<PAGE>
FOUNTAIN SQUARE FUNDS
U.S. GOVERNMENT SECURITIES FUND
MUNICIPAL BOND FUND
BOND FUND FOR INCOME
EQUITY INCOME 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
[PHOTO APPEARS HERE]
SEMI-ANNUAL REPORT TO SHAREHOLDERS
JANUARY 31, 1997
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This report is authorized for distribution to prospective investors only when
preceded or accompanied by the Funds' prospectus, which contains facts
concerning the objectives 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 1-888-799-5353 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 Advisor 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>
Shareholder's Letter
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Dear Shareholder,
We are pleased to present the Fountain Square Funds' semi-annual Report to
Shareholders for the six-month period ended January 31, 1997. This letter offers
us an opportunity to review some of the principles that have continued to guide
our investment strategy in recent months and to comment on current market
conditions and our strategy going forward. It is followed by detailed
descriptions of each Fund's activities during the recent period.
Staying the course
The financial markets experienced dramatic gains during the recent period, with
the S&P 500 delivering a total return of 24.15%. Such gains may tempt some
investors to abandon their long-term strategies in pursuit of dramatic, short-
term profits.
By contrast, we have continued to invest with the aim of increasing long-term
returns while carefully structuring each Fund's risk exposure according to the
terms of its investment objective and policies.
Our equity positions generally include shares of high-quality companies with
conservative capital structures, consistent growth in earnings and dividends,
solid market niches and strong management. Such companies typically perform well
in the long run--and they are especially attractive as investments in the
current economic environment.
One reason: We have just experienced five consecutive years of earnings growth
for the companies that make up the S&P 500. And although we expect an
unprecedented sixth straight year of earnings growth in 1997, we believe the
rate of growth probably will be similar to the 7% gain of 1996 and in line with
long-term averages. As profit growth ebbs, shares of firms that can deliver
consistent strong earnings will likely perform well. We believe many of those
firms will be in the technology, financial services and health-care industries.
Selectivity crucial to future performance
We continue to be cautiously optimistic about prospects for the financial
markets in the near term, thanks to continued slow economic growth and low
inflation.
However, we generally avoid making investments based on anyone's forecast of
month-to-month financial market fluctuations. For example, in the bond market we
do not make bets on interest-rate trends. Instead, we maintain average
maturities of around four years for the U.S. Government Securities Fund and
seven to ten years for our other fixed-income portfolios. At the same time, we
look for opportunities to provide value to shareholders by purchasing securities
that have fallen from favor for no good reason.
Similarly, in the stock market we avoid large short-term bets on stocks or
sectors and, instead, look for long-term trends that can fuel performance for
years or even decades to come. For example, we continue to invest in companies
that will benefit from the aging of the baby-boom generation. The baby boomers
will need more medical care as they grow older, so we have focused some of our
research on finding the most promising pharmaceutical companies. The financial-
services industry also will benefit as the baby boomers continue to step up
their investing for retirement; thus, our Funds have found excellent
opportunities in that sector as well.
We also have continued to invest in technology companies that can contribute to
future productivity gains by corporate America. Technological advances will
continue to drive enormous growth for such firms.
As always, we will hold shares of good companies for relatively long periods.
That approach reduces turnover and, thus, cuts taxes and other transaction
costs. Moreover, frequent trading can cause investors to miss out on gains that
patient investors typically reap.
1
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Three new Funds
We are pleased to announce the addition of three new Funds to the Fountain
Square family of mutual funds. The new Funds will broaden your opportunities to
invest toward a variety of long-term goals.
The Fountain Square Equity Income Fund is a conservative growth Fund that will
invest in high-quality common stocks or convertible securities with above-
average yields. It combines growth potential and current income.
The Fountain Square Bond Fund For Income is designed for investors who seek a
high level of current income consistent with minimal price fluctuation. The Fund
invests in intermediate-term debt securities with maturities of 10 years or
less. Thus, its share price is less sensitive to interest rate changes than the
share prices of funds with longer average maturities.
The Fountain Square Municipal Bond Fund is designed for investors seeking a high
level of current income free from federal regular income tax. It invests in a
diversified portfolio of municipal securities from around the nation.
It's important to emphasize that the three Funds are not new to us at Fifth
Third Bank. In fact, the portfolios have been managed for more than ten years
as common trust Funds. Thus, the investment styles are founded on the same
principles as those of our other Funds: a commitment to value and long-term
results that can safely lead shareholders to their goals.
For more complete information about these new Funds, including charges and
expenses, please call 1-800-654-5372 for a prospectus. Please read the
prospectus carefully before investing.
Sincerely,
/s/ James D. Berghausen /s/ Stephen G. Mintos
- ------------------------- -----------------------
James D. Berghausen, CFA Stephen G. Mintos
Chief Investment Officer President
Fifth Third Bank Fountain Square Funds
February 4, 1997 February 4, 1997
2
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Investment Reviews
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Fountain Square U.S. Government Securities Fund
During the six months ended January 31, 1997, the Fund distributed income of
$0.26 per share. Its net asset value increased from $9.55 to $9.65, for a total
return of 3.79% on Investment A shares (before deduction of sales charge). The
return compares to a 3.77% return for the Fund's benchmark, the Lipper
Short-Intermediate Government Bond Funds Average.
During the past six months, investors continued their struggle to evaluate the
state of the economy. Their perceptions often conflicted with the Federal
Reserve's actions. In August, bond prices fell because the market expected the
Fed to boost short-term rates. The Fed did not do so, and by November, yields on
intermediate-term securities had fallen by 30 to 40 basis points. Bonds slumped
again in December as investors worried that inflation would cause the Fed to
increase rates on short-term securities--but once again, the Fed took no action.
With the Federal Reserve holding steady on short-term interest rates, the market
was left to determine the appropriate level of interest rates. The resulting
volatility provided opportunities to take advantage of investors' responses to
current economic news. For example, we extended the average maturity of the
portfolio to lock in yields when rates climbed sharply due to exaggerated fears
of rising inflation and an overheating economy. We also shortened the portfolio
modestly when interest rates fell. But we refrained from making large bets on
the direction of interest rates, given the uncertain economic conditions.
Looking ahead, we believe a tight labor market could play an inflationary role
in the economy. Thus, we will maintain a relatively neutral average maturity for
the Fund's portfolio, while looking for opportunities to enhance shareholders'
current income. We anticipate continued volatility in the bond market as
investor sentiment continues to "flip-flop" with newly released economic
figures. If rates rise sharply, we will look for opportunities to extend
maturities. But we will reduce the Fund's average maturity if European economies
show signs of growth that could boost the U.S. economy as well.
[LINE GRAPH APPEARS HERE]
Growth of $10,000 Invested in Fountain Square U.S. Government Securities Fund
<TABLE>
<CAPTION>
DATES/VALUES
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FUND / INDEX NAME 11/20/92 07/31/93 07/31/94 07/31/95 07/31/96 01/31/97
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<S> <C> <C> <C> <C> <C> <C>
Lehman Brothers Inter Govt Bond 10,000 10,710 10,809 11,745 12,356 12,868
Lipper Short Term Govt Bond 10,000 10,532 10,525 11,239 11,780 12,224
Investment A Shares 9,551 10,017 10,028 10,797 11,188 11,613
Investment C Shares 10,000 10,488 10,500 11,304 11,698 12,084
</TABLE>
AVERAGE ANNUAL TOTAL RETURN FOR
THE PERIOD ENDED JANUARY 31, 1997
<TABLE>
<CAPTION>
Investment A* Investment C*
------------- -------------
<S> <C> <C>
1 Year................................. -2.48% ............ 1.49%
Start of Performance (11/20/92)........ 3.62% ............ 4.61%
</TABLE>
Investment C Shares were initially offered April 19, 1996. The performance
figures for Investment C Shares for periods prior to such date represent the
performance for Investment A Shares of the Fund. Investment C shareholders that
redeem within one year of purchase are subject to a contingent deferred sales
charge of 1.00%. Investment C Shares are also subject to administrative services
fees at a maximum rate of 0.25 of 1% of the average daily net asset value of
Investment C Shares. The maximum sales charge for the Investment A Shares is
4.50%.
3
<PAGE>
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*Total return quoted reflects all applicable sales charges and contingent
deferred sales charges.
The Fund's performance is measured against the Lehman Brothers Intermediate
Government Bond Index, an unmanaged index generally representative of the
performance of intermediate-term Government bonds, and the Lipper Short-
Intermediate U.S. Government Funds Average, representative of the average of the
total returns reported by all of the mutual funds designated by Lipper
Analytical Services, Inc. as falling into this category. The Lehman Brothers
Intermediate Government Bond Index does not reflect the deduction of fees
associated with a mutual fund, such as investment-management and fund-accounting
fees. However, the Lipper Short-Intermediate U.S. Government Funds Average and
the Fund's performance reflect the deduction of fees for these value-added
services. Past performance is not indicative of future results. The investment
return and NAV will fluctuate so that an investor's shares, when redeemed, may
be worth more or less than their original cost.
Fountain Square Municipal Bond Fund/1/
The Fund became available to investors on January 27, 1997. Total net assets as
of January 31, 1997, were $99 million.
This Fund will invest in high-quality municipal securities with an average
credit rating of around AA1 as rated by Moody's. The Fund's average maturity
will remain at 6 to 7 years. We will attempt to add value by investing in high-
quality issues when they offer attractive opportunities relative to issues in
other sectors of the municipal market. The Fund is compared to the Lipper
Intermediate Municipal Bond Funds Index.
/1/Some or all of the income may be subject to the federal alternative minimum
tax and to certain state and local taxes.
Fountain Square Bond Fund For Income
This Fund became available to investors on January 27, 1997. It ended the period
with total net assets of $135 million. It is best suited for investors who
desire stable income, with total return as a secondary concern.
The Fund, which has been created from the conversion of an existing common trust
fund, has a 10-year maximum maturity. We expect the average maturity of the
portfolio to be about 3.5 years, which will tend to make the Fund less volatile
than funds with longer average maturities. The average credit quality of the
portfolio will be very high, at around AA.
The Fund will hold bonds issued by the U.S. Treasury and government agencies, as
well as corporate and asset-backed securities. That combination should help to
maintain a relatively high yield given the Fund's conservative average maturity.
Fountain Square Equity Income Fund
The Fund became available to investors on January 27, 1997 and ended the period
with $103 million in total net assets.
The Fund's objective is to pursue high current income and capital appreciation
by investing in stocks of companies whose dividends are likely to rise over
time. Typically, such firms have delivered steady earnings growth in the past.
The Fund's largest investments are in the following sectors: financial services
(28%), utilities (23%), energy (14%) and consumer staples (13%)./1/
We will emphasize financial-services stocks because of their appealing yields
and recent strong earnings and dividend growth. We intend to remain fully
invested in the stock market while changing the Fund's allocations among
different industries to seize opportunities that may arise. Our intention is to
generate a higher amount of income for shareholders as well as capital gains.
/1/The composition of the Fund's portfolio is subject to change.
4
<PAGE>
Fountain Square Quality Bond Fund
During the six months ended January 31, 1997, the Fund delivered a total return
of 4.32% on Investment A shares (before deduction of sales charge). That
return reflected an income distribution of $0.27 per share and an increase in
the Fund's net asset value from $9.52 to $9.66. The Fund's benchmark, the
Lipper Intermediate Investment Grade Debt Funds Average, posted a total return
of 4.69%.
The bond market experienced considerable volatility during the period, as
investors were uncertain about the strength of the economy and how the Federal
Reserve would manage interest rates. For example, bond prices fell in August
because investors expected the Federal Reserve to raise rates; however, the Fed
remained neutral.
In that environment, unpredictable investor sentiment determined bond prices.
That made the period a difficult time to invest based on fundamental factors
that drive the bond market in the long term. Thus, we maintained a neutral
maturity to the market for the Fund of around 8 years.
Meanwhile, however, we were able to find opportunities to pursue profits by
taking advantage of attractive valuations in particular sectors of the bond
market, such as mortgage-backed securities. We also brought higher-coupon
securities when yields declined and went into lower coupon securities when
interest rates rose. Those strategic moves improved the performance of the
Fund.
The Fund held mainly high-quality issues, which helped reduce its credit risk.
The portfolio's average credit rating was around AAA, and none of its holdings
were rated below BBB.
Looking ahead, we expect that the bond market will continue to fluctuate with
investor sentiment, based on short-term economic news. It seems likely that 1997
will be a year of slow-to-moderate economic growth and low inflation. As long as
wage inflation doesn't rebound, we believe the Federal Reserve will stay on the
sidelines.
Meanwhile, we will invest about one half of the Fund's portfolio in securities
with average maturities that are neutral relative to our benchmark. We will use
the other half of the Fund's holdings to take advantage of opportunities in
various sectors of the fixed-income market, as well as other opportunities
created by fluctuations in yields. That way we can react to changes in the
outlook for the bond market or its various sectors.
<TABLE>
<CAPTION>
[GRAPH APPEARS HERE]
Growth of $10,000 Invested in Fountain Square Quality Bond Fund
FUND / INDEX NAME 11/20/92 07/31/93 07/31/94 07/31/95 07/31/96 01/31/97
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Lehman Brothers Aggregate Bond 10,000 10,893 10,903 12,711 13,412 14,075
Lipper Intermediate Investment
Grade Debt Funds Average 10,000 10,920 10,900 11,876 12,442 13,026
Investment A Shares* 9,551 10,199 10,072 10,967 11,390 11,883
Investment C Shares* 10,000 10,678 10,545 11,483 11,909 12,398
</TABLE>
AVERAGE ANNUAL TOTAL RETURN FOR
THE PERIOD ENDED JANUARY 31, 1997
<TABLE>
<CAPTION>
Investment A* Investment C*
------------ ------------
<S> <C> <C>
1 Year................................................ -2.56% ......... 1.05%
Start of Performance (11/20/92)....................... 4.19% ......... 5.25%
</TABLE>
5
<PAGE>
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Investment C Shares were initially offered April 19, 1996. The performance
figures for Investment C Shares for periods prior to such date represent the
performance for Investment A Shares of the Fund. Investment C shareholders that
redeem within one year of purchase are subject to a contingent deferred sales
charge of 1.00%. Investment C Shares are also subject to administrative services
fees at a maximum rate of 0.25 of 1% of the average daily net asset value of
Investment C Shares. The maximum sales charge for the Investment A Shares is
4.50%.
*Total return quoted reflects all applicable sales charges and contingent
deferred sales charges.
The Fund's performance is measured against the Lehman Brothers Aggregate Bond
Index, an unmanaged index generally representative of the performance of the
bond market as a whole, and the Lipper Intermediate Investment Grade Debt Funds
Average, representative of the average of the total returns reported by all of
the mutual funds designated by Lipper Analytical Services, Inc. as falling into
this category. The Lehman Brothers Aggregate Bond Index does not reflect the
deduction of fees associated with a mutual fund, such as investment management
and fund accounting fees. However, the Lipper Intermediate Investment Grade Debt
Funds Average and the Fund's performance reflect the deduction of fees for these
value-added services. Past performance is not indicative of future results. The
investment return and NAV will fluctuate, so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
Fountain Square Ohio Tax Free Bond Fund/1/
The Fund posted a total return of 2.90% on Investment A shares (before deduction
of sales charge) during the six months ended January 31, 1997. That return
reflected an income distribution of $0.22 per share and an increase in the
Fund's net asset value from $10.01 to $10.08. The Fund's benchmark, the Lipper
Ohio Intermediate Municipal Debt Funds Average, returned 3.23% for the period.
Municipal securities outperformed their taxable counterparts during the second
half of 1996. The reasons: Investors' fear of a flat tax diminished after the
presidential election, allowing municipals to recover ground they had lost to
taxable bonds. What's more, municipal securities continued to be in short
supply, which led to strong demand for Ohio municipal bonds.
The overall bond market experienced considerable volatility during the period as
investors debated the Federal Reserve's intentions regarding monetary policy.
Investors reacted very strongly to economic reports released during the period,
causing considerable fluctuations in bond prices. But municipal securities were
generally more stable than taxable issues. One reason: Municipals' reaction to
economic news tends to lag behind taxable bonds' reaction. That lag time gives
municipal investors stronger clues about how to react and helps to dampen
volatility.
Ohio's economic conditions continued to improve. We favored high-quality
general-obligation securities (GOs). GOs are backed by their issuers' taxing
authority and thus tend to have very high credit quality. We also invested
significant sums in non-callable municipals, which attracted heavy demand from
investors during the period.
We further sought to boost the Fund's return by taking advantage of
opportunities to replace odd-lot holdings of certain securities with round-lots
($1,000,000 or more), which enhanced the liquidity of the portfolio. Those
opportunities arose when there was high demand in the municipal market, and
investors were willing to pay a premium for odd-lot issues. We used the proceeds
to purchase round-lot issues when their prices declined.
A large number of new municipal securities were issued in January, which is
typical for that month. The surge in supply caused municipal bonds to trail
taxable issues during the month. However, it seems likely that municipals will
regain their lost ground as the supply is absorbed by the market.
It's worth noting that most of the new issues are backed by some form of
insurance. But even an insured bond can suffer losses if the issuer has credit
troubles. Thus, we continued to evaluate all prospective purchases with an eye
toward the issuers' credit quality.
Looking ahead, we believe that the economy will grow at a slow to moderate rate,
keeping inflation low. The volume of new issue supply also will begin to
diminish as we move into 1997. Both factors
6
<PAGE>
should help the municipal bond market. We probably will continue to maintain a
neutral to slightly long average maturity. At the same time, we will maintain
the portfolio's high credit quality.
Growth of $10,000 Invested in Fountain Square Ohio Tax Free Bond Fund
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
05/27/93 07/31/93 07/31/94 07/31/95 07/31/96 01/31/97
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<S> <C> <C> <C> <C> <C> <C>
Lehman 5 Yr. Municipal Bond 10,000 10,172 10,425 11,211 11,708 12,090
Lipper Ohio Municipal Bond 10,000 10,169 10,357 11,041 11,709 12,087
Investment A Shares 9,551 9,550 9,736 10,420 10,872 11,186
Investment C Shares 10,000 9,999 10,194 10,910 11,344 11,643
</TABLE>
<TABLE>
<CAPTION>
AVERAGE ANNUAL TOTAL RETURN FOR
THE PERIOD ENDED JANUARY 31, 1997
Investment A* Investment C*
------------ ------------
<S> <C> <C>
1 Year....................................-2.27%..................1.69%
Start of Performance (5/27/93).............3.09%..................4.21%
</TABLE>
Investment C Shares were initially offered April 19, 1996. The performance
figures for Investment C Shares for periods prior to such date represent the
performance for Investment A Shares of the Fund. Investment C shareholders that
redeem within one year of purchase are subject to a contingent deferred sales
charge of 1.00%. Investment C Shares are also subject to administrative services
fees at a maximum rate of 0.25 of 1% of the average daily net asset value of
Investment C Shares. The maximum sales charge for the Investment A Shares is
4.50%.
* Total return quoted reflects all applicable sales charges and contingent
deferred sales charges.
The Fund's performance is measured against the Lehman Brothers 5-Year Municipal
Growth Index, an unmanaged index generally representative of the performance of
the intermediate-term municipal bond market, and the Lipper Ohio Intermediate
Municipal Debt Funds Average, representative of the average of the total returns
reported by all of the mutual funds designated by Lipper Analytical Services,
Inc. as falling into this category. The Lehman Brothers 5-Year Municipal Growth
Index does not reflect the deduction of fees associated with a mutual fund, such
as investment management and fund accounting fees. However, the Lipper Ohio
Intermediate Municipal Debt Funds Average and the Fund's performance reflect the
deduction of fees for these value-added services. Past performance is not
indicative of future results. The investment return and NAV will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost.
/1/ Some or all of the income may be subject to the federal alternative minimum
tax and to certain state and local taxes.
7
<PAGE>
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Fountain Square Quality Growth Fund
The Fund posted a total return of 24.95% on Investment A shares (before
deduction of sales charge) during the six months ended January 31, 1997. Its net
asset value rose from $13.16 to $15.63. The Fund's total return compared to a
22.53% return for the Lipper Growth Funds Average, one of the Fund's benchmarks.
We continued to invest in shares of high-quality companies with visible
above-average earnings growth rates. Such stocks have performed well in an
environment where corporate earnings remain positive but are growing at a slower
pace.
Our approach resulted in an overweighting in the technology and financial
services sectors and an underweighting in transportation, utilities and basic
materials. Stocks that helped boost the Fund's return during the period included
Intel Corp. (7.75% of total assets as of January 31, 1997), Adaptec Inc. (1.95%)
and Microsoft Corp. (2.66%) in the computer software and services sector; and
Allstate Corp. (2.09%) and Mellon Bank Corp. (1.78%) in the banking industry. We
also doubled our investment in the health-care and pharmaceuticals industry to
11% of the Fund's holdings. We purchased shares of quality pharmaceuticals
companies such as Johnson & Johnson (2.11%), Schering-Plough Corp. (2.82%) and
Pfizer Inc. (2.81%). /1/
Looking ahead, we expect to remain fully invested, maintaining a diversified
portfolio dominated by shares of companies that can deliver strong earnings
growth even in a slowing economy. We will continue to emphasize technology and
financial services stocks and will also increase our exposure to health care.
As of January 31, 1997, the Fund's top five holdings were Intel Corp. (7.75%),
Federal Home Loan Mortgage Corp. (4.31%), Oracle Corp.(4.21%), First Data
Corp.(3.67%) and Bank of New York Co., Inc. (3.26%)/1/
Growth of $10,000 Invested in Fountain Square Quality Growth Fund
[LINE GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
DATES/VALUES
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FUND/INDEX NAME 11/20/92 07/31/93 07/31/94 07/31/95 07/31/96 01/31/97
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
S&P Barra Growth 10,000 9,689 10,053 13,191 15,515 19,474
Lipper Growth 10,000 10,608 11,106 13,941 15,007 18,388
Investment A Shares 9,551 9,195 9,486 11,688 13,171 16,457
Investment C Shares 10,000 9,627 9,932 12,237 13,767 17,119
</TABLE>
AVERAGE ANNUAL TOTAL RETURN FOR
THE PERIOD ENDED JANUARY 31, 1997
Investment A* Investment C*
------------- -------------
1 Year....................................22.46%..................27.44%
Start of Performance(11/20/92)............12.58%..................13.65%
Investment C Shares were initially offered April 19, 1996. The performance
figures for Investment C Shares for periods prior to such date represent the
performance for Investment A Shares of the Fund. Investment C shareholders that
redeem within one year of purchase are subject to a contingent deferred sales
charge of 1.00%. Investment C Shares are also subject to administrative services
fees at a maximum rate of 0.25 of 1% of the average daily net asset value of
Investment C Shares. The maximum sales charge for the Investment A Shares is
4.50%.
*Total return quoted reflects all applicable sales charges and contingent
deferred sales charges.
8
<PAGE>
The Fund's performance is measured against the Standard & Poor's BARRA Growth
Index, an unmanaged index generally representative of the growth stock market,
and the Lipper Growth Funds Average, representative of the average of the total
returns reported by all of the mutual funds designated by Lipper Analytical
Services, Inc. as falling into this category. The Standard & Poor's BARRA Growth
Index does not reflect the deduction of fees associated with a mutual fund, such
as investment-management and fund-accounting fees. However, the Lipper Growth
Funds Average and the Fund's performance reflect the deduction of fees for these
value-added services. Past performance is not indicative of future results. The
investment return and NAV will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
/1/ The composition of the Fund's portfolio is subject to change.
Fountain Square Mid Cap Fund
The Fund's net asset value climbed from $12.60 to $14.02, and it posted a total
return of 21.35% on Investment A shares (before deduction of sales charge)
during the six-month period that ended January 31, 1997. That compared to a
19.51% return for the Lipper MidCap Funds Average, one of the Fund's benchmarks.
The shares of the medium-sized companies the Fund holds trailed the performance
of larger, blue-chip companies during the recent period. That resulted in
attractive valuations in the mid-cap market overall. We found opportunities
among mid-sized firms with above-average earnings growth that were neglected by
institutional investors and Wall Street analysts. The Fund invested a
significant stake in the financial services and technology industries, with
underweightings in health care, utilities and basic materials.
We expect corporate earnings growth to be positive but moderate in the months
ahead. In that environment, we will emphasize individual stock selection rather
than sector weightings. Our aim will be to buy undervalued shares of companies
that can deliver above-average earnings growth.
As of January 31, 1997, the Fund's top five holdings were Adaptec Inc. (7.78% of
net assets), Electronics for Imaging (4.43%), MGIC Investment Corp. (4.22%),
Zebra Technologies Corp. Class A (4.21%) and Omnicrom Group (3.65%).
Growth of $10,000 Invested in Fountain Square Mid Cap Fund
[CHART APPEARS HERE]
<TABLE>
<CAPTION>
11/20/92 07/31/93 07/31/94 07/31/95 07/31/96 01/31/97
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SP Mid Cap 400 10,000 10,760 11,136 13,866 14,938 18,144
Lipper Mid Cap 10,000 10,763 11,058 14,572 15,452 18,467
Investment A Shares 9,551 9,290 9,761 12,245 12,400 15,047
Investment C Shares 10,000 9,727 10,220 12,821 12,962 15,679
</TABLE>
AVERAGE ANNUAL TOTAL RETURN FOR
THE PERIOD ENDED JANUARY 31, 1997
<TABLE>
<CAPTION>
Investment A* Investment C*
------------ ------------
<S> <C> <C>
1 Year............................................12.73% .........17.46%
Start of Performance (11/20/92)...................10.21%..........11.29%
</TABLE>
Investment C Shares were initially offered April 19, 1996. The performance
figures for Investment C Shares for periods prior to such date represent the
performance for Investment A Shares of the Fund. Investment C shareholders that
redeem within one
9
<PAGE>
- --------------------------------------------------------------------------------
year of purchase are subject to a contingent deferred sales charge of 1.00%.
Investment C Shares are also subject to administrative services fees at a
maximum rate of 0.25 of 1% of the average daily net asset value of Investment C
Shares. The maximum sales charge for the Investment A Shares is 4.50%.
*Total return quoted reflects all applicable sales charges and contingent
deferred sales charges.
The Fund's performance is measured against the Standard & Poor's MidCap 400
Index, an unmanaged index generally representative of the mid-cap sector of the
U.S. stock market, and the Lipper MidCap Funds Average, representative of the
average of the total returns reported by all of the mutual funds designated by
Lipper Analytical Services, Inc. as falling into this category. The Standard &
Poor's MidCap 400 Index does not reflect the deduction of fees associated with a
mutual fund, such as investment-management and fund-accounting fees. However,
the Lipper MidCap Funds Average and the Fund's performance reflect the deduction
of fees for these value-added services. Past performance is not indicative of
future results. The investment return and NAV will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than their original
cost.
/1/The composition of the Fund's portfolio is subject to change.
Fountain Square Balanced Fund
The Fund's net asset value climbed from $11.75 to $13.17, and it posted a 17.84%
total return on Investment A shares (before deduction of sales charge) during
the six months ended January 31, 1997. That compared to a 14.97% total return
for the Lipper Balanced Funds Average, the Fund's benchmark.
During periods when stocks and bonds appear to offer similar trade-offs between
risk and reward, the Fund generally invests about 65% of its assets in stocks
and 35% in bonds. We maintained the average weighting of 65% equities during the
period benefiting from the stock market's strong performance. The Fund's returns
were due to an emphasis on shares of technology and financial-services
companies, two sectors that performed especially well during the year.
The Fund's equity holdings included a 70% investment in large, quality growth
companies and a 30% stake in fast-growing mid-cap companies. The Fund's fixed-
income holdings included a mix of Treasury, high-quality corporate and mortgage-
backed bonds with average maturities of around eight years./1/
Going forward, we anticipate that the Fund will maintain a neutral mix of 65%
stocks and 35% bonds. We will continue to invest in companies that offer a
combination of strong earnings growth and attractive valuation levels. In the
months ahead, there will be opportunities in both the large- and mid-cap sectors
of the stock market. We expect to gradually increase the Fund's exposure to mid-
cap stocks.
As of January 31, 1997, the Fund's top five equity holdings were Intel Corp.
(4.54% of net assets), Adaptec Inc.(2.53%), Federal Home Loan Mortgage Corp.
(2.48%), American Home Products (2.36%) and Oracle Corp. (1.99%)./1/
10
<PAGE>
Growth of $10,000 Invested in Fountain Square Balanced Fund
[GRAPH APPEARS HERE]
<TABLE>
<CAPTION>
11/20/92 07/31/93 07/31/94 07/31/95 07/31/96 01/31/97
<S> <C> <C> <C> <C> <C> <C>
S&P BARRA Growth Index 10,000 9,689 10,053 13,191 15,515 19,474
Lehman Brothers Aggregate Bond 10,000 10,893 10,903 12,711 13,418 14,081
Lipper Balanced Fund Average 10,000 10,854 11,140 12,811 13,919 16,003
Investment A Shares* 9,551 9,503 9,695 11,574 12,330 14,528
Investment C Shares* 10,000 9,950 10,151 12,118 12,884 15,126
</TABLE>
AVERAGE ANNUAL TOTAL RETURN FOR
THE PERIOD ENDED JANUARY 31, 1997
<TABLE>
<CAPTION>
Investment A* Investment C*
------------ ------------
<S> <C> <C>
1 Year.............................12.04%............................16.64%
Start of Performance (11/20/92).... 9.29%............................10.35%
</TABLE>
Investment C Shares were initially offered April 19, 1996. The performance
figures for Investment C Shares for periods prior to such date represent the
performance for Investment A Shares of the Fund. Investment C shareholders that
redeem within one year of purchase are subject to a contingent deferred sales
charge of 1.00%. Investment C Shares are also subject to administrative services
fees at a maximum rate of 0.25 of 1% of the average daily net asset value of
Investment C Shares. The maximum sales charge for the Investment A Shares is
4.50%.
* Total return quoted reflects all applicable sales charges and contingent
deferred sales charges.
The Fund's performance is measured against the Standard & Poor's BARRA Growth
Index, an unmanaged index generally representative of the growth stock market,
the Lehman Brothers Aggregate Bond Index, an unmanaged index generally
representative of the bond market as a whole, and the Lipper Balanced Funds
Average, representative of the average of the total returns reported by all of
the mutual funds designated by Lipper Analytical Services, Inc. as falling into
this category. Neither the Standard & Poor's BARRA Growth Index nor the Lehman
Brothers Aggregate Bond Index reflect the deduction of fees associated with a
mutual fund, such as investment-management and fund-accounting fees. However,
the Lipper Balanced Funds Average and the Fund's performance reflect the
deduction of fees for these value-added services. Past performance is not
indicative of future results. The investment return and NAV will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost.
/1/ The composition of the Fund's portfolio is subject to change.
11
<PAGE>
Fountain Square International Equity Fund/1/
The Fund posted a 3.79% total return on Investment A shares (before deduction of
sales charge) during the six months ended January 31, 1997. That compared to a
1.01% return for the Morgan Stanley Capital International EAFE (Europe,
Australia, and Far East) Index.
Foreign markets continued to trail the U.S. stock market during the recent
period. Moreover, foreign currencies have been weak compared to the dollar. As a
result, we continue to reduce our exposure to currency risk in the deutsche mark
and the Japanese yen.
The Fund's returns were in part a reflection of strong European markets.
Recently, we increased the Fund's investment in European markets from 42% to
52%. However, the Fund is still underweighted in Europe in comparison to the
EAFE index.
The Fund's Asian investments recently represented 41% of the portfolio, down
from 52% at the beginning of the period. We continue to maintain a neutral
weighting in Japan compared to the EAFE Index. Japan has experienced faltering
economic growth, but we believe that share prices there offer opportunities for
investors willing to take a long-term perspective. Economic growth in other
Asian markets has been strong, providing reasonable valuations there.
The portfolio's holdings within each country are broadly diversified among
industries and sectors, reflecting our belief that an emphasis on the particular
country rather than on individual stocks will determine the Fund's performance.
We also increased the Fund's cash position from 6% to 9% of total assets to
reduce its exposure to any sudden downdraft in foreign markets./2/
We will continue to emphasize countries that offer attractive valuations and
good fundamentals. Given the recent underperformance of foreign markets relative
to the U.S. markets, we believe this is an especially advantageous time to
invest overseas--apart from the diversification benefits that such an investment
offers to investors at any time.
The Fund's top five equity holdings as of January 31, 1997, were British
Petroleum Co. PLC (1.33%), Ente Nazionale Indrocarburi SpA (1.06%), HSBC
Holdings PLC (1.04%), Glaxo Wellcome PLC (1.03%) and Ericsson LM-B (0.99%)./2/
12
<PAGE>
Growth of $10,000 Invested in Fountain Square International Equity Fund
[CHART APPEARS HERE]
<TABLE>
<CAPTION>
--------------------------------------
08/18/94 07/31/95 07/31/96 01/31/97
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Morgan Stanley Capital Intl EAFE 10,000 10,448 10,849 10,959
Investment A Shares 9,551 9,389 10,258 10,647
Investment C Shares 10,000 9,830 10,710 11,072
</TABLE>
AVERAGE ANNUAL TOTAL RETURN FOR
THE PERIOD ENDED JANUARY 31,1997
<TABLE>
<CAPTION>
Investment A/*/ Investment C/*/
------------- -------------
<S> <C> <C>
1 Year................................... -1.70% ......... 2.24%
Start of Performance (8/19/94)........... 2.58% ......... 4.23%
</TABLE>
Investment C Shares were initially offered April 19, 1996. The performance
figures for Investment C Shares for periods prior to such date represent the
performance for Investment A Shares of the Fund. Investment C shareholders that
redeem within one year of purchase are subject to a contingent deferred sales
charge of 1.00%. Investment C Shares are also subject to administrative services
fees at a maximum rate of 0.25 of 1% of the average daily net asset value of
Investment C Shares. The maximum sales charge for the Investment A Shares is
4.50%.
/*/Total return quoted reflects all applicable sales charges and contingent
deferred sales charges.
The Fund's performance is measured against the Morgan Stanley Capital
International EAFE Index, an unmanaged index generally representative of the
foreign stock market. The Index does reflect the deduction of fees associated
with a mutual fund, such as investment management and fund accounting fees.
However, the Fund's performance reflects the deduction of fees for these
value-added services. Past performance is not indicative of future results. The
investment return and NAV will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost.
/1/International investing is subject to certain risk factors, including
currency exchange-rate volatility and differences in economic, social and
political conditions and in taxation and other financial standards.
/2/The composition of the Fund's portfolio is subject to change.
Fountain Square Money Market Funds
During the six-month period ended January 31,1997, the average maturity of the
Fountain Square Money Market Funds generally ranged between 40 and 50 days. That
represented a relatively conservative posture for the Funds. We tried to
maintain a neutral position to the market and to our competitors, as there was
much discussion about the possibility of the Federal Reserve raising short-term
interest rates at the end of 1996. We did not think the Fed would raise rates,
and we were correct. However we decided to maintain a defensive position rather
than engage in the perilous business of trying to outguess the Fed.
That defensive strategy contributed to the Fund's performances and helped to
protect them from risk. We added value through careful trading on the secondary
market, which helped further boost performance.
13
<PAGE>
- --------------------------------------------------------------------------------
During the coming six months, we probably will pursue a similar strategy. The
economy appears to be in a low-inflation, slow-growth period. However, economic
growth has been accelerating for the past few months. Therefore, we will not
make significant shifts in the Funds' average maturities until the Federal
Reserve's intentions regarding interest rates become clearer to us.
Even then, of course, we will not make large bets of any kind. For example, if
the Fed increases interest rates, we will shorten the Funds' average maturities
by around five days. Conversely, we will increase the Funds' average maturity by
around five days if the Fed decides to reduce rates.
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.
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 generally would be
exempt from state personal income tax.
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
fully collateralized by such Treasury securities.
Investments in the Funds are neither insured nor guaranteed by the U.S.
Government. Yields will fluctuate, and there can be no assurance that the Funds
will be able to maintain a stable NAV of $1.00 per share.
14
<PAGE>
Fountain Square U.S. Government Securities Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Principal Security Market
Amount Description Value
- ----------------------------------------------------------------------------------------------------------------------
U.S. Government Securities --92.5%
- -------------------------------------------------------------------------------------------------------
<S> <C> <C>
Mortgage Backed Securities -- 9.7%
--------------------------------------------------------------------------
$3,000,000 Federal Home Loan Mortgage Corp., 6.40%, 1/22/02 $ 2,986,640
--------------------------------------------------------------------------
1,485,577 Federal Home Loan Mortgage Corp., 7.00%, 9/1/03, Gold Pool #N96911 1,495,857
-------------------------------------------------------------------------- -----------
Total Mortgage Backed Securities (Cost, $4,477,610) 4,482,497
-------------------------------------------------------------------------- -----------
U.S. Government Agencies -- 8.7%
--------------------------------------------------------------------------
1,000,000 Federal Home Loan Mortgage Corp., 6.50%, 6/8/00, (Callable 6/8/98 @ 100) 1,001,873
--------------------------------------------------------------------------
1,000,000 Federal Home Loan Mortgage Corp., 6.99%, 5/24/02, (Callable 5/24/99 @ 100) 1,001,444
--------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., 6.70%, 10/9/02, (Callable 10/9/98 @ 100) 497,475
--------------------------------------------------------------------------
500,000 Private Export Funding Co., 5.50%, 3/15/01 483,880
--------------------------------------------------------------------------
1,000,000 Student Loan Marketing Assoc., 7.00%, 3/3/98 1,012,416
-------------------------------------------------------------------------- -----------
Total U.S. Government Agencies (Cost, $3,988,790) 3,997,088
-------------------------------------------------------------------------- -----------
U.S. Treasury Bonds -- 10.6%
--------------------------------------------------------------------------
3,875,000 6.75%, 5/31/99 3,937,969
--------------------------------------------------------------------------
900,000 6.75%, 6/30/99 914,906
-------------------------------------------------------------------------- -----------
Total U.S. Treasury Bonds (Cost, $4,847,593) 4,852,875
-------------------------------------------------------------------------- -----------
U.S. Treasury Notes -- 63.5%
--------------------------------------------------------------------------
500,000 7.38%, 11/15/97 506,875
--------------------------------------------------------------------------
2,000,000 7.25%, 2/15/98 2,031,250
--------------------------------------------------------------------------
1,500,000 7.75%, 11/30/99 1,563,750
--------------------------------------------------------------------------
1,500,000 6.25%, 8/31/00 1,503,280
--------------------------------------------------------------------------
5,000,000 7.88%, 8/15/01 5,314,059
--------------------------------------------------------------------------
5,000,000 6.38%, 9/30/01 5,020,309
--------------------------------------------------------------------------
3,700,000 7.50%, 5/15/02 3,900,029
--------------------------------------------------------------------------
4,500,000 5.75%, 8/15/03 4,345,313
--------------------------------------------------------------------------
5,000,000 6.13%, 9/30/00 4,989,065
-------------------------------------------------------------------------- -----------
Total U.S. Treasury Notes (Cost, $28,965,689) 29,173,930
-------------------------------------------------------------------------- -----------
*Repurchase Agreements -- 5.9%
------------------------------------------------------------------------------------------------
2,687,000 UBS Securities Repurchase Agreement, 5.55%, dated 1/31/97,
due 2/3/97 (at amortized cost) 2,687,000
-------------------------------------------------------------------------- -----------
Total Investments (Cost, $44,966,682)** $45,193,390
-------------------------------------------------------------------------- ===========
</TABLE>
15
<PAGE>
*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 $44,966,682. The
Net unrealized appreciation of investments on federal tax basis amounts to
$226,708, which is composed of $465,558 appreciation and $238,850 depreciation
at January 31,1997.
Note: The category of investments are shown as a percentage of net assets
($45,973,603) at January 31, 1997.
(See Notes which are an integral part of the Financial Statements.)
16
<PAGE>
Fountain Square Municipal Bond Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Municipal Bonds -- 95.3%
- -----------------------------------------------------------------------------------------
Alabama -- 3.0%
----------------------------------------------------------------------------
$ 2,000,000 Dothan GO, 5.25%, 9/1/10 (Callable 9/1/05 @ 102) $ 1,982,680
----------------------------------------------------------------------------
1,000,000 Shelby County Board of Education, Revenue, 5.50%, 2/1/08 (Callable
2/1/05 @ 102) 1,028,660
---------------------------------------------------------------------------- ------------
Total 3,011,340
---------------------------------------------------------------------------- ------------
Arizona -- 3.0%
----------------------------------------------------------------------------
1,000,000 Phoenix GO, 5.80%, 7/1/07 (Callable 7/1/05 @ 102) 1,068,820
----------------------------------------------------------------------------
1,000,000 Salt River Project Agriculture, Revenue, 4.50%, 1/1/04 981,330
----------------------------------------------------------------------------
1,000,000 State Transportation Board Excise, Revenue, 7.20%, 7/1/97 1,014,980
---------------------------------------------------------------------------- ------------
Total 3,065,130
---------------------------------------------------------------------------- ------------
Connecticut -- 2.0%
----------------------------------------------------------------------------
2,000,000 State GO, 5.70%, 3/15/10 (Callable 3/15/03 @ 102) 2,052,900
---------------------------------------------------------------------------- ------------
Delaware -- 2.1%
----------------------------------------------------------------------------
1,000,000 State GO, 5.80%, 8/15/99 1,042,050
----------------------------------------------------------------------------
1,000,000 Transportation Authority, Revenue, 5.70%, 7/1/06 (Callable 7/1/02 @ 102) 1,047,300
---------------------------------------------------------------------------- ------------
Total 2,089,350
---------------------------------------------------------------------------- ------------
Florida -- 7.8%
----------------------------------------------------------------------------
1,625,000 Broward County Water & Sewer, Revenue, 7.00%, 10/1/98 1,693,477
----------------------------------------------------------------------------
1,000,000 Jacksonville Excise Taxes, Revenue, 5.25%, 10/1/08 (Callable 10/1/03 @ 101) 1,006,850
----------------------------------------------------------------------------
1,000,000 School District Boards Association Inc, Revenue, 6.70%, 7/1/97 1,012,130
----------------------------------------------------------------------------
1,000,000 State Board of Education Cap Outlay, GO, 6.25%, 6/1/99 1,048,900
----------------------------------------------------------------------------
1,000,000 State GO, 6.20%, 7/1/99 (Callable 7/1/97 @ 101) 1,021,510
----------------------------------------------------------------------------
1,000,000 State Turnpike Authority, Revenue, 7.45%, 7/1/00 (Callable 7/1/99 @ 102) 1,088,650
----------------------------------------------------------------------------
1,000,000 Volusia County School District, GO, 5.88%, 8/1/00 1,051,340
---------------------------------------------------------------------------- ------------
Total 7,922,857
---------------------------------------------------------------------------- ------------
Hawaii -- 2.1%
----------------------------------------------------------------------------
1,000,000 Honolulu City & County, GO, 5.80%, 3/1/01 1,049,480
----------------------------------------------------------------------------
1,000,000 State GO, 6.90%, 12/1/00 1,046,710
---------------------------------------------------------------------------- ------------
Total 2,096,190
---------------------------------------------------------------------------- ------------
Illinois -- 10.1%
----------------------------------------------------------------------------
1,000,000 Chicago GO, 5.40%, 1/1/09 (Callable 1/1/04 @ 102) 1,005,150
----------------------------------------------------------------------------
1,000,000 Chicago Park GO, District, 6.10%, 11/15/05 1,080,330
----------------------------------------------------------------------------
1,000,000 Chicago Park GO, 5.20%, 1/1/09 (Callable 1/1/06 @ 102) 990,680
----------------------------------------------------------------------------
</TABLE>
17
<PAGE>
Fountain Square Municipal Bond Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Municipal Bonds--Continued
- -----------------------------------------------------------------------------------------
Illinois -- Continued
----------------------------------------------------------------------------
$ 1,000,000 Chicago, Metro Water, GO, 7.25%, 1/1/03 $ 1,057,810
----------------------------------------------------------------------------
2,000,000 Chicago, O'Hara International Airport, Revenue, 5.63%, 1/1/15
(Callable 1/1/06 @ 102) 1,983,180
----------------------------------------------------------------------------
2,000,000 Du Page County, Revenue, 5.60%, 1/1/21 2,007,780
----------------------------------------------------------------------------
1,000,000 Evanston GO, 4.80%, 12/1/02 1,011,090
----------------------------------------------------------------------------
1,000,000 State GO, 5.50%, 8/1/03 1,040,390
---------------------------------------------------------------------------- ------------
Total 10,176,410
---------------------------------------------------------------------------- ------------
Indiana -- 5.8%
----------------------------------------------------------------------------
1,450,000 Bank Board, Revenue, 5.80%, 2/1/08 (Callable 2/1/05 @ 101) 1,514,800
----------------------------------------------------------------------------
1,450,000 Merrillville, Multi School, Revenue, 5.63%, 1/15/19 (Callable 1/15/07 @ 102) 1,411,648
----------------------------------------------------------------------------
1,000,000 Municipal Power Agency Supply, Revenue, 5.38%, 1/1/03 1,035,520
----------------------------------------------------------------------------
1,875,000 Munster, School Building Corporation, Revenue, 5.70%, 7/15/10
(Callable 1/15/05 @ 101) 1,922,213
---------------------------------------------------------------------------- ------------
Total 5,884,181
---------------------------------------------------------------------------- ------------
Kansas -- 1.3%
----------------------------------------------------------------------------
1,250,000 Douglas County, Union School District, GO, 6.00%, 9/1/09 1,312,175
---------------------------------------------------------------------------- ------------
Kentucky -- 2.0%
----------------------------------------------------------------------------
1,000,000 State Property & Buildings Commission, Revenue, 4.70%, 9/1/04
(Callable 9/1/03 @ 102) 995,170
----------------------------------------------------------------------------
1,000,000 State Property & Buildings Commission, Revenue, 5.30%, 11/1/07
(Callable 11/1/05 @ 102) 1,023,800
---------------------------------------------------------------------------- ------------
Total 2,018,970
---------------------------------------------------------------------------- ------------
Maryland -- 1.0%
----------------------------------------------------------------------------
1,000,000 University System, Revenue, 4.35%, 10/1/03 983,700
---------------------------------------------------------------------------- ------------
Massachusetts -- 1.0%
----------------------------------------------------------------------------
1,000,000 State GO, 5.25%, 8/1/06 (Callable 8/1/05 @ 101) 1,024,800
---------------------------------------------------------------------------- ------------
Michigan -- 1.0%
----------------------------------------------------------------------------
1,000,000 Chelsea School District, GO, 5.70%, 5/1/10 (Callable 5/1/05 @ 101) 1,028,560
---------------------------------------------------------------------------- ------------
Minnesota -- 4.0%
----------------------------------------------------------------------------
2,000,000 Hennepin County, Revenue, 5.75%, 10/1/10 (Callable 10/1/02 @ 102) 2,057,200
----------------------------------------------------------------------------
2,000,000 Western Municipal Power Agency, Revenue, 5.50%, 1/1/12
(Callable 1/1/06 @ 102) 2,009,680
---------------------------------------------------------------------------- ------------
Total 4,066,880
---------------------------------------------------------------------------- ------------
</TABLE>
18
<PAGE>
Fountain Square Municipal Bond Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Municipal Bonds--Continued
- -----------------------------------------------------------------------------------------
Nebraska -- 0.8%
----------------------------------------------------------------------------
$ 700,000 Lincoln Water Revenue, Revenue, 6.85%, 11/1/03 $ 762,699
---------------------------------------------------------------------------- ------------
New Hampshire -- 1.0%
----------------------------------------------------------------------------
1,000,000 State GO, 5.00%, 9/1/12 (Callable 9/1/06 @ 101) 963,270
---------------------------------------------------------------------------- ------------
New Jersey -- 1.0%
----------------------------------------------------------------------------
1,000,000 State Turnpike Authority Turnpike, Revenue, 5.90%, 1/1/04
(Callable 1/1/02 @ 102) 1,051,440
---------------------------------------------------------------------------- ------------
Nevada -- 6.0%
----------------------------------------------------------------------------
1,285,000 Carson City, School District, GO, 5.00%, 4/1/06 (Callable 4/1/04 @ 101) 1,284,910
----------------------------------------------------------------------------
1,000,000 Clark County, School District, GO, 5.60%, 6/15/08 (Callable 6/15/05 @ 101) 1,030,060
----------------------------------------------------------------------------
1,000,000 Douglas County, School District, GO, 5.90%, 6/1/08 (Callable 6/1/02 @ 101) 1,042,990
----------------------------------------------------------------------------
1,675,000 State GO, 5.40%, 11/1/10 (Callable 11/1/05 @ 101) 1,685,452
----------------------------------------------------------------------------
1,000,000 Washoe County, School District, GO, 7.70%, 8/1/04, MBIA 1,040,500
---------------------------------------------------------------------------- ------------
Total 6,083,912
---------------------------------------------------------------------------- ------------
New York -- 1.0%
----------------------------------------------------------------------------
1,000,000 Monroe County GO, 5.13%, 3/1/11 (Callable 3/1/07 @ 101) 981,770
---------------------------------------------------------------------------- ------------
Ohio -- 6.1%
----------------------------------------------------------------------------
1,000,000 Columbus Sewer Improvement No 26-E-U, GO, 6.50%, 9/15/01 1,088,650
----------------------------------------------------------------------------
1,000,000 Columbus GO, 6.88%, 9/15/05 (Callable 9/15/01 @ 100) 1,096,770
----------------------------------------------------------------------------
1,000,000 State Building Authority Correctional, Authority, Revenue, 7.15%, 3/1/99 1,059,770
----------------------------------------------------------------------------
1,000,000 State Building Authority, Revenue, 6.38%, 6/1/07 (Callable 6/1/01 @ 102) 1,075,940
----------------------------------------------------------------------------
1,000,000 State Public Facilities Comm, Revenue, 6.50%, 6/1/01 (Callable 6/1/99 @ 102) 1,062,700
----------------------------------------------------------------------------
750,000 University of Cincinnati, Series R9, Revenue, 5.60%, 6/1/07
(Callable 6/1/03 @ 100) 772,065
---------------------------------------------------------------------------- ------------
Total 6,155,895
---------------------------------------------------------------------------- ------------
Oklahoma -- 1.0%
----------------------------------------------------------------------------
1,000,000 Woodward, Municipal Authority Sales, Revenue, 5.85%, 11/1/12
(Callable 11/1/03 @ 101.5) 1,030,920
---------------------------------------------------------------------------- ------------
Pennsylvania -- 1.0%
----------------------------------------------------------------------------
1,000,000 State University, Revenue, 6.25%, 3/1/11 (Callable 3/1/02 @ 102) 1,057,740
---------------------------------------------------------------------------- ------------
Tennessee -- 2.2%
----------------------------------------------------------------------------
1,000,000 Memphis GO, 5.40%, 8/1/09 (Callable 8/1/02 @ 101) 1,016,040
----------------------------------------------------------------------------
1,180,000 Oak Ridge GO, 5.55%, 7/1/10 (Callable 7/1/02 @ 102) 1,198,125
---------------------------------------------------------------------------- ------------
Total 2,214,165
------------
</TABLE>
19
<PAGE>
Fountain Square Municipal Bond Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Municipal Bonds--Continued
- -----------------------------------------------------------------------------------------
Texas -- 7.0%
----------------------------------------------------------------------------
$1,000,000 Fort Worth, Water & Sewer, Revenue, 4.60%, 2/15/05
(Callable 2/15/03 @ 100) $ 980,110
----------------------------------------------------------------------------
1,000,000 Mesquite GO, 5.45%, 2/15/10 (Callable 2/15/05 @ 100) 1,006,180
----------------------------------------------------------------------------
1,000,000 San Antonia, Impt, GO, 5.20%, 8/1/10 (Callable 8/1/06 @ 100) 991,770
----------------------------------------------------------------------------
1,000,000 *State GO, 7.60%, 12/1/97 (Callable 7/1/10 @ 101.5) 1,027,940
----------------------------------------------------------------------------
1,000,000 *State GO, 7.00%, 10/1/03 1,072,740
----------------------------------------------------------------------------
1,000,000 *State GO, 4.80%, 8/1/06 (Callable 8/1/04 @ 100) 993,980
----------------------------------------------------------------------------
1,000,000 Water Development Board, Revenue, 5.50%, 7/15/00 1,036,830
---------------------------------------------------------------------------- ----------
Total 7,109,550
---------------------------------------------------------------------------- ----------
Utah -- 2.6%
----------------------------------------------------------------------------
1,000,000 Iron County, School District, GO, 5.90%, 1/15/05 1,069,960
----------------------------------------------------------------------------
1,530,000 St George, Water Revenue, Revenue, 5.60%, 6/1/10 (Callable 6/1/05 @ 101) 1,554,832
---------------------------------------------------------------------------- ----------
Total 2,624,792
---------------------------------------------------------------------------- ----------
Virginia -- 4.1%
----------------------------------------------------------------------------
1,000,000 Beach GO, 5.70%, 11/1/07 (Callable 11/1/04 @ 102) 1,057,050
----------------------------------------------------------------------------
1,000,000 Norfolk GO, 4.80%, 6/1/03 1,011,370
----------------------------------------------------------------------------
1,000,000 State Public Building Authority, Revenue, 5.70%, 8/1/00 1,044,050
----------------------------------------------------------------------------
1,000,000 University, Revenue, 5.00%, 6/1/03 1,023,910
----------------------------------------------------------------------------- ----------
Total 4,136,380
----------------------------------------------------------------------------- ----------
Washington -- 8.3%
----------------------------------------------------------------------------
1,000,000 King County, School District No. 411, GO, 4.70%, 12/1/05
(Callable 12/1/03 @ 101) 985,450
----------------------------------------------------------------------------
2,000,000 King County, School District No. 411, GO, 6.50%, 12/1/09 2,194,480
----------------------------------------------------------------------------
1,000,000 Spokane, Regional Solid Waste, Revenue, 5.50%, 12/1/10
(Callable 12/1/05 @ 102) 1,012,130
----------------------------------------------------------------------------
2,000,000 State Public Power Supply System, Revenue, 5.60%, 7/1/07 2,031,440
----------------------------------------------------------------------------
1,000,000 State Public Power Supply System, Revenue, 7.50%, 7/1/03
(Callable 1/1/01 @ 102) 1,110,780
----------------------------------------------------------------------------
1,000,000 Subern San District Maryland Water, GO, 5.00%, 6/1/02 1,023,410
----------------------------------------------------------------------------- ----------
Total 8,357,690
---------------------------------------------------------------------------- ----------
</TABLE>
20
<PAGE>
Fountain Square Municipal Bond Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C>
Municipal Bonds--Continued
- -----------------------------------------------------------------------------------------
Wisconsin -- 7.0%
----------------------------------------------------------------------------
$1,450,000 Appleton, Area School District, GO, 4.70%, 4/1/06 $ 1,424,712
----------------------------------------------------------------------------
1,000,000 Milwaukee County GO, 6.00%, 12/1/99 1,033,810
----------------------------------------------------------------------------
1,000,000 Milwaukee GO, 5.30%, 6/15/07 1,032,930
----------------------------------------------------------------------------
1,500,000 State GO, Refunding, Series 3, 4.88%, 11/1/05 1,509,990
----------------------------------------------------------------------------
2,000,000 State GO, Series E, 6.80%, 5/1/98 2,072,720
---------------------------------------------------------------------------- -----------
Total 7,074,162
---------------------------------------------------------------------------- -----------
Total Municipal Bonds (Cost, $94,413,291) 96,337,828
---------------------------------------------------------------------------- -----------
Cash Equivalents -- 3.4%
----------------------------------------------------------------------------
Stifs/Money Markets -- 3.4%
----------------------------------------------------------------------------
3,453,067 Midwest Ohio Money Fund 3,453,067
---------------------------------------------------------------------------- -----------
Total Investments (Cost, $97,866,358)* $99,790,895
---------------------------------------------------------------------------- ===========
</TABLE>
*The cost of investments for federal tax purposes amounts to $97,866,358. The
Net unrealized appreciation of investments on federal tax basis amounts to
$1,924,537 which is composed of $2,159,799 appreciation and $235,262
depreciation at January 31,1997.
Note: The category of investments are shown as a percentage of net assets
($101,083,377) at January 31, 1997.
The following abreviations are used in this portfolio:
GO -- General Obligation
(See Notes which are an integral part of the Financial Statements.)
21
<PAGE>
Fountain Square Bond Fund For Income
Portfolio of Investments
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Asset Backed Securities -- 7.3%
- ---------------------------------------------------------------------
Financial -- 7.3%
--------------------------------------------------------
$3,000,000 Contimortgage Home Equity Loan Trust, 7.33%, 3/15/27 $ 2,979,844
--------------------------------------------------------
5,000,000 Olympic Automobile Receivable Trust, 6.70%, 3/15/02 5,056,400
--------------------------------------------------------
2,000,000 Standard Credit Card Master Trust I, 7.25%, 4/7/08 2,045,380
-------------------------------------------------------- ----------
Total Asset Backed Securitites (Cost, $9,964,479) 10,081,624
-------------------------------------------------------- ----------
Corporate Bonds -- 34.9%
- ---------------------------------------------------------------------
Banking--0.8%
--------------------------------------------------------
1,000,000 Deutsche Bank Financial Medium Term Note, 9.28%, 5/31/99 1,063,883
-------------------------------------------------------- ----------
Chemicals -- 3.6%
--------------------------------------------------------
5,000,000 Engelhard Corp., 7.00%, 8/1/01 5,065,179
-------------------------------------------------------- ----------
Financial -- 16.5%
--------------------------------------------------------
5,000,000 American General Finance Corp., 7.25%, 4/15/00 5,116,064
--------------------------------------------------------
5,000,000 Bear Stearns, Inc., 7.25%, 10/15/06 5,006,094
--------------------------------------------------------
5,000,000 CIT Group Holdings, 6.25%, 3/28/01 4,953,055
--------------------------------------------------------
5,000,000 Paine Webber Group, 6.68%, 2/10/04 4,826,990
--------------------------------------------------------
2,500,000 RBSG Cap Corp., 10.13%, 3/1/04 2,904,002
-------------------------------------------------------- ----------
Total 22,806,205
-------------------------------------------------------- ----------
Industrial -- 9.7%
--------------------------------------------------------
5,000,000 Browning Ferris Industrial, 6.10%, 1/15/03 4,820,425
--------------------------------------------------------
3,000,000 International Business Machines Corp., 6.38%, 6/15/00 2,997,312
--------------------------------------------------------
5,000,000 Pitney Bowes Corp., 8.63%, 2/15/08 5,592,474
-------------------------------------------------------- ----------
Total 13,410,211
-------------------------------------------------------- ----------
Manufacturing -- 2.8%
--------------------------------------------------------
4,000,000 Archers-Danial-Midland Co., 6.25%, 5/15/03 3,890,424
-------------------------------------------------------- ----------
Telecommunications -- 0.8%
--------------------------------------------------------
1,000,000 British Telecommunications, Inc., 9.38%, 2/15/99 1,057,455
-------------------------------------------------------- ----------
Utilities -- 0.7%
--------------------------------------------------------
1,000,000 Southern New England, 8.00%, 11/20/01 1,051,340
-------------------------------------------------------- ----------
Total Corporate Bonds (Cost, $48,662,503) 48,344,697
-------------------------------------------------------- ----------
</TABLE>
22
<PAGE>
Fountain Square Bond Fund For Income
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agencies -- 12.6%
- -------------------------------------------------------------------
$ 5,000,000 Federal Home Loan Bank, 7.87%, 12/15/97 $ 5,089,645
------------------------------------------------------
3,250,000 Federal Home Loan Bank, 7.31%, 6/16/04 3,371,328
------------------------------------------------------
181 Federal Home Loan Mortgage Corp., 7.50%, 2/1/02 183
------------------------------------------------------
2,000,000 Federal Home Loan Mortgage Corp., 7.54%, 5/31/10,
(Callable 5/31/00 @ 100) 1,990,350
------------------------------------------------------
375 Government National Mortgage Assoc., 8.00%,12/15/06 383
------------------------------------------------------
478 Government National Mortgage Assoc., 8.00%,10/15/07 488
------------------------------------------------------
7,000,000 Student Loan Marketing Assoc., 6.53%, 4/28/99,
(Callable 4/28/97 @ 100) 7,010,199
------------------------------------------------------ ----------
Total U.S. Government Agencies (Cost, $17,241,935) 17,462,576
------------------------------------------------------ ----------
U.S. Treasury Notes -- 37.2%
- -------------------------------------------------------------------
1,000,000 8.63%, 8/15/97 1,016,562
------------------------------------------------------
2,500,000 9.00%, 5/15/98 2,599,217
------------------------------------------------------
2,580,000 9.25%, 8/15/98 2,706,580
------------------------------------------------------
1,750,000 7.13%, 10/15/98 1,785,000
------------------------------------------------------
13,000,000 6.50%, 4/30/99 13,146,250
------------------------------------------------------
2,000,000 8.00%, 8/15/99 2,090,624
------------------------------------------------------
2,000,000 8.50%, 2/15/00 2,131,250
------------------------------------------------------
4,000,000 7.75%, 2/15/01 4,213,747
------------------------------------------------------
7,250,000 7.50%, 11/15/01 7,610,230
------------------------------------------------------
7,000,000 6.13%, 12/31/01 6,960,625
------------------------------------------------------
7,000,000 7.25%, 8/15/04 7,334,691
------------------------------------------------------ ----------
Total U.S. Treasury Notes (Cost, $50,322,570) 51,594,776
------------------------------------------------------ ----------
*Repurchase Agreements -- 5.8%
- -------------------------------------------------------------------
7,995,000 UBS Securities Repurchase Agreement, 5.55%,
dated 1/31/97, due 2/3/97 (at amortized cost) 7,995,000
------------------------------------------------------ ---------
Total Repurchase Agreements (Cost, $7,995,000) 7,995,000
------------------------------------------------------ ---------
Total Investments (Cost, $134,186,488)** $135,478,673
------------------------------------------------------ ===========
</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 $138,682,354. The
net unrealized appreciation of investments on federal tax basis amounts to
$1,292,185, which is composed of $2,007,361 appreciation and $715,176
depreciation at January 31, 1997.
Note: The categories of investments are shown as a percentage of net assets
($138,682,354) at January 31, 1997.
(See Notes which are an integral part of the Financial Statements.)
23
<PAGE>
Fountain Square Equity Income Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
Security Market
Shares Description Value
- ---------------------------------------------------------------------
<S> <C>
Common Stock -- 96.0%
- --------------------------------------------------------
Banking -- 12.9%
---------------------------------------------
80,000 Bank of New York Co., Inc. $ 2,930,000
---------------------------------------------
50,000 Firstar Corp. 2,918,750
---------------------------------------------
70,000 Mellon Bank Corp. 5,223,750
---------------------------------------------
50,000 Norwest Bank 2,381,250
--------------------------------------------- -----------
Total 13,453,750
--------------------------------------------- -----------
Chemicals -- 4.4%
---------------------------------------------
250,000 RPM, Inc. 4,656,250
--------------------------------------------- -----------
Electrical Equipment -- 4.9%
---------------------------------------------
22,000 Emerson Electric Co. 2,172,500
---------------------------------------------
27,300 General Electric Co. 2,811,900
--------------------------------------------- -----------
Total 4,984,400
--------------------------------------------- -----------
Financial Services -- 10.7%
---------------------------------------------
85,000 Edwards (A.G.), Inc. 2,879,375
---------------------------------------------
120,000 Federal National Mortage Assoc. 4,740,000
---------------------------------------------
130,000 United Asset Management Corp. 3,607,500
--------------------------------------------- -----------
Total 11,226,875
--------------------------------------------- -----------
Food -- 3.2%
---------------------------------------------
82,000 Heinz (H.J.) Co. 3,300,500
--------------------------------------------- -----------
Insurance -- 3.2%
---------------------------------------------
85,000 American General Corp. 3,389,375
--------------------------------------------- -----------
Manufacturing -- 2.5%
---------------------------------------------
110,000 Federal Signal Corp. 2,571,250
--------------------------------------------- -----------
Office Equipment & Supplies -- 2.8%
---------------------------------------------
50,000 Pitney Bowes, Inc. 2,881,250
--------------------------------------------- -----------
Oil & Gas -- 13.3%
---------------------------------------------
30,000 Amoco Corp. 2,610,000
---------------------------------------------
65,000 Chevron Corp. 4,314,375
---------------------------------------------
30,000 Exxon Corp. 3,108,750
---------------------------------------------
30,000 Mobil Corp. 3,937,500
--------------------------------------------- -----------
Total 13,970,625
--------------------------------------------- -----------
</TABLE>
24
<PAGE>
Fountain Square Equity Income Fund
- ---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Security Market
Shares Description Value
- ---------------------------------------------------------------------------
<S> <C>
Common Stock--Continued
- --------------------------------------------------------------
Pharmaceuticals -- 9.4%
---------------------------------------------------
85,000 American Home Products $ 5,386,875
---------------------------------------------------
20,000 Merck & Co., Inc. 1,815,000
---------------------------------------------------
12,000 Pfizer, Inc. 1,114,500
---------------------------------------------------
20,000 Schering-Plough Corp. 1,512,500
--------------------------------------------------- -----------
Total 9,828,875
--------------------------------------------------- -----------
Retailing -- 2.7%
---------------------------------------------------
60,000 J.C. Penney Co., Inc. 2,842,500
--------------------------------------------------- -----------
Telecommunications -- 10.1%
---------------------------------------------------
135,000 Alltel Corp. 4,336,875
---------------------------------------------------
70,000 Ameritech Corp. 4,182,500
---------------------------------------------------
45,000 GTE Corp. 2,115,000
--------------------------------------------------- -----------
Total 10,634,375
--------------------------------------------------- -----------
Transportation -- 3.7%
---------------------------------------------------
80,000 GATX Corp. 3,910,000
--------------------------------------------------- -----------
Utilities\Electric -- 7.3%
---------------------------------------------------
90,000 Cinergy Corp. 3,105,000
---------------------------------------------------
110,000 KU Energy Corp. 3,300,000
---------------------------------------------------
45,000 Ipalco Enterprises, Inc. 1,248,750
--------------------------------------------------- -----------
Total 7,653,750
--------------------------------------------------- -----------
Utilities\Natural Gas -5.0%
---------------------------------------------------
42,000 Consolidated Natural Gas Co. 2,336,250
---------------------------------------------------
140,000 AGL Resources, Inc. 2,922,500
--------------------------------------------------- -----------
Total 5,258,750
--------------------------------------------------- -----------
Total Common Stock (Cost, $71,840,387) 100,562,525
--------------------------------------------------- -----------
Convertible Bonds -- 1.4%
- --------------------------------------------------------------
Financial -- 1.4%
---------------------------------------------------
1,000,000 Cincinnati Financial Corp., 5.50%, 5/1/02 1,421,250
--------------------------------------------------- ------------
Total Convertible Bonds (Cost, $1,145,268) 1,421,250
--------------------------------------------------- ------------
*Repurchase Agreements -- 1.1%
- --------------------------------------------------------------
1,192,000 UBS Securities Repurchase Agreement 5.50%,
dated 1/31/97, due 2/3/97 (at amortized cost) 1,192,000
---------------------------------------------------
Total Repurchase Agreements (Cost, $1,192,000) 1,192,000
--------------------------------------------------- -----------
Total Investments (Cost, $74,177,655)** $103,175,775
--------------------------------------------------- ===========
</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 $74,177,655. The
net unrealized appreciation of investments on federal tax basis amounts to
$28,998,120, which is composed of $29,328,130 appreciation and $330,010
depreciation at January 31, 1997.
Note: The categories of investments are shown as a percentage of net assets
($104,783,110) at January 31, 1997.
(See Notes which are an integral part of the Financial Statements.)
25
<PAGE>
<TABLE>
<CAPTION>
Fountain Square Quality Bond Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
- ---------------------------------------------------------------------------------------------------------------------
Principal Security Market
Amount Description Value
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Asset Backed Securities -- 10.7%
- -------------------------------------------------------------------------------
Financial -- 6.6%
------------------------------------------------------------------
$ 3,750,000 Cityscape, 7.15%, 8/25/11, Series 1996-3 $ 3,758,857
------------------------------------------------------------------
2,000,000 Olympic Automobile Receivable Trust, 6.70%, 3/15/02,
Series 1996B A-4, CMO 2,022,560
------------------------------------------------------------------ -----------
Total 5,781,417
------------------------------------------------------------------ -----------
Private Label CMOs -- 4.1%
------------------------------------------------------------------
3,500,000 Greentree Financial, 7.70%, 9/15/27, Series 1996-D A4, REMIC 3,603,040
------------------------------------------------------------------ -----------
Total Asset Backed Securities (Cost, $9,240,251) 9,384,457
------------------------------------------------------------------ -----------
Corporate Bonds -- 11.8%
- -------------------------------------------------------------------------------
Banking -- 2.9%
------------------------------------------------------------------
2,500,000 NationsBank, 7.00%, 9/15/01 2,535,008
------------------------------------------------------------------ -----------
Financial -- 5.5%
------------------------------------------------------------------
4,000,000 Bear Stearns, 5.75%, 2/15/01 3,864,308
------------------------------------------------------------------
1,000,000 Ford Motor Credit Corp., Floating Rate Note, 11/9/98
(5.81%, 2/10/97)(a) 1,001,428
------------------------------------------------------------------ -----------
Total 4,865,736
------------------------------------------------------------------ -----------
Industrial -- 1.6%
------------------------------------------------------------------
1,500,000 IBP, Inc.,Debenture, 6.13%, 2/1/06 1,408,273
------------------------------------------------------------------ -----------
Transportation -- 1.8%
------------------------------------------------------------------
1,600,000 American President, 7.13%, 11/15/03 1,563,219
------------------------------------------------------------------ -----------
Total Corporate Bonds (Cost, $10,441,087) 10,372,236
------------------------------------------------------------------ -----------
Mortgage Backed Securities -- 14.8%
- -------------------------------------------------------------------------------
U.S. Government Agencies -- 14.8%
------------------------------------------------------------------
8,572 Federal Home Loan Mortgage Corp., 9.50%, 10/1/02 Pool #38-0009, CMO 9,001
------------------------------------------------------------------
17,257 Federal Home Loan Mortgage Corp., 8.00%, 8/1/08 Pool #27-2525, CMO 17,779
------------------------------------------------------------------
2,698,287 Federal Home Loan Mortgage Corp., 6.50%, 11/1/10, Gold Pool #E20204 2,660,511
------------------------------------------------------------------
4,500,000 Federal Home Loan Mortgage Corp., 6.35%, 11/15/19 Pool #1546E, REMIC 4,429,350
------------------------------------------------------------------
1,356,417 Federal Home Loan Mortgage Corp., 6.05%, 9/15/20 Pool #1818A 1,313,771
------------------------------------------------------------------
2,909,889 Federal National Mortgage Assoc., 6.00%, 4/1/11 DWARF 15 Year Bond,
Pool #344185 2,799,750
------------------------------------------------------------------
1,750,000 Government National Mortgage Assoc., Series 1996-6 Y3, 6.50%, 5/16/12 1,754,410
------------------------------------------------------------------ -----------
Total Mortgage Backed Securities (Cost, $13,083,859) 12,984,572
------------------------------------------------------------------ ===========
</TABLE>
26
<PAGE>
<TABLE>
<CAPTION>
Fountain Square Quality Bond Fund
- ----------------------------------------------------------------------------------------------------------------
Principal Security Market
Amount Description Value
- ----------------------------------------------------------------------------------------------------------------
U.S. Government Securities -- 55.6%
- ---------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Government Agencies -- 12.3%
--------------------------------------------------------------------------
$5,000,000 Federal Home Loan Bank., 6.88%, 7/2/01, (Callable 7/2/99 @ 100) $ 5,083,550
--------------------------------------------------------------------------
750,000 Federal Home Loan Bank, 7.64%, 5/8/02, (Callable 5/8/98 @ 100) 769,690
--------------------------------------------------------------------------
500,000 Federal Home Loan Mortgage Corp., 6.16%, 3/29/00, (Callable 3/29/97 @ 100) 496,324
--------------------------------------------------------------------------
1,500,000 Federal Home Loan Mortgage Corp., 7.81%, 4/13/09, (Callable 4/13/99 @ 100) 1,516,195
--------------------------------------------------------------------------
450,000 Federal National Mortgage Assoc., 7.55%, 6/10/04 456,256
--------------------------------------------------------------------------
500,000 Private Export Funding Co., 5.50%, 3/15/01 483,880
--------------------------------------------------------------------------
2,000,000 Student Loan Marketing Assoc., 6.53%, 4/28/99, (Callable 4/28/97 @100) 2,002,914
-------------------------------------------------------------------------- -----------
Total U.S. Government Agencies (Cost, $10,692,345) 10,808,809
-------------------------------------------------------------------------- -----------
U.S. Treasury Bonds -- 10.3%
--------------------------------------------------------------------------
2,000,000 7.63%, 11/15/22 2,173,124
--------------------------------------------------------------------------
4,000,000 6.00%, 2/15/26 3,578,747
--------------------------------------------------------------------------
3,250,000 6.75%, 6/30/99 3,303,826
-------------------------------------------------------------------------- -----------
Total U.S. Treasury Bonds (Cost, $9,216,550) 9,055,697
-------------------------------------------------------------------------- -----------
U.S. Treasury Notes -- 33.0%
--------------------------------------------------------------------------
750,000 6.00%, 11/30/97 752,578
--------------------------------------------------------------------------
2,000,000 7.88%, 4/15/98 2,048,750
--------------------------------------------------------------------------
3,250,000 6.25%, 5/31/00 3,261,170
--------------------------------------------------------------------------
2,500,000 6.25%, 8/31/00 2,505,467
--------------------------------------------------------------------------
4,000,000 6.13%, 12/31/01 3,977,500
--------------------------------------------------------------------------
3,250,000 6.38%, 8/15/02 3,261,170
--------------------------------------------------------------------------
1,000,000 6.50%, 8/15/05 1,000,625
--------------------------------------------------------------------------
5,500,000 6.50%, 10/15/06 5,494,840
--------------------------------------------------------------------------
7,000,000 6.50%, 11/15/26 6,730,933
-------------------------------------------------------------------------- -----------
Total U.S. Treasury Notes (Cost, $29,532,685) 29,033,033
-------------------------------------------------------------------------- -----------
*Repurchase Agreements -- 4.4%
- ---------------------------------------------------------------------------------------------
3,888,000 UBS Securities, 5.55%, dated 1/31/97, due 2/3/97 (at amortized cost) 3,888,000
-------------------------------------------------------------------------- -----------
Total Investments (Cost,$86,094,778)** $85,526,804
-------------------------------------------------------------------------- ===========
</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 $86,094,778. The
Net unrealized depreciation of investments on federal tax basis amounts to
$567,974, which is composed of $413,381 appreciation and $981,355 depreciation
at January 31,1997.
(a) Current rate and next reset date shown.
Note: The category of investments are shown as a percentage of net assets
($87,929,230) at January 31,1997.
The following abbreviations are used in this portfolio:
CMO - Collateralized Mortgage Obligation
REMIC - Real Estate Mortgage Investment Conduit
27
<PAGE>
Fountain Square Ohio Tax Free Bond Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Credit
Rating:
Principal Security Moody's Market
Amount Description and S&P* Value
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Municipal Securities -- 97.0%
- -----------------------------------------------------------------------------
Ohio -- 97.0%
-----------------------------------------------------------
$ 1,100,000 Akron, Sewer System, Revenue, 5.05%, 12/1/03 Aaa\AAA $1,126,730
-----------------------------------------------------------
500,000 Akron, Various Purpose Improvement, GO, 5.60%,
12/1/06 (Callable 12/1/04 @102) Aaa\AAA 526,615
-----------------------------------------------------------
1,000,000 Akron, Waterworks System Management, Revenue, 5.90%,
12/1/03 (Callable 3/1/04 @102) Aaa\AAA 1,050,710
-----------------------------------------------------------
100,000 Bedford CSD, GO, 5.50%, 12/1/06 (Callable 12/1/03 @101) A\NR 102,225
-----------------------------------------------------------
1,510,000 Bowling Green State University, Revenue, 5.55%, 6/1/10
(Callable 6/1/06 @101) Aaa\AAA 1,540,094
-----------------------------------------------------------
1,325,000 Breckville Broadview Heights, 5.55%, 12/1/10
(Callable 12/1/06 @102) Aaa\NR 1,354,203
-----------------------------------------------------------
1,005,000 Centerville, GO, 6.250%, 12/1/06 (Callable 12/1/04 @ 102) Aaa\AAA 1,110,907
-----------------------------------------------------------
750,000 Centerville CSD, GO, 5.38%, 12/1/09
(Callable 12/1/06 @101)*** Aaa\AAA 760,088
-----------------------------------------------------------
600,000 Cincinnati, GO, 7.00%, 10/1/00 Aa2\AA+ 654,156
-----------------------------------------------------------
200,000 Cincinnati CSD, RANs, 5.60%, 6/15/97 NR\A- 201,346
-----------------------------------------------------------
1,150,000 Cincinnati CSD, Revenue, 5.75%, 6/15/98 NR\A- 1,175,082
-----------------------------------------------------------
1,000,000 Clermont County, Hospital Facilities, Revenue,
5.20%, 9/1/03 Aaa\AAA 1,027,420
-----------------------------------------------------------
1,000,000 Cleveland, GO, 6.40%, 7/1/97, (MBIA Insured) Aaa\AAA 1,011,920
-----------------------------------------------------------
1,000,000 Cleveland, GO, 5.00%, 9/1/99 Aaa\AAA 1,021,080
-----------------------------------------------------------
1,000,000 Cleveland, GO, 6.70%, 7/1/00 NR 1,071,860
-----------------------------------------------------------
3,000,000 Cleveland, Municipal Revenue Bond Model, 5.63%, 1/1/13
(Callable 1/1/06 @102) Aaa\AAA 3,032,760
-----------------------------------------------------------
5,000,000 Cleveland, Public Power, Revenue, 5.25%, 11/15/16,
(Callable 11/15/06 @102)*** Aaa\AAA 4,768,800
-----------------------------------------------------------
1,500,000 Cleveland, Waterworks Refunding , First Mortgage,
Series G, Revenue, 5.40%,1/1/06 Aaa\AAA 1,552,500
-----------------------------------------------------------
500,000 Columbus CSD, Refunding, GO, 4.45%, 12/1/98 Aaa\AAA 505,060
-----------------------------------------------------------
1,250,000 Columbus CSD, Refunding, GO, 4.80%, 12/1/00 Aaa\AAA 1,271,800
-----------------------------------------------------------
1,000,000 Columbus, Library Refunding Improvement, Revenue,
5.15%, 10/1/99 Aa\NR 1,025,960
-----------------------------------------------------------
1,000,000 Columbus, Refunding LT GO Bonds, Series A, 5.30%, 7/1/09
(Callable 7/1/03 @101.5)*** NR 1,011,590
-----------------------------------------------------------
300,000 Columbus, Refunding, Series D, GO, 4.55%, 9/15/99 Aaa\AAA 304,056
-----------------------------------------------------------
1,000,000 Columbus, Refunding, Service D, GO, 5.05%, 9/15/03 Aaa\AAA 1,027,690
-----------------------------------------------------------
1,000,000 Columbus, Refunding Services, Series B, GO, 5.45%, 1/1/98 Aaa\AAA 1,016,930
-----------------------------------------------------------
</TABLE>
28
<PAGE>
Fountain Square Ohio Tax Free Bond Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Credit
Rating:
Principal Security Moody's Market
Amount Description and S&P* Value
- ---------------- ----------------------------------------------------------- -------------- ---------------
<S> <C> <C> <C>
Municipal Securities -- Continued
- -----------------------------------------------------------------------------
Ohio -- Continued
-----------------------------------------------------------
$ 1,000,000 Columbus, Sewer Improvement No 26-E-U, GO, 6.50%,
9/15/01 Aaa\AAA $1,088,650
-----------------------------------------------------------
1,000,000 Columbus, Sewer Improvement, GO, 6.63%, 9/15/03
(Callable 9/15/01 @100) NR 1,086,210
-----------------------------------------------------------
1,000,000 Columbus, Service, GO, 6.80%, 9/15/05 Aaa\AAA 1,093,560
-----------------------------------------------------------
1,350,000 Columbus, Service, GO, 5.50%, 5/15/08
(Callable 5/15/04 @102) Aaa\AAA 1,397,534
-----------------------------------------------------------
500,000 Columbus, Water Systems Refunding, Revenue, 5.750%,
11/1/00 A1\AA- 523,945
-----------------------------------------------------------
1,000,000 Columbus, Waterworks Enlargement, GO, 5.10%, 5/1/01 Aaa\AAA 1,028,360
-----------------------------------------------------------
500,000 Cuyahoga County, Refunding, Series A, GO, 4.50%, 10/1/00 Aa\NR 502,490
-----------------------------------------------------------
3,435,000 Cuyahoga County, GO, 5.60%, 5/15/13 Aaa\AAA 3,510,742
-----------------------------------------------------------
1,500,000 Dayton, Airport Refunding , James M Cox Dayton
International Airport, Revenue, 5.40%, 12/1/06
(Callable 12/1/05 @101) Aaa\AAA 1,556,670
-----------------------------------------------------------
1,000,000 Dayton, Water Systems Refunding Mortgage, Revenue,
6.60%, 12/1/02 (Callable 12/1/97 @102) Aaa\AAA 1,042,660
-----------------------------------------------------------
1,000,000 Delaware County, Sewer, GO, 5.50%, 12/1/01 A1\AA 1,043,380
-----------------------------------------------------------
500,000 Deleware County, GO, 5.45%, 12/1/08 A1\AA 511,500
-----------------------------------------------------------
700,000 Dublin City, Service B, GO, 6.20%, 12/1/09 Aa\NR 769,034
-----------------------------------------------------------
500,000 Erie County, East Erie Sewer, GO, 7.40%, 12/1/14 NR 548,220
-----------------------------------------------------------
500,000 Euclid CSD, Improvement, GO, 6.70%, 12/1/02 A\NR 554,685
-----------------------------------------------------------
1,545,000 Euclid CSD, GO, 5.20%, 12/1/10 (Callable 12/1/05 @102) Aaa\AAA 1,531,960
-----------------------------------------------------------
1,500,000 Euclid, CSD, GO, 5.13%, 12/1/11 (Callable 12/1/05 @102)*** " Aaa\AAA 1,468,635
-----------------------------------------------------------
1,000,000 Findley, Waterworks, Revenue, 5.30%, 11/1/07
(Callable 11/1/03 @101) Aaa\AAA 1,017,710
-----------------------------------------------------------
1,420,000 Findley, Water Refunding, Revenue, 5.55%, 11/1/09
(Callable 11/1/03 @101)*** Aaa\AAA 1,449,437
-----------------------------------------------------------
1,000,000 Franklin County, GO, 6.80%, 12/1/02 NR 1,101,710
-----------------------------------------------------------
1,555,000 Franklin County, GO, 6.80%, 12/1/11 NR 1,713,159
-----------------------------------------------------------
1,000,000 Franklin County, Hospital Revenue Refunding,
7.375%, 5/15/05 Aaa\AAA 1,108,060
-----------------------------------------------------------
625,000 Franklin County, Hospital Revenue, 6.40%, 11/1/06 Aa3\NR 686,469
-----------------------------------------------------------
1,030,000 Franklin County, Hospital Revenue Refunding, 6.50%,
5/1/07 (Callable 5/1/02 @102) Aa3\NR 1,112,112
-----------------------------------------------------------
1,000,000 Hamilton County, GO, 5.00%, 12/1/01 Aa\NR 1,024,060
-----------------------------------------------------------
1,500,000 Hamilton County, Building Improvement, GO, 5.90% 12/1/99 Aa\NR 1,571,025
-----------------------------------------------------------
500,000 Hamilton County, Building Improvement, GO, 7.13%,
12/1/02 Aaa\AAA 528,850
-----------------------------------------------------------
</TABLE>
29
<PAGE>
Fountain Square Ohio Tax Free Bond Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Credit
Rating:
Principal Security Moody's Market
Amount Description and S&P* Value
- --------------- ----------------------------------------------------------- --------------- ---------------
<S> <C> <C> <C>
Municipal Securities -- Continued
- -----------------------------------------------------------------------------
Ohio -- Continued
-----------------------------------------------------------
$ 500,000 Hamilton City, Electric System Refunding, Revenue,
Series A, 4.75%, 10/15/97 Aaa\AAA $ 503,970
-----------------------------------------------------------
1,000,000 Hamilton County, Hospital, Revenue, 6.15%, 3/1/10
(Callable 3/1/05 @102) Aa2\NR 1,018,580
-----------------------------------------------------------
1,000,000 Hamilton County, Hospital Facilities, Revenue, 6.50% 1/1/02
(Callable 1/1/01 @100) NR\AAA 1,066,970
-----------------------------------------------------------
1,000,000 Hamilton County, Hospital Facilities, Revenue, 6.10% 1/1/00 Aa2\NR 1,042,730
-----------------------------------------------------------
500,000 Hamilton County, Hospital Facilities, Revenue, 7.00%,
1/1/09 (Callable 1/1/97 @102) A1\A 514,980
-----------------------------------------------------------
1,000,000 Hamilton County, Sewer System, Revenue, 5.60%, 12/1/08
(Callable 12/1/05 @102) Aaa\AAA 1,041,990
-----------------------------------------------------------
500,000 Hamilton County Sewer System , Refunding & Improvement,
Series A, Revenue, 5.70%, 12/1/09 (Callable 12/1/05 @102)*** Aaa\AAA 521,140
-----------------------------------------------------------
1,500,000 Hamilton County, Variable Purpose, GO, 5.00%, 12/1/99 Aa\NR 1,535,280
-----------------------------------------------------------
1,000,000 Hilliard CSD, GO, 5.80%, 12/1/03 (Callable 12/1/01 @102) A1\NR 1,062,530
-----------------------------------------------------------
1,345,000 Hilliard CSD, GO, 5.25%, 12/1/04 Aaa\AAA 1,390,246
-----------------------------------------------------------
500,000 Huron County, GO, 7.00%, 12/1/09 A\NR 569,185
-----------------------------------------------------------
500,000 Kettering, Refunding, 4.30%, 12/1/98 Aa\NR 503,305
-----------------------------------------------------------
1,000,000 Lakota Local School District, 6.40%, 12/1/01 Aaa\AAA 1,082,080
-----------------------------------------------------------
500,000 Lucas County, Series, 5.05%, 12/1/99 Aaa\AAA 511,750
-----------------------------------------------------------
505,000 Mahoning County, GO, 5.70%, 12/1/07
(Callable 12/1/04 @101) Aaa\AAA 531,608
-----------------------------------------------------------
250,000 Mahoning County, Hospital Facilities, Revenue, 6.80%,
12/1/98 (Callable 6/1/97 @101) A1\NR 255,285
-----------------------------------------------------------
1,000,000 Montgomery County, GO, 5.40%, 9/1/09
(Callable 9/1/03 @101) Aa\AA 1,011,980
-----------------------------------------------------------
635,000 Montogomery County, Issue, GO, 7.10%, 9/1/06 NR\AA 698,494
-----------------------------------------------------------
1,750,000 Montgomery County, Refunding, GO, 5.45%, 9/1/10
(Callable 9/1/03 @101)*** Aa\AA 1,765,260
-----------------------------------------------------------
1,000,000 Montgomery County, Revenue, 6.50%, 5/15/08
(Callable 5/15/01 @102) Aaa\AAA 1,078,990
-----------------------------------------------------------
1,750,000 Montgomery County, Solid Waste, Revenue, 5.25%, 11/1/04 Aaa\AAA 1,808,345
-----------------------------------------------------------
3,000,000 Montgomery County Solid Waste, Revenue, 5.40%, 11/1/08 Aaa\AAA 3,064,560
-----------------------------------------------------------
1,000,000 Northeast, Sewer, Revenue, 5.10%, 11/15/07
(Callable 11/15/05 @101) Aaa\AAA 1,009,180
-----------------------------------------------------------
1,885,000 Ohio State Air Quality Developement Authority, Revenue,
5.125%, 8/1/05 (Callable 8/1/03 @102) A1\AA 1,907,658
-----------------------------------------------------------
400,000 Ohio State Building Authority State Facilities ,
Administrative Building Fund, Series A, Revenue,
5.85%, 10/1/07 (Callable 10/1/04 @102) Aaa\AAA 425,088
-----------------------------------------------------------
</TABLE>
30
<PAGE>
Fountain Square Ohio Tax Free Bond Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Credit
Rating:
Principal Security Moody's Market
Amount Description and S&P* Value
- --------------- ---------------------------------------------------------- ---------------- --------------
<S> <C> <C> <C>
Municipal Securities -- Continued
- -----------------------------------------------------------------------------
Ohio -- Continued
-----------------------------------------------------------
$ 400,000 Ohio State Building Authority State Facilities ,
Administrative Building Fund, Series A, Revenue, 6.00%,
10/1/08 (Callable 10/1/04 @102) Aaa\AAA $ 427,488
-----------------------------------------------------------
1,250,000 Ohio State Building Authority State Facilities,
Adult Correctional, Series A, Revenue, 5.65%, 10/1/07
(Callable 10/1/04 @101) Aaa\AAA 1,306,600
-----------------------------------------------------------
1,000,000 Ohio Building Authority Highway Safety, Revenue,
5.10%, 10/1/06 Aaa\AAA 1,012,880
-----------------------------------------------------------
3,000,000 Ohio Building Authority, Revenue, 5.00%, 10/1/08 Aaa\AAA 2,965,860
-----------------------------------------------------------
750,000 Ohio State Building Authority Correctional, Revenue,
7.00%, 3/1/97 AA-\AAA 752,123
-----------------------------------------------------------
500,000 Ohio State Building Authority Correctional, Revenue,
7.15%, 3/1/99 AA-\AAA 529,885
-----------------------------------------------------------
1,000,000 Ohio State Building Authority, Revenue, 6.20%, 10/1/07
(Callable 10/1/02 @102) Aa3\AA- 1,073,000
-----------------------------------------------------------
1,000,000 Ohio State Building Authority Correctional , Facilities,
Revenue, 7.35%, 8/1/06 NR\AAA 1,094,800
-----------------------------------------------------------
1,000,000 Ohio State Building Authority State Facilities, Revenue,
5.40%, 10/1/00 Aa3\AA- 1,035,510
-----------------------------------------------------------
1,000,000 Ohio State Building Correctional, Revenue, 5.75%, 10/1/05 Aa3\AA- 1,065,180
-----------------------------------------------------------
1,000,000 Ohio State Building Authority State Facilities, Revenue,
5.40%, 10/1/04 (Callable 10/1/03 @102) Aa3\AA- 1,039,990
-----------------------------------------------------------
1,000,000 Ohio State Building Authority Green, Series A, Revenue,
5.13%, 4/1/10 (Callable 4/1/03 @102) A2\AA- 980,700
-----------------------------------------------------------
500,000 Ohio State Higher Educational Facilities, Revenue, 6.70%,
5/1/01 (Callable 5/1/00 @102) Aaa\AAA 537,475
-----------------------------------------------------------
1,500,000 Ohio State Higher Education, Revenue, 5.00%, 11/1/05 Aaa\AAA 1,517,910
-----------------------------------------------------------
1,000,000 Ohio State Higher Educational Facilities , Series II-B,
Revenue, 5.88%, 12/1/98 Aaa\AAA 1,034,200
-----------------------------------------------------------
500,000 Ohio State Higher Educational Cmmn, Revenue, 7.30%,
10/1/02 (Callable 10/1/97 @102) Aa3\AA- 521,125
-----------------------------------------------------------
500,000 Ohio State Higher Educational Facilities, Xavier, Revenue,
7.20%, 11/1/99 Aaa\AAA 527,720
-----------------------------------------------------------
5,000,000 Ohio State Highway, GO, 4.80%, 5/15/04 Aa1\AAA 5,033,300
-----------------------------------------------------------
1,000,000 Ohio State Special Obligations, Revenue, 5.80%, 6/1/03 Aaa\AAA 1,063,520
-----------------------------------------------------------
1,000,000 Ohio State Public Facilities Common Higher , Education,
Revenue, 5.50%, 12/1/00 Aa3\AA- 1,039,060
-----------------------------------------------------------
500,000 Ohio State Public Facilities Commission , Higher Education
Capital Facilities, Series II-A, FSA, CR, Revenue, 5.50%,
12/1/03 (Callable 12/1/01 @102) Aaa\AAA 523,710
-----------------------------------------------------------
</TABLE>
31
<PAGE>
Fountain Square Ohio Tax Free Bond Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Credit
Rating:
Principal Security Moody's Market
Amount Description and S&P* Value
- --------------------------------------------------------------------------------------------------------------
Municipal Securities -- Continued
- -----------------------------------------------------------------------------
<S> <C> <C> <C>
Ohio -- Continued
-----------------------------------------------------------
$ 1,500,000 Ohio State Public Facilities Common Refunding, Revenue,
4.30%, 6/1/03 Aa3\AA- $1,457,940
-----------------------------------------------------------
500,000 Ohio State Public Facilities Commission , Mental Health,
Series II-B-FSA, CR, Revenue, 4.30%, 6/1/03 Aaa\AAA 487,470
-----------------------------------------------------------
1,000,000 Ohio State Public Facilities Common Higher, Revenue,
4.70%, 12/1/08 (Callable 12/1/03 @101) Aaa\AAA 949,030
-----------------------------------------------------------
1,000,000 Ohio State Public Facilities, Revenue, 5.88%, 12/1/06
(Callable 12/1/04 @100) Aaa\AAA 1,061,050
-----------------------------------------------------------
2,000,000 Ohio State Public Facilities Common Higher, Education,
Revenue, 5.75%, 11/1/04 Aaa\AAA 2,124,260
-----------------------------------------------------------
2,000,000 Ohio State Public Facilities Common Higher, Education,
Revenue, 5.75%, 11/1/05 (Callable 11/1/04 @100) Aaa\AAA 2,117,620
-----------------------------------------------------------
500,000 Ohio State Public Facilities Commission, Higher Education
Capital Facilities, Series II-A, Revenue, 5.20%, 5/1/07
(Callable 5/1/05 @100) Aaa\AAA 505,305
-----------------------------------------------------------
1,000,000 Ohio State Turnpike, Series A, Revenue, 5.60%, 2/15/11
(Callable 2/15/06 @102) Aaa\AAA 1,015,610
-----------------------------------------------------------
5,000,000 Ohio State Turnpike, Municipal Revenue Bond Model,
5.75%, 2/15/14 (Callable 2/15/06 @102) Aaa\AAA 5,077,450
-----------------------------------------------------------
1,000,000 Ohio State University Revenue General Receipts, 5.15%,
12/1/00 Aa2\AA- 1,028,620
-----------------------------------------------------------
1,500,000 Ohio State University Refunding, Revenue, 5.15%, 12/1/00 Aa2\AA- 1,542,930
-----------------------------------------------------------
2,900,000 Ohio State University Revenue Refunding General, Receipts,
5.75%, 12/1/09 (Callable 12/1/02 @102) Aa2\AA- 2,945,385
-----------------------------------------------------------
500,000 Ohio State Water Developement Authority Revenue,
Purification, 7.50% 12/1/08 Aaa\AAA 533,275
-----------------------------------------------------------
5,000,000 Ohio State Water Developement Authority, Revenue, 5.30%,
12/1/10 (Callable 6/1/05 @101) Aaa\AAA 4,984,100
-----------------------------------------------------------
5,000,000 Ohio State, Water Municipal Revenue Bond Model, 5.13%,
12/1/08 (Callable 6/1/05 @101) " Aaa\AAA 5,005,200
-----------------------------------------------------------
500,000 Ohio University General Receipts, Athens, Refunding,
Student Recreation Center, Revenue, 4.70%, 12/1/5
(Callable 12/1/03 @ 102) Aaa\AAA 494,490
-----------------------------------------------------------
2,000,000 Pickerington, Local School District, Refunding, GO, 5.55%,
12/1/07 (Callable 12/1/03 @102)*** Aaa\AAA 2,079,080
-----------------------------------------------------------
755,000 Seven Hills, GO, 6.95%, 12/1/09 (Callable 12/1/01 @102) A\NR 815,996
-----------------------------------------------------------
5,000,000 State of Ohio, GO, 5.10%, 8/1/09 (Callable 8/1/07 @101) Aa1\AA+ 4,981,700
-----------------------------------------------------------
555,000 Tiffen, GO, 6.60%, 12/1/03 (Callable 12/1/1 @102)" A\NR 583,854
-----------------------------------------------------------
400,000 Toledo, Improvement, GO, 5.05%, 12/1/99 Aaa\AAA 409,936
-----------------------------------------------------------
1,015,000 Troy, GO, 5.50%, 12/1/10 (Callable 12/1/5 @102) Aa\NR 1,028,977
-----------------------------------------------------------
</TABLE>
32
<PAGE>
Fountain Square Ohio Tax Free Bond Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Credit
Rating:
Principal Security Moody's Market
Amount Description and S&P* Value
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Municipal Securities -- Continued
- -----------------------------------------------------------------------------
Ohio -- Continued
-----------------------------------------------------------
$ 500,000 Trumbull County, GO, 5.15%, 12/1/02 Aaa\AAA $ 515,705
-----------------------------------------------------------
1,200,000 Twinsburg CSD, GO, 5.40%, 12/1/09 (Callable 12/1/06 @102) Aaa\AAA 1,214,988
500,000 University of Cincinnati, 6.30%, 12/1/00 Aaa\AAA 534,410
-----------------------------------------------------------
2,000,000 University of Cincinnati, GO, 5.00%, 6/1/10 Aaa\AAA 1,965,500
-----------------------------------------------------------
100,000 University of Cincinnati , Certificate of Participation,
Revenue, 6.40%, 12/1/03 (Callable 12/1/1 @102) Aaa\AAA 109,046
-----------------------------------------------------------
500,000 University of Cincinnati, General, Revenue, 5.20%, 6/1/00 A1\AA- 513,025
-----------------------------------------------------------
750,000 University of Cincinnati General Receipt, Series R9, 5.40%,
6/1/06, (Callable 6/1/03 @100)*** A1\AA- 768,510
-----------------------------------------------------------
500,000 University of Cincinnati General Receipts, Revenue, Series
R9, 5.65%, 6/1/08 (Callable 6/1/03 @100) A1\AA- 513,380
-----------------------------------------------------------
1,015,000 University of Cincinnati, Revenue, 5.30%, 6/1/09
(Callable 6/1/05 @101) A1\AA- 1,011,468
-----------------------------------------------------------
1,160,000 University of Cincinnati, Revenue, 5.65%, 6/1/11
(Callable 6/1/06 @101) A1\AA- 1,179,882
-----------------------------------------------------------
1,000,000 University of Toledo, General Receipt, Revenue, 5.00%,
6/1/99 Aaa\AAA 1,019,780
-----------------------------------------------------------
1,000,000 West Geauga, Local School District, GO, 5.55%, 11/1/05
(Callable 11/1/04 @101) Aaa\AAA 1,054,460
-----------------------------------------------------------
1,000,000 West Geauga, Local School District, GO, 5.65%, 11/1/06
(Callable 11/1/04 @102)" Aaa\AAA 1,059,090
-----------------------------------------------------------
1,000,000 Westlake, GO, 5.75%, 12/1/07 (Callable 12/1/04 @102) Aa1\AA 1,056,830
-----------------------------------------------------------
Total Municipal Securities (identified cost, $30,496,306) $164,570,981
----------------------------------------------------------- ------------
Regulated Investment Companies -- 1.9%
- -----------------------------------------------------------------------------
2,898,097 Midwest Ohio Money Fund 2,898,096
250,000 Vangard Tax Free Money Mkt 250,000
----------------------------------------------------------- ---------------
Total Regulated Investment Companies $ 3,148,096
---------------
Total Investments (cost-$164,745,327)** $167,719,077
===============
</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
$164,745,327. The net unrealized appreciation of investments on a federal tax
basis amounts to $2,973,750 which is comprised of $3,284,713 appreciation and
$310,965 depreciation at January 31, 1997.
***Additional put and demand features exist allowing the fund to require the
repurchase of securities at variable periods.
Note: The categories of investments are shown as a percentage of net assets
($169,586,293) at January 31, 1997.
The following abbreviations are used in this portfolio:
33
<PAGE>
CSD -- City School District
GO -- General Obligation
LT -- Limited Tax
MBIA -- Municipal Bond Insurance Association
NR -- Not Rated
RANs -- Revenue Anticipation Notes
(See Notes which are an integral part of the Financial Statements)
34
<PAGE>
Fountain Square Quality Growth Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------------
Common Stock--96.9%
- ------------------------------------------------------------------
<S> <C> <C>
Banking -- 7.1%
------------------------------------------------------
280,000 Bank of New York Co., Inc $10,255,000
------------------------------------------------------
75,000 Mellon Bank Corp. 5,596,875
------------------------------------------------------
135,000 Norwest Corp. 6,429,375
------------------------------------------------------ -----------
Total 22,281,250
------------------------------------------------------ -----------
Beverages -- 2.1%
------------------------------------------------------
185,000 PepsiCo, Inc. 6,451,875
------------------------------------------------------ -----------
Chemicals -- 3.3%
------------------------------------------------------
220,000 Praxair, Inc. 10,202,500
------------------------------------------------------ -----------
Computer Software & Services -- 10.5%
------------------------------------------------------
320,000 First Data Corp. 11,520,000
------------------------------------------------------
82,000 Microsoft Corp. * 8,364,000
------------------------------------------------------
340,000 Oracle Corp.* 13,217,500
------------------------------------------------------ -----------
Total 33,101,500
------------------------------------------------------ -----------
Computer Systems & Equipment -- 14.7%
------------------------------------------------------
135,000 Cisco Systems * 9,416,250
------------------------------------------------------
180,000 Hewlett-Packard Co. 9,472,500
------------------------------------------------------
150,000 Intel Corp. 24,337,500
------------------------------------------------------
45,000 US Robotics Corp.* 3,082,500
------------------------------------------------------ -----------
Total 46,308,750
------------------------------------------------------ -----------
Consumer Products -- 7.5%
------------------------------------------------------
130,000 Crown Cork & Seal Co., Inc. 7,475,000
------------------------------------------------------
36,160 Gillette Co. 2,947,040
------------------------------------------------------
250,000 Newell Co. 8,250,000
------------------------------------------------------
43,000 Procter & Gamble Co. 4,966,500
------------------------------------------------------ -----------
Total 23,638,540
------------------------------------------------------ -----------
Electrical Equipment -- 5.0%
------------------------------------------------------
90,000 Emerson Electric Co. 8,887,500
------------------------------------------------------
66,000 General Electric Co. 6,798,000
------------------------------------------------------ -----------
Total 15,685,500
------------------------------------------------------ -----------
</TABLE>
35
<PAGE>
Fountain Square Quality Growth Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------------
Common Stocks--Continued
- ------------------------------------------------------------------
<S> <C> <C>
Electronics -- 4.0%
------------------------------------------------------
140,000 Adaptec Inc. * $ 6,125,000
------------------------------------------------------
120,000 Molex, Inc. 4,590,000
------------------------------------------------------
25,000 Motorola, Inc. 1,706,250
------------------------------------------------------ -----------
Total 12,421,250
------------------------------------------------------ -----------
Entertainment & Leisure -- 1.4%
------------------------------------------------------
60,000 The Walt Disney Co. 4,395,000
------------------------------------------------------ -----------
Financial -- 5.4%
------------------------------------------------------
83,000 Fannie Mae 3,278,500
------------------------------------------------------
448,000 Federal Home Loan Mortgage Corp. 13,552,000
------------------------------------------------------ -----------
Total 16,830,500
------------------------------------------------------ -----------
Healthcare -- 1.8%
------------------------------------------------------
100,000 Columbia/HCA Healthcare Corp. 3,950,000
------------------------------------------------------
25,000 Medtronic, Inc. 1,712,500
------------------------------------------------------ -----------
Total 5,662,500
------------------------------------------------------ -----------
Insurance -- 7.4%
------------------------------------------------------
100,000 Allstate Corp. 6,575,000
------------------------------------------------------
28,000 American International Group, Inc. 3,391,500
------------------------------------------------------
93,587 Cincinnati Financial Corp. 5,849,188
------------------------------------------------------
100,000 MGIC Investment Corp. 7,375,000
------------------------------------------------------ -----------
Total 23,190,688
------------------------------------------------------ -----------
Manufacturing -- 4.5%
------------------------------------------------------
400,000 Federal Signal Corp. 9,350,000
------------------------------------------------------
57,000 Illinois Tool Works 4,652,625
------------------------------------------------------
Total 14,002,625
------------------------------------------------------ -----------
Media / Publishing -- 2.9%
------------------------------------------------------
185,000 Interpublic Group of Cos., Inc. 9,134,375
------------------------------------------------------ -----------
Oil & Gas -- 4.4%
------------------------------------------------------
75,000 Chevron Corp. 4,978,125
------------------------------------------------------
68,000 Mobil Corp. 8,925,000
------------------------------------------------------ -----------
Total 13,903,125
------------------------------------------------------ -----------
</TABLE>
36
<PAGE>
Fountain Square Quality Growth Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------------
Common Stocks--Continued
- ------------------------------------------------------------------
<S> <C> <C>
Pharmaceuticals -- 9.8%
------------------------------------------------------
100,000 American Home Products $ 6,337,500
------------------------------------------------------
115,000 Johnson & Johnson 6,626,875
------------------------------------------------------
95,000 Pfizer, Inc. 8,823,125
------------------------------------------------------
117,000 Schering - Plough Corp. 8,848,125
------------------------------------------------------ -----------
Total 30,635,625
------------------------------------------------------ -----------
Retailing -- 2.6%
------------------------------------------------------
165,000 Home Depot, Inc. 8,167,500
------------------------------------------------------ -----------
Telecommunications -- 1.7%
------------------------------------------------------
170,000 Alltel Corp. 5,461,250
------------------------------------------------------ -----------
Transportation -- 0.9%
------------------------------------------------------
140,000 Comair Holdings, Inc 2,852,500
------------------------------------------------------ -----------
Total Common Stock 304,326,853
------------------------------------------------------ -----------
**Repurchase Agreements
- ------------------------------------------------------------------
9,798,000 UBS Securities, 5.55 %, dated 1/31/97, due 2/3/97
(at amortized cost) 9,798,000
------------------------------------------------------ -----------
Total Repurchase Agreements 9,798,000
------------------------------------------------------ -----------
Total Investments (Cost-$218,004,114)*** $314,124,853
------------------------------------------------------ ===========
</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 $218,004,114. The
Net unrealized appreciation of investments on federal tax basis amounts to
$96,016,139, which is composed of $97,688,176 appreciation and $1,672,037
depreciation at January 31,1997.
Note: The category of investments are shown as a percentage of net assets
($313,937,104) at January 31, 1997.
(See Notes which are an integral part of the Financial Statements.)
37
<PAGE>
Fountain Square Mid Cap Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares or
Principal Security Market
Amount Description Value
-----------------------------------------------------------------------------------------------------------------
Common Stocks--97.5%
-----------------------------------------------------------------------------------------------
<S> <C> <C>
Banking--7.7%
-------------------------------------------------------------------------------
90,000 Firstar Corp. $ 5,253,750
-------------------------------------------------------------------------------
130,000 First Tennessee National Corp. 5,265,000
-------------------------------------------------------------------------------
26,000 Regions Financial Corp. 1,443,000
------------------------------------------------------------------------------- -----------
Total 11,961,750
------------------------------------------------------------------------------- -----------
Business Services--1.3%
-------------------------------------------------------------------------------
37,000 Cintas Corp. 2,109,000
------------------------------------------------------------------------------- -----------
Chemicals--1.7%
-------------------------------------------------------------------------------
142,500 RPM, Inc. 2,654,062
------------------------------------------------------------------------------- -----------
Computers & Computer Services--12.5%
-------------------------------------------------------------------------------
50,000 Diebold, Inc. 2,950,000
-------------------------------------------------------------------------------
75,000 Electronics For Imaging* 6,956,250
-------------------------------------------------------------------------------
135,000 Fiserv, Inc.* 4,514,063
-------------------------------------------------------------------------------
185,000 Reynolds & Reynolds Co., Class A 4,995,000
------------------------------------------------------------------------------- -----------
Total 19,415,313
------------------------------------------------------------------------------- -----------
Consumer Products--3.5%
-------------------------------------------------------------------------------
70,000 First Brands Corp. 1,890,000
------------------------------------------------------------------------------- -----------
107,000 Newell Co. 3,531,000
------------------------------------------------------------------------------- -----------
Total 5,421,000
------------------------------------------------------------------------------- -----------
Electrical Equipment--3.4%
-------------------------------------------------------------------------------
140,000 Belden, Inc. 5,337,500
------------------------------------------------------------------------------- -----------
Electronics--18.7%
-------------------------------------------------------------------------------
280,000 Adaptec, Inc. 12,250,000
-------------------------------------------------------------------------------
172,000 Computer Products, Inc.* 2,924,000
-------------------------------------------------------------------------------
221,000 Flextronics, International* 5,635,500
-------------------------------------------------------------------------------
75,000 Molex, Inc. 2,868,750
-------------------------------------------------------------------------------
224,500 Vishay Intertechnologies, Inc. * 5,416,063
------------------------------------------------------------------------------- -----------
Total 29,094,313
------------------------------------------------------------------------------- -----------
Insurance--12.0%
-------------------------------------------------------------------------------
72,750 Cincinnati Financial Corp. 4,546,875
-------------------------------------------------------------------------------
100,000 Equitable Of Iowa Co. 4,850,000
-------------------------------------------------------------------------------
90,000 MGIC Investment Corp. 6,637,500
-------------------------------------------------------------------------------
75,000 Mutual Risk Managment, Limited 2,700,000
------------------------------------------------------------------------------- -----------
Total 18,734,375
------------------------------------------------------------------------------- -----------
</TABLE>
38
<PAGE>
<TABLE>
<CAPTION>
Fountain Square Mid Cap Fund
- ------------------------------------------------------------------------------------------------------------------------
Shares or
Principal Security Market
Amount Description Value
- ------------------------------------------------------------------------------------------------------------------------
Common Stocks--Continued
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
Manufacturing--9.1%
---------------------------------------------------------------------------
68,000 Applied Industrial Technologies $ 1,938,000
---------------------------------------------------------------------------
187,000 Federal Signal Corp 4,371,125
---------------------------------------------------------------------------
55,000 Pall Corp. 1,230,625
---------------------------------------------------------------------------
250,000 Zebra Technologies Corp., Class A* 6,625,000
--------------------------------------------------------------------------- ------------
Total 14,164,750
--------------------------------------------------------------------------- ------------
Media--3.7%
---------------------------------------------------------------------------
118,000 Omnicom Group 5,737,750
--------------------------------------------------------------------------- ------------
Medical Distribution--3.3%
---------------------------------------------------------------------------
81,000 Cardinal Health, Inc. 5,072,625
--------------------------------------------------------------------------- ------------
Medical Supplies--1.0%
---------------------------------------------------------------------------
80,000 Ballard Medical Products 1,560,000
--------------------------------------------------------------------------- ------------
Oil & Gas--2.8%
---------------------------------------------------------------------------
113,000 Questar Corp. 4,421,125
--------------------------------------------------------------------------- ------------
Printing & Publishing--2.1%
---------------------------------------------------------------------------
55,000 Scholastic Corp.* 3,245,000
--------------------------------------------------------------------------- ------------
Retail--7.1%
---------------------------------------------------------------------------
125,000 Consolidated Stores Corp. * 4,109,375
---------------------------------------------------------------------------
82,000 Department 56, Inc.* 1,896,250
---------------------------------------------------------------------------
165,000 Dollar General 5,115,000
--------------------------------------------------------------------------- ------------
Total 11,120,625
--------------------------------------------------------------------------- ------------
Telecommunications--3.0%
---------------------------------------------------------------------------
150,000 Century Telephone Enterprises 4,706,250
--------------------------------------------------------------------------- ------------
Transportation--4.6%
---------------------------------------------------------------------------
240,000 Comair Holdings, Inc. 4,890,000
---------------------------------------------------------------------------
45,000 GATX Corp. 2,199,375
--------------------------------------------------------------------------- ------------
Total 7,089,375
--------------------------------------------------------------------------- ------------
Total Common Stocks (Cost, $115,068,369) 151,844,813
--------------------------------------------------------------------------- ------------
***Repurchase Agreements--3.4%
- --------------------------------------------------------------------------------------------------------
$ 5,338,000 UBS Securities Repurchase Agreement, 5.55%, dated 1/31/97, due 2/3/97
(at amortized cost) 5,338,000
--------------------------------------------------------------------------- ------------
Total Investments (Cost, $120,406,370)** $157,182,813
--------------------------------------------------------------------------- ------------
</TABLE>
*Non income producing securities.
**The cost of investments for federal tax purposes amounts to $120,406,370. The
net unrealized appreciation of investments on federal tax basis amounts to
$36,776,443, which is composed of $39,275,998 appreciation and $2,499,555
depreciation at January 31, 1997.
39
<PAGE>
***The repurchase agreement is fully collateralized by U.S. Government and/or
agency obligations based on market prices at the date of the portfolio.
Note: The categories of investments are shown as a percentage of net assets
($155,790,189) at January 31,1997.
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.)
40
<PAGE>
Fountain Square Balanced Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------
<S> <C> <C>
Common Stocks--65.1%
- -----------------------------------------------------------
Banking--4.7%
------------------------------------------
55,000 Bank of New York Co., Inc. $2,014,375
------------------------------------------
15,000 First Tennessee National Corp. 607,500
------------------------------------------
20,000 Mellon Bank Corp. 1,492,500
------------------------------------------
22,000 Norwest Corp. 1,047,750
------------------------------------------ ---------
Total 5,162,125
------------------------------------------ ---------
Beverages--1.1%
------------------------------------------
35,000 PepsiCo, Inc. 1,220,625
------------------------------------------ ---------
Linen Supply & Related Items--0.3%
------------------------------------------
5,000 Cintas Corp. 285,000
------------------------------------------ ---------
Chemicals--1.7%
------------------------------------------
40,000 Praxair, Inc. 1,855,000
------------------------------------------ ---------
Computer Software & Services--7.4%
------------------------------------------
45,000 First Data Corp. 1,620,000
------------------------------------------
10,000 Microsoft Corp.* 1,020,000
------------------------------------------
55,000 Oracle Corp.*. 2,138,125
------------------------------------------
18,000 Electronic For Imaging, Inc.* 1,669,500
------------------------------------------
30,000 Fiserv Inc.* 1,003,125
------------------------------------------
28,000 Reynolds & Reynolds Co., Class A 756,000
------------------------------------------ ---------
Total 8,206,750
------------------------------------------ ---------
Computer Systems & Equipment--8.8%
------------------------------------------
30,000 Cisco Systems 2,092,500
------------------------------------------
25,000 Computer Products, Inc.* 425,000
------------------------------------------
30,000 Hewlett Packard Co. 1,578,750
------------------------------------------
30,000 Intel Corp. 4,867,500
------------------------------------------
10,000 US Robotics Corp.* 685,000
------------------------------------------ ---------
Total 9,648,750
------------------------------------------ ---------
Consumer Products--3.6%
------------------------------------------
27,000 Crown Cork & Seal Co., Inc. 1,552,500
------------------------------------------
50,000 Newell Co. 1,650,000
------------------------------------------
6,000 Procter & Gamble Co. 693,000
------------------------------------------ ---------
Total 3,895,500
------------------------------------------ ---------
</TABLE>
41
<PAGE>
Fountain Square Balanced Fund
- --------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------
<S> <C> <C>
Common Stocks--Continued
- -----------------------------------------------------------
Electrical Equipment--3.6%
------------------------------------------
10,000 Belden, Inc. $ 381,250
------------------------------------------
21,000 Emerson Electric Co. 2,073,750
------------------------------------------
15,000 General Electric Co. 1,545,000
------------------------------------------ ---------
Total 4,000,000
------------------------------------------ ---------
Electronics--4.4%
------------------------------------------
62,000 Adaptec Inc.* 2,712,500
------------------------------------------
31,000 Flextronics, International* 790,500
------------------------------------------
17,000 Molex, Inc. 650,250
------------------------------------------
26,250 Vishay Intertechnology, Inc.* 6,332,810
------------------------------------------ ---------
Total 4,786,531
------------------------------------------ ---------
Entertainment & Leisure--0.9%
------------------------------------------
13,000 The Walt Disney Co. 952,250
------------------------------------------ ---------
Financial--3.1%
------------------------------------------
20,000 Fannie Mae 790,000
------------------------------------------
88,000 Federal Home Loan Mortgage Corp. 2,662,000
------------------------------------------ ---------
Total 3,452,000
------------------------------------------ ---------
Healthcare--1.2%
------------------------------------------
16,000 Columbia/HCA Healthcare Corp. 632,000
------------------------------------------
10,000 Medtronic, Inc. 685,000
------------------------------------------ ---------
Total 1,317,000
------------------------------------------ ---------
Insurance--4.2%
------------------------------------------
20,000 Allstate 1,315,000
------------------------------------------
6,000 American International Group, Inc. 726,750
------------------------------------------
17,000 Cincinnati Financial Corp. 1,062,500
------------------------------------------
20,000 MGIC Investment Corp. 1,475,000
------------------------------------------ ---------
Total 4,579,250
------------------------------------------ ---------
Manufacturing--3.7%
------------------------------------------
17,000 Applied Industrial Technologies* 484,500
------------------------------------------
55,000 Federal Signal Corp. 1,285,625
------------------------------------------
9,000 Illinois Tool Works 734,625
------------------------------------------
60,000 Zebra Technologies Corp., Class A* 1,590,000
------------------------------------------ ---------
Total 4,094,750
------------------------------------------ ---------
</TABLE>
42
<PAGE>
Fountain Square Balanced Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------
<S> <C> <C>
Media/Publishing --2.1%
------------------------------------------
40,000 Interpublic Group of Cos., Inc. $ 1,975,000
------------------------------------------
5,000 Scholastic Corp.* 295,000
------------------------------------------ ---------
Total 2,270,000
------------------------------------------ ---------
Oil & Gas-- 2.7%
------------------------------------------
15,000 Chevron Corp. 995,625
------------------------------------------
15,000 Mobil Corp. 1,968,750
------------------------------------------ ---------
Total 2,964,375
------------------------------------------ ---------
Pharmaceuticals --6.1%
------------------------------------------
40,000 American Home Products 2,535,000
------------------------------------------
22,000 Johnson & Johnson 1,267,750
------------------------------------------
15,000 Pfizer, Inc. 1,393,125
------------------------------------------
20,000 Schering - Plough Corp. 1,512,500
------------------------------------------ ---------
Total 6,708,375
------------------------------------------ ---------
Retailing --3.2%
------------------------------------------
25,000 Consolidated Stores Corp. 821,875
------------------------------------------
38,000 Dollar General 1,178,000
------------------------------------------
30,000 Home Depot, Inc. 1,485,000
------------------------------------------ ---------
Total 3,484,875
------------------------------------------ ---------
Telecommunications -- 1.2%
------------------------------------------
42,000 Century Telephone Enterprises 1,317,750
------------------------------------------ ---------
Transportation --1.1%
------------------------------------------
60,000 Comair Holdings, Inc 1,222,500
------------------------------------------ ---------
Total Common Stock (Cost, $51,822,541) 71,423,406
------------------------------------------ ----------
Corporate Bonds--5.8%
- -----------------------------------------------------------
Asset Backed Securities -- 2.1%
------------------------------------------
1,500,000 Cityscape, Series 1996-3, 7.15%, 8/25/11 1,503,543
------------------------------------------
750,000 Olympic Automobile Receivable Trust,
Series 1996-B A4, 6.70%, 3/15/02 758,460
------------------------------------------ ---------
Total 2,262,003
------------------------------------------ ---------
Banking --0.0%
------------------------------------------
46,000 Bankers Trust New York Corp.,
9.20%, 7/15/99 48,822
------------------------------------------ ---------
Financial -- 2.7%
------------------------------------------
1,000,000 Bear Stearns, 5.75%, 2/15/01 966,077
------------------------------------------
1,500,000 CIT Group Holdings, 6.25%, 3/28/01 1,485,917
------------------------------------------
500,000 Ford Motor Credit, Floating Rate
Note, 11/9/98 (5.81%, 2/10/97)(a) 500,714
------------------------------------------ ---------
Total 2,952,708
------------------------------------------ ---------
</TABLE>
43
<PAGE>
Fountain Square Balanced Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------
<S> <C> <C>
Corporate Bonds--Continued
- -----------------------------------------------------------
Industrial -- 0.5%
------------------------------------------
500,000 IBP, Inc., 6.13%, 2/1/06 $ 469,424
------------------------------------------ ---------
Transportation -- 0.5%
------------------------------------------
600,000 American President Cos. Ltd., 7.13%,
11/15/03 586,207
------------------------------------------ ---------
Total Corporate Bonds (Cost,
$7,010,845) 6,319,164
------------------------------------------ ---------
Mortgage Backed Securities -- 2.4%
- -----------------------------------------------------------
Government Agencies -- 2.4%
------------------------------------------
6,869 Federal Home Loan Mortgage Corp.,
9.50%, 10/1/02, Pool #38-0009 7,213
------------------------------------------
500,000 Federal Home Loan Mortgage Corp.,
Series 1546E, 6.35%, 11/15/19, REMIC 492,150
------------------------------------------
678,208 Federal Home Loan Mortgage Corp.,
6.05%, 9/15/20, Pool #1818A 656,885
------------------------------------------
727,472 Federal National Mortgage Assoc.,
6.00%, 4/1/11, Dwarf Pool 344185 699,937
------------------------------------------
750,000 Government National Mortgage
Assoc., Series 1996-6 Y3, 6.50%, 5/16/12 751,890
------------------------------------------
13,742 Federal Home Loan Mortgage Corp.,
8.00%, 8/1/08, Pool #27-2525 14,157
------------------------------------------ ---------
Total U.S. Government Agencies
(Cost, $2,628,495) 2,622,232
------------------------------------------ ---------
U.S. Government Securities -- 20.9%
- -----------------------------------------------------------
U.S. Government Agencies -- 0.6%
------------------------------------------
500,000 Federal Home Loan Mortgage Corp.,
6.99%, 5/24/02, Callable 5/24/99 @ 100 500,722
------------------------------------------
200,000 Federal Home Loan Mortgage Corp.,
7.81%, 4/13/09, Callable 4/13/09 @ 100 202,159
------------------------------------------ ---------
Total U.S. Government Agencies
(Cost, $694,688) 702,881
------------------------------------------ ---------
U.S. Treasury Bonds -- 7.3%
------------------------------------------
1,255,000 6.75%, 5/31/99 1,275,394
------------------------------------------
1,750,000 6.75%, 6/30/99 1,778,983
------------------------------------------
375,000 6.38%, 3/31/01 376,641
------------------------------------------
2,000,000 7.63%, 11/15/22 2,173,124
------------------------------------------
2,750,000 6.00%, 2/15/26 2,460,389
------------------------------------------ ---------
Total U.S. Treasury Bonds (Cost,
$8,231,824) 8,064,531
------------------------------------------ ---------
</TABLE>
44
<PAGE>
Fountain Square Balanced Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- ------------------------------------------------------------------------------
<S> <C> <C>
U.S. Government Securities--Continued
- -----------------------------------------------------------------
U.S. Treasury Notes -- 12.9%
------------------------------------------------
900,000 7.88%, 4/15/98 $ 921,938
------------------------------------------------
186,000 9.00%, 5/15/98 193,382
------------------------------------------------
186,000 9.25%, 8/15/98 195,126
------------------------------------------------
500,000 5.00%, 2/15/99 491,406
------------------------------------------------
1,000,000 7.75%, 1/31/00 1,044,062
------------------------------------------------
1,250,000 6.25%, 5/31/00 1,254,296
------------------------------------------------
93,000 8.75%, 8/15/00 100,469
------------------------------------------------
1,000,000 5.75%, 10/31/00 985,312
------------------------------------------------
1,000,000 7.50%, 5/15/02 1,054,062
------------------------------------------------
3,250,000 6.38%, 8/15/02 3,261,170
------------------------------------------------
2,250,000 6.50%, 10/15/06 2,247,888
------------------------------------------------
2,500,000 6.50%, 11/15/26 2,403,904
------------------------------------------------ -----------
Total U.S. Treasury Notes (Cost,$14,360,565) 14,153,015
------------------------------------------------ -----------
**Repurchase Agreements -- 3.6%
- -----------------------------------------------------------------
3,939,000 UBS Securities, 5.55%, dated
1/31/97, due 2/3/97 (at amortized cost) 3,939,000
------------------------------------------------ -----------
Total Investments (Cost-$87,993,249)*** $107,224,229
------------------------------------------------ ===========
</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 $87,993,249. The
Net unrealized depreciation of investments on federal tax basis amounts to
$19,213,890, which is composed of $20,452,334 appreciation and $1,238,444
depreciation at January 31,1997.
(a) Current rate and next reset date shown.
Note: The category of investments are shown as a percentage of net assets
($109,731,970) at January 31,1997.
The following abbreviations are used in this portfolio:
CMO - Collateralized Mortgage Obligation
REMIC - Real Estate Mortgage Investment Conduit
45
<PAGE>
Fountain Square International Equity Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
Market
Value
in U.S.
Shares Security Description Dollars
- ----------------------------------------------------------------------------------------------------------------
U.S. Government Securities --92.5%
- ---------------------------------------------------------------------------------------------------
Australia --2.6%
------------------------------------------------------------------------------------
<C> <S> <C>
16,200 Amcor, Ltd. $ 100,019
------------------------------------------------------------------------------------
20,500 Australian National Industries Ltd. 19,219
------------------------------------------------------------------------------------
26,611 Boral Ltd. 68,964
------------------------------------------------------------------------------------
6,400 Brambles Industries Ltd. 108,785
------------------------------------------------------------------------------------
46,320 Broken Hill Proprietary Co. Ltd. 634,806
------------------------------------------------------------------------------------
14,200 Burns Philp & Co. Ltd. 24,353
------------------------------------------------------------------------------------
12,173 Coca-Cola Amatil Ltd. 120,157
------------------------------------------------------------------------------------
33,147 Coles Myer Ltd. 125,317
------------------------------------------------------------------------------------
7,600 CRA Ltd. 107,516
------------------------------------------------------------------------------------
26,200 CSR Ltd. 87,470
------------------------------------------------------------------------------------
58,800 Fosters Brewing Group Ltd. 118,769
------------------------------------------------------------------------------------
20,700 General Property Trust Units 38,025
------------------------------------------------------------------------------------
12,207 Gio Australia Holdings Ltd. 31,077
------------------------------------------------------------------------------------
33,329 Goodman Fielder Ltd. 40,646
------------------------------------------------------------------------------------
8,269 Highlands Gold Ltd.* 5,105
------------------------------------------------------------------------------------
8,300 ICI Australia Ltd. 78,764
------------------------------------------------------------------------------------
7,038 Lend Lease Corp. Ltd. 121,507
------------------------------------------------------------------------------------
40,842 M.I.M Holdings Ltd. 54,479
------------------------------------------------------------------------------------
35,932 National Australia Bank Ltd. 434,104
------------------------------------------------------------------------------------
7,800 Newcrest Mining Ltd. 29,846
------------------------------------------------------------------------------------
46,716 News Corp. Ltd. 236,437
------------------------------------------------------------------------------------
40,024 Normandy Mining Ltd. 48,507
------------------------------------------------------------------------------------
18,874 North Ltd. 56,682
------------------------------------------------------------------------------------
26,600 Pacific Dunlop Ltd. 64,070
------------------------------------------------------------------------------------
25,200 Pioneer International Ltd. 72,030
------------------------------------------------------------------------------------
5,803 RGC Ltd. 23,222
------------------------------------------------------------------------------------
16,100 Santos Ltd. 58,537
------------------------------------------------------------------------------------
3,500 Sons of Gwalia Ltd. 17,874
------------------------------------------------------------------------------------
19,652 Southcorp Holdings Ltd. 64,710
------------------------------------------------------------------------------------
10,500 TABCORP Holding Ltd. 45,859
------------------------------------------------------------------------------------
25,973 WMC Ltd. 159,566
------------------------------------------------------------------------------------
26,289 Westfield Trust 48,259
------------------------------------------------------------------------------------
45,800 Westpac Banking Corp. Ltd. 261,824
-------------------------------------------------------------------------------------------------
Total Australia 3,506,505
-------------------------------------------------------------------------------------------------
</TABLE>
46
<PAGE>
Fountain Square International Equity Fund
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
Market
Value
in U.S.
Shares Security Description Dollars
- ----------------------------------------------------------------------------------------------------------------
Common Stocks --Continued
- ----------------------------------------------------------------------------------------------------
Brazil -- 0.0%
-------------------------------------------------------------------------------------
<C> <S> <C>
1,487 CIA Paulista de Forca e Luz $ 142
-------------------------------------------------------------------------------------
6,445 Industrias Klabin de Papel e Colulose SA 5,486
------------------------------------------------------------------------------------- ---------
Total Brazil 5,628
------------------------------------------------------------------------------------- ---------
France --8.6%
-------------------------------------------------------------------------------------
998 Accor SA 133,783
-------------------------------------------------------------------------------------
4,186 Alcatel Alsthom 414,985
-------------------------------------------------------------------------------------
5,844 AXA SA 385,883
-------------------------------------------------------------------------------------
6,018 Banque Nationale de Paris 241,145
-------------------------------------------------------------------------------------
1,075 BIC 171,526
-------------------------------------------------------------------------------------
1,026 Bouygues 100,786
-------------------------------------------------------------------------------------
700 Canal Plus 149,682
-------------------------------------------------------------------------------------
1,125 Carrefour SA 675,683
-------------------------------------------------------------------------------------
3,106 Casino Guichard Perrachon 119,258
-------------------------------------------------------------------------------------
5 Chargeurs International SA* 273
-------------------------------------------------------------------------------------
782 Compagnie Bancaire SA 94,218
-------------------------------------------------------------------------------------
2,981 Compagnie de Saint Gobain 458,928
-------------------------------------------------------------------------------------
5,258 Compagnie de Suez SA 249,691
-------------------------------------------------------------------------------------
3,206 Compagnie Financiere de Paribas SA 219,408
-------------------------------------------------------------------------------------
3,255 Compagnie Generale des Eaux 416,905
-------------------------------------------------------------------------------------
8,750 Elf Aquitaine SA 850,031
-------------------------------------------------------------------------------------
1,150 Eridania Beghin-Say SA 176,419
-------------------------------------------------------------------------------------
350 Essilor International 103,967
-------------------------------------------------------------------------------------
2,479 Groupe Danone 383,438
-------------------------------------------------------------------------------------
340 Groupe Saint Louis 84,574
-------------------------------------------------------------------------------------
1,987 Havas SA 145,761
-------------------------------------------------------------------------------------
2,062 L' OREAL 730,762
-------------------------------------------------------------------------------------
3,449 LaFarge SA 208,210
-------------------------------------------------------------------------------------
2,987 L'Air Liquide 485,248
-------------------------------------------------------------------------------------
960 Legrand SA 161,513
-------------------------------------------------------------------------------------
1,868 Lyonnaise des Eaux SA 189,918
-------------------------------------------------------------------------------------
5,106 Michelin - Class B, Registered 292,907
-------------------------------------------------------------------------------------
2,990 Moet Hennessy Louis Vuitton 757,272
-------------------------------------------------------------------------------------
5 Pathe SA* 1,271
-------------------------------------------------------------------------------------
</TABLE>
47
<PAGE>
Fountain Square International Equity Fund
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
Market
Value
in U.S.
Shares Security Description Dollars
- ----------------------------------------------------------------------------------------------------------------
Common Stocks --Continued
- ---------------------------------------------------------------------------------------------------
France--Continued
------------------------------------------------------------------------------------
<C> <S> <C>
2,050 Pernod Ricard $ 114,558
------------------------------------------------------------------------------------
2,480 Pinault-Printemps-Redoute SA 483,294
------------------------------------------------------------------------------------
620 Promodes 171,046
------------------------------------------------------------------------------------
1,044 Rhone-Poulenc SA 347,891
------------------------------------------------------------------------------------
85 Sagem SA 49,206
------------------------------------------------------------------------------------
3,216 Sanofi SA 322,895
------------------------------------------------------------------------------------
4,697 Schneider SA 236,985
------------------------------------------------------------------------------------
1,113 Simco-Union SA, Registered 107,321
------------------------------------------------------------------------------------
95 Societe Eurafrance SA 40,353
------------------------------------------------------------------------------------
2,515 Societe Generale de Paris 289,366
------------------------------------------------------------------------------------
200 Sodexho SA 97,508
------------------------------------------------------------------------------------
4,076 Thomson CSF 121,224
------------------------------------------------------------------------------------
7,514 Total SA, Class B 647,039
------------------------------------------------------------------------------------
10,087 Union des Assurances de Paris SA 264,778
------------------------------------------------------------------------------------
9,640 Unisor Sacilor 122,854
------------------------------------------------------------------------------------ -----------
Total France 11,819,763
------------------------------------------------------------------------------------ -----------
Germany -- 9.7%
------------------------------------------------------------------------------------
1,450 Adidas AG 136,793
------------------------------------------------------------------------------------
100 AMB Aachener & Muenchner Beteiligungs AG 68,877
------------------------------------------------------------------------------------
1,350 Agiv-AG* 22,504
------------------------------------------------------------------------------------
700 Allianz AG Holding 1,292,979
------------------------------------------------------------------------------------
17,100 BASF AG 618,139
------------------------------------------------------------------------------------
21,800 Bayer AG 823,977
------------------------------------------------------------------------------------
7,300 Bayerische Hypotheken-und Wechsel-Bank AG 230,898
------------------------------------------------------------------------------------
76,500 Bayerische Vereinsbank AG 287,279
------------------------------------------------------------------------------------
2,550 Beiersdorf AG 128,925
------------------------------------------------------------------------------------
1,550 Bilfinger & Berger Bau AG 56,598
------------------------------------------------------------------------------------
250 Brau und Brunnen AG* 18,471
------------------------------------------------------------------------------------
900 CKAG Colonia Konzern AG 78,586
------------------------------------------------------------------------------------
2,900 Continental AG 55,691
------------------------------------------------------------------------------------
14,850 Daimler-Benz AG* 1,040,059
------------------------------------------------------------------------------------
250 Degussa AG 106,324
------------------------------------------------------------------------------------
14,800 Deutsche Bank AG 737,790
------------------------------------------------------------------------------------
</TABLE>
48
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- ----------------------------------------------------------------------------------------------------------------
Common Stocks --Continued
- ---------------------------------------------------------------------------------------------------
Germany -- Continued
------------------------------------------------------------------------------------
<C> <S> <C>
11,200 Deutsche Lufthansa AG $ 150,456
------------------------------------------------------------------------------------
62,496 Deutsche Telekom AG* 1,163,149
------------------------------------------------------------------------------------
12,900 Dresdner Bank AG 410,783
------------------------------------------------------------------------------------
1,400 Heidelberger Zement AG 114,979
------------------------------------------------------------------------------------
2,700 Hochtief AG 109,306
------------------------------------------------------------------------------------
300 Karstadt AG 91,776
------------------------------------------------------------------------------------
1,850 Kloeckner-Humboldt-Deutz AG* 9,771
------------------------------------------------------------------------------------
300 Linde AG 187,581
------------------------------------------------------------------------------------
400 Man AG 101,729
------------------------------------------------------------------------------------
1,050 Mannesmann AG 408,090
------------------------------------------------------------------------------------
4,650 Merck KGaA 176,608
------------------------------------------------------------------------------------
2,965 Metro AG* 229,025
------------------------------------------------------------------------------------
260 Muenchener Rueckversicherungs-Gesellschaft AG 598,526
------------------------------------------------------------------------------------
550 Preussag AG 131,145
------------------------------------------------------------------------------------
16,450 RWE AG 643,712
------------------------------------------------------------------------------------
1,742 SAP AG 254,223
------------------------------------------------------------------------------------
2,100 Schering AG 177,982
------------------------------------------------------------------------------------
16,550 Siemens AG 811,689
------------------------------------------------------------------------------------
100 STRABAG AG* 6,527
------------------------------------------------------------------------------------
1,100 Thyssen AG 210,235
------------------------------------------------------------------------------------
14,500 VEBA AG 802,166
------------------------------------------------------------------------------------
1,050 Viag AG 432,453
------------------------------------------------------------------------------------
900 Volkswagen AG 421,783
------------------------------------------------------------------------------------ -----------
Total Germany 13,347,584
------------------------------------------------------------------------------------ -----------
Great Britain -- 18.9%
------------------------------------------------------------------------------------
36,500 Abbey National PLC 458,865
------------------------------------------------------------------------------------
19,400 Arjo Wiggins Appleton PLC 50,830
------------------------------------------------------------------------------------
14,300 Associated British Foods PLC 109,652
------------------------------------------------------------------------------------
83,990 B.A.T Industries PLC 652,782
------------------------------------------------------------------------------------
45,849 Barclays PLC 855,595
------------------------------------------------------------------------------------
30,400 Bass PLC 412,382
------------------------------------------------------------------------------------
19,336 BICC Group PLC 88,620
------------------------------------------------------------------------------------
35,451 Blue Circle Industries PLC 221,276
------------------------------------------------------------------------------------
</TABLE>
49
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- ----------------------------------------------------------------------------------------------------------------
Common Stocks --Continued
- ---------------------------------------------------------------------------------------------------
Great Britain--Continued
------------------------------------------------------------------------------------
<C> <S> <C>
17,569 BOC Group PLC $ 267,185
------------------------------------------------------------------------------------
28,800 Boots Co. PLC 305,757
------------------------------------------------------------------------------------
17,800 BPB PLC 103,687
------------------------------------------------------------------------------------
13,390 British Aerospace PLC 272,189
------------------------------------------------------------------------------------
30,874 British Airways PLC 293,638
------------------------------------------------------------------------------------
116,700 British Gas PLC 419,842
------------------------------------------------------------------------------------
151,070 British Petroleum Co. PLC 1,780,572
------------------------------------------------------------------------------------
43,900 British Sky Broadcasting Group PLC 422,099
------------------------------------------------------------------------------------
54,400 British Steel PLC 130,328
------------------------------------------------------------------------------------
156,300 British Telecommunications PLC 1,070,764
------------------------------------------------------------------------------------
112,071 BTR PLC 464,251
------------------------------------------------------------------------------------
8,085 Burmah Castrol PLC 133,320
------------------------------------------------------------------------------------
67,472 Cable & Wireless PLC 503,858
------------------------------------------------------------------------------------
30,198 Cadbury Schweppes PLC 227,444
------------------------------------------------------------------------------------
22,400 Caradon PLC 94,766
------------------------------------------------------------------------------------
24,519 Coats Viyella PLC 52,847
------------------------------------------------------------------------------------
17,942 Commercial Union PLC 200,546
------------------------------------------------------------------------------------
12,900 Courtaulds PLC 79,692
------------------------------------------------------------------------------------
3,886 De La Rue PLC 36,118
------------------------------------------------------------------------------------
13,426 EMI Group PLC 260,549
------------------------------------------------------------------------------------
77,000 General Electric Co. PLC 481,232
------------------------------------------------------------------------------------
15,230 GKN PLC 244,915
------------------------------------------------------------------------------------
86,300 Glaxo Wellcome PLC 1,382,268
------------------------------------------------------------------------------------
19,540 Granada Group PLC 280,877
------------------------------------------------------------------------------------
57,197 Grand Metropolitan PLC 425,753
------------------------------------------------------------------------------------
32,200 Great Universal Stores PLC 334,630
------------------------------------------------------------------------------------
22,252 Guardian Royal Exchange PLC 98,775
------------------------------------------------------------------------------------
59,200 Guinness PLC 413,151
------------------------------------------------------------------------------------
138,432 Hanson PLC 204,645
------------------------------------------------------------------------------------
34,700 Harrison & Crossfield PLC 72,011
------------------------------------------------------------------------------------
59,637 HSBC Holdings PLC 1,390,043
------------------------------------------------------------------------------------
22,900 Imperial Chemical Industries PLC 276,881
------------------------------------------------------------------------------------
32,359 Ladbroke Group PLC 118,749
------------------------------------------------------------------------------------
21,400 Land Securities PLC 261,660
------------------------------------------------------------------------------------
</TABLE>
50
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
--------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks --Continued
- -------------------------------------------------------------------------------------
Great Britain--Continued
-------------------------------------------------------------------------
22,100 LASMO PLC $ 89,247
-------------------------------------------------------------------------
33,300 Legal & General Group PLC 206,516
-------------------------------------------------------------------------
146,200 Lloyds TSB Group PLC 1,125,744
-------------------------------------------------------------------------
22,462 Lonrho PLC 47,874
-------------------------------------------------------------------------
92,500 Marks & Spencer PLC 734,487
-------------------------------------------------------------------------
16,300 MEPC PLC 118,196
-------------------------------------------------------------------------
38,500 National Power PLC 307,865
-------------------------------------------------------------------------
21,100 Peninsular & Oriental Steam Navigation Co. 220,459
-------------------------------------------------------------------------
41,092 Pilkington PLC 97,787
-------------------------------------------------------------------------
53,638 Prudential Corp. PLC 463,727
-------------------------------------------------------------------------
6,600 Rank Group PLC 46,537
-------------------------------------------------------------------------
16,300 Rank Organisation PLC* 14,931
-------------------------------------------------------------------------
15,951 Redland PLC 87,293
-------------------------------------------------------------------------
19,200 Reed International PLC 334,295
-------------------------------------------------------------------------
45,500 Reuters Holdings PLC 478,315
-------------------------------------------------------------------------
15,300 Rexam PLC 80,420
-------------------------------------------------------------------------
9,100 RMC Group PLC 136,932
-------------------------------------------------------------------------
14,258 Royal Bank of Scotland Group PLC 131,150
-------------------------------------------------------------------------
37,407 Royal & Sun Alliance Insurance Group PLC 286,236
-------------------------------------------------------------------------
31,800 RTZ Corp. PLC, Registered 463,732
-------------------------------------------------------------------------
23,287 Safeway PLC 142,926
-------------------------------------------------------------------------
41,836 Sainsbury (J) PLC 216,211
-------------------------------------------------------------------------
5,800 Schroder PLC 159,308
-------------------------------------------------------------------------
25,660 Scottish Power PLC 153,995
-------------------------------------------------------------------------
53,000 Sears PLC 72,617
-------------------------------------------------------------------------
15,200 Sedgwick Group PLC 31,787
-------------------------------------------------------------------------
12,200 Slough Estates PLC 54,644
-------------------------------------------------------------------------
66,068 Smithkline Beecham PLC 944,927
-------------------------------------------------------------------------
7,700 Southern Electric PLC 98,776
-------------------------------------------------------------------------
37,789 Tarmac PLC 63,888
-------------------------------------------------------------------------
20,380 Taylor Woodrow PLC 58,950
-------------------------------------------------------------------------
51,576 Tesco PLC 295,476
-------------------------------------------------------------------------
19,643 Thames Water PLC 213,263
-------------------------------------------------------------------------
13,900 Thorn PLC 42,099
-------------------------------------------------------------------------
</TABLE>
51
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
--------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks --Continued
- -------------------------------------------------------------------------------------
Great Britain--Continued
-------------------------------------------------------------------------
14,228 T.I. Group PLC $ 127,226
-------------------------------------------------------------------------
18,100 Unilever PLC 404,914
-------------------------------------------------------------------------
18,595 United Utilities PLC 200,693
-------------------------------------------------------------------------
87,139 Vodaphone Group PLC 377,029
-------------------------------------------------------------------------
24,200 Zeneca Group PLC 699,795
------------------------------------------------------------------------- -----------
Total Great Britian 25,885,311
------------------------------------------------------------------------- -----------
Hong Kong -- 5.5%
-------------------------------------------------------------------------
28,000 Applied International Holdings Ltd.* 1,698
-------------------------------------------------------------------------
30,334 Bank of East Asia Ltd. 136,618
-------------------------------------------------------------------------
114,000 Cathay Pacific Airways Ltd. 176,539
-------------------------------------------------------------------------
86,000 Cheung Kong Holdings Ltd. 801,844
-------------------------------------------------------------------------
72,000 China Light & Power Co. Ltd. 337,281
-------------------------------------------------------------------------
63,733 Chinese Estates Holdings 70,732
-------------------------------------------------------------------------
20 Evergo China Holding Ltd.* 3
-------------------------------------------------------------------------
24,000 Giordano International Ltd. 13,473
-------------------------------------------------------------------------
48,000 Hang Lung Development Co. 98,490
-------------------------------------------------------------------------
74,600 Hang Seng Bank Ltd. 878,466
-------------------------------------------------------------------------
8,000 Hong Kong Aircraft Engineering Co. Ltd. 24,674
-------------------------------------------------------------------------
421,215 Hong Kong Telecommunications Ltd. 728,387
-------------------------------------------------------------------------
108,000 Hong Kong & China Gas Co. Ltd. 203,484
-------------------------------------------------------------------------
49,625 Hong Kong & Shanghai Hotel Ltd. 91,258
-------------------------------------------------------------------------
168,008 Hopewell Holdings Ltd. 101,360
-------------------------------------------------------------------------
131,000 Hutchison Whampoa Ltd. 988,964
-------------------------------------------------------------------------
42,000 Hysan Development Co. Ltd. 152,845
-------------------------------------------------------------------------
15,500 Johnson Electric Holdings Ltd. 47,206
-------------------------------------------------------------------------
23,000 Miramar Hotel & Investment Ltd. 44,373
-------------------------------------------------------------------------
60,404 New World Developments Co. Ltd. 372,604
-------------------------------------------------------------------------
62,500 Oriental Press Group Ltd. 23,390
-------------------------------------------------------------------------
15,200 Peregrine Investment Holdings Ltd. 27,069
-------------------------------------------------------------------------
61,832 Shangri-La Asia Ltd. 91,762
-------------------------------------------------------------------------
64,000 Shun Tak Holdings Ltd. 43,773
-------------------------------------------------------------------------
72,000 South China Morning Post Holdings Ltd.* 57,607
-------------------------------------------------------------------------
48,000 Stelux Holdings International 10,654
-------------------------------------------------------------------------
87,000 Sun Hung Kai Properties Ltd. 982,383
-------------------------------------------------------------------------
</TABLE>
52
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
--------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks --Continued
- -------------------------------------------------------------------------------------
Hong Kong -- Continued
-------------------------------------------------------------------------
60,500 Swire Pacific Ltd. Class A $ 556,280
-------------------------------------------------------------------------
17,000 Television Broadcasts Ltd. 75,029
-------------------------------------------------------------------------
85,000 Wharf Holdings Ltd. 383,920
-------------------------------------------------------------------------
5,888 Wing Lung Bank 42,931
-------------------------------------------------------------------------
13,500 Winsor Industrial Corp. Ltd. 3,101
------------------------------------------------------------------------- ------------
Total Hong Kong 7,568,198
------------------------------------------------------------------------- ------------
Indonesia --1.0%
-------------------------------------------------------------------------
16,000 Apac Centertex Corp. - Foreign 5,386
-------------------------------------------------------------------------
23,000 Astra International - Foreign 81,296
-------------------------------------------------------------------------
2,500 Bank Bali - Foreign 6,049
-------------------------------------------------------------------------
23,500 Bank Dagang Naisonal Indonesia - Foreign 23,732
-------------------------------------------------------------------------
87,500 Bank International Indonesia - Foreign 67,194
-------------------------------------------------------------------------
40,000 Barito Pacific Timber - Foreign 30,297
-------------------------------------------------------------------------
21,500 Ciputra Development - Foreign 19,903
-------------------------------------------------------------------------
45,500 Gadjah Tunggal - Foreign 21,539
-------------------------------------------------------------------------
24,000 Gundang Garam 117,147
-------------------------------------------------------------------------
27,500 Gundang Garam - Foreign 134,231
-------------------------------------------------------------------------
18,500 Indah Kiat Pulp & Paper Corp. 13,428
-------------------------------------------------------------------------
53,000 Indah Kiat Pulp & Paper Corp. - Foreign 38,470
-------------------------------------------------------------------------
42,000 Indocemment Tunggal - Foreign 62,739
-------------------------------------------------------------------------
27,500 Indocemment Tunggal Prakarsa 41,079
-------------------------------------------------------------------------
17,500 Indorama Synthetics - Foreign 15,280
-------------------------------------------------------------------------
27,500 Jakarta International Hotel & Development - Foreign 23,433
-------------------------------------------------------------------------
9,500 Kabelmetal Indonesia - Foreign 4,197
-------------------------------------------------------------------------
12,500 Kalbe Farma - Foreign 15,780
-------------------------------------------------------------------------
9,000 Lippo Bank 9,184
-------------------------------------------------------------------------
15,000 Lippo Bank - Foreign 15,306
-------------------------------------------------------------------------
13,000 Matahari Putra Prima - Foreign 16,547
-------------------------------------------------------------------------
23,000 Mayora Indah - Foreign 9,920
-------------------------------------------------------------------------
4,000 Modern Photo Film Co. - Foreign 12,792
-------------------------------------------------------------------------
19,000 Mulia Industindo - Foreign 21,188
-------------------------------------------------------------------------
63,500 Polysindo Eka Perkasa - Foreign 32,732
-------------------------------------------------------------------------
28,500 Putra Surya Perkasa - Foreign 26,383
-------------------------------------------------------------------------
4,500 Semen Cibinong - Foreign 14,012
-------------------------------------------------------------------------
</TABLE>
53
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- ---------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks --Continued
- -------------------------------------------------------------------------------------
Indonesia --Continued
-------------------------------------------------------------------------
68,000 Telexkomunikasi Indonesia $ 121,607
-------------------------------------------------------------------------
197,500 Telexkomunikasi Indonesia - Foreign 353,198
-------------------------------------------------------------------------
1,500 Unilever Indonesia - Foreign 22,218
------------------------------------------------------------------------- ------------
Total Indonesia 1,376,267
------------------------------------------------------------------------- ------------
Italy -- 4.4%
-------------------------------------------------------------------------
2,000 Flack Acciaierie & Ferriere Lombarde 9,990
-------------------------------------------------------------------------
27,940 Assicurazioni Generali 577,181
-------------------------------------------------------------------------
41,100 Banca Commerciale Italiana 83,372
-------------------------------------------------------------------------
16,200 Banco Ambrosiano Veneto SpA 45,292
-------------------------------------------------------------------------
6,900 Benetton Group SpA 92,168
-------------------------------------------------------------------------
4,400 Burgo (Cartiere) SpA 20,721
-------------------------------------------------------------------------
87,450 Credito Italiano SpA 119,258
-------------------------------------------------------------------------
22,000 Edison SpA 138,529
-------------------------------------------------------------------------
254,000 Ente Nazionale Indrocarburi SpA 1,418,690
-------------------------------------------------------------------------
101,300 Fiat SpA 324,753
-------------------------------------------------------------------------
32,500 Fiat SpA -PFD 58,758
-------------------------------------------------------------------------
25,200 Fiat SpA, di Risp 45,639
-------------------------------------------------------------------------
11,000 Impregilo SpA* 9,363
-------------------------------------------------------------------------
27,600 Istituto Bancario san Paolo di Torina 190,339
-------------------------------------------------------------------------
19,950 Istituto Mobiliare Italiano 194,597
-------------------------------------------------------------------------
125,600 Istituto Nazionale delle Assicurazioni 173,626
-------------------------------------------------------------------------
8,650 Italcementi SpA 53,715
-------------------------------------------------------------------------
4,850 Italcementi SpA di Risp 13,108
-------------------------------------------------------------------------
20,300 Italgas SpA 84,880
-------------------------------------------------------------------------
8,000 La Rinascente SpA 49,678
-------------------------------------------------------------------------
14,900 Magneti Marelli SpA 20,690
-------------------------------------------------------------------------
39,000 Mediaset SpA* 178,093
-------------------------------------------------------------------------
14,500 Mediobanca SpA* 99,096
-------------------------------------------------------------------------
134,154 Montedison SpA 108,853
-------------------------------------------------------------------------
31,500 Montedison SpA, di Risp 22,741
-------------------------------------------------------------------------
110,750 Olivetti Ing & Co. SpA* 43,280
-------------------------------------------------------------------------
47,480 Parmalat Finanziaria SpA 80,089
-------------------------------------------------------------------------
55,000 Pirelli SpA 122,674
-------------------------------------------------------------------------
10,475 Riunione Adriatici de Sicurta SpA 101,102
-------------------------------------------------------------------------
</TABLE>
54
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
--------------------------------------------------------------------------------------------------
<S> <C> <C>
Common Stocks --Continued
- -------------------------------------------------------------------------------------
Italy --Continued
-------------------------------------------------------------------------
1,600 Saffa, Class A* $ 3,385
-------------------------------------------------------------------------
4,100 Sasib SpA 14,774
-------------------------------------------------------------------------
8,800 Sirti SpA 62,546
-------------------------------------------------------------------------
19,000 Snia BPD SpA 21,838
-------------------------------------------------------------------------
4,200 Societa Assicuratrice Industriale SpA 39,794
-------------------------------------------------------------------------
208,500 Telecom Italia SpA 603,004
-------------------------------------------------------------------------
50,000 Telecom Italia SpA, di Risp 115,560
-------------------------------------------------------------------------
215,000 Telecom Italia Mobile SpA 639,835
------------------------------------------------------------------------- ------------
Total Italy 5,981,011
------------------------------------------------------------------------- ------------
Japan -- 29.8%
-------------------------------------------------------------------------
3,100 Advantest 166,235
-------------------------------------------------------------------------
48,000 Ajinomoto Co., Inc. 430,972
-------------------------------------------------------------------------
23,000 Aoki Corp.* 39,975
-------------------------------------------------------------------------
2,300 Aoyama Trading Co. Ltd. 59,489
-------------------------------------------------------------------------
23,000 Asahi Breweries Ltd. 215,980
-------------------------------------------------------------------------
71,000 Asahi Chemical Industry Co. Ltd. 367,282
-------------------------------------------------------------------------
67,000 Asahi Glass Co. Ltd. 596,046
-------------------------------------------------------------------------
23,000 Bridgestone Corp. 394,069
-------------------------------------------------------------------------
36,000 Canon, Inc. 762,108
-------------------------------------------------------------------------
14,000 Casio Computer Co. Ltd. 105,173
-------------------------------------------------------------------------
9,000 Chiyoda Corp. 48,188
-------------------------------------------------------------------------
23,000 Chugai Pharmaceutical Co Ltd. 177,899
-------------------------------------------------------------------------
48,000 Dai Nippon Printing Co. Ltd. 778,912
-------------------------------------------------------------------------
33,000 Daiei, Inc. 225,074
-------------------------------------------------------------------------
23,000 Daikin Industries Ltd. 179,983
-------------------------------------------------------------------------
23,000 Daiwa House Industry Co. Ltd. 269,028
-------------------------------------------------------------------------
48,000 Daiwa Securities Co. Ltd. 372,059
-------------------------------------------------------------------------
23,000 Denso Corp. 469,852
-------------------------------------------------------------------------
16,000 Ebara Corp. 195,058
-------------------------------------------------------------------------
10,100 Fanuc Co. Ltd. 282,034
-------------------------------------------------------------------------
19,000 Fuji Photo Film Co. Ltd. 575,947
-------------------------------------------------------------------------
77,000 Fujitsu Ltd. 773,805
-------------------------------------------------------------------------
38,000 Furukawa Electric Co. 161,516
-------------------------------------------------------------------------
48,000 Hankyu Corp. 222,603
-------------------------------------------------------------------------
</TABLE>
55
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- --------------------------------------------------------------------------------
Common Stocks --Continued
- ------------------------------------------------------------------
<C> <S> <C>
Japan -- Continued
----------------------------------------------------
23,000 Hazama Corp. $ 59,300
----------------------------------------------------
119,000 Hitachi Ltd. 1,068,451
----------------------------------------------------
38,000 Honda Motor Co. Ltd. 1,017,298
----------------------------------------------------
15,000 ITO-Yokado Co. Ltd. 694,398
----------------------------------------------------
96,000 Japan Airlines* 400,132
----------------------------------------------------
60,000 Japan Energy Corp. (Nikko Kyodo Co. Ltd.) 145,799
----------------------------------------------------
19,000 JUSCO Co. 530,560
----------------------------------------------------
48,000 Kajima Corp. 296,540
----------------------------------------------------
25,400 Kansai Electric Power Co., Inc. 470,758
----------------------------------------------------
43,000 Kao Corp. 453,377
----------------------------------------------------
122,000 Kawasaki Steel Corp. 299,473
----------------------------------------------------
71,000 Kinki Nippon Railway 429,860
----------------------------------------------------
48,000 Kirin Brewery Co. Ltd. 419,110
----------------------------------------------------
48,000 Komatsu Ltd. 338,056
----------------------------------------------------
71,000 Kubota Corp. 330,436
----------------------------------------------------
48,000 Kumagai Gumi Co. Ltd. 94,498
----------------------------------------------------
8,000 Kyocera Corp. 469,192
----------------------------------------------------
23,000 Kyowa Hakko Kogyo Co. Ltd. 160,848
----------------------------------------------------
71,000 Marubeni Corp. 280,725
----------------------------------------------------
15,000 Marui Co. Ltd. 212,520
----------------------------------------------------
71,000 Matsushita Electric Industrial Co. Ltd. 1,070,263
----------------------------------------------------
71,000 Mitsubishi Chemical Corp. 197,092
----------------------------------------------------
67,000 Mitsubishi Corp. 618,122
----------------------------------------------------
83,000 Mitsubishi Electric Corp. 472,430
----------------------------------------------------
52,000 Mitsubishi Estate Co. Ltd. 578,253
----------------------------------------------------
130,000 Mitsubishi Heavy Industries Ltd. 934,843
----------------------------------------------------
48,000 Mitsubishi Material Corp. 176,343
----------------------------------------------------
48,000 Mitsui Engineering & Shipbuilding Co. Ltd.* 91,334
----------------------------------------------------
38,000 Mitsui Fudosan 391,268
----------------------------------------------------
71,000 Mitsui & Co. 521,680
----------------------------------------------------
26,000 Mitsukoshi Ltd. 152,488
----------------------------------------------------
9,000 Murata Manufacturing Co. Ltd. 278,748
----------------------------------------------------
57,000 NEC Corp. 666,721
----------------------------------------------------
48,000 New Oji Paper Co. 254,234
----------------------------------------------------
</TABLE>
56
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- --------------------------------------------------------------------------------
Common Stocks --Continued
- ------------------------------------------------------------------
<C> <S> <C>
Japan -- Continued
----------------------------------------------------
23,000 NGK Insulators Ltd. $ 200,824
----------------------------------------------------
47,000 Nippon Express Co. Ltd. 279,522
----------------------------------------------------
23,000 Nippon Fire & Marine Insurance 85,066
----------------------------------------------------
23,000 Nippon Light Metal Co. 85,066
----------------------------------------------------
23,000 Nippon Meat Packers, Inc. 261,449
----------------------------------------------------
71,000 Nippon Oil Co. 315,815
----------------------------------------------------
264,000 Nippon Steel Corp. 652,388
----------------------------------------------------
71,000 Nippon Yusen Kabushiki Kaisha 277,800
----------------------------------------------------
91,000 Nissan Motors Co. Ltd. 562,191
----------------------------------------------------
139,000 NKK Corp.* 281,664
----------------------------------------------------
71,000 Nomura Securities Co. Ltd. 906,507
----------------------------------------------------
48,000 Odakyu Electric Railway 252,652
----------------------------------------------------
106,000 Osaka Gas Co. 266,310
----------------------------------------------------
23,000 Penta-Ocean Construction Co. Ltd. 92,833
----------------------------------------------------
7,000 Pioneer Electronic Corp.* 117,628
----------------------------------------------------
2,000 Rohm Co. 130,972
----------------------------------------------------
23,000 Sankyo Co. Ltd. 598,682
----------------------------------------------------
71,000 Sanyo Electric Co. 298,270
----------------------------------------------------
6,000 Secom Co. Ltd. 323,723
----------------------------------------------------
4,700 Sega Enterprise Ltd. 129,695
----------------------------------------------------
23,000 Sekisui House Ltd. 204,613
----------------------------------------------------
47,000 Sharp Corp. 642,669
----------------------------------------------------
7,000 Shimano, Inc. 114,745
----------------------------------------------------
34,000 Shimizu Corp. 215,931
----------------------------------------------------
10,000 Shin-Etsu Chemical Co. 182,866
----------------------------------------------------
10,000 Shiseido Co. Ltd. 116,145
----------------------------------------------------
48,000 Showa Denko KK* 93,707
----------------------------------------------------
10,600 Sony Corp. 714,234
----------------------------------------------------
96,000 Sumitomo Chemical Co. 340,033
----------------------------------------------------
48,000 Sumitomo Corp. 353,871
----------------------------------------------------
32,000 Sumitomo Electric Industries 429,654
----------------------------------------------------
9,000 Sumitomo Forestry Co. 85,255
----------------------------------------------------
167,000 Sumitomo Metal Industries 363,163
----------------------------------------------------
22,000 Sumitomo Metal Mining 136,095
----------------------------------------------------
</TABLE>
57
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- --------------------------------------------------------------------------------
Common Stocks --Continued
- ------------------------------------------------------------------
<C> <S> <C>
Japan -- Continued
----------------------------------------------------
24,000 Sumitomo Osaka Cement Co. Ltd. $ 72,949
----------------------------------------------------
48,000 Taisei Corp. 216,672
----------------------------------------------------
37,000 Takeda Chemical Industries 728,418
----------------------------------------------------
48,000 Teijin Ltd. 177,133
----------------------------------------------------
48,000 Tobu Railway Co. Ltd. 211,137
----------------------------------------------------
17,100 Tohoku Electric Power 294,390
----------------------------------------------------
71,000 Tokio Marine & Fire Insurance Co. 643,327
----------------------------------------------------
11,000 Tokyo Dome Corp. 153,130
----------------------------------------------------
44,200 Tokyo Electric Power 851,960
----------------------------------------------------
6,000 Tokyo Electron Ltd. 215,980
----------------------------------------------------
69,000 Tokyo Gas Co. Ltd. 173,921
----------------------------------------------------
48,000 Tokyu Corp. 220,231
----------------------------------------------------
33,000 Toppan Printing Co. Ltd. 391,433
----------------------------------------------------
71,000 Toray Industries, Inc. 403,542
----------------------------------------------------
23,000 Toto Ltd. 234,926
----------------------------------------------------
48,000 Toyobo Ltd. 124,942
----------------------------------------------------
111,000 Toyota Motor Corp. 2,861,860
----------------------------------------------------
48,000 Ube Industries Ltd. 125,733
----------------------------------------------------
48,000 Yamaichi Securities Co. Ltd. 174,366
---------------------------------------------------- ----------
Total Japan 40,832,525
----------------------------------------------------
Korea -- 0.7%
----------------------------------------------------
3,910 Cho Hung Bank Co. Ltd 25,384
----------------------------------------------------
3,510 Commericial Bank of Korea 23,355
----------------------------------------------------
2,720 Daewoo Corp. 20,365
----------------------------------------------------
8,500 Daewoo Heavy Industries 49,968
----------------------------------------------------
1,170 Daewoo Securities Co.* 15,570
----------------------------------------------------
860 Dong-Ah Construction Industrial Co. 20,601
----------------------------------------------------
3,990 Hanil Bank 25,718
----------------------------------------------------
1,203 Hyundai Engineering & Construction Co.* 30,627
----------------------------------------------------
960 Hyundai Motor Co. Ltd. 26,884
----------------------------------------------------
12,020 Korea Electric Power Corp. 396,424
----------------------------------------------------
3,610 Korea First Bank* 16,167
----------------------------------------------------
92 Korea Mobile Telecommunications* 57,171
----------------------------------------------------
1,850 LG Chemical Ltd. 19,310
----------------------------------------------------
</TABLE>
58
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- --------------------------------------------------------------------------------
Common Stocks --Continued
- ------------------------------------------------------------------
<C> <S> <C>
Korea --Continued
----------------------------------------------------
2,250 Pohang Iron & Steel Co. Ltd.* $ 111,179
----------------------------------------------------
1,410 Samsung Corp.* 16,643
----------------------------------------------------
590 Samsung Display Devices Co. 32,431
----------------------------------------------------
1,670 Samsung Electronics Co. 91,022
----------------------------------------------------
230 Tong Yang Cement Co.* 3,992
----------------------------------------------------
1,768 Yukong Ltd. 36,213
---------------------------------------------------- ---------
Total Korea 1,019,024
---------------------------------------------------- ---------
Netherlands -- 2.4%
----------------------------------------------------
4,046 ABN Amro Holdings NV 266,514
----------------------------------------------------
950 Akzo Nobel NV 133,578
----------------------------------------------------
8,100 Elesvier NV 124,687
----------------------------------------------------
500 Heineken NV 78,871
----------------------------------------------------
8,970 ING Groep NV 338,124
----------------------------------------------------
400 Kon Hoogovens 16,471
----------------------------------------------------
1,080 KLM Royal Dutch Air Lines NV 32,310
----------------------------------------------------
1,560 Koninklijke Ahold NV 96,310
----------------------------------------------------
1,300 Koninklijke KNP BT NV 28,639
----------------------------------------------------
11,624 Koninklijke Royal PTT Nederland NV 422,360
----------------------------------------------------
300 Nedlloyd Groep NV 8,894
----------------------------------------------------
4,100 Philips Electronics NV 165,031
----------------------------------------------------
6,600 Royal Dutch Petroleum Co. 1,155,981
----------------------------------------------------
1,950 Unilever NV CVA 323,084
----------------------------------------------------
360 Stork NV 13,747
----------------------------------------------------
859 Wolters Kluwer NV CVA 106,064
---------------------------------------------------- ---------
Total Netherlands 3,310,665
---------------------------------------------------- ---------
Portugal -- 0.1%
----------------------------------------------------
1,000 Banco Portugues do Atlantico* 153,490
----------------------------------------------------
900 Construccoes Soares Da Costa SA 12,060
---------------------------------------------------- ---------
Total Portugal 165,550
----------------------------------------------------
Singapore--2.4%
----------------------------------------------------
20,000 Amcol Holdings Ltd. 0
----------------------------------------------------
26,000 City Development Ltd. 260,429
----------------------------------------------------
</TABLE>
59
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- --------------------------------------------------------------------------------
Common Stocks --Continued
- ------------------------------------------------------------------
<C> <S> <C>
Singapore--Continued
----------------------------------------------------
6,000 Cycle & Carriage Ltd. $ 66,066
----------------------------------------------------
31,000 DBS Land Ltd. 127,728
----------------------------------------------------
22,000 Development Bank of Singapore Ltd. 304,758
----------------------------------------------------
8,000 First Capital Corp. Ltd. 25,233
----------------------------------------------------
10,000 Fraser & Neave Ltd. 97,324
----------------------------------------------------
13,000 Hai Sun Huo Group Ltd. 9,420
----------------------------------------------------
15,000 Hotel Properties Ltd. 26,107
----------------------------------------------------
6,000 Inchcape Berhad 20,459
----------------------------------------------------
5,000 Jurong Shipyard Ltd. 24,153
----------------------------------------------------
18,000 Keppel Corp. Ltd. 145,772
----------------------------------------------------
13,000 Natsteel Ltd. 32,323
----------------------------------------------------
27,000 Neptune Orient Lines Ltd. 23,017
----------------------------------------------------
31,800 OCBC-Foreign 433,736
----------------------------------------------------
4,000 Overseas Union Enterprises Ltd. 19,607
----------------------------------------------------
10,000 Parkway Holdings Ltd. 39,427
----------------------------------------------------
3,000 Robinson & Co. 10,975
----------------------------------------------------
6,100 Shangri-La Hotel Ltd. 19,760
----------------------------------------------------
42,000 Singapore Airlines Ltd. 393,841
----------------------------------------------------
11,400 Singapore Press Holdings Ltd. 228,377
----------------------------------------------------
25,000 Singapore Technologies Ltd. 64,646
----------------------------------------------------
203 Singapore Telecommunications Ltd. 478,775
----------------------------------------------------
13,000 Straits Trading Co. Ltd. 31,399
----------------------------------------------------
48,000 United Industries Corp. Ltd. 40,919
----------------------------------------------------
30,000 United Overseas Bank Ltd. 349,513
---------------------------------------------------- ---------
Total Singapore 3,273,764
---------------------------------------------------- ---------
Spain -- 3.5%
----------------------------------------------------
257 Acerinox SA, Registered 32,925
----------------------------------------------------
7,890 Autopista Concesionaria Espanola SA 97,664
----------------------------------------------------
8,400 Banco Bilbao Vizcaya, SA, Registered 510,487
----------------------------------------------------
6,400 Banco Central Hispanoamericano SA 166,063
----------------------------------------------------
8,300 Banco Santander SA, Registered 539,155
----------------------------------------------------
5,000 Corporacion Bancaria de Espana SA 209,311
----------------------------------------------------
400 Corporacion Financiera Alba 36,665
----------------------------------------------------
790 Corporacion Mafre cia International SA 46,300
----------------------------------------------------
</TABLE>
60
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- -----------------------------------------------------------------------------------
Common Stocks --Continued
- ---------------------------------------------------------------------
<S> <C> <C>
Spain--Continued
------------------------------------------------------
1,400 Dragados & Construcciones SA $ 21,371
------------------------------------------------------
1,200 Ebro Argicolas, Compania de Alimentacion SA 21,739
------------------------------------------------------
550 Empresa Nacional de Celulosas SA 6,808
------------------------------------------------------
10,600 Empresa Nacional de Electricidad SA 692,385
------------------------------------------------------
4,100 Ercros SA* 2,930
------------------------------------------------------
400 Fomento de Construccion & Contrates SA 35,828
------------------------------------------------------
1,400 Gas Natural SDG SA 328,502
------------------------------------------------------
1,596 Sociedade General de Aguas de Barcelona, SA 66,375
------------------------------------------------------
37,100 Iberdrola SA 443,165
------------------------------------------------------
510 Inmobiliaria Metropolitana Vasco Central SA 18,405
------------------------------------------------------
200 Portland Valderrivassa SA 14,435
------------------------------------------------------
12,200 Repsol SA 483,421
------------------------------------------------------
900 Tabacalera Spanish SA, Registered 40,664
------------------------------------------------------
36,000 Telefonica de Espana 844,460
------------------------------------------------------
7,100 Union Electrica Fenosa SA 60,982
------------------------------------------------------
2,700 Uralita SA 24,944
------------------------------------------------------
1,339 Vallehermoso SA 29,960
------------------------------------------------------
600 Viscofan Industria Navarra de Envolturas
Celulosicas SA 10,610
------------------------------------------------------
371 Zardoya Otis SA 40,702
------------------------------------------------------ ---------
Total Spain 4,826,256
------------------------------------------------------ ----------
Sweden -- 4.3%
------------------------------------------------------
3,450 ABB AB, Series A 438,916
------------------------------------------------------
5,000 AGA AB, Series B 74,674
------------------------------------------------------
2,900 AGA AB, Series A 44,113
------------------------------------------------------
24,100 Astra AB 1,151,436
------------------------------------------------------
7,900 Atlas Copco AB, Series A 182,985
------------------------------------------------------
2,200 Autoliv AB 95,375
------------------------------------------------------
3,100 Electrolux AB, Series B 186,906
------------------------------------------------------
39,300 Ericsson LM-B 1,320,607
------------------------------------------------------
1,500 Esselte AB, Series A 38,996
------------------------------------------------------
1,700 Hennes & Mauritz AB Series B 267,996
------------------------------------------------------
350 Scancem AB Class A 12,100
------------------------------------------------------
3,800 Securitas AB Series B 112,979
------------------------------------------------------
4,900 Skandia Forsakrings AB 132,131
------------------------------------------------------
</TABLE>
61
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- -----------------------------------------------------------------------------------
Common Stocks --Continued
- ---------------------------------------------------------------------
<S> <C> <C>
Sweden--Continued
------------------------------------------------------
22,600 Skandinaviska Enskilda Banken, Class A $ 226,580
------------------------------------------------------
5,300 Skanska AB, Series B 224,637
------------------------------------------------------
5,200 SKF AB, Series B 120,087
------------------------------------------------------
5,400 Stadshypotek AB Series A 141,133
------------------------------------------------------
13,000 Stora Kopparbergs Bergslags Aktiebolag, Series A 165,389
------------------------------------------------------
8100 Svenska Cellulosa AB , Series A 162,975
------------------------------------------------------
8,700 Svenska Handelsbanken, Class A 226,780
------------------------------------------------------
20,100 Swedish Match AB 68,098
------------------------------------------------------
5,700 Trelleborg AB Series B 85,522
------------------------------------------------------
16,700 Volvo AB, Series B 399,519
------------------------------------------------------ ------------
Total Sweden 5,879,934
------------------------------------------------------ ------------
Switzerland --1.0%
------------------------------------------------------
40 ABB AG - Bearer 51,152
------------------------------------------------------
80 Adecco SA 22,456
------------------------------------------------------
25 Alusuisse-Lonza Holding Registered 20,535
------------------------------------------------------
800 Credit Suisse Group - Registered 82,208
------------------------------------------------------
5 Fischer (Georg) AG 5,340
------------------------------------------------------
30 Holderbank Financiere Glarus AG 21,796
------------------------------------------------------
170 Nestle SA - Registered 184,428
------------------------------------------------------
280 Novartis AG - Registered 320,486
------------------------------------------------------
7 Roche Holding AG - Bearer 87,302
------------------------------------------------------
30 Roche Holding AG-Genuss 263,383
------------------------------------------------------
8 SGS Societe Generale de Surveillance Holding SA 17,566
------------------------------------------------------
25 SMH AG - Bearer 16,951
------------------------------------------------------
15 Sulzer AG - Registered 10,097
------------------------------------------------------
350 Swiss Bank Corp. 64,677
------------------------------------------------------
65 Swiss Reinsurance Co. Registered 64,031
------------------------------------------------------
15 Swissair AG-Registered 13,733
------------------------------------------------------
90 Union Bank of Switzerland BR 74,683
------------------------------------------------------
100 Union Bank of Switzerland Registered 16,723
------------------------------------------------------
30 Valora Holding AG 5,955
------------------------------------------------------
205 Zurich Versicherungsgellschaft - Registered 57,760
------------------------------------------------------
Total Switzerland 1,401,262
------------------------------------------------------ ------------
</TABLE>
62
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- -----------------------------------------------------------------------------------
Common Stocks --Continued
- ----------------------------------------------------------------------
<S> <C> <C>
Thailand --1.7%
------------------------------------------------------
11,700 Advanced Information Service PLC $102,033
------------------------------------------------------
17,200 Bangchak Petroleum PLC 12,776
------------------------------------------------------
69,254 Bangkok Metropolitan Bank PLC 22,715
------------------------------------------------------
23,200 Bangkok Bank PLC Foreign 200,532
------------------------------------------------------
10,700 Bangkok Land PLC 11,561
------------------------------------------------------
20,900 Bank of Ayudhya PLC 54,034
------------------------------------------------------
1,000 Banpu PLC 20,220
------------------------------------------------------
2,000 Charoen Pokphand Feedmill PLC 6,251
------------------------------------------------------
8,700 CMIC Finance & Securities Co. Ltd. 9,904
------------------------------------------------------
25,300 Dhana Siam Finance & Securities Co. PLC 55,647
------------------------------------------------------
13,300 Finance One PLC Foreign 18,476
------------------------------------------------------
14,500 General Finance & Securities Co. PLC 20,143
------------------------------------------------------
12,600 Italian Thai Development PLC 63,693
------------------------------------------------------
11,000 Jasmine International PLC 15,599
------------------------------------------------------
100,700 Krung Thai Bank Ltd. 180,689
------------------------------------------------------
4,400 Land & House PLC Foreign 28,015
------------------------------------------------------
5,100 MDX PCL 3,493
------------------------------------------------------
24,710 National Finance & Securities Co. Ltd. 41,954
------------------------------------------------------
10,200 National Petrochemical PLC 7,675
------------------------------------------------------
10,600 One Holdings PLC 3,027
------------------------------------------------------
20,200 Phatra Thanakit PLC-Foreign 51,445
------------------------------------------------------
26,800 PTT Exploration & Production PLC 382,635
------------------------------------------------------
19,500 Quality House PLC-Foreign 21,069
------------------------------------------------------
25,500 Sahaviriya Steel Industries PLC* 11,808
------------------------------------------------------
11,300 Shinawatra Computer Co. PLC 108,138
------------------------------------------------------
11,600 Shinawatra Satellite PLC 13,093
------------------------------------------------------
5,300 Siam Cement PLC 165,248
------------------------------------------------------
19,850 Siam City Bank PLC 17,426
------------------------------------------------------
5,500 Siam City Cement PLC 32,683
------------------------------------------------------
7,400 Siam Commercial Bank 48,543
------------------------------------------------------
7,100 Tanayong PLC 5,205
------------------------------------------------------
166,600 TelecomAsia Corp. PLC 316,614
------------------------------------------------------
52,900 Thai Airways International PLC 91,858
------------------------------------------------------
11,450 Thai Telephone & Telegraph PLC* 4,971
------------------------------------------------------
</TABLE>
63
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- --------------------------------------------------------------------------------
Common Stocks --Continued
- ------------------------------------------------------------------
<S> <C> <C>
Thailand --Continued
-----------------------------------------------------
22,900 Thai Telephone & Telecommunication PLC* $ 18,778
-----------------------------------------------------
14,100 Thai Military Bank PLC 27,204
-----------------------------------------------------
10,500 TPI Polene Co. Ltd. 15,802
-----------------------------------------------------
19,500 United Communication Industry 121,898
-----------------------------------------------------
9,100 Univest Land PLC 1,756
----------------------------------------------------- -----------
Total Thailand 2,334,611
----------------------------------------------------- -----------
United States -- 0.0%
-----------------------------------------------------
112 Millenium Chemicals, Inc. 2,226
----------------------------------------------------- -----------
Total Common Stocks (Cost, $132,789,660) 132,536,085
----------------------------------------------------- -----------
Preferred Stocks -- 0.2%
- ------------------------------------------------------------------
Australia -- 0.1%
-----------------------------------------------------
23,071 News Corp. Ltd. * 95,840
----------------------------------------------------- -----------
Germany -- 0.1%
-----------------------------------------------------
1,192 SAP AG * 178,179
----------------------------------------------------- -----------
Total Preferred Stocks (Cost, $262,744) 274,019
----------------------------------------------------- -----------
Warrants and Rights--0.0%:
- ------------------------------------------------------------------
France -- 0.0%
-----------------------------------------------------
8 Sodexho SA 1,534
----------------------------------------------------- -----------
Hong Kong -- 0.0%
-----------------------------------------------------
800 Applied International Warrants * 14
-----------------------------------------------------
10,500 Hong Kong & China Gas Warrants * 5,488
-----------------------------------------------------
1,650 Hysan Development Co. Warrants * 1,299
-----------------------------------------------------
1,220 Peregrine Investments Holdings Warrants * 433
----------------------------------------------------- -----------
Total Hong Kong 7,234
----------------------------------------------------- -----------
Indonesia -- 0.0%
-----------------------------------------------------
3,000 APAC Centertex Warrants 0
-----------------------------------------------------
1,125 Gadjah Tunggal 21,539
----------------------------------------------------- -----------
Total Indonesia 21,539
----------------------------------------------------- -----------
</TABLE>
64
<PAGE>
Fountain Square International Equity Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Market
Value
in U.S.
Shares Security Description Dollars
- --------------------------------------------------------------------------------
Warrants and Rights --Continued
- ------------------------------------------------------------------
<S> <C> <C>
Italy -- 0.0%
-----------------------------------------------------
$ 800 Mediobanca/Rinascente Warrants * $ 459
-----------------------------------------------------
1,500 Riunione Adriatici de Sicurta SpA Warrants * 4,869
-----------------------------------------------------
800 Riunione Adriatici de Sicurta SpA Warrants * 1,442
-----------------------------------------------------
Total Italy 6,770
----------------------------------------------------- ------------
Singapore -- 0.0%
-----------------------------------------------------
6,250 Straight Steamship Warrants * 8,658
----------------------------------------------------- ------------
Thailand -- 0.0%
-----------------------------------------------------
1,290 National Finance & Security Warrants * 946
----------------------------------------------------- ------------
Total Warrants and Rights (Cost, $3,806) 25,142
----------------------------------------------------- ------------
Convertible Securities -- 0.0%
- ------------------------------------------------------------------
France -- 0.0%
-----------------------------------------------------
325 Sanofia, Convertible Bond, 4.00%, 1/1/00 35,100
----------------------------------------------------- ------------
Total Convertible Securities (Cost, $20,706) 35,100
----------------------------------------------------- ------------
Corporate Bonds -- 0.0%
- ------------------------------------------------------------------
France -- 0.0%
-----------------------------------------------------
426 Casino Guichard, 4.50%, 7/12/01 207
-----------------------------------------------------
40,000 Sodexho SA, 6.00%, 7/6/04 7,353
----------------------------------------------------- ------------
Total France 7,560
----------------------------------------------------- ------------
Italy -- 0.0%
-----------------------------------------------------
2,125 Mediobanca, 6.00%, 12/31/02 1,410
----------------------------------------------------- ------------
Total Corporate Bonds (Cost, $54,361) 8,970
----------------------------------------------------- ------------
**Repurchase Agreements -- 0.1%
- ------------------------------------------------------------------
849,000 UBS Securitites, 5.55%, dated 1/31/97, due 2/3/97
(at amortized cost) 849,000
----------------------------------------------------- ------------
Total Investments (Cost, $133,063,607) $133,728,316
----------------------------------------------------- ------------
</TABLE>
* Non-income producing security
** The repurchase agreements are fully collateralized by U.S. Treasury
obligations based on market prices at the date of the portfolio.
(a) The cost for federal tax purposes amounts to $133,063,067. The net
unrealized appreciation of investments on a federal tax basis amounts to
$664,709, which is comprised of $12,375,074 depreciation and $13,039,783
appreciation at July 31, 1997.
Note: The categories of investments are shown as a percentage of net assets
($137,071,402) at July 31, 1997.
65
<PAGE>
Fountain Square Commercial Paper Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------------
Commercial Paper --75.5%
- -----------------------------------------------------------------
<S> <C> <C>
Bank, Domestic -- 8.1%
---------------------------------------------------
$ 6,000,000 Banc One Corp., 2/12/97 $ 5,990,247
---------------------------------------------------
6,000,000 Norwest Corp., 4/29/97 5,922,715
---------------------------------------------------
7,000,000 Norwest Corp, 4/3/97 6,936,662
---------------------------------------------------
8,000,000 Republic of New York Corp., 2/14/97 7,984,602
--------------------------------------------------- ------------
Total 26,834,226
--------------------------------------------------- ------------
Bank, Foreign -- 3.3%
---------------------------------------------------
5,000,000 Deutsche Bank Financial, 4/14/97 4,946,550
---------------------------------------------------
6,000,000 Societe Generale, 4/4/97 5,944,820
--------------------------------------------------- ------------
Total 10,891,370
--------------------------------------------------- ------------
Basic Materials -- 3.6%
---------------------------------------------------
5,000,000 Air Products & Chemicals, 3/14/97 4,969,819
---------------------------------------------------
6,860,000 Kimberly Clark, 2/7/97 6,853,906
--------------------------------------------------- ------------
Total 11,823,725
--------------------------------------------------- ------------
Brokerage -- 8.0%
---------------------------------------------------
7,000,000 Goldman Sachs Group, 4/10/97 6,929,393
---------------------------------------------------
6,000,000 Goldman Sachs Group, 5/5/97 5,917,850
---------------------------------------------------
4,000,000 Merrill Lynch, 3/27/97 3,968,200
---------------------------------------------------
5,000,000 Merrill Lynch, 5/27/97 4,914,069
---------------------------------------------------
5,000,000 Merrill Lynch, 6/12/97 4,901,750
--------------------------------------------------- ------------
Total 26,631,262
--------------------------------------------------- ------------
Capital Goods -- 4.5%
---------------------------------------------------
9,000,000 Cargill, Inc., 5/12/97 8,867,250
---------------------------------------------------
6,000,000 Minnesota Mining & Manufacturing, 3/20/97 5,958,483
--------------------------------------------------- ------------
Total 14,825,733
--------------------------------------------------- ------------
Consumer Staples -- 3.9%
---------------------------------------------------
7,000,000 Coca Cola Co., 3/31/97 6,940,228
---------------------------------------------------
6,000,000 Kellogg Co., 2/5/97 5,996,413
--------------------------------------------------- ------------
Total 12,936,641
--------------------------------------------------- ------------
</TABLE>
66
<PAGE>
Fountain Square Commercial Paper Fund
- --------------------------------------------------------------------------------
**
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------------
Commercial Paper--Continued
- -----------------------------------------------------------------
<S> <C> <C>
Energy -- 1.5%
---------------------------------------------------
$ 5,000,000 Petrofina Delaware, 2/24/97 $ 4,983,037
--------------------------------------------------- ------------
Financial -- 29.3%
---------------------------------------------------
6,000,000 A.I. Credit, 2/13/97 5,989,460
---------------------------------------------------
6,000,000 A.I. Credit, 3/11/97 5,966,623
---------------------------------------------------
5,000,000 American Express Credit Corp., 2/24/97 4,983,133
---------------------------------------------------
6,000,000 American General Finance, 3/19/97 5,959,597
---------------------------------------------------
6,000,000 American General Finance, 5/1/97 5,921,532
---------------------------------------------------
4,000,000 Associates Corp., 2/21/97 3,988,178
---------------------------------------------------
4,000,000 Associates Corp., 3/4/97 3,981,710
---------------------------------------------------
6,000,000 Avco Financial Services, 3/5/97 5,971,787
---------------------------------------------------
7,000,000 Avco Financial Services 6,921,826
---------------------------------------------------
7,000,000 CIT Group Holdings, 4/30/97 6,908,627
---------------------------------------------------
6,000,000 CIT Group, 2/28/97 5,976,105
---------------------------------------------------
5,000,000 Ford Motor Credit Corp., 4/28/97 4,936,097
---------------------------------------------------
5,000,000 General Electric Capital Corp., 3/21/97 4,964,867
---------------------------------------------------
6,000,000 General Electric Capital Corp., 5/22/97 5,902,100
---------------------------------------------------
2,000,000 General Electric Capital Corp., 5/2/97 1,973,550
---------------------------------------------------
4,000,000 IBM Credit Corp., 3/25/97 3,968,858
---------------------------------------------------
5,000,000 IBM Credit Corp., 4/15/97 4,945,960
---------------------------------------------------
3,020,000 Pitney Bowes Credit Corp., 3/10/97 3,002,680
---------------------------------------------------
5,000,000 Xerox Credit Corp., 2/14/97 4,990,286
--------------------------------------------------- ------------
Total 97,252,976
--------------------------------------------------- ------------
Insurance -- 5.8%
---------------------------------------------------
4,426,000 Metlife Funding, Inc., 3/18/97 4,396,650
---------------------------------------------------
6,000,000 Metlife Funding, Inc., 4/7/97 5,942,583
---------------------------------------------------
4,000,000 Prudential Funding Corp., 4/14/97 3,957,760
---------------------------------------------------
5,000,000 Prudential Funding Corp., 4/15/97 4,946,061
--------------------------------------------------- ------------
Total 19,243,054
--------------------------------------------------- ------------
Technology -- 0.9%
---------------------------------------------------
3,000,000 A T & T Corp., 3/11/97 2,983,217
--------------------------------------------------- ------------
Utilities -- 3.2%
---------------------------------------------------
6,000,000 U.S. West Communications, 2/14/97 5,988,300
---------------------------------------------------
4,800,000 U.S. West Communications, 2/21/97 4,785,467
--------------------------------------------------- ------------
Total 10,773,767
--------------------------------------------------- ------------
</TABLE>
67
<PAGE>
Fountain Square Commercial Paper Fund
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Security Market
Amount Description Value
- --------------------------------------------------------------------------------
Commercial Paper--Continued
- -----------------------------------------------------------------
<S> <C> <C>
Miscellaneous -- 3.6%
---------------------------------------------------
$ 6,000,000 Stanford University, 7/14/97 $ 5,852,757
---------------------------------------------------
6,000,000 United Parcel Service, 3/3/97 5,973,100
--------------------------------------------------- ------------
Total 11,825,857
--------------------------------------------------- ------------
Total Commercial Paper 251,004,865
--------------------------------------------------- ------------
Certificates Of Deposit -- 6.6%
- -----------------------------------------------------------------
10,000,000 Deutsche Bank, 5.39%, 3/13/97 10,000,110
---------------------------------------------------
2,000,000 J.P. Morgan, 5.78%, 8/5/97 2,001,150
---------------------------------------------------
10,000,000 Rabobank Nederland N.V., 5.40%, 4/9/97 10,000,183
--------------------------------------------------- ------------
Total Certificates Of Deposit 22,001,443
--------------------------------------------------- ------------
*Repurchase Agreements -- 18.3%
- -----------------------------------------------------------------
60,765,000 UBS Securities Repurchase Agreement 5.55%, dated
1/31/97, due 2/3/97 (at amortized cost) 60,765,000
--------------------------------------------------- ------------
Total Repurchase Agreements 60,765,000
--------------------------------------------------- ------------
Total Investments, at amortized cost** $333,771,308
--------------------------------------------------- ============
</TABLE>
*The 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 puposes.
Note: The categories of investments are shown as a percentage of net assets
($332,280,605) at January 31, 1997.
(See Notes which are an integral part of the Financial Statements.)
68
<PAGE>
Fountain Square Government Cash Reserves Fund
Portfolio of Investments
January 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
Principal Security Market
Amount Description Value
- ----------------------------------------------------------------------------------------------------------------------
Short-Term Obligations --100.3%
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
$88,645,000 * Federal Farm Credit Bank Discount Notes, 4.95%-5.43%, 2/6/96-5/6/97 $ 88,240,404
-------------------------------------------------------------------
98,835,000 * Federal Home Loan Bank Discount Note,5.18%-5.44%, 2/10/97-6/13/97 97,936,835
-------------------------------------------------------------------
5,000,000 ** Federal Home Loan Bank Floating Rate, 5.21%, 8/28/97 4,998,473
-------------------------------------------------------------------
5,000,000 ** Student Loan Marketing Assoc. Floating Rate Note, 5.29%, 3/13/97 5,000,000
-------------------------------------------------------------------
18,000,000 * Student Loan Marketing Assoc. Discount Note,
5.21%-5.35%, 3/14/97-3/27/97 17,875,463
-------------------------------------------------------------------
4,000,000 ** Student Loan Marketing Assoc.,5.62%, 6/30/97 4,001,053
-------------------------------------------------------------------
22,500,000 * Student Loan Marketing Assoc. Master Note, 5.32% 22,550,000
-------------------------------------------------------------------
11,000,000 * Tennessee Valley Authority Discount Note,
5.36%-5.42%, 2/12/97-4/8/97 10,934,134
------------------------------------------------------------------- ------------
Total Investments (Cost, $251,536,362)*** $251,536,362
------------------------------------------------------------------- ============
</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 are shown as a percentage of net assets
($250,843,968) at January 31,1997.
(See Notes which are an integral part of the Financial Statements.)
69
<PAGE>
Fountain Square U.S. Treasury Obligations Fund
Portfolio of Investments
January 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Principal Security Market
Amount Description Value
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
U.S. Treasury Bills--1.2%
----------------------------------------------------------------------------
$ 6,000,000 5.08%, 2/6/97 $ 5,995,767
---------------------------------------------------------------------------- -----------
U.S. Treasury Notes--29.1%
----------------------------------------------------------------------------
10,000,000 4.75%, 2/15/97 9,997,060
----------------------------------------------------------------------------
12,000,000 6.88%, 2/28/97 12,012,590
----------------------------------------------------------------------------
6,000,000 6.75%, 2/28/97 6,004,828
----------------------------------------------------------------------------
5,000,000 6.63%, 3/31/97 5,007,575
----------------------------------------------------------------------------
4,000,000 6.88%, 3/31/97 4,007,858
----------------------------------------------------------------------------
18,000,000 6.88%, 4/30/97 18,054,036
----------------------------------------------------------------------------
10,000,000 6.50%, 5/15/97 10,029,047
----------------------------------------------------------------------------
12,000,000 6.13%, 5/31/97 12,009,876
----------------------------------------------------------------------------
5,000,000 5.63%, 6/30/97 4,992,174
----------------------------------------------------------------------------
6,000,000 8.50%, 7/15/97 6,065,014
----------------------------------------------------------------------------
10,000,000 6.50%, 8/15/97 10,054,500
----------------------------------------------------------------------------
16,000,000 6.00%, 8/31/97 16,028,689
----------------------------------------------------------------------------
10,000,000 5.75%, 9/30/97 10,019,785
----------------------------------------------------------------------------
7,000,000 5.75%, 10/31/97 7,008,291
----------------------------------------------------------------------------
10,000,000 5.63%, 10/31/97 10,000,000
---------------------------------------------------------------------------- -----------
Total U.S. Treasury Notes 141,291,323
---------------------------------------------------------------------------- -----------
*Repurchase Agreements--69.7%
- ----------------------------------------------------------------------------------------------------------
21,000,000 Bear, Stearns & Co., Inc., 5.53%, dated 1/31/97, due 2/3/97
(at amortized cost) 21,000,000
----------------------------------------------------------------------------
21,000,000 BT Securities Corp., 5.50%, dated 1/31/97, due 2/3/97
(at amortized cost) 21,000,000
----------------------------------------------------------------------------
20,000,000 First Chicago, 5.50%, dated 1/31/97, due 2/3/97
(at amortized cost) 20,000,000
----------------------------------------------------------------------------
20,000,000 Deutsche Morgan Grenfell, 5.53%, dated 1/31/97, due 2/3/97
(at amortized cost) 20,000,000
----------------------------------------------------------------------------
20,000,000 Goldman Sachs, 5.25%, dated 1/31/97, due 2/3/97
(at amortized cost) 20,000,000
----------------------------------------------------------------------------
20,000,000 Merrill Lynch Government Securities, 5.50%, dated 1/31/97, due 2/3/97
(at amortized cost) 20,000,000
----------------------------------------------------------------------------
81,000,000 J. P. Morgan Securities, Inc., 5.53%, dated 1/31/97, due 2/3/97
(at amortized cost) 81,000,000
----------------------------------------------------------------------------
80,258,000 Nesbitt Burns, 5.52%, dated 1/31/97, due 2/3/97 (at amortized cost) 80,258,000
----------------------------------------------------------------------------
55,000,000 UBS Securities, Inc., 5.55%, dated 1/31/97, due 2/3/97 (at amortized cost) 55,000,000
----------------------------------------------------------------------------
Total Repurchase Agreements 338,258,000
----------------------------------------------------------------------------
Total Investments, at amortized cost** $485,545,090
---------------------------------------------------------------------------- ===========
</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
($486,110,690) at January 31, 1997.
(See Notes which are an integral part of the Financial Statements.)
70
<PAGE>
Fountain Square Funds
Statements of Assets and Liabilities
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S.
Government Municipal
Securities Bond Bond Fund
Fund Fund For Income
----------- ------------ ------------
<S> <C> <C> <C>
Assets:
- ------------------------------------
Investments, at value (Cost
$42,279,682; $97,866,358;
and $126,191,488, respectively) $42,506,390 $ 99,790,895 $127,493,673
- ------------------------------------
Repurchase agreements (Cost
$2,687,000; $0; and $1,192,000,
respectively) 2,687,000 7,995,000
- ------------------------------------ ----------- ------------ ------------
Total Investments 45,193,390 99,790,895 135,478,673
- ------------------------------------
Cash 577 - 623
- ------------------------------------
Interest receivable 845,752 1,294,540 2,595,060
- ------------------------------------
Receivable for investments sold - 8,423,926
- ------------------------------------
Unamortized organizations cost 2,700 -
- ------------------------------------
Prepaid expenses and other assets 1,633 6,859 266,421
- ------------------------------------ ----------- ------------ ------------
Total Assets 46,044,052 101,092,294 146,764,703
- ------------------------------------ ----------- ------------ ------------
Liabilities:
- ------------------------------------
Payable for investments purchased - 7,836,944
- ------------------------------------
Payable for Fund shares redeemed 16,545 -
- ------------------------------------
Other Payables - - 232,123
- ------------------------------------
Accrued expenses and other payables:
- ------------------------------------
Investment advisory fees 17,434 7,571 10,409
- ------------------------------------
Administration fees 3,426 1,191 1,637
- ------------------------------------
Accounting and transfer agent fees 15,006 -
- ------------------------------------
Legal and audit fees 14,679 -
- ------------------------------------
Printing 2,659 - -
- ------------------------------------
Other 700 155 1,227
- ------------------------------------ ----------- ------------ ------------
Total Liabilities 70,449 8,917 8,082,349
- ------------------------------------ ----------- ------------ ------------
Net Assets:
- ------------------------------------
Paid-in capital 47,625,134 99,094,822 137,423,934
- ------------------------------------
Net unrealized appreciation on
investments 226,708 1,924,537 1,292,185
- ------------------------------------
Accumulated net realized losses on
investment transactions (1,884,533) - (147,100)
- ------------------------------------
Undistributed net investment income 6,294 64,018 113,335
- ------------------------------------ ----------- ------------ ------------
Total Net Assets $45,973,603 $101,083,377 $138,682,354
- ------------------------------------ ----------- ------------ ------------
Net Assets
- ------------------------------------
Investment A Shares $45,881,846 $101,083,377 $138,682,354
- ------------------------------------
Investment C Shares 91,757 - -
- ------------------------------------ ----------- ------------ ------------
Total $45,973,603 $101,083,377 $138,682,354
- ------------------------------------ =========== ============ ============
Outstanding shares of beneficial
interest
- ------------------------------------
Investment A Shares 4,757,309 8,376,088 11,512,284
- ------------------------------------
Investment C Shares 9,513 - -
- ------------------------------------ ----------- ------------ ------------
4,766,822 8,376,088 11,512,284
- ------------------------------------ =========== ============ ============
Net asset value
- ------------------------------------
Redemption price per share -
Investment A Shares $ 9.64 $ 12.07 $ 12.05
- ------------------------------------ =========== ============ ============
Offering price per share -
Investment C Shares* $ 9.65 $ - $ -
- ------------------------------------ =========== ============ ============
Maximum Sales Charge 4.50% 4.50% 4.50%
- ------------------------------------ =========== ============ ============
Maximum Offering Price (100%/(100%-
Maximum Sales Charge) of net asset
value adjusted to nearest cent) per
share (Investment A Shares) $ 10.09 $ 12.64 $ 12.62
- ------------------------------------ =========== ============ ============
</TABLE>
*Redemption price per share varies by length of time shares are held.
(See Notes which are an integral part of the Financial Statements)
71
<PAGE>
Fountain Square Funds
Statements of Assets and Liabilities
January 31, 1997 (Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Equity Quality Ohio Tax Free
Income Bond Bond
Fund Fund Fund
------------ ------------ -------------
<S> <C> <C> <C>
Assets:
- ----------------------------------
Investments, at value (Cost
$72,985,655; $82,206,778; and
$164,745,327, respectively) $101,983,775 $ 81,638,804 $167,719,077
- ----------------------------------
Repurchase agreements (Cost
$1,192,000; $3,888,000 and $0,
respectively) 1,192,000 3,888,000 -
- ---------------------------------- ------------ ------------ ------------
Total Investments 103,175,75 85,536,804 167,719,077
- ---------------------------------- ------------ ------------ ------------
Cash
- ----------------------------------
Foreign Currency 734 997 -
- ----------------------------------
Interest and dividends receivable 191,444 1,360,946 2,038,727
- ----------------------------------
Receivable for investments sold 1,429,703 6,336,570 -
- ----------------------------------
Receivable for Fund shares sold - 28,312 -
- ----------------------------------
Unamortized organizational costs - 3,158 7,981
- ----------------------------------
Prepaid expenses and other assets - 2,459 2,612
- ---------------------------------- ------------ ------------ ------------
Total Assets 104,797,656 93,259,246 169,768,397
- ---------------------------------- ------------ ------------ ------------
Liabilities:
- ----------------------------------
Payable for investments purchased - 5,050,000 -
- ----------------------------------
Payable for Fund shares redeemed - 66,895 22,232
- ----------------------------------
Accrued expenses and other
payables:
- ----------------------------------
Investment advisory fees 7,826 38,663 77,874
- ----------------------------------
Administration fees 1,231 4,720 12,768
- ----------------------------------
Accounting and transfer fees - 16,506 18,623
- ----------------------------------
Legal and audit fees - 9,249 15,249
- ----------------------------------
Printing fees - 3,567 10,633
- ----------------------------------
Other 5,489 140,416 24,725
- ---------------------------------- ------------ ------------ ------------
Total Liabilities 14,546 5,330,016 182,104
- ---------------------------------- ------------ ------------ ------------
Net Assets:
- ----------------------------------
Paid-in capital 73,521,573 90,923,957 166,742,333
- ----------------------------------
Net unrealized appreciation
(depreciation) on investments 28,998,120 (567,974) 2,973,750
- ----------------------------------
Accumulated net realized gains
(losses) on investment
transactions 2,206,963 (2,424,684) (96,563)
- ----------------------------------
Undistributed net investment
income (loss) 56,454 (2,069) (33,227)
- ---------------------------------- ------------ ------------ ------------
Net Assets $104,783,110 $ 87,929,230 $169,586,293
- ---------------------------------- ============ ============ ============
Net Assets
- ----------------------------------
Investment A Shares $104,783,110 $ 87,714,492 $169,548,546
- ----------------------------------
Investment C Shares - 214,738 37,747
- ---------------------------------- ------------ ------------ ------------
Total $104,783,110 $ 87,929,230 $169,586,293
- ---------------------------------- ============ ============ ============
Outstanding units of beneficial
interest (shares)
- ----------------------------------
Investment A Shares 8,588,628 9,082,575 16,820,601
- ----------------------------------
Investment C Shares - 22,227 3,746
- ---------------------------------- ------------ ------------ ------------
Total 8,588,628 9,104,802 16,824,347
- ---------------------------------- ============ ============ ============
Net asset values
- ----------------------------------
Redemption price per share -
Investment A Shares $ 12.20 $ 9.66 $ 10.08
- ---------------------------------- ============ ============ ============
Offering price per share -
Investment C Shares* $ - $ 9.66 $ 10.08
- ---------------------------------- ============ ============ ============
Maximum Sales Charge 4.50% 4.50% 4.50%
- ---------------------------------- ============ ============ ============
Maximum Offering Price (100%/
(100%-Maximum Sales Charge) of
net asset value adjusted to
nearest cent) per share
(Investment A Shares) $ 12.78 $ 10.11 $ 10.55
------------ ------------ ------------
</TABLE>
*Redemption price per share varies by length of time shares are held.
(See Notes which are an integral part of the Financial Statements)
72
<PAGE>
<TABLE>
<CAPTION>
Fountain Square Funds
Statements of Assets and Liabilities
January 31, 1997
(Unaudited)
- -----------------------------------------------------------------------------------------------------------------------
Quality International
Growth Mid Cap Balanced Equity
Fund Fund Fund Fund
------------ ------------ ------------ -------------
<S> <C> <C> <C> <C>
Assets:
- -------------------------------------------------------
Investments, at value (Cost $208,206,114; $115,068,370;
$84,054,249 and $132,214,607, respectively) $304,326,853 $151,844,813 $103,285,229 $132,879,316
- -------------------------------------------------------
Repurchase agreements (Cost $9,798,000; $5,338,000;
$3,939,000 and $849,000, respectively) 9,798,000 5,338,000 3,939,000 849,000
- ------------------------------------------------------- ------------ ------------ -------------
Total Investments 314,124,853 157,182,813 107,224,229 133,728,316
- -------------------------------------------------------
Cash 705 2,682 50 3,270,630
- -------------------------------------------------------
Foreign Currency - - - 2,017,499
- -------------------------------------------------------
Interest and dividends receivable 218,749 40,023 596,275 158,482
- -------------------------------------------------------
Reclaim receivable - - - 53,454
- -------------------------------------------------------
Receivable for investments sold 1,429,316 - 2,912,007 1,849,138
- -------------------------------------------------------
Receivable for Fund shares sold 109,173 54,002 64,306 7,542
- -------------------------------------------------------
Unrealized foreign currency gains - - - 1,847,239
- -------------------------------------------------------
Unamortized organizational costs 3,472 3,088 3,269 29,563
- -------------------------------------------------------
Prepaid expenses and other assets 5,604 3,234 2,815 15,020
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Total Assets 315,891,872 157,285,842 110,802,951 142,976,883
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Liabilities:
- -------------------------------------------------------
Payable for forward foreign currency exchange
contracts exercised - - - 9,452
- -------------------------------------------------------
Payable for investments purchased 1,337,280 1,319,632 870,349 5,516,502
- -------------------------------------------------------
Payable for Fund shares redeemed 120,824 13,396 40,997 17,652
- -------------------------------------------------------
Options written, at value (premiums received $76,900,
$0, $12,285, and $0 respectively) 181,500 - 29,375 -
- -------------------------------------------------------
Unrealized foreign currency losses - - - -
- -------------------------------------------------------
Accrued expenses and other payables:
- -------------------------------------------------------
Investment advisory fees 197,891 105,408 71,365 117,295
- -------------------------------------------------------
Administration fees 22,858 11,660 8,201 10,376
- -------------------------------------------------------
Distributions and servicing fees 2,810 1,301 1,301 -
- -------------------------------------------------------
Accounting and transfer agent fees 24,248 13,502 16,506 17,916
- -------------------------------------------------------
Custodian fees - - - 30,943
- -------------------------------------------------------
Legal and audit fees 9,249 9,249 9,249 9,749
- -------------------------------------------------------
Printing fees 9,780 - 4,109 5,872
- -------------------------------------------------------
Other 44,328 21,505 19,529 169,724
------------------------------------------------------- ------------ ------------ ------------ -------------
Total Liabilities 1,950,768 1,495,653 1,070,981 5,905,481
------------------------------------------------------- ------------ ------------ ------------ -------------
Net Assets:
- -------------------------------------------------------
Paid-in capital 217,114,408 120,263,537 90,015,221 129,927,518
- -------------------------------------------------------
Net unrealized appreciation on investments
and foreign currency 96,016,139 36,776,443 19,213,890 2,460,211
- -------------------------------------------------------
Accumulated net realized gains (losses) on investment
and foreign currency transactions 901,103 (1,188,702) 347,799 7,356,694
- -------------------------------------------------------
Undistributed net investment income (loss) (94,546) (61,089) 155,060 (2,673,021)
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Net Assets $313,937,104 $155,790,189 $109,731,970 $137,071,402
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Net Assets
- -------------------------------------------------------
Investment A Shares $312,799,828 $155,438,927 $109,257,693 $136,937,065
- -------------------------------------------------------
Investment C Shares 1,137,276 351,262 474,277 134,337
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Total $313,937,104 $155,790,189 $109,731,970 $137,071,402
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Outstanding units of beneficial interest (shares)
- -------------------------------------------------------
Investment A Shares 20,014,822 11,084,355 8,296,882 13,337,970
- -------------------------------------------------------
Investment C Shares 72,833 25,132 36,022 13,118
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Total 20,087,655 11,109,487 8,332,904 13,351,088
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Net asset value
Redemption price per share - Investment A Shares $ 15.63 $ 14.02 $ 13.17 $ 10.27
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Offering price per share - Investment C Shares* $ 15.61 $ 13.98 $ 13.17 $ 10.24
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Maximum Sales Charge 4.50% 4.50% 4.50% 4.50%
- ------------------------------------------------------- ------------ ------------ ------------ -------------
Maximum Offering Price (100%/(100%-Maximum Sales
Charge) of net asset value adjusted to nearest cent)
per share (Investment A Shares) $ 16.37 $ 14.68 $ 13.79 $ 10.75
- ------------------------------------------------------- ------------ ------------ ------------ -------------
</TABLE>
*Redemption price per share varies by length of time shares are held.
(See Notes which are an integral part of the Financial Statements)
73
<PAGE>
Fountain Square Funds
Statements of Assets and Liabilities
January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Commercial Government U.S. Treasury
Paper Cash Reserves Obligations
Fund Fund Fund
------------ ------------- -------------
<S> <C> <C> <C>
Assets:
- ------------------------------------------------------------
Investments, at value (Amortized cost $251,536,362;
$273,006,308; and $147,287,090, respectively) $273,006,308 $251,536,362 $147,287,090
- ------------------------------------------------------------
Repurchase agreements ($0; $60,765,000; and $338,258,000,
respectively) 60,765,000 - 338,258,000
- ------------------------------------------------------------ ------------ ------------ ------------
Total Investments 333,771,308 251,536,362 485,545,090
- ------------------------------------------------------------
Cash 113 37,937 141
- ------------------------------------------------------------
Interest receivable 177,536 468,145 2,787,439
- ------------------------------------------------------------
Prepaid expenses and other assets 5,118 3,881 10,541
- ------------------------------------------------------------ ------------ ------------ ------------
Total Assets 333,954,075 252,046,325 488,343,211
- ------------------------------------------------------------ ------------ ------------ ------------
Liabilities:
- ------------------------------------------------------------
Dividends payable 1,488,781 1,056,307 2,034,940
- ------------------------------------------------------------
Accrued expenses and other payables:
- ------------------------------------------------------------
Investment advisory fees 106,818 71,467 106,251
- ------------------------------------------------------------
Administration fees 27,006 19,207 36,112
- ------------------------------------------------------------
Accounting and transfer agent fees 24,733 19,144 26,244
- ------------------------------------------------------------
Custodian fees - 1,300 4,100
- ------------------------------------------------------------
Legal and audit fees 7,428 9,428 4,178
- ------------------------------------------------------------
Other 18,704 25,504 20,696
- ------------------------------------------------------------ ------------ ------------ ------------
Total Liabilities 1,673,470 1,202,357 2,232,521
- ------------------------------------------------------------ ------------ ------------ ------------
Net Assets:
- ------------------------------------------------------------
Paid-in capital 332,280,673 250,843,399 486,106,356
- ------------------------------------------------------------
Accumulated net realized gains (losses)
on investment transactions (5) 569 (743)
- ------------------------------------------------------------
Undistributed net investment income (loss) (63) - 5,077
- ------------------------------------------------------------ ------------ ------------ ------------
Net Assets $332,280,605 $250,843,968 $486,110,690
- ------------------------------------------------------------ ------------ ------------ ------------
Net Assets
- ------------------------------------------------------------
Trust Shares $306,812,171 $156,452,716 $486,110,690
- ------------------------------------------------------------
Investor Shares 25,468,434 94,391,252 -
- ------------------------------------------------------------ ------------ ------------ ------------
Total $332,280,605 $250,843,968 $486,110,690
- ------------------------------------------------------------ ------------ ------------ ------------
Outstanding units of beneficial interest (shares)
- ------------------------------------------------------------
Trust Shares 306,812,492 156,452,554 486,111,706
- ------------------------------------------------------------
Investor Shares 25,468,453 94,390,845 -
- ------------------------------------------------------------ ------------ ------------ ------------
Total 332,280,945 250,843,399 486,111,706
- ------------------------------------------------------------ ------------ ------------ ------------
Net asset value
- ------------------------------------------------------------
Offering and redemption price per share - Investor Shares $ 1.00 $ 1.00 $ 1.00
- ------------------------------------------------------------ ------------ ------------ ------------
Offering and redemption price per share - Trust Shares $ 1.00 $ 1.00 $ -
- ------------------------------------------------------------ ------------ ------------ ------------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
74
<PAGE>
Fountain Square Funds
Statements of Operations
For the six months ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S.
Government Municipal Bond Fund
Securities Bond For
Fund Fund* Income*
---------- ---------- ---------
<S> <C> <C> <C>
INVESTMENT INCOME:
- -------------------------------------
Interest income $1,298,672 $ 72,935 $ 122,662
- -------------------------------------
Dividend income - - 3,946
- ------------------------------------- ---------- ---------- ----------
Total Income 1,298,672 72,935 126,608
- ------------------------------------- ---------- ---------- ----------
EXPENSES:
- -------------------------------------
Investment advisory fees 115,687 7,571 10,411
- -------------------------------------
Administrative fees 19,027 1,191 1,637
- -------------------------------------
Organizational costs 2,315 - -
- -------------------------------------
Distribution and service fees -
Investment C 73,778 4,818 6,625
- -------------------------------------
Portfolio accounting, transfer and
dividend disbursing agent fees
and expenses 14,097 - -
- -------------------------------------
Directors'/Trustees' fees 897 - -
- -------------------------------------
Audit fees 6,971 - 230
- -------------------------------------
Custodian 2,109 138 189
- -------------------------------------
Legal fees 4,664 - 350
- -------------------------------------
Fund share registration costs 10,817 - -
- -------------------------------------
Printing and postage expense 3,196 - -
- -------------------------------------
Insurance expense 845 - -
- -------------------------------------
Other 10,619 155 647
- ------------------------------------- ---------- ---------- ----------
Total Expenses 265,022 13,873 20,089
- ------------------------------------- ---------- ---------- ----------
Deduct--
- -------------------------------------
Fee Waivers 103,096 4,956 6,816
- ------------------------------------- ---------- ---------- ----------
Net expenses 161,926 8,917 13,273
- ------------------------------------- ---------- ---------- ----------
Net Investment Income 1,136,746 64,018 113,335
- ------------------------------------- ---------- ---------- ----------
Realized and Unrealized Gains
(Losses) from Investments:
- -------------------------------------
Net realized gains (losses) from
investments 196,879 - (147,100)
- -------------------------------------
Net change in unrealized appreciation
from investments 206,698 1,924,537 1,292,185
- ------------------------------------- ---------- ---------- ----------
Net realized/unrealized gains
from investments 403,577 1,924,537 1,145,085
- ------------------------------------- ---------- ---------- ----------
Change in net assets resulting
from operations $1,540,323 $1,988,555 $1,258,420
- ------------------------------------- ========== ========== ==========
</TABLE>
* Commencement of operations of the fund began January 27, 1997.
(See Notes which are an integral part of the Financial Statements)
75
<PAGE>
Fountain Square Funds
Statements of Operations
For the six months ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Equity Quality Ohio Tax Free
Income Bond Bond
Fund* Fund Fund
----------- ---------- --------------
<S> <C> <C> <C>
INVESTMENT INCOME:
- -------------------------------------
Interest income $ 3,799 $2,776,193 $3,253,262
- -------------------------------------
Dividend income 67,200 - -
- ------------------------------------- ------------ ---------- --------------
Total Income 70,999 2,776,193 3,253,262
- ------------------------------------- ------------ ---------- --------------
EXPENSES:
- -------------------------------------
Investment advisory fees 11,384 241,451 358,887
- -------------------------------------
Administrative fees 1,231 39,731 58,987
- -------------------------------------
Organizational costs - 1,974 2,494
- -------------------------------------
Distribution and service fees -
Investment C 4,980 153,779 229,232
- -------------------------------------
Portfolio accounting, transfer and
dividend disbursing agent fees and
expenses 625 14,314 12,143
- -------------------------------------
Directors'/Trustees' fees - 1,382 1,490
- -------------------------------------
Audit fees 230 6,971 6,971
- -------------------------------------
Custodian 142 4,400 6,550
- -------------------------------------
Legal fees 350 4,664 4,664
- -------------------------------------
Fund share registration costs - 15,267 9,176
- -------------------------------------
Printing and postage expense - 6,574 9,942
- -------------------------------------
Insurance expense - 2,281 1,001
- -------------------------------------
Other 726 13,853 25,906
- ------------------------------------- ------------ ---------- --------------
Total Expenses 19,668 506,641 727,443
- ------------------------------------- ------------ ---------- --------------
Deduct--
- -------------------------------------
Fee Waivers 5,123 176,298 237,419
- ------------------------------------- ----------- ---------- --------------
Net expenses 14,545 330,342 490,024
- ------------------------------------- ----------- ---------- --------------
Net Investment Income 56,454 2,445,850 2,763,238
- ------------------------------------- ----------- ---------- --------------
Realized and Unrealized Gains
(Losses) from Investments:
- -------------------------------------
Net realized gains (losses) from
investments 2,206,963 (50,441) 219,684
- -------------------------------------
Net change in unrealized appreciation
from investments 28,998,120 1,257,231 2,737,524
- ------------------------------------- ----------- ---------- --------------
Net realized/unrealized gains
from investments 31,205,083 1,206,790 2,957,208
- ------------------------------------- ----------- ---------- --------------
Change in net assets resulting
from operations $31,261,537 $3,652,640 $5,720,446
- ------------------------------------- =========== ========== ==============
</TABLE>
* Commencement of operations of the fund began January 27, 1997.
(See Notes which are an integral part of the Financial Statements)
76
<PAGE>
Fountain Square Funds
Statements of Operations
For the six months ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Quality International
Growth Mid Cap Balanced Equity
Fund Fund Fund Fund
------------- ------------ ------------ -----------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
- ----------------------------------------------
Interest income $ 298,603 $ 162,139 $ 1,171,909 $ 142,482
- ----------------------------------------------
Dividend income 1,525,541 556,105 402,494 700,504
- ----------------------------------------------
Foreign tax withholding -- -- -- (70,021)
- ---------------------------------------------- ------------ ------------ ------------ -----------
Total Income 1,824,144 718,244 1,574,403 772,965
- ---------------------------------------------- ------------ ------------ ------------ -----------
EXPENSES:
- ----------------------------------------------
Investment advisory fees 987,435 512,173 414,994 660,172
- ----------------------------------------------
Administrative fees 111,243 57,921 47,040 59,744
- ----------------------------------------------
Distribution and service fees - Investment C 434,311 225,803 183,492 231,930
- ----------------------------------------------
Organization expense 1,543 1,930 2,043 5,281
- ----------------------------------------------
Custodian fees 12,340 6,424 5,210 91,871
- ----------------------------------------------
Portfolio accounting, transfer and dividend
disbursing agent fees and expenses 21,061 15,021 14,927 92,134
- ----------------------------------------------
Directors'/Trustees' fees 2,684 1,636 2,173 1,296
- ----------------------------------------------
Audit fees 6,971 6,971 6,971 6,971
- ----------------------------------------------
Legal fees 4,664 4,664 4,664 4,664
- ----------------------------------------------
Fund share registration costs 18,305 14,738 16,106 9,701
- ----------------------------------------------
Printing and postage expense 20,264 9,549 7,569 4,407
- ----------------------------------------------
Insurance expense 3,672 2,026 2,523 3,302
- ----------------------------------------------
Other 51,631 18,970 17,514 7,206
- ---------------------------------------------- ------------ ------------ ------------ -----------
Total Expenses 1,676,124 877,826 725,226 1,178,679
- ---------------------------------------------- ------------ ------------ ------------ -----------
Deduct--
- ----------------------------------------------
Fee Waivers 443,845 235,200 204,795 240,271
- ---------------------------------------------- ------------ ------------ ------------ -----------
Net expenses 1,232,279 642,626 520,431 938,408
- ---------------------------------------------- ------------ ------------ ------------ -----------
Net Investment Income 591,865 75,618 1,053,972 (165,443)
- ---------------------------------------------- ------------ ------------ ------------ -----------
Realized and Unrealized Gains (Losses) from Investments
and Foreign Currency Transactions:
- ----------------------------------------------
Net realized gains (losses) from investments
and foreign currency transactions 2,772,425 (528,924) 972,574 5,255,502
- ----------------------------------------------
Net change in unrealized appreciation (depreciation)
from investments and translation of assets and
liabilities in foreign securities 79,309,347 34,763,395 14,612,270 (580,922)
- ---------------------------------------------- ------------ ------------ ------------ -----------
Net realized and unrealized gains
from investments and foreign currency 82,081,772 34,234,471 15,584,844 4,674,580
- ---------------------------------------------- ------------ ------------ ------------ -----------
Change in net assets resulting
from operations $82,673,637 $34,310,089 $16,638,816 $4,509,137
- ---------------------------------------------- ------------ ------------ ------------ -----------
</TABLE>
(See Notes which are an integral part of the Financial Statements)
77
<PAGE>
Fountain Square Funds
Statements of Operations
For the six months ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Commercial Government U.S. Treasury
Paper Cash Reserves Obligations
Fund Fund Fund
---------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
- --------------------------------
Interest income $8,651,512 $6,459,346 $12,699,139
- -------------------------------- ---------- ----------- -----------
EXPENSES:
- --------------------------------
Investment advisory fees 634,003 481,209 945,641
- --------------------------------
Administrative fees 143,378 108,800 213,896
- --------------------------------
Distributions fees 42,194 158,985 --
- --------------------------------
Portfolio accounting, transfer and
dividend disbursing agent
fees and expenses 45,892 36,997 45,892
- --------------------------------
Directors'/Trustees' fees 2,074 2,783 3,208
- --------------------------------
Audit fees 7,150 7,150 5,150
- --------------------------------
Custodian 15,886 7,414 23,887
- --------------------------------
Legal fees 4,664 4,664 4,664
- --------------------------------
Fund share registration costs 26,701 4,931 43,403
- --------------------------------
Printing and postage expense 25,877 22,067 21,955
- --------------------------------
Insurance expense 7,335 5,517 12,732
- --------------------------------
Other 7,692 9,019 5,270
- -------------------------------- ---------- ----------- -----------
Total Expenses 962,846 849,536 1,325,698
- -------------------------------- ---------- ----------- -----------
Deduct--
- --------------------------------
Fee Waivers 138,694 243,863 333,069
- -------------------------------- ---------- ----------- -----------
Net expenses 824,152 605,673 992,629
- -------------------------------- ---------- ----------- -----------
Net Investment Income 7,827,360 5,853,673 11,706,510
- -------------------------------- ---------- ----------- -----------
Realized Gains (Losses) from
Investments:
- --------------------------------
Net realized gains (losses) from
investment transactions - 569 (2,133)
- -------------------------------- ---------- ----------- -----------
Change in net assets resulting
from operations $7,827,360 $5,854,242 $11,704,377
- -------------------------------- ========== =========== ===========
</TABLE>
(See Notes which are an integral part of the Financial Statements)
78
<PAGE>
Fountain Square Funds
Statements of Changes in Net Assets
For the period ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Government Securities Fund Municipal Bond Fund*
--------------------------------- ----------------------------------
Period Ended Year Ended Period Ended Year Ended
January 31, July 31, January 31, July 31,
1997 1996 1997 1996
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations
Net investment income $ 1,136,746 $ 1,588,713 $ 64,018 $ -
Net realized gains (losses) on investment
transactions 196,879 49,340 -
Change in unrealized appreciation
of investments 206,698 (663,274) 1,924,537 -
--------------- -------------- -------------- -----------------
Change in net assets resulting from
operations 1,540,323 974,779 1,988,555 -
--------------- -------------- -------------- -----------------
Distributions to Shareholders
Dividends to shareholders from net
investment income (1,121,035) (1,637,316) - -
--------------- -------------- -------------- -----------------
Fund Share (Principal) Transactions
Proceeds from sale of shares 21,890,912 11,833,299 99,282,257 -
Net asset value of shares issued to
shareholders in payment of
dividends declared 636,284 1,353,918 - -
Cost of shares redeemed (7,775,307) (6,776,306) (187,435) -
--------------- -------------- -------------- -----------------
Change in net assets from Fund
share transactions 14,751,889 6,410,911 99,094,822 -
--------------- -------------- -------------- -----------------
Change in net assets 15,171,177 5,748,374 101,083,377 -
Net Assets:
Beginning of period 30,802,426 25,054,052 - -
--------------- -------------- -------------- -----------------
End of period $45,973,603 $30,802,426 $101,083,377 -
=============== ============== ============== =================
</TABLE>
*Commencement of operations of the Fund began January 27, 1997.
(See Notes which are an integral part of the Financial Statements)
79
<PAGE>
Fountain Square Funds
Statements of Changes in Net Assets
For the period ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Bond Fund For Income
-------------------------------
Period Ended Year Ended
January 31, July 31,
1997 1996
-------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets:
Operations--
Net investment income $ 113,335 $ -
Net realized gains (losses) on investment
transactions 147,100 -
Change in unrealized appreciation
of investments 1,292,185 -
------------ -----------
Change in net assets resulting from
operations 1,258,420 -
------------ -----------
Distributions to Shareholders--
Dividends to shareholders from net
investment income - -
------------ -----------
Fund Share (Principal) Transactions--
Proceeds from sale of shares 137,590,464 -
Net asset value of shares issued to
shareholder in payment of
dividends declared - -
Cost of shares redeemed (166,530) -
------------ -----------
Change in net assets from Fund
share transactions 137,423,934 -
------------ -----------
Change in net assets 138,682,354 -
Net Assets:
Beginning of period - -
------------ -----------
End of period $138,682,354 $ -
============ ===========
</TABLE>
*Commencement of operations of the Fund began January 27, 1997.
(See Notes which are an integral part of the Financial Statements)
80
<PAGE>
Fountain Square Funds
Statements of Changes in Net Assets
For the period ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Equity Income Fund Quality Bond Fund
--------------------------- ----------------------------
Period Ended Year Ended Period Ended Year Ended
January 31, July 31, January 31, July 31,
1997 1996 1997 1996
--------------------------- ----------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations--
Net investment income $ 56,454 $ - $ 2,445,850 $ 4,238,365
Net realized gains (losses) on investment
transactions 2,206,963 - (50,441) 744,080
Change in unrealized appreciation
of investments 28,998,120 - 1,257,231 (2,623,898)
------------ ------------ ------------ ------------
Change in net assets resulting from
operations 31,261,537 - 3,652,640 2,358,547
------------ ------------ ------------ ------------
Distributions to Shareholders--
Dividends to shareholders from net
investment income - - (2,422,032) (4,303,667)
------------ ------------ ------------ ------------
Fund Share (Principal) Transactions--
Proceeds from sale of shares 73,821,984 - 12,070,288 39,431,397
Net asset value of shares issued to
shareholders in payment of dividends
declared - - 1,433,498 2,812,476
Cost of shares redeemed (300,411) - (10,388,997) (12,482,075)
------------ ------------ ------------ ------------
Change in net assets from Fund
share transactions 73,521,573 - 3,114,789 29,761,798
------------ ------------ ------------ ------------
Change in net assets 104,783,110 - 4,345,397 27,816,678
Net Assets:
Beginning of period - - 83,583,833 55,767,155
------------ ------------ ------------ ------------
End of period $104,783,110 - $ 87,929,230 $ 83,583,833
------------ ------------ ------------ ------------
</TABLE>
*Commencement of operations of the Fund began January 27, 1997.
(See Notes which are an integral part of the Financial Statements)
81
<PAGE>
Fountain Square Funds
Statements of Changes in Net Assets
For the period ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ohio Tax Free Bond Fund
-----------------------------
Period Ended Year Ended
January 31, July 31,
1997 1996
------------- --------------
<S> <C> <C>
Increase (Decrease) in Net Assets:
Operations--
Net investment income $ 2,763,238 $ 1,289,676
Net realized gains (losses) on investment
transactions 219,684 (40,784)
Change in unrealized appreciation
of investments 2,737,524 93,485
------------- --------------
Change in net assets resulting from
operations 5,720,466 1,342,377
------------- --------------
Distributions to Shareholders--
Dividends to shareholders from net
investment income (2,798,568) (1,310,667)
------------- --------------
Fund Share (Principal) Transactions--
Proceeds from sale of shares 145,257,285 14,492,573
Net asset value of shares issued to
shareholders in payment of dividends
declared 394,464 674,890
Cost of shares redeemed (14,488,827) (8,012,250)
------------- --------------
Change in net assets from Fund
share transactions 131,162,922 7,155,213
------------- --------------
Change in net assets 134,084,800 7,186,923
Net Assets:
Beginning of period 35,501,493 28,314,570
------------- --------------
End of period $169,586,293 $35,501,493
============= ==============
</TABLE>
*Commencement of operations of the Fund began January 27, 1997.
(See Notes which are an integral part of the Financial Statements)
82
<PAGE>
Fountain Square Funds
Statements of Changes in Net Assets
For the period ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Quality Growth Fund Mid Cap Fund
--------------------------- --------------------------
Period Ended Year Ended Period Ended Year Ended
January 31, July 31, January 31, July 31,
1997 1996 1997 1996
--------------------------- --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations--
Net investment income $ 591,865 $ 1,111,553 $ 75,618 $ 276,462
Net realized gains (losses) on investment
transactions 2,772,425 7,282,669 (528,924) 6,886,447
Change in unrealized appreciation
(depreciation) of investments 79,309,347 3,763,504 34,763,395 (7,269,804)
------------ ------------ ------------ ------------
Change in net assets resulting from
operations 82,673,637 12,157,726 34,310,089 (106,895)
------------ ------------ ------------ ------------
Distributions to Shareholders--
Dividends to shareholders from net
investment income (817,680) (1,065,070) (135,572) (318,956)
Distributions to shareholders from net
realized gains on investment transactions (7,488,812) -- (6,714,417) (426,106)
------------ ------------ ------------ ------------
Change in net assets from distributions
to shareholders (8,306,492) (1,065,070) (6,849,989) (745,062)
------------ ------------ ------------ ------------
Fund Share (Principal) Transactions--
Proceeds from sale of shares 113,908,230 55,175,326 58,921,025 36,279,555
Net asset value of shares issued to
shareholders in payment of dividends
declared 6,020,823 864,887 5,520,809 605,387
Cost of shares redeemed (15,248,013) (14,838,411) (9,003,771) (10,324,706)
------------ ------------ ------------ ------------
Change in net assets from Fund
share transactions 104,681,040 41,201,802 55,438,063 26,560,236
------------ ------------ ------------ ------------
Change in net assets 179,048,185 52,294,458 82,898,162 25,708,279
Net Assets:
Beginning of period 134,888,919 82,594,461 72,892,026 47,183,747
------------ ------------ ------------ ------------
End of period $313,937,104 $134,888,919 $155,790,189 $ 72,892,026
============ ============ ============ ============
</TABLE>
(See Notes which are an integral part of the Financial Statements)
83
<PAGE>
Fountain Square Funds
Statements of Changes in Net Assets
For the period ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balanced Fund International Equity Fund
-------------------------- --------------------------
Period Ended Year Ended Period Ended Year Ended
January 31, July 31, January 31, July 31,
1997 1996 1997 1996
-------------------------- --------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations--
Net investment income $ 1,053,972 $ 1,828,018 $ (165,443) $ 107,635
Net realized gains (losses) on investment
transactions 972,574 5,250,744 5,255,502 10,543,032
Change in unrealized appreciation
(depreciation) of investments 14,612,270 (2,997,492) (580,922) (2,327,344)
------------ ------------ ------------ ------------
Change in net assets resulting from
operations 16,638,816 4,081,270 4,509,137 8,323,323
------------ ------------ ------------ ------------
Distributions to Shareholders--
Dividends to shareholders from net
investment income (1,072,145) (1,770,121) (10,353,967) --
Distributions to shareholders from net
realized gains on investment transactions (3,953,642) -- (695,077) --
------------ ------------ ------------ ------------
Change in net assets from distributions
to shareholders (5,025,787) (1,770,121) (11,049,044) --
------------ ------------ ------------ ------------
Fund Share (Principal) Transactions--
Proceeds from sale of shares 10,777,583 45,799,084 22,395,588 33,662,776
Net asset value of shares issued to
shareholders in payment of dividends
declared 4,707,642 1,672,911 7,089,844 --
Cost of shares redeemed (10,438,773) (14,785,158) (6,280,673) (8,021,101)
------------ ------------ ------------ ------------
Change in net assets from Fund
share transactions 5,046,452 32,686,837 23,204,759 25,641,675
------------ ------------ ------------ ------------
Change in net assets 16,659,481 34,997,986 16,664,852 33,964,998
Net Assets:
Beginning of period 93,072,489 58,074,503 120,406,550 86,441,552
------------ ------------ ------------ ------------
End of period $109,731,970 $ 93,072,489 $137,071,402 $120,406,550
============ ============ ============ ============
</TABLE>
(See Notes which are an integral part of the Financial Statements)
84
<PAGE>
Fountain Square Funds
Statements of Changes in Net Assets
For the period ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Commercial Paper Fund Government Cash Reserves Fund
----------------------------- ------------------------------
Period Ended Year Ended Period Ended Year Ended
January 31, July 31, January 31, July 31,
1997 1996 1997 1996
----------------------------- ------------------------------
<S> <C> <C> <C> <C>
Increase (Decrease) in Net Assets:
Operations--
Net investment income $ 7,827,360 $ 13,588,093 $ 5,853,673 $ 9,453,339
Net realized gains (losses) on investment
transactions - (5) 569 -
------------- --------------- ------------- -------------
Change in net assets resulting from
operations 7,827,360 13,588,088 5,854,242 9,453,399
------------- --------------- ------------- -------------
Distributions to Shareholders--
Dividends to shareholders from net
investment income
Trust Shares (7,232,712) (12,697,512) (3,643,899) (6,408,695)
Investment Shares (594,648) (890,643) (2,209,774) (3,044,644)
------------- --------------- ------------- -------------
Change in net assets from distributions
to shareholders (7,827,360) (13,588,155) (5,853,673) (9,453,339)
------------- --------------- ------------- -------------
Fund Share (Principal) Transactions--
Proceeds from sale of shares 640,266,925 1,182,031,780 208,072,632 295,250,564
Net asset value of shares issued to
shareholders in payment of dividends
declared 390,163 326,263 - -
Cost of shares redeemed (628,538,583) (1,096,004,620) (158,399,013) (269,409,604)
------------- --------------- ------------- -------------
Change in net assets from Fund
share transactions 12,118,505 86,353,423 49,673,619 25,840,960
------------- --------------- ------------- -------------
Change in net assets 12,118,505 86,353,356 49,674,188 25,840,960
Net Assets:
Beginning of period 320,162,100 233,808,744 201,169,780 175,328,820
------------- --------------- ------------- -------------
End of period $ 332,280,605 $ 320,162,100 $ 250,843,968 $ 201,169,780
============= =============== ============= =============
</TABLE>
(See Notes which are an integral part of the Financial Statements)
85
<PAGE>
Fountain Square Funds
Statements of Changes in Net Assets
For the period ended January 31, 1997
(Unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
U.S. Treasury Obligations Fund
------------------------------
Period Ended Year Ended
January 31, July 31,
1997 1996
------------------------------
<S> <C> <C>
Increase (Decrease) in Net Assets:
Operations--
Net investment income $ 11,706,510 $ 19,816,920
Net realized gains (losses) on investment
transactions (2,133) 1,390
------------- ---------------
Change in net assets resulting from
operations 11,704,377 19,818,310
------------- ---------------
Distributions to Shareholders--
Dividends to shareholders from net
investment income
Trust Shares (11,706,512) (19,811,841)
Investment Shares - -
------------- ---------------
Change in net assets from distributions
to shareholders (11,706,512) (19,811,841)
------------- ---------------
Fund Share (Principal) Transactions--
Proceeds from sale of shares 895,301,927 1,423,327,002
Net asset value of shares issued to
shareholders in payment of dividends
declared 2,687,288 2,033,312
Cost of shares redeemed (901,104,814) (1,257,778,477)
------------- ---------------
Change in net assets from Fund
share transactions (3,115,599) 167,581,837
------------- ---------------
Change in net assets (3,117,734) 167,588,306
Net Assets:
Beginning of period 489,228,424 321,640,118
------------- ---------------
End of period $ 486,110,690 $ 489,228,424
============= ===============
</TABLE>
(See Notes which are an integral part of the Financial Statements)
86
<PAGE>
Fountain Square Funds
Notes to Financial Statements
January 31, 1997
- --------------------------------------------------------------------------------
(1) Organization
Fountain Square Funds (the "Trust") is registered under the Investment Company
Act of 1940, as amended (the "1940 Act"), as an open-end management investment
company. At January 31, 1997, the Trust consisted of thirteen separate
investment portfolios.
The accompanying financial statements relate to the following Funds (referred to
individually as "Fund" and collectively as "Funds"):
Portfolio Name
- --------------------------------------------------------------------------------
Fountain Square U.S. Government Securities Fund ("Government Securities Fund")
Fountain Square Municipal Bond Fund ("Municipal Bond Fund")
Fountain Square Bond Fund For Income ("Bond Fund For Income")
Fountain Square Equity Income Fund ("Equity Income 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 ("Commercial Paper Fund")
Fountain Square Government Cash Reserves ("Government Cash Reserves Fund")
Fountain Square U.S. Treasury Obligations ("Treasury Obligations Fund")
The Equity and Income Funds each issue two classes of shares: Investment A
Shares and Investment C Shares. The Money Market Funds each issue two classes of
shares: Trust Shares and Investment Shares except the Treasury Obligations Fund
which only issues Trust Shares. The Investment A Shares are subject to initial
sales charges imposed at the time of purchase, in accordance with the Funds'
prospectus. Certain redemptions of Investment C Shares made within one year of
purchase are subject to contingent deferred sales charges in accordance with the
Funds' prospectus. Each class of shares for each Fund has identical rights and
privileges except with respect to administrative services fees and 12b-1 fees
paid by Investment C Shares and 12b-1 fees paid by the Investment A Shares,
voting rights on matters affecting a single class of shares and the exchange
privileges of each class of shares.
The investment objective of the Commercial Paper Fund is to achieve current
income consistent with stability of principal and liquidity. The Fund pursues
its objective by investing in money market instruments maturing in 13 months or
less, with at least 65% of its assets invested in commercial paper. The
investment objective of the Government Cash Reserves Fund is to achieve high
current income consistent with stability of principal and liquidity. The Fund
pursues its objective by investing in short-term U.S. government securities
maturing in 13 months or less. The investment objective of the Fund is to
achieve stability of principal and current income consistent with stability of
principal. The Fund pursues its objective by investing in short-term U.S.
Treasury obligations. The investment objective of the Government Securities Fund
is to provide a high level of current income. The Fund pursues its objective by
investing in U.S. government securities. The investment objective of the Quality
Bond Fund is to achieve high current income. The Fund pursues its by investing
in investment grade bonds. The investment objective of the Ohio Tax Free Fund is
to provide current income exempt from federal income tax and personal income
taxes imposed by the state of Ohio and Ohio municipalities. The Fund
87
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
pursues its objective by investing primarily in Ohio municipal securities. The
investment objective of the Quality Growth Fund is to provide growth of capital.
The Fund pursues its objective by investing primarily in a diversified portfolio
of common stocks of high quality companies. The investment objective of the Mid
Cap Fund is to provide growth of capital. The Fund pursues its objective by
investing primarily in securities selected by the Advisor on the basis of
traditional research techniques, including assessment of earnings and dividend
growth prospects and the risk and volatility of the company's business. The
investment objective of the Balanced Fund is to pursue capital appreciation and
income. The Fund pursues its objective by investing primarily in diversified
portfolio of common and preferred stocks. The investment objective of the
International Equity Fund is to seek long-term capital appreciation. The Fund
pursues its objective by investing primarily in equity securities of non-U.S.
issuers. The investment objective of the Equity Income Fund is to provide a high
level of current income consistent with capital appreciation. The Fund pursues
its objective by investing in a diversified portfolio of high quality common
stocks or convertible securities that have above-average current yield. The
investment objective of the Bond Fund for Income is to provide a high level of
current income. The Fund pursues its objective by investing in a diversified
portfolio of investment grade debt securities with remaining maturities of ten
years or less. The investment objective of the Municipal Bond Fund is to provide
a high level of current income that is exempt from federal regular income taxes.
The Fund pursues its objective by investing primarily in a diversified portfolio
of investment grade municipal securities.
(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.
A. Securities Valuations--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 determined on the basis of the latest bid
prices. Investments in other open-end investment companies are valued at net
asset value as reported by such companies. Bonds and other fixed income
securities are valued at prices provided by an independent pricing service.
Value of all other securities is determined at fair value in good faith by
the Board of Trustees (the "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 adviser to be creditworthy
pursuant to guidelines and/or standards reviewed or established by 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 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.
88
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
C. Securities Transactions and Related Income--Securities 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 arising from fluctuations in market prices of securities held.
Such fluctuations are included with the net realized and unrealized gains or
losses from investments.
Reported net realized foreign exchange gains or losses arise from sales and
maturities of 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 fluctuations 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.
At January 31, 1997 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)
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
German Deutsche Mark
Long Contracts:
2/04/97 1,724,027 1,049,317 3,650
Short Contracts:
4/30/97 10,917,807 6,700,147 (4,847)
French Franc
Long Contracts:
2/24/97 10,146,000 1,900,000 (64,758)
2/28/97 11,457,876 2,070,720 1,776
Short Contracts:
2/24/97 35,888,555 7,028,231 536,591
5/27/97 5,237,858 951,232 (1,327)
</TABLE>
89
<PAGE>
<TABLE>
Fountain Square Funds
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Indonesia Rupiah
Long Contracts:
2/03/97 2,347,349,327 990,234 (2,500)
2/04/97 934,208,431 393,699 (596)
Netherlands Guilder
Long Contracts:
2/10/97 1,750,542 985,000 (32,337)
Short Contracts:
2/10/97 4,706,048 2,794,482 233,403
Swiss Franc
Short Contracts:
5/16/97 1,353,733 956,687 5,159
Japanese Yen
Long Contracts:
2/21/97 813,050,000 7,000,000 (301,561)
Short Contracts:
2/21/97 793,742,400 7,200,000 660,629
2/24/97 195,898,500 1,750,000 136,020
3/17/97 1,214,098,609 10,719,423 674,587
4/24/97 294,622,173 2,460,310 4,216
</TABLE>
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 from unanticipated movements in security
prices or foreign exchange rates. The foreign currency transactions are
adjusted by the daily exchange rate of the underlying currency and any gains
or losses are recorded for financial statement purposes as unrealized until
the settlement date.
G. Option Contracts--The Balanced Fund, the Quality Growth Fund and 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. At January 31, 1997, the Balanced Fund and
the Quality Growth Fund had written options outstanding. At January 31, 1997,
the International Equity Fund had no written options outstanding.
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,
the Quality Growth Fund, the Ohio Tax Free Fund, the Equity Income Fund, the
Bond Fund for Income and the Municipal Bond Fund. Dividends from net
investment income are declared and paid quarterly for the Mid Cap Fund and
the Balanced Fund. Dividends from net investment income are declared and paid
annually for International Equity 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
90
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
principles. These differences are primarily due to differing treatments for
mortgage-backed securities, foreign currency transactions, expiring capital
loss carryforwards 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 provision for federal income tax is 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.
(3) Capital Share Transactions
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
Government Securities Fund
------------------------------------------------------------
Six Months Ended Year Ended
January 31, 1997 July 31, 1996
------------------------- --------------------------
Shares Amount Shares Amount
--------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Investment A Shares
Sold 2,275,871 $21,839,106 1,207,864 $11,764,813
Reinvestment of dividends 65,839 634,680 139,029 1,353,429
Redeemed (803,648) (7,764,857) (693,178) (6,756,433)
------------- -------------- -------------- --------------
Net increase -
Investment A Shares 1,538,062 14,708,929 653,715 6,361,809
- ---------------------------- -------------- -------------- --------------
Investment C Shares
Sold 5,308 51,806 7,148 68,486
Reinvestment of dividends 166 1,604 51 489
Redeemed (1,079) (10,450) (2,081) (19,873)
- ---------------------------- ------------- -------------- -------------- --------------
Net increase -
Investment C Shares 4,395 42,960 5,118 49,102
- ---------------------------- ------------- -------------- -------------- --------------
Net increase
in Fund 1,542,457 $14,751,889 658,833 $ 6,410,911
- ---------------------------- ------------- -------------- -------------- --------------
<CAPTION>
Municipal Bond Fund
--------------------------
Period Ended
January 31, 1997*
-------------------------
Shares Amount
--------- ----------
<S> <C> <C>
Investment A Shares
Sold 8,391,601 $11,242,649
Reinvestment of dividends -- --
Redeemed (15,514) (187,435)
- -----------------------------
Net increase -
Investment A Shares 8,376,087 $11,055,214
- ----------------------------- ------------- --------------
</TABLE>
91
<PAGE>
<TABLE>
Fountain Square Funds
- --------------------------------------------------------------------------------
<CAPTION>
Bond Fund For Income Fund
--------------------------
Period Ended
January 31, 1997*
--------------------------
Shares Amount
-------- ---------
<S> <C> <C>
Investment A Shares
Sold 11,523,392 $85,580,831
Reinvestment of dividends -- --
Redeemed (11,108) (166,530)
- ----------------------------- ------------- --------------
Net increase -
Investment A Shares 11,512,284 $85,414,301
- ----------------------------- ------------- --------------
<CAPTION>
Equity Income Fund
---------------------------
Period Ended
January 31, 1997*
---------------------------
Shares Amount
--------- ----------
<S> <C> <C>
Investment A Shares
Sold 8,608,367 $100,864,283
Reinvestment of dividends -- --
Redeemed (19,739) (300,411)
- ---------------------------- ------------- --------------
Net increase -
Investment A Shares 8,588,628 $100,563,872
- ---------------------------- ------------- --------------
</TABLE>
<TABLE>
<CAPTION>
Quality Bond Fund
-------------------------------------------------------------
Six Months Ended Year Ended
January 31, 1997 July 31, 1996
-------------------------- --------------------------
Shares Amount Shares Amount
--------- --------- -------- ----------
<S> <C> <C> <C> <C>
Investment A Shares
Sold 1,248,192 $12,023,042 4,008,865 $39,270,763
Reinvestment of dividends 148,152 1,428,989 288,326 2,810,484
Redeemed (1,074,078) (10,388,635) (1,276,978) (12,481,439)
- ----------------------------- ------------- -------------- -------------- ---------------
Net increase -
Investment A Shares 322,266 3,063,396 3,020,213 29,599,808
- ----------------------------- ------------- -------------- -------------- ---------------
Investment C Shares
Sold 4,837 47,245 16,819 160,634
Reinvestment of dividends 467 4,508 209 1,992
Redeemed (38) (362) (67) (636)
- ----------------------------- ------------- -------------- -------------- ---------------
Net increase -
Investment C Shares 5,266 51,391 16,961 161,990
- ----------------------------- ------------- -------------- -------------- ---------------
Net increase in Fund 327,532 $ 3,114,787 3,037,174 $29,761,798
============= ============== ============== ===============
</TABLE>
92
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Ohio Tax Free Fund
----------------------------------------------------------
Six Months Ended Year Ended
January 31, 1997 July 31, 1996
----------------------- ------------------------
Shares Amount Shares Amount
----- ----- ------ ------
<S> <C> <C> <C> <C>
Investment A Shares
Sold 14,675,810 $145,257,285 1,434,711 $14,455,027
Reinvestment of dividends 39,207 393,789 67,106 674,604
Redeemed (1,437,501) (14,487,600) (793,921) (8,012,194)
- --------------------------- ------------ ------------- --------------
Net increase -
Investment A Shares 13,277,516 131,163,474 707,896 7,117,437
- --------------------------- ------------ ------------- --------------
Investment C Shares
Sold -- -- 3,778 37,546
Reinvestment of dividends 67 675 29 286
Redeemed (122) (1,227) (6) (56)
- --------------------------- ------------- ------------ ------------- --------------
Net increase -
Investment C Shares (55) (552) 3,801 37,776
- --------------------------- ------------- ------------ ------------- --------------
Net increase in Fund 13,277,461 $131,162,922 711,697 $ 7,155,213
- --------------------------- ============= ============ ============= ==============
<CAPTION>
Quality Growth Fund
----------------------------------------------------------
Six Months Ended Year Ended
January 31, 1997 July 31, 1996
----------------------- ------------------------
Shares Amount Shares Amount
------ ------ ----- ------
<S> <C> <C> <C> <C>
Investment A Shares
Sold 10,412,753 $113,274,200 4,293,819 $54,745,108
Reinvestment of dividends 433,534 5,992,147 67,561 864,887
Redeemed (1,051,116) (15,174,801) (1,148,889) (14,836,411)
- --------------------------- ------------- -------------- -------------- ---------------
Net increase -
Investment A Shares 9,795,171 104,091,546 3,212,491 40,773,584
- --------------------------- -------------- -------------- ---------------
Investment C Shares
Sold 43,845 634,031 32,107 430,218
Reinvestment of dividends 2,080 28,676 -- --
Redeemed (5,050) (73,212) (151) (2,000)
- --------------------------- ------------- -------------- -------------- --------------
Net increase -
Investment C Shares 40,875 589,495 31,956 428,218
- --------------------------- ------------- -------------- -------------- ---------------
Net increase
in Fund 9,836,046 $104,681,041 3,244,447 $41,201,802
- --------------------------- ============= ============== ============== ===============
<CAPTION>
Mid Cap Fund
----------------------------------------------------------
Six Months Ended Year Ended
January 31, 1997 July 31, 1996
----------------------- ------------------------
Shares Amount Shares Amount
------- ------ ------ ------
<S> <C> <C> <C> <C>
Investment A Shares
Sold 5,549,644 $58,783,870 2,746,262 $36,026,334
Reinvestment of dividends 431,746 5,498,759 46,895 605,387
Redeemed (662,278) (8,934,954) (774,971) (10,324,706)
- --------------------------- ------------- -------------- -------------- ---------------
Net increase -
Investment A Shares 5,319,112 55,347,675 2,018,186 26,307,015
- --------------------------- ------------- -------------- -------------- ---------------
Investment C Shares
Sold 10,176 137,156 18,226 253,221
Reinvestment of dividends 1,738 22,049 -- --
Redeemed (5,007) (68,816) -- --
- --------------------------- -------------- -------------- ---------------
Net increase -
Investment C Shares 6,907 90,389 18,226 253,221
- --------------------------- ------------- -------------- -------------- ---------------
Net increase in Fund 5,326,019 $55,438,064 2,036,412 $26,560,236
- --------------------------- ============= ============== ============== ===============
</TABLE>
93
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Balanced Fund
------------------------------------------------------------
Six Months Ended Year Ended
January 31, 1997 July 31, 1996
------------------------- --------------------------
Shares Amount Shares Amount
--------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Investment A Shares
Sold 843,073 $10,617,284 3,843,429 $45,424,374
Reinvestment of dividends 383,851 4,693,582 141,068 1,672,081
Redeemed (887,771) (10,435,059) (1,233,992) (14,683,107)
- ----------------------------- ------------- -------------- -------------- --------------
Net increase -
Investment A Shares 339,153 4,875,807 2,750,505 32,413,348
- ----------------------------- ------------- -------------- -------------- --------------
Investment C Shares
Sold 12,653 160,299 30,723 374,710
Reinvestment of dividends 1,152 14,061 68 830
Redeemed (289) (3,714) (8,284) (102,051)
- ----------------------------- ------------- -------------- -------------- --------------
Net increase -
Investment C Shares 13,516 170,646 22,507 273,489
- ----------------------------- ------------- -------------- -------------- --------------
Net increase
in Fund 352,669 $ 5,046,453 2,773,012 $32,686,837
- ----------------------------- ------------- -------------- -------------- --------------
<CAPTION>
International Equity Fund
------------------------------------------------------------
Six Months Ended Year Ended
January 31, 1997 July 31, 1996
------------------------- --------------------------
Shares Amount Shares Amount
--------- ---------- -------- ----------
<S> <C> <C> <C> <C>
Investment A Shares
Sold 2,028,536 $22,302,589 3,176,488 $33,602,757
Reinvestment of dividends 687,514 7,083,876 -- --
Redeemed (584,812) (6,263,025) (762,356) (8,021,101)
- ----------------------------- ------------- -------------- -------------- --------------
Net increase -
Investment A Shares 2,131,238 23,123,440 2,414,132 25,581,656
- ----------------------------- ------------- -------------- -------------- --------------
Investment C Shares
Sold 8,803 92,999 5,354 60,019
Reinvestment of dividends 580 5,968 -- --
Redeemed (1,619) (17,648) -- --
- ----------------------------- ------------- -------------- -------------- --------------
Net increase -
Investment C Shares 7,764 81,319 5,354 60,019
- ----------------------------- ------------- -------------- -------------- --------------
Net increase in Fund 2,139,002 $23,204,759 2,419,486 $25,641,675
- ----------------------------- ------------- -------------- -------------- --------------
<CAPTION>
Commercial Paper Fund
-------------------------
Six Months Ended
January 31, 1997
-------------------------
Shares
-------------------------
<S> <C>
Trust Shares
Sold 618,931,964
Reinvestment of dividends 390,163
Redeemed (613,331,449)
- --------------------------------- -------------------------
Net increase -
Trust Shares 5,990,678
- --------------------------------- -------------------------
Investment Shares
Sold 21,334,961
Reinvestment of dividends --
Redeemed (15,207,134)
- ---------------------------------
Net increase -
Investment Shares 6,127,827
- --------------------------------- -------------------------
Net increase in Fund 12,118,505
- --------------------------------- =========================
</TABLE>
94
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Government Cash Reserves Fund
-----------------------------------------
Six Months Ended
January 31, 1997
-------------------------
Shares
-------------------------
<S> <C>
Trust Shares
Sold 139,380,011
Reinvestment of dividends --
Redeemed (115,253,448)
- ------------------------------- -------------------------
Net increase -
Trust Shares 24,126,563
- ------------------------------- -------------------------
Investment Shares
Sold 68,692,621
Reinvestment of dividends --
Redeemed (43,145,565)
- ------------------------------- -------------------------
Net increase -
Investment Shares 25,547,056
- ------------------------------- -------------------------
Net increase in Fund 49,673,619
- ------------------------------- =========================
<CAPTION>
U.S. Treasury Obligations Fund
-----------------------------------
Six Months Ended
January 31, 1997
-------------------------
Shares
-------------------------
<S> <C>
Shares
Sold 895,301,927
Reinvestment of dividends 2,687,288
Redeemed (901,104,814)
- ------------------------------- -------------------------
Net increase (decrease)
in Fund (3,115,599)
- ------------------------------- -------------------------
</TABLE>
* Reflects operations for the period from January 27, 1997 (date of commencement
of operations) to January 31, 1997.
(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%
Municipal Bond Fund 0.55%
Bond Fund For Income 0.55%
Equity Income Fund 0.80%
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%
Commercial Paper Fund 0.40%
Government Cash Reserves Fund 0.40%
Treasury 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. For
the quarter ended January 31, 1997, the Advisor waived fees in the following
amounts:
95
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Fund Fees Waived
---- -----------
<S> <C>
Government Securities Fund $ 27,209
Municipal Bond Fund --
Bond Fund For Income 2
Equity Income Fund 3,558
Quality Bond Fund 18,120
Ohio Tax Free Fund 1,637
Quality Growth Fund --
Mid Cap Fund 4,086
Balanced Fund 17,391
International Equity Fund 1,944
Commercial Paper Fund 80,614
Government Cash Reserves Fund 84,878
Treasury Obligations Fund 333,069
</TABLE>
In addition, for the quarter ended January 31, 1997, the Advisor reimbursed
expenses in the amount of $11,609 to the Ohio Tax Free Fund.
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--BISYS Fund Services L.P. ("BISYS") serves as the Trust's
administrator. The administrator generally assists in all aspects of the Trust's
administration and operation including providing the Funds with certain
administrative personnel and services necessary to operate the Funds. 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 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.
Distribution Services Fee--BISYS serves as the Trust's principal distributor
(the "Distributor"). The Trust has entered into a Distribution Plan with the
Distributor with respect to Investment A Shares and Investment C Shares. This
Plan is in accordance with Rule 12b-1 under the 1940 Act. Under the Distribution
Plan, the Funds may pay a fee to the Distributor in an amount computed at an
annual rate of up to 0.35% for Investment A Shares and up to 0.75% for
Investment C Shares. 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. For the period ended January 31,
1997, the Distributor earned $27,904 in commissions from sales of the Fund's
shares.
Administrative Services Fee--The Trust has entered into an Administrative
Services Agreement with Fifth Third Bank with respect to Investment C Shares.
Under the Plan, the Funds may make payments up to 0.0025% of the average daily
net asset value of Investment C Shares in exchange for certain administrative
services for shareholders and for the maintenance of shareholder accounts.
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. The fee is based on the level of each Fund's average net assets
for the period, plus out-of-pocket expenses.
96
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
Fifth Third Bank also maintains the Funds' accounting records (except with
respect to the International Equity Fund) 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. BISYS 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 (except for the International Equity
Fund, for which Morgan Stanley Trust serves as 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. Custodian fees waived for the quarter ended
January 31, 1997 were as follows:
<TABLE>
<CAPTION>
Fund Fees Waived
---- -----------
<S> <C>
Government Securities Fund $ 2,109
Municipal Bond Fund 138
Bond Fund For Income 189
Equity Income Fund 142
Quality Bond Fund 4,400
Ohio Tax Free Fund 6,550
Quality Growth Fund 12,340
Mid Cap Fund 6,424
Balanced Fund 5,210
Commercial Paper Fund 138
</TABLE>
Certain of the Officers and Trustees of the Trust are Officers and Trustees of
the above companies.
(5) Investment Transactions
Purchases and sales of investments, excluding short-term securities for the
quarter ended January 31, 1997, were as follows:
<TABLE>
<CAPTION>
Government Municiapl Bond Equity Quality
Securities Bond Fund For Income Bond
Fund Fund Income Fund Fund
- ------------------------------------ -------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Purchases $61,938,319 $ 4,013,100 $ 7,836,944 $ 6,946,891 $89,759,902
- ------------------------------------
Sales $44,686,471 $ -- $ 11,423,926 $ 5,386,711 $77,256,481
- ------------------------------------
<CAPTION>
Ohio Tax Quality International
Free Growth Mid Cap Balanced Equity
Fund Fund Fund Fund Fund
- ------------------------------------ -------------- ------------- ------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Purchases $173,833,168 $140,254,181 $109,960,540 $72,244,451 $64,441,859
- ------------------------------------
Sales $ 43,857,412 $ 66,731,068 $ 54,039,876 $58,319,981 $36,625,329
- ------------------------------------
</TABLE>
(6) Concentration of Credit Risk
The Ohio Tax Free Fund invests a substantial proportion of its assets in debt
obligations issued by the State of Ohio and its political subdivisions, agencies
and public authorities. The Fund is more susceptible to factors adversely
affecting issuers of Ohio municipal securities than a fund that is not
concentrated in these issuers to the same extent.
The International Equity Fund invests primarily in equity 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 or 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.
97
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
(7) Financial Instruments
Investing in financial instruments such as written options, futures and sales of
forward foreign currency contracts involves risk in excess of the amounts
reflected in the Statement of Assets and Liabilities. The face or contract
amounts reflect the extent of the involvement the Funds have in the particular
class of instrument. Risks associated with these instruments include an
imperfect correlation between the movements in the price of the instruments and
the price of the underlying securities and interest rates, a liquid secondary
market for the instruments or inability of counter parties to perform under the
terms of the contract, and changes in the value of currency relative to the U.S.
dollar. The Funds enter into these contracts primarily as a means to hedge
against adverse fluctuation in securities.
The following is a summary of written option activity for the period ended
January 31, 1997 by the Balanced Fund (amounts in thousands):
<TABLE>
<CAPTION>
Principal
Amounts
of contracts Premiums
------------ --------
<S> <C> <C>
Balance at
beginning of period -- $ --
Options written 80 16,679
Options closed -- --
Options exercised (50) (4,694)
------------ ---------
Options outstanding at
end of period 30 $12,285
============ ==========
<CAPTION>
Shares Subject
To Contract Value
------------ -----
<S> <C> <C>
Covered Call Options
Options outstanding at end of period consist of:
Intel Corp., $150, Feb. 1997 10 $13,375
Intel Corp., $155, Feb. 1997 10 9,625
Intel Corp., $160, Feb. 1997 10 6,375
</TABLE>
The following is a summary of written option activity for the period ended
January 31, 1997 by the Quality Growth Fund (amounts in thousands):
<TABLE>
<CAPTION>
Principal
Amounts
of contracts Premiums
------------ --------
<S> <C> <C>
Balance at
beginning of period -- $ --
Options written 340 90,605
Options closed -- --
Options exercised (140) (13,705)
------------ -----------
Options outstanding at
end of period 200 $76,900
============ ============
<CAPTION>
Shares Subject
To Contract Value
----------- -----
<S> <C> <C>
Covered Call Options
Options outstanding at end of period consist of:
Intel Corp., $150, Feb. 1997 40 $53,500
Intel Corp., $155, Feb. 1997 80 77,000
Intel Corp., $160, Feb. 1997 80 51,000
</TABLE>
98
<PAGE>
Fountain Square Funds
- --------------------------------------------------------------------------------
(8) Acquisition of Common Trust Funds
On January 27, 1997, the Municipal Bond Fund, Bond Fund For Income, and Equity
Income Fund acquired all of the assets of various common trust funds maintained
by affiliates of Fifth Third Bancorp. The following is a summary of shares
issued, net assets acquired, net asset value per shares and unrealized
appreciation as of the dates acquired:
<TABLE>
<CAPTION>
Municipal Equity
Bond Bond Fund Income
Fund For Income Fund Fund
-------------- --------------- -------------
<S> <C> <C> <C>
- -------------------------------------------
Shares 8,339,644 11,494,611 8,607,970
- -------------------------------------------
Net Assets $100,075,732 $137,935,333 $103,295,634
- -------------------------------------------
Net Asset Value $ 12.00 $ 12.00 $ 12.00
- -------------------------------------------
Unrealized Appreciation (Depreciation) $ 762,051 $ 1,440,477 $ 29,473,455
- -------------------------------------------
</TABLE>
99
<PAGE>
Fountain Square U.S. Government Securities Fund
Financial Highlights - Investment A Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ending
January 31, Year Ended July 31,
1997 ---------------------------------------------------
(Unaudited) 1996 1995 1994 1993*
----------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $9.55 $9.77 $9.64 $10.21 $10.00
- -----------------------------------------
Income from investment operations
- -----------------------------------------
Net investment income 0.26 0.55 0.58 0.51 0.35
- -----------------------------------------
Net realized and unrealized gains
(losses) on investment 0.09 (0.20) 0.13 (0.49) 0.13
- ----------------------------------------- -------- -------- -------- -------- --------
Total from investment operations 0.35 0.35 0.71 0.02 0.48
- ----------------------------------------- -------- -------- -------- -------- --------
Less distributions
- -----------------------------------------
Dividends to shareholders from net
investment income (0.26) (0.57) (0.58) (0.57) (0.27)
- -----------------------------------------
Distribution to shareholders from net
realized gains on investment
transactions - - - (0.02) -
- ----------------------------------------- -------- -------- -------- -------- --------
Total distributions (0.26) (0.57) (0.58) (0.59) (0.27)
- ----------------------------------------- -------- -------- -------- -------- --------
Net asset value, end of period $9.64 $9.55 $9.77 $9.64 $10.21
- ----------------------------------------- ======== ======== ======== ======== ========
Total return ** 3.79%(c) 3.63% 7.66% 0.11% 4.87%(c)
- -----------------------------------------
Ratios to Average Net Assets
- -----------------------------------------
Expenses 0.77%(b) 0.75% 0.75% 0.75% 0.74%(b)
- -----------------------------------------
Net investment income 5.39%(b) 5.67% 5.98% 5.17% 5.36%(b)
Expense waiver/reimbursement (a) 0.49%(b) 0.29% 0.39% 0.18% 0.33%(b)
- -----------------------------------------
Supplemental data
- -----------------------------------------
Net assets, end of period (000 omitted) $45,882 $30,754 $25,054 $29,107 $29,603
- -----------------------------------------
Portfolio turnover rate (d) 135% 103% 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.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued
(See Notes which are an integral part of the Financial Statements)
100
<PAGE>
Fountain Square U.S. Government Securities Fund
Financial Highlights - Investment C Shares
- -------------------------------------------------------------------------------
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Six Month
Period Period
Ending Ended
January 31, July 31,
1997 1996 *
(Unaudited)
----------- --------
<S> <C> <C>
Net asset value, beginning of period $9.56 $9.65
- ------------------------------------------- ------------ --------
Income from investment operations
- -------------------------------------------
Net investment income 0.21 0.16
- -------------------------------------------
Net realized and unrealized losses
on investments 0.10 (0.10)
- ------------------------------------------- ------------ --------
Total from investment operations 0.31 0.06
- ------------------------------------------- ------------ --------
Less distributions
- -------------------------------------------
Dividends to shareholders from net
investment income (0.22) (0.15)
- ------------------------------------------- ------------ --------
Net asset value, end of period $9.65 $9.56
- ------------------------------------------- ============ ========
Total return ** 3.30%(d) 3.48%(c)
- -------------------------------------------
Ratios to Average Net Assets
- -------------------------------------------
Expenses 1.52%(b) 1.52%(b)
- -------------------------------------------
Net investment income 4.64%(b) 4.80%(b)
- -------------------------------------------
Expense waiver/reimbursement (a) 0.36%(b) 0.37%(b)
- -------------------------------------------
Supplemental data
- -------------------------------------------
Net assets, end of period (000 omitted) $92 $49
- -------------------------------------------
Portfolio turnover rate (e) 135% 103%
- -------------------------------------------
</TABLE>
*Reflects operations for the period from April 24, 1996 (date of commencement
of operations) to July 31, 1996.
**Based on net asset value, which does not reflect the contingent deferred sales
charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Represents total return for Investment A Shares for the period from
August 1, 1995 to April 23, 1996 plus the total return for the Investment C
Shares for the period from April 24, 1996 to July 31, 1996.
(d) Not annualized.
(e) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(See Notes which are an integral part of the Financial Statements)
101
<PAGE>
Fountain Square Municipal Bond Fund
Financial Highlights - Investment A Shares
- --------------------------------------------------------------------------
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Period
Ending
January 31,
1997*
(Unaudited)
-----------
<S> <C>
Net asset value, beginning of period $12.00
- ------------------------------------------------------- -------
Income from investment operations
- -------------------------------------------------------
Net investment income 0.01
- -------------------------------------------------------
Net realized and unrealized losses
on investments 0.06
- ------------------------------------------------------- -------
Total from investment operations 0.07
- ------------------------------------------------------- -------
Net asset value, end of period $12.07
- ------------------------------------------------------- =======
Total return ** 2.56%(c)
- -------------------------------------------------------
Ratios to Average Net Assets
- -------------------------------------------------------
Expenses 0.65%(b)
- -------------------------------------------------------
Net investment income (loss) 4.65%(b)
- -------------------------------------------------------
Expense waiver/reimbursement (a) 0.36%(b)
- -------------------------------------------------------
Supplemental data
- -------------------------------------------------------
Net assets, end of period (000 omitted) $101,083
- -------------------------------------------------------
Portfolio turnover rate (c) 0%
- -------------------------------------------------------
</TABLE>
*Reflects operations for the period from January 27, 1997 (date of commencement
of operations) to January 31, 1997.
**Based on net asset value, which does not reflect the contingent deferred sales
charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(See Notes which are an integral part of the Financial Statements)
102
<PAGE>
Fountain Square Bond Fund For Income Fund
Financial Highlights - Investment A Shares
- --------------------------------------------------------------------------
(For a share outstanding throughout the period)
Period
Ending
January 31,
1997*
(Unaudited)
-----------
Net asset value, beginning of period $12.00
- ------------------------------------------------ --------
Income from investment operations
- ------------------------------------------------
Net investment income 0.01
- ------------------------------------------------
Net realized and unrealized losses
on investments 0.04
- ------------------------------------------------ --------
Total from investment operations 0.05
- ------------------------------------------------ --------
Net asset value, end of period $12.05
- ------------------------------------------------ ========
Total return ** 3.59%(c)
- ------------------------------------------------
Ratios to Average Net Assets
- ------------------------------------------------
Expenses 0.70%(b)
- ------------------------------------------------
Net investment income (loss) 5.99%(b)
- ------------------------------------------------
Expense waiver/reimbursement (a) 0.36%(b)
- ------------------------------------------------
Supplemental data
- ------------------------------------------------
Net assets, end of period (000 omitted) $138,682
- ------------------------------------------------
Portfolio turnover rate (c) 6%
- ------------------------------------------------
*Reflects operations for the period from January 27, 1997 (date of commencement
of operations) to January 31, 1997.
**Based on net asset value, which does not reflect the contingent deferred sales
charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(See Notes which are an integral part of the Financial Statements)
103
<PAGE>
Fountain Square Equity Income Fund
Financial Highlights - Investment A Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Period
Ending
January 31,
1997*
(Unaudited)
-----------
<S> <C>
Net asset value, beginning of period $12.00
- -------------------------------------------------- --------
Income from investment operations
- --------------------------------------------------
Net investment income 0.01
- --------------------------------------------------
Net realized and unrealized losses
on investments 0.19
- --------------------------------------------------
Total from investment operations 0.20
- -------------------------------------------------- --------
Net asset value, end of period $12.20
- -------------------------------------------------- ========
Total return ** 19.30%(c)
- --------------------------------------------------
Ratios to Average Net Assets
Expenses 1.02%(b)
- --------------------------------------------------
Net investment income (loss) 3.97%(b)
- --------------------------------------------------
Expense waiver/reimbursement (a) 0.36%(b)
- --------------------------------------------------
Supplemental data
- --------------------------------------------------
Net assets, end of period (000 omitted) $104,495
- --------------------------------------------------
Portfolio turnover rate (c) 5%
- --------------------------------------------------
Average Commission rate paid (d) $ 0.0636
</TABLE>
* Reflects operations for the period from January 27, 1997 (date of
commencement of operations) to January 31, 1997.
** Based on net asset value, which does not reflect the contingent deferred
sales charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(d) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
(See Notes which are an integral part of the Financial Statements)
104
<PAGE>
Fountain Square Quality Bond Fund
Financial Highlights - Investment A Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ending
January 31,
1997 Year Ended July 31,
---------------------------------------------------
(Unaudited) 1996 1995 1994 1993*
---------------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $9.52 $9.72 $9.55 $10.29 $10.00
- ---------------------------------------------
Income from investment operations
- ---------------------------------------------
Net investment income 0.27 0.56 0.64 0.57 0.41
- --------------------------------------------- ----------- ----------- ----------- ----------- -----------
Net realized and unrealized gains
(losses) on investment 0.14 (0.19) 0.17 (0.69) 0.26
- --------------------------------------------- ----------- ----------- ----------- ----------- -----------
Total from investment operations 0.41 0.37 0.81 (0.12) 0.67
- --------------------------------------------- ----------- ----------- ----------- ----------- -----------
Less distributions
- ---------------------------------------------
Dividends to shareholders from net
investment income (0.27) (0.57) (0.64) (0.59) (0.38)
- --------------------------------------------- ----------- ----------- ----------- ----------- -----------
Distribution to shareholders from net
realized gains on investment
transactions - - - (0.03) -
- --------------------------------------------- ----------- ----------- ----------- ----------- -----------
Total distributions (0.27) (0.57) (0.64) (0.62) (0.38)
- ---------------------------------------------
Net asset value, end of period $9.66 $9.52 $9.72 $9.55 $10.29
- --------------------------------------------- ----------- ----------- ----------- ----------- -----------
Total return ** 4.32%(c) 3.86% 8.89% (1.25%) 6.78%(c)
- ---------------------------------------------
Ratios to Average Net Assets
- ---------------------------------------------
Expenses 0.75%(b) 0.75% 0.75% 0.75% 0.74%(b)
- ---------------------------------------------
Net investment income 5.60%(b) 5.80% 6.72% 5.76% 6.07%(b)
- ---------------------------------------------
Expense waiver/reimbursement (a) 0.40%(b) 0.06% 0.09% 0.11% 0.23%(b)
- ---------------------------------------------
Supplemental data
- ---------------------------------------------
Net assets, end of period (000 omitted) $87,714 $83,422 $55,767 $47,272 $37,962
- ---------------------------------------------
Portfolio turnover rate (d) 100% 117% 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.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued
(See Notes which are an integral part of the Financial Statements)
105
<PAGE>
Fountain Square Quality Bond Fund
Financial Highlights - Investment C Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Six Month
Period Period
Ending Ended
January 31, July 31,
1997 1996 *
(Unaudited)
---------------- ----------------
<S> <C> <C>
Net asset value, beginning of period $9.53 $9.62
- ---------------------------------------------------- --------- ---------
Income from investment operations
- ----------------------------------------------------
Net investment income 0.24 0.14
- ----------------------------------------------------
Net realized and unrealized losses
on investments 0.13 (0.08)
- ---------------------------------------------------- --------- ---------
Total from investment operations 0.37 0.06
- ---------------------------------------------------- ---------
Less distributions
- ----------------------------------------------------
Dividends to shareholders from net
investment income (0.24) (0.15)
- ---------------------------------------------------- --------- ---------
Net asset value, end of period $9.66 $9.53
- ---------------------------------------------------- ========= =========
Total return ** 4.10%(d) 3.71%(c)
- ----------------------------------------------------
Ratios to Average Net Assets
- ----------------------------------------------------
Expenses 1.50%(b) 1.52%(b)
- ----------------------------------------------------
Net investment income 4.82%(b) 5.03%(b)
- ----------------------------------------------------
Expense waiver/reimbursement (a) 0.15%(b) 0.09%(b)
- ----------------------------------------------------
Supplemental data
- ----------------------------------------------------
Net assets, end of period (000 omitted) $215 $162
- ----------------------------------------------------
Portfolio turnover rate (e) 100% 117%
- ----------------------------------------------------
</TABLE>
* Reflects operations for the period from April 25, 1996 (date of commencement
of operations) to July 31, 1996.
** Based on net asset value, which does not reflect the contingent deferred
sales charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Represents total return for Investment A Shares for the period from August
1, 1995 to April 24, 1996 plus the total return for the Investment C Shares
for the period from April 25, 1996 to July 31, 1996.
(d) Not Annualized
(e) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(See Notes which are an integral part of the Financial Statements)
106
<PAGE>
Fountain Square Ohio Tax Free Bond Fund
Financial Highlights - Investment A Shares
- ------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ending
January 31, Year Ended July 31,
1997 ---------------------------------------------------
(Unaudited) 1996 1995 1994 1993*
---------------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $10.01 $9.99 $9.75 $9.95 $10.00
- ---------------------------------------------
Income from investment operations
- ---------------------------------------------
Net investment income 0.22 0.40 0.42 0.40 0.05
- ---------------------------------------------
Net realized and unrealized gains
(losses) on investment 0.07 0.03 0.24 (0.21) (0.05)
- --------------------------------------------- -------- -------- -------- -------- --------
Total from investment operations 0.29 0.43 0.66 0.19 -
- --------------------------------------------- -------- -------- -------- -------- --------
Less distributions
- ---------------------------------------------
Dividends to shareholders from net
investment income (0.22) (0.41) (0.42) (0.39) (0.05)
- --------------------------------------------- -------- -------- -------- -------- --------
Net asset value, end of period $10.08 $10.01 $9.99 $9.75 $9.95
- --------------------------------------------- ======== ======== ======== ======== ========
Total return ** 2.90%(c) 4.33% 7.02% 1.95% (0.01%)(c)
- ---------------------------------------------
Ratios to Average Net Assets
=============================================
Expenses 0.75%(b) 0.74% 0.35% 0.00% 0.00%(b)
- ---------------------------------------------
Net investment income 4.22%(b) 4.01% 4.36% 4.18% 3.53%(b)
- ---------------------------------------------
Expense waiver/reimbursement (a) 0.36%(b) 0.32% 0.77% 1.33% 2.21%(b)
- ---------------------------------------------
Supplemental data
- ---------------------------------------------
Net assets, end of period (000 omitted) $169,549 $35,463 $28,315 $23,854 $8,163
- ---------------------------------------------
Portfolio turnover rate (d) 52% 30% 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.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued
(See Notes which are an integral part of the Financial Statements)
107
<PAGE>
Fountain Square Ohio Tax Free Bond Fund
Financial Highlights - Investment C Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Six Month
Period Period
Ending Ended
January 31, July 31,
1997 1996 *
(Unaudited)
----------- --------
<S> <C> <C>
Net asset value, beginning of period $10.00 $10.02
- --------------------------------------------------
Income from investment operations
- --------------------------------------------------
Net investment income 0.17 0.10
- --------------------------------------------------
Net realized and unrealized losses
on investments 0.09 (0.01)
-------------------------------------------- -------- --------
Total from investment operations 0.26 0.09
- -------------------------------------------------- --------
Less distributions
- --------------------------------------------------
Dividends to shareholders from net
investment income (0.18) (0.11)
-------------------------------------------- -------- --------
Net asset value, end of period $10.08 $10.00
- -------------------------------------------------- ======== ========
Total return ** 2.63%(d) 3.98%(c)
- --------------------------------------------------
Ratios to Average Net Assets
Expenses 1.49%(b) 1.52%(b)
-----------------------------------------------
Net investment income 3.40%(b) 3.41%(b)
- --------------------------------------------------
Expense waiver/reimbursement (a) 0.26%(b) 0.28%(b)
Supplemental data
- --------------------------------------------------
Net assets, end of period (000 omitted) $38 $38
- --------------------------------------------------
Portfolio turnover rate (e) 52% 30%
- --------------------------------------------------
</TABLE>
*Reflects operations for the period from April 24, 1996 (date of commencement
of operations) to July 31, 1996.
**Based on net asset value, which does not reflect the contingent deferred sales
charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Represents total return for Investment A Shares for the period from August
1, 1995 to April 23, 1996 plus the total return for the Investment C Shares
for the period from April 24, 1996 to July 31, 1996.
(d) Not Annualized
(e) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(See Notes which are an integral part of the Financial Statements)
108
<PAGE>
Fountain Square Quality Growth Fund
Financial Highlights - Investment A Shares
- ------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ending
January 31, Year Ended July 31,
1997 ---------------------------------------------------
(Unaudited) 1996 1995 1994 1993*
---------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.16 $11.79 $9.70 $9.54 $10.00
- -------------------------------------------------
Income from investment operations
- -------------------------------------------------
Net investment income 0.04 0.12 0.14 0.13 0.10
- -------------------------------------------------
Net realized and unrealized gains
(losses) on investment 3.16 1.37 2.09 0.17 (0.47)
- ------------------------------------------------- ---------- --------- ---------- --------- ---------
Total from investment operations 3.20 1.49 2.23 0.30 (0.37)
- ------------------------------------------------- ---------- --------- ---------- --------- ---------
Less distributions
- -------------------------------------------------
Dividends to shareholders from net
investment income (0.06) (0.12) (0.14) (0.13) (0.09)
- -------------------------------------------------
Distribution to shareholders from net
realized gains on investment
transactions (0.67)
- -------------------------------------------------
Distributions to shareholders in excess
of net investment income (a) - - - (0.01) -
- ------------------------------------------------- ---------- --------- ---------- --------- ---------
Total distributions (0.73) (0.12) (0.14) (0.14) (0.09)
- ------------------------------------------------- ---------- --------- ---------- --------- ---------
Net asset value, end of period $15.63 $13.16 $11.79 $9.70 $9.54
- ------------------------------------------------- ========== ========= ========== ========= =========
Total return ** 24.95%(d) 12.69% 23.21% 3.17% (3.73%)(d)
- -------------------------------------------------
Ratios to Average Net Assets
- -------------------------------------------------
Expenses 1.00%(c) 0.99% 1.00% 1.00% 0.99%(c)
- -------------------------------------------------
Net investment income 0.48%(c) 0.98% 1.44% 1.42% 1.47%(c)
- -------------------------------------------------
Expense waiver/reimbursement (b) 0.36%(c) 0.03% 0.05% 0.03% 0.05%(c)
- -------------------------------------------------
Supplemental data
- -------------------------------------------------
Net assets, end of period (000 omitted) $312,780 $134,469 $82,594 $69,648 $67,681
- -------------------------------------------------
Portfolio turnover rate (e) 37% 37% 34% 37% 28%
- -------------------------------------------------
Average commission rate paid (f) $0.0619 $0.0652 - - -
- -------------------------------------------------
</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.
(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) Annualized.
(d) Not annualized.
(e) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued
(f) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
(See Notes which are an integral part of the Financial Statements)
109
<PAGE>
Fountain Square Quality Growth Fund
Financial Highlights -- Investment C Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Six Month
Period Period
Ending Ended
January 31, July 31,
1997 1996 *
(Unaudited)
----------- -------
<S> <C> <C>
Net asset value, beginning of period $13.16 $13.37
- ----------------------------------------------- -------- -------
Income from investment operations
- -----------------------------------------------
Net investment income (0.02) 0.10
- -----------------------------------------------
Net realized and unrealized losses
on investments 3.14 (0.21)
- -----------------------------------------------
Total from investment operations 3.12 (0.11)
- ----------------------------------------------- -------- -------
Less distributions
- -----------------------------------------------
Dividends to shareholders from net
investment income (0.10)
- -----------------------------------------------
Distributions to shareholders from net
realized gains on investment transactions (0.67)
- -----------------------------------------------
Total distributions (0.67) (0.10)
- ----------------------------------------------- -------- -------
Net asset value, end of period $15.61 $13.16
- ----------------------------------------------- ======== =======
Total return ** 24.35%(c) 12.50%(c)
- -----------------------------------------------
Ratios to Average Net Assets
- -----------------------------------------------
Expenses 1.74%(b) 1.77%(b)
- -----------------------------------------------
Net investment income (0.28%)(b) 0.26%(b)
- -----------------------------------------------
Expense waiver/reimbursement (a) 0.26%(b) 0.06%(b)
- -----------------------------------------------
Supplemental data
- -----------------------------------------------
Net assets, end of period (000 omitted) $73 $420
- -----------------------------------------------
Portfolio turnover rate (e) 37% 37%
- -----------------------------------------------
Average commission rate paid (f) $0.0619 $0.0652
- -----------------------------------------------
</TABLE>
* Reflects operations for the period from April 25, 1996 (date of commencement
of operations) to July 31, 1996.
** Based on net asset value, which does not reflect the contingent deferred
sales charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Represents total return for Investment A Shares for the period from
August 1, 1995 to April 24, 1996 plus the total return for the Investment
C Shares for the period from April 25, 1996 to July 31, 1996.
(d) Not Annualized
(e) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(f) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
(See Notes which are an integral part of the Financial Statements)
110
<PAGE>
Fountain Square Mid Cap Fund
Financial Highlights - Investment A Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ending
January 31, Year Ended July 31,
1997 ---------------------------------------------------
(Unaudited) 1996 1995 1994 1993*
---------------- ---------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $12.60 $12.59 $10.10 $9.68 $10.00
- ----------------------------------------------------
Income from investment operations
- ----------------------------------------------------
Net investment income 0.01 0.06 0.08 0.06 0.06
- ----------------------------------------------------
Net realized and unrealized gains
(losses) on investment 2.58 0.11 2.48 0.43 (0.33)
- ---------------------------------------------------- ------------ --------- --------- ---------- ---------
Total from investment operations 2.59 0.17 2.56 0.49 (0.27)
- ---------------------------------------------------- ------------ --------- --------- ---------- ---------
Less distributions
- ----------------------------------------------------
Dividends to shareholders from net
investment income (0.02) (0.07) (0.07) (0.07) (0.05)
- ----------------------------------------------------
Distribution to shareholders from net
realized gains on investment
transactions (1.15) (0.09) - - -
- ---------------------------------------------------- ------------ --------- --------- ---------- ---------
Total distributions (1.17) (0.16) (0.07) (0.07) (0.05)
- ---------------------------------------------------- ============ ========= ========= ========== =========
Net asset value, end of period $14.02 $12.60 $12.59 $10.10 $9.68
- ---------------------------------------------------- ------------ --------- --------- ---------- ---------
Total return ** 21.35%(c) 1.27% 25.45% 5.07% (2.73%)(c)
Ratios to Average Net Assets
- ----------------------------------------------------
Expenses 1.00%(b) 1.00% 1.00% 1.00% 0.99%(b)
- ----------------------------------------------------
Net investment income 0.12%(b) 0.42% 0.77% 0.60% 0.88%(b)
-------------------------------------------------
Expense waiver/reimbursement (a) 0.37%(b) 0.06% 0.18% 0.33% 0.40%(b)
- ----------------------------------------------------
Supplemental data
- ----------------------------------------------------
Net assets, end of period (000 omitted) $155,439 $72,663 $47,184 $30,210 $24,019
- ----------------------------------------------------
Portfolio turnover rate (d) 55% 54% 23% 44% 20%
- ----------------------------------------------------
Average commission rate paid (e) $0.0626 $0.0659 - - -
- ----------------------------------------------------
</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.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(e) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
(See Notes which are an integral part of the Financial Statements)
111
<PAGE>
Fountain Square Mid Cap Fund
Financial Highlights - Investment C Shares
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
(For a share outstanding throughout the period)
Six Month
Period Period
Ending Ended
January 31, July 31,
1997 1996 *
(Unaudited)
----------- ---------
<S> <C> <C>
Net asset value, beginning of period $12.59 $13.72
- -------------------------------------------------- -------- --------
Income from investment operations
- --------------------------------------------------
Net investment income (0.03) -0.01
- --------------------------------------------------
Net realized and unrealized losses
on investments 2.57 (1.12)
- -------------------------------------------------- --------- ---------
Total from investment operations 2.54 (1.13)
- --------------------------------------------------
Less distributions
- --------------------------------------------------
Dividends to shareholders from net
investment income - -
- --------------------------------------------------
Distributions to shareholders from net realized
(losses) on investment transactions (1.15) -
- --------------------------------------------------
Total distributions (1.15) -
- -------------------------------------------------- --------
Net asset value, end of period $13.98 $12.59
- -------------------------------------------------- --------- --------
Total return ** 20.96%(c) 1.11%(c)
- --------------------------------------------------
Ratios to Average Net Assets
- --------------------------------------------------
Expenses 1.75%(b) 1.78%(b)
- --------------------------------------------------
Net investment income (0.57%)(b) (0.51%)(b)
- --------------------------------------------------
Expense waiver/reimbursement (a) 0.28%(b) 0.06%(b)
- --------------------------------------------------
Supplemental data
- --------------------------------------------------
Net assets, end of period (000 omitted) $351 $229
- --------------------------------------------------
Portfolio turnover rate (d) 55% 54%
- --------------------------------------------------
Average commission rate paid (e) $0.0626 $0.0659
- --------------------------------------------------
</TABLE>
*Reflects operations for the period from April 25, 1996 (date of commencement
of operations) to July 31, 1996.
**Based on net asset value, which does not reflect the contingent deferred sales
charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Represents total return for Investment A Shares for the period from August
1, 1995 to April 23, 1996 plus the total return for the Investment C Shares
for the period from April 24, 1996 to July 31, 1996.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(e) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
(See Notes which are an integral part of the Financial Statements)
112
<PAGE>
Fountain Square Balanced Fund
Financial Highlights - Investment A Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ending
January 31, Year Ended July 31,
1997 -------------------------------------------------
(Unaudited) 1996 1995 1994 1993*
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $11.75 $11.28 $9.70 $9.78 $10.00
- --------------------------------------------- ----------- ---------- ---------- ---------- ----------
Income from investment operations
- ---------------------------------------------
Net investment income 0.13 0.27 0.28 0.26 0.20
- ---------------------------------------------
Net realized and unrealized gains
(losses) on investment 1.91 0.47 1.57 (0.06) (0.25)
- --------------------------------------------- ----------- ---------- ---------- ---------- ----------
Total from investment operations 2.04 0.74 1.85 0.20 (0.05)
- --------------------------------------------- ----------- ---------- ---------- ---------- ----------
Less distributions
- ---------------------------------------------
Dividends to shareholders from net
investment income (0.13) (0.27) (0.27) (0.26) (0.17)
- --------------------------------------------- ----------- ---------- ---------- ---------- ----------
Distribution to shareholders in excess
of net investment income (a) (0.49) - - (0.02) -
- --------------------------------------------- ----------- ---------- ---------- ---------- ----------
Total distributions (0.62) (0.27) (0.27) (0.28) (0.17)
- --------------------------------------------- ----------- ---------- ---------- ---------- ----------
Net asset value, end of period $13.17 $11.75 $11.28 $9.70 $9.78
- --------------------------------------------- =========== ========== ========== ========== ==========
Total return ** 17.84%(c) 6.52% 19.37% 2.02% (0.51%)(d)
- ---------------------------------------------
Ratios to Average Net Assets
- ---------------------------------------------
Expenses 1.00%(b) 1.00% 1.00% 1.00% 1.00%(c)
- ---------------------------------------------
Net investment income 2.03%(b) 2.31% 2.73% 2.64% 3.04%(c)
- ---------------------------------------------
Expense waiver/reimbursement (b) 0.39%(b) 0.06% 0.06% 0.06% 0.08%(c)
- ---------------------------------------------
Supplemental data
- ---------------------------------------------
Net assets, end of period (000 omitted) $109,258 $92,808 $58,075 $59,363 $60,168
- ---------------------------------------------
Portfolio turnover rate (d) 65% 61% 58% 53% 30%
- ---------------------------------------------
Average commission rate paid (f) $0.0167 $0.0062 - - -
- ---------------------------------------------
</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.
(a) These distributions did not represent a return of capital for federal tax
purposes for the year ended July 31, 1994.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(e) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
(See Notes which are an integral part of the Financial Statements)
113
<PAGE>
Fountain Square Balanced Fund
Financial Highlights - Investment C Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Six Month
Period Period
Ending Ended
January 31, July 31,
1997 1996 *
(Unaudited)
--------------- ---------------
<S> <C> <C>
Net asset value, beginning of period $11.75 $12.13
- ----------------------------------------------------- -------- --------
Income from investment operations
- -----------------------------------------------------
Net investment income 0.08 0.05
- -----------------------------------------------------
Net realized and unrealized losses
on investments 1.91 (0.39)
- ----------------------------------------------------- -------- --------
Total from investment operations 1.99 (0.34)
- ----------------------------------------------------- -------- --------
Less distributions
- -----------------------------------------------------
Dividends to shareholders from net
investment income (0.08) -
- ----------------------------------------------------- -------- --------
Distribution to shareholders in excess
of net investment income (a) (0.49) (0.04)
- ----------------------------------------------------- -------- --------
Total distributions (0.57) (0.04)
- -----------------------------------------------------
Net asset value, end of period $13.17 $11.75
- ----------------------------------------------------- ======== ========
Total return ** 17.40%(d) 6.32%(c)
- -----------------------------------------------------
Ratios to Average Net Assets
- -----------------------------------------------------
Expenses 1.74%(b) 1.78%(b)
- -----------------------------------------------------
Net investment income 1.27%(b) 1.51%(b)
- -----------------------------------------------------
Expense waiver/reimbursement (a) 0.30%(b) 0.07%(b)
- -----------------------------------------------------
Supplemental data
- -----------------------------------------------------
Net assets, end of period (000 omitted) $474 $264
- -----------------------------------------------------
Portfolio turnover rate (e) 65% 61%
- -----------------------------------------------------
Average commission rate paid (f) $0.0167 $0.0062
- -----------------------------------------------------
</TABLE>
* Reflects operations for the period from April 25, 1996 (date of commencement
of operations) to July 31, 1996.
** Based on net asset value, which does not reflect the contingent deferred
sales charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Represents total return for Investment A Shares for the period from August
1, 1995 to April 24, 1996 plus the total return for the Investment C Shares
for the period from April 25, 1996 to July 31, 1996.
(d) Not annualized.
(e) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(f) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
114
<PAGE>
Fountain Square International Equity Fund
Financial Highlights - Investment A Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Six Month
Period Period Period
Ending Ended Ended
January 31, July 31, July 31,
1997 1996 1995 *
(Unaudited)
----------- -------- --------
<S> <C> <C> <C>
Net asset value, beginning of period $10.74 $9.83 $10.00
- ------------------------------------------------------------- ------- ------- -------
Income from investment operations
- -------------------------------------------------------------
Net investment income 0.12 0.01 0.05
- -------------------------------------------------------------
Net realized and unrealized gains (losses)
on investments 0.29 0.90 (0.22)
- ------------------------------------------------------------- ------- ------- -------
Total from investment operations 0.41 0.91 (0.17)
- ------------------------------------------------------------- ------- ------- -------
Less distributions
- -------------------------------------------------------------
Dividends to shareholders from net
investment income (0.82) - -
- ------------------------------------------------------------- ------- ------- -------
Distributions to shareholders in excess of net
investment income (a) (0.06) - -
- ------------------------------------------------------------- ------- ------- -------
Total distributions (0.88) - -
- ------------------------------------------------------------- ------- ------- -------
Net asset value, end of period $10.27 $10.74 $9.83
- ------------------------------------------------------------- ======= ======= =======
Total return ** 3.79%(c) 9.26% (1.70%)(c)
- -------------------------------------------------------------
Ratios to Average Net Assets
- -------------------------------------------------------------
Expenses 1.42%(b) 1.61% 1.65%(b)
- -------------------------------------------------------------
Net investment income (0.14%)(b) 0.32% 0.62%(b)
- -------------------------------------------------------------
Expense waiver/reimbursement (a) 0.36%(b) 0.05% 0.07%(b)
- -------------------------------------------------------------
Supplemental data
- -------------------------------------------------------------
Net assets, end of period (000 omitted) $136,937 $120,349 $86,442
- -------------------------------------------------------------
Portfolio turnover rate (d) 29% 41% 54%
- -------------------------------------------------------------
Average commission rate paid (e) $0.0018 $0.0010 -
- -------------------------------------------------------------
</TABLE>
*Reflects operations for the period from April 25, 1994 (date of commencement
of operations) to July 31, 1996.
**Based on net asset value, which does not reflect the contingent deferred sales
charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Not annualized.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(e) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
(See Notes which are an integral part of the Financial Statements)
115
<PAGE>
Fountain Square International Equity Fund
Financial Highlights - Investment C Shares
- ------------------------------------------------------------------------------
(For a share outstanding throughout the period)
<TABLE>
<CAPTION>
Six Month
Period Period
Ending Ended
January 31, July 31,
1997 1996 *
(Unaudited)
----------- --------
<S> <C> <C>
Net asset value, beginning of period $10.71 $11.21
- ----------------------------------------------------------- ----------- --------
Income from investment operations
- -----------------------------------------------------------
Net investment income 0.48 0.01
- -----------------------------------------------------------
Net realized and unrealized losses
on investments 0.36 (0.51)
- ----------------------------------------------------------- -------- --------
Total from investment operations 0.84 (0.50)
- ----------------------------------------------------------- -------- --------
Less distributions
- -----------------------------------------------------------
Dividends to shareholders from net
investment income (0.78) -
- -----------------------------------------------------------
Distributions to shareholders in excess of net
investment income (a) (0.06) -
- -----------------------------------------------------------
Total distributions (0.84) -
- ----------------------------------------------------------- -------- --------
Net asset value, end of period $10.71 $10.71
- ----------------------------------------------------------- ======== ========
Total return ** 3.38%(c) 8.95%(c)
- -----------------------------------------------------------
Ratios to Average Net Assets
- -----------------------------------------------------------
Expenses 2.15%(b) 2.34%(b)
- -----------------------------------------------------------
Net investment income (loss) (1.01%)(b) 0.76%(b)
- -----------------------------------------------------------
Expense waiver/reimbursement (a) 0.27%(b) 0.91%(b)
- -----------------------------------------------------------
Supplemental data
- -----------------------------------------------------------
Net assets, end of period (000 omitted) $134 $57
- -----------------------------------------------------------
Portfolio turnover rate (d) 29% 41%
- -----------------------------------------------------------
Average commission rate paid (e) $0.0018 -
- -----------------------------------------------------------
</TABLE>
* Reflects operations for the period from April 25, 1996 (date of commencement
of operations) to July 31, 1996.
** Based on net asset value, which does not reflect the contingent deferred
sales charge.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Represents total return for Investment A Shares for the period from August
1, 1995 to April 24, 1996 plus the total return for the Investment C Shares
for the period from April 25, 1996 to July 31, 1996.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(e) Represents the total dollar amount of commissions paid on portfolio
transactions divided by total number of shares purchased and sold by the
Fund for which commissions were charged.
(See Notes which are an integral part of the Financial Statements)
116
<PAGE>
Fountain Square Commercial Paper Fund
Financial Highlights - Investment Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ended
January 31, Year Ended July 31,
1997 ---------------------------------------------------
(Unaudited) 1996 1995 1994 1993*
--------------- ---------- ---------- ----------- ----------
<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 0.02 0.05 0.05 0.03 0.03
- ------------------------------------------- ------ ------ ------ ------ ------
Less distributions
- -------------------------------------------
Dividends to shareholders from net
investment income (0.02) (0.05) (0.05) (0.03) (0.03)
- ------------------------------------------- ------ ------ ------ ------ ------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
- ------------------------------------------- ====== ====== ====== ====== ======
Total return * 2.52% 5.20% 5.25% 3.02% 2.70%(c)
- -------------------------------------------
Ratios to Average Net Assets
- -------------------------------------------
Expenses 0.52% 0.49% 0.49% 0.49% 0.48%(b)
- -------------------------------------------
Net investment income 4.93% 5.06% 5.12% 2.97% 2.69%(b)
- -------------------------------------------
Expense waiver/reimbursement (a) 0.41% 0.40% 0.44% 0.45% 0.47%(b)
- -------------------------------------------
Supplemental data
- -------------------------------------------
Net assets, end of period (000 omitted) $25,468 $19,341 $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.
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Not Annualized.
(See Notes which are an integral part of the Financial Statements)
117
<PAGE>
Fountain Square Commercial Paper Fund
Financial Highlights -- Trust Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ended
January 31, Year Ended July 31,
1997 ---------------------------------------------------
(Unaudited) 1996 1995 1994 1993
--------- ---------- ---------- ----------- ----------
<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 0.02 0.05 0.05 0.03 0.03
- ------------------------------------------- ------ ------ ------ ------ ------
Less distributions
- -------------------------------------------
Dividends to shareholders from net
investment income (0.02) (0.05) (0.05) (0.03) (0.03)
- ------------------------------------------- ------ ------ ------ ------ ------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
- ------------------------------------------- ====== ====== ====== ====== ======
Total return 2.52% 5.20% 5.25% 3.02% 2.78%
- -------------------------------------------
Ratios to Average Net Assets
- -------------------------------------------
Expenses 0.52% 0.49% 0.49% 0.49% 0.48%
- -------------------------------------------
Net investment income 4.93% 5.07% 5.12% 2.97% 2.75%
- -------------------------------------------
Expense waiver/reimbursement (a) 0.06% 0.08% 0.09% 0.10% 0.12%
- -------------------------------------------
Supplemental data
- -------------------------------------------
Net assets, end of period (000 omitted) $306,812 $300,821 $223,640 $213,126 $180,065
- -------------------------------------------
</TABLE>
(a) 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)
118
<PAGE>
Fountain Square Government Cash Reserves Fund
Financial Highlights -- Investment Shares
- --------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ended
January 31, Year Ended July 31,
1997 ---------------------------------------------------
(Unaudited) 1996 1995 1994 1993
----------- ---------- ---------- ----------- ----------
<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 0.02 0.05 0.05 0.03 0.03
- ------------------------------------------ ------- ------- ------- ------- -------
Less distributions
- ------------------------------------------
Dividends to shareholders from net
investment income (0.02) (0.05) (0.05) (0.03) (0.03)
- ------------------------------------------ ------- ------- ------- ------- -------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
- ------------------------------------------ ======= ======= ======= ======= =======
Total return 2.47% 5.11% 5.22% 3.03% 2.76%
- ------------------------------------------
Ratios to Average Net Assets
- ------------------------------------------
Expenses 0.50% 0.51% 0.50% 0.50% 0.50%
- ------------------------------------------
Net investment income 4.86% 4.97% 5.17% 2.96% 3.22%
- ------------------------------------------
Expense waiver/reimbursement (a) 0.42% 0.42% 0.45% 0.48% 0.50%
- ------------------------------------------
Supplemental data
- ------------------------------------------
Net assets, end of period (000 omitted) $94,391 $68,844 $45,726 $11,073 $10,923
- ------------------------------------------
</TABLE>
(a) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(b) Annualized.
(c) Not annualized.
(See Notes which are an integral part of the Financial Statements)
119
<PAGE>
Fountain Square Government Cash Reserves Fund
Financial Highlights -- Trust Shares
- ------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ended
January 31, Year Ended July 31,
1997 ---------------------------------------------------
(Unaudited) 1996 1995 1994 1993
----------- ---------- ---------- ----------- ----------
<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 0.02 0.05 0.05 0.03 0.03
- -------------------------------------------------- -------- -------- -------- -------- --------
Less distributions
- --------------------------------------------------
Dividends to shareholders from net
investment income (0.02) (0.05) (0.05) (0.03) (0.03)
- -------------------------------------------------- -------- -------- -------- -------- --------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
- -------------------------------------------------- ======== ======== ======== ======== ========
Total return 2.47% 5.11% 5.22% 3.03% 2.76%
- --------------------------------------------------
Ratios to Average Net Assets
- --------------------------------------------------
Expenses 0.50% 0.50% 0.50% 0.50% 0.50%
- --------------------------------------------------
Net investment income 4.86% 4.99% 5.17% 3.01% 3.22%
- --------------------------------------------------
Expense waiver/reimbursement (a) 0.07% 0.07% 0.20% 0.13% 0.15%
- --------------------------------------------------
Supplemental data
- --------------------------------------------------
Net assets, end of period (000 omitted) $156,453 $132,326 $129,603 $106,632 $92,993
- --------------------------------------------------
</TABLE>
(a) 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)
120
<PAGE>
Fountain Square U.S. Treasury Obligations Fund
Financial Highlights
- --------------------------------------------------------------------------------
(For a share outstanding throughout each period)
<TABLE>
<CAPTION>
Six Month
Period
Ended
January 31, Year Ended July 31,
1997 -------------------------------------------------
(Unaudited) 1996 1995 1994 1993
---------------- ---------- ---------- ----------- ----------
<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 0.02 0.05 0.05 0.03 0.03
- --------------------------------------------------- -------- -------- -------- -------- -------
Less distributions
- ---------------------------------------------------
Dividends to shareholders from net
investment income (0.02) (0.05) (0.05) (0.03) (0.03)
- --------------------------------------------------- -------- -------- -------- -------- -------
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00
- --------------------------------------------------- ======== ======== ======== ======== =======
Total return 2.52% 5.24% 5.18% 3.02% 2.82%
- ---------------------------------------------------
Ratios to Average Net Assets
- ---------------------------------------------------
Expenses 0.50% 0.43% 0.44% 0.44% 0.44%
- ---------------------------------------------------
Net investment income 4.86% 5.10% 5.07% 2.99% 2.79%
- ---------------------------------------------------
Expense waiver/reimbursement (a) 0.14% 0.12% 0.11% 0.14% 0.15%
- ---------------------------------------------------
Supplemental data
- ---------------------------------------------------
Net assets, end of period (000 omitted) $486,111 $489,228 $321,640 $336,229 $290,408
- ---------------------------------------------------
</TABLE>
(a) 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)
121
<PAGE>
[LOGO OF FIFTH THIRD BANK APPEARS HERE]
Fifth Third Bank
Investment Advisor
