------------------------------------------------------------------
4,391
--------------------------------------------------------------------------------
FOREIGN -- 5.1%
1,000 CITY OF BARCELONA, 8.125%, 02/15/05 1,044
1,000 GEN DE CATAUNYA GENCAT, 6.375%, 12/15/07 941
1,000 HYDRO QUEBEC, 9.750%, 01/15/18 1,042
1,000 PROVINCE OF ONTARIO, 6.000%, 02/21/06 948
250 PROVINCE OF QUEBEC, 8.800%, 04/15/03 261
1,000 PROVINCE OF QUEBEC, 8.625%, 01/19/05 1,050
1,000 REPUBLIC OF FINLAND, 7.875%, 07/28/04 1,027
1,550 REPUBLIC OF ICELAND, 6.125%, 02/01/04 1,502
--------------------------------------------------------------------------------
7,815
--------------------------------------------------------------------------------
INSURANCE -- 3.3%
1,000 ANTHEM INSURANCE (A), 9.125%, 04/01/10 925
1,000 GEICO, 7.500%, 04/15/05 997
1,000 LINCOLN NATIONAL, 7.250%, 05/15/05 980
1,000 ST PAUL, 7.050%, 03/07/07 962
1,300 SUNAMERICA MTN, 7.340%, 08/30/05 1,303
--------------------------------------------------------------------------------
5,167
-------------------------------------------------------------------------------
19
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON FIXED INCOME SECURITIES FUND (CONTINUED)
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
INVESTMENT BANKER/BROKER DEALER -- 1.9%
$ 1,000 BEAR STEARNS, 6.625%, 01/15/04 $ 964
1,000 GOLDMAN SACHS GROUP, 7.350%, 10/01/09 959
1,000 SALOMON SMITH BARNEY, 6.750%, 01/15/06 956
-------------------------------------------------------------------------------
2,879
-------------------------------------------------------------------------------
LUMBER & WOOD PRODUCTS -- 1.6%
1,200 GEORGIA PACIFIC, 9.950%, 06/15/02 1,247
250 WEYERHAEUSER, 9.050%, 02/01/03 259
1,000 WEYERHAEUSER, 7.250%, 07/01/13 950
-------------------------------------------------------------------------------
2,456
-------------------------------------------------------------------------------
MACHINERY -- 5.5%
1,000 BLACK & DECKER, 7.500%, 04/01/03 1,001
1,000 BRIGGS & STRATTON, 7.250%, 09/15/07 974
1,000 CASE CREDIT, 6.750%, 10/21/07 893
1,000 CATERPILLAR, 9.375%, 08/15/11 1,130
1,000 CUMMINS ENGINE, 7.125%, 03/01/28 843
1,000 DEERE, 8.500%, 01/09/22 1,045
750 PENTAIR, 7.850%, 10/15/09 743
1,000 THERMO ELECTRON, 7.625%, 10/30/08 946
1,000 TORO, 7.125%, 06/15/07 931
-------------------------------------------------------------------------------
8,506
-------------------------------------------------------------------------------
MARINE TRANSPORTATION -- 0.6%
1,000 CARNIVAL, 6.150%, 10/01/03 950
-------------------------------------------------------------------------------
950
-------------------------------------------------------------------------------
MEASURING DEVICES -- 2.2%
1,000 JOHNSON CONTROLS, 6.300%, 02/01/08 936
1,000 PARKER-HANNIFIN MTN, 5.650%, 09/15/03 953
1,000 PERKINELMER, 6.800%, 10/15/05 959
500 WATTS INDUSTRIES, 8.375%, 12/01/03 515
-------------------------------------------------------------------------------
3,363
-------------------------------------------------------------------------------
MISCELLANEOUS MANUFACTURING -- 1.9%
1,000 BLYTH INDUSTRIES, 7.900%, 10/01/09 950
1,000 EATON, 8.900%, 08/15/06 1,044
1,000 NORSK HYDRO, 6.700%, 01/15/18 884
-------------------------------------------------------------------------------
2,878
-------------------------------------------------------------------------------
PETROLEUM REFINING -- 2.5%
1,000 AMERADA HESS, 7.375%, 10/01/09 971
1,000 ASHLAND, 7.710%, 05/11/07 973
1,000 KERR-MCGEE, 6.625%, 10/15/07 931
1,000 TOSCO, 7.250%, 01/01/07 973
-------------------------------------------------------------------------------
3,848
-------------------------------------------------------------------------------
PRECIOUS METALS -- 0.6%
1,000 BARRICK GOLD FINANCE, 7.500%, 05/01/07 969
-------------------------------------------------------------------------------
969
-------------------------------------------------------------------------------
PRINTING & PUBLISHING -- 2.8%
1,000 E.W. SCRIPPS, 6.625%, 10/15/07 948
1,200 KNIGHT-RIDDER, 9.875%, 04/15/09 1,362
1,000 REYNOLDS & REYNOLDS, 7.000%, 12/15/06 969
1,000 TIME WARNER, 9.150%, 02/01/23 1,096
-------------------------------------------------------------------------------
4,375
-------------------------------------------------------------------------------
PROFESSIONAL SERVICES -- 2.1%
1,000 OLSTEN, 7.000%, 03/15/06 949
1,500 SCIENCE APPLICATIONS INTERNATIONAL,
6.750%, 02/01/08 1,404
1,000 SERVICEMASTER, 6.950%, 08/15/07 940
-------------------------------------------------------------------------------
3,293
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
RAILROADS -- 1.4%
$ 1,000 ATCHISON TOPEKA & SANTA FE PACIFIC,
6.550%, 07/01/06 $ 943
1,000 CANADIAN NATIONAL, 7.000%, 03/15/04 980
250 UNION PACIFIC, 9.625%, 12/15/02 262
-------------------------------------------------------------------------------
2,185
-------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST -- 1.5%
500 KIMCO REALTY, 6.500%, 10/01/03 478
1,000 NEW PLAN EXCEL REALTY,
7.400%, 09/15/09 953
1,000 WEINGARTEN REALTY INVESTMENT,
7.350%, 07/20/09 925
-------------------------------------------------------------------------------
2,356
-------------------------------------------------------------------------------
RENTAL AUTO/EQUIPMENT -- 0.6%
1,000 HERTZ, 7.000%, 07/15/03 986
-------------------------------------------------------------------------------
986
-------------------------------------------------------------------------------
RETAIL -- 5.2%
1,000 DARDEN RESTAURANTS, 6.375%, 02/01/06 944
1,000 J.C. PENNY, 6.875%, 10/15/15 726
1,000 KROGER, 8.050%, 02/01/10 994
250 LIMITED, 9.125%, 02/01/01 253
1,000 LIMITED, 7.800%, 05/15/02 1,011
1,000 MCDONALD'S, 8.875%, 04/01/11 1,119
1,000 NORDSTROM, 6.950%, 03/15/28 825
1,000 TANDY, 6.950%, 09/01/07 956
1,000 WINN-DIXIE (A), 8.181%, 09/01/24 971
-------------------------------------------------------------------------------
7,799
-------------------------------------------------------------------------------
RUBBER & PLASTIC -- 0.6%
1,000 COOPER TIRE & RUBBER, 7.750%, 12/15/09 974
-------------------------------------------------------------------------------
974
-------------------------------------------------------------------------------
SPECIALTY CONSTRUCTION -- 0.6%
1,000 KINDER MORGAN, 6.800%, 03/01/08 935
-------------------------------------------------------------------------------
935
-------------------------------------------------------------------------------
STEEL & STEEL WORKS -- 1.2%
1,000 CARPENTER TECHNOLOGY,
6.530%, 04/15/09 918
1,000 WORTHINGTON INDUSTRIES,
7.125%, 05/15/06 968
-------------------------------------------------------------------------------
1,886
-------------------------------------------------------------------------------
TELEPHONE & TELECOMMUNICATION -- 2.5%
1,000 AMERITECH CAPITAL FUNDING, 6.550%,
01/15/28 853
1,000 COMSAT, 8.950%, 05/15/01 1,016
900 GTE, 9.100%, 06/01/03 935
500 NORTEL NETWORKS, 8.750%, 06/12/01 505
500 SOUTHWESTERN BELL TELEPHONE,
6.625%, 04/01/05 486
-------------------------------------------------------------------------------
3,795
-------------------------------------------------------------------------------
WHOLESALE -- 0.6%
1,000 CARDINAL HEALTH, 6.000%, 01/15/06 928
-------------------------------------------------------------------------------
928
-------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (COST $130,254) 125,291
-------------------------------------------------------------------------------
20
<PAGE>
HUNTINGTON FIXED INCOME SECURITIES FUND (CONTINUED)
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
GOVERNMENT AGENCY -- 10.2%
--------------------------------------------------------------------------------
$15,500 FEDERAL HOME LOAN BANK,
7.375%, 02/12/10 $ 15,765
--------------------------------------------------------------------------------
TOTAL GOVERNMENT AGENCY (COST $15,546) 15,765
--------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 2.4%
--------------------------------------------------------------------------------
1,203 POOL # 345128, 6.500%, 01/15/24 1,141
1,244 POOL # 372962, 7.000%, 03/15/24 1,210
558 POOL # 352982, 7.500%, 05/15/24 554
398 POOL # 373015, 8.000%, 06/15/24 402
334 POOL # 391615, 8.500%, 09/15/24 342
--------------------------------------------------------------------------------
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(COST $3,722) 3,649
--------------------------------------------------------------------------------
U.S. TREASURY NOTES -- 2.2%
--------------------------------------------------------------------------------
1,000 U.S. TREASURY NOTE, 8.750%, 08/15/20 1,283
2,000 U.S. TREASURY NOTE, 6.625%, 02/15/27 2,121
--------------------------------------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST $3,207) 3,404
--------------------------------------------------------------------------------
MUNICIPAL BONDS -- 0.6%
--------------------------------------------------------------------------------
1,000 HARVARD UNIVERSITY, 8.125%, 04/15/07 1,031
--------------------------------------------------------------------------------
TOTAL MUNICIPAL BONDS (COST $1,052) 1,031
--------------------------------------------------------------------------------
COMMERCIAL PAPER -- 1.5%
--------------------------------------------------------------------------------
2,281 PRUDENTIAL FUNDING, 6.003%, 07/03/00 2,281
--------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (COST $2,281) 2,281
--------------------------------------------------------------------------------
-------------------------------------------------------------------------------
VALUE
(000)
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.0% (COST $156,062) $151,421
OTHER ASSETS AND LIABILITIES, NET--2.0% 3,016
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 7,758,193 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 159,717
-------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 65,194 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 1,494
-------------------------------------------------------------------------------
INVESTMENT B SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 67 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 1
-------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 468
-------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (2,602)
-------------------------------------------------------------------------------
NET UNREALIZED DEPRECIATION ON INVESTMENTS (4,641)
-------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $154,437
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $19.74
-------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION PRICE PER SHARE --
INVESTMENT A SHARES $19.74
-------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT A SHARES ($19.74 / 95.25%) $20.72
NET ASSET VALUE AND OFFERING PRICE PER SHARE --
INVESTMENT B SHARES $19.74
-------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
GOVERNMENT MORTGAGE-BACKED AGENCIES -- 24.7%
--------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 0.0%
$ 25 POOL # 214693, 9.000%, 12/01/01 $ 26
--------------------------------------------------------------------------------
26
--------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP.-- REMIC -- 6.8%
2,000 SERIES 1617, CLASS PJ, 6.200%, 01/15/23 1,891
2,000 SERIES 2197, CLASS PD, 6.750%, 03/15/23 1,939
2,000 SERIES 2199, CLASS PE, 6.750%, 03/15/24 1,925
--------------------------------------------------------------------------------
5,755
--------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 0.8%
679 POOL # 124308, 7.500%, 05/01/07 677
--------------------------------------------------------------------------------
677
--------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- REMIC -- 14.7%
2,475 SERIES 1992-210, CLASS H, 6.500%,
03/25/19 2,412
3,500 SERIES 1993-163, CLASS PY,
6.750%, 03/25/22 3,381
832 SERIES 1993-56, CLASS PN, 6.350%,
07/25/18 824
2,000 SERIES 1994-51, CLASS PH, 6.500%,
01/25/23 1,938
2,000 SERIES 1994-56, CLASS H, 6.000%,
07/25/22 1,899
2,000 SERIES 1998-46, CLASS PJ, 6.250%,
12/18/22 1,904
--------------------------------------------------------------------------------
12,358
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
GOVERNMENT MORTGAGE-BACKED AGENCIES -- (CONTINUED)
--------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 2.4%
$ 1,063 POOL # 505082, 7.500%, 07/15/29 $ 1,055
982 POOL # 477013, 7.500%, 10/15/29 975
--------------------------------------------------------------------------------
2,030
--------------------------------------------------------------------------------
TOTAL GOVERNMENT MORTGAGE-BACKED AGENCIES
(COST $21,635) 20,846
--------------------------------------------------------------------------------
GOVERNMENT AGENCIES -- 51.9%
--------------------------------------------------------------------------------
FEDERAL HOME LOAN BANK -- 19.7%
1,000 6.480%, 01/08/02 992
2,000 6.030%, 04/17/03 1,947
3,000 7.250%, 05/15/03 3,019
3,000 7.125%, 02/15/05 3,010
2,000 5.880%, 04/15/08 1,849
2,000 6.185%, 05/06/08 1,884
2,000 5.985%, 04/09/09 1,845
2,000 7.375%, 02/12/10 2,034
--------------------------------------------------------------------------------
16,580
--------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP.-- 12.1%
2,500 6.120%, 01/21/03 2,445
1,000 7.000%, 02/15/03 1,000
2,000 6.830%, 06/15/05 1,951
2,000 7.000%, 07/06/05 1,959
3,000 6.540%, 11/06/07 2,848
-------------------------------------------------------------------------------
10,203
-------------------------------------------------------------------------------
(See notes which are an integral part of the Financial Statements.)
21
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND (CONTINUED)
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
GOVERNMENT AGENCIES -- (CONTINUED)
-------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION-- 2.4%
$ 2,000 7.550%, 04/22/02 $ 2,021
-------------------------------------------------------------------------------
2,021
-------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION --
MEDIUM TERM NOTES -- 17.8%
1,000 6.630%, 06/05/01 998
1,000 6.500%, 12/27/01 993
1,000 6.330%, 10/02/02 984
2,000 6.160%, 06/16/03 1,948
4,000 6.880%, 11/20/06 3,875
1,500 6.900%, 08/21/07 1,443
1,000 6.240%, 01/14/08 935
1,120 6.170%, 01/15/08 1,041
3,000 6.000%, 02/23/09 2,750
-------------------------------------------------------------------------------
14,967
-------------------------------------------------------------------------------
TOTAL GOVERNMENT AGENCIES (COST $45,056) 43,771
-------------------------------------------------------------------------------
U.S. TREASURY NOTES -- 20.4%
-------------------------------------------------------------------------------
2,000 7.250%, 05/15/04 2,062
1,000 7.875%, 11/15/04 1,058
1,000 7.500%, 02/15/05 1,049
2,000 6.500%, 05/15/05 2,022
2,000 5.875%, 11/15/05 1,966
2,000 5.625%, 02/15/06 1,939
2,000 6.875%, 05/15/06 2,058
2,000 7.000%, 07/15/06 2,072
1,000 6.500%, 10/15/06 1,011
2,000 6.125%, 08/15/07 1,988
-------------------------------------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST $17,162) 17,225
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 1.7%
-------------------------------------------------------------------------------
$ 1,394 MORGAN STANLEY DEAN WITTER, 6.420%,
DATED 06/30/00, DUE 07/03/00,
REPURCHASE PRICE $1,395,346
(COLLATERALIZED BY U.S. TREASURY
OBLIGATION, TOTAL PAR VALUE
$1,035,000, 13.875%, 05/15/11,
TOTAL MARKET VALUE $1,425,874) $ 1,394
-------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENT (COST $1,394) 1,394
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.8% (COST $85,247) 83,236
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--1.2% 1,038
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 8,393,392 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 85,805
-------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 190,718 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 2,118
--------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 68
--------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (1,706)
--------------------------------------------------------------------------------
NET UNREALIZED DEPRECIATION ON INVESTMENTS (2,011)
--------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $84,274
--------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $9.82
--------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE -- INVESTMENT A SHARES $9.82
--------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT A SHARES ($9.82 / 95.25%) $10.31
--------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
HUNTINGTON MORTGAGE SECURITIES FUND JUNE 30, 2000 (UNAUDITED)
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
FEDERAL HOME LOAN BANK -- 5.9%
-------------------------------------------------------------------------------
$ 2,000 5.485%, 01/21/03 $ 1,932
-------------------------------------------------------------------------------
TOTAL FEDERAL HOME LOAN BANK (COST $1,989) 1,932
-------------------------------------------------------------------------------
FEDERAL HOME LOAN MORTGAGE CORP. -- 26.8%
-------------------------------------------------------------------------------
40 POOL # 220007, 8.750%, 08/01/01 40
46 POOL # 380059, 9.500%, 10/01/04 48
1,256 POOL # E65142, 6.500%, 07/01/11 1,212
778 POOL # D66491, 6.500%, 12/01/25 734
1,345 POOL # C80391, 7.000%, 03/01/26 1,300
930 POOL # D69575, 7.500%, 03/01/26 917
1,524 POOL # C00512, 7.000%, 04/01/27 1,473
1,139 REMIC SERIES 163, CLASS F,
6.000%, 07/15/21 1,090
1,000 REMIC SERIES 1490, CLASS PH,
6.250%, 04/15/08 964
1,000 REMIC SERIES 2198, CLASS PQ,
7.000%, 04/15/24 982
-------------------------------------------------------------------------------
TOTAL FEDERAL HOME LOAN MORTGAGE CORP.
(COST $8,866) 8,760
-------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 49.8%
-------------------------------------------------------------------------------
578 POOL # 313817, 6.000%, 07/01/09 547
796 POOL # 250554, 6.500%, 05/01/11 768
788 POOL # 338449, 6.000%, 05/01/11 745
621 POOL # 377783, 6.500%, 04/01/12 599
-------------------------------------------------------------------------------
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION -- (CONTINUED)
-------------------------------------------------------------------------------
$ 1,436 POOL #397835, 6.500%, 09/01/12 $ 1,384
1,036 POOL # 252769, 7.500%, 08/01/19 1,021
882 POOL #303753, 9.000%, 12/01/20 908
708 POOL # 303653, 7.000%, 12/01/25 683
944 POOL # 339836, 7.000%, 03/01/26 911
1,489 POOL #250551, 7.000%, 05/01/26 1,437
615 POOL # 343212, 7.500%, 05/01/26 606
1,500 REMIC SERIES 1993-163, CLASS PY,
6.750%, 03/25/22 1,449
1,000 REMIC SERIES 1994-51, CLASS PH,
6.500%, 01/25/23 969
500 REMIC SERIES 1994-56, CLASS H, 6
.000%, 07/25/22 475
1,000 REMIC SERIES 1996-53, CLASS PG,
6.500%, 12/18/11 943
1,000 REMIC SERIES 1998-44, CLASS TE,
6.250%, 04/18/21 964
500 REMIC SERIES 1998-46, CLASS PJ,
6.250%, 12/18/22 476
1,500 REMIC SERIES 1998-M1, CLASS A2,
6.250%, 01/25/08 1,413
-------------------------------------------------------------------------------
TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION
(COST $16,877) 16,298
-------------------------------------------------------------------------------
(See notes which are an integral part of the Financial Statements.)
22
<PAGE>
HUNTINGTON MORTGAGE SECURITIES FUND (CONTINUED)
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 13.2%
-------------------------------------------------------------------------------
$ 8 POOL # 305936, 8.500%, 04/15/06 $ 8
32 POOL # 328651, 8.500%,05/15/07 33
588 POOL # 200023, 9.500%, 05/15/18 611
519 POOL # 780398, 9.000%, 04/15/21 545
902 POOL # 316151, 7.500%, 04/15/22 896
331 POOL # 780408, 9.000%, 10/15/22 343
944 POOL # 352022, 7.000%, 11/15/23 918
1,000 REMIC SERIES 1999-24, CLASS PD,
6.500%, 05/20/26 965
-------------------------------------------------------------------------------
TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION
(COST $4,380) 4,319
-------------------------------------------------------------------------------
REPURCHASE AGREEMENT -- 3.8%
-------------------------------------------------------------------------------
1,240 MORGAN STANLEY DEAN WITTER, 6.420%,
DATED 06/30/00, DUE 07/03/00,
REPURCHASE PRICE $1,240,563
(COLLATERALIZED BY U.S. TREASURY
OBLIGATION, TOTAL PAR VALUE
$1,239,900, 14.000%, 11/15/11, TOTAL
MARKET VALUE $1,268,859) 1,240
-------------------------------------------------------------------------------
TOTAL REPURCHASE AGREEMENT (COST $1,240) 1,240
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--99.5% (COST $33,352) $32,549
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
VALUE
(000)
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--0.5% $ 177
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 4,064,397 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 53,652
-------------------------------------------------------------------------------
INVESTMENT A SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 99,262 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 3,551
-------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 39
-------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS On INVESTMENTS (23,713)
-------------------------------------------------------------------------------
NET UNREALIZED DEPRECIATION ON INVESTMENTS (803)
-------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $ 32,726
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $7.86
-------------------------------------------------------------------------------
NET ASSET VALUE AND REDEMPTION PRICE
PER SHARE -- INVESTMENT A SHARES $7.88
-------------------------------------------------------------------------------
MAXIMUM PUBLIC OFFERING PRICE PER SHARE --
INVESTMENT A SHARES ($7.88 / 95.25%) $8.27
-------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME JUNE 30, 2000 (UNAUDITED)
SECURITIES FUND
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
--------------------------------------------------------------------------------
CORPORATE BONDS -- 81.4%
--------------------------------------------------------------------------------
AEROSPACE & DEFENSE -- 0.9%
$ 1,000 AAR, 9.500%, 11/01/01 $ 1,022
--------------------------------------------------------------------------------
1,022
--------------------------------------------------------------------------------
AUTO/TRUCK PARTS & EQUIPMENT -- 0.8%
1,000 DANA, 6.250%, 03/01/04 944
--------------------------------------------------------------------------------
944
--------------------------------------------------------------------------------
BANKS -- 6.0%
1,000 AMSOUTH BANCORP, 7.750%, 05/15/04 997
1,000 BANK ONE COLUMBUS, 7.375%, 12/01/02 997
1,000 FIRST BANK MINNESOTA, 7.550%, 06/15/04 996
1,000 FLEET BOSTON FINANCIAL,
8.125%, 07/01/04 1,021
1,000 HOME SAVINGS OF AMERICA,
6.500%, 08/15/04 945
1,000 NATIONAL CITY BANK, 7.190%, 11/15/04 984
1,000 SUSQUEHANNA BANKSHARES, 6.300%, 02/01/03 969
-------------------------------------------------------------------------------
6,909
-------------------------------------------------------------------------------
BEAUTY PRODUCTS -- 0.8%
1,000 AVON PRODUCTS, 6.900%, 11/15/04 978
-------------------------------------------------------------------------------
978
-------------------------------------------------------------------------------
BUILDING PRODUCTS -- 1.7%
1,000 LAFARGE MTN, 9.320%, 04/24/01 1,010
1,000 YORK INTERNATIONAL, 6.750%, 03/01/03 992
-------------------------------------------------------------------------------
2,002
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
CHEMICALS -- 2.5%
$ 1,000 AKZO NOBEL (A), 6.000%, 11/15/03 $ 949
1,000 EQUISTAR CHEMICAL, 8.500%, 02/15/04 985
1,000 PRAXAIR, 6.150%, 04/15/03 960
-------------------------------------------------------------------------------
2,894
-------------------------------------------------------------------------------
COMMUNICATIONS EQUIPMENT -- 0.8%
1,000 SONY, 6.125%, 03/04/03 975
-------------------------------------------------------------------------------
975
-------------------------------------------------------------------------------
COMPUTERS -- 0.9%
1,000 SUN MICROSYSTEMS, 7.350%, 08/15/04 997
-------------------------------------------------------------------------------
997
-------------------------------------------------------------------------------
CONTAINERS & PACKAGING -- 0.8%
1,000 CROWN CORK & SEAL, 6.750%, 12/15/03 932
-------------------------------------------------------------------------------
932
-------------------------------------------------------------------------------
DIVERSIFIED OPERATIONS -- 5.7%
1,000 COOPER INDUSTRIES, 5.780%, 01/16/03 957
1,000 HARRIS BANCORP, 9.375%, 06/01/01 1,017
1,000 HONEYWELL INTERNATIONAL, 9.875%,
06/01/02 1,049
1,000 NISOURCE CAPITAL MARKETS MTN,
7.390%, 04/01/04 996
1,600 PACIFIC DUNLAP, 9.750%, 12/15/00 1,620
1,000 TYCO INTERNATIONAL GROUP, 5.875%,
11/01/04 935
-------------------------------------------------------------------------------
6,574
-------------------------------------------------------------------------------
(See notes which are an integral part of the Financial Statements.)
23
<PAGE>
STATEMENT OF NET ASSETS
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME (CONTINUED)
SECURITIES FUND
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
ELECTRICAL SERVICES -- 11.5%
$ 1,000 ATLANTIC CITY ELECTRIC,
6.000%, 01/15/03 $ 969
1,000 AVNET, 6.450%, 08/15/03 977
1,000 CINCINATTI GAS & ELECTRIC,
6.450%, 02/15/04 954
1,000 CON EDISON, 7.625%, 03/01/04 1,009
500 CSW INVESTMENTS (A), 6.950%, 08/01/01 493
1,000 DETROIT EDISON, 6.560%, 05/01/01 992
1,000 EDISON INTERNATIONAL,
6.875%, 09/15/04 971
1,000 INDIANA MICHIGAN POWER,
6.875%, 07/01/04 969
1,000 METROPOLITAN EDISON, 7.220%, 01/30/03 987
1,000 OHIO POWER, 6.750%, 07/01/04 977
1,000 PUBLIC SERVICE, 6.000%, 04/15/03 968
1,000 PUBLIC SERVICE ELECTRIC & GAS,
6.875%, 01/01/03 991
1,000 ROCHESTER GAS & ELECTRIC,
8.250%, 03/15/02 1,013
1,000 SCANA, 6.050%, 01/13/03 970
-------------------------------------------------------------------------------
13,240
-------------------------------------------------------------------------------
FINANCIAL SERVICES -- 15.9%
1,000 BOMBARDIER CAPITAL (A), 7.500%, 08/15/04 991
1,000 CHARLES SCHWAB, 6.040%, 04/29/04 946
1,000 CIT GROUP, 5.500%, 02/15/04 925
1,000 DONALDSON LUFKIN JENRETTE MTN,
6.150%, 05/04/04 951
1,000 DUKE CAPITAL, 7.250%, 10/01/04 991
1,000 FORD MOTOR CREDIT, 7.500%, 06/15/04 1,001
1,000 GENERAL MOTORS ACCEPTANCE,
6.750%, 02/07/02 991
1,000 GREENPOINT BANK, 6.700%, 07/15/02 983
2,000 H.R. BLOCK, 6.750%, 11/01/04 1,918
1,000 HELLER FINANCIAL, 8.000%, 06/15/05 997
1,000 LEHMAN BROTHERS HOLDINGS, 6.625%,
04/01/04 955
1,000 MBNA AMERICAN BANK, 6.875%, 07/15/04 968
1,000 MCKESSON FINANCIAL (A), 6.550%, 11/01/02 961
1,000 NATONAL RURAL UTILITY, 5.300%, 10/20/03 943
1,000 PAINE WEBBER GROUP, 6.375%, 05/15/04 944
1,000 SCOTLAND INTERNATIONAL (A), 8.800%,
01/27/04 1,036
1,000 TOYOTA MOTOR CREDIT, 5.625%, 11/13/03 956
1,000 TRANSAMERICA FINANCIAL AGENCY,
6.370%, 05/14/04 951
-------------------------------------------------------------------------------
18,408
-------------------------------------------------------------------------------
FOOD & BEVERAGE -- 0.8%
1,000 TYSON FOODS, 6.000%, 01/15/03 961
-------------------------------------------------------------------------------
961
-------------------------------------------------------------------------------
GAS & NATURAL GAS -- 2.5%
1,000 CONSOLIDATED NATURAL GAS,
7.250%, 10/01/04 990
1,000 NATIONAL FUEL GAS, 6.820%, 08/01/04 969
1,000 NORTHWEST NATURAL GAS, 5.550%, 11/12/02 958
-------------------------------------------------------------------------------
2,917
-------------------------------------------------------------------------------
HOUSEHOLD FURNITURE & FIXTURES -- 0.8%
1,000 LEGGETT & PLATT, 6.070%, 03/19/03 971
-------------------------------------------------------------------------------
971
-------------------------------------------------------------------------------
INSURANCE -- 2.5%
1,000 HARLEYSVILLE GROUP, 6.750%, 11/15/03 968
1,000 HARTFORD LIFE, 6.900%, 06/15/04 975
1,000 METROPOLITAN LIFE, 6.300%, 11/01/03 960
-------------------------------------------------------------------------------
2,903
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
--------------------------------------------------------------------------------
MACHINERY -- 3.4%
$ 1,000 BLACK & DECKER, 7.500%, 04/01/03 $ 1,001
1,000 CATERPILLAR FINANCIAL,
6.875%, 08/01/04 984
1,000 INGERSOLL RAND, 6.875%, 02/01/03 986
1,000 STANLEY WORKS, 5.750%, 03/01/04 950
-------------------------------------------------------------------------------
3,921
-------------------------------------------------------------------------------
MARINE TRANSPORTATION -- 0.9%
1,000 CARNIVAL, 7.700%, 07/15/04 994
-------------------------------------------------------------------------------
994
-------------------------------------------------------------------------------
MEASURING DEVICES -- 0.8%
1,000 PARKER-HANNIFIN MTN, 5.650%, 09/15/03 953
-------------------------------------------------------------------------------
953
-------------------------------------------------------------------------------
METALS & MINING -- 0.9%
1,000 TECK, 8.700%, 05/01/02 1,028
-------------------------------------------------------------------------------
1,028
-------------------------------------------------------------------------------
MISCELLANEOUS BUSINESS SERVICES -- 3.4%
1,000 FIRST DATA, 6.625%, 04/01/03 974
1,000 INTERNATIONAL PAPER,
7.625%, 08/01/04 996
1,000 ORACLE, 6.720%, 02/15/04 980
1,000 XEROX CAPITAL, 5.875%, 05/15/04 930
-------------------------------------------------------------------------------
3,880
-------------------------------------------------------------------------------
PAPER & PAPER PRODUCTS -- 0.8%
1,000 FORT JAMES, 6.625%, 09/15/04 956
-------------------------------------------------------------------------------
956
-------------------------------------------------------------------------------
PETROLEUM & FUEL PRODUCTS -- 1.7%
1,000 ANADARKO PETROLEUM, 6.750%, 03/15/03 989
1,000 ONEOK (A), 7.750%, 03/01/05 1,002
-------------------------------------------------------------------------------
1,991
-------------------------------------------------------------------------------
PHOTOGRAPHIC EQUIPMENT -- 0.9%
1,000 EASTMAN KODAK, 9.375%, 03/15/03 1,053
-------------------------------------------------------------------------------
1,053
-------------------------------------------------------------------------------
RAILROADS -- 1.8%
1,500 CSX, 9.500%, 08/01/00 1,502
575 UNION PACIFIC, 7.060%, 05/15/03 560
-------------------------------------------------------------------------------
2,062
-------------------------------------------------------------------------------
REAL ESTATE INVESTMENT TRUST -- 2.5%
1,000 HOMESIDE LENDING MTN, 6.200%, 05/15/03 961
1,000 SIMON PROPERTY GROUP, 6.750%, 02/09/04 949
1,000 SPIEKER PROPERTIES LP, 6.800%, 12/15/01 985
-------------------------------------------------------------------------------
2,895
-------------------------------------------------------------------------------
RETAIL -- 4.0%
1,000 AUTOZONE, 6.000%, 11/01/03 950
1,000 DOLLAR GENERAL (A), 5.625%, 06/15/10 994
1,000 DUTY FREE INTERNATIONAL,
7.000%, 01/15/04 951
750 SAFEWAY, 8.570%, 04/01/03 764
1,000 SEARS ROEBUCK, 8.470%, 03/11/02 1,014
--------------------------------------------------------------------------------
4,673
--------------------------------------------------------------------------------
24
<PAGE>
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME (CONTINUED)
SECURITIES FUND
--------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
CORPORATE BONDS -- (CONTINUED)
-------------------------------------------------------------------------------
TELEPHONE & TELECOMMUNICATION -- 1.7%
$ 1,000 AIRTOUCH COMMUNICATIONS,
7.125%, 07/15/01 $ 998
1,000 AT&T CAPITAL, 6.900%, 01/30/02 994
-------------------------------------------------------------------------------
1,992
-------------------------------------------------------------------------------
TRUCKING & LEASING -- 0.9%
1,000 ROLLINS TRUCK LEASING, 7.000%, 03/15/03 990
-------------------------------------------------------------------------------
990
-------------------------------------------------------------------------------
WHOLESALE -- 2.6%
1,000 AVNET, 7.875%, 02/15/05 1,013
1,000 CARDINAL HEALTH, 6.500%, 02/15/04 965
1,000 SUPER VALUE, 7.625%, 09/15/04 995
-------------------------------------------------------------------------------
2,973
-------------------------------------------------------------------------------
TOTAL CORPORATE BONDS (COST $95,984) 93,988
-------------------------------------------------------------------------------
ASSET-BACKED OBLIGATION -- 0.1%
-------------------------------------------------------------------------------
144 AFG RECEIVABLES TRUST, SERIES 1997-A,
CLASS B, 6.650%, 10/15/02 144
-------------------------------------------------------------------------------
TOTAL ASSET-BACKED OBLIGATION (COST $144) 144
-------------------------------------------------------------------------------
GOVERNMENT AGENCY -- 14.8%
-------------------------------------------------------------------------------
18,000 FEDERAL NATIONAL MORTGAGE ASSOCIATION,
5.625%, 05/14/04 17,142
-------------------------------------------------------------------------------
TOTAL GOVERNMENT AGENCY (COST $17,552) 17,142
-------------------------------------------------------------------------------
REGIONAL AGENCY -- 0.9%
-------------------------------------------------------------------------------
1,000 MONTREAL URBAN COMMUNITY,
9.125%, 03/15/01 1,011
-------------------------------------------------------------------------------
TOTAL REGIONAL AGENCY (COST $1,021) 1,011
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
(000) (000)
-------------------------------------------------------------------------------
COMMERCIAL PAPER -- 1.1%
$ 1,238 PRUDENTIAL FUNDING, 6.003%, 07/03/00 $ 1,238
-------------------------------------------------------------------------------
TOTAL COMMERCIAL PAPER (COST $1,238) 1,238
-------------------------------------------------------------------------------
TOTAL INVESTMENTS--98.3% (COST $115,939) 113,523
-------------------------------------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET--1.7% 1,914
-------------------------------------------------------------------------------
NET ASSETS:
TRUST SHARES
(UNLIMITED AUTHORIZATION -- NO PAR VALUE)
BASED ON 5,996,713 OUTSTANDING SHARES OF
BENEFICIAL INTEREST 118,415
-------------------------------------------------------------------------------
UNDISTRIBUTED NET INVESTMENT INCOME 164
-------------------------------------------------------------------------------
ACCUMULATED NET REALIZED LOSS ON INVESTMENTS (726)
-------------------------------------------------------------------------------
NET UNREALIZED DEPRECIATION ON INVESTMENTS (2,416
-------------------------------------------------------------------------------
TOTAL NET ASSETS--100.0% $115,437
-------------------------------------------------------------------------------
NET ASSET VALUE, OFFERING AND REDEMPTION PRICE
PER SHARE -- TRUST SHARES $19.25
-------------------------------------------------------------------------------
SEE NOTES TO STATEMENT OF NET ASSETS PAGE 26.
(See notes which are an integral part of the Financial Statements.)
25
<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
MTN--MEDIUM TERM NOTE
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 JUNE 30,
2000. 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 JUNE 30, 2000 (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 $ 36,226** -- -- -- $ 36,437
MONEY MARKET FUND 891,687** -- -- -- 887,644
OHIO MUNICIPAL MONEY MARKET FUND 167,293** -- -- -- 168,043
U.S. TREASURY MONEY MARKET FUND 459,465** -- -- -- 457,776
GROWTH FUND 149,844 171,613 176,298 (4,685) 321,479
INCOME EQUITY FUND 141,064 75,103 80,927 (5,824) 217,226
MICHIGAN TAX-FREE FUND 24,269 322 528 (206) 24,928
OHIO TAX-FREE FUND 49,172 650 968 (318) 50,228
FIXED INCOME SECURITIES FUND 156,062 (4,641) 847 (5,488) 154,437
INTERMEDIATE GOVERNMENT INCOME FUND 85,247 (2,011) 251 (2,262) 84,274
MORTGAGE SECURITIES FUND 33,352 (803) 17 (820) 32,726
SHORT/INTERMEDIATE FIXED INCOME
SECURITIES FUND 115,939 (2,416) 72 (2,488) 115,437
------------------------------------------------------------------------------------------------------------------------------------
** AT AMORTIZED COST.
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.)
(CONTINUED)
</TABLE>
26
<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 JUNE 30, 2000, THE PERCENTAGE OF PORTFOLIO INVESTMENTS BY EACH REVENUE
SOURCE WAS AS FOLLOWS:
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
REVENUE BONDS:
HIGHER EDUCATION BONDS ....................... 7.0%
HOSPITAL BONDS ............................... 17.4%
HOUSING BONDS ................................ 21.5%
INDUSTRIAL BONDS ............................. 11.5%
POLLUTION CONTROL BONDS ...................... 4.1%
RECREATIONAL BONDS ........................... 11.4%
UTILITY BONDS ................................ 7.2%
GENERAL OBLIGATIONS: ............................ 19.9%
HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND
REVENUE BONDS:
HEALTH CARE BONDS ............................ 4.6%
HIGHER EDUCATION BONDS ....................... 11.6%
HOSPITAL BONDS ............................... 22.8%
HOUSING BONDS ................................ 1.2%
INCOME TAX BONDS ............................. 2.1%
INDUSTRIAL BONDS ............................. 17.6%
POLLUTION CONTROL BONDS ...................... 1.5%
UTILITY BONDS ................................ 4.6%
GENERAL OBLIGATIONS: ............................ 26.2%
CASH EQUIVALENTS: ............................... 7.8%
HUNTINGTON MICHIGAN TAX-FREE FUND
REVENUE BONDS:
HIGHER EDUCATION BONDS ....................... 11.8%
HOSPITAL BONDS ............................... 21.7%
HOUSING BONDS ................................ 1.8%
INDUSTRIAL BONDS ............................. 5.6%
UTILITY BONDS ................................ 5.7%
GENERAL OBLIGATIONS: ............................ 52.2%
CASH EQUIVALENTS: ............................... 1.2%
HUNTINGTON OHIO TAX-FREE FUND
REVENUE BONDS:
HIGHER EDUCATION BONDS ....................... 14.1%
HIGHWAY BONDS ................................ 1.5%
HOSPITAL BONDS ............................... 6.2%
HOUSING BONDS ................................ 1.0%
INDUSTRIAL BONDS ............................. 3.9%
RESOURCE RECOVERY BONDS ...................... 1.0%
UTILITY BONDS ................................ 8.8%
GENERAL OBLIGATIONS: ............................ 63.5%
27
<PAGE>
STATEMENTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED)
(ALL NUMBERS IN THOUSANDS)
<TABLE>
<CAPTION>
HUNTINGTON HUNTINGTON
FLORIDA HUNTINGTON HUNTINGTON U.S. TREASURY
TAX-FREE MONEY OHIO MUNICIPAL MONEY
MONEY MARKET MONEY MARKET MARKET
FUND FUND FUND FUND
-----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
DIVIDENDS .................................. $ -- $ -- $ -- $ --
INTEREST ................................... 858 28,632 3,897 13,237
LESS: FOREIGN TAXES WITHHELD ............... -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT INCOME .................. 858 28,632 3,897 13,327
-----------------------------------------------------------------------------------------------------------------------------------
EXPENSES:
INVESTMENT ADVISORY FEES ................... 92 1,310 298 459
ADMINISTRATION FEES ........................ 29 658 139 321
DISTRIBUTION & SERVICES FEES-- INVESTMENT A SHARES 23 419 141 53
DISTRIBUTION & SERVICES FEES-- INVESTMENT B SHARES -- -- -- --
TRANSFER AGENT FEES ........................ 19 76 25 24
CUSTODIAN FEES ............................. 6 120 25 94
PROFESSIONAL FEES .......................... 1 25 11 26
PRINTING AND SHAREHOLDER REPORTS ........... 4 29 8 20
REGISTRATION AND FILING FEES ............... 2 8 11 5
TRUSTEES' FEES ............................. -- 6 1 3
MISCELLANEOUS .............................. 1 19 4 12
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL EXPENSES ........................... 177 2,670 663 1,017
-----------------------------------------------------------------------------------------------------------------------------------
LESS:
WAIVER OF INVESTMENT ADVISORY FEES ......... (44) -- (34) --
WAIVER OF DISTRIBUTION & SERVICES FEES ..... (9) (167) (60) (21)
-----------------------------------------------------------------------------------------------------------------------------------
NET EXPENSES .................................. 124 2,503 569 996
-----------------------------------------------------------------------------------------------------------------------------------
NET INVESTMENT INCOME ......................... 734 26,129 3,328 12,241
-----------------------------------------------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
NET REALIZED GAIN/(LOSS) ON INVESTMENTS
(IDENTIFIED COST BASIS) .................. -- -- -- 14
NET CHANGE IN UNREALIZED APPRECIATION/
(DEPRECIATION) ON INVESTMENTS ............ -- -- -- --
-----------------------------------------------------------------------------------------------------------------------------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS .............................. -- -- -- 14
-----------------------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS $734 $26,129 $3,328 $12,255
====================================================================================================================================
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.)
28
<PAGE>
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
---------------------------------------------------------------------------------------------------------------
$ 1,278 $ 3,358 $ -- $ -- $ -- $ -- $ -- $ --
182 1,429 723 1,461 5,779 3,042 1,175 3,860
(1) (18) -- -- -- -- -- --
----------------------------------------------------------------------------------------------------------------
1,459 4,769 723 1,461 5,779 3,042 1,175 3,860
----------------------------------------------------------------------------------------------------------------
905 660 66 130 388 232 82 286
213 156 18 37 109 65 23 79
20 2 8 2 2 2 2 --
-- -- -- -- -- -- -- --
32 27 8 20 28 21 17 6
40 28 3 7 20 12 4 15
22 21 5 3 9 13 1 8
18 10 1 3 7 8 3 5
20 16 1 -- 15 13 6 6
2 2 1 -- 1 1 1 1
3 6 8 24 7 5 -- 4
-----------------------------------------------------------------------------------------------------------------
1,275 928 119 226 586 372 139 410
-----------------------------------------------------------------------------------------------------------------
-- -- (6) -- -- (16) (22) --
-- -- -- -- -- -- (1) --
-----------------------------------------------------------------------------------------------------------------
1,275 928 113 226 586 356 116 410
-----------------------------------------------------------------------------------------------------------------
184 3,841 610 1,235 5,193 2,686 1,059 3,450
-----------------------------------------------------------------------------------------------------------------
18,649 1,000 20 44 (1,330) (192) (37) (3)
(3,810) (15,427) 65 233 960 569 (15) (15)
-----------------------------------------------------------------------------------------------------------------
14,839 (14,427) 85 277 (370) 377 (52) (18)
-----------------------------------------------------------------------------------------------------------------
$15,023 $(10,586) $695 $1,512 $4,823 $3,063 $1,007 $3,432
=================================================================================================================
29
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
(ALL NUMBERS IN THOUSANDS)
HUNTINGTON HUNTINGTON HUNTINGTON HUNTINGTON
FLORIDA TAX-FREE MONEY MARKET OHIO MUNICIPAL U.S. TREASURY
MONEY FUND FUND MONEY MARKET FUND MONEY MARKET FUND
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
2000 DEC. 31, 2000 DEC. 31, 2000 DEC. 31, 2000 DEC. 31,
(UNAUDITED) 1999* (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS--
NET INVESTMENT INCOME $ 734 $ 874 $ 26,129 $ 44,463 $ 3,328 $ 5,523 $ 12,241 $ 20,890
NET REALIZED GAIN (LOSS) FROM
SECURITY TRANSACTIONS -- (1) -- -- -- -- 14 (3)
CHANGE IN NET UNREALIZED
APPRECIATION (DEPRECIATION)
OF INVESTMENTS -- -- -- -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING
FROM OPERATIONS 734 873 26,129 44,463 3,328 5,523 12,255 20,887
-------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS--
FROM NET INVESTMENT INCOME:
TRUST SHARES (412) (726) (16,961) (30,427) (1,441) (2,274) (11,136) (18,968)
INVESTMENT A SHARES (1) (301) (153) (9,179) (14,019) (1,826) (3,259) (1,100) (1,922)
INVESTMENT B SHARES -- -- -- -- -- -- -- --
FROM NET REALIZED GAIN ON
INVESTMENTS:
TRUST SHARES -- -- -- -- -- -- -- --
INVESTMENT A SHARES(1) -- -- -- -- -- -- -- --
INVESTMENT B SHARES -- -- -- -- -- -- --
IN EXCESS OF NET REALIZED GAIN
ON INVESTMENTS:
TRUST SHARES -- -- -- -- -- -- -- --
INVESTMENT A SHARES (1) -- -- -- -- -- -- -- --
INVESTMENT B SHARES -- -- -- -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS FROM
DISTRIBUTIONS TO
SHAREHOLDERS (713) (879) (26,140) (44,446) (3,267) (5,533) (12,236) (20,890)
-------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS--
TRUST SHARES:
PROCEEDS FROM SHARES
ISSUED 35,694 70,627 764,124 866,033 90,159 113,764 441,506 1,337,264
REINVESTMENT OF
DISTRIBUTIONS -- -- 758 13 -- -- 11 17
COST OF SHARES REDEEMED (36,462) (45,329) (854,211) (933,543) (108,665) (125,561) (425,213)(1,410,026)
-------------------------------------------------------------------------------------------------------------------
TOTAL TRUST SHARES TRANSACTIONS (768) 25,298 (89,329) (67,497) (18,506) (11,797) 16,304 (72,745)
-------------------------------------------------------------------------------------------------------------------
INVESTMENT A SHARES: (1)
PROCEEDS FROM SHARES
ISSUED 50,863 33,914 239,473 591,216 127,161 246,202 71,873 83,616
REINVESTMENT OF
DISTRIBUTIONS 4 -- 3,759 6,707 193 251 234 486
COST OF SHARES REDEEMED (58,545) (14,344) (235,399) (534,217) (153,293) (258,120) (75,943) (97,892)
-------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT A SHARES
TRANSACTIONS (7,678) 19,570 7,833 63,706 (25,939) (11,667) (3,836) (13,790)
-------------------------------------------------------------------------------------------------------------------
INVESTMENT B SHARES:
PROCEEDS FROM SHARES ISSUED -- -- 11 -- -- -- -- --
REINVESTMENT OF DISTRIBUTIONS -- -- -- -- -- -- -- --
COST OF SHARES REDEEMED -- -- -- -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT B SHARES
TRANSACTIONS -- -- 11 -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS FROM
FUND SHARES TRANSACTIONS (8,446) 44,868 (81,485) (3,791) (44,445) (23,464) 12,468 (86,535)
-------------------------------------------------------------------------------------------------------------------
TOTAL CHANGE IN NET ASSETS (8,425) 44,862 (81,496) (3,774) (44,384) (23,474) 12,487 (86,538)
-------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 44,862 -- 969,140 972,914 212,427 235,901 445,289 531,827
-------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 36,437 $ 44,862 $ 887,644 $ 969,140 $168,043 $ 212,427 $ 457,776 $ 445,289
===================================================================================================================
UNDISTRIBUTED/OVERDISTRIBUTED
NET INVESTMENT
INCOME INCLUDED IN NET ASSETS
AT END OF PERIOD $ 16 $ (5) $ 6 $ 17 $ 51 $ (10) $ 5 $ --
-------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED--
TRUST SHARES:
SHARES ISSUED 35,694 70,627 764,124 866,033 90,159 113,764 441,506 1,337,264
REINVESTMENT OF
DISTRIBUTIONS -- -- 758 13 -- -- 11 17
SHARES REDEEMED (36,462) (45,329) (854,211) (933,543) (108,665) (125,561) (425,213)(1,410,026)
-------------------------------------------------------------------------------------------------------------------
TOTAL TRUST SHARES
TRANSACTIONS (768) 25,298 (89,329) (67,497) (18,506) (11,797) 16,304 (72,745)
-------------------------------------------------------------------------------------------------------------------
INVESTMENT A SHARES: (1)
SHARES ISSUED 50,863 33,914 239,473 591,216 127,160 246,202 71,873 83,616
REINVESTMENT OF
DISTRIBUTIONS 4 -- 3,759 6,707 193 251 234 486
SHARES REDEEMED (58,545) (14,344) (235,399) (534,217) (153,293) (258,120) (75,943) (97,892)
-------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT A SHARES
TRANSACTIONS (7,678) 19,570 7,833 63,706 (25,940) (11,667) (3,836) (13,790)
-------------------------------------------------------------------------------------------------------------------
INVESTMENT B SHARES:
SHARES ISSUED -- -- 10 -- -- -- -- --
REINVESTMENT OF DISTRIBUTIONS -- -- -- -- -- -- -- --
SHARES REDEEMED -- -- -- -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT B SHARES
TRANSACTIONS -- -- 10 -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------
NET CHANGE IN FUND SHARE
TRANSACTIONS (8,446) 44,868 (81,486) (3,791) (44,446) (23,464) 12,468 (86,535)
-------------------------------------------------------------------------------------------------------------------
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.)
*REFLECTS OPERATIONS FOR THE PERIOD FROM JANUARY 6, 1999 (DATE OF INITIAL PUBLIC INVESTMENT) TO DECEMBER 31, 1999.
(1) FORMERLY KNOWN AS INVESTMENT SHARES
30
<PAGE>
HUNTINGTON HUNTINGTON HUNTINGTON HUNTINGTON HUNTINGTON
GROWTH INCOME EQUITY MICHIGAN OHIO TAX-FREE FIXED INCOME
FUND FUND TAX-FREE FUND FUND SECURITIES FUND
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
2000 DEC. 31, 2000 DEC. 31, 2000 DEC. 31, 2000 DEC. 31, 2000 DEC. 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 184 $ 1,848 $ 3,841 $ 7,125 $ 610 $ 1,430 $1,235 $ 2,702 $ 5,193 $ 9,419
18,649 39,334 1,000 1,638 20 (7) 44 36 (1,330) (1,272)
(3,810) 394 (15,427) (25,323) 65 (1,611) 233 (3,294) 960 (14,472)
--------------------------------------------------------------------------------------------------------------------
15,023 41,576 (10,586) (16,560) 695 (188) 1,512 (556) 4,823 (6,325)
--------------------------------------------------------------------------------------------------------------------
(297) (1,806) (3,682) (6,975) (466) (1,049) (1,170) (2,636) (4,786) (9,240)
(10) (54) (24) (49) (143) (373) (27) (61) (37) (82)
-- -- -- -- -- -- -- -- -- --
-- (36,416) -- (1,626) -- -- -- (32) -- --
-- (1,993) -- (12) -- -- -- (1) -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- (134) -- (11) -- -- -- --
-- -- -- (1) -- (3) -- -- -- --
-- -- -- -- -- -- -- -- -- --
--------------------------------------------------------------------------------------------------------------------
(307) (40,269) (3,706) (8,797) (609) (1,436) (1,197) (2,730) (4,823) (9,322)
--------------------------------------------------------------------------------------------------------------------
19,002 43,196 12,362 39,778 411 3,249 1,710 5,092 13,293 28,740
96 10,916 1,092 2,535 3 42 72 161 1,814 3,636
(23,154) (82,687) (9,207) (40,562) (2,692) (5,298) (5,721) (12,470) (12,745) (34,537
--------------------------------------------------------------------------------------------------------------------
(4,056) (28,575) 4,247 1,751 (2,278) (2,007) (3,939) (7,217) 2,362 (2,161)
--------------------------------------------------------------------------------------------------------------------
427 2,057 131 783 73 781 5 67 42 66
10 2,014 23 59 110 301 19 42 29 64
(2,177) (3,310) (198) (858) (1,055) (2,218) (205) (240) (77) (281)
-------------------------------------------------------------------------------------------------------------------
(1,740) 761 (44) (16) (872) (1,136) (181) (131) (6) (151)
-------------------------------------------------------------------------------------------------------------------
1 -- 1 -- -- -- -- -- 1 --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------
1 -- 1 -- -- -- -- -- 1 --
--------------------------------------------------------------------------------------------------------------------
(5,795) (27,814) 4,204 1,735 (3,150) (3,143) (4,120) (7,348) 2,357 (2,312)
-------------------------------------------------------------------------------------------------------------------
8,921 (26,507) (10,088) (23,622) (3,064) (4,767) (3,805) (10,634) 2,357 (17,959)
-------------------------------------------------------------------------------------------------------------------
312,558 339,065 227,314 250,936 27,992 32,759 54,033 64,667 152,080 170,039
-------------------------------------------------------------------------------------------------------------------
$321,479 $312,558 $217,226 $227,314 $24,928 $27,992 $50,228 $54,033 $154,437 $152,080
===================================================================================================================
$ (109) $ 14 $ 324 $ 189 $ 9 $ 8 $ 48 $ 10 $ 468 $ 98
-------------------------------------------------------------------------------------------------------------------
395 847 347 1,004 40 303 83 237 678 1,399
2 229 31 65 -- 4 4 7 92 176
(480) (1,593) (260) (1,020) (259) (497) (278) (588) (651) (1,671)
-------------------------------------------------------------------------------------------------------------------
(83) (517) 118 49 (219) (190) (191) (344) 119 (96)
-------------------------------------------------------------------------------------------------------------------
9 40 3 19 7 72 -- 3 2 3
-- 42 1 1 10 28 1 2 2 3
(45) (65) (5) (21) (101) (209) (10) (12) (4) (13)
-------------------------------------------------------------------------------------------------------------------
(36) 17 (1) (1) (84) (109) (9) (7) -- (7)
-------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-- -- -- -- -- -- -- -- -- --
-------------------------------------------------------------------------------------------------------------------
-- -- -- -- -- -- -- -- -- --
---------------------------------------------------------------------------------------------------------------------
(119) (500) 117 48 (303) (299) (200) (351) 119 (103)
---------------------------------------------------------------------------------------------------------------------
31
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
(ALL NUMBERS IN THOUSANDS)
HUNTINGTON HUNTINGTON SHORT/
INTERMEDIATE HUNTINGTON INTERMEDIATE
GOVERNMENT MORTGAGE SECURITIES FIXED INCOME
INCOME FUND FUND SECURITIES FUND
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
2000 DEC. 31, 2000 DEC. 31, 2000 DEC. 31,
(UNAUDITED) 1999 (UNAUDITED) 1999 (UNAUDITED) 1999
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS--
NET INVESTMENT INCOME $ 2,686 $ 5,828 $1,059 $ 2,056 $3,450 $ 6,658
NET REALIZED GAIN (LOSS) FROM
SECURITY TRANSACTIONS (192) 205 (37) (3) (3) (723)
CHANGE IN NET UNREALIZED
APPRECIATION (DEPRECIATION)
OF INVESTMENTS 569 (7,187) (15) (1,675) (15) (4,723)
--------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS RESULTING
FROM OPERATIONS 3,063 (1,154) 1,007 378 3,432 1,212
--------------------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS--
FROM NET INVESTMENT INCOME:
TRUST SHARES (2,619) (5,682) (999) (2,012) (3,360) (6,584)
INVESTMENT A SHARES (1) (52) (123) (27) (59) -- --
FROM NET REALIZED GAIN ON INVESTMENTS:
TRUST SHARES -- -- -- -- -- --
INVESTMENT A SHARES (1) -- -- -- -- -- --
IN EXCESS OF NET REALIZED GAIN ON
INVESTMENTS:
TRUST SHARES -- -- -- -- -- --
INVESTMENT A SHARES (1) -- -- -- -- -- --
--------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS FROM
DISTRIBUTIONS TO SHAREHOLDER (2,671) (5,805) (1,026) (2,071) (3,360) (6,584)
--------------------------------------------------------------------------------------------------------------------
CAPITAL SHARE TRANSACTIONS--
TRUST SHARES:
PROCEEDS FROM SHARES ISSUED 5,727 22,116 1,228 5,578 9,751 20,415
REINVESTMENT OF DISTRIBUTIONS 533 694 204 174 1,314 2,790
COST OF SHARES REDEEMED (23,807) (25,704) (1,662) (6,908) (9,041) (32,207)
--------------------------------------------------------------------------------------------------------------------
TOTAL TRUST SHARES TRANSACTIONS (17,547) (2,894) (230) (1,156) 2,024 (9,002)
--------------------------------------------------------------------------------------------------------------------
INVESTMENT A SHARES: (1)
PROCEEDS FROM SHARES ISSUED
FROM MERGER -- -- -- -- -- --
PROCEEDS FROM SHARES ISSUED 22 43 113 151 -- --
REINVESTMENT OF DISTRIBUTIONS 41 95 20 45 -- --
COST OF SHARES REDEEMED (255) (1,009) (376) (188) -- --
--------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT A SHARES
TRANSACTIONS (192) (871) (243) 8 -- --
--------------------------------------------------------------------------------------------------------------------
CHANGE IN NET ASSETS FROM FUND
SHARES TRANSACTIONS (17,739) (3,765) (473) (1,148) 2,024 (9,002)
--------------------------------------------------------------------------------------------------------------------
TOTAL CHANGE IN NET ASSETS (17,347) (10,724) (492) (2,841) 2,096 (14,374)
--------------------------------------------------------------------------------------------------------------------
NET ASSETS:
BEGINNING OF PERIOD 101,621 112,345 33,218 36,059 113,341 127,715
--------------------------------------------------------------------------------------------------------------------
END OF PERIOD $ 84,274 $101,621 $32,726 $33,218 $115,437 $113,341
====================================================================================================================
UNDISTRIBUTED/OVERDISTRIBUTED
NET INVESTMENT INCOME
INCLUDED IN NET ASSETS
AT END OF PERIOD $ 68 $ 53 $ 39 $ 6 $ 164 $ 74
--------------------------------------------------------------------------------------------------------------------
SHARES ISSUED AND REDEEMED--
TRUST SHARES:
SHARES ISSUED 589 2,208 158 689 509 1,042
REINVESTMENT OF DISTRIBUTIONS 55 69 26 22 69 142
SHARES REDEEMED (2,447) (2,566) (213) (859) (472) (1,637)
--------------------------------------------------------------------------------------------------------------------
TOTAL TRUST SHARES TRANSACTIONS (1,803) (289) (29) (148) 106 (453)
INVESTMENT A SHARES: (1)
SHARES ISSUED 2 4 14 19 -- --
REINVESTMENT OF DISTRIBUTIONS 4 9 3 2 -- --
SHARES REDEEMED (26) (99) (48) (20) -- --
--------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT A SHARES
TRANSACTIONS (20) (86) (31) 1 -- --
NET CHANGE IN FUND SHARE
TRANSACTIONS (1,823) (375) 60 (147) 106 (453)
--------------------------------------------------------------------------------------------------------------------
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.)
(1) FORMERLY KNOWN AS INVESTMENT SHARES.
</TABLE>
32
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
33
<PAGE>
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
MONEY MARKET FUNDS
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
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> <C>
TRUST SHARES
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
2000(C) $1.00 0.02 (0.02) $1.00
1999(D) $1.00 0.03 (0.03) $1.00
HUNTINGTON MONEY MARKET FUND
2000(C) $1.00 0.03 (0.03) $1.00
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
2000(C) $1.00 0.02 (0.02) $1.00
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
2000(C) $1.00 0.03 (0.03) $1.00
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 A SHARES
HUNTINGTON FLORIDA TAX-FREE MONEY FUND
2000(C) $1.00 0.02 (0.02) $1.00
1999 $1.00 0.03 (0.03) $1.00
HUNTINGTON MONEY MARKET FUND
2000(C) $1.00 0.03 (0.03) $1.00
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
2000(C) $1.00 0.02 (0.02) $1.00
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
2000(C) $1.00 0.03 (0.03) $1.00
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 B SHARES
HUNTINGTON MONEY MARKET FUND
2000(C) (E) $1.00 0.01 (0.01) $1.00
------------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) BASED ON NET ASSET VALUE, WHICH DOES NOT REFLECT THE SALES LOAD OR CONTINGENT DEFERRED SALES LOAD, IF APPLICABLE.
(B) THIS VOLUNTARY EXPENSE DECREASE IS REFLECTED IN BOTH THE EXPENSE AND NET INVESTMENT INCOME RATIOS.
(C) SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED). ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(D) REFLECTS OPERATIONS FOR THE PERIOD FROM JANUARY 6, 1999 (DATE OF INITIAL PUBLIC INVESTMENT) TO DECEMBER 31, 1999.
(E) HUNTINGTON MONEY MARKET FUND INVESTMENT B SHARES COMMENCED OPERATIONS ON MAY 2, 2000.
</FN>
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS)
34
<PAGE>
<TABLE>
<CAPTION>
RATIO TO AVERAGE NET ASSETS
-----------------------------
EXPENSE WAIVER NET ASSETS,
NET REDUCTION/ END OF
TOTAL INVESTMENT REIMBURSEMENT PERIOD
RETURN(A) EXPENSES INCOME (B) (000 OMITTED)
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1.75% 0.53% 3.53% 0.20% $ 24,538
2.78% 0.49% 2.78% 0.30% $ 25,295
2.83% 0.48% 5.60% -- $543,720
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
1.70% 0.49% 3.42% 0.03% $ 72,324
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
2.68% 0.42% 5.33% -- $420,820
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
1.67% 0.67% 3.42% 0.31% $ 11,899
2.74% 0.57% 2.70% 0.43% $ 19,567
2.75% 0.63% 5.46% 0.10% $343,914
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
1.63% 0.63% 3.28% 0.14% $ 95,719
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
2.61% 0.57% 5.19% 0.11% $ 36,956
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
0.81% 1.48% 4.91% -- $ 10
------------------------------------------------------------------------------------------------------------------------------------
35
<PAGE>
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY FUNDS
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
DISTRIBUTIONS TO
NET REALIZED DISTRIBUTIONS TO SHAREHOLDERS DISTRIBUTIONS
NET ASSET AND SHAREHOLDERS FROM NET IN EXCESS
VALUE, NET UNREALIZED TOTAL FROM FROM NET REALIZED GAIN OF NET
YEAR ENDED BEGINNING INVESTMENT GAIN/(LOSS) INVESTMENT INVESTMENT ON INVESTMENT INVESTMENT
DECEMBER 31, OF PERIOD INCOME INVESTMENTS OPERATIONS INCOME TRANSACTIONS INCOME
------------------------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON GROWTH FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2000(C) $49.52 0.03 2.41 2.44 (0.05) -- --
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
2000(C) $36.71 0.61 (2.30) (1.69) (0.59) -- --
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 A SHARES
HUNTINGTON GROWTH FUND
2000(C) $49.47 (0.02) 2.41 2.39 (0.03) -- --
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
2000(C) $36.72 0.57 (2.31) (1.74) (0.54) -- --
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(F) $31.20 0.65 5.72 6.37 (0.63) (0.65) --
INVESTMENT B SHARES
HUNTINGTON GROWTH FUND
2000(C) (G) $50.06 (0.08) 1.78 1.70 -- -- --
HUNTINGTON INCOME EQUITY FUND
2000(C) (H) $35.83 (1.87) 0.62 (1.25) (0.16) -- --
-----------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) BASED ON NET ASSET VALUE, WHICH DOES NOT REFLECT THE SALES LOAD OR CONTINGENT DEFERRED SALES LOAD, IF APPLICABLE.
(B) THIS VOLUNTARY EXPENSE DECREASE IS REFLECTED IN BOTH THE EXPENSE AND NET INVESTMENT INCOME RATIOS.
(C) SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED). ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(D) NOT ANNUALIZED.
(E) COMPUTED ON AN ANNUALIZED BASIS
(F) REFLECTS OPERATIONS FOR THE PERIOD FROM MAY 1, 1997 (COMMENCEMENT OF OPERATIONS OF INVESTMENT A SHARES,
FORMERLY INVESTMENT SHARES.)
(G) HUNTINGTON GROWTH FUND INVESTMENT B SHARES COMMENCED OPERATIONS MAY 1, 2000.
(H) HUNTINGTON INCOME EQUITY FUND INVESTMENT B SHARES COMMENCED OPERATIONS MAY 1, 2000.
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.)
36
<PAGE>
<TABLE>
<CAPTION>
RATIO TO AVERAGE NET ASSETS
---------------------------------
NET ASSET EXPENSE WAIVER NET ASSETS,
VALUE, NET REDUCTION/ END OF PORTFOLIO
TOTAL END OF TOTAL INVESTMENT REIMBURSEMENT PERIOD TURNOVER
DISTRIBUTIONS PERIOD RETURN (A) EXPENSES INCOME (B) (000 OMITTED) RATE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
(0.05) $51.91 4.93% 0.82% 0.13% -- $305,220 19%
(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%
(2.41) $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%
(0.59) $34.43 (4.65)% 0.83% 3.45% -- $215,705 31%
(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%
(0.03) $51.83 4.84% 1.07% (0.11)% -- $ 16,258 19%
(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%
(2.32) $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%
(0.54) $34.44 (4.79)% 1.08% 3.20% -- $ 1,520 31%
(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%(D) 1.08%(E) 2.76%(E) -- $ 279 24%
-- $51.76 3.40% 1.82% (0.95)% -- $ 1 19%
(0.16) $34.42 (3.50)% 1.83% 2.51% -- $ 1 31%
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
37
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
FIXED INCOME FUNDS
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
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 (A)
------------------------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON OHIO TAX-FREE FUND
<S> <C> <C> <C> <C> <C> <C> <C> <C>
2000(D) $20.68 0.49 0.12 0.61 (0.47) -- --
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
2000(D) $19.74 0.65 (0.04) 0.61 (0.61) -- --
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
2000(D) $ 7.86 0.25 (0.01) 0.24 (0.24) -- --
1999 $ 8.25 0.47 (0.39) 0.08 (0.47) -- --
1998 (E) $ 8.24 0.50 0.01 0.51 (0.50) -- --
1997(F) $ 8.06 0.52 0.16 0.68 (0.50) -- --
1996(F) $ 8.09 0.55 (0.04) 0.51 (0.54) -- --
1995(F) $ 6.69 0.55 1.46 2.01 (0.55) -- (0.06)
HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND
2000(D) $19.24 0.57 -- 0.57 (0.56) -- --
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 A SHARES
HUNTINGTON OHIO TAX-FREE FUND
2000(D) $20.67 0.46 0.12 0.58 (0.44) -- --
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
2000(D) $19.74 0.63 (0.05) 0.58 (0.58) -- --
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
2000(D) $ 7.89 0.24 (0.02) 0.22 (0.23) -- --
1999 $ 8.27 0.45 (0.38) 0.07 (0.45) -- --
1998(E) $ 8.26 0.48 0.01 0.49 (0.48) -- --
1997(F) $ 8.08 0.50 0.17 0.67 (0.49) -- --
1996(F) $ 8.12 0.53 (0.04) 0.49 (0.53) -- --
1995(F) $ 6.70 0.55 1.46 2.01 (0.55) -- (0.04)
INVESTMENT B SHARES
HUNTINGTON FIXED INCOME SECURITIES FUND
2000(D)(G) $19.56 0.19 0.16 0.35 (0.17) -- --
------------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) 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.
(B) BASED ON NET ASSET VALUE, WHICH DOES NOT REFLECT THE SALES LOAD OR CONTINGENT
DEFERRED SALES LOAD, IF APPLICABLE.
(C) THIS VOLUNTARY EXPENSE DECREASE IS REFLECTED IN BOTH THE EXPENSE AND NET
INVESTMENT INCOME RATIOS.
</FN>
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(SEE NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL STATEMENTS.)
38
<PAGE>
<TABLE>
<CAPTION>
RATIO TO AVERAGE NET ASSETS
------------------------------------------------------------------------------------------------------------------------------------
NET ASSET EXPENSE WAIVER NET ASSETS,
VALUE, NET REDUCTION/ END OF PORTFOLIO
TOTAL END OF TOTAL INVESTMENT REIMBURSEMENT PERIOD TURNOVER
DISTRIBUTIONS PERIOD RETURN (C) EXPENSES INCOME (C) (000 OMITTED) RATE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
(0.47) $20.82 3.01% 0.86% 4.73% -- $ 49,092 --
(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%
(0.61) $19.74 3.14% 0.75% 6.67% -- $153,149 18%
(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%
(0.24) $ 7.86 3.17% 0.70% 6.46% 0.13% $ 31,943 6%
(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%
(0.56) $19.25 3.01% 0.71% 6.01% -- $115,437 6%
(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%
(0.44) $20.81 2.87% 1.11% 4.48% -- $ 1,136 --
(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%
(0.58) $19.74 3.00% 1.00% 6.42% -- $ 1,287 18%
(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%
(0.23) $ 7.88 2.88% 0.95% 6.21% 0.33% $ 783 6%
(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%
(0.17) $19.74 1.81% 1.75% 6.06% -- $ 1 18%
------------------------------------------------------------------------------------------------------------------------------------
<FN>
(D) SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED). ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(E) EFFECTIVE APRIL 24, 1998, PIPER CAPITAL MANAGEMENT, INC. CEASED TO SERVE AS THE SUBADVISER FOR MORTGAGE SECURITIES FUND.
(F) 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.
(G) HUNTINGTON FIXED INCOME SECURITIES FUND INVESTMENT B SHARES COMMENCED OPERATIONS ON MAY 1, 2000.
</FN>
</TABLE>
39
<PAGE>
FINANCIAL HIGHLIGHTS
FIXED INCOME FUNDS (CONT'D)
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
<TABLE>
DISTRIBUTIONS TO
NET REALIZED DISTRIBUTIONS TO SHAREHOLDERS
NET ASSET AND SHAREHOLDERS FROM NET
VALUE, NET UNREALIZED TOTAL FROM FROM NET REALIZED GAIN
PERIOD BEGINNING INVESTMENT GAIN/(LOSS) INVESTMENT INVESTMENT ON INVESTMENT
ENDED (A) OF PERIOD INCOME INVESTMENTS OPERATIONS INCOME TRANSACTIONS
------------------------------------------------------------------------------------------------------------------------------------
TRUST SHARES
HUNTINGTON MICHIGAN TAX-FREE FUND
<S> <C> <C> <C> <C> <C> <C> <C>
2000(D) $10.44 0.24 0.04 0.28 (0.24) --
1999 $10.99 0.49 (0.55) (0.06) (0.49) --
1998(E) $10.97 0.29 0.06 0.35 (0.31) (0.02)
1998(F) $10.89 0.25 0.06 0.31 (0.23) --
1997(G) $10.79 0.50 0.10 0.60 (0.50) --
1996(G) $10.79 0.50 -- 0.50 (0.50) --
1995(G) $ 9.97 0.49 0.82 1.31 (0.49) --
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND
2000(D) $ 9.76 0.28 0.06 0.34 (0.28) --
1999 $10.42 0.55 (0.66) (0.11) (0.55) --
1998(E) $10.23 0.33 0.21 0.54 (0.35) --
1998(F) $10.16 0.29 0.04 0.33 (0.26) --
1997(G) $10.13 0.59 0.02 0.61 (0.58) --
1996(G) $10.24 0.59 (0.10) 0.49 (0.60) --
1995(G) $ 9.66 0.61 0.58 1.19 (0.61) --
INVESTMENT SHARES
HUNTINGTON MICHIGAN TAX-FREE FUND
2000(D) $10.44 0.23 0.04 0.27 (0.23) --
1999 $10.99 0.46 (0.55) (0.09) (0.46) --
1998(E) $10.97 0.28 0.06 0.34 (0.30) (0.02)
1998(F) $10.89 0.24 0.06 0.30 (0.22) --
1997(G) $10.79 0.47 0.10 0.57 (0.47) --
1996(G) $10.79 0.48 -- 0.48 (0.48) --
1995(G) $ 9.97 0.49 0.82 1.31 (0.49) --
HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND
2000(D) $ 9.76 0.27 0.06 0.33 (0.27) --
1999 $10.42 0.54 (0.68) (0.14) (0.52) --
1998(E) $10.24 0.31 0.20 0.51 (0.33) --
1998(F) $10.16 0.28 0.05 0.33 (0.25) --
1997(G) $10.13 0.57 0.02 0.59 (0.56) --
1996(G) $10.24 0.57 (0.10) 0.47 (0.58) --
1995(G) $ 9.66 0.61 0.58 1.19 (0.61) --
------------------------------------------------------------------------------------------------------------------------------------
<FN>
(A) IN 1998, 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) BASED ON NET ASSET VALUE, WHICH DOES NOT REFLECT THE SALES LOAD, IF APPLICABLE.
(C) THIS VOLUNTARY EXPENSE DECREASE IS REFLECTED IN BOTH THE EXPENSE AND NET INVESTMENT INCOME RATIOS.
(D) SIX MONTHS ENDED JUNE 30, 2000(UNAUDITED). ALL RATIOS FOR THE PERIOD HAVE BEEN ANNUALIZED.
(E) SEVEN MONTHS ENDED DECEMBER 31.
(F) SIX MONTHS ENDED MAY 31.
(G) YEAR ENDED NOVEMBER 30.
(H) NOT ANNUALIZED.
(I) EXPENSE RATIOS REFLECT THE OPERATING EXPENSES IN EFFECT DURING THE PERIOD PRIOR TO AND SUBSEQUENT TO THE REORGANIZATION.
(J) COMPUTED ON AN ANNUALIZED BASIS.
</FN>
</TABLE>
AMOUNTS DESIGNATED AS "--" ARE EITHER $0 OR HAVE BEEN ROUNDED TO $0.
(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, NET REDUCTION/ END OF PORTFOLIO
TOTAL END OF TOTAL INVESTMENT REIMBURSEMENT PERIOD TURNOVER
DISTRIBUTIONS PERIOD RETURN (B) EXPENSES INCOME (C) (000 OMITTED) RATE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
(0.24) $10.48 2.76% 0.79% 4.68% 0.05% $ 18,594 --
(0.49) $10.44 (0.54)% 0.74% 4.57% 0.07% $ 20,809 6%
(0.33) $10.99 3.31%(H) 0.67%(J) 4.57%(J) 0.07%(J) $ 23,995 7%
(0.23) $10.97 2.86%(H) 0.75%(I)(J) 4.55%(J) 0.14%(J) $ 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%
(0.28) $ 9.82 3.55% 0.76% 5.79% 0.03% $ 84,401 17%
(0.55) $ 9.76 (1.09)% 0.73% 5.45% 0.05% $ 99,566 14%
(0.35) $10.42 5.34%(H) 0.69%(J) 5.38%(J) 0.05%(J) $109,261 7%
(0.26) $10.23 3.33%(H) 0.76%(I)(J) 5.67%(J) 0.02%(J) $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%
(0.23) $10.48 2.61% 1.04% 4.44% 0.05% $ 6,334 --
(0.46) $10.44 (0.77)% 0.98% 4.33% 0.07% $ 7,183 6%
(0.32) $10.99 3.14%(H) 0.92%(J) 4.32%(J) 0.07%(J) $ 8,764 7%
(0.22) $10.97 2.75%(H) 1.00%(I)(J) 4.30%(J) 0.21%(J) $ 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%
(0.27) $ 9.82 3.40% 1.01% 5.54% 0.03% $ 1,873 17%
(0.52) $ 9.76 (1.33)% 0.74% 5.46% 0.04% $ 2,055 14%
(0.33) $10.42 5.06%(H) 0.94%(J) 5.13%(J) 0.05%(J) $ 3,084 7%
(0.25) $10.24 3.31%(H) 1.01%(I)(J) 5.42%(J) 0.09%(J) $ 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>
41
<PAGE>
COMBINED NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2000
(1) ORGANIZATION
THE HUNTINGTON FUNDS, FORMERLY KNOWN AS THE MONITOR FUNDS, (THE "TRUST") IS
REGISTERED UNDER THE INVESTMENT COMPANY ACT OF 1940, AS AMENDED (THE "ACT"), AS
AN OPEN-END MANAGEMENT INVESTMENT COMPANY. AS OF JUNE 30, 2000, 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 OFFER UP TO THREE CLASSES OF SHARES: TRUST SHARES, INVESTMENT A SHARES
(FORMERLY KNOWN AS INVESTMENT SHARES) AND INVESTMENT B SHARES. ALL OF THE FUNDS
OFFER TRUST SHARES AND INVESTMENT A SHARES, EXCEPT SHORT/INTERMEDIATE FIXED
INCOME ONLY OFFERS TRUST SHARES. IN ADDITION, MONEY MARKET, GROWTH, INCOME
EQUITY AND FIXED INCOME EACH OFFER INVESTMENT B SHARES. TRUST SHARES CARRY NO
SALES CHARGES AND ARE NOT SUBJECT TO RULE 12B-1 FEES. TRUST SHARES ARE ONLY
OFFERED TO FIDUCIARY, ADVISORY, AGENCY AND OTHER SIMILAR CLIENTS OF THE
HUNTINGTON NATIONAL BANK, ITS AFFILIATES OR CORRESPONDENT BANKS. INVESTMENT A
SHARES ARE OFFERED TO ALL TYPES OF INVESTORS, CARRY A FRONT-END SALES CHARGE,
EXCEPT WITH RESPECT TO THE MONEY MARKET FUNDS, AND ARE SUBJECT TO 12B-1 FEES OF
0.25%. INVESTMENT B SHARES ARE ALSO OFFERED TO ALL TYPES OF INVESTORS, CARRY A
CONTINGENT DEFERRED SALES CHARGE, AND ARE SUBJECT TO 12B-1 FEES OF 1.00%.
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.
++ EFFECTIVE MAY 1, 2000, COUNTRYWIDE INVESTMENTS, INC. ("COUNTRYWIDE"), THE
SUBADVISER TO FLORIDA TAX-FREE MONEY, REORGANIZED ITS INVESTMENT ADVISORY
OPERATIONS AND MOVED ALL OF THE INVESTMENT PERSONNEL ASSOCIATED WITH THE FUND TO
FORT WASHINGTON INVESTMENT ADVISORS, INC. ("FORT WASHINGTON"), AN AFFILIATE OF
COUNTRYWIDE. CONSISTENT WITH THE REQUIREMENTS OF THE ACT, THE BOARD OF TRUSTEES
OF THE TRUST APPROVED AN INTERIM SUBADVISORY AGREEMENT WITH FORT WASHINGTON
UNDER SUBSTANTIALLY THE SAME TERMS AS THE COUNTRYWIDE SUBADVISORY AGREEMENT. ON
JUNE 21, 2000, THE SHAREHOLDERS OF FLORIDA TAX-FREE MONEY APPROVED A NEW
SUBADVISORY AGREEMENT WITH FORT WASHINGTON WITH SUBSTANTIALLY THE SAME TERMS TO
REPLACE THE INTERIM AGREEMENT. THE VOTING RESULTS ARE BELOW.
SHARES % OF % OF
VOTED VOTED OUTSTANDING
------------- ----- -----------
FLORIDA TAX-FREE
MONEY FUND
FOR 23,340,559.33 100% 59.60%
AGAINST 0.00 0 0
ABSTAIN 0.00 0 0
+FMB MICHIGAN TAX-FREE BOND FUND AND FMB INTERMEDIATE GOVERNMENT INCOME FUND
WERE REORGANIZED INTO MICHIGAN TAX-FREE AND INTERMEDIATE GOVERNMENT INCOME,
RESPECTIVELY, IN 1998. BECAUSE THE TWO FMB FUNDS WERE TREATED AS ACCOUNTING
SURVIVORS IN THE REORGANIZATION, HISTORICAL INFORMATION RELATING TO THESE FUNDS
IS INCLUDED HEREIN WITH INFORMATION FOR MICHIGAN TAX-FREE AND INTERMEDIATE
GOVERNMENT INCOME.
(2) SIGNIFICANT ACCOUNTING POLICIES
THE FOLLOWING IS A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
CONSISTENTLY FOLLOWED BY EACH FUND IN THE PREPARATION OF ITS FINANCIAL
STATEMENTS. THESE POLICIES ARE IN CONFORMITY WITH GENERALLY ACCEPTED ACCOUNTING
PRINCIPLES ("GAAP"). THE PREPARATION OF FINANCIAL STATEMENTS IN ACCORDANCE WITH
GAAP REQUIRES MANAGEMENT TO MAKE ESTIMATES AND ASSUMPTIONS THAT AFFECT THE
REPORTED AMOUNTS AND DISCLOSURES IN THE STATEMENTS. THE ACTUAL RESULTS COULD
DIFFER FROM THOSE ESTIMATES.
A. INVESTMENT VALUATIONS
SECURITIES OF THE MONEY MARKET FUNDS (MONEY MARKET, OHIO MUNICIPAL MONEY MARKET,
U.S. TREASURY MONEY MARKET AND FLORIDA TAX-FREE MONEY) ARE VALUED USING
AMORTIZED COST, WHICH APPROXIMATES MARKET VALUE. THE TRUST'S USE OF THE
AMORTIZED COST METHOD TO VALUE THE MONEY MARKET FUNDS' PORTFOLIO SECURITIES IS
CONDITIONED ON THEIR COMPLIANCE WITH RULE 2A-7 UNDER THE ACT.
EACH OF THE EQUITY FUNDS VALUES ITS SECURITIES IN CALCULATING NET ASSET VALUE AS
FOLLOWS. SECURITIES TRADED ON A NATIONAL SECURITIES EXCHANGE OR QUOTED ON THE
NASDAQ NATIONAL MARKET SYSTEM ARE VALUED AT THEIR LAST-REPORTED SALE PRICE ON
THE PRINCIPAL EXCHANGE OR REPORTED BY NASDAQ OR, IF THERE IS NO REPORTED SALE,
AND IN THE CASE OF OVER-THE-COUNTER SECURITIES NOT INCLUDED IN THE NASDAQ
NATIONAL MARKET SYSTEM, AT A BID PRICE ESTIMATED BY A PRICING SERVICE
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
42
<PAGE>
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.
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 IS 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 JUNE 30, 2000, 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:
<TABLE>
<CAPTION>
YEAR AND AMOUNT OF EXPIRATION
2002 2003 2004 2005 2006 2007 TOTAL
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
FLORIDA TAX-
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
SECURITIES 10,376,781 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 JUNE 30, 2000, 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, OHIO MUNICIPAL
43
<PAGE>
COMBINED NOTES TO FINANCIAL STATEMENTS
MONEY MARKET AND FLORIDA TAX-FREE MONEY (EFFECTIVE APRIL 26, 2000): 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
(PRIOR TO APRIL 26, 2000): 0.50% OF THE FIRST $100 MILLION OF THE FUND'S AVERAGE
DAILY NET ASSETS, 0.45% OF THE NEXT $100 MILLION, 0.40% OF THE NEXT $100
MILLION, AND 0.375% OF ANY AMOUNT OVER $300 MILLION. GROWTH AND INCOME EQUITY:
0.60% OF EACH FUND'S AVERAGE DAILY NET ASSETS; AND MICHIGAN TAX-FREE, OHIO
TAX-FREE, FIXED INCOME, INTERMEDIATE GOVERNMENT INCOME, MORTGAGE SECURITIES AND
SHORT/INTERMEDIATE FIXED INCOME: 0.50% OF EACH FUND'S AVERAGE DAILY NET ASSETS.
THE ADVISER MAY VOLUNTARILY CHOOSE TO WAIVE A PORTION OF ITS FEE. DURING 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--FOR THE PERIOD ENDING APRIL 30, 2000, COUNTRYWIDE PROVIDED
INVESTMENT ADVICE, STATISTICAL AND OTHER INFORMATION FOR FLORIDA TAX-FREE MONEY
PURSUANT TO A SUB-ADVISORY AGREEMENT WITH THE ADVISER. FROM MAY 1, 2000 THROUGH
JUNE 21, 2000, FORT WASHINGTON PROVIDED SUCH SERVICES PURSUANT TO AN INTERIM
SUB-ADVISORY AGREEMENT WITH THE ADVISER. EFFECTIVE JUNE 21, 2000, FORT
WASHINGTON BEGAN SERVING AS SUBADVISER FOR FLORIDA TAX-FREE MONEY PURSUANT TO A
NEW SUB-ADVISORY AGREEMENT WITH THE ADVISER. IN EACH CASE, COUNTRYWIDE OR FORT
WASHINGTON, AS THE CASE MAY BE, RECEIVED FROM THE ADVISER AN ANNUAL FEE EQUAL TO
0.20% OF THE FUND'S AVERAGE DAILY NET ASSETS.
ADMINISTRATION AND FUND ACCOUNTING FEES--HUNTINGTON ALSO SERVES AS ADMINISTRATOR
TO THE TRUST AND IS ENTITLED TO RECEIVE AN ANNUAL FEE OF 0.11% FOR
ADMINISTRATIVE SERVICES AND 0.03% FOR ACCOUNTING SERVICES OF EACH FUND'S AVERAGE
NET ASSETS, PAID MONTHLY, FOR SERVICES PERFORMED UNDER THE TRUST'S
ADMINISTRATION AGREEMENT. HUNTINGTON PAID MONTHLY TO SEI INVESTMENTS MUTUAL
FUNDS SERVICES ("SIMFS"), UNDER A SUB-ADMINISTRATION AGREEMENT, AN ANNUAL FEE OF
0.08% OF EACH FUND'S AVERAGE NET ASSETS FOR SERVICES PERFORMED.
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 A SHARES AND INVESTMENT B 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 A SHARES AND INVESTMENT B 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 HUNTINGTON NATIONAL BANK AND THE DISTRIBUTOR PAYS BROKERS,
DEALERS AND ADMINISTRATORS (INCLUDING THE HUNTINGTON INVESTMENT COMPANY) A FEE
BASED ON THE AMOUNT OF THE INVESTMENT A SHARES OR INVESTMENT B SHARES OWNED BY
THEIR CUSTOMERS.
UNDER THE DISTRIBUTION PLAN, AMOUNTS PAID TO THE DISTRIBUTOR WITH RESPECT TO A
FUND'S INVESTMENT A SHARES MAY NOT EXCEED AN ANNUAL RATE OF 0.25% OF THE AVERAGE
DAILY NET ASSETS ATTRIBUTABLE TO THE FUND'S INVESTMENT A SHARES AND, WITH
RESPECT TO A FUND'S INVESTMENT B SHARES MAY NOT EXCEED AN ANNUAL RATE OF 1.00%
OF THE AVERAGE DAILY NET ASSETS ATTRIBUTABLE TO THE FUND'S INVESTMENT B SHARES.
PRIOR TO APRIL 26, 2000, THE MAXIMUM AMOUNT PAYABLE TO THE DISTRIBUTOR WITH
RESPECT TO INVESTMENT A SHARES OF MORTGAGE SECURITIES WAS 0.50% OF THE AVERAGE
DAILY NET ASSETS ATTRIBUTABLE TO THE FUND'S INVESTMENT A SHARES, AN AMOUNT WHICH
HAD BEEN PREVIOUSLY VOLUNTARILY REDUCED TO 0.25%.
TRANSFER AND DIVIDEND DISBURSING AGENT FEES AND EXPENSES, AND CUSTODIAN
FEES--STATE STREET BANK AND TRUST COMPANY ("STATE STREET") SERVES AS THE TRUST'S
TRANSFER AGENT AND DIVIDEND DISBURSING AGENT. THE FEES PAYABLE TO STATE STREET
FOR TRANSFER AGENT AND DIVIDEND DISBURSING SERVICES ARE BASED ON THE SIZE, TYPE
AND NUMBER OF ACCOUNTS AND TRANSACTIONS MADE BY SHAREHOLDERS.
HUNTINGTON RECEIVES A FEE FOR ITS SERVICES AS THE CUSTODIAN OF THE FUNDS'
INVESTMENTS AND OTHER ASSETS. FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2000,
HUNTINGTON RECEIVED FEES OF $374,938.
OTHER AFFILIATE RELATIONSHIPS--FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2000,
CERTAIN OFFICERS OF THE TRUST WERE OFFICERS OF SIMFS AND SIDCO. SUCH OFFICERS
RECEIVE NO COMPENSATION FROM THE TRUST.
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2000 $11,291 IN COMMISSIONS EARNED ON
SALES OF INVESTMENT A SHARES AND INVESTMENT B SHARES OF THE VARIABLE NET ASSET
VALUE FUNDS WERE PAID TO HUNTINGTON AFFILIATE BROKER/DEALERS OF THE FUNDS.
(4) INVESTMENT TRANSACTIONS
PURCHASES AND SALES OF INVESTMENTS, EXCLUDING SHORT-TERM SECURITIES, FOR THE SIX
MONTH PERIOD ENDED JUNE 30, 2000 WERE AS FOLLOWS (ALL NUMBERS IN THOUSANDS):
44
<PAGE>
INVESTMENT SECURITIES
INCOME MICHIGAN
GROWTH EQUITY TAX-FREE
-----------------------------------------------------------
PURCHASES $58,693 $67,219 $ --
SALES $59,745 $68,716 $3,149
-----------------------------------------------------------
INTERMEDIATE
OHIO FIXED GOVERNMENT
TAX-FREE INCOME INCOME
-----------------------------------------------------------
PURCHASES $ -- $11,538 --
SALES $3,997 $ 4,030 --
-----------------------------------------------------------
SHORT/
INTERMEDIATE
MORTGAGE FIXED
SECURITIES INCOME
-----------------------------------------------------------
PURCHASES -- $10,752
SALES -- $ 6,850
-----------------------------------------------------------
U.S. GOVERNMENT OBLIGATIONS
INCOME MICHIGAN
GROWTH EQUITY TAX-FREE
-----------------------------------------------------------
PURCHASES -- -- --
SALES -- -- --
-----------------------------------------------------------
INTERMEDIATE
OHIO FIXED GOVERNMENT
TAX-FREE INCOME INCOME
-----------------------------------------------------------
PURCHASES -- $20,061 $14,834
SALES -- $23,513 $28,058
-----------------------------------------------------------
SHORT/
INTERMEDIATE
MORTGAGE FIXED
SECURITIES INCOME
-----------------------------------------------------------
PURCHASES $1,946 $ --
SALES $2,563 $ --
-----------------------------------------------------------
(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.
45
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NOTES
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NOTES
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NOTES
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TRUSTEES
DAVID S. SCHOEDINGER
JOHN M. SHARY
WILLIAM R. WISE
MUTUAL FUNDS, INCLUDING MONEY MARKET FUNDS, ARE NOT BANK DEPOSITS OR
OBLIGATIONS, ARE NOT GUARANTEED BY ANY BANK, AND ARE NOT INSURED
OR GUARANTEED BY THE U.S. GOVERNMENT, THE FEDERAL DEPOSIT INSURANCE
CORPORATION, THE FEDERAL RESERVE BOARD, OR ANY OTHER GOVERNMENT AGENCY.
INVESTMENT IN MUTUAL FUNDS INVOLVES INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL. ALTHOUGH MONEY MARKET FUNDS SEEK TO PRESERVE THE VALUE
OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY
INVESTING IN THE FUNDS.
THIS REPORT IS AUTHORIZED FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS ONLY WHEN PRECEDED OR
ACCOMPANIED BY A PROSPECTUS WHICH CONTAINS
FACTS CONCERNING THE FUNDS' OBJECTIVES AND
POLICIES, MANAGEMENT FEES, EXPENSES AND
OTHER INFORMATION.
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THE HUNTINGTON NATIONAL BANK,
A SUBSIDIARY OF
HUNTINGTON BANCSHARES,
IS THE INVESTMENT ADVISER,
CUSTODIAN AND ADMINISTRATOR
OF THE HUNTINGTON FUNDS.
SEI INVESTMENTS DISTRIBUTION CO.
AND SEI INVESTMENTS MUTUAL FUNDS
SERVICES, THE DISTRIBUTOR AND THE
SUB-ADMINISTRATOR OF THE
HUNTINGTON FUNDS, RESPECTIVELY,
ARE NOT AFFILIATED WITH THE
HUNTINGTON NATIONAL BANK.
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(800) 253-0412
1400022S (06/00)
