<PAGE> 1
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U.S. GOVERNMENT
SECURITIES FUND
-
QUALITY BOND FUND
-
OHIO TAX FREE BOND FUND
-
QUALITY GROWTH FUND
-
MID CAP FUND
-
BALANCED FUND
-
INTERNATIONAL EQUITY FUND
-
COMMERCIAL PAPER FUND
-
GOVERNMENT CASH RESERVES FUND
-
U.S. TREASURY OBLIGATIONS FUND
FOUNTAIN SQUARE FUNDS
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SEMI-ANNUAL REPORT TO SHAREHOLDERS
JANUARY 31, 1996
Investment Advisor
Bulk Rate
U.S. Postage
PAID
Cincinnati, OH
Permit 1711
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This report is authorized for distribution to prospective investors only when
preceded or accompanied by the Fund's prospectus which contains facts concerning
its objective and policies, management fees, expenses and other information.
For more complete information on the Fountain Square Funds, including fees,
expenses and sales charges, please call 1-800-654-5372 for a prospectus, which
you should read carefully before you invest or send money. The Fountain Square
Funds are distributed by BISYS Fund Services.
Fifth Third Bank serves as Investment Adviser to the Funds and receives a fee
for its services.
FOUNTAIN SQUARE FUNDS, LIKE ALL MUTUAL FUNDS:
- ARE NOT FDIC INSURED
- HAVE NO BANK GUARANTEE
- MAY LOSE VALUE
<PAGE> 3
INVESTMENT ADVISOR'S LETTER
- --------------------------------------------------------------------------------
DEAR SHAREHOLDER:
I am pleased to present the Fountain Square Funds' Semi-Annual Report to
Shareholders for the six-month period ended January 31, 1996. This letter, which
gives you an overview of the financial markets in which the Funds operated, is
followed by a more detailed description of the activity in each Fund for the
period. Also included are listings of each Fund's investments and financial
statements. To better understand your investment in the Funds, you should read
the entire report closely.
A CONSISTENT STRATEGY
Continued strong gains in the stock and bond markets characterized the six
months that ended January 31, 1996, which were reflected in the solid
performance of the Fountain Square Funds.
Such gains are always welcome, but it's important to remember that financial
markets don't always fluctuate in the desired direction. We believe that a
successful investment approach must combine two factors: a consistent long-term
strategy and flexibility.
Thus, our Funds' fundamental investment policies do not change with economic and
financial circumstances -- but we do attempt to take advantage of evolving
opportunities and respond to changes in reward and risk relationships in the
market.
STRONG MARKETS IN A SLOW-GROWTH ECONOMY
The economy muddled along during the period, with no signs of either a robust
expansion or an immediate recession. Inflation remained low, and the Federal
Reserve Board continued to lower short-term interest rates with the goal of
avoiding a serious economic slowdown.
Stocks performed well in that environment, supported by falling interest rates,
continued growth in corporate earnings and an ongoing flow of money into the
stock market from corporate buybacks, mergers, acquisitions and other factors.
The bond market also flourished as interest rates continued to decline.
We believe that the U.S. economy can sustain a soft economic landing, which
would avoid outright recession without increasing inflationary pressures. At
recent levels, however, bond prices appear to reflect much of the good news. At
the same time, some stocks could be vulnerable to bad news about the economy.
In this environment, we will continue to favor high-quality, fixed-income
investments with relatively short maturities and maintain our emphasis on shares
of companies that we believe can post consistent earnings growth even if the
economy temporarily stumbles.
ARE STOCKS OVERVALUED?
Some shareholders have expressed concerns about the stock market's recent high
levels. We heard similar concerns when the Dow Jones Industrial Average traded
at 2000, 2500 and 3500. At the end of January 1996, the index stood at 5395.
Our view is that in many ways, the market is cheaper today than it was more than
a year ago at the 3800 level. Corporate earnings have advanced nicely due to
restructurings and productivity and sales gains. As a result, attractive
investments are still available.
Naturally, there are some risks. Corporate earnings could fall, or inflation
could surge. We expect continued good earnings from our quality growth
companies, but we are cautious about the prospects for economically sensitive
cyclical companies and their stocks. We also expect inflation to remain
relatively tame.
1
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THE IMPORTANCE OF A LONG-TERM PERSPECTIVE
In this environment, we would caution investors against reacting emotionally and
fleeing the market. The stock market has a history of moving rapidly, and if
investors move hastily out of stocks they could miss significant opportunities.
Moreover, for investors with long-term investment horizons, entry prices make
little difference in the achievement of long-term goals. The long-term case for
investing in stocks generally overpowers any contribution from short-term
timing.
One nationally renowned investment manager recently made this clear with a
startling example. He pointed out that if you had invested an equal dollar
amount in the stocks that make up the S&P 500 Index on the first trading day of
each of the last 30 years, your annual return would have averaged 11%. If,
instead of the first trading day, you had invested at the high point of the
market in each of the past 30 years, your return would have dropped only
slightly, to 10.6%. And if you had invested at the low point of the market in
each of the last 30 years, your return would have improved to just 11.7%.*
THE MORAL: DON'T BE DISTRACTED BY SHORT-TERM MOVEMENTS IN THE MARKET, FOCUS ON
THE LONG-TERM AND UNDERSTAND THE LONG-TERM GROWTH POTENTIAL OF A
WELL-DIVERSIFIED PORTFOLIO OF STOCKS.
GLOBAL OPPORTUNITIES**
The Fountain Square International Equity Fund, which has grown to more than $100
million in assets in some 15 months, delivered a strong total return during the
recent period. We added the Fund to our family on August 19, 1994, because we
believe that a diversified portfolio should include overseas markets. In the
current global economic and investing climate, we believe that the prospects for
international investing are better than they have been in several years. Many
foreign markets have trailed the U.S. financial markets by wide margins
recently, and valuations are relatively modest. We now believe there's
opportunity for these markets to catch up.
IN CLOSING ...
Investing is an uncertain business, and the coming months are bound to bring
surprises. We will respond to significant changes in the financial markets and
the economy. However, the basic elements of our long-term strategy will remain
constant as we strive to maintain your continued confidence.
Sincerely,
/s/ James D. Berghausen
James D. Berghausen, CFA
Chief Investment Officer
Fifth Third Bank
February 20, 1996
* Source: Worth Magazine, Sept. 95. Past performance is no guarantee of future
results.
** International investing is subject to certain risk factors, including
currency exchange-rate volatility, differences in economic, social and
political conditions and in taxation and other financial standards.
2
<PAGE> 5
INVESTMENT REVIEWS
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FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
The six months that ended January 31, 1996, delivered further gains in the bond
market and for the Fund. The Fund distributed income of $.31 per share during
the six-month period, which contributed to its 5.33% total return.(1) This
included an increase in the Fund's net asset value per share, from $9.77 to
$9.97.
The Fund entered the period with a duration of around 2.9 years, about the same
as the duration of its benchmark, the Lehman Brothers Intermediate Government
Bond Index. (Duration measures the sensitivity of a portfolio to changes in
interest rates: The lower the duration, the less sensitive it is to changes, and
vice versa.) During the past six months, the economy became increasingly
sluggish, which suggested that the Federal Reserve Board would need to reduce
interest rates further to stimulate economic activity.
As a result, we gradually increased the Fund's duration to 3.4 years as of
January 31, 1996. A longer duration portfolio is likely to post bigger gains
when interest rates decline -- although it also has greater exposure to
potential losses when rates rise.
We also reduced the Fund's holdings of mortgage-backed and callable government
agency securities, because callable issues generally don't share the full
benefit of falling interest rates. In some cases, we shifted that money into
Treasury securities with relatively attractive yields. (Callable issues can be
"called in," or redeemed, by the issuer before their maturity date. This is
likely to happen when interest rates fall, enabling the issuer to refinance its
borrowing at lower interest rates.)
Going forward, we expect the economy to remain sluggish, increasing the
likelihood that the Federal Reserve will reduce short-term interest rates
further. Thus, to lock in higher yields, we expect to maintain a duration that
is somewhat longer than the duration of our benchmark.
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 January 31, 1996, compared to the Lehman Brothers Intermediate
Government Bond Index and the Lipper Short-Term Government Bond Fund Average.
<TABLE>
<CAPTION>
U.S. Govt. Securities Fund
Fountain Lehman Lipper
Square Bros. Short-Term
- -------- ------ ----------
<S> <C> <C>
9551 10000 10000
10017 10710 10532
10028 10809 10525
10797 11745 11239
11372 12411 11772
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN* FOR
THE PERIOD ENDED JANUARY 31, 1996
<S> <C>
1 Year....................................... 7.27%
Start of Performance (11/20/92).............. 4.10%
</TABLE>
(1)For shareholders who pay a load, the Fund's return for the period was .59%
with the maximum 4.50% sales charge.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR INVESTMENT RETURN
AND PRINCIPAL VALUE WILL FLUCTUATE. 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.
3
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* Total return quoted reflects the maximum sales charge of 4.50%. For the
year ended January 31, 1996, the investment adviser and/or custodian,
waived all or a portion of their fees. Otherwise, total return would have
been lower.
+ 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 and is generally representative of the intermediate
bond market as a whole.
++ 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.
FOUNTAIN SQUARE QUALITY BOND FUND
During the six months ended January 31, 1996, the Fund delivered a total return
of 6.85%,(1) which reflected an income distribution of $.31 and an increase in
the Fund's net asset value from $9.72 to $10.07 per share.
The Fund benefited from falling interest rates and from shifts in the portfolio.
The Fund maintained a relatively conservative duration of around 4.6 to 4.9
years early in the period. At the time, bond prices appeared to reflect much of
the good news -- and there was some risk that the economy might suddenly show
signs of strength, which could have pushed rates higher. Our cautious stance was
appropriate, since a portfolio with a shorter duration is less sensitive to
moves in interest rates and would be more likely to support its share price if
rates increased.
As signs of economic weakness continued to surface, we became increasingly
optimistic about the likelihood of further declines in interest rates. The
upshot: We increased the duration of the Fund at the end of the period to nearly
five years, a relatively aggressive stance for this Fund.
We also increased our holdings of long-term corporate bonds since we felt that
these securities offered comparatively attractive yields. We maintained a 30%
commitment to mortgage-backed issues that offered attractive payouts and sold
some callable agency bonds, which are not as likely to appreciate when interest
rates decline. Treasury securities accounted for 39%(2) of the Fund's
investments at the end of the period.
We expect to maintain a relatively long duration in the coming months to
position the Fund to benefit from any further reductions in short-term interest
rates. At the same time, we will look for opportunities to capture attractive
yields in various sectors of the market while maintaining the Fund's commitment
to credit quality.
4
<PAGE> 7
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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
January 31, 1996, compared to the Lehman Brothers Aggregate Bond Fund Index and
Lipper Intermediate Investment Grade Bond Fund Average.
<TABLE>
<CAPTION>
Quality Bond Fund
Fountain Lehman Lipper
Square Bros. Intermediate
- -------- ------ ------------
<S> <C> <C>
9551 10000 10000
10199 10893 10920
10072 10903 10900
10967 12711 11876
11718 12910 12697
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN* FOR
THE PERIOD ENDED JANUARY 31, 1996
<S> <C>
1 Year....................................... 9.93%
Start of Performance (11/20/92).............. 5.08%
</TABLE>
(1)For shareholders who pay a load, the Fund's return for the period was 2.02%
with the maximum 4.50% sales charge.
(2)The composition of the Fund's portfolio is subject to change.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR INVESTMENT RETURN
AND PRINCIPAL VALUE WILL FLUCTUATE. 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.
* Total return quoted reflects the maximum sales charge of 4.50%. For the
year ended January 31, 1996, the investment adviser and/or custodian,
waived all or a portion of their fees. Otherwise, total return would have
been lower.
+ 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
and is generally representative of the bond market as a whole.
++ 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.
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
During the six months ended January 31, 1996, the Fund distributed income of
$.21 per share and its net asset value climbed from $9.99 to $10.27, producing a
total return of 4.94%.(1)
The Fund and the entire municipal market benefited from lower interest rates,
but trailed other sectors of the fixed-income market. The surge of interest in
proposals for a flat tax during the recent period cast a pall over the market
for municipal issues, as investors worried that the bonds would lose their
tax-advantaged status. Last spring, municipal issues yielded 75% to 78% of
comparable Treasury issues, but that percentage climbed as high as 85% later in
the year as municipal bonds continued to lose ground to the taxable sector.
Municipal bonds at these yield levels appear to offer attractive opportunities
for investors. Since policy makers in Washington are determined to shift more
financial obligations to states, it seems unlikely that they could
simultaneously remove the tax-exempt status of municipal securities. Such a move
would make it much more expensive for states and municipalities to finance new
obligations.
5
<PAGE> 8
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In short, we believe that the tax-exempt status of municipal issues will be
preserved. Once the market becomes convinced of this, municipal bonds are likely
to regain much of the ground they have lost. Based on our expectations, we
increased the Fund's duration from about 4.5 years to 5.3 years during the
period, effectively increasing our commitment to the municipal market.
Long-duration portfolios tend to benefit more from falling interest rates, so
the move improved the Fund's performance as rates fell in response to signs of
slower economic growth and continued low inflation.
We continued to focus on high-quality general obligation bonds as well as solid
revenue-backed issues. We expect these holdings to deliver a reliable stream of
current income exempt from federal income tax and personal income taxes imposed
by the state of Ohio and Ohio municipalities.(2)
Looking ahead, we expect the Fund's relatively aggressive approach to pay off as
continued declines in interest rates support prices of municipal issues. In
addition, the Fund will likely benefit once fears surrounding a flat tax fade.
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
January 31, 1996, compared to the Lehman Brothers 5 Year Municipal Growth Index
and the Lipper Ohio Municipal Fund Average.
<TABLE>
<CAPTION>
Ohio Tax Free Bond Fund
Fountain Lehman Lipper
Square Bros. Ohio
- -------- ------ ------
<S> <C> <C>
9551 10000 10000
9550 10172 10169
9736 10425 10357
10420 11211 11041
10935 11689 11735
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN* FOR
THE PERIOD ENDED JANUARY 31, 1996
<S> <C>
1 Year....................................... 7.65%
Start of Performance (5/27/93)............... 3.39%
</TABLE>
(1)For shareholders who pay a load, the Fund's return for the period was .23%
with the maximum 4.50% sales charge.
(2)Some or all of the income may be subject to the federal alternative minimum
tax and to certain state and local taxes.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR INVESTMENT RETURN
AND PRINCIPAL VALUE WILL FLUCTUATE. 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.
* Total return quoted reflects the maximum sales charge of 4.50%. For the
year ended January 31, 1996, the investment adviser and/or custodian,
waived all or a portion of their fees. Otherwise, total return would have
been lower.
+ 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 and is generally representative of the municipal
bond index as a whole.
++ 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.
6
<PAGE> 9
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FOUNTAIN SQUARE QUALITY GROWTH FUND
The Fund posted a total return of 9.78%(1) during the six months ended January
31, 1996, which represents an increase in the Fund's net asset value from
$11.79 to $12.87. That strong performance reflected broad gains in the stock
market, which benefited from falling interest rates and continued corporate
earnings growth.
The Fund's investments during the period included shares of financial companies,
which benefited from lower interest rates, and it held shares of capital goods
manufacturers and technology companies that we believed were likely to be among
the strongest growth companies in the current economic environment. The Fund's
holdings included GE, Emerson Electric and Federal Signal in the capital goods
sector. In technology, it held shares of Intel, Hewlett Packard, Microsoft and
other firms with proprietary products.
Such companies were able to meet the rising demand for products and services
that can increase corporate productivity and reduce costs. In addition, some
firms, such as First Data Corporation and Automatic Data Processing, profited
from the increased willingness of companies to hire outside sources for tasks
such as transaction or data processing.
The Fund also owned shares of specialty finance companies that serve growing
market niches. Such companies included the Federal National Mortgage
Association, the Federal Home Loan Mortgage Corporation and MBIA, the Municipal
Bond Insurance Association.
Looking ahead, we expect the Fund to maintain a diversified portfolio dominated
by shares of companies that we believe can deliver solid earnings growth even in
a slow-growth economy.
As of January 31, 1996, the Fund's top five holdings were Federal Home Loan
Mortgage Corporation (3.75%), Federal National Mortgage Stock (3.62%),
Interpublic Group of Companies, Inc. (3.46%), Home Depot (3.42%) and Intel Corp.
(3.19%).(2)
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
January 31, 1996, compared to the Standard & Poor's Barra Growth Index and the
Lipper Growth Fund Average.
<TABLE>
<CAPTION>
Quality Growth Fund
Fountain Lipper
Square S & P Growth
- -------- ----- ------
<S> <C> <C>
9551 10000 10000
9195 9689 10608
9486 10053 11106
11688 13191 13941
12830 15379 15156
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN* FOR
THE PERIOD ENDED JANUARY 31, 1996
<S> <C>
1 Year....................................... 25.14%
Start of Performance (11/20/92).............. 8.10%
</TABLE>
(1)For shareholders who pay a load, the Fund's return for the period was 4.80%
with the maximum 4.50% sales charge.
(2)The composition of the Fund's portfolio is subject to change.
7
<PAGE> 10
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PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR INVESTMENT RETURN
AND PRINCIPAL VALUE WILL FLUCTUATE. 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.
* Total return quoted reflects the maximum sales charge of 4.50%. For the
year ended January 31, 1996, the investment adviser and/or custodian,
waived all or a portion of their fees. Otherwise, total return would have
been lower.
+ 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
and is generally representative of the growth stock market as a whole.
++ 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.
FOUNTAIN SQUARE MID CAP FUND
The Fund's net asset value climbed from $12.59 to $12.98 producing a total
return of 4.12%(1) during the six months that ended January 31, 1996, compared
to 7.34% for the Standard & Poor's Mid Cap 400 Index, its benchmark. The shares
of medium-sized companies that this Fund tends to hold generally trailed the
performance of shares of larger, blue-chip companies that were popular during
the recent period.
However, the Fund's concentration in shares of steady growth firms helped its
performance. These firms included high-technology companies such as Adaptec,
which manufactures microcontrollers used in personal computers to control
peripheral devices such as modems, disk drives, network servers and the like.
The Fund also included shares of capital goods manufacturers such as Federal
Signal and W.W. Granger, which have found ways to help their customers cut
costs. And the Fund owned stocks of financial services firms such as Equitable
of Iowa, an annuity provider that has profited from rapid growth in that
business as well as from declining interest rates.
Although mid-cap stocks lagged the broader stock market, we believe that the
mid-cap sector continues to offer greater potential for long-term growth. What's
more, the recent poor performance of the sector has created some opportunities
to find bargain-priced mid-cap shares. Thus, we're confident that the Fund and
the sector will eventually regain ground relative to the stock market as a
whole.
As of January 31, 1996, the Fund's top five holdings were MGIC Investment Corp.
(4.79%), Adaptec Inc. (4.25%), Vishay Intertechnology Inc. (3.68%), Fritz
Companies (3.65%) and IBP Inc. (3.56%).(2)
8
<PAGE> 11
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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 January 31,
1996, compared to the Standard & Poor's Mid Cap 400 Index and the Lipper Mid Cap
Fund Average.
<TABLE>
<CAPTION>
Mid Cap Fund
Fountain Lipper
Square S & P Mid-Cap
- -------- ----- ------
<S> <C> <C>
9551 10000 10000
9290 10760 10763
9761 11136 11058
12245 13866 14572
12749 15250 15470
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN* FOR
THE PERIOD ENDED JANUARY 31, 1996
<S> <C>
1 Year....................................... 20.47%
Start of Performance (11/20/92).............. 7.88%
</TABLE>
(1)For shareholders who pay a load, the Fund's return for the period was -.54%
with the maximum 4.50% sales charge.
(2)The composition of the Fund's portfolio is subject to change.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR INVESTMENT RETURN
AND PRINCIPAL VALUE WILL FLUCTUATE. 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.
* Total return quoted reflects the maximum sales charge of 4.50%. For the
year ended January 31, 1996, the investment adviser and/or custodian,
waived all or a portion of their fees. Otherwise, total return would have
been lower.
+ 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
and is generally representative of the mid-cap market as a whole.
++ 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.
FOUNTAIN SQUARE BALANCED FUND
The Fund's net asset value climbed from $11.28 to $11.93 producing a 7.02%(1)
total return during the six months ended January 31, 1996. That compared to a
16.59% return for the S&P Barra Growth Index and the 7.25% return for the Lehman
Brothers Aggregate Bond Index, the Fund's benchmarks.
During periods when stocks and bonds appear to offer roughly similar trade-offs
between risk and reward, the Fund generally invests about 65% of its assets in
stocks, with the rest in bonds. That tilt toward stocks reflects our view that
stocks offer superior long-term investment opportunity for most individuals. The
Fund was somewhat more aggressive during the recent period, with a 70% position
in stocks -- a move that helped the Fund's performance.
The Fund's equity holdings are divided among large, quality growth companies and
fast-growing mid-cap firms in a variety of industries. Recently, the mix
included technology, financial services and capital goods firms with strong
positions in rapidly growing markets. The Fund's fixed-income holdings included
a mix of high-quality corporate, Treasury and mortgage-backed bonds with
relatively modest average maturities.
9
<PAGE> 12
- --------------------------------------------------------------------------------
During the months ahead, it's likely that the Fund will maintain a more neutral
mix of 65% stocks and 35% fixed-income investments. We will continue to focus on
shares of growth companies that can deliver profits when the economy slows, as
well as relatively conservative income investments. This cautious approach
reflects our view that the potential benefits of a more aggressive strategy have
declined in the wake of the financial markets' impressive performance during the
past 14 months.
As of January 31, 1996, the Fund's top five equity holdings were Interpublic
Group of Companies, Inc. (2.30%), Federal Home Loan Mortgage Corp. (2.11%),
Mobil Corp. (2.05%), MGIC Investment Corp. (1.99%) and Home Depot (1.98%).(2)
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 January
31, 1996, compared to the Standard & Poor's Barra Browth Index, Lehman Brothers
Aggregate Bond Index and Lipper Balanced Fund Average.
<TABLE>
<CAPTION>
Balanced Fund
Fountain Lehman Lipper
Square S & P Brothers Balanced
- -------- ----- -------- --------
<S> <C> <C> <C>
9551 10000 10000 10000
9503 9689 10893 10854
9695 10053 10903 11140
11574 13191 12711 12811
12386 15379 12910 14036
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN* FOR
THE PERIOD ENDED JANUARY 31, 1996
<S> <C>
1 Year....................................... 19.32%
Start of Performance (11/20/92).............. 6.91%
</TABLE>
(1)For shareholders who pay a load, the Fund's return for the period was 2.21%
with the maximum 4.50% sales charge.
(2)The composition of the Fund's portfolio is subject to change.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR INVESTMENT RETURN
AND PRINCIPAL VALUE WILL FLUCTUATE. 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.
* Total return quoted reflects the maximum sales charge of 4.50%. For the
year ended January 31, 1996, the investment adviser and/or custodian,
waived all or a portion of their fees. Otherwise, total return would have
been lower.
+ 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. Those indices are unmanaged and are generally
representative of the stock market and the bond market as a whole,
respectively.
++ 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.
10
<PAGE> 13
- --------------------------------------------------------------------------------
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND(1)
The Fund posted a 10.17%(2) total return during the six months that ended
January 31, 1996 and its net asset value climbed from $9.83 to $10.83. That
compared to a 2.61% return for the Morgan Stanley Capital International EAFE
(Europe, Australia and Far East) Index, the Fund's benchmark.
Foreign markets generally trailed the U.S. stock market during the past
six-month period. However, the Fund's results partly reflected a decision to
increase its position in the Japanese stock market. As it turned out, that
market was a relatively strong performer during the period. At the same time,
the Fund used currency hedging strategies to reduce its exposure to the yen,
giving shareholders some protection when the yen lost ground against the dollar.
The Fund also increased its holdings in other Far Eastern stock markets such as
Hong Kong, Indonesia and Thailand, which appeared to offer attractive values.
All told, the Japanese and other Far Eastern markets accounted for 55% of the
Fund's portfolio as of January 31, 1996. At the same time, we reduced the Fund's
investment in European markets from around 40% to 29%.(3)
The portfolio's holdings within each of these markets were broadly diversified,
reflecting our belief that the Fund's emphasis on particular markets rather than
individual stocks will determine most of its performance. We will continue to
monitor opportunities in various markets and keep a watchful eye on risks and
opportunities related to currency movements. Given overseas markets' recent
laggard performance compared to that of the U.S. stock market, we expect these
markets to show relatively stronger performance in the coming year.
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
January 31, 1996, compared to the Morgan Stanley Capital International EAFE
Index.
<TABLE>
<CAPTION>
International Equity Fund
Fountain Morgan
Square Stanley
- -------- -------
<S> <C>
9551 10000
9389 10448
10344 10436
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL RETURN* FOR
THE PERIOD ENDED JANUARY 31, 1996
<S> <C>
1 Year....................................... 14.85%
Start of Performance (8/19/94)............... 2.35%
</TABLE>
(1)International investing is subject to certain risk factors, including
currency exchange-rate volatility, differences in economic, social and political
conditions and in taxation and other financial standards.
(2)For shareholders who pay a load, the Fund's return for the period was 5.25%
with the maximum 4.50% sales charge.
(3)The composition of the Fund's portfolio is subject to change.
PAST PERFORMANCE IS NOT PREDICTIVE OF FUTURE PERFORMANCE. YOUR INVESTMENT RETURN
AND PRINCIPAL VALUE WILL FLUCTUATE. 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.
* Total return quoted reflects the maximum sales charge of 4.50%. For the
year ended January 31, 1996, the investment advisor and/or custodian,
waived all or a portion of their fees. Otherwise, total return would have
been lower.
11
<PAGE> 14
- --------------------------------------------------------------------------------
+ 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 EAFEIndex has been readjusted to
reflect the reinvestment of dividends on securities in the Index. This
index is unmanaged and generally representative of the entire range of
stocks available to investors in each local market.
FOUNTAIN SQUARE MONEY MARKET FUNDS(1)
The average maturity of the Fountain Square Money Market Funds generally ranged
from 45 to 50 days during the six-month period ended January 31, 1996. We
maintained that relatively aggressive posture because we believed that the
Federal Reserve would lower short-term interest rates to stimulate the flagging
economy. When short-term rates decline, a longer portfolio maturity generally
results in higher returns for the Fund.
That strategy worked well for the Funds during the period and boosted their
returns. Looking ahead, it appears likely that short-term rates will decline
further. We will continue to manage the Funds to capture the benefits of such
changes while preserving shareholders' principal.
THE FOUNTAIN SQUARE COMMERCIAL PAPER FUND is a no-load money market mutual fund
that invests primarily in high-quality commercial paper. Commercial paper
represents very short-term loans made by banks and other corporations.
THE FOUNTAIN SQUARE GOVERNMENT CASH RESERVES FUND is a no-load money market
mutual fund that invests in short-term U.S. Government securities. The Fund
limits its investments to U.S. Government securities paying interest that would
generally be exempt from state personal income tax if owned directly by
shareholders of the Fund.
THE FOUNTAIN SQUARE U.S. TREASURY OBLIGATIONS FUND is a no-load money market
fund that invests in short-term U.S. Treasury obligations and repurchase
agreements that are fully collateralized by such Treasury securities.
(1)An investment in Fountain Square Money Market Funds is neither insured nor
guaranteed by the U.S. Government. Although these Funds seek to maintain a
stable net asset value of $1.00 per share, there can be no assurance that they
will be able to do so.
12
<PAGE> 15
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
GOVERNMENT SECURITIES -- 91.9%
- ------------------------------------------------------------------------------------------------
GOVERNMENT AGENCIES -- 24.0%
--------------------------------------------------------------------------------
$ 387,000 Federal Farm Credit Bank, 6.56%, 12/23/1999 $ 402,391
--------------------------------------------------------------------------------
500,000 Federal Home Loan Bank, 7.64%, (Callable 11/8/1998 @ 100), 5/8/2002 529,384
--------------------------------------------------------------------------------
1,000,000 Federal Home Loan Mortgage Corp., 6.99%,
(Callable 5/24/1999 @ 100), 5/24/2002 1,028,027
--------------------------------------------------------------------------------
1,000,000 Federal Home Loan Mortgage Corp., 6.50%, 6/8/2000 1,025,043
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., 6.70%,
(Callable 3/29/1996 @ 100), 10/9/2002 510,999
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., 6.16%, 3/29/2000 500,771
--------------------------------------------------------------------------------
600,000 Federal Home Loan Mortgage Corp., 7.37%, 4/13/2000 623,161
--------------------------------------------------------------------------------
400,000 Federal National Mortgage Association, 6.25%,
(Callable 6/15/1998 @ 100), 6/15/2000 408,312
--------------------------------------------------------------------------------
1,000,000 Tennessee Valley Authority, 6.00%, 1/15/1997 1,007,657
--------------------------------------------------------------------------------
515,000 Tennessee Valley Authority, 6.25%, (Callable 2/1/1996 @ 103), 8/1/1999 523,602
-------------------------------------------------------------------------------- -------------
Total 6,559,347
-------------------------------------------------------------------------------- -------------
U.S. TREASURY BONDS -- 3.50%
--------------------------------------------------------------------------------
900,000 6.75%, 6/30/1999 945,281
-------------------------------------------------------------------------------- -------------
U.S. TREASURY NOTES -- 64.4%
--------------------------------------------------------------------------------
1,600,000 5.88%, 8/15/1998 1,631,499
--------------------------------------------------------------------------------
500,000 6.13%, 5/15/1998 512,031
--------------------------------------------------------------------------------
1,500,000 6.25%, 8/31/2000 1,559,530
--------------------------------------------------------------------------------
1,750,000 6.38%, 8/15/2002 1,840,781
--------------------------------------------------------------------------------
3,700,000 7.50%, 5/15/2002 4,115,091
--------------------------------------------------------------------------------
1,500,000 7.75%, 11/30/1999 1,632,188
--------------------------------------------------------------------------------
600,000 7.75%, 1/31/2000 654,562
--------------------------------------------------------------------------------
5,000,000 7.88%, 8/15/2001 5,610,935
-------------------------------------------------------------------------------- -------------
Total 17,556,618
-------------------------------------------------------------------------------- -------------
TOTAL GOVERNMENT SECURITIES (IDENTIFIED COST, $23,968,864) 25,061,245
-------------------------------------------------------------------------------- -------------
</TABLE>
13
<PAGE> 16
<TABLE>
<CAPTION>
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
MORTGAGE BACKED SECURITIES -- 4.2%
- ------------------------------------------------------------------------------------------------
GOVERNMENT AGENCIES -- 0.5%
--------------------------------------------------------------------------------
$ 124,503 Federal Home Loan Mortgage Corp., REMIC Series1536-B,
5.50%, 7/15/2000 $ 124,278
-------------------------------------------------------------------------------- -------------
PRIVATE LABEL CMOS -- 3.7
--------------------------------------------------------------------------------
1,000,000 Collateral Mortgage Trust, Series 63E, 9.00%, 9/20/1999 1,006,240
-------------------------------------------------------------------------------- -------------
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST, $1,144,592) 1,130,518
-------------------------------------------------------------------------------- -------------
*REPURCHASE AGREEMENTS -- 2.1%
- ------------------------------------------------------------------------------------------------
577,000 Nesbitt Burns, 5.75%, dated 1/31/1996, due 2/1/1996, (amortized cost) 577,000
-------------------------------------------------------------------------------- -------------
TOTAL INVESTMENTS (IDENTIFIED COST, $25,690,456)** $26,768,763
-------------------------------------------------------------------------------- =============
</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 $25,690,456.
The net unrealized appreciation of investments on federal tax basis amounts
to $1,078,307, which is composed of $1,092,381 appreciation and $14,074
depreciation at January 31, 1996.
Note: The categories of investments are shown as a percentage of net assets
($27,260,855) at January 31,1996.
The following abbreviations are used in this Fund:
CMOs-Collateralized Mortgage Obligations
REMIC-Real Estate Mortgage Investment Conduit
(See Notes which are an integral part of the Financial Statements)
14
<PAGE> 17
FOUNTAIN SQUARE QUALITY BOND FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
CORPORATE BONDS -- 17.8%
- ------------------------------------------------------------------------------------------------
FINANCE -- 4.4%
$ 1,000,000(a)Ford Motor Credit Corp., Floating Rate Note, 5/8/1996 $ 993,939
--------------------------------------------------------------------------------
1,910,000 Pitney Bowes Credit Corp., Debenture, 8.55%, 9/15/2009,
Putable 9/15/1999 2,304,577
-------------------------------------------------------------------------------- -------------
Total 3,298,516
-------------------------------------------------------------------------------- -------------
INDUSTRIAL -- 6.9%
--------------------------------------------------------------------------------
1,500,000 Seagram & Sons Corp., Debenture, 9.65%, 8/15/2018, Putable 8/15/2003 2,008,725
--------------------------------------------------------------------------------
1,500,000 Grand Metropolitan, 7.45%, 4/15/2035, Putable 4/15/2005 1,673,205
--------------------------------------------------------------------------------
1,500,000 IBP Inc., Debenture, 6.13%, 2/1/2006, 1,489,819
-------------------------------------------------------------------------------- -------------
Total 5,171,749
-------------------------------------------------------------------------------- -------------
INTERNATIONAL -- 2.2%
--------------------------------------------------------------------------------
1,500,000 Telekom Malaysia, Debenture, 7.875%, 8/1/2025, 1,642,500
-------------------------------------------------------------------------------- -------------
TRANSPORTATION -- 2.3%
--------------------------------------------------------------------------------
100,653 CSX Transportation, 8.41%, 3/1/2006, Callable 117,637
--------------------------------------------------------------------------------
1,600,000 American President, 7.13%, 11/15/2003 1,633,318
-------------------------------------------------------------------------------- -------------
Total 1,750,955
-------------------------------------------------------------------------------- -------------
UTILITIES -- 2.0%
--------------------------------------------------------------------------------
1,500,000 Utilicorp United, Debenture, 6.37%, 6/1/2005, Putable 6/1/2000 1,521,389
-------------------------------------------------------------------------------- -------------
TOTAL CORPORATE BONDS (IDENTIFIED COST, $12,728,209) 13,385,109
-------------------------------------------------------------------------------- -------------
MORTGAGE BACKED SECURITIES -- 31.5%
- ------------------------------------------------------------------------------------------------
GOVERNMENT AGENCY CMOS
--------------------------------------------------------------------------------
239,188 Federal National Mortgage Assoc., REMIC,
Series 1991-140C, 8.50%, 5/25/2020 240,005
--------------------------------------------------------------------------------
1,750,000 Federal National Mortgage Assoc., REMIC,
Series 1993-206L, 6.50%, 11/25/2023 1,709,978
--------------------------------------------------------------------------------
1,000,000 Federal National Mortgage Assoc., REMIC,
Series 89X-J, 8.00%, 8/25/2008 1,065,580
--------------------------------------------------------------------------------
1,500,000 Federal National Mortgage Assoc., REMIC, Series Z-97A H, 8.75%,
12/25/2023 1,639,785
--------------------------------------------------------------------------------
1,750,000 Federal Home Loan Mortgage Corp., REMIC, Series 1261-I,
8.00%, 9/15/2020 1,831,672
--------------------------------------------------------------------------------
1,500,000 Federal Home Loan Mortgage Corp., REMIC,
Series 1315-H, 7.00%, 1/15/2021 1,527,915
--------------------------------------------------------------------------------
1,750,000 Federal Home Loan Mortgage Corp., REMIC,
Series 1228-H, 7.00%, 11/15/2020 1,784,370
--------------------------------------------------------------------------------
2,992,695 Federal Home Loan Mortgage Corp., Series E-62065,
7.00%, 11/1/10 3,056,828
--------------------------------------------------------------------------------
</TABLE>
15
<PAGE> 18
<TABLE>
<CAPTION>
FOUNTAIN SQUARE QUALITY BOND FUND
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
MORTGAGE BACKED SECURITIES -- CONTINUED
- ------------------------------------------------------------------------------------------------
GOVERNMENT AGENCY CMOS -- CONTINUED
--------------------------------------------------------------------------------
$ 4,500,000 Federal Home Loan Mortgage Corp., REMIC, Series
1546-E, 6.35%, 11/15/2019 $ 4,540,320
--------------------------------------------------------------------------------
2,941,472 Federal Home Loan Mortgage Corp., Gold Series E-20204,
6.59%, 11/1/10 2,965,591
--------------------------------------------------------------------------------
1,500,000 Federal Home Loan Mortgage Corp., REMIC,
Series 1378-H, 10.00%, 1/15/2021 1,691,250
--------------------------------------------------------------------------------
1,500,000 Federal Home Loan Mortgage Corp./Government National
Mortgage Assoc., Debenture, Series G-2 Cl E, 6.85%, 7/25/2018 1,523,925
--------------------------------------------------------------------------------
12,277 Federal Home Loan Mortgage Corp., Pass through,
Series 38-0009, 9.50%, 10/1/2002 12,999
--------------------------------------------------------------------------------
23,549 Federal Home Loan Mortgage Corp., Pass through,
Series 27-2525, 8.00%, 8/1/2008 24,493
-------------------------------------------------------------------------------- -------------
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST, $12,712,253) 23,614,710
-------------------------------------------------------------------------------- -------------
GOVERNMENT SECURITIES -- 47.3%
- ------------------------------------------------------------------------------------------------
GOVERNMENT AGENCIES -- 8.1%
--------------------------------------------------------------------------------
1,500,000 Federal Home Loan Mortgage Corp., 7.54%, 5/31/2010,
(Callable 5/31/2000) 1,578,042
--------------------------------------------------------------------------------
1,500,000 Federal Home Loan Mortgage Corp., 7.81%, 4/13/2009,
(Callable 4/13/1999) 1,589,643
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., 6.16%, 3/29/2000 500,771
--------------------------------------------------------------------------------
450,000 Federal National Mortgage Assoc., 7.55%, 6/10/2004 470,604
--------------------------------------------------------------------------------
1,000,000 Federal Home Loan Bank, 7.81%, 7/17/1996 1,011,535
--------------------------------------------------------------------------------
750,000 Federal Home Loan Bank, 7.64%, 5/8/2002, (Callable) 794,077
--------------------------------------------------------------------------------
71,446 Student Loan Marketing Assoc., Debenture, 9.40%, 5/31/2002 85,494
-------------------------------------------------------------------------------- -------------
Total 6,030,166
-------------------------------------------------------------------------------- -------------
U.S. TREASURY NOTES -- 26.4%
--------------------------------------------------------------------------------
750,000 6.00%, 11/30/1997 763,594
--------------------------------------------------------------------------------
1,500,000 6.13%, 9/30/2000 1,552,030
--------------------------------------------------------------------------------
3,250,000 6.25%, 5/31/2000 3,376,951
--------------------------------------------------------------------------------
2,500,000 6.25%, 8/31/2000 2,599,217
--------------------------------------------------------------------------------
2,000,000 6.375%, 8/15/2002 2,103,750
--------------------------------------------------------------------------------
3,375,000 6.50%, 8/15/2005 3,594,375
--------------------------------------------------------------------------------
2,000,000 7.87%, 4/15/1998 2,118,124
--------------------------------------------------------------------------------
231,000 8.50%, 2/15/2000 258,431
--------------------------------------------------------------------------------
115,000 8.75%, 8/15/2000 131,100
--------------------------------------------------------------------------------
231,000 9.00%, 5/15/1998 250,563
--------------------------------------------------------------------------------
231,000 9.25 %, 8/15/1998 253,956
--------------------------------------------------------------------------------
2,500,000 7.50%, 5/15/2002 2,780,467
-------------------------------------------------------------------------------- -------------
Total 19,782,558
-------------------------------------------------------------------------------- -------------
</TABLE>
16
<PAGE> 19
<TABLE>
<CAPTION>
FOUNTAIN SQUARE QUALITY BOND FUND
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
GOVERNMENT SECURITIES -- CONTINUED
- ------------------------------------------------------------------------------------------------
U.S. TREASURY BONDS -- 12.8%
--------------------------------------------------------------------------------
$ 4,000,000 6.75%, 6/30/1999 $ 4,201,248
--------------------------------------------------------------------------------
4,515,000 7.63%, 11/15/2022 5,418,000
-------------------------------------------------------------------------------- -------------
Total 9,619,248
-------------------------------------------------------------------------------- -------------
TOTAL GOVERNMENT SECURITIES (IDENTIFIED COST, $45,088,937) 72,431,791
-------------------------------------------------------------------------------- -------------
*REPURCHASE AGREEMENTS -- 2.1%
- ------------------------------------------------------------------------------------------------
1,579,000 Nesbitt Burns Repurchase Agreement, 5.75%, dated 1/31/1996,
due 2/1/1996 1,579,000
-------------------------------------------------------------------------------- -------------
TOTAL INVESTMENTS (IDENTIFIED COST, $72,108,400)** $74,010,791
-------------------------------------------------------------------------------- =============
</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 $72,108,400.
The net unrealized appreciation of investments on federal tax basis amounts
to $1,902,391, which is composed of $1,912,131 appreciation and $9,740
depreciation at January 31, 1996.
(a) Current rate and next reset date shown.
Note: The catogaries of investments are shown as a percentage of net assets
($75,010,845) at January 31, 1996.
The following abbreviations are used in this Fund:
REMIC-Real Estate Mortgage Investment Conduit
(See Notes which are an integral part of the Financial Statements)
17
<PAGE> 20
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ------------- ----------------------------------------------------------------- ------------- -------------
<S> <C> <C>
MUNICIPAL SECURITIES -- 97.4%
- ---------------------------------------------------------------------------------
OHIO -- 97.4%
-----------------------------------------------------------------
$ 500,000 Akron, OH, LT GO Bonds, (MBIA Insured), 5.60%,
(Callable 12/1/2004 @ 102), 12/1/2006 AAA $ 539,150
-----------------------------------------------------------------
100,000 Bedford, OH, City School District, (Series 1993),
4.70%, 12/1/1999 A 101,961
-----------------------------------------------------------------
100,000 Bedford, OH, City School District, 5.50%,
(Callable 12/1/2003 @ 101), 12/1/2006 A 104,109
-----------------------------------------------------------------
500,000 Cincinnati, OH, UT GO Bonds, 4.60%, 12/1/2004 AA+ 506,130
-----------------------------------------------------------------
200,000 Cincinnati, OH, City School District, RANs, 5.60%,
6/15/1997 AAA 205,132
-----------------------------------------------------------------
400,000 Cincinnati, OH, City School District, TANs, 5.30%,
2/1/1997 A 407,516
-----------------------------------------------------------------
500,000 Cincinnati, OH, City School District, TANs, 5.40%,
2/1/1996 A- 507,010
-----------------------------------------------------------------
200,000 Clermont County, OH, Refunding UT GO Bonds,
Building & Road Improvements, (AMBAC Insured),
4.90%, 9/1/2001 A- 207,502
-----------------------------------------------------------------
165,000 Clermont County, OH, Hospital Facilities Revenue
Bonds, (Series A) / (Mercy Health System) /
(MBIA Insured), 4.85%, 1/1/2000 AAA 169,189
-----------------------------------------------------------------
500,000 Clermont County, OH, LT GO Bonds, (Court House
Project), (AMBAC Insured), 4.30%, 12/01/1998 AAA 507,035
-----------------------------------------------------------------
400,000 Clermont County, OH, Sewer System, Refunding
Revenue Bonds, (AMBAC Insured), 4.60%, (Callable
12/1/2003 @ 102), 12/1/2004 AAA 403,156
-----------------------------------------------------------------
500,000 Cleveland, OH, LT GO Refunding Bonds,
4.90%, 9/1/2002 AAA 519,055
-----------------------------------------------------------------
500,000 Cleveland, OH, Waterworks, GO Revenue Bonds,
(MBIA Insured), 5.40%, 1/1/2006 AAA 533,185
-----------------------------------------------------------------
300,000 Columbus, OH, UT GO Bonds, (Series D),
4.55%, 9/15/1999 AAA 307,332
-----------------------------------------------------------------
100,000 Columbus, OH, Refunding Sewer Revenue Bonds,
5.40%, 6/1/1998 AA- 103,603
-----------------------------------------------------------------
500,000 Columbus, OH, Water System Refunding Revenue
Bonds, 5.75%, 11/1/2000 AA- 535,245
-----------------------------------------------------------------
500,000 Columbus, OH, Refunding LT GO Bonds, 5.15%,
(Callable 9/15/2003 @ 102), 9/15/2004 AAA 528,110
-----------------------------------------------------------------
</TABLE>
<PAGE> 21
<TABLE>
<CAPTION>
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
- ----------------------------------------------------------------------------------------------------------------
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ------------- ----------------------------------------------------------------- ------------- -------------
<S> <C> <C>
MUNICIPAL SECURITIES -- CONTINUED
- ---------------------------------------------------------------------------------
OHIO -- CONTINUED
-----------------------------------------------------------------
$ 500,000 Columbus, OH, City School District, UT GO Bonds,
Revenue Refunding Bonds, (FGIC Insured),
4.45%,12/1/1998 AAA $ 509,035
-----------------------------------------------------------------
480,000 Cuyahoga County, OH, Hospital Revenue Bonds,
(Cleveland Clinic Foundation), 5.50%, (Original Issue
Discount Yield: 5.60%), 11/15/1999 AAA 502,469
-----------------------------------------------------------------
500,000 Cuyahoga County, OH, UT GO Bonds, 4.50%, 10/01/2000 Aa 506,905
-----------------------------------------------------------------
405,000 Cuyahoga Falls, OH, Refunding LT GO Bonds, 5.15%,
(Callable, 12/1/2005 @ 102), 12/1/2006 AAA 417,182
-----------------------------------------------------------------
500,000 Dayton, OH, Airport, Revenue Bonds, (AMBAC Insured),
5.40%, 12/1/2006 AAA 528,980
-----------------------------------------------------------------
500,000 Delaware County, OH, LT GO Bonds, (Sewer Projects),
5.35%, 12/1/2007 AA 522,985
-----------------------------------------------------------------
150,000 Dublin, OH, City School District, UT GO Bonds,
(AMBAC Insured), 5.25%, 12/1/2000 AAA 157,485
-----------------------------------------------------------------
150,000 Dublin, OH, City School District, Refunding UT GO
Bonds, (FGIC Insured), 5.95%, 12/1/2002 AAA 164,603
-----------------------------------------------------------------
420,000 Findley, OH, Waterworks, Revenue Bonds, (MBIA
Insured), 5.65%, (Callable 11/1/2003 @ 101), 11/1/2009 438,959
-----------------------------------------------------------------
245,000 Franklin County, OH, LT GO Bonds, Refunding Revenue
Bonds, 4.95%, (Callable 12/1/2003 @ 102), 12/1/2004 AAA 255,123
-----------------------------------------------------------------
500,000 Franklin County, OH, Hospital Revenue Bonds,
(Riverside United Methodist), 5.30%, (Original Issue
Discount Yield: 5.40%), 5/15/2002 Aa 523,895
-----------------------------------------------------------------
500,000 Hamilton County, OH, Electric System Refunding
Revenue Bonds, (Series A) / (FGIC Insured), 4.75%,
10/15/1997 AAA 508,905
-----------------------------------------------------------------
500,000 Hamilton County, OH, Sewer System, Refunding
Revenue & Improvement Bonds, (FGIC Insured), 3.90%,
12/1/1996 AAA 502,345
-----------------------------------------------------------------
500,000 Hamilton County, OH, Sewer System, Revenue Bonds,
(FGIC Insured), 5.70%, (Callable 12/1/2005 @ 102),
12/1/2009 AAA 536,865
-----------------------------------------------------------------
200,000 Hamilton County, OH, City School District, Energy
Conservation Notes, 4.60%, 9/1/2000 AAA 203,714
-----------------------------------------------------------------
500,000 Hamilton County, OH, LT GO Bonds, 5.00%, 12/1/2002 A- 522,310
-----------------------------------------------------------------
200,000 Hilliard, OH, School District, Refunding UT GO Bonds,
(FGIC Insured), 5.50%, 12/1/1997 A 206,458
-----------------------------------------------------------------
500,000 Huron County, OH, LT GO Bonds, 7.00%, (Callable
12/1/2000 @ 100), 12/1/2009 A 592,315
-----------------------------------------------------------------
</TABLE>
19
<PAGE> 22
<TABLE>
<CAPTION>
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
- ----------------------------------------------------------------------------------------------------------------
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ------------- ----------------------------------------------------------------- ------------- -------------
<S> <C> <C>
MUNICIPAL SECURITIES -- CONTINUED
- ---------------------------------------------------------------------------------
OHIO -- CONTINUED
-----------------------------------------------------------------
$ 500,000 Kettering, OH, Refunding UT GO Bonds, 4.30%, 12/1/1998 Aa $ 507,035
-----------------------------------------------------------------
200,000 Kettering, OH, Refunding UT GO Bonds, 4.50%, 12/1/1999 AAA 203,868
-----------------------------------------------------------------
200,000 Kettering, OH, Refunding UT GO Bonds, 4.90%, 12/1/2002 Aa 207,148
-----------------------------------------------------------------
500,000 Lucas County, OH, LT GO Bonds (Series 1) /
(AMBAC Insured), 5.05%, 12/1/1999 AAA 519,360
-----------------------------------------------------------------
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 544,935
-----------------------------------------------------------------
10,000 Marysville, OH, UT GO Bonds, (AMBAC Insured), 3.70%,
12/1/1996 AAA 10,031
-----------------------------------------------------------------
500,000 Mason, OH, City School District, GO, (FGIC Insured),
4.80%, 12/1/2004 AAA 510,440
-----------------------------------------------------------------
100,000 Montgomery County, OH, Sewer Revenue Bonds,
(Greater Moraine-Beaver Creek), 4.90%, 9/1/2001 AAA 103,499
-----------------------------------------------------------------
500,000 Montgomery County, OH, Refunding LT GO Bonds,
4.90%, 9/1/2002 AA 520,225
-----------------------------------------------------------------
750,000 Montgomery County, OH, Refunding GO Bonds,
5.45%, 9/1/2010 AA 774,870
-----------------------------------------------------------------
750,000 Montgomery County, OH, Solid Waste, Revenue Bonds,
(MBIA Insured), 5.13%, (Callable 11/1/2005 @ 102),
11/1/2008 AAA 766,905
-----------------------------------------------------------------
100,000 Ohio State, UT GO Bonds, 5.10%, 8/1/1996 AA 100,890
-----------------------------------------------------------------
500,000 Ohio State, UT GO Bonds, 5.90%, ( Callable 8/1/2005
@ 102), 8/1/2006 Aa 554,970
-----------------------------------------------------------------
500,000 Ohio State, Refunding UT GO Bonds, 5.15%, 9/1/2001 Aa 526,710
-----------------------------------------------------------------
350,000 Ohio State Air Quality Development Authority,
(Buckeye Power, Inc.), 4.70%, 8/01/2000 AA 355,159
-----------------------------------------------------------------
450,000 Ohio State Air Quality Development Authority, Refunding
Revenue Bonds, (Buckeye Power, Inc.), 4.90%, 8/1/2002 AA 459,540
-----------------------------------------------------------------
300,000 Ohio State Building Authority, (State Correctional
Facilities Project) / ( Series A), 4.40%, 10/1/1996 AAA 301,935
-----------------------------------------------------------------
250,000 Ohio State Building Authority, (State Correctional
Project), 5.65%, (Callable 10/1/2004 @ 101), 10/1/2007 A+ 268,475
-----------------------------------------------------------------
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 438,476
-----------------------------------------------------------------
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 440,480
-----------------------------------------------------------------
</TABLE>
20
<PAGE> 23
<TABLE>
<CAPTION>
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
- ----------------------------------------------------------------------------------------------------------------
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ------------- ----------------------------------------------------------------- ------------- -------------
<S> <C> <C>
MUNICIPAL SECURITIES -- CONTINUED
- ---------------------------------------------------------------------------------
OHIO -- CONTINUED
-----------------------------------------------------------------
$ 100,000 Ohio State Public Common Facilities, Higher Educational
Facilities, (Series 11-A), 5.50%, 12/1/1999 AAA $ 105,349
-----------------------------------------------------------------
200,000 Ohio State Public Common Facilities, Mental Health
Facilities, (Series 11-A), 6.30%, (Callable 12/1/2000
@ 102), 12/1/2002 A+ 221,086
-----------------------------------------------------------------
500,000 Ohio State Public Common Facilities, Refunding Revenue
Bonds, (Mental Health Facilities Project) / ( FSA Insured)
4.30%, 6/1/2003 AAA 495,325
-----------------------------------------------------------------
500,000 Ohio State Public Common Facilities, Higher Educational
Facilities, 5.50%, (Callable 12/1/2001@ 102), 12/1/2003 AAA 536,020
-----------------------------------------------------------------
500,000 Ohio State Public Common Facilities, Higher Educational
Facilities, (Series 11-A), 5.20%, (Callable 5/1/2005 @ 100),
5/1/2007 AAA 513,255
-----------------------------------------------------------------
275,000 Ohio State University, General Receipts Bonds,
(Series A1), 4.85%, 12/1/1998 AA- 282,747
-----------------------------------------------------------------
200,000 Ohio State University, General Receipts Bonds,
(Series A2), 4.85%, 12/1/1998 AA- 205,094
-----------------------------------------------------------------
300,000 Ohio State University, General Receipts Bonds, 5.75%,
12/1/2007 AA- 321,417
-----------------------------------------------------------------
500,000 Ohio State Water Development Authority, Revenue
Refunding Bonds, (MBIA Insured), 4.95%, 12/1/1998 AAA 516,370
-----------------------------------------------------------------
500,000 Ohio State Water Development Authority, Revenue
Bonds, (Fresh Water Service), 5.40%, 12/1/2004 AAA 534,725
-----------------------------------------------------------------
325,000 Ohio State Water Development Authority, Revenue
Bonds, (Sewer Improvements), 5.40%, (Callable 6/1/2005
@ 101), 6/1/2008 AAA 339,268
-----------------------------------------------------------------
500,000 Ohio University, OH, General Receipts Revenue Bonds,
(FGIC Insured), 4.70%, (Callable 12/1/2003 @ 102),
12/1/2005 AAA 506,260
-----------------------------------------------------------------
250,000 Pickerington, OH, Local School District, UT GO Bonds,
(FGIC Insured), 4.60%, 12/1/2003 AAA 253,435
-----------------------------------------------------------------
1,000,000 Pickerington, OH, Local School District, (AMBAC Insured),
5.55%, 12/1/2007 AAA 1,065,270
-----------------------------------------------------------------
500,000 Solon, OH, City School District, Refunding UT GO Bonds,
(AMBAC Insured), 4.50%, 12/1/1003 Aa 500,300
-----------------------------------------------------------------
150,000 Stark County, OH, Refunding LT GO Bonds, (AMBAC
Insured), 4.75%, 11/15/1999 AAA 154,176
-----------------------------------------------------------------
400,000 Toledo, OH, LT GO Bonds, (AMBAC Insured), 5.05%,
12/1/1999 AAA 416,212
-----------------------------------------------------------------
500,000 Trumbull County, OH, LT GO Bonds, 5.15%, 12/1/2002 AAA 526,720
-----------------------------------------------------------------
</TABLE>
21
<PAGE> 24
<TABLE>
<CAPTION>
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
- ----------------------------------------------------------------------------------------------------------------
CREDIT
RATING:
PRINCIPAL MOODY'S
AMOUNT OR S&P* VALUE
- ------------- ----------------------------------------------------------------- ------------- -------------
<S> <C> <C>
MUNICIPAL SECURITIES -- CONTINUED
- ---------------------------------------------------------------------------------
OHIO -- CONTINUED
-----------------------------------------------------------------
$ 100,000 University Of Cincinnati, OH, Certificates of Participation
(MBIA Insured), 6.40%, 12/1/2003 AAA $ 111,681
-----------------------------------------------------------------
750,000 University Of Cincinnati, OH, Revenue Refunding Bonds,
5.40%, (Callable 6/1/2003 @100), 6/1/2006 AA- 780,308
-----------------------------------------------------------------
500,000 University Of Cincinnati, OH, General Receipts Refunding
Revenue Bonds, 5.65%, (Callable 6/1/2003 @ 100), 6/1/2008 AAA 523,080
-----------------------------------------------------------------
150,000 Warren County, OH, Sewer Systems, Revenue Bonds,
(FGIC Insured), 4.90%, 12/1/2002 AAA 155,361
-----------------------------------------------------------------
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 208,506
-----------------------------------------------------------------
350,000 West Geauga, OH, Local School District, UT GO Bonds,
(AMBAC Insured), 5.45%, 11/1/2004 AAA 375,374
----------------------------------------------------------------- ------------
TOTAL MUNICIPAL SECURITIES (IDENTIFIED COST, $30,496,306) $31,547,242
----------------------------------------------------------------- ------------
REGULATED INVESTMENT COMPANIES -- 1.8%
- ---------------------------------------------------------------------------------
600,411 Midwest Ohio Money Fund, (at net asset value) NR 600,411
----------------------------------------------------------------- -------------
TOTAL INVESTMENTS (IDENTIFIED COST-$31,096,716)** $32,147,653
----------------------------------------------------------------- =============
</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
$31,096,716. The net unrealized appreciation of investments on a federal
tax basis amounts to $1,050,937 which is comprised of $1,055,696
appreciation and $4,759 depreciation at January 31, 1996.
Note: The categories of investments are shown as a percentage of net assets
($32,399,399) at January 31, 1996.
The following abbreviations are used in this Fund:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Company
GO -- General Obligation
LT -- Limited Tax
MBI -- Municipal Bond Investors Assurance
NR -- Not Rated
RANs -- Revenue Anticipation Notes
TANs -- Tax Anticipation Notes
UT -- Unlimited Tax
(See Notes which are an integral part of the Financial Statements)
22
<PAGE> 25
FOUNTAIN SQUARE QUALITY GROWTH FUND
PORTFOLIO OF INVESTMENTS
January 31, 1996
(Unadited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
SHARES VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- 98.3%
- ------------------------------------------------------------------------------------------------
AGRICULTURE -- 0.9%
--------------------------------------------------------------------------------
20,000 Pioneer Hi-Bred International, Inc. $ 1,020,000
-------------------------------------------------------------------------------- -------------
BANKING -- 3.1%
--------------------------------------------------------------------------------
50,000 Firstar Corp. 2,156,250
--------------------------------------------------------------------------------
50,000 Mellon Bank Corp. 2,650,000
--------------------------------------------------------------------------------
25,000 Norwest Bank 859,375
-------------------------------------------------------------------------------- -------------
Total 5,665,625
-------------------------------------------------------------------------------- ------------
CHEMICALS -- 4.7%
--------------------------------------------------------------------------------
50,000 Air Products & Chemicals 2,668,750
--------------------------------------------------------------------------------
35,000 Praxair 1,190,000
--------------------------------------------------------------------------------
100,000 RPM, Inc. 1,475,000
-------------------------------------------------------------------------------- -------------
Total 5,333,750
-------------------------------------------------------------------------------- -------------
COMPUTERS & SOFTWARE SERVICES -- 11.9%
--------------------------------------------------------------------------------
30,000 Automatic Data Processing, Inc. 1,196,250
--------------------------------------------------------------------------------
43,000 First Data Corp. 3,042,250
--------------------------------------------------------------------------------
35,000 Hewlett Parckard 2,966,250
--------------------------------------------------------------------------------
20,000 Microsoft Corp. * 1,850,000
--------------------------------------------------------------------------------
65,000 Oracle Corp. * 3,103,750
--------------------------------------------------------------------------------
50,000 Silicon Graphics * 1,406,250
-------------------------------------------------------------------------------- -------------
Total 13,564,750
-------------------------------------------------------------------------------- -------------
CONSUMER PRODUCTS -- 9.6%
--------------------------------------------------------------------------------
15,000 CPC International, Inc. 1,091,250
--------------------------------------------------------------------------------
50,000 Crown Cork & Seal Co. 2,056,250
--------------------------------------------------------------------------------
45,000 Duracell International 2,238,750
--------------------------------------------------------------------------------
100,000 Newell Co. 2,637,500
--------------------------------------------------------------------------------
35,000 Procter & Gamble Co. 2,935,625
-------------------------------------------------------------------------------- -------------
Total 10,959,375
-------------------------------------------------------------------------------- -------------
ELECTRICAL EQUIPMENT -- 2.6%
--------------------------------------------------------------------------------
35,000 Emerson Electric Co. 2,931,250
35,000 General Electric Co. 2,686,250
14,000 W.W. Grainger, Inc. 943,250
-------------------------------------------------------------------------------- -------------
Total 6,560,750
-------------------------------------------------------------------------------- -------------
ELECTRONICS -- 5.5%
--------------------------------------------------------------------------------
66,000 Intel Corp. 3,645,469
50,000 Motorola, Inc. 2,687,500
-------------------------------------------------------------------------------- -------------
Total 6,332,969
-------------------------------------------------------------------------------- -------------
</TABLE>
23
<PAGE> 26
<TABLE>
<CAPTION>
FOUNTAIN SQUARE QUALITY GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------
SHARES VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
ENTERTAINMENT -- 2.8%
--------------------------------------------------------------------------------
50,000 The Walt Disney Co. $ 3,212,500
-------------------------------------------------------------------------------- -------------
FINANCIAL SERVICES -- 7.4%
--------------------------------------------------------------------------------
50,000 Federal Home Loan Mortgage Corp. 4,281,250
--------------------------------------------------------------------------------
120,000 Federal National Mortage Association 4,140,000
--------------------------------------------------------------------------------
70,000 United Asset Management 2,677,500
-------------------------------------------------------------------------------- -------------
Total 11,098,750
-------------------------------------------------------------------------------- -------------
HEALTHCARE -- 5.0%
--------------------------------------------------------------------------------
4,000 American Home Products 408,000
--------------------------------------------------------------------------------
45,000 Medtronic, Inc. 2,570,625
--------------------------------------------------------------------------------
50,000 Schering-Plough, Corp. 2,706,250
-------------------------------------------------------------------------------- -------------
Total 5,684,875
-------------------------------------------------------------------------------- ------------
INSURANCE -- 4.7%
--------------------------------------------------------------------------------
36,750 Cincinnati Financial Corp. 2,306,063
--------------------------------------------------------------------------------
45,000 MBIA, Inc. 3,318,750
--------------------------------------------------------------------------------
55,000 MGIC Investment Corp. 3,547,500
--------------------------------------------------------------------------------
30,000 The Chubb Corp. 3,112,500
-------------------------------------------------------------------------------- -------------
Total 12,284,813
-------------------------------------------------------------------------------- -------------
MANUFACTURING -- 2.1%
--------------------------------------------------------------------------------
100,000 Federal Signal Corp. 2,512,500
--------------------------------------------------------------------------------
38,200 Illinois Tool Works, Inc. 2,344,525
-------------------------------------------------------------------------------- -------------
Total 4,857,025
-------------------------------------------------------------------------------- -------------
MEDIA/PUBLISHING -- 3.5%
--------------------------------------------------------------------------------
93,000 Interpublic Group Of Companies, Inc. 3,952,500
-------------------------------------------------------------------------------- -------------
OIL & GAS -- 6.7%
--------------------------------------------------------------------------------
50,000 Chevron Corp. 2,593,750
--------------------------------------------------------------------------------
25,000 Equitable Resources, Inc. 709,375
--------------------------------------------------------------------------------
15,000 Exxon Corp. 1,203,750
--------------------------------------------------------------------------------
28,000 Mobil Corp. 3,101,000
-------------------------------------------------------------------------------- -------------
Total 7,607,875
-------------------------------------------------------------------------------- -------------
</TABLE>
24
<PAGE> 27
<TABLE>
<CAPTION>
FOUNTAIN SQUARE QUALITY GROWTH FUND
- ----------------------------------------------------------------------------------------------------------------
SHARES VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
RETAIL -- 6.4%
--------------------------------------------------------------------------------
35,000 Albertson's, Inc. $ 1,194,375
--------------------------------------------------------------------------------
85,000 Home Depot, Inc. 3,910,000
--------------------------------------------------------------------------------
120,000 Office Depot, Inc. * 2,265,000
-------------------------------------------------------------------------------- -------------
Total 7,369,375
-------------------------------------------------------------------------------- -------------
TELECOMMUNICATIONS -- 3.6%
--------------------------------------------------------------------------------
90,000 Alltel Corp. 2,823,750
--------------------------------------------------------------------------------
45,000 DSC Communications Corp. * 1,310,625
-------------------------------------------------------------------------------- -------------
Total 4,134,375
-------------------------------------------------------------------------------- -------------
TRANSPORTATION -- 2.3%
--------------------------------------------------------------------------------
40,000 Union Pacific Corp. 2,665,000
-------------------------------------------------------------------------------- -------------
TOTAL COMMON STOCKS (IDENTIFIED COST, $93,246,964) 112,304,306
-------------------------------------------------------------------------------- -------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
REPURCHASE AGREEMENTS -- 4.9%
- ------------------------------------------------------------------------------------------------
$ 5,620,000 Nesbitt Burns, 5.75%, dated 1/31/96, due 2/1/96 (amortized cost)** 5,620,000
-------------------------------------------------------------------------------- -------------
TOTAL INVESTMENTS (IDENTIFIED COST, $98,866,963)*** $117,924,306
-------------------------------------------------------------------------------- =============
</TABLE>
* Non income producing securities.
** 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 $98,866,963.
The net unrealized appreciation of investments on federal tax basis amounts
to $19,057,343, which is composed of $21,320,206 appreciation and
$2,262,863 depreciation at January 31, 1996.
Note: The categories of investments are shown as a percentage of net assets
($114,254,025) at January 31, 1996.
The following abbreviations are used in this Fund:
CMOs-Collateralized Mortgage Obligations.
REMIC-Real Estate Mortgage Investment Conduit.
(See Notes which are an integral part of the Financial Statements.)
25
<PAGE> 28
FOUNTAIN SQUARE MID CAP FUND
PORTFOLIO OF INVESTMENTS
January 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
SHARES VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- 92.1%
- ------------------------------------------------------------------------------------------------
BANKING -- 4.0%
--------------------------------------------------------------------------------
50,000 Firstar Corp. $ 2,156,250
--------------------------------------------------------------------------------
12,000 Regions Financial Corp. 505,500
-------------------------------------------------------------------------------- -------------
Total 2,661,750
-------------------------------------------------------------------------------- -------------
BUILDING MATERIALS -- 1.3%
--------------------------------------------------------------------------------
20,000 Valspar Corp. 885,000
-------------------------------------------------------------------------------- -------------
CHEMICALS -- 5.9%
--------------------------------------------------------------------------------
33,000 Loctite Corp. 1,650,000
--------------------------------------------------------------------------------
72,500 RPM, Inc. 1,069,375
--------------------------------------------------------------------------------
24,000 Sigma Aldrich Corp. 1,260,000
-------------------------------------------------------------------------------- -------------
Total 3,979,375
-------------------------------------------------------------------------------- -------------
COMMERCIAL SERVICES -- 6.0%
--------------------------------------------------------------------------------
35,000 Cintas Corp. 1,610,000
--------------------------------------------------------------------------------
70,000 Fritz Companies, Inc. * 2,454,375
-------------------------------------------------------------------------------- -------------
Total 4,064,375
-------------------------------------------------------------------------------- -------------
COMPUTERS/COMPUTER SERVICES -- 5.6%
--------------------------------------------------------------------------------
75,000 EMC Corp. * 1,434,375
--------------------------------------------------------------------------------
50,224 Fiserv, Inc. * 1,356,048
--------------------------------------------------------------------------------
8,875 Paychex, Inc. 460,391
--------------------------------------------------------------------------------
18,000 SPS Transaction Services Corp. * 551,250
-------------------------------------------------------------------------------- -------------
Total 3,802,064
-------------------------------------------------------------------------------- -------------
DISTRIBUTION/WHOLESALE -- 3.5%
--------------------------------------------------------------------------------
40,000 Cardinal Health, Inc. 2,385,000
-------------------------------------------------------------------------------- -------------
ELECTRICAL EQUIPMENT -- 2.0%
--------------------------------------------------------------------------------
20,000 W.W. Grainger Inc. 1,347,500
-------------------------------------------------------------------------------- -------------
ELECTRONICS -- 13.1%
--------------------------------------------------------------------------------
65,000 Adaptec, Inc. * 2,860,000
--------------------------------------------------------------------------------
46,000 DSC Communications Corp. * 1,339,750
--------------------------------------------------------------------------------
21,000 Diebold, Inc. 1,173,375
--------------------------------------------------------------------------------
26,000 Electronics for Imaging * 942,500
--------------------------------------------------------------------------------
90,000 Vishay Intertechnologies, Inc. * 2,475,000
-------------------------------------------------------------------------------- -------------
Total 8,790,625
-------------------------------------------------------------------------------- -------------
</TABLE>
26
<PAGE> 29
<TABLE>
<CAPTION>
FOUNTAIN SQUARE MID CAP FUND
- ----------------------------------------------------------------------------------------------------------------
SHARES VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
FINANCIAL SERVICES -- 3.1%
--------------------------------------------------------------------------------
55,000 United Asset Management $ 2,103,750
-------------------------------------------------------------------------------- -------------
FOOD PROCESSING -- 3.6%
--------------------------------------------------------------------------------
90,000 IBP, Inc. 2,396,250
-------------------------------------------------------------------------------- -------------
HOUSEHOLD PRODUCTS/WARES -- 4.3%
--------------------------------------------------------------------------------
30,000 Department 56, Inc. * 1,188,750
--------------------------------------------------------------------------------
65,000 Newell Co. 1,714,375
-------------------------------------------------------------------------------- -------------
Total 2,903,125
-------------------------------------------------------------------------------- -------------
INSURANCE -- 9.5%
--------------------------------------------------------------------------------
21,000 Cincinnati Financial Corp. 1,317,750
--------------------------------------------------------------------------------
50,000 Equitable of Iowa Co. 1,850,000
--------------------------------------------------------------------------------
50,000 MGIC Investment Corp. 3,225,000
-------------------------------------------------------------------------------- -------------
Total 6,392,750
-------------------------------------------------------------------------------- -------------
MANUFACTURING -- 7.1%
--------------------------------------------------------------------------------
41,000 Federal Signal Corp. 1,030,125
--------------------------------------------------------------------------------
16,000 Premier Industrial Corp. 492,000
--------------------------------------------------------------------------------
40,000 TriMas Corp. 735,000
--------------------------------------------------------------------------------
100,000 Wabash National Corp. 2,075,000
--------------------------------------------------------------------------------
27,000 Watts Industries - Class A 469,125
-------------------------------------------------------------------------------- -------------
Total 4,801,250
-------------------------------------------------------------------------------- -------------
MEDIA PUBLISHING -- 4.1%
--------------------------------------------------------------------------------
20,000 Interpublic Group of Companies, Inc. 850,000
--------------------------------------------------------------------------------
50,000 Omnicom Group 1,931,250
-------------------------------------------------------------------------------- -------------
Total 2,781,250
-------------------------------------------------------------------------------- -------------
MEDICAL SUPPLIES -- 1.7%
--------------------------------------------------------------------------------
20,000 Medtronic, Inc. 1,142,500
-------------------------------------------------------------------------------- -------------
METALS & MINING -- 0.9%
--------------------------------------------------------------------------------
29,000 Allegheny Ludlum Corp. 590,875
-------------------------------------------------------------------------------- -------------
OIL & ENERGY -- 1.9%
--------------------------------------------------------------------------------
40,000 Questar Corp. 1,305,000
-------------------------------------------------------------------------------- -------------
PAPER & FOREST PRODUCTS -- 1.1%
--------------------------------------------------------------------------------
31,250 Wausau Paper Mills Co. 734,375
-------------------------------------------------------------------------------- -------------
RECYCLING -- 1.4%
--------------------------------------------------------------------------------
46,000 IMCO Recycling, Inc. 966,000
-------------------------------------------------------------------------------- -------------
RETAIL - GENERAL -- 4.6%
--------------------------------------------------------------------------------
80,000 Consolidated Stores Corp. * 1,600,000
--------------------------------------------------------------------------------
60,000 Dollar General Corp. 1,492,500
-------------------------------------------------------------------------------- -------------
Total 3,092,500
-------------------------------------------------------------------------------- -------------
</TABLE>
27
<PAGE> 30
<TABLE>
<CAPTION>
FOUNTAIN SQUARE MID CAP FUND
- ----------------------------------------------------------------------------------------------------------------
SHARES VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS -- 6.5%
--------------------------------------------------------------------------------
28,000 Alltel Corp. $ 878,500
--------------------------------------------------------------------------------
70,000 Century Telephone Enterprises, Inc. 2,371,250
--------------------------------------------------------------------------------
31,000 Worldcom, Inc. * 1,135,375
-------------------------------------------------------------------------------- -------------
Total 4,385,125
-------------------------------------------------------------------------------- -------------
TRANSPORTATION -- 3.9%
--------------------------------------------------------------------------------
60,000 Comair Holdings, Inc. 1,477,500
--------------------------------------------------------------------------------
25,000 GATX Corp. 1,156,250
-------------------------------------------------------------------------------- -------------
Total 2,633,750
-------------------------------------------------------------------------------- -------------
TOTAL COMMON STOCKS (IDENTIFIED COST, $54,009,869) 64,144,189
-------------------------------------------------------------------------------- -------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
**REPURCHASE AGREEMENTS -- 8.1%
$ 5,438,000 Nesbitt Burns Repurchase Agreement, 5.75%, dated 1/31/96
--------------------------------------------------------------------------------
Due 2/1/1996 (at amortized cost) 5,438,000
-------------------------------------------------------------------------------- -------------
TOTAL INVESTMENTS (IDENTIFIED COST, $59,447,868)*** $69,582,189
-------------------------------------------------------------------------------- =============
</TABLE>
* Non income producing securities.
** 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 $59,447,868.
The net unrealized appreciation of investments on federal tax basis amounts
to $10,134,321, which is composed of $12,047,254 appreciation and
$1,912,933 depreciation at January 31, 1996.
Note: The categories of investments are shown as a percentage of net assets
($67,305,620) at January 31, 1996.
The following abbreviations are used in this Fund:
CMOs-Collateralized Mortgage Obligations
REMIC-Real Estate Mortgage Investment Conduit
(See Notes which are an integral part of the Financial Statements)
28
<PAGE> 31
FOUNTAIN SQUARE BALANCED FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
SHARES VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- 62.7%
- ------------------------------------------------------------------------------------------------
AGRICULTURE -- 0.7%
--------------------------------------------------------------------------------
11,000 Pioneer Hi-Bred International $ 561,000
-------------------------------------------------------------------------------- -------------
BANKING -- 3.3%
--------------------------------------------------------------------------------
25,000 Firstar Corp. 1,078,125
--------------------------------------------------------------------------------
30,000 Mellon Bank Corp. 1,590,000
-------------------------------------------------------------------------------- -------------
Total 2,668,125
-------------------------------------------------------------------------------- -------------
BUILDING MATERIALS -- 2.0%
--------------------------------------------------------------------------------
35,000 Home Depot 1,610,000
-------------------------------------------------------------------------------- -------------
CHEMICALS -- 3.2%
--------------------------------------------------------------------------------
23,000 Air Products & Chemicals, Inc. 1,227,625
--------------------------------------------------------------------------------
12,000 Praxair, Inc. 408,000
--------------------------------------------------------------------------------
47,000 RPM, Inc. 693,250
--------------------------------------------------------------------------------
5,000 Sigma - Aldrich Corp. 262,500
-------------------------------------------------------------------------------- -------------
Total 2,591,375
-------------------------------------------------------------------------------- -------------
COMMERCIAL SERVICES -- 1.1%
--------------------------------------------------------------------------------
25,000 Fritz Companies * 876,563
-------------------------------------------------------------------------------- -------------
COMPUTERS & SOFTWARE -- 7.3%
--------------------------------------------------------------------------------
22,000 Automatic Data Processing, Inc. 877,250
--------------------------------------------------------------------------------
45,000 EMC Corp. * 860,625
--------------------------------------------------------------------------------
10,000 First Data Corp 707,500
--------------------------------------------------------------------------------
20,000 Fiserv, Inc. * 540,000
--------------------------------------------------------------------------------
14,000 Hewlett Packard 1,186,500
--------------------------------------------------------------------------------
5,000 Microsoft Corp. * 462,500
--------------------------------------------------------------------------------
20,000 Oracle Corp. * 955,000
--------------------------------------------------------------------------------
12,000 Silicon Graphics * 337,500
-------------------------------------------------------------------------------- -------------
Total 5,926,875
-------------------------------------------------------------------------------- -------------
CONSUMER PRODUCTS -- 3.8%
--------------------------------------------------------------------------------
15,000 Crown Cork & Seal Co. 616,875
--------------------------------------------------------------------------------
10,000 Duracell International 497,500
--------------------------------------------------------------------------------
40,000 Newell Co. 1,055,000
--------------------------------------------------------------------------------
11,000 Procter & Gamble Co. 922,625
-------------------------------------------------------------------------------- -------------
Total 3,092,000
-------------------------------------------------------------------------------- -------------
</TABLE>
29
<PAGE> 32
<TABLE>
<CAPTION>
FOUNTAIN SQUARE BALANCED FUND
- ----------------------------------------------------------------------------------------------------------------
SHARES VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
ELECTRICAL EQUIPMENT -- 3.4%
--------------------------------------------------------------------------------
16,000 Emerson Electric Co. $ 1,256,250
--------------------------------------------------------------------------------
14,000 General Electric Co. 1,074,500
--------------------------------------------------------------------------------
6,000 W.W. Grainger, Inc. 404,250
-------------------------------------------------------------------------------- -------------
Total 2,735,000
-------------------------------------------------------------------------------- -------------
ELECTRONICS -- 5.2%
--------------------------------------------------------------------------------
19,000 DSC Communications Corp. * 553,376
--------------------------------------------------------------------------------
12,000 Electronic For Imaging * 435,000
--------------------------------------------------------------------------------
27,000 Intel Corp. 1,491,328
--------------------------------------------------------------------------------
20,000 Motorola, Inc. 1,075,000
--------------------------------------------------------------------------------
25,000 Vishay Intertechnology, Inc. * 687,500
-------------------------------------------------------------------------------- -------------
Total 4,242,204
-------------------------------------------------------------------------------- -------------
ENTERTAINMENT -- 1.6%
--------------------------------------------------------------------------------
20,000 The Walt Disney Co. 1,285,000
-------------------------------------------------------------------------------- -------------
FINANCIAL SERVICES -- 5.7%
--------------------------------------------------------------------------------
20,000 Federal Home Loan Mortgage Corp. 1,712,500
--------------------------------------------------------------------------------
40,000 Federal National Mortage Association 1,380,000
--------------------------------------------------------------------------------
40,000 United Asset Management 1,530,000
-------------------------------------------------------------------------------- -------------
Total 4,622,500
-------------------------------------------------------------------------------- -------------
FOOD PROCESSING -- 0.7%
--------------------------------------------------------------------------------
22,000 IBP, Inc. 585,750
-------------------------------------------------------------------------------- -------------
HEALTHCARE -- 2.3%
--------------------------------------------------------------------------------
1,000 American Home Products 102,000
--------------------------------------------------------------------------------
20,000 Medtronic, Inc. 1,142,500
--------------------------------------------------------------------------------
12,000 Schering - Plough 649,500
-------------------------------------------------------------------------------- -------------
Total 1,894,000
-------------------------------------------------------------------------------- -------------
INSURANCE -- 5.9%
--------------------------------------------------------------------------------
9,000 Chubb Corp. 933,750
--------------------------------------------------------------------------------
21,000 Cincinnati Financial Corp. 1,317,750
--------------------------------------------------------------------------------
12,000 MBIA, Inc. 885,000
--------------------------------------------------------------------------------
12,000 MGIC Investment Corp. 1,612,500
-------------------------------------------------------------------------------- -------------
Total 4,749,000
-------------------------------------------------------------------------------- -------------
MANUFACTURING -- 3.8%
--------------------------------------------------------------------------------
36,000 Federal Signal Corp. 904,500
--------------------------------------------------------------------------------
15,000 Illinois Tool Works 920,625
--------------------------------------------------------------------------------
7,700 TriMas Corp. 141,488
--------------------------------------------------------------------------------
45,000 Wabash National Corp. 933,750
--------------------------------------------------------------------------------
10,000 Watts Industries - Class A 173,750
-------------------------------------------------------------------------------- -------------
Total 3,074,113
-------------------------------------------------------------------------------- -------------
</TABLE>
30
<PAGE> 33
<TABLE>
<CAPTION>
FOUNTAIN SQUARE BALANCED FUND
- ----------------------------------------------------------------------------------------------------------------
SHARES VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
MEDIA/PUBLISHING -- 2.3%
--------------------------------------------------------------------------------
44,000 Interpublic Group of Companies, Inc. $ 1,870,000
-------------------------------------------------------------------------------- -------------
OIL & GAS PRODUCERS -- 4.0%
--------------------------------------------------------------------------------
15,000 Chevron Corp. 778,125
--------------------------------------------------------------------------------
6,000 Exxon Corp. 481,500
--------------------------------------------------------------------------------
15,000 Mobil Corp. 1,661,250
--------------------------------------------------------------------------------
10,000 Questar Corp. 326,250
-------------------------------------------------------------------------------- -------------
Total 3,247,125
-------------------------------------------------------------------------------- -------------
RAILROAD -- 1.6%
--------------------------------------------------------------------------------
19,000 Union Pacific Corp. 1,265,875
-------------------------------------------------------------------------------- -------------
RECYCLING -- 0.4%
--------------------------------------------------------------------------------
16,000 Imco Recycling, Inc. 336,000
-------------------------------------------------------------------------------- -------------
RETAILING -- 1.6%
--------------------------------------------------------------------------------
10,000 Albertsons, Inc. 341,250
--------------------------------------------------------------------------------
12,000 Consolidated Stores Corp. * 240,000
--------------------------------------------------------------------------------
40,000 Office Depot, Inc. * 755,000
-------------------------------------------------------------------------------- -------------
Total 1,336,250
-------------------------------------------------------------------------------- -------------
TELECOMMUNICATIONS -- 2.8%
--------------------------------------------------------------------------------
35,000 Alltel Corp. 1,098,125
--------------------------------------------------------------------------------
7,000 Century Telephone Enterprises 237,125
--------------------------------------------------------------------------------
26,000 Worldcom, Inc. * 952,250
-------------------------------------------------------------------------------- -------------
Total 2,287,500
-------------------------------------------------------------------------------- -------------
TOTAL COMMON STOCKS (IDENTIFIED COST $42,080,766) 50,856,255
-------------------------------------------------------------------------------- -------------
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
CORPORATE BONDS -- 5.7%
- ------------------------------------------------------------------------------------------------
BANKING -- 0.1%
--------------------------------------------------------------------------------
$ 46,000 Bankers Trust NY Corp., 9.20%, 7/15/1999 $ 50,838
-------------------------------------------------------------------------------- -------------
FINANCIAL -- 1.3%
--------------------------------------------------------------------------------
500,000 Ford Motor Credit Corp., Floating Rate Note, 5/8/1996 496,969
--------------------------------------------------------------------------------
500,000 Pitney Bowes Credit Corp., 8.55%, 9/15/2009, Putable 9/15/2003 603,293
-------------------------------------------------------------------------------- -------------
Total 1,100,262
-------------------------------------------------------------------------------- -------------
INDUSTRIAL -- 2.1%
--------------------------------------------------------------------------------
500,000 IBP, Inc., 6.13%, 2/1/2006 496,606
--------------------------------------------------------------------------------
500,000 Seagram & Sons Corp., 9.65%, 8/15/2018, Putable 8/15/2003 669,575
--------------------------------------------------------------------------------
500,000 Grand Metropolitan, 7.45% (Putable 4/15/05 @ 100), 4/15/2035 557,735
-------------------------------------------------------------------------------- -------------
1,723,916
-------------------------------------------------------------------------------- -------------
</TABLE>
31
<PAGE> 34
<TABLE>
<CAPTION>
FOUNTAIN SQUARE BALANCED FUND
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
CORPORATE BONDS -- CONTINUED
- ------------------------------------------------------------------------------------------------
TELECOMMUNICATIONS -- 0.7%
--------------------------------------------------------------------------------
$ 500,000 Telekom Malaysia Debenture, 7.88%, 8/1/2025 $ 547,500
-------------------------------------------------------------------------------- -------------
TRANSPORTATION -- 0.9%
--------------------------------------------------------------------------------
600,000 American President 7.13%, 11/15/2003 612,495
--------------------------------------------------------------------------------
81,398 CSX Transportation, 8.41%, 3/1/2006 95,133
-------------------------------------------------------------------------------- -------------
707,628
-------------------------------------------------------------------------------- -------------
UTILITIES -- 0.6%
--------------------------------------------------------------------------------
500,000 Utilicorp United, 6.38%, 6/1/2005 507,129
-------------------------------------------------------------------------------- -------------
TOTAL CORPORATE BONDS (IDENTIFIED COST, $4,413,991) 4,637,273
-------------------------------------------------------------------------------- -------------
MORTGAGE BACKED SECURITIES -- 6.0%
- ------------------------------------------------------------------------------------------------
GOVERNMENT AGENCY -- 6.0%
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., REMIC, Series 1546 E, 6.35%,
11/15/2019 504,480
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., REMIC, Series 1261I, 8.00%,
9/15/2020 523,335
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., REMIC, Series 1315-H, 7.00%,
1/15/2021 509,305
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., REMIC, Series 1228-H, 7.00%,
11/15/2020 509,820
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., REMIC, Series 1378-H, 10.00%,
1/15/2021 563,750
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., REMIC, GNMA, Series G-2 CI E,
6.85%, 7/25/2018 507,975
--------------------------------------------------------------------------------
478,260 Federal Home Loan Mortgage Corp., REMIC, Series 77-F, 8.50%, 6/15/2017 480,092
--------------------------------------------------------------------------------
9,826 Federal Home Loan Mortgage Corp., Series 38-0009, 9.50%, 10/1/2002 10,404
--------------------------------------------------------------------------------
18,752 Federal Home Loan Mortgage Corp., Series 27-2525, 8.00%, 8/1/2008 19,503
--------------------------------------------------------------------------------
116,127 Federal National Mortgage Association, REMIC, Series 93-328, 2.00%,
5/25/2011 115,406
--------------------------------------------------------------------------------
600,000 Federal National Mortgage Association, REMIC, Series 1993-206L, 6.50%,
11/25/2023 586,278
--------------------------------------------------------------------------------
500,000 Federal National Mortgage Association, REMIC, Series Z-97AH, 8.75%,
12/25/2023 546,595
-------------------------------------------------------------------------------- -------------
TOTAL MORTGAGE BACKED SECURITIES (IDENTIFIED COST, $4,783,913) 4,876,943
-------------------------------------------------------------------------------- -------------
GOVERNMENT SECURITIES -- 18.7%
- ------------------------------------------------------------------------------------------------
GOVERNMENT AGENCY -- 1.9%
--------------------------------------------------------------------------------
325,000 Federal Home Loan Bank, 7.81%, 7/17/1996 328,749
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., 6.99%, 5/24/2002 514,013
--------------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., 7.54%, 5/31/2010 526,014
--------------------------------------------------------------------------------
200,000 Federal Home Loan Mortgage Corp., 7.81%, 4/13/2009 211,952
-------------------------------------------------------------------------------- -------------
TOTAL GOVERNMENT AGENCY SECURITIES 1,580,728
-------------------------------------------------------------------------------- -------------
</TABLE>
32
<PAGE> 35
<TABLE>
<CAPTION>
FOUNTAIN SQUARE BALANCED FUND
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
GOVERNMENT SECURITIES -- CONTINUED
- ------------------------------------------------------------------------------------------------
U.S. TREASURY BONDS -- 3.8%
--------------------------------------------------------------------------------
$ 1,250,000 7.63%, 11/15/2022 $ 1,500,000
--------------------------------------------------------------------------------
1,500,000 6.75%, 6/30/1999 1,575,468
-------------------------------------------------------------------------------- -------------
TOTAL U.S. TREASURY BONDS 3,075,468
-------------------------------------------------------------------------------- -------------
U.S. TREASURY NOTES -- 12.9%
--------------------------------------------------------------------------------
750,000 5.75%, 10/31/2000 764,531
--------------------------------------------------------------------------------
1,250,000 6.25%, 5/31/2000 1,298,827
--------------------------------------------------------------------------------
500,000 7.50%, 5/15/2002 556,093
--------------------------------------------------------------------------------
2,000,000 6.38%, 8/15/2002 2,103,750
--------------------------------------------------------------------------------
2,650,000 7.50%, 2/15/2005 3,003,608
--------------------------------------------------------------------------------
1,000,000 7.75%, 1/31/2000 1,090,937
--------------------------------------------------------------------------------
900,000 7.88%, 4/15/1998 953,156
--------------------------------------------------------------------------------
93,000 8.75%, 8/15/2000 106,020
--------------------------------------------------------------------------------
186,000 8.88%, 2/15/1996 186,233
--------------------------------------------------------------------------------
186,000 9.00%, 5/15/1998 201,752
--------------------------------------------------------------------------------
186,000 9.25%, 8/15/1998 204,483
-------------------------------------------------------------------------------- -------------
TOTAL U.S. TREASURY NOTES 10,469,390
-------------------------------------------------------------------------------- -------------
STUDENT LOAN MARKETING ASSOCIATION -- 0.1%
--------------------------------------------------------------------------------
57,306 9.40%, 5/31/2002 68,573
-------------------------------------------------------------------------------- -------------
TOTAL STUDENT LOAN MARKETING ASSOC. 68,573
-------------------------------------------------------------------------------- -------------
TOTAL GOVERNMENT SECURITIES (IDENTIFIED COST, $14,829,543) 15,194,159
-------------------------------------------------------------------------------- -------------
**REPURCHASE AGREEMENTS -- 6.7%
- ------------------------------------------------------------------------------------------------
5,418,000 Nesbitt Burns, 5.75%, dated 1/31/1996, due 2/1/1996 5,418,000
-------------------------------------------------------------------------------- -------------
TOTAL INVESTMENTS (IDENTIFIED COST-$ 71,526,213)*** $80,982,630
-------------------------------------------------------------------------------- =============
</TABLE>
* Non income producing securities.
** 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 $71,526,213.
The net unrealized appreciation of investments on federal tax basis amounts
to $9,456,417, which is composed of $11,054,914 appreciation and
($1,598,497) depreciation at January 31, 1996.
Note: The categories of investments are shown as a percentage of net assets
($81,154,285) at January 31, 1996.
(See Notes which are an integral part of the financial statements)
33
<PAGE> 36
FOUNTAIN SQUARE COMMERCIAL PAPER FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMERCIAL PAPER -- 83.4%
- ------------------------------------------------------------------------------------------------
BANKING -- 16.4%
--------------------------------------------------------------------------------
$ 5,000,000 Deutsche Bank Financial, 4/10/96 $ 4,948,729
--------------------------------------------------------------------------------
5,000,000 Deutsche Bank Financial, 4/26/96 4,938,257
--------------------------------------------------------------------------------
4,000,000 Rabobank Nederland N.V., 2/2/96 3,999,371
--------------------------------------------------------------------------------
2,000,000 Rabobank Nederland N.V., 4/19/96 1,976,903
--------------------------------------------------------------------------------
4,000,000 Rabobank Nederland N.V., 5/3/96 3,948,071
--------------------------------------------------------------------------------
3,000,000 Republic of New York Corp., 2/15/96 2,993,443
--------------------------------------------------------------------------------
1,000,000 Republic of New York Corp., 3/14/96 993,432
--------------------------------------------------------------------------------
3,000,000 Republic of New York Corp., 5/15/96 2,954,500
--------------------------------------------------------------------------------
4,000,000 Societe Generale, 2/14/96 3,991,911
--------------------------------------------------------------------------------
4,000,000 Societe Generale, 4/15/96 3,955,024
--------------------------------------------------------------------------------
2,000,000 Societe Generale, 7/24/96 1,950,845
--------------------------------------------------------------------------------
5,000,000 Wachovia Corp., 4/29/96 4,935,467
-------------------------------------------------------------------------------- -------------
41,585,953
-------------------------------------------------------------------------------- -------------
CHEMICAL -- 2.3%
--------------------------------------------------------------------------------
6,000,000 Dupont De Nemours, 3/19/96 5,958,405
-------------------------------------------------------------------------------- -------------
CONSUMER PRODUCTS -- 5.5%
--------------------------------------------------------------------------------
4,000,000 Hewlett Packard Co., 2/13/96 3,992,533
--------------------------------------------------------------------------------
2,000,000 Hewlett Packard Co., 3/12/96 1,987,711
--------------------------------------------------------------------------------
4,000,000 Hewlett Packard Co., 5/14/96 3,940,146
--------------------------------------------------------------------------------
4,000,000 Procter & Gamble, 3/22/96 3,970,444
-------------------------------------------------------------------------------- -------------
13,890,834
-------------------------------------------------------------------------------- -------------
DIVERSIFIED -- 3.9%
--------------------------------------------------------------------------------
3,000,000 Cargill, Inc., 3/18/96 2,978,533
--------------------------------------------------------------------------------
3,000,000 Cargill, Inc., 3/29/96 2,975,300
--------------------------------------------------------------------------------
4,000,000 Cargill, Inc., 3/07/96 3,979,039
-------------------------------------------------------------------------------- -------------
9,932,872
-------------------------------------------------------------------------------- -------------
EDUCATION -- 8.1%
--------------------------------------------------------------------------------
3,000,000 Harvard University, 3/20/96 2,978,560
--------------------------------------------------------------------------------
3,000,000 Harvard University, 4/16/96 2,966,938
--------------------------------------------------------------------------------
4,000,000 Harvard University, 5/24/96 3,934,083
--------------------------------------------------------------------------------
5,000,000 Stanford University, 3/18/96 4,964,478
--------------------------------------------------------------------------------
4,000,000 Stanford University, 3/25/96 3,967,081
--------------------------------------------------------------------------------
1,800,000 Stanford University, 4/25/96 1,776,816
-------------------------------------------------------------------------------- -------------
20,587,956
-------------------------------------------------------------------------------- -------------
</TABLE>
34
<PAGE> 37
<TABLE>
<CAPTION>
FOUNTAIN SQUARE COMMERCIAL PAPER FUND
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMERCIAL PAPER -- CONTINUED
- ------------------------------------------------------------------------------------------------
FINANCE -- AUTOMOTIVE -- 3.9%
--------------------------------------------------------------------------------
$ 3,000,000 Associates Corp., 3/6/96 $ 2,984,133
--------------------------------------------------------------------------------
4,000,000 Associates Corp., 3/4/96 3,980,373
--------------------------------------------------------------------------------
3,000,000 Associates Corp., 4/23/96 2,964,808
-------------------------------------------------------------------------------- -------------
9,929,314
-------------------------------------------------------------------------------- -------------
FINANCE -- COMMERCIAL -- 21.8%
--------------------------------------------------------------------------------
4,000,000 American General Corp., 2/2/96 3,999,370
--------------------------------------------------------------------------------
3,000,000 American General Corp., 3/11/96 2,981,898
--------------------------------------------------------------------------------
3,000,000 American General Corp., 4/24/96 2,963,757
--------------------------------------------------------------------------------
2,000,000 American General Corp., 4/29/96 1,974,773
--------------------------------------------------------------------------------
4,000,000 General Electric Capital Corp., 5/1/96 3,945,400
--------------------------------------------------------------------------------
3,000,000 General Electric Capital Corp., 6/26/96 2,938,193
--------------------------------------------------------------------------------
3,000,000 General Electric Capital Corp., 6/7/96 2,944,755
--------------------------------------------------------------------------------
3,000,000 Metlife Funding, Inc., 2/7/96 2,997,175
--------------------------------------------------------------------------------
4,000,000 Metlife Funding, Inc., 3/15/96 3,974,391
--------------------------------------------------------------------------------
3,000,000 Norwest Corp., 2/16/96 2,992,913
--------------------------------------------------------------------------------
4,000,000 Norwest Corp., 2/22/96 3,987,097
--------------------------------------------------------------------------------
1,000,000 Pitney Bowes Credit Corp., 2/13/96 998,107
--------------------------------------------------------------------------------
3,000,000 Pitney Bowes Credit Corp., 2/28/96 2,987,850
--------------------------------------------------------------------------------
3,000,000 Pitney Bowes Credit Corp., 2/9/96 2,996,267
--------------------------------------------------------------------------------
3,000,000 Pitney Bowes Credit Corp., 10/4/96 2,896,680
--------------------------------------------------------------------------------
3,000,000 Prudential Funding Corp., 2/23/96 2,989,917
--------------------------------------------------------------------------------
4,000,000 Prudential Funding Corp., 3/13/96 3,975,537
--------------------------------------------------------------------------------
3,000,000 Prudential Funding Corp., 3/21/96 2,978,195
-------------------------------------------------------------------------------- -------------
55,522,275
-------------------------------------------------------------------------------- -------------
FINANCE -- INSURANCE -- 1.9%
--------------------------------------------------------------------------------
5,000,000 AIG Funding, Inc., Finance-Insurance, 4/30/96 4,935,969
-------------------------------------------------------------------------------- -------------
FOOD AND BEVERAGE -- 9.1%
--------------------------------------------------------------------------------
4,000,000 Coca Cola Co., 2/8/96 3,995,707
--------------------------------------------------------------------------------
2,000,000 Coca Cola Co., 2/9/96 1,997,564
--------------------------------------------------------------------------------
4,000,000 Coca Cola Co., 3/8/96 3,978,000
--------------------------------------------------------------------------------
1,235,000 Kellogg Co., 2/29/96 1,229,765
--------------------------------------------------------------------------------
3,000,000 Kellogg Co., 4/4/96 2,972,280
--------------------------------------------------------------------------------
5,000,000 Sara Lee Corp., 2/12/96 4,991,750
--------------------------------------------------------------------------------
4,000,000 Sara Lee Corp., 3/27/96 3,967,244
-------------------------------------------------------------------------------- -------------
23,132,310
-------------------------------------------------------------------------------- -------------
</TABLE>
35
<PAGE> 38
<TABLE>
<CAPTION>
FOUNTAIN SQUARE COMMERCIAL PAPER FUND
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
*COMMERCIAL PAPER -- CONTINUED
- ------------------------------------------------------------------------------------------------
OIL & GAS -- 1.6%
--------------------------------------------------------------------------------
$ 4,000,000 Chevron, 2/5/96 $ 3,997,489
-------------------------------------------------------------------------------- -------------
PHARMACEUTICALS AND HEALTH CARE -- 1.2%
--------------------------------------------------------------------------------
3,000,000 Warner Lambert, 2/20/96 2,991,133
-------------------------------------------------------------------------------- -------------
TELECOMMUNICATIONS -- 3.9%
--------------------------------------------------------------------------------
5,000,000 Bellsouth Telecommunications, 2/21/96 4,984,389
--------------------------------------------------------------------------------
5,000,000 Bellsouth Telecommunications, 3/5/96 4,975,479
-------------------------------------------------------------------------------- -------------
9,959,868
-------------------------------------------------------------------------------- -------------
TRANSPORTATION -- 1.2%
--------------------------------------------------------------------------------
2,000,000 United Parcel Service, 2/23/96 1,993,278
--------------------------------------------------------------------------------
1,000,000 United Parcel Service, 4/4/96 990,761
-------------------------------------------------------------------------------- -------------
2,984,039
-------------------------------------------------------------------------------- -------------
UTILITIES -- 2.7%
--------------------------------------------------------------------------------
3,000,000 Wisconsin Power & Light, 2/1/96 3,000,000
--------------------------------------------------------------------------------
4,000,000 Wisconsin Power & Light, 3/1/96 3,982,471
-------------------------------------------------------------------------------- -------------
6,982,471
-------------------------------------------------------------------------------- -------------
TOTAL COMMERCIAL PAPER 212,390,888
-------------------------------------------------------------------------------- -------------
*REPURCHASE AGREEMENTS -- 17.1%
- ------------------------------------------------------------------------------------------------
11,000,000 First Chicago, 5.875%, dated 1/31/96, due 2/1/96 11,000,000
--------------------------------------------------------------------------------
32,497,000 J.P. Morgan, 5.82%, dated 1/31/96, due 2/1/96 32,497,000
-------------------------------------------------------------------------------- -------------
TOTAL REPURCHASE AGREEMENTS 43,497,000
-------------------------------------------------------------------------------- -------------
TOTAL INVESTMENTS, AT AMORTIZED COST** $255,887,888
-------------------------------------------------------------------------------- =============
</TABLE>
* The repurchase agreements are fully collateralized by U.S. Government
and/or agency obligations based on market prices at the date of the
portfolio.
** Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($254,690,500) at January 31, 1995.
(See Notes which are an integral part of the Financial Statements)
36
<PAGE> 39
FOUNTAIN SQUARE GOVERNMENT CASH RESERVES FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
SHORT-TERM OBLIGATIONS -- 100.4%
- ------------------------------------------------------------------------------------------------
$ 69,785,000* Federal Farm Credit Discount Notes, 4.61%-5.50%,
2/1/1996-2/26/1996 $ 69,244,555
- ------------------------------------------------------------------------------------------------
5,000,000** Federal Farm Credit Bank Floating Rate Note, 5.535%, 2/26/1996 4,999,238
- ------------------------------------------------------------------------------------------------
89,415,000* Federal Home Loan Bank Discount Notes, 5.01%-5.43%,
2/9/1996-7/10/1996 88,551,833
- ------------------------------------------------------------------------------------------------
3,000,000* Student Loan Marketing Association Discount Note, 5.15%, 3/1/1996 2,987,313
- ------------------------------------------------------------------------------------------------
17,000,000** Student Loan Marketing Association Master Note, 5.36%, 2/1/1996 17,000,000
-------------------------------------------------------------------------------- -------------
TOTAL INVESTMENTS, AT AMORTIZED COST AND VALUE*** $182,782,939
-------------------------------------------------------------------------------- =============
</TABLE>
* Each issue shows the rate of discount at the time of purchase.
** Current rate and next demand date shown.
*** Also represents cost for federal tax purposes.
Note: The category of investments is shown as a percentage of net assets
($182,080,742) at January 31, 1996.
(See Notes which are an intregal part of the Financial Statements)
37
<PAGE> 40
FOUNTAIN SQUARE U.S. TREASURY OBLIGATIONS FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1996
(UNAUDITED)
- -------------------------------------------------------------------------------
The obligations listed below are issued or guaranteed by the U.S. government,
its agencies or instrumentalities or secured by such obligations.
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
U.S. TREASURY OBLIGATIONS -- 27.3%
- ------------------------------------------------------------------------------------------------
U.S. TREASURY BILLS -- 9.9%
--------------------------------------------------------------------------------
$ 38,000,000 2/15/1996-11/14/1996 $ 37,312,216
--------------------------------------------------------------------------------
U.S. TREASURY NOTES -- 17.3%
--------------------------------------------------------------------------------
65,000,000 4.25%-7.25%, 11/15/1996-11/30/1996 65,075,612
-------------------------------------------------------------------------------- -------------
TOTAL U.S. TREASURY OBLIGATIONS 102,387,828
-------------------------------------------------------------------------------- =============
*REPURCHASE AGREEMENTS -- 72.7%
- ------------------------------------------------------------------------------------------------
59,000,000 Bear, Stearns & Co., Inc., 5.875%, dated 1/31/1996, due 2/1/1996 59,000,000
--------------------------------------------------------------------------------
17,000,000 BT Securities Corp., 5.875%, dated 1/31/1996, due 2/1/1996 17,000,000
--------------------------------------------------------------------------------
17,000,000 Deutsche Bank Government Securities, 5.80%, dated 1/31/1996,
due 2/1/1996 17,000,000
--------------------------------------------------------------------------------
59,000,000 First Chicago, 5.875%, dated 1/31/1996, due 2/1/1996 59,000,000
--------------------------------------------------------------------------------
17,000,000 Goldman Sachs, 5.70%, dated 1/31/1996, due 2/1/1996 17,000,000
--------------------------------------------------------------------------------
69,871,000 J.P. Morgan Securities, Inc., 5.82%, dated 1/31/1996, due 2/1/1996 69,871,000
--------------------------------------------------------------------------------
17,000,000 Prudential Securities, 5.80%, dated 1/31/1996, due 2/1/1996 17,000,000
--------------------------------------------------------------------------------
17,000,000 UBS Securities, Inc., 5.82%, dated 1/31/1996, due 2/1/1996 17,000,000
-------------------------------------------------------------------------------- -------------
TOTAL REPURCHASE AGREEMENTS 272,871,000
-------------------------------------------------------------------------------- -------------
TOTAL INVESTMENTS, AT AMORTIZED COST ** $375,258,828
-------------------------------------------------------------------------------- =============
</TABLE>
* Repurchase agreements are fully collateralized by U.S. Treasury
Obligations based on market prices at the date of the portfolio
** Also represents cost for federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets
($374,693,360) at January 31, 1996.
(See notes which are an integral part of the Financial Statements)
38
<PAGE> 41
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- 92.0%
- ------------------------------------------------------------------------------------------------
AUSTRALIA -- 3.0%
--------------------------------------------------------------------------------
15,000 Amcor, Ltd. $ 112,381
--------------------------------------------------------------------------------
8,500 Ampolex, Ltd. 20,510
--------------------------------------------------------------------------------
14,100 Australin National Industries 10,291
--------------------------------------------------------------------------------
31,100 Boral, Ltd. 78,285
--------------------------------------------------------------------------------
5,900 Brambles Industries, Ltd. 69,644
--------------------------------------------------------------------------------
46,684 Broken Hill Proprietary Co, Ltd. 658,842
--------------------------------------------------------------------------------
17,441 Burns Philp & Co., Ltd. 38,318
--------------------------------------------------------------------------------
9,993 Coca Cola Amatil, Ltd. 94,143
--------------------------------------------------------------------------------
34,216 Coles Myer, Ltd. 110,592
--------------------------------------------------------------------------------
16,555 CRA, Ltd. 235,240
--------------------------------------------------------------------------------
24,200 CSR, Ltd. 79,300
--------------------------------------------------------------------------------
45,780 Fosters Brewing Co., Ltd. 76,712
--------------------------------------------------------------------------------
20,596 General Property Trust 37,426
--------------------------------------------------------------------------------
33,325 Goodman Fielder Wattie, Ltd. 33,505
--------------------------------------------------------------------------------
8,500 ICI Australia, Ltd. 67,607
--------------------------------------------------------------------------------
6,717 Lend Lease Corp., Ltd. 102,549
--------------------------------------------------------------------------------
40,681 MIM Holdings, Ltd. 50,293
--------------------------------------------------------------------------------
35,457 National Australia Bank, Ltd. 341,696
--------------------------------------------------------------------------------
8,176 Newcrest Mining, Ltd. 36,899
--------------------------------------------------------------------------------
46,784 News Corp., Ltd. 252,603
--------------------------------------------------------------------------------
21,333 North, Ltd. 58,943
--------------------------------------------------------------------------------
28,000 Pacific Dunlop, Ltd. 70,065
--------------------------------------------------------------------------------
23,300 Pioneer International 65,419
--------------------------------------------------------------------------------
1,749 Rension Goldfields 4,819
--------------------------------------------------------------------------------
7,619 Rension Goldfields Consolidated, Ltd. 37,166
--------------------------------------------------------------------------------
16,100 Santos, Ltd. 47,362
--------------------------------------------------------------------------------
17,800 South Corp. Holdings, Ltd. 43,613
--------------------------------------------------------------------------------
11,500 TNT Australian 13,446
--------------------------------------------------------------------------------
25,100 Western Mining, Ltd. 154,404
--------------------------------------------------------------------------------
25,403 Westfield Trust 46,918
--------------------------------------------------------------------------------
45,300 Westpac Banking Corp., Ltd. 216,927
-------------------------------------------------------------------------------- -------------
Total Australia 3,265,918
-------------------------------------------------------------------------------- -------------
</TABLE>
39
<PAGE> 42
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
AUSTRIA -- 0.9%
--------------------------------------------------------------------------------
100 Austrian Airlines $ 18,639
--------------------------------------------------------------------------------
300 Bank Austria AG 11,327
--------------------------------------------------------------------------------
2,050 Bank Austria AG - Ordinary 161,069
--------------------------------------------------------------------------------
200 Bau Holdings AG 12,235
--------------------------------------------------------------------------------
450 Boehler-Uddeholm AG 35,486
--------------------------------------------------------------------------------
100 BWT AG 11,279
--------------------------------------------------------------------------------
1,250 Creditanstalt Bankerein 77,423
--------------------------------------------------------------------------------
700 Creditanstalt Bankerein - Ordinary 41,216
--------------------------------------------------------------------------------
300 EA - Generali AG 106,099
--------------------------------------------------------------------------------
850 Flughafen Wein AG 55,410
--------------------------------------------------------------------------------
150 Lenzing AG 13,004
--------------------------------------------------------------------------------
500 Mayr - Melnhof Karton AG 24,900
--------------------------------------------------------------------------------
150 Mikro Systemeintl AG 24,231
--------------------------------------------------------------------------------
400 Oesterreichische Brau - Beteiligum 20,073
--------------------------------------------------------------------------------
1,300 Oesterreichische Elektrizitaetsw 83,751
--------------------------------------------------------------------------------
1,100 OMV AG 104,092
--------------------------------------------------------------------------------
600 Redex Herallith 20,589
--------------------------------------------------------------------------------
450 Steyr - Daimler - Purch AG 7,398
--------------------------------------------------------------------------------
200 Universal Bau AG 9,061
--------------------------------------------------------------------------------
600 VA Technologies 78,685
--------------------------------------------------------------------------------
300 Weinerberger Baustoffinidustrie 68,104
-------------------------------------------------------------------------------- ------------
Total Austria 984,071
-------------------------------------------------------------------------------- ------------
BRAZIL -- 2.2%
--------------------------------------------------------------------------------
21,000 Aracruz Celulose 38,647
--------------------------------------------------------------------------------
11,445,094 Banco Bradesco 131,056
--------------------------------------------------------------------------------
1,761,000 Banco Do Brasil 24,846
--------------------------------------------------------------------------------
1,024,000 Banco Do Estado De 5,706
--------------------------------------------------------------------------------
203,000 Banco ITAU 70,566
--------------------------------------------------------------------------------
1,634,000 Centras Electricas 497,838
--------------------------------------------------------------------------------
935,000 Centras Electricas Brasileiras 282,003
--------------------------------------------------------------------------------
776,000 Ceval Alimentos 11,218
--------------------------------------------------------------------------------
975,000 CIA Brasileira De Petroleo Ipira 10,866
--------------------------------------------------------------------------------
152,000 CIA Cervejaria Brahma 74,050
--------------------------------------------------------------------------------
65,000 CIA Energetica 1,921
--------------------------------------------------------------------------------
453,000 CIA Paulista De Forza E Luz 23,065
--------------------------------------------------------------------------------
932,000 CIA Vale Do Rio Doce 161,026
--------------------------------------------------------------------------------
</TABLE>
40
<PAGE> 43
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
BRAZIL -- CONTINUED
--------------------------------------------------------------------------------
2,622,000 Energetica De Minas Gerais $ 65,410
--------------------------------------------------------------------------------
74,000 Invsetmentos ITAU 49,934
--------------------------------------------------------------------------------
19,900 Klabin Fabricadora De Papel 21,160
--------------------------------------------------------------------------------
324,000 Light Servicos De Electricidade 104,346
--------------------------------------------------------------------------------
1,873,000 Petroleo Brasiliero 195,325
--------------------------------------------------------------------------------
18,100 Sadia Concordia 14,249
--------------------------------------------------------------------------------
1,666,000 Siderurgica Turarao 37,984
--------------------------------------------------------------------------------
1,488,000 Sioerurgica Nacional CSN 39,311
--------------------------------------------------------------------------------
6,980,000 Telecomunicacoes Brasileiras 388,930
--------------------------------------------------------------------------------
611,000 Telecomunicacore De Sao Paulo 112,381
--------------------------------------------------------------------------------
38,728,000 Usinas Siderugaicas De Minas 44,347
-------------------------------------------------------------------------------- -------------
Total Brazil 2,406,185
-------------------------------------------------------------------------------- -------------
FRANCE -- 3.6%
--------------------------------------------------------------------------------
400 Accor SA 52,234
--------------------------------------------------------------------------------
820 Air Liquid (L') 153,434
--------------------------------------------------------------------------------
1,850 Alcatel 168,928
--------------------------------------------------------------------------------
2,100 AXA 131,565
--------------------------------------------------------------------------------
2,500 Banque Nationale de Paris 105,673
--------------------------------------------------------------------------------
125 BIC 13,949
--------------------------------------------------------------------------------
425 Bouygues 43,018
--------------------------------------------------------------------------------
300 Canal Plus 60,673
--------------------------------------------------------------------------------
350 Carrefour 225,168
--------------------------------------------------------------------------------
1,150 Casino Guichard Perrachon Et Cie 37,149
--------------------------------------------------------------------------------
80 Chargeurs 18,403
--------------------------------------------------------------------------------
350 Cie Bancaire 35,564
--------------------------------------------------------------------------------
1,150 Cie de St. Gobain 143,870
--------------------------------------------------------------------------------
2,300 Cie de Suez Compagnie 88,663
--------------------------------------------------------------------------------
1,550 Cie Generale des Eaux 164,476
--------------------------------------------------------------------------------
3,900 Compagnie Uap SA 91,167
--------------------------------------------------------------------------------
450 Eridania Beghin - Say 78,675
--------------------------------------------------------------------------------
74 Eurafrance 26,334
--------------------------------------------------------------------------------
1,650 Financiere De Paribas SA 86,833
--------------------------------------------------------------------------------
950 Groupe Danone 150,654
--------------------------------------------------------------------------------
375 L' Oreal 106,309
--------------------------------------------------------------------------------
333 LaFarge-Coppee 22,486
--------------------------------------------------------------------------------
375 Legrand 66,884
--------------------------------------------------------------------------------
</TABLE>
41
<PAGE> 44
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<C> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
FRANCE -- CONTINUED
--------------------------------------------------------------------------------
1,150 LVMH Moet Vuitton $ 256,444
--------------------------------------------------------------------------------
950 Lyonnaise des Eaux 88,997
--------------------------------------------------------------------------------
775 Mavas SA 63,120
--------------------------------------------------------------------------------
1,650 Michelin 70,099
--------------------------------------------------------------------------------
775 Pernod Ricard 47,264
--------------------------------------------------------------------------------
725 Peugeot SA 105,888
--------------------------------------------------------------------------------
275 Pinault Printemps Redoute 63,100
--------------------------------------------------------------------------------
225 Promodes 60,173
--------------------------------------------------------------------------------
4,000 Rhone Poulenc SA 93,192
--------------------------------------------------------------------------------
60 Sagem 35,229
--------------------------------------------------------------------------------
1,250 Sanofi SA 82,962
--------------------------------------------------------------------------------
1,800 Schneider SA 73,653
--------------------------------------------------------------------------------
425 Simco-Union SA 37,526
--------------------------------------------------------------------------------
3,400 Societe Elf Aquitane SA 254,347
--------------------------------------------------------------------------------
1,150 Societe Generale 135,089
--------------------------------------------------------------------------------
150 St. Louis-Bouchon 43,757
--------------------------------------------------------------------------------
1,925 Thomson CSF 48,467
--------------------------------------------------------------------------------
2,800 Total SA, Class B 191,701
--------------------------------------------------------------------------------
3,500 Unisor Sacilor SA 51,324
-------------------------------------------------------------------------------- ------------
Total France 3,874,441
-------------------------------------------------------------------------------- ------------
GERMANY -- 9.4%
--------------------------------------------------------------------------------
500 Agiv AG 9,510
--------------------------------------------------------------------------------
1,000 Agiva AG 19,020
--------------------------------------------------------------------------------
600 Allianz Holdings 1,169,039
--------------------------------------------------------------------------------
150 AMB Aachener Muenchner Bete 113,920
--------------------------------------------------------------------------------
100 Asko Deutsche Kaushaus AG 59,144
--------------------------------------------------------------------------------
1,850 Basp AG 441,273
--------------------------------------------------------------------------------
2,050 Bayer AG 611,464
--------------------------------------------------------------------------------
4,400 Bayerische Hrpotheken Und 115,775
--------------------------------------------------------------------------------
2,400 Bayerische Hypo Wechselbank 63,150
--------------------------------------------------------------------------------
6,950 Bayerische Vereins AG 209,964
--------------------------------------------------------------------------------
100 Biersdorf AG 76,551
--------------------------------------------------------------------------------
150 Bilfinger & Berger Bau AG 59,480
--------------------------------------------------------------------------------
150 Brau und Brunnen 21,877
--------------------------------------------------------------------------------
550 Bremer Vulkan Verbund AG 11,163
--------------------------------------------------------------------------------
50 Colonia Konzern AG 40,494
--------------------------------------------------------------------------------
</TABLE>
42
<PAGE> 45
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
GERMANY -- CONTINUED
--------------------------------------------------------------------------------
3,050 Continental AG $ 50,222
--------------------------------------------------------------------------------
1,400 Daimler-Benz AG 771,939
--------------------------------------------------------------------------------
250 Degussa AG 91,489
--------------------------------------------------------------------------------
13,750 Deutsche Bank AG 687,459
--------------------------------------------------------------------------------
11,800 Dresdner Bank AG 316,435
--------------------------------------------------------------------------------
150 Heidelberger Zement 95,269
--------------------------------------------------------------------------------
250 Hochtief AG 111,904
--------------------------------------------------------------------------------
300 Karstadt AG 119,263
--------------------------------------------------------------------------------
250 Kaufhof Holding AG 81,995
--------------------------------------------------------------------------------
1,450 Kloeckner-Humboldt-Deutz AG 9,502
--------------------------------------------------------------------------------
300 Linde AG 181,465
--------------------------------------------------------------------------------
100 Linotype-Hell AG 11,392
--------------------------------------------------------------------------------
1,050 Lufthansa AG 157,018
--------------------------------------------------------------------------------
300 M.A.N. AG 88,716
--------------------------------------------------------------------------------
1,100 Mannesmann AG 382,072
--------------------------------------------------------------------------------
4,800 Merck KGAA 195,498
--------------------------------------------------------------------------------
260 Munchener Ruckversicherungs 566,171
--------------------------------------------------------------------------------
500 Preussag AG 148,197
--------------------------------------------------------------------------------
950 RWE AG 372,877
--------------------------------------------------------------------------------
1,750 Sap AG 269,106
--------------------------------------------------------------------------------
2,000 Schering AG 144,769
--------------------------------------------------------------------------------
1,600 Siemens AG 909,208
--------------------------------------------------------------------------------
50 Strabag AG 8,082
--------------------------------------------------------------------------------
950 Thyssen AG 183,246
--------------------------------------------------------------------------------
13,900 Veba AG 618,447
--------------------------------------------------------------------------------
600 VIAG AG 259,697
--------------------------------------------------------------------------------
800 Volkswagen AG 292,226
-------------------------------------------------------------------------------- -------------
Total Germany 10,145,488
-------------------------------------------------------------------------------- -------------
GREAT BRITAIN -- 6.6%
--------------------------------------------------------------------------------
16,000 Abbey National PLC 145,781
--------------------------------------------------------------------------------
12,000 Argyll Group PLC 60,470
--------------------------------------------------------------------------------
11,600 Arjo Wiggins Appleton 33,040
--------------------------------------------------------------------------------
8,200 Associated Brittish Foods 46,773
--------------------------------------------------------------------------------
29,150 B.A.T. Industries PLC 257,447
--------------------------------------------------------------------------------
13,700 Barclays PLC 164,364
--------------------------------------------------------------------------------
8,700 Bass PLC 98,133
--------------------------------------------------------------------------------
</TABLE>
43
<PAGE> 46
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- -----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
GREAT BRITAIN -- CONTINUED
--------------------------------------------------------------------------------
5,500 BICC PLC $ 24,017
--------------------------------------------------------------------------------
10,220 Blue Circle Industries 53,122
--------------------------------------------------------------------------------
4,900 BOC Group PLC 67,894
--------------------------------------------------------------------------------
10,200 Boots Co. PLC 95,941
--------------------------------------------------------------------------------
4,600 Bowater PLC 26,412
--------------------------------------------------------------------------------
6,900 BPB Industries PLC 32,268
--------------------------------------------------------------------------------
3,650 BPS RMC Group PLC 56,585
--------------------------------------------------------------------------------
4,100 Brittish Aerospace PLC 55,260
--------------------------------------------------------------------------------
9,500 Brittish Airways PLC 76,007
--------------------------------------------------------------------------------
42,800 Brittish Gas PLC 154,563
--------------------------------------------------------------------------------
48,900 Brittish Petroleum Co. PLC 390,498
--------------------------------------------------------------------------------
16,800 Brittish Sky Broadcasting 108,901
--------------------------------------------------------------------------------
17,700 Brittish Steel PLC 45,934
--------------------------------------------------------------------------------
44,400 Brittish Telecommunications PLC 239,170
--------------------------------------------------------------------------------
34,400 BTR PLC 172,308
--------------------------------------------------------------------------------
2,343 Burmah Castrol PLC 34,766
--------------------------------------------------------------------------------
20,794 Cable & Wireless PLC 139,661
--------------------------------------------------------------------------------
9,800 Cadbury Schweppes PLC 80,703
--------------------------------------------------------------------------------
6,400 Caradon PLC 21,662
--------------------------------------------------------------------------------
7,000 Coats Viyella 19,991
--------------------------------------------------------------------------------
4,200 Commercial Union PLC 38,966
--------------------------------------------------------------------------------
4,100 Courtlands PLC 26,763
--------------------------------------------------------------------------------
2,942 De La Rue, Ltd. 31,784
--------------------------------------------------------------------------------
4,100 General Accident PLC 40,206
--------------------------------------------------------------------------------
31,000 General Electric PLC 169,799
--------------------------------------------------------------------------------
4,400 GKN PLC 54,916
--------------------------------------------------------------------------------
28,500 Glaxo Holdings PLC 414,056
--------------------------------------------------------------------------------
22,300 Grand Metropolitan 149,607
--------------------------------------------------------------------------------
9,900 Great Universal Group 103,291
--------------------------------------------------------------------------------
13,486 Guardian Royal Exchange PLC 53,796
--------------------------------------------------------------------------------
16,800 Guinness PLC 115,755
--------------------------------------------------------------------------------
49,777 Hanson PLC 152,495
--------------------------------------------------------------------------------
9,900 Harrison & Crossfield PLC 23,037
--------------------------------------------------------------------------------
19,200 HSBC Holdings PLC 318,543
--------------------------------------------------------------------------------
7,000 Imperial Chemical Industries PLC 87,472
--------------------------------------------------------------------------------
13,600 Ladbroke Group PLC 35,345
--------------------------------------------------------------------------------
</TABLE>
44
<PAGE> 47
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- -----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
GREAT BRITAIN -- CONTINUED
--------------------------------------------------------------------------------
6,100 Land Securities PLC $ 57,515
--------------------------------------------------------------------------------
8,700 Lasmo PLC 21,690
--------------------------------------------------------------------------------
30,823 Lloyds TSB Group 150,200
--------------------------------------------------------------------------------
7,186 Lonrho PLC 22,748
--------------------------------------------------------------------------------
28,100 Marks & Spencer PLC 184,485
--------------------------------------------------------------------------------
4,600 MEPC 27,872
--------------------------------------------------------------------------------
1,914 National Grid House 5,813
--------------------------------------------------------------------------------
11,500 National Power PLC 75,762
--------------------------------------------------------------------------------
8,400 Peninsular & Oriental Steam Navigation 69,618
--------------------------------------------------------------------------------
15,753 Pilkington PLC 47,249
--------------------------------------------------------------------------------
20,500 Prudential Corp. PLC 133,195
--------------------------------------------------------------------------------
4,400 Rank Organisation Group 30,516
--------------------------------------------------------------------------------
6,400 Redland PLC 38,585
--------------------------------------------------------------------------------
5,500 Reed International PLC 86,097
--------------------------------------------------------------------------------
15,300 Reuters Holdings PLC 143,334
--------------------------------------------------------------------------------
7,600 Royal Bank of Scotland 64,079
--------------------------------------------------------------------------------
3,517 Royal Insurance Holdings PLC 40,140
--------------------------------------------------------------------------------
11,900 RTZ Corp. 164,885
--------------------------------------------------------------------------------
11,793 Sainsbury PLC 70,297
--------------------------------------------------------------------------------
2,400 Schroder PLC 46,744
--------------------------------------------------------------------------------
7,300 Scottish Power PLC 41,915
--------------------------------------------------------------------------------
15,100 Sears PLC 21,789
--------------------------------------------------------------------------------
4,877 Sedgwick Group PLC 9,064
--------------------------------------------------------------------------------
3,500 Slough Estates 11,370
--------------------------------------------------------------------------------
11,300 Smithkline Beecham 124,472
--------------------------------------------------------------------------------
11,800 Smithkline Beecham, Class A 130,068
--------------------------------------------------------------------------------
2,697 Southern Electric PLC 33,742
--------------------------------------------------------------------------------
10,800 Tarmac PLC 20,072
--------------------------------------------------------------------------------
5,800 Taylor Woodrow PLC 12,401
--------------------------------------------------------------------------------
15,300 Tesco PLC 69,008
--------------------------------------------------------------------------------
5,657 Thames Water PLC 46,414
--------------------------------------------------------------------------------
4,900 Thorn EMI PLC 124,608
--------------------------------------------------------------------------------
10,400 Trafalgar House PLC 5,186
--------------------------------------------------------------------------------
4,100 T.I. Group - Brittish 30,170
--------------------------------------------------------------------------------
6,200 Unilever PLC 127,033
--------------------------------------------------------------------------------
5,282 United Utilities Group PLC 46,689
--------------------------------------------------------------------------------
</TABLE>
45
<PAGE> 48
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
GREAT BRITAIN -- CONTINUED
--------------------------------------------------------------------------------
29,447 Vodaphone Group PLC $ 105,674
--------------------------------------------------------------------------------
7,000 Zeneca PLC 136,338
-------------------------------------------------------------------------------- -------------
Total Great Britain 7,094,339
-------------------------------------------------------------------------------- -------------
HONG KONG -- 8.3%
--------------------------------------------------------------------------------
28,000 Applied International Holdings 2,788
--------------------------------------------------------------------------------
40,263 Bank of East Asia 172,362
--------------------------------------------------------------------------------
151,000 Cathay Pacific Airways 280,243
--------------------------------------------------------------------------------
113,000 Cheung Kong Holdings, Ltd. 840,335
--------------------------------------------------------------------------------
102,000 China Light & Power Co., Ltd. 494,695
--------------------------------------------------------------------------------
79,000 Chinese Estates, Ltd. 75,608
--------------------------------------------------------------------------------
40,000 Dickson Concepts 42,162
--------------------------------------------------------------------------------
32,000 Giordano International, Ltd. 30,833
--------------------------------------------------------------------------------
64,000 Hang Lung Development Co. 125,814
--------------------------------------------------------------------------------
98,700 Hang Seng Bank 954,190
--------------------------------------------------------------------------------
9,600 Hong Kong Aircraft Engineering Co. 29,922
--------------------------------------------------------------------------------
557,301 Hong Kong Telecommunications 1,059,531
--------------------------------------------------------------------------------
100,000 Hong Kong & China Gas 179,772
--------------------------------------------------------------------------------
66,000 Hong Kong & Shanghai Hotel 106,272
--------------------------------------------------------------------------------
216,008 Hopewall Holdings 145,271
--------------------------------------------------------------------------------
185,000 Hutchison Whampoa 1,202,304
--------------------------------------------------------------------------------
55,000 Hysan Development 168,229
--------------------------------------------------------------------------------
20,000 Johnson Electric Holdings 42,938
--------------------------------------------------------------------------------
30,000 Miramar Hotel & Investment 65,183
--------------------------------------------------------------------------------
80,360 New World Developments Co., Ltd. 405,332
--------------------------------------------------------------------------------
73,000 Oriental Press Group, Ltd. 31,864
--------------------------------------------------------------------------------
20,200 Peregrine Investment Holdings 34,485
--------------------------------------------------------------------------------
55,832 Shangri-la Asia, Ltd. 76,180
--------------------------------------------------------------------------------
84,000 Shun Tak 63,011
--------------------------------------------------------------------------------
96,000 South China Morning Post 67,667
--------------------------------------------------------------------------------
53,000 Stelux Holdings International 12,750
--------------------------------------------------------------------------------
105,000 Sun Hung Kai Properties 998,121
--------------------------------------------------------------------------------
82,500 Swire Pacific , Ltd., Class A 720,218
--------------------------------------------------------------------------------
22,000 Television Broadcasts 79,100
--------------------------------------------------------------------------------
112,000 Wharf Holdings 441,798
--------------------------------------------------------------------------------
7,840 Wing Ling Bank 50,495
--------------------------------------------------------------------------------
18,000 Winsor Industrial 17,576
-------------------------------------------------------------------------------- ------------
Total Hong Kong $ 9,017,049
-------------------------------------------------------------------------------- ------------
</TABLE>
46
<PAGE> 49
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
INDONESIA -- 2.2%
--------------------------------------------------------------------------------
110,750 Bank DaGang Naisonal Indo $ 105,119
--------------------------------------------------------------------------------
367,000 Barito Pacific Timber 312,306
--------------------------------------------------------------------------------
207,000 Gadjah Tunggal 137,759
--------------------------------------------------------------------------------
118,000 Hanjaya Mandala Sampoerna 1,452,149
--------------------------------------------------------------------------------
101,000 Jakarta International Hotel & Development 117,903
--------------------------------------------------------------------------------
33,500 Matahari Putra Prima 63,959
--------------------------------------------------------------------------------
4,000 Mayatexdian Industry 2,226
--------------------------------------------------------------------------------
11,000 Pan Brothers Textile Industries 3,120
--------------------------------------------------------------------------------
55,000 Sinar Mas Agro 39,003
--------------------------------------------------------------------------------
36,000 United Tractors 78,551
-------------------------------------------------------------------------------- ------------
Total Indonesia 2,312,095
-------------------------------------------------------------------------------- ------------
ITALY -- 1.6%
--------------------------------------------------------------------------------
12,100 Assicurazioni Generali SPA 303,259
--------------------------------------------------------------------------------
7,000 Banco Ambrosiano Veneto 20,640
--------------------------------------------------------------------------------
2,500 Benetton Group SPA 29,297
--------------------------------------------------------------------------------
2,000 Burgo Spaitalian 9,912
--------------------------------------------------------------------------------
33,500 Credito Italiano 41,402
--------------------------------------------------------------------------------
10,000 Edison SPA 49,686
--------------------------------------------------------------------------------
1,000 Falck, Accia & Ferr Lombarde Italian 2,422
--------------------------------------------------------------------------------
47,000 Fiat SPA 157,748
--------------------------------------------------------------------------------
11,000 Fiat SPA, non-convertible 20,979
--------------------------------------------------------------------------------
6,000 Fidis 13,513
--------------------------------------------------------------------------------
3,000 Impregilo SPA 2,541
--------------------------------------------------------------------------------
11,500 Istituo Bancario San Paoloi Di 72,867
--------------------------------------------------------------------------------
9100 Istituto Mobilare Italiano Imi 62,170
--------------------------------------------------------------------------------
59,700 Istituto Nazionale Delle Assicur 85,767
--------------------------------------------------------------------------------
3,750 Italcementi 25,055
--------------------------------------------------------------------------------
1,750 Italcementi Di 4,754
--------------------------------------------------------------------------------
10,000 Italgas 33,093
--------------------------------------------------------------------------------
5,900 Magneti Marelli 8,772
--------------------------------------------------------------------------------
7,500 Mediobanca Banca Di Credito Fina 52,698
--------------------------------------------------------------------------------
80,000 Montedison SPA 50,590
--------------------------------------------------------------------------------
10,000 Montedison SPA, non-convertible 5,182
--------------------------------------------------------------------------------
</TABLE>
47
<PAGE> 50
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
ITALY -- CONTINUED
--------------------------------------------------------------------------------
56,250 Olivetti ING C, & Co. $ 35,112
--------------------------------------------------------------------------------
18,700 Parmalat Finanziaria SPA 18,067
--------------------------------------------------------------------------------
25,000 Pirelli SPA 33,955
--------------------------------------------------------------------------------
3,000 Rinascente 19,178
--------------------------------------------------------------------------------
4,125 R.A.S. Italian 45,649
--------------------------------------------------------------------------------
1,760 R.A.S., RISP Shares 9,711
--------------------------------------------------------------------------------
1,000 Saffa, Class A 2,509
--------------------------------------------------------------------------------
1,500 S.A.I. 16,459
--------------------------------------------------------------------------------
7,500 Saipem 18,726
--------------------------------------------------------------------------------
2,000 Sasib 8,407
--------------------------------------------------------------------------------
3,500 Sirti 21,123
--------------------------------------------------------------------------------
10,000 Snia BPD SPA 8,783
--------------------------------------------------------------------------------
95,000 Telecom Italia SPA 160,916
--------------------------------------------------------------------------------
25,000 Telecom Italia SPA, RISP, non-convertible 34,348
--------------------------------------------------------------------------------
96,400 Telecom Mobile SPA 172,964
-------------------------------------------------------------------------------- ------------
Total Italy 1,712,909
-------------------------------------------------------------------------------- ------------
JAPAN -- 40.2%
--------------------------------------------------------------------------------
3,000 Advantest 146,752
--------------------------------------------------------------------------------
31,000 Ajinomoto Co., Inc. 362,437
--------------------------------------------------------------------------------
15,000 Aoki Corp. 63,555
--------------------------------------------------------------------------------
2,000 Aoyama Trading Co. 58,925
--------------------------------------------------------------------------------
61,000 Asahi Bank, Ltd. 730,300
--------------------------------------------------------------------------------
15,000 Asahi Breweries, Ltd. 172,567
--------------------------------------------------------------------------------
46,000 Asahi Glass Co., Ltd. 529,205
--------------------------------------------------------------------------------
46,000 Asami Chemical Industry 334,303
--------------------------------------------------------------------------------
46,000 Bank of Tokyo 744,329
--------------------------------------------------------------------------------
15,000 Bridgestone Corp. 231,492
--------------------------------------------------------------------------------
28,000 Canon 529,018
--------------------------------------------------------------------------------
9,000 Casio Computer 89,230
--------------------------------------------------------------------------------
25,000 Chiba Bank 211,851
--------------------------------------------------------------------------------
6,000 Chiyoda Chemical Engineering 65,660
--------------------------------------------------------------------------------
15,000 Chugai Pharmaceutical, Ltd. 143,104
--------------------------------------------------------------------------------
31,000 Dai Nippon Printing, Ltd. 530,608
--------------------------------------------------------------------------------
21,000 Daiei, Inc. 249,450
--------------------------------------------------------------------------------
70,000 Dai-Ichi Kangyo Bank 1,315,998
--------------------------------------------------------------------------------
15,000 Daikin Industries 145,910
--------------------------------------------------------------------------------
</TABLE>
48
<PAGE> 51
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
JAPAN -- CONTINUED
--------------------------------------------------------------------------------
7,000 Daishowa Seishi $ 57,223
--------------------------------------------------------------------------------
15,000 Daiwa House Industry Co., Ltd 238,507
--------------------------------------------------------------------------------
31,000 Daiwa Securities, Ltd. 463,920
--------------------------------------------------------------------------------
10,000 Ebara 144,040
--------------------------------------------------------------------------------
7,100 Fanuc Co., Ltd. 310,125
--------------------------------------------------------------------------------
69,000 Fuji Bank 1,568,255
--------------------------------------------------------------------------------
15,000 Fuji Photo Film, Ltd. 423,701
--------------------------------------------------------------------------------
49,000 Fujitsu, Ltd 527,054
--------------------------------------------------------------------------------
25,000 Furukawa Electric 122,995
--------------------------------------------------------------------------------
31,000 Hankyu Corp. 173,680
--------------------------------------------------------------------------------
15,000 Hazama Gumi 61,872
--------------------------------------------------------------------------------
92,000 Hitachi, Ltd. 929,336
--------------------------------------------------------------------------------
24,000 Honda Motor 525,277
--------------------------------------------------------------------------------
8,000 Ito Yokado 455,689
--------------------------------------------------------------------------------
61,000 Japan Air Lines 407,370
--------------------------------------------------------------------------------
38,000 Japan Energy Corp. 120,488
--------------------------------------------------------------------------------
17,000 Joyo Bank 134,518
--------------------------------------------------------------------------------
12,000 Jusco, Ltd. 308,656
--------------------------------------------------------------------------------
31,000 Kajima Corp. 327,643
--------------------------------------------------------------------------------
22,000 Kansai Electric Power, Inc. 516,485
--------------------------------------------------------------------------------
31,000 Kao Corp. 391,432
--------------------------------------------------------------------------------
78,000 kawasaki Steel Corp. 276,500
--------------------------------------------------------------------------------
46,000 Kinki Nippon Railway 348,501
--------------------------------------------------------------------------------
31,000 Kirin Brewery Co., Ltd. 376,935
--------------------------------------------------------------------------------
92,000 Kobe Steel 288,266
--------------------------------------------------------------------------------
31,000 Komatsu 261,535
--------------------------------------------------------------------------------
46,000 Kubota Corp. 292,138
--------------------------------------------------------------------------------
31,000 Kumagai Gumi Co., Ltd. 124,968
--------------------------------------------------------------------------------
15,000 Kyowa Hakko Kogyo Co., Ltd. 139,457
--------------------------------------------------------------------------------
46,000 Marubenii Corp. 243,090
--------------------------------------------------------------------------------
14,000 Marui 273,675
--------------------------------------------------------------------------------
46,000 Matsushita Electric Industrial 765,842
--------------------------------------------------------------------------------
46,000 Mitsubishi Chemical 236,636
--------------------------------------------------------------------------------
42,000 Mitsubishi Corp. 518,543
--------------------------------------------------------------------------------
54,000 Mitsubishi Electric 391,432
--------------------------------------------------------------------------------
33,000 Mitsubishi Estate Co. 401,253
--------------------------------------------------------------------------------
</TABLE>
49
<PAGE> 52
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
JAPAN -- CONTINUED
--------------------------------------------------------------------------------
83,000 Mitsubishi Heavy Industries $ 659,094
--------------------------------------------------------------------------------
31,000 Mitsubishi Material Corp. 166,721
--------------------------------------------------------------------------------
29,000 Mitsubishi Trust & Banking Co. 450,264
--------------------------------------------------------------------------------
31,000 Mitsui Engineering & Shipbuilding 85,245
--------------------------------------------------------------------------------
26,000 Mitsui Fudosan 308,843
--------------------------------------------------------------------------------
46,000 Mitsui & Co. 399,701
--------------------------------------------------------------------------------
17,000 Mitsukoshi, Ltd. 152,009
--------------------------------------------------------------------------------
3,000 Mochida Pharmaceutical 40,687
--------------------------------------------------------------------------------
7,000 Murata Manufacturing 242,903
--------------------------------------------------------------------------------
36,000 NEC Corp. 437,731
--------------------------------------------------------------------------------
15,000 NGK Insulators, Ltd. 151,522
--------------------------------------------------------------------------------
15,000 Nipon Light Metal 91,475
--------------------------------------------------------------------------------
15,000 Nippon Denso, Ltd. 290,418
--------------------------------------------------------------------------------
31,000 Nippon Express Co. 289,950
--------------------------------------------------------------------------------
15,000 Nippon Fire & Marine Insurance 94,701
--------------------------------------------------------------------------------
89,000 Nippon Kokan 253,893
--------------------------------------------------------------------------------
15,000 Nippon Meat Packers, Inc. 223,074
--------------------------------------------------------------------------------
46,000 Nippon Oil Co., Ltd. 270,626
--------------------------------------------------------------------------------
115,000 Nippon Steel Corp. 395,828
--------------------------------------------------------------------------------
46,000 Nippon Yusen 257,719
--------------------------------------------------------------------------------
58,000 Nissan Motors 458,401
--------------------------------------------------------------------------------
46,000 Nomura Securities Co. 998,176
--------------------------------------------------------------------------------
31,000 Odakyu Railway 208,474
--------------------------------------------------------------------------------
31,000 Oji Paper 283,281
--------------------------------------------------------------------------------
92,000 Osaka Gas Co., Ltd. 328,710
--------------------------------------------------------------------------------
15,000 Penta-Ocean Construction Co., Ltd. 109,152
--------------------------------------------------------------------------------
6,000 Pioneer Electronic Corp. 122,340
--------------------------------------------------------------------------------
76,000 Sakura Bank 874,339
--------------------------------------------------------------------------------
15,000 Sankyo Co. 354,955
--------------------------------------------------------------------------------
46,000 Sanyo Electric Co. 271,056
--------------------------------------------------------------------------------
3,000 Secom Co., Ltd. 195,295
--------------------------------------------------------------------------------
3,700 SEGA Enterprise 191,030
--------------------------------------------------------------------------------
15,000 Sekisui House, Ltd 190,806
--------------------------------------------------------------------------------
8,000 Seven-Eleven Japan Ltd. 552,963
--------------------------------------------------------------------------------
30,000 Sharp Corp. 462,985
--------------------------------------------------------------------------------
4,000 Shimano, Inc. 77,445
--------------------------------------------------------------------------------
</TABLE>
50
<PAGE> 53
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
JAPAN -- CONTINUED
--------------------------------------------------------------------------------
22,000 Shimizu Construction $ 232,521
--------------------------------------------------------------------------------
7,000 Shin-Etsu Chemical 141,421
--------------------------------------------------------------------------------
7,000 Shiseido Co., Ltd. 75,948
--------------------------------------------------------------------------------
18,000 Shizuoka Bank 218,865
--------------------------------------------------------------------------------
31,000 Shon Denko KK 100,033
--------------------------------------------------------------------------------
7,000 Sony Corp. 428,845
--------------------------------------------------------------------------------
76,000 Sumitomo Bank, Ltd. 1,457,232
--------------------------------------------------------------------------------
16,000 Sumitomo Cement 76,771
--------------------------------------------------------------------------------
61,000 Sumitomo Chemical Co. 296,684
--------------------------------------------------------------------------------
31,000 Sumitomo Corp. 321,844
--------------------------------------------------------------------------------
20,000 Sumitomo Electric Industires 248,796
--------------------------------------------------------------------------------
6,000 Sumitomo Forestry Co., Ltd. 97,086
--------------------------------------------------------------------------------
107,000 Sumitomo Metal Industries 349,277
--------------------------------------------------------------------------------
15,000 Sumitomo Metal & Mining 141,701
--------------------------------------------------------------------------------
31,000 Taisei Construction 209,924
--------------------------------------------------------------------------------
46,000 Takeda Chemical Industries 490,015
--------------------------------------------------------------------------------
31,000 Teijin 162,952
--------------------------------------------------------------------------------
17,000 The Industrial Bank of Japan 1,361,174
--------------------------------------------------------------------------------
31,000 Tobu Railway 187,018
--------------------------------------------------------------------------------
15,100 Tobu Railway Co., Ltd. 361,558
--------------------------------------------------------------------------------
47,000 Tokai Bank 641,818
--------------------------------------------------------------------------------
46,000 Tokay 299,453
--------------------------------------------------------------------------------
46,000 Tokio Marine Fire 576,533
--------------------------------------------------------------------------------
31,000 Tokyo Corp. 210,214
--------------------------------------------------------------------------------
7,000 Tokyo Dome Corp. 128,981
--------------------------------------------------------------------------------
30,300 Tokyo Electric Power 770,855
--------------------------------------------------------------------------------
5,000 Tokyo Electron, Ltd. 185,194
--------------------------------------------------------------------------------
80,000 Tokyo Gas, Ltd. 283,590
--------------------------------------------------------------------------------
21,000 Toppan Printing 280,877
--------------------------------------------------------------------------------
15,000 Toto 207,642
--------------------------------------------------------------------------------
31,000 Toyobo 113,950
--------------------------------------------------------------------------------
71,000 Toyota Motor Co. 1,527,381
--------------------------------------------------------------------------------
31,000 UBE Industries 121,199
--------------------------------------------------------------------------------
31,000 Yamaichi Securities, Ltd. 239,209
--------------------------------------------------------------------------------
31,000 Yasuda Trust & Banking 179,769
-------------------------------------------------------------------------------- ------------
Total Japan 43,469,873
-------------------------------------------------------------------------------- ------------
</TABLE>
51
<PAGE> 54
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
MALAYSIA -- 1.4%
--------------------------------------------------------------------------------
3,000 Ammb Holdings $ 33,981
--------------------------------------------------------------------------------
19,800 Amsteel Corp. 15,467
--------------------------------------------------------------------------------
2,200 Amsteel Corp., Class A 1,719
--------------------------------------------------------------------------------
3,000 Aokam Perdana 5,320
--------------------------------------------------------------------------------
3,000 Commerce Assets Holdings 16,053
--------------------------------------------------------------------------------
11,000 DCB Holdings 32,439
--------------------------------------------------------------------------------
3,000 Ederan Otomobil Nasional 23,084
--------------------------------------------------------------------------------
15,000 Golden Hope Plantations 23,553
--------------------------------------------------------------------------------
3,000 Golden Plus Holdings 7,968
--------------------------------------------------------------------------------
5,000 Guinness Anchor 9,765
--------------------------------------------------------------------------------
10,000 Highland & Lowlands 14,999
--------------------------------------------------------------------------------
13,000 Hong Leong Properties 15,741
--------------------------------------------------------------------------------
2,000 Honk Leong Industries 10,312
--------------------------------------------------------------------------------
4,000 Hume Industries Malaysia 18,905
--------------------------------------------------------------------------------
11,000 Idris Hydraulic 16,413
--------------------------------------------------------------------------------
12,000 IGB Corp. 10,077
--------------------------------------------------------------------------------
15,000 Ioi Corp. 15,819
--------------------------------------------------------------------------------
8,000 Kedah Cement Holdings 14,436
--------------------------------------------------------------------------------
2,000 Kian Joo Can Factory 9,062
--------------------------------------------------------------------------------
7,000 Land & General 14,491
--------------------------------------------------------------------------------
6,000 Leader Universal Holdings 13,944
--------------------------------------------------------------------------------
15,000 Magnum Corp. 30,466
--------------------------------------------------------------------------------
8,000 Malaysia Mining Corp. 11,686
--------------------------------------------------------------------------------
10,000 Malaysian Airlines System 31,833
--------------------------------------------------------------------------------
15,000 Malaysian Banking 134,168
--------------------------------------------------------------------------------
14,000 Malaysian International Shipping 43,473
--------------------------------------------------------------------------------
1,000 Malaysian Oxygen 4,179
--------------------------------------------------------------------------------
10,000 Malaysian Resources Corp. 23,240
--------------------------------------------------------------------------------
20,000 Malaysian United Industries 16,561
--------------------------------------------------------------------------------
14,000 Metroplex 12,686
--------------------------------------------------------------------------------
10,500 Mulph International 11,155
--------------------------------------------------------------------------------
11,000 Multi Purpose Holdings 17,014
--------------------------------------------------------------------------------
2,000 Nestle (Malaysia) 14,218
--------------------------------------------------------------------------------
3,000 Oriental Holdings Berhad 15,233
--------------------------------------------------------------------------------
4,000 Perlis Plantations 12,889
--------------------------------------------------------------------------------
5,000 Petaling Garden 5,605
--------------------------------------------------------------------------------
</TABLE>
52
<PAGE> 55
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
MALAYSIA -- CONTINUED
--------------------------------------------------------------------------------
8,000 Proton $ 29,997
--------------------------------------------------------------------------------
13,000 Public Bank 31,482
--------------------------------------------------------------------------------
6,000 Rashid Husain 18,514
--------------------------------------------------------------------------------
15,000 Resort World 79,680
--------------------------------------------------------------------------------
5,000 RJ Reynolds 11,815
--------------------------------------------------------------------------------
4,000 Rothmans Pall Mall 32,966
--------------------------------------------------------------------------------
6,000 Selangor Properties 6,187
--------------------------------------------------------------------------------
4,000 Shell Refining 12,030
--------------------------------------------------------------------------------
28,000 Sime Darby Malaysia 74,915
--------------------------------------------------------------------------------
10,000 TA Enterprises 14,608
--------------------------------------------------------------------------------
12,000 Tan Chong 15,280
--------------------------------------------------------------------------------
10,000 Technology Resources Industry 30,661
--------------------------------------------------------------------------------
27,000 Telekomn Malaysia 224,629
--------------------------------------------------------------------------------
43,000 Tenega Nasional 159,556
--------------------------------------------------------------------------------
5,000 UMW Holdings 15,038
--------------------------------------------------------------------------------
8,000 United Engineers, Ltd. 51,869
--------------------------------------------------------------------------------
6,000 YTL Corp. 37,731
-------------------------------------------------------------------------------- ------------
Total Malaysia 1,554,912
-------------------------------------------------------------------------------- ------------
NETHERLANDS -- 2.5%
--------------------------------------------------------------------------------
3,888 ABN Amro Holdings 170,845
--------------------------------------------------------------------------------
950 Akzo N.V. 100,996
--------------------------------------------------------------------------------
8,100 Elesvier 112,807
--------------------------------------------------------------------------------
500 Heineken N.V. 88,994
--------------------------------------------------------------------------------
3,472 Internaionale Nederlanden Groep 226,555
--------------------------------------------------------------------------------
400 Kon Hdogovens 13,879
--------------------------------------------------------------------------------
1,515 Koninklijke Ahold N.V. 62,388
--------------------------------------------------------------------------------
1,300 Koninklijke KNP BT N.V. 33,010
--------------------------------------------------------------------------------
11,147 Koninklijke PTT Nederland N.V. 428,255
--------------------------------------------------------------------------------
300 Nedlloyd Groep N.V. 5,781
--------------------------------------------------------------------------------
4,100 Philips Electronics N.V. 163,670
--------------------------------------------------------------------------------
1,043 Royal Dutch Air 32,057
--------------------------------------------------------------------------------
6,600 Royal Dutch Petroleum Co. 914,812
--------------------------------------------------------------------------------
1,950 Unilever N.V. 281,172
--------------------------------------------------------------------------------
350 Verenigde Machinefabrieken Stork 8,656
--------------------------------------------------------------------------------
850 Wolters Klumer CVA 83,426
-------------------------------------------------------------------------------- ------------
Total Netherlands 2,727,303
-------------------------------------------------------------------------------- ------------
</TABLE>
53
<PAGE> 56
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
PORTUGAL -- 0.1%
--------------------------------------------------------------------------------
10,000 Banco Portugues do Atlantico $ 148,928
-------------------------------------------------------------------------------- ------------
Total Portugal 148,928
-------------------------------------------------------------------------------- ------------
SINGAPORE -- 2.5%
--------------------------------------------------------------------------------
12,000 Amcol Holdings, Ltd. 35,679
--------------------------------------------------------------------------------
33,000 City Development 267,381
--------------------------------------------------------------------------------
10,000 Cycle & Carriage, Ltd. 114,139
--------------------------------------------------------------------------------
34,000 DBS Land 134,148
--------------------------------------------------------------------------------
17,000 Development Bank of Singapore 240,748
--------------------------------------------------------------------------------
9,000 First Capital 28,788
--------------------------------------------------------------------------------
10,000 Fraser & Neave 139,502
--------------------------------------------------------------------------------
14,000 Hai Sun Huo Group 10,061
--------------------------------------------------------------------------------
18,000 Hotel & Properties 31,959
--------------------------------------------------------------------------------
8,000 Inchcape 28,070
--------------------------------------------------------------------------------
5,000 Jurong Shipyard 38,399
--------------------------------------------------------------------------------
21,000 Keppel Corp. 196,784
--------------------------------------------------------------------------------
11,000 Natsteel 22,475
--------------------------------------------------------------------------------
33,000 Neptune Orient Lines 38,596
--------------------------------------------------------------------------------
25,000 OCBC FGN 343,473
--------------------------------------------------------------------------------
6,000 Overseas Union Enterprises 33,819
--------------------------------------------------------------------------------
13,000 Parkway Holdings, Ltd. 35,355
--------------------------------------------------------------------------------
2,000 Robinson & Co. 8,455
--------------------------------------------------------------------------------
7,000 Shangri-la Hotel 24,561
--------------------------------------------------------------------------------
32,000 Singapore International Airlines 335,934
--------------------------------------------------------------------------------
8,400 Singapore Press Holdings 163,345
--------------------------------------------------------------------------------
25,000 Straits Steamship Land, Ltd. 88,951
--------------------------------------------------------------------------------
17,000 Straits Trading 42,880
--------------------------------------------------------------------------------
66,000 United Industries 71,612
--------------------------------------------------------------------------------
26,000 United Overseas Bank 280,274
-------------------------------------------------------------------------------- ------------
Total Singapore 2,755,388
-------------------------------------------------------------------------------- ------------
SPAIN -- 2.5%
--------------------------------------------------------------------------------
357 Acerinox SA 36,281
--------------------------------------------------------------------------------
600 Alba (Corp. Finan) 38,098
--------------------------------------------------------------------------------
6,186 Autopista (Acesa) 64,643
--------------------------------------------------------------------------------
6,800 Banco Bilbao Vizcaya 249,250
--------------------------------------------------------------------------------
4,500 Banco Central SA 93,331
--------------------------------------------------------------------------------
4,500 Banco de Santander SA 216,457
--------------------------------------------------------------------------------
</TABLE>
54
<PAGE> 57
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
SPAIN -- CONTINUED
--------------------------------------------------------------------------------
3,600 Corporacion Bancaria de Espana $ 151,053
--------------------------------------------------------------------------------
800 Corporacion Mafre SA 44,416
--------------------------------------------------------------------------------
2,000 Dragados Y Construcciones 27,122
--------------------------------------------------------------------------------
1,650 Ebro Argicolas Compania de Alime 18,427
--------------------------------------------------------------------------------
650 Empresa Nacional Celulosas As Es 9,774
--------------------------------------------------------------------------------
7,500 Empressa Nacional Electricidad 412,811
--------------------------------------------------------------------------------
3,000 Ercos SA 1,819
--------------------------------------------------------------------------------
3,000 Ercros SA 2,369
--------------------------------------------------------------------------------
700 Fasa-Renault 15,523
--------------------------------------------------------------------------------
450 Fomento Construccion Es Y Contra 37,332
--------------------------------------------------------------------------------
1,100 Gas Natural SDG SA 159,261
--------------------------------------------------------------------------------
25,900 Iberdrola SA 242,761
--------------------------------------------------------------------------------
110 Inmobiliaria Metropolitana 3,554
--------------------------------------------------------------------------------
300 Portland Valderrivassa 18,642
--------------------------------------------------------------------------------
8,700 Repsol SA 302,584
--------------------------------------------------------------------------------
1,100 Tabacalera Spanish 42,777
--------------------------------------------------------------------------------
27,300 Telefonica de Espana 400,702
--------------------------------------------------------------------------------
9,000 Union Electrica Fensoa 49,322
--------------------------------------------------------------------------------
1,200 Uralita 10,865
--------------------------------------------------------------------------------
1,300 Vallehermoso SA 24,681
--------------------------------------------------------------------------------
750 Viscofan Envolturas Celulosicas 8,077
--------------------------------------------------------------------------------
247 Zardoya Otis SA 25,792
-------------------------------------------------------------------------------- -------------
Total Spain 2,707,724
-------------------------------------------------------------------------------- -------------
SWITZERLAND -- 2.5%
--------------------------------------------------------------------------------
50 Adia SA 8,593
--------------------------------------------------------------------------------
50 Alusuisse-Lonza 38,922
--------------------------------------------------------------------------------
25 Alusuisse-Lonza 19,461
--------------------------------------------------------------------------------
85 BBC Brown Boveri 97,986
--------------------------------------------------------------------------------
240 Ciba Geigy, Regular 200,111
--------------------------------------------------------------------------------
50 Ciba Geigy AG, Bearer 41,566
--------------------------------------------------------------------------------
1,200 CS Holdings 112,550
--------------------------------------------------------------------------------
40 Gebrueder Sulzer AG 25,386
--------------------------------------------------------------------------------
10 Georg Fischer AG 12,230
--------------------------------------------------------------------------------
70 Holderbank Finan Glaris 49,978
--------------------------------------------------------------------------------
50 Merkur Holding AG 10,577
--------------------------------------------------------------------------------
375 Nestle 395,103
--------------------------------------------------------------------------------
</TABLE>
55
<PAGE> 58
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
SWITZERLAND -- CONTINUED
--------------------------------------------------------------------------------
15 Roche Holding AG $ 199,876
--------------------------------------------------------------------------------
68 Roche Holding Genuss 497,866
--------------------------------------------------------------------------------
330 Sandoz 286,607
--------------------------------------------------------------------------------
35 SMH Porteur 20,101
--------------------------------------------------------------------------------
20 Societe Generale 38,095
--------------------------------------------------------------------------------
25 Swiss Air 20,618
--------------------------------------------------------------------------------
250 Swiss Bank Corp. 90,280
--------------------------------------------------------------------------------
350 Swiss Bank Corp. SBC 63,051
--------------------------------------------------------------------------------
150 Swiss Corp. For Microelectronics 18,903
--------------------------------------------------------------------------------
150 Swiss Reinsurance Co. 154,075
--------------------------------------------------------------------------------
225 Union Bank Of Switzerland 50,387
--------------------------------------------------------------------------------
205 Union Bank Of Switzerland 213,110
--------------------------------------------------------------------------------
250 Zuerich Verichrng Gesellschft 67,968
-------------------------------------------------------------------------------- -------------
Total Switzerland 2,733,400
-------------------------------------------------------------------------------- -------------
THAILAND -- 2.5%
--------------------------------------------------------------------------------
11,700 Advanced Information Service Public 229,937
--------------------------------------------------------------------------------
17,200 Bancchak Petroleum Public, Ltd. 23,927
--------------------------------------------------------------------------------
35,000 Bangkok Metropolitan Bank 41,782
--------------------------------------------------------------------------------
23,600 Bangkok Metropolitan Bank 27,940
--------------------------------------------------------------------------------
6,800 Bank of Ayudhya 46,961
--------------------------------------------------------------------------------
2,000 Charoen Pokphand Feedmill PCL 10,892
--------------------------------------------------------------------------------
8,700 CMIC Finance & Securities, Ltd. 33,990
--------------------------------------------------------------------------------
4,300 Dhana Siam Finance 116,428
--------------------------------------------------------------------------------
10,000 General Finance & Securities Co., Ltd. 48,540
--------------------------------------------------------------------------------
4,500 General Finance & Securities Co., Ltd. 21,843
--------------------------------------------------------------------------------
12,600 Italian-Thai Development Public, Ltd. 144,199
--------------------------------------------------------------------------------
11,000 Jasmine International Public Co., Ltd 57,735
--------------------------------------------------------------------------------
69,600 Krung Thai Bank 368,050
--------------------------------------------------------------------------------
14,300 National Finance & Securities Co. 100,450
--------------------------------------------------------------------------------
10,200 National Petrochemical Public 18,013
--------------------------------------------------------------------------------
9,000 Ohatra Thanakat PLC 98,737
--------------------------------------------------------------------------------
5,300 One Holdings Public Co., Ltd. 16,942
--------------------------------------------------------------------------------
15,500 Pit Exploration & Production 178,611
--------------------------------------------------------------------------------
13,000 Quality House 67,206
--------------------------------------------------------------------------------
25,500 Sahaviriya Steel Industries Public Co. 29,938
--------------------------------------------------------------------------------
7,000 Shinamatra Computer & Communications 179,005
--------------------------------------------------------------------------------
</TABLE>
56
<PAGE> 59
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
COMMON STOCKS -- CONTINUED
- ------------------------------------------------------------------------------------------------
THAILAND -- CONTINUED
--------------------------------------------------------------------------------
11,600 Shinawatra Satellite Public $ 19,341
--------------------------------------------------------------------------------
2,000 Siam Cement 109,234
--------------------------------------------------------------------------------
39,700 Siam City Bank Public, Ltd. 59,534
--------------------------------------------------------------------------------
2,000 Siam City Cement 29,519
--------------------------------------------------------------------------------
111,200 TelecomAsia Corp. 340,094
--------------------------------------------------------------------------------
23,800 Thai Airways International, Ltd. 44,613
--------------------------------------------------------------------------------
14,100 Thai Military Bank, Ltd. 77,900
--------------------------------------------------------------------------------
11,700 United Communication Industry 159,755
-------------------------------------------------------------------------------- ------------
Total Thailand 2,701,116
-------------------------------------------------------------------------------- ------------
TOTAL COMMON STOCKS (IDENTIFIED COST,$92,769,196) 99,611,139
-------------------------------------------------------------------------------- ------------
PREFERRED STOCKS -- 0.5%
- ------------------------------------------------------------------------------------------------
AUSTRALIA -- 0.1%
--------------------------------------------------------------------------------
23,594 News Corp., Ltd. $113,687
-------------------------------------------------------------------------------- ------------
GERMANY -- 0.4%
--------------------------------------------------------------------------------
550 RWE AG 163,755
--------------------------------------------------------------------------------
1,150 SAP AG 176,918
-------------------------------------------------------------------------------- ------------
Total Germany 340,673
-------------------------------------------------------------------------------- ------------
ITALY -- 0.0%
--------------------------------------------------------------------------------
14,000 Fiat SPA 27,622
-------------------------------------------------------------------------------- ------------
PORTUGAL -- 0.0%
--------------------------------------------------------------------------------
900 Soares Da Costa 12,826
-------------------------------------------------------------------------------- ------------
TOTAL PREFERRED STOCKS (IDENTIFIED COST,$367,898 ) 494,808
-------------------------------------------------------------------------------- ------------
WARRANTS AND RIGHTS -- 0.0%
- ------------------------------------------------------------------------------------------------
FRANCE -- 0.0%
--------------------------------------------------------------------------------
2,100 AXA SA Rights 0
--------------------------------------------------------------------------------
70 STE Eurafrance Rights 0
-------------------------------------------------------------------------------- ------------
Total France 0
-------------------------------------------------------------------------------- ------------
GREAT BRITAIN -- 0.0%
--------------------------------------------------------------------------------
204 Brittish Aerospace PLC Warrants 1,214
-------------------------------------------------------------------------------- ------------
HONG KONG -- 0.0%
--------------------------------------------------------------------------------
800 Applied International Warrants 43
-------------------------------------------------------------------------------- ------------
ITALY -- 0.0%
--------------------------------------------------------------------------------
1,500 R.A.S. SPA Warrants 7,058
--------------------------------------------------------------------------------
800 R.A.S. SPA Warrants 1,611
-------------------------------------------------------------------------------- ------------
Total Italy 8,669
-------------------------------------------------------------------------------- ------------
</TABLE>
57
<PAGE> 60
<TABLE>
<CAPTION>
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
- ----------------------------------------------------------------------------------------------------------------
VALUE
IN U.S.
SHARES DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
WARRANTS AND RIGHTS -- CONTINUED
- ------------------------------------------------------------------------------------------------
MALAYSIA -- 0.0%
--------------------------------------------------------------------------------
1,300 Hong Leong Warrants $ 0
--------------------------------------------------------------------------------
3,750 Ioi corp. Berhad Warrants 0
-------------------------------------------------------------------------------- ------------
Total Malaysia 0
-------------------------------------------------------------------------------- ------------
SINGAPORE -- 0.0%
--------------------------------------------------------------------------------
6,250 Straits Stem Rights 0
-------------------------------------------------------------------------------- ------------
SPAIN -- 0.0%
--------------------------------------------------------------------------------
800 Mafre SA Rights 0
-------------------------------------------------------------------------------- ------------
THAILAND -- 0.0%
--------------------------------------------------------------------------------
600 CMIC Finance & Security Public Co., Ltd. Warrants 237
--------------------------------------------------------------------------------
1,300 National Finance & Security Warrants 1,077
-------------------------------------------------------------------------------- ------------
Total Thailand 1,314
-------------------------------------------------------------------------------- ------------
TOTAL WARRANTS AND RIGHTS (IDENTIFIED COST, $825) 11,240
-------------------------------------------------------------------------------- ------------
<CAPTION>
VALUE
PRINCIPAL IN U.S.
AMOUNT** DOLLARS
- ------------- -------------------------------------------------------------------------------- -------------
<S> <C>
CONVERTIBLE SECURITIES -- 0.0%
- ------------------------------------------------------------------------------------------------
FRANCE -- 0.0%
--------------------------------------------------------------------------------
325 Sanofia, Convertible Bond, 4.00%, 01/01/00 $ 24,681
-------------------------------------------------------------------------------- -------------
ITALY -- 0.0%
--------------------------------------------------------------------------------
250 Mediobanca, Convertible Bond, 6.00%, 12/31/02 1,457
--------------------------------------------------------------------------------
300 Saffa SPA Milan, Convertible Bond, 9.25%, 01/01/01 988
-------------------------------------------------------------------------------- -------------
Total Italy 2,445
-------------------------------------------------------------------------------- -------------
TOTAL CONVERTIBLE SECURITIES (IDENTIFIED COST, $23,039) 27,126
-------------------------------------------------------------------------------- -------------
TOTAL INVESTMENTS (IDENTIFIED COST, $93,160,958)*** $100,144,313
-------------------------------------------------------------------------------- =============
</TABLE>
* Non-income producing security
** Local currency.
*** The cost for federal tax purposes amounts to $93,160,958. The net
unrealized appreciation of investments on a federal tax basis amounts to
$6,983,355, which is comprised of $2,194,671 depreciation and $4,788,684
appreciation at January 31, 1996.
Note: The catagories of investments are shown as a percentage of net assets
($108,264,527) at January 31, 1996.
(See Notes which are an integral part of the Financial Statements)
58
<PAGE> 61
FOUNTAIN SQUARE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S.
GOVERNMENT QUALITY OHIO TAX FREE QUALITY
SECURITIES BOND BOND GROWTH MID CAP
FUND FUND FUND FUND FUND
----------- ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value $26,191,763 $72,431,791 $31,547,242 $112,304,306 $64,144,189
Short-term investments 577,000 1,579,000 600,411 5,620,000 5,438,000
Total Investments (Cost $25,690,456;
$72,108,400; $31,096,716; $98,866,963;
and $59,447,868, respectively) 26,768,763 74,010,791 32,147,653 117,924,306 69,582,189
----------- ----------- ----------- ------------ -----------
Interest receivable 504,244 1,013,626 372,913 123,443 7,127
Receivable for investments sold -- -- -- -- 207,000
Receivable for Fund shares sold 17 23,317 -- 140,008 53,048
Prepaid expenses and other assets 8,428 4,237 10,128 16,961 3,427
----------- ----------- ----------- ------------ -----------
Total Assets 27,281,452 75,051,971 32,530,694 118,204,718 69,852,791
----------- ----------- ----------- ------------ -----------
LIABILITIES:
Payable for investments purchased -- -- -- 3,890,276 2,504,229
Payable for Fund shares redeemed 15,739 23,690 125,310 16,369 15,647
Accrued expenses and other payables:
Investment advisor 1,796 12,401 5,476 22,712 15,864
Other 3,062 5,035 509 21,336 11,431
----------- ----------- ----------- ------------ -----------
Total Liabilities 20,597 41,126 131,295 3,950,693 2,547,171
----------- ----------- ----------- ------------ -----------
NET ASSETS:
Paid-in capital 28,120,244 74,954,915 31,634,635 94,026,905 56,790,687
Net unrealized appreciation on investments 1,078,307 1,902,391 1,050,937 19,057,343 10,134,321
Accumulated net realized gains(losses)
on investment transactions (1,927,791) (1,754,498) (279,643) 1,110,817 387,879
Undistributed net investment income(loss) (9,905) (91,963) (6,530) 58,960 (7,267)
----------- ----------- ----------- ------------ -----------
Total Net Assets $27,260,855 $75,010,845 $32,399,399 $114,254,025 $67,305,620
=========== =========== =========== ============ ===========
Outstanding shares of beneficial interest 2,734,825 7,450,044 3,154,177 8,876,890 5,186,622
=========== =========== =========== ============ ===========
Net asset value - redemption price per share $ 9.97 $ 10.07 $ 10.27 $ 12.87 $ 12.98
=========== =========== =========== ============ ===========
Maximum Sales Charge 4.50% 4.50% 4.50% 4.50% 4.50%
=========== =========== =========== ============ ===========
Maximum Offering Price
100%/(100%-Maximum Sales Charge)
per share $ 10.44 $ 10.54 $ 10.75 $ 13.48 $ 13.59
=========== =========== =========== ============ ===========
</TABLE>
(See Notes which are an integral part of the Financial Statements)
59
<PAGE> 62
FOUNTAIN SQUARE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL COMMERCIAL GOVERNMENT U.S. TREASURY
BALANCED EQUITY PAPER CASH RESERVES OBLIGATIONS
FUND FUND FUND FUND FUND
----------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value $75,564,630 $100,144,313 $212,390,888 $ -- $102,387,828
Short-term investments 5,418,000 -- 43,497,000 182,782,939 272,871,000
----------- ------------ ------------ ------------ ------------
Total Investments (Cost $71,526,213;
$93,160,958; $182,782,939; $255,887,888;
and $375,258,828, respectively) 80,982,630 100,144,313 255,887,888 182,782,939 375,258,828
Cash -- 1,788,170 515 24,526 352
Foreign currency (Cost $133,685) -- 130,824 -- -- --
Interest and dividends receivable 458,852 108,996 7,049 139,648 1,184,603
Reclaim receivable -- 40,106 -- -- --
Receivable for investments sold 260,205 1,704,743 -- -- --
Receivable for Fund shares sold 87,178 2,209 -- -- --
Margin variation on forward currency
exchange contracts -- 6,708,915 -- -- --
Receivable on forward foreign currency
exchange contracts -- 375,815 -- -- --
Prepaid expenses and other assets 11,821 85,283 -- 4,070 32,171
----------- ------------ ------------ ------------ ------------
Total Assets 81,800,686 111,089,374 255,895,452 182,951,183 376,475,954
----------- ------------ ------------ ------------ ------------
LIABILITIES:
Dividends payable -- -- 1,105,453 793,038 1,595,974
Payable for investments purchased 616,137 2,495,964 -- -- --
Payable for Fund shares redeemed 2,500 9,299 -- -- --
Accrued expenses and other payables:
Investment advisory fees 17,976 26,046 70,379 50,232 174,023
Administration fees -- 62,377 -- -- --
Accounting and transfer agent fees -- 136,923 -- -- --
Custodian fees -- 57,337 -- -- --
Legal and audit fees -- 27,226 -- -- --
Other 9,788 9,675 29,120 27,171 12,597
----------- ------------ ------------ ------------ ------------
Total Liabilities 646,401 2,824,847 1,204,952 870,441 1,782,594
----------- ------------ ------------ ------------ ------------
NET ASSETS:
Paid-in capital 71,456,823 93,432,052 254,690,560 182,080,742 374,868,894
Net unrealized appreciation on investments
and foreign currency 9,456,417 13,714,282 -- -- --
Accumulated net realized gains on
investments and foreign currency
transactions 160,306 1,402,055 -- -- 1,390
Undistributed net investment income(loss) 80,739 (283,862) (60) -- 5,076
----------- ------------ ------------ ------------ ------------
Net Assets $81,154,285 $108,264,527 $254,690,500 $182,080,742 $374,693,360
=========== ============ ============ ============ ============
</TABLE>
-- Continued --
60
<PAGE> 63
FOUNTAIN SQUARE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES, CONTINUED
JANUARY 31, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL COMMERCIAL GOVERNMENT U.S. TREASURY
BALANCED EQUITY PAPER CASH RESERVES OBLIGATIONS
FUND FUND FUND FUND FUND
----------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net Assets
Investment Shares $81,154,285 $108,264,527 $ 18,375,181 $ 56,715,861 $374,693,360
Trust Shares N/A N/A 236,315,319 125,364,881 N/A
----------- ------------ ------------ ------------ ------------
Total $81,154,285 $108,264,527 $254,690,500 $182,080,742 $374,693,360
=========== ============ ============ ============ ============
Outstanding shares of beneficial interest
Investment Shares 6,804,928 9,998,270 18,375,445 56,715,648 374,692,244
Trust Shares N/A N/A 236,315,386 125,365,094 N/A
----------- ------------ ------------ ------------ ------------
Total 6,804,928 9,998,270 254,690,830 182,080,742 374,692,244
=========== ============ ============ ============ ============
Net asset value - redemption price per share
Redemption price per share-Investment
Shares $ 11.93 $ 10.83 $ 1.00(a) $1.00(a) $1.00 (a)
Redemption price per share-Trust Shares N/A N/A 1.00 1.00 N/A
=========== ============ ============ ============ ============
Maximum Sales Charge 4.50% 4.50%
=========== ============
Maximum Offering Price
100%/(100%-Maximum Sales Charge)
per share $ 12.49 $ 11.34
=========== ============
</TABLE>
(a) Offering price and redemption price are the same for the Commercial Paper
Fund, Government Cash Reserves Fund and U.S. Treasury Obligations Fund.
NA Not applicable
(See Notes which are an integral part of the Financial Statements)
61
<PAGE> 64
FOUNTAIN SQUARE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S.
GOVERNMENT QUALITY OHIO TAX FREE QUALITY
SECURITIES BOND BOND GROWTH MID CAP
FUND FUND FUND FUND FUND
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $ 891,583 $2,201,655 $ 726,999 $ 162,968 $ 117,156
Dividend income -- -- -- 859,773 296,238
---------- ---------- ---------- ---------- ----------
Total Income 891,583 2,201,655 726,999 1,022,741 413,394
---------- ---------- ---------- ---------- ----------
EXPENSES:
Investment advisory fee 73,575 184,565 85,762 391,567 232,563
Administrative personnel and services fees 14,823 28,352 19,427 33,077 24,628
Portfolio accounting, transfer and dividend
disbursing agent fees and expenses 7,196 11,099 12,040 11,511 9,330
Trustees' fees -- 178 183 401 430
Auditing fees 13,000 13,000 13,000 13,071 13,000
Legal fees 1,125 1,223 2,585 1,223 573
Fund share registration costs 11,079 12,520 12,787 8,438 9,623
Printing and postage 4,855 3,217 11,776 8,712 --
Miscellaneous 6,062 10,947 1,750 24,159 15,094
---------- ---------- ---------- ---------- ----------
Total Expenses 131,715 265,101 159,310 492,159 305,241
---------- ---------- ---------- ---------- ----------
Deduct--
Waiver of investment advisory fee 31,832 13,422 45,737 953 14,537
---------- ---------- ---------- ---------- ----------
Total Fee Waivers 31,832 13,422 45,737 953 14,537
---------- ---------- ---------- ---------- ----------
Net expenses 99,883 251,679 113,573 491,206 290,704
---------- ---------- ---------- ---------- ----------
Net Investment Income 791,700 1,949,976 613,426 531,535 122,690
---------- ---------- ---------- ---------- ----------
REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investments 202,961 1,363,825 (4,180) 2,775,996 1,219,687
Net change in unrealized appreciation
of investments 395,023 1,103,698 908,196 6,114,055 851,469
---------- ---------- ---------- ---------- ----------
Net realized/unrealized gains
on investments 597,984 2,467,523 904,016 8,890,051 2,071,156
---------- ---------- ---------- ---------- ----------
Change in net assets resulting
from operations $1,389,684 $4,417,499 $1,517,442 $9,421,586 $2,193,846
========== ========== ========== ========== ==========
</TABLE>
(See Notes which are an integral part of the Financial Statements)
62
<PAGE> 65
FOUNTAIN SQUARE FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL COMMERCIAL GOVERNMENT U.S. TREASURY
BALANCED EQUITY PAPER CASH RESERVES OBLIGATIONS
FUND FUND FUND FUND FUND
---------- ----------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $ 719,341 $ 34,272 $5,705,170 $ 662,667 $ 3,511,517
Dividend income 383,250 498,623 1,528,534 4,503,300 6,868,853
Foreign tax withholding -- (51,466) -- -- --
---------- ----------- ---------- ---------- -----------
Total Income 1,102,591 481,429 7,233,704 5,165,967 10,380,370
---------- ----------- ---------- ---------- -----------
EXPENSES:
Investment advisory fee 273,779 466,054 500,868 351,530 849,007
Administrative personnel and services fees 27,666 83,436 108,249 78,773 122,875
Custodian fee -- 94,613 -- 4,639 15,382
Portfolio accounting, transfer and dividend
disbursing agent fees and expenses 8,804 112,799 24,430 19,571 27,056
Trustees' fees -- -- 731 795 --
Auditing fees 13,071 23,209 13,000 13,000 13,000
Legal fees 1,594 4,642 702 1,423 --
Fund share registration costs 17,827 15,535 4,076 8,864 3,918
Printing and postage 6,933 9,333 7,870 2,647 1,040
Miscellaneous 10,564 3,888 41,473 34,020 17,996
---------- ----------- ---------- ---------- -----------
Total Expenses 360,238 813,509 701,399 515,262 1,050,274
---------- ----------- ---------- ---------- -----------
Deduct--
Waiver of investment advisory fee 18,261 48,218 87,652 60,468 257,579
---------- ----------- ---------- ---------- -----------
Total Fee Waivers 18,261 48,218 87,652 60,468 257,579
---------- ----------- ---------- ---------- -----------
Net expenses 341,977 765,291 613,747 454,794 792,695
---------- ----------- ---------- ---------- -----------
Net Investment Income 760,614 (283,862) 6,619,957 4,711,173 9,587,675
---------- ----------- ---------- ---------- -----------
REALIZED AND UNREALIZED GAINS
(LOSSES) ON INVESTMENTS:
Net realized gains from investment
transactions and foreign currency
transactions 2,082,183 1,405,134 -- -- 1,390
Net change in unrealized appreciation from
investments and translation of assets and
liabilities in foreign securities 1,857,305 8,345,805 -- -- ---
---------- ----------- ---------- ---------- -----------
Net realized and unrealized gains
on investments 3,939,488 9,750,939 -- -- 1,390
---------- ----------- ---------- ---------- -----------
Change in net assets resulting
from operations $4,700,102 $ 9,467,077 $6,619,957 $4,711,173 $ 9,589,065
========== =========== ========== ========== ===========
</TABLE>
(See Notes which are an integral part of the Financial Statements)
63
<PAGE> 66
FOUNTAIN SQUARE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. GOVERNMENT SECURITIES FUND QUALITY BOND FUND
------------------------------- -----------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JANUARY 31, JULY 31, JANUARY 31, JULY 31,
1996 1995 1996 1995
(UNAUDITED) (UNAUDITED)
------------------------------- -----------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS --
Net investment income $ 791,700 $ 1,460,137 $ 1,949,976 $ 3,247,654
Net realized gains (losses) on investment
transactions 202,961 (1,605,278) 1,363,825 (939,623)
Change in unrealized appreciation
of investments 395,023 1,797,653 1,103,698 1,727,043
----------- ------------ ----------- ------------
Change in net assets resulting from operations 1,389,684 1,652,512 4,417,499 4,035,074
----------- ------------ ----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS --
Dividends to shareholders from net
investment income (840,791) (1,463,462) (2,081,354) (3,268,269)
----------- ------------ ----------- ------------
Change in net assets from distributions
to shareholders (840,791) (1,463,462) (2,081,354) (3,268,269)
----------- ------------ ----------- ------------
FUND SHARE (PRINCIPAL) TRANSACTIONS --
Proceeds from sale of shares 4,494,015 7,373,786 20,753,998 17,744,121
Net asset value of shares issued to
shareholders in payment of
dividends declared 709,205 1,306,051 1,410,663 2,400,187
Cost of shares redeemed (3,545,310) (12,922,004) (5,257,116) (12,415,997)
----------- ------------ ----------- ------------
Change in net assets from Fund
share transactions 1,657,910 (4,242,167) 16,907,545 7,728,311
----------- ------------ ----------- ------------
Change in net assets 2,206,803 (4,053,117) 19,243,690 8,495,116
NET ASSETS:
Beginning of period 25,054,052 29,107,169 55,767,155 47,272,039
----------- ------------ ----------- ------------
End of period $27,260,855 $ 25,054,052 $75,010,845 $ 55,767,155
=========== ============ =========== ============
</TABLE>
(See Notes which are an integral part of the Financial Statements)
64
<PAGE> 67
FOUNTAIN SQUARE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
OHIO TAX FREE BOND FUND QUALITY GROWTH FUND
------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JANUARY 31, JULY 31, JANUARY 31, JULY 31,
1996 1995 1996 1995
(UNAUDITED) (UNAUDITED)
------------------------------- ---------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS --
Net investment income $ 613,426 $ 1,130,687 $ 531,535 $ 966,250
Net realized gains (losses) on investment
transactions (4,180) (242,783) 2,775,996 2,790,895
Change in unrealized appreciation
of investments 908,196 890,009 6,114,055 10,629,609
----------- ----------- ------------ ------------
Change in net assets resulting from operations 1,517,442 1,777,913 9,421,586 14,386,754
----------- ----------- ------------ ------------
DISTRIBUTIONS TO SHAREHOLDERS --
Dividends to shareholders from net
investment income (643,050) (1,131,709) (557,361) (920,005)
----------- ----------- ------------ ------------
Change in net assets from distributions
to shareholders (643,050) (1,131,709) (557,361) (920,005)
----------- ----------- ------------ ------------
FUND SHARE (PRINCIPAL) TRANSACTIONS --
Proceeds from sale of shares 6,674,549 10,465,084 28,933,846 23,521,852
Net asset value of shares issued to
shareholders in payment of
dividends declared 340,293 703,409 461,574 819,075
Cost of shares redeemed (3,804,405) (7,354,612) (6,600,081) (24,861,128)
----------- ----------- ------------ ------------
Change in net assets from Fund
share transactions 3,210,437 3,813,881 22,795,339 (520,201)
----------- ----------- ------------ ------------
Change in net assets 4,084,829 4,460,085 31,659,564 12,946,548
NET ASSETS:
Beginning of period 28,314,570 23,854,485 82,594,461 69,647,913
----------- ----------- ------------ ------------
End of period $32,399,399 $28,314,570 $114,254,025 $ 82,594,461
=========== =========== ============ ============
</TABLE>
65
<PAGE> 68
FOUNTAIN SQUARE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MID CAP FUND BALANCED FUND
--------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JANUARY 31, JULY 31, JANUARY 31, JULY 31,
1996 1995 1996 1995
(UNAUDITED) (UNAUDITED)
--------------------------------- -------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS --
Net investment income $ 122,690 $ 275,922 $ 760,614 $ 1,451,351
Net realized gains on investment
transactions 1,219,687 456,337 2,082,183 1,045,572
Change in unrealized appreciation
of investments 851,469 8,275,255 1,857,305 6,783,347
----------- ------------ ----------- ------------
Change in net assets resulting from
operations 2,193,846 9,007,514 4,700,102 9,280,270
----------- ------------ ----------- ------------
DISTRIBUTIONS TO SHAREHOLDERS --
Dividends to shareholders from net
investment income (171,316) (234,563) (795,211) (1,395,985)
Distributions to shareholders from net
realized gains on investment transactions (426,106) -- -- --
----------- ------------ ----------- ------------
Change in net assets from distributions
to shareholders (597,422) (234,563) (795,211) (1,395,985)
----------- ------------ ----------- ------------
FUND SHARE (PRINCIPAL) TRANSACTIONS --
Proceeds from sale of shares 21,315,882 18,519,231 21,941,411 13,609,615
Net asset value of shares issued to shareholders
in payment of dividends declared 486,374 205,515 752,660 1,338,593
Cost of shares redeemed (3,276,807) (10,523,805) (3,519,180) (24,120,756)
----------- ------------ ----------- ------------
Change in net assets from Fund
share transactions 18,525,449 8,200,941 19,174,891 (9,172,548)
----------- ------------ ----------- ------------
Change in net assets 20,121,873 16,973,892 23,079,782 (1,288,263)
NET ASSETS:
Beginning of period 47,183,747 30,209,855 58,074,503 59,362,766
----------- ------------ ----------- ------------
End of period $67,305,620 $ 47,183,747 $81,154,285 $ 58,074,503
=========== ============ =========== ============
</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)
66
<PAGE> 69
FOUNTAIN SQUARE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY FUND
----------------------------------
SIX MONTHS ENDED PERIOD ENDED
JANUARY 31, JULY 31,
1996 1995*
(UNAUDITED)
----------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS --
Net investment income $ (283,862) $ 399,551
Net realized gains on investment
transactions 1,405,134 (4,665,104)
Change in unrealized appreciation
of investments 8,345,805 5,368,477
------------- ------------
Change in net assets resulting from
operations 9,467,077 1,102,924
------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS --
Dividends to shareholders from net
investment income -- --
Distributions to shareholders from net
realized gains on investment transactions -- --
------------- ------------
Change in net assets from distributions
to shareholders -- --
------------- ------------
FUND SHARE (PRINCIPAL) TRANSACTIONS --
Proceeds from sale of shares 15,746,817 88,296,071
Net asset value of shares issued to shareholders
in payment of dividends declared -- --
Cost of shares redeemed (3,390,919) (2,957,443)
------------- ------------
Change in net assets from Fund
share transactions 12,355,898 85,338,628
------------- ------------
Change in net assets 21,822,975 86,441,552
NET ASSETS:
Beginning of period 86,441,552 --
------------- ------------
End of period $ 108,264,527 $ 86,441,552
============= ============
</TABLE>
67
<PAGE> 70
FOUNTAIN SQUARE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMMERCIAL PAPER FUND GOVERNMENT CASH RESERVES FUND
------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
JANUARY 31, JULY 31, JANUARY 31, JULY 31,
1996 1995 1996 1995
(UNAUDITED) (UNAUDITED)
------------------------------- ---------------------------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS --
Net investment income $ 6,619,957 $ 12,352,170 $ 4,711,173 $ 7,814,167
------------- --------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS --
Dividends to shareholders from net
investment income:
Trust Shares (6,198,765) (11,852,325) (3,265,381) (6,273,259)
Investment Shares (421,252) (499,845) (1,445,792) (1,540,908)
------------- --------------- ------------- -------------
Change in net assets from distributions
to shareholders (6,620,017) (12,352,170) (4,711,173) (7,814,167)
------------- --------------- ------------- -------------
FUND SHARE (PRINCIPAL) TRANSACTIONS --
Proceeds from sale of shares 480,921,270 1,139,381,157 149,664,976 267,323,856
Cost of shares redeemed (460,039,454) (1,124,845,195) (142,913,054) (209,700,168)
------------- --------------- ------------- -------------
Change in net assets from Fund
share transactions 20,881,816 14,535,962 6,751,922 57,623,688
------------- --------------- ------------- -------------
Change in net assets 20,881,756 14,535,962 6,751,922 57,623,688
NET ASSETS:
Beginning of period 233,808,744 219,272,782 175,328,820 117,705,132
------------- --------------- ------------- -------------
End of period $ 254,690,500 $ 233,808,744 $ 182,080,742 $ 175,328,820
============= =============== ============= =============
</TABLE>
(See Notes which are an integral part of the Financial Statements)
68
<PAGE> 71
FOUNTAIN SQUARE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. TREASURY OBLIGATIONS FUND
---------------------------------
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, JULY 31,
1996 1995*
(UNAUDITED)
---------------------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS:
OPERATIONS --
Net investment income $ 9,587,675 $ 17,462,570
------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS --
Dividends to shareholders from net
investment income:
Trust Shares -- --
Investment Shares (9,582,599) (17,462,570)
------------- ---------------
Change in net assets from distributions
to shareholders (9,582,599) (17,462,570)
------------- ---------------
FUND SHARE (PRINCIPAL) TRANSACTIONS --
Proceeds from sale of shares 510,393,583 1,029,179,974
Cost of shares redeemed (457,346,807) (1,043,768,436)
------------- ---------------
Change in net assets from Fund
share transactions 53,046,776 (14,588,462)
------------- ---------------
Change in net assets 53,053,242 (14,588,462)
NET ASSETS:
Beginning of period 321,640,118 336,228,580
------------- ---------------
End of period $ 374,693,360 $ 321,640,118
============= ===============
</TABLE>
69
<PAGE> 72
FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 -------------------------------------
(UNAUDITED) 1995 1994 1993 *
------------ --------- --------- ---------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.77 $ 9.64 $ 10.21 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.29 0.58 0.51 0.35
Net realized and unrealized gains (losses)
on investments 0.22 0.13 (0.49) 0.13
---------- ------- ------- -------
Total from investment operations 0.51 0.71 0.02 0.48
---------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.31) (0.58) (0.57) (0.27)
Distributions to shareholders from net
realized gains on investment transactions -- -- (0.02) --
---------- ------- ------- -------
Total distributions (0.31) (0.58) (0.59) (0.27)
---------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 9.97 $ 9.77 $ 9.64 $ 10.21
========== ======= ======= =======
TOTAL RETURN ** 5.33% 7.66% 0.11% 4.87%
RATIOS TO AVERAGE NET ASSETS
Expenses 0.75%(b) 0.75% 0.75% 0.74%(b)
Net investment income 5.92%(b) 5.98% 5.17% 5.36%(b)
Expense waiver/reimbursement (a) 0.24%(b) 0.39% 0.18% 0.33%(b)
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 27,261 $25,054 $29,107 $29,603
Portfolio turnover rate 49% 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 charged, 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)
70
<PAGE> 73
FOUNTAIN SQUARE QUALITY BOND FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 -------------------------------
(UNAUDITED) 1995 1994 1993 *
----------- ------- ------- -------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.72 $ 9.55 $ 10.29 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.29 0.64 0.57 0.41
Net realized and unrealized gains (losses)
on investments 0.37 0.17 (0.69) 0.26
------- ------- ------- -------
Total from investment operations 0.66 0.81 0.12 0.67
------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.31) (0.64) (0.59) (0.38)
Distributions to shareholders from net
realized gains on investment transactions -- -- (0.03) --
------- ------- ------- -------
Total distributions (0.31) (0.64) (0.62) (0.38)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 10.07 $ 9.72 $ 9.55 $ 10.29
======= ======= ======= =======
TOTAL RETURN ** 6.85% 8.89% (1.25%) 6.78%
RATIOS TO AVERAGE NET ASSETS
Expenses 0.75%(b) 0.75% 0.75% 0.74%(b)
Net investment income 5.81%(b) 6.72% 5.76% 6.07%(b)
Expense waiver/reimbursement (a) 0.04%(b) 0.09% 0.11% 0.23%(b)
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $75,011 $55,767 $47,272 $37,962
Portfolio turnover rate 71% 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 charged, 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)
71
<PAGE> 74
FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 -------------------------------------
(UNAUDITED) 1995 1994 1993 *
---------- ------- ------- ------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.99 $ 9.75 $ 9.95 $10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.20 0.42 0.40 0.05
Net realized and unrealized gains (losses)
on investments 0.29 0.24 (0.21) (0.05)
------- ------- ------- ------
Total from investment operations 0.49 0.66 0.19 --
------- ------- ------- ------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.21) (0.42) (0.39) (0.05)
Distributions to shareholders from net
realized gains on investment transactions -- -- -- --
------- ------- ------- ------
Total distributions (0.21) (0.42) (0.39) (0.05)
------- ------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 10.27 $ 9.99 $ 9.75 $ 9.95
======= ======= ======= ======
TOTAL RETURN ** 4.94% 7.02% 1.95% (0.01%)
RATIOS TO AVERAGE NET ASSETS
Expenses 0.73%(b) 0.35% 0.00% 0.00%(b)
Net investment income 3.93%(b) 4.36% 4.18% 3.53%(b)
Expense waiver/reimbursement (a) 0.29%(b) 0.77% 1.33% 2.21%(b)
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $32,399 $28,315 $23,854 $8,163
Portfolio turnover rate 11% 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 charged, 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)
72
<PAGE> 75
FOUNTAIN SQUARE QUALITY GROWTH FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 -------------------------------------
(UNAUDITED) 1995 1994 1993 *
------------ ------- ------- -------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.79 $ 9.70 $ 9.54 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.06 0.14 0.13 0.10
Net realized and unrealized gains (losses)
on investments 1.09 2.09 0.17 (0.47)
-------- ------- ------- -------
Total from investment operations 1.12 2.23 0.30 (0.37)
-------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.07) (0.14) (0.13) (0.09)
Distributions to shareholders in excess of
net investment income (a) -- -- (0.01) --
-------- ------- ------- -------
Total distributions (0.07) (0.14) (0.14) (0.09)
-------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.87 $ 11.79 $ 9.70 $ 9.54
======== ======= ======= =======
TOTAL RETURN ** 9.78% 23.21% 3.17% (3.73%)
RATIOS TO AVERAGE NET ASSETS
Expenses 0.99%(c) 1.00% 1.00% 0.99%(c)
Net investment income 1.07%(c) 1.44% 1.42% 1.47%(c)
Expense waiver/reimbursement (b) 0.01%(c) 0.05% 0.03% 0.05%(c)
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $114,254 $82,594 $69,648 $67,681
Portfolio turnover rate 11% 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 charged, 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)
73
<PAGE> 76
FOUNTAIN SQUARE MID CAP FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 -------------------------------------
(UNAUDITED) 1995 1994 1993 *
----------- ------- ------- -------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.59 $ 10.10 $ 9.68 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.08 0.06 0.06
Net realized and unrealized gains (losses)
on investments 0.49 2.48 0.43 (0.33)
------- ------- ------- -------
Total from investment operations 0.52 2.56 0.49 (0.27)
------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.04) (0.07) (0.07) (0.05)
Distributions to shareholders from net
realized gains on investment transactions (0.09) -- -- --
------- ------- ------- -------
Total distributions (0.13) (0.07) (0.07) (0.05)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 12.98 $ 12.59 $ 10.10 $ 9.68
======= ======= ======= =======
TOTAL RETURN ** 4.12% 25.45% 5.07% (2.73%)
RATIOS TO AVERAGE NET ASSETS
Expenses 1.00%(b) 1.00% 1.00% 0.99%(b)
Net investment income 0.42%(b) 0.77% 0.60% 0.88%(b)
Expense waiver/reimbursement (a) 0.05%(b) 0.18% 0.33% 0.40%(b)
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $67,306 $47,184 $30,210 $24,019
Portfolio turnover rate 7% 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 charged, 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)
74
<PAGE> 77
FOUNTAIN SQUARE BALANCED FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 -------------------------------------
(UNAUDITED) 1995 1994 1993 *
------------ ------- ------- -------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.28 $ 9.70 $ 9.78 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.13 0.28 0.26 0.20
Net realized and unrealized gains (losses)
on investments 0.66 1.57 (0.06) (0.25)
------- ------- ------- -------
Total from investment operations 0.79 1.85 0.20 (0.05)
------- ------- ------- -------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.14) (0.27) (0.26) (0.17)
Distributions to shareholders in excess of
net investment income (a) -- -- (0.02) --
------- ------- ------- -------
Total distributions (0.14) (0.27) (0.28) (0.17)
------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 11.93 $ 11.28 $ 9.70 $ 9.78
======= ======= ======= =======
TOTAL RETURN ** 7.02% 19.37% 2.02% (0.51%)
RATIOS TO AVERAGE NET ASSETS
Expenses 1.00%(c) 1.00% 1.00% 1.00%(c)
Net investment income 2.22%(c) 2.73% 2.64% 3.04%(c)
Expense waiver/reimbursement (b) 0.05%(c) 0.06% 0.06% 0.08%(c)
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $81,154 $58,075 $59,363 $60,168
Portfolio turnover rate 27% 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 charged, 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)
75
<PAGE> 78
FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED PERIOD
JANUARY 31, ENDED
1996 JULY 31
(UNAUDITED) 1995 (a)
----------- ---------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.83 $ 10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income - 0.05
Net realized and unrealized gain (loss)
on investments 1.00 (0.22)
-------- -------
Total from investment operations 1.00 (0.17)
-------- -------
NET ASSET VALUE, END OF PERIOD $ 10.83 $ 9.83
-------- -------
TOTAL RETURN (b) 10.17% (1.70%)
RATIOS TO AVERAGE NET ASSETS
Expenses 1.64%(c) 1.65%(c)
Net investment income (loss) (0.50%)(c) 0.62%(c)
Expense waiver/reimbursement (d) 0.10%(c) 0.07%(c)
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $108,266 $86,442
Portfolio turnover rate 18% 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 charged, 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)
76
<PAGE> 79
FOUNTAIN SQUARE COMMERCIAL PAPER FUND
FINANCIAL HIGHLIGHTS - INVESTMENT SHARES
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 -----------------------------------
(UNAUDITED) 1995 1994 1993 *
----------- ------- ------ ------
<S> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05 0.03 0.03
------- ------- ------ ------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.03) (0.05) (0.03) (0.03)
------- ------- ------ ------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ====== ======
TOTAL RETURN ** 2.69% 5.25% 3.02% 2.70%
RATIOS TO AVERAGE NET ASSETS
Expenses 0.49%(b) 0.49% 0.49% 0.48%(b)
Net investment income 5.28%(b) 5.12% 2.97% 2.69%(b)
Expense waiver/reimbursement (a) 0.42%(b) 0.44% 0.45% 0.47%(b)
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $18,375 $10,169 $6,147 $4,714
</TABLE>
* Reflects operations for the period from August 11, 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 charged, 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)
77
<PAGE> 80
FOUNTAIN SQUARE COMMERCIAL PAPER FUND
FINANCIAL HIGHLIGHTS - TRUST SHARES
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 -----------------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992
----------- -------- -------- -------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05 0.03 0.03 0.04
-------- -------- -------- -------- -----------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.03) (0.05) (0.03) (0.03) (0.04)
-------- -------- -------- -------- -----------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ===========
TOTAL RETURN * 2.69% 5.25% 3.02% 2.78% 4.27%
RATIOS TO AVERAGE NET ASSETS
Expenses 0.49%(b) 0.49% 0.49% 0.48% 0.46%
Net investment income 5.28%(b) 5.12% 2.97% 2.75% 4.19%
Expense waiver/reimbursement (a) 0.07%(b) 0.09% 0.10% 0.12% 0.14%
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $236,315 $223,640 $213,126 $180,065 $ 194,308
</TABLE>
* Based on net asset value, which does not reflect the sales load or
contingent deferred sales charged, 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)
78
<PAGE> 81
FOUNTAIN SQUARE GOVERNMENT CASH RESERVES FUND
FINANCIAL HIGHLIGHTS - INVESTMENT SHARES
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 ----------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992*
----------- ------- ------- ------- ------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05 0.03 0.03 0.03
------- ------- ------- ------- ------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.03) (0.05) (0.03) (0.03) (0.03)
------- ------- ------- ------- ------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======
TOTAL RETURN ** 2.64% 5.22% 3.03% 2.76% 2.61%
RATIOS TO AVERAGE NET ASSETS
Expenses 0.50%(b) 0.50% 0.50% 0.50% 0.50%(b)
Net investment income 5.18%(b) 5.17% 2.96% 3.22% 3.68%(b)
Expense waiver/reimbursement (a) 0.43%(b) 0.45% 0.48% 0.50% 0.50%(b)
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $56,716 $45,726 $11,073 $10,923 $8,726
</TABLE>
* Reflects operations for the period from November 25, 1991 (date of initial
public investment) to July 31, 1992.
** Based on net asset value, which does not reflect the sales load or
contingent deferred sales charged, 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)
79
<PAGE> 82
FOUNTAIN SQUARE GOVERNMENT CASH RESERVES FUND
FINANCIAL HIGHLIGHTS - TRUST SHARES
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 ---------------------------------------
(UNAUDITED) 1995 1994 1993 1992
----------- -------- -------- ------- -------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05 0.03 0.03 0.04
-------- -------- -------- ------- -------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.03) (0.05) (0.03) (0.03) (0.04)
-------- -------- -------- ------- -------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======= =======
TOTAL RETURN * 2.64% 5.22% 3.03% 2.76% 4.19%
RATIOS TO AVERAGE NET ASSETS
Expenses 0.50%(b) 0.50% 0.50% 0.50% 0.50%
Net investment income 5.18%(b) 5.17% 3.01% 3.22% 4.14%
Expense waiver/reimbursement (a) 0.08%(b) 0.20% 0.13% 0.15% 0.15%
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $125,365 $129,603 $106,632 $92,993 $82,888
</TABLE>
* Based on net asset value, which does not reflect the sales load or
contingent deferred sales charged, 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)
80
<PAGE> 83
FOUNTAIN SQUARE U.S. TREASURY OBLIGATIONS FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
FOR SIX
MONTHS
ENDED
JANUARY 31, YEAR ENDED JULY 31,
1996 --------------------------------------------------------
(UNAUDITED) 1995 1994 1993 1992
----------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income 0.03 0.05 0.03 0.03 0.04
-------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends to shareholders from net
investment income (0.03) (0.05) (0.03) (0.03) (0.04)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
TOTAL RETURN * 2.71% 5.18% 3.02% 2.82% 4.32%
RATIOS TO AVERAGE NET ASSETS
Expenses 0.44%(b) 0.44% 0.44% 0.44% 0.45%
Net investment income 5.33%(b) 5.07% 2.99% 2.79% 4.18%
Expense waiver/reimbursement (a) 0.07%(b) 0.11% 0.14% 0.15% 0.15%
SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $374,693 $321,640 $336,229 $290,408 $339,924
</TABLE>
* Based on net asset value, which does not reflect the sales load or
contingent deferred sales charged, 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)
81
<PAGE> 84
FOUNTAIN SQUARE FUNDS
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 1996
(UNAUDITED)
- --------------------------------------------------------------------------------
(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")
Fountain Square Commercial Paper Fund ("Commercial Paper Fund")
Fountain Square Government Cash Reserves Fund ("Government Cash Reserves Fund")
Fountain Square U.S. Treasury Obligations Fund ("U.S. Treasury Obligations
Fund")
*Non-diversified
Government Cash Reserves Fund and Commercial Paper Fund each offer two classes
of shares: Trust Shares and Investment Shares.
(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. The
preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expenses
for the period. Actual results could differ from those estimates. The following
is a summary of significant accounting policies followed by the Trust in
preparation of its financial statements. The policies are in conformity with
generally accepted accounting principles.
A. SECURITIES VALUATIONS -- Investments of the money market funds are valued at
either amortized cost, which approximates market value, or at original cost,
which combined with accrued interest approximates market value. Under the
amortized cost method, discount or premium is amortized on a constant basis
to the maturity of the security. 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. In addition, the money
market funds may not (a) purchase any instruments with a remaining maturity
greater than thirteen months unless such instrument is subject to a demand
feature, or (b) maintain a dollar-weighted average maturity which exceeds 90
days.
Investments in equity securities are determined on the basis of the mean
between the latest available bid and asked prices in the principal market
(last sales price on a national securities exchange). For unlisted
securities, value is determine on the basis of the latest bid prices.
Investments in other open-
82
<PAGE> 85
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
end investment companies are valued at net asset value. Bonds and other
fixed income securities are valued at prices provided by an independent
pricing service. Value of all other securities are determined at fair value
in good faith by the Board of Trustees.
B. REPURCHASE AGREEMENTS -- 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 advisor to be creditworthy
pursuant to guidelines and/or standards reviewed or established by the Board
of Trustees (the "Trustees"). 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 the repurchase price to be paid
under the repurchase agreement transaction. 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. SECURITY TRANSACTIONS AND RELATED INCOME -- Security transactions are
accounted for on the date the security is purchased or sold (trade date).
Interest income is recognized on the accrual basis and includes, where
applicable, the pro rata amortization of premium or discount. Dividend
income is recorded on the ex-dividend date. Gains or losses realized on
sales of securities are determined by comparing the identified cost of the
security lot sold with the net sales proceeds.
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 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 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 foreign currencies, 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. 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.
83
<PAGE> 86
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
At January 31, 1996 the International Equity Fund had outstanding forward
foreign currency exchange contracts as set forth below.
<TABLE>
<CAPTION>
CONTRACTS UNREALIZED
DELIVERY TO DELIVER IN EXCHANGE APPRECIATION
DATE (LOCAL CURRENCY) FOR (DEPRECIATION)
- -----------------------------------------------------------------------------------------------------------
<C> <C> <C> <C>
AUSTRIAN SCHILLING
04/30/96 9,560,800 $ 950,000 $ 32,633
BELGIAN FRANC
04/30/96 44,529,650 1,581,477 119,283
04/30/96 2,936,200 100,000 3,586
04/30/96 1,514,875 50,000 257
02/07/96 41,615,454 1,356,436 (4,266)
02/7/96 8,231,713 269,627 475
02/7/96 1,093,857 35,757 (8)
04/30/96 2,955,000 100,000 (2,968)
04/30/96 48,980,725 1,608,932 (581)
GERMAN DEUTSCH MARK
04/30/96 3,587,875 2,500,000 79,523
04/30/96 858,720 600,000 20,684
04/29/96 4,880,035 3,415,000 122,980
04/30/96 1,768,860 1,200,000 6,679
04/30/96 3,452,502 2,350,000 20,848
02/01/96 3,711,488 2,489,194 5,271
FRENCH FRANC
04/29/96 16,109,485 3,290,000 130,103
04/30/96 3,531,255 700,000 7,325
NETHERLAND GUILDER
07/31/96 3,943,408 2,584,824 193,617
04/29/96 159,890 10,000 3,576
04/29/96 263,840 160,000 887
SWISS FRANC
02/28/96 2,928,873 2,410,000 (12,782)
02/28/96 290,050 250,000 10,069
JAPANESE YEN
04/30/96 988,065,550 12,412,884 3,073,007
04/30/96 447,814,150 5,309,000 1,075,952
08/30/96 176,140,000 2,000,000 309,798
08/14/96 360,071,900 3,910,000 460,899
04/30/96 591,637,313 6,337,500 744,936
04/30/96 296,850,000 3,000,000 193,969
04/30/96 257,000,000 2,500,000 70,659
04/30/96 134,238,000 1,300,000 31,090
04/30/96 72,845,500 700,000 11,414
----------
Net Unrealized Appreciation of Forward Commitments $6,708,915
==========
</TABLE>
84
<PAGE> 87
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
F. FOREIGN CURRENCY COMMITMENTS -- The International Equity Fund may enter into
foreign currency 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 form 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.
G. 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 January 31, 1996.
H. 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.
I. DIVIDENDS TO SHAREHOLDERS -- Dividends from net investment income are
declared and paid monthly for the Government Securities Fund, the Quality
Bond Fund, and the Ohio Tax Free Fund. Dividends from net investment income
are declared and paid quarterly for the Quality Growth Fund, the Mid Cap
Fund and the Balanced Fund. Dividends from net investment income are
declared and paid annually for International Equity Fund. Dividends from net
investment income are declared daily and paid monthly for the Government
Cash Reserves Fund, the Commercial Paper Fund and the U.S. Treasury
Obligations Fund. Distributable net realized gains, if any, are declared and
distributed at least annually.
Dividends from net investment income and from net realized capital gains are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are primarily
due to differing treatment for mortgage-backed securities, foreign currency
transactions, expiring capital loss carry forwards and deferrals of certain
losses.
J. FEDERAL TAXES -- It is the Funds' policy to comply with the provisions of
the Internal Revenue 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.
K. 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.
L. 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. 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. Net investment income, net realized gains, and net assets
were not affected by this change. No other funds were affected by this
change.
85
<PAGE> 88
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
(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 BOND OHIO TAX FREE
FUND PERIOD FUND PERIOD FUND PERIOD
------------------------- --------------------------- ----------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
1/31/96 7/31/95 1/31/96 7/31/95 1/31/96 7/31/95
-------- ---------- --------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 419,814 761,792 2,094,994 1,854,143 659,039 1,075,184
Shares issued to share
holders in payment of
distributions declared 72,100 136,428 142,600 253,531 33,748 72,999
Shares redeemed (322,621) (1,351,707) (527,647) (1,316,177) (373,799) (760,820)
-------- ---------- --------- ---------- ---------- ----------
Net change resulting from
Fund share transactions 169,293 (453,487) 1,709,947 791,497 318,988 387,363
======== ========== ========= ========== ========== ==========
<CAPTION>
QUALITY GROWTH FUND MID CAP FUND BALANCED FUND
--------------------------- --------------------------- ---------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
1/31/96 7/31/95 1/31/96 7/31/95 1/31/96 7/31/95
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 2,364,848 2,243,996 1,657,495 1,702,064 1,896,093 1,325,352
Shares issued to share
holders in payment of
distributions declared 37,628 79,524 38,076 18,555 64,873 132,700
Shares redeemed (532,747) (2,499,604) (256,007) (965,426) (303,261) (2,432,822)
---------- ---------- ---------- ---------- ---------- ----------
Net change resulting from
Fund share transactions 1,869,729 (176,084) 1,439,564 755,193 1,657,705 (974,770)
========== ========== ========== ========== ========== ==========
<CAPTION>
INTERNATIONAL
EQUITY FUND
----------------------
SIX MONTHS PERIOD
ENDED ENDED
1/31/96 7/31/95*
-------- --------
<S> <C> <C>
Shares sold 1,543,261 9,108,201
Shares issued to share
holders in payment of
distributions declared - -
Shares redeemed (337,590) (315,602)
-------- --------
Net change resulting from
Fund share transactions 1,205,671 8,792,599
========= =========
<CAPTION>
COMMERCIAL GOVERNMENT CASH U.S. TREASURY
PAPER FUND RESERVE FUND OBLIGATIONS FUND
------------------------ -------------------------- -------------------------
SIX MONTHS YEAR SIX MONTHS YEAR SIX MONTHS YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
1/31/96 7/31/95 1/31/96 7/31/95 1/31/96 7/31/95
-------- ------- -------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Shares sold 480,921,269 1,114,106,500 149,664,976 1,029,179,974 529,483,304 195,672,222
Shares issued to share
holders in payment of
distributions declared - - - - - -
Shares redeemed (460,039,183) (1,103,592,384) (142,913,054) (1,043,768,436) (476,431,178) (172,701,456)
------------ -------------- ------------ -------------- ------------ ------------
Net change resulting from
Fund share transactions 20,882,086 10,514,116 6,751,922 (14,588,462) 53,052,126 22,970,766
============ ============== ============ ============== ============ ============
</TABLE>
* For the period from August 19, 1994 (date of initial public investment) to
July 31, 1995.
86
<PAGE> 89
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
COMMERCIAL PAPER FUND
--------------------------------------------------------------------------
SIX MONTHS ENDED JANUARY 31, 1996 YEAR ENDED JULY 31, 1995
-------------------------------- --------------------------------
INVESTMENT TRUST
SHARES SHARES INVESTMENT TRUST
(UNAUDITED) (UNAUDITED) SHARES SHARES
---------- ------------ ----------- --------------
<S> <C> <C> <C> <C>
Shares sold 18,000,060 462,921,209 25,274,657 1,114,106,500
Shares redeemed (9,793,192) (450,245,991) (21,252,811) (1,103,592,384)
---------- ------------ ----------- --------------
Net change resulting from
Fund share transactions 8,206,868 12,675,218 4,021,846 10,514,116
========== ============ =========== ==============
<CAPTION>
GOVERNMENT CASH RESERVES FUND
---------------------------------------------------------------------------
SIX MONTHS ENDED JANUARY 31, 1996 YEAR ENDED JULY 31, 1995
----------------------------------- ---------------------------------
INVESTMENT TRUST
SHARES SHARES INVESTMENT TRUST
(UNAUDITED) (UNAUDITED) SHARES SHARES
----------- ------------ ----------- ------------
<S> <C> <C> <C> <C>
Shares sold 50,716,739 98,948,237 71,651,634 195,672,222
Shares redeemed (39,726,697) (103,186,357) (36,998,712) (172,701,456)
----------- ------------ ----------- ------------
Net change resulting from
Fund share transactions 10,990,042 (4,238,120) 34,652,922 22,970,766
=========== ============ =========== ============
</TABLE>
(4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISORY FEE -- Fifth Third Bank, the Trust's investment advisor (the
"Advisor"), 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>
FUND ANNUAL 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%
Government Cash Reserve Fund 0.40%
Commercial Paper Fund 0.40%
U.S. Government Obligations Fund 0.40%
</TABLE>
The Advisor may voluntarily choose to waive a portion of its fee and reimburse
certain operating expenses of each fund. The Advisor 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-advisor (the "Sub-Advisor"). The Advisor compensates the Sub-Advisor at the
annual rate of 0.50% of the International Equity Fund's average daily net
assets.
ADMINISTRATIVE FEE -- Effective December 1, 1995 Bisys Fund Services ("BISYS")
became the Trust's administrator. The administrator generally assists in all
aspects of the Trust's administration and operation including providing the Fund
with certain administrative personnel and services necessary to operate the
Fund. Also effective December 1, 1995, pursuant to a separate agreement with
BISYS, Fifth Third Bank performs sub-administrative services on behalf of the
Fund including providing certain administrative personnel and services necessary
to operate the Fund, for which it receives a fee from BISYS computed daily as a
percentage of the daily net assets of the Fund. Under the terms of the
87
<PAGE> 90
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
administration agreement, BISYS' fees are computed daily as a percentage of the
average net assets of the Trust for the period. Administration fees are computed
at 0.10% of first $1 billion of net assets of the Trust, 0.08% of net assets of
the Trust between $1 billion and $2 billion, and 0.07% of more than $2 billion
of net assets of the Trust. Prior to December 1, 1995 the previous Administrator
received $364,967 for their services.
DISTRIBUTION SERVICES FEE -- The Government Cash Reserves Fund and the
Commercial Paper Fund have adopted a Distribution Plan (the "Plan") pursuant to
Rule 12b-1 under the Act. Effective December 1, 1995 BISYS serves as the Trust's
principal distributor. Under the terms of the Plan, the Fund will compensate the
principal distributor from the net assets of the Fund's Investment Shares to
finance activities intended to result in the sales of the Fund's Investment
Shares. The Plan provides that the Government Cash Reserves Fund and the
Commercial Paper Fund may incur distribution expenses up to 0.25% and 0.35%,
respectively, of the average daily net assets of the Investment Shares,
annually, to compensate the distributor. The distributor may voluntarily choose
to waive all or a portion of its fee. The distributor can modify or terminate
this voluntary waiver at any time at its sole discretion. Prior to December 1,
1995, Federated Securities Corp. acted as the distributor of the Trust.
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. Prior to November 1995, Fifth Third Bank sub-contracted
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.
Fifth Third Bank also maintains the Funds' accounting records except with
respect to the International Equity Fund for which it receives a fee. Prior to
November, 1995, Fifth Third Bank sub-contracted the execution of the accounting
services functions to an 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.
BISYS Fund Services provides accounting services for the International Equity
Fund for a fee based on average net assets for the period.
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.
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 for the six
months ended January 31, 1996, 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 $14,430,270 $64,418,126 $7,212,473 $37,153,567 $20,121,758
Sales $12,942,441 $47,020,982 $3,244,245 $10,384,590 $ 3,859,415
<CAPTION>
INTERNATIONAL
BALANCED EQUITY
FUND FUND
----------- -------------
<S> <C> <C>
Purchases $33,804,874 $29,221,594
Sales $18,351,849 $15,272,412
</TABLE>
88
<PAGE> 91
FOUNTAIN SQUARE FUNDS
- --------------------------------------------------------------------------------
(6) CONCENTRATION OF CREDIT RISK
Since the Ohio Tax Free Fund invests a substantial portion of its assets in
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 January 31,
1996, 41% 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. The International Equity Fund has a relatively large concentration of
securities invested in companies domiciled in Japan. The Fund may be more
susceptible to the political, social and economic events adversely affecting the
Japanese companies than funds not so concentrated.
89
