<PAGE> PAGE 1
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004 000000 N
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007 C010300 3
007 C020300 FOUNTAIN SQUARE GOVERNMENT CASH RESERVES FUND
007 C030300 N
007 C010400 4
007 C020400 FOUNTAIN SQUARE U.S. GOVERNMENT SECURITIES FD
007 C030400 N
007 C010500 5
007 C020500 FOUNTAIN SQUARE QUALITY BOND FUND
007 C030500 N
007 C010600 6
007 C020600 FOUNTAIN SQUARE QUALITY GROWTH FUND
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007 C010700 7
007 C020700 FOUNTAIN SQUARE MID CAP FUND
007 C030700 N
007 C010800 8
007 C020800 FOUNTAIN SQUARE BALANCED FUND
007 C030800 N
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007 C020900 FOUNTAIN SQUARE OHIO TAX FREE BOND FUND
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007 C011000 10
007 C021000 FOUNTAIN SQUARE INTERNATIONAL EQUITY FUND
<PAGE> PAGE 2
007 C031000 N
007 C011100 11
007 C021100 FOUNTAIN SQUARE MUNICIPAL BOND FUND
007 C031100 N
007 C011200 12
007 C021200 FOUNTAIN SQUARE BOND FUND FOR INCOME
007 C031200 N
007 C011300 13
007 C021300 FOUNTAIN SQUARE EQUITY INCOME FUND
007 C031300 N
007 C011400 14
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007 C021500 FIFTH THIRD CARDINAL FUND
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007 C021600 FIFTH THIRD TAX EXEMPT FUND
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007 C011800 18
007 C011900 19
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014 A00AA01 FIFTH THIRD SECURITIES, INC.
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014 A00AA02 THE OHIO COMPANY
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<PAGE> PAGE 3
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<PAGE> PAGE 4
022 A000010 MORGAN STANLEY & CO.
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
048 G021500 0.000
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
041 001600 N
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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SIGNATURE JEFF STARRICK
TITLE FINANCIAL ANALYST
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<INTEREST-INCOME> 2187000
<OTHER-INCOME> 0
<EXPENSES-NET> 434000
<NET-INVESTMENT-INCOME> 1756000
<REALIZED-GAINS-CURRENT> (2000)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1754000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1750000<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 169674000<F1>
<NUMBER-OF-SHARES-REDEEMED> 187110000<F1>
<SHARES-REINVESTED> 1648000<F1>
<NET-CHANGE-IN-ASSETS> (7837000)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 304000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 435000
<AVERAGE-NET-ASSETS> 60866621<F1>
<PER-SHARE-NAV-BEGIN> 1.00<F1>
<PER-SHARE-NII> 0.03<F1>
<PER-SHARE-GAIN-APPREC> 0<F1>
<PER-SHARE-DIVIDEND> 0.03<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 1.00<F1>
<EXPENSE-RATIO> 0.71<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Investment A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000840678
<NAME> THE FIFTH THIRD FUNDS
<SERIES>
<NUMBER> 161
<NAME> FIFTH THIRD TAX EXEMPT FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1998
<PERIOD-START> OCT-01-1997
<PERIOD-END> SEP-30-1998
<INVESTMENTS-AT-COST> 51702000
<INVESTMENTS-AT-VALUE> 51702000
<RECEIVABLES> 746000
<ASSETS-OTHER> 78000
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 52526000
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79000
<TOTAL-LIABILITIES> 79000
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52449000
<SHARES-COMMON-STOCK> 7953000<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 2
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 52447000
<DIVIDEND-INCOME> 3000
<INTEREST-INCOME> 2187000
<OTHER-INCOME> 0
<EXPENSES-NET> 434000
<NET-INVESTMENT-INCOME> 1756000
<REALIZED-GAINS-CURRENT> (2000)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 1754000
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6000<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 12864000<F2>
<NUMBER-OF-SHARES-REDEEMED> 4910000<F2>
<SHARES-REINVESTED> 0<F2>
<NET-CHANGE-IN-ASSETS> (7837000)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 304000
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 435000
<AVERAGE-NET-ASSETS> 8673406<F2>
<PER-SHARE-NAV-BEGIN> 1.00<F2>
<PER-SHARE-NII> 0<F2>
<PER-SHARE-GAIN-APPREC> 0<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 1.00<F2>
<EXPENSE-RATIO> 0.63<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Institutional Shares
</FN>
</TABLE>
Report of Independent Auditors
To the Shareholders and Board of Trustees
Fifth Third Cardinal Fund and
Fifth Third Tax Exempt Money Market Fund
In planning and performing our audit of
the financial statements of Fifth Third
Cardinal Fund and Fifth Third Tax Exempt
Money Market Fund (the Funds) for the year
ended September 30, 1998, we considered
its internal control, including control
activities for safeguarding securities,
in order to determine our auditing procedures
for the purpose of expressing our opinion
on the financial statements and to comply
with the requirements of Form N-SAR, and
not to provide assurance on the internal control.
The management of the Funds is responsible
for establishing and maintaining internal
control. In fulfilling this responsibility,
estimates and judgments by management are
required to assess the expected benefits
and related costs of controls. Generally,
controls that are relevant to an audit pertain
to the entity's objective of preparing
financial statements for external purposes
that are fairly presented in conformity
with generally accepted accounting principles.
Those controls include the safeguarding
of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal
control, errors or fraud may occur and not
be detected. Also, projection of any
evaluation of internal control to future
periods is subject to the risk that it may
become inadequate because of changes in
conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of internal control would
not necessarily disclose all matters in
internal control that might be material
weaknesses under standards established
by the American Institute of Certified
Public Accountants. A material weakness
is a condition in which the design or
operation of one or more of specific
internal control components does not
reduce to a relatively low level the risk
that errors or fraud in amounts that would
be material in relation to the financial
statements being audited may occur and not
be detected within a timely period by
employees in the normal course of performing
their assigned functions. However, we noted
no matters involving internal control and
its operation, including controls for
safeguarding securities, that we consider
to be material weaknesses as defined
above at September 30, 1998.
This report is intended solely for the
information and use of the board of trustees
and management of the Funds and the
Securities and Exchange Commission.
Ernst & Young LLP
Cincinnati, Ohio
October 28, 1998
