<PAGE>
Parkstone(TM)
FUNDS
November 30, 1999
SEMI-ANNUAL REPORT
[GRAPHIC]
<PAGE>
Parkstone Funds
Semi-Annual Report -- November 30, 1999
(Unaudited)
Parkstone Prime Obligations Fund
Parkstone U.S. Government Obligations Fund
Parkstone Tax-Free Fund
Parkstone Treasury Fund
Parkstone Small Capitalization Fund
Parkstone Mid Capitalization Fund
Parkstone Large Capitalization Fund
Parkstone International Discovery Fund
Parkstone Limited Maturity Bond Fund
Parkstone Intermediate Government Obligations Fund
Parkstone U.S. Government Income Fund
Parkstone Bond Fund
Parkstone National Tax Exempt Bond Fund
Parkstone Michigan Municipal Bond Fund
Parkstone Equity Income Fund
Parkstone Balanced Allocation Fund
<TABLE>
<CAPTION>
Table of Contents
<S> <C>
A Message From The Chairman................................................. 2
Financial Statements
Statement of Assets and Liabilities........................................ 3
Statements of Operations................................................... 7
Statements of Changes in Net Assets........................................ 11
Schedules of Portfolio Investments......................................... 19
Financial Highlights....................................................... 59
Notes to Financial Statements............................................... 106
</TABLE>
- --------------------------------------------------------------------------------
Not FDIC Insured Not Bank Guaranteed May Lose Value
An investment in money market funds is not insured or guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the
money market fund(s) seeks to preserve the value of your investment at $1.00
per share, it is possible to lose money by investing in the fund(s).
National City Investment Management Company serves as investment adviser to
Parkstone Funds for which it receives an investment advisory fee. For more
complete information about Parkstone Funds, including charges and expenses,
please contact your investment specialist or call 1-800-451-8377 for a
prospectus. Read it carefully before you invest or send money. Parkstone Funds
are distributed by SEI Investments Distribution Co. (SIDC), Oaks, PA 19456.
SIDC is not affiliated with National City Bank and is not a bank.
1
<PAGE>
The Parkstone Group of Funds
A Message From The Chairman
Dear Shareholders:
The past New Year's Eve was a memorable moment around the globe, as we
celebrated a new millennium. While 1999 was filled with a great deal of
anticipation and Y2K uncertainty, we can now greet the future with confidence
having addressed the challenges of this once in a lifetime event.
We continued to see strong performance in the equity sector, with exceptional
performance from the International Discovery Fund for the eleven months ended
November 30, 1999. With a return of 28.93% (institutional shares) and 21.98% (A
shares), the fund was able to outperform its benchmark, the EAFE, by 12.42% and
5.47%, respectively, in a period when EAFE had outperformed the S&P 500 by
2.2%. The solid performance of our funds this period was due in part to global
economic recovery, as well as the experience of our portfolio management teams.
Looking Ahead
On November 17, 1999, the Board of Trustees of the Parkstone Group of Funds
approved an Agreement and Plan of Reorganization (the "Reorganization") between
the Parkstone Funds and Armada Funds. Both fund complexes are advised by the
National City Investment Management Company, a pool of talented investment
professionals from the former First of America Investment Co. and National
City's Asset Management Group.
The proposed Reorganization is subject to approval by shareholders of each
Parkstone Fund, and proxy materials will be sent for your review during the
second quarter. The Board of Trustees has unanimously approved the proposal.
The Reorganization would merge the portfolios of the Parkstone Group of Funds
into corresponding portfolios of Armada Funds.
The Benefits of Change
By consolidating substantially similar portfolios, the funds may be able to
achieve economies of scale that will lead to lower costs and expenses. In
addition, a merger of these fund families is expected to be a tax-free event
for Parkstone shareholders.
We value your relationship with the Parkstone Funds and hope you will vote
affirmatively on the proposed Reorganization. If you would like to learn more
about Armada Funds, you can visit their Web site at www.armadafunds.com.
As always, thank you for your continued investment, and may you enjoy health
and prosperity in the year ahead. If you have any questions regarding the
funds, please call our Investor Services line at 800-451-8377.
Sincerely,
/s/ Robert D. Neary
Robert D. Neary
Chairman
Parkstone
FUNDS
2
<PAGE>
Statements of Assets and Liabilities
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands, except Per Share Amounts)
Prime
Obligations U.S. Government Tax-Free Treasury
Fund Obligations Fund Fund Fund
----------- ---------------- -------- --------
<S> <C> <C> <C> <C>
Assets:
Investments, at
amortized cost (Cost
$580,347; $91,362;
$88,795 and $84,847,
respectively).......... $ 580,347 $ 91,362 $ 88,795 $ 84,847
Repurchase agreements,
at cost................ 33,072 9,153 -- 180,543
------------ ------------ ----------- ------------
Total investments....... 613,419 100,515 88,795 265,390
Cash.................... 52 1 -- --
Interest and dividends
receivable............. 1,790 152 479 943
Receivable for capital
shares issued.......... 24 -- -- --
Prepaid expenses and
other.................. 14 3 5 25
------------ ------------ ----------- ------------
Total Assets............ 615,299 100,671 89,279 266,358
------------ ------------ ----------- ------------
Liabilities:
Dividends payable....... 2,492 404 216 967
Payable for capital
shares redeemed........ 418 -- 2 --
Payable for investments
purchased.............. 4,926 -- -- 19,876
Accrued expenses and
other payables:
Investment advisory
fees.................. 189 32 28 67
Administration fees.... 98 17 15 41
Distribution fees--
Investor A............ 1 -- -- 3
Other.................. 86 41 28 169
------------ ------------ ----------- ------------
Total Liabilities....... 8,210 494 289 21,123
------------ ------------ ----------- ------------
Net Assets:
Paid-in Capital......... 607,089 100,179 88,988 245,232
Undistributed
(distributions in
excess of) net
investment income...... -- -- -- (1)
Accumulated
undistributed net
realized gains (losses)
on investment
transactions........... -- (2) 2 4
------------ ------------ ----------- ------------
Net Assets.............. $ 607,089 $ 100,177 $ 88,990 $ 245,235
============ ============ =========== ============
Net Assets
Investor A............. $ 16,782 $ 975 $ 685 $ 9,573
Investor B............. 589 -- -- --
Institutional.......... 589,718 99,202 88,305 235,662
------------ ------------ ----------- ------------
Total................ $ 607,089 $ 100,177 $ 88,990 $ 245,235
============ ============ =========== ============
Outstanding units of
beneficial interest
(shares)
Investor A............. 16,776 972 683 9,563
Investor B............. 589 -- -- --
Institutional.......... 589,717 99,171 88,300 235,667
------------ ------------ ----------- ------------
Total................ 607,082 100,143 88,983 245,230
============ ============ =========== ============
Net asset value
Investor A--redemption
price per share....... $1.00 $1.00 $1.00 $1.00
===== ===== ===== =====
Investor B--offering
price per share*...... $1.00 $ -- $ -- $ --
===== ===== ===== =====
Institutional.......... $1.00 $1.00 $1.00 $1.00
===== ===== ===== =====
</TABLE>
- -------
* Redemption price per share varies by length of time shares are held.
See notes to financial statements.
3
<PAGE>
Statements of Assets and Liabilities
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands, except Per Share Amounts)
Small Mid Large International
Capitalization Capitalization Capitalization Discovery
Fund Fund Fund Fund
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
Assets:
Investments, at value
(Cost $221,067;
$301,260; $297,955 and
$247,412,
respectively).......... $294,831 $414,634 $494,093 $347,463
Repurchase agreements,
at cost................ 24,011 48,138 14,188 17,851
-------- -------- -------- --------
Total investments....... 318,842 462,772 508,281 365,314
Cash.................... 149 700 -- 610
Interest and dividends
receivable............. 96 118 329 248
Receivable for capital
shares issued.......... 109 54 1 70
Receivable for
investments sold....... 12,465 -- -- 1,744
Tax reclaim receivable.. -- -- -- 259
Foreign currency (Cost
$0, $0, $0 and $4,
respectively).......... -- -- -- 4
Prepaid expenses and
other.................. 29 1 3 6
-------- -------- -------- --------
Total Assets............ 331,690 463,645 508,614 368,255
-------- -------- -------- --------
Liabilities:
Payable for return of
collateral received for
securities on loan..... 39,011 71,138 29,183 22,845
Payable for capital
shares redeemed........ 165 166 144 101
Payable for investments
purchased.............. 1,519 1,571 -- 1,096
Net payable for
variation margin on
future contracts....... -- -- -- 29
Accrued expenses and
other payables:
Investment advisory
fees.................. 254 353 324 339
Administration fees.... 46 65 79 54
Distribution fees--
Investor A............ 5 4 2 2
Distribution fees--
Investor B............ 15 13 11 6
Other.................. 255 206 78 418
-------- -------- -------- --------
Total Liabilities....... 41,270 73,516 29,821 24,890
-------- -------- -------- --------
Net Assets:
Paid-in Capital......... 176,958 163,494 178,015 166,836
Undistributed
(distributions in
excess of) net
investment income...... (1,298) (1,770) (879) (1,228)
Net unrealized
appreciation from
investments and
translation of assets
and liabilities in
foreign currencies..... 73,978 113,633 196,138 100,473
Undistributed net
realized gains (losses)
from investment and
foreign currency
transactions........... 40,782 114,772 105,519 77,284
-------- -------- -------- --------
Net Assets.............. $290,420 $390,129 $478,793 $343,365
======== ======== ======== ========
Net Assets
Investor A............. $ 48,547 $ 44,315 $ 24,363 $ 24,305
Investor B............. 19,243 16,585 15,935 8,406
Institutional.......... 222,630 329,229 438,495 310,654
-------- -------- -------- --------
Total................ $290,420 $390,129 $478,793 $343,365
======== ======== ======== ========
Outstanding units of
beneficial interest
(shares)
Investor A............. 1,996 2,636 1,057 1,230
Investor B............. 827 1,063 711 447
Institutional.......... 8,957 19,324 18,867 15,524
-------- -------- -------- --------
Total................ 11,780 23,023 20,635 17,201
======== ======== ======== ========
Net asset value
Investor A--redemption
price per share....... $24.32 $16.81 $23.04 $19.76
====== ====== ====== ======
Investor B--offering
price per share*...... $23.28 $15.60 $22.42 $18.81
====== ====== ====== ======
Institutional.......... $24.86 $17.04 $23.24 $20.01
====== ====== ====== ======
Maximum Sales Charge--
Investor A............. 5.50% 5.50% 5.50% 5.50%
====== ====== ====== ======
Maximum Offering Price
(100%/(100%--Maximum
Sales Charge) of net
asset value adjusted to
nearest cent) per
share--Investor A...... $25.74 $17.79 $24.38 $20.91
====== ====== ====== ======
</TABLE>
- -------
* Redemption price per share varies by length of time shares are held.
See notes to financial statements.
4
<PAGE>
Statements of Assets and Liabilities
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands, except Per Share Amounts)
Intermediate
Limited Government
Maturity Bond Obligations U.S. Government Bond
Fund Fund Income Fund Fund
------------- ------------ --------------- --------
<S> <C> <C> <C> <C>
Assets:
Investments, at value
(Cost $126,832; $112,776;
$188,704 and $379,798
respectively)............ $124,693 $110,334 $184,238 $367,430
Repurchase agreements, at
cost..................... 2,572 36,656 800 6,756
-------- -------- -------- --------
Total investments......... 127,265 146,990 185,038 374,186
Interest and dividends
receivable............... 1,409 1,497 1,255 3,290
Receivable for capital
shares issued............ 1 -- 1 1
Receivable for investments
sold..................... -- 15 149 --
Other Income Receivable... 270 7 121 58
Prepaid expenses and
other.................... 8 10 8 11
-------- -------- -------- --------
Total Assets.............. 128,953 148,519 186,572 377,546
-------- -------- -------- --------
Liabilities:
Payable for return of
collateral received for
securities on loan....... 2,572 36,656 800 27,485
Dividends payable......... 612 529 930 1,804
Payable for capital shares
redeemed................. 232 13 140 10
Accrued expenses and other
payables:
Investment advisory
fees.................... 52 56 93 174
Administration fees...... 21 18 31 58
Distribution fees--
Investor A.............. 1 1 2 1
Distribution fees--
Investor B.............. 1 1 9 2
Other.................... 40 44 67 76
-------- -------- -------- --------
Total Liabilities......... 3,531 37,318 2,072 29,610
-------- -------- -------- --------
Net Assets:
Paid-in Capital........... 137,259 125,876 196,197 368,038
Undistributed
(distributions in excess
of) net investment
income................... -- -- -- 2
Net unrealized
appreciation
(depreciation) on
investments.............. (2,139) (2,441) (4,466) (12,368)
Accumulated undistributed
net realized gains
(losses) on investment
transactions............. (9,698) (12,234) (7,231) (7,736)
-------- -------- -------- --------
Net Assets................ $125,422 $111,201 $184,500 $347,936
======== ======== ======== ========
Net Assets
Investor A............... $ 13,317 $ 7,680 $ 25,093 $ 8,191
Investor B............... 839 796 11,839 3,272
Institutional............ 111,266 102,725 147,568 336,473
-------- -------- -------- --------
Total.................. $125,422 $111,201 $184,500 $347,936
======== ======== ======== ========
Outstanding units of
beneficial interest
(shares)
Investor A............... 1,426 799 2,800 867
Investor B............... 90 83 1,325 346
Institutional............ 11,913 10,683 16,470 35,445
-------- -------- -------- --------
Total.................. 13,429 11,565 20,595 36,658
======== ======== ======== ========
Net asset value
Investor A--redemption
price per share......... $9.34 $9.62 $8.96 $9.44
===== ===== ===== =====
Investor B--offering
price per share*........ $9.34 $9.59 $8.94 $9.46
===== ===== ===== =====
Institutional............ $9.34 $9.62 $8.96 $9.49
===== ===== ===== =====
Maximum Sales Charge--
Investor A............... 2.75% 4.75% 4.75% 4.75%
===== ===== ===== =====
Maximum Offering Price
(100%/(100%--Maximum
Sales Charge) of net
asset value adjusted to
nearest cent) per share--
Investor A............... $9.60 $10.10 $9.41 $9.91
===== ====== ===== =====
</TABLE>
- -------
* Redemption price per share varies by length of time shares are held.
See notes to financial statements.
5
<PAGE>
Statements of Assets and Liabilities
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands, except Per Share Amounts)
National Tax Michigan Equity Balanced
Exempt Bond Municipal Income Allocation
Fund Bond Fund Fund Fund
-------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Assets:
Investments, at value
(Cost $84,905;
$192,319; $234,898 and
$134,780,
respectively).......... $ 84,998 $ 195,878 $ 256,817 $ 166,939
Repurchase agreements,
at cost................ -- -- 27,109 13,187
----------- ------------ ------------ ------------
Total investments....... 84,998 195,878 283,926 180,126
Interest and dividends
receivable............. 1,591 2,426 720 630
Receivable for capital
shares issued.......... -- -- 1 2
Receivable for
investments sold....... -- -- 3,229 2,065
Tax reclaim receivable.. -- -- -- 14
Net receivable for
variation margin on
future contracts....... -- -- -- 2
Other Income Receivable. -- -- -- 12
Prepaid expenses and
other.................. 11 1 7 3
----------- ------------ ------------ ------------
Total Assets............ 86,600 198,305 287,883 182,854
----------- ------------ ------------ ------------
Liabilities:
Payable for return of
collateral received for
securities on loan..... -- -- 32,109 13,187
Dividends payable....... 278 706 -- --
Payable for capital
shares redeemed........ 12 106 480 9
Payable for investments
purchased.............. -- -- -- 789
Accrued expenses and
other payables:
Investment advisory
fees.................. 44 99 181 113
Administration fees.... 14 33 44 28
Distribution fees--
Investor A............ -- 2 5 1
Distribution fees--
Investor B............ -- 2 14 4
Other.................. 32 59 120 92
----------- ------------ ------------ ------------
Total Liabilities....... 380 1,007 32,953 14,223
----------- ------------ ------------ ------------
Net Assets:
Paid-in Capital......... 86,299 193,744 143,078 110,532
Undistributed
(distributions in
excess of) net
investment income...... (2) (20) 512 172
Net unrealized
appreciation
(depreciation) from
investments and
translation of assets
and liabilities in
foreign currencies..... 93 3,559 21,919 32,177
Undistributed net
realized gains (losses)
from investment and
foreign currency
transactions........... (170) 15 89,421 25,750
----------- ------------ ------------ ------------
Net Assets.............. $ 86,220 $ 197,298 $ 254,930 $ 168,631
=========== ============ ============ ============
Net Assets
Investor A............. $ 4,060 $ 21,274 $ 59,675 $ 14,370
Investor B............. 441 2,236 17,749 5,248
Institutional.......... 81,719 173,788 177,506 149,013
----------- ------------ ------------ ------------
Total................ $ 86,220 $ 197,298 $ 254,930 $ 168,631
=========== ============ ============ ============
Outstanding units of
beneficial interest
(shares)
Investor A............. 402 2,014 3,585 954
Investor B............. 43 211 1,076 348
Institutional.......... 8,088 16,449 10,722 9,905
----------- ------------ ------------ ------------
Total................ 8,533 18,674 15,383 11,207
=========== ============ ============ ============
Net asset value
Investor A--redemption
price per share....... $10.10 $10.56 $16.65 $15.06
====== ====== ====== ======
Investor B--offering
price per share*...... $10.07 $10.57 $16.50 $15.06
====== ====== ====== ======
Institutional.......... $10.10 $10.57 $16.55 $15.04
====== ====== ====== ======
Maximum Sales Charge--
Investor A............. 4.75% 4.75% 5.50% 4.75%
====== ====== ====== ======
Maximum Offering Price
(100%/(100%--Maximum
Sales Charge) of net
asset value adjusted to
nearest cent) per
share--Investor A...... $10.60 $11.09 $17.62 $15.81
====== ====== ====== ======
</TABLE>
- -------
* Redemption price per share varies by length of time shares are held.
See notes to financial statements.
6
<PAGE>
Statements of Operations
- --------------------------------------------------------------------------------
The Parkstone Group of Funds For the Six Months Ended November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
U.S.
Prime Government
Obligations Obligations Tax-Free Treasury
Fund Fund Fund Fund
----------- ----------- -------- --------
<S> <C> <C> <C> <C>
Investment Income:
Interest income...................... $16,325 $2,981 $1,589 $6,825
------- ------ ------ ------
Total Income......................... 16,325 2,981 1,589 6,825
------- ------ ------ ------
Expenses:
Investment advisory fees............. 1,176 220 182 501
Administration fees.................. 613 114 95 271
Distribution fees--Investor A........ 22 3 1 12
Distribution fees--Investor B........ 3 -- -- --
Custodian fees....................... 37 11 10 19
Accounting fees...................... 61 15 14 28
Legal fees........................... 12 2 2 6
Audit fees........................... 12 5 5 6
Trustees' fees and expenses.......... 5 1 1 2
Transfer agent fees.................. 61 34 19 24
Registration and filing fees......... 17 8 7 8
Printing costs....................... 32 8 7 13
Insurance............................ 2 1 -- 1
Other................................ 6 1 1 25
------- ------ ------ ------
Total Expenses....................... 2,059 423 344 916
Expenses voluntarily reduced......... (13) (2) (1) (102)
------- ------ ------ ------
Net Expenses......................... 2,046 421 343 814
------- ------ ------ ------
Net Investment Income................ 14,279 2,560 1,246 6,011
------- ------ ------ ------
Realized/Unrealized Gains (Losses) On
Investments:
Net realized gains (losses) from
investment transactions............. -- (1) -- 2
------- ------ ------ ------
Change in net assets resulting from
operations.......................... $14,279 $2,559 $1,246 $6,013
------- ------ ------ ------
</TABLE>
See notes to financial statements.
7
<PAGE>
Statements of Operations
- --------------------------------------------------------------------------------
The Parkstone Group of Funds For the Six Months Ended November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Small Mid Large International
Capitalization Capitalization Capitalization Discovery
Fund Fund Fund Fund
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
Investment Income:
Interest income......... $ 336 $ 126 $ -- $ --
Dividend income......... 514 695 1,705 1,891
Securities Lending
Income................. 113 117 35 4
Foreign tax withholding. -- -- -- (72)
------- ------- ------- -------
Total Income............ 963 938 1,740 1,823
------- ------- ------- -------
Expenses:
Investment advisory
fees................... 1,445 1,898 1,810 1,836
Administration fees..... 289 380 462 315
Distribution fees--
Investor A............. 66 58 32 31
Distribution fees--
Investor B............. 92 81 76 39
Custodian fees.......... 20 24 28 104
Accounting fees......... 44 53 63 72
Legal fees.............. 6 8 10 7
Audit fees.............. 7 9 10 8
Trustees' fees and
expenses............... 2 3 3 2
Transfer agent fees..... 254 152 83 119
Registration and filing
fees................... 15 15 13 14
Printing costs.......... 17 21 24 17
Insurance............... 1 1 1 1
Other................... 3 5 4 5
------- ------- ------- -------
Total Expenses.......... 2,261 2,708 2,619 2,570
------- ------- ------- -------
Net Investment Income
(Loss)................. (1,298) (1,770) (879) (747)
------- ------- ------- -------
Realized/Unrealized
Gains (Losses) On
Investments:
Net realized gains from
investment and foreign
currency transactions.. 43,051 45,753 49,903 36,562
Net change in unrealized
appreciation from
investments and
translation of assets
and liabilities in
foreign currencies..... 36,589 23,224 24,327 55,195
------- ------- ------- -------
Net realized/unrealized
gains from investments
and foreign currencies. 79,640 68,977 74,230 91,757
------- ------- ------- -------
Change in net assets
resulting from
operations............. $78,342 $67,207 $73,351 $91,010
======= ======= ======= =======
</TABLE>
See notes to financial statements.
8
<PAGE>
Statements of Operations
- --------------------------------------------------------------------------------
The Parkstone Group of Funds For the Six Months Ended November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Intermediate U.S.
Limited Government Government
Maturity Bond Obligations Income Bond
Fund Fund Fund Fund
------------- ------------ ----------- --------
<S> <C> <C> <C> <C>
Investment Income:
Interest income............... $ 4,382 $ 4,061 $ 6,601 $ 12,332
Dividend income............... 35 34 68 79
Securities Lending Income..... 6 13 3 37
------- ------- ------- --------
Total Income.................. 4,423 4,108 6,672 12,448
------- ------- ------- --------
Expenses:
Investment advisory fees...... 440 443 661 1,228
Administration fees........... 136 130 195 362
Distribution fees--Investor A. 24 11 40 12
Distribution fees--Investor B. 4 5 69 19
Custodian fees................ 12 12 14 23
Accounting fees............... 28 31 43 56
Legal fees.................... 3 3 4 8
Audit fees.................... 5 6 6 8
Trustees' fees and expenses... 1 1 2 3
Transfer agent fees........... 37 40 66 60
Registration and filing fees.. 12 12 14 15
Printing costs................ 9 9 12 20
Insurance..................... -- -- -- 1
Other......................... 2 1 4 5
------- ------- ------- --------
Total Expenses................ 713 704 1,130 1,820
Expenses voluntarily reduced.. (99) (29) (207) (85)
------- ------- ------- --------
Net Expenses.................. 614 675 923 1,735
------- ------- ------- --------
Net Investment Income......... 3,809 3,433 5,749 10,713
------- ------- ------- --------
Realized/Unrealized Gains
(Losses) On Investments:
Net realized gains (losses)
from investment transactions. (693) (1,049) (1,183) (5,522)
Net change in unrealized
appreciation (depreciation)
from investments............. (533) (1,011) (2,564) (3,690)
------- ------- ------- --------
Net realized/unrealized gains
(losses) on investments...... (1,226) (2,060) (3,747) (9,212)
------- ------- ------- --------
Change in net assets resulting
from operations.............. $ 2,583 $ 1,373 $ 2,002 $ 1,501
======= ======= ======= ========
</TABLE>
See notes to financial statements.
9
<PAGE>
Statements of Operations
- --------------------------------------------------------------------------------
The Parkstone Group of Funds For the Six Months Ended November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
National Tax Michigan Equity Balanced
Exempt Bond Municipal Income Allocation
Fund Bond Fund Fund Fund
------------ --------- -------- ----------
<S> <C> <C> <C> <C>
Investment Income:
Interest income.................... $ 2,271 $ 5,380 $ -- $ 2,322
Dividend income.................... 25 33 3,895 446
Securities Lending Income.......... -- -- 49 23
Foreign tax withholding............ -- -- -- (3)
------- ------- -------- -------
Total Income....................... 2,296 5,413 3,944 2,788
------- ------- -------- -------
Expenses:
Investment advisory fees........... 327 710 1,365 831
Administration fees................ 96 209 295 180
Distribution fees--Investor A...... 7 31 91 19
Distribution fees--Investor B...... 3 13 103 27
Custodian fees..................... 10 15 21 30
Accounting fees.................... 27 44 44 44
Legal fees......................... 2 5 6 4
Audit fees......................... 5 6 8 6
Trustees' fees and expenses........ 1 2 2 1
Transfer agent fees................ 26 47 157 60
Registration and filing fees....... 11 1 15 13
Printing costs..................... 7 13 17 11
Insurance.......................... -- 1 1 1
Other.............................. 1 3 5 3
------- ------- -------- -------
Total Expenses..................... 523 1,100 2,130 1,230
------- ------- -------- -------
Expenses voluntarily reduced....... (92) (197) -- (156)
------- ------- -------- -------
Net Expenses....................... 431 903 2,130 1,074
------- ------- -------- -------
Net Investment Income.............. 1,865 4,510 1,814 1,714
------- ------- -------- -------
Realized/Unrealized Gains (Losses)
On Investments:
Net realized gains (losses) from
investment and foreign currency
transactions...................... (439) (178) 35,998 13,133
Net change in unrealized
appreciation (depreciation) from
investments and translation of
assets and liabilities in foreign
currencies........................ (2,347) (6,775) (63,483) 6,334
------- ------- -------- -------
Net realized/unrealized gains
(losses) on investments and
foreign currencies................ (2,786) (6,953) (27,485) 19,467
------- ------- -------- -------
Change in net assets resulting from
operations........................ $ (921) $(2,443) $(25,671) $21,181
======= ======= ======== =======
</TABLE>
- -------
* Investor C class of shares closed on August 28, 1998.
See notes to financial statements.
10
<PAGE>
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
U.S. Government
Prime Obligations Fund Obligations Fund
------------------------ -----------------------
For the For the
Six Months For the Six Months For the
Ended Year Ended Ended Year Ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
------------ ----------- ------------ ----------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 14,279 $ 35,041 $ 2,560 $ 11,399
Net realized gains (losses)
from investment
transactions.............. -- -- (1) --
--------- ----------- --------- ---------
Change in net assets
resulting from operations.. 14,279 35,041 2,559 11,399
--------- ----------- --------- ---------
Distributions to Investor A
Shareholders:
From net investment income. (403) (3,035) (54) (3,460)
Distributions to Investor B
Shareholders:
From net investment income. (12) (26) -- --
Distributions to
Institutional Class
Shareholders:
From net investment income. (13,864) (31,980) (2,506) (7,939)
--------- ----------- --------- ---------
Change in net assets
resulting from
distributions.............. (14,279) (35,041) (2,560) (11,399)
--------- ----------- --------- ---------
Capital Transactions:
Proceeds from shares
issued.................... 405,597 1,494,362 77,836 535,685
Dividends reinvested....... 181 3,675 12 569
Cost of shares redeemed.... (442,930) (1,763,064) (101,177) (767,341)
--------- ----------- --------- ---------
Change in net assets from
capital transactions....... (37,152) (265,027) (23,329) (231,087)
--------- ----------- --------- ---------
Change in net assets........ (37,152) (265,027) (23,330) (231,087)
Net Assets:
Beginning of period........ 644,241 909,268 123,507 354,594
--------- ----------- --------- ---------
End of period.............. $ 607,089 $ 644,241 $ 100,177 $ 123,507
========= =========== ========= =========
</TABLE>
See notes to financial statements.
11
<PAGE>
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Tax-Free Fund Treasury Fund
----------------------- ------------------------
For the For the
Six Months For the Six Months For the
Ended Year Ended Ended Year Ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
------------ ---------- ------------ -----------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income...... $ 1,246 $ 3,346 $ 6,011 $ 18,999
Net realized gains (losses)
from investment
transactions.............. -- 3 2 24
--------- --------- --------- -----------
Change in net assets
resulting from operations... 1,246 3,349 6,013 19,023
--------- --------- --------- -----------
Distributions to Investor A
Shareholders:
From net investment income. (12) (584) (216) (5,234)
In excess of net investment
income.................... -- -- -- (9)
Distributions to
Institutional Class
Shareholders:
From net investment income. (1,234) (2,762) (5,795) (13,765)
In excess of net investment
income.................... -- -- -- (24)
--------- --------- --------- -----------
Change in net assets
resulting from
distributions............... (1,246) (3,346) (6,011) (19,032)
--------- --------- --------- -----------
Capital Transactions:
Proceeds from shares
issued.................... 82,081 253,902 485,945 1,827,862
Dividends reinvested....... 11 462 83 318
Cost of shares redeemed.... (103,859) (302,778) (519,490) (2,111,268)
--------- --------- --------- -----------
Change in net assets from
capital transactions........ (21,767) (48,414) (33,462) (283,088)
--------- --------- --------- -----------
Change in net assets......... (21,767) (48,411) (33,460) (283,097)
Net Assets:
Beginning of period........ 110,757 159,168 278,695 561,792
--------- --------- --------- -----------
End of period.............. $ 88,990 $ 110,757 $ 245,235 $ 278,695
========= ========= ========= ===========
</TABLE>
See notes to financial statements.
12
<PAGE>
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Small Capitalization Fund Mid Capitalization Fund
---------------------------- -----------------------
For the For the
Six Months For the Six Months For the
Ended Year Ended Ended Year Ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
------------- ------------ ------------ ----------
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income
(loss)................. $ (1,298) $ (4,377) $ (1,770) $ (4,129)
Net realized gains
(losses) from
investment
transactions........... 43,051 (26) 45,753 134,749
Net change in unrealized
appreciation
(depreciation) from
investments............ 36,589 (109,493) 23,224 (104,609)
------------ ------------ -------- ---------
Change in net assets
resulting from
operations............... 78,342 (113,896) 67,207 26,011
------------ ------------ -------- ---------
Distributions to Investor
A Shareholders:
From net realized gains
from investment
transactions........... -- (10,802) -- (8,203)
Distributions to Investor
B Shareholders:
From net realized gains
from investment
transactions........... -- (3,334) -- (2,657)
Distributions to
Institutional Class
Shareholders:
From net realized gains
from investment
transactions........... -- (36,347) -- (52,517)
------------ ------------ -------- ---------
Change in net assets
resulting from
distributions............ -- (50,483) -- (63,377)
------------ ------------ -------- ---------
Capital Transactions:
Proceeds from shares
issued................. 29,807 494,145 8,792 147,939
Dividends reinvested.... -- 40,154 -- 49,480
Cost of shares redeemed. (120,417) (814,361) (72,837) (407,357)
------------ ------------ -------- ---------
Change in net assets from
capital transactions..... (90,610) (280,062) (64,045) (209,938)
------------ ------------ -------- ---------
Change in net assets...... (12,268) (444,441) 3,162 (247,304)
Net Assets:
Beginning of period..... 302,688 747,129 386,967 634,271
------------ ------------ -------- ---------
End of period........... $ 290,420 $ 302,688 $390,129 $ 386,967
============ ============ ======== =========
</TABLE>
See notes to financial statements.
13
<PAGE>
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Large Capitalization Fund International Discovery Fund
----------------------------- -------------------------------
For the For the
Six Months For the Six Months
Ended Year Ended Ended For the
November 30, May 31, November 30, Year Ended
1999 1999 1999 May 31, 1999
------------- ------------- --------------- --------------
<S> <C> <C> <C> <C>
From Investment
Activities:
Operations:
Net investment income
(loss)............... $ (879) $ (1,629) $ (747) $ (957)
Net realized gains
(losses) from
investment and
foreign currency
transactions......... 49,903 70,480 36,562 55,634
Net change in
unrealized
appreciation
(depreciation) from
investments and
translation of assets
and liabilities in
foreign currencies... 24,327 22,143 55,195 (80,335)
------------ ------------- ------------- --------------
Change in net assets
resulting from
operations............. 73,351 90,994 91,010 (25,658)
------------ ------------- ------------- --------------
Distributions to
Investor A
Shareholders:
From net realized
gains from investment
and foreign currency
transactions......... -- (375) -- (1,835)
Distributions to
Investor B
Shareholders:
From net realized
gains from investment
and foreign currency
transactions......... -- (211) -- (584)
Distributions to
Institutional Class
Shareholders:
From net realized
gains from investment
and foreign currency
transactions......... -- (6,438) -- (18,395)
------------ ------------- ------------- --------------
Change in net assets
resulting from
distributions.......... -- (7,024) -- (20,814)
------------ ------------- ------------- --------------
Capital Transactions:
Proceeds from shares
issued............... 17,529 82,673 45,250 47,693
Dividends reinvested.. -- 4,652 -- 12,710
Cost of shares
redeemed............. (59,835) (113,833) (93,177) (198,705)
------------ ------------- ------------- --------------
Change in net assets
from capital
transactions........... (42,306) (26,508) (47,927) (138,302)
------------ ------------- ------------- --------------
Change in net assets.... 31,045 57,462 43,083 (184,774)
Net Assets:
Beginning of period... 447,748 390,286 300,282 485,056
------------ ------------- ------------- --------------
End of period......... $ 478,793 $ 447,748 $ 343,365 $ 300,282
============ ============= ============= ==============
</TABLE>
See notes to financial statements.
14
<PAGE>
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Limited Maturity Intermediate Government
Bond Fund Obligations Fund
----------------------- -----------------------
For the For the
Six Months For the Six Months For the
Ended Year Ended Ended Year Ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income........ $ 3,809 $ 10,142 $ 3,433 $ 8,616
Net realized gains (losses)
from investment
transactions................ (693) 691 (1,049) 653
Net change in unrealized
appreciation (depreciation)
from investments............ (533) (1,757) (1,011) (1,892)
-------- -------- -------- --------
Change in net assets resulting
from operations............... 2,583 9,076 1,373 7,377
-------- -------- -------- --------
Distributions to Investor A
Shareholders:
From net investment income... (506) (1,778) (223) (590)
Distributions to Investor B
Shareholders:
From net investment income... (20) (59) (24) (65)
Distributions to Investor C
Shareholders:(a)
From net investment income... -- (22) -- (3)
Distributions to Institutional
Class Shareholders:
From net investment income... (3,284) (8,283) (3,186) (7,958)
-------- -------- -------- --------
Change in net assets resulting
from distributions............ (3,810) (10,142) (3,433) (8,616)
-------- -------- -------- --------
Capital Transactions:
Proceeds from shares issued.. 8,478 40,538 2,239 14,190
Dividends reinvested......... 1,537 4,082 1,016 2,456
Cost of shares redeemed...... (31,575) (91,178) (35,171) (58,259)
-------- -------- -------- --------
Change in net assets from
capital transactions.......... (21,560) (46,558) (31,916) (41,613)
-------- -------- -------- --------
Change in net assets........... (22,787) (47,624) (33,976) (42,852)
Net Assets:
Beginning of period.......... 148,209 195,833 145,177 188,029
-------- -------- -------- --------
End of period................ $125,422 $148,209 $111,201 $145,177
======== ======== ======== ========
</TABLE>
- -------
(a)Investor C class of shares closed on August 28, 1998.
See notes to financial statements.
15
<PAGE>
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
U.S. Government
Income Fund Bond Fund
----------------------- -----------------------
For the For the
Six Months For the Six Months For the
Ended Year Ended Ended Year Ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income........ $ 5,749 $ 13,241 $ 10,713 $ 26,093
Net realized gains (losses)
from investment
transactions................ (1,183) 1,493 (5,522) 2,425
Net change in unrealized
appreciation (depreciation)
from investments............ (2,564) (4,469) (3,690) (13,814)
-------- -------- -------- ---------
Change in net assets resulting
from operations............... 2,002 10,265 1,501 14,704
-------- -------- -------- ---------
Distributions to Investor A
Shareholders:
From net investment income... (921) (2,684) (276) (778)
From net realized gains from
investment transactions..... -- -- -- (36)
Distributions to Investor B
Shareholders:
From net investment income... (350) (1,063) (94) (268)
From net realized gains from
investment transactions..... -- -- -- (15)
Distributions to Investor C
Shareholders:(a)
From net investment income... -- (3) -- (7)
Distributions to Institutional
Class Shareholders:
From net investment income... (4,478) (9,491) (10,343) (25,246)
From net realized gains from
investment transactions..... -- -- -- (1,118)
-------- -------- -------- ---------
Change in net assets resulting
from distributions............ (5,749) (13,241) (10,713) (27,468)
-------- -------- -------- ---------
Capital Transactions:
Proceeds from shares issued.. 32,975 47,892 19,375 49,058
Dividends reinvested......... 1,379 3,175 6,680 17,146
Cost of shares redeemed...... (50,783) (83,794) (51,601) (176,431)
-------- -------- -------- ---------
Change in net assets from
capital transactions.......... (16,429) (32,727) (25,546) (110,227)
-------- -------- -------- ---------
Change in net assets........... (20,176) (35,703) (34,758) (122,991)
Net Assets:
Beginning of period.......... 204,676 240,379 382,694 505,685
-------- -------- -------- ---------
End of period................ $184,500 $204,676 $347,936 $ 382,694
======== ======== ======== =========
</TABLE>
- -------
(a)Investor C class of shares closed on August 28, 1998.
See notes to financial statements.
16
<PAGE>
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
National Tax Exempt Michigan Municipal
Bond Fund Bond Fund
----------------------- -----------------------
For the For the
Six Months For the Six Months For the
Ended Year Ended Ended Year Ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income........ $ 1,865 $ 4,593 $ 4,510 $ 9,903
Net realized gains (losses)
from investment
transactions................ (439) 428 (178) 981
Net change in unrealized
appreciation (depreciation)
from investments............ (2,347) (438) (6,775) (2,440)
-------- -------- -------- --------
Change in net assets resulting
from operations............... (921) 4,583 (2,443) 8,444
Distributions to Investor A
Shareholders:
From net investment income... (105) (287) (508) (1,300)
In excess of net investment
income...................... -- -- (2) (2)
From net realized gains from
investment transactions..... -- (90) -- (212)
Distributions to Investor B
Shareholders:
From net investment income... (7) (18) (47) (112)
From net realized gains from
investment transactions..... -- (7) -- (22)
Distributions to Institutional
Class Shareholders:
From net investment income... (1,753) (4,288) (3,937) (8,489)
In excess of net investment
income...................... -- -- (17) (17)
From net realized gains from
investment transactions..... -- (1,234) -- (1,265)
-------- -------- -------- --------
Change in net assets resulting
from distributions............ (1,865) (5,924) (4,511) (11,422)
-------- -------- -------- --------
Capital Transactions:
Proceeds from shares issued.. 2,404 9,852 6,185 34,583
Dividends reinvested......... 238 713 882 2,341
Cost of shares redeemed...... (17,959) (38,965) (26,873) (58,653)
-------- -------- -------- --------
Change in net assets from
capital transactions.......... (15,317) (28,400) (19,806) (21,729)
-------- -------- -------- --------
Change in net assets........... (18,103) (29,741) (26,760) (24,707)
Net Assets:
Beginning of period.......... 104,323 134,064 224,058 248,765
-------- -------- -------- --------
End of period................ $ 86,220 $104,323 $197,298 $224,058
======== ======== ======== ========
</TABLE>
See notes to financial statements.
17
<PAGE>
Statements of Changes in Net Assets
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Balanced Allocation
Equity Income Fund Fund
----------------------- -----------------------
For the For the
Six Months For the Six Months For the
Ended Year Ended Ended Year Ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
------------ ---------- ------------ ----------
<S> <C> <C> <C> <C>
From Investment Activities:
Operations:
Net investment income........ $ 1,814 $ 4,840 $ 1,714 $ 5,700
Net realized gains (losses)
from investment and foreign
currency transactions....... 35,998 94,130 13,133 15,226
Net change in unrealized
appreciation (depreciation)
from investments and
translation of assets and
liabilities in foreign
currencies.................. (63,483) (61,914) 6,334 (12,513)
-------- --------- -------- ---------
Change in net assets resulting
from operations............... (25,671) 37,056 21,181 8,413
-------- --------- -------- ---------
Distributions to Investor A
Shareholders:
From net investment income... (383) (1,152) (138) (360)
From net realized gains from
investment and foreign
currency transactions....... -- (10,723) -- (472)
Distributions to Investor B
Shareholders:
From net investment income... (43) (178) (30) (89)
From net realized gains from
investment and foreign
currency transactions....... -- (3,010) -- (192)
Distributions to Investor C
Shareholders:(a)
From net investment income... -- (2) -- (3)
Distributions to Institutional
Class Shareholders:
From net investment income... (1,320) (3,699) (1,714) (5,206)
From net realized gains from
investment and foreign
currency transactions....... -- (29,940) -- (6,148)
-------- --------- -------- ---------
Change in net assets resulting
from distributions............ (1,746) (48,704) (1,882) (12,470)
-------- --------- -------- ---------
Capital Transactions:
Proceeds from shares issued.. 8,405 34,686 12,772 32,544
Dividends reinvested......... 674 21,572 1,722 11,335
Cost of shares redeemed...... (53,320) (132,781) (63,848) (131,988)
Change in net assets from
capital transactions.......... (44,241) (76,523) (49,354) (88,109)
-------- --------- -------- ---------
Change in net assets........... (71,658) (88,171) (30,055) (92,166)
Net Assets:
Beginning of period.......... 326,588 414,759 198,686 290,852
-------- --------- -------- ---------
End of period................ $254,930 $ 326,588 $168,631 $ 198,686
======== ========= ======== =========
</TABLE>
- -------
(a)Investor C class of shares closed on August 28, 1998.
See notes to financial statements.
18
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Prime Obligations Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- --------------------------------------------------------- ---------
<C> <S> <C>
Certificates of Deposit - Yankee (5.8%):
Yankee (5.8%):
$10,000 Bank of Montreal, 5.16%, 5/3/00.......................... $ 9,998
5,000 Bayerische Landisbank, 5.40%, 12/8/99.................... 5,000
5,000 Bayerische Landisbank, 5.94%, 1/5/00..................... 5,000
10,000 Rabobank, 5.13%, 4/27/00................................. 9,998
5,000 Union Bank of Switzerland, 5.60%, 6/14/00................ 4,999
--------
Total Certificates Of Deposit--Yankee 34,995
--------
Commercial Paper (73.3%):
Agriculture (0.8%):
5,000 Cargill, Inc., 5.42%, 1/19/00............................ 4,963
--------
Automotive (5.7%):
5,000 DaimlerChrysler North America, 5.31%, 12/8/99............ 4,995
5,000 DaimlerChrysler North America, 5.31%, 12/15/99........... 4,990
5,000 Ford Motor Credit Corp., 5.81%, 1/4/00................... 4,973
5,000 Ford Motor Credit Corp., 5.83%, 4/19/00.................. 4,887
10,000 General Motors Acceptance Corp., 5.71%, 1/26/00.......... 9,910
5,000 General Motors Acceptance Corp., 5.38%, 3/22/00.......... 4,916
--------
34,671
--------
Banking (8.2%):
5,000 Abbey National North America, 5.35%, 12/3/99............. 4,998
5,000 Abbey National North America, 5.34%, 12/10/99............ 4,993
5,000 Deutsche Bank, 5.34%, 12/15/99........................... 4,990
5,000 Deutsche Bank, 5.74%, 1/19/00............................ 4,961
5,000 Dresdner Bank, 5.35%, 12/15/99........................... 4,990
5,000 Dresdner Bank, 5.81%, 1/10/00............................ 4,968
5,000 Royal Bank of Canada, 5.30%, 12/29/99.................... 4,979
5,000 Svenska Handelsbanken, Inc., 5.33%, 12/21/99............. 4,985
5,000 Svenska Handelsbanken, Inc., 5.34%, 12/29/99............. 4,979
5,000 Svenska Handelsbanken, Inc., 5.88%, 3/1/00............... 4,926
--------
49,769
--------
Chemicals (5.6%):
5,000 Akzo Nobel NV, 5.80%, 3/7/00............................. 4,922
5,000 Akzo Nobel NV, 5.84%, 3/9/00............................. 4,920
5,000 Akzo Nobel NV, 5.85%, 3/21/00............................ 4,910
5,000 Great Lakes Chemical Corp., 5.93%, 1/19/00............... 4,960
5,000 Henkel Corp., 6.00%, 1/13/00............................. 4,963
4,500 Monsanto Co., 5.40%, 1/18/00............................. 4,468
5,000 Monsanto Co., 5.77%, 3/22/00............................. 4,910
--------
34,053
--------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- --------------------------------------------------------- ---------
<C> <S> <C>
Commercial Paper, continued:
Diversified Operation (6.5%):
$ 5,000 Bass Finance Ltd., 5.31%, 12/6/99........................ $ 4,997
4,915 Bass Finance Ltd., 5.87%, 2/10/00........................ 4,858
5,000 Bass Finance Ltd., 5.87%, 2/22/00........................ 4,932
5,000 Bass Finance Ltd., 5.88%, 2/23/00........................ 4,931
5,000 General Electric Capital Corp., 4.95%, 2/3/00............ 4,957
5,000 General Electric Capital Corp., 5.76%, 2/16/00........... 4,938
5,000 General Electric Capital Corp., 5.73%, 2/23/00........... 4,933
5,000 General Electric Capital Corp., 5.83%, 4/5/00............ 4,898
--------
39,444
--------
Electric Utility (1.6%):
5,000 Southern Co., 5.85%, 2/10/00............................. 4,942
5,000 Southern Co., 5.70%, 2/23/00............................. 4,934
--------
9,876
--------
Electrical & Electronic (0.8%):
5,000 Eaton Corp., 5.53%, 1/19/00.............................. 4,962
--------
Finance - Conduit (11.6%):
5,000 Ciesco L.P., 5.33%, 12/1/99.............................. 5,000
5,000 Ciesco L.P., 5.35%, 12/13/99............................. 4,991
5,000 Ciesco L.P., 5.80%, 1/26/00.............................. 4,955
5,000 Corporate Asset Funding Co., Inc., 5.30%, 12/13/99....... 4,991
5,000 Corporate Asset Funding Co., Inc., 6.05%, 1/20/00........ 4,958
5,000 Corporate Asset Funding Co., Inc., 6.03%, 1/26/00........ 4,953
5,000 Corporate Asset Funding Co., Inc., 6.00%, 2/10/00........ 4,941
5,000 Delaware Funding Corp., 5.58%, 1/18/00................... 4,961
5,000 Delaware Funding Corp., 5.83%, 1/21/00................... 4,959
5,000 Delaware Funding Corp., 5.82%, 2/22/00................... 4,933
5,000 Pemex, 5.32%, 12/6/99.................................... 4,996
4,490 Preferred Receivables Funding Corp., 5.40%, 1/12/00...... 4,462
5,000 Preferred Receivables Funding Corp., 6.00%, 1/13/00...... 4,964
5,735 Preferred Receivables Funding Corp., 6.07%, 1/18/00...... 5,688
--------
69,752
--------
Financial Services (9.8%):
5,000 American Express Co., 5.38%, 1/19/00..................... 4,963
5,000 American Express Co., 5.98%, 1/26/00..................... 4,953
5,000 American Express Credit Corp., 5.82%, 1/31/00............ 4,951
5,000 American Express Credit Corp., 5.90%, 2/2/00............. 4,948
5,000 Den Danske Bank, 5.34%, 12/14/99......................... 4,990
</TABLE>
Continued
19
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Prime Obligations Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- --------------------------------------------------------- ---------
<C> <S> <C>
Commercial Paper, continued:
Financial Services, continued:
$ 5,000 Den Danske Bank, 5.70%, 5/12/00.......................... $ 4,871
5,000 Household Finance, 5.30%, 12/2/99........................ 4,999
5,000 Household Finance, 5.70%, 1/12/00........................ 4,967
5,000 Household Finance, 5.96%, 2/2/00......................... 4,948
10,000 Transamerica Finance Corp., 5.99%, 1/26/00............... 9,908
5,000 Transamerica Finance Corp., 5.85%, 4/12/00............... 4,892
--------
59,390
--------
Food Products & Services (4.1%):
5,000 Campbell Soup Co., 4.80%, 12/1/99........................ 5,000
5,000 Diageo PLC, 5.55%, 1/12/00............................... 4,968
5,000 Diageo PLC, 5.95%, 1/18/00............................... 4,960
5,000 Diageo PLC, 5.50%, 2/9/00................................ 4,947
5,000 Diageo PLC, 5.80%, 4/4/00................................ 4,899
--------
24,774
--------
Glass Products (1.6%):
5,000 Guardian Industries, 6.03%, 1/14/00...................... 4,964
5,000 Guardian Industries, 5.90%, 1/28/00...................... 4,952
--------
9,916
--------
Insurance (6.5%):
5,000 American General Corp., 5.81%, 3/15/99................... 4,915
5,000 New York Life Capital Corp., 5.30%, 12/8/99.............. 4,996
5,000 Prudential Funding Corp., 5.75%, 1/12/00................. 4,966
5,000 Prudential Funding Corp., 5.75%, 1/19/00................. 4,961
5,000 Prudential Funding Corp., 5.86%, 1/26/00................. 4,954
5,000 Prudential Funding Corp., 5.77%, 4/5/00.................. 4,899
5,000 St. Paul Cos., Inc., 5.63%, 2/9/00....................... 4,945
5,000 St. Paul Cos., Inc., 5.70%, 2/23/00...................... 4,934
--------
39,570
--------
Machinery & Equipment (1.6%):
5,000 Caterpillar Financial, 5.78%, 2/28/00.................... 4,928
5,000 Caterpillar Financial, 5.80%, 3/16/00.................... 4,915
--------
9,843
--------
Manufacturing (1.6%):
5,000 Stanley Works, 5.65%, 2/9/00............................. 4,945
5,000 Stanley Works, 5.72%, 3/1/00............................. 4,928
--------
9,873
--------
Oil & Exploration, Production & Services (1.6%):
5,000 Atlantic Richfield, 5.30%, 12/2/99....................... 4,999
5,000 BP America, Inc., 4.86%, 1/24/00......................... 4,964
--------
9,963
--------
Paper Products (0.8%):
5,000 Sonoco Products Co., 5.75%, 3/14/00...................... 4,917
--------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- --------------------------------------------------------- ---------
<C> <S> <C>
Commercial Paper, continued:
Pharmaceuticals (4.1%):
$ 5,000 American Home Products, 5.42%, 1/25/00................... $ 4,958
5,000 American Home Products, 5.72%, 2/16/00................... 4,939
5,000 American Home Products, 5.70%, 3/6/00.................... 4,924
5,000 Glaxo Welcome, Inc., 5.92%, 2/17/00...................... 4,936
5,000 Glaxo Welcome, Inc., 5.85%, 3/10/00...................... 4,919
--------
24,676
--------
Photography (0.8%):
5,000 Eastman Kodak, 5.89%, 1/19/00............................ 4,960
--------
Total Commercial Paper 445,372
--------
Corporate Bonds (10.7%):
Automotive (0.8%):
5,000 DaimlerChrysler North America, 5.28%*, 7/6/00............ 4,996
--------
Banking (2.5%):
10,000 Abbey National North America, 5.13%, 5/4/00.............. 9,997
5,000 Comerica, Inc., 5.43%*, 9/1/00........................... 4,998
--------
14,995
--------
Financial Services (6.6%):
5,000 AllState Funding Agreement, 5.49%*, 12/1/99.............. 5,000
5,000 AllState Funding Agreement, 5.25%*, 3/31/00.............. 5,000
10,000 AllState Funding Agreement, 5.57%*, 9/1/00............... 10,000
10,000 Travelers Funding Agreement, 6.14%*, 3/31/00............. 10,000
10,000 Travelers Funding Agreement, 5.51%*, 8/17/00............. 10,000
--------
40,000
--------
Telecommunications (0.8%):
5,000 AT&T Corp., 6.14%*, 1/13/00.............................. 4,999
--------
Total Corporate Bonds 64,990
--------
U.S. Government Agencies (5.8%):
Fannie Mae (0.8%):
5,000 5.27%, 12/6/99........................................... 4,996
--------
Federal Home Loan Bank (1.6%):
10,000 5.71%*, 3/24/00.......................................... 10,000
--------
Student Loan Marketing Assoc. (3.4%):
10,000 6.05%*, 8/10/00.......................................... 9,999
10,000 6.05%*, 11/15/00......................................... 9,995
--------
19,994
--------
Total U.S. Government Agencies 34,990
--------
</TABLE>
Continued
20
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Prime Obligations Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------------- ---------
<C> <S> <C>
Repurchase Agreements (5.4%):
$33,072 JP Morgan, 5.72%, 12/1/99, (Collateralized by $35,005,
Fannie Mae, 6.43%, 2/6/08, market value--$34,446)... $ 33,072
--------
Total Repurchase Agreements 33,072
--------
Total Investments (Amortized Cost $613,419)(a)--101.0% 613,419
Liabilities in excess of other assets--(1.0)% (6,330)
--------
Total Net Assets--100.0% $607,089
========
</TABLE>
- -------
* Variable rate securities having liquidity sources through bank letters of
credit or other credit and/or liquidity agreements. The interest rate,
which will change periodically, is based upon an index of market rates. The
rate reflected on the Schedule of Portfolio Investments is the rate in
effect at November 30, 1999.
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
See notes to financial statements.
21
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
U.S. Government Obligations Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- --------------------------------------------------------- ---------
<C> <S> <C>
U.S. Government Agencies (91.2%):
Fannie Mae (24.9%):
$1,000 5.27%, 12/2/99........................................... $ 1,000
2,000 5.27%, 12/6/99........................................... 1,999
1,000 5.26%, 12/7/99........................................... 999
1,000 5.26%, 12/8/99........................................... 999
1,000 5.25%, 12/10/99.......................................... 999
1,000 5.24%, 12/15/99.......................................... 998
2,100 5.36%, 1/18/00........................................... 2,085
3,000 5.26%, 1/20/00........................................... 2,977
1,000 5.52%, 1/24/00........................................... 992
1,000 5.24%, 1/26/00........................................... 992
3,100 5.46%, 2/2/00............................................ 3,069
2,000 5.51%, 2/8/00............................................ 1,979
1,000 5.53%, 2/17/00........................................... 988
1,000 5.23%, 3/15/00........................................... 985
1,000 5.50%, 3/16/00........................................... 984
1,000 5.60%, 4/10/00........................................... 980
1,000 5.48%, 4/25/00........................................... 978
1,000 5.51%, 5/18/00........................................... 974
--------
24,977
--------
Federal Farm Credit Bank (3.0%):
1,000 5.33%, 12/29/99.......................................... 996
1,000 5.55%, 1/24/00........................................... 992
1,000 5.55%, 2/15/00........................................... 988
--------
2,976
--------
Federal Home Loan Bank (25.7%):
1,000 5.53%, 1/12/00........................................... 994
1,000 5.56%, 1/14/00........................................... 993
2,000 5.51%, 1/26/00........................................... 1,983
1,000 5.17%, 1/31/00........................................... 991
1,000 5.52%, 2/1/00............................................ 990
1,000 5.48%, 2/2/00............................................ 990
1,000 5.53%, 2/3/00............................................ 990
1,000 5.53%, 2/11/00........................................... 989
1,000 5.51%, 2/16/00........................................... 988
1,000 5.52%, 2/22/00........................................... 987
2,000 5.54%, 2/23/00........................................... 1,974
1,000 5.57%, 3/2/00............................................ 986
1,000 5.51%, 3/8/00............................................ 985
3,000 5.71%*, 3/24/00.......................................... 3,001
1,000 5.57%, 4/12/00........................................... 979
1,000 5.58%, 4/19/00........................................... 978
1,000 5.59%, 4/26/00........................................... 977
2,000 5.51%, 5/10/00........................................... 1,951
1,000 5.55%, 5/24/00........................................... 973
2,000 5.67%*, 6/9/00........................................... 2,001
--------
25,700
--------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------------- ---------
<C> <S> <C>
U.S. Government Agencies, continued:
Freddie Mac (26.8%):
$1,075 5.27%, 12/1/99.......................................... $ 1,075
1,000 5.15%, 12/2/99.......................................... 1,000
1,000 5.11%, 12/9/99.......................................... 999
1,000 5.14%, 12/10/99......................................... 999
1,000 5.12%, 12/14/99......................................... 998
1,000 5.25%, 12/17/99......................................... 998
1,000 5.22%, 12/22/99......................................... 997
2,073 5.55%, 1/10/00.......................................... 2,061
1,000 5.47%, 1/12/00.......................................... 994
1,000 5.54%, 1/13/00.......................................... 993
1,000 5.53%, 1/21/00.......................................... 992
2,000 5.22%, 1/27/99.......................................... 1,983
1,000 5.53%, 1/28/00.......................................... 991
1,000 5.40%, 2/3/00........................................... 990
1,000 5.47%, 2/4/00........................................... 990
1,000 5.47%, 2/7/00........................................... 990
1,000 5.48%, 2/9/00........................................... 989
1,000 5.53%, 2/15/00.......................................... 988
1,000 5.47%, 2/17/00.......................................... 988
1,000 5.52%, 2/23/00.......................................... 987
1,000 5.54%, 3/1/00........................................... 986
1,000 5.52%, 3/9/00........................................... 985
1,000 5.52%, 3/16/00.......................................... 984
1,000 5.47%, 3/23/00.......................................... 983
1,000 5.59%, 4/13/00.......................................... 979
--------
26,919
--------
Student Loan Marketing Assoc. (10.8%):
5,000 6.01%*, 1/12/00......................................... 5,000
1,300 5.18%, 1/27/00.......................................... 1,289
4,500 5.95%*, 3/8/00.......................................... 4,501
--------
10,790
--------
Total U.S. Government Agencies 91,362
--------
Repurchase Agreements (9.1%):
9,153 JP Morgan, 5.72%, 12/1/99, (Collateralized by $9,010,
Fannie Mae, 7.16%, 5/11/05, market value-$9,370)....... 9,153
--------
Total Repurchase Agreements 9,153
--------
Total Investments (Amortized
Cost $100,515)(a)--100.3% 100,515
Liabilities in excess of other assets--(0.3)% (338)
--------
Total Net Assets--100.0% $100,177
========
</TABLE>
- -------
* Variable rate securities having liquidity sources through bank letters of
credit and/or liquidity agreements. The interest rates, which will change
periodically, are based upon bank prime rates or an index of the market
interest rates. The rate reflected on the Schedule of Portfolio Investments
is the rate in effect on November 30, 1999.
(a) Cost for federal income tax and financial reporting purposes are the same.
See notes to financial statements.
22
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Tax-Free Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares
or
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------------- ---------
<C> <S> <C>
Municipal Bonds, Notes, & Commercial Paper (96.9%):
Arizona (6.3%):
$ 1,000 Maricopa County, Arizona, Southern California Edison,
3.50%, 1/21/00......................................... $ 1,000
2,600 Maricopa County, Arizona, Southern California Edison,
3.80%, 2/16/00......................................... 2,600
1,000 Salt River, Arizona, Agricultural Improvement, Series B,
3.75%, 2/23/00......................................... 1,000
1,000 Salt River, Arizona, Agricultural Improvement, Series B,
3.85%, 1/24/00......................................... 1,000
-------
5,600
-------
California (0.3%):
250 Oakland, California, G.O., 6.00%, 12/15/99, MBIA........ 250
-------
Illinois (7.7%):
2,000 Illinois Development Financial Authority Revenue, Series
A, 3.90%*, 10/1/27, LOC: Northern Trust Co............. 2,000
1,000 Illinois Health Facilities Authority, Series B, 3.90%*,
8/15/23, LOC: First National Bank...................... 1,000
1,845 Illinois Health Facilities Authority Advocate, Health
Care, Series B, 3.95%*, 8/15/22........................ 1,845
2,000 Illinois Health Facilities Authority Revenue Bond,
Series B, 3.90%*, 5/1/29, FSA.......................... 2,000
-------
6,845
-------
Indiana (9.4%):
1,850 Franklin County, Indiana, Economic Development Revenue
Bond, 4.10%*, 6/7/10, LOC: Fifth Third Bank............ 1,850
1,470 Goshen, Indiana, Industrial Development Revenue Bond,
4.10%*, 3/1/14, LOC: Key Bank.......................... 1,470
900 Indiana Health Facilities Financing Authority, 3.90%*,
8/1/06, LOC: Comerica Bank............................. 900
1,050 Indiana State Industrial Development Revenue Bond,
4.10%*, 4/1/17, LOC: Key Bank.......................... 1,050
1,000 Indiana Development Financial Authority, 3.45%, 3/2/00,
LOC: Scotia Bank....................................... 1,000
1,100 Indiana State Development Financial Authority, 3.90%*,
8/1/31, LOC: Bank One.................................. 1,100
1,000 Purdue University Student Fee, 3.80%*, 7/1/19........... 1,000
-------
8,370
-------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------------- ---------
<C> <S> <C>
Municipal Bonds, Notes, & Commercial Paper, continued:
Kentucky (4.8%):
$ 1,270 Bath County, Kentucky, Industrial Building Revenue Bond,
4.10%*, 12/1/13........................................ $ 1,270
2,000 Jefferson County, Kentucky, Louisville Gas & Electric,
3.40%, 1/28/00......................................... 2,000
1,035 Lewis County, Kentucky, Industrial Building Revenue
Bond, 4.10%*, 12/1/03, LOC: Fifth Third Bank........... 1,035
-------
4,305
-------
Maine (2.2%):
2,000 Portland, Maine, Revenue Bond, Barber Foods Project,
Series S, 4.10%*, 7/1/03, LOC: Key Bank................ 2,000
-------
Maryland (2.5%):
2,235 Harford County, Maryland, 5.00%, 12/1/99................ 2,235
-------
Massachusetts (3.0%):
2,700 Somerville, Massachusetts Bond Anticipation Note, 3.50%,
5/18/00................................................ 2,700
-------
Michigan (9.9%):
2,000 Jackson County, Michigan, Economic Development Corp.,
3.50%*, 10/1/19, LOC: NBD Bank......................... 2,000
1,450 Michigan State, Building Authority, Series 1, 3.90%,
1/12/00................................................ 1,450
4,300 Michigan Strategic Fund Limited Obligation Revenue,
Series A, 3.70%*, 6/15/10, LOC: Canadian Imperial Bank. 4,301
1,000 Michigan Technological University, Board of Control,
3.90%*, 10/1/18, AMBAC................................. 1,000
-------
8,751
-------
Minnesota (7.1%):
2,000 Minneapolis, Minnesota, G.O., 3.75%*, 12/1/06........... 2,000
2,140 Olmsted County, Minnesota, 3.80%*, 8/1/05............... 2,140
2,200 Rochester, Minnesota, Healthcare Foundation, Series A,
3.80%, 3/7/00.......................................... 2,200
-------
6,340
-------
Missouri (3.0%):
2,700 Missouri Higher Educational Loan Authority, 4.00%*,
3/1/20, MBIA........................................... 2,700
-------
North Carolina (2.6%):
2,300 University of North Carolina Chapel Hill Revenue,
3.90%*, 7/1/12, LOC: Nations Bank...................... 2,300
-------
</TABLE>
Continued
23
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Tax-Free Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares
or
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------------- ---------
<C> <S> <C>
Municipal Bonds, Notes, & Commercial Paper, continued:
Ohio (5.6%):
$ 3,000 Columbus, Ohio, Revenue Bond, 3.70%*, 12/1/17........... $ 3,000
1,300 Coshocton County, Ohio, Hospital Facilities Revenue
Bond, 3.90%*, 3/1/19, LOC: Bank One.................... 1,300
670 Orange, Ohio, City School District, 3.30%, 12/1/99...... 670
-------
4,970
-------
Oregon (2.2%):
2,000 Portland, Oregon, Bond Anticipation Note, Series A,
3.75%, 12/15/99........................................ 2,000
-------
Pennsylvania (4.5%):
1,000 Delaware County, Pennsylvania, 3.50%, 12/9/99........... 1,000
3,000 Pennsylvania State Higher Educational Facilities,
Revenue Bond, 3.85%*, 1/1/26........................... 3,000
-------
4,000
-------
Tennessee (2.8%):
1,145 Rutherford County, Tennessee, G.O., 4.25%, 4/1/00....... 1,148
1,300 Tennessee State School Bond Authority, Series A, 3.70%,
3/9/00................................................. 1,300
-------
2,448
-------
Texas (6.2%):
2,000 Fort Worth, Texas, Series B, 3.70%, 4/12/00............. 2,000
1,500 Fort Worth, Texas, Series B, 3.80%, 2/22/00............. 1,500
1,500 San Antonio, Texas, Water System, 3.85%, 1/20/00........ 1,500
520 Texas State Public Finance Authority, Parks & Wildlife
Department, Series B, 6.00%, 2/1/00, AMBAC............. 522
-------
5,522
-------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------------- ---------
<C> <S> <C>
Municipal Bonds, Notes, & Commercial Paper, continued:
Utah (5.1%):
$ 1,500 Intermountain Power Agency, Utah Power Supply, Revenue
Bond, 3.75%, 1/19/00................................... $ 1,500
3,000 Utah County, Utah, PCR, USX Corp., 3.10%*, 11/1/17, LOC:
Wachovia Bank.......................................... 3,000
-------
4,500
-------
Virginia (2.6%):
2,300 Hampton, Virginia, Hospital Facilities Revenue Bond,
Sentara Health System, 3.80%, 2/17/00.................. 2,300
-------
Washington (8.7%):
2,405 Grant County, Washington, Port Industrial Development,
4.00%*, 12/1/13, LOC: Key Bank......................... 2,405
2,000 King County, Washington, Sewer Revenue Ban, 3.80%,
1/25/00................................................ 2,000
845 Port Angeles, Washington, Port Industrial Development,
Admiral Marine Project, 4.10%*, 4/1/22, LOC: Key Bank.. 845
2,500 Washington State Health Care Facilities Authority,
Revenue Bond, 4.00%*, 1/1/18, LOC: Morgan Guaranty
Trust.................................................. 2,500
-------
7,750
-------
Wisconsin (0.4%):
325 Wisconsin State, G.O., 5.00%, 5/1/00.................... 327
-------
Total Municipal Bonds, Notes, & Commercial Paper 86,213
-------
Investment Companies (1.6%):
1,403,397 Municipal Cash Mutual Fund.............................. 1,403
-------
Total Investment Companies 1,403
-------
Cash Equivalents (1.3%):
$ 1,179 Goldman Sachs Financial Square Tax Exempt............... 1,179
-------
Total Cash Equivalents 1,179
-------
Total Investments (Amortized
Cost $88,795)(a)--99.8% 88,795
Other assets in excess of liabilities--0.2% 195
-------
Total Net Assets--100.0% $88,990
=======
</TABLE>
- -------
* Variable rate securities having liquidity sources through bank letters of
credit or other credit and/or liquidity agreements. The interest rate, which
will change periodically, is based upon an index of market rates. The rate
reflected on the Schedule of Portfolio Investments is the rate in effect at
November 30, 1999.
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
AMBAC--American Municipal Bond Assurance Corp.
FSA--Federal Security Assurance
G.O.--General Obligation
LOC--Letter of Credit
MBIA--Municipal Bond Insurance Association
PCR--Pollution Control Revenue
See notes to financial statements.
24
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Treasury Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
U.S. Treasury Bills (12.2%):
$20,000 1/13/00.................................................. $ 19,876
10,000 1/20/00.................................................. 9,928
--------
Total U.S. Treasury Bills 29,804
--------
U.S. Treasury Notes (22.4%):
10,000 5.38%, 1/31/00........................................... 10,007
12,000 5.88%, 2/15/00........................................... 12,025
10,000 5.50%, 3/31/00........................................... 10,014
6,500 6.38%, 5/15/00........................................... 6,528
5,500 5.38%, 6/30/00........................................... 5,499
5,000 5.38%, 7/31/00........................................... 4,993
6,000 5.13%, 8/31/00........................................... 5,977
--------
Total U.S. Treasury Notes 55,043
--------
Repurchase Agreements (73.6%):
12,200 BA Securities, 5.60%, 12/1/99, (Collateralized by
$12,690, U.S. Treasury Bill, 4/6/00, market value--
$12,452)................................................ 12,200
12,200 Chase Securities, 5.63%, 12/1/99, (Collateralized by
$12,100, U.S. Treasury Bond, 7.75%, 1/31/00, market
value--$12,518)......................................... 12,200
</TABLE>
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- ------------------------------------------------------- ---------
<C> <S> <C>
$12,200 Dresdner Securities, 5.60%, 12/1/99, (Collateralized by
$12,114, U.S. Treasury Note, 6.50%, 5/31/01, market
value--$12,594)....................................... $ 12,200
9,343 Goldman Sachs, 5.45%, 12/1/99, (Collateralized by
$6,556, U.S. Treasury Bond, 12.50%, 8/15/14, market
value--$9,531)........................................ 9,343
61,200 Greenwich Capital, 5.66%, 12/1/99, (Collateralized by
$65,190, U.S. Treasury Note, 5.63%, 5/15/08, market
value--$62,428)....................................... 61,200
12,200 JP Morgan, 5.63%, 12/1/99, (Collateralized by $10,682,
U.S. Treasury Bond, 8.00%, 11/15/21, market value--
$12,482).............................................. 12,200
61,200 Morgan Stanley, 5.65%, 12/1/99, (Collateralized by
$51,688, U.S. Treasury Bond, 8.75%, 5/15/17, market
value--$62,881)....................................... 61,200
---------
Total Repurchase Agreements 180,543
---------
Total Investments (Cost $265,390)(a)--108.2% 265,390
Liabilities in excess of other assets--(8.2)% (20,155)
---------
Total Net Assets--100.0% $ 245,235
=========
</TABLE>
- -------
(a) Cost and value for federal income tax and financial reporting purposes are
the same.
See notes to financial statements.
25
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Small Capitalization Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ------------------------------------------------------------ --------
<C> <S> <C>
Common Stocks (92.2%):
Advertising (0.8%):
59,700 Valassis Communications, Inc.(b)............................ $ 2,351
--------
Aerospace & Military Technology (0.9%):
100,000 Titan Corp.(b)(c)........................................... 2,706
--------
Banking (2.6%):
75,800 Cullen/Frost Bankers, Inc. ................................. 2,160
113,400 Imperial Bancorp(b)......................................... 2,722
346,700 Republic Security Financial Corp. .......................... 2,784
--------
7,666
--------
Business Services (3.2%):
35,885 Corporate Executive Board Corp.(b).......................... 1,669
37,200 Diamond Technology Partners, Inc.(b)........................ 1,953
55,500 FYI, Inc.(b)................................................ 1,776
163,370 Online Resources & Communications Corp.(b).................. 2,001
30,400 QRS Corp.(b)................................................ 1,767
--------
9,166
--------
Computer Integrated System Design (2.2%):
65,200 Digital River, Inc.(b)...................................... 1,989
75,900 Visual Networks, Inc.(b).................................... 4,478
--------
6,467
--------
Computer Services (0.5%):
34,500 eGain Communications Corp.(b)............................... 1,449
--------
Computer Software & Peripherals (17.7%):
54,400 Advanced Digital Information Corp.(b)....................... 2,445
9,700 Affymetrix, Inc.(b)......................................... 951
17,000 Allaire Corp.(b)............................................ 2,582
32,300 Business Objects SA, ADR.................................... 2,859
43,900 Clarify, Inc.(b)............................................ 4,091
20,000 Digex, Inc.(b).............................................. 670
60,000 Macrovision Corp.(b)........................................ 3,832
40,000 Mercury Interactive Corp.(b)................................ 3,325
35,400 Micromuse, Inc.(b).......................................... 4,048
13,500 MicroStrategy, Inc.(b)(c)................................... 1,654
84,600 National Computer Systems, Inc. ............................ 3,247
91,300 National Information Consortium, Inc.(b)(c)................. 2,408
138,500 NetObjects, Inc.(b)......................................... 1,878
85,700 ONYX Software Corp.(b)...................................... 2,764
57,600 Remedy Corp.(b)............................................. 2,009
100,000 Sapiens International Corp. NV, ADR(b)...................... 1,388
42,450 SonicWall, Inc.(b)(c)....................................... 1,451
93,000 Symantec Corp.(b)........................................... 4,341
166,720 The 3DO Co.(b).............................................. 1,579
89,000 Zoran Corp.(b)(c)........................................... 3,549
--------
51,071
--------
Data Processing & Reproduction (0.9%):
158,000 Novadigm, Inc.(b)........................................... 2,745
--------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ------------------------------------------------------------ --------
<C> <S> <C>
Common Stocks, continued:
Electrical Equipment (1.0%):
85,500 SBS Technologies, Inc.(b)................................... $ 2,886
--------
Electronic Components/Instruments (7.4%):
107,900 Audiovox Corp., Class A(b).................................. 3,210
87,800 CTS Corp. .................................................. 7,040
87,400 DII Group, Inc.(b).......................................... 5,517
159,600 Gentex Corp.(b)............................................. 2,983
13,000 Optical Coating Laboratory, Inc. ........................... 2,558
--------
21,308
--------
Financial Services (0.9%):
83,000 Metris Cos., Inc. .......................................... 2,625
--------
Gaming (0.5%):
28,300 Anchor Gaming............................................... 1,558
--------
Health Care--Services (1.9%):
179,600 Hooper Holmes, Inc. ........................................ 4,243
56,400 Priority Healthcare Corp., Class B(b)....................... 1,396
--------
5,639
--------
Home Furnishings (0.9%):
104,200 Trex Company, Inc.(b)....................................... 2,683
--------
Industrial Goods & Services (0.4%):
41,900 Church & Dwight Co., Inc. .................................. 1,173
--------
Insurance (1.5%):
91,400 Annuity & Life Re Holdings Ltd. ............................ 2,605
189,600 Scottish Annuity & Life Holdings............................ 1,612
--------
4,217
--------
Leisure (0.5%):
93,700 Cheap Tickets, Inc.(b)(c)................................... 1,564
--------
Machinery & Equipment (2.0%):
60,200 Helix Technology Corp. ..................................... 2,437
106,500 Optimal Robotics Corp.(b)................................... 3,461
--------
5,898
--------
Manufacturing-Consumer Goods (1.2%):
165,300 Monaco Coach Corp.(b)....................................... 3,554
--------
Medical Equipment & Supplies (3.6%):
20,330 ArthroCare Corp.(b)......................................... 1,230
71,500 Biomatrix, Inc.(b)(c)....................................... 1,680
133,600 Datascope Corp.(b).......................................... 4,956
145,600 PolyMedica Corp.(b)......................................... 2,548
--------
10,414
--------
Oil & Gas Exploration, Production & Services (1.0%):
89,300 Forest Oil Corp.(b)......................................... 1,021
53,800 Louis Dreyfus Natural Gas Corp.(b).......................... 968
67,300 Tesoro Petroleum Corp.(b)................................... 808
--------
2,797
--------
</TABLE>
Continued
26
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Small Capitalization Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ------------------------------------------------------------ --------
<C> <S> <C>
Common Stocks, continued:
Oil & Gas Utility (1.2%):
56,000 Nicor, Inc ................................................. $ 1,943
63,800 Southwest Gas Corp. ........................................ 1,495
--------
3,438
--------
Oilfield Services & Equipment (0.4%):
32,750 Cal Dive International, Inc.(b)............................. 1,191
--------
Pharmaceuticals (4.6%):
61,600 ChiRex, Inc.(b)............................................. 2,141
42,700 Enzon, Inc.(b).............................................. 1,441
107,050 King Pharmaceuticals, Inc.(b)(c)............................ 4,938
15,300 Millennium Pharmaceuticals, Inc.(b)......................... 1,489
134,900 Theragenics Corp.(b)........................................ 1,290
153,000 Titan Pharmaceuticals, Inc. ................................ 2,199
--------
13,498
--------
Radio (3.2%):
45,400 Citadel Communications Corp.(b)............................. 2,273
101,400 Cumulus Media, Inc., Class A(b)............................. 4,056
92,400 Spanish Broadcasting System, Inc.(b)........................ 2,934
--------
9,263
--------
Resorts & Entertainment (1.6%):
86,600 Station Casinos, Inc.(b).................................... 2,078
50,400 THQ, Inc.(b)(c)............................................. 2,709
--------
4,787
--------
Restaurants (1.0%):
142,000 Jack in the Box, Inc.(b).................................... 2,991
--------
Retail (4.0%):
80,600 BJ's Wholesale Club, Inc.(b)................................ 3,012
116,900 REX Stores Corp.(b)......................................... 4,362
75,900 The Children's Place Retail Stores, Inc.(b)(c).............. 1,874
124,750 Too, Inc.(b)................................................ 2,308
--------
11,556
--------
Semiconductors (8.8%):
27,800 Ancor Communications, Inc.(b)(c)............................ 1,685
221,000 ASM International NV(b)(c).................................. 3,591
50,000 Burr-Brown Corp.(b)......................................... 2,216
40,300 Credence Systems Corp.(b)................................... 2,335
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ------------------------------------------------------------ --------
<C> <S> <C>
Common Stocks, continued:
Semiconductors, continued:
70,500 Cymer, Inc.(b)(c)........................................... $ 2,820
63,500 Fairchild Semiconductor International, Inc., Class A(b)..... 1,778
62,000 Integrated Device Technology, Inc.(b)....................... 1,461
242,000 NETsilicon, Inc.(b)......................................... 3,207
40,100 PRI Automation, Inc.(b)(c).................................. 1,900
91,300 Silicon Storage Technology, Inc.(b)......................... 2,419
41,000 TranSwitch Corp.(b)......................................... 1,927
--------
25,339
--------
Technology (2.4%):
107,100 ACT Manufacturing, Inc.(b).................................. 3,273
66,600 Mercury Computer Systems, Inc.(b)........................... 3,801
--------
7,074
--------
Telecommunications - Services & Equipment (11.4%):
62,500 Adelphia Business Solutions, Inc.(b)........................ 1,953
59,300 Antec Corp.(b)(c)........................................... 3,321
39,550 C-COR.net Corp.(b).......................................... 2,020
156,600 Commscope, Inc.(b).......................................... 6,597
70,500 Exar Corp.(b)............................................... 3,428
155,000 ICG Communications, Inc.(b)(c).............................. 2,935
61,700 Intermedia Communications, Inc.(b)(c)....................... 1,720
46,400 Mastec, Inc.(b)............................................. 1,911
3,050 Next Level Communications, Inc.(b)(c)....................... 197
31,500 Proxim, Inc.(b)............................................. 1,764
88,600 Sawtek, Inc.(b)............................................. 4,042
264,900 SBA Communications Corp.(b)................................. 3,046
--------
32,934
--------
Transportation & Shipping (2.0%):
88,600 Atlas Air, Inc.(b).......................................... 2,232
85,700 Expeditors International of Washington, Inc. ............... 3,492
--------
5,724
--------
Total Common Stocks 267,732
--------
Cash Equivalents (4.2%):
$12,099 Goldman Sachs Financial Square Premium...................... 12,099
--------
Total Cash Equivalents 12,099
--------
</TABLE>
Continued
27
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Small Capitalization Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ---------------------------------------------------------- ---------
<C> <S> <C>
Short Term Securities Purchased with Collateral (13.4%):
Commercial Paper (5.1%):
15,000 Federal Signal Corp., 5.88%, 12/1/99...................... $ 15,000
---------
Repurchase Agreement (8.3%):
24,011 Bear Stearns & Co. Triparty Agreement, 5.83%, 12/1/99,
(See Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description).................................. 24,011
---------
Total Short Term Securities Purchased with Collateral $ 39,011
---------
Total Investments (Cost $245,078)(a)--109.8% 318,842
Other assets in excess of liabilities--(9.8)% (28,422)
---------
Total Net Assets--100.0% $ 290,420
=========
</TABLE>
- -------
<TABLE>
<CAPTION>
Open Futures Contracts
----------------------------------
Number of Contracts Contract Value Expiration Date Unrealized Gain/Loss
------------------- -------------- --------------- --------------------
<S> <C> <C> <C> <C>
Russell 2000 Stock Index
Futures................ 13 $2,941 12/16/99 $214
</TABLE>
The aggregate market value of cash pledged to cover margin requirements for
open futures positions at November 30, 1999 was $150.
(a) Cost for federal income tax purposes differs from value by net unrealized
appreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation.................................. $81,379
Unrealized depreciation.................................. (7,401)
-------
Net unrealized appreciation.............................. $73,978
=======
</TABLE>
(b) Represents non-income producing securities.
(c) All or part of the security has been loaned at November 30, 1999.
See notes to financial statements.
28
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Mid Capitalization Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks (91.9%):
Advertising (1.9%):
45,000 Interpublic Group of Companies, Inc. ..................... $ 2,115
76,800 Valassis Communications, Inc.(b).......................... 3,024
42,000 Young & Rubicam, Inc. .................................... 2,192
--------
7,331
--------
Air Transportation (0.5%):
123,000 Southwest Airlines Co. ................................... 2,006
--------
Beverages & Tobacco (0.6%):
48,000 Coors (Adolph), Class B................................... 2,388
--------
Broadcasting & Publishing (2.8%):
79,100 AMFM, Inc.(b)............................................. 5,591
21,400 Univision Communications, Inc.(b)......................... 1,873
58,800 Westwood One, Inc.(b)..................................... 3,366
--------
10,830
--------
Business Services (1.4%):
142,200 Paychex, Inc. ............................................ 5,679
--------
Computer Hardware (1.6%):
76,600 Lexmark International Group, Inc.(b)...................... 6,358
--------
Computer Software & Peripherals (19.3%):
90,000 Adobe Systems Inc. ....................................... 6,182
100,000 Citrix Systems, Inc.(b)(c)................................ 9,489
19,200 DoubleClick, Inc.(b)(c)................................... 3,073
34,400 Exodus Communications, Inc.(b)(c)......................... 3,709
69,700 J.D. Edwards & Co.(b)..................................... 2,056
50,000 Legato Systems, Inc.(b)................................... 3,377
75,000 Mercury Interactive Corp.(b).............................. 6,234
190,000 Novell, Inc.(b)........................................... 3,717
158,300 Rational Software Corp. .................................. 8,093
25,800 RealNetworks, Inc.(b)..................................... 3,599
126,800 Siebel Systems, Inc.(b)(c)................................ 8,892
156,000 Symantec Corp. ........................................... 7,283
68,400 Unisys Corp.(b)........................................... 1,967
16,400 VeriSign, Inc.(b)......................................... 3,047
49,500 VERITAS Software Corp.(b)(c).............................. 4,532
--------
75,250
--------
Data Processing & Reproduction (0.6%):
64,000 Fiserv, Inc.(b)........................................... 2,272
--------
Electric Utility (2.7%):
107,400 AES Corp.(b)(c)........................................... 6,222
76,000 Calpine Corp.(b).......................................... 4,484
--------
10,706
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Electrical & Electronic (5.7%):
82,700 Analog Devices, Inc.(b)................................... $ 4,750
60,600 CTS Corp. ................................................ 4,859
142,000 Gentex Corp.(b)........................................... 2,654
47,800 Jabil Circuit, Inc.(b).................................... 3,056
26,500 Maxim Integrated Products, Inc.(b)........................ 2,128
48,800 Sanmina Corp.(b)(c)....................................... 4,691
--------
22,138
--------
Financial Services (2.0%):
42,100 Capital One Financial Corp. .............................. 1,960
220,000 Concord EFS, Inc.(b)(c)................................... 5,830
--------
7,790
--------
Health Care - Services (0.0%):
54 U.S. Surgical Corp. - Rights.............................. (d)
--------
Insurance (3.0%):
173,000 AFLAC, Inc. .............................................. 8,283
92,000 Nationwide Financial Services, Inc. ...................... 3,306
--------
11,589
--------
Medical Equipment & Supplies (0.5%):
24,200 VISX, Inc.(b)............................................. 1,877
--------
Oil & Gas Exploration, Production & Services (2.1%):
154,000 Apache Corp. ............................................. 5,515
104,200 Baker Hughes, Inc. ....................................... 2,631
--------
8,146
--------
Pharmaceuticals (5.3%):
51,200 Biogen, Inc.(b)........................................... 3,741
169,100 Forest Laboratories, Inc.(b).............................. 8,656
70,400 Medimmune, Inc.(b)(c)..................................... 8,461
--------
20,858
--------
Restaurants (1.0%):
186,100 Jack in the Box, Inc.(b).................................. 3,920
--------
Retail (7.8%):
110,400 Best Buy Co., Inc.(b)..................................... 6,899
125,500 BJ's Wholesale Club, Inc.(b).............................. 4,691
135,000 Cheap Tickets, Inc.(b).................................... 2,253
61,400 Circuit City Stores, Inc. ................................ 2,978
227,800 Family Dollar Stores, Inc. ............................... 4,086
64,000 Tandy, Inc. .............................................. 4,904
180,000 The Children's Place Retail Stores, Inc.(b)(c)............ 4,444
--------
30,255
--------
</TABLE>
Continued
29
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Mid Capitalization Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Semiconductors (15.0%):
125,000 Altera Corp.(b)........................................... $ 6,734
67,200 KLA-Tenor Corp.(b)........................................ 5,683
28,000 Linear Technology Corp. .................................. 1,990
51,500 LSI Logic Corp.(b)........................................ 3,113
70,300 Novellus Systems, Inc.(b)................................. 5,773
61,400 PMC-Sierra, Inc.(b)....................................... 6,328
51,600 SDL, Inc.(b).............................................. 8,398
130,900 Teradyne, Inc.(b)......................................... 5,702
123,200 Vitesse Semiconductor Corp.(b)............................ 5,552
103,000 Xilinx, Inc.(b)........................................... 9,218
--------
58,491
--------
Technology (4.6%):
70,600 Electronics for Imaging, Inc.(b).......................... 3,146
79,000 Gemstar International Group Ltd.(b)(c).................... 8,907
122,000 Symbol Technologies, Inc. ................................ 5,818
--------
17,871
--------
Telecommunications - Services & Equipment (13.0%):
73,000 Broadwing, Inc.(b)........................................ 2,126
182,000 CenturyTel, Inc. ......................................... 8,372
79,000 Comverse Technology, Inc.(b)(c)........................... 9,549
28,500 EchoStar Communications Corp., Class A(b)................. 1,883
21,200 JDS Uniphase Corp.(b)..................................... 4,850
121,000 McLeodUSA, Inc.(b)(c)..................................... 5,203
72,800 Nextel Communications, Inc., Class A(b)(c)................ 7,216
58,000 RCN Corp.(b).............................................. 2,617
86,000 RF Micro Devices, Inc.(b)................................. 5,843
33,000 VoiceStream Wireless Corp.(b)(c).......................... 3,044
--------
50,703
--------
Transportation & Shipping (0.5%):
50,000 Expeditors International of Washington, Inc. ............. 2,038
--------
Total Common Stocks 358,496
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- -------------------------------------------------------- ---------
<C> <S> <C>
Repurchase Agreements (4.4%):
$17,000 Prudential Securities, 5.53%, 12/1/99, (Collateralized
by $19,000, Freddie Mac, 6.50%, 11/15/27, market value-
$17,436)................................................ $ 17,000
---------
Total Repurchase Agreements 17,000
---------
Cash Equivalents (4.1%):
16,138 Goldman Sachs Financial Square Premium.................. 16,138
---------
Total Cash Equivalents 16,138
---------
Short Term Securities Purchased with Collateral (18.2%)
Commercial Paper (3.8%):
$15,000 Federal Signal Corp., 5.88%, 12/1/99.................... $ 15,000
---------
Floating Rate Note (3.8%):
15,000 Household CCMT ABT 96 Series A4, 5.49%, 1/18/00......... 15,000
---------
Investment Companies (2.6%):
10,000 AIM Liquid Asset Money Fund, 5.69%, 12/1/99............. 10,000
---------
Repurchase Agreement (8.0%):
31,138 Bear Stearns Triparty Agreement, 5.83%, 12/1/99, (See
Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description)................................. 31,138
---------
Total Short Term Securities Purchased with Collateral 71,138
---------
Total Investments (Cost $349,398)(a)--118.6% 462,772
Liabilities in excess of other assets--(18.6)% (72,643)
---------
Total Net Assets--100.0% $ 390,129
=========
</TABLE>
- -------
<TABLE>
<CAPTION>
Open Futures Contracts
----------------------------------
Number of Contracts Contract Value Expiration Date Unrealized Gain/Loss
------------------- -------------- --------------- --------------------
<S> <C> <C> <C> <C>
S&P400 MidCap Index
Futures................ 70 $14,691 12/16/99 $259
</TABLE>
The aggregate market value of cash pledged to cover margin requirements for
open futures positions at November 30, 1999 was $700.
(a) Cost for federal income tax purposes differs from value by net unrealized
appreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation................................. $122,228
Unrealized depreciation................................. (8,596)
--------
Net unrealized appreciation............................. $113,632
========
</TABLE>
(b) Represents non-income producing securities.
(c) All or part of this security has been loaned at November 30, 1999.
(d) Market value is less than $1,000.
See notes to financial statements.
30
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Large Capitalization Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ------------------------------------------------------------ --------
<C> <S> <C>
Common Stocks (97.3%):
Advertising (1.3%):
60,000 Omnicom Group, Inc. ........................................ $ 5,288
18,500 Young & Rubicam, Inc. ...................................... 965
--------
6,253
--------
Broadcasting/Cable (1.6%):
85,000 Comcast Corp., Class A...................................... 3,841
100,000 USA Networks, Inc.(b)....................................... 4,000
--------
7,841
--------
Computer Hardware (5.3%):
110,000 Dell Computer Corp.(b)(c)................................... 4,737
70,600 EMC Corp.(b)................................................ 5,900
79,000 IBM Corp. .................................................. 8,141
50,200 Sun Microsystems, Inc.(b)................................... 6,639
--------
25,417
--------
Computer Software & Peripherals (8.3%):
90,000 BMC Software, Inc.(b)....................................... 6,553
79,400 Charter Communication, Inc., Class A(b)..................... 1,841
20,000 Citrix Systems, Inc.(b)..................................... 1,898
240,200 Microsoft, Inc.(b).......................................... 21,869
75,000 Oracle Corp.(b)............................................. 5,086
45,000 Rational Software Corp.(b).................................. 2,301
--------
39,548
--------
Consumer Goods & Services (3.8%):
83,200 Colgate Palmolive Co. ...................................... 4,566
128,200 Procter & Gamble Co. ....................................... 13,845
--------
18,411
--------
Diversified Operations (2.0%):
239,600 Tyco International Ltd. .................................... 9,599
--------
Electrical & Electronic (7.7%):
110,000 Analog Devices, Inc.(b)..................................... 6,318
75,000 Applied Materials, Inc.(b).................................. 7,308
141,900 General Electric Co. ....................................... 18,446
60,000 Solectron Corp.(b).......................................... 4,943
--------
37,015
--------
Financial Services (1.4%):
160,000 Concord EFS, Inc.(b)........................................ 4,240
104,000 MBNA Corp. ................................................. 2,626
--------
6,866
--------
Food & Beverage (0.7%):
51,300 The Coca-Cola Co. .......................................... 3,453
--------
Food Products & Services (1.3%):
86,000 Kroger Co.(b)............................................... 1,833
118,000 Safeway, Inc.(b)............................................ 4,351
--------
6,184
--------
Industrial Goods & Services (0.5%):
40,000 United Technologies Corp. .................................. 2,260
--------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ------------------------------------------------------------ --------
<C> <S> <C>
Common Stocks, continued:
Insurance (2.2%):
100,703 American International Group, Inc. ......................... $ 10,398
--------
Manufacturing - Consumer Goods (1.6%):
95,000 Lexmark International Group, Inc.(b)........................ 7,885
--------
Medical Equipment & Supplies (1.5%):
70,800 Guidant Corp. .............................................. 3,540
95,600 Medtronic, Inc. ............................................ 3,716
--------
7,256
--------
Office Equipment & Services (0.8%):
35,000 Honeywell, Inc. ............................................ 3,918
--------
Oil & Gas (1.9%):
140,000 Burlington Resources, Inc.(c)............................... 4,708
70,000 Schlumberger Ltd. .......................................... 4,204
--------
8,912
--------
Paper Products (1.2%):
108,000 International Paper Co. .................................... 5,636
--------
Pharmaceuticals (16.1%):
40,000 American Home Products Corp. ............................... 2,080
205,000 Bristol Myers Squibb Co. ................................... 14,977
110,200 Eli Lilly & Co. ............................................ 7,907
78,000 Johnson & Johnson........................................... 8,093
124,000 Merck & Co., Inc. .......................................... 9,734
294,600 Pfizer, Inc. ............................................... 10,661
207,600 Schering Plough Corp. ...................................... 10,614
144,000 Warner-Lambert Co. ......................................... 12,915
--------
76,981
--------
Resorts & Entertainment (1.4%):
108,000 Time Warner, Inc.(c)........................................ 6,662
--------
Retail (8.2%):
65,000 Dayton Hudson Corp. ........................................ 4,587
110,000 Home Depot, Inc. ........................................... 8,697
50,000 Kohls Corp. (b)............................................. 3,609
83,000 Tandy, Inc. ................................................ 6,360
182,600 Wal-Mart Stores, Inc. ...................................... 10,522
188,000 Walgreen Co.(c)............................................. 5,476
--------
39,251
--------
Semiconductors (7.0%):
110,000 Altera Corp.(b)............................................. 5,926
150,000 Intel Corp. ................................................ 11,503
50,000 KLA-Tencor Corp.(b)......................................... 4,228
121,200 Texas Instruments, Inc. .................................... 11,643
--------
33,300
--------
Telecommunications - Services & Equipment (21.5%):
80,700 Alltel Corp. ............................................... 6,981
80,000 Amdocs Ltd.(b).............................................. 2,815
327,400 Cisco Systems, Inc.(b)...................................... 29,201
125,000 GTE Corp. .................................................. 9,125
171,800 Lucent Technologies, Inc.(c)................................ 12,552
</TABLE>
Continued
31
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Large Capitalization Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ------------------------------------------------------------ --------
<C> <S> <C>
Common Stocks, continued:
Telecommunications - Services & Equipment, continued:
113,000 MCI WorldCom, Inc.(b)....................................... $ 9,344
40,000 Motorola, Inc.(c)........................................... 4,570
110,000 Nortel Networks Corp. ...................................... 8,140
33,000 QUALCOMM, Inc.(b)........................................... 11,956
148,700 SBC Communications, Inc. ................................... 7,723
--------
102,407
--------
Total Common Stocks 465,453
--------
Cash Equivalents (2.8%):
13,645 Goldman Sachs Financial Square Premium...................... 13,645
--------
Total Cash Equivalents 13,645
--------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
------- ---------------------------------------------------------- --------
<C> <S> <C>
Short Term Securities Purchased with Collateral (6.1%)
Commercial Paper (1.0%):
$ 5,000 OGE Energy Corp., 5.81%, 12/6/99.......................... $ 4,995
--------
Floating Rate Note ( 2.1%):
10,000 Amex Centurion, 5.70%, 4/24/00............................ 10,000
--------
Repurchase Agreement (3.0%):
14,188 Bear Stearns & Co. Triparty Agreement, 5.83%, 12/1/99,
(See Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description).................................. 14,188
--------
Total Short Term Securities Purchased with Collateral $ 29,183
--------
Total Investments (Cost $312,143)(a)--106.2% 508,281
Liabilities in excess of other assets--(6.2)% (29,488)
--------
Total Net Assets--100.0% $478,793
========
</TABLE>
- -------
(a) Cost for federal income tax purposes differs from value by net unrealized
appreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation................................. $201,061
Unrealized depreciation................................. (4,923)
--------
Net unrealized appreciation............................. $196,138
========
</TABLE>
(b) Represents non-income producing securities.
(c) All or part of this security has been loaned at November 30, 1999.
See notes to financial statements.
32
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
International Discovery Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks (94.7%):
Australia (0.8%):
Banking (0.8%):
198,993 National Australia Bank Ltd. ............................. $ 2,871
--------
Austria (0.4%):
Manufacturing - Capital Goods (0.4%):
36,544 Mayr-Melnhof Karton AG.................................... 1,523
--------
Canada (1.0%):
Telecommunications (1.0%):
27,252 BCE, Inc. ................................................ 1,837
25,530 BCE, Inc., ADR............................................ 1,726
--------
3,563
--------
3,563
--------
Finland (2.9%):
Paper Products (0.4%):
36,399 Upm-Kymmene............................................... 1,217
--------
Telecommunications - Services & Equipment (2.5%):
41,394 Nokia AB, Class A, ADR.................................... 5,720
77,018 Sonera Oyj................................................ 3,180
--------
8,900
--------
10,117
--------
France (9.5%):
Commercial Services (1.5%):
10,861 Altran Technologies....................................... 5,168
--------
Computer Hardware (0.5%):
16,803 Equant NV(b).............................................. 1,624
--------
Energy (1.5%):
38,466 Total SA, B Shares........................................ 5,116
--------
Engineering (0.4%):
8,336 Compagnie De Saint-Gobain................................. 1,418
--------
Home Furnishings (0.1%):
7,377 Thomson Multimedia SA(b).................................. 319
--------
Industrial Goods & Services (1.7%):
64,493 Rhone-Poulenc SA.......................................... 3,994
26,594 Vivendi................................................... 2,129
--------
6,123
--------
Insurance (1.4%):
34,619 AXA....................................................... 4,667
--------
Retail (1.2%):
16,240 Castorama Dubois Investissements.......................... 4,219
--------
Telecommunications - Services & Equipment (1.2%):
34,701 France Telecom SA......................................... 4,022
--------
32,676
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Germany (8.2%):
Banking (1.6%):
54,536 Deutsche Bank AG(c)....................................... $ 3,594
31,380 HypoVereinsbank AG(c)..................................... 1,946
--------
5,540
--------
Conglomerates (0.5%):
99,974 Viag AG................................................... 1,651
--------
Electrical & Electronic (1.6%):
56,483 Siemens AG(c)............................................. 5,693
--------
Electronic Components/Instruments (0.7%):
37,047 Epcos AG(b)............................................... 2,275
--------
Engineering (0.7%):
47,835 Linde AG.................................................. 2,384
--------
Insurance (0.7%):
8,177 Allianz AG................................................ 2,394
--------
Telecommunications (1.8%):
30,591 Mannesmann AG(c).......................................... 6,358
--------
Telecommunications - Services & Equipment (0.6%):
34,794 Deutsche Telekom(c)....................................... 1,992
--------
28,287
--------
Hong Kong (5.6%):
Banking (0.8%):
196,156 HSBC Holdings PLC......................................... 2,601
--------
Conglomerates (0.5%):
306,357 Swire Pacific Ltd., Class A............................... 1,759
--------
Distribution (0.3%):
475,002 LI & Fung Ltd. ........................................... 1,092
--------
Electrical & Electronic (1.4%):
678,443 Johnson Electric Holdings Ltd............................. 4,848
--------
Industrial Holding Company (0.9%):
264,762 Hutchison Whampoa......................................... 3,256
--------
Telecommunications - Services & Equipment (1.7%):
1,066,265 China Telecom (Hong Kong) Ltd.(b)......................... 5,725
--------
19,281
--------
Ireland (0.6%):
Banking (0.6%):
241,947 Bank of Ireland........................................... 1,995
--------
Israel (0.4%):
Computer Hardware (0.4%):
22,443 BATM Advanced Communications Ltd. ........................ 1,466
--------
Italy (2.4%):
Insurance (0.3%):
38,089 Assicurazioni Generali.................................... 1,097
--------
</TABLE>
Continued
33
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
International Discovery Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Italy, continued:
Jewelry (0.5%):
231,976 Bulgari SpA............................................... $ 1,787
--------
Telecommunications - Services & Equipment (1.6%):
318,260 Telecom Italia Mobile SpA(c).............................. 2,500
266,416 Telecom Italia SpA........................................ 2,934
--------
5,434
--------
8,318
--------
Japan (26.9%):
Automobiles (0.3%):
26,475 Honda Motor............................................... 1,088
--------
Banking (1.1%):
71,148 Bank of Tokyo-Mitsubishi Ltd. ............................ 1,028
101,819 Sanwa Bank Ltd. .......................................... 1,236
89,094 Sumitomo Bank Ltd. ....................................... 1,364
--------
3,628
--------
Commercial Services (1.6%):
23,218 Benesse Corp. ............................................ 5,562
--------
Computer Software (5.6%):
10,398 Internet Initiative Japan, Inc., ADR(b)................... 993
67,545 Nihon Unisys.............................................. 2,585
8,775 Softbank Corp. ........................................... 6,329
13 Yahoo Japan Corp(b)....................................... 9,159
--------
19,066
--------
Consumer Electronics (2.1%):
38,782 Sony Corp. ............................................... 7,173
--------
Cosmetics/Personal Care (0.4%):
3,406 Fancl Corp. .............................................. 1,207
--------
Data Processing & Reproduction (0.8%):
81,460 Fujitsu Ltd. ............................................. 2,886
--------
Electronic Components/Instruments (3.4%):
64,805 Fanuc Co. Ltd. ........................................... 5,390
126,851 NEC Corp. ................................................ 2,961
31,655 Tokyo Electron Ltd. ...................................... 3,284
--------
11,635
--------
Financial Services (1.2%):
189,827 Nikko Securities Co., Ltd. ............................... 2,359
11,196 Takefuji Corp. ........................................... 1,600
--------
3,959
--------
Manufacturing - Consumer Goods (0.8%):
15,231 SMC Corp. ................................................ 2,686
--------
Pharmaceuticals (1.4%):
81,810 Takeda Chemical Industries................................ 4,820
--------
Retail (1.7%):
36,786 Seven-Eleven Japan Ltd.(c)................................ 5,976
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Japan, continued:
Telecommunications - Services & Equipment (4.3%):
2,233 Hikari Tsushin, Inc. ..................................... $ 3,496
66 Nippon Telegraph & Telephone Corp. ....................... 1,182
292 NTT Mobile Communications................................. 10,230
--------
14,908
--------
Toys (0.5%):
10,059 Nintendo Co., Ltd. ....................................... 1,674
--------
Wholesale & International Trade (1.7%):
513,000 Itochu Corp.(b)........................................... 3,052
713,000 Marubeni Corp. ........................................... 2,770
--------
5,822
--------
92,090
--------
Korea (1.0%):
Metals (1.0%):
99,078 Pohang Iron & Steel, ADR.................................. 3,561
--------
Mexico (0.9%):
Telecommunications (0.9%):
33,100 Telefonos de Mexico SA, ADR............................... 3,064
--------
Netherlands (5.0%):
Beverages & Tobacco (0.5%):
33,027 Heineken NV............................................... 1,596
--------
Broadcasting & Publishing (0.7%):
74,412 Wolters Kluwer NV......................................... 2,244
--------
Energy (1.2%):
73,579 Royal Dutch Petroleum..................................... 4,329
--------
Insurance (0.9%):
56,315 ING Groep NV.............................................. 3,167
--------
Retail (0.5%):
48,596 Kon Ahold NV.............................................. 1,547
--------
Semiconductors (1.2%):
32,783 STMicroelectronics NV..................................... 4,456
--------
17,339
--------
Poland (0.1%):
Oil & Gas Exploration, Production & Services (0.1%):
25,023 Polski Koncern Naftowy, ADR(b)............................ 258
--------
Singapore (3.2%):
Banking (1.2%):
317,515 DBS Group Holdings Ltd. .................................. 4,121
--------
Electrical & Electronic (0.5%):
407,332 Natsteel Electronics Ltd. ................................ 1,685
--------
Printing & Publishing (0.4%):
81,168 Singapore Press Holdings.................................. 1,522
--------
</TABLE>
Continued
34
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
International Discovery Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Singapore, continued:
Transportation & Shipping (1.1%):
362,523 Singapore Airlines Ltd. .................................. $ 3,668
--------
10,996
--------
Spain (1.2%):
Telecommunications - Services & Equipment (1.2%):
179,738 Telefonica SA(b).......................................... 3,742
7,450 Terra Networks SA(b)...................................... 257
--------
3,999
--------
3,999
--------
Sweden (2.7%):
Paper Products (0.4%):
53,143 Svenska Cellulosa AB, Class A............................. 1,469
--------
Retail (1.0%):
109,917 Hennes & Mauritz AB....................................... 3,491
--------
Telecommunications (1.3%):
88,170 Telefonaktiebolager LM Ericsson, ADR...................... 4,249
--------
9,209
--------
Switzerland (6.3%):
Banking (1.7%):
14,305 Credit Suisse Group....................................... 2,675
11,953 UBS AG.................................................... 3,268
--------
5,943
--------
Business Services (0.5%):
2,560 Adecco SA................................................. 1,637
--------
Food Products & Services (0.6%):
1,150 Nestle SA................................................. 2,069
--------
Insurance (0.9%):
1,448 Swiss Reinsurance Co. .................................... 2,954
--------
Pharmaceuticals (2.6%):
3,045 Novartis AG............................................... 4,744
342 Roche Holdings AG......................................... 4,128
--------
8,872
--------
21,475
--------
Taiwan (1.0%):
Semiconductors (1.0%):
92,411 Taiwan Semiconductor, ADR(b).............................. 3,309
--------
United Kingdom (14.2%):
Advertising (0.7%):
152,303 WPP Group PLC............................................. 2,254
--------
Aerospace/Defense (0.2%):
118,529 British Aerospace PLC(b).................................. 677
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
United Kingdom, continued:
Banking (1.3%):
250,626 Allied Zurich PLC......................................... $ 3,044
108,190 Standard Chartered PLC.................................... 1,466
--------
4,510
--------
Beverages & Tobacco (0.4%):
127,362 Bass PLC.................................................. 1,434
--------
Commercial Services (1.1%):
151,611 Logica PLC................................................ 3,804
--------
Electric Utility (0.9%):
398,199 National Grid Group PLC................................... 3,063
--------
Energy (1.2%):
401,158 BP Amoco PLC.............................................. 4,092
--------
Engineering (0.8%):
599,579 Invensys PLC.............................................. 2,769
--------
Food Products & Services (0.7%):
191,189 Compass Group PLC......................................... 2,319
--------
Industrial Goods & Services (1.0%):
166,393 Boc Group PLC............................................. 3,429
--------
Media and Entertainment (1.3%):
189,261 Pearson PLC............................................... 4,517
--------
Pharmaceuticals (0.4%):
106,270 Smithkline Beecham PLC.................................... 1,418
--------
Retail (0.4%):
207,000 QXL.com PLC(b)............................................ 1,434
--------
Telecommunications (0.9%):
151,285 British Telecom PLC ...................................... 3,041
--------
Telecommunications - Services & Equipment (2.9%):
54,525 Colt Telecom Group PLC(b)................................. 2,057
56,083 Energis PLC(b)............................................ 2,300
276,425 Marconi PLC(b)............................................ 3,530
291,450 Thus PLC(b)............................................... 1,824
--------
9,711
--------
48,472
--------
United States (0.4%):
Computer Software (0.0%):
971 OpenTV Corp.(b)........................................... $ 75
--------
Pharmaceuticals (0.4%):
23,274 Pharmacia & Upjohn, Inc. ................................. 1,273
--------
1,348
--------
Total Common Stocks 325,217
--------
</TABLE>
Continued
35
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
International Discovery Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
----------- -------------------------------------------------------- --------
<C> <S> <C>
Commercial Paper (0.4%):
Diversified Operations (0.4%):
$ 1,500,000 General Electric International, 5.48%, 12/2/99.......... $ 1,500
--------
Total Commercial Paper 1,500
--------
Convertible Bonds (0.0%):
United Kingdom (0.0%):
Aerospace/Defense (0.0%):
37,436 British Aerospace PLC, 7.45%, 11/29/03, Loan Stock...... 56
--------
Total Convertible Bonds 56
--------
Cash Equivalents (4.6%):
15,696,416 Goldman Sachs Financial Square Premium.................. 15,696
--------
Total Cash Equivalents 15,696
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- -------------------------------------------------------- --------
<C> <S> <C>
Short Term Securities Purchased with Collateral (6.7%)
Commercial Paper (1.5%):
$ 5,000 OGE Energy Corp., 5.81%, 12/6/99........................ $ 4,994
--------
Repurchase Agreements (5.2):
182 Bear Stearns & Co. Triparty Agreement, 5.83%, 12/1/99,
(See Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description)................................ 182
17,669 Lehman Brothers Triparty Agreement, 5.83%, 12/1/99, (See
Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description)................................ 17,669
--------
17,851
--------
Total Short Term Securities Purchased with Collateral 22,845
--------
Total Investments (Cost $265,263)(a)--106.4% 365,314
Liabilities in excess of other assets--(6.4)% (21,949)
--------
Total Net Assets--100.0% $343,365
========
</TABLE>
- -------
<TABLE>
<CAPTION>
Open Futures Contracts
----------------------------------
Number of Contracts Contract Value Expiration Date Unrealized Gain/Loss
------------------- -------------- --------------- --------------------
<S> <C> <C> <C> <C>
CAC40 Index Futures..... 30 $1,583 12/30/99 $ 42
DAX Index Futures....... 10 $1,483 12/17/99 $(20)
FTSE100 Index Futures... 45 $4,748 12/17/99 $203
Hang Seng Index Futures. 22 $2,181 12/29/99 $ 48
Nikkei Index Futures.... 4 $ 726 12/09/99 $ 30
</TABLE>
The aggregate market value of cash pledged to cover margin requirements for
open futures positions at November 30, 1999 was $580.
(a) Cost for Federal income tax purposes differs from value by net unrealized
appreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation................................. $104,904
Unrealized depreciation................................. (4,852)
--------
Net unrealized appreciation............................. $100,052
========
</TABLE>
(b) Represents non-income producing securities.
(c) All or a portion of this security has been loaned at November 30, 1999.
See notes to financial statements.
36
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Limited Maturity Bond Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------------- ---------
<C> <S> <C>
U.S. Treasury Notes (9.1%):
$ 2,500 6.25%, 10/31/01(b)...................................... $ 2,512
9,000 5.75%, 8/15/03.......................................... 8,896
--------
Total U.S. Treasury Notes 11,408
--------
Corporate Bonds (47.6%):
Asset Backed Securities (4.8%):
6,000 Flagship Auto Receivables Owner Trust, 6.84%, 11/18/04.. 5,987
--------
Computer Rental & Leasing (2.0%):
2,600 Comdisco, Inc., 5.95%, 4/30/02.......................... 2,515
--------
Euro Dollar (8.0%):
5,000 National Power Co. PLC, 7.12%, 7/11/01.................. 4,985
5,000 SNCB Belgium Rail, 8.25%, 2/2/00........................ 5,014
--------
9,999
--------
Financial Services (11.7%):
3,600 First Chicago Corp., 10.26%, 5/1/01..................... 3,767
5,000 Franchise Financial Corporation of America, 7.00%,
11/30/00............................................... 4,974
5,000 Lehman Brothers Holdings, 6.89%, 10/10/00............... 5,023
125 Prime Property Funding, 6.80%, 8/15/02.................. 120
920 Prime Property Funding II, 7.00%, 8/15/04............... 899
--------
14,783
--------
Industrial Goods & Services (10.9%):
3,300 Browning Ferris, 6.08%, 1/18/00......................... 3,289
1,500 Champion International Corp., 9.70%, 5/1/01............. 1,551
2,975 Computer Assoc. International, 6.25%, 4/15/03........... 2,871
1,500 Dial Corp., 6.63%, 6/15/03.............................. 1,468
4,700 Ingersoll-Rand, 6.34%, 12/3/01.......................... 4,653
--------
13,832
--------
Railroads (2.2%):
2,600 General American Transportation, 10.13%, 3/15/02........ 2,757
--------
Retail Stores/Catalog (3.8%):
2,000 Dillards, Inc., 9.50%, 10/15/01......................... 2,070
2,700 Limited, Inc., 7.00%*, 5/22/01.......................... 2,693
--------
4,763
--------
Telecommunications (2.4%):
3,000 US West, Inc., 6.13%, 11/21/00.......................... 2,985
--------
Transportation & Shipping (1.8%):
2,250 JB Hunt Transport Services, 6.00%, 12/12/00............. 2,225
--------
Total Corporate Bonds 59,846
--------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------------- ---------
<C> <S> <C>
Asset Backed Securities (30.3%):
$ 4,554 Amresco Snimt, 7.55%, 9/26/27........................... $ 4,521
4,000 Case Credit, 6.12%, 8/1/01.............................. 3,955
15,000 Champion Home Equity Loan Trust, Series 1998-1, Class
A2, Interest Only, 8.12%, 9/25/01...................... 1,966
5,000 Copelco Capital Funding Corp., Series 1997-A, Class A4,
6.47%, 4/20/05......................................... 4,953
2,500 Empire Funding, Series 99-1, Class A3, 6.44%, 4/25/13... 2,439
2,001 Green Tree Financial Corp., 6.55%, 7/15/28.............. 2,009
598 Green Tree Home Improvement Loan Trust, 7.85%, 7/15/09.. 588
4,989 Oakwood Mortgage Investors, Inc., 6.95%, 8/15/27........ 4,968
2,735 PALS, Series 99-1, Class A1, 6.30%, 3/25/29............. 2,652
4,150 Saxon Asset Securities Trust, Series 1997-1, Class AF3,
7.38%, 11/25/23........................................ 4,154
6,000 WFS Financial Owner Trust, 5.70%, 11/20/03.............. 5,857
--------
Total Asset Backed Securities 38,062
--------
Mortgage Backed Securities (9.2%):
2,100 Bombardier Capital Mortgage Securitization, 7.18%,
12/15/15............................................... 2,103
2,091 Merrill Lynch Mortgage Investors, Inc., 7.15%, 4/25/28.. 2,083
3,000 New Century Home Equity Loan Trust, 7.01%, 5/25/26...... 2,964
1,308 Residential Asset Securitization Trust, Series 1997-A1,
Class A1, 7.00%, 3/25/27............................... 1,305
3,100 Vendee, 6.50%, 1/15/06.................................. 3,025
--------
Total Mortgage Backed Securities 11,480
--------
U.S. Government Agencies (2.7%):
Fannie Mae (2.7%):
3,360 5.00%, 11/18/20......................................... 3,324
--------
Total U.S. Government Agencies 3,324
--------
Cash Equivalents (0.5%):
573 Goldman Sachs Financial Square Premium.................. 573
--------
Total Cash Equivalents 573
--------
</TABLE>
Continued
37
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Limited Maturity Bond Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Amortized
Amount Description Cost
--------- -------------------------------------------------------- ---------
<C> <S> <C>
Short Term Securities Purchased with Collateral (2.1%):
Repurchase Agreement (2.1%):
$ 2,572 Bear Stearns & Co. Triparty Agreement, 5.83%, 12/1/99,
(See Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description) $ 2,572
--------
Total Short Term Securities Purchased with Collateral 2,572
--------
Total Investments (Cost $129,404)(a)--101.5% 127,265
Liabilities in excess of other assets--(1.5)% (1,843)
--------
Total Net Assets--100.0% $125,422
========
</TABLE>
- -------
* Variable rate securities having liquidity sources through bank letters of
credit and/or liquidity agreements. The interest rates, which will change
periodically, are based upon bank prime rates or an index of the market
interest rates. The rate reflected on the Schedule of Portfolio Investments
is the rate in effect on November 30, 1999.
(a) Cost for federal income tax purposes differs from value by net unrealized
depreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 94
Unrealized depreciation................................. (2,233)
-------
Net unrealized depreciation............................. $(2,139)
=======
</TABLE>
(b) All or a portion of this security has been loaned at November 30, 1999.
See notes to financial statements.
38
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Intermediate Government Obligations Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
U.S. Treasury Notes (23.8%):
$ 5,196 3.63%, 1/15/08(c)......................................... $ 5,009
3,071 3.88%, 1/15/09(b)(c)...................................... 3,008
4,000 5.75%, 11/15/00(b)........................................ 3,997
3,500 5.75%, 8/15/03............................................ 3,460
3,300 6.13%, 12/31/01(b)........................................ 3,308
1,580 6.13%, 8/15/07(b)......................................... 1,565
6,015 6.63%, 3/31/02............................................ 6,092
--------
Total U.S. Treasury Notes 26,439
--------
U.S. Government Agencies (52.8%):
Fannie Mae (34.1%):
10,000 5.63%, 3/15/01(b)......................................... 9,932
1,473 6.00%, 2/1/29............................................. 1,367
5,000 6.25%, 11/15/02(b)........................................ 4,980
14,219 6.38%, 6/15/09(b)......................................... 13,798
946 6.50%, 2/1/28............................................. 903
822 8.25%, 7/1/17............................................. 841
898 8.50%, 2/1/25............................................. 926
473 8.75%, 8/1/09............................................. 492
835 9.00%, 08/01/09-01/01/10.................................. 874
1,017 9.00%, 1/1/10............................................. 1,064
628 11.50%, 5/1/10............................................ 676
1,773 13.00%, 8/15/15........................................... 2,008
--------
37,861
--------
Federal Home Loan Bank (13.3%):
5,000 5.53%, 1/15/03............................................ 4,872
10,000 5.63%, 3/15/01............................................ 9,930
--------
14,802
--------
Freddie Mac (5.4%):
5,000 7.44%, 9/20/06, Callable 9/20/01 @ 100.................... 4,991
384 8.00%, 5/1/17............................................. 394
632 8.75%, 4/1/17............................................. 662
--------
6,047
--------
Total U.S. Government Agencies 58,710
--------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
Government Obligations (12.0%):
Government National Mortgage Association (12.0%):
$ 1,988 6.00%, 7/20/29........................................... $ 1,826
5,970 6.50%, 4/15/29........................................... 5,685
1,432 7.00%, 8/15/28........................................... 1,400
1,553 9.00%, 9/15/04-7/15/09................................... 1,633
2,617 9.50%, 12/20/13-12/20/22................................. 2,762
--------
Total Government Obligations 13,306
--------
Collateralized Mortgage Obligations (10.0%):
Fannie Mae (6.4%):
7,000 7.50%, 8/25/22, Series 1994-93........................... 7,115
--------
Residential Funding Mortgage, Inc. (1.1%):
1,370 6.75%, 6/25/28, Series 1998-S13, Class A-21.............. 1,259
--------
Ryland Acceptance Corp. (1.3%):
1,400 9.00%, 7/1/16............................................ 1,466
--------
Vendee Mortgage Trust (1.2%):
1,420 6.50%, 6/15/25........................................... 1,329
--------
Total Collateralized Mortgage Obligations 11,169
--------
Cash Equivalents (0.6%):
710 Goldman Sachs Financial Square Government................ 710
--------
Total Cash Equivalents 710
--------
Short Term Securities Purchased with Collateral (33.0%):
Repurchase Agreements (33.0%):
36,656 Paine Webber Triparty Agreement, 5.70%, 12/1/99, (See
Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description)................................. 36,656
--------
Total Short Term Securities Purchased with Collateral 36,656
--------
Total Investments (Cost $149,432)(a)--132.2% 146,990
Liabilities in excess of other assets--(32.2)% (35,789)
--------
Total Net Assets--100.0% $111,201
========
</TABLE>
- -------
(a) Cost for federal tax income purposes differs from value by net unrealized
depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation................................. $ 27
Unrealized depreciation................................. (2,469)
-------
Net unrealized depreciation............................. $(2,442)
=======
</TABLE>
(b) All or a portion of this security has been loaned at November 30, 1999.
(c) Inflation indexed note.
See notes to financial statements.
39
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
U.S. Government Income Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
U.S. Government Obligations (49.7%):
Government National Mortgage Association (49.3%):
$36,983 6.00%, 11/15/28-7/20/29.................................. $ 34,106
6,779 6.50%, 11/15/23-6/15/29.................................. 6,456
6,810 7.00%, 10/15/22-3/15/29.................................. 6,675
673 7.50%, 5/15/22-12/15/23.................................. 678
1,932 8.00%, 4/15/17-5/20/24................................... 1,979
994 8.25%, 1/15/05-6/15/16................................... 1,029
578 8.50%, 3/20/17-9/15/24................................... 597
486 8.75%, 8/15/08-6/15/17................................... 511
4,279 9.00%, 10/15/04-12/15/22................................. 4,491
1,305 9.25%, 5/15/16-5/15/21................................... 1,390
12,170 9.50%, 6/15/09-5/15/22................................... 12,992
238 10.50%, 9/15/00-12/20/04................................. 250
166 11.00%, 4/15/00-3/20/01.................................. 175
484 11.50%, 3/15/00-12/15/15................................. 541
2,234 12.00%, 5/15/00-5/15/18.................................. 2,555
4,081 12.50%, 4/15/10-1/20/16.................................. 4,718
186 12.75%, 9/20/13-12/20/14................................. 212
1,938 13.00%, 11/15/10-6/20/15................................. 2,246
1,939 13.50%, 5/15/10-6/20/15.................................. 2,292
1,612 14.00%, 5/15/11-2/15/15.................................. 1,937
28 14.50%, 9/15/12-8/15/14.................................. 34
3,809 15.00%, 6/15/11-1/15/13.................................. 4,703
11 16.00%, 11/15/11-12/15/11................................ 13
91 17.00%, 11/15/11......................................... 107
--------
90,687
--------
U.S. Treasury Bonds (0.4%):
800 6.25%, 8/15/23(b)........................................ 774
--------
Total U.S. Government Obligations 91,461
--------
Collateralized Mortgage Obligations (23.1%):
4,598 BA Mortgage Securities, Inc., Series 1997-2, Class 1A6,
7.25%, 10/25/27......................................... 4,485
129 CityFed Mortgage Trust, Series 1, Class D, 10.00%,
1/1/18.................................................. 135
2,200 Credit Suisse First Boston Mortgage, Series 1997-C1,
Class A1C, 7.24%, 4/20/07............................... 2,163
1,605 Drexel Burnham Lambert, Series H, Class 4, 8.50%, 4/1/17. 1,636
3,100 Fannie Mae, Series 1992-214PL, Series 1992-214 Pl, 7.50%,
5/25/21................................................. 3,131
1,843 Fannie Mae, Series 1992-29Z, 8.00%, 2/25/22.............. 1,860
3,000 Fannie Mae, Series 1994-93PH, 7.50%, 8/25/22............. 3,049
12,500 Fannie Mae, Series 1998-50, Class CD, 6.00%, 5/25/14..... 11,339
1,607 Freddie Mac, Series 1273, Class Z, Series 1273, Class Z,
7.50%, 5/15/22.......................................... 1,593
1,928 General Electric Capital Mortgage Services, Inc., Series
1999-1, Class A1, 6.50%, 1/25/29........................ 1,764
483 MDC Asset Investors Trust, Series 6, Class 8, 7.00%,..... 478
</TABLE>
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
Collateralized Mortgage Obligations, continued:
$ 1,439 Merrill Lynch Mortgage Investors, Inc., Series 1996-C1,
Class A1, 7.15%, 4/25/28................................ $ 1,434
4,864 Norwest Asset Securities Corp., Series 1999-5, Class A5,
6.50%, 3/25/14.......................................... 4,623
1,690 Residential Funding Mortgage, Inc., Series 1998-S13,
Class A21, 6.75%, 6/25/28............................... 1,553
2,810 Security Mortgage Acceptance Corp., Series II, 9.00%,
12/1/16................................................. 2,850
552 Structured Mortgage Residential Trust, 8.25%, 6/25/19.... 566
--------
Total Collateralized Mortgage Obligations 42,659
--------
U.S. Government Agencies (26.7%):
Fannie Mae (20.2%):
21,306 6.00%, 12/1/28-2/1/29.................................... 19,767
9,417 6.50%, 2/1/28-7/1/29..................................... 8,993
525 7.50%, 9/1/22-11/1/22.................................... 530
4,639 8.00%, 12/1/17-3/1/23.................................... 4,698
552 8.50%, 11/1/21-9/1/23.................................... 575
455 9.00%, 6/1/09-10/1/19.................................... 479
671 9.50%, 9/1/11............................................ 706
119 10.00%, 6/1/21........................................... 129
152 10.50%, 9/1/00-5/1/04.................................... 161
124 11.00%, 8/1/00-9/1/06.................................... 131
68 11.25%, 6/1/13-12/1/15................................... 75
22 11.50%, 2/1/00-1/1/01.................................... 24
31 12.00%, 4/1/00-9/1/00.................................... 34
744 12.50%, 8/1/03-5/15/15................................... 858
188 14.00%, 11/1/12.......................................... 209
--------
37,369
--------
Freddie Mac (6.5%):
1,990 8.00%, 9/1/03-3/1/22..................................... 2,060
2,151 8.50%, 3/1/06-1/1/22..................................... 2,257
693 8.75%, 6/1/16-7/1/17..................................... 726
2,279 9.00%, 9/1/01-9/1/20..................................... 2,419
188 9.25%, 8/1/13-11/1/19.................................... 201
462 9.75%, 11/1/08-4/1/09.................................... 500
2,442 10.00%, 6/1/05-9/1/16.................................... 2,587
231 10.50%, 7/1/00-11/1/02................................... 243
47 11.50%, 1/1/00-1/1/01.................................... 50
42 12.00%, 3/1/00-11/1/00................................... 45
726 12.25%, 8/1/15........................................... 836
6 12.50%, 6/1/00-4/1/01.................................... 6
--------
11,930
--------
Total U.S. Government Agencies 49,299
--------
Cash Equivalents (0.4%):
819 Goldman Sachs Financial Square Government................ 819
--------
Total Cash Equivalents 819
--------
</TABLE>
Continued
40
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
U.S. Government Income Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- -------------------------------------------------------- --------
<C> <S> <C>
Short Term Securities Purchased with Collateral (0.4%):
Repurchase Agreement (0.4%):
$ 800 Bear Stearns & Co. Triparty Agreement, 5.83%, 12/1/99,
(See Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description)................................ $ 800
--------
Total Short Term Securities Purchased with Collateral 800
--------
Total Investments (Cost $189,504)(a)--100.3% 185,038
Liabilities in excess of other assets --(0.3)% (538)
--------
Total Net Assets--100.0% $184,500
========
</TABLE>
- -------
(a) Cost for federal income tax purposes differs from value by net unrealized
depreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation................................. $ 529
Unrealized depreciation................................. (4,995)
-------
Net unrealized depreciation............................. $(4,466)
=======
</TABLE>
(b) All or part of this security has been loaned at November 30, 1999.
See notes to financial statements.
41
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Bond Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
U.S. Treasury Notes (1.7%):
$ 955 6.13%, 8/15/07(b)......................................... $ 946
5,118 3.88%, 1/15/09(b)(c)...................................... 5,014
--------
Total U.S. Treasury Notes 5,960
--------
U.S. Treasury Bonds (6.1%):
13,140 6.25%, 8/15/23(b)......................................... 12,713
9,340 3.63%, 4/15/28(b)(c)...................................... 8,553
--------
Total U.S. Treasury Bonds 21,266
--------
U.S. Government Obligations (10.7%):
Government National Mortgage Assoc. (10.7%):
4,286 7.50%, 4/15/23............................................ 4,295
2,799 6.50%, 9/15/23............................................ 2,689
9,708 7.50%, 8/15/25............................................ 9,705
5,600 6.50%, 11/15/28........................................... 5,328
5,658 6.50%, 11/15/28........................................... 5,383
8,539 6.50%, 4/15/29............................................ 8,131
1,825 7.50%, 11/15/29........................................... 1,823
--------
37,354
--------
Total U.S. Government Obligations 37,354
--------
U.S. Government Agencies (14.9%):
Fannie Mae (13.3%):
1,252 9.00%, 8/1/09............................................. 1,310
1,789 9.00%, 11/1/24............................................ 1,873
1,560 8.50%, 7/1/25............................................. 1,608
682 6.50%, 8/1/27............................................. 650
103 6.50%, 9/1/27............................................. 98
689 6.50%, 10/1/27............................................ 657
104 6.50%, 10/1/27............................................ 99
732 6.50%, 12/1/27............................................ 699
27 6.50%, 12/1/27............................................ 26
721 6.50%, 12/1/27............................................ 688
122 6.50%, 12/1/27............................................ 116
9 6.00%, 7/1/28............................................. 9
9,991 6.50%, 11/1/28............................................ 9,535
5,640 6.00%, 12/1/28............................................ 5,232
569 6.00%, 3/1/29............................................. 528
11,748 6.00%, 3/1/29............................................. 10,900
6,275 6.00%, 3/1/29............................................. 5,822
4,452 6.00%, 5/1/29............................................. 4,130
2,145 6.50%, 8/1/29............................................. 2,047
--------
46,027
--------
Freddie Mac (1.6%):
715 9.00%, 5/15/20............................................ 755
1,564 9.50%, 10/1/20............................................ 1,675
3,318 7.00%, 11/1/28............................................ 3,248
--------
5,678
--------
Total U.S. Government Agencies 51,705
--------
</TABLE>
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
Corporate Bonds (29.4%):
Automotive (1.4%):
$ 1,325 DaimlerChrysler, 6.90%, 9/1/04........................... $ 1,323
3,650 Ford Motor Credit Co., 7.38%, 10/28/09................... 3,673
--------
4,996
--------
Banking (5.9%):
5,610 Citicorp, 6.38%, 11/15/08................................ 5,246
3,370 First Chicago Corp., 6.88%, 6/15/03...................... 3,362
2,000 First Maryland Bancorp, 7.20%, 7/1/07.................... 1,970
4,375 First Union Capital II, 7.95%, 11/15/29.................. 4,260
3,945 First Union Corp., 6.95%, 11/1/04........................ 3,920
1,850 HSBC Holding PLC, 7.50%, 7/15/09......................... 1,858
--------
20,616
--------
Consumer Goods & Services (1.8%):
6,700 American Greetings, 6.10%, 8/1/28........................ 6,114
--------
Electrical & Electronic (0.8%):
3,000 Arrow Electronic, Inc., 6.88%, 6/1/18.................... 2,655
--------
Financial (3.8%):
2,145 Bradley Operating LP, 7.00%, 11/15/04.................... 2,040
2,500 Ford Motor Credit Co., 6.70%, 7/16/04.................... 2,472
63,461 General Motors Acceptance Corp., Interest Only, 1.64%*,
7/15/27................................................. 5,018
4,000 Susa Partnership LP, 7.00%, 12/1/07...................... 3,630
--------
13,160
--------
Industrials (11.1%):
5,000 Archer Daniels Midland Co., 7.50%,
3/15/27................................................. 4,906
4,950 Brunswick Corp., 6.75%, 12/15/06......................... 4,690
6,500 Computer Assoc. International, 6.25%, 4/15/03............ 6,273
2,000 Cummins Engine, Inc., 6.45%, 3/1/05...................... 1,890
1,095 Halliburton Co., 5.63%, 12/1/08.......................... 984
4,810 Lubrizol Corp., 5.88%, 12/1/08........................... 4,305
2,800 Monsanto Co., 5.38%, 12/1/01............................. 2,734
4,090 Motorola, Inc., 7.50%, 5/15/25........................... 4,059
2,665 Pentair, Inc., 7.85%, 10/15/09........................... 2,635
6,600 Worthington Industries, Inc., 7.13%,
5/15/06................................................. 6,411
--------
38,887
--------
Real Estate Investment Trust (4.6%):
3,000 Commercial Net Lease Realty Trust, 8.13%, 6/15/04........ 2,944
4,050 Federal Realty Investment Trust, 8.75%, 12/1/09.......... 4,005
3,650 Gables Realty Trust, 6.80%, 3/15/05...................... 3,448
5,845 New Plan Excel Realty Trust, 6.88%, 10/15/04............. 5,720
--------
16,117
--------
Total Corporate Bonds 102,545
--------
</TABLE>
Continued
42
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Bond Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
Asset Backed Securities (16.0%):
$ 4,578 Amresco Securitized Net Interest Margin, Series 1999-1A,
Class A, 9.10%, 9/27/29................................. $ 4,475
2,664 EQCC Home Equity Loan Trust, 5.73%, 12/15/08............. 2,596
6,000 Equivantage Home Equity Loan Trust, 7.05%, 12/25/28...... 5,893
5,260 First Security Auto Owner Trust, 5.74%, 6/15/04.......... 5,154
1,600 Flagship Auto Receivables Owner Trust, Series 1999-2,
Class A3, 6.84%, 11/18/04............................... 1,597
6,090 General Electric Capital Mortgage Services, Inc., 6.19%,
1/25/23................................................. 5,920
1,154 Green Tree Home Improvement Loan Trust, 7.85%, 7/15/09... 1,135
7,790 IMC Home Equity Loan Trust, 6.76%, 10/20/20.............. 7,701
4,467 PALS, 6.30%, 3/25/29..................................... 4,331
2,300 Residential Asset Securities Corp., 7.18%, 1/25/25....... 2,295
3,460 Saxon Asset Securities Trust, 7.53%,
6/25/14................................................. 3,442
8,010 Saxon Asset Securities Trust, 7.55%, 10/25/26............ 8,019
3,135 Vanderbilt Mortgage Finance Trust, Series 1999-C, Class
1A3, 7.39%, 1/7/20...................................... 3,133
--------
Total Asset Backed Securities 55,691
--------
Mortgage Backed Securities (20.3%):
1,965 Champion Home Equity Loan Trust, Series 1997-2, Class A5,
6.71%, 9/25/29.......................................... 1,914
9,000 Credit Suisse First Boston, 7.24%, 4/20/07............... 8,850
3,589 General Electric Capital Mortgage
Services, Inc., 6.50%, 1/25/29.......................... 3,284
3,245 Greenpoint Manufactured Housing, Series 1999-1, Class A3,
6.11%, 11/15/18......................................... 3,059
4,084 Housing Securities, Inc., 7.50%, 1/25/09................. 4,117
1,069 Housing Securities, Inc., 7.50%, 3/25/09................. 1,079
6,000 Morgan Stanley Capital, Inc., 6.53%,
3/15/32................................................. 5,688
4,550 New Century Home Equity Loan Trust, Series 1997-NC6,
Class A6, 7.01%, 5/25/26................................ 4,495
</TABLE>
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
--------- -------------------------------------------------------- --------
<C> <S> <C>
Mortgage Backed Securities, continued:
$ 3,469 New Century Home Equity Loan Trust, 7.22%, 11/25/27..... $ 3,399
3,645 New Century Home Equity Loan Trust, 7.53%, 9/25/28...... 3,632
6,418 PNC, Series 98-7, Class A5, 6.75%, 9/25/28.............. 6,003
4,960 Prudential Securities Secured Financing Corp., 6.35%,
9/15/07................................................ 4,701
3,640 Prudential Securities Secured Financing Corp., 6.48%,
1/15/09................................................ 3,446
10,309 Residential Accredit Loans, Inc., 6.50%, 3/25/29........ 9,493
3,750 Residential Funding Mortgage, Inc., 6.75%, 6/25/28...... 3,446
4,225 Vendee Mortgage Trust, 6.50%, 6/15/25................... 3,954
--------
Total Mortgage Backed Securities 70,560
--------
Cash Equivalents (0.5%):
1,620 Goldman Sachs Financial Square Premium.................. 1,620
--------
Total Cash Equivalents 1,620
--------
Short Term Securities Purchased with Collateral (7.9%):
Commercial Paper (3.1%):
10,729 Federal Signal Corp., 5.88%, 12/1/99.................... 10,729
--------
Floating Rate Note (2.9%):
10,000 Merrill Lynch & Co., 6.02%, 2/28/00..................... 10,000
--------
Repurchase Agreement (1.9%):
6,756 Lehman Brothers Triparty Agreement, 5.83%, 12/1/99, (See
Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description)................................ 6,756
--------
Total Short Term Securities Purchased with Collateral 27,485
--------
Total Investments (Cost $386,554)(a)--107.5% 374,186
Liabilities in excess of other assets--(7.5)% (26,250)
--------
Total Net Assets--100.0% $347,936
========
</TABLE>
- -------
* Variable rate securities having liquidity sources through bank letters of
credit or other credit and/or liquidity agreements. The interest rate, which
will change periodically, is based upon an index of market rates. The rate
reflected on the Schedule of Portfolio Investments is the rate in effect at
November 30, 1999.
(a) Cost for federal income tax purposes differs from value by net unrealized
depreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation................................ $ 494
Unrealized depreciation................................ (12,861)
--------
Net unrealized depreciation............................ $(12,367)
========
</TABLE>
(b) All or a portion of this security has been loaned at November 30, 1999.
(c) Inflation indexed bond.
See notes to financial statements.
43
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
National Tax Exempt Bond Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- -------
<C> <S> <C>
Municipal Bonds (97.3%):
Colorado (1.2%):
$ 1,000 Jefferson County School District, 5.25%, 12/15/05, MBIA... $ 1,025
-------
Connecticut (4.6%):
2,000 Connecticut Special Tax Obligation, 5.38%, 9/1/08......... 2,053
1,770 Connecticut Clean Water Fund, 6.38%, 6/1/05............... 1,920
-------
3,973
-------
Delaware (2.8%):
1,000 Delaware Transportation Authority, 7.80%, 7/1/04, ETM..... 1,086
1,250 Delaware Transportation Authority, 6.00%, 7/1/06, AMBAC... 1,333
-------
2,419
-------
Florida (8.3%):
1,630 Dade County School District, 6.50%, 2/15/06, MBIA......... 1,774
1,000 Florida State Department of Transportation G.O., 6.00%,
7/1/07................................................... 1,071
135 Florida Board of Education Capital Outlay, 9.13%, 6/1/14,
ETM...................................................... 178
2,000 Florida Board of Education, Series G, 6.90%, 5/1/03, ETM.. 2,152
1,000 Gulf Breeze, Revenue, 3.39%*, 12/1/17..................... 980
1,000 Tampa Sports Authority Revenue, 6.00%, 1/1/06, MBIA....... 1,064
-------
7,219
-------
Georgia (6.6%):
1,200 Fayette County School District, G.O., 6.25%, 3/1/04....... 1,275
2,000 Georgia, 6.60%, 4/1/05.................................... 2,180
2,000 Georgia Municipal Electric Power Revenue, Series X, 6.50%,
1/1/12, MBIA............................................. 2,203
-------
5,658
-------
Guam (1.8%):
1,505 Government Highway Revenue, Series A, 5.90%, 5/1/02, CGIC. 1,560
-------
Idaho (2.0%):
1,560 Canyon County School District, G.O., 8.13%, 7/30/03,...... 1,741
-------
Kansas (1.3%):
1,000 Kansas State Department of Transportation & Highway,
7.25%, 3/1/04............................................ 1,100
-------
Kentucky (3.8%):
3,000 Kentucky Turnpike Authority, 6.50%, 7/1/07, AMBAC......... 3,293
-------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- -------
<C> <S> <C>
Municipal Bonds, continued:
Maryland (1.2%):
$ 1,000 Montgomery County, G.O., 5.70%, 7/1/05.................... $ 1,051
-------
Massachusetts (1.2%):
1,000 Massachusetts G.O., 5.75%, 8/1/08, FGIC................... 1,054
-------
Minnesota (2.5%):
1,000 Minnesota, 6.00%, 5/1/06.................................. 1,069
1,000 North Saint Paul Maplewood, 6.88%, 2/1/15, Prerefunded
2/1/05 @ 100, MBIA....................................... 1,097
-------
2,166
-------
Missouri (5.6%):
1,535 Kansas City, G.O., 6.00%, 2/1/04.......................... 1,615
1,000 Missouri G.O., Series A, 6.00%, 4/1/02.................... 1,038
1,545 Missouri State Environmental Authority Water Revenue,
6.00%, 1/1/07............................................ 1,641
495 Missouri State Environment Authority Revolving Fund, Water
Pollution Control, 7.00%, 10/1/10........................ 515
-------
4,809
-------
New Mexico (2.5%):
1,000 Albuquerque Water & Sewer, 6.00%, 7/1/05.................. 1,063
1,000 Albuquerque Water & Sewer, 6.00%, 7/1/07.................. 1,067
-------
2,130
-------
New York (7.0%):
1,300 Buffalo Sewer Authority Revenue, Series F, 6.00%, 7/1/13,
FGIC..................................................... 1,381
1,000 Municipal Assistance Corp. for New York City, 6.00%,...... 1,055
995 New York City G.O., 8.00%, 4/1/03, AMBAC, ETM............. 1,102
1,005 New York City G.O., 8.00%, 4/1/03,
AMBAC.................................................... 1,107
1,365 New York City, Transitional Financial Authority Revenue,
5.50%, 8/15/07........................................... 1,411
-------
6,056
-------
Ohio (5.2%):
795 Cleveland City School District, 8.00%, 12/1/01, ETM....... 852
820 Cleveland, OH, 0.00%, 12/1/12, Capital Appreciation....... 396
820 Cleveland, OH, 0.00%, 12/1/15, Capital Appreciation....... 320
815 Cleveland, OH, 0.00%, 12/1/16, Capital Appreciation....... 296
1,920 Ohio Housing Financial Agency Single Family, Mortgage,
Revenue, 0.00%, 1/15/15, Prerefunded 1/15/13 @ 81.879.... 763
1,715 Ohio State Water Development Authority, 6.00%, 6/1/07..... 1,835
-------
4,462
-------
</TABLE>
Continued
44
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
National Tax Exempt Bond Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- -------
<C> <S> <C>
Municipal Bonds, continued:
Oregon (7.0%):
$ 1,000 Deschutes & Jefferson School District, G.O., 6.00%,
6/1/03, MBIA............................................. $ 1,049
1,435 Lane County School District, G.O., 6.00%, 1/1/04.......... 1,503
1,220 Washington County School District G.O., 7.80%, 6/1/04..... 1,374
2,000 Washington County Sewer Revenue, 5.75%, 10/1/08, FGIC..... 2,105
-------
6,031
-------
Puerto Rico (6.4%):
4,000 Puerto Rico Electric Power Authority, 6.50%, 7/1/06, MBIA. 4,405
1,000 University of Puerto Rico, 6.25%, 6/1/07, MBIA............ 1,093
-------
5,498
-------
Rhode Island (1.3%):
1,130 Rhode Island G.O., 5.00%, 8/1/06.......................... 1,143
-------
South Carolina (2.5%):
2,095 Cherokee County School District G.O., 5.50%, 3/1/05,...... 2,171
-------
Tennessee (8.1%):
1,290 Memphis, G.O., 6.00%, 11/1/03............................. 1,359
1,435 Metro Government Nashville and Davidson County, 5.25%,
5/15/07.................................................. 1,465
2,000 Shelby County, G.O., Series B, 5.20%, 12/1/09............. 2,018
2,000 Tennessee, G.O., 6.00%, 5/1/05............................ 2,125
-------
6,967
-------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- -------
<C> <S> <C>
Municipal Bonds, continued:
Texas (6.6%):
$ 2,500 Conroe Independent School District, G.O., 5.50%, 2/15/15,
PSFG..................................................... $ 2,469
1,000 Dallas, G.O., 6.13%, 2/15/07, Prerefunded 2/15/03 @ 100... 1,048
1,540 Harris County G.O., 6.50%, 8/15/15........................ 1,617
575 Robinson Independent School District G.O., 5.75%, 8/15/12,
PSFG..................................................... 589
-------
5,723
-------
Utah (2.4%):
2,000 Utah State G.O., 5.50%, 7/1/04............................ 2,075
-------
Vermont (1.7%):
1,355 Burlington Electric Revenue Bond, 6.00%, 7/1/07, MBIA..... 1,438
-------
Washington (1.2%):
1,000 Seattle Water Revenue, 5.00%, 12/1/03..................... 1,021
-------
Wisconsin (2.5%):
2,000 Milwaukee G.O., 6.00%, 2/1/07............................. 2,125
-------
Total Municipal Bonds 83,908
-------
Investment Companies (1.3%):
1,090,119 Provident Institutional Muni Cash Fund.................... 1,090
-------
Total Investment Companies 1,090
-------
Total Investments (Cost $84,905)(a)--98.6% 84,998
Other assets in excess of liabilities--1.4% 1,222
-------
Total Net Assets--100.0% $86,220
=======
</TABLE>
- -------
* Variable rate security. Interest rate changes every six months based on
percentage change in the Consumer Price Index plus a predetermined spread.
(a) Cost for federal income tax purposes differs from value by net unrealized
appreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation................................... $ 787
Unrealized depreciation................................... (694)
-----
Net unrealized appreciation............................... $ 93
=====
</TABLE>
AMBAC--American Municipal Bond Assurance Corp.
CGIC--Capital Guarantee Insurance Corp.
ETM--Escrowed to Maturity
FGIC--Federal Guarantee Insurance Corp.
G.O.--General Obligation
MBIA--Municipal Bond Insurance Association
PSFG--Permanent School Fund Guarantee
See notes to financial statements.
45
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Michigan Municipal Bond Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Municipal Bonds (98.1%):
Michigan (90.1%):
$ 2,000 Brighton School District, Series II, 0.00%, 5/1/11, AMBAC. $ 1,083
1,380 Byron Center Public Schools, G.O., 8.25%, 5/1/08, MBIA.... 1,668
1,380 Byron Center Public Schools, G.O., 8.25%, 5/1/09, MBIA.... 1,689
1,000 Chippewa Valley School District, 7.00%, 5/1/11,
Prerefunded 5/1/01 @ 102................................. 1,056
2,375 Chippewa Valley School District, G.O., 7.80%, 5/1/01...... 2,488
1,285 Chippewa Valley School District, Refunding Bonds, 6.00%,
5/1/08, AMBAC............................................ 1,367
1,000 Clarkston Community Schools, 6.25%, 5/1/05, FGIC.......... 1,070
1,150 Clinton Township Building Authority, 4.80%, 11/1/13,...... 1,071
1,100 Dearborn School District, 8.38%, 5/1/01, Prerefunded
5/1/00 @ 102............................................. 1,141
2,000 Detroit Revenue Bonds, G.O., 5.25%, 5/1/08, AMBAC......... 2,025
1,600 Detroit, 6.25%, 7/15/11, AMBAC............................ 1,730
1,000 Detroit, 5.50%, 4/1/08, MBIA.............................. 1,030
1,065 Detroit Local Development Financing Authority, 5.50%,..... 1,088
1,000 Detroit Sewage Disposal Revenue, Series B, 6.00%, 7/1/09,
MBIA..................................................... 1,066
1,380 Detroit Sewage Disposal Revenue, 6.00%, 7/1/10, MBIA...... 1,465
2,500 Detroit Sewage Disposal Revenue, 6.00%, 7/1/07, MBIA...... 2,656
1,000 Detroit Water, 6.50%, 7/1/15, FGIC........................ 1,096
2,000 Detroit Water Supply Systems, 5.40%, 7/1/10, MBIA......... 2,035
2,250 Detroit Water Supply Systems, Series B, 5.55%, 7/1/12,.... 2,298
1,000 Detroit Water Supply Systems, Series A, 6.00%, 7/1/13,.... 1,050
1,350 Ecorse Public School, 6.50%, 5/1/07, FGIC................. 1,478
1,110 Flint, 6.00%, 11/1/04, MBIA............................... 1,178
1,125 Goodrich Area School District, G.O., 7.65%, 5/1/11,
Prerefunded 5/1/05 @ 102, AMBAC.......................... 1,298
1,235 Grand Haven Public Schools, G.O., 7.00%, 5/1/07, MBIA..... 1,386
1,000 Grand Haven Electric, 5.20%, 7/1/06, MBIA................. 1,019
2,655 Grand Ledge Public School District, 5.25%, 5/1/09, MBIA... 2,682
1,250 Grand Ledge Public School District, G.O., 5.45%, 5/1/11,
MBIA..................................................... 1,266
1,570 Grand Rapids Building Authority, 5.00%, 4/1/15............ 1,474
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Municipal Bonds, continued:
Michigan, continued:
$ 1,925 Grand Rapids School District, G.O., 5.00%, 5/1/06,
Callable 5/1/01 @ 102.................................... $ 1,937
1,535 Grand Rapids Sanitation Sewer System, Series A, 5.38%,
1/1/16, FGIC............................................. 1,487
500 Grand Rapids Water Supply, 7.00%, 1/1/12, Callable 1/1/00
@ 102.................................................... 511
1,500 Greater Detroit Resources Recovery, 6.25%, 12/13/08,
AMBAC.................................................... 1,616
600 Holt School District, G.O., 8.75%, 5/1/00................. 611
600 Holt School District, G.O., 8.75%, 5/1/01................. 636
1,000 Huron Valley School District, 5.75%, 5/1/06, FGIC......... 1,049
1,000 Jenison Public School District, G.O., 5.25%, 5/1/12, FGIC,
FGIC..................................................... 991
1,650 Kalamazoo, G.O., 6.20%, 10/1/06, Callable 10/1/02 @....... 1,735
675 Kalamazoo Hospital Authority, 6.25%, 7/1/04, Callable
7/1/99 @ 100, FGIC....................................... 676
2,000 Kalamazoo Hospital Finance Authority, Borgess Medical
Center, 6.13%, 7/1/07, FGIC.............................. 2,105
1,440 Kalamazoo Hospital Finance Authority, Bronson Hospital,
5.88%, 5/15/03........................................... 1,499
2,000 Kalamazoo Hospital Finance Authority, Borgess Medical
Center, Series A, 6.00%, 6/1/03, FGIC.................... 2,095
1,000 Kalamazoo Public Library, 5.20%, 5/1/11, MBIA............. 991
5,000 Kent County Hospital Authority, Butterworth Hospital,
Series A, 7.25%, 1/15/13................................. 5,687
500 Kentwood School District, 5.90%, 5/1/04, Prerefunded
5/1/02 @ 102............................................. 525
500 Kentwood School District, 5.90%, 5/1/04................... 523
2,000 Lake Orion County School District, G.O., 7.00%, 5/1/20,
Prerefunded 5/1/05 @ 101, AMBAC.......................... 2,230
1,335 Lansing, G.O., 6.00%, 1/1/07.............................. 1,418
1,000 Lansing Building Authority, 6.00%, 6/1/04, Callable 6/1/00
@ 102, ETM............................................... 1,028
2,000 Lansing School District, G.O., 6.88%, 5/1/09, Prefunded
5/1/05 @ 100............................................. 2,203
1,000 Lansing, G.O., 6.00%, 10/1/02............................. 1,040
1,000 Livonia School District, G.O., 6.35%, 5/1/04, Callable
5/01/02 @ 102............................................ 1,056
1,000 Municipal Bond Authority, 5.15%, 10/1/08.................. 1,009
1,000 Local Government Loan Program, 6.20%, 5/1/04, AMBAC....... 1,063
2,000 State Recreation Program, G.O., 5.75%, 11/1/01............ 2,055
</TABLE>
Continued
46
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Michigan Municipal Bond Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Municipal Bonds, continued:
Michigan, continued:
$ 1,000 State Environmental Protection Program, G.O., 6.25%,
11/1/07, Prerefunded 11/1/02 @ 102....................... $ 1,068
3,250 State Environmental Protection Program, G.O., 6.25%,
11/1/12.................................................. 3,537
3,000 State Environmental Protection Program, G.O., 5.50%,
11/1/05.................................................. 3,120
1,000 State Building Authority, Series II, 6.40%, 10/1/04,
Callable 10/1/01 @ 102................................... 1,051
1,020 State Building Authority, Michigan University Adult
General Hospital, 7.00%, 12/1/08, Prerefunded 12/1/02 @
100...................................................... 1,094
1,000 State Building Authority, 6.25%, 10/1/00, AMBAC........... 1,019
300 State Building Authority Revenue, 4.10%, 10/1/00.......... 301
1,000 State Building Authority Revenue, 5.38%, 10/15/10,
Callable................................................. 1,011
1,000 State Building Authority Revenue, Series 2, 5.00%,
10/15/14, Callable....................................... 938
1,600 Comprehensive Transportation, Series B, 5.40%, 5/15/01.... 1,626
1,135 State Hospital Finance Authority, Harper Grace Hospital,
7.12%, 5/1/09, ETM....................................... 1,231
1,000 Housing Development Authority, Series A, 6.45%, 6/1/04,
Callable 6/1/02 @ 102.................................... 1,040
1,200 State Hospital Finance Authority, Oakwood Hospital, Series
A, 5.00%, 11/1/03, FGIC.................................. 1,218
5,000 State Hospital Finance Authority, Sisters of Mercy, 5.38%,
8/15/14, MBIA............................................ 4,949
500 State Hospital Authority, Henry Ford, 6.00%, 9/1/11....... 533
2,000 State Hospital Authority, Henry Ford, 6.00%, 9/1/12....... 2,125
3,500 State Hopital Financial Authority, Genesys Health System,
Series A, 8.10%, 10/1/13, Prerefunded 10/1/05 @ 102...... 4,147
1,000 State Hospital Revenue Bonds, 6.00%, 8/15/02.............. 1,031
1,000 State Housing Development, 6.63%, 10/15/06, Callable
10/15/02 @ 103, FSA...................................... 1,063
1,525 Housing Development Authority, AMT, 5.75%, 10/1/04, AMBAC. 1,576
1,055 State South Central Power Agency, 5.70%, 11/1/04, MBIA.... 1,105
2,000 State South Central Power Agency, 5.80%, 11/1/05, MBIA.... 2,105
5,950 Strategic Fund (Ford), 7.10%, 2/1/06...................... 6,581
3,000 Strategic Fund (Detroit Edison), 7.00%, 7/15/08, MBIA..... 3,398
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Municipal Bonds, continued:
Michigan, continued:
$ 2,000 Strategic Fund (Detroit Edison), 6.95%, 5/1/11, FGIC...... $ 2,290
1,000 Strategic Fund (General Motors Corp.), 6.20%, 9/1/20...... 1,041
1,005 State Trunk Line, 6.25%, 11/1/03, FGIC.................... 1,067
1,000 State Trunk Line, Series A, 5.25%, 11/1/12................ 995
2,000 State Underground Storage, 6.00%, 5/1/04, AMBAC........... 2,110
1,000 State Underground Storage, 6.00%, 5/1/05, AMBAC........... 1,058
1,000 Michigan State University, Series A, 5.70%, 8/15/03,
Callable 8/15/02 @ 101................................... 1,040
2,075 Mona Shores School District, G.O., 6.75%, 5/1/09, FGIC.... 2,327
1,000 Oakland County Community College, 6.65%, 5/1/11........... 1,068
1,000 Paw Paw Public School District, G.O., 6.50%, 5/1/09,...... 1,103
1,000 Plymouth-Canton School District, 6.50%, 5/1/05,
Prerefunded 5/1/01 @ 101................................. 1,040
2,000 Rochester School District, 6.30%, 5/1/04, Prerefunded
5/1/02 @ 100............................................. 2,083
1,000 Rochester School District, 6.50%, 5/1/07, Prerefunded
5/1/02 @ 100............................................. 1,046
1,000 Rochester Community School District, 5.25%, 5/1/04, FGIC.. 1,026
1,000 Rochester, 5.75%, 5/1/08, MBIA............................ 1,046
1,135 Rockford School District, 5.75%, 5/1/07, Callable 5/1/02 @
102...................................................... 1,176
400 Rockford School District, Refunding Bonds, 6.00%, 5/1/07,
FGIC..................................................... 426
2,120 Royal Oak Hospital Financial Authority, William Beaumont
Hospital, Series G, 6.00%, 11/15/02...................... 2,194
955 St. Johns Public Schools, 5.00%, 5/1/21, FGIC............. 855
1,665 Southgate Community School District, G.O., 5.75%, 5/1/11,
FGIC..................................................... 1,719
1,000 Traverse City Public Schools, 7.00%, 5/1/05, Prerefunded
5/1/01 @ 101.5........................................... 1,051
1,000 Troy School District, 7.75%, 5/1/01, Prerefunded 5/1/00 @
102...................................................... 1,035
1,000 University of Michigan, Student Fees, 5.00%, 4/1/02....... 1,016
2,000 University of Michigan, Student Fees, Series B, 5.60%,
4/1/08, Callable 4/1/03 @ 102............................ 2,075
2,000 University of Michigan Hospital Revenue Bonds, 7.00%,
12/1/21, Prerefunded 12/1/00 @ 102....................... 2,097
500 University of Michigan, 6.00%, 4/1/05..................... 531
</TABLE>
Continued
47
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Michigan Municipal Bond Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
Municipal Bonds, continued:
Michigan, continued:
$ 1,315 University of Michigan, Student Fees, Series A, 6.00%,... $ 1,400
1,975 Utica School District, 5.60%, 5/1/05..................... 2,054
285 Wayne County Airport Revenue, AMT, 7.25%, 12/1/10, AMBAC. 297
2,000 Wayne County Building Authority, 6.00%, 6/1/07, Callable
6/1/06 @ 102, MBIA...................................... 2,130
1,985 West Ottawa, 6.00%, 5/1/06, FGIC......................... 2,109
1,500 Western Michigan University, Series A, 5.40%, 7/15/08,
Callable 7/15/03 @ 105, FGIC............................ 1,524
1,680 Western Michigan School District, 5.90%, 5/1/10, MBIA.... 1,775
1,000 Western Township Utilities Authority, 6.00%, 1/1/00, FSA. 1,002
1,000 Wyandotte City School District, G.O., 6.90%, 5/1/16,
Prerefunded 5/1/01 @ 102................................ 1,055
3,000 Wyandotte Electric Revenue, 6.25%, 10/1/08, MBIA......... 3,221
--------
177,678
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
Municipal Bonds, continued:
Puerto Rico (7.3%):
$ 4,000 Commonwealth, G.O., 6.25%, 7/1/09, MBIA.................. $ 4,404
2,000 Commonwealth, G.O., 6.25%, 7/1/10, MBIA.................. 2,203
1,000 Commonwealth, Aqueduct & Sewer Authority, 6.00%, 7/1/07,
MBIA.................................................... 1,078
4,000 Public Buildings Authority, 5.50%, 7/1/07, FSA........... 4,185
1,250 Electric Power Authority, Series W, 6.50%, 7/1/05, MBIA.. 1,367
1,000 University of Puerto Rico, 6.25%, 6/1/07, MBIA........... 1,093
--------
14,330
--------
Virgin Islands (0.7%):
1,340 Public Finance Authority, 7.00%, 10/1/04, ETM............ 1,432
--------
Total Municipal Bonds 193,440
--------
Investment Companies (1.2%):
Investment Companies (1.2%):
2,437,812 Federated Michigan Tax Free Money Market................. 2,438
--------
Total Investment Companies 2,438
--------
Total Investments (Cost $192,319)(a)--99.3% 195,878
Other assets in excess of liabilities--0.7% 1,420
--------
Total Net Assets--100.0% $197,298
========
</TABLE>
- -------
(a) Cost for federal income tax purposes differs from value by net unrealized
appreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation................................. $ 4,752
Unrealized depreciation................................. (1,193)
-------
Net unrealized appreciation............................. $ 3,559
=======
</TABLE>
AMBAC--American Municipal Bond Assurance Corp.
AMT--Alternative Minimum Tax
ETM--Escrowed to Maturity
FGIC--Federal Guarantee Insurance Corp.
FSA--Financial Securities Assurance, Inc.
G.O.--General Obligation
MBIA--Municipal Bond Insurance Association
See notes to financial statements.
48
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Equity Income Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
-------- ----------------------------------------------------------- --------
<C> <S> <C>
Common Stocks (94.4%):
Aerospace (2.7%):
31,300 General Dynamics Corp...................................... $ 1,614
53,200 Northrop Grumman Corp...................................... 2,989
41,400 United Technologies Corp................................... 2,339
--------
6,942
--------
Automotive (2.5%):
48,800 Ford Motor Co.............................................. 2,464
35,800 General Motors Corp........................................ 2,578
53,200 Genuine Parts Co........................................... 1,370
--------
6,412
--------
Banks (11.9%):
88,679 Bank of America Corp....................................... 5,187
29,600 Chase Manhattan Corp....................................... 2,287
53,700 Comerica, Inc.............................................. 2,846
76,700 First Tennessee National Corp.............................. 2,522
74,000 FleetBoston Financial Corp................................. 2,798
85,400 PNC Financial Corp......................................... 4,761
84,100 SouthTrust Corp............................................ 3,264
102,600 UnionBanCal Corp........................................... 4,521
73,000 Washington Mutual, Inc..................................... 2,117
--------
30,303
--------
Building & Building Supplies (1.8%):
42,400 Armstrong World Industries, Inc............................ 1,420
121,800 Masco Corp................................................. 3,076
--------
4,496
--------
Chemicals (3.4%):
30,600 Dow Chemical Co............................................ 3,584
39,000 E. I. Du Pont de Nemours................................... 2,318
237,500 RPM, Inc................................................... 2,791
--------
8,693
--------
Computers (1.6%):
38,500 IBM Corp................................................... 3,968
--------
Diversified Manufacturing (0.8%):
8,600 Minnesota Mining and Manufacturing Co...................... 822
18,600 Textron, Inc............................................... 1,322
--------
2,144
--------
Drugs & Health Care (0.3%):
15,600 American Home Products Corp................................ 811
--------
Electrical Services (2.3%):
17,200 Consolidated Edison, Inc................................... 593
32,100 Duke Power Co.............................................. 1,627
49,500 FPL Group, Inc............................................. 2,166
26,600 General Public Utility Corp................................ 851
36,500 LG&E Energy Corp........................................... 730
--------
5,967
--------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
-------- ----------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Financial (4.6%):
40,966 Allstate Corp.............................................. $ 1,073
47,900 Chubb Corp................................................. 2,566
35,500 Cigna Corp................................................. 2,920
66,500 Marsh & McLennan Cos., Inc................................. 5,228
--------
11,787
--------
Financial Services (4.6%):
68,400 Fannie Mae................................................. 4,558
55,700 Freddie Mac................................................ 2,750
32,800 J.P. Morgan & Co........................................... 4,313
--------
11,621
--------
Food & Beverage (3.7%):
112,500 Flowers Industries, Inc.................................... 1,842
102,800 General Mills, Inc......................................... 3,874
156,900 Sara Lee, Inc.............................................. 3,805
--------
9,521
--------
Games, Toys & Children's Vehicles (0.4%):
64,200 Mattel, Inc................................................ 919
--------
Gas & Natural Gas (3.9%):
78,100 Consolidated Natural Gas Co................................ 5,008
130,100 Enron Corp................................................. 4,952
--------
9,960
--------
Handtools & General Hardware (1.7%):
75,600 Fortune Brands, Inc........................................ 2,585
61,600 Snap-On, Inc............................................... 1,863
--------
4,448
--------
Household Appliances (0.7%):
35,400 Maytag Corp................................................ 1,688
--------
Machinery (0.5%):
13,200 Caterpillar, Inc........................................... 612
18,400 Deere & Co................................................. 790
--------
1,402
--------
Medical & Medical Services (0.3%):
11,200 Baxter International, Inc.................................. 757
--------
Metals & Mining (3.8%):
120,800 Alcoa, Inc................................................. 7,912
74,500 USX-United States Steel Group, Inc......................... 1,886
--------
9,798
--------
Office & Business Equipment (1.9%):
74,700 Pitney Bowes, Inc.......................................... 3,581
47,800 Xerox Corp................................................. 1,294
--------
4,875
--------
</TABLE>
Continued
49
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Equity Income Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Security Market
Shares Description Value
-------- ----------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Paper & Forest Products (2.4%):
36,800 Kimberly-Clark Corp........................................ $ 2,351
10,700 Temple-Inland, Inc......................................... 613
50,500 Weyerhaeuser Co............................................ 3,092
--------
6,056
--------
Petroleum Integrated (14.6%):
65,500 Atlantic Richfield Co...................................... 6,313
65,800 Chevron Corp............................................... 5,827
101,000 Mobil Corp................................................. 10,535
94,100 Royal Dutch Petroleum Co................................... 5,458
96,500 Texaco, Inc................................................ 5,880
120,800 Ultramar Diamond Shamrock Corp............................. 3,058
--------
37,071
--------
Printing & Publishing (0.4%):
27,200 New York Times Co., Class A................................ 1,046
--------
Professional Services (2.2%):
85,900 Dun & Bradstreet Corp...................................... 2,319
77,700 H&R Block, Inc............................................. 3,341
--------
5,660
--------
Real Estate Investment Trust (3.3%):
115,500 Arden Realty, Inc.......................................... 2,223
49,100 Developers Diversified Realty Corp......................... 684
161,800 Duke Realty Investments, Inc............................... 2,994
41,100 Kimco Realty Corp.......................................... 1,367
43,600 Mack-Cali Realty Corp...................................... 1,076
--------
8,344
--------
Retail (4.0%):
51,790 Intimate Brands, Inc....................................... 2,220
72,400 J.C. Penney Co., Inc....................................... 1,615
123,150 May Department Stores Co. ................................. 4,142
66,850 Sears, Roebuck & Co. ...................................... 2,285
--------
10,262
--------
Specialty Machinery (3.2%):
38,500 Cooper Industries, Inc..................................... 1,653
55,800 Emerson Electric Co........................................ 3,181
39,200 Hubbell, Inc., Class B..................................... 1,093
53,400 Thomas & Betts Corp........................................ 2,189
--------
8,116
--------
</TABLE>
<TABLE>
<CAPTION>
Security Market
Shares Description Value
-------- --------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Telephone & Telecommunication (9.3%):
148,550 AT&T Corp. .............................................. $ 8,301
43,600 Bell Atlantic Corp. ..................................... 2,760
87,100 GTE Corp. ............................................... 6,358
119,061 SBC Communications, Inc. ................................ 6,184
--------
23,603
--------
Tobacco (1.0%):
96,800 UST, Inc. ............................................... 2,577
--------
Utilities (0.6%):
58,600 American Water Works, Inc................................ 1,498
--------
Total Common Stocks 240,745
--------
Preferred Stocks (1.8%):
Financial (1.5%):
41,000 American General Delaware, L.L.C......................... 3,731
--------
Paper & Forest Products (0.3%):
15,000 International Paper Capital Trust........................ 774
--------
Total Preferred Stocks 4,505
--------
Cash Equivalents (2.6%):
6,567 Goldman Sachs Financial Square Premium................... 6,567
--------
Total Cash Equivalents 6,567
--------
Short Term Securities Purchased with Collateral (12.6%)
Commercial Paper (2.0%):
$5,000 OGE Energy Corp., 5.81%, 12/6/99......................... $ 5,000
--------
Repurchase Agreements (10.6%):
27,109 Bear Stearns & Co. Triparty Agreement, 5.83%, 12/1/99,
(See Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description)................................. 27,109
--------
Total Short Term Securities Purchased with Collateral 32,109
--------
Total Investments (Cost $262,007) (a)--111.4% 283,926
Liabilities in excess of other assets--(11.4)% (28,996)
--------
Total Net Assets--100.0% $254,930
========
</TABLE>
- -------
(a) Cost for federal tax purposes differs from value by net unrealized
appreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation................................. $40,139
Unrealized depreciation................................. (18,220)
-------
Net unrealized appreciation............................. $21,919
=======
</TABLE>
(b) All or a portion of this security has been loaned at November 30, 1999.
See notes to financial statements.
50
<PAGE>
Schedule of Portfolio Investments
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Balanced Allocation Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks (48.3%):
Advertising (0.5%):
6,600 Omnicom Group............................................. $ 582
7,850 Valassis Communications, Inc.(b).......................... 309
--------
891
--------
Aerospace & Defense (0.2%):
11,300 Titan Corp.(b)............................................ 306
--------
Banking (1.0%):
6,100 Comerica, Inc............................................. 323
8,550 Cullen/Frost Bankers, Inc................................. 244
12,800 Imperial Bancorp(b)....................................... 307
39,200 Republic Security Financial Corp. ........................ 315
7,800 State Street Corp......................................... 573
--------
1,762
--------
Broadcasting/Cable (0.6%):
23,900 Comcast Corp., Class A.................................... 1,080
--------
Building Products (0.2%):
11,800 Trex Co., Inc.(b)......................................... 304
--------
Business Services (0.9%):
11,100 Automatic Data Processing, Inc............................ 547
4,050 Corporate Executive Board Corp.(b)........................ 188
4,200 Diamond Technology Partners, Inc.(b)...................... 221
6,300 FYI, Inc.(b).............................................. 202
18,450 Online Resources & Communications Corp.(b)................ 226
3,250 QRS Corp.(b).............................................. 189
--------
1,573
--------
Computer Hardware (1.7%):
8,900 EMC Corp.(b).............................................. 744
8,100 IBM Corp.................................................. 835
7,550 Mercury Computer Systems, Inc.(b)......................... 431
10,300 Silicon Storage Technology, Inc.(b)....................... 273
8,600 Visual Networks, Inc.(b).................................. 507
--------
2,790
--------
Computer Services (0.4%):
4,550 Credence Systems Corp.(b)................................. 264
3,900 eGain Communications Corp.(b)............................. 164
2,700 InfoSpace.com, Inc.(b).................................... 274
--------
702
--------
Computer Software & Peripherals (5.0%):
6,150 Advanced Digital Information Corp.(b)..................... 276
1,900 Allaire Corp.(b).......................................... 289
3,150 Ancor Communications, Inc.(b)............................. 191
7,550 Business Objects SA(b).................................... 668
4,950 Clarify, Inc.(b).......................................... 461
2,250 Digex, Inc.(b)............................................ 75
7,350 Digital River, Inc.(b).................................... 224
8,700 Lexmark International Group, Inc.(b)...................... 723
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Computer Software & Peripherals, continued:
4,500 Mercury Interactive Corp.(b).............................. $ 374
4,000 Micromuse, Inc.(b)........................................ 458
18,600 Microsoft, Inc.(b)........................................ 1,694
1,550 MicroStrategy, Inc.(b)(c)................................. 190
9,550 National Computer Systems, Inc............................ 366
10,300 National Information Consortium, Inc.(b)(c)............... 272
15,650 NetObjects, Inc.(b)....................................... 212
17,850 Novadigm, Inc.(b)......................................... 310
9,700 ONYX Software Corp.(b).................................... 313
58 OpenTV Corp.(b)........................................... 4
6,500 Remedy Corp.(b)........................................... 227
10,500 Symantec Corp.(b)......................................... 490
18,850 The 3DO Co.(b)............................................ 178
10,050 Zoran Corp.(b)............................................ 401
--------
8,396
--------
Consumer Goods & Services (0.9%):
12,200 Gillette Co............................................... 490
9,800 Procter & Gamble Co....................................... 1,059
--------
1,549
--------
Diversified Operations (0.7%):
28,400 Tyco International Ltd. .................................. 1,138
--------
Electric Utilities (0.2%):
5,450 Calpine Corp.(b).......................................... 322
--------
Electrical & Electronic (0.2%):
5,900 Analog Devices, Inc.(b)................................... 339
--------
Electrical Equipment (0.5%):
9,300 Emerson Electric Co. ..................................... 530
9,650 SBS Technologies, Inc.(b)................................. 326
--------
856
--------
Electronic Components/Instruments (3.4%):
12,200 Audiovox Corp., Class A(b)................................ 363
5,650 Burr-Brown Corp.(b)....................................... 250
11,100 CTS Corp.................................................. 890
10,800 DII Group, Inc.(b)........................................ 682
11,500 General Electric Co....................................... 1,495
18,050 Gentex Corp.(b)........................................... 337
2,700 Optical Coating Laboratory, Inc. ......................... 531
14,600 Tandy, Inc. .............................................. 1,119
--------
5,667
--------
Financial Services (2.1%):
17,700 Concord EFS, Inc.(b)...................................... 469
13,100 Fannie Mae................................................ 873
14,600 Freddie Mac............................................... 721
3,800 J.P. Morgan & Co., Inc.................................... 500
24,200 MBNA Corp................................................. 611
9,400 Metris Cos., Inc.......................................... 297
--------
3,471
--------
</TABLE>
Continued
51
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Balanced Allocation Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Food & Beverage (0.4%):
9,300 The Coca-Cola Co.......................................... $ 626
--------
Food Products & Services (0.3%):
15,700 Safeway, Inc.(b).......................................... 579
--------
Gaming (0.1%):
3,200 Anchor Gaming(b).......................................... 176
--------
Health Care - Services (0.3%):
22,300 Hooper Holmes, Inc. ...................................... 527
--------
Industrial Goods & Services (0.6%):
4,750 Church & Dwight Co., Inc. ................................ 133
12,000 Monsanto Co............................................... 506
7,500 United Technologies Corp.................................. 424
--------
1,063
--------
Insurance (1.0%):
12,125 American International Group, Inc......................... 1,251
10,350 Annuity & Life Re Holdings Ltd............................ 295
24,650 Scottish Annuity & Life Holdings Ltd...................... 210
--------
1,756
--------
Leisure (0.1%):
10,600 Cheap Tickets, Inc.(b).................................... 177
--------
Machinery & Equipment (0.4%):
6,800 Helix Technology Corp..................................... 275
12,050 Optimal Robotics Corp.(b)................................. 392
--------
667
--------
Manufacturing - Consumer Goods (0.2%):
18,700 Monaco Coach Corp.(b)..................................... 402
--------
Medical Equipment & Supplies (1.1%):
2,300 ArthroCare Corp.(b)....................................... 139
8,100 Biomatrix, Inc.(b)(c)..................................... 190
3,750 Colorado MEDtech, Inc.(b)................................. 48
15,100 Datascope Corp.(b)........................................ 560
14,200 Medtronic, Inc............................................ 552
16,450 PolyMedica Corp.(b)....................................... 288
--------
1,777
--------
Motorcycles (0.4%):
10,100 Harley-Davidson, Inc...................................... 616
--------
Office Equipment & Services (0.6%):
9,900 Avery Dennison Corp....................................... 588
5,100 Hewlett-Packard Co........................................ 484
--------
1,072
--------
Oil & Gas (2.0%):
8,500 Chevron Corp. ............................................ 753
10,500 Coastal Corp. ............................................ 370
16,300 Conoco, Inc. ............................................. 427
14,400 Exxon Mobil Corp.......................................... 1,141
10,100 Forest Oil Corp.(b)....................................... 116
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Oil & Gas, continued:
6,100 Louis Dreyfus Natural Gas Corp.(b)........................ $ 110
6,350 Nicor, Inc................................................ 220
7,200 Southwest Gas Corp. ...................................... 169
7,600 Tesoro Petroleum Corp.(b)................................. 91
--------
3,397
--------
Oilfield Services & Equipment (0.4%):
3,700 Cal Dive International, Inc.(b)........................... 135
7,700 Schlumberger Ltd.......................................... 462
--------
597
--------
Paper Products (0.3%):
10,700 International Paper Co.................................... 558
--------
Pharmaceuticals (4.1%):
1,100 Affymetrix, Inc.(b)....................................... 108
4,000 Bristol Myers Squibb Co................................... 292
6,950 ChiRex, Inc.(b)........................................... 242
4,900 Eli Lilly & Co............................................ 352
4,850 Enzon, Inc.(b)............................................ 164
12,450 Geltex Pharmaceuticals, Inc.(b)........................... 132
6,600 Johnson & Johnson......................................... 685
12,100 King Pharmaceuticals, Inc.(b)(c).......................... 558
11,500 Merck & Co., Inc. ........................................ 903
1,750 Millennium Pharmaceuticals, Inc.(b)....................... 170
37,700 Pfizer, Inc. ............................................. 1,364
1,610 Pharmacia & Upjohn, Inc. ................................. 88
6,400 Priority Healthcare Corp., Class B(b)..................... 158
10,800 Schering Plough Corp...................................... 552
15,250 Theragenics Corp.(b)...................................... 146
17,300 Titan Pharmaceuticals, Inc.(b)............................ 249
8,200 Warner-Lambert Co. ....................................... 735
--------
6,898
--------
Radio (0.4%):
5,150 Citadel Communications Corp.(b)........................... 258
11,450 Cumulus Media, Inc., Class A(b)........................... 458
--------
716
--------
Resorts & Entertainment (0.9%):
9,800 Station Casinos, Inc.(b).................................. 235
5,700 THQ, Inc.(b)(c)........................................... 306
14,900 Time Warner, Inc. ........................................ 920
--------
1,461
--------
Restaurants (0.2%):
16,050 Jack in the Box, Inc.(b).................................. 338
--------
Retail (3.8%):
9,100 BJ's Wholesale Club, Inc.(b).............................. 340
7,200 Costco Companies, Inc.(b)................................. 660
10,500 Dayton Hudson Corp. ...................................... 741
14,525 Home Depot, Inc........................................... 1,148
13,200 REX Stores Corp.(b)....................................... 493
</TABLE>
Continued
52
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Balanced Allocation Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Retail, continued:
8,600 The Children's Place Retail Stores, Inc.(b)(c)............ $ 212
12,700 The Gap, Inc.............................................. 514
14,900 TJX Companies, Inc........................................ 390
14,100 Too, Inc.(b).............................................. 261
18,600 Wal-Mart Stores, Inc.(c).................................. 1,072
18,800 Walgreen Co.(c)........................................... 548
--------
6,379
--------
Semiconductors (2.5%):
12,000 Altera Corp.(b)........................................... 647
7,950 Cymer, Inc.(b)(c)......................................... 318
7,200 Fairchild Semiconductor International, Inc.(b)............ 202
7,000 Integrated Device Technology, Inc.(b)..................... 165
13,400 Intel Corp................................................ 1,027
27,350 NETsilicon, Inc.(b)....................................... 362
4,550 PRI Automation, Inc.(b)(c)................................ 216
10,900 Texas Instruments, Inc.................................... 1,046
4,650 TranSwitch Corp.(b)....................................... 219
--------
4,202
--------
Technology (0.5%):
12,100 ACT Manufacturing, Inc.(b)................................ 370
7,600 Macrovision Corp.(b)...................................... 485
--------
855
--------
Telecommunications - Services & Equipment (8.3%):
7,050 Adelphia Business Solutions, Inc.(b)...................... 220
7,200 Alltel Corp............................................... 623
6,700 Antec Corp.(b)(c)......................................... 375
4,450 C-COR.net Corp.(b)........................................ 227
44,400 Cisco Systems, Inc.(b).................................... 3,959
17,700 Commscope, Inc.(b)........................................ 746
7,950 Exar Corp.(b)............................................. 387
12,400 GTE Corp.................................................. 905
17,550 ICG Communications, Inc.(b)(c)............................ 332
7,000 Intermedia Communications, Inc.(b)(c)..................... 195
24,300 Lucent Technologies, Inc.................................. 1,775
5,250 Mastec, Inc.(b)........................................... 216
11,800 MCI WorldCom, Inc.(b)..................................... 976
3,550 Proxim, Inc.(b)........................................... 199
3,200 QUALCOMM, Inc.(b)......................................... 1,159
11,200 Sawtek, Inc.(b)........................................... 511
25,450 SBA Communications Corp.(b)............................... 293
19,728 SBC Communications, Inc................................... 1,025
--------
14,123
--------
Transportation & Shipping (0.4%):
10,000 Atlas Air, Inc.(b)........................................ 252
9,700 Expeditors International of Washington, Inc............... 395
--------
647
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Common Stocks, continued:
Utilities - Electric (0.2%):
10,400 Texas Utilities Co........................................ $ 372
--------
Wholesale Distribution - Pharmaceuticals (0.3%):
8,300 Cardinal Health, Inc...................................... 434
--------
Total Common Stocks 81,561
--------
Foreign Common Stocks (13.1%):
Australia (0.1%):
Banking (0.1%):
13,573 National Australia Bank Ltd.(c)........................... 196
--------
Austria (0.1%):
Paper Products (0.1%):
2,496 Mayr-Melnhof Karton AG.................................... 104
--------
Canada (0.1%):
Telecommunications - Services & Equipment (0.1%):
1,099 BCE, Inc.................................................. 74
2,205 BCE, Inc., ADR............................................ 149
--------
223
--------
Finland (0.2%):
Paper Products (0.0%):
2,476 Upm-Kymmene............................................... 83
--------
Telecommunications - Services & Equipment (0.2%):
4,909 Sonera Oyj................................................ 202
--------
285
--------
France (1.2%):
Engineering (0.2%):
753 Altran Technologies....................................... 358
519 Compagnie De Saint-Gobain................................. 88
--------
446
--------
Home Furnishings (0.0%):
457 Thomson Multimedia SA(b).................................. 20
--------
Industrial Goods & Services (0.2%):
4,371 Rhone-Poulenc SA.......................................... 271
1,750 Vivendi................................................... 140
--------
411
--------
Insurance (0.2%):
2,326 AXA....................................................... 314
--------
Retail (0.2%):
1,110 Castorama Dubois Investissements.......................... 288
--------
Telecommunications - Services & Equipment (0.2%):
2,328 France Telecom SA......................................... 270
--------
Utilities - Electrical & Gas (0.2%):
2,588 Total SA, B Shares........................................ 344
--------
2,093
--------
</TABLE>
Continued
53
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Balanced Allocation Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Foreign Common Stocks, continued:
Germany (1.1%):
Banking (0.2%):
3,676 Deutsche Bank AG.......................................... $ 242
2,156 HypoVereinsbank AG........................................ 134
--------
376
--------
Conglomerates (0.1%):
6,158 Viag AG................................................... 102
--------
Electrical & Electronic (0.2%):
3,732 Siemens AG................................................ 376
--------
Electronic Components/Instruments (0.1%):
2,320 Epcos AG(b)............................................... 142
--------
Engineering (0.1%):
3,261 Linde AG.................................................. 163
--------
Insurance (0.1%):
586 Allianz AG................................................ 172
--------
Telecommunications (0.2%):
2,100 Mannesmann AG(c).......................................... 436
--------
Telecommunications - Services & Equipment (0.1%):
2,378 Deutsche Telekom.......................................... 136
--------
1,903
--------
Hong Kong (0.8%):
Banking (0.1%):
13,645 HSBC Holdings PLC......................................... 181
--------
Conglomerates (0.1%):
20,699 Swire Pacific Ltd., Class A............................... 119
--------
Distribution (0.1%):
42,099 LI & Fung Ltd............................................. 97
--------
Electrical & Electronic (0.2%):
45,539 Johnson Electric Holdings Ltd............................. 325
--------
Industrial Holding Company (0.1%):
16,299 Hutchison Whampoa......................................... 200
--------
Telecommunications - Services & Equipment (0.2%):
64,529 China Telecom (Hong Kong) Ltd.(b)......................... 347
--------
1,269
--------
Ireland (0.1%):
Banking (0.1%):
17,564 Bank of Ireland........................................... 145
--------
Italy (0.3%):
Insurance (0.0%):
2,598 Assicurazioni Generali.................................... 75
--------
Jewelry (0.1%):
13,827 Bulgari SpA............................................... 107
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Foreign Common Stocks, continued:
Italy, continued:
Telecommunications (0.2%):
21,054 Telecom Italia Mobile SpA(c).............................. $ 165
21,782 Telecom Italia SpA........................................ 240
--------
405
--------
587
--------
Japan (3.8%):
Automobiles (0.0%):
1,998 Honda Motor Co., Ltd...................................... 82
--------
Banking (0.1%):
4,265 Bank of Tokyo-Mitsubishi Ltd.............................. 62
5,214 Sanwa Bank Ltd............................................ 63
4,562 Sumitomo Bank Ltd......................................... 70
--------
195
--------
Commercial Services (0.2%):
1,515 Benesse Corp.............................................. 363
--------
Computer - Integrated Systems (0.1%):
5,706 Fujitsu Ltd.(c)........................................... 202
--------
Computer Software (0.9%):
752 Internet Initiative Japan, Inc., ADR(b)................... 72
4,410 Nihon Unisys.............................................. 169
579 Softbank Corp............................................. 418
1 Yahoo Japan Corp.(b)...................................... 704
--------
1,363
--------
Consumer Electronics (0.3%):
2,679 Sony Corp. ............................................... 496
--------
Cosmetics/Personal Care (0.0%):
199 Fancl Corp. .............................................. 70
--------
Electrical & Electronic (0.1%):
8,959 NEC Corp.(c).............................................. 209
--------
Electronic Components/Instruments (0.6%):
4,437 Fanuc Co. Ltd. ........................................... 369
3,794 Tokyo Electron Ltd. ...................................... 394
--------
763
--------
Financial Services (0.2%):
12,265 Nikko Securities Co., Ltd. ............................... 153
708 Takefuji Corp. ........................................... 101
--------
254
--------
Manufacturing - Consumer Goods (0.1%):
997 SMC Corp. ................................................ 176
--------
Pharmaceuticals (0.2%):
6,031 Takeda Chemical Industries................................ 355
--------
Retail (0.2%):
2,241 Seven-Eleven Japan Ltd. .................................. 364
--------
</TABLE>
Continued
54
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Balanced Allocation Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Foreign Common Stocks, continued:
Japan, continued:
Telecommunications (0.0%):
3 Nippon Telegraph & Telephone Corp. ....................... $ 54
--------
Telecommunications - Services & Equipment (0.6%):
139 Hikari Tsushin, Inc. ..................................... 218
20 NTT Mobile Communications Network, Inc. .................. 700
--------
918
--------
Toys (0.1%):
926 Nintendo Co., Ltd. ....................................... 154
--------
Wholesale & International Trade (0.1%):
21,998 Itochu Corp.(b)........................................... 131
31,180 Marubeni Corp. ........................................... 121
--------
252
--------
6,270
--------
Korea (0.1%):
Metals (0.1%):
6,616 Pohang Iron & Steel, ADR.................................. 238
--------
Mexico (0.1%):
Telecommunications (0.1%):
1,291 Telefonos de Mexico SA, ADR............................... 119
--------
Netherlands (1.0%):
Beverages & Tobacco (0.1%):
2,354 Heineken NV............................................... 114
--------
Broadcasting & Publishing (0.1%):
4,990 Wolters Kluwer CVA........................................ 150
--------
Computer - Integrated Systems (0.1%):
1,022 Equant NV(b).............................................. 99
--------
Energy (0.2%):
5,002 Royal Dutch Petroleum..................................... 294
--------
Insurance (0.1%):
4,124 ING Groep NV.............................................. 232
--------
Retail (0.1%):
3,506 Kon Ahold NV.............................................. 112
--------
Semiconductors (0.3%):
25,000 ASM International NV(b)(c)................................ 406
2,248 STMicroelectronics NV..................................... 306
--------
712
--------
1,713
--------
Poland (0.0%):
Oil & Gas Exploration, Production & Services (0.0%):
1,522 Polski Koncern Naftowy, GDR(b)............................ 16
--------
Singapore (0.4%):
Banking (0.1%):
20,862 DBS Group Holdings Ltd. .................................. 270
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Foreign Common Stocks, continued:
Singapore, continued:
Electrical & Electronic (0.1%):
30,006 Natsteel Electronics Ltd. ................................ $ 124
--------
Printing & Publishing (0.1%):
5,810 Singapore Press Holdings.................................. 109
--------
Transportation & Shipping (0.1%):
24,174 Singapore Airlines Ltd. .................................. 245
--------
748
--------
Spain (0.2%):
Telecommunications - Services & Equipment (0.2%):
11,870 Telefonica SA(b).......................................... 247
431 Terra Networks SA(b)...................................... 15
--------
262
--------
262
--------
Sweden (0.6%):
Paper Products (0.1%):
1,953 Svenska Cellulosa AB, Class A............................. 54
1,692 Svenska Cellulosa AB, Class B............................. 47
--------
101
--------
Retail (0.1%):
7,516 Hennes & Mauritz AB....................................... 239
--------
Telecommunications (0.4%):
2,789 Nokia Corp., ADR.......................................... 385
5,990 Telefonaktiebolager LM Ericsson, ADR...................... 289
--------
674
--------
1,014
--------
Switzerland (0.8%):
Banking (0.2%):
977 Credit Suisse Group....................................... 183
862 UBS AG.................................................... 235
--------
418
--------
Business Services (0.1%):
177 Adecco SA................................................. 113
--------
Food Products & Services (0.1%):
79 Nestle SA................................................. 142
--------
Insurance (0.1%):
98 Swiss Reinsurance Co. .................................... 200
--------
Pharmaceuticals (0.3%):
155 Novartis AG............................................... 242
20 Roche Holdings AG......................................... 241
--------
483
--------
1,356
--------
</TABLE>
Continued
55
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Balanced Allocation Fund
(Unaudited)
(Amounts in Thousands, except Shares)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
Foreign Common Stocks, continued:
Taiwan (0.1%):
Semiconductors (0.1%):
6,354 Taiwan Semiconductor, ADR(b).............................. $ 228
--------
United Kingdom (2.0%):
Advertising (0.1%):
8,264 WPP Group PLC............................................. 122
--------
Aerospace/Defense (0.0%):
8,177 British Aerospace PLC(b).................................. 47
--------
Banking (0.2%):
18,230 Allied Zurich PLC......................................... 221
7,379 Standard Chartered PLC.................................... 100
--------
321
--------
Beverages & Tobacco (0.1%):
9,198 Bass PLC.................................................. 104
--------
Computer Hardware (0.0%):
1,288 Batm Advanced Communications.............................. 84
--------
Computer Software (0.2%):
10,267 Logica PLC................................................ 258
--------
Energy (0.2%):
26,705 BP Amoco PLC.............................................. 272
--------
Engineering (0.1%):
40,429 Siebe PLC................................................. 187
--------
Food Products & Services (0.1%):
12,613 Compass Group............................................. 153
--------
Industrial Goods & Services (0.1%):
10,045 Boc Group PLC............................................. 207
--------
Media and Entertainment (0.2%):
12,994 Pearson PLC............................................... 310
--------
Pharmaceuticals (0.1%):
7,329 Smithkline Beecham PLC.................................... 98
--------
Retail (0.1%):
14,700 QXL.com PLC(b)............................................ 102
--------
Telecommunications (0.1%):
10,307 British Telecom PLC....................................... 207
--------
Telecommunications - Services & Equipment (0.3%):
3,150 Colt Telecom Group PLC(b)................................. 119
3,326 Energis PLC(b)............................................ 136
19,069 Marconi PLC(b)............................................ 243
17,120 Thus PLC(b)............................................... 107
--------
605
--------
Utilities - Electrical & Gas (0.1%):
26,739 National Grid Group PLC................................... 206
--------
3,283
--------
Total Foreign Common Stocks 22,052
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
Corporate Bonds (10.9%):
Banking (1.9%):
$ 765 Citicorp, 6.38%, 11/15/08................................ $ 715
600 First Chicago Corp., 6.88%, 6/15/03...................... 599
800 First Union Capital II, 7.95%, 11/15/29.................. 778
705 First Union Corp., 6.95%, 11/1/04........................ 701
390 HSBC Holdings PLC, 7.50%, 7/15/09........................ 392
--------
3,185
--------
Consumer Goods & Services (0.4%):
825 American Greetings, 6.10%, 8/1/28........................ 753
--------
Electrical & Electronic (0.2%):
450 Arrow Electronic, Inc., 6.88%, 6/1/18.................... 398
--------
Financial (0.5%):
800 Ford Motor Credit Co., 7.38%, 10/28/09................... 805
--------
Financial Services (2.9%):
300 Bradley Operating Limited Partnership, 7.00%, 11/15/04... 285
2,065 Countrywide Home, 6.84%, 10/22/04........................ 2,018
950 Prudential Securities Secured Financing Corp., 6.35%,
9/15/07................................................. 900
665 Prudential Securities Secured Financing Corp., 6.48%,
1/15/09................................................. 630
1,050 Susa Partnership, 7.00%, 12/1/07......................... 953
--------
4,786
--------
Industrial (0.3%):
440 Pentair Inc., 7.85%, 10/15/09............................ 435
--------
Industrial Goods & Services (1.9%):
785 Brunswick Corp., 6.75%, 12/15/06......................... 744
1,275 Computer Assoc. International,
6.25%, 4/15/03.......................................... 1,231
650 Cummins Engine, Inc., 6.45%, 3/1/05...................... 614
645 Motorola, Inc., 7.50%, 5/15/25........................... 640
--------
3,229
--------
Metals (0.7%):
1,200 Worthington Industries, 7.13%, 5/15/06................... 1,166
--------
Real Estate Investment Trust (2.1%):
1,000 Commercial Net Lease Realty,
8.13%, 6/15/04.......................................... 981
1,100 Federal Realty Investment Trust,
8.75%, 12/1/09.......................................... 1,088
485 Gables Realty, 6.80%, 3/15/05............................ 458
1,050 New Plan Excel Realty Trust, 6.88%, 10/15/04............. 1,028
--------
3,555
--------
Total Corporate Bonds 18,312
--------
</TABLE>
Continued
56
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Balanced Allocation Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- --------------------------------------------------------- --------
<C> <S> <C>
Convertible Bonds (0.0%):
United Kingdom (0.0%):
Aerospace/Defense (0.0%):
$ 3 British Aerospace PLC, 7.45%, 11/29/03, Loan Stock....... $ 4
--------
Total Convertible Bonds 4
--------
Asset Backed Securities (4.0%):
1,180 First Security Auto Owner Trust, 5.74%, 6/15/04.......... 1,156
290 Flagship Auto Receivables Owner Trust, Series 1999-2,
Class A3, 6.84%, 11/18/04............................... 289
840 General Electric Capital Mortgage Services, Inc., 6.19%,
1/25/23................................................. 817
1,600 IMC Home Equity Loan Trust, 6.76%, 10/20/20.............. 1,582
700 Saxon Asset Securities Trust, 7.53%, 6/25/14............. 696
1,560 Saxon Asset Securities Trust, 7.55%, 10/25/26............ 1,562
600 Vanderbilt Mortgage Finance, Series 1999-C, Class 1A3,
7.39%, 1/7/20........................................... 600
--------
Total Asset Backed Securities 6,702
--------
Mortgage Backed Securities (7.5%):
350 Champion Home Equity Loan Trust, Series 1997-2, Class A5,
6.71%, 9/25/29.......................................... 341
1,200 Credit Suisse First Boston, Series 1997-C1, Class A1C,
7.24%, 4/20/07.......................................... 1,180
823 General Electric Capital Mortgage Services, Inc., 6.50%,
1/25/29................................................. 753
610 Greenpoint Manufactured Housing, Series 1999-1, Class A3,
6.11%, 11/15/18......................................... 575
1,500 Morgan Stanley Capital, Inc., 6.53%, 3/15/32............. 1,422
1,000 New Century Home Equity Loan Trust, Series 1997-NC6,
Class A6, 7.01%, 5/25/26................................ 988
770 New Century Home Equity Loan Trust, 7.22%, 11/25/27...... 754
670 New Century Home Equity Loan Trust, 7.53%, 9/25/28....... 668
1,748 PNC, Series 98-7, Class A5, 6.75%, 9/25/28............... 1,635
2,654 Residential Accredit Loans, Inc., 6.50%, 3/25/29......... 2,444
400 Residential Asset Securities Corp., 7.18%, 1/25/25....... 399
770 Residential Funding Mortgage, Inc., 6.75%, 6/25/28....... 708
760 Vendee Mortgage Trust, 6.50%, 6/15/25.................... 711
--------
Total Mortgage Backed Securities 12,578
--------
</TABLE>
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- ---------------------------------------------------------- --------
<C> <S> <C>
U.S. Government Agencies (5.0%):
Fannie Mae (5.0%):
$ 2,932 7.00%, 9/1/27............................................. $ 2,868
492 6.00%, 8/1/28............................................. 457
1,656 6.50%, 11/1/28............................................ 1,580
3,823 6.00%, 3/1/29............................................. 3,547
(d) 6.50%, 8/1/29............................................. (d)
--------
Total U.S. Government Agencies 8,452
--------
Government Obligations (5.6%):
Government National Mortgage Association (5.6%):
634 6.50%, 9/15/23............................................ 603
692 6.50%, 12/15/23........................................... 659
3,437 7.50%, 8/15/25............................................ 3,436
4,500 7.50%, 9/15/28............................................ 4,493
335 7.50%, 11/15/29........................................... 335
--------
Total Government Obligations 9,526
--------
U.S. Treasury Notes (2.9%):
500 6.25%, 10/31/01(c)........................................ 502
2,300 6.50%, 5/15/05(c)......................................... 2,331
2,040 6.13%, 8/15/07(c)......................................... 2,021
--------
Total U.S. Treasury Notes 4,854
--------
U.S. Treasury Bonds (1.5%):
2,600 6.25%, 8/15/23(c)......................................... 2,516
--------
Total U.S. Treasury Bonds 2,516
--------
Cash Equivalents (0.2%):
382 Goldman Sachs Financial Square Premium.................... 382
--------
Total Cash Equivalents 382
--------
</TABLE>
Continued
57
<PAGE>
Schedule of Portfolio Investments, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
Balanced Allocation Fund
(Unaudited)
(Amounts in Thousands)
<TABLE>
<CAPTION>
Shares
or
Principal Security Market
Amount Description Value
--------- -------------------------------------------------------- ---------
<C> <S> <C>
Short Term Securities Purchased With Collateral (7.8%)
Repurchase Agreement (7.8%):
$ 13,187 Lehman Brothers Triparty Agreement, 5.83%, 12/1/99, (See
Significant Accounting Policies, Lending Portfolio
Securities in the Notes to Financial Statements for
collateral description) $ 13,187
---------
Total Short Term Securities Purchased With Collateral 13,187
---------
Total Investments (Cost $147,967)(a) -- 106.8% 180,126
Liabilities in excess of other assets -- (6.8)% (11,495)
---------
Total Net Assets -- 100.0% $ 168,631
=========
</TABLE>
- -------
(a) Cost for federal income tax purposes differs from value by net unrealized
appreciation as follows:
<TABLE>
<S> <C>
Unrealized appreciation.................................. $35,382
Unrealized depreciation.................................. (3,223)
-------
Net unrealized appreciation.............................. $32,159
=======
</TABLE>
(b) Represents non-income producing securities.
(c) All or part of this security has been loaned at November 30, 1999.
(d) Market value and principal amount are less than $1,000.
See notes to financial statements.
58
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Prime Obligations Fund
------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
---------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $1.000 $ 1.000 $ 1.000 $1.000 $ 1.000
------- ------ -------- ------- ------ --------
Investment Activities
Net investment income... 0.023 0.018 0.023 0.046 0.037 0.047
Distributions
Net investment income.. (0.023) (0.018) (0.023) (0.046) (0.037) (0.047)
------- ------ -------- ------- ------ --------
Net Asset Value, End of
Period................. $ 1.000 $1.000 $ 1.000 $ 1.000 $1.000 $ 1.000
======= ====== ======== ======= ====== ========
Total Return............ 2.31%(a) 1.85%(a) 2.36%(a) 4.66% 3.73% 4.76%
Ratios/Supplementary
Data
Net Assets at end of
period (000)........... $16,782 $ 589 $589,718 $14,924 $ 764 $628,553
Ratio of expenses to
average net assets..... 0.76%(b) 1.66%(b) 0.66%(b) 0.76% 1.66% 0.65%
Ratio of net investment
income to average net
assets................. 4.55%(b) 3.66%(b) 4.65%(b) 4.76% 3.59% 4.67%
Ratio of expenses to
average net assets*.... 0.91%(b) 1.66%(b) 0.66%(b) 0.93% 1.67% 0.67%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Not annualized
(b) Annualized.
See notes to financial statements.
59
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Prime Obligations Fund
----------------------------------------------------------------------
Eleven Months Ended
May 31, 1998 Year Ended June 30, 1997
------------------------------------------- ------------------------
Investor A Investor B (a) Institutional Investor A Institutional
---------- -------------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- ------- -------- -------- --------
Investment Activities
Net investment income.. 0.045 0.027 0.046 0.048 0.049
Distributions
Net investment income.. (0.045) (0.027) (0.046) (0.048) (0.049)
-------- ------- -------- -------- --------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======= ======== ======== ========
Total Return............ 4.63%(b) 2.75%(b) 4.73%(b) 4.91% 5.01%
Ratios/Supplementary
Data
Net Assets at end of
period (000)........... $217,934 $ 387 $690,947 $195,046 $677,324
Ratio of expenses to
average net assets..... 0.76%(c) 1.66%(c) 0.66%(c) 0.73% 0.63%
Ratio of net investment
income to average net
assets................. 4.93%(c) 4.01%(c) 5.04%(c) 4.80% 4.90%
Ratio of expenses to
average net assets*.... 0.93%(c) 1.68%(c) 0.68%(c) 0.90% 0.65%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) For the period September 30, 1997 (commencement of offering Investor B
shares) to May 31, 1998.
(b) Not annualized
(c) Annualized
See notes to financial statements.
60
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Prime Obligations Fund
--------------------------------------------------------------------------
Year Ended Year Ended Year Ended
June 30, 1996 June 30, 1995 June 30, 1994
------------------------ ------------------------ ------------------------
Investor A Institutional Investor A Institutional Investor A Institutional
---------- ------------- ---------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- --------
Investment Activities
Net investment income.. 0.050 0.051 0.047 0.048 0.027 0.028
Distributions
Net investment income.. (0.050) (0.051) (0.047) (0.048) (0.027) (0.028)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ======== ========
Total Return............ 5.07% 5.17% 4.81% 4.91% 2.75% 2.85%
Ratios/Supplemetary Data
Net Assets at end of
period (000)........... $147,478 $596,075 $108,565 $640,380 $105,611 $561,697
Ratio of expenses to
average net assets..... 0.74% 0.64% 0.75% 0.65% 0.74% 0.64%
Ratio of net investment
income to average net
assets................. 4.93% 5.05% 4.71% 4.83% 2.71% 2.84%
Ratio of net investment
income to average net
assets*................ 0.91% 0.66% 0.92% 0.67% 0.91% 0.66%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
61
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
U.S. Government Obligations Fund
-----------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
--------------------------- ------------------------
Investor A Institutional Investor A Institutional
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period................ $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- ------- ------- --------
Investment Activities
Net investment income.... 0.022 0.023 0.044 0.045
Distributions
Net investment income.... (0.022) (0.023) (0.044) (0.045)
------- ------- ------- --------
Net Asset Value, End of
Period................... $ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ======= ======= ========
Total Return.............. 2.22%(a) 2.27%(a) 4.53% 4.64%
Ratios/Supplementary Data
Net Assets at end of
period (000)............. $ 975 $99,202 $ 2,032 $121,475
Ratio of expenses to
average net assets....... 0.84%(b) 0.73%(b) 0.75% 0.67%
Ratio of net investment
income to average net
assets................... 4.32%(b) 4.48%(b) 4.75% 4.57%
Ratio of expenses to
average net assets*...... 0.99%(b) 0.73%(b) 0.92% 0.69%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Not annualized
(b) Annualized.
See notes to financial statements.
62
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
U.S. Government Obligations Fund
------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
--------------------------- ------------------------
Investor A Institutional Investor A Institutional
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- --------
Investment Activities.... 0.044 0.045 0.047 0.048
Distributions............ (0.044) (0.045) (0.047) (0.048)
-------- -------- -------- --------
Net Asset Value, End of
Period.................. $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ========
Total Return............. 4.53%(a) 4.62%(a) 4.79% 4.89%
Ratios/Supplementary Data
Net Assets at end of
period (000)............ $169,210 $185,384 $212,082 $210,162
Ratio of expenses to
average net assets...... 0.76%(b) 0.66%(b) 0.74% 0.64%
Ratio of net investment
income to average net
assets.................. 4.83%(b) 4.93%(b) 4.69% 4.79%
Ratio of expenses to
average net assets*..... 0.93%(b) 0.68%(b) 0.91% 0.66%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
63
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
U.S. Government Obligations Fund
--------------------------------------------------------------------------
Year Ended Year Ended Year Ended
June 30, 1996 June 30, 1995 June 30, 1994
------------------------ ------------------------ ------------------------
Investor A Institutional Investor A Institutional Investor A Institutional
---------- ------------- ---------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- -------- --------
Investment Activities
Net investment income.. 0.049 0.050 0.047 0.048 0.027 0.028
Distributions
Net investment income.. (0.049) (0.050) (0.047) (0.048) (0.027) (0.028)
-------- -------- -------- -------- -------- --------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ======== ========
Total Return............ 4.99% 5.10% 4.76% 4.87% 2.69% 2.79%
Ratios/Supplementary
Data
Net Assets at end of
period (000)........... $186,944 $207,451 $169,179 $227,565 $172,482 $192,612
Ratio of expenses to
average net assets..... 0.74% 0.64% 0.77% 0.67% 0.77% 0.67%
Ratio of net investment
income to average net
assets................. 4.88% 4.99% 4.62% 4.76% 2.64% 2.74%
Ratio of expenses to
average net assets*.... 0.91% 0.66% 0.94% 0.69% 0.94% 0.69%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
64
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Tax-Free Fund
-----------------------------------------------------
Six Months Ended
November 30, 1999 Year Ended May 31, 1999
--------------------------- ------------------------
Investor A Institutional Investor A Institutional
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period................ $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- ------- ------- --------
Investment Activities
Net investment income.... 0.013 0.013 0.025 0.026
Distributions
Net investment income.... (0.013) (0.013) (0.025) (0.026)
------- ------- ------- --------
Net Asset Value, End of
Period................... $ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ======= ======= ========
Total Return.............. 1.28%(a) 1.33%(a) 2.56% 2.66%
Ratios/Supplementary Data
Net Assets at end of
period (000)............. $ 685 $88,305 $ 621 $110,136
Ratio of expenses to
average net assets....... 0.81%(b) 0.72%(b) 0.77% 0.68%
Ratio of net investment
income to average net
assets................... 2.49%(b) 2.62%(b) 2.71% 2.62%
Ratio of expenses to
average net assets*...... 0.96%(b) 0.72%(b) 0.94% 0.70%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
65
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Tax-Free Fund
------------------------------------------------------
Eleven Months Ended
May 31, 1998 Year Ended June 30, 1997
--------------------------- ------------------------
Investor A Institutional Investor A Institutional
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
Net Asset Value, Beginning
of Period................ $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- -------- ------- --------
Investment Activities..... 0.026 0.027 0.028 0.029
Distributions............. (0.026) (0.027) (0.028) (0.029)
------- -------- ------- --------
Net Asset Value, End of
Period................... $ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ======== ======= ========
Total Return.............. 2.66%(a) 2.75%(a) 2.83% 2.94%
Ratios/Supplementary Data
Net Assets at end of
period (000)............. $55,106 $104,062 $47,466 $108,884
Ratio of expenses to
average net assets....... 0.76%(b) 0.66%(b) 0.78% 0.68%
Ratio of net investment
income to average net
assets................... 2.86%(b) 2.96%(b) 2.82% 2.90%
Ratio of expenses to
average net assets*...... 0.93%(b) 0.68%(b) 0.95% 0.70%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
66
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Tax-Free Fund
--------------------------------------------------------------------------
Year Ended Year Ended Year Ended
June 30, 1996 June 30, 1995 June 30, 1994
------------------------ ------------------------ ------------------------
Investor A Institutional Investor A Institutional Investor A Institutional
---------- ------------- ---------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- -------- ------- ------- ------- -------
Investment Activities
Net investment income.. 0.029 0.030 0.029 0.030 0.018 0.019
Distributions
Net investment income.. (0.029) (0.030) (0.029) (0.030) (0.018) (0.019)
------- -------- ------- ------- ------- -------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ======== ======= ======= ======= =======
Total Return............ 2.91% 3.02% 2.90% 3.00% 1.81% 1.92%
Ratios/Supplementary
Data
Net Assets at end of
period (000)........... $41,713 $106,154 $45,102 $98,489 $48,256 $84,465
Ratio of expenses to
average net assets..... 0.76% 0.66% 0.74% 0.64% 0.68% 0.58%
Ratio of net investment
income to average net
assets................. 2.89% 2.97% 2.88% 2.97% 1.81% 1.90%
Ratio of expenses to
average net assets*.... 0.93% 0.68% 0.95% 0.70% 0.93% 0.68%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
See notes to financial statements.
67
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Treasury Fund
------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
--------------------------- ------------------------
Investor A Institutional Investor A Institutional
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000
------- -------- ------- --------
Investment Activities
Net investment income.. 0.022 0.022 0.044 0.045
Distributions
Net investment income.. (0.022) (0.022) (0.044) (0.045)
------- -------- ------- --------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000
======= ======== ======= ========
Total Return............ 2.19%(a) 2.24%(a) 4.51% 4.61%
Ratios/Supplementary
Data
Net Assets at end of
period (000)........... $ 9,573 $235,662 $ 9,161 $269,534
Ratio of expenses to
average net assets..... 0.69%(b) 0.60%(b) 0.67% 0.58%
Ratio of net investment
income to average net
assets................. 4.31%(b) 4.42%(b) 4.77% 4.52%
Ratio of expenses to
average net assets*.... 0.91%(b) 0.67%(b) 0.91% 0.68%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a)Not annualized.
(b)Annualized.
See notes to financial statements.
68
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Treasury Fund
------------------------------------------------------
Eleven Months Ended
May 31, 1998 Year Ended June 30, 1997
--------------------------- ------------------------
Investor A Institutional Investor A Institutional
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- --------
Investment Activities.... 0.045 0.046 0.047 0.048
Distributions............ (0.045) (0.046) (0.047) (0.048)
-------- -------- -------- --------
Net Asset Value, End of
Period.................. $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ========
Total Return............. 4.61%(a) 4.70%(a) 4.82% 4.93%
Ratios/Supplementary Data
Net Assets at end of
period (000)............ $240,208 $321,584 $176,006 $324,377
Ratio of expenses to
average net assets...... 0.67%(b) 0.57%(b) 0.67% 0.57%
Ratio of net investment
income to average net
assets.................. 4.90%(b) 5.00%(b) 4.72% 4.83%
Ratio of expenses to
average net assets*..... 0.92%(b) 0.67%(b) 0.92% 0.67%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
See notes to financial statements.
69
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Treasury Fund
-----------------------------------------------------------------------------
Year Ended Year Ended December 1, 1993 to
June 30, 1996 June 30, 1995 June 30, 1994 (a)
------------------------ ------------------------ ---------------------------
Investor A Institutional Investor A Institutional Investor A Institutional
---------- ------------- ---------- ------------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
-------- -------- -------- -------- ------- -------
Investment Activities... 0.049 0.050 0.047 0.048 0.016 0.017
Distributions........... (0.049) (0.050) (0.047) (0.048) (0.016) (0.017)
-------- -------- -------- -------- ------- -------
Net Asset Value, End of
Period................. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
======== ======== ======== ======== ======= =======
Total Return............ 5.04% 5.14% 4.81% 4.91% 1.66%(b) 1.72%(b)
Ratios/Supplementary
Data
Net Assets at end of
period (000)........... $158,723 $223,416 $105,391 $192,232 $56,535 $76,035
Ratio of expenses to
average................ 0.70% 0.60% 0.75% 0.64% 0.64%(c) 0.54%(c)
Ratio of net investment
income to.............. 4.87% 4.98% 4.82% 4.95% 2.84%(c) 3.15%(c)
Ratio of expenses to
average................ 0.95% 0.70% 1.04% 0.78% 0.99%(c) 0.74%(c)
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Period from comencement of operations.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
70
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Small Capitalization Fund
-----------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
------------------------------------------ -------------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 18.49 $ 17.78 $ 18.89 $ 25.72 $ 25.02 $ 26.15
------- ------- -------- ------- ------- --------
Investment Activities
Net investment income
(loss)................ (0.14) (0.20) (0.10) (0.34) (0.50) (0.23)
Net realized and
unrealized gains
(losses) from
investments........... 5.97 5.70 6.07 (4.36) (4.21) (4.50)
------- ------- -------- ------- ------- --------
Total from Investment
Activities............ 5.83 5.50 5.97 (4.70) (4.71) (4.73)
------- ------- -------- ------- ------- --------
Distributions
Net realized gains..... -- -- -- (2.53) (2.53) (2.53)
------- ------- -------- ------- ------- --------
Total Distributions.... -- -- -- (2.53) (2.53) (2.53)
------- ------- -------- ------- ------- --------
Net Asset Value, End of
Period................. $ 24.32 $ 23.28 $ 24.86 $ 18.49 $ 17.78 $ 18.89
======= ======= ======== ======= ======= ========
Total Return (excludes
sales and redemption
charges)............... 31.53%(b) 30.93%(b) 31.60%(b) (18.92)% (9.52)% (18.71)%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $48,547 $19,243 $222,630 $57,813 $18,736 $226,139
Ratio of expenses to
average net assets..... 1.70%(c) 2.45%(c) 1.45%(c) 1.61% 2.37% 1.36%
Ratio of net investment
income (loss) to
average net assets..... (1.03)%(c) (1.79)%(c) (0.79)%(c) (1.07)% (1.82)% (0.82)%
Portfolio turnover (a).. 65.25% 65.25% 65.25% 99.86% 99.86% 99.86%
</TABLE>
- -------
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
(b) Not annualized.
(c) Annualized
See notes to financial statements.
71
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Small Capitalization Fund
-------------------------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
---------------------------------------------------------- -----------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C
---------- ---------- ---------- ------------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 27.55 $ 26.99 $ 27.05 $ 27.91 $ 34.17 $ 33.78 $ 33.83
-------- ------- ------- -------- -------- ------- -------
Investment Activities
Net investment income
(loss)................. (0.35) (0.53) (0.49) (0.27) (0.29) (0.41) (0.34)
Net realized and
unrealized gains
(losses) from
investments............ (0.18) (0.14) (0.18) (0.19) (1.08) (1.13) (1.19)
-------- ------- ------- -------- -------- ------- -------
Total from Investment
Activities............. (0.53) (0.67) (0.67) (0.46) (1.37) (1.54) (1.53)
-------- ------- ------- -------- -------- ------- -------
Distributions
Net realized gains...... (1.30) (1.30) (1.30) (1.30) (5.25) (5.25) (5.25)
-------- ------- ------- -------- -------- ------- -------
Total Distributions..... (1.30) (1.30) (1.30) (1.30) (5.25) (5.25) (5.25)
-------- ------- ------- -------- -------- ------- -------
Net Asset Value, End of
Period.................. $ 25.72 $ 25.02 $ 25.08 $ 26.15 $ 27.55 $ 26.99 $ 27.05
======== ======= ======= ======== ======== ======= =======
Total Return (excludes
sales and redemption
charges)................ (1.90)%(a) (2.47)%(a) (2.43)%(a) (1.62)%(a) (4.53)% (5.13)% (5.08)%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)............ $163,178 $41,399 $14,747 $527,805 $188,645 $46,895 $14,962
Ratio of expenses to
average net assets...... 1.60%(b) 2.35%(b) 2.35%(b) 1.35%(b) 1.57% 2.32% 2.32%
Ratio of net investment
income (loss) to average
net assets.............. (1.23)%(b) (1.99)%(b) (1.99)%(b) (0.99)%(b) (1.19)% (94)% (1.94)%
Portfolio turnover (c)... 46.17% 46.17% 46.17% 46.17% 48.45% 48.45% 48.45%
<CAPTION>
Institutional
-------------
<S> <C>
Net Asset Value,
Beginning of Period..... $ 34.50
-------------
Investment Activities
Net investment income
(loss)................. (0.22)
Net realized and
unrealized gains
(losses) from
investments............ (1.12)
-------------
Total from Investment
Activities............. (1.34)
-------------
Distributions
Net realized gains...... (5.25)
-------------
Total Distributions..... (5.25)
-------------
Net Asset Value, End of
Period.................. $ 27.91
=============
Total Return (excludes
sales and redemption
charges)................ (4.39)%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)............ $602,787
Ratio of expenses to
average net assets...... 1.32%
Ratio of net investment
income (loss) to average
net assets.............. (0.94)%
Portfolio turnover (c)... 48.45%
</TABLE>
- -------
(a)Not annualized.
(b)Annualized.
(c)Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
See notes to financial statements.
72
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Small Capitalization Fund
------------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 June 30, 1995
------------------------------------------------ -----------------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C (a) Institutional
---------- ---------- ---------- ------------- ---------- ----------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 25.88 $ 25.79 $25.91 $ 26.08 $ 19.75 $19.83 $24.17 $ 19.83
-------- ------- ------ -------- ------- ------ ------ --------
Investment
Activities
Net investment
income (loss).. (0.23) (0.39) (0.20) (0.27) (0.18) (0.19) (0.05) (0.25)
Net realized and
unrealized
gains (losses)
from
investments.... 12.17 12.03 11.77 12.34 8.46 8.30 3.94 8.65
-------- ------- ------ -------- ------- ------ ------ --------
Total from
Investment
Activities..... 11.94 11.64 11.57 12.07 8.28 8.11 3.89 8.40
-------- ------- ------ -------- ------- ------ ------ --------
Distributions
Net realized
gains.......... (3.65) (3.65) (3.65) (3.65) (2.15) (2.15) (2.15) (2.15)
-------- ------- ------ -------- ------- ------ ------ --------
Total
Distributions.. (3.65) (3.65) (3.65) (3.65) (2.15) (2.15) (2.15) (2.15)
-------- ------- ------ -------- ------- ------ ------ --------
Net Asset Value,
End of Period... $ 34.17 $ 33.78 $33.83 $ 34.50 $ 25.88 $25.79 $25.91 $ 26.08
======== ======= ====== ======== ======= ====== ====== ========
Total Return
(excludes sales
and redemption
charges)........ 49.93% 48.87% 48.32% 50.03% 44.88% 43.78% 44.37%(e) 45.32%
Ratios/
Supplementary
Data:
Net Assets at end
of period (000). $187,016 $30,310 $5,751 $528,866 $71,894 $9,990 $ 224 $354,825
Ratio of expenses
to average net
assets.......... 1.54% 2.29% 2.29% 1.29% 1.55% 2.32% 3.53%(d) 1.33%
Ratio of net
investment
income (loss) to
average net
assets.......... (1.18)% (1.93)% (1.94)% (0.93)% (1.27)% (2.03)% (3.06)%(d) 1.06%
Ratio of expenses
to average net
assets*......... -- -- -- -- 1.58% 2.55% 3.53%(d) 1.33%
Portfolio
turnover (f).... 67.22% 67.22% 67.22% 67.22% 50.53% 50.53% 50.53% 50.53%
<CAPTION>
Year Ended
June 30, 1994
-----------------------------------------
Investor A Investor B (b) Institutional
----------- --------------- -------------
<S> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 20.31 $22.71 $ 20.31
----------- --------------- -------------
Investment
Activities
Net investment
income (loss).. (0.15) (0.09) (0.28)
Net realized and
unrealized
gains (losses)
from
investments.... 0.09 (2.79) 0.30
----------- --------------- -------------
Total from
Investment
Activities..... (0.06) (2.88) 0.02
----------- --------------- -------------
Distributions
Net realized
gains.......... (0.50) -- (0.50)
----------- --------------- -------------
Total
Distributions.. (0.50) -- (0.50)
----------- --------------- -------------
Net Asset Value,
End of Period... $ 19.75 $19.83 $ 19.83
=========== =============== =============
Total Return
(excludes sales
and redemption
charges)........ (0.55)% (12.68)%(c) (0.15)%
Ratios/
Supplementary
Data:
Net Assets at end
of period (000). $42,791 $2,130 $271,425
Ratio of expenses
to average net
assets.......... 1.40% 2.35%(d) 1.30%
Ratio of net
investment
income (loss) to
average net
assets.......... (1.24)% (2.19)%(d) (1.14)%
Ratio of expenses
to average net
assets*......... 1.55% 2.61%(d) 1.30%
Portfolio
turnover (f).... 72.64% 72.64% 72.64%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(b) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(c) Not annualized.
(d) Annualized.
(e) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
73
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Mid Capitalization Fund
------------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
------------------------------------------- -------------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 14.10 $ 13.14 $ 14.27 $ 14.98 $ 14.20 $ 15.12
------- ------- -------- ------- ------- --------
Investment Activities
Net investment income
(loss)................ (0.10) (0.14) (0.07) (0.19) (0.28) (0.14)
Net realized and
unrealized gains
(losses) from
investments........... 2.81 2.60 2.84 1.15 1.06 1.13
------- ------- -------- ------- ------- --------
Total from Investment
Activities............ 2.71 2.46 2.77 0.96 0.78 0.99
------- ------- -------- ------- ------- --------
Distributions
Net realized gains..... -- -- -- (1.84) (1.84) (1.84)
------- ------- -------- ------- ------- --------
Total Distributions.... -- -- -- (1.84) (1.84) (1.84)
------- ------- -------- ------- ------- --------
Net Asset Value, End of
Period................. $ 16.81 $ 15.60 $ 17.04 $ 14.10 $ 13.14 $ 14.27
======= ======= ======== ======= ======= ========
Total Return (excludes
sales and redemption
charges)............... 19.22%(b) 18.72%(b) 19.41%(b) 8.08% 7.19% 8.20%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $44,315 $16,585 $329,229 $50,605 $16,629 $319,733
Ratio of expenses to
average net assets..... 1.60%(c) 2.35%(c) 1.35%(c) 1.57% 2.32% 1.32%
Ratio of net investment
income (loss) to
average net assets..... (1.11)%(c) (1.85)%(c) (0.86)%(c) (1.00)% (1.75)% (0.75)%
Portfolio turnover (a).. 52.62% 52.62% 52.62% 100.19% 100.19% 100.19%
</TABLE>
- -------
(a)Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
(b)Not Annualized.
(c)Annualized.
See notes to financial statements.
74
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Mid Capitalization Fund
-------------------------------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30,1997
------------------------------------------------------ ---------------------------------------------
Investor Investor Investor Investor Investor Investor
A B C Institutional A B C Institutional
-------- -------- -------- ------------- -------- -------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period..... $ 15.72 $ 15.12 $15.24 $ 15.82 $ 20.71 $ 20.28 $20.36 $ 20.83
------- ------- ------ -------- ------- ------- ------ --------
Investment Activities
Net investment income
(loss)................. (0.14) (0.23) (0.23) (0.11) (0.16) (0.24) (0.21) (0.13)
Net realized and
unrealized gains
(losses) from
investments............ 2.51 2.42 2.46 2.52 1.30 1.21 1.22 1.25
------- ------- ------ -------- ------- ------- ------ --------
Total from Investment
Activities............. 2.37 2.19 2.23 2.41 1.14 0.97 1.01 1.12
------- ------- ------ -------- ------- ------- ------ --------
Distributions
Net realized gains...... (3.11) (3.11) (3.11) (3.11) (6.13) (6.13) (6.13) (6.13)
------- ------- ------ -------- ------- ------- ------ --------
Total Distributions..... (3.11) (3.11) (3.11) (3.11) (6.13) (6.13) (6.13) (6.13)
------- ------- ------ -------- ------- ------- ------ --------
Net Asset Value, End of
Period.................. $ 14.98 $ 14.20 $14.36 $ 15.12 $ 15.72 $ 15.12 $15.24 $ 15.82
======= ======= ====== ======== ======= ======= ====== ========
Total Return (excludes
sales and redemption
charges)................ 16.84%(a) 16.27%(a) 16.44%(a) 16.98%(a) 5.78% 4.94% 5.17% 5.58%
Ratios/Supplementary Da-
ta:
Net Assets at end of
period (000)............ $90,183 $23,780 $2,228 $518,080 $80,634 $21,994 $2,018 $544,082
Ratio of expenses to
average net assets...... 1.55%(b) 2.30%(b) 2.30%(b) 1.30%(b) 1.56% 2.31% 2.31% 1.31%
Ratio of net investment
income (loss) to average
net assets.............. (1.02)%(b) (1.77)%(b) (1.77)%(b) (0.77)%(b) (1.05)% (1.80)% (1.80)% (0.80)%
Portfolio turnover (c)... 38.41% 38.41% 38.41% 38.41% 38.47% 38.47% 38.47% 38.47%
</TABLE>
- -------
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
75
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Mid Capitalization Fund
---------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 June 30, 1995
--------------------------------------------- -----------------------------------------------
Investor Investor Investor Investor Investor Investor
A B C Institutional A B C (a) Institutional
-------- -------- -------- ------------- -------- -------- -------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 16.56 $ 16.35 $16.40 $ 16.62 $ 14.69 $14.63 $16.29 $ 14.70
------- ------- ------ -------- ------- ------ ------ --------
Investment
Activities
Net investment
income (loss).. (0.16) (0.23) (0.17) (0.16) (0.12) (0.11) (0.02) (0.08)
Net realized and
unrealized
gains (losses)
from
investments.... 4.97 4.82 4.79 5.03 3.46 3.30 1.60 3.47
------- ------- ------ -------- ------- ------ ------ --------
Total from
Investment
Activities..... 4.81 4.59 4.62 4.87 3.34 3.19 1.58 3.39
------- ------- ------ -------- ------- ------ ------ --------
Distributions
Net realized
gains.......... (0.66) (0.66) (0.66) (0.66) (0.48) (0.48) -- (0.49)
In excess of net
realized gains. -- -- -- -- (0.99) (0.99) (1.47) (0.98)
------- ------- ------ -------- ------- ------ ------ --------
Total
Distributions.. (0.66) (0.66) (0.66) (0.66) (1.47) (1.47) (1.47) (1.47)
------- ------- ------ -------- ------- ------ ------ --------
Net Asset Value,
End of Period... $ 20.71 $ 20.28 $20.36 $ 20.83 $ 16.56 $16.35 $16.40 $ 16.62
======= ======= ====== ======== ======= ====== ====== ========
Total Return
(excludes sales
and redemption
charges)........ 29.57% 28.59% 28.69% 29.83% 24.85% 23.88% 23.56%(e) 25.20%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $66,260 $15,840 $1,088 $650,495 $43,803 $6,073 $ 153 $683,320
Ratio of expenses
to average net
assets.......... 1.54% 2.29% 2.29% 1.29% 1.51% 2.29% 2.27%(d) 1.29%
Ratio of net
investment
income (loss) to
average net
assets.......... (0.94)% (1.70)% (1.73)% (0.68)% (0.87)% (1.61)% (1.43)%(d) (0.64)%
Ratio of expenses
to average net
assets*......... -- -- -- -- 1.54% 2.54% 2.53%(d) 1.29%
Ratio of net
investment
income (loss) to
average net
assets*......... -- -- -- -- (0.90)% (1.87)% (1.70)%(d) (0.65)%
Portfolio
turnover (f).... 49.27% 49.27% 49.27% 49.27% 46.39% 46.39% 46.39% 46.39%
<CAPTION>
Year Ended
June 30, 1994
-------------------------------------
Investor Investor
A B (b) Institutional
---------- ------------ -------------
<S> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 15.11 $16.66 $ 15.10
---------- ------------ -------------
Investment
Activities
Net investment
income (loss).. (0.10) (0.05) (0.11)
Net realized and
unrealized
gains (losses)
from
investments.... (0.28) (1.98) (0.25)
---------- ------------ -------------
Total from
Investment
Activities..... (0.38) (2.03) (0.36)
---------- ------------ -------------
Distributions
Net realized
gains.......... (0.04) -- (0.04)
In excess of net
realized gains. -- -- --
---------- ------------ -------------
Total
Distributions.. (0.04) -- (0.04)
---------- ------------ -------------
Net Asset Value,
End of Period... $ 14.69 $14.63 $ 14.70
========== ============ =============
Total Return
(excludes sales
and redemption
charges)........ (2.57)% (12.18)%(c) (2.44)%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $36,108 $1,616 $533,260
Ratio of expenses
to average net
assets.......... 1.38% 2.30%(d) 1.28%
Ratio of net
investment
income (loss) to
average net
assets.......... (0.75)% (1.57)%(d) (0.65)%
Ratio of expenses
to average net
assets*......... 1.53% 2.56%(d) 1.28%
Ratio of net
investment
income (loss) to
average net
assets*......... (0.90)% (1.83)%(d) (0.65)%
Portfolio
turnover (f).... 70.87% 70.87% 70.87%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(b) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(c) Not annualized.
(d) Annualized.
(e) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
76
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Large Capitalization Fund
------------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
------------------------------------------- -------------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 19.67 $ 19.21 $ 19.81 $ 16.19 $ 15.95 $ 16.27
------- ------- -------- ------- ------- --------
Investment Activities
Net investment income
(loss)................ (0.10) (0.15) (0.04) (0.11) (0.23) (0.06)
Net realized and
unrealized gains
(losses) from
investments........... 3.47 3.36 3.47 3.89 3.79 3.90
------- ------- -------- ------- ------- --------
Total from Investment
Activities............ 3.37 3.21 3.43 3.78 3.56 3.84
------- ------- -------- ------- ------- --------
Distributions
Net realized gains..... -- -- -- (0.30) (0.30) (0.30)
------- ------- -------- ------- ------- --------
Total Distributions.... -- -- -- (0.30) (0.30) (0.30)
------- ------- -------- ------- ------- --------
Net Asset Value, End of
Period................. $ 23.04 $ 22.42 $ 23.24 $ 19.67 $ 19.21 $ 19.81
======= ======= ======== ======= ======= ========
Total Return (excludes
sales and redemption
charges)............... 17.13%(b) 16.71%(b) 17.31%(b) 23.42% 22.38% 23.67%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $24,363 $15,935 $438,495 $24,513 $14,128 $409,107
Ratio of expenses to
average net assets..... 1.33%(c) 2.08%(c) 1.08%(c) 1.35% 2.11% 1.10%
Ratio of net investment
income (loss) to
average net assets..... (0.58)%(c) (1.33)%(c) (0.33)%(c) (0.59)% (1.34)% (0.33)%
Portfolio turnover (a).. 31.56% 31.56% 31.56% 50.51% 50.51% 50.51%
</TABLE>
- -------
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
(b) Not Annualized.
(c) Annualized.
See notes to financial statements.
77
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Large Capitalization Fund
-----------------------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
--------------------------------------------------------- ------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C
---------- ---------- ---------- ------------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 14.44 $ 14.34 $14.28 $ 14.48 $ 11.23 $11.22 $11.16
------- ------- ------ -------- ------- ------ ------
Investment
Activities
Net investment
income (loss)... (0.06) (0.12) (0.06) (0.03) -- (0.05) (0.06)
Net realized and
unrealized gains
(losses) from
investments..... 3.51 3.43 3.32 3.52 3.30 3.25 3.27
------- ------- ------ -------- ------- ------ ------
Total from
Investment
Activities..... 3.45 3.31 3.26 3.49 3.30 3.20 3.21
------- ------- ------ -------- ------- ------ ------
Distributions
Net investment
income.......... (1.67) (1.67) (1.67) (1.67) (0.01) -- (0.01)
Net realized
gains........... -- -- -- -- (0.08) (0.08) (0.08)
Tax return of
capital......... (0.03) (0.03) (0.03) (0.03) -- -- --
------- ------- ------ -------- ------- ------ ------
Total
Distributions.. (1.70) (1.70) (1.70) (1.70) (0.09) (0.08) (0.09)
------- ------- ------ -------- ------- ------ ------
Net Asset Value,
End of Period... $ 16.19 $ 15.95 $15.84 $ 16.27 $ 14.44 $14.34 $14.28
======= ======= ====== ======== ======= ====== ======
Total Return
(excludes sales
and redemption
charges)........ 25.95%(b) 25.12%(b) 24.87%(b) 26.18% 29.52% 28.62% 28.82%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $21,628 $10,169 $ 268 $358,221 $12,260 $4,130 $ 42
Ratio of expenses
to average net
assets.......... 1.35%(c) 2.09%(c) 2.09%(c) 1.10% 1.37% 2.12% 2.12%
Ratio of net
investment
income (loss) to
average net
assets.......... (0.45)%(c) (1.21)%(c) (1.24)%(c) (0.19)% (0.14)% (0.88)% (0.91)%
Ratio of expenses
to average net
assets*......... (d) (d) (d) (d) (d) (d) (d)
Portfolio
turnover (e).... 24.74% 24.74% 24.74% 24.74% 48.44% 48.44% 48.44%
<CAPTION>
December 28, 1995 to
June 30, 1996 (a)
--------------------------------------------------------
Institutional Investor A Investor B Investor C Institutional
-------------- ------------ ------------- ------------- ---------------
<S> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 11.25 $10.00 $10.00 $10.00 $ 10.00
-------------- ------------ ------------- ------------- ---------------
Investment
Activities
Net investment
income (loss)... 0.03 0.03 0.01 -- 0.03
Net realized and
unrealized gains
(losses) from
investments..... 3.31 1.23 1.23 1.17 1.25
-------------- ------------ ------------- ------------- ---------------
Total from
Investment
Activities..... 3.34 1.26 1.24 1.17 1.28
-------------- ------------ ------------- ------------- ---------------
Distributions
Net investment
income.......... (0.03) (0.03) (0.02) -- (0.03)
Net realized
gains........... (0.08) -- -- -- --
Tax return of
capital......... -- -- -- (0.01) --
-------------- ------------ ------------- ------------- ---------------
Total
Distributions.. (0.11) (0.03) (0.02) (0.01) (0.03)
-------------- ------------ ------------- ------------- ---------------
Net Asset Value,
End of Period... $ 14.48 $11.23 $11.22 $11.16 $ 11.25
============== ============ ============= ============= ===============
Total Return
(excludes sales
and redemption
charges)........ 29.81% 8.99%(b) 8.77%(b) 8.14%(b) 12.86%(b)
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $338,388 $1,657 $ 832 $ 2 $274,150
Ratio of expenses
to average net
assets.......... 1.12% 1.40%(c) 1.78%(c) 2.24%(c) 2.19%(c)
Ratio of net
investment
income (loss) to
average net
assets.......... 0.19% 0.31%(c) (0.32)%(c) (0.45)%(c) 1.26%(c)
Ratio of expenses
to average net
assets*......... (d) 2.62%(c) 4.07%(c) 4.25%(c) 2.26%(c)
Portfolio
turnover (e).... 48.44% 0.86% 0.86% 0.86% 0.86%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations
(b) Not Annualized
(c) Annualized
(d) No fees were waived during this period
(e) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued
See notes to financial statements.
78
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
International Discovery Fund
----------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
------------------------------------------ ------------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 14.81 $14.20 $ 15.03 $ 16.51 $15.98 $ 16.70
------- ------ -------- ------- ------ --------
Investment
Activities
Net investment
income (loss).. (0.19) (0.29) (0.06) (0.15) (0.27) (0.10)
Net realized and
unrealized
gains (losses)
from
investments and
foreign
currencies..... 5.14 4.90 5.04 (0.68) (0.64) (0.70)
------- ------ -------- ------- ------ --------
Total from
Investment
Activities..... 4.95 4.61 4.98 (0.83) (0.91) (0.80)
------- ------ -------- ------- ------ --------
Distributions
Net realized
gains.......... -- -- -- (0.87) (0.87) (0.87)
------- ------ -------- ------- ------ --------
Total
Distributions.. -- -- -- (0.87) (0.87) (0.87)
------- ------ -------- ------- ------ --------
Net Asset Value,
End of Period... $ 19.76 $18.81 $ 20.01 $ 14.81 $14.20 $ 15.03
======= ====== ======== ======= ====== ========
Total Return
(excludes sales
and redemption
charges)........ 33.60%(a) 32.65%(a) 33.31%(a) (5.20)% (5.89)% (4.94)%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $24,305 $8,406 $310,654 $24,914 $7,604 $267,764
Ratio of expenses
to average net
assets.......... 1.83%(b) 2.58%(b) 1.58%(b) 1.82% 2.57% 1.57%
Ratio of net
investment
income (loss) to
average net
assets.......... (0.66)%(b) (1.42)%(b) (0.43)%(b) (0.45)% (1.21)% (0.20)%
Portfolio
turnover (c).... 75.51% 75.51% 75.51% 84.66% 84.66% 84.66%
<CAPTION>
Eleven Months Ended
May 31, 1998
------------------------------------------------------------
Investor A Investor B Investor C Institutional
-------------- -------------- ------------- ----------------
<S> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 16.25 $ 15.85 $16.21 $ 16.41
-------------- -------------- ------------- ----------------
Investment
Activities
Net investment
income (loss).. (0.09) (0.19) (0.17) (0.04)
Net realized and
unrealized
gains (losses)
from
investments and
foreign
currencies..... 0.86 0.83 0.83 0.84
-------------- -------------- ------------- ----------------
Total from
Investment
Activities..... 0.77 0.64 0.66 0.80
-------------- -------------- ------------- ----------------
Distributions
Net realized
gains.......... (0.51) (0.51) (0.51) (0.51)
-------------- -------------- ------------- ----------------
Total
Distributions.. (0.51) (0.51) (0.51) (0.51)
-------------- -------------- ------------- ----------------
Net Asset Value,
End of Period... $ 16.51 $ 15.98 $16.36 $ 16.70
============== ============== ============= ================
Total Return
(excludes sales
and redemption
charges)........ 5.17%(a) 4.47%(a) 4.49%(a) 5.31%(a)
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $43,268 $12,840 $1,026 $427,922
Ratio of expenses
to average net
assets.......... 1.82%(b) 2.56%(b) 2.56%(b) 1.56%(b)
Ratio of net
investment
income (loss) to
average net
assets.......... (0.75)%(b) (1.49)%(b) (1.48)%(b) (0.47)%(b)
Portfolio
turnover (c).... 34.15% 34.15% 34.15% 34.15%
</TABLE>
- -------
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
79
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
International Discovery Fund
----------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1997 June 30, 1996
--------------------------------------------------- -----------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C Institutional
---------- ---------- ---------- ------------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period... $ 14.01 $ 13.77 $14.08 $ 14.11 $ 12.23 $12.15 $12.42 $ 12.33
------- ------- ------ -------- ------- ------ ------ --------
Investment Activities
Net investment income
(loss)............... (0.07) (0.16) (0.15) (0.05) (0.02) (0.08) (0.10) 0.02
Net realized and
unrealized gains
(losses) from
investments and
foreign currencies... 2.31 2.24 2.28 2.35 1.81 1.70 1.79 1.80
------- ------- ------ -------- ------- ------ ------ --------
Total from Investment
Activities........... 2.24 2.08 2.13 2.30 1.79 1.62 1.69 1.82
------- ------- ------ -------- ------- ------ ------ --------
Distributions
Net investment income. -- -- -- -- -- -- -- (0.02)
Net realized gains.... -- -- -- -- (0.01) -- (0.03) (0.02)
------- ------- ------ -------- ------- ------ ------ --------
Total Distributions... -- -- -- -- (0.01) -- (0.03) (0.04)
------- ------- ------ -------- ------- ------ ------ --------
Net Asset Value, End of
Period................ $ 16.25 $ 15.85 $16.21 $ 16.41 $ 14.01 $13.77 $14.08 $ 14.11
======= ======= ====== ======== ======= ====== ====== ========
Total Return (excludes
sales and redemption
charges).............. 15.99% 15.11% 15.13% 16.34% 14.65% 13.33% 13.62% 14.76%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $48,557 $13,516 $ 875 $426,111 $39,575 $9,489 $ 474 $364,095
Ratio of expenses to
average net assets.... 1.80% 2.55% 2.56% 1.55% 1.80% 2.55% 2.50% 1.55%
Ratio of net investment
income (loss) to
average net assets.... (0.54)% (1.29)% (1.28)% (0.29)% (0.11)% (0.86)% (0.84)% 0.12%
Ratio of expenses to
average net assets*... (a) (a) (a) (a) 1.88% 2.63% 2.62% 1.55%
Portfolio turnover (b). 45.18% 45.18% 45.18% 45.18% 54.47% 54.47% 54.47% 54.47%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a)No fees were waived during this period.
(b)Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
See notes to financial statements.
80
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
International Discovery Fund
----------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1995 June 30, 1994
---------------------------------------------------- ---------------------------------------------
Investor A Investor B Investor C (a) Institutional Investor A Investor B (b) Institutional
---------- ---------- -------------- ------------- ---------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 13.18 $13.21 $12.97 $ 13.24 $ 11.50 $14.12 $ 11.54
------- ------ ------ -------- ------- ------ --------
Investment Activities
Net investment income
(loss)................ 0.03 (0.04) 0.03 0.04 (0.02) (0.01) (0.01)
Net realized and
unrealized gains
(losses) from
investments and
foreign currencies.... (0.36) (0.40) 0.04 (0.33) 1.74 (0.90) 1.75
------- ------ ------ -------- ------- ------ --------
Total from Investment
Activities............ (0.33) (0.44) 0.07 (0.29) 1.72 (0.91) 1.74
------- ------ ------ -------- ------- ------ --------
Distributions
Net investment income.. -- -- -- -- (0.02) -- (0.02)
Net realized gains..... (0.62) (0.62) (0.62) (0.62) (0.02) -- (0.02)
------- ------ ------ -------- ------- ------ --------
Total Distributions.... (0.62) (0.62) (0.62) (0.62) (0.04) 0.00 (0.04)
------- ------ ------ -------- ------- ------ --------
Net Asset Value, End of
Period................. $ 12.23 $12.15 $12.42 $ 12.33 $ 13.18 $13.21 $ 13.24
======= ====== ====== ======== ======= ====== ========
Total Return (excludes
sales and redemption
charges)............... (2.19)% (3.03)% (1.15)%(e) (1.86)% 14.99 % (6.44)%(c) 15.12%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $34,228 $5,469 $ 82 $264,759 $36,297 $2,680 $261,798
Ratio of expenses to
average net assets..... 1.78% 2.57% 2.32%(d) 1.56% 1.63% 2.56%(d) 1.52%
Ratio of net investment
income (loss) to
average net assets..... 0.08% (0.49)% 1.74%(d) 0.31% (0.29)% (0.22)%(d) (0.30)%
Ratio of expenses to
average net assets*.... 1.91% 2.92% 3.27%(d) 1.59% 1.84% 2.61%(d) 1.57%
Portfolio turnover (f).. 104.39% 104.39% 104.39% 104.39% 37.23% 37.23% 37.23%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(b) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(c) Not annualized.
(d) Annualized.
(e) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
81
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Limited Maturity Bond Fund
------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
---------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.42 $9.42 $ 9.42 $ 9.50 $ 9.50 $ 9.50
------- ----- -------- ------- ------ --------
Investment Activities
Net investment income
(loss)................ 0.25 0.22 0.27 0.53 0.46 0.56
Net realized and
unrealized gains
(losses) from
investments........... (0.08) (0.08) (0.08) (0.08) (0.08) (0.08)
------- ----- -------- ------- ------ --------
Total from Investment
Activities............ 0.17 0.14 0.19 0.45 0.38 0.48
------- ----- -------- ------- ------ --------
Distributions
Net investment income.. (0.25) (0.22) (0.27) (0.53) (0.46) (0.56)
------- ----- -------- ------- ------ --------
Total Distributions.... (0.25) (0.22) (0.27) (0.53) (0.46) (0.56)
------- ----- -------- ------- ------ --------
Net Asset Value, End of
Period................. $ 9.34 $9.34 $ 9.34 $ 9.42 $ 9.42 $ 9.42
======= ===== ======== ======= ====== ========
Total Return (excludes
sales and redemption
charges)............... 1.84%(b) 1.48%(b) 1.99%(b) 4.84% 4.03% 5.12%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $13,317 $ 839 $111,266 $24,246 $ 826 $123,137
Ratio of expenses to
average net assets..... 1.11%(c) 1.86%(c) 0.86%(c) 1.08% 1.83% 0.84%
Ratio of net investment
income (loss) to
average net assets..... 5.36%(c) 4.65%(c) 5.64%(c) 5.55% 4.81% 5.83%
Ratio of expenses to
average net assets*.... 1.26%(c) 2.00%(c) 1.01%(c) 1.32% 2.07% 1.07%
Portfolio turnover (a).. 47.93% 47.93% 47.93% 126.98% 126.98% 126.98%
</TABLE>
- -------
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
82
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Limited Maturity Bond Fund
------------------------------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
----------------------------------------------------- ----------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C Institutional
---------- ---------- ---------- ------------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period... $ 9.49 $ 9.49 $ 9.29 $ 9.49 $ 9.48 $ 9.46 $ 9.29 $ 9.48
------- ------ ------ -------- ------- ------ ------ --------
Investment Activities
Net investment income
(loss)............... 0.47 0.40 0.42 0.50 0.55 0.48 0.48 0.57
Net realized and
unrealized gains
(losses) from
investments.......... 0.01 0.02 (0.01) 0.01 0.01 0.02 -- 0.02
------- ------ ------ -------- ------- ------ ------ --------
Total from Investment
Activities........... 0.48 0.42 0.41 0.51 0.56 0.50 0.48 0.59
------- ------ ------ -------- ------- ------ ------ --------
Distributions
Net investment income. (0.47) (0.41) (0.42) (0.50) (0.55) (0.47) (0.48) (0.58)
------- ------ ------ -------- ------- ------ ------ --------
Total Distributions... (0.47) (0.41) (0.42) (0.50) (0.55) (0.47) (0.48) (0.58)
------- ------ ------ -------- ------- ------ ------ --------
Net Asset Value, End of
Period................ $ 9.50 $ 9.50 $ 9.28 $ 9.50 $ 9.49 $ 9.49 $ 9.29 $ 9.49
======= ====== ====== ======== ======= ====== ====== ========
Total Return (excludes
sales and redemption
charges).............. 5.23%(a) 4.50%(a) 4.48%(a) 5.46%(a) 6.11% 5.39% 5.26% 6.42%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $41,571 $1,553 $2,199 $150,510 $27,381 $1,492 $ 41 $136,126
Ratio of expenses to
average net assets.... 1.07%(b) 1.82%(b) 1.80%(b) 0.82%(b) 1.11% 1.86% 1.86% 0.85%
Ratio of net investment
income (loss) to
average net assets.... 5.37%(b) 4.63%(b) 4.60%(b) 5.63%(b) 5.76% 5.02% 4.97% 6.03%
Ratio of expenses to
average net assets*... 1.31%(b) 2.06%(b) 2.04%(b) 1.06%(b) 1.35% 2.10% 2.10% 1.10%
Portfolio turnover (c). 225.88% 225.88% 225.88% 225.88% 607.84% 607.84% 607.84% 607.84%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
83
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Limited Maturity Bond Fund
------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 June 30, 1995
---------------------------------------------- --------------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C (a) Institutional Investor A
---------- ---------- ---------- ------------- ---------- ---------- -------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 9.71 $ 9.70 $ 9.53 $ 9.71 $ 9.57 $ 9.56 $ 9.35 $ 9.57 $ 10.18
------- ------ ------ -------- ------- ------ ------ -------- -------
Investment
Activities
Net investment
income (loss).. 0.62 0.55 0.58 0.65 0.56 0.49 0.20 0.58 0.62
Net realized and
unrealized
gains (losses)
from
investments.... (0.21) (0.22) (0.23) (0.21) 0.13 0.12 0.17 0.13 (0.58)
------- ------ ------ -------- ------- ------ ------ -------- -------
Total from
Investment
Activities..... 0.41 0.33 0.35 0.44 0.69 0.61 0.37 0.71 0.04
------- ------ ------ -------- ------- ------ ------ -------- -------
Distributions
Net investment
income......... (0.62) (0.55) (0.58) (0.65) (0.55) (0.47) (0.19) (0.57) (0.61)
In excess of net
realized gains. (0.01) -- -- (0.01) -- -- -- -- (0.04)
Tax return of
capital........ (0.01) (0.02) -- (0.01) -- -- -- -- --
------- ------ ------ -------- ------- ------ ------ -------- -------
Total
Distributions.. (0.64) (0.57) (0.59) (0.67) (0.55) (0.47) (0.19) (0.57) (0.65)
------- ------ ------ -------- ------- ------ ------ -------- -------
Net Asset Value,
End of Period... $ 9.48 $ 9.46 $ 9.29 $ 9.48 $ 9.71 $ 9.70 $ 9.53 $ 9.71 $ 9.57
======= ====== ====== ======== ======= ====== ====== ======== =======
Total Return
(excludes sales
and redemption
charges)........ 4.37% 3.43% 3.71% 4.65% 7.53% 6.68% 3.58%(e) 7.76% 0.32%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $14,390 $1,547 $ 11 $136,681 $18,930 $ 892 -- $141,781 $24,907
Ratio of expenses
to average net
assets.......... 1.09% 1.84% 1.82% 0.84% 1.05% 1.85% 1.18%(d) 0.84% 0.86%
Ratio of net
investment
income (loss) to
average net
assets.......... 6.09% 5.35% 5.34% 6.32% 5.89% 5.14% 5.61%(d) 6.11% 6.22%
Ratio of expenses
to average net
assets*......... 1.33% 2.08% 2.02% 1.08% 1.36% 2.36% 1.18%(d) 1.11% 1.30%
Portfolio
turnover (f).... 618.60% 618.60% 618.60% 618.60% 397.97% 397.97% 397.97% 397.97% 353.28%
<CAPTION>
Year Ended
June 30, 1994
-----------------------------
Investor B (b) Institutional
--------------- -------------
<S> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 9.99 $ 10.18
--------------- -------------
Investment
Activities
Net investment
income (loss).. 0.23 0.64
Net realized and
unrealized
gains (losses)
from
investments.... (0.44) (0.59)
--------------- -------------
Total from
Investment
Activities..... (0.21) 0.05
--------------- -------------
Distributions
Net investment
income......... (0.22) (0.62)
In excess of net
realized gains. -- (0.04)
Tax return of
capital........ -- --
--------------- -------------
Total
Distributions.. (0.22) (0.66)
--------------- -------------
Net Asset Value,
End of Period... $ 9.56 $ 9.57
=============== =============
Total Return
(excludes sales
and redemption
charges)........ (2.09)%(c) 0.43%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $ 629 $156,678
Ratio of expenses
to average net
assets.......... 1.78%(d) 0.76%
Ratio of net
investment
income (loss) to
average net
assets.......... 5.36%(d) 6.32%
Ratio of expenses
to average net
assets*......... 2.33%(d) 1.05%
Portfolio
turnover (f).... 353.28% 353.28%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(b) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(c) Not annualized.
(d) Annualized.
(e) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
84
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Intermediate Government Obligations Fund
-----------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
--------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.77 $9.74 $ 9.76 $ 9.88 $ 9.85 $ 9.88
------ ----- -------- ------- ------ --------
Investment Activities
Net investment income
(loss)................ 0.25 0.21 0.26 0.48 0.40 0.50
Net realized and
unrealized gains
(losses) from
investments........... (0.15) (0.15) (0.14) (0.11) (0.11) (0.12)
------ ----- -------- ------- ------ --------
Total from Investment
Activities............ 0.10 0.06 0.12 0.37 0.29 0.38
------ ----- -------- ------- ------ --------
Distributions
Net investment income.. (0.25) (0.21) (0.26) (0.48) (0.40) (0.50)
------ ----- -------- ------- ------ --------
Total Distributions.... (0.25) (0.21) (0.26) (0.48) (0.40) (0.50)
------ ----- -------- ------- ------ --------
Net Asset Value, End of
Period................. $ 9.62 $9.59 $ 9.62 $ 9.77 $ 9.74 $ 9.76
====== ===== ======== ======= ====== ========
Total Return (excludes
sales and redemption
charges)............... 0.99%(b) 0.61%(b) 1.23%(b) 3.83% 2.96% 4.01%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $7,680 $ 796 $102,725 $10,244 $1,255 $133,678
Ratio of expenses to
average net assets..... 1.26%(c) 2.01%(c) 1.01%(c) 1.24% 1.99% 0.99%
Ratio of net investment
income (loss) to
average net assets..... 5.06%(c) 4.29%(c) 5.30%(c) 4.81% 4.05% 5.06%
Ratio of expenses to
average net assets*.... 1.31%(c) 2.06%(c) 1.06%(c) 1.33% 2.08% 1.08%
Portfolio turnover (a).. 29.39% 29.39% 29.39% 53.07% 53.07% 53.07%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
85
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Intermediate Government Obligations Fund
--------------------------------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
------------------------------------------------------- ----------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C Institutional
---------- ---------- ---------- ------------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period... $ 9.73 $ 9.71 $ 9.54 $ 9.73 $ 9.70 $ 9.67 $ 9.52 $ 9.71
------- ------- ------- -------- -------- -------- -------- --------
Investment Activities
Net investment income
(loss)............... 0.49 0.43 0.40 0.52 0.52 0.45 0.45 0.55
Net realized and
unrealized gains
(losses) from
investments.......... 0.16 0.15 0.18 0.16 0.04 0.03 0.02 0.03
------- ------- ------- -------- -------- -------- -------- --------
Total from Investment
Activities........... 0.65 0.58 0.58 0.68 0.56 0.48 0.47 0.58
======= ======= ======= ======== ======== ======== ======== ========
Distributions
Net investment income. (0.49) (0.43) (0.43) (0.52) (0.53) (0.44) (0.45) (0.56)
Tax return of capital. (0.01) (0.01) (0.01) (0.01) -- -- -- --
------- ------- ------- -------- -------- -------- -------- --------
Total Distributions .. (0.50) (0.44) (0.44) (0.53) (0.53) (0.44) (0.45) (0.56)
------- ------- ------- -------- -------- -------- -------- --------
Net Asset Value, End of
Period ............... $ 9.88 $ 9.85 $ 9.68 $ 9.88 $ 9.73 $ 9.71 $ 9.54 $ 9.73
======= ======= ======= ======== ======== ======== ======== ========
Total Return (excludes
sales and redemption
charges).............. 6.78%(a) 6.07%(a) 6.19%(a) 7.03%(a) 5.91% 5.09% 5.03% 6.11%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $14,461 $ 1,852 $ 235 $171,481 $ 18,552 $ 1,972 $ 194 $187,856
Ratio of expenses to
average net assets.... 1.22%(b) 1.97%(b) 1.96%(b) 0.97%(b) 1.23% 1.98% 1.99% 0.98%
Ratio of net investment
income (loss) to
average net assets.... 5.42%(b) 4.67%(b) 4.67%(b) 5.67%(b) 5.41% 4.67% 4.69% 5.66%
Ratio of expenses to
average net assets*... 1.31%(b) 2.06%(b) 2.05%(b) 1.06%(b) 1.32% 2.07% 2.07% 1.07%
Portfolio turnover (c). 774.28% 774.28% 774.28% 774.28% 1516.78% 1516.78% 1516.78% 1516.78%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
86
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Intermediate Government Obligations Fund
-------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 June 30, 1995
---------------------------------------------- --------------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C (a) Institutional
---------- ---------- ---------- ------------- ---------- ---------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 9.93 $ 9.89 $ 9.76 $ 9.93 $ 9.62 $ 9.60 $ 9.42 $ 9.62
------- ------ ------ -------- ------- ------ ------ --------
Investment Activ-
ities
Net investment
income (loss).. 0.60 0.53 0.53 0.62 0.50 0.43 0.18 0.52
Net realized and
unrealized
gains (losses)
from
investments.... (0.25) (0.24) (0.25) (0.24) 0.31 0.30 0.33 0.31
------- ------ ------ -------- ------- ------ ------ --------
Total from
Investment
Activities..... 0.35 0.29 0.28 0.38 0.81 0.73 0.51 0.83
------- ------ ------ -------- ------- ------ ------ --------
Distributions
Net investment
income......... (0.58) (0.51) (0.52) (0.60) (0.50) (0.44) (0.17) (0.52)
In excess of net
realized gains. -- -- -- -- -- -- -- --
------- ------ ------ -------- ------- ------ ------ --------
Total Distribu-
tions.......... (0.58) (0.51) (0.52) (0.60) (0.50) (0.44) (0.17) (0.52)
------- ------ ------ -------- ------- ------ ------ --------
Net Asset Value,
End of Period... $ 9.70 $ 9.67 $ 9.52 $ 9.71 $ 9.93 $ 9.89 $ 9.76 $ 9.93
======= ====== ====== ======== ======= ====== ====== ========
Total Return
(excludes sales
and redemption
charges)........ 3.69% 2.93% 2.86% 3.95% 8.69% 7.84% 5.21%(e) 9.02%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $22,954 $1,843 $ 80 $225,313 $27,521 $ 977 $ 9 $249,169
Ratio of expenses
to average net
assets.......... 1.21% 1.96% 1.96% 0.96% 1.25% 2.06% 2.09%(d) 1.04%
Ratio of net
investment
income (loss) to
average net
assets.......... 5.51% 4.78% 4.83% 5.76% 5.22% 4.41% 4.24%(d) 5.43%
Ratio of expenses
to average net
assets*......... 1.30% 2.05% 2.05% 1.05% 1.41% 2.42% 2.36%(d) 1.16%
Portfolio turn-
over (f)........ 916.39% 916.39% 916.39% 916.39% 549.13% 549.13% 549.13% 549.13%
<CAPTION>
Year Ended
June 30, 1994
-----------------------------------------
Investor A Investor B (b) Institutional
----------- --------------- -------------
<S> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 10.53 $10.14 $ 10.53
----------- --------------- -------------
Investment Activ-
ities
Net investment
income (loss).. 0.59 0.21 0.60
Net realized and
unrealized
gains (losses)
from
investments.... (0.66) (0.54) (0.66)
----------- --------------- -------------
Total from
Investment
Activities..... (0.07) (0.33) (0.06)
----------- --------------- -------------
Distributions
Net investment
income......... (0.59) (0.21) (0.60)
In excess of net
realized gains. (0.25) -- (0.25)
----------- --------------- -------------
Total Distribu-
tions.......... (0.84) (0.21) (0.85)
----------- --------------- -------------
Net Asset Value,
End of Period... $ 9.62 $ 9.60 $ 9.62
=========== =============== =============
Total Return
(excludes sales
and redemption
charges)........ (0.90)% (3.31)%(c) (0.80)%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $36,106 $ 531 $281,232
Ratio of expenses
to average net
assets.......... 1.00% 1.92%(d) 0.90%
Ratio of net
investment
income (loss) to
average net
assets.......... 5.80% 4.80%(d) 5.90%
Ratio of expenses
to average net
assets*......... 1.29% 2.32%(d) 1.04%
Portfolio turn-
over (f)........ 546.06% 546.06% 546.06%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(b) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(c) Not annualized.
(d) Annualized.
(e) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
87
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
U.S. Government Income Fund
-------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
----------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.13 $ 9.11 $ 9.13 $ 9.27 $ 9.24 $ 9.27
------- ------- -------- ------- ------- --------
Investment Activities
Net investment income
(loss)................ 0.26 0.22 0.27 0.55 0.47 0.57
Net realized and
unrealized gains
(losses) from
investments........... (0.17) (0.17) (0.17) (0.14) (0.13) (0.14)
------- ------- -------- ------- ------- --------
Total from Investment
Activities............ 0.09 0.05 0.10 0.41 0.34 0.43
------- ------- -------- ------- ------- --------
Distributions
Net investment income.. (0.26) (0.22) (0.27) (0.55) (0.47) (0.57)
------- ------- -------- ------- ------- --------
Total Distributions.... (0.26) (0.22) (0.27) (0.55) (0.47) (0.57)
------- ------- -------- ------- ------- --------
Net Asset Value, End of
Period................. $ 8.96 $ 8.94 $ 8.96 $ 9.13 $ 9.11 $ 9.13
======= ======= ======== ======= ======= ========
Total Return (excludes
sales and redemption
charges)............... 0.98%(b) 0.62%(b) 1.14%(b) 4.46% 3.76% 4.73%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $25,093 $11,839 $147,568 $38,190 $16,373 $150,113
Ratio of expenses to
average net assets..... 1.08%(c) 1.83%(c) 0.83%(c) 1.00% 1.75% 0.75%
Ratio of net investment
income (loss) to
average net assets..... 5.74%(c) 4.99%(c) 6.01%(c) 5.92% 5.15% 6.15%
Ratio of expenses to
average net assets*.... 1.47%(c) 2.22%(c) 1.23%(c) 1.34% 2.09% 1.09%
Portfolio turnover (a).. 45.86% 45.86% 45.86% 52.60% 52.60% 52.60%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
88
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
U.S. Government Income Fund
-------------------------------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
------------------------------------------------------ ----------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C Institutional
---------- ---------- ---------- ------------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period... $ 9.15 $ 9.13 $ 9.10 $ 9.15 $ 9.25 $ 9.21 $ 9.19 $ 9.25
------- ------- ------ -------- ------- ------- ------ --------
Investment Activities
Net investment income
(loss)............... 0.61 0.55 0.54 0.63 0.70 0.63 0.64 0.72
Net realized and
unrealized gains
(losses) from
investments.......... 0.08 0.07 0.08 0.08 (0.10) (0.09) (0.11) (0.10)
------- ------- ------ -------- ------- ------- ------ --------
Total from Investment
Activities........... 0.69 0.62 0.62 0.71 0.60 0.54 0.53 0.62
------- ------- ------ -------- ------- ------- ------ --------
Distributions
Net investment income. (0.53) (0.47) (0.47) (0.55) (0.59) (0.52) (0.50) (0.61)
Tax return of capital. (0.04) (0.04) (0.04) (0.04) (0.11) (0.10) (0.12) (0.11)
------- ------- ------ -------- ------- ------- ------ --------
Total Distributions... (0.57) (0.51) (0.51) (0.59) (0.70) (0.62) (0.62) (0.72)
------- ------- ------ -------- ------- ------- ------ --------
Net Asset Value, End of
Period................ $ 9.27 $ 9.24 $ 9.21 $ 9.27 $ 9.15 $ 9.13 $ 9.10 $ 9.15
======= ======= ====== ======== ======= ======= ====== ========
Total Return (excludes
sales and redemption
charges).............. 7.80%(a) 6.98%(a) 7.03%(a) 8.04%(a) 6.86% 6.06% 6.07% 6.91%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $54,710 $23,739 $ 363 $161,567 $58,589 $23,448 $ 69 $148,854
Ratio of expenses to
average net assets.... 1.00%(b) 1.75%(b) 1.74%(b) 0.75%(b) 1.02% 1.77% 1.77% 0.77%
Ratio of net investment
income (loss) to
average net assets.... 7.20%(b) 6.45%(b) 6.34%(b) 7.44%(b) 7.64% 6.89% 6.89% 7.90%
Ratio of expenses to
average net assets*... 1.34%(b) 2.09%(b) 2.08%(b) 1.09%(b) 1.36% 2.11% 2.11% 1.11%
Portfolio turnover (c). 278.94% 278.94% 278.94% 278.94% 499.53% 499.53% 499.53% 499.53%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
89
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
U.S. Government Income Fund
------------------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 June 30, 1995
---------------------------------------------- --------------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C (a) Institutional Investor A
---------- ---------- ---------- ------------- ---------- ---------- -------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 9.42 $ 9.39 $ 9.36 $ 9.42 $ 9.41 $ 9.38 $ 9.12 $ 9.41 $ 10.04
------- ------- ------ -------- ------- ------ ------ -------- -------
Investment
Activities
Net investment
income (loss).. 0.73 0.66 0.66 0.75 0.75 0.68 0.28 0.76 0.74
Net realized and
unrealized
gains (losses)
from
investments.... (0.17) (0.18) (0.17) (0.17) -- 0.01 0.24 0.01 (0.64)
------- ------- ------ -------- ------- ------ ------ -------- -------
Total from
Investment
Activities..... 0.56 0.48 0.49 0.58 0.75 0.69 0.52 0.77 0.10
------- ------- ------ -------- ------- ------ ------ -------- -------
Distributions
Net investment
income......... (0.65) (0.59) (0.66) (0.67) (0.66) (0.61) (0.25) (0.68) (0.72)
Tax return of
capital........ (0.08) (0.07) -- (0.08) (0.08) (0.07) (0.03) (0.08) (0.01)
------- ------- ------ -------- ------- ------ ------ -------- -------
Total
Distributions.. (0.73) (0.66) (0.66) (0.75) (0.74) (0.68) (0.28) (0.76) (0.73)
------- ------- ------ -------- ------- ------ ------ -------- -------
Net Asset Value,
End of Period... $ 9.25 $ 9.21 $ 9.19 $ 9.25 $ 9.42 $ 9.39 $ 9.36 $ 9.42 $ 9.41
======= ======= ====== ======== ======= ====== ====== ======== =======
Total Return
(excludes sales
and redemption
charges)........ 5.97% 5.22% 5.25% 6.34% 8.46% 7.71% 5.26%(e) 8.70% 0.94%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $52,250 $19,556 $ 70 $130,615 $50,931 $8,478 $ 29 $110,190 $54,027
Ratio of expenses
to average net
assets.......... 1.01% 1.76% 1.76% 0.76% 1.04% 1.83% 2.88%(d) 0.83% 0.82%
Ratio of net
investment
income (loss) to
average net
assets.......... 7.70% 6.92% 6.92% 7.94% 8.03% 7.28% 11.54%(d) 8.25% 7.42%
Ratio of expenses
to average net
assets*......... 1.35% 2.10% 2.10% 1.10% 1.44% 2.44% 2.88%(d) 1.19% 1.36%
Portfolio
turnover (f).... 348.01% 348.01% 348.01% 348.01% 114.71% 114.71% 114.71% 114.71% 102.24%
<CAPTION>
Year Ended
June 30, 1994
----------------------------
Investor B (b) Institutional
-------------- -------------
<S> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 9.88 $ 10.04
-------------- -------------
Investment
Activities
Net investment
income (loss).. 0.28 0.74
Net realized and
unrealized
gains (losses)
from
investments.... (0.50) (0.63)
-------------- -------------
Total from
Investment
Activities..... (0.22) 0.11
-------------- -------------
Distributions
Net investment
income......... (0.27) (0.73)
Tax return of
capital........ (0.01) (0.01)
-------------- -------------
Total
Distributions.. (0.28) (0.74)
-------------- -------------
Net Asset Value,
End of Period... $ 9.38 $ 9.41
============== =============
Total Return
(excludes sales
and redemption
charges)........ -2.26%(c) 1.04%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $2,787 $101,506
Ratio of expenses
to average net
assets.......... 1.77%(d) 0.72%
Ratio of net
investment
income (loss) to
average net
assets.......... 6.72%(d) 7.51%
Ratio of expenses
to average net
assets*......... 2.42%(d) 1.11%
Portfolio
turnover (f).... 102.24% 102.24%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(b) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(c) Not annualized.
(d) Annualized.
(e) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
90
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Bond Fund
-----------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
--------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 9.68 $ 9.69 $ 9.73 $ 9.99 $10.00 $ 10.04
------ ------ -------- ------- ------ --------
Investment Activities
Net investment income
(loss)................ 0.27 0.23 0.28 0.52 0.46 0.56
Net realized and
unrealized gains
(losses) from
investments........... (0.24) (0.23) (0.24) (0.28) (0.29) (0.29)
------ ------ -------- ------- ------ --------
Total from Investment
Activities............ 0.03 0.00 0.04 0.24 0.17 0.27
------ ------ -------- ------- ------ --------
Distributions
Net investment income.. (0.27) (0.23) (0.28) (0.53) (0.46) (0.56)
Net realized gains..... -- -- -- (0.02) (0.02) (0.02)
------ ------ -------- ------- ------ --------
Total Distributions..... (0.27) (0.23) (0.28) (0.55) (0.48) (0.58)
------ ------ -------- ------- ------ --------
Net Asset Value, End of
Period................. $ 9.44 $ 9.46 $ 9.49 $ 9.68 $ 9.69 $ 9.73
====== ====== ======== ======= ====== ========
Total Return (excludes
sales and redemption
charges)............... 0.32%(b) 0.06%(b) 0.47%(b) 2.55% 1.66% 2.70%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $8,191 $3,272 $336,473 $11,916 $4,548 $366,230
Ratio of expenses to
average net assets..... 1.19%(c) 1.94%(c) 0.94%(c) 1.19% 1.94% 0.94%
Ratio of net investment
income (loss) to
average net assets..... 5.65%(c) 4.90%(c) 5.92%(c) 5.29% 4.53% 5.53%
Ratio of expenses to
average net assets*.... 1.24%(c) 1.99%(c) 0.99%(c) 1.28% 2.03% 1.03%
Portfolio turnover (a).. 53.86% 53.86% 53.86% 268.66% 268.66% 268.66%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinuishing between classes of shares issued.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
91
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Bond Fund
--------------------------------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
------------------------------------------------------- ----------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C Institutional
---------- ---------- ---------- ------------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period... $ 9.68 $ 9.69 $ 9.65 $ 9.73 $ 9.51 $ 9.51 $ 9.47 $ 9.56
------- ------- ------- -------- ------- ------- ------- --------
Investment Activities
Net investment income
(loss)............... 0.52 0.46 0.47 0.56 0.56 0.50 0.49 0.59
Net realized and
unrealized gains
(losses) from
investments.......... 0.32 0.32 0.31 0.31 0.17 0.16 0.17 0.17
------- ------- ------- -------- ------- ------- ------- --------
Total from Investment
Activities........... 0.84 0.78 0.78 0.87 0.73 0.66 0.66 0.76
------- ------- ------- -------- ------- ------- ------- --------
Distributions
Net investment income. (0.53) (0.47) (0.47) (0.56) (0.56) (0.48) (0.48) (0.59)
------- ------- ------- -------- ------- ------- ------- --------
Total Distributions... (0.53) (0.47) (0.47) (0.56) (0.56) (0.48) (0.48) (0.59)
------- ------- ------- -------- ------- ------- ------- --------
Net Asset Value, End of
Period................ $ 9.99 $ 10.00 $ 9.96 $ 10.04 $ 9.68 $ 9.69 $ 9.65 $ 9.73
======= ======= ======= ======== ======= ======= ======= ========
Total Return (excludes
sales and redemption
charges).............. 8.83%(a) 8.18%(a) 8.11%(a) 9.15%(a) 7.92% 7.09% 7.15% 8.20%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $16,669 $ 6,423 $ 595 $481,998 $19,760 $ 5,967 $ 508 $492,102
Ratio of expenses to
average net assets.... 1.19%(b) 1.04%(b) 1.94%(b) 0.94%(b) 1.19% 1.94% 1.94% 0.94%
Ratio of net investment
income (loss) to
average net assets.... 5.81%(b) 5.07%(b) 5.06%(b) 6.06%(b) 5.88% 5.15% 5.18% 6.13%
Ratio of expenses to
average net assets*... 1.28%(b) 2.03%(b) 2.03%(b) 1.04%(b) 1.28% 2.03% 2.03% 1.03%
Portfolio turnover (c). 545.68% 545.68% 545.68% 545.68% 827.00% 827.00% 827.00% 827.00%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
92
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Bond Fund
--------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 June 30, 1995
---------------------------------------------- ---------------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C (a) Institutional
---------- ---------- ---------- ------------- ---------- ---------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 9.67 $ 9.68 $ 9.64 $ 9.72 $ 9.30 $ 9.26 $ 9.02 $ 9.29
------- ------- ------- -------- ------- ------- ------- --------
Investment
Activities
Net investment
income (loss).. 0.57 0.50 0.50 0.59 0.58 0.52 0.22 0.61
Net realized and
unrealized
gains (losses)
from
investments.... (0.16) (0.17) (0.17) (0.16) 0.38 0.42 0.62 0.43
------- ------- ------- -------- ------- ------- ------- --------
Total from
Investment
Activities..... 0.41 0.33 0.33 0.43 0.96 0.94 0.84 1.04
------- ------- ------- -------- ------- ------- ------- --------
Distributions
Net investment
income......... (0.57) (0.50) (0.50) (0.59) (0.58) (0.52) (0.22) (0.61)
In excess of net
realized gains. -- -- -- -- (0.01) -- -- --
------- ------- ------- -------- ------- ------- ------- --------
Total
Distributions.. (0.57) (0.50) (0.50) (0.59) (0.59) (0.52) (0.22) (0.61)
------- ------- ------- -------- ------- ------- ------- --------
Net Asset Value,
End of Period... $ 9.51 $ 9.51 $ 9.47 $ 9.56 $ 9.67 $ 9.68 $ 9.64 $ 9.72
======= ======= ======= ======== ======= ======= ======= ========
Total Return
(excludes sales
and redemption
charges)........ 4.27% 3.46% 3.50% 4.49% 10.85% 10.62% 8.41%(e) 11.78%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $20,175 $ 4,426 $ 210 $549,336 $17,572 $ 1,330 $ 28 $509,189
Ratio of expenses
to average net
assets.......... 1.19% 1.94% 1.91% 0.94% 1.24% 2.03% 1.99%(d) 1.02%
Ratio of net
investment
income (loss) to
average net
assets.......... 5.71% 4.97% 5.00% 5.96% 6.32% 5.54% 5.62%(d) 6.54%
Ratio of expenses
to average net
assets*......... 1.28% 2.03% 2.03% 1.03% 1.39% 2.39% 2.26%(d) 1.14%
Portfolio
turnover (f).... 1189.27% 1189.27% 1189.27% 1189.27% 1010.64% 1010.64% 1010.64% 1010.64%
<CAPTION>
Year Ended
June 30, 1994
-----------------------------------------
Investor A Investor B (b) Institutional
----------- --------------- -------------
<S> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 10.54 $ 9.95 $ 10.53
----------- --------------- -------------
Investment
Activities
Net investment
income (loss).. 0.59 0.22 0.60
Net realized and
unrealized
gains (losses)
from
investments.... (0.72) (0.70) (0.72)
----------- --------------- -------------
Total from
Investment
Activities..... (0.13) (0.48) (0.12)
----------- --------------- -------------
Distributions
Net investment
income......... (0.57) (0.21) (0.58)
In excess of net
realized gains. (0.54) -- (0.54)
----------- --------------- -------------
Total
Distributions.. (1.11) (0.21) (1.12)
----------- --------------- -------------
Net Asset Value,
End of Period... $ 9.30 $ 9.26 $ 9.29
=========== =============== =============
Total Return
(excludes sales
and redemption
charges)........ (1.62)% (4.84)%(c) (1.52)%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $18,391 $ 485 $469,903
Ratio of expenses
to average net
assets.......... 0.98% 1.89%(d) 0.88%
Ratio of net
investment
income (loss) to
average net
assets.......... 5.86% 5.34%(d) 5.97%
Ratio of expenses
to average net
assets*......... 1.27% 2.29%(d) 1.02%
Portfolio
turnover (f).... 893.27% 893.27% 893.27%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(b) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(c) Not annualized.
(e) Annualized.
(e) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
93
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
National Tax Exempt Bond Fund
-------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
----------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $10.38 $10.36 $ 10.39 $10.53 $10.50 $ 10.53
------ ------ ------- ------ ------ -------
Investment Activities
Net investment income
(loss)................ 0.18 0.15 0.20 0.37 0.29 0.40
Net realized and
unrealized gains
(losses) from
investments........... (0.28) (0.29) (0.29) (0.03) (0.02) (0.02)
------ ------ ------- ------ ------ -------
Total from Investment
Activities............ (0.10) (0.14) (0.09) 0.34 0.27 0.38
------ ------ ------- ------ ------ -------
Distributions
Net investment income.. (0.18) (0.15) (0.20) (0.37) (0.29) (0.40)
Net realized gains..... -- -- -- (0.12) (0.12) (0.12)
------ ------ ------- ------ ------ -------
Total Distributions.... (0.18) (0.15) (0.20) (0.49) (0.41) (0.52)
------ ------ ------- ------ ------ -------
Net Asset Value, End of
Period................. $10.10 $10.07 $ 10.10 $10.38 $10.36 $ 10.39
====== ====== ======= ====== ====== =======
Total Return (excludes
sales and redemption
charges)............... (0.92)%(b) (1.38)%(b) (0.88)%(b) 3.29% 2.53% 3.56%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $4,060 $ 441 $81,719 $6,886 $ 491 $96,946
Ratio of expenses to
average net assets..... 1.12%(c) 1.87%(c) 0.87%(c) 1.02% 1.77% 0.77%
Ratio of net investment
income (loss) to
average
net assets............. 3.63%(c) 2.89%(c) 3.89%(c) 3.51% 2.76% 3.76%
Ratio of expenses to
average net assets*.... 1.31%(c) 2.06%(c) 1.06%(c) 1.31% 2.06% 1.06%
Portfolio turnover (a).. 14.54% 14.54% 14.54% 6.67% 6.67% 6.67%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
94
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
National Tax Exempt Bond Fund
-----------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
--------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $10.53 $10.51 $ 10.54 $10.43 $10.39 $ 10.43
------ ------ -------- ------ ------ --------
Investment Activities
Net investment income
(loss)................ 0.35 0.28 0.37 0.44 0.36 0.46
Net realized and
unrealized gains
(losses) from
investments........... 0.22 0.21 0.21 0.12 0.13 0.14
------ ------ -------- ------ ------ --------
Total from Investment
Activities............ 0.57 0.49 0.58 0.56 0.49 0.60
------ ------ -------- ------ ------ --------
Distributions
Net investment income.. (0.39) (0.32) (0.41) (0.41) (0.32) (0.44)
Net realized gains..... (0.18) (0.18) (0.18) (0.05) (0.05) (0.05)
------ ------ -------- ------ ------ --------
Total Distributions.... (0.57) (0.50) (0.59) (0.46) (0.37) (0.49)
------ ------ -------- ------ ------ --------
Net Asset Value, End of
Period................. $10.53 $10.50 $ 10.53 $10.53 $10.51 $ 10.54
====== ====== ======== ====== ====== ========
Total Return (excludes
sales and redemption
charges)............... 5.46%(a) 4.75%(a) 5.71%(a) 5.47% 4.81% 5.89%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $9,502 $ 706 $123,856 $9,601 $ 993 $134,579
Ratio of expenses to
average net assets..... 1.02%(b) 1.77%(b) 0.77%(b) 1.06% 1.81% 0.81%
Ratio of net investment
income (loss) to
average net assets..... 3.64%(b) 2.89%(b) 3.89%(b) 4.19% 3.43% 4.41%
Ratio of expenses to
average net assets*.... 1.31%(b) 2.06%(b) 1.07%(b) 1.35% 2.10% 1.10%
Portfolio turnover (c).. 85.56% 85.56% 85.56% 48.83% 48.83% 48.83%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
95
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
National Tax Exempt Bond Fund
----------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 June 30, 1995
----------------------------------- -----------------------------------------------------
Investor A Investor B Institutional Investor A Investor B Investor C (a)(b) Institutional Investor A
---------- ---------- ------------- ---------- ---------- ----------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $10.39 $10.36 $ 10.39 $ 10.29 $10.26 $ 9.88 $ 10.29 $ 10.92
------ ------ -------- ------- ------ ------ -------- -------
Investment
Activities
Net investment
income (loss).. 0.41 0.33 0.43 0.41 0.33 (0.03) 0.46 0.40
Net realized and
unrealized
gains (losses)
from
investments.... 0.03 0.03 0.04 0.27 0.27 0.65 0.27 (0.31)
------ ------ -------- ------- ------ ------ -------- -------
Total from
Investment
Activities..... 0.44 0.36 0.47 0.68 0.60 0.62 0.73 0.09
------ ------ -------- ------- ------ ------ -------- -------
Distributions
Net investment
income......... (0.40) (0.33) (0.43) (0.41) (0.33) (0.14) (0.46) (0.39)
Net realized
gains.......... -- -- -- -- -- -- -- (0.21)
In excess of net
realized gains. -- -- -- (0.17) (0.17) (0.16) (0.17) (0.12)
------ ------ -------- ------- ------ ------ -------- -------
Total
Distributions.. (0.40) (0.33) (0.43) (0.58) (0.50) (0.30) (0.63) (0.72)
------ ------ -------- ------- ------ ------ -------- -------
Net Asset Value,
End of Period... $10.43 $10.39 $ 10.43 $ 10.39 $10.36 $10.20 $ 10.39 $ 10.29
====== ====== ======== ======= ====== ====== ======== =======
Total Return
(excludes sales
and redemption
charges)........ 4.29% 3.48% 4.55% 7.02% 6.17% 3.47%(f) 7.25% 0.71%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $7,835 $ 735 $132,527 $11,378 $ 447 -- $134,784 $13,123
Ratio of expenses
to average net
assets.......... 1.05% 1.80% 0.80% 1.02% 1.80% 0.71%(e) 0.80% 0.87%
Ratio of net
investment
income (loss) to
average net
assets.......... 3.85% 3.11% 4.10% 4.00% 3.22% (0.54)%(e) 4.21% 3.72%
Ratio of expenses
to average net
assets*......... 1.34% 2.09% 1.09% 1.33% 2.33% 0.71%(e) 1.08% 1.32%
Portfolio
turnover (g).... 47.46% 47.46% 47.46% 35.15% 35.15% 35.15% 35.15% 44.39%
<CAPTION>
Year Ended
June 30, 1994
-----------------------------
Investor B (c) Institutional
--------------- -------------
<S> <C> <C>
Net Asset Value,
Beginning of
Period.......... $10.76 $ 10.92
--------------- -------------
Investment
Activities
Net investment
income (loss).. 0.13 0.41
Net realized and
unrealized
gains (losses)
from
investments.... (0.50) (0.31)
--------------- -------------
Total from
Investment
Activities..... (0.37) 0.10
--------------- -------------
Distributions
Net investment
income......... (0.13) (0.40)
Net realized
gains.......... -- (0.21)
In excess of net
realized gains. -- (0.12)
--------------- -------------
Total
Distributions.. (0.13) (0.73)
--------------- -------------
Net Asset Value,
End of Period... $10.26 $ 10.29
=============== =============
Total Return
(excludes sales
and redemption
charges)........ (3.41)%(d) 0.81%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $ 359 $147,687
Ratio of expenses
to average net
assets.......... 1.80%(e) 0.77%
Ratio of net
investment
income (loss) to
average net
assets.......... 2.88%(e) 3.83%
Ratio of expenses
to average net
assets*......... 2.37%(e) 1.06%
Portfolio
turnover (g).... 44.39% 44.39%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) There was only one share outstanding for the Investor C shares at June 30,
1995.
(b) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(c) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(d) Not annualized.
(e) Annualized.
(f) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
96
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Michigan Municipal Bond Fund
---------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
------------------------------------------ -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.91 $10.92 $ 10.91 $ 11.06 $11.07 $ 11.06
------- ------ -------- ------- ------ --------
Investment Activities
Net investment income
(loss)................ 0.22 0.18 0.23 0.44 0.36 0.47
Net realized and
unrealized gains
(losses) from
investments........... (0.35) (0.35) (0.34) (0.08) (0.08) (0.08)
------- ------ -------- ------- ------ --------
Total from Investment
Activities............ (0.13) (0.17) (0.11) 0.36 0.28 0.39
------- ------ -------- ------- ------ --------
Distributions
Net investment income.. (0.22) (0.18) (0.23) (0.44) (0.36) (0.47)
Net realized gains..... -- -- -- (0.07) (0.07) (0.07)
------- ------ -------- ------- ------ --------
Total Distributions.... (0.22) (0.18) (0.23) (0.51) (0.43) (0.54)
------- ------ -------- ------- ------ --------
Net Asset Value, End of
Period................. $ 10.56 $10.57 $ 10.57 $ 10.91 $10.92 $ 10.91
======= ====== ======== ======= ====== ========
Total Return (excludes
sales and redemption
charges)............... (1.20)%(b) (1.57)%(b) (0.98)%(b) 3.38% 2.52% 3.54%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $21,274 $2,236 $173,788 $28,305 $3,217 $192,536
Ratio of expenses to
average net assets..... 1.07%(c) 1.81%(c) 0.82%(c) 1.01% 1.76% 0.76%
Ratio of net investment
income (loss) to
average net assets..... 4.09%(c) 3.34%(c) 4.35%(c) 3.96% 3.21% 4.21%
Ratio of expenses to
average net assets*.... 1.25%(c) 2.00%(c) 1.01%(c) 1.29% 2.05% 1.05%
Portfolio turnover (a).. 4.39% 4.39% 4.39% 6.52% 6.52% 6.52%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
97
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Michigan Municipal Bond Fund
------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
---------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 10.89 $10.90 $ 10.89 $ 10.76 $10.76 $ 10.77
------- ------ -------- ------- ------ --------
Investment Activities
Net investment income
(loss)................ 0.42 0.34 0.44 0.49 0.41 0.51
Net realized and
unrealized gains
(losses) from
investments........... 0.23 0.23 0.23 0.14 0.13 0.14
------- ------ -------- ------- ------ --------
Total from Investment
Activities............ 0.65 0.57 0.67 0.63 0.54 0.65
------- ------ -------- ------- ------ --------
Distributions
Net investment income.. (0.45) (0.37) (0.47) (0.46) (0.36) (0.49)
Net realized gains..... (0.03) (0.03) (0.03) (0.04) (0.04) (0.04)
------- ------ -------- ------- ------ --------
Total Distributions.... (0.48) (0.40) (0.50) (0.50) (0.40) (0.53)
------- ------ -------- ------- ------ --------
Net Asset Value, End of
Period ................ $ 11.06 $11.07 $ 11.06 $ 10.89 $10.90 $ 10.89
======= ====== ======== ======= ====== ========
Total Return (excludes
sales and redemption
charges)............... 5.96%(a) 5.32%(a) 6.30%(a) 5.89% 5.05% 6.11%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $38,536 $3,983 $206,246 $38,302 $3,503 $194,950
Ratio of expenses to
average net assets..... 0.99%(b) 1.74%(b) 0.74%(b) 1.01% 1.76% 0.76%
Ratio of net investment
income (loss) to
average net assets..... 4.09%(b) 3.34%(b) 4.34%(b) 4.48% 3.73% 4.73%
Ratio of expenses to
average net assets*.... 1.28%(b) 2.03%(b) 1.03%(b) 1.30% 2.05% 1.05%
Portfolio turnover (c).. 26.24% 26.24% 26.24% 28.48% 28.48% 28.48%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
98
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Michigan Municipal Bond Fund
----------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 November 30, 1995
----------------------------------- -----------------------------------------------------
Investor A Investor B Institutional Investor A Investor B Investor C (a)(b) Institutional Investor A
---------- ---------- ------------- ---------- ---------- ----------------- ------------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 10.75 $10.75 $ 10.76 $ 10.53 $10.52 $10.11 $ 10.53 $ 10.97
------- ------ -------- ------- ------ ------ -------- -------
Investment
Activities
Net investment
income (loss)... 0.47 0.40 0.50 0.48 0.40 (0.02) 0.50 0.47
Net realized and
unrealized gains
(losses) from
investments..... 0.04 0.04 0.04 0.23 0.24 0.62 0.25 (0.36)
------- ------ -------- ------- ------ ------ -------- -------
Total from
Investment
Activities..... 0.51 0.44 0.54 0.71 0.64 0.60 0.75 0.11
------- ------ -------- ------- ------ ------ -------- -------
Distributions
Net investment
income.......... (0.47) (0.40) (0.50) (0.48) (0.40) -- (0.50) (0.45)
Net realized
gains........... (0.03) (0.03) (0.03) (0.01) (0.01) (0.17) (0.02) (0.01)
In excess of net
realized gains.. -- -- -- -- -- -- -- (0.09)
------- ------ -------- ------- ------ ------ -------- -------
Total
Distributions.. (0.50) (0.43) (0.53) (0.49) (0.41) (0.17) (0.52) (0.55)
------- ------ -------- ------- ------ ------ -------- -------
Net Asset Value,
End of Period... $ 10.76 $10.76 $ 10.77 $ 10.75 $10.75 $10.54 $ 10.76 $ 10.53
======= ====== ======== ======= ====== ====== ======== =======
Total Return
(excludes sales
and redemption
charges)........ 4.87% 4.13% 5.12% 6.99% 6.28% 3.39%(f) 7.33% 0.92%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $36,681 $3,565 $185,191 $37,874 $2,270 -- $176,068 $42,204
Ratio of expenses
to average net
assets.......... 1.02% 1.77% 0.77% 1.00% 1.78% 0.48%(e) 0.78% 0.85%
Ratio of net
investment
income (loss) to
average net
assets.......... 4.32% 3.57% 4.57% 4.57% 3.80% (0.32)%(e) 4.79% 4.25%
Ratio of expenses
to average net
assets*......... 1.31% 2.06% 1.06% 1.32% 2.32% 0.48%(e) 1.07% 1.29%
Portfolio
turnover (g).... 27.66% 27.66% 27.66% 26.06% 26.06% 26.06% 26.06% 6.69%
<CAPTION>
Year Ended
June 30, 1994
-----------------------------
Investor B (c) Institutional
--------------- -------------
<S> <C> <C>
Net Asset Value,
Beginning of
Period.......... $11.09 $ 10.97
--------------- -------------
Investment
Activities
Net investment
income (loss)... 0.16 0.48
Net realized and
unrealized gains
(losses) from
investments..... (0.57) (0.36)
--------------- -------------
Total from
Investment
Activities..... (0.41) 0.12
--------------- -------------
Distributions
Net investment
income.......... (0.16) (0.46)
Net realized
gains........... -- (0.01)
In excess of net
realized gains.. -- (0.09)
--------------- -------------
Total
Distributions.. (0.16) (0.56)
--------------- -------------
Net Asset Value,
End of Period... $10.52 $ 10.53
=============== =============
Total Return
(excludes sales
and redemption
charges)........ (3.69)%(d) 1.02%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $1,302 $181,051
Ratio of expenses
to average net
assets.......... 1.77%(e) 0.75%
Ratio of net
investment
income (loss) to
average net
assets.......... 3.51%(e) 4.35%
Ratio of expenses
to average net
assets*......... 2.32%(e) 1.04%
Portfolio
turnover (g).... 6.69% 6.69%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) There was only one share outstanding for the Investor C shares at June 30,
1995.
(b) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(c) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(d) Not annualized.
(e) Annualized.
(f) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
99
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Equity Income Fund
-------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 18.30 $ 18.15 $ 18.20 $ 18.78 $ 18.68 $ 18.69
--------- --------- --------- ------- ------- --------
Investment Activities
Net investment income
(loss)................ 0.10 0.03 0.12 0.22 0.09 0.27
Net realized and
unrealized gains
(losses) from
investments........... (1.66) (1.64) (1.66) 1.76 1.75 1.75
--------- --------- --------- ------- ------- --------
Total from Investment
Activities............ (1.56) (1.61) (1.54) 1.98 1.84 2.02
--------- --------- --------- ------- ------- --------
Distributions
Net investment income.. (0.09) (0.04) (0.11) (0.22) (0.13) (0.27)
Net realized gains..... -- -- -- (2.24) (2.24) (2.24)
--------- --------- --------- ------- ------- --------
Total Distributions.... (0.09) (0.04) (0.11) (2.46) (2.37) (2.51)
--------- --------- --------- ------- ------- --------
Net Asset Value, End of
Period................. $ 16.65 $ 16.50 $ 16.55 $ 18.30 $ 18.15 $ 18.20
========= ========= ========= ======= ======= ========
Total Return (excludes
sales and redemption
charges)............... (8.55)%(b) (8.91)%(b) (8.48)%(b) 12.06% 11.22% 12.40%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $ 59,675 $ 17,749 $ 177,506 $82,733 $22,456 $221,399
Ratio of expenses to
average net assets..... 1.56%(c) 2.31%(c) 1.31%(c) 1.59% 2.34% 1.34%
Ratio of net investment
income (loss) to
average net assets..... 1.09%(c) 0.36%(c) 1.36%(c) 1.23% 0.48% 1.49%
Portfolio turnover (a).. 21.53% 21.53% 21.53% 51.09% 51.09% 51.09%
</TABLE>
- -------
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinuishing between classes of shares issued.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
100
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Equity Income Fund
-------------------------------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
------------------------------------------------------ ----------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C Institutional
---------- ---------- ---------- ------------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period... $ 19.20 $ 19.14 $19.23 $ 19.13 $ 17.31 $ 17.27 $17.36 $ 17.30
-------- ------- ------ -------- ------- ------- ------ --------
Investment Activities
Net investment income
(loss)............... 0.25 0.11 0.11 0.29 0.29 0.16 0.15 0.34
Net realized and
unrealized gains
(losses) from
investments.......... 2.72 2.71 2.72 2.70 3.57 3.57 3.58 3.51
-------- ------- ------ -------- ------- ------- ------ --------
Total from Investment
Activities........... 2.97 2.82 2.83 2.99 3.86 3.73 3.73 3.85
-------- ------- ------ -------- ------- ------- ------ --------
Distributions
Net investment income. (0.21) (0.10) (0.09) (0.25) (0.28) (0.17) (0.17) (0.33)
Net realized gains.... (3.18) (3.18) (3.18) (3.18) (1.69) (1.69) (1.69) (1.69)
-------- ------- ------ -------- ------- ------- ------ --------
Total Distributions... (3.39) (3.28) (3.27) (3.43) (1.97) (1.86) (1.86) (2.02)
-------- ------- ------ -------- ------- ------- ------ --------
Net Asset Value, End of
Period................ $ 18.78 $ 18.68 $18.79 $ 18.69 $ 19.20 $ 19.14 $19.23 $ 19.13
======== ======= ====== ======== ======= ======= ====== ========
Total Return (excludes
sales and redemption
charges).............. 17.08%(a) 16.28%(a) 16.22%(a) 17.31%(a) 23.81% 22.96% 22.86% 23.80%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $104,503 $27,767 $1,094 $281,395 $99,423 $21,038 $ 778 $315,878
Ratio of expenses to
average net assets.... 1.58%(b) 2.33%(b) 2.33%(b) 1.33%(b) 1.58% 2.33% 2.33% 1.33%
Ratio of net investment
income (loss) to
average net assets.... 1.39%(b) 0.64%(b) 0.63%(b) 1.65%(b) 1.62% 0.88% 0.88% 1.89%
Portfolio turnover (c). 18.62% 18.62% 18.62% 18.62% 20.14% 20.14% 20.14% 20.14%
</TABLE>
- -------
(a)Not annualized.
(b)Annualized.
(c)Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
See notes to financial statements.
101
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Equity Income Fund
-------------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 June 30, 1995
--------------------------------------------------- --------------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C (a) Institutional
---------- ---------- ---------- ------------- ---------- ---------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 14.49 $ 14.47 $14.54 $ 14.49 $ 13.50 $13.49 $13.38 $ 13.50
------- ------- ------ -------- ------- ------ ------ --------
Investment
Activities
Net investment
income (loss).. 0.30 0.19 0.19 0.34 0.36 0.26 0.11 0.39
Net realized and
unrealized
gains (losses)
from
investments.... 3.27 3.25 3.27 3.26 1.00 0.99 1.17 1.00
------- ------- ------ -------- ------- ------ ------ --------
Total from
Investment
Activities..... 3.57 3.44 3.46 3.60 1.36 1.25 1.28 1.39
------- ------- ------ -------- ------- ------ ------ --------
Distributions
Net investment
income......... (0.30) (0.19) (0.19) (0.34) (0.36) (0.26) (0.11) (0.39)
In excess of net
investment
income......... -- -- -- -- (0.01) (0.01) (0.01) (0.01)
Net realized
gains.......... (0.45) (0.45) (0.45) (0.45) -- -- -- --
In excess of net
realized gains. -- -- -- -- -- -- -- --
======= ======= ====== ======== ======= ====== ====== ========
Total
Distributions... (0.75) (0.64) (0.64) (0.79) (0.37) (0.27) (0.12) (0.40)
======= ======= ====== ======== ======= ====== ====== ========
Net Asset Value,
End of Period... $ 17.31 $ 17.27 $17.36 $ 17.30 $ 14.49 $14.47 $14.54 $ 14.49
======= ======= ====== ======== ======= ====== ====== ========
Total Return
(excludes sales
and redemption
charges)....... 25.05% 24.11% 24.17% 25.30% 10.32% 9.41% 9.71%(e) 10.55%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $82,396 $12,590 $ 164 $337,318 $71,063 $7,131 $ 25 $346,164
Ratio of expenses
to average net
assets.......... 1.57% 2.32% 2.32% 1.32% 1.54% 2.32% 2.30%(d) 1.32%
Ratio of net
investment
income (loss) to
average net
assets.......... 1.86% 1.11% 1.11% 2.11% 2.65% 1.86% 1.88%(d) 2.86%
Ratio of expenses
to average net
assets*......... (f) (f) (f) (f) 1.57% 2.57% 2.55%(d) 1.32%
Portfolio
turnover (g).... 40.75% 40.75% 40.75% 40.75% 77.70% 77.70% 77.70% 77.70%
<CAPTION>
Year Ended
June 30, 1994
-----------------------------------------
Investor A Investor B (b) Institutional
----------- --------------- -------------
<S> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 14.69 $14.92 $ 14.69
----------- --------------- -------------
Investment
Activities
Net investment
income (loss).. 0.37 0.13 0.39
Net realized and
unrealized
gains (losses)
from
investments.... (0.56) (1.43) (0.56)
----------- --------------- -------------
Total from
Investment
Activities..... (0.19) (1.30) (0.17)
----------- --------------- -------------
Distributions
Net investment
income......... (0.37) (0.13) (0.39)
In excess of net
investment
income......... -- -- --
Net realized
gains.......... (0.24) -- (0.24)
In excess of net
realized gains. (0.39) -- (0.39)
=========== =============== =============
Total
Distributions... (1.00) (0.13) (1.02)
=========== =============== =============
Net Asset Value,
End of Period... $ 13.50 $13.49 $ 13.50
=========== =============== =============
Total Return
(excludes sales
and redemption
charges)....... (1.63)% (8.76)%(c) (1.53)%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $76,108 $3,836 $355,538
Ratio of expenses
to average net
assets.......... 1.40% 2.33%(d) 1.30%
Ratio of net
investment
income (loss) to
average net
assets.......... 2.56% 1.87%(d) 2.64%
Ratio of expenses
to average net
assets*......... 1.55% 2.59%(d) 1.30%
Portfolio
turnover (g).... 69.35% 69.35% 69.35%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(b) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(c) Not annualized.
(d) Annualized.
(e) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(f) No fees were waived during this period.
(g) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
102
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Balanced Allocation Fund
------------------------------------------------------------------------------
Six Months Ended Year Ended
November 30, 1999 May 31, 1999
---------------------------------------- -----------------------------------
Investor A Investor B Institutional Investor A Investor B Institutional
---------- ---------- ------------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period.... $ 13.52 $13.52 $ 13.50 $ 13.82 $13.81 $ 13.80
------- ------ -------- ------- ------ --------
Investment Activities
Net investment income
(loss)................ 0.37 0.26 0.50 0.27 0.18 0.31
Net realized and
unrealized gains
(losses) from
investments and
foreign currencies.... 1.30 1.36 1.19 0.07 0.07 0.07
------- ------ -------- ------- ------ --------
Total from Investment
Activities............ 1.67 1.62 1.69 0.34 0.25 0.38
------- ------ -------- ------- ------ --------
Distributions
Net investment income.. (0.13) (0.08) (0.15) (0.27) (0.17) (0.31)
Net realized gains..... -- -- -- (0.37) (0.37) (0.37)
------- ------ -------- ------- ------ --------
Total Distributions.... (0.13) (0.08) (0.15) (0.64) (0.54) (0.68)
------- ------ -------- ------- ------ --------
Net Asset Value, End of
Period................. $ 15.06 $15.06 $ 15.04 $ 13.52 $13.52 $ 13.50
======= ====== ======== ======= ====== ========
Total Return (excludes
sales and redemption
charges)............... 12.42%(b) 12.00%(b) 12.58%(b) 2.47% 1.72% 2.73%
Ratios/Supplementary
Data:
Net Assets at end of
period (000)........... $14,370 $5,248 $149,013 $15,760 $5,723 $177,203
Ratio of expenses to
average net assets..... 1.39%(c) 2.14%(c) 1.14%(c) 1.36% 2.11% 1.11%
Ratio of net investment
income (loss) to
average net assets..... 1.70%(c) 0.95%(c) 1.95%(c) 2.05% 1.30% 2.31%
Ratio of expenses to
average net assets*.... 1.56%(c) 2.31%(c) 1.31%(c) 1.61% 2.36% 1.36%
Portfolio turnover (c).. 69.88% 69.88% 69.88% 158.56% 158.56% 158.56%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratio would have been as indicated.
(a) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
(b) Not annualized.
(c) Annualized.
See notes to financial statements.
103
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Balanced Allocation Fund
------------------------------------------------------------------------------------------------------
Eleven Months Ended Year Ended
May 31, 1998 June 30, 1997
----------------------------------------------------- ----------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C Institutional
---------- ---------- ---------- ------------- ---------- ---------- ---------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of Period... $ 13.00 $13.00 $12.92 $ 12.99 $ 13.37 $13.36 $13.28 $ 13.37
------- ------ ------ -------- ------- ------ ------ --------
Investment Activities
Net investment income
(loss)............... 0.29 0.19 0.18 0.32 0.32 0.21 0.21 0.35
Net realized and
unrealized gains
(losses) from
investments and
foreign currencies... 1.21 1.21 1.21 1.20 1.12 1.13 1.14 1.12
------- ------ ------ -------- ------- ------ ------ --------
Total from Investment
Activities........... 1.50 1.40 1.39 1.52 1.44 1.34 1.35 1.47
------- ------ ------ -------- ------- ------ ------ --------
Distributions
Net investment income. (0.32) (0.23) (0.23) (0.35) (0.33) (0.22) (0.23) (0.37)
Net realized gains.... (0.36) (0.36) (0.36) (0.36) (1.48) (1.48) (1.48) (1.48)
------- ------ ------ -------- ------- ------ ------ --------
Total Distributions... (0.68) (0.59) (0.59) (0.71) (1.81) (1.70) (1.71) (1.85)
------- ------ ------ -------- ------- ------ ------ --------
Net Asset Value, End
of Period............ $ 13.82 $13.81 $13.72 $ 13.80 $ 13.00 $13.00 $12.92 $ 12.99
======= ====== ====== ======== ======= ====== ====== ========
Total Return (excludes
sales and redemption
charges).............. 11.87%(a) 11.05%(a) 11.04%(a) 12.06%(a) 11.61% 10.82% 10.90% 11.86%
Ratios/Supplementary
Data:
Net Assets at end of
period (000).......... $19,404 $7,988 $ 927 $262,533 $18,826 $6,299 $ 795 $245,347
Ratio of expenses to
average net assets.... 1.36%(b) 2.11%(b) 2.11%(b) 1.12%(b) 1.36% 2.11% 2.11% 1.10%
Ratio of net investment
income (loss) to
average net assets.... 2.32%(b) 1.57%(b) 1.56%(b) 2.57%(b) 2.47% 1.73% 1.75% 2.77%
Ratio of expenses to
average net assets*... 1.62%(b) 2.37%(b) 2.37%(b) 1.37%(b) 1.61% 2.36% 2.36% 1.36%
Portfolio turnover (c). 117.80% 117.80% 117.80% 117.80% 425.05% 425.05% 425.05% 425.05%
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
104
<PAGE>
Financial Highlights
- --------------------------------------------------------------------------------
The Parkstone Group of Funds
<TABLE>
<CAPTION>
Balanced Allocation Fund
-------------------------------------------------------------------------------------------------
Year Ended Year Ended
June 30, 1996 June 30, 1995
---------------------------------------------- --------------------------------------------------
Investor A Investor B Investor C Institutional Investor A Investor B Investor C (a) Institutional
---------- ---------- ---------- ------------- ---------- ---------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 12.19 $12.18 $12.12 $ 12.19 $ 10.67 $10.67 $11.13 $ 10.67
------- ------ ------ -------- ------- ------ ------ -------
Investment
Activities
Net investment
income (loss).. 0.32 0.23 0.24 0.36 0.28 0.20 0.09 0.31
Net realized and
unrealized
gains (losses)
from
investments and
foreign
currencies..... 1.74 1.74 1.71 1.74 1.69 1.67 1.16 1.68
------- ------ ------ -------- ------- ------ ------ -------
Total from
Investment
Activities..... 2.06 1.97 1.95 2.10 1.97 1.87 1.25 1.99
------- ------ ------ -------- ------- ------ ------ -------
Distributions
Net investment
income......... (0.31) (0.22) (0.22) (0.35) (0.29) (0.20) (0.10) (0.31)
Net realized
gains.......... (0.57) (0.57) (0.57) (0.57) (0.01) (0.06) -- (0.03)
In excess of net
realized gains. -- -- -- -- (0.15) (0.10) (0.16) (0.13)
------- ------ ------ -------- ------- ------ ------ -------
Total
Distributions.. (0.88) (0.79) (0.79) (0.92) (0.45) (0.36) (0.26) (0.47)
------- ------ ------ -------- ------- ------ ------ -------
Net Asset Value,
End of Period... $ 13.37 $13.36 $13.28 $ 13.37 $ 12.19 $12.18 $12.12 $ 12.19
======= ====== ====== ======== ======= ====== ====== =======
Total Return
(excludes sales
and redemption
charges)........ 17.51% 16.71% 16.61% 17.81% 18.96% 17.96% 17.53%(e) 19.22%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $17,097 $4,278 $ 362 $113,493 $12,849 $1,291 $ 114 $89,294
Ratio of expenses
to average net
assets.......... 1.41% 2.16% 2.16% 1.16% 1.47% 2.25% 2.16%(d) 1.25%
Ratio of net
investment
income (loss) to
average net
assets.......... 2.37% 1.64% 1.65% 2.62% 2.54% 1.74% 1.65%(d) 2.75%
Ratio of expenses
to average net
assets*......... 1.66% 2.45% 2.41% 1.41% 1.78% 2.77% 2.68%(d) 1.52%
Portfolio
turnover (f).... 437.90% 437.90% 437.90% 437.90% 250.66% 250.66% 250.66% 250.66%
<CAPTION>
Year Ended
June 30, 1994
-----------------------------------------
Investor A Investor B (b) Institutional
----------- --------------- -------------
<S> <C> <C> <C>
Net Asset Value,
Beginning of
Period.......... $ 11.09 $11.71 $ 11.08
----------- --------------- -------------
Investment
Activities
Net investment
income (loss).. 0.26 0.10 0.27
Net realized and
unrealized
gains (losses)
from
investments and
foreign
currencies..... (0.43) (1.05) (0.41)
----------- --------------- -------------
Total from
Investment
Activities..... (0.17) (0.95) (0.14)
----------- --------------- -------------
Distributions
Net investment
income......... (0.25) (0.09) (0.27)
Net realized
gains.......... -- -- --
In excess of net
realized gains. -- -- --
----------- --------------- -------------
Total
Distributions.. (0.25) (0.09) (0.27)
----------- --------------- -------------
Net Asset Value,
End of Period... $ 10.67 $10.67 $ 10.67
=========== =============== =============
Total Return
(excludes sales
and redemption
charges)........ (1.63)% (8.16)%(c) (1.44)%
Ratios/Supplementary
Data:
Net Assets at end
of period (000). $11,901 $ 744 $71,427
Ratio of expenses
to average net
assets.......... 1.18% 2.05%(d) 1.09%
Ratio of net
investment
income (loss) to
average net
assets.......... 2.38% 1.94%(d) 2.49%
Ratio of expenses
to average net
assets*......... 1.63% 2.61%(d) 1.39%
Portfolio
turnover (f).... 192.39% 192.39% 192.39%
</TABLE>
<TABLE>
<S> <C> <C>
--- ---
</TABLE>
- -------
* During the period, certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from November 16, 1994 (commencement of offering of Investor C
shares) to June 30, 1995.
(b) Period from February 4, 1994 (commencement of offering of Investor B
shares) to June 30, 1994.
(c) Not annualized.
(e) Annualized.
(e) Represents total return for the Institutional shares for the period from
July 1, 1994 to November 15, 1994 plus the total return for the Investor C
shares for the period from November 16, 1994 to June 30, 1995.
(f) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
See notes to financial statements.
105
<PAGE>
Notes to Financial Statements
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
1. Organization:
The Parkstone Group of Funds (the "Group") was organized on March 27, 1987,
and is registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), as an open-end investment company established as a Massachusetts
business trust.
The Group is authorized to issue an unlimited number of shares without par
value. The Group presently offers shares of the Prime Obligations Fund, the
U.S. Government Obligations Fund, the Tax-Free Fund, the Treasury Fund
(collectively, "the money market funds"), the Small Capitalization Fund, the
Mid Capitalization Fund, the Large Capitalization Fund, the International
Discovery Fund, the Limited Maturity Bond Fund, the Intermediate Government
Obligations Fund, the U.S. Government Income Fund, the Bond Fund, the
National Tax Exempt Bond Fund (formerly the Municipal Bond Fund), the
Michigan Municipal Bond Fund, the Balanced Allocation Fund and the Equity
Income Fund (collectively, "the variable net asset value funds")
(collectively, "the Funds" and individually, a "Fund"). On August 6, 1999,
the Conservative Allocation and Aggressive Allocation Funds liquidated their
net assets and distributed the proceeds to the outstanding shareholders.
<TABLE>
<CAPTION>
Fund Objective
---- ---------
<S> <C>
Prime Obligations Fund..... To provide current income with liquidity and
stability of principal.
U.S. Government Obligations To provide current income with liquidity and
Fund....................... stability of principal.
Tax-Free Fund.............. To provide as high a level of current interest
income free from federal income taxes as is
consistent with the preservation of capital and
relative stability of principal.
Treasury Fund.............. To provide current income with liquidity and
stability of principal.
Small Capitalization Fund.. To provide capital appreciation with a
diversified portfolio of publicly traded smaller
cap equity securities.
Mid Capitalization Fund.... To provide capital appreciation with a
diversified portfolio of publicly traded mid cap
equity securities.
Large Capitalization Fund.. To provide capital appreciation with a
diversified portfolio of publicly traded large
cap equity securities.
International Discovery To provide capital appreciation by investing in
Fund....................... equity securities of foreign issuers.
Limited Maturity Bond Fund. To provide current income as well as
preservation of capital by investing in a
portfolio of high- and medium-grade fixed-income
securities.
Intermediate Government To provide current income as well as
Obligations Fund........... preservation of capital by investing primarily
in U.S. government securities.
U.S. Government Income To provide current income as well as
Fund....................... preservation of capital by investing primarily
in U.S. government securities.
Bond Fund.................. To provide current income with preservation of
capital by investing in high- and medium-grade
fixed-income securities.
National Tax Exempt Bond To provide current income exempt from federal
Fund....................... income taxes as is consistent with conservation
of capital.
Michigan Municipal Bond To provide current income exempt from federal
Fund....................... income taxes and, to the extent possible, from
Michigan personal income taxes, as is consistent
with conservation of capital.
</TABLE>
Continued
106
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Fund Objective
---- ---------
<S> <C>
Balanced Allocation Fund..... To provide long-term capital appreciation and
current income.
Equity Income Fund........... To provide capital appreciation with a
diversified portfolio of publicly traded larger
cap equity securities which, in the aggregate,
provide an above-average current yield.
</TABLE>
2. Significant Accounting Policies:
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements. The policies are in
conformity with generally accepted accounting principles (GAAP). The
preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and
expenses for the period. Actual results could differ from those estimates.
Securities Valuation:
Investments of the money market funds are valued at either amortized cost,
as permitted in accordance with Rule 2a-7 under the 1940 Act, or at
original cost, which combined with accrued interest approximates market
value. Under the amortized cost method, discount or premium is amortized on
a constant basis to the maturity of the security.
Portfolio securities, the principal market for which is a securities
exchange, will be valued at the closing sales price on that exchange on the
day of computation. With respect to the Fixed Income Funds, Tax-Free Income
Fund and the fixed income securities of the Balanced Allocation Fund, if
there have been no sales during such day, portfolio securities will be
valued at the mean between the most recent quoted bid and asked prices.
Portfolio securities, the principal market for which is not a securities
exchange, will be valued at the mean between the most recent quoted bid and
asked prices in such principal market. With respect to the Growth Funds,
Equity Income Fund, and the equity securities of the Balanced Allocation
Fund, if there have been no sales during such day, portfolio securities
will be valued at the latest bid quotation. In either case, if no such
price is available, then such securities will be valued in good faith at
their respective fair market values using methods determined by or under
the supervision of the Board of Trustees of the Group. Portfolio securities
with a remaining maturity of 60 days or less will be valued either at
amortized cost or original cost plus accrued interest, which approximates
current value.
All other assets and securities including securities for which market
quotations are not readily available will be valued at their fair market
value as determined in good faith under the general supervision of the
Board of Trustees of the Group.
Security Transactions and Related Income:
Security transactions are accounted for on the date the security is
purchased or sold (trade date). Interest income is recognized on the
accrual basis and includes, where applicable, the pro rata amortization of
premium or discount. Dividend income is recorded on the ex-dividend date.
Gains or losses realized from sales of securities are determined by
comparing the identified cost of the security lot sold with the net sales
proceeds.
Foreign Currency Translation:
The market value of investment securities, other assets and liabilities of
the International Discovery Fund and the Balanced Allocation Fund
denominated in a foreign currency are translated into U.S. dollars at the
current exchange rate. Purchases and sales of securities, income receipts
and expense payments are translated into U.S. dollars at the exchange rate
on the dates of the transactions.
Continued
107
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
The International Discovery Fund and the Balanced Allocation Fund do not
isolate that portion of the results of operations resulting from changes in
foreign exchange rates on investments from the fluctuations arising from
changes in market prices of securities held. Such fluctuations are included
with the net realized and unrealized gains or losses from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of portfolio securities, sales of foreign currencies, currency
exchange fluctuations between the trade and settlement dates of securities
transactions, and the difference between the amounts of assets and
liabilities recorded and the U.S. dollar equivalent of the amounts actually
received or paid. Net unrealized foreign exchange gains and losses arise
from changes in the value of assets and liabilities, including investments
in securities, resulting from changes in currency exchange rates.
Repurchase Agreements:
The Funds may purchase instruments from financial institutions, such as
banks and broker-dealers approved by the Board of Trustees, subject to the
seller's agreement to repurchase them at an agreed upon time and price
("repurchase agreements"). The seller under a repurchase agreement is
required to maintain the value of the collateral, in a segregated account,
at not less than the repurchase price. Default by the seller would,
however, expose the relevant Funds to possible loss because of adverse
market action or delay in connection with the disposition of the underlying
obligations. Risks may arise from the potential inability of counterparties
to honor the terms of the repurchase agreements. Accordingly, the Funds
could receive less than the carrying value upon the sale of the underlying
collateral securities.
Forward Currency Contracts:
The Funds may enter into a forward currency contract ("forward") which is
an agreement between two parties to buy and sell a currency at a set price
on a future date. The market value of the forward fluctuates with changes
in currency exchange rates. The forward is marked-to-market daily and the
change in market value is recorded by a Fund as unrealized appreciation or
depreciation. When the forward is closed the Fund records a realized gain
or loss equal to the difference between the value at the time it was opened
and the value at the time it was closed. A Fund could be exposed to risk if
a counterparty is unable to meet the terms of a forward or if the value of
the currency changes unfavorably.
Forwards may involve market or credit risk in excess of the amounts
reflected on the Fund's statement of assets and liabilities. The gain or
loss from the difference between the cost of original contracts and the
amount realized upon the closing of such contracts is included in net
realized gains/losses from investment and foreign currency transactions.
Fluctuations in the value of forwards held at November 30, 1999 are
recorded for financial reporting purposes as unrealized gains and losses by
the Funds. The following forwards were open at November 30, 1999.
Continued
108
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Contract
Amount Contract Value Appreciation Delivery
Forward Currency Contracts (local currency) U.S. Dollar (Depreciation) Date
-------------------------- ---------------- -------------- -------------- --------
<S> <C> <C> <C> <C>
International Discovery
Fund
Short Contracts
Japanese Yen........... 3,000,000,000 $26,242,127 $(3,866,503) 4/3/00
Singapore Dollars...... 1,691,162 1,006,254 (403) 12/7/99
U.S. Dollars........... 12,062,860 12,062,860 -- 4/3/00
U.S. Dollars........... 14,246,563 14,246,563 -- 4/3/00
U.S. Dollars........... 1,060,501 1,060,501 -- 12/7/99
Long Contracts
Japanese Yen........... 1,362,500,000 12,062,860 1,611,476 4/3/00
Japanese Yen........... 1,637,500,000 14,246,563 2,187,730 4/3/00
Japanese Yen........... 111,999,498 1,060,501 38,710 12/7/99
U.S. Dollars........... 26,242,127 26,242,127 -- 4/3/00
U.S. Dollars........... 1,006,254 1,006,254 -- 12/7/99
-----------
Net payable for for-
ward currency con-
tracts............... $ (28,989)
===========
Balanced Allocation Fund
Short Contracts
Singapore Dollars...... 86,284 $ 51,340 $ (21) 12/7/99
U.S. Dollars........... 64,763 64,763 -- 12/7/99
Long Contracts
Japanese Yen........... 6,839,664 64,763 2,364 12/7/99
U.S. Dollars........... 51,340 51,340 -- 12/7/99
-----------
Net receivable for
forward currency con-
tracts............... $ 2,343
===========
</TABLE>
Lending Portfolio Securities:
To generate additional income, each Fund, except the Treasury Fund, may
lend up to 33 and 1/3% of securities in which they are invested pursuant to
agreements requiring that the loan be continuously secured by cash, U.S.
Government or U.S. Government Agency securities, shares of an investment
trust or mutual fund, or any combination of cash and such securities as
collateral equal at all times to at least 100% of the market value plus
accrued interest on the securities lent. The Funds continue to earn
interest and dividends on securities lent while simultaneously seeking to
earn interest on the investment of collateral.
When cash is received as collateral for securities loaned, the Funds may
invest such cash in short-term U.S. government securities, repurchase
agreements, or other short-term corporate securities. The cash or
subsequent short-term investments are recorded as assets of the Funds,
offset by a corresponding liability to repay the cash at the termination of
the loan. In addition, the short-term securities purchased with the cash
collateral are included in the accompanying schedules of portfolio
investments. Fixed income securities received as collateral are not
recorded as an asset or liability of the Fund because the Fund does not
have effective control of such securities.
There may be risks of delay in recovery of the securities or even loss of
rights in the collateral should the borrower of the securities fail
financially. However, loans will be made only to borrowers deemed by
National City Investment Management Co. (IMC) to be of good standing and
creditworthy under guidelines established by the Board of Trustees and
when, in the judgment of the IMC, the consideration which can be earned
currently from such securities loans justifies the attendant risks. Loans
are subject to termination by the Funds or the borrower at any time, and
are, therefore, considered to be liquid investments. According to GAAP, a
statement of cash flows is presented if the Fund lent out, on average, more
than 10% of net assets during the year and received cash as
Continued
109
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
collateral for these loans. Under this guideline, a statement of cash flows
is presented for each of the Funds listed below. As of November 30, 1999,
the following Funds had securities on loan with the following market values
(amounts in thousands):
<TABLE>
<CAPTION>
Market Market Value
Value of of Loaned
Collateral Securities
---------- ------------
<S> <C> <C>
Small Capitalization Fund............................ $39,011 $36,135
Mid Capitalization Fund.............................. 71,138 67,317
Intermediate Government Obligations Fund............. 36,656 30,626
Equity Income Fund................................... 32,109 31,052
</TABLE>
The loaned securities were fully collateralized by cash, U.S. Government
securities, short-term corporate notes and repurchase agreements as of
November 30, 1999.
As disclosed in the schedules of portfolio investments the Limited Maturity
Bond, International Discovery, Equity Income, Large Capitalization, Small
Capitalization and the U.S. Government Income Funds collectively invested
cash collateral in a Bear Stearns Repurchase Agreement with an interest
rate of 5.83% and a maturity of 12/1/99 which was collateralized by the
following securities:
<TABLE>
<CAPTION>
Principal Description Market Value
--------- ----------- ------------
<C> <S> <C> <C> <C>
$ 9,457 Fannie Mae, 0.00%, 2/25/24 $ 395
226,042 Various Freddie Mac Strips, 0.00%, 1/1/23-9/1/29 101,710
As disclosed in the schedules of portfolio investments the Balanced
Allocation, Bond, and the International Discovery Funds collectively
invested cash collateral in a Lehman Brothers Repurchase Agreement with an
interest rate of 5.83% and a maturity of 12/1/99 which was collateralized
by the following securities:
<CAPTION>
Principal Description Market Value
--------- ----------- ------------
<C> <S> <C> <C> <C>
$ 3,608 Independent National Mortgage Corp., 7.18%, 4/25/25 $ 3,302
10,928 LB Commercial Conduit Mortgage Trust, 7.43%, 10/15/32 10,857
10,480 Merit Securities Corporation, 0.00%, 11/28/31 10,461
6,534 Salomon Brothers Mortgage Securities, 0.00%, 6/25/29 6,537
16,815 Various Structured Asset Securities 0.00%, 1/25/29-5/25/29 16,761
Corp.,
As disclosed in the schedules of portfolio investments the Intermediate
Government Obligations Fund invested cash collateral in a Paine Webber
Repurchase Agreement with an interest rate of 5.70% and a maturity of
12/1/99 which was collateralized by the following securities:
<CAPTION>
Principal Description Market Value
--------- ----------- ------------
<C> <S> <C> <C> <C>
$ 3,000 Sallie Mae, 6.05%, 9/14/00 $ 3,036
34,965 Freddie Mac, 5.50%, 5/15/02 34,286
62 Tennessee Valley Authority, 8.63%, 12/16/99 68
</TABLE>
Financial Futures Contracts:
Each Fund may invest in financial futures contracts for the purpose of
hedging their existing portfolio securities or securities it intends to
purchase against fluctuations in fair value caused by changes in prevailing
market interest rates. Upon entering into a financial futures contract, the
Fund is required to pledge to the broker an amount of cash and/or other
assets equal to a certain percentage of the contract amount (initial margin
deposit). Subsequent payments, known as "variation margin", are made or
received by the Fund each day, depending on the daily
Continued
110
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
fluctuations in the fair value of the underlying security. The Fund
recognizes a gain or loss equal to the daily variation margin. Should
market conditions move unexpectedly, the Fund may not achieve the
anticipated benefits of the financial futures contracts and may realize a
loss. The use of futures transactions involves the risk of imperfect
correlation in movements in the price of futures contracts, interest rates
and the underlying hedged assets.
Mortgage Rolls:
The Funds may enter into mortgage "dollar rolls" in which the Fund sells
mortgage-backed securities for delivery in the current month and
simultaneously contracts to repurchase substantially similar securities on
a specified future date. During the roll period, the Fund forgoes principal
and interest paid on the mortgage-backed securities. The Fund is
compensated by fee income or the difference between the current sales price
and the lower forward price for the future purchase.
Dividends to Shareholders:
Dividends from net investment income are declared daily and paid monthly
for the money market funds. Dividends from net investment income are
declared and paid monthly for the variable net asset value funds.
Distributable net realized capital gains, if any, are declared and
distributed at least annually. Effective December 1, 1998, the Limited
Maturity Bond Fund, Intermediate Government Obligations Fund, U.S.
Government Income Fund and the Bond Fund changed from declaring and paying
dividends from net investment income monthly to declaring dividends from
net investment income daily and paying monthly.
Dividends from net investment income and from net realized capital gains
are determined in accordance with income tax regulations which may differ
from GAAP. These "book/tax" differences are primarily due to differing
treatments for mortgage-backed securities and deferrals of certain losses.
These "book/tax" differences are either considered temporary or permanent
in nature. To the extent these differences are permanent in nature, such
amounts are reclassified within the composition of net assets based on
their federal tax-basis treatment; temporary differences do not require
reclassifications. Dividends and distributions to shareholders which exceed
net investment income and net realized gains for financial reporting
purposes but not for tax purposes are reported as dividends in excess of
net investment income or distributions in excess of net realized gains. To
the extent they exceed net investment income and net realized gains for tax
purposes, they are reported as distributions of capital.
Federal Income Taxes:
It is the policy of each of the Funds to continue to qualify as a regulated
investment company by complying with the provisions available to certain
investment companies, as defined in applicable sections of the Internal
Revenue Code, and to make distributions of net investment income and net
realized capital gains sufficient to relieve it from all, or substantially
all, federal income taxes.
Expenses:
Expenses directly attributable to a Fund are charged to the Fund, while
expenses which are attributable to more than one Fund of the Group are
allocated among the respective Funds based upon relative net assets or
another appropriate basis. In addition, expenses that are directly
attributable to a specific class are charged only to that class.
Continued
111
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
The investment income and expenses of a Fund (other than class specific
expenses) and realized and unrealized gains and losses on investments of a
Fund are allocated to each class of shares based upon their relative net
asset value on the date income is earned or expenses are recognized and
realized and unrealized gains and losses are incurred.
3. Purchases and Sales of Securities:
Purchases and sales of securities (excluding short-term securities) for the
period ended November 30, 1999 were as follows (amounts in thousands):
<TABLE>
<CAPTION>
Purchases Sales
--------- --------
<S> <C> <C>
Small Capitalization Fund................................. $169,703 $251,230
Mid Capitalization Fund................................... 189,138 268,788
Large Capitalization Fund................................. 140,982 186,890
International Discovery Fund.............................. 226,740 285,745
Limited Maturity Bond Fund................................ 63,767 78,325
Intermediate Government Obligations Fund.................. 37,494 68,661
U.S. Government Income Fund............................... 88,362 91,604
Bond Fund................................................. 193,585 220,232
National Tax Exempt Bond Fund............................. 13,704 29,632
Michigan Municipal Bond Fund.............................. 8,996 28,233
Equity Income Fund........................................ 62,062 109,186
Balanced Allocation Fund.................................. 124,541 171,965
</TABLE>
4. Capital Share Transactions:
The Group has issued three classes of Fund shares in the Prime Obligations
Fund, the Small Capitalization Fund, the Mid Capitalization Fund, the Large
Capitalization Fund, the International Discovery Fund, the Limited Maturity
Bond Fund, the Intermediate Government Obligations Fund, the National Tax
Exempt Bond Fund, the Michigan Municipal Bond Fund, the U.S. Government
Income Fund, the Bond Fund, the Balanced Allocation Fund, and the Equity
Income Fund: Investor A Shares, Investor B Shares and Institutional Shares;
and two classes of Fund shares in each of the U.S. Government Obligations
Fund, the Tax-Free Fund and the Treasury Fund: Investor A Shares and
Institutional Shares.
The Investor A Shares of the variable net asset value funds are subject to
initial sales charges imposed at the time of purchase, in accordance with
the Funds' prospectuses. Certain redemptions of Investor B Shares made
within five years of purchase (four years if purchased before January 1,
1997) are subject to contingent deferred sales charges in accordance with
the Funds' prospectuses. Each class of shares for each Fund has identical
rights and privileges except with respect to distribution (12b-1) fees paid
by the Investor A Shares and Investor B and shareholder service fees paid by
the Investor B Shares, voting rights on matters affecting a single class of
shares and the exchange privileges of each class of shares.
Continued
112
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Prime Obligations U.S. Government
Fund Obligations Fund
--------------------------- ---------------------------
For the For the For the For the
six months ended year ended six months ended year ended
november 30, may 31, november 30, may 31,
1999 1999 1999 1999
---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares
issued................ $ 67,740 $ 605,433 $ 16,938 $ 307,020
Dividends reinvested... 170 3,607 12 546
Cost of shares re-
deemed................ (66,052) (812,049) (18,006) (474,744)
--------- --------- -------- ---------
Change in net assets
from Investor A Share
transactions.......... $ 1,858 $(203,009) $ (1,056) $(167,178)
========= ========= ======== =========
Investor B Shares:
Proceeds from shares
issued................ $ 475 $ 1,445 $ -- $ --
Dividends reinvested... 11 19 -- --
Cost of shares re-
deemed................ (661) (1,086) -- --
--------- --------- -------- ---------
Change in net assets
from Investor B Share
transactions.......... $ (175) $ 378 $ -- $ --
========= ========= ======== =========
Institutional Shares:
Proceeds from shares
issued................ $ 337,382 887,484 $ 60,898 $ 228,665
Dividends reinvested... -- 49 -- 23
Cost of shares re-
deemed................ (376,217) (949,929) (83,171) (292,597)
--------- --------- -------- ---------
Change in net assets
from Institutional
Share transactions.... $ (38,835) $ (62,396) $(22,273) $ (63,909)
========= ========= ======== =========
SHARE TRANSACTIONS:
Investor A Shares:
Issued................. 67,740 605,433 16,938 307,020
Reinvested............. 170 3,607 12 546
Redeemed............... (66,052) (812,058) (18,007) (474,730)
--------- --------- -------- ---------
Change in Investor A
Shares................ 1,858 (203,018) (1,057) (167,164)
========= ========= ======== =========
Investor B Shares:
Issued................. 475 1,445 -- --
Reinvested............. 11 19 -- --
Redeemed............... (661) (1,086) -- --
--------- --------- -------- ---------
Change in Investor B
Shares................ (175) 378 -- --
========= ========= ======== =========
Institutional Shares:
Issued................. 337,382 887,484 60,898 228,665
Reinvested............. -- 49 -- 23
Redeemed............... (376,217) (949,928) (83,171) (292,613)
--------- --------- -------- ---------
Change in Institutional
Shares................ (38,835) (62,395) (22,273) (63,925)
========= ========= ======== =========
</TABLE>
Continued
113
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Tax-Free Treasury
Fund Fund
--------------------------- ----------------------------
For the For the For the For the
six months ended year ended six months ended year ended
november 30, May 31, November 30, May 31,
1999 1999 1999 1999
---------------- ---------- ---------------- -----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares
issued................ $ 1,134 $ 86,470 $ 58,715 $ 835,457
Dividends reinvested... 11 462 83 318
Cost of shares re-
deemed................ (1,081) (141,417) (58,386) (1,066,829)
--------- --------- --------- -----------
Change in net assets
from Investor A Share
transactions.......... $ 64 $ (54,485) $ 412 $ (231,054)
========= ========= ========= ===========
Institutional Shares:
Proceeds from shares
issued................ $ 80,947 $ 167,432 $ 427,230 $ 992,405
Dividends reinvested... -- -- -- --
Cost of shares re-
deemed................ (102,778) (161,361) (461,104) (1,044,439)
--------- --------- --------- -----------
Change in net assets
from Institutional
Share transactions.... $ (21,831) $ 6,071 $ (33,874) $ (52,034)
========= ========= ========= ===========
SHARE TRANSACTIONS:
Investor A Shares:
Issued................. 1,134 86,469 58,715 835,456
Reinvested............. 11 462 83 318
Redeemed............... (1,081) (141,418) (58,386) (1,066,829)
--------- --------- --------- -----------
Change in Investor A
Shares................ 64 (54,487) 412 (231,055)
========= ========= ========= ===========
Institutional Shares:
Issued................. 80,947 167,432 427,230 992,405
Reinvested............. -- -- -- --
Redeemed............... (102,778) (161,361) (461,104) (1,044,439)
--------- --------- --------- -----------
Change in Institutional
Shares................ (21,831) 6,071 (33,874) (52,034)
========= ========= ========= ===========
</TABLE>
Continued
114
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Small Mid
Capitalization Capitalization
Fund Fund
--------------------------- ---------------------------
For the For the For the For the
six months ended year ended six months ended year ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares
issued................ $ 27,215 $ 448,789 $ 1,808 $ 112,759
Dividends reinvested... -- 10,457 -- 7,986
Cost of shares re-
deemed................ (50,662) (530,608) (16,173) (156,097)
-------- --------- -------- ---------
Change in net assets
from Investor A Share
transactions.......... $(23,447) $ (71,362) $(14,365) $ (35,352)
======== ========= ======== =========
Investor B Shares:
Proceeds from shares
issued................ $ 256 $ 1,307 $ 304 916
Dividends reinvested... -- 3,253 -- 2,600
Cost of shares re-
deemed................ (4,736) (16,532) (3,123) (9,069)
-------- --------- -------- ---------
Change in net assets
from Investor B Share
transactions.......... $ (4,480) $ (11,972) $ (2,819) $ (5,553)
======== ========= ======== =========
Investor C Shares*:
Proceeds from shares
issued................ $ -- $ 365 $ -- 181
Dividends reinvested... -- -- -- --
Cost of shares re-
deemed................ -- (12,866) -- (2,183)
-------- --------- -------- ---------
Change in net assets
from Investor C Share
transactions.......... $ -- $ (12,501) $ -- $ (2,002)
======== ========= ======== =========
Institutional Shares:
Proceeds from shares
issued................ $ 2,336 $ 43,684 $ 6,680 $ 34,083
Dividends reinvested... -- 26,444 -- 38,894
Cost of shares re-
deemed................ (65,019) (254,355) (53,541) (240,008)
-------- --------- -------- ---------
Change in net assets
from Institutional
Share transactions.... $(62,683) $(184,227) $(46,861) $(167,031)
======== ========= ======== =========
SHARE TRANSACTIONS:
Investor A Shares:
Issued................. 1,324 20,256 119 7,624
Reinvested............. -- 530 -- 644
Redeemed............... (2,455) (24,004) (1,072) (10,699)
-------- --------- -------- ---------
Change in Investor A
Shares................ (1,131) (3,218) (953) (2,431)
======== ========= ======== =========
Investor B Shares:
Issued................. 12 62 21 66
Reinvested............. -- 171 -- 224
Redeemed............... (239) (834) (224) (699)
-------- --------- -------- ---------
Change in Investor B
Shares................ (227) (601) (203) (409)
======== ========= ======== =========
Investor C Shares*:
Issued................. -- 14 -- 13
Reinvested............. -- -- -- --
Redeemed............... -- (602) -- (168)
-------- --------- -------- ---------
Change in Investor C
Shares................ -- (588) -- (155)
======== ========= ======== =========
Institutional Shares:
Issued................. 109 1,959 435 2,425
Reinvested............. -- 1,312 -- 3,097
Redeemed............... (3,125) (11,483) (3,512) (17,388)
-------- --------- -------- ---------
Change in Institutional
Shares................ (3,016) (8,212) (3,077) (11,866)
======== ========= ======== =========
</TABLE>
- -------
* Investor C class of shares closed on August 28, 1998.
Continued
115
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Large International
Capitalization Discovery
Fund Fund
--------------------------- ---------------------------
For the For the For the For the
six months ended year ended six months ended year ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares
issued................ $ 4,059 $ 11,843 $ 42,393 $ 11,371
Dividends reinvested... -- 357 -- 1,766
Cost of shares re-
deemed................ (8,193) (13,766) (50,420) (27,594)
-------- -------- -------- ---------
Change in net assets
from Investor A Share
transactions.......... $ (4,134) $ (1,566) $ (8,027) $ (14,457)
======== ======== ======== =========
Investor B Shares:
Proceeds from shares
issued................ $ 943 $ 4,942 $ 38 $ 360
Dividends reinvested... -- 206 -- 568
Cost of shares re-
deemed................ (1,472) (3,437) (1,436) (4,826)
-------- -------- -------- ---------
Change in net assets
from Investor B Share
transactions.......... $ (529) $ 1,711 $ (1,398) $ (3,898)
======== ======== ======== =========
Investor C Shares*:
Proceeds from shares
issued................ $ -- $ 100 $ -- $ 81
Dividends reinvested... -- -- -- --
Cost of shares re-
deemed................ -- (368) -- (964)
-------- -------- -------- ---------
Change in net assets
from Investor C Share
transactions.......... $ -- $ (268) $ -- $ (883)
======== ======== ======== =========
Institutional Shares:
Proceeds from shares
issued................ $ 12,527 $ 65,788 $ 2,819 $ 35,881
Dividends reinvested... -- 4,089 -- 10,376
Cost of shares re-
deemed................ (50,170) (96,262) (41,321) (165,321)
-------- -------- -------- ---------
Change in net assets
from Institutional
Share transactions.... $(37,643) $(26,385) $(38,502) $(119,064)
======== ======== ======== =========
SHARE TRANSACTIONS:
Investor A Shares:
Issued................. 193 636 2,591 763
Reinvested............. -- 19 -- 118
Redeemed............... (382) (745) (3,043) (1,820)
-------- -------- -------- ---------
Change in Investor A
Shares................ (189) (90) (452) (939)
======== ======== ======== =========
Investor B Shares:
Issued................. 46 273 2 25
Reinvested............. -- 11 -- 39
Redeemed............... (71) (186) (90) (332)
-------- -------- -------- ---------
Change in Investor B
Shares................ (25) 98 (88) (268)
======== ======== ======== =========
Investor C Shares*:
Issued................. -- 6 -- 5
Reinvested............. -- -- -- --
Redeemed............... -- (23) -- (68)
-------- -------- -------- ---------
Change in Investor C
Shares................ -- (17) -- (63)
======== ======== ======== =========
Institutional Shares:
Issued................. 586 3,587 163 2,327
Reinvested............. -- 214 -- 681
Redeemed............... (2,371) (5,165) (2,451) (10,816)
-------- -------- -------- ---------
Change in Institutional
Shares................ (1,785) (1,364) (2,288) (7,808)
======== ======== ======== =========
</TABLE>
- -------
* Investor C class of shares closed on August 28, 1998.
Continued
116
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Intermediate
Limited Government
Maturity Bond Obligations
Fund Fund
--------------------------- ---------------------------
For the For the For the For the
six months ended year ended six months ended year ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares
issued................ $ 468 $ 11,765 $ 291 $ 1,179
Dividends reinvested... 510 1,546 156 376
Cost of shares re-
deemed................ (11,731) (30,528) (2,868) (5,691)
-------- -------- -------- --------
Change in net assets
from Investor A Share
transactions.......... $(10,753) $(17,217) $ (2,421) $ (4,136)
======== ======== ======== ========
Investor B Shares:
Proceeds from shares
issued................ $ 71 $ 87 $ 19 $ 85
Dividends reinvested... 15 44 23 56
Cost of shares re-
deemed................ (66) (854) (483) (727)
-------- -------- -------- --------
Change in net assets
from Investor B Share
transactions.......... $ 20 $ (723) $ (441) $ (586)
======== ======== ======== ========
Investor C Shares*:
Proceeds from shares
issued................ $ -- $ 5 $ -- $ 11
Dividends reinvested... -- 19 -- 3
Cost of shares re-
deemed................ -- (2,235) -- (252)
-------- -------- -------- --------
Change in net assets
from Investor C Share
transactions.......... $ -- $ (2,211) $ -- $ (238)
======== ======== ======== ========
Institutional Shares:
Proceeds from shares
issued................ $ 7,939 $ 28,681 $ 1,929 $ 12,915
Dividends reinvested... 1,012 2,473 837 2,021
Cost of shares re-
deemed................ (19,778) (57,561) (31,820) (51,589)
-------- -------- -------- --------
Change in net assets
from Institutional
Share transactions.... $(10,827) $(26,407) $(29,054) $(36,653)
======== ======== ======== ========
SHARE TRANSACTIONS:
Investor A Shares:
Issued................. 50 1,233 30 119
Reinvested............. 54 162 16 38
Redeemed............... (1,251) (3,197) (296) (572)
-------- -------- -------- --------
Change in Investor A
Shares................ (1,147) (1,802) (250) (415)
======== ======== ======== ========
Investor B Shares:
Issued................. 7 10 2 9
Reinvested............. 2 5 2 6
Redeemed............... (7) (90) (50) (74)
-------- -------- -------- --------
Change in Investor B
Shares................ 2 (75) (46) (59)
======== ======== ======== ========
Investor C Shares*:
Issued................. -- -- -- 2
Reinvested............. -- 2 -- --
Redeemed............... -- (239) -- (26)
-------- -------- -------- --------
Change in Investor C
Shares................ -- (237) -- (24)
======== ======== ======== ========
Institutional Shares:
Issued................. 847 3,008 200 1,296
Reinvested............. 108 260 86 203
Redeemed............... (2,109) (6,037) (3,293) (5,174)
-------- -------- -------- --------
Change in Institutional
Shares................ (1,154) (2,769) (3,007) (3,675)
======== ======== ======== ========
</TABLE>
- -------
* Investor C class of shares closed on August 28, 1998.
Continued
117
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
U.S. Government
Income Fund Bond Fund
--------------------------- ---------------------------
For the For the For the For the
six months ended year ended six months ended year ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares
issued................ $ 17,728 $ 12,842 $ 416 $ 4,227
Dividends reinvested... 662 1,787 231 621
Cost of shares re-
deemed................ (30,833) (30,609) (4,109) (9,208)
-------- -------- -------- ---------
Change in net assets
from Investor A Share
transactions.......... $(12,443) $(15,980) $ (3,462) $ (4,360)
======== ======== ======== =========
Investor B Shares:
Proceeds from shares
issued................ $ 220 $ 979 $ 46 $ 228
Dividends reinvested... 206 567 79 224
Cost of shares re-
deemed................ (4,674) (8,668) (1,297) (2,173)
-------- -------- -------- ---------
Change in net assets
from Investor B Share
transactions.......... $ (4,248) $ (7,122) $ (1,172) $ (1,721)
======== ======== ======== =========
Investor C Shares*:
Proceeds from shares
issued................ $ -- $ 7 $ -- $ 62
Dividends reinvested... -- 3 -- 7
Cost of shares re-
deemed................ -- (376) -- (670)
-------- -------- -------- ---------
Change in net assets
from Investor C Share
transactions.......... $ -- $ (366) $ -- $ (601)
======== ======== ======== =========
Institutional Shares:
Proceeds from shares
issued................ $ 15,027 $ 34,064 $ 18,913 $ 44,541
Dividends reinvested... 511 818 6,370 16,294
Cost of shares re-
deemed................ (15,276) (44,141) (46,195) (164,380)
-------- -------- -------- ---------
Change in net assets
from Institutional
Share transactions.... $ 262 $ (9,259) $(20,912) $(103,545)
======== ======== ======== =========
SHARE TRANSACTIONS:
Investor A Shares:
Issued................. 1,954 1,387 44 421
Reinvested............. 73 193 24 62
Redeemed............... (3,410) (3,300) (432) (921)
-------- -------- -------- ---------
Change in Investor A
Shares................ (1,383) (1,720) (364) (438)
======== ======== ======== =========
Investor B Shares:
Issued................. 24 105 5 23
Reinvested............. 23 62 8 22
Redeemed............... (520) (937) (136) (218)
-------- -------- -------- ---------
Change in Investor B
Shares................ (473) (770) (123) (173)
======== ======== ======== =========
Investor C Shares*:
Issued................. -- 1 -- 6
Reinvested............. -- -- -- 1
Redeemed............... -- (40) -- (67)
-------- -------- -------- ---------
Change in Investor C
Shares................ -- (39) -- (60)
======== ======== ======== =========
Institutional Shares:
Issued................. 1,667 3,676 1,980 4,422
Reinvested............. 57 88 665 1,621
Redeemed............... (1,695) (4,755) (4,836) (16,419)
-------- -------- -------- ---------
Change in Institutional
Shares................ 29 (991) (2,191) (10,376)
======== ======== ======== =========
</TABLE>
- -------
* Investor C class of shares closed on August 28, 1998.
Continued
118
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
National Tax Exempt Michigan Municipal
Bond Fund Bond Fund
--------------------------- ---------------------------
For the For the For the For the
six months ended year ended six months ended year ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares
issued................ $ 43 $ 2,525 $ 591 $ 3,633
Dividends reinvested... 82 275 422 1,127
Cost of shares re-
deemed................ (2,773) (5,310) (7,184) (14,623)
-------- -------- -------- --------
Change in net assets
from Investor A Share
transactions.......... $ (2,648) $ (2,510) $ (6,171) $ (9,863)
======== ======== ======== ========
Investor B Shares:
Proceeds from shares
issued................ $ -- $ 25 $ 11 $ 93
Dividends reinvested... 3 14 36 96
Cost of shares re-
deemed................ (39) (248) (930) (914)
-------- -------- -------- --------
Change in net assets
from Investor B Share
transactions.......... $ (36) $ (209) $ (883) $ (725)
======== ======== ======== ========
Institutional Shares:
Proceeds from shares
issued................ $ 2,361 $ 7,302 $ 5,583 $ 30,857
Dividends reinvested... 153 424 424 1,118
Cost of shares re-
deemed................ (15,147) (33,407) (18,759) (43,116)
-------- -------- -------- --------
Change in net assets
from Institutional
Share transactions.... $(12,633) $(25,681) $(12,752) $(11,141)
======== ======== ======== ========
SHARE TRANSACTIONS:
Investor A Shares:
Issued................. 4 237 56 328
Reinvested............. 8 26 39 102
Redeemed............... (273) (503) (676) (1,320)
-------- -------- -------- --------
Change in Investor A
Shares................ (261) (240) (581) (890)
======== ======== ======== ========
Investor B Shares:
Issued................. -- 2 1 8
Reinvested............. -- 1 3 9
Redeemed............... (4) (23) (87) (82)
-------- -------- -------- --------
Change in Investor B
Shares................ (4) (20) (83) (65)
======== ======== ======== ========
Institutional Shares:
Issued................. 232 691 525 2,782
Reinvested............. 15 40 40 101
Redeemed............... (1,493) (3,163) (1,762) (3,888)
-------- -------- -------- --------
Change in Institutional
Shares................ (1,246) (2,432) (1,197) (1,005)
======== ======== ======== ========
</TABLE>
Continued
119
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
(Amounts in Thousands)
Equity Balanced
Income Allocation
Fund Fund
--------------------------- ---------------------------
For the For the For the For the
six months ended year ended six months ended year ended
November 30, May 31, November 30, May 31,
1999 1999 1999 1999
---------------- ---------- ---------------- ----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares
issued................ $ 1,874 $ 6,299 $ 468 $ 2,309
Dividends reinvested... 355 11,212 131 796
Cost of shares re-
deemed................ (18,528) (36,843) (3,582) (6,419)
-------- -------- -------- ---------
Change in net assets
from Investor A Share
transactions.......... $(16,299) $(19,332) $ (2,983) $ (3,314)
======== ======== ======== =========
Investor B Shares:
Proceeds from shares
issued................ $ 263 $ 1,162 $ 26 $ 329
Dividends reinvested... 41 3,079 29 268
Cost of shares re-
deemed................ (3,102) (8,817) (1,117) (2,724)
-------- -------- -------- ---------
Change in net assets
from Investor B Share
transactions.......... $ (2,798) $ (4,576) $ (1,062) $ (2,127)
======== ======== ======== =========
Investor C Shares*:
Proceeds from shares
issued................ $ -- $ 175 $ -- $ 94
Dividends reinvested... -- 2 -- 3
Cost of shares re-
deemed................ -- (1,168) -- (986)
-------- -------- -------- ---------
Change in net assets
from Investor C Share
transactions.......... $ -- $ (991) $ -- $ (889)
======== ======== ======== =========
Institutional Shares:
Proceeds from shares
issued................ $ 6,268 $ 27,050 $ 12,278 $ 29,812
Dividends reinvested... 278 7,279 1,562 10,268
Cost of shares re-
deemed................ (31,690) (85,953) (59,149) (121,859)
-------- -------- -------- ---------
Change in net assets
from Institutional
Share transactions.... $(25,144) $(51,624) $(45,309) $ (81,779)
======== ======== ======== =========
SHARE TRANSACTIONS:
Investor A Shares:
Issued................. 104 360 34 170
Reinvested............. 20 678 9 58
Redeemed............... (1,061) (2,082) (255) (466)
-------- -------- -------- ---------
Change in Investor A
Shares................ (937) (1,044) (212) (238)
======== ======== ======== =========
Investor B Shares:
Issued................. 15 65 2 24
Reinvested............. 2 188 2 20
Redeemed............... (179) (501) (79) (199)
-------- -------- -------- ---------
Change in Investor B
Shares................ (162) (248) (75) (155)
======== ======== ======== =========
Investor C Shares*:
Issued................. -- 10 -- 7
Reinvested............. -- -- -- --
Redeemed............... -- (68) -- (75)
-------- -------- -------- ---------
Change in Investor C
Shares................ -- (58) -- (68)
======== ======== ======== =========
Institutional Shares:
Issued................. 356 1,560 883 2,170
Reinvested............. 16 442 112 750
Redeemed............... (1,817) (4,892) (4,214) (8,814)
-------- -------- -------- ---------
Change in Institutional
Shares................ (1,445) (2,890) (3,219) (5,894)
======== ======== ======== =========
</TABLE>
- -------
* Investor C class of shares closed on August 28, 1998.
Continued
120
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
5. Related Party Transactions:
Investment advisory services are provided to the Group by IMC. Under the terms
of the investment advisory agreement, IMC is entitled to receive fees based on
a percentage of the average daily net assets of the Funds.
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"),
and BISYS Fund Services Ohio, Inc. (BISYS Ohio) are wholly-owned subsidiaries
of The BISYS Group, Inc. BISYS, with whom certain officers of the Group are
affiliated, serves the Group as Administrator. Such officers are paid no fees
directly by the Funds for serving as officers and trustees of the Group. Under
the terms of the administration agreement, BISYS's fees are computed at an
annual fee not to exceed 0.20% of the average daily net assets of each Fund.
Effective January 1, 2000, SEI Investments, Inc. will become the Funds'
Administrator. Effective September 19, 1998, SEI Investments, Inc. (SEI) became
the Group's distributor. For the period June 1, 1999 to November 30, 1999, SEI
received $11,406 in commissions from sales of shares of the variable net asset
value funds of which $0 was reallowed to other brokers and dealers. BISYS Ohio
serves the Group as mutual fund accountant. Boston Financial Data Services
serves the Group as Transfer Agent.
The Group has adopted an Investor A Distribution and Shareholder Service Plan
(the "Investor A Plan"), and an Investor B Distribution and Shareholder Service
Plan (the "Investor B Plan"), each in accordance with Rule 12b-1 under the 1940
Act. Pursuant to the Investor A Plan, each Fund is authorized to pay or
reimburse the distributor of Investor A shares, a periodic distribution and/or
service fee, calculated at an annual rate not to exceed 0.25% of the average
daily net asset value of Investor A shares of that Fund. Pursuant to the
Investor B Plan, each Fund is authorized to pay or reimburse the distributor of
Investor B shares, (a) a distribution fee in an amount not to exceed on an
annual basis 0.75% of the average daily net assets of Investor B shares of that
Fund and (b) a service fee in an amount not to exceed on an annual basis 0.25%
of the average daily net assets of the Investor B shares of that Fund. These
fees may be used by the distributor to pay banks, including the IMC, broker
dealers and other institutions, or to reimburse the distributor or its
affiliates for administration, distribution, and shareholder service assistance
in connection with the distribution of Fund shares.
Fees may be voluntarily reduced to assist the Funds in maintaining competitive
expense ratios. Information regarding these transactions is as follows for the
period ended November 30, 1999 (amounts in thousands):
Continued
121
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
U.S.
Prime Government Tax-
Obligations Obligations Free Treasury
Fund Fund Fund Fund
----------- ----------- ----- --------
<S> <C> <C> <C> <C>
Investment Advisory Fees:
Annual fee
(percentage of average net assets).. 0.35% 0.35% 0.35% 0.30%
Administration Fees:
Annual fee before voluntary fee
reductions
(percentage of average net assets).. 0.20% 0.20% 0.20% 0.20%
Voluntary fee reductions............. $ 0 $ 0 $ 0 $ 95
12b-1 Fees Investor A:
Annual fee before voluntary fee
reductions
(percentage of average net assets) . 0.10% 0.10% 0.10% 0.10%
Voluntary fee reductions............. $ 13 $ 2 $ 1 $ 7
12b-1 Fees Investor B:
Annual fee
(percentage of average net assets) . 0.75% -- -- --
Shareholder Service Fees Investor B:
Annual fee
(percentage of average net assets) . 0.25% -- -- --
Transfer Agent Fees:................. $ 73 $ 33 $ 23 $ 33
Fund Accountant Fees:................ 61 15 14 27
</TABLE>
Continued
122
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Small Mid Large International
Capitalization Capitalization Capitalization Discovery
Fund Fund Fund Fund
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
Investment Advisory
Fees:
Annual fee
(percentage of average
net assets)............ 1.00% 1.00% 0.75% 1.15%(a)
Administration Fees:
Annual fee
(percentage of average
net assets)............ 0.20% 0.20% 0.20% 0.20%
12b-1 Fees Investor A:
Annual fee
(percentage of average
net assets)............ 0.25% 0.25% 0.25% 0.25%
12b-1 Fees Investor B:
Annual fee
(percentage of average
net assets)............ 0.75% 0.75% 0.75% 0.75%
Shareholder Service Fees
Investor B:
Annual fee
(percentage of average
net assets)............ 0.25% 0.25% 0.25% 0.25%
Transfer Agent Fees:.... $ 225 $ 146 $ 108 $ 116
Fund Accountant Fees:... 44 54 63 72
</TABLE>
Continued
123
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Limited Intermediate U.S.
Maturity Government Government
Bond Obligations Income Bond
Fund Fund Fund Fund
-------- ------------ ---------- -----
<S> <C> <C> <C> <C>
Investment Advisory Fees:
Annual fee before voluntary fee
reductions
(percentage of average net assets).. 0.45% 0.55% 0.55% 0.55%
Voluntary fee reduction.............. $ 88 $ 18 $ 191 $ 55
Administration Fees:
Annual fee before voluntary fee
reductions
(percentage of average net assets).. 0.20% 0.20% 0.20% 0.20%
Voluntary fee reductions............. $ 11 $ 11 $ 16 $ 30
12b-1 Fees Investor A:
Annual fee
(percentage of average net assets).. 0.25% 0.25% 0.25% 0.25%
12b-1 Fees Investor B:
Annual fee
(percentage of average net assets).. 0.75% 0.75% 0.75% 0.75%
Shareholder Service Fees Investor B:
Annual fee
(percentage of average net assets).. 0.25% 0.25% 0.25% 0.25%
Transfer Agent Fees:................. $ 43 $ 46 $ 70 $ 69
Fund Accountant Fees:................ 28 31 44 55
</TABLE>
Continued
124
<PAGE>
Notes to Financial Statements, continued
- --------------------------------------------------------------------------------
The Parkstone Group of Funds November 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
National Michigan
Tax Exempt Municipal Equity Balanced
Bond Bond Income Allocation
Fund Fund Fund Fund
---------- --------- ------ ----------
<S> <C> <C> <C> <C>
Investment Advisory Fees:
Annual fee before voluntary fee
reductions
(percentage of average net assets)... 0.55% 0.55% 0.75% 0.75%
Voluntary fee reduction............... $ 63 $ 135 -- $ 156
Administration Fees:
Annual fee before voluntary fee
reductions
(percentage of average net assets) 0.20% 0.20% 0.20% 0.20%
Voluntary fee reductions.............. $ 29 $ 62 -- --
12b-1 Fees Investor A:
Annual fee
(percentage of average net assets)... 0.25% 0.25% 0.25% 0.25%
12b-1 Fees Investor B:
Annual fee
(percentage of average net assets)... 0.75% 0.75% 0.75% 0.75%
Shareholder Service Fees Investor B:
Annual fee
(percentage of average net assets)... 0.25% 0.25% 0.25% 0.25%
Transfer Agent Fees:.................. $ 34 $ 47 $ 158 $ 65
Fund Accountant Fees:................. 27 44 45 43
</TABLE>
6. Concentration of Credit Risk
The Michigan Municipal Bond Fund invests a substantial proportion of its
assets in debt obligations issued by the State of Michigan and its political
subdivisions, agencies and public authorities. This Fund is more susceptible
to factors adversely affecting issuers of Michigan municipal securities than
a fund that is not concentrated in these issuers to the same extent.
7. Common Trust Conversion:
On October 10, 1998, the Mid Capitalization Fund issued shares to acquire all
the assets and liabilities of a certain common trust fund of National City
Bank. The following is a summary of shares issued, net assets converted, net
asset value per share and unrealized appreciation as of the conversion date.
<TABLE>
<CAPTION>
Net
Asset
Value
Net per Unrealized
Shares Assets Share Appreciation
------ ------ ------ ------------
<S> <C> <C> <C> <C>
Mid Capitalization Fund...................... 323 $3,548 $10.99 $641
</TABLE>
Continued
125
<PAGE>
Parkstone Funds
Board of Trustees
Robert D. Neary
Chairman
Retired Co-Chairman, Ernst & Young
Director:
Cold Metal Products, Inc.
Strategic Distribution, Inc.
Herbert R. Martens, Jr.
President
Executive Vice President,
National City Corporation
Chairman, President and Chief Executive
Officer, NatCity Investments, Inc.
Leigh Carter
Retired President and Chief Operating
Officer, B.F. Goodrich Company
Director:
Kirtland Capital Corporation
Morrison Products
TruSeal Technologies
John F. Durkott
President and Chief Operating Officer,
Kittle's Home Furnishings Center, Inc.
Robert J. Farling
Retired Chairman, President and Chief
Executive Officer, Centerior Energy
Richard W. Furst
Garvice D. Kincaid Professor of Finance
and Dean, Gatton College of Business
and Economics, University of Kentucky
Director:
Foam Design, Inc.
The Seed Corporation
Office Suites Plus, Inc.
ihigh.com, Inc.
Gerald L. Gherlein
Executive Vice President and General
Counsel, Eaton Corporation
J. William Pullen
President and Chief Executive Officer,
Whayne Supply Company
The Parkstone Trustees also serve as the Trustees of the Armada Funds and
Parkstone Advantage Funds.
Parkstone
FUNDS
<PAGE>
Parkstone
FUNDS
One Freedom Valley Drive
Oaks, PA 19456
INVESTMENT ADVISOR:
National City
Investment Management Company
1900 East Ninth Street, 22nd Floor
Cleveland, OH 44114
PAR-F-001-02000
