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FOUNTAIN SQUARE FUNDS
EQUITY AND INCOME
MUTUAL FUNDS
U.S. GOVERNMENT SECURITIES FUND
QUALITY BOND FUND
OHIO TAX FREE BOND FUND
QUALITY GROWTH FUND
MID CAP FUND
BALANCED FUND
INTERNATIONAL EQUITY FUND
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FOUNTAIN SQUARE FUNDS
ANNUAL REPORT TO SHAREHOLDERS
JULY 31, 1995
SHAREHOLDER MESSAGE
- --------------------------------------------------------------------------------
Dear Shareholder,
Fiscal 1995 proved once again that the opportunity for a
rollercoaster ride through the hills and valleys of economic
and political influences--even in the best of years--is always
with us. But it also proved that it is prudent to remain on a
steady track. That is exactly what Fountain Square Funds have
done: seek consistent, quality growth over time. It is a
philosophy that again served us well over the past year. As
the fiscal year closed on July 31, 1995, we saw
across-the-board strong performances from virtually all of the
funds. This strong performance was noted in several
publications. Periodicals such as The Wall Street Journal,
Barron's and The Cincinnati Enquirer all recognized the Funds'
1995 results. Accordingly, we will continue with ongoing
strategies for consistent growth; keeping our focus on the
long-term, buying those companies with inherent strengths and
solid earnings, and taking advantage of changing market
climates.
ECONOMIC
SUMMARY The economy was almost too good in fiscal 1995. Propelled by
subdued inflation, falling interest rates, high corporate
earnings and relatively modest growth, the stock and bond
markets produced excellent returns. Actually there was so much
good news that investors, quite rightly, were certain of an
impending slowdown--a "soft landing." Evidence of a slowing
economy is everywhere. Consumers are purchasing fewer
automobiles and homes than in the previous year; they have cut
back on clothing and restaurant spending.
Inflation remains under control, holding at approximately 3%.
The Federal Reserve Board, which raised short-term interest
rates twice in the last half of fiscal 1994 alone, has shown
restraint this past year as the economy remains relatively
robust. In fact, unless the economy slows substantially,
interest rates are probably close to bottom levels.
Despite signs of a slowdown, economic fundamentals remain
strong. Unemployment remains low, business is more productive
than ever and corporations have reduced their debt. The
economy seems to be on solid ground and should not generate a
resurgence in inflation. Although we do not foresee a
recession, we are positioned well for an eventual slowdown.
EQUITY
MARKETS The stock market surged to new heights during fiscal 1995,
interrupted only by short periods of modest decline. Large
capitalization stocks continued to be the strongest in the
overall market, but secondary stocks, including mid-caps, took
advantage of the growing market. Much of the strength of the
year came from the technology sector, a niche we recognized
early in the year as promising. In addition, financial and
capital goods generally outperformed the market, while
consumer cyclicals and staples, energy, utilities and
transportation underperformed.
Despite the climb of the market over the past year, we remain
optimistic about its promise for the near future. Valuations
are still reasonable and the basic fundamentals driving the
market are favorable, both pointing toward an environment of
modestly higher equity prices. The Funds' investment
strategies, for the most part, will remain unchanged: we will
continue to emphasize high quality, consistent growth
companies that should show strong relative earnings gains as
the economy slows. At the same time, we will continue to
emphasize the same sectors and adjust our exposures closer
into alignment with the Standard & Poor's 500 Stock Index.* In
the upcoming year, we expect to continue to emphasize capital
goods, technology and transportation sectors and increase our
holdings with financial service companies.
- --------------------------------------------------------------------------------
FIXED
INCOME Perhaps nowhere was our conservative approach to investing
better rewarded in fiscal 1995 than in the fixed income arena.
By investing in securities with a proven track record--and
avoiding the temptation to push for large short-term gains--we
were able to reduce volatility and improve performance
relative to the Funds' peers.
In the bond market, we weathered the emotional storm generated
by the Congressional Budget Committee's Flat Tax Proposal. The
likelihood of such a proposal becoming law, we believe, is
still remote. We feel that a new tax law will represent a more
gradual change from today's current environment. As we
mentioned, our outlook calls for the economy to continue to
grow at a moderate rate, and inflation should pose minimal
risk. That environment is generally a good one for the bond
market. During periods of market weakness, we intend to
purchase longer maturity bonds. Otherwise, we will focus our
attention on the intermediate maturity sector.
We took steps to further reduce price risk during the year by
shortening the overall average duration of the Quality Bond
Fund and the fixed income portion of the Balanced Fund. We did
not, however, shorten the duration of our Government
Securities Fund, as its duration is still conservative at 3.2
years.
FOUNTAIN
SQUARE
INTERNATIONAL
EQUITY FUND The newest Fountain Square Fund faced a difficult global
climate in fiscal 1995. Slow economies, particularly in Japan,
combined to stifle its opportunities for growth. But as the
International Equity Fund was created as a complement to the
domestic marketplace, we expect to see a stronger relative
performance of international stocks as the U.S. market slows.
Asset growth of the Fund was strong at $86.4 million in its
first year of operation. We continue to believe that
international equities form an important part of a
well-developed long-term investment strategy.
OUTLOOK As we move into fiscal 1996, we continue to maintain our
optimistic-but-cautious outlook. We will continue to closely
watch long-term trends, especially consolidations and
corporate restructurings, as we focus on our fundamental
approach to managing investments. We are, however, looking for
enhanced opportunities in the global marketplace, as U.S.
companies become even more active around the world and as
international corporations continue their fierce competition.
The solid, conservative, low-cost provider companies remain
our top prospect for growth in today's economic environment.
As always, we greatly appreciate the confidence you have shown
in selecting Fountain Square Funds as part of your investment
strategy.
Sincerely,
/s/ James D. Berghausen
James D. Berghausen, CFA
Chief Investment Officer
Fifth Third Bank
September 15, 1995
* This index is unmanaged.
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
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INVESTMENT OBJECTIVE - The Fund's investment objective is to provide a high
level of current
income. Capital growth is a secondary objective. The Fund
invests in a
portfolio of U.S. government securities and is designed
to meet the
needs of conservative investors seeking high-credit
quality.
INVESTMENT - For the 12 months ended July 31, 1995, the Fund
distributed income of
PERFORMANCE $.580 per share, which contributed to the Fund's one-year
total return
of 7.66% on a no-load basis.
- With generally falling interest rates over the period,
the Fund's net
asset value per share grew from $9.64 to $9.77.
- The Fund's performance compares favorably to other short-
term
government funds. For the year ended July 31, 1995, the
Fund was ranked
17 out of 128 Short U.S. Government Funds, according to
Lipper
Analytical Services, Inc.**
</TABLE>
GROWTH OF $10,000 INVESTED IN FOUNTAIN SQUARE U.S. GOVERNMENT
SECURITIES FUND
The graph below illustrates the hypothetical investment of
$10,000 in the Fountain Square U.S. Government Securities Fund
(the "Fund") from November 20, 1992 to July 31, 1995 compared
to the Lehman Brothers Intermediate Government Bond Index and
the Lipper Short-Term Government Bond Fund Average.
GRAPHIC REPRESENTATION OMITTED. SEE APPENDIX A
AVERAGE ANNUAL TOTAL RETURN*** FOR
THE PERIOD ENDED JULY 31, 1995.
1 Year........................................... 2.86%
Start of Performance (11/20/92).................. 2.89%
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO WHEN
SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN
ORIGINAL COST. MUTUAL FUNDS ARE NOT OBLIGATIONS OF OR
GUARANTEED BY ANY BANK AND ARE NOT FEDERALLY INSURED.
* Represents a hypothetical investment of $10,000 in the
Fund after deducting the maximum sales charge of 4.50%
($10,000 investment minus $450 sales charge = $9,550). The
Fund's performance assumes the reinvestment of all dividends
and distributions. The Lehman Brothers Intermediate
Government Bond Index and Lipper Short-Term Government Bond
Fund Average have been adjusted to reflect the reinvestment
of all dividends on securities in the Index and Average.
** Past performance does not guarantee future results. Lipper
rankings are based on total return and do not include the
effect of sales charges. For the year ended July 31, 1995,
the investment adviser and/or custodian, waived all or a
portion of their fees. Otherwise, total return would have
been lower.
*** Total return quoted reflects all applicable sales charges
and contingent deferred sales charges.
+ The Lehman Brothers Intermediate Government Bond Index is
not adjusted to reflect sales loads, expenses, or other
fees that the Securities and Exchange Commission requires
to be reflected in the Fund's performance. This index is
unmanaged.
++ The Lipper Short-Term Government Bond Fund Average
represents the average of the total returns reported by
all of the mutual funds designated by Lipper Analytical
Services, Inc. as falling into this category, and are not
adjusted to reflect any sales loads. Each Fund is reported
net of sales loads, expenses, or other fees that the
Securities and Exchange Commission requires to be
reflected in a fund's performance.
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PORTFOLIO MANAGERS - The bond market, and the Fund, fared well over the past
year. Interest
COMMENTARY rates rose fairly significantly during the first half of
the Fund's
fiscal year then fell to much lower levels during the
second half.
AND OUTLOOK - Our conservative management style called for maintaining
the Fund's
3-year average duration while replacing floating rate
securities with
5-year to 7-year maturity fixed rate securities.
- We believe a solid economic situation is ahead with a
continuing low
rate of inflation and perhaps even lower interest rates,
both of which
are positive for the Fund.
</TABLE>
FOUNTAIN SQUARE QUALITY BOND FUND
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INVESTMENT OBJECTIVE - The Fund's investment objective is to achieve high
current income.
Capital growth is a secondary objective. The Fund is
designed to meet
the needs of investors who require the advantages of a
diversified
fixed income portfolio, yet are comfortable with a more
aggressive
approach than the U.S. Government Securities Fund. In
addition to U.S.
government securities, the Fund may invest in investment
grade
corporate bonds.
INVESTMENT - For the 12 months ended July 31, 1995, the Fund
distributed income of
PERFORMANCE $.641 per share, which contributed to the Fund's one-year
total return
of 8.89% on a no-load basis.
- With generally falling interest rates over the period,
the Fund's net
asset value per share grew from $9.55 to $9.72.
- The Fund's performance compares favorably to other
intermediate
maturity bond funds. For the year ended July 31, 1995,
the Fund was
ranked 69 of 137 Intermediate Investment Grade Debt
Funds, according
to Lipper Analytical Services, Inc.**
</TABLE>
GROWTH OF $10,000 INVESTED IN FOUNTAIN SQUARE QUALITY
BOND
FUND
The graph below illustrates the hypothetical investment of
$10,000 in the Fountain Square Quality Bond Fund (the "Fund")
from November 20, 1992 to July 31, 1995 compared to the Lehman
Brothers Aggregate Bond Fund Index and Lipper Intermediate
Investment Grade Bond Fund Average.
GRAPHIC REPRESENTATION OMITTED. SEE APPENDIX B
AVERAGE ANNUAL TOTAL RETURN*** FOR
THE PERIOD ENDED JULY 31, 1995.
1 Year.................................................3.99%
Start of Performance (11/20/92)........................3.48%
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO WHEN
SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN
ORIGINAL COST. MUTUAL FUNDS ARE NOT OBLIGATIONS OF OR
GUARANTEED BY ANY BANK AND ARE NOT FEDERALLY INSURED.
* Represents a hypothetical investment of $10,000 in the
Fund after deducting the maximum sales charge of 4.50%
($10,000 investment minus $450 sales charge = $9,550). The
Fund's performance assumes the reinvestment of all dividends
and distributions. The Lehman Brothers Aggregate Bond Index
and Lipper Intermediat Investment Grade Bond Fund Average
have been adjusted to reflect the reinvestment of dividends
on securities in the Index and Average.
** Past performance does not guarantee future results. Lipper
rankings are based on total return and do not include the
effect of sales charges. For the year ended July 31, 1995,
the investment adviser and/or custodian, waived all or a
portion of their fees. Otherwise, total return would have
been lower.
*** Total return quoted reflects all applicable sales charge
and contingent deferred sales charges.
+ The Lehman Brothers Aggregate Bond Index is not adjusted
to reflect sales loads, expenses, or other fees that the
Securities and Exchange Commission requires to be
reflected in the Fund's performance. This index is
unmanaged.
++ The Lipper Intermediate Investment Grade Bond Fund Average
represents the average of the total returns reported by
all of the mutual funds designated by Lipper Analytical
Services, Inc. as falling into this category, and are not
adjusted to reflect any sales loads. Each Fund is reported
net of sales loads, expenses, or other fees that the
Securities and Exchange Commission requires to be
reflected in a fund's performance.
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PORTFOLIO - The bond market, and the Fund, fared well over the past
year. Interest
MANAGERS rates rose fairly significantly during the first half of
the Fund's
COMMENTARY fiscal year then fell to much lower levels during the
second half.
AND OUTLOOK - We adjusted the portfolio from a "barbell" structure
(with securities
weighted in the short-term and long-term) to a more
laddered approach
(with securities concentrated across the maturity
spectrum). We were,
therefore, able to take advantage of the change in the
difference
between short-term and long-term interest rates.
- Even though we believe a solid economic situation is
ahead, inflation
should remain in check. We are still neutral in our outlook
for the
normal valuation of the bond market.
</TABLE>
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
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INVESTMENT OBJECTIVE - The Fund's investment objective is to provide current
income exempt
from federal income tax and the personal income taxes
imposed by the
state of Ohio and Ohio municipalities.* The Fund invests
in a
portfolio of investment grade bonds that support
municipal projects
throughout the state of Ohio.
INVESTMENT - For the 12 months ended July 31, 1995, the Fund
distributed income of
PERFORMANCE $.421 per share, which contributed to the Fund's one-year
total return
of 7.02% on a no-load basis.
- With generally falling interest rates over the period,
the Fund's net
asset value per share grew from $9.75 to $9.99.
- The Fund's performance compares favorably to other
intermediate-term
municipal bond funds. For the year ended July 31, 1995,
the Fund was
ranked 2 of 11 Ohio Intermediate Municipal Debt Funds,
according to
Lipper Analytical Services, Inc.***
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GROWTH OF $10,000 INVESTED IN FOUNTAIN SQUARE OHIO TAX FREE
BOND FUND
The graph below illustrates the hypothetical investment of
$10,000 in the Fountain Square Ohio Tax Free Bond Fund (the
"Fund") from May 27, 1993 to July 31, 1995 compared to the
Lehman Brothers 5 Year Municipal Growth Index and the Lipper
Ohio Municipal Fund Average.
GRAPHIC REPRESENTATION OMITTED. SEE APPENDIX C
AVERAGE ANNUAL TOTAL RETURN**** FOR
THE PERIOD ENDED JULY 31, 1995.
1 Year..............................................2.20%
Start of Performance (5/27/93)......................1.91%
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO WHEN
SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN
ORIGINAL COST. MUTUAL FUNDS ARE NOT OBLIGATIONS OF OR
GUARANTEED BY ANY BANK AND ARE NOT FEDERALLY INSURED.
* Income may be subject to the federal alternative minimum
tax.
** Represents a hypothetical investment of $10,000 in the
Fund after deducting the maximum
sales charge of 4.50% ($10,000 investment minus $450 sales
charge = $9,550). The Fund's performance assumes the
reinvestment of all dividends and distributions. The Lehman
Brothers 5 Year Municipal Growth Index and Lipper Ohio
Municipal Fund Average have been adjusted to reflect the
reinvestment of all dividends on securities in the Index and
Average.
*** Past performance does not guarantee future results.
Lipper rankings are based on total return and do not
include the effect of sales charges. For the year ended
July 31, 1995, the investment adviser and/or custodian
waived all or a portion of their fees. Otherwise, total
return would have been lower.
**** Total return quoted reflects all applicable sales charges
and contingent deferred sales charges.
+ The Lehman Brothers 5 Year Municipal Growth Index is not
adjusted to reflect sales loads, expenses, or other fees
that the Securities and Exchange Commission requires to
be reflected in the Fund's performance. This index is
unmanaged.
++ The Lipper Ohio Municipal Fund Average represents the
average of the total returns reported by all of the
mutual funds designated by Lipper Analytical Services,
Inc. as falling into this category, and are not adjusted
to reflect any sales loads. Each Fund is reported net of
sales loads, expenses, or other fees that the Securities
and Exchange Commission requires to be reflected in a
fund's performance.
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PORTFOLIO - The bond market, and the Fund, fared well over the past
year. Interest
MANAGERS rates rose fairly significantly during the first half of
the Fund's
COMMENTARY fiscal year then fell to much lower levels during the
second half.
AND OUTLOOK - Discussion about eliminating the tax advantages of
municipal bonds in
the Congressional Budget Committee's Flat Tax Proposal
caused some worry
in the minds of many municipal bond investors earlier
this year and
contributed to some price fluctuations in the market. We
are fairly
confident, however, that this part of any tax reform will
not pass and
that municipals will retain their tax-advantaged status
for the
foreseeable future.
- Our conservative management style called for maintaining
the Fund's
intermediate 5-year average duration.
- We believe a solid economic situation is ahead with a
continuing low
rate of inflation and perhaps lower interest rates, both of
which are
positive for the Fund.
</TABLE>
FOUNTAIN SQUARE QUALITY GROWTH FUND
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<S> <C>
INVESTMENT OBJECTIVE - The Fund's investment objective is to provide growth of
capital.
Income is a secondary objective. The Fund invests in a
diversified
portfolio of common stocks of high-quality companies.
INVESTMENT - For the 12 months ended July 31, 1995, the Fund
distributed income of
PERFORMANCE $.14 per share, which contributed to the Fund's one-year
total return of
23.21% on a no-load basis.
- For the 12 months ended July 31, 1995, the Fund's net
asset value per
share increased from $9.70 to $11.79.
- The Fund's performance compares favorably to other growth
funds. For
the year ended July 31, 1995, the Fund was ranked 258 of
524 Growth
Funds, according to Lipper Analytical Services, Inc.**
</TABLE>
GROWTH OF $10,000 INVESTED IN FOUNTAIN SQUARE QUALITY GROWTH
FUND
The graph below illustrates the hypothetical investment of
$10,000 in the Fountain Square Quality Growth Fund (the
"Fund") from November 20, 1992 to July 31, 1995 compared to
the Standard & Poor's Barra Growth Index and the Lipper Growth
Fund Average.
GRAPHIC REPRESENTATION OMITTED. SEE APPENDIX D
AVERAGE ANNUAL TOTAL RETURN*** FOR
THE PERIOD ENDED JULY 31, 1995.
1 Year.........................................17.63%
Start of Performance (11/20/92)................5.96%
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO WHEN
SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN
ORIGINAL COST. MUTUAL FUNDS ARE NOT OBLIGATIONS OF OR
GUARANTEED BY ANY BANK AND ARE NOT FEDERALLY INSURED.
* Represents a hypothetical investment of $10,000 in the
Fund after deducting the maximum
sales charge of 4.50% ($10,000 investment minus $450 sales
charge = $9,550). The Fund's performance assumes the
reinvestment of all dividends and distributions. The Standard
& Poor's Barra Growth Index and Lipper Growth Fund Average
have been readjusted to reflect reinvestment of dividends on
securities in the Index and Average.
** Past performance does not guarantee future results. Lipper
rankings are based on total return and do not include the
effect of sales charges. For the year ended July 31, 1995,
the investment adviser and/or custodian, waived all or a
portion of their fees. Otherwise, total return would have
been lower.
*** Total return quoted reflects all applicable sales charges
and contingent deferred sales charges.
+ The Standard & Poor's Barra Growth Index is not adjusted
to reflect sales loads, expenses, or other fees that the
Securities and Exchange Commission requires to be
reflected in the Fund's performance. This index is
unmanaged.
++ The Lipper Growth Fund Average represents the average of
the total returns reported by all of the mutual funds
designated by Lipper Analytical Services, Inc. as falling
into this category, and are not adjusted to reflect any
sales loads. Each Fund is reported net of sales loads,
expenses, or other fees that the Securities and Exchange
Commission requires to be reflected in a fund's
performance.
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PORTFOLIO - We see attractive investment opportunities in companies
that continue
MANAGER'S to show strong profits, that are cost-efficient providers
and that can
COMMENTARY compete globally.
AND OUTLOOK - We are continuing to emphasize companies in the capital
goods,
transportation and technology sectors, adding such
companies as: Intel
and General Electric Co.
- Our decision early in the year to continue to stay away
from the
consumer cyclical, utility and consumer staple sectors
helped avoid the
results of weak performance in these sectors.
- We are continuing to search for companies with strong new
product
cycles with significant revenue from recurring sources like
those found
in the technology sector, an area where the Fund has
benefited from
continuing positive results.
</TABLE>
FOUNTAIN SQUARE MID CAP FUND
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<S> <C>
INVESTMENT OBJECTIVE - The Fund's investment objective is to provide growth of
capital.
Income is a secondary objective. The Fund invests primarily
in equity
securities of medium-sized companies with a market
capitalization
between $100 million and $3 billion.
INVESTMENT - For the 12 months ended July 31, 1995, the Fund
distributed income of
PERFORMANCE $.080 per share, which contributed to its one-year total
return of
25.45% on a no-load basis.
- For the 12 months ended July 31, 1995, the Fund's net
asset value per
share increased from $10.10 to $12.59.
- The Fund's performance compares reasonably to other mid
cap funds. For
the year ended July 31, 1995, the Fund was ranked 53 of
87 Mid Cap
Funds, according to Lipper Analytical Services, Inc.**
</TABLE>
GROWTH OF $10,000 INVESTED IN FOUNTAIN SQUARE MID CAP FUND
The graph below illustrates the hypothetical investment of
$10,000 in the Fountain Square Mid Cap Fund (the "Fund") from
November 20, 1992 to July 31, 1995 compared to the Standard &
Poor's Mid Cap 400 Index and the Lipper Mid Cap Fund Average.
GRAPHIC REPRESENTATION OMITTED. SEE APPENDIX E
AVERAGE ANNUAL TOTAL RETURN*** FOR
THE PERIOD ENDED JULY 31, 1995.
1 Year............................................19.76%
Start of Performance (11/20/92)...................7.79%
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO WHEN
SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN
ORIGINAL COST. MUTUAL FUNDS ARE NOT OBLIGATIONS OF OR
GUARANTEED BY ANY BANK AND ARE NOT FEDERALLY INSURED.
* Represents a hypothetical investment of $10,000 in the
Fund after deducting the maximum
sales charge of 4.50% ($10,000 investment minus $450 sales
charge = $9,550). The Fund's performance assumes the
reinvestment of all dividends and distributions. The Standard
& Poor's Mid Cap 400 Index and Lipper Mid Cap Fund Average
have been adjusted to reflect reinvestment of dividends on
securities in the Index and Average.
** Past performance does not guarantee future results. Lipper
rankings are based on total return and do not include the
effect of sales charges. For the year ended July 31, 1995,
the investment adviser and/or custodian waived all or a
portion of their fees. Otherwise, total return would have
been lower.
*** Total return quoted reflects all applicable sales charges
and contingent deferred sales charges.
+ The Standard & Poor's Mid Cap 400 Index is not adjusted to
reflect sales loads, expenses, or other fees that the
Securities and Exchange Commission requires to be
reflected in the Fund's performance. This index is
unmanaged.
++ The Lipper Mid Cap Fund Average represents the average of
the total returns reported by all of the mutual funds
designated by Lipper Analytical Services, Inc. as falling
into this category, and are not adjusted to reflect any
sales loads. Each Fund is reported net of sales loads,
expenses, or other fees that the Securities and Exchange
Commission requires to be reflected in a fund's
performance.
<TABLE>
<S> <C>
PORTFOLIO - We see attractive investment opportunities in companies
that continue
MANAGER'S to show strong profits, that are cost-efficient providers
and that can
COMMENTARY compete globally.
AND OUTLOOK - The capital goods sector continues to be attractive for
the Fund.
During the year, we added such companies as Adaptec,
Electronics for
Imaging, Diebold, and DSC Communications Corp.
- We significantly increased investments in the technology
sector
investing in companies with strong product cycles and
recurring sources
of revenues. These companies include Vishay
Intertechnologies and
Adaptec.
- Our decision early in the year to continue to stay away
from the
consumer cyclical, utility and consumer staple sectors
helped avoid the
results of weak performance in these sectors.
</TABLE>
FOUNTAIN SQUARE BALANCED FUND
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<S> <C>
INVESTMENT OBJECTIVE - The Fund's investment objective is to seek long-term
capital
appreciation. The Fund emphasizes equity exposure for
growth and
intermediate bond exposure for relative stability and
current income.
Because the Fund's manager believes that stocks should be
stronger
performers for the long-term, the asset allocation of the
Fund is
currently 70% equities and 30% fixed income securities.
INVESTMENT - The Fund's net asset value per share grew from $9.70 at
July 31, 1994
PERFORMANCE to $11.28 on July 31, 1995, which contributed to its one-
year total
return of 19.37% on a no-load basis.
- Included in that total return was a $.280 per share
distribution of
income.
- The Fund's performance places it within the top 10% of
all balanced
funds. For the year ended July 31, 1995, the Fund was
ranked 16 of 177
Balanced Funds, according to Lipper Analytical Services,
Inc..**
</TABLE>
GROWTH OF $10,000 INVESTED IN FOUNTAIN SQUARE BALANCED FUND
The graph below illustrates the hypothetical investment of
$10,000 in the Fountain Square Balanced Fund (the "Fund") from
November 20, 1992 to July 31, 1995 compared to the Standard &
Poor's Barra Growth Index, Lehman Brothers Aggregate Bond
Index and the Lipper Balanced Fund Average.
GRAPHIC REPRESENTATION OMITTED. SEE APPENDIX F
AVERAGE ANNUAL TOTAL RETURN*** FOR
THE PERIOD ENDED JULY 31, 1995.
1 Year............................................13.97%
Start of Performance (11/20/92)...................5.56%
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO WHEN
SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN
ORIGINAL COST. MUTUAL FUNDS ARE NOT OBLIGATIONS OF OR
GUARANTEED BY ANY BANK AND ARE NOT FEDERALLY INSURED.
* Represents a hypothetical investment of $10,000 in the
Fund after deducting the maximum
sales charge of 4.50% ($10,000 investment minus $450 sales
charge = $9,550). The Fund's performance assumes the
reinvestment of all dividends and distributions. The Standard
& Poor's Barra Growth Index, Lehman Brothers Aggregate Bond
Index and Lipper Balanced Fund Average have been adjusted to
reflect reinvestment of dividends on securities in the Indices
and the Average.
** Past performance does not guarantee future results. Lipper
rankings are based on total return and do not include the
effect of sales charges. For the year ended July 31, 1995,
the investment adviser and/or custodian waived all or a
portion of their fees. Otherwise, total return would have
been lower.
*** Total return quoted reflects all applicable sales charges
and contingent deferred sales charges.
+ The Standard & Poor's Barra Growth Index and Lehman
Brothers Aggregate Bond Index are not adjusted to reflect
sales loads, expenses, or other fees that the Securities
and Exchange Commission requires to be reflected in the
Fund's performance. These indices are unmanaged.
++ The Lipper Balanced Fund Average represents the average of
the total returns reported by all of the mutual funds
designated by Lipper Analytical Services, Inc. as falling
into this category, and are not adjusted to reflect any
sales loads. Each Fund is reported net of sales loads,
expenses, or other fees that the Securities and Exchange
Commission requires to be reflected in a fund's
performance.
<TABLE>
<S> <C>
PORTFOLIO - We adjusted the Fund's bond allocation to 27.5% of its
assets to take
MANAGER'S advantage of our expectation that interest rates will
remain steady
COMMENTARY and, in fact, may even decline slightly.
AND OUTLOOK - To take advantage of growth opportunities in the equity
markets, we
have increased the Fund's equity holdings to 68.1% of the
portfolio. The
remaining 4.4% of the Fund's assets are in cash.
- We see attractive investment opportunities in companies
that continue
to show strong profits, that are cost-efficient providers
and that can
compete globally.
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
<TABLE>
<S> <C>
INVESTMENT OBJECTIVE - The investment objective of the Fund is to seek long-term
capital
appreciation. The Fund invests primarily in equity
securities of
non-U.S. issuers.
INVESTMENT - Since the Fund's inception on August 19, 1994, it has
provided a total
PERFORMANCE return of (1.70%) on a no-load basis.
- The Fund lagged the Morgan Stanley Capital International
EAFE (Europe,
Australia and the Far East) Index** as foreign currencies
moved
against positions placed in the Fund.
- Effective July 1, 1995, Francine Bovich became a
portfolio manager of
the Fund.
</TABLE>
GROWTH OF $10,000 INVESTED IN FOUNTAIN SQUARE INTERNATIONAL
EQUITY FUND
The graph below illustrates the hypothetical investment of
$10,000 in the Fountain Square International Equity Fund (the
"Fund") from August 19, 1994 to July 31, 1995 compared to the
Morgan Stanley Capital International EAFE Index.
GRAPHIC REPRESENTATION OMITTED. SEE APPENDIX G
CUMULATIVE TOTAL RETURN*** FOR
THE PERIOD ENDED JULY 31, 1995.
Start of Performance (8/19/94)........... (6.11%)
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR
INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO WHEN
SHARES ARE REDEEMED, THEY MAY BE WORTH MORE OR LESS THAN
ORIGINAL COST. MUTUAL FUNDS ARE NOT OBLIGATIONS OF OR
GUARANTEED BY ANY BANK AND ARE NOT FEDERALLY INSURED.
* Represents a hypothetical investment of $10,000 in the
Fund after deducting the maximum sales charge of 4.50%
($10,000 investment minus $450 sales charge = $9,550). The
Fund's performance assumes the reinvestment of all
dividends and distributions.
** This index is unmanaged.
*** Total return quoted reflects all applicable sales charges
and contingent deferred sales charges.
+ The Morgan Stanley Capital International EAFE Index is not
adjusted to reflect sales loads, expenses or other fees
that the Securities and Exchange Commission requires to be
reflected in the Fund's performance. The Morgan Stanley
Capital International EAFE Index has been readjusted to
reflect the reinvestment of dividends on securities in the
Index.
<TABLE>
<S> <C>
PORTFOLIO - Weakness in the Latin American economy, and specifically
the Mexican
MANAGER'S Peso, created a negative situation for the Fund.
COMMENTARY - The Japanese financial markets, weakened by a slow
economy and
AND OUTLOOK challenges in that country's banking industry, performed
sluggishly
over the past year.
- Toward the end of the fiscal year, the Japanese markets
improved when
announcements that the banking crisis may be resolved
caused favorable
reactions in the financial markets. European currencies
are
strengthening, despite a continuing sluggish economy.
- We expect that, as the domestic economy slows, the
international
markets should show relatively stronger performance.
</TABLE>
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
VALUE
- ---------- ------------------------------------------------------------------
- -- -----------
<C> <S>
<C>
GOVERNMENT SECURITIES--78.4%
- --------------------------------------------------------------------------------
- --
GOVERNMENT AGENCIES--29.4%
------------------------------------------------------------------
- --
$ 387,000 Federal Farm Credit Bank, 6.56%, 12/23/1999
$ 389,868
------------------------------------------------------------------
- --
1,000,000 Federal Home Loan Bank, 7.64%, (Callable 11/8/1998 @ 100),
5/8/2002 1,032,056
------------------------------------------------------------------
- --
500,000 Federal Home Loan Bank, 7.69%, 12/16/1996
512,067
------------------------------------------------------------------
- --
400,000 Federal Home Loan Bank, 7.81%, 7/17/1996
407,433
------------------------------------------------------------------
- --
500,000 Federal Home Loan Mortgage Corp., Debenture, 6.16%,
(Callable 3/29/1996 @ 100), 3/29/2000
492,220
------------------------------------------------------------------
- --
1,000,000 Federal Home Loan Mortgage Corp., Debenture, 6.50%,
(Callable 6/8/1998 @ 100), 6/8/2000
998,251
------------------------------------------------------------------
- --
1,000,000 Federal Home Loan Mortgage Corp., 6.99%, (Callable 5/24/1999 @
100),
5/24/2002
1,005,766
------------------------------------------------------------------
- --
1,000,000 Federal Home Loan Mortgage Corp., 7.37%, (Callable 4/13/1998 @
100),
4/13/2000
1,024,808
------------------------------------------------------------------
- --
1,000,000 Tennessee Valley Authority, 6.00%, (Callable 10/6/1995 @ 101),
1/15/1997
995,862
------------------------------------------------------------------
- --
515,000 Tennessee Valley Authority, 6.25%, (Callable 8/1/1995 @ 103),
8/1/1999
511,421
------------------------------------------------------------------
- -- -----------
Total
7,369,752
------------------------------------------------------------------
- -- -----------
U.S. TREASURY NOTES--49.0%
------------------------------------------------------------------
- --
500,000 5.875%, 6/30/2000
493,593
------------------------------------------------------------------
- --
500,000 6.125%, 5/15/1998
501,563
------------------------------------------------------------------
- --
500,000 6.25%, 5/31/2000
500,781
------------------------------------------------------------------
- --
1,000,000 7.50%, 1/31/1996
1,008,750
------------------------------------------------------------------
- --
1,500,000 7.75%, 11/30/1999
1,587,655
------------------------------------------------------------------
- --
600,000 7.75%, 1/31/2000
636,000
------------------------------------------------------------------
- --
7,000,000 7.875%, 8/15/2001
7,553,433
------------------------------------------------------------------
- -- -----------
Total
12,281,775
------------------------------------------------------------------
- -- -----------
TOTAL GOVERNMENT SECURITIES (IDENTIFIED COST, $18,924,492)
19,651,527
------------------------------------------------------------------
- -- -----------
MORTGAGE-BACKED SECURITIES--17.9%
- --------------------------------------------------------------------------------
- --
GOVERNMENT AGENCIES--1.6%
------------------------------------------------------------------
- --
398,745 Federal Home Loan Mortgage Corp., REMIC Series 1536-B, 5.50%,
7/15/2000
397,067
------------------------------------------------------------------
- -- -----------
PRIVATE LABEL CMOS--16.3%
------------------------------------------------------------------
- --
1,000,000 Collateralized Mortgage Trust, Series 63E, 9.00%, 9/20/1999
1,017,210
------------------------------------------------------------------
- --
3,000,000 Merrill Lynch Trust, Series 49-G, 9.50%, 11/20/2000
3,068,190
------------------------------------------------------------------
- -- -----------
Total
4,085,400
------------------------------------------------------------------
- -- -----------
TOTAL MORTGAGE-BACKED SECURITIES (IDENTIFIED COST, $4,526,218)
4,482,467
------------------------------------------------------------------
- -- -----------
</TABLE>
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
VALUE
- ---------- ------------------------------------------------------------------
- -- -----------
<C> <S>
<C>
*REPURCHASE AGREEMENT--2.2%
- --------------------------------------------------------------------------------
- --
$ 552,000 Nesbitt Burns, 5.82%, dated 7/31/1995, due 8/1/1995 (at amortized
cost)
$ 552,000
------------------------------------------------------------------
- -- -----------
TOTAL INVESTMENTS (IDENTIFIED COST, $24,002,710)
$24,685,994+
------------------------------------------------------------------
- -- -----------
</TABLE>
* The repurchase agreement is fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio.
+ The cost of investments for federal tax purposes amounts to $24,002,710. The
net unrealized appreciation of investments on a federal tax basis amounts to
$683,284, which is comprised of $743,873 appreciation and $60,589 depreciation
at July 31, 1995.
Note: The categories of investments are shown as a percentage of net assets
($25,054,052) at July 31, 1995.
The following abbreviations are used in this portfolio:
CMOs-- Collateralized Mortgage Obligations
REMIC-- Real Estate Mortgage Investment Conduit
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
ASSETS:
- --------------------------------------------------------------------------------
Investments in securities, at value (identified and tax cost, $24,002,710)
$24,685,994
- --------------------------------------------------------------------------------
Cash
428
- --------------------------------------------------------------------------------
Income receivable
420,494
- --------------------------------------------------------------------------------
Receivable for Fund shares sold
9,940
- --------------------------------------------------------------------------------
Deferred expenses
3,807
- --------------------------------------------------------------------------------
- -----------
Total assets
25,120,663
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Payable for Fund shares redeemed $52,505
- ----------------------------------------------------------------------
Payable to Administrator 4,246
- ----------------------------------------------------------------------
Accrued expenses 9,860
- ---------------------------------------------------------------------- -------
Total liabilities
66,611
- --------------------------------------------------------------------------------
- -----------
NET ASSETS for 2,565,532 shares of beneficial interest outstanding
$25,054,052
- --------------------------------------------------------------------------------
- -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital
$26,462,334
- --------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments
683,284
- --------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments
(2,130,752)
- --------------------------------------------------------------------------------
Undistributed net investment income
39,186
- --------------------------------------------------------------------------------
- -----------
Total Net Assets
$25,054,052
- --------------------------------------------------------------------------------
- -----------
NET ASSET VALUE and Redemption Proceeds Per Share:
($25,054,052 / 2,565,532 shares of beneficial interest outstanding)
$9.77
- --------------------------------------------------------------------------------
- -----------
COMPUTATION OF OFFERING PRICE:
- --------------------------------------------------------------------------------
Offering Price Per Share (100/95.5 of $9.77)*
$10.23
- --------------------------------------------------------------------------------
- -----------
</TABLE>
* See "What Shares Cost" in the prospectus.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
STATEMENT OF OPERATIONS
YEAR ENDED JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
<C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
- ----
Interest income
$1,643,297
- --------------------------------------------------------------------------------
- ----
EXPENSES:
- --------------------------------------------------------------------------------
- ----
Investment advisory fee $
134,241
- ---------------------------------------------------------------------
Administrative personnel and services fees
50,047
- ---------------------------------------------------------------------
Custodian fee
12,000
- ---------------------------------------------------------------------
Portfolio accounting, transfer and dividend disbursing agent
fees and expenses
28,122
- ---------------------------------------------------------------------
Directors'/Trustees' fees
822
- ---------------------------------------------------------------------
Auditing fees
13,066
- ---------------------------------------------------------------------
Legal fees
5,161
- ---------------------------------------------------------------------
Fund share registration costs
14,278
- ---------------------------------------------------------------------
Printing and postage
11,118
- ---------------------------------------------------------------------
Insurance premiums
4,429
- ---------------------------------------------------------------------
Miscellaneous
5,662
- --------------------------------------------------------------------- -------
- ----
Total expenses
278,946
- ---------------------------------------------------------------------
Deduct--
- ---------------------------------------------------------------------
Waiver of investment advisory fee $83,786
- -----------------------------------------------------------
Waiver of custodian fee 12,000
95,786
- ----------------------------------------------------------- ------- -------
- ----
Net expenses
183,160
- --------------------------------------------------------------------------------
- ---- ----------
Net investment income
$1,460,137
- --------------------------------------------------------------------------------
- ---- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------
- ----
Net realized gain (loss) on investments (identified cost basis)
(1,605,278)
- ---------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments
1,797,653
- --------------------------------------------------------------------- -------
- ----
Net realized and unrealized gain (loss) on investments
192,375
- --------------------------------------------------------------------------------
- ---- ----------
Change in net assets resulting from operations
$1,652,512
- --------------------------------------------------------------------------------
- ---- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR
ENDED JULY 31,
------------
- ----------------
1995
1994
------------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS:
- -----------------------------------------------------------------
OPERATIONS--
- -----------------------------------------------------------------
Net investment income $ 1,460,137
$ 1,732,397
- -----------------------------------------------------------------
Net realized gain (loss) on investment transactions ($1,051,313
and $61,328 net loss, respectively, as computed for federal tax
purposes)
(1,605,278) (425,609)
- -----------------------------------------------------------------
Change in unrealized appreciation (depreciation) of investments 1,797,653
(1,359,549)
- ----------------------------------------------------------------- ------------
- ------------
Change in net assets resulting from operations 1,652,512
(52,761)
- ----------------------------------------------------------------- ------------
- ------------
DISTRIBUTIONS TO SHAREHOLDERS--
- -----------------------------------------------------------------
Dividends to shareholders from net investment income
(1,463,462) (1,906,678)
- -----------------------------------------------------------------
Distributions to shareholders from net realized gain
on investment transactions --
(61,338)
- ----------------------------------------------------------------- ------------
- ------------
Change in net assets from distributions to shareholders
(1,463,462) (1,968,016)
- ----------------------------------------------------------------- ------------
- ------------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
- -----------------------------------------------------------------
Proceeds from sale of shares 7,373,786
19,743,676
- -----------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
dividends declared 1,306,051
1,898,774
- -----------------------------------------------------------------
Cost of shares redeemed
(12,922,004) (20,117,115)
- ----------------------------------------------------------------- ------------
- ------------
Change in net assets from Fund share transactions
(4,242,167) 1,525,335
- ----------------------------------------------------------------- ------------
- ------------
Change in net assets
(4,053,117) (495,442)
- -----------------------------------------------------------------
NET ASSETS:
- -----------------------------------------------------------------
Beginning of period 29,107,169
29,602,611
- ----------------------------------------------------------------- ------------
- ------------
End of period (including undistributed net investment income of
$39,186 and $42,511, respectively) $ 25,054,052
$ 29,107,169
- ----------------------------------------------------------------- ------------
- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on
page 93.
<TABLE>
<CAPTION>
YEAR ENDED
JULY 31,
----------------
- ---------------
1995
1994 1993*
------- ----
- --- -------
<S> <C> <C>
<C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.64
$10.21 $10.00
- ------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ------------------------------------------------------------
Net investment income 0.58
0.51 0.35
- ------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 0.13
(0.49) 0.13
- ------------------------------------------------------------ ----- ---
- --- ------
Total from investment operations 0.71
0.02 0.48
- ------------------------------------------------------------
LESS DISTRIBUTIONS
- ------------------------------------------------------------
Dividends to shareholders from net investment income (0.58)
(0.57) (0.27)
- ------------------------------------------------------------
Distributions to shareholders from net realized gain on
investment transactions --
(0.02) --
- ------------------------------------------------------------ ----- ---
- --- ------
Total distributions (0.58)
(0.59) (0.27)
- ------------------------------------------------------------ ----- ---
- --- ------
NET ASSET VALUE, END OF PERIOD $9.77
$9.64 $10.21
- ------------------------------------------------------------ ----- ---
- --- ------
TOTAL RETURN** 7.66%
0.11% 4.87%
- ------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ------------------------------------------------------------
Expenses 0.75%
0.75% 0.74%(b)
- ------------------------------------------------------------
Net investment income 5.98%
5.17% 5.36%(b)
- ------------------------------------------------------------
Expense waiver/reimbursement (a) 0.39%
0.18% 0.33%(b)
- ------------------------------------------------------------
SUPPLEMENTAL DATA
- ------------------------------------------------------------
Net assets, end of period (000 omitted) $25,054
$29,107 $29,603
- ------------------------------------------------------------
Portfolio turnover rate 115%
55% 23%
- ------------------------------------------------------------
</TABLE>
* Reflects operations for the period from November 20, 1992 (date of initial
public investment) to July 31, 1993.
** Based on net asset value, which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY BOND FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
VALUE
<C> <C> <S>
<C>
CORPORATE BONDS--19.6%
- --------------------------------------------------------------------------------
- ----
FINANCE--4.8%
--------------------------------------------------------------
- ----
$1,000,000 (a) Ford Motor Credit Corp., Floating Rate, Medium-Term Note,
6.52%,
8/7/1995
$ 969,832
--------------------------------------------------------------
- ----
1,500,000 Pitney Bowes Credit Corp., Debenture, 8.55%, (Putable
9/15/1999 @
100), 9/15/2009
1,684,557
--------------------------------------------------------------
- ---- -----------
Total
2,654,389
--------------------------------------------------------------
- ---- -----------
INDUSTRIAL--11.8%
--------------------------------------------------------------
- ----
1,550,000 Dow Chemical, 8.55%, (Putable 10/15/1999 @ 100), 10/15/2009
1,711,975
--------------------------------------------------------------
- ----
1,500,000 Motorola, Inc., 8.40%, (Putable 8/15/2001 @ 100), 8/15/2031
1,711,020
--------------------------------------------------------------
- ----
1,500,000 Nova Alberta Corp., 7.875%, 4/1/2023
1,533,106
--------------------------------------------------------------
- ----
1,600,000 Tele-Communications, Inc., 6.58%, (Putable 2/15/1999 @ 100),
2/15/2005
1,610,000
--------------------------------------------------------------
- ---- -----------
Total
6,566,101
--------------------------------------------------------------
- ---- -----------
INTERNATIONAL--0.2%
--------------------------------------------------------------
- ----
115,000 Deutsche Bank Financial, Medium-Term Note, 9.28%, 5/31/1999
124,726
--------------------------------------------------------------
- ---- -----------
TRANSPORTATION--0.2%
--------------------------------------------------------------
- ----
101,433 CSX Transportation Corp., 8.41%, 3/1/2006
111,788
--------------------------------------------------------------
- ---- -----------
UTILITIES--2.6%
--------------------------------------------------------------
- ----
1,500,000 Utilicorp United, 6.375%, (Putable 6/1/2000 @ 100), 6/1/2005
1,461,366
--------------------------------------------------------------
- ---- -----------
TOTAL CORPORATE BONDS (IDENTIFIED COST, $10,907,192)
10,918,370
--------------------------------------------------------------
- ---- -----------
MORTGAGE BACKED SECURITIES--27.7%
- --------------------------------------------------------------------------------
- ----
PRIVATE LABEL CMOS--3.1%
--------------------------------------------------------------
- ----
1,450,000 Merrill Lynch Trust, Series 49-G, 9.50%, 11/20/2000
1,482,958
--------------------------------------------------------------
- ----
250,000 Prudential Funding Corp., Series 14-F, 8.40%, 3/20/2005
255,185
--------------------------------------------------------------
- ---- -----------
Total
1,738,143
--------------------------------------------------------------
- ---- -----------
</TABLE>
FOUNTAIN SQUARE QUALITY BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
VALUE
<C> <C> <S>
<C>
MORTGAGE BACKED SECURITIES--CONTINUED
- --------------------------------------------------------------------------------
- ----
GOVERNMENT AGENCY CMOS--24.6%
--------------------------------------------------------------
- ----
$1,500,000 Federal Home Loan Mortgage Corp.,/Government National Mortgage
Assn. REMIC, Series G-2 CL E, 6.85%, 7/25/2018
$ 1,473,195
--------------------------------------------------------------
- ----
1,500,000 Federal Home Loan Mortgage Corp., Series 1315-H, 7.00%,
1/15/2021 1,494,510
--------------------------------------------------------------
- ----
1,750,000 Federal Home Loan Mortgage Corp., Series 1206-H, 7.00%,
3/15/2021 1,690,430
--------------------------------------------------------------
- ----
1,500,000 Federal Home Loan Mortgage Corp., Series 1379-G, 7.50%,
4/15/2021 1,497,225
--------------------------------------------------------------
- ----
25,449 Federal Home Loan Mortgage Corp., Passthrough, Series 27-2525,
8.00%, 8/1/2008
25,931
--------------------------------------------------------------
- ----
944,658 Federal Home Loan Mortgage Corp., Series 1143-H, 8.00%,
8/15/2019 951,743
--------------------------------------------------------------
- ----
13,698 Federal Home Loan Mortgage Corp., Passthrough, Series 38-0009,
9.50%, 10/1/2002
14,221
--------------------------------------------------------------
- ----
500,000 Federal National Mortgage Assoc., Series 1993-44PD, 5.50%,
1/25/2012
488,655
--------------------------------------------------------------
- ----
1,182,783 Federal National Mortgage Assoc., Series 1992-43B, 7.50%,
11/25/2018
1,188,331
--------------------------------------------------------------
- ----
1,500,000 Federal National Mortgage Assoc., Series 1992-73E, 7.50%,
5/25/2019
1,508,145
--------------------------------------------------------------
- ----
1,000,000 Federal National Mortgage Assoc., Series 1994-89X-J, 8.00%,
8/25/2008
1,019,531
--------------------------------------------------------------
- ----
432,438 Federal National Mortgage Assoc., Series 1991-140C, 8.50%,
5/25/2020
434,388
--------------------------------------------------------------
- ----
1,879,382 Federal National Mortgage Assoc., Series G-18H, 8.75%,
1/25/2007 1,914,564
--------------------------------------------------------------
- ---- -----------
Total
13,700,869
--------------------------------------------------------------
- ---- -----------
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST $15,308,083)
15,439,012
--------------------------------------------------------------
- ---- -----------
GOVERNMENT SECURITIES--47.4%
- --------------------------------------------------------------------------------
- ----
GOVERNMENT AGENCIES--26.5%
--------------------------------------------------------------
- ----
1,500,000 Federal Home Loan Bank, Debenture, 7.64%, (Callable 11/8/1998
@
100), 5/8/2002
1,548,084
--------------------------------------------------------------
- ----
1,500,000 Federal Home Loan Bank, Debenture, 7.70%, 12/16/1996
1,536,398
--------------------------------------------------------------
- ----
1,000,000 Federal Home Loan Bank, Debenture, 7.81%, 7/17/1996
1,018,583
--------------------------------------------------------------
- ----
500,000 Federal Home Loan Mortgage Corp., Debenture, 6.16%, (Callable
3/29/1996 @ 100), 3/29/2000
492,220
--------------------------------------------------------------
- ----
1,500,000 Federal Home Loan Mortgage Corp, Debenture, 6.99%, (Callable
5/24/1999 @ 100), 5/24/2002
1,508,649
--------------------------------------------------------------
- ----
3,000,000 Federal Home Loan Mortgage Corp., Debenture, 7.37%, (Callable
4/13/1998 @ 100), 4/13/2000
3,074,424
--------------------------------------------------------------
- ----
1,500,000 Federal Home Loan Mortgage Corp., Debenture, 7.54%, (Callable
5/31/2000 @ 100), 5/24/2010
1,511,767
--------------------------------------------------------------
- ----
1,500,000 Federal Home Loan Mortgage Corp., Debenture, 7.81%, (Callable
4/13/1999 @ 100), 4/13/2009
1,550,832
--------------------------------------------------------------
- ----
900,000 Federal National Mortgage Assoc., Debenture, 7.55%, (Callable
6/10/1999 @ 100), 6/10/2004
917,278
--------------------------------------------------------------
- ----
</TABLE>
FOUNTAIN SQUARE QUALITY BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
VALUE
<C> <C> <S>
<C>
GOVERNMENT SECURITIES--CONTINUED
- --------------------------------------------------------------------------------
- ----
GOVERNMENT AGENCIES--CONTINUED
--------------------------------------------------------------
- ----
$1,500,000 Federal National Mortgage Assoc., Medium-Term Notes, 8.05%,
(Callable 5/20/1997 @ 100), 5/20/2004
$ 1,540,230
--------------------------------------------------------------
- ----
75,374 Student Loan Marketing Association, 9.40%, 5/31/2002
86,999
--------------------------------------------------------------
- ---- -----------
Total
14,785,464
--------------------------------------------------------------
- ---- -----------
U.S. TREASURY NOTES--14.0%
--------------------------------------------------------------
- ----
750,000 6.25%, 5/31/2000
751,171
--------------------------------------------------------------
- ----
1,000,000 6.375%, 8/15/2002
1,001,250
--------------------------------------------------------------
- ----
1,500,000 7.25%, 5/15/2004
1,578,280
--------------------------------------------------------------
- ----
1,000,000 7.50%, 1/31/1996
1,008,750
--------------------------------------------------------------
- ----
2,000,000 7.875%, 4/15/1998
2,091,874
--------------------------------------------------------------
- ----
500,000 8.50%, 11/15/1995
503,907
--------------------------------------------------------------
- ----
231,000 8.50%, 2/15/2000
252,079
--------------------------------------------------------------
- ----
115,000 8.75%, 8/15/2000
127,578
--------------------------------------------------------------
- ----
231,000 9.00%, 5/15/1998
248,397
--------------------------------------------------------------
- ----
231,000 9.25%, 8/15/1998
251,285
--------------------------------------------------------------
- ---- -----------
Total
7,814,571
--------------------------------------------------------------
- ---- -----------
U.S. TREASURY BONDS--6.9%
--------------------------------------------------------------
- ----
3,440,000 8.00%, 11/15/2021
3,873,223
--------------------------------------------------------------
- ---- -----------
TOTAL GOVERNMENT SECURITIES (IDENTIFIED COST, $25,816,672)
26,473,258
--------------------------------------------------------------
- ---- -----------
*REPURCHASE AGREEMENT--9.7%
- --------------------------------------------------------------------------------
- ----
5,418,000 Nesbitt Burns, 5.82%, dated 7/31/1995, due 8/1/1995
(at amortized cost)
5,418,000
--------------------------------------------------------------
- ---- -----------
TOTAL INVESTMENTS (IDENTIFIED COST, $57,449,947)
$58,248,640+
--------------------------------------------------------------
- ---- -----------
</TABLE>
(a) Current rate and next reset date shown.
* The repurchase agreement is fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio.
+ The cost of investments for federal tax purposes amounts to $57,449,947. The
net unrealized appreciation of investments on a federal tax basis amounts to
$798,693, which is comprised of $1,080,769 appreciation and $282,076
depreciation at July 31, 1995.
Note: The categories of investments are shown as a percentage of net assets
($55,767,155) at July 31, 1995.
The following abbreviations are used in this portfolio:
CMOs--Collateralized Mortgage Obligations
REMIC--Real Estate Mortgage Investment Conduit
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
ASSETS:
- --------------------------------------------------------------------------------
- -
Investments in securities, at value (identified and tax cost, $57,449,947)
$58,248,640
- --------------------------------------------------------------------------------
- -
Cash
367
- --------------------------------------------------------------------------------
- -
Income receivable
802,563
- --------------------------------------------------------------------------------
- -
Receivable for investments sold
1,373
- --------------------------------------------------------------------------------
- -
Receivable for Fund shares sold
12,906
- --------------------------------------------------------------------------------
- -
Deferred expenses
4,670
- --------------------------------------------------------------------------------
- - -----------
Total assets
59,070,519
- --------------------------------------------------------------------------------
- -
LIABILITIES:
- --------------------------------------------------------------------------------
- -
Payable for investments purchased
$3,232,941
- --------------------------------------------------------------------
Payable for Fund shares redeemed
49,356
- --------------------------------------------------------------------
Accrued expenses
21,067
- -------------------------------------------------------------------- ---------
- -
Total liabilities
3,303,364
- --------------------------------------------------------------------------------
- - -----------
NET ASSETS for 5,740,097 shares of beneficial interest outstanding
$55,767,155
- --------------------------------------------------------------------------------
- - -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
- -
Paid-in capital
$58,047,370
- --------------------------------------------------------------------------------
- -
Net unrealized appreciation (depreciation) of investments
798,693
- --------------------------------------------------------------------------------
- -
Accumulated net realized gain (loss) on investments
(3,118,323)
- --------------------------------------------------------------------------------
- -
Undistributed net investment income
39,415
- --------------------------------------------------------------------------------
- - -----------
Total Net Assets
$55,767,155
- --------------------------------------------------------------------------------
- - -----------
NET ASSET VALUE, and Redemption Proceeds Per Share:
($55,767,155 / 5,740,097 shares of beneficial interest outstanding)
$9.72
- --------------------------------------------------------------------------------
- - -----------
COMPUTATION OF OFFERING PRICE:
- --------------------------------------------------------------------------------
- -
Offering Price Per Share (100/95.5 of $9.72)*
$10.18
- --------------------------------------------------------------------------------
- - -----------
</TABLE>
* See "What Shares Cost" in the prospectus.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY BOND FUND
STATEMENT OF OPERATIONS
YEAR ENDED JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
<C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
- ---
Interest income
$3,609,849
- --------------------------------------------------------------------------------
- ---
EXPENSES:
- --------------------------------------------------------------------------------
- ---
Investment advisory fee
$265,658
- -----------------------------------------------------------------------
Administrative personnel and services fee
53,404
- -----------------------------------------------------------------------
Custodian fee
12,000
- -----------------------------------------------------------------------
Portfolio accounting, transfer and dividend disbursing agent fees and
expenses
28,294
- -----------------------------------------------------------------------
Directors'/Trustees' fees
978
- -----------------------------------------------------------------------
Auditing fees
13,108
- -----------------------------------------------------------------------
Legal fees
2,515
- -----------------------------------------------------------------------
Fund share registration costs
12,958
- -----------------------------------------------------------------------
Printing and postage
9,667
- -----------------------------------------------------------------------
Insurance premiums
4,712
- -----------------------------------------------------------------------
Miscellaneous
3,934
- ----------------------------------------------------------------------- -----
- ---
Total expenses
407,228
- -----------------------------------------------------------------------
Deduct--
- -----------------------------------------------------------------------
Waiver of investment advisory fee $33,033
- -------------------------------------------------------------
Waiver of custodian fee 12,000
45,033
- ------------------------------------------------------------- ------- -----
- ---
Net expenses
362,195
- --------------------------------------------------------------------------------
- --- ----------
Net investment income
$3,247,654
- --------------------------------------------------------------------------------
- --- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------
- ---
Net realized gain (loss) on investments (identified cost basis)
(939,623)
- -----------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments
1,727,043
- ----------------------------------------------------------------------- -----
- ---
Net realized and unrealized gain (loss) on investments
787,420
- --------------------------------------------------------------------------------
- --- ----------
Change in net assets resulting from operations
$4,035,074
- --------------------------------------------------------------------------------
- --- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR
ENDED JULY 31,
--------------
- ---------------
1995
1994
------------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS:
- ---------------------------------------------------------------
OPERATIONS--
- ---------------------------------------------------------------
Net investment income $ 3,247,654
$ 2,633,885
- ---------------------------------------------------------------
Net realized gain (loss) on investments ($2,993,589 net loss
and $86,010 net gain, respectively, as computed for federal
tax purposes) (939,623)
(2,092,565)
- ---------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of
investments 1,727,043
(1,378,385)
- --------------------------------------------------------------- ------------
- ------------
Change in net assets resulting from operations 4,035,074
(837,065)
- --------------------------------------------------------------- ------------
- ------------
DISTRIBUTIONS TO SHAREHOLDERS--
- ---------------------------------------------------------------
Dividends to shareholders from net investment income (3,268,269)
(2,697,703)
- ---------------------------------------------------------------
Distributions to shareholders from net realized gain on
investment transactions --
(153,128)
- --------------------------------------------------------------- ------------
- ------------
Change in net assets from distributions to shareholders (3,268,269)
(2,850,831)
- --------------------------------------------------------------- ------------
- ------------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
- ---------------------------------------------------------------
Proceeds from sale of shares 17,744,121
22,977,402
- ---------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
distributions declared 2,400,187
2,373,604
- ---------------------------------------------------------------
Cost of shares redeemed (12,415,997)
(12,353,228)
- --------------------------------------------------------------- ------------
- ------------
Change in net assets from Fund share transactions 7,728,311
12,997,778
- --------------------------------------------------------------- ------------
- ------------
Change in net assets 8,495,116
9,309,882
- ---------------------------------------------------------------
NET ASSETS:
- ---------------------------------------------------------------
Beginning of period 47,272,039
37,962,157
- --------------------------------------------------------------- ------------
- ------------
End of period (including undistributed net investment income of
$39,415 and $60,030, respectively) $ 55,767,155
$ 47,272,039
- --------------------------------------------------------------- ------------
- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY BOND FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on
page 93.
<TABLE>
<CAPTION>
YEAR ENDED
JULY 31,
----------------
- ---------------
1995
1994 1993*
------- ----
- --- -------
<S> <C> <C>
<C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.55
$10.29 $10.00
- ------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ------------------------------------------------------------
Net investment income 0.64
0.57 0.41
- ------------------------------------------------------------
Net realized and unrealized gain (loss) on investments 0.17
(0.69) 0.26
- ------------------------------------------------------------ ------ ---
- --- ------
Total from investment operations 0.81
(0.12) 0.67
- ------------------------------------------------------------ ------ ---
- --- ------
LESS DISTRIBUTIONS
- ------------------------------------------------------------
Dividends to shareholders from net investment income (0.64)
(0.59) (0.38)
- ------------------------------------------------------------
Distributions to shareholders from net realized gain on
investment transactions --
(0.03) --
- ------------------------------------------------------------ ------ ---
- --- ------
Total distributions (0.64)
(0.62) (0.38)
- ------------------------------------------------------------ ------ ---
- --- ------
NET ASSET VALUE, END OF PERIOD $9.72
$9.55 $10.29
- ------------------------------------------------------------ ------ ---
- --- ------
TOTAL RETURN** 8.89%
(1.25%) 6.78%
- ------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ------------------------------------------------------------
Expenses 0.75%
0.75% 0.74%(b)
- ------------------------------------------------------------
Net investment income 6.72%
5.76% 6.07%(b)
- ------------------------------------------------------------
Expense waiver/reimbursement (a) 0.09%
0.11% 0.23%(b)
- ------------------------------------------------------------
SUPPLEMENTAL DATA
- ------------------------------------------------------------
Net assets, end of period (000 omitted) $55,767
$47,272 $37,962
- ------------------------------------------------------------
Portfolio turnover rate 138%
112% 19%
- ------------------------------------------------------------
</TABLE>
* Reflects operations for the period from November 20, 1992 (date of initial
public investment) to July 31, 1993.
** Based on net asset value, which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL
MOODY'S
AMOUNT OR
S&P* VALUE
- ----------- ------------------------------------------------------- --------
- ---- -----------
<C> <S> <C>
<C>
MUNICIPAL SECURITIES--94.3%
- ---------------------------------------------------------------------
OHIO--94.3%
-------------------------------------------------------
$ 500,000 Akron, OH, LT GO Bonds, (MBIA Insured), 5.60%,
(Callable 12/1/2004 @ 102), 12/1/2006 AAA
$ 517,790
-------------------------------------------------------
100,000 Bedford, OH, City School District, (Series 1993),
4.70%, 12/1/1999 A
100,227
-------------------------------------------------------
100,000 Bedford, OH, City School District, 5.50%,
(Callable 12/1/2003 @ 101), 12/1/2006 A
100,281
-------------------------------------------------------
500,000 Cincinnati, OH, UT GO Bonds, 4.60%, 12/1/2004 AA+
483,025
-------------------------------------------------------
200,000 Cincinnati, OH, City School District, RANs, 5.60%,
6/15/1997 A+
204,436
-------------------------------------------------------
400,000 Cincinnati, OH, City School District, TANs, 5.30%,
2/1/1997 A
407,028
-------------------------------------------------------
500,000 Cincinnati, OH, City School District, TANs, 5.40%,
12/1/1996 A-
507,475
-------------------------------------------------------
200,000 Clermont County, OH, Refunding UT GO Bonds, Building &
Road Improvements, (AMBAC Insured), 4.90%, 9/1/2001 Aaa
203,568
-------------------------------------------------------
165,000 Clermont County, OH, Hospital Facilities Revenue Bonds,
(Series A)/(Mercy Health System)/(MBIA Insured), 4.85%,
1/1/2000 Aaa
166,363
-------------------------------------------------------
500,000 Clermont County, OH, LT GO Bonds, (Court House
Project)/(AMBAC Insured), 4.30%, 12/1/1998 AAA
501,665
-------------------------------------------------------
400,000 Clermont County, OH, Sewer System, Refunding Revenue
Bonds, (AMBAC Insured), 4.60%, (Callable 12/1/2003 @
102), 12/1/2004 Aaa
383,544
-------------------------------------------------------
500,000 Cleveland, OH, LT GO Refunding Bonds, 4.90%, 9/1/2002 Aaa
506,545
-------------------------------------------------------
300,000 Columbus, OH, UT GO Bonds, (Series D), 4.55%, 9/15/1999 AA+
303,921
-------------------------------------------------------
100,000 Columbus, OH, Refunding Sewer Revenue Bonds, 5.40%,
6/1/1998 AA-
103,087
-------------------------------------------------------
500,000 Columbus, OH, Water System Refunding Revenue Bonds,
5.75%, 11/1/2000 AA-
527,940
-------------------------------------------------------
500,000 Columbus, OH, City School District, UT GO Bonds,
Refunding Revenue Bonds, (FGIC Insured), 4.45%,
12/1/1998 Aaa
503,975
-------------------------------------------------------
500,000 Columbus, OH, Refunding LT GO Bonds, 5.15%, (Callable
9/15/2003 @ 102), 9/15/2004 AA+
512,030
-------------------------------------------------------
480,000 Cuyahoga County, OH, Hospital Revenue Bonds, (Cleveland
Clinic Foundation), 5.50%, (Original Issue Discount
Yield: 5.60%), 11/5/1999 A+
494,155
-------------------------------------------------------
500,000 Cuyahoga County, OH, UT GO Bonds, 4.50%, 10/1/2000 A1
486,930
-------------------------------------------------------
</TABLE>
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL
MOODY'S
AMOUNT OR
S&P* VALUE
- ----------- ------------------------------------------------------- --------
- ---- -----------
<C> <S> <C>
<C>
MUNICIPAL SECURITIES--CONTINUED
- ---------------------------------------------------------------------
OHIO--CONTINUED
-------------------------------------------------------
$ 405,000 Cuyahoga Falls, OH, Refunding LT GO Bonds, 5.15%,
(Callable, 12/1/2005 @ 102), 12/1/2006 AAA
$ 398,823
-------------------------------------------------------
500,000 Delaware County, OH, LT GO Bonds, (Sewer Projects),
5.35%, 12/1/2007 AA
500,380
-------------------------------------------------------
150,000 Dublin, OH, City School District, UT GO Bonds,
(AMBAC Insured), 5.25%, 12/1/2000 Aaa
154,984
-------------------------------------------------------
150,000 Dublin, OH, City School District, Refunding UT GO
Bonds, (FGIC Insured), 5.95%, 12/1/2002 Aaa
160,929
-------------------------------------------------------
245,000 Franklin County, OH, LT GO Bonds, Refunding Revenue
Bonds, 4.95%, (Callable 12/1/2003 @ 102), 12/1/2004 Aaa
246,256
-------------------------------------------------------
500,000 Franklin County, OH, Hospital Revenue Bonds, (Riverside
United Methodist), 5.30%, (Original Issue Discount
Yield: 5.40%), 5/15/2002 Aa
506,205
-------------------------------------------------------
500,000 Hamilton County, OH, Electric System, Refunding Revenue
Bonds, (Series A)/(FGIC Insured), 4.75%, 10/15/1997 Aaa
508,445
-------------------------------------------------------
500,000 Hamilton County, OH, Sewer System, Refunding Revenue &
Improvement Bonds, (FGIC Insured), 3.90%, 12/1/1996 Aaa
501,650
-------------------------------------------------------
200,000 Hamilton County, OH, City School District, Energy
Conservation Notes, 4.60%, 9/1/2000 A-
199,992
-------------------------------------------------------
500,000 Hamilton County, OH, LT GO Bonds, 5.00%, 12/1/2002 Aa
510,425
-------------------------------------------------------
200,000 Hilliard, OH, School District, Refunding UT GO Bonds,
(FGIC Insured), 5.50%, 12/1/1997 Aaa
206,248
-------------------------------------------------------
500,000 Huron County, OH, LT GO Bonds, 7.00%, (Callable
12/1/2000 @ 100), 12/1/2009 A
555,220
-------------------------------------------------------
500,000 Kettering, OH, Refunding UT GO Bonds, 4.30%, 12/1/1998 Aa
501,665
-------------------------------------------------------
200,000 Kettering, OH, Refunding LT GO Bonds, 4.50%, 12/1/1999 Aa
201,004
-------------------------------------------------------
200,000 Kettering, OH, Refunding UT GO Bonds, 4.90%, 12/1/2002 Aa
201,456
-------------------------------------------------------
500,000 Lucas County, OH, LT GO Bonds, (Series 1)/
(AMBAC Insured), 5.05%, 12/1/1999 AAA
513,060
-------------------------------------------------------
505,000 Mahoning County, OH, LT GO Bonds, (MBIA Insured),
5.70%, (Original Issue Discount Yield: 5.75%)/
(Callable 12/1/2004 @ 101), 12/1/2007 AAA
524,619
-------------------------------------------------------
10,000 Marysville, OH, UT GO Bonds, (AMBAC Insured), 3.70%,
12/1/1996 Aaa
9,997
-------------------------------------------------------
100,000 Montgomery County, OH, Sewer Revenue Bonds,
(Greater Moraine-Beaver Creek), 4.90%, 9/1/2001 Aaa
101,254
-------------------------------------------------------
500,000 Montgomery County, OH, Refunding LT GO Bonds, 4.90%,
9/1/2002 AA
506,545
-------------------------------------------------------
100,000 Ohio State, UT GO Bonds, 5.10%, 8/1/1996 AA
101,429
-------------------------------------------------------
</TABLE>
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL
MOODY'S
AMOUNT OR
S&P* VALUE
- ----------- ------------------------------------------------------- --------
- ---- -----------
<C> <S> <C>
<C>
MUNICIPAL SECURITIES--CONTINUED
- ---------------------------------------------------------------------
OHIO--CONTINUED
-------------------------------------------------------
$ 500,000 Ohio State, UT GO Bonds, 5.90% (Callable 8/1/2005
@ 102), 8/1/2006 AA
$ 534,660
-------------------------------------------------------
500,000 Ohio State, Refunding UT GO Bonds, 5.15%, 9/1/2001 AA
516,835
-------------------------------------------------------
350,000 Ohio State Air Quality Development Authority,
(Buckeye Power, Inc.), 4.70%, 8/1/2000 AA
344,040
-------------------------------------------------------
450,000 Ohio State Air Quality Development Authority, Refunding
Revenue Bonds, (Buckeye Power, Inc.), 4.90%, 8/1/2002 AA
440,357
-------------------------------------------------------
250,000 Ohio State Building Authority, (State Correctional
Facilities Project), 4.10%, 10/1/1995 A+
250,198
-------------------------------------------------------
300,000 Ohio State Building Authority, (State Correctional
Facilities Project)/(Series A), 4.40%, 10/1/1996 A+
302,019
-------------------------------------------------------
250,000 Ohio State Building Authority, (State Correctional
Facilities Project), 5.65%, (Callable 10/1/2004 @ 101),
10/1/2007 AAA
258,560
-------------------------------------------------------
400,000 Ohio State Building Authority, (State Facilities
Administration Building)/(Series A)/(MBIA Insured),
5.85%, (Original Issue Discount Yield: 5.95%)/(Callable
10/1/2004 @ 102), 10/1/2007 AAA
420,396
-------------------------------------------------------
400,000 Ohio State Building Authority, (State Facilities
Administration Building)/(Series A)/(MBIA Insured),
6.00%, (Original Issue Discount Yield: 6.05%)/(Callable
10/1/2004 @ 102), 10/1/2008 AAA
421,264
-------------------------------------------------------
500,000 Ohio State Public Common Facilities, Higher Educational
Facilities, (Series 11-A), 5.20%, (Callable 5/1/2005 @
100), 5/1/2007 AAA
495,625
-------------------------------------------------------
100,000 Ohio State Public Common Facilities, Higher Educational
Facilities, (Series 11-A), 5.50%, 12/1/1999 A+
104,250
-------------------------------------------------------
500,000 Ohio State Public Common Facilities, Higher Educational
Facilities, 5.50%, (Callable 12/1/2001 @ 102),
12/1/2003 AAA
521,325
-------------------------------------------------------
200,000 Ohio State Public Common Facilities, Mental Health
Facilities, (Series 11-A), 6.30%, (Callable 12/1/2000 @
102), 12/1/2002 AAA
218,246
-------------------------------------------------------
500,000 Ohio State Public Common Facilities, Refunding Revenue
Bonds, (Mental Health Facilities Project)/(FSA
Insured), 4.30%, 6/1/2003 AAA
474,090
-------------------------------------------------------
475,000 Ohio State University, General Receipts Bonds,
(Series A-1 & A-2), 4.85%, 12/1/1998 AA-
483,650
-------------------------------------------------------
500,000 Ohio State University, General Receipts Bonds,
Refunding Revenue Bonds, (FGIC Insured), 4.70%,
(Callable 12/1/2003 @ 102), 12/1/2005 AAA
481,720
-------------------------------------------------------
300,000 Ohio State University, General Receipts Bonds, 5.75%,
(Callable 12/1/2003 @ 102), 12/1/2007 AA-
308,700
-------------------------------------------------------
</TABLE>
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
PRINCIPAL
MOODY'S
AMOUNT OR
S&P* VALUE
- ----------- ------------------------------------------------------- --------
- ---- -----------
<C> <S> <C>
<C>
MUNICIPAL SECURITIES--CONTINUED
- ---------------------------------------------------------------------
OHIO--CONTINUED
-------------------------------------------------------
$ 325,000 Ohio State Water Development Authority, Revenue Bonds,
(Sewer Improvements), 5.40%, (Callable 6/1/2005 @ 101),
6/1/2008 AAA
$ 323,190
-------------------------------------------------------
500,000 Ohio State Water Development Authority, Revenue
Refunding Bonds, (MBIA Insured), 4.95%, 12/1/1998 AAA
512,770
-------------------------------------------------------
500,000 Ohio State Water Development Authority, Revenue Bonds,
(Fresh Water Service), 5.40%, 12/1/2004 AAA
519,270
-------------------------------------------------------
250,000 Pickerington, OH, Local School District, UT GO Bonds,
(FGIC Insured), 4.60%, 12/1/2003 AAA
243,235
-------------------------------------------------------
1,000,000 Pickerington, OH, Local School District, (AMBAC
Insured), 5.55%, 12/1/2007 AAA
1,024,410
-------------------------------------------------------
500,000 Solon, OH, City School District, Refunding UT GO Bonds,
(AMBAC Insured), 4.50%, 12/1/2003 Aa
478,495
-------------------------------------------------------
150,000 Stark County, OH, Refunding LT GO Bonds,
(AMBAC Insured), 4.75%, 11/15/1999 AAA
152,197
-------------------------------------------------------
400,000 Toledo, OH, LT GO Bonds, (AMBAC Insured), 5.05%,
12/1/1999 AAA
412,040
-------------------------------------------------------
500,000 Trumbull County, OH, LT GO Bonds, 5.15%, 12/1/2002 AAA
515,035
-------------------------------------------------------
500,000 University of Cincinnati, OH, General Receipts Bonds,
3.60%, 6/1/1997 AA-
494,390
-------------------------------------------------------
500,000 University of Cincinnati, OH, General Receipts
Refunding Revenue Bonds, 5.65%, (Callable 6/1/2003 @
100), 6/1/2008 AA-
504,045
-------------------------------------------------------
100,000 University of Cincinnati, OH, Certificates of
Participation, (MBIA Insured), 6.40%, 12/1/2003 AAA
109,546
-------------------------------------------------------
150,000 Warren County, OH, Sewer System, Revenue Bonds, (FGIC
Insured), 4.90%, 12/1/2002 AAA
151,092
-------------------------------------------------------
200,000 Warren County, OH, Sewer System, Revenue
Refunding Bonds, (Series 1993)/(FGIC Insured), 5.10%,
(Callable 12/1/2003 @ 102), 12/1/2004 AAA
201,760
-------------------------------------------------------
350,000 West Geauga, OH, Local School District, UT GO Bonds,
(AMBAC Insured), 5.45%, 11/1/2004 AAA
362,044
-------------------------------------------------------
- -----------
TOTAL MUNICIPAL SECURITIES (IDENTIFIED COST,
$26,561,284)
26,704,025
-------------------------------------------------------
- -----------
</TABLE>
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CREDIT
RATING:
MOODY'S
SHARES OR
S&P* VALUE
- ----------- ------------------------------------------------------- --------
- ---- -----------
<C> <S> <C>
<C>
REGULATED INVESTMENT COMPANIES--5.6%
- ---------------------------------------------------------------------
1,598,005 Midwest Ohio Tax-Free Money Market Fund
(at net asset value) NR
$ 1,598,005
-------------------------------------------------------
- -----------
TOTAL INVESTMENTS (IDENTIFIED COST, $28,159,289)
$28,302,030+
-------------------------------------------------------
- -----------
</TABLE>
* Please refer to the Appendix of the Statement of Additional Information for an
explanation of the credit ratings. Current credit ratings are unaudited.
+ The cost of investments for federal income tax purposes amounts to
$28,159,289. The net unrealized appreciation of investments on a federal tax
basis amounts to $142,741 which is comprised of $309,894 appreciation and
$167,153 depreciation at July 31, 1995.
Note: The categories of investments are shown as a percentage of net assets
($28,314,570) at
July 31, 1995.
The following abbreviations are used in this portfolio:
<TABLE>
<S> <C>
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Company
GO -- General Obligation
LT -- Limited Tax
MBIA -- Municipal Bond Investors Assurance
RANs -- Revenue Anticipation Notes
TANs -- Tax Anticipation Notes
UT -- Unlimited Tax
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
ASSETS:
- --------------------------------------------------------------------------------
Investments in securities, at value
(identified and tax cost, $28,159,289)
$28,302,030
- --------------------------------------------------------------------------------
Income receivable
334,476
- --------------------------------------------------------------------------------
Receivable for Fund shares sold
33,182
- --------------------------------------------------------------------------------
Deferred expenses
3,795
- --------------------------------------------------------------------------------
- -----------
Total assets
28,673,483
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Payable for investments purchased $257,280
- ---------------------------------------------------------------------
Payable for Fund shares redeemed 80,869
- ---------------------------------------------------------------------
Accrued expenses 20,764
- --------------------------------------------------------------------- --------
Total liabilities
358,913
- --------------------------------------------------------------------------------
- -----------
NET ASSETS for 2,835,189 shares of beneficial interest outstanding
$28,314,570
- --------------------------------------------------------------------------------
- -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital
$28,424,198
- --------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments
142,741
- --------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments
(275,463)
- --------------------------------------------------------------------------------
Undistributed net investment income
23,094
- --------------------------------------------------------------------------------
- -----------
Total Net Assets
$28,314,570
- --------------------------------------------------------------------------------
- -----------
NET ASSET VALUE, and Redemption Proceeds Per Share:
($28,314,570 / 2,835,189 shares of beneficial interest outstanding)
$9.99
- --------------------------------------------------------------------------------
- -----------
COMPUTATION OF OFFERING PRICE:
- --------------------------------------------------------------------------------
Offering Price Per Share (100/95.5 of $9.99)*
$10.46
- --------------------------------------------------------------------------------
- -----------
</TABLE>
* See "What Shares Cost" in the prospectus.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
STATEMENT OF OPERATIONS
YEAR ENDED JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
<C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
- ---
Interest income
$1,222,638
- --------------------------------------------------------------------------------
- ---
EXPENSES:
- --------------------------------------------------------------------------------
- ---
Investment advisory fee
$142,708
- -----------------------------------------------------------------------
Administrative personnel and services fees
50,000
- -----------------------------------------------------------------------
Custodian fee
12,000
- -----------------------------------------------------------------------
Portfolio accounting, transfer and dividend disbursing agent fees and
expenses
35,984
- -----------------------------------------------------------------------
Directors'/Trustees' fee
780
- -----------------------------------------------------------------------
Auditing fees
13,066
- -----------------------------------------------------------------------
Legal fees
5,068
- -----------------------------------------------------------------------
Fund share registration costs
16,266
- -----------------------------------------------------------------------
Printing and postage
7,086
- -----------------------------------------------------------------------
Insurance premiums
4,280
- -----------------------------------------------------------------------
Miscellaneous
3,927
- ----------------------------------------------------------------------- -----
- ---
Total expenses
291,165
- -----------------------------------------------------------------------
Deduct--
- -----------------------------------------------------------------------
Waiver of investment advisory fee $ 7,814
- ------------------------------------------------------------
Waiver of custodian fee 12,000
- ------------------------------------------------------------
Reimbursement of other operating expenses by Adviser 179,400
199,214
- ------------------------------------------------------------ -------- -----
- ---
Net expenses
91,951
- --------------------------------------------------------------------------------
- --- ----------
Net investment income
$1,130,687
- --------------------------------------------------------------------------------
- --- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------
- ---
Net realized gain (loss) on investments (identified cost basis)
(242,783)
- -----------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments
890,009
- ----------------------------------------------------------------------- -----
- ---
Net realized and unrealized gain (loss) on investments
647,226
- --------------------------------------------------------------------------------
- --- ----------
Change in net assets resulting from operations
$1,777,913
- --------------------------------------------------------------------------------
- --- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR
ENDED JULY 31,
------------
- ---------------
1995
1994
-----------
- -----------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS:
- -----------------------------------------------------------------
OPERATIONS--
- -----------------------------------------------------------------
Net investment income $ 1,130,687
$ 831,264
- -----------------------------------------------------------------
Net realized loss on investments ($75,479 net loss and $0,
respectively, as computed for federal tax purposes) (242,783)
(32,680)
- -----------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of
investments 890,009
(701,051)
- ----------------------------------------------------------------- -----------
- -----------
Change in net assets resulting from operations 1,777,913
97,533
- ----------------------------------------------------------------- -----------
- -----------
DISTRIBUTIONS TO SHAREHOLDERS--
- -----------------------------------------------------------------
Dividends to shareholders from net investment income (1,131,709)
(808,177)
- ----------------------------------------------------------------- -----------
- -----------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
- -----------------------------------------------------------------
Proceeds from sale of shares 10,465,084
23,031,779
- -----------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
distributions declared 703,409
476,904
- -----------------------------------------------------------------
Cost of shares redeemed (7,354,612)
(7,106,691)
- ----------------------------------------------------------------- -----------
- -----------
Change in net assets from Fund share transactions 3,813,881
16,401,992
- ----------------------------------------------------------------- -----------
- -----------
Change in net assets 4,460,085
15,691,348
- -----------------------------------------------------------------
NET ASSETS:
- -----------------------------------------------------------------
Beginning of period 23,854,485
8,163,137
- ----------------------------------------------------------------- -----------
- -----------
End of period (including undistributed net investment income of
$23,094 and $24,116, respectively) $28,314,570
$23,854,485
- ----------------------------------------------------------------- -----------
- -----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on
page 93.
<TABLE>
<CAPTION>
YEAR ENDED
JULY 31,
-------------------
- -----------
1995 1994
1993*
------- -------
- ------
<S> <C> <C>
<C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.75 $9.95
$10.00
- ---------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ---------------------------------------------------------
Net investment income 0.42 0.40
0.05
- ---------------------------------------------------------
Net realized and unrealized gain (loss) on investments 0.24
(0.21) (0.05)
- --------------------------------------------------------- ----- -----
- -----
Total from investment operations 0.66 0.19
0.00
- ---------------------------------------------------------
LESS DISTRIBUTIONS
- ---------------------------------------------------------
Dividends to shareholders from net investment income (0.42)
(0.39) (0.05)
- --------------------------------------------------------- ----- -----
- -----
NET ASSET VALUE, END OF PERIOD $9.99 $9.75
$9.95
- --------------------------------------------------------- ----- -----
- -----
TOTAL RETURN** 7.02%
1.95% (0.01%)
- ---------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ---------------------------------------------------------
Expenses 0.35%
0.00% 0.00%
- ---------------------------------------------------------
Net investment income 4.36%
4.18% 3.53%(b)
- ---------------------------------------------------------
Expense waiver/reimbursement(a) 0.77%
1.33% 2.21%(b)
- ---------------------------------------------------------
SUPPLEMENTAL DATA
- ---------------------------------------------------------
Net assets, end of period (000 omitted) $28,315 $23,854
$8,163
- ---------------------------------------------------------
Portfolio turnover rate 27%
94% 31%
- ---------------------------------------------------------
</TABLE>
* Reflects operations for the period from May 27, 1993 (date of initial public
investment) to July 31, 1993.
** Based on net asset value which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY GROWTH FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
COMMON STOCKS--94.4%
- --------------------------------------------------------------------------------
- ------
AGRICULTURE--1.0%
-------------------------------------------------------------
- ------
20,000 Pioneer Hi-Bred International, Inc.
$ 845,000
-------------------------------------------------------------
- ------ -----------
BANKING--4.6%
-------------------------------------------------------------
- ------
85,000 Firstar Corp.
2,964,375
-------------------------------------------------------------
- ------
20,000 Mellon Bank Corp.
802,500
-------------------------------------------------------------
- ------ -----------
Total
3,766,875
-------------------------------------------------------------
- ------ -----------
BUILDING MATERIALS--2.2%
-------------------------------------------------------------
- ------
50,000 Sherwin Williams Co.
1,825,000
-------------------------------------------------------------
- ------ -----------
CHEMICALS--4.8%
-------------------------------------------------------------
- ------
41,000 Air Products & Chemicals, Inc.
2,296,000
-------------------------------------------------------------
- ------
80,000 RPM, Inc.
1,650,000
-------------------------------------------------------------
- ------ -----------
Total
3,946,000
-------------------------------------------------------------
- ------ -----------
COMPUTER SOFTWARE SERVICES--7.7%
-------------------------------------------------------------
- ------
22,000 Automatic Data Processing, Inc.
1,408,000
-------------------------------------------------------------
- ------
40,900 First Data Corp.
2,387,538
-------------------------------------------------------------
- ------
10,000 Microsoft Corp.
905,000
-------------------------------------------------------------
- ------
40,000 Oracle Corp.
1,675,000
-------------------------------------------------------------
- ------ -----------
Total
6,375,538
-------------------------------------------------------------
- ------ -----------
CONSUMER PRODUCTS--5.7%
-------------------------------------------------------------
- ------
17,000 Crown, Cork & Seal Co., Inc.
767,125
-------------------------------------------------------------
- ------
20,000 Duracell International
920,000
-------------------------------------------------------------
- ------
70,000 Newell Co.
1,776,250
-------------------------------------------------------------
- ------
18,000 Procter & Gamble Co.
1,239,750
-------------------------------------------------------------
- ------ -----------
Total
4,703,125
-------------------------------------------------------------
- ------ -----------
ELECTRICAL EQUIPMENT--8.0%
-------------------------------------------------------------
- ------
30,000 Emerson Electric Co.
2,122,500
-------------------------------------------------------------
- ------
62,000 General Electric Co.
3,658,000
-------------------------------------------------------------
- ------
14,000 W.W. Grainger, Inc.
820,750
-------------------------------------------------------------
- ------ -----------
Total
6,601,250
-------------------------------------------------------------
- ------ -----------
ELECTRONICS--8.4%
-------------------------------------------------------------
- ------
43,000 Intel Corp.
2,795,000
-------------------------------------------------------------
- ------
30,000 Loral Corp.
1,680,000
-------------------------------------------------------------
- ------
32,000 Motorola, Inc.
2,452,000
-------------------------------------------------------------
- ------ -----------
Total
6,927,000
-------------------------------------------------------------
- ------ -----------
</TABLE>
FOUNTAIN SQUARE QUALITY GROWTH FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
COMMON STOCKS--CONTINUED
- --------------------------------------------------------------------------------
- ------
ENTERTAINMENT--3.0%
-------------------------------------------------------------
- ------
43,000 Disney (Walt) Co. (The)
$ 2,520,875
-------------------------------------------------------------
- ------ -----------
FINANCE--2.4%
-------------------------------------------------------------
- ------
31,000 Federal Home Loan Mortgage Corp.
2,030,500
-------------------------------------------------------------
- ------ -----------
HEALTHCARE--3.6%
-------------------------------------------------------------
- ------
25,000 Medtronic, Inc.
2,050,000
-------------------------------------------------------------
- ------
20,000 Schering Plough Corp.
930,000
-------------------------------------------------------------
- ------ -----------
Total
2,980,000
-------------------------------------------------------------
- ------ -----------
INSURANCE--8.1%
-------------------------------------------------------------
- ------
30,000 Chubb Corp.
2,520,000
-------------------------------------------------------------
- ------
36,750 Cincinnati Financial Corp.
1,984,500
-------------------------------------------------------------
- ------
32,000 MBIA, Inc.
2,168,000
-------------------------------------------------------------
- ------ -----------
Total
6,672,500
-------------------------------------------------------------
- ------ -----------
MANUFACTURING--5.0%
-------------------------------------------------------------
- ------
80,000 Federal Signal Corp.
1,840,000
-------------------------------------------------------------
- ------
38,200 Illinois Tool Works, Inc.
2,253,800
-------------------------------------------------------------
- ------ -----------
Total
4,093,800
-------------------------------------------------------------
- ------ -----------
MEDIA/PUBLISHING--6.2%
-------------------------------------------------------------
- ------
30,000 Gannett Co., Inc.
1,642,500
-------------------------------------------------------------
- ------
93,000 Interpublic Group Companies, Inc.
3,475,875
-------------------------------------------------------------
- ------ -----------
Total
5,118,375
-------------------------------------------------------------
- ------ -----------
OIL & GAS--8.9%
-------------------------------------------------------------
- ------
50,000 Chevron Corp.
2,468,750
-------------------------------------------------------------
- ------
25,000 Equitable Resources, Inc.
693,750
-------------------------------------------------------------
- ------
20,000 Exxon Corp.
1,450,000
-------------------------------------------------------------
- ------
28,000 Mobil Corp.
2,737,000
-------------------------------------------------------------
- ------ -----------
Total
7,349,500
-------------------------------------------------------------
- ------ -----------
RETAILING--7.7%
-------------------------------------------------------------
- ------
28,000 Albertson's, Inc.
833,000
-------------------------------------------------------------
- ------
75,000 Home Depot, Inc.
3,290,625
-------------------------------------------------------------
- ------
75,000 Office Depot, Inc.
2,203,125
-------------------------------------------------------------
- ------ -----------
Total
6,326,750
-------------------------------------------------------------
- ------ -----------
TELECOMMUNICATIONS--3.2%
-------------------------------------------------------------
- ------
70,000 Alltel Corp.
1,846,250
-------------------------------------------------------------
- ------
15,000 American Telephone & Telegraph Co.
791,250
-------------------------------------------------------------
- ------ -----------
Total
2,637,500
-------------------------------------------------------------
- ------ -----------
</TABLE>
FOUNTAIN SQUARE QUALITY GROWTH FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
TRANSPORTATION--3.9%
-------------------------------------------------------------
- ------
50,000 Union Pacific Corp.
$ 3,256,250
-------------------------------------------------------------
- ------ -----------
TOTAL COMMON STOCKS (IDENTIFIED COST, $65,032,550)
77,975,838
-------------------------------------------------------------
- ------ -----------
*REPURCHASE AGREEMENT--7.4%
- --------------------------------------------------------------------------------
- ------
$6,128,000 Nesbitt Burns, 5.82%, dated 7/31/1995, due 8/1/1995 (at
amortized
cost)
6,128,000
-------------------------------------------------------------
- ------ -----------
TOTAL INVESTMENTS (IDENTIFIED COST, $71,160,550)
$84,103,838+
-------------------------------------------------------------
- ------ -----------
</TABLE>
* The repurchase agreement is fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio.
+ The cost of investments for federal tax purposes amounts to $71,160,550 at
July 31, 1995. The net unrealized appreciation of investments on a federal tax
basis amounts to $12,943,288, which is comprised of $13,262,753 appreciation
and $319,465 depreciation at July 31, 1995.
Note: The categories of investments are shown as a percentage of total net
assets ($82,594,461) at July 31, 1995.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY GROWTH FUND
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
ASSETS:
- --------------------------------------------------------------------------------
- -
Investments in securities, at value
(identified and tax cost, $71,160,550)
$84,103,838
- --------------------------------------------------------------------------------
- -
Cash
288
- --------------------------------------------------------------------------------
- -
Receivable for Fund shares sold
75,392
- --------------------------------------------------------------------------------
- -
Receivable for investments sold
610,173
- --------------------------------------------------------------------------------
- -
Income receivable
64,231
- --------------------------------------------------------------------------------
- -
Deferred expenses
8,107
- --------------------------------------------------------------------------------
- - -----------
Total assets
84,862,029
- --------------------------------------------------------------------------------
- -
LIABILITIES:
- --------------------------------------------------------------------------------
- -
Payable for investments purchased
$2,092,404
- --------------------------------------------------------------------
Payable for Fund shares redeemed
139,505
- --------------------------------------------------------------------
Accrued expenses
35,659
- -------------------------------------------------------------------- ---------
- -
Total liabilities
2,267,568
- --------------------------------------------------------------------------------
- - -----------
NET ASSETS for 7,007,161 shares of beneficial interest outstanding
$82,594,461
- --------------------------------------------------------------------------------
- - -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
- -
Paid-in capital
$71,231,566
- --------------------------------------------------------------------------------
- -
Net unrealized appreciation (depreciation) of investments
12,943,288
- --------------------------------------------------------------------------------
- -
Accumulated net realized gain (loss) on investments
(1,665,179)
- --------------------------------------------------------------------------------
- -
Undistributed net investment income
84,786
- --------------------------------------------------------------------------------
- - -----------
Total Net Assets
$82,594,461
- --------------------------------------------------------------------------------
- - -----------
NET ASSET VALUE and Redemption Proceeds Per Share:
($82,594,461 / 7,007,161 shares of beneficial interest outstanding)
$11.79
- --------------------------------------------------------------------------------
- - -----------
COMPUTATION OF OFFERING PRICE:
- --------------------------------------------------------------------------------
- -
Offering Price Per Share (100/95.50 of $11.79)*
$12.35
- --------------------------------------------------------------------------------
- - -----------
</TABLE>
* See "What Shares Cost" in the prospectus.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY GROWTH FUND
STATEMENT OF OPERATIONS
YEAR ENDED JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
<C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
- ---
Interest income
$ 1,451,256
- --------------------------------------------------------------------------------
- ---
Dividend income
185,170
- --------------------------------------------------------------------------------
- --- -----------
Total investment income
1,636,426
- --------------------------------------------------------------------------------
- ---
EXPENSES:
- --------------------------------------------------------------------------------
- ---
Investment advisory fee $
536,144
- --------------------------------------------------------------------
Administrative personnel and services fees
74,089
- --------------------------------------------------------------------
Custodian fee
12,000
- --------------------------------------------------------------------
Portfolio accounting transfer and dividend disbursing agent fees and
expenses
26,800
- --------------------------------------------------------------------
Directors'/Trustees' fees
1,303
- --------------------------------------------------------------------
Auditing fees
13,066
- --------------------------------------------------------------------
Legal fees
2,485
- --------------------------------------------------------------------
Fund share registration costs
15,248
- --------------------------------------------------------------------
Printing and postage
9,876
- --------------------------------------------------------------------
Insurance premiums
5,078
- --------------------------------------------------------------------
Miscellaneous
4,976
- -------------------------------------------------------------------- --------
- ---
Total expenses
701,065
- --------------------------------------------------------------------
Deduct--
- --------------------------------------------------------------------
Waiver of investment advisory fee $18,889
- ----------------------------------------------------------
Waiver of custodian fee 12,000
30,889
- ---------------------------------------------------------- ------- --------
- ---
Net expenses
670,176
- --------------------------------------------------------------------------------
- --- -----------
Net investment income
$ 966,250
- --------------------------------------------------------------------------------
- --- -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------
- ---
Net realized gain (loss) on investments (identified cost basis)
2,790,895
- --------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments
10,629,609
- -------------------------------------------------------------------- --------
- ---
Net realized and unrealized gain (loss) on investments
13,420,504
- --------------------------------------------------------------------------------
- --- -----------
Change in net assets resulting from operations
$14,386,754
- --------------------------------------------------------------------------------
- --- -----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY GROWTH FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR
ENDED JULY 31,
--------------
- ---------------
1995
1994
------------
- ------------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS:
- ---------------------------------------------------------------
OPERATIONS--
- ---------------------------------------------------------------
Net investment income $ 966,250
$ 1,021,043
- ---------------------------------------------------------------
Net realized gain (loss) on investments ($103,465 net gain and
$1,768,644 net loss as computed for federal tax purposes) 2,790,895
(3,267,803)
- ---------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of
investments 10,629,609
4,310,114
- --------------------------------------------------------------- ------------
- ------------
Change in net assets resulting from operations 14,386,754
2,063,354
- --------------------------------------------------------------- ------------
- ------------
DISTRIBUTIONS TO SHAREHOLDERS--
- ---------------------------------------------------------------
Dividends to shareholders from net investment income (920,005)
(1,021,043)
- ---------------------------------------------------------------
Distribution to shareholders in excess of net investment income --
(33,158)
- --------------------------------------------------------------- ------------
- ------------
Change in net assets from distributions to shareholders (920,005)
(1,054,201)
- --------------------------------------------------------------- ------------
- ------------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
- ---------------------------------------------------------------
Proceeds from sale of shares 23,521,852
18,459,017
- ---------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
dividends declared 819,075
999,178
- ---------------------------------------------------------------
Cost of shares redeemed (24,861,128)
(18,500,148)
- --------------------------------------------------------------- ------------
- ------------
Change in net assets from Fund share transactions (520,201)
958,047
- --------------------------------------------------------------- ------------
- ------------
Change in net assets 12,946,548
1,967,200
- ---------------------------------------------------------------
NET ASSETS:
- ---------------------------------------------------------------
Beginning of period 69,647,913
67,680,713
- --------------------------------------------------------------- ------------
- ------------
End of period (including undistributed net investment income of
$84,786 and $38,541, respectively) $ 82,594,461
$ 69,647,913
- --------------------------------------------------------------- ------------
- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE QUALITY GROWTH FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on
page 93.
<TABLE>
<CAPTION>
YEAR ENDED JULY
31,
------------------------
- -----------
1995 1994
1993*
------- -------
- -------
<S> <C> <C>
<C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.70 $9.54
$10.00
- -----------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -----------------------------------------------------
Net investment income 0.14 0.13
0.10
- -----------------------------------------------------
Net realized and unrealized gain (loss) on
investments 2.09 0.17
(0.47)
- ----------------------------------------------------- ------ -----
- ------
Total from investment operations 2.23 0.30
(0.37)
- -----------------------------------------------------
LESS DISTRIBUTIONS
- -----------------------------------------------------
Dividends to shareholders from net investment
income (0.14) (0.13)
(0.09)
- -----------------------------------------------------
Distributions to shareholders in excess of net
investment income (a) -- (0.01)
- --
- ----------------------------------------------------- ------ -----
- ------
Total distributions (0.14) (0.14)
(0.09)
- ----------------------------------------------------- ------ -----
- ------
NET ASSET VALUE, END OF PERIOD $11.79 $9.70
$9.54
- ----------------------------------------------------- ------ -----
- -----
TOTAL RETURN** 23.21% 3.17%
(3.73%)
- -----------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -----------------------------------------------------
Expenses 1.00% 1.00%
0.99%(c)
- -----------------------------------------------------
Net investment income 1.44% 1.42%
1.47%(c)
- -----------------------------------------------------
Expense waiver/reimbursement (b) 0.05% 0.03%
0.05%(c)
- -----------------------------------------------------
SUPPLEMENTAL DATA
- -----------------------------------------------------
Net assets, end of period (000 omitted) $82,594 $69,648
$67,681
- -----------------------------------------------------
Portfolio turnover rate 34% 37%
28%
- -----------------------------------------------------
</TABLE>
* Reflects operations for the period from November 20, 1992 (date of initial
public investment) to July 31, 1993.
** Based on net asset value, which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) These distributions did not represent a return of capital for federal tax
purposes for the year ended July 31, 1994.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(c) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE MID CAP FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
COMMON STOCKS--97.1%
- --------------------------------------------------------------------------------
- ------
BANKING--4.7%
-------------------------------------------------------------
- ------
50,000 Firstar Corp.
$ 1,743,750
-------------------------------------------------------------
- ------
12,000 Regions Financial Corp.
462,000
-------------------------------------------------------------
- ------ -----------
Total
2,205,750
-------------------------------------------------------------
- ------ -----------
BUILDING MATERIALS--1.7%
-------------------------------------------------------------
- ------
20,000 Valspar Corp.
792,500
-------------------------------------------------------------
- ------ -----------
CHEMICALS--7.4%
-------------------------------------------------------------
- ------
23,000 Loctite Corp.
1,083,875
-------------------------------------------------------------
- ------
58,000 RPM, Inc.
1,196,250
-------------------------------------------------------------
- ------
24,000 Sigma Aldrich Corp.
1,206,000
-------------------------------------------------------------
- ------ -----------
Total
3,486,125
-------------------------------------------------------------
- ------ -----------
COMMERCIAL SERVICES--5.4%
-------------------------------------------------------------
- ------
45,000 Cintas Corp.
1,687,500
-------------------------------------------------------------
- ------
14,000 * Fritz Companies, Inc.
843,500
-------------------------------------------------------------
- ------ -----------
Total
2,531,000
-------------------------------------------------------------
- ------ -----------
COMPUTER SOFTWARE SERVICES--6.1%
-------------------------------------------------------------
- ------
9,000 First Data Corp.
525,375
-------------------------------------------------------------
- ------
50,224 * Fiserv, Inc.
1,418,828
-------------------------------------------------------------
- ------
16,875 Paychex, Inc.
628,594
-------------------------------------------------------------
- ------
11,000 * SPS Transaction Service Corp.
310,750
-------------------------------------------------------------
- ------ -----------
Total
2,883,547
-------------------------------------------------------------
- ------ -----------
DISTRIBUTION/WHOLESALE--2.7%
-------------------------------------------------------------
- ------
17,750 Cardinal Health, Inc.
900,813
-------------------------------------------------------------
- ------
16,000 Premier Industrial Corp.
396,000
-------------------------------------------------------------
- ------ -----------
Total
1,296,813
-------------------------------------------------------------
- ------ -----------
ELECTRICAL EQUIPMENT--2.5%
-------------------------------------------------------------
- ------
20,000 W.W. Grainger, Inc.
1,172,500
-------------------------------------------------------------
- ------ -----------
ELECTRONICS--15.5%
-------------------------------------------------------------
- ------
50,000 * Adaptec, Inc.
2,137,500
-------------------------------------------------------------
- ------
21,000 Diebold, Inc.
971,250
-------------------------------------------------------------
- ------
23,000 * DSC Communications Corp.
1,236,250
-------------------------------------------------------------
- ------
8,000 * Electronics for Imaging
512,000
-------------------------------------------------------------
- ------
60,900 * Vishay Intertechnologies, Inc.
2,496,900
-------------------------------------------------------------
- ------ -----------
Total
7,353,900
-------------------------------------------------------------
- ------ -----------
</TABLE>
FOUNTAIN SQUARE MID CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
COMMON STOCKS--CONTINUED
- --------------------------------------------------------------------------------
- ------
FINANCIAL SERVICES--1.7%
-------------------------------------------------------------
- ------
20,000 United Asset Management
$ 802,500
-------------------------------------------------------------
- ------ -----------
FOOD PROCESSING--3.2%
-------------------------------------------------------------
- ------
32,000 IBP, Inc.
1,496,000
-------------------------------------------------------------
- ------ -----------
HOUSEHOLD PRODUCTS/WARES--2.7%
-------------------------------------------------------------
- ------
50,000 Newell Co.
1,268,750
-------------------------------------------------------------
- ------ -----------
INSURANCE--7.7%
-------------------------------------------------------------
- ------
21,000 Cincinnati Financial Corp.
1,134,000
-------------------------------------------------------------
- ------
40,000 Equitable of Iowa Co.
1,300,000
-------------------------------------------------------------
- ------
24,000 MGIC Investment Corp.
1,218,000
-------------------------------------------------------------
- ------ -----------
Total
3,652,000
-------------------------------------------------------------
- ------ -----------
METALS & MINING--2.8%
-------------------------------------------------------------
- ------
29,000 Allegheny Ludlum Corp.
616,250
-------------------------------------------------------------
- ------
35,100 IMCO Recycling, Inc.
702,000
-------------------------------------------------------------
- ------ -----------
Total
1,318,250
-------------------------------------------------------------
- ------ -----------
MANUFACTURING--9.1%
-------------------------------------------------------------
- ------
31,000 Federal Signal Corp.
713,000
-------------------------------------------------------------
- ------
40,000 TriMas Corp.
820,000
-------------------------------------------------------------
- ------
42,000 Wabash National Corp.
1,664,250
-------------------------------------------------------------
- ------
47,000 Watts Industries, Class A
1,092,750
-------------------------------------------------------------
- ------ -----------
Total
4,290,000
-------------------------------------------------------------
- ------ -----------
MEDIA PUBLISHING--4.1%
-------------------------------------------------------------
- ------
20,000 Interpublic Group Companies, Inc.
747,500
-------------------------------------------------------------
- ------
20,000 Omnicom Group
1,207,500
-------------------------------------------------------------
- ------ -----------
Total
1,955,000
-------------------------------------------------------------
- ------ -----------
MEDICAL SUPPLIES--3.0%
-------------------------------------------------------------
- ------
17,000 Medtronic, Inc.
1,394,000
-------------------------------------------------------------
- ------ -----------
OIL-ENERGY--2.1%
-------------------------------------------------------------
- ------
35,000 Questar Corp.
1,006,250
-------------------------------------------------------------
- ------ -----------
PAPER & FOREST PRODUCTS--0.8%
-------------------------------------------------------------
- ------
16,500 Wausau Paper Mills Co.
363,000
-------------------------------------------------------------
- ------ -----------
RETAIL-GENERAL--3.7%
-------------------------------------------------------------
- ------
31,250 Dollar General Corp.
1,054,687
-------------------------------------------------------------
- ------
31,000 * Consolidated Stores Corp.
689,750
-------------------------------------------------------------
- ------ -----------
Total
1,744,437
-------------------------------------------------------------
- ------ -----------
</TABLE>
FOUNTAIN SQUARE MID CAP FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
COMMON STOCKS--CONTINUED
- --------------------------------------------------------------------------------
- ------
TRANSPORTATION--4.5%
-------------------------------------------------------------
- ------
41,000 Comair Holdings, Inc.
$ 1,363,250
-------------------------------------------------------------
- ------
15,000 GATX Corp.
755,625
-------------------------------------------------------------
- ------ -----------
Total
2,118,875
-------------------------------------------------------------
- ------ -----------
TELECOMMUNICATIONS--5.7%
-------------------------------------------------------------
- ------
28,000 Alltel Corp.
738,500
-------------------------------------------------------------
- ------
44,000 Century Telephone Enterprises, Inc.
1,254,000
-------------------------------------------------------------
- ------
23,000 * Worldcom, Inc.
687,125
-------------------------------------------------------------
- ------ -----------
Total
2,679,625
-------------------------------------------------------------
- ------ -----------
TOTAL COMMON STOCKS (IDENTIFIED COST, $36,527,970)
45,810,822
-------------------------------------------------------------
- ------ -----------
**REPURCHASE AGREEMENT--4.4%
- --------------------------------------------------------------------------------
- ------
$2,087,000 Nesbitt Burns, 5.82%, dated 7/31/1995, due 8/1/1995 (at
amortized
cost)
2,087,000
-------------------------------------------------------------
- ------ -----------
TOTAL INVESTMENTS (IDENTIFIED COST, $38,614,970)
$47,897,822+
-------------------------------------------------------------
- ------ -----------
</TABLE>
* Non-income producing security.
** The repurchase agreement is fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio.
+ The cost for federal tax purposes amounts to $38,614,970 at July 31, 1995.
The net unrealized appreciation of investments on a federal tax basis amounts
to $9,282,852 which is comprised of $9,784,660 appreciation and $501,808
depreciation at July 31, 1995.
Note: The categories of investments are shown as a percentage of total net
assets ($47,183,747) at July 31, 1995.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE MID CAP FUND
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
ASSETS:
- --------------------------------------------------------------------------------
Investments in securities, at value (identified and tax cost, $38,614,970)
$47,897,822
- --------------------------------------------------------------------------------
Cash
588
- --------------------------------------------------------------------------------
Income receivable
23,630
- --------------------------------------------------------------------------------
Receivable for Fund shares sold
61,427
- --------------------------------------------------------------------------------
Deferred expenses
3,404
- --------------------------------------------------------------------------------
- -----------
Total assets
47,986,871
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Payable for Fund shares redeemed $468,927
- ---------------------------------------------------------------------
Payable for investments purchased 293,414
- ---------------------------------------------------------------------
Accrued expenses 40,783
- --------------------------------------------------------------------- --------
Total liabilities
803,124
- --------------------------------------------------------------------------------
- -----------
NET ASSETS for 3,747,058 shares of beneficial interest outstanding
$47,183,747
- --------------------------------------------------------------------------------
- -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid in capital
$38,265,238
- --------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments
9,282,852
- --------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments
(405,702)
- --------------------------------------------------------------------------------
Undistributed net investment income
41,359
- --------------------------------------------------------------------------------
- -----------
Total Net Assets
$47,183,747
- --------------------------------------------------------------------------------
- -----------
NET ASSET VALUE and Redemption Proceeds Per Share:
($47,183,747 / 3,747,058 shares of beneficial interest outstanding)
$12.59
- --------------------------------------------------------------------------------
- -----------
COMPUTATION OF OFFERING PRICE:
- --------------------------------------------------------------------------------
Offering Price Per Share (100/95.5 of $12.59)*
$13.18
- --------------------------------------------------------------------------------
- -----------
</TABLE>
* See "What Shares Cost" in the prospectus.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE MID CAP FUND
STATEMENT OF OPERATIONS
YEAR ENDED JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
<C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
- ----
Interest income
$ 160,533
- --------------------------------------------------------------------------------
- ----
Dividend income
474,426
- --------------------------------------------------------------------------------
- ---- ----------
Total investment income
634,959
- --------------------------------------------------------------------------------
- ----
EXPENSES:
- --------------------------------------------------------------------------------
- ----
Investment advisory fee $
287,494
- ----------------------------------------------------------------------
Administrative personnel and services fees
50,000
- ----------------------------------------------------------------------
Custodian fee
12,000
- ----------------------------------------------------------------------
Portfolio accounting, transfer and dividend disbursing agent fees and
expenses
25,114
- ----------------------------------------------------------------------
Directors/Trustees' fees
708
- ----------------------------------------------------------------------
Auditing fees
13,066
- ----------------------------------------------------------------------
Legal fees
5,515
- ----------------------------------------------------------------------
Fund share registration costs
13,622
- ----------------------------------------------------------------------
Printing and postage
13,788
- ----------------------------------------------------------------------
Miscellaneous
2,477
- ---------------------------------------------------------------------- ------
- ----
Total expenses
423,784
- ----------------------------------------------------------------------
Deduct--
- ----------------------------------------------------------------------
Waiver of investment advisory fee $52,747
- ------------------------------------------------------------
Waiver of custodian fee 12,000
64,747
- ------------------------------------------------------------ ------- ------
- ----
Net expenses
359,037
- --------------------------------------------------------------------------------
- ---- ----------
Net investment income
$ 275,922
- --------------------------------------------------------------------------------
- ---- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------
- ----
Net realized gain (loss) on investments (identified cost basis)
456,337
- ----------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of investments
8,275,255
- ---------------------------------------------------------------------- ------
- ----
Net realized and unrealized gain (loss) on investments
8,731,592
- --------------------------------------------------------------------------------
- ---- ----------
Change in net assets resulting from operations
$9,007,514
- --------------------------------------------------------------------------------
- ---- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE MID CAP FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR
ENDED JULY 31,
-----------
- ----------------
1995
1994
-----------
- - -----------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS:
- ------------------------------------------------------------------
OPERATIONS--
- ------------------------------------------------------------------
Net investment income $
275,922 $ 166,063
- ------------------------------------------------------------------
Net realized gain (loss) on investments ($250,697 and $155,006 net
loss, respectively, as computed for federal tax purposes)
456,337 (597,566)
- ------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) of
investments
8,275,255 1,578,568
- ------------------------------------------------------------------ -----------
- - -----------
Change in net assets resulting from operations
9,007,514 1,147,065
- ------------------------------------------------------------------ -----------
- - -----------
DISTRIBUTIONS TO SHAREHOLDERS--
- ------------------------------------------------------------------
Dividends to shareholders from net investment income
(234,563) (186,161)
- ------------------------------------------------------------------ -----------
- - -----------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
- ------------------------------------------------------------------
Proceeds from sale of shares
18,519,231 10,943,437
- ------------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
dividends declared
205,515 170,509
- ------------------------------------------------------------------
Cost of shares redeemed
(10,523,805) (5,884,456)
- ------------------------------------------------------------------ -----------
- - -----------
Change in net assets from Fund share transactions
8,200,941 5,229,490
- ------------------------------------------------------------------ -----------
- - -----------
Change in net assets
16,973,892 6,190,394
- ------------------------------------------------------------------
NET ASSETS:
- ------------------------------------------------------------------
Beginning of period
30,209,855 24,019,461
- ------------------------------------------------------------------ -----------
- - -----------
End of period (including undistributed net investment income of
$41,359 and $0, respectively) $
47,183,747 $30,209,855
- ------------------------------------------------------------------ -----------
- - -----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE MID CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors on
page 93.
<TABLE>
<CAPTION>
YEAR ENDED JULY
31,
--------------------------
- -----------
1995 1994
1993*
------- -------
- -------
<S> <C> <C>
<C>
NET ASSET VALUE, BEGINNING OF PERIOD $10.10 $9.68
$10.00
- ---------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ---------------------------------------------------
Net investment income 0.08 0.06
0.06
- ---------------------------------------------------
Net realized and unrealized gain (loss) on
investments 2.48 0.43
(0.33)
- --------------------------------------------------- ------ ------
- ------
Total from investment operations 2.56 0.49
(0.27)
- --------------------------------------------------- ------ ------
- ------
LESS DISTRIBUTIONS
- ---------------------------------------------------
Dividends to shareholders from net investment
income (0.07) (0.07)
(0.05)
- --------------------------------------------------- ------ ------
- ------
NET ASSET VALUE, END OF PERIOD $12.59 $10.10
$9.68
- --------------------------------------------------- ------ ------
- ------
TOTAL RETURN** 25.45% 5.07%
(2.73%)
- ---------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ---------------------------------------------------
Expenses 1.00% 1.00%
0.99%(b)
- ---------------------------------------------------
Net investment income 0.77% 0.60%
0.88%(b)
- ---------------------------------------------------
Expense waiver/reimbursement(a) 0.18% 0.33%
0.40%(b)
- ---------------------------------------------------
SUPPLEMENTAL DATA
- ---------------------------------------------------
Net assets, end of period (000 omitted) $47,184 $30,210
$24,019
- ---------------------------------------------------
Portfolio turnover rate 23% 44%
20%
- ---------------------------------------------------
</TABLE>
* Reflects operations for the period from November 20, 1992 (date of initial
public investment) to July 31, 1993.
** Based on net asset value, which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE BALANCED FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
COMMON STOCKS--68.9%
- --------------------------------------------------------------------------------
- ------
AGRICULTURE--0.8%
-------------------------------------------------------------
- ------
11,000 Pioneer Hi-Bred International, Inc.
$ 464,750
-------------------------------------------------------------
- ------ -----------
BANKING--3.1%
-------------------------------------------------------------
- ------
40,000 Firstar Corp.
1,395,000
-------------------------------------------------------------
- ------
10,000 Mellon Bank Corp.
401,250
-------------------------------------------------------------
- ------ -----------
Total
1,796,250
-------------------------------------------------------------
- ------ -----------
BUILDING MATERIALS--1.3%
-------------------------------------------------------------
- ------
20,000 Sherwin Williams Co.
730,000
-------------------------------------------------------------
- ------ -----------
CHEMICALS--4.1%
-------------------------------------------------------------
- ------
23,000 Air Products & Chemicals, Inc.
1,288,000
-------------------------------------------------------------
- ------
40,000 RPM, Inc.
825,000
-------------------------------------------------------------
- ------
5,000 Sigma-Aldrich Corp.
251,250
-------------------------------------------------------------
- ------ -----------
Total
2,364,250
-------------------------------------------------------------
- ------ -----------
COMMERCIAL SERVICES--0.7%
-------------------------------------------------------------
- ------
7,000 * Fritz Companies Inc.
421,750
-------------------------------------------------------------
- ------ -----------
COMPUTER SOFTWARE SERVICES--5.2%
-------------------------------------------------------------
- ------
11,000 Automatic Data Processing, Inc.
704,000
-------------------------------------------------------------
- ------
7,800 First Data Corp.
455,325
-------------------------------------------------------------
- ------
20,000 * Fiserv Inc.
565,000
-------------------------------------------------------------
- ------
5,000 * Microsoft Corp.
452,500
-------------------------------------------------------------
- ------
20,000 * Oracle Corp.
837,500
-------------------------------------------------------------
- ------ -----------
Total
3,014,325
-------------------------------------------------------------
- ------ -----------
CONSUMER PRODUCTS--4.2%
-------------------------------------------------------------
- ------
8,000 * Crown, Cork & Seal Co.
361,000
-------------------------------------------------------------
- ------
38,000 Newell Co.
964,250
-------------------------------------------------------------
- ------
11,000 Procter & Gamble Co.
757,625
-------------------------------------------------------------
- ------
8,000 Duracell International
368,000
-------------------------------------------------------------
- ------ -----------
Total
2,450,875
-------------------------------------------------------------
- ------ -----------
ELECTRICAL EQUIPMENT--5.8%
-------------------------------------------------------------
- ------
15,000 Emerson Electric Co.
1,061,250
-------------------------------------------------------------
- ------
33,000 General Electric Co.
1,947,000
-------------------------------------------------------------
- ------
</TABLE>
FOUNTAIN SQUARE BALANCED FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
COMMON STOCKS--CONTINUED
- --------------------------------------------------------------------------------
- ------
ELECTRICAL EQUIPMENT--CONTINUED
-------------------------------------------------------------
- ------
6,000 W.W. Grainger, Inc.
$ 351,750
-------------------------------------------------------------
- ------ -----------
Total
3,360,000
-------------------------------------------------------------
- ------ -----------
ELECTRONICS--5.8%
-------------------------------------------------------------
- ------
3,500 * Electronics For Imaging
224,000
-------------------------------------------------------------
- ------
22,000 Intel Corp.
1,430,000
-------------------------------------------------------------
- ------
11,000 Loral Corp.
616,000
-------------------------------------------------------------
- ------
14,500 Motorola Inc.
1,111,062
-------------------------------------------------------------
- ------ -----------
Total
3,381,062
-------------------------------------------------------------
- ------ -----------
ENTERTAINMENT--2.0%
-------------------------------------------------------------
- ------
20,000 Disney (Walt) Co. (The)
1,172,500
-------------------------------------------------------------
- ------ -----------
FINANCE--2.4%
-------------------------------------------------------------
- ------
15,000 Federal Home Loan Mortgage Corp.
982,500
-------------------------------------------------------------
- ------
10,000 United Asset Management
401,250
-------------------------------------------------------------
- ------ -----------
Total
1,383,750
-------------------------------------------------------------
- ------ -----------
FOOD PROCESSING--0.6%
-------------------------------------------------------------
- ------
7,000 IBP Inc.
327,250
-------------------------------------------------------------
- ------ -----------
HEALTH CARE--2.5%
-------------------------------------------------------------
- ------
14,000 Medtronic, Inc.
1,148,000
-------------------------------------------------------------
- ------
7,000 Schering-Plough
325,500
-------------------------------------------------------------
- ------ -----------
Total
1,473,500
-------------------------------------------------------------
- ------ -----------
INSURANCE--3.8%
-------------------------------------------------------------
- ------
21,000 Cincinnati Financial Corp.
1,134,000
-------------------------------------------------------------
- ------
9,000 Chubb
756,000
-------------------------------------------------------------
- ------
5,000 MBIA Inc.
338,750
-------------------------------------------------------------
- ------ -----------
Total
2,228,750
-------------------------------------------------------------
- ------ -----------
MANUFACTURING--5.9%
-------------------------------------------------------------
- ------
36,000 Federal Signal Corp.
828,000
-------------------------------------------------------------
- ------
20,000 Illinois Tool Works, Inc.
1,180,000
-------------------------------------------------------------
- ------
7,700 TriMas Corp.
157,850
-------------------------------------------------------------
- ------
20,000 Wabash National Corp.
792,500
-------------------------------------------------------------
- ------
20,000 Watts Industries, Class A
465,000
-------------------------------------------------------------
- ------ -----------
Total
3,423,350
-------------------------------------------------------------
- ------ -----------
MEDIA/PUBLISHING--2.8%
-------------------------------------------------------------
- ------
44,000 Interpublic Group Companies, Inc.
1,644,500
-------------------------------------------------------------
- ------ -----------
OFFICE EQUIPMENT--1.8%
-------------------------------------------------------------
- ------
35,000 * Office Depot
1,028,125
-------------------------------------------------------------
- ------ -----------
</TABLE>
FOUNTAIN SQUARE BALANCED FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL
AMOUNT
VALUE
- ---------- -------------------------------------------------------------
- ---- -----------
<C> <C> <S>
<C>
COMMON STOCKS--CONTINUED
- --------------------------------------------------------------------------------
- ----
OIL/GAS--6.8%
-------------------------------------------------------------
- ----
22,600 Chevron Corp.
$ 1,115,875
-------------------------------------------------------------
- ----
16,000 Exxon Corp.
1,160,000
-------------------------------------------------------------
- ----
15,000 Mobil Corp.
1,466,250
-------------------------------------------------------------
- ----
8,000 Questar Corp.
230,000
-------------------------------------------------------------
- ---- -----------
Total
3,972,125
-------------------------------------------------------------
- ---- -----------
RAILROAD--2.1%
-------------------------------------------------------------
- ----
19,000 Union Pacific Corp.
1,237,375
-------------------------------------------------------------
- ---- -----------
RECYCLING--0.6%
-------------------------------------------------------------
- ----
16,000 Imco
320,000
-------------------------------------------------------------
- ---- -----------
RETAILING--3.3%
-------------------------------------------------------------
- ----
10,000 Albertsons Inc.
297,500
-------------------------------------------------------------
- ----
8,500 * Consolidated Stores Corp.
189,125
-------------------------------------------------------------
- ----
33,000 Home Depot, Inc.
1,447,875
-------------------------------------------------------------
- ---- -----------
Total
1,934,500
-------------------------------------------------------------
- ---- -----------
TELECOMMUNICATIONS--3.3%
-------------------------------------------------------------
- ----
33,000 Alltel Corp.
870,375
-------------------------------------------------------------
- ----
7,000 American Telephone & Telegraph Co.
369,250
-------------------------------------------------------------
- ----
7,000 Century Telephone Enterprise
199,500
-------------------------------------------------------------
- ----
16,000 * Worldcom Inc.
478,000
-------------------------------------------------------------
- ---- -----------
Total
1,917,125
-------------------------------------------------------------
- ---- -----------
TOTAL COMMON STOCKS (IDENTIFIED COST, $32,662,861)
40,046,112
-------------------------------------------------------------
- ---- -----------
CORPORATE BONDS--6.9%
- --------------------------------------------------------------------------------
- ----
BANKING--0.1%
-------------------------------------------------------------
- ----
$ 46,000 Bankers Trust NY Corp., 9.20%, 7/15/1999
49,460
-------------------------------------------------------------
- ---- -----------
CHEMICAL--0.9%
-------------------------------------------------------------
- ----
500,000 Dow Chemical, 8.55%, (Putable 11/15/1999 @ 100), 10/15/2009
552,250
-------------------------------------------------------------
- ---- -----------
FINANCIAL--2.6%
-------------------------------------------------------------
- ----
500,000 (a) Ford Motor Credit Corp., Floating Rate, Medium-Term Note,
6.52%,
8/7/1995
484,916
-------------------------------------------------------------
- ----
500,000 Pitney Bowes Credit Corp., 8.55%, (Putable 5/31/2000 @ 100),
9/15/2009
561,519
-------------------------------------------------------------
- ----
500,000 Utilicorp United, 6.375%, (Putable 6/1/2000 @ 100), 6/1/2005
487,122
-------------------------------------------------------------
- ---- -----------
Total
1,533,557
-------------------------------------------------------------
- ---- -----------
</TABLE>
FOUNTAIN SQUARE BALANCED FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
VALUE
<C> <C> <S>
<C>
- ---------- -------------------------------------------------------------
- ------ -----------
CORPORATED BONDS--CONTINUED
- --------------------------------------------------------------------------------
- ------
INTERNATIONAL--1.1%
-------------------------------------------------------------
- ------
$ 93,000 Deutsche Bank Financial Medium-Term Note, 9.28%, 5/31/1999
$ 100,866
-------------------------------------------------------------
- ------
500,000 Nova Alberta Corp., 7.875%, 4/1/2023
511,035
-------------------------------------------------------------
- ------ -----------
Total
611,901
-------------------------------------------------------------
- ------ -----------
TELECOMMUNICATIONS--2.0%
-------------------------------------------------------------
- ------
500,000 Motorola, 8.40%, (Putable 8/15/2001 @ 100), 8/15/2031
570,340
-------------------------------------------------------------
- ------
600,000 Tele-Communications, 6.58%, (Putable 2/15/1999 @ 100),
2/15/2005 603,750
-------------------------------------------------------------
- ------ -----------
Total
1,174,090
-------------------------------------------------------------
- ------ -----------
TRANSPORTATION--0.2%
-------------------------------------------------------------
- ------
82,029 CSX Transportation Corp., 8.41%, 3/1/2006
90,402
-------------------------------------------------------------
- ------ -----------
TOTAL CORPORATE BONDS (IDENTIFIED COST, $4,013,804)
4,011,660
-------------------------------------------------------------
- ------ -----------
MORTGAGE BACKED SECURITIES--7.3%
- --------------------------------------------------------------------------------
- ------
GOVERNMENT AGENCY--6.4%
-------------------------------------------------------------
- ------
500,000 Federal Home Loan Mortgage Corp., Series G-2, 6.85%,
7/25/2018 491,065
-------------------------------------------------------------
- ------
500,000 Federal Home Loan Mortgage Corp., Series 1315-H, 7.00%,
1/15/2021 498,169
-------------------------------------------------------------
- ------
625,000 Federal Home Loan Mortgage Corp., Series 1206-H, 7.00%,
3/15/2021 603,725
-------------------------------------------------------------
- ------
500,000 Federal Home Loan Mortgage Corp., Series 1379-G, 7.50%,
4/15/2021 499,075
-------------------------------------------------------------
- ------
20,265 Federal Home Loan Mortgage Corp., Pass Through, Series
27,2525,
8.00%, 8/1/2008
20,649
-------------------------------------------------------------
- ------
393,607 Federal Home Loan Mortgage Corp., Series 1143-H, 8.00%,
8/15/2019 396,560
-------------------------------------------------------------
- ------
500,000 Federal Home Loan Mortgage Corp., Series 77-F, 8.50%,
6/15/2017 505,270
-------------------------------------------------------------
- ------
10,958 Federal Home Loan Mortgage Corp., Pass Through, Series 39-
0009,
9.50%, 10/1/2002
11,377
-------------------------------------------------------------
- ------
302,715 Federal National Mortgage Association, Series 93-32B, 2.00%,
5/25/2011
297,620
-------------------------------------------------------------
- ------
394,261 Federal National Mortgage Association, Series 1992-43B,
7.50%,
11/25/2018
396,110
-------------------------------------------------------------
- ------ -----------
Total
3,719,620
-------------------------------------------------------------
- ------ -----------
</TABLE>
FOUNTAIN SQUARE BALANCED FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
MORTGAGE BACKED SECURITIES--CONTINUED
- --------------------------------------------------------------------------------
- ------
PRIVATE LABEL CMOS--0.9%
-------------------------------------------------------------
- ------
$ 245,455 CMO Trust, Series 21, Class Z, 8.45%, 5/1/2017
$ 243,654
-------------------------------------------------------------
- ------
250,000 Prudential Funding Corp., Series 14-F, 8.40%, 3/20/2005
255,185
-------------------------------------------------------------
- ------ -----------
Total
498,839
-------------------------------------------------------------
- ------ -----------
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST,
$4,156,798) 4,218,459
-------------------------------------------------------------
- ------ -----------
GOVERNMENT SECURITIES--13.7%
- --------------------------------------------------------------------------------
- ------
GOVERNMENT AGENCY--4.5%
-------------------------------------------------------------
- ------
325,000 Federal Home Loan Bank, 7.70%, 7/17/1996
331,040
-------------------------------------------------------------
- ------
500,000 Federal Home Loan Bank, 7.81%, 12/16/1996
512,132
-------------------------------------------------------------
- ------
500,000 Federal Home Loan Mortgage Corp., 6.99%, 5/24/2002
502,883
-------------------------------------------------------------
- ------
500,000 Federal Home Loan Mortgage Corp., 7.54%, 5/31/2010
503,922
-------------------------------------------------------------
- ------
500,000 Federal Home Loan Mortgage Corp., 7.69%, 12/16/1996
512,134
-------------------------------------------------------------
- ------
200,000 Federal Home Loan Mortgage Corp., 7.81%, 4/13/2009
206,778
-------------------------------------------------------------
- ------
60,456 Student Loan Marketing Association, 9.40%, 5/31/2002
69,780
-------------------------------------------------------------
- ------ -----------
Total
2,638,669
-------------------------------------------------------------
- ------ -----------
U.S. TREASURY BOND--1.8%
-------------------------------------------------------------
- ------
900,000 8.00%, 11/15/2021
1,013,344
-------------------------------------------------------------
- ------ -----------
U.S. TREASURY NOTES--7.4%
-------------------------------------------------------------
- ------
500,000 6.25%, 5/31/2000
500,781
-------------------------------------------------------------
- ------
500,000 6.375%, 8/15/2002
500,625
-------------------------------------------------------------
- ------
100,000 7.25%, 8/15/2004
105,281
-------------------------------------------------------------
- ------
500,000 7.50%, 1/31/1996
504,375
-------------------------------------------------------------
- ------
1,000,000 7.75%, 1/31/2000
1,060,000
-------------------------------------------------------------
- ------
900,000 7.875%, 4/15/1998
941,343
-------------------------------------------------------------
- ------
93,000 8.75%, 8/15/2000
103,172
-------------------------------------------------------------
- ------
186,000 8.875%, 2/15/1996
189,139
-------------------------------------------------------------
- ------
186,000 9.00%, 5/15/1998
200,008
-------------------------------------------------------------
- ------
186,000 9.25%, 8/15/1998
202,333
-------------------------------------------------------------
- ------ -----------
Total
4,307,057
-------------------------------------------------------------
- ------ -----------
TOTAL GOVERNMENT SECURITIES (IDENTIFIED COST, $7,802,726)
7,959,070
-------------------------------------------------------------
- ------ -----------
</TABLE>
FOUNTAIN SQUARE BALANCED FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
VALUE
- ---------- -------------------------------------------------------------
- ------ -----------
<C> <C> <S>
<C>
**REPURCHASE AGREEMENT--4.1%
- --------------------------------------------------------------------------------
- ------
$2,361,000 Nesbitt Burns Repo, 5.82%, dated 7/31/1995, due 8/1/1995
(at amortized cost)
$ 2,361,000
-------------------------------------------------------------
- ------ -----------
TOTAL INVESTMENTS (IDENTIFIED COST, $50,997,189)
$58,596,301
-------------------------------------------------------------
- ------ -----------
</TABLE>
(a) Current rate and next reset date shown.
* Non-income producing.
** The repurchase agreement is fully collateralized by U.S. government and/or
agency obligations based on market prices at the date of the portfolio.
+ The cost of investments for federal tax purposes amounts of $50,997,189 at
July 31, 1995. The net unrealized appreciation of investments on a federal
tax basis amounts to $7,599,112, which is comprised of $7,891,651
appreciation and $292,539 depreciation at July 31, 1995.
Note: The categories of investments are shown as a percentage of total net
assets ($58,074,503) at July 31, 1995.
The following abbreviation is used in this portfolio:
CMOs--Collateralized Mortgage Obligations
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE BALANCED FUND
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
ASSETS:
- --------------------------------------------------------------------------------
- -
Investments in securities, at value (identified and tax cost, $50,997,189)
$58,596,301
- --------------------------------------------------------------------------------
- -
Cash
898
- --------------------------------------------------------------------------------
- -
Receivable for investments sold
2,706,678
- --------------------------------------------------------------------------------
- -
Income receivable
272,061
- --------------------------------------------------------------------------------
- -
Receivable for Fund shares sold
87,117
- --------------------------------------------------------------------------------
- -
Deferred expenses
7,696
- --------------------------------------------------------------------------------
- - -----------
Total assets
61,670,751
- --------------------------------------------------------------------------------
- -
LIABILITIES:
- --------------------------------------------------------------------------------
- -
Payable for investments purchased
$3,575,889
- --------------------------------------------------------------------
Payable for Fund shares redeemed
2,487
- --------------------------------------------------------------------
Accrued expenses
17,872
- -------------------------------------------------------------------- ---------
- -
Total liabilities
3,596,248
- --------------------------------------------------------------------------------
- - -----------
NET ASSETS for 5,147,223 shares of beneficial interest outstanding
$58,074,503
- --------------------------------------------------------------------------------
- - -----------
NET ASSETS CONSISTS OF:
- --------------------------------------------------------------------------------
- -
Paid-in capital
$52,281,932
- --------------------------------------------------------------------------------
- -
Net unrealized appreciation (depreciation) of investments
7,599,112
- --------------------------------------------------------------------------------
- -
Accumulated net realized gain (loss) on investments
(1,921,877)
- --------------------------------------------------------------------------------
- -
Undistributed net investment income
115,336
- --------------------------------------------------------------------------------
- - -----------
Total Net Assets
$58,074,503
- --------------------------------------------------------------------------------
- - -----------
NET ASSET VALUE and Redemption Proceeds Per Share:
($58,074,503 / 5,147,223 shares of beneficial interest outstanding)
$11.28
- --------------------------------------------------------------------------------
- - -----------
COMPUTATION OF OFFERING PRICE:
- --------------------------------------------------------------------------------
- -
Offering Price Per Share (100/95.50 of $11.28)*
$11.81
- --------------------------------------------------------------------------------
- - -----------
</TABLE>
* See "What Shares Cost" in the prospectus.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE BALANCED FUND
STATEMENT OF OPERATIONS
YEAR ENDED JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
<C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
- ----
Interest income
$1,186,056
- --------------------------------------------------------------------------------
- ----
Dividend income
796,237
- --------------------------------------------------------------------------------
- ---- ----------
Total investment income
1,982,293
- --------------------------------------------------------------------------------
- ----
EXPENSES:
- --------------------------------------------------------------------------------
- ----
Investment advisory fee $
424,672
- ----------------------------------------------------------------------
Administrative personnel and services fee
58,741
- ----------------------------------------------------------------------
Custodian fee
12,000
- ----------------------------------------------------------------------
Portfolio accounting, transfer and dividend disbursing agent fees and
expenses
25,912
- ----------------------------------------------------------------------
Directors'/Trustees' fees
746
- ----------------------------------------------------------------------
Auditing fees
13,066
- ----------------------------------------------------------------------
Legal fees
3,196
- ----------------------------------------------------------------------
Fund share registration costs
9,000
- ----------------------------------------------------------------------
Printing and postage
10,095
- ----------------------------------------------------------------------
Insurance Premiums
500
- ----------------------------------------------------------------------
Miscellaneous
3,871
- ---------------------------------------------------------------------- ------
- ----
Total expenses
561,799
- ----------------------------------------------------------------------
Deduct--
- ----------------------------------------------------------------------
Waiver of investment advisory fee $18,857
- ------------------------------------------------------------
Waiver of custodian fee 12,000
30,857
- ------------------------------------------------------------ ------- ------
- ----
Net expenses
530,942
- --------------------------------------------------------------------------------
- ---- ----------
Net investment income
$1,451,351
- --------------------------------------------------------------------------------
- ---- ----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
- --------------------------------------------------------------------------------
- ----
Net realized gain (loss) on investments (identified cost basis)
1,045,572
- ----------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) on investments
6,783,347
- ---------------------------------------------------------------------- ------
- ----
Net realized and unrealized gain (loss) on investments
7,828,919
- --------------------------------------------------------------------------------
- ---- ----------
Change in net assets resulting from operations
$9,280,270
- --------------------------------------------------------------------------------
- ---- ----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE BALANCED FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR
ENDED JULY 31,
------------
- ----------------
1995
1994
------------
- ------------
<S> <C>
<C>
INCREASE (DECREASE) IN NET ASSETS:
- -----------------------------------------------------------------
OPERATIONS--
- -----------------------------------------------------------------
Net investment income $ 1,451,351
$ 1,656,533
- -----------------------------------------------------------------
Net realized gain (loss) on investments ($945,784 net gain and
$976,092 net loss, respectively, as computed for federal tax
purposes) 1,045,572
(2,310,618)
- -----------------------------------------------------------------
Change in unrealized appreciation (depreciation) of investments 6,783,347
1,737,583
- ----------------------------------------------------------------- ------------
- ------------
Change in net assets resulting from operations 9,280,270
1,083,498
- ----------------------------------------------------------------- ------------
- ------------
DISTRIBUTIONS TO SHAREHOLDERS--
- -----------------------------------------------------------------
Dividends to shareholders from net investment income
(1,395,985) (1,656,533)
- -----------------------------------------------------------------
Distributions to shareholders in excess of net investment income --
(120,302)
- ----------------------------------------------------------------- ------------
- ------------
Change in net assets from distributions to shareholders
(1,395,985) (1,776,835)
- ----------------------------------------------------------------- ------------
- ------------
FUND SHARE (PRINCIPAL) TRANSACTIONS--
- -----------------------------------------------------------------
Proceeds from sale of shares 13,609,615
18,128,975
- -----------------------------------------------------------------
Net asset value of shares issued to shareholders in payment of
dividends declared 1,338,593
1,735,648
- -----------------------------------------------------------------
Cost of shares redeemed
(24,120,756) (19,976,817)
- ----------------------------------------------------------------- ------------
- ------------
Change in net assets from Fund share transactions
(9,172,548) (112,194)
- ----------------------------------------------------------------- ------------
- ------------
Change in net assets
(1,288,263) (805,531)
- -----------------------------------------------------------------
NET ASSETS:
- -----------------------------------------------------------------
Beginning of period 59,362,766
60,168,297
- ----------------------------------------------------------------- ------------
- ------------
End of period (including undistributed net investment income of
$115,336 and $59,971, respectively) $ 58,074,503
$ 59,362,766
- ----------------------------------------------------------------- ------------
- ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE BALANCED FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on
page 93.
<TABLE>
<CAPTION>
YEAR ENDED JULY
31,
--------------------------
- -----------
1995 1994
1993*
------- -------
- -------
<S> <C> <C>
<C>
NET ASSET VALUE, BEGINNING OF PERIOD $9.70 $9.78
$10.00
- ---------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- ---------------------------------------------------
Net investment income 0.28 0.26
0.20
- ---------------------------------------------------
Net realized and unrealized gain (loss) on
investments 1.57 (0.06)
(0.25)
- --------------------------------------------------- ------ -----
- ------
Total from investment operations 1.85 0.20
(0.05)
- ---------------------------------------------------
LESS DISTRIBUTIONS
- ---------------------------------------------------
Dividends to shareholders from net investment
income (0.27) (0.26)
(0.17)
- ---------------------------------------------------
Distributions to shareholders in excess of net
investment income (a) -- (0.02)
- --
- --------------------------------------------------- ------ -----
- ------
Total distributions (0.27) (0.28)
(0.17)
- --------------------------------------------------- ------ -----
- ------
NET ASSET VALUE, END OF PERIOD $11.28 $9.70
$9.78
- --------------------------------------------------- ------ -----
- ------
TOTAL RETURN** 19.37% 2.02%
(0.51%)
- ---------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- ---------------------------------------------------
Expenses 1.00% 1.00%
1.00%(c)
- ---------------------------------------------------
Net investment income 2.73% 2.64%
3.04%(c)
- ---------------------------------------------------
Expense waiver/reimbursement (b) 0.06% 0.06%
0.08%(c)
- ---------------------------------------------------
SUPPLEMENTAL DATA
- ---------------------------------------------------
Net assets, end of period (000 omitted) $58,075 $59,363
$60,168
- ---------------------------------------------------
Portfolio turnover rate 58% 53%
30%
- ---------------------------------------------------
</TABLE>
* Reflects operations for the period from November 20, 1992 (date of initial
public investment) to July 31, 1993.
** Based on net asset value, which does not reflect the sales load or contingent
deferred sales charge, if applicable.
(a) These distributions do not represent a return of capital for federal tax
purposes for the year ended July 31, 1994.
(b) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(c) Computed on an annualized basis.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCKS--95.1%
- --------------------------------------------------------------------------------
- -----
AUSTRALIA--3.6%
--------------------------------------------------------------
- -----
15,000 Amcor Ltd.
$ 119,536
--------------------------------------------------------------
- -----
8,500 Ampolex Ltd.
19,228
--------------------------------------------------------------
- -----
14,100 Australian National Industries
12,195
--------------------------------------------------------------
- -----
31,100 Boral Ltd.
82,306
--------------------------------------------------------------
- -----
5,900 Brambles Industries Ltd.
58,794
--------------------------------------------------------------
- -----
46,426 Broken Hill Proprietary Co. Ltd.
663,754
--------------------------------------------------------------
- -----
16,838 Burns Philp & Co. Ltd.
36,098
--------------------------------------------------------------
- -----
7,928 Coca Cola Amatil Ltd.
53,626
--------------------------------------------------------------
- -----
33,864 Coles Myer Ltd.
103,890
--------------------------------------------------------------
- -----
15,400 CRA Ltd.
239,072
--------------------------------------------------------------
- -----
24,200 CSR Ltd.
82,830
--------------------------------------------------------------
- -----
76,300 Fosters Brewing Group Ltd.
70,506
--------------------------------------------------------------
- -----
19,635 General Property Trust
35,127
--------------------------------------------------------------
- -----
32,100 Goodman Fielder Wattie Ltd.
26,815
--------------------------------------------------------------
- -----
8,500 ICI Australia Ltd.
65,726
--------------------------------------------------------------
- -----
6,570 Lend Lease Corp. Ltd.
90,337
--------------------------------------------------------------
- -----
40,067 MIM Holdings Ltd.
57,462
--------------------------------------------------------------
- -----
34,218 National Australia Bank Ltd.
280,275
--------------------------------------------------------------
- -----
7,900 * Newcrest Mining Ltd.
36,851
--------------------------------------------------------------
- -----
46,680 * News Corp Ltd.
270,888
--------------------------------------------------------------
- -----
20,775 North Ltd.
56,824
--------------------------------------------------------------
- -----
28,000 Pacific Dunlop Ltd.
65,409
--------------------------------------------------------------
- -----
23,300 Pioneer International
59,080
--------------------------------------------------------------
- -----
1,749 * Renison Goldfields
4,266
--------------------------------------------------------------
- -----
7,543 * Renison Goldfields Consolidated Ltd.
28,550
--------------------------------------------------------------
- -----
16,100 Santos Ltd.
42,371
--------------------------------------------------------------
- -----
17,800 * South Corp Holdings Ltd.
38,291
--------------------------------------------------------------
- -----
11,500 * TNT Australian
14,877
--------------------------------------------------------------
- -----
25,100 Western Mining Ltd.
163,285
--------------------------------------------------------------
- -----
24,365 Westfield Trust
43,228
--------------------------------------------------------------
- -----
45,300 Westpac Banking Corp. Ltd.
169,114
--------------------------------------------------------------
- ----- -----------
Total Australia
3,090,611
--------------------------------------------------------------
- ----- -----------
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
BELGIUM--3.9%
--------------------------------------------------------------
- -----
1,500 ACEC-Union Miniere SA
$ 106,752
--------------------------------------------------------------
- -----
2,100 AG Financiere Cie Financiere Et
231,948
--------------------------------------------------------------
- -----
140 Bekaert SA
120,721
--------------------------------------------------------------
- -----
225 Cimenteries CBR
93,738
--------------------------------------------------------------
- -----
3,100 Delhaize Freres
137,833
--------------------------------------------------------------
- -----
600 * Electrabel NPV Parts
133,387
--------------------------------------------------------------
- -----
2,650 Electrabel Ords. Parts
583,525
--------------------------------------------------------------
- -----
58 * Fortis AG-VVPR
6,437
--------------------------------------------------------------
- -----
900 Generale de Banque
287,279
--------------------------------------------------------------
- -----
1,525 Gevaert Photo-Producten NV
87,308
--------------------------------------------------------------
- -----
307 Glaverbel SA
40,669
--------------------------------------------------------------
- -----
1,400 * Groupe Bruxelles Lambert
190,392
--------------------------------------------------------------
- -----
800 Kredietbank
194,761
--------------------------------------------------------------
- -----
1,380 Petrofina SA
428,340
--------------------------------------------------------------
- -----
800 Royale Belge
146,282
--------------------------------------------------------------
- -----
500 Solvay Et Cie
288,900
--------------------------------------------------------------
- -----
775 Tractebel
292,842
--------------------------------------------------------------
- ----- -----------
Total Belgium
3,371,114
--------------------------------------------------------------
- ----- -----------
FRANCE--3.9%
--------------------------------------------------------------
- -----
352 Accor SA
47,186
--------------------------------------------------------------
- -----
894 Air Liquid (L')
148,305
--------------------------------------------------------------
- -----
1,550 Alcatel Alsthom
164,601
--------------------------------------------------------------
- -----
1,850 AXA
105,360
--------------------------------------------------------------
- -----
2,200 Banque Nationale de Paris
102,437
--------------------------------------------------------------
- -----
100 BIC
17,406
--------------------------------------------------------------
- -----
325 Bouygues
40,436
--------------------------------------------------------------
- -----
300 Carrefour
172,424
--------------------------------------------------------------
- -----
954 Casino Guichard Perrachon Et Cie
25,877
--------------------------------------------------------------
- -----
60 Chargeurs
13,874
--------------------------------------------------------------
- -----
275 Cie Bancaire
33,178
--------------------------------------------------------------
- -----
1,000 Cie de St. Gobain (Compagniede)
133,214
--------------------------------------------------------------
- -----
1,900 Cie de Suez Compagnie
93,164
--------------------------------------------------------------
- -----
1,452 Cie Financiere de Paribas SA
93,277
--------------------------------------------------------------
- -----
1,300 Cie Generale des Eaux
154,118
--------------------------------------------------------------
- -----
375 Eridania Begsin-Say
60,088
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
FRANCE--CONTINUED
--------------------------------------------------------------
- -----
50 EuraFrance
$ 16,652
--------------------------------------------------------------
- -----
750 Groupe Danone
132,429
--------------------------------------------------------------
- -----
650 Havas SA
49,707
--------------------------------------------------------------
- -----
725 L'Oreal
192,401
--------------------------------------------------------------
- -----
1,245 LaFarge-Coppee
95,964
--------------------------------------------------------------
- -----
290 Legrand
48,047
--------------------------------------------------------------
- -----
900 LVMH Moet Vuitton
169,660
--------------------------------------------------------------
- -----
800 Lyonnaise des Eaux
80,850
--------------------------------------------------------------
- -----
1,300 * Michelin, Cl. B
61,729
--------------------------------------------------------------
- -----
600 Pernod Ricard
40,655
--------------------------------------------------------------
- -----
600 * Peugeot SA
86,338
--------------------------------------------------------------
- -----
220 Pinault Printemps Redoute
46,541
--------------------------------------------------------------
- -----
230 Promodes
53,282
--------------------------------------------------------------
- -----
3,157 Rhone Poulenc SA
72,804
--------------------------------------------------------------
- -----
60 Sagem
34,812
--------------------------------------------------------------
- -----
1,061 * Sanofi SA
67,915
--------------------------------------------------------------
- -----
1,300 * Schneider SA
54,186
--------------------------------------------------------------
- -----
325 Simco-Union SA
27,400
--------------------------------------------------------------
- -----
3,191 Societe Elf Aquitane SA
249,638
--------------------------------------------------------------
- -----
1,000 Societe Generale
120,228
--------------------------------------------------------------
- -----
125 St. Louis-Bouchon
40,059
--------------------------------------------------------------
- -----
1,650 Thomson CSF
39,329
--------------------------------------------------------------
- -----
2,584 Total SA, Cl. B
156,958
--------------------------------------------------------------
- ----- -----------
Total France
3,342,529
--------------------------------------------------------------
- ----- -----------
GERMANY--3.8%
--------------------------------------------------------------
- -----
50 * Agiv AG
16,839
--------------------------------------------------------------
- -----
15 * Allianz AG Holdings
10,864
--------------------------------------------------------------
- -----
210 * Allianz AG Holdings
400,159
--------------------------------------------------------------
- -----
40 * AMB Aachener Muenchner Bete
26,073
--------------------------------------------------------------
- -----
40 * Asko Deutsche Kaushaus AG
24,422
--------------------------------------------------------------
- -----
640 * Basp AG
147,679
--------------------------------------------------------------
- -----
700 * Bayer AG
187,583
--------------------------------------------------------------
- -----
240 * Bayerische Hypo Wechselbank
65,531
--------------------------------------------------------------
- -----
2,500 * Bayerische Vereins AG
75,504
--------------------------------------------------------------
- -----
50 * Biersdorf AG
41,101
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
GERMANY--CONTINUED
--------------------------------------------------------------
- -----
40 * Brau und Brunnen
$ 7,764
--------------------------------------------------------------
- -----
520 * Daimler-Benz AG
252,143
--------------------------------------------------------------
- -----
100 * Degussa AG
32,990
--------------------------------------------------------------
- -----
4,700 * Deutsche Bank AG
232,834
--------------------------------------------------------------
- -----
4,360 * Dresdner Bank AG
129,468
--------------------------------------------------------------
- -----
40 Heidelberger Zement
34,706
--------------------------------------------------------------
- -----
110 * Hochtief AG
62,540
--------------------------------------------------------------
- -----
90 Karstadt AG
40,218
--------------------------------------------------------------
- -----
70 * Kaufhof Holding AG
25,729
--------------------------------------------------------------
- -----
850 * Kloeckner-Humboldt-Deutz AG
6,766
--------------------------------------------------------------
- -----
90 * Linde AG
56,775
--------------------------------------------------------------
- -----
350 * Lufthansa AG
55,388
--------------------------------------------------------------
- -----
130 * M.A.N. AG
36,767
--------------------------------------------------------------
- -----
410 * Mannesmann AG
136,832
--------------------------------------------------------------
- -----
70 Munchener Ruckversicherungs
154,629
--------------------------------------------------------------
- -----
150 * Preussag AG
47,909
--------------------------------------------------------------
- -----
350 * RWE AG
125,984
--------------------------------------------------------------
- -----
60 * Sap AG
95,385
--------------------------------------------------------------
- -----
690 * Schering AG
52,972
--------------------------------------------------------------
- -----
560 * Siemens AG
296,076
--------------------------------------------------------------
- -----
340 * Thyssen AG ORD
70,180
--------------------------------------------------------------
- -----
4,900 * Veba AG
203,775
--------------------------------------------------------------
- -----
200 * Viag AG
83,652
--------------------------------------------------------------
- -----
290 * Volkswagen AG
94,620
--------------------------------------------------------------
- ----- -----------
Total Germany
3,331,857
--------------------------------------------------------------
- ----- -----------
GREAT BRITAIN--15.3%
--------------------------------------------------------------
- -----
30,900 Abbey National PLC
257,846
--------------------------------------------------------------
- -----
22,400 Argyll Group PLC
120,967
--------------------------------------------------------------
- -----
21,700 Arjo Wiggins Appleton
97,569
--------------------------------------------------------------
- -----
8,800 Associated British Foods
100,397
--------------------------------------------------------------
- -----
52,989 * B.A.T. Industries PLC
444,287
--------------------------------------------------------------
- -----
25,700 Barclays PLC
301,017
--------------------------------------------------------------
- -----
16,200 Bass PLC
171,860
--------------------------------------------------------------
- -----
10,300 BICC PLC
53,234
--------------------------------------------------------------
- -----
19,000 Blue Circle Industries
100,022
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
GREAT BRITAIN--CONTINUED
--------------------------------------------------------------
- -----
9,303 BOC Group PLC
$ 126,231
--------------------------------------------------------------
- -----
19,000 Boots Co. PLC
166,906
--------------------------------------------------------------
- -----
8,700 Bowater PLC
70,022
--------------------------------------------------------------
- -----
13,000 * BPB Industries PLC
69,892
--------------------------------------------------------------
- -----
7,600 * British Aerospace PLC
74,059
--------------------------------------------------------------
- -----
17,700 British Airways PLC
129,997
--------------------------------------------------------------
- -----
86,700 British Gas PLC
404,394
--------------------------------------------------------------
- -----
95,322 British Petroleum Co. PLC
722,205
--------------------------------------------------------------
- -----
34,100 British Steel PLC
102,579
--------------------------------------------------------------
- -----
102,900 British Telecommunications PLC
655,308
--------------------------------------------------------------
- -----
64,200 BTR PLC
339,511
--------------------------------------------------------------
- -----
4,333 Burmah Castrol PLC
66,420
--------------------------------------------------------------
- -----
38,883 Cable & Wireless PLC
261,932
--------------------------------------------------------------
- -----
18,300 Cadbury Schweppes PLC
143,774
--------------------------------------------------------------
- -----
11,900 Caradon PLC
50,364
--------------------------------------------------------------
- -----
13,219 Coats Viyella
44,842
--------------------------------------------------------------
- -----
7,800 Commercial Union PLC
76,757
--------------------------------------------------------------
- -----
7,600 Courtaulds PLC
55,696
--------------------------------------------------------------
- -----
5,462 De La Rue Ltd.
75,511
--------------------------------------------------------------
- -----
8,300 Eastern Group PLC
120,723
--------------------------------------------------------------
- -----
19,100 Forte PLC
80,072
--------------------------------------------------------------
- -----
10,600 General Accident PLC
103,123
--------------------------------------------------------------
- -----
58,100 General Electric PLC
282,151
--------------------------------------------------------------
- -----
8,100 GKN PLC
93,707
--------------------------------------------------------------
- -----
53,300 Glaxo Holdings PLC
639,213
--------------------------------------------------------------
- -----
41,800 Grand Metropolitan
251,484
--------------------------------------------------------------
- -----
18,500 Great Universal
184,716
--------------------------------------------------------------
- -----
24,700 Guardian Royal Exchange PLC
85,369
--------------------------------------------------------------
- -----
31,500 Guiness PLC
248,992
--------------------------------------------------------------
- -----
92,323 Hanson PLC
323,150
--------------------------------------------------------------
- -----
18,500 Harrison & Crossfield PLC
42,923
--------------------------------------------------------------
- -----
35,800 HSBC Holdings PLC
485,192
--------------------------------------------------------------
- -----
13,000 Imperial Chemical Industries PLC
165,162
--------------------------------------------------------------
- -----
25,500 Ladbroke Group PLC
70,997
--------------------------------------------------------------
- -----
11,400 Land Securities PLC
116,743
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
GREAT BRITAIN--CONTINUED
--------------------------------------------------------------
- -----
16,300 Lasmo PLC
$ 45,904
--------------------------------------------------------------
- -----
21,300 Lloyds Bank PLC
233,974
--------------------------------------------------------------
- -----
13,400 Lonrho PLC
33,127
--------------------------------------------------------------
- -----
52,600 Marks & Spencer PLC
371,169
--------------------------------------------------------------
- -----
8,700 MEPC British Registered
56,101
--------------------------------------------------------------
- -----
2,827 * Mercury Asset Management
37,138
--------------------------------------------------------------
- -----
23,300 National Power PLC
183,429
--------------------------------------------------------------
- -----
9,993 North West Water Group PLC
97,858
--------------------------------------------------------------
- -----
15,700 Peninsular & Oriental Steam Navi
146,710
--------------------------------------------------------------
- -----
21,917 Pilkington PLC
67,684
--------------------------------------------------------------
- -----
38,300 Prudential Corp. PLC
203,769
--------------------------------------------------------------
- -----
8,100 Rank Organisation Group
55,083
--------------------------------------------------------------
- -----
12,113 Redland PLC
79,854
--------------------------------------------------------------
- -----
14,300 Reed International PLC
216,916
--------------------------------------------------------------
- -----
28,500 Reuters Holdings PLC
239,415
--------------------------------------------------------------
- -----
4,900 RMC Group PLC
85,854
--------------------------------------------------------------
- -----
16,425 Royal Bank of Scotland
111,697
--------------------------------------------------------------
- -----
12,900 Royal Insurance Holdings PLC
67,497
--------------------------------------------------------------
- -----
22,200 RTZ Corp.
320,410
--------------------------------------------------------------
- -----
30,697 Sainsbury (J) PLC
226,926
--------------------------------------------------------------
- -----
13,700 Scottish Power PLC
69,052
--------------------------------------------------------------
- -----
28,200 Sears PLC
47,153
--------------------------------------------------------------
- -----
8,800 Sedgwick Group PLC
19,009
--------------------------------------------------------------
- -----
6,500 Slough Estates
23,818
--------------------------------------------------------------
- -----
22,100 Smithkline Beecham "A"
202,449
--------------------------------------------------------------
- -----
21,300 Smithkline Beecham Equity Units
188,815
--------------------------------------------------------------
- -----
5,800 Southern Electric PLC
67,563
--------------------------------------------------------------
- -----
7,600 T.I. Group
50,832
--------------------------------------------------------------
- -----
20,393 Tarmac PLC
37,362
--------------------------------------------------------------
- -----
10,900 Taylor Woodrow PLC
21,539
--------------------------------------------------------------
- -----
29,115 Tesco PLC
146,283
--------------------------------------------------------------
- -----
10,300 Thames Water PLC
85,207
--------------------------------------------------------------
- -----
9,200 Thorn EMI PLC
203,296
--------------------------------------------------------------
- -----
19,500 Trafalgar House PLC
13,729
--------------------------------------------------------------
- -----
11,700 Unilever PLC
239,631
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
GREAT BRITAIN--CONTINUED
--------------------------------------------------------------
- -----
19,094 Vodafone Group PLC
$ 73,173
--------------------------------------------------------------
- -----
15,400 Zeneca PLC
274,753
--------------------------------------------------------------
- ----- -----------
Total Great Britain
13,221,495
--------------------------------------------------------------
- ----- -----------
HONG KONG--4.8%
--------------------------------------------------------------
- -----
18,000 * Applied International Holdings, Ltd.
2,466
--------------------------------------------------------------
- -----
21,427 Bank of East Asia
72,688
--------------------------------------------------------------
- -----
81,000 Cathay Pacific Airways
115,669
--------------------------------------------------------------
- -----
60,000 Cheung Kong Holdings, Ltd.
300,852
--------------------------------------------------------------
- -----
54,500 China Light & Power Company, Ltd.
284,543
--------------------------------------------------------------
- -----
47,000 * Chinese Estates, Ltd.
34,925
--------------------------------------------------------------
- -----
22,000 * Dickson Concepts
14,358
--------------------------------------------------------------
- -----
18,000 * Giordano International, Ltd.
15,702
--------------------------------------------------------------
- -----
34,000 * Hang Lung Development Company
56,242
--------------------------------------------------------------
- -----
52,700 Hang Seng Bank
435,874
--------------------------------------------------------------
- -----
53,000 Hong Kong & China Gas
84,246
--------------------------------------------------------------
- -----
35,000 Hong Kong & Shanghai Hotel
45,684
--------------------------------------------------------------
- -----
5,200 * Hong Kong Aircraft Engineering Company
14,280
--------------------------------------------------------------
- -----
297,200 Hong Kong Telecommunications
545,390
--------------------------------------------------------------
- -----
121,420 Hopewell Holdings
104,348
--------------------------------------------------------------
- -----
99,000 Hutchison Whampoa
498,965
--------------------------------------------------------------
- -----
30,000 Hysan Development
73,081
--------------------------------------------------------------
- -----
10,000 Johnson Electric Holdings
20,612
--------------------------------------------------------------
- -----
16,000 Miramar Hotel & Investment
33,083
--------------------------------------------------------------
- -----
42,751 New World Developments Co. Ltd.
155,799
--------------------------------------------------------------
- -----
39,000 * Oriental Press Group, Ltd.
15,372
--------------------------------------------------------------
- -----
11,200 * Peregrine Investment Holdings
16,935
--------------------------------------------------------------
- -----
29,832 * Shangri-la Asia, Ltd.
34,312
--------------------------------------------------------------
- -----
46,000 Shun Tak
38,938
--------------------------------------------------------------
- -----
52,000 South China Morning Post
30,576
--------------------------------------------------------------
- -----
9,000 * Stelux Holdings International
2,471
--------------------------------------------------------------
- -----
19,000 * Stelux Holdings, Ltd.
5,218
--------------------------------------------------------------
- -----
63,000 Sun Hung Kai Properties
474,249
--------------------------------------------------------------
- -----
44,000 Swire Pacific, Ltd. "A"
344,016
--------------------------------------------------------------
- -----
12,000 Television Broadcasts
45,128
--------------------------------------------------------------
- -----
60,000 Wharf Holdings
189,196
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
HONG KONG--CONTINUED
--------------------------------------------------------------
- -----
4,240 * Wing Lung Bank
$ 26,411
--------------------------------------------------------------
- -----
9,500 * Winsor Industrial
11,295
--------------------------------------------------------------
- ----- -----------
Total Hong Kong
4,142,924
--------------------------------------------------------------
- ----- -----------
INDONESIA--3.3%
--------------------------------------------------------------
- -----
89,000 * Bank DaGang Naisonal Indo
180,271
--------------------------------------------------------------
- -----
514,000 * Barito Pacific Timber
621,217
--------------------------------------------------------------
- -----
57,000 * Gadjah Tunggal
93,129
--------------------------------------------------------------
- -----
88,000 * Gudjah Tunggal
143,778
--------------------------------------------------------------
- -----
165,000 * Hanjaya Mandala Sampoerna
1,408,851
--------------------------------------------------------------
- -----
142,000 * Jakarta International Hotel & Development
181,155
--------------------------------------------------------------
- -----
31,000 * Matahari Putra Prima
46,833
--------------------------------------------------------------
- -----
4,000 * Mayatexdian Industry
2,193
--------------------------------------------------------------
- -----
15,000 * Pan Brothers Textile Industries
4,365
--------------------------------------------------------------
- -----
77,000 Sinar Mas Agro
71,520
--------------------------------------------------------------
- -----
51,000 United Tractors
114,145
--------------------------------------------------------------
- ----- -----------
Total Indonesia
2,867,457
--------------------------------------------------------------
- ----- -----------
ITALY--2.0%
--------------------------------------------------------------
- -----
18,700 Parmalat Finanziaria SPA
17,081
--------------------------------------------------------------
- -----
51,000 Fiat SPA
197,882
--------------------------------------------------------------
- -----
12,000 Fiat SPA, non-convertible
27,346
--------------------------------------------------------------
- -----
10,900 * Magneti Marelli
21,301
--------------------------------------------------------------
- -----
6,000 Banca Nazionale Dell Agricultura
4,766
--------------------------------------------------------------
- -----
26,000 Banca Commerciale Italiana
61,381
--------------------------------------------------------------
- -----
8,000 Banco Ambrosiano Veneto
23,703
--------------------------------------------------------------
- -----
38,500 Credito Italiano
47,205
--------------------------------------------------------------
- -----
11,500 Istituto Bancario San
68,362
--------------------------------------------------------------
- -----
3,250 Italcementi
22,885
--------------------------------------------------------------
- -----
1,500 Italcementi Di
4,846
--------------------------------------------------------------
- -----
85,000 * Montedison SPA
66,818
--------------------------------------------------------------
- -----
15,000 * Montedison SPA, non-convertible
9,862
--------------------------------------------------------------
- -----
20,000 * Olivetti ING C, & Co.
21,811
--------------------------------------------------------------
- -----
3,000 * Impregilo SPA
2,960
--------------------------------------------------------------
- -----
4,000 Fidis
9,178
--------------------------------------------------------------
- -----
7,500 Mediobanca Banca Di Credito Fina
62,219
--------------------------------------------------------------
- -----
1,000 * Saffa, Cl. A
3,511
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
ITALY--CONTINUED
--------------------------------------------------------------
- -----
7,000 * She Sta Meridionale Finanz
$ 14,121
--------------------------------------------------------------
- -----
1,000 Falck, Accia & Ferr Lombarde
1,923
--------------------------------------------------------------
- -----
10,000 Edison SPA
44,253
--------------------------------------------------------------
- -----
11,000 Italgas
31,586
--------------------------------------------------------------
- -----
12,850 Assicurazioni Generali SPA
321,994
--------------------------------------------------------------
- -----
4,250 * R.A.S.
48,801
--------------------------------------------------------------
- -----
1,850 * R.A.S., RISP Shares
12,012
--------------------------------------------------------------
- -----
1,500 * S.A.I.
17,451
--------------------------------------------------------------
- -----
2,000 Sasib
9,670
--------------------------------------------------------------
- -----
10,000 * Snia BPD SPA
12,324
--------------------------------------------------------------
- -----
7,500 * Saipem
14,656
--------------------------------------------------------------
- -----
1,000 * Burgo (Cartiere) Spaitalian
7,101
--------------------------------------------------------------
- -----
3,000 Rinascente
17,210
--------------------------------------------------------------
- -----
300 Risanamento Di Napoli
4,331
--------------------------------------------------------------
- -----
3,500 Sirti
26,697
--------------------------------------------------------------
- -----
100,000 * Telecom Italia Mobile SPA
125,762
--------------------------------------------------------------
- -----
25,000 * Telecom Italia Mobile SPA, RISP non-convertible
22,867
--------------------------------------------------------------
- -----
100,000 Telecom Italia SPA
173,041
--------------------------------------------------------------
- -----
25,000 Telecom Italia SPA, RISP non-convertible
34,829
--------------------------------------------------------------
- -----
3,000 Benetton Group SPA
29,947
--------------------------------------------------------------
- -----
25,000 * Pirelli SPA
36,405
--------------------------------------------------------------
- -----
10,000 Alitalia
5,358
--------------------------------------------------------------
- ----- -----------
Total Italy
1,685,456
--------------------------------------------------------------
- ----- -----------
JAPAN--35.5%
--------------------------------------------------------------
- -----
2,000 * Advantest
86,097
--------------------------------------------------------------
- -----
21,000 Ajinomoto Co., Inc.
234,950
--------------------------------------------------------------
- -----
11,000 Aoki Corp.
44,480
--------------------------------------------------------------
- -----
2,000 * Aoyama Trading Co.
56,793
--------------------------------------------------------------
- -----
43,000 Asahi Bank
503,067
--------------------------------------------------------------
- -----
11,000 Asahi Breweries Ltd.
137,437
--------------------------------------------------------------
- -----
32,000 Asahi Chemical Industry
228,623
--------------------------------------------------------------
- -----
32,000 Asahi Glass Co.
378,010
--------------------------------------------------------------
- -----
32,000 Bank of Tokyo
556,111
--------------------------------------------------------------
- -----
11,000 Bridgestone Corp.
164,925
--------------------------------------------------------------
- -----
19,000 Canon
345,298
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
JAPAN--CONTINUED
--------------------------------------------------------------
- -----
7,000 Casio Computer
$ 68,139
--------------------------------------------------------------
- -----
17,000 Chiba Bank
163,937
--------------------------------------------------------------
- -----
4,000 Chiyoda Chemical Engineering
38,619
--------------------------------------------------------------
- -----
11,000 Chugai Pharmaceutical Ltd.
109,825
--------------------------------------------------------------
- -----
21,000 Dai Nippon Printing Ltd.
338,710
--------------------------------------------------------------
- -----
49,000 Dai-ichi Kangyo Bank
923,898
--------------------------------------------------------------
- -----
15,000 * Daiei Inc.
199,341
--------------------------------------------------------------
- -----
11,000 Daikin Industries
94,707
--------------------------------------------------------------
- -----
5,000 * Daishowa Seishi
26,408
--------------------------------------------------------------
- -----
4,700 * Daito Trust Construction Co.
64,596
--------------------------------------------------------------
- -----
11,000 Daiwa House Industry
176,170
--------------------------------------------------------------
- -----
21,000 Daiwa Securities Ltd.
252,840
--------------------------------------------------------------
- -----
7,000 Ebara
104,157
--------------------------------------------------------------
- -----
27,000 Energy Corp.
94,457
--------------------------------------------------------------
- -----
5,000 Fanuc Co. Ltd.
226,601
--------------------------------------------------------------
- -----
49,000 Fuji Bank
1,196,615
--------------------------------------------------------------
- -----
11,000 Fuji Photo Film Ltd.
289,868
--------------------------------------------------------------
- -----
35,000 Fujitsu Ltd.
371,706
--------------------------------------------------------------
- -----
18,000 * Furukawa Electric
94,253
--------------------------------------------------------------
- -----
21,000 Hankyu Corp.
123,557
--------------------------------------------------------------
- -----
11,000 Hazama Guhi
50,477
--------------------------------------------------------------
- -----
65,000 Hitachi Ltd.
691,049
--------------------------------------------------------------
- -----
17,000 Honda Motor
278,055
--------------------------------------------------------------
- -----
35,000 Industrial Bank of Japan
1,041,572
--------------------------------------------------------------
- -----
43,000 * Japan Air Lines
282,792
--------------------------------------------------------------
- -----
12,000 * Joyo Bank
99,228
--------------------------------------------------------------
- -----
9,000 Jusco Ltd.
200,364
--------------------------------------------------------------
- -----
21,000 Kajima Corp.
213,960
--------------------------------------------------------------
- -----
7,000 Kansai Electric Power, Inc.
182,871
--------------------------------------------------------------
- -----
21,000 Kao Corp.
248,069
--------------------------------------------------------------
- -----
55,000 * Kawasaki Steel Corp.
198,660
--------------------------------------------------------------
- -----
32,000 Kinki Nippon Railway
286,415
--------------------------------------------------------------
- -----
21,000 Kirin Brewery Company
237,574
--------------------------------------------------------------
- -----
64,000 Kobe Steel
158,473
--------------------------------------------------------------
- -----
21,000 Komatsu
171,502
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
JAPAN--CONTINUED
--------------------------------------------------------------
- -----
32,000 Kubota Corp.
$ 223,171
--------------------------------------------------------------
- -----
21,000 Kumagai Gumi Co. Ltd.
102,328
--------------------------------------------------------------
- -----
11,000 Kyowa Kogyo Co. Ltd.
108,951
--------------------------------------------------------------
- -----
32,000 Marubenii Corp.
164,652
--------------------------------------------------------------
- -----
10,000 Marui
165,834
--------------------------------------------------------------
- -----
32,000 Matsushita Electric Industrial
534,303
--------------------------------------------------------------
- -----
32,000 Mitsubishi Chemical
149,388
--------------------------------------------------------------
- -----
30,000 Mitsubishi Corp.
354,384
--------------------------------------------------------------
- -----
38,000 Mitsubishi Electric
281,849
--------------------------------------------------------------
- -----
23,000 Mitsubishi Estate Co.
279,532
--------------------------------------------------------------
- -----
86,000 Mitsubishi Heavy Industries
622,240
--------------------------------------------------------------
- -----
22,000 Mitsubishi Material Corp.
109,950
--------------------------------------------------------------
- -----
21,000 Mitsubishi Trust & Banking Co.
379,259
--------------------------------------------------------------
- -----
32,000 Mitsui & Co.
260,609
--------------------------------------------------------------
- -----
21,000 * Mitsui Engineering & Shipbuilding
51,999
--------------------------------------------------------------
- -----
18,000 * Mitsui Fudosan
231,031
--------------------------------------------------------------
- -----
12,000 Mitsukoshi Ltd.
98,137
--------------------------------------------------------------
- -----
2,400 Mochida Pharmaceutical
36,802
--------------------------------------------------------------
- -----
5,000 Murata Manufacturing
219,219
--------------------------------------------------------------
- -----
32,000 NEC Corp.
381,645
--------------------------------------------------------------
- -----
11,000 NGK Insulators Ltd.
105,577
--------------------------------------------------------------
- -----
10,000 * Nipon Light Metal
54,407
--------------------------------------------------------------
- -----
11,000 Nippon Denso Ltd.
216,152
--------------------------------------------------------------
- -----
21,000 Nippon Express Co.
194,400
--------------------------------------------------------------
- -----
11,000 Nippon Fire & Marine Insurance
67,219
--------------------------------------------------------------
- -----
63,000 * Nippon Kokan
157,428
--------------------------------------------------------------
- -----
11,000 Nippon Meat Packers, Inc.
158,678
--------------------------------------------------------------
- -----
32,000 Nippon Oil Company
199,909
--------------------------------------------------------------
- -----
81,000 * Nippon Steel Corp.
275,091
--------------------------------------------------------------
- -----
32,000 Nippon Yusen
196,274
--------------------------------------------------------------
- -----
41,000 Nissan Motors
287,335
--------------------------------------------------------------
- -----
32,000 Nomura Securities Co.
617,901
--------------------------------------------------------------
- -----
21,000 Odakyu Railway
159,814
--------------------------------------------------------------
- -----
21,000 OJI Paper
209,428
--------------------------------------------------------------
- -----
64,000 Osaka Gas Co. Ltd.
236,256
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
JAPAN--CONTINUED
--------------------------------------------------------------
- -----
11,000 Penta-Ocean Construction Co. Ltd.
$ 80,963
--------------------------------------------------------------
- -----
4,000 Pioneer Electronic Corp.
75,420
--------------------------------------------------------------
- -----
54,000 Sakura Bank
631,758
--------------------------------------------------------------
- -----
10,900 Sankyo Co.
257,519
--------------------------------------------------------------
- -----
32,000 Sanyo Electric Co.
182,826
--------------------------------------------------------------
- -----
2,000 Secom Co. Ltd.
123,580
--------------------------------------------------------------
- -----
2,600 Sega Enterprise
107,792
--------------------------------------------------------------
- -----
11,000 Sekisui House Ltd.
136,188
--------------------------------------------------------------
- -----
6,000 Seven-Eleven Japan Ltd.
435,484
--------------------------------------------------------------
- -----
21,000 Sharp Corp.
307,701
--------------------------------------------------------------
- -----
3,000 * Shimano Inc.
56,565
--------------------------------------------------------------
- -----
15,000 Shimizu Construction
154,362
--------------------------------------------------------------
- -----
11,000 Shin-Etsu Chemical
221,150
--------------------------------------------------------------
- -----
5,000 Shiseido Co. Ltd.
56,792
--------------------------------------------------------------
- -----
21,000 Shizuoka Bank
264,766
--------------------------------------------------------------
- -----
21,000 * Shon Denko KK
67,503
--------------------------------------------------------------
- -----
5,000 Sony Corp.
270,900
--------------------------------------------------------------
- -----
54,000 Sumitomo Bank Ltd.
1,128,578
--------------------------------------------------------------
- -----
11,000 * Sumitomo Cement
41,106
--------------------------------------------------------------
- -----
43,000 Sumitomo Chemical Co.
188,039
--------------------------------------------------------------
- -----
21,000 * Sumitomo Corp.
211,098
--------------------------------------------------------------
- -----
14,000 Sumitomo Electric Industries
179,691
--------------------------------------------------------------
- -----
5,000 Sumitomo Forestry Co. Ltd.
85,189
--------------------------------------------------------------
- -----
10,000 * Sumitomo Metal & Mining
81,781
--------------------------------------------------------------
- -----
75,000 * Sumitomo Metal Industries
217,231
--------------------------------------------------------------
- -----
21,000 Taisei Construction
141,924
--------------------------------------------------------------
- -----
21,000 Takeda Chemical Industries
283,848
--------------------------------------------------------------
- -----
21,000 Teijin
105,429
--------------------------------------------------------------
- -----
21,000 Tobu Railway
137,631
--------------------------------------------------------------
- -----
33,000 Tokai Bank
419,809
--------------------------------------------------------------
- -----
32,000 Tokio Marine Fire
381,645
--------------------------------------------------------------
- -----
21,000 * Tokyo Corp.
149,558
--------------------------------------------------------------
- -----
5,000 Tokyo Dome Corp.
85,756
--------------------------------------------------------------
- -----
23,600 Tokyo Electric Power
704,998
--------------------------------------------------------------
- -----
4,000 Tokyo Electron Ltd.
150,386
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
JAPAN--CONTINUED
--------------------------------------------------------------
- -----
50,000 Tokyo Gas Ltd.
$ 205,588
--------------------------------------------------------------
- -----
15,000 Toppan Printing
212,972
--------------------------------------------------------------
- -----
32,000 Toray
203,544
--------------------------------------------------------------
- -----
11,000 Toto
169,923
--------------------------------------------------------------
- -----
21,000 Toyobo
74,898
--------------------------------------------------------------
- -----
50,000 Toyota Motor Co.
1,044,980
--------------------------------------------------------------
- -----
21,000 * UBE Industries
78,714
--------------------------------------------------------------
- -----
21,000 Yamaichi Securities Ltd.
131,429
--------------------------------------------------------------
- -----
21,000 Yasuda Trust and Banking
161,722
--------------------------------------------------------------
- -----
7,000 Yokado
387,210
--------------------------------------------------------------
- ----- -----------
Total Japan
30,722,354
--------------------------------------------------------------
- ----- -----------
MALAYSIA--1.9%
--------------------------------------------------------------
- -----
3,000 * Ammb Holdings
42,124
--------------------------------------------------------------
- -----
11,000 * Amsteel Corp.
18,355
--------------------------------------------------------------
- -----
3,000 * Aokam Perdana
8,120
--------------------------------------------------------------
- -----
11,000 * Berjaya Group
9,581
--------------------------------------------------------------
- -----
4,000 * Commerce Assets Holdings
23,931
--------------------------------------------------------------
- -----
12,000 DCB Holdings
38,827
--------------------------------------------------------------
- -----
3,000 * Ederan Otomobil Nasional
27,838
--------------------------------------------------------------
- -----
17,000 * Faber Group
18,197
--------------------------------------------------------------
- -----
15,000 * Golden Hope Plantations
26,862
--------------------------------------------------------------
- -----
3,000 Golden Plus Holdings
7,082
--------------------------------------------------------------
- -----
5,000 * Guinness Anchor
9,239
--------------------------------------------------------------
- -----
10,000 Highlands & Lowlands
18,884
--------------------------------------------------------------
- -----
13,000 * Hong Leong Properties
17,672
--------------------------------------------------------------
- -----
2,000 * Honk Leong Industries
12,535
--------------------------------------------------------------
- -----
4,000 Hume Industries Malaysia
22,792
--------------------------------------------------------------
- -----
11,000 * Idris Hydraulic
16,565
--------------------------------------------------------------
- -----
11,000 * IGB Corp.
11,013
--------------------------------------------------------------
- -----
14,000 * Ioi Corp.
19,259
--------------------------------------------------------------
- -----
8,000 * Kedah Cement Holdings
14,261
--------------------------------------------------------------
- -----
2,000 * Kian Joo Can Factory
8,303
--------------------------------------------------------------
- -----
7,000 * Land & General
24,073
--------------------------------------------------------------
- -----
6,000 * Leader Universal Holdings
22,222
--------------------------------------------------------------
- -----
15,000 * Magnum Corp.
34,798
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
MALAYSIA--CONTINUED
--------------------------------------------------------------
- -----
13,000 * Malasian International Shipping
$ 40,211
--------------------------------------------------------------
- -----
16,000 * Malayan Banking
136,751
--------------------------------------------------------------
- -----
10,000 * Malayan United
18,559
--------------------------------------------------------------
- -----
8,000 * Malaysia Mining Corp.
14,326
--------------------------------------------------------------
- -----
9,000 * Malaysian Airlines System
28,754
--------------------------------------------------------------
- -----
1,000 * Malaysian Oxygen
3,785
--------------------------------------------------------------
- -----
10,000 * Malaysian Resources Corp.
18,315
--------------------------------------------------------------
- -----
14,000 * Metroplex
14,131
--------------------------------------------------------------
- -----
10,000 Mulph International
12,291
--------------------------------------------------------------
- -----
12,000 * Multi Purpose Holdings
20,903
--------------------------------------------------------------
- -----
3,000 * Nestle (Malaysia)
22,955
--------------------------------------------------------------
- -----
3,000 * Oriental Holdings Berhad
16,117
--------------------------------------------------------------
- -----
4,000 * Perlis Plantations
13,838
--------------------------------------------------------------
- -----
5,000 * Petaling Garden
6,552
--------------------------------------------------------------
- -----
8,000 * Proton
30,281
--------------------------------------------------------------
- -----
14,000 * Public Bank
31,908
--------------------------------------------------------------
- -----
5,000 * Rashid Husain
17,297
--------------------------------------------------------------
- -----
16,000 * Resort World
87,260
--------------------------------------------------------------
- -----
4,000 RJ Reynolds
9,686
--------------------------------------------------------------
- -----
4,000 * Rothmans Pall Mall
32,560
--------------------------------------------------------------
- -----
6,000 * Selangor Properties
6,984
--------------------------------------------------------------
- -----
4,000 * Shell Refining
13,431
--------------------------------------------------------------
- -----
29,000 * Sime Darby Malaysia
79,079
--------------------------------------------------------------
- -----
11,000 * Tan Chong
13,699
--------------------------------------------------------------
- -----
9,000 * Technology Resources Industry
24,542
--------------------------------------------------------------
- -----
28,000 * Telekom Malaysia
207,405
--------------------------------------------------------------
- -----
41,000 * Tenega Nasional
160,193
--------------------------------------------------------------
- -----
5,000 * UMW Holdings
16,076
--------------------------------------------------------------
- -----
8,000 * United Engineers, Ltd.
57,305
--------------------------------------------------------------
- ----- -----------
Total Malaysia
1,607,727
--------------------------------------------------------------
- ----- -----------
NETHERLANDS--4.9%
--------------------------------------------------------------
- -----
6,600 ABN Amro Holdings
259,231
--------------------------------------------------------------
- -----
1,650 Akzo NV
217,447
--------------------------------------------------------------
- -----
14,100 Elsevier
180,353
--------------------------------------------------------------
- -----
850 Heineken N.V.
134,806
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
NETHERLANDS--CONTINUED
--------------------------------------------------------------
- -----
650 * Hoogovens and Staalf
$ 29,854
--------------------------------------------------------------
- -----
5,900 Internationale Nederlanden Groep
342,269
--------------------------------------------------------------
- -----
1,800 * KLM Royal Dutch Air
67,908
--------------------------------------------------------------
- -----
2,600 Koninklijke Ahold NV
93,722
--------------------------------------------------------------
- -----
10,976 Koninklijke PTT Nederland NV
411,965
--------------------------------------------------------------
- -----
500 * Nedlloyd Groep NV
19,122
--------------------------------------------------------------
- -----
2,200 NV Koninklijke
75,325
--------------------------------------------------------------
- -----
7,100 Philips Electronics N.V.
349,962
--------------------------------------------------------------
- -----
11,400 Royal Dutch Petroleum
1,444,179
--------------------------------------------------------------
- -----
3,400 Unilever NV
448,292
--------------------------------------------------------------
- -----
650 Verenigde Machinefabrieken Stork
18,476
--------------------------------------------------------------
- -----
1,500 Walters Kluwer CVA
136,146
--------------------------------------------------------------
- ----- -----------
Total Netherlands
4,229,057
--------------------------------------------------------------
- ----- -----------
PORTUGAL--1.7%
--------------------------------------------------------------
- -----
33,000 * Banco Commercial Portuguese
439,100
--------------------------------------------------------------
- -----
21,200 Banco Espirito Santo
290,904
--------------------------------------------------------------
- -----
2,160 * Banco Internacional do Furchal SA
20,957
--------------------------------------------------------------
- -----
10,000 * Banco Portugues do Atlantico
144,496
--------------------------------------------------------------
- -----
4,800 * Companhia de Seguros Imperio
33,232
--------------------------------------------------------------
- -----
500 Corporacao Industrial do Norte
16,109
--------------------------------------------------------------
- -----
950 Engil Soc Construcao Civil
15,077
--------------------------------------------------------------
- -----
6,400 * Estado Navais de Lisboa
30,604
--------------------------------------------------------------
- -----
600 * Inapa Inv Part Ges
11,643
--------------------------------------------------------------
- -----
14 * Portugal Telecom
281
--------------------------------------------------------------
- -----
900 * Soares da Costa SA
13,722
--------------------------------------------------------------
- -----
2,070 Sociedade de Construcoes Soares da Cos
32,708
--------------------------------------------------------------
- -----
15,400 * Sonae
365,216
--------------------------------------------------------------
- -----
3,200 Unicer
53,779
--------------------------------------------------------------
- ----- -----------
Total Portugal
1,467,828
--------------------------------------------------------------
- ----- -----------
SINGAPORE--2.8%
--------------------------------------------------------------
- -----
12,000 * Amcol Holdings, Ltd.
38,240
--------------------------------------------------------------
- -----
33,000 * City Development
207,243
--------------------------------------------------------------
- -----
10,000 * Cycle & Carriage Ltd.
95,458
--------------------------------------------------------------
- -----
34,000 * DBS Land
104,932
--------------------------------------------------------------
- -----
17,000 * Development Bank of Singapore
202,543
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
SINGAPORE--CONTINUED
--------------------------------------------------------------
- -----
9,000 * First Capital
$ 29,585
--------------------------------------------------------------
- -----
10,000 * Fraser & Neave
119,143
--------------------------------------------------------------
- -----
14,000 * Hai Sun Huo Group
9,445
--------------------------------------------------------------
- -----
18,000 * Hotel Properties
31,522
--------------------------------------------------------------
- -----
8,000 * Inchcape
27,101
--------------------------------------------------------------
- -----
5,000 * Jurong Shipyard
37,681
--------------------------------------------------------------
- -----
21,000 * Keppel Corp.
186,896
--------------------------------------------------------------
- -----
11,000 * Natsteel
24,473
--------------------------------------------------------------
- -----
33,000 * Neptune Orient Lines
39,317
--------------------------------------------------------------
- -----
25,000 * OCBC FGN
294,268
--------------------------------------------------------------
- -----
6,000 * Overseas Union Enterprises
35,312
--------------------------------------------------------------
- -----
13,000 * Parkway Holdings, Ltd.
31,724
--------------------------------------------------------------
- -----
2,000 * Robinson & Co.
8,971
--------------------------------------------------------------
- -----
7,000 * Shangri-la Hotel
26,628
--------------------------------------------------------------
- -----
32,000 * Singapore International Airlines
280,201
--------------------------------------------------------------
- -----
8,400 * Singapore Press Holdings
115,755
--------------------------------------------------------------
- -----
25,000 Straits Steamship Land Ltd.
80,027
--------------------------------------------------------------
- -----
17,000 * Straits Trading
41,485
--------------------------------------------------------------
- -----
66,000 * United Industries
64,897
--------------------------------------------------------------
- -----
26,000 United Overseas Bank
259,386
--------------------------------------------------------------
- ----- -----------
Total Singapore
2,392,233
--------------------------------------------------------------
- ----- -----------
SPAIN--3.0%
--------------------------------------------------------------
- -----
325 Acerinox SA
46,001
--------------------------------------------------------------
- -----
600 Alba (Corp Finan)
33,566
--------------------------------------------------------------
- -----
6,186 * Autopista
60,198
--------------------------------------------------------------
- -----
6,800 Banco Bilbao Vizcaya
214,273
--------------------------------------------------------------
- -----
4,500 Banco Central SA
95,543
--------------------------------------------------------------
- -----
4,500 Banco de Santander SA
191,844
--------------------------------------------------------------
- -----
3,600 Corporacion Bancaria de Espana
137,400
--------------------------------------------------------------
- -----
800 Corporacion Mafre SA
45,160
--------------------------------------------------------------
- -----
2,000 Dragados Y Construcciones
33,027
--------------------------------------------------------------
- -----
1,650 Ebro Agricolas Compania de Alime
17,725
--------------------------------------------------------------
- -----
650 * Empresa Nacional Celulosas As Es
18,182
--------------------------------------------------------------
- -----
7,500 Empresa Nacional Electricidad
401,255
--------------------------------------------------------------
- -----
3,000 * Ercros SA
3,387
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
SPAIN--CONTINUED
--------------------------------------------------------------
- -----
700 Fasa-Renault
$ 21,822
--------------------------------------------------------------
- -----
450 Fomento Construccion Es Y Contra
40,947
--------------------------------------------------------------
- -----
1,100 Gas Naturale
131,418
--------------------------------------------------------------
- -----
25,900 Iberdrola SA
213,197
--------------------------------------------------------------
- -----
110 Immobiliaria Metropolitana
3,522
--------------------------------------------------------------
- -----
300 Portland Valderrivassa
23,734
--------------------------------------------------------------
- -----
8,700 Repsol SA
294,667
--------------------------------------------------------------
- -----
1,100 Tabaclera Spanish
46,061
--------------------------------------------------------------
- -----
27,300 Telefonica de Espana
373,768
--------------------------------------------------------------
- -----
9,000 Union Electrica Fenosa
43,525
--------------------------------------------------------------
- -----
1,200 * Uralita
16,076
--------------------------------------------------------------
- -----
1,300 Vallehermoso SA
24,699
--------------------------------------------------------------
- -----
750 Viscofan Envolturas Celulosicas
10,142
--------------------------------------------------------------
- -----
341 Zardoya Otis SA
36,745
--------------------------------------------------------------
- ----- -----------
Total Spain
2,577,884
--------------------------------------------------------------
- ----- -----------
SWITZERLAND--2.9%
--------------------------------------------------------------
- -----
50 * Adia SA
10,292
--------------------------------------------------------------
- -----
75 * Alusuisse-Lonza Holdings AG
50,153
--------------------------------------------------------------
- -----
85 * BBC Brown Boveri
89,783
--------------------------------------------------------------
- -----
50 * Ciba-Geigy AG Bearer
37,200
--------------------------------------------------------------
- -----
240 * Ciba-Geigy Reg.
178,353
--------------------------------------------------------------
- -----
1,200 * CS Holdings
104,144
--------------------------------------------------------------
- -----
40 * Gebrueder Sulzer AG
24,946
--------------------------------------------------------------
- -----
10 * Georg Fischer AG
13,781
--------------------------------------------------------------
- -----
70 * Holderbank Finan Glaris
57,515
--------------------------------------------------------------
- -----
50 * Merkur Holding AG
13,650
--------------------------------------------------------------
- -----
375 * Nestle
383,998
--------------------------------------------------------------
- -----
15 * Roche Holdings AG
177,280
--------------------------------------------------------------
- -----
68 * Roche Holdings Genuss
464,705
--------------------------------------------------------------
- -----
330 * Sandoz AG
229,980
--------------------------------------------------------------
- -----
35 * SMH Porteur
22,713
--------------------------------------------------------------
- -----
150 * SMH Swiss Corp.
20,933
--------------------------------------------------------------
- -----
20 * Societe Generale
35,064
--------------------------------------------------------------
- -----
250 * Swiss Bank Corp.
89,403
--------------------------------------------------------------
- -----
350 * Swiss Bank Corp.
62,201
--------------------------------------------------------------
- -----
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
COMMON STOCK--CONTINUED
- --------------------------------------------------------------------------------
- -----
SWITZERLAND--CONTINUED
--------------------------------------------------------------
- -----
150 * Swiss Reinsurance Company
$ 117,881
--------------------------------------------------------------
- -----
25 * Swissair AG
18,644
--------------------------------------------------------------
- -----
430 * Union Bank of Switzerland
252,636
--------------------------------------------------------------
- -----
250 * Zuerich Verichrng Gesellschft
61,492
--------------------------------------------------------------
- ----- -----------
Total Switzerland
2,516,747
--------------------------------------------------------------
- ----- -----------
THAILAND--1.9%
--------------------------------------------------------------
- -----
7,700 * Advanced Information Service Publication
120,065
--------------------------------------------------------------
- -----
17,200 * Bancchak Petroleum Public, Ltd.
31,788
--------------------------------------------------------------
- -----
23,600 * Bangkok Metropolitan Bank
27,885
--------------------------------------------------------------
- -----
6,300 * CMIC Finance & Securities Co., Ltd.
23,159
--------------------------------------------------------------
- -----
2,400 * CMIC Finance & Securities Co., Ltd.
8,871
--------------------------------------------------------------
- -----
12,000 Dhana Siam Finance
67,380
--------------------------------------------------------------
- -----
4,500 * General Finance & Securities Co.
21,087
--------------------------------------------------------------
- -----
8,300 Italian-Thai Development Public, Ltd.
103,268
--------------------------------------------------------------
- -----
11,000 * Jasmin International Public Company
68,875
--------------------------------------------------------------
- -----
44,400 * Krung Thai Bank
175,770
--------------------------------------------------------------
- -----
10,400 * National Finance & Securities Co.
49,154
--------------------------------------------------------------
- -----
3,900 * National Finance & Securities Co.
19,378
--------------------------------------------------------------
- -----
10,200 * National Petrochemical Public
27,401
--------------------------------------------------------------
- -----
5,300 * One Holdings Public Company, Ltd.
16,271
--------------------------------------------------------------
- -----
9,000 Phatra Thanakat PLC
74,894
--------------------------------------------------------------
- -----
10,200 * Pit Exploration & Production
108,778
--------------------------------------------------------------
- -----
16,800 * Sahaviriya Steel Industries Public
40,040
--------------------------------------------------------------
- -----
4,600 * Shinawatra Computer & Communications
111,494
--------------------------------------------------------------
- -----
11,600 * Shinawatra Satellite Public
24,601
--------------------------------------------------------------
- -----
39,700 * Siam City Bank Public, Ltd.
56,130
--------------------------------------------------------------
- -----
73,400 * TelecomAsia Corp.
266,855
--------------------------------------------------------------
- -----
14,100 * Thai Military Bank, Ltd.
62,654
--------------------------------------------------------------
- -----
7,700 * United Communication Industry
112,598
--------------------------------------------------------------
- ----- -----------
Total Thailand
1,618,396
--------------------------------------------------------------
- ----- -----------
TOTAL COMMON STOCKS (IDENTIFIED COST, $77,760,248)
82,185,669
--------------------------------------------------------------
- ----- -----------
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
VALUE
IN U.S.
SHARES
DOLLARS
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
PREFERRED STOCKS--0.3%
- --------------------------------------------------------------------------------
- -----
AUSTRALIA--0.1%
--------------------------------------------------------------
- -----
23,447 News Corp. Ltd.
$ 120,465
--------------------------------------------------------------
- ----- -----------
GERMANY--0.1%
--------------------------------------------------------------
- -----
200 * RWE AG
56,854
--------------------------------------------------------------
- -----
40 * SAP AG
63,155
--------------------------------------------------------------
- ----- -----------
Total Germany
120,009
--------------------------------------------------------------
- ----- -----------
ITALY--0.0%
--------------------------------------------------------------
- -----
15,000 * FIAT SPA
35,790
--------------------------------------------------------------
- ----- -----------
TOTAL PREFERRED STOCKS (IDENTIFIED COST, $214,809)
276,264
--------------------------------------------------------------
- ----- -----------
WARRANTS AND RIGHTS--0.1%
- --------------------------------------------------------------------------------
- -----
AUSTRALIA--0.0%
--------------------------------------------------------------
- -----
1,982 * Coca Cola Amatil Ltd. Rights
11,693
--------------------------------------------------------------
- ----- -----------
FRANCE--0.0%
--------------------------------------------------------------
- -----
4 * Compagnie Bancaire Bon Rights
49
--------------------------------------------------------------
- ----- -----------
GREAT BRITAIN--0.0%
--------------------------------------------------------------
- -----
204 British Aerospace Warrants
0
--------------------------------------------------------------
- ----- -----------
HONG KONG--0.0%
--------------------------------------------------------------
- -----
800 Applied International Warrants
69
--------------------------------------------------------------
- ----- -----------
INDONESIA--0.0%
--------------------------------------------------------------
- -----
15,500 Matahari Putra Prima Rights
14,570
--------------------------------------------------------------
- ----- -----------
ITALY--0.0%
--------------------------------------------------------------
- -----
1,500 SAI Rights
2
--------------------------------------------------------------
- -----
800 R.A.S. SPA Warrants
1,997
--------------------------------------------------------------
- -----
1,500 R.A.S. SPA Warrants
6,818
--------------------------------------------------------------
- ----- -----------
Total Italy
8,817
--------------------------------------------------------------
- ----- -----------
PORTUGAL--0.0%
--------------------------------------------------------------
- -----
600 Inapa Rights
12,059
--------------------------------------------------------------
- -----
5,800 * Companhia de Seguros Imperio Rights
201
--------------------------------------------------------------
- ----- -----------
Total Portugal
12,260
--------------------------------------------------------------
- ----- -----------
THAILAND--0.0%
--------------------------------------------------------------
- -----
600 CMIC Finance & Security Public Co., Ltd. Warrants
242
--------------------------------------------------------------
- -----
1,300 National Finance & Security Warrants
0
--------------------------------------------------------------
- ----- -----------
Total Thailand
242
--------------------------------------------------------------
- ----- -----------
TOTAL WARRANTS AND RIGHTS (IDENTIFIED COST, $22,012)
47,700
--------------------------------------------------------------
- ----- -----------
</TABLE>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
VALUE
- --------- --------------------------------------------------------------
- ----- -----------
<C> <C> <S>
<C>
CONVERTIBLE SECURITIES--0.0%
- --------------------------------------------------------------------------------
- -----
FRANCE--0.0%
--------------------------------------------------------------
- -----
$ 20,706 Sanofia, 4.00% Conv. Bond, 1/1/2000
(identified cost, $20,706)
$ 23,002
--------------------------------------------------------------
- ----- -----------
TOTAL INVESTMENTS (IDENTIFIED COST, $78,017,775)
$82,532,635+
--------------------------------------------------------------
- ----- -----------
</TABLE>
* Non-income producing security.
+ The cost for federal tax purposes amounts to $78,713,392. The net unrealized
appreciation of investments on a federal tax basis amounts to $3,819,243,
which is comprised of $2,233,703 depreciation and $6,052,946 appreciation at
July 31, 1995.
Note: The categories of investments are shown as a percentage of net assets
($86,441,552) at July 31, 1995.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
ASSETS:
- --------------------------------------------------------------------------------
Investments in securities, at value (identified cost $78,017,775, and tax cost
$78,713,392)
$82,532,635
- --------------------------------------------------------------------------------
Interest bearing demand deposit
1,891,891
- --------------------------------------------------------------------------------
Foreign currency
71,172
- --------------------------------------------------------------------------------
Receivable for investments sold
878,775
- --------------------------------------------------------------------------------
Margin variation on forward foreign currency exchange contracts
850,008
- --------------------------------------------------------------------------------
Income receivable
217,090
- --------------------------------------------------------------------------------
Receivable on forward foreign currency exchange contracts exercised
173,851
- --------------------------------------------------------------------------------
Receivable for shares sold
1,912
- --------------------------------------------------------------------------------
Deferred expenses
8,985
- --------------------------------------------------------------------------------
- -----------
Total assets
86,626,319
- --------------------------------------------------------------------------------
LIABILITIES:
- --------------------------------------------------------------------------------
Accrued expenses $184,767
- --------------------------------------------------------------------- --------
Total liabilities
184,767
- --------------------------------------------------------------------------------
- -----------
NET ASSETS for 8,792,599 shares of beneficial interest outstanding
$86,441,552
- --------------------------------------------------------------------------------
- -----------
NET ASSETS CONSIST OF:
- --------------------------------------------------------------------------------
Paid-in capital
$81,076,154
- --------------------------------------------------------------------------------
Net unrealized appreciation (depreciation) of investments and
foreign currency transactions
5,368,477
- --------------------------------------------------------------------------------
Accumulated net realized gain (loss) on investments and
foreign currency transactions
(3,079)
- --------------------------------------------------------------------------------
- -----------
Total Net Assets
$86,441,552
- --------------------------------------------------------------------------------
- -----------
NET ASSET VALUE and Redemption Proceeds Per Share:
- --------------------------------------------------------------------------------
Net Asset Value Per Share ($86,441,552 / 8,792,599 shares of beneficial
interest outstanding)
$9.83
- --------------------------------------------------------------------------------
- -----------
COMPUTATION OF OFFERING PRICE:
- --------------------------------------------------------------------------------
Offering Price Per Share (100/95.50 of $9.83)*
$10.29
- --------------------------------------------------------------------------------
- -----------
</TABLE>
* See "What Shares Cost" in the prospectus.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
STATEMENT OF OPERATIONS
PERIOD ENDED JULY 31, 1995*
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
<C>
INVESTMENT INCOME:
- --------------------------------------------------------------------------------
- -
Interest
$ 229,621
- --------------------------------------------------------------------------------
- -
Dividend income (net of foreign taxes withheld of $190,669)
1,228,518
- --------------------------------------------------------------------------------
- - -----------
Total investment income
1,458,139
- --------------------------------------------------------------------------------
- -
EXPENSES:
- --------------------------------------------------------------------------------
- -
Investment advisory fee $
641,669
- --------------------------------------------------------------------
Administrative personnel and services fee
142,192
- --------------------------------------------------------------------
Custodian fees
149,821
- --------------------------------------------------------------------
Portfolio accounting and transfer and dividend disbursing agent fees
and expenses
129,956
- --------------------------------------------------------------------
Directors'/Trustees' fees
1,300
- --------------------------------------------------------------------
Legal fees
6,415
- --------------------------------------------------------------------
Printing and postage
13,757
- --------------------------------------------------------------------
Miscellaneous
19,148
- -------------------------------------------------------------------- ---------
- -
Total expenses
1,104,258
- --------------------------------------------------------------------
Deduct--
- --------------------------------------------------------------------
Waiver of investment advisory fee $
45,670
- -------------------------------------------------------------------- ---------
- -
Net expenses
1,058,588
- --------------------------------------------------------------------------------
- - -----------
Net investment income
$ 399,551
- --------------------------------------------------------------------------------
- - -----------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN
CURRENCY TRANSACTIONS:
- --------------------------------------------------------------------------------
- -
Net realized gain (loss) on investments and foreign currency transactions
(4,665,104)
- --------------------------------------------------------------------------------
- -
Net change in unrealized appreciation (depreciation) of investments and
foreign currency transactions
5,368,477
- --------------------------------------------------------------------------------
- - -----------
Net realized and unrealized gain (loss) on investments and foreign
currency transactions
703,373
- --------------------------------------------------------------------------------
- - -----------
Change in net assets resulting from operations
$ 1,102,924
- --------------------------------------------------------------------------------
- - -----------
</TABLE>
* For the period from August 19, 1994 (date of initial public investment) to
July 31, 1995.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD ENDED
JULY 31,
1995*
- ------------
<S>
<C>
INCREASE (DECREASE) IN NET ASSETS:
- -----------------------------------------------------------------------------
OPERATIONS--
- -----------------------------------------------------------------------------
Net investment income
$ 399,551
- -----------------------------------------------------------------------------
Net realized gain (loss) on investments and foreign currency transactions
($4,910 net loss as computed for federal tax purposes)
(4,665,104 )
- -----------------------------------------------------------------------------
Change in unrealized appreciation of investments
5,368,477
- ----------
- -----------------------------------------------------------------------------
Change in net assets resulting from operations
1,102,924
- -----------------------------------------------------------------------------
- -----------
SHARE TRANSACTIONS
- -----------------------------------------------------------------------------
Proceeds from sale of shares
88,296,071
- -----------------------------------------------------------------------------
Cost of shares redeemed
(2,957,443 )
- ----------
- -----------------------------------------------------------------------------
Change in net assets resulting from bond share transactions
85,338,628
- ----------
- -----------------------------------------------------------------------------
Change in net assets
86,441,552
- -----------------------------------------------------------------------------
NET ASSETS:
- -----------------------------------------------------------------------------
Beginning of period
- --
- ----------
- -----------------------------------------------------------------------------
End of period
$86,441,552
- ----------
- -----------------------------------------------------------------------------
</TABLE>
* For the period from August 19, 1994 (date of initial public investment) to
July 31, 1995.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT THE PERIOD)
Reference is made to the Report of Ernst & Young LLP, Independent Auditors, on
page 93.
<TABLE>
<CAPTION>
PERIOD ENDED
JULY 31,
1995(a)
-
- -----------
<S>
<C>
NET ASSET VALUE, BEGINNING OF PERIOD
$10.00
- -----------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
- -----------------------------------------------------------------------
Net investment income
0.05
- -----------------------------------------------------------------------
Net realized and unrealized gain on investments
(0.22)
- -----------------------------------------------------------------------
- -------
Total from investment operations
(0.17)
- -----------------------------------------------------------------------
- -------
NET ASSET VALUE, END OF PERIOD
$9.83
- -----------------------------------------------------------------------
- -------
TOTAL RETURN(b)
(1.70%)
- -----------------------------------------------------------------------
RATIOS TO AVERAGE NET ASSETS
- -----------------------------------------------------------------------
Expenses
1.65%(c)
- -----------------------------------------------------------------------
Net investment income
0.62%(c)
- -----------------------------------------------------------------------
Expense waiver/reimbursement(d)
0.07%(c)
- -----------------------------------------------------------------------
SUPPLEMENTAL DATA
- -----------------------------------------------------------------------
Net assets, end of period (000 omitted)
$ 86,442
- -----------------------------------------------------------------------
Portfolio turnover
54%
- -----------------------------------------------------------------------
</TABLE>
(a) Reflects operations for the period from August 19, 1994 (date of initial
public investment) to July 31, 1995.
(b) Based on net asset value, which does not reflect the sales load or
contingent deferred sales charge, if applicable.
(c) Computed on an annualized basis.
(d) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(See Notes which are an integral part of the Financial Statements)
FOUNTAIN SQUARE FUNDS
COMBINED NOTES TO FINANCIAL STATEMENTS
JULY 31, 1995
- --------------------------------------------------------------------------------
(1) ORGANIZATION
Fountain Square Funds (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "Act"), as an open-end management investment
company. The Trust consists of nine diversified portfolios and one
non-diversified portfolio.
The financial statements of the following portfolios (individually referred to
as the "Fund" or collectively as the "Funds") are presented herein.
Portfolio Name
- -----------------
Fountain Square U.S. Government Securities Fund ("Government Securities Fund")
Fountain Square Quality Bond Fund ("Quality Bond Fund")
Fountain Square Ohio Tax Free Bond Fund ("Ohio Tax Free Fund")*
Fountain Square Quality Growth Fund ("Quality Growth Fund")
Fountain Square Mid Cap Fund ("Mid Cap Fund")
Fountain Square Balanced Fund ("Balanced Fund")
Fountain Square International Equity Fund ("International Equity Fund")
* Non-diversified
The financial statements of the Fountain Square Commercial Paper Fund, Fountain
Square Government Cash Reserves Fund and the Fountain Square U.S. Treasury
Obligations Fund are presented separately. The assets of each portfolio are
segregated and a shareholder's interest is limited to the portfolio in which
shares are held.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. These
policies are in conformity with generally accepted accounting principles.
<TABLE>
<S> <C>
A. INVESTMENT VALUATIONS--Short-term securities with remaining maturities of
sixty days or
less at the time of purchase may be valued at amortized cost, which
approximates fair
market value. Investments in other open-end investment companies are valued
at net asset
value. All other securities are valued at prices provided by an independent
pricing
service.
B. REPURCHASE AGREEMENTS--It is the policy of the Funds to require the
custodian or
sub-custodian bank to take possession, to have legally segregated in the
Federal Reserve
Book Entry System, or to have segregated within the custodian bank's vault,
all
securities held as collateral under repurchase agreement transactions.
Additionally,
procedures have been established by the Funds to monitor, on a daily basis,
the market
value of each repurchase agreement's collateral to ensure that the value of
collateral at
least equals the repurchase price to be paid under the repurchase agreement
transaction.
The Funds will only enter into repurchase agreements with banks and other
recognized
financial institutions, such as broker/dealers, which are deemed by the
Trust's adviser
to be creditworthy pursuant to guidelines and/or standards reviewed or
established by the
Board of Trustees (the "Trustees").
Risks may arise from the potential inability of counterparties to honor the
terms of the
repurchase agreement. Accordingly, the Funds could receive less than the
repurchase price
on the sale of collateral securities.
C. INVESTMENT INCOME, EXPENSES AND DISTRIBUTIONS--Dividend income and
distributions to
shareholders are recorded on the ex-dividend date. Interest income and
expenses are
accrued daily.
</TABLE>
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
D. FOREIGN CURRENCY TRANSLATION--The accounting records of the International
Equity Fund are
maintained in U.S. dollars. All assets and liabilities denominated in
foreign currencies
("FC") are translated into U.S. dollars based on the rate of exchange of
such currencies
against the U.S. dollar on the date of valuation. Purchases and sales of
securities,
income and expenses are translated at the rate of exchange quoted on the
respective date
that such transactions are recorded. Differences between income and expense
amounts
recorded and collected or paid are adjusted when reported by the custodian
bank. The
International Equity Fund does 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 gain or loss from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of
short-term securities, sales of FCs, currency gains or losses realized
between the trade
and settlement dates on securities transactions, the difference between the
amount of
dividends, interest, and foreign withholding taxes recorded on the
International Equity
Fund's books, 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 other than investments in securities at fiscal year
end, resulting
from changes in the exchange rate.
E. FEDERAL TAXES--It is the Funds' policy to comply with the provisions of the
Code
applicable to regulated investment companies and to distribute to
shareholders each year
substantially all of their income. Accordingly, no provisions for federal
tax are
necessary. However, federal taxes may be imposed on the International
Equity Fund upon
the disposition of certain investments in passive foreign investment
companies.
Withholding taxes on foreign dividends have been provided for in accordance
with the
International Equity Fund's understanding of the applicable country's tax
rules and
rates.
At July 31, 1995, the Government Securities Fund, Quality Bond Fund, Ohio
Tax Free Fund,
Quality Growth Fund, Mid Cap Fund, and Balanced Fund had capital loss
carryforwards of
$1,051,313, $2,993,589, $75,479, $1,665,179, $405,703, and $1,921,876,
respectively, for
federal tax purposes, which will reduce each Fund's taxable income arising
from future
net realized gain on investments, if any, to the extent permitted by the
Code, and thus
will reduce the amount of the distributions to shareholders which would
otherwise be
necessary to relieve each Fund of any liability for federal tax. Pursuant
to the Code,
such capital loss carryforwards will expire as listed below:
</TABLE>
<TABLE>
W<CAPTION>
CAPITAL LOSS
CAPITAL LOSS
CARRYFORWARD
CARRYFORWARD
TO EXPIRE IN TO
EXPIRE IN
FUND 2002
2003
-------------------------------------------------- ------------- -----
- --------
<S> <C> <C>
Government Securities Fund $ -- $
1,051,313
Quality Bond Fund --
2,993,589
Ohio Tax Free Fund --
75,479
Quality Growth Fund 1,665,179
- --
Mid Cap Fund 155,006
250,697
Balanced Fund 976,092
945,784
</TABLE>
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
Additionally, net capital losses on the Government Securities Fund, Quality
Bond Fund,
Ohio Tax Free Fund and International Equity Fund, of $1,079,429, $124,609,
$199,984, and
$1,945,437, attributable to security transactions incurred after October
31, 1994, are
treated as arising on August 1, 1995, the first day of each Fund's next
taxable year.
In addition, net capital losses on the International Equity Fund of
$432,908,
attributable to foreign currency transactions incurred after October 31,
1994, are
treated as arising on August 1, 1995, the first day of the International
Equity Fund's
next taxable year.
F. FORWARD COMMITMENTS--The International Equity Fund may enter into forward
commitments for
forward foreign currency exchange contracts which are based upon financial
indices at an
exchange rate at a future date. Risks may arise upon entering into these
contracts from
the potential inability of counterparties to meet the terms of their
contracts and from
unanticipated movements in foreign exchange rates. The forward foreign
currency exchange
contracts are adjusted by the daily exchange rate of the underlying
currency and any
gains or losses are recorded for financial statement purposes as unrealized
until the
contract settlement date.
At July 31, 1995 the International Equity Fund had outstanding forward
foreign currency
exchange contracts as set forth below.
</TABLE>
<TABLE>
<CAPTION>
UNREALIZED
DELIVERY CONTRACTS IN EXCHANGE
APPRECIATION
DATE TO DELIVER FOR
(DEPRECIATION)
------------------------------- ----------- -----------
- --------------
<S> <C> <C>
<C>
4/28/96
Japanese Yen 988,065,550 12,412,884
$793,258
4/30/96
Belgian Franc 89,490,400 3,178,625
7,098
4/30/96
Japanese Yen 447,814,150 5,309,000
42,716
7/31/96
Netherland Guilder 6,102,400 4,000,000
6,936
- --------------
Net Unrealized Appreciation on Forward Commitments
$850,008
- --------------
</TABLE>
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
G. FOREIGN CURRENCY COMMITMENTS--The International Equity Fund may enter into
foreign cur-
rency commitments for the delayed delivery of securities of foreign
currency exchange
transactions. Risks may arise upon entering into these transactions from
the potential
inability of counterparties to meet the terms of their commitments and from
unanticipated
movements in security prices or foreign exchange rates. The foreign
currency transactions
are adjusted by the daily exchange rate of the underlying currency and any
gains or
losses are recorded for financial statement purposes as unrealized until
the settlement
date.
H. OPTION CONTRACTS--The International Equity Fund may write or purchase
option contracts. A
written option obligates the Fund to deliver (a call), or to receive (a
put), the
contract amount of foreign currency upon exercise by the holder of the
option. The value
of the option contract is recorded as a liability, and unrealized gain or
loss is
measured by the difference between the current value and the premium
received. The Fund
had no written options outstanding at July 31, 1995.
I. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Funds may engage in when-
issued or
delayed delivery transactions. The Funds record when-issued securities on
the trade date
and maintain security positions such that sufficient liquid assets will be
available to
make payment for the securities purchased. Securities purchased on a when-
issued or
delayed delivery basis are valued daily and begin earning interest on the
settlement
date.
J. DEFERRED EXPENSES--The costs incurred by each Fund with respect to
registration of their
shares in their first fiscal year, excluding the initial expense of
registering their
shares, have been deferred and are being amortized using the straight-line
method not to
exceed a period of five years from each Fund's commencement date.
K. RECLASSIFICATION--During the period ended July 31, 1995, the International
Equity Fund
adopted Statement of Position 93-2 Determination, Disclosure, and Financial
Statement
Presentation of Income, Capital Gain, and Return of Capital Distributions
by Investment
Companies ("SOP93-2"). Accordingly, permanent book and tax differences have
been
reclassified to paid-in capital. These differences are primarily due to
differing
treatments for foreign currency transactions, disposition of certain
investments in
passive foreign investment companies, deferral of wash sales and post
October losses.
Amounts as of July 31, 1995, have been reclassified to reflect an increase
in paid-in
capital, in accumulated net realized loss, and undistributed net investment
income as
disclosed below. Net investment income, net realized gains, and net assets
were not
affected by this change.
</TABLE>
<TABLE>
<CAPTION>
NET ACCUMULATED UNDISTRIBUTED
NET
PAID-IN CAPITAL GAIN/(LOSS) INVESTMENT
INCOME
---------------------------------- ---------------- --------------
- ----
<S> <C> <C>
($3,973,061) $4,662,025 (
$688,964)
($ 399,551) -- $399,551
L. OTHER--Investment transactions are accounted for on the trade date.
</TABLE>
(3) SHARES OF BENEFICIAL INTEREST
The Declaration of Trust permits the Trustees to issue an unlimited number of
full and fractional shares of beneficial interest (without par value).
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
GOVERNMENT SECURITIES
QUALITY
FUND BOND
FUND OHIO TAX FREE FUND
YEAR ENDED JULY 31, YEAR ENDED
JULY 31, YEAR ENDED JULY 31,
------------------------ ------------
- ------------ ------------------------
1995 1994 1995
1994 1995 1994
---------- ---------- ----------
- ---------- ---------- ----------
<S> <C> <C> <C>
<C> <C> <C>
Shares sold 761,792 1,949,249 1,854,143
2,283,996 1,075,184 2,299,130
- -----------------------------------
Shares issued to shareholders in
payment of distributions declared 136,428 190,255 253,531
237,976 72,999 48,131
- -----------------------------------
Shares redeemed (1,351,707) (2,020,499) (1,316,177)
(1,262,911) (760,820) (719,852)
- ----------------------------------- --------- --------- ---------
- --------- --------- ---------
Net change resulting from Fund
share transactions (453,487) 119,005 791,497
1,259,061 387,363 1,627,409
- ----------------------------------- --------- --------- ---------
- --------- --------- ---------
</TABLE>
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
QUALITY GROWTH FUND MID
CAP FUND BALANCED FUND
YEAR ENDED JULY 31, YEAR ENDED
JULY 31, YEAR ENDED JULY 31,
------------------------ ------------
- ------------ ------------------------
1995 1994 1995
1994 1995 1994
---------- ---------- ----------
- ---------- ---------- ----------
<S> <C> <C> <C>
<C> <C> <C>
Shares sold 2,243,996 1,891,046 1,702,064
1,078,069 1,325,352 1,835,511
- -----------------------------------
Shares issued to shareholders in
payment of distributions declared 79,524 102,901 18,555
17,329 132,700 176,988
- -----------------------------------
Shares redeemed (2,499,604) (1,903,905) (965,426)
(584,160) (2,432,822) (2,045,267)
- ----------------------------------- --------- --------- ---------
- --------- --------- ---------
Net change resulting from Fund
share transactions (176,084) 90,042 755,193
511,238 (974,770) (32,768)
- ----------------------------------- --------- --------- ---------
- --------- --------- ---------
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL
EQUITY FUND
PERIOD ENDED
JULY 31, 1995*
--------------
<S> <C> <C> <C>
<C> <C> <C>
Shares sold 9,108,201
- --------------------------------
Shares issued to shareholders in
payment of distributions
declared --
- --------------------------------
Shares redeemed (315,602)
- -------------------------------- --------
Net change resulting from
Fund share transactions 8,792,599
- -------------------------------- --------
</TABLE>
* For the period from August 19, 1994 (date of initial public investment) to
July 31, 1995.
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE--Fifth Third Bank, the Trust's investment adviser (the
"Adviser"), receives for its services an annual investment advisory fee based on
a percentage of each Fund's average daily net assets (see below).
<TABLE>
<CAPTION>
ANNUAL
FUND RATE
- ------------------------------ ------
<S> <C>
Government Securities Fund.... 0.55%
Quality Bond Fund............. 0.55%
Ohio Tax Free Fund............ 0.55%
Quality Growth Fund........... 0.80%
Mid Cap Fund.................. 0.80%
Balanced Fund................. 0.80%
International Equity Fund..... 1.00%
</TABLE>
The Adviser may voluntarily choose to waive a portion of its fee and reimburse
certain operating expenses of each Fund. The Adviser can modify or terminate
this voluntary waiver and reimbursement at any time at its sole discretion.
Morgan Stanley Asset Management, Inc. is the International Equity Fund's
sub-adviser (the "Sub-Adviser"). The Adviser compensates the Sub-Adviser at the
annual rate of 0.50% of the International Equity Fund's average daily net
assets.
ADMINISTRATIVE FEE--Federated Administrative Services ("FAS") provides each Fund
with certain administrative personnel and services. The FAS fee is based on the
level of average aggregate net assets of the Trust for the period. FAS may
voluntarily choose to waive a portion of its fee.
TRANSFER AND DIVIDEND DISBURSING AGENT, ACCOUNTING AND CUSTODY FEES--Fifth Third
Bank serves as transfer and dividend disbursing agent for the Funds for which it
receives a fee. Fifth Third Bank sub-contracts the execution of the transfer and
dividend disbursing agent functions to a non-affiliated entity. The fee is based
on the level of each Fund's average net assets for the period, plus out-
of-pocket expenses.
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
Fifth Third Bank also maintains the Funds' accounting records for which it
receives a fee. Fifth Third Bank sub-contracts the execution of the accounting
services function to a non-affiliated entity. The fee is based on the level of
each Fund's average net assets for the period, plus out-of-pocket expenses.
Fifth Third Bank is the Funds' custodian for which it receives a fee. The fee is
based on the level of each Fund's average net assets for the period, plus
out-of-pocket expenses.
ORGANIZATIONAL EXPENSES--Organizational expenses were borne initially by FAS.
The Funds have agreed to reimburse FAS for the organizational expenses during
the five year period following the date the Trust's portfolio became effective.
<TABLE>
<CAPTION>
EXPENSES OF AMOUNT
REIMBURSED
ORGANIZING TO FAS FOR THE
THE FISCAL YEAR ENDED
JULY
FUNDS 31, 1995
------------- -------------------
- ------
<S> <C> <C>
Government Securities Fund...... $14,730 $ 2,870
Quality Bond Fund............... 15,070 2,928
Ohio Tax Free Fund.............. 20,665 3,100
Quality Growth Fund............. 14,730 2,870
Mid Cap Fund.................... 14,739 1,965
Balanced Fund................... 15,604 3,034
International Equity Fund....... 34,574 2,483
</TABLE>
Certain of the Officers and Trustees of the Trust are Officers and Trustees of
the above companies.
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term securities and in kind
contributions for the fiscal year ended July 31, 1995, were as follows:
<TABLE>
<CAPTION>
GOVERNMENT QUALITY OHIO TAX
QUALITY
SECURITIES BOND FREE
GROWTH MID CAP
FUND FUND FUND
FUND FUND
- ------------------------------------- ----------- ----------- ----------
- - ------------- -----------
<S> <C> <C> <C>
<C> <C>
PURCHASES $27,030,816 $75,689,122
$10,818,249 $ 22,284,313 $16,484,815
- ------------------------------------- ---------- ----------- ----------
- - ------------- -----------
SALES $31,718,590 $64,310,005 $
6,904,183 $ 24,901,346 $ 7,575,655
- ------------------------------------- ---------- ----------- ----------
- - ------------- -----------
</TABLE>
<TABLE>
<CAPTION>
INTERNATIONAL
BALANCED EQUITY
FUND FUND
- ---------------------------------------------------------------------------- -
- ---------- -------------
<S>
<C> <C>
PURCHASES
$29,474,219 $113,381,553
- ---------------------------------------------------------------------------- -
- ---------- ------------
SALES
$39,030,255 $ 32,273,010
- ---------------------------------------------------------------------------- -
- ---------- ------------
</TABLE>
(6) CONCENTRATION OF CREDIT RISK
Since the Ohio Tax Free Fund invests a substantial portion of its assets in
issuers located in one state, it will be more susceptible to factors adversely
affecting issuers in that state than would be a comparable general tax-exempt
mutual fund. In order to reduce the credit risk associated with such factors, at
July 31, 1995, 36.4% of the securities in the portfolio of investments are
backed by letters of credit or bond insurance of various financial institutions
and financial guaranty assurance agencies. The value of investments insured by
or supported by a letter of credit for any one institution or agency does not
exceed 14.8% of total investments.
The International Equity Fund invests in equity and fixed income securities of
non-U.S. issuers. Although the Fund maintains a diversified investment
portfolio, the political or economic developments within a particular country or
region may have an adverse effect on the ability of domiciled issuers to meet
their obligations. Additionally, political or economic developments may have an
effect on the liquidity and volatility of portfolio securities and currency
holdings.
REPORT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders of
FOUNTAIN SQUARE FUNDS:
We have audited the accompanying statements of assets and liabilities, including
the portfolios of investments, of Fountain Square Funds: (comprising,
respectively, Fountain Square U.S. Government Securities Fund, Fountain Square
Quality Bond Fund, Fountain Square Ohio Tax Free Bond Fund, Fountain Square
Quality Growth Fund, Fountain Square Mid Cap Fund, Fountain Square Balanced
Fund, and Fountain Square International Equity Fund) as of July 31, 1995, and
the related statements of operations for the year then ended, the statements of
changes in net assets and financial highlights for the periods presented
therein. These financial statements and financial highlights are the
responsibility of the Trust's management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of July
31, 1995, by correspondence with the custodians and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios of the Fountain Square Funds, as identified above,
at July 31, 1995, the results of their operations, for the year then ended, and
the changes in their net assets and financial highlights for the periods
presented therein, in conformity with generally accepted accounting principles.
ERNST & YOUNG LLP
Pittsburgh, Pennsylvania
September 15, 1995
<TABLE>
<S> <C>
TRUSTEES OFFICERS
- --------------------------------------------------------------------------------
- -------------
Lee A. Carter J. Christopher Donahue
Edward Burke Carey President and Treasurer
J. Christopher Donahue Charles L. Davis, Jr.
Albert E. Harris Vice President and Assistant
Treasurer
Jay S. Neuman
Secretary
Gail Cagney
Assistant Secretary
</TABLE>
Mutual funds are not bank deposits or obligations, are not guaranteed by any
bank, and are NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT, THE FEDERAL
DEPOSIT INSURANCE CORPORATION, the Federal Reserve Board, or any other
government agency. Investment in mutual funds involves risk, including possible
loss of principal.
This report is authorized for distribution to prospective investors only when
preceded or accompanied by the Funds' prospectus which contains facts concerning
its objective and policies, management fees, expenses and other information.
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[LOGO]
Fifth Third Bank
Investment Adviser
Cusip 350756888
Cusip 350756706
Cusip 350756862
Cusip 350756870
Cusip 350756805
Cusip 350756607
Cusip 350756854
3081004 (9/95)
65-1080
FOUNTAIN SQUARE FUNDS
APPENDIX
A. The graphic representation here displayed consists of a line graph. The
corresponding components of the line graph are listed underneath. The Shares of
Fountain Square U.S. Government Securities Fund are represented by a solid line.
Lehman Brothers Intermediate Government Bond Index is represented by a broken
line. Lipper Short-Term Government Bond Fund Average is represented by a dotted
line. The line graph is a visual representation of a comparison of change in
value of a hypothetical investment of $10,000 in Shares of Fountain Square U.S.
Government Securities Fund*, Lehman Brothers Intermediate Government Bond Index+
and Lipper Short-Term Government Bond Fund Average++ for the fiscal year ended
July 31, 1995 and since the start of performance on November 20, 1992. The "y"
axis reflects the cost of investment. The "x" axis reflects computation periods
in yearly increments from November 20, 1992 (start of performance) toJuly 31,
1995. The right margin of the chart reflects the ending value of the
hypothetical investment in Shares of Fountain Square U.S. Government Securities
Fund as compared to Lehman Brothers Intermediate Government Bond Index and
Lipper Short-Term Government Bond Fund Average. The ending values are $10,795,
$11,745 and $11,439, respectively.
B. The graphic representation here displayed consists of a line graph. The
corresponding components of the line graph are listed underneath. The Shares of
Fountain Square Quality Bond Fund are represented by a solid line. Lehman
Brothers Aggregate Bond Index is represented by a broken line. Lipper
Intermediate Investment Grade Bond Fund Average is represented by a dotted line.
The line graph is a visual representation of a comparison of change in value of
a hypothetical investment of $10,000 in Shares of Fountain Square Quality Bond
Fund*, Lehman Brothers Aggregate Bond Index+ and Lipper Intermediate Investment
Grade Bond Fund Average++ for the fiscal year ended July 31, 1995 and since the
start of performance on November 20, 1992. The "y" axis reflects the cost of
investment. The "x" axis reflects computation periods in yearly increments from
November 20, 1992 (start of performance) toJuly 31, 1995. The right margin of
the chart reflects the ending value of the hypothetical investment in Shares of
Fountain Square Quality Bond Fund as compared to Lehman Brothers Aggregate Bond
Index and Lipper Intermediate Investment Grade Bond Fund Average. The ending
values are $10,965, $12,711 and $11,805, respectively.
C. The graphic representation here displayed consists of a line graph. The
corresponding components of the line graph are listed underneath. The Shares of
Fountain Square Ohio Tax Free Bond Fund are represented by a solid line. Lehman
Brothers 5 Year Municipal Growth Index is represented by a broken line. Lipper
Ohio Municipal Fund Average is represented by a dotted line. The line graph is a
visual representation of a comparison of change in value of a hypothetical
investment of $10,000 in Shares of Fountain Square Ohio Tax Free Bond Fund*,
Lehman Brothers 5 Year Municipal Growth Index+ and Lipper Ohio Municipal Fund
Average++ for the fiscal year ended July 31, 1995 and since the start of
performance on May 27, 1993. The "y" axis reflects the cost of investment. The
"x" axis reflects computation periods in yearly increments from May 27, 1993
(start of performance) toJuly 31, 1995. The right margin of the chart reflects
the ending value of the hypothetical investment in Shares of Fountain Square
Ohio Tax Free Bond Fund as compared to Lehman Brothers 5 Year Municipal Growth
Index and Lipper Ohio Municipal Fund Average. The ending values are $10,419,
$11,211 and $10,889, respectively.
D. The graphic representation here displayed consists of a line graph. The
corresponding components of the line graph are listed underneath. The Shares of
Fountain Square Quality Growth Fund are represented by a solid line. Standard &
Poor's Barra Growth Index is represented by a dotted line. Lipper Growth Fund
Average is represented by a broken line. The line graph is a visual
representation of a comparison of change in value of a hypothetical investment
of $10,000 in Shares of Fountain Square Quality Growth Fund*, Standard & Poor's
Barra Growth Index+ and Lipper Growth Fund Average++ for the fiscal year ended
July 31, 1995 and since the start of performance on November 20, 1992. The "y"
axis reflects the cost of investment. The "x" axis reflects computation periods
in yearly increments from November 20, 1992 (start of performance) toJuly 31,
1995. The right margin of the chart reflects the ending value of the
hypothetical investment in Shares of Fountain Square Quality Growth Fund as
compared to Standard & Poor's Barra Growth Index and Lipper Growth Fund Average.
The ending values are $11,686, $13,191 and $14,707, respectively.
E. The graphic representation here displayed consists of a line graph. The
corresponding components of the line graph are listed underneath. The Shares of
Fountain Square Mid Cap Fund are represented by a solid line. Standard & Poor's
Mid Cap 400 Index is represented by a dotted line. Lipper Mid Cap Fund Average
is represented by a broken line. The line graph is a visual representation of a
comparison of change in value of a hypothetical investment of $10,000 in Shares
of Fountain Square Mid Cap Fund*, Standard & Poor's Mid Cap 400 Index + and
Lipper Lipper Mid Cap Fund Average++ for the fiscal year ended July 31, 1995 and
since the start of performance on November 20, 1992. The "y" axis reflects the
cost of investment. The "x" axis reflects computation periods in yearly
increments from November 20, 1992 (start of performance) toJuly 31, 1995. The
right margin of the chart reflects the ending value of the hypothetical
investment in Shares of Fountain Square Mid Cap Fund as compared to Standard &
Poor's Mid Cap 400 Index and Lipper Mid Cap Fund Average. The ending values are
$12,243, $14,059 and $14,907, respectively.
F. The graphic representation here displayed consists of a line graph. The
corresponding components of the line graph are listed underneath. The Shares of
Fountain Square Balanced Fund are represented by a solid line. Standard &
Poor's Barra Growth Index is represented by a broken line. Lehman Brothers
Aggregate Bond Index is represented by dotted line. Lipper Balanced Fund
Average is represented by a broken dotted line. The line graph is a visual
representation of a comparison of change in value of a hypothetical investment
of $10,000 in Shares of Fountain Square Balanced Fund*, Standard & Poor's Barra
Growth Index+, Lehman Brothers Aggregate Bond Index+ and Lipper Balanced Fund
Average++ for the fiscal year ended July 31, 1995 and since the start of
performance on November 20, 1992. The "y" axis reflects the cost of investment.
The "x" axis reflects computation periods in yearly increments from November 20,
1992 (start of performance) toJuly 31, 1995. The right margin of the chart
reflects the ending value of the hypothetical investment in Shares of Fountain
Square Balanced Fund as compared to Standard & Poor's Barra Growth Index, Lehman
Brothers Aggregate Bond Index and Lipper Balanced Fund Average. The ending
values are $11,572, $13,191, $12,711 and $12,652, respectively.
G. The graphic representation here displayed consists of a line graph. The
corresponding components of the line graph are listed underneath. The Shares of
Fountain Square International Equity Fund are represented by a solid line.
Morgan Stanley Capital International EAFE Index is represented by a dotted line.
The line graph is a visual representation of a comparison of change in value of
a hypothetical investment of $10,000 in Shares of Fountain Square International
Equity Fund* and Morgan Stanley Capital International EAFE Index+ for the fiscal
year ended July 31, 1995 and since the start of performance on August 19, 1994.
The "y" axis reflects the cost of investment. The "x" axis reflects computation
periods in yearly increments from August 19, 1994 (start of performance) toJuly
31, 1995. The right margin of the chart reflects the ending value of the
hypothetical investment in Shares of Fountain Square International Equity Fund
as compared to the Morgan Stanley Capital International EAFE Index. The ending
values are $9,388, and $10,448, respectively.
