FIFTH THIRD QUALITY GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
COMMON STOCKS - 96.4%
BANKING - 10.7%
---------------------------------
944,000 Bank of New York Co., Inc. $ 38,350
97,000 First Tennessee National Corp. 2,534
679,000 Mellon Financial Corp. 23,298
100,000 Regions Financial Corp. 2,425
102,000 SouthTrust Corp. 3,105
540,000 Wells Fargo Co. 21,600
--------------------------------- ---------
Total 91,312
--------------------------------- ---------
BEVERAGES - 0.8%
---------------------------------
195,000 PepsiCo, Inc. 6,654
--------------------------------- ---------
BUSINESS SERVICES - 1.7%
---------------------------------
314,000 Cintas Corp. 14,709
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 10.2%
---------------------------------
165,000 Computer Sciences Corp. (b) 15,159
393,000 Microsoft Corp. (b) 38,465
676,000 Oracle Corp. (b) 33,768
--------------------------------- ---------
Total 87,392
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 5.1%
---------------------------------
400,000 Cisco Systems, Inc. (b) 43,800
--------------------------------- ---------
CONSUMER CYCLICALS - 1.0%
---------------------------------
202,000 Carnival Corp. 9,103
--------------------------------- ---------
CONSUMER PRODUCTS - 1.2%
---------------------------------
150,000 Newell Rubbermaid, Inc. 4,500
62,000 Procter & Gamble Co. 6,254
--------------------------------- ---------
Total 10,754
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 2.0%
---------------------------------
132,000 General Electric Co. 17,606
--------------------------------- ---------
ELECTRONICS - 18.8%
---------------------------------
140,000 EMC Corp. (b) 14,910
555,000 Intel Corp. 54,910
396,000 Lucent Technologies, Inc. 21,879
411,000 Tellabs, Inc. (b) 22,194
434,000 Texas Instruments, Inc. 46,818
--------------------------------- ---------
Total 160,711
--------------------------------- ---------
ENERGY - 3.1%
---------------------------------
45,000 Chevron Corp. 3,760
138,615 Exxon Mobil Corp. 11,574
163,000 Schlumberger Ltd. 9,953
31,540 Transocean Sedco Forex, Inc. 1,003
--------------------------------- ---------
Total 26,290
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
FINANCIAL SERVICES - 6.8%
---------------------------------
168,000 Capital One Financial Corp. $ 6,888
567,000 Freddie Mac 28,456
247,000 Marsh & McLennan Cos., Inc. 23,218
--------------------------------- ---------
Total 58,562
--------------------------------- ---------
HEALTHCARE - 4.4%
---------------------------------
114,000 Baxter International, Inc. 7,282
389,000 Guidant Corp. (b) 20,471
217,000 Medtronic, Inc. 9,928
--------------------------------- ---------
Total 37,681
--------------------------------- ---------
INSURANCE - 0.6%
---------------------------------
137,000 Cincinnati Financial Corp. 3,939
--------------------------------- ---------
MANUFACTURING - 6.6%
---------------------------------
147,000 Dana Corp. 3,455
329,000 Illinois Tool Works, Inc. 19,247
696,000 Tyco International, Ltd. 29,754
65,000 Zebra Technologies Corp.,Class A (b) 3,847
--------------------------------- ---------
Total 56,303
--------------------------------- ---------
MEDIA/ PUBLISHING - 2.7%
---------------------------------
505,000 Interpublic Group of Cos., Inc. 23,230
--------------------------------- ---------
MEDICAL DISTRIBUTION - 2.2%
---------------------------------
387,000 Cardinal Health, Inc. 18,503
--------------------------------- ---------
OFFICE EQUIPMENT & SUPPLIES - 2.2%
---------------------------------
120,000 Avery Dennison Corp. 8,130
210,000 Pitney Bowes, Inc. 10,290
--------------------------------- ---------
Total 18,420
--------------------------------- ---------
PHARMACEUTICALS - 4.8%
---------------------------------
170,000 American Home Products Corp. 8,001
115,000 Bristol-Myers Squibb Co. 7,590
317,000 Pfizer, Inc. 11,531
115,000 Schering-Plough Corp. 5,060
100,000 Warner Lambert, Inc. 9,494
--------------------------------- ---------
Total 41,676
--------------------------------- ---------
RETAIL - 8.5%
---------------------------------
570,000 Home Depot, Inc. 32,276
496,000 Lowe's Cos., Inc. 22,134
345,000 Wal-Mart Stores, Inc. 18,889
--------------------------------- ---------
Total 73,299
--------------------------------- ---------
TELECOMMUNICATIONS - 3.0%
---------------------------------
556,000 MCI WorldCom, Inc. (b) 25,541
--------------------------------- ---------
Total Common Stocks 825,485
--------------------------------- ---------
-Continued-
15
<PAGE>
FIFTH THIRD QUALITY GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
REPURCHASE AGREEMENTS - 4.5%
$ 39,019 Warburg/Dillon, 5.70%, dated
1/31/00, due 2/1/00,
(at amortized cost), collateralized
by U.S. Treasury Notes, 8.75%,
due 11/15/08, with a
value of $39,803. $ 39,019
--------------------------------- ---------
Total Repurchase Agreements 39,019
--------------------------------- ---------
TOTAL INVESTMENTS (COST $561,833) (A)
- 100.9% 864,504
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - (0.9)% (8,127)
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $856,377
--------------------------------- ---------
(a) Cost for federal tax purposes differs from value by net unrealized
appreciation of $302,671, which is composed of $329,348 appreciation and
$26,677 depreciation at January 31, 2000.
(b) Non-income producing security.
(See Notes which are an integral part of the Financial Statements)
16
<PAGE>
FIFTH THIRD EQUITY INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
COMMON STOCKS - 98.3%
BANKING - 20.0%
---------------------------------
174,600 Bank Of New York Co., Inc. $ 7,093
117,400 First Tennessee National Corp. 3,067
118,400 Mellon Financial Corp. 4,063
170,000 SouthTrust Corp. 5,174
172,500 Wells Fargo Co. 6,900
--------------------------------- ---------
Total 26,297
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 1.1%
---------------------------------
6,000 Microsoft Corp. (b) 587
16,000 Oracle Corp. (b) 799
--------------------------------- ---------
Total 1,386
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 0.5%
---------------------------------
6,600 Cisco Systems, Inc. (b) 723
--------------------------------- ---------
CONSUMER PRODUCTS - 5.7%
---------------------------------
93,000 Clorox Co. 4,441
102,700 Newell Rubbermaid, Inc. 3,081
--------------------------------- ---------
Total 7,522
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 5.3%
---------------------------------
51,800 Emerson Electric Co. 2,852
30,800 General Electric Co. 4,108
--------------------------------- ---------
Total 6,960
--------------------------------- ---------
ELECTRONICS - 3.7%
---------------------------------
6,500 EMC Corp. (b) 692
8,600 Intel Corp. 851
9,400 Lucent Technologies, Inc. 519
22,000 Tellabs, Inc. (b) 1,188
15,000 Texas Instruments, Inc. 1,618
--------------------------------- ---------
Total 4,868
--------------------------------- ---------
ENERGY - 3.3%
---------------------------------
50,825 Exxon Mobil Corp. 4,244
--------------------------------- ---------
FINANCIAL SERVICES - 9.1%
---------------------------------
78,000 A.G. Edwards, Inc. 2,584
36,000 Fannie Mae 2,158
77,200 Marsh & McLennan Cos., Inc. 7,257
--------------------------------- ---------
Total 11,999
--------------------------------- ---------
FOOD - 6.0%
---------------------------------
45,500 Bestfoods, Inc. 1,979
150,000 Conagra, Inc. 3,206
40,000 H.J. Heinz Co. 1,488
34,200 SYSCO Corp. 1,216
--------------------------------- ---------
Total 7,889
--------------------------------- ---------
INSURANCE - 0.8%
---------------------------------
36,000 Cincinnati Financial Corp. 1,035
--------------------------------- ---------
MANUFACTURING - 4.1%
---------------------------------
64,800 Dana Corp. 1,523
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
66,000 Textron, Inc. $ 3,939
--------------------------------- ---------
Total 5,462
--------------------------------- ---------
OFFICE EQUIPMENT & SUPPLIES - 7.4%
---------------------------------
52,000 Avery Dennison Corp. 3,523
128,000 Pitney-Bowes, Inc. 6,272
--------------------------------- ---------
Total 9,795
--------------------------------- ---------
PHARMACEUTICALS - 16.0%
---------------------------------
135,000 Abbott Laboratories 4,404
47,000 Bristol-Meyers Squibb Co. 3,102
38,900 Johnson & Johnson 3,348
40,000 Merck & Co., Inc. 3,153
80,000 Schering-Plough Corp. 3,520
37,500 Warner-Lambert Co. 3,560
--------------------------------- ---------
Total 21,087
--------------------------------- ---------
TELECOMMUNICATIONS - 3.5%
---------------------------------
44,000 ALLTEL Corp. 2,937
40,000 SBC Communications, Inc. 1,725
--------------------------------- ---------
Total 4,662
--------------------------------- ---------
TRANSPORTATION - 5.3%
---------------------------------
245,000 GATX Corp. 7,044
--------------------------------- ---------
UTILITIES/ELECTRIC - 3.3%
---------------------------------
72,500 Cinergy Corp. 1,803
130,000 TECO Energy, Inc. 2,551
--------------------------------- ---------
Total 4,354
--------------------------------- ---------
UTILITIES/NATURAL GAS - 3.2%
---------------------------------
28,390 LG&E Energy Corp. 483
199,000 NiSource, Inc. 3,657
--------------------------------- ---------
Total 4,140
--------------------------------- ---------
Total Common Stock 129,467
--------------------------------- ---------
REPURCHASE AGREEMENT - 0.9%
$ 1,144 Warburg/Dillon, 5.70%, dated 1/31/00,
due 2/1/00,- (at amortized cost),
collateralized by U.S. Treasury
Notes, 9.125%, due 5/15/18,
with a value of $1,168. 1,144
--------------------------------- ---------
TOTAL INVESTMENTS (COST $107,799) (A)
- 99.2% 130,611
--------------------------------- ---------
OTHER ASSETS IN EXCESS
OF LIABILITIES-0.8% 1,089
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $131,700
--------------------------------- ---------
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax purposes of
$77. Cost for federal tax purposes differs from value by net unrealized
appreciation of $22,735, which is composed of $35,027 appreciation and
$12,292 depreciation at January 31, 2000.
(b) Non-income producing security.
(See Notes which are an integral part of the Financial Statements)
17
<PAGE>
FIFTH THIRD CARDINAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
COMMON STOCKS - 99.3%
BANKING - 4.1%
---------------------------------
45,000 Amsouth Bancorporation $ 785
30,000 Bank of New York Co., Inc. 1,219
157,500 Charter One Financial, Inc. 3,061
37,500 Citigroup, Inc. 2,154
72,600 Huntington Bancshares, Inc. 1,565
30,000 Mellon Financial Corp. 1,029
--------------------------------- ---------
Total 9,813
--------------------------------- ---------
BEVERAGES - 1.1%
---------------------------------
75,000 PepsiCo, Inc. 2,559
--------------------------------- ---------
CHEMICALS - 0.5%
---------------------------------
20,000 Dupont (E.I.) de Nemours & Co. 1,180
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 9.8%
---------------------------------
30,000 Computer Sciences Corp. (b) 2,756
160,000 Microsoft Corp. (b) 15,660
105,000 Oracle Corp. (b) 5,245
--------------------------------- ---------
Total 23,661
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 8.4%
---------------------------------
104,000 Cisco Systems, Inc. (b) 11,388
100,000 Compaq Computer Corp. 2,737
104,000 Dell Computer Corp. (b) 4,011
20,000 IBM Corp. 2,244
--------------------------------- ---------
Total 20,380
--------------------------------- ---------
CONSUMER PRODUCTS - 2.5%
---------------------------------
60,000 Procter & Gamble Co. 6,052
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 5.2%
---------------------------------
95,000 General Electric Co. 12,671
--------------------------------- ---------
ELECTRONICS - 17.4%
---------------------------------
65,000 Applied Materials, Inc. (b) 8,921
134,000 Intel Corp. 13,258
20,000 KLA-Tencor Corp. (b) 1,173
160,000 Lucent Technologies, Inc. 8,840
20,000 PRI Automation, Inc. (b) 1,403
80,000 Tellabs, Inc. (b) 4,320
40,000 Texas Instruments, Inc. 4,315
--------------------------------- ---------
Total 42,230
--------------------------------- ---------
ENERGY - 7.0%
---------------------------------
99,011 Exxon Mobil Corp. 8,267
30,000 Royal Dutch Petroleum Co. 1,651
40,000 Schlumberger, Ltd. 2,442
120,000 Williams Cos., Inc. 4,650
--------------------------------- ---------
Total 17,010
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
FINANCIAL SERVICES - 7.2%
---------------------------------
42,500 Fannie Mae $ 2,547
135,000 Marsh & McLennan Cos., Inc. 12,690
60,000 T. Rowe Price Associates, Inc. 2,333
--------------------------------- ---------
Total 17,570
--------------------------------- ---------
HEALTHCARE - 4.2%
---------------------------------
30,000 Biomet, Inc. 1,194
50,000 Guidant Corp. 2,631
140,000 Medtronic, Inc. 6,405
--------------------------------- ---------
Total 10,230
--------------------------------- ---------
INSURANCE - 2.9%
---------------------------------
56,250 American International Group, Inc. 5,857
40,000 Cincinnati Financial Corp. 1,150
--------------------------------- ---------
Total 7,007
--------------------------------- ---------
MANUFACTURING - 4.6%
---------------------------------
80,000 Textron, Inc. 4,775
150,000 Tyco International, Ltd. 6,413
--------------------------------- ---------
Total 11,188
--------------------------------- ---------
MEDIA/PUBLISHING - 2.3%
---------------------------------
20,000 Gannett Co., Inc. 1,390
20,000 New York Times Co., Class A 913
80,000 Tribune Co. 3,375
--------------------------------- ---------
Total 5,678
--------------------------------- ---------
MEDICAL DISTRIBUTION - 1.1%
---------------------------------
53,000 Cardinal Health, Inc. 2,534
--------------------------------- ---------
PHARMACEUTICALS - 9.8%
---------------------------------
75,000 American Home Products Corp. 3,529
80,000 Amgen, Inc. (b) 5,095
40,000 Johnson & Johnson 3,443
40,000 Merck & Company, Inc. 3,153
150,000 Pfizer, Inc. 5,456
30,000 Warner-Lambert Co. 2,848
--------------------------------- ---------
Total 23,524
--------------------------------- ---------
RETAIL - 5.3%
---------------------------------
60,000 Kohl's Corp. (b) 4,208
70,000 Lowe's Cos., Inc. 3,124
100,000 Wal-Mart Stores, Inc. 5,475
--------------------------------- ---------
Total 12,807
--------------------------------- ---------
TELECOMMUNICATIONS - 5.9%
---------------------------------
40,000 GTE Corp. 2,933
150,000 MCI WorldCom, Inc. (b) 6,891
50,000 Qwest Communications
International, Inc. (b) 1,969
40,000 Sprint Corp. (FON Group) 2,588
--------------------------------- ---------
Total 14,381
--------------------------------- ---------
Total Common Stocks 240,475
--------------------------------- ---------
-Continued-
18
<PAGE>
FIFTH THIRD CARDINAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
REPURCHASE AGREEMENT - 0.9%
$ 2,143 Warburg/Dillon, 5.70%, dated
01/31/00, due 2/1/00-
(at amortized cost), collateralized by
U.S. Treasury Notes, 8.0%, due
11/15/21 with a value of $2,190.$ 2,143
--------------------------------- ---------
TOTAL INVESTMENTS (COST $87,880) (A)
- 100.2% 242,618
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - ( 0.2%) (431)
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $242,187
--------------------------------- ---------
(a) Cost for federal tax purposes differs from value by net unrealized
appreciation of $154,882, which is composed of $156,209 appreciation and
$1,327 depreciation at January 31, 2000.
(b) Non-Income producing security.
MARKET
CONTRACTS VALUE
-------------- ---------
Options outstanding at
end of period consist of:
Cisco Systems, Inc., 115, 2/19/00 140 $ 54
Marsh & McLennan Cos., Inc., 100, 2/19/00 150 72
Marsh & McLennan Cos., Inc., 100, 4/22/00 150 120
Marsh & McLennan Cos., Inc., 100, 7/22/00 150 20
Procter & Gamble Co., 125, 2/19/00 70 23
Procter & Gamble Co., 120, 2/19/00 70 1
Procter & Gamble Co., 120, 4/22/00 70 9
Procter & Gamble Co., 120, 7/22/00 70 1
-------------- ---------
Total written call options
premiums received $444) 870 $300
-------------- ---------
(See Notes which are an integral part of the Financial Statements)
19
<PAGE>
FIFTH THIRD PINNACLE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
COMMON STOCKS - 98.8%
BANKING - 2.8%
---------------------------------
15,813 First Midwest Bancorp., Inc. $ 376
122,865 Firstar Corp. 2,933
--------------------------------- ---------
Total 3,309
--------------------------------- ---------
BEVERAGES - 1.8%
---------------------------------
32,600 Anheuser-Busch Cos., Inc. 2,201
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 11.8%
---------------------------------
36,350 Electronic Data Systems Corp. 2,458
35,900 Microsoft Corp. (b) 3,514
34,825 Omnicom Group, Inc. 3,263
50,040 Oracle Corp. (b) 2,500
28,720 Sun Microsystems, Inc. (b) 2,256
--------------------------------- ---------
Total 13,991
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 11.3%
---------------------------------
43,110 Cisco Systems, Inc. (b) 4,720
62,150 Dell Computer Corp. (b) 2,397
25,750 IBM Corp. 2,889
37,250 Lexmark International Group, Inc. (b)3,511
--------------------------------- ---------
Total 13,517
--------------------------------- ---------
CONGLOMERATE - 3.0%
---------------------------------
62,370 CBS Corp. (b) 3,637
--------------------------------- ---------
CONSUMER PRODUCTS - 1.7%
---------------------------------
35,100 Quaker Oats Co. 2,084
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 3.2%
---------------------------------
28,400 General Electric Co. 3,788
--------------------------------- ---------
ELECTRONICS - 20.0%
---------------------------------
35,430 EMC Corp. (b) 3,773
37,750 Ericsson Tel Co. 2,815
24,300 Intel Corp. 2,404
34,575 Lucent Technologies, Inc. 1,910
61,150 National Semiconductor Corp. (b) 3,210
43,200 Solectron Corp. (b) 3,137
43,040 Tellabs, Inc. (b) 2,324
39,850 Texas Instruments, Inc. 4,299
--------------------------------- ---------
Total 23,872
--------------------------------- ---------
ENERGY - 5.7%
---------------------------------
38,030 Atlantic Richfield Co. 2,928
46,482 Exxon Mobil Corp. 3,881
--------------------------------- ---------
Total 6,809
--------------------------------- ---------
FINANCIAL SERVICES - 2.0%
---------------------------------
39,000 Fannie Mae 2,338
34,240 Marsh & McLennan Cos., Inc. 3,219
--------------------------------- ---------
Total 5,557
--------------------------------- ---------
HEALTHCARE - 2.1%
---------------------------------
48,150 Guidant Corp. (b) 2,534
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
INSURANCE - 6.7%
---------------------------------
29,743 American International Group, Inc.$ 3,097
23,100 CIGNA Corp. 1,657
--------------------------------- ---------
Total 4,754
--------------------------------- ---------
MACHINERY - 1.9%
---------------------------------
47,155 Ingersoll-Rand Co. 2,219
--------------------------------- ---------
MANUFACTURING - 2.5%
---------------------------------
70,600 Tyco International Ltd. 3,018
--------------------------------- ---------
PHARMACEUTICALS - 4.0%
---------------------------------
35,450 Bristol-Meyers Squibb Co. 2,340
54,500 Schering-Plough Corp. 2,398
--------------------------------- ---------
Total 4,738
--------------------------------- ---------
PRINTING & PUBLISHING - 3.1%
---------------------------------
46,450 Time Warner, Inc. 3,713
--------------------------------- ---------
RETAIL - 8.5%
---------------------------------
43,375 Dayton-Hudson Corp. 2,852
69,485 Home Depot, Inc. 3,935
59,850 Wal-Mart Stores, Inc. 3,277
--------------------------------- ---------
Total 10,064
--------------------------------- ---------
TELECOMMUNICATIONS - 4.9%
---------------------------------
60,975 MCI WorldCom, Inc. (b) 2,801
27,790 Sprint Corp. (PCS Group) (b) 3,059
--------------------------------- ---------
Total 5,860
--------------------------------- ---------
TRANSPORTATION - 1.8%
---------------------------------
45,000 Honeywell International, Inc. 2,160
--------------------------------- ---------
Total Common Stocks 117,825
--------------------------------- ---------
MONEY MARKETS - 0.0%
6,000 Fidelity Institutional Cash Portfolio 6
--------------------------------- ---------
REPURCHASE AGREEMENT - 1.2%
$ 1,456 Warburg/Dillon, 5.70%, dated
1/31/00, due 2/1/00
(at amortized cost), collateralized by
U.S. Treasury Notes, 9.125%, due
5/15/18 with a value of $1,488. 1,456
--------------------------------- ---------
TOTAL INVESTMENTS (COST $97,772)
(A) - 100.0% 119,287
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - 0.0% (26)
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $119,261
--------------------------------- ---------
(a) Cost for federal tax purposes differs from value by net unrealized
appreciation of $21,515 which is composed of $26,658 appreciation and $5,143
depreciation at January 31, 2000.
(b) Non-Income producing security.
(See Notes which are an integral part of the Financial Statements)
20
<PAGE>
FIFTH THIRD BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
COMMON STOCKS - 67.1%
APPAREL & ACCESSORY STORES - 0.7%
---------------------------------
35,000 American Eagle Outfitters, Inc.(b) $ 1,271
45,000 Tommy Hilfiger Corp. (b) 543
--------------------------------- ---------
Total 1,814
--------------------------------- ---------
BANKING - 6.2%
---------------------------------
130,000 Bank of New York Co., Inc. 5,281
55,000 First Tennessee National Corp. 1,437
120,000 Mellon Financial Corp. 4,118
25,000 Regions Financial Corp. 606
40,000 SouthTrust Corp. 1,218
70,000 Wells Fargo Co. 2,800
--------------------------------- ---------
Total 15,460
--------------------------------- ---------
BEVERAGES - 0.4%
---------------------------------
30,000 PepsiCo, Inc. 1,024
--------------------------------- ---------
BUSINESS SERVICES - 2.3%
---------------------------------
86,000 Cintas Corp. 4,029
40,000 Fastenal Co. 1,750
--------------------------------- ---------
Total 5,779
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 10.7%
---------------------------------
65,000 BMC Software, Inc. (b) 2,462
30,000 Computer Sciences Corp. (b) 2,756
65,000 Convergys Corp. (b) 1,909
90,000 Fiserv, Inc. (b) 3,054
25,000 Legato Systems, Inc. (b) 630
58,000 Microsoft Corp. (b) 5,677
126,000 Oracle Corp. (b) 6,294
115,000 Sterling Commerce, Inc. (b) 3,227
28,000 Sungard Data Systems, Inc. (b) 819
--------------------------------- ---------
Total 26,828
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 2.2%
---------------------------------
50,000 Cisco Systems, Inc. (b) 5,475
--------------------------------- ---------
CONSUMER CYCLICALS - 0.6%
---------------------------------
35,000 Carnival Corp. 1,577
--------------------------------- ---------
CONSUMER PRODUCTS - 0.7%
---------------------------------
20,000 Newell Rubbermaid, Inc. 600
11,000 Procter & Gamble Co. 1,110
--------------------------------- ---------
Total 1,710
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 0.7%
---------------------------------
12,000 General Electric Co 1,601
--------------------------------- ---------
ELECTRONICS - 13.6%
---------------------------------
25,000 Altera Corp. (b) 1,644
23,000 Analog Devices, Inc. (b) 2,151
5,000 Applied Materials, Inc. (b) 686
120,000 Artesyn Technologies, Inc. (b) 2,062
25,000 EMC Corp. (b) 2,663
60,000 Flextronics International, Ltd. (b) 2,981
94,000 Intel Corp. 9,300
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
45,000 Lucent Technologies, Inc. $ 2,486
20,000 Microchip Technology, Inc. (b) 1,257
9,000 QLogic Corp. (b) 1,376
55,000 Tellabs, Inc. (b) 2,970
42,000 Texas Instruments, Inc. 4,531
--------------------------------- ---------
Total 34,107
--------------------------------- ---------
ENERGY - 1.2%
---------------------------------
8,000 Chevron Corp. 669
13,201 Exxon Mobil Corp. 1,102
17,000 Schlumberger, Ltd. 1,038
3,291 Transocean Sedco Forex, Inc. 105
--------------------------------- ---------
Total 2,914
--------------------------------- ---------
FINANCIAL SERVICES - 5.6%
---------------------------------
50,000 A.G. Edwards, Inc. 1,656
30,000 Capital One Financial Corp. 1,230
90,000 Freddie Mac 4,517
40,000 Marsh & McLennan Cos., Inc. 3,760
75,000 T. Rowe Price Associates, Inc. 2,916
--------------------------------- ---------
Total 14,079
--------------------------------- ---------
HEALTHCARE - 3.8%
---------------------------------
22,000 Baxter International, Inc. 1,405
60,000 Biomet, Inc. 2,389
72,000 Guidant Corp. (b) 3,789
40,000 Medtronic, Inc. 1,830
--------------------------------- ---------
Total 9,413
--------------------------------- ---------
INSURANCE - 0.2%
---------------------------------
19,000 Cincinnati Financial Corp. 546
--------------------------------- ---------
MANUFACTURING - 3.2%
---------------------------------
25,000 Dana Corp. 587
35,000 Illinois Tool Works, Inc. 2,048
90,000 Tyco International, Ltd. 3,847
25,000 Zebra Technologies Corp., Class A (b) 1,480
--------------------------------- ---------
Total 7,962
--------------------------------- ---------
MEDIA/PUBLISHING - 1.0%
--------------------------------- ---------
55,000 Interpublic Group of Cos., Inc. 2,530
--------------------------------- ---------
MEDICAL DISTRIBUTION - 1.1%
---------------------------------
55,000 Cardinal Health, Inc. 2,630
--------------------------------- ---------
OFFICE EQUIPMENT & SUPPLIES - 1.0%
---------------------------------
16,000 Avery Dennison Corp. 1,084
28,000 Pitney-Bowes, Inc. 1,372
--------------------------------- ---------
Total 2,456
--------------------------------- ---------
PHARMACEUTICALS - 1.9%
---------------------------------
13,000 American Home Products Corp. 612
20,000 Bristol-Myers Squibb Co. 1,320
20,000 Pfizer, Inc. 727
12,000 Schering-Plough Corp. 528
15,000 Warner-Lambert Co. 1,424
--------------------------------- ---------
Total 4,611
--------------------------------- ---------
-Continued-
21
<PAGE>
FIFTH THIRD BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
RETAIL - 3.9%
---------------------------------
64,500 Home Depot, Inc. $ 3,652
80,000 Lowe's Cos., Inc. 3,570
50,000 Wal-Mart Stores, Inc. 2,738
--------------------------------- ---------
Total 9,960
--------------------------------- ---------
TELECOMMUNICATIONS - 4.7%
---------------------------------
40,000 ADC Telecommunications, Inc. (b) 2,638
50,000 Broadwing, Inc. 1,900
55,000 CenturyTel, Inc. 2,104
115,000 MCI WorldCom, Inc. (b) 5,283
--------------------------------- ---------
Total 11,925
--------------------------------- ---------
TRANSPORTATION - 1.4%
---------------------------------
50,000 Kansas City Southern
Industries, Inc. 3,459
--------------------------------- ---------
Total Common Stocks 167,860
--------------------------------- ---------
CORPORATE BONDS - 8.7%
FINANCIAL - 2.3%
---------------------------------
3,000 Associates Corp., 5.80%, 4/20/04 2,802
3,000 Bear Stearns, 7.625%, 2/1/05 2,960
--------------------------------- ---------
Total 5,762
--------------------------------- ---------
MANUFACTURING - 2.7%
---------------------------------
3,000 Procter & Gamble Co., 6.60%,
12/15/04 2,914
4,000 Tyco International Group, 6.875%,
9/5/02 3,913
--------------------------------- ---------
Total 6,827
--------------------------------- ---------
RETAIL - 1.6%
---------------------------------
4,000 Wal-Mart Stores, 6.875%, 8/10/09 3,834
--------------------------------- ---------
TELECOMMUNICATIONS - 2.1%
---------------------------------
3,000 Lucent Technologies, 6.45%,
3/15/29 2,562
3,000 Sprint Capital Corp., 5.875%, 5/1/04 2,809
--------------------------------- ---------
Total 5,371
--------------------------------- ---------
Total Corporate Bonds 21,794
--------------------------------- ---------
U.S. GOVERNMENT SECURITIES - 19.6%
MORTGAGE BACKED SECURITIES - 10.9%
---------------------------------
2,232 Fannie Mae, 7.50%, 9/1/29,
Pool # 252717 2,179
509 Fannie Mae, 6.00%, 4/1/11,
Pool # 344185 478
25,393 Fannie Mae, 7.50%, 12/1/29,
Pool # 535083 24,791
2 Freddie Mac, 9.50%, 10/1/02,
Pool # 380009 2
6 Freddie Mac, 8.00%, 8/1/08,
Pool # 272525 6
--------------------------------- ---------
Total 27,456
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
U.S. GOVERNMENT AGENCIES - 1.1%
---------------------------------
3,000 Fannie Mae, 5.125%, 2/13/04 $ 2,782
--------------------------------- ---------
U.S. TREASURY BONDS - 1.2%
---------------------------------
2,250 7.25%, 5/15/16 2,365
750 5.25%, 2/15/29 624
--------------------------------- ---------
Total 2,989
--------------------------------- ---------
U.S. TREASURY NOTES - 6.4%
---------------------------------
3,000 5.875%, 11/15/05 2,875
4,000 6.25%, 2/28/02 3,971
2,000 4.75%, 2/15/04 1,866
3,000 5.25%, 5/15/04 2,838
4,500 6.00%, 8/15/09 4,289
--------------------------------- ---------
Total 15,839
--------------------------------- ---------
Total U.S. Government Securities 49,066
--------------------------------- ---------
REPURCHASE AGREEMENT - 5.5%
$ 13,684 Warburg/ Dillon, 5.70%, dated
1/31/00, due 2/01/00 - (at
amortized cost), collateralized by
U.S. Treasury Notes, 6.00%-8.75%,
due 11/15/08- 2/15/26 with a
value of $13,959. 13,684
--------------------------------- ---------
TOTAL INVESTMENTS (COST $203,925) (A)
- 100.9% 252,404
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - (0.9%) (2,323)
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $250,081
--------------------------------- ---------
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax purposes of
$19. Cost for federal tax purposes differs from value by net unrealized
appreciation of $48,460, which is composed of $58,960 appreciation and
$10,500 depreciation at January 31, 2000.
(b) Non-income producing security.
(See Notes which are an integral part of the Financial Statements)
22
<PAGE>
FIFTH THIRD MID CAP FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
COMMON STOCKS - 98.5%
APPAREL & ACCESSORY STORES - 3.2%
---------------------------------
163,000 American Eagle Outfitters, Inc.(b) $ 5,919
110,000 Tommy Hilfiger Corp. (b) 1,327
--------------------------------- ---------
Total 7,246
--------------------------------- ---------
BANKING - 7.4%
---------------------------------
285,000 First Tennessee National Corp. 7,446
174,000 Regions Financial Corp. 4,219
160,000 SouthTrust Corp. 4,870
--------------------------------- ---------
Total 16,535
--------------------------------- ---------
BUSINESS SERVICES - 4.9%
---------------------------------
154,000 Cintas Corp. 7,214
89,000 Fastenal Co. 3,894
--------------------------------- ---------
Total 11,108
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 16.2%
---------------------------------
125,000 BMC Software, Inc. (b) 4,734
20,000 Citrix Systems, Inc. (b) 2,745
90,000 Convergys Corp. (b) 2,644
57,000 Entrust Technologies, Inc. (b) 2,700
320,000 Fiserv, Inc. (b) 10,860
45,000 Legato Systems, Inc. (b) 1,133
179,000 Sterling Commerce, Inc. (b) 5,023
78,000 Sungard Data Systems, Inc. (b) 2,281
121,000 Whittman-Hart, Inc. (b) 4,295
--------------------------------- ---------
Total 36,415
--------------------------------- ---------
ELECTRONICS - 27.8%
---------------------------------
69,000 Altera Corp. (b) 4,537
128,000 Analog Devices, Inc. (b) 11,968
4,500 Applied Materials, Inc. (b) 618
410,000 Artesyn Technologies, Inc. (b) 7,047
31,000 Cree, Inc. (b) 2,918
226,000 Flextronics International, Ltd. (b) 11,229
166,000 Microchip Technology, Inc. (b) 10,437
58,000 QLogic Corp. (b) 8,870
110,000 Vitesse Semiconductor Corp. (b) 4,785
--------------------------------- ---------
Total 62,409
--------------------------------- ---------
FINANCIAL SERVICES - 7.3%
---------------------------------
240,000 A.G. Edwards, Inc. 7,950
220,000 T. Rowe Price Associates, Inc. 8,553
--------------------------------- ---------
Total 16,503
--------------------------------- ---------
HEALTHCARE - 4.9%
---------------------------------
140,000 Biomet, Inc. 5,574
235,000 Sybron International Corp. (b) 5,420
--------------------------------- ---------
Total 10,994
--------------------------------- ---------
INSURANCE - 1.4%
---------------------------------
60,000 Cincinnati Financial Corp. 1,725
32,000 MGIC Investment Corp. 1,490
--------------------------------- ---------
Total 3,215
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
MANUFACTURING - 3.6%
---------------------------------
80,000 OM Group, Inc. $ 3,010
85,000 Zebra Technologies Corp., Class A(b) 5,031
--------------------------------- ---------
Total 8,041
--------------------------------- ---------
MEDIA/PUBLISHING - 2.7%
---------------------------------
64,000 Omnicom Group, Inc. 5,996
--------------------------------- ---------
MEDICAL DISTRIBUTION - 3.3%
---------------------------------
154,000 Cardinal Health, Inc. 7,363
--------------------------------- ---------
PRINTING & PUBLISHING - 0.4%
---------------------------------
72,000 Consolidated Graphics, Inc. (b) 963
--------------------------------- ---------
RETAIL - 2.5%
---------------------------------
390,000 Casey's General Stores, Inc. 4,022
80,000 Dollar General Corp. 1,700
--------------------------------- ---------
Total 5,722
--------------------------------- ---------
TELECOMMUNICATIONS - 7.6%
---------------------------------
124,000 ADC Telecommunications, Inc. (b) 8,176
83,000 Broadwing, Inc. 3,154
151,000 CenturyTel, Inc. 5,776
--------------------------------- ---------
Total 17,106
--------------------------------- ---------
TRANSPORTATION - 5.3%
---------------------------------
158,000 GATX Corp. 4,543
102,000 Kansas City Southern Industries, Inc.7,057
--------------------------------- ---------
Total 11,600
--------------------------------- ---------
Total Common Stocks 221,216
--------------------------------- ---------
REPURCHASE AGREEMENT - 4.6%
$ 10,428 Warburg/Dillon, 5.70%, dated 1/31/00,
due 2/1/00 (a t amortized cost),
collateralized by U.S. Treasury Notes,
8.00%, due 11/15/21 with a value
of $10,637. 10,428
--------------------------------- ---------
TOTAL INVESTMENTS (COST $185,190)
(A) - 103.1% 231,644
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - (3.1%) (6,977)
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $224,667
--------------------------------- ---------
(a) Cost for federal tax purposes differs from value by net unrealized
appreciation of $46,454, which is composed of $64,095 appreciation and
$17,641 depreciation at January 31, 2000.
(b) Non-Income producing security.
(See Notes which are an integral part of the Financial Statements)
23
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
COMMON STOCKS - 90.5%
AUSTRALIA - 1.5%
---------------------------------
10,522 Amcor , Ltd. $ 44
6,738 AMP Diversified Property Trust 9
15,362 AMP, Ltd. 149
3,662 AMP, Ltd. Reinvestment Notes (b) -
6,172 Australian Gas & Light 36
3,535 Brambles Industries, Ltd. 84
17,360 Broken Hill Proprietary Co., Ltd. 208
10,166 Coca-Cola Amatil, Ltd. 24
17,869 Coles Myer, Ltd. 87
13,089 Coloniel, Ltd.. 53
1,716 CSL, Ltd. 25
2,004 F.H. Faulding & Co., Ltd. 11
28,703 Fosters Brewing Group 74
22,265 General Property Trust Units 35
77 Goldfields , Ltd. --
19,850 Goodman Fielder Wattie, Ltd. 16
4,418 Leighton Holdings 16
8,680 Lend Lease Corp. 110
5,960 Mayne Nickless, Ltd. 14
22,804 National Australia Bank, Ltd. 318
30,370 News Corp., Ltd. 357
21,505 Normandy Mining, Ltd. 14
7,273 North, Ltd. 14
2,149 Orica, Ltd. 11
18,220 Pacific Dunlop, Ltd. 23
6,609 QBE Insurance Group, Ltd. 30
1,966 Rio Tinto, Ltd. 35
9,754 Santos, Ltd. 26
10,340 Southcorp, Ltd. 36
5,267 Stockland Trust Group 11
5,119 Suncorp-Metway, Ltd. 27
5,269 TABCORP Holdings, Ltd. 29
149,788 Telstra Corp., Ltd. 745
3,009 Westfarmers, Ltd. 24
21,893 Westfield Trust 41
30,017 Westpac Banking Corp., Ltd. 204
19,303 WMC, Ltd. 98
18,704 Woolworths, Ltd. 58
--------------------------------- ---------
Total 3,096
--------------------------------- ---------
AUSTRIA - 0.3%
---------------------------------
716 Austria Tabakwerke AG 35
3,644 Bank Austria 168
153 BAU Holdings AG 6
298 BBAG Oesterreichische Brau -
Beteiligungs AG 11
230 Boehler-Uddeholm 10
55 BWT AG 9
230 Generali Holding Vienna AG 39
690 Flughafen Wein AG 25
46 Lenzing AG 3
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
390 Mayr-Melnhof Karton AG $ 21
97 Mikro Systemeintl AG (b) 4
992 Oesterreichische
Elektrizitactswirtschafs AG -
A Shares 109
869 OMV AG 83
488 VA Technologies AG 33
2,248 Weinerberger Baustoffindustrie AG 45
--------------------------------- ---------
Total 601
--------------------------------- ---------
FINLAND - 2.5%
---------------------------------
1,261 Hartwall Oyj Abp 18
4,189 Kesko Oyj - B Shares 51
1,603 Metra Oyj - B Shares 28
3,749 Metso Oyj 55
17,120 Nokia Oyj 3,105
23,560 Nordbanken Holdings
Subscription Receipts (b) 134
2,870 Outokumpu Oyj 38
3,886 Raisio Group Plc 12
2,550 Sampo Insurance Co. Ltd. - A Shares 88
149 Sanitec Oyj 2
14,053 Sonera Oyj 969
1,719 Tietoenator Oyj 98
14,479 Upm-Kymmene Oyj 542
--------------------------------- ---------
Total 5,140
--------------------------------- ---------
FRANCE - 8.9%
---------------------------------
3,590 Accor SA 147
4,495 Air Liquid 691
2,001 Alcatel Alsthom 399
12,486 Aventis SA 661
6,258 AXA SA 789
8,748 Banque Nationale De Paris 695
1,165 BIC 56
530 Bouygues 334
2,336 Canal Plus 381
1,081 Cap Gemini Sogeti 230
6,516 Carrefour SA 1,039
1,450 Casino Guichard Perrachon 139
1,192 Danone 257
1,887 Dassault Systems SA 133
1,887 De St. Gobain 268
12 Elf Aquitaine SA 2
817 Eridania Beghin-Say SA 76
255 Essilor International 72
774 Fonciere Lyonnaise 90
19,730 France Telecom SA 2,558
800 Gecina 84
1,701 Klepierre 163
3,696 La Farge-Coppee 327
2,710 La Gardere Groupe Sca 211
1,246 L'OREAL 808
-Continued-
24
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
1,670 Lvmh Moet Vuitton
Hennessy Lous $ 671
4,074 Michelin Class B, Registered 144
2,960 Pechiney SA, Series A 200
1,345 Pernod Ricard 73
540 Peugeot SA 114
2,238 Pinaukt Printemps Redo 447
1 Sagem SA - Old 2
135 Sagem SA - New 111
8,208 Sanofi Synthelabo SA 309
3,281 Schneider SA 233
303 Silic 46
1,952 Simco-Union SA, Registered 153
2,800 Societe des Immeubles de France 49
1,827 Societe Generale 368
649 Sodexho SA 99
4,670 STMicroelectronics 765
2,707 Suez Lyonnaise des Eaux SA 391
3,145 Thomson CSF 117
12,607 Total SA, Class B 1,569
1,710 Unibail Union Du Credit Bail 225
12,632 Unisor Sacilor SA 212
1,695 Valeo SA 116
8,955 Vivendi 920
--------------------------------- ---------
Total 17,944
--------------------------------- ---------
GERMANY - 9.5%
---------------------------------
5,003 Allianz AG 1,650
22,417 BASF AG 962
25,867 Bayer AG 1,004
9,082 Bayerische Vereins AG 544
3,800 Beiersdorf AG 246
2,800 Continental Gummiwerke AG 45
11,199 DaimlerChrysler AG 734
11,983 Deutsche Bank AG 903
58,464 Deutsche Telekom 3,912
2,150 Douglas Holdings AG 73
8,717 Dresdner Bank AG 420
1,400 Fresenius Medical Care AG 109
1,650 Gehe AG 56
8,750 IVG Holdings AG 121
2,170 Linde AG 99
3,080 Man AG 102
10,786 Mannesmann AG 2,928
5,563 Metro AG 226
3,334 Muenchener Rueckversicher 887
2,830 Preussag AG 135
10,109 RWE AG 324
1,225 Sap AG 698
11,867 Siemens AG 1,636
19,870 Thyssen Krupp AG 506
10,667 VEBA AG 449
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
15,700 Viag AG $ 265
3,830 Volkswagen AG 180
--------------------------------- ---------
Total 19,214
--------------------------------- ---------
GREAT BRITAIN - 14.2%
---------------------------------
17,510 Abbey National PLC 212
20,955 Albert Fisher Group PLC (b) 5
1,114 Alldays PLC 1
1,453 Allders PLC 3
17,395 Allied Zurich PLC 170
4,250 Amec PLC 16
7,378 Amvescap PLC 81
12,578 Anglian Water PLC 93
16,949 Arjo Wiggins Appleton PLC 50
2,076 ARM Holdings PLC (b) 124
12,734 Associated British Ports
Holdings PLC 47
8,112 Astrazeneca Group PLC 299
15,253 BAA PLC 95
10,041 Baird (William) PLC 10
19,506 Barclays PLC 473
6,078 Barratt Development PLC 21
10,277 Bass PLC 98
727 BBA Group PLC 5
15,317 Beazer Group PLC 30
10,589 Berisford PLC 51
4,129 Berkeley Group PLC 40
44,715 BG Ord Group 228
13,966 BICC Group PLC, Registered 17
17,645 Blue Circle Industries PLC 119
11,937 BOC Group PLC 257
13,269 Boots Co. PLC 107
240,630 BP Amoco PLC 2,128
21,274 BPB Industries PLC 122
41,164 British Aerospace PLC 221
1 British American Tobacco PLC --
84,507 British Land Co. PLC 511
20,250 British Sky Broadcasting Group PLC 472
124,358 British Telecommunications PLC 2,401
39,230 Burford Holdings PLC 56
13,838 Burmah Castrol PLC 216
37,775 Cable & Wireless PLC 773
24,392 Cadbury Schweppes PLC 137
7,488 Canary Wharf Group PLC (b) 45
2,257 Capita Group PLC 36
17,890 Capital Shopping Centres 99
36,869 Caradon PLC 92
6,849 Carpetright PLC 56
58,404 Centrica PLC 180
13,701 CGU PLC 181
2,595 Cobham PLC 36
7,078 Compass Group PLC 88
-Continued-
25
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
124,313 Corus Group PLC $ 246
1,422 Delta Group PLC 3
42,051 Diageo PLC 312
2,638 Dialog Corp. PLC (b) 5
4,776 Dixons Group PLC 95
3,516 Emap PLC 95
33,725 EMI Group PLC 416
16,028 Enterprise Oil 110
15,528 Firstgroup PLC 48
12,673 FKI PLC 56
3,100 Frogmore Estates PLC 22
17,121 GKN PLC 216
41,766 Glaxo Wellcome PLC 1,077
19,130 Granada Group PLC 191
89,750 Grant Chester Holdings 208
42,070 Great Portland Estates PLC 128
11,581 Great Universal Stores PLC 74
28,241 Halifax PLC 246
28,630 Hammerson PLC 172
26,879 Hanson PLC 196
19,478 Hays PLC 135
20,044 Hilton Group PLC 55
8,170 House Of Fraser PLC 8
95,376 HSBC Holdings PLC 1,118
5,440 Hyder PLC 22
14,972 IMI PLC 57
36,750 Imperial Chemical Industries PLC 295
78,553 Invensys PLC 382
8,779 Jarvis PLC 20
17,699 Johnson Matthey PLC 221
11,610 Kelda Group PLC 50
18,631 Kingfisher PLC 143
3,792 Laird Group PLC 13
64,049 Land Securities PLC 702
57,040 LASMO PLC 98
87,735 Legal & General Group PLC 230
7,091 LEX Services PLC 37
6,829 Limit PLC 16
71,739 Lloyds TSB Group PLC 727
4,354 Logica PLC 115
12,857 London Clubs International PLC 24
4,224 London Forfaiting Co, PLC (b) 2
11,197 Lonmin PLC 123
1,126 Low & Bonar PLC 3
1,089 Manchester United PLC 4
23,928 Marconi PLC 352
38,676 Marks & Spencer PLC 171
142 Mayflower Corp. PLC --
1,306 Mckechnie PLC 6
3,342 Meggitt Holdings PLC 9
50,532 MEPC PLC 328
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
27,466 Misys PLC $ 382
12,754 National Grid Group PLC 88
18,403 National Power PLC 108
9,712 Next PLC 76
25,360 NFC PLC 114
6,982 Nycomed Amersham PLC 44
535 Ocean Group PLC 10
17,121 Parity PLC 121
7,479 Pearson PLC 256
8,524 Peninsular & Oriental Steam
Navigation Co. 121
6,912 Pennon Group PLC 50
92,946 Pilkington PLC 127
24,724 Prudential Corp. PLC 458
846 Psion PLC 42
5,000 Quintain Estates &
Development PLC 13
6,266 Racal Electronics PLC 42
6,503 Railtrack Group PLC 81
29,526 Rank Group PLC 76
15,575 Reed International PLC 129
35,272 Rentokil Initial PLC 137
15,865 Reuters Group PLC 237
7,891 Rexam PLC 28
33,342 Rio Tinto PLC, Registered 624
22,636 Rolls-Royce PLC 77
13,360 Sage Group PLC 161
22,681 Sainsbury (J) PLC 125
2,199 Schroder PLC 50
3,196 Scotia Holdings PLC 8
8,723 Scottish & Newcastle PLC 56
13,891 Scottish & Southern Energy PLC 109
17,447 Scottish Power PLC 122
5,069 SEMA Group PLC 98
971 Skillsgroup PLC 5
42,917 Slough Estates PLC 224
12,282 Smith & Nephew PLC 36
62,457 SmithKline Beecham PLC 748
3,348 Smiths Industries PLC 39
27,365 Stagecoach Holdings PLC 62
8,113 T.I. Group PLC 48
6,751 Tate & Lyle PLC 29
11,869 Taylor Woodrow PLC 22
11,250 TBI PLC 16
44,162 Tesco PLC 117
5,606 Thames Water PLC 68
6,536 3i Group PLC 108
948 Torotrak PLC (b) 5
4,288 Trinity Mirror PLC 48
35,633 Unilever PLC 219
8,415 United Utilities Group PLC 81
-Continued-
26
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
420,476 Vodafone Group PLC $ 2,317
24,450 Wates City Of London
Properties PLC 37
666 Wickes PLC 2
26,574 WPP Group PLC 424
--------------------------------- ---------
Total 28,709
--------------------------------- ---------
HONG KONG - 3.0%
---------------------------------
39,899 Bank of East Asia, Ltd. 103
291,850 Cable & Wireless HKT, Ltd 709
70,000 Cheung Kong Holdings, Ltd. 884
53,000 CLP Holdings, Ltd. 221
63,000 Hang Lung Development Co., Ltd. 59
61,400 Hang Seng Bank, Ltd. 598
156,700 Hong Kong & China Gas, Ltd. 200
28,000 Hong Kong & Shanghai Hotel, Ltd. (b) 15
43,000 Hopewell Holdings 24
115,000 Hutchison Whampoa, Ltd. 1,655
34,800 Hysan Development, Ltd. 36
29,500 Johnson Electronic Holdings 189
62,821 New World Development Co., Ltd. 120
15 Regal Hotels International (b) --
16,000 Shagri-La Asia, Ltd. 18
102,619 Sino Land Co. 53
32,000 South China Morning Post, Ltd. 28
74,000 Sun Hung Kai Properties, Ltd. 687
47,500 Swire Pacific, Ltd., Class A 230
13,000 Television Broadcasts, Ltd. 95
71,600 Wharf Holdings, Ltd. 143
--------------------------------- ---------
Total 6,067
--------------------------------- ---------
INDIA - 0.5%
---------------------------------
28,000 Gujarat Ambuja Cements, Ltd. GDR 169
8,500 Larsen & Toubro, Ltd. GDR 198
15,000 Reliance Industries, Ltd. GDR 291
21,800 Tata Engineering and Locomotive
Co., Ltd. GDR 95
7,750 Videsh Sanchar Nigam, Ltd. GDR 221
--------------------------------- ---------
Total 974
--------------------------------- ---------
INDONESIA - 0.0%
---------------------------------
19,000 Mulia Industrindo (b) 1
--------------------------------- ---------
ITALY - 3.5%
---------------------------------
17,064 Assicurazioni Generali 481
3,566 Autogrill SpA 36
21,957 Banc San Paolo Torino 263
5,282 Banca Commerciale Italiana 23
77,136 Banca Intesa SpA 249
6,132 Banca Popolare Di Milano 43
73,758 Banco di Roma SpA 80
29,225 Benetton Group SpA 55
21,957 Beni Stabili SpA (b) 8
1,487 Burgo (Cartiere) SpA 9
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
73,615 Credito Italiano $ 293
132,800 Enel SpA (b) 537
121,852 ENI SpA 577
4,226 Fiat SpA 120
7,328 Impregilo SpA 5
59,259 Istituto Nazionale Assicuraz 144
7,897 Italgas SpA 34
20,372 Mediaset SpA 322
9,674 Mediobanca Banca SpA 78
24,082 Montedison SpA 35
66,358 Olivetti SpA 223
30,257 Parmalat Finanziaria SpA 35
38,405 Pirelli SpA 92
8,352 RAS SpA 70
2,071 Reno (Saffa) 4
3,721 Rinascente 20
3,192 Sirti SpA 10
8,334 Snia BPD SpA 8
2,369 Societa Assicuratrice Industriale SpA 20
71,330 Telecom Italia SpA 1,161
7,923 Telecom Italia SpA RNC 54
163,885 Telecom Italia Mobile SpA 1,807
38,965 Telecom Italia Mobile SpA RNC 154
75,533 Unione Immobiliare SpA 35
--------------------------------- ---------
Total 7,085
--------------------------------- ---------
JAPAN - 25.6%
---------------------------------
3,100 Acom Co Ltd 362
2,700 Advantest 620
31,400 Ajinomoto Co., Inc. 381
57,900 Asahi Bank, Ltd. 324
10,000 Asahi Breweries, Ltd. 98
27,000 Asahi Chemical Industry Co., Ltd. 151
46,800 Asahi Glass Co., Ltd. 396
10,000 Bank Of Fukuoka, Ltd. 60
99,000 Bank Of Tokyo-Mitsubishi, Ltd. 1,269
42,400 Bank Of Yokohama, Ltd. 175
2,400 Benesse Corp. 441
18,000 Bridgestone Corp. 381
21,400 Canon, Inc. 878
23,800 Casio Computer Co., Ltd. 194
43 Cent Japan Railway Co. 265
10,600 Chugai Pharmaceutical Co., Ltd. 154
500 Credit Saison Co., Ltd. 10
22,600 Dai Nippon Printing Co., Ltd. 396
27,600 Daiei, Inc. (b) 114
72,000 Daiwa Bank, Ltd. 209
21,600 Daiwa House Industry Co., Ltd. 186
27,000 Daiwa Securities, Ltd. 440
101 East Japan Railway Co. 478
16,800 Ebara Corp. 213
5,700 Fanuc Co., Ltd. 602
-Continued-
27
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
69,000 Fuji Bank $ 687
15,000 Fuji Photo Film Co., Ltd. 580
1,300 Fuji Soft ABC, Inc. 99
45,000 Fujitsu, Ltd. 1,669
18,800 Furukawa Electric Co. 276
5,000 Gunma Bank, Ltd. 32
80,000 Hitachi, Ltd. 1,137
11,000 Honda Motor Co., Ltd. 352
63,000 Industrial Bank of Japan 608
11,000 ITO-Yokado Co., Ltd. 1,005
1,600 Joyo Bank 7
9,800 JUSCO, Ltd. 177
49,400 Kajima Corp. 135
28,200 Kansai Electric Power, Inc. 489
14,000 Kao Corp. 383
25,000 Kawasaki Steel Corp. (b) 49
32,000 Kinki Nippon Railway 131
36,400 Kirin Brewery Co., Ltd. 450
39,400 Komatsu, Ltd. 177
60,000 Kubota Corp. 223
5,200 Kyocera Corp. 880
200 Kyowa Hakko Kogyo Co., Ltd. 2
800 Marubenii Corp. 3
6,000 Marui Co., Ltd. 84
46,000 Matsushita Electric
Industrial Co., Ltd. 1,223
33,000 Mitsubishi Chemical Corp. 133
59,800 Mitsubishi Electric Corp. 414
22,000 Mitsubishi Estate Co., Ltd. 218
112,000 Mitsubishi Heavy Industries, Ltd. 359
30,200 Mitsubishi Material Corp. (b) 78
31,000 Mitsubishi Trust & Banking Co. 286
800 Mitsui & Co. 6
13,400 Mitsui Fudosan 120
41,000 Mitsui Trust & Banking Co. 88
21,600 Mitsukoshi, Ltd. (b) 81
6,000 Murata Manufacturing Co., Ltd. 1,213
8,800 Mycal Corp. 45
36,200 NEC Corp. 778
48,400 New Oji Paper Co. 309
17,600 NGK Insulators, Ltd. 131
15,000 NGK Spark Plug Co. 152
1,400 Nichiei Co., Ltd. 43
700 Nidec Corp. 159
3,100 Nintendo Co., Ltd. 572
8,600 Nippon Denso, Ltd. 190
19,600 Nippon Express Co., Ltd. 138
9,600 Nippon Meat Packers, Inc. 109
45,800 Nippon Oil Co., Ltd. 208
180,800 Nippon Steel Corp. 431
245 Nippon Telegraph & Telephone Corp. 3,708
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
39,000 Nippon Yusen Kabushiki Kaisha $ 154
35,600 Nissan Motors Co., Ltd. 170
44,000 Nomura Securities Co., Ltd. 1,003
9,000 Onward Kashiyama Co., Ltd. 106
2,200 Oriental Land Co., Ltd. 191
1,100 Orix Corp. 206
51,200 Osaka Gas Co., Ltd. 127
6,000 Pioneer Electronic Corp. 163
2,400 Promise Co., Ltd. 166
2,800 Rohm Co. 926
67,000 Sakura Bank 426
11,800 Sankyo Co., Ltd. 277
58,000 Sanyo Electric Co. 248
7,600 Secom Co., Ltd. 682
5,100 Sega Enterprise, Ltd. 192
21,600 Sekisui House, Ltd. 210
17,200 Sharp Corp. 306
4,000 Shimano, Inc. 86
36,600 Shimizu Construction 112
3,800 Shin-Etsu Chemical Co. 204
9,800 Shiseido Co., Ltd. 135
18,400 Shizuoka Bank 178
7,000 Skylark Co, Ltd. 185
1,800 SMC Corp. 376
2,300 Softbank Corp. 2,256
9,800 Sony Corp. 2,468
70,000 Sumitomo Bank, Ltd. 951
40,600 Sumitomo Chemical Co., Ltd. 195
200 Sumitomo Corp. 2
34,400 Sumitomo Electric Industries 457
16,600 Sumitomo Metal & Mining (b) 42
50,400 Taisei Construction 94
9,800 Taisho Pharmaceutical Co. 296
6,000 Taiyo Yuden Co., Ltd. 299
26,400 Takeda Chemical Industries 1,430
3,200 Takefuji Corp. 383
19,400 Teijin, Ltd. 85
5,000 Terumo Corp. 123
27,600 Tobu Railway Co., Ltd. 81
6,700 Tohoku Electric Power Co., Inc. 89
47,800 Tokai Bank 274
35,000 Tokio Marine Fire Insurance Co. 364
7,000 Tokyo Broadcasting Systems, Inc. 264
34,400 Tokyo Electric Power 803
3,000 Tokyo Electron, Ltd. 418
49,600 Tokyo Gas, Ltd. 113
28,400 Tokyu Corp. 72
18,600 Toppan Printing Co., Ltd. 223
23,100 Toray Industries, Inc. 98
71,000 Toshiba Corp. 557
26,600 Toto, Ltd. 155
-Continued-
28
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
47,000 Toyota Motor Corp. $ 2,059
49,400 Ube Industries, Inc. 100
9,000 Yamanouchi Pharmaceutical
Co., Ltd. 395
16,000 Yokogawa Electric Corp. 135
--------------------------------- ---------
Total 51,734
--------------------------------- ---------
NETHERLANDS - 5.0%
---------------------------------
34,599 ABN Amro Holdings NV 698
13,558 Aegon NV 974
11,709 Akzo NV 487
1,826 Buhrmann NV 36
13,619 Elsevier NV 159
1,724 Getronics NV 112
2,120 Hagemeyer NV 38
8,089 Heineken NV 420
23,971 ING Groep NV 1,210
13,982 Koninklijke Ahold NV 333
8,582 Koninklijke KNP NV 736
590 Nedlloyd Groep NV 15
2,153 Oce Van Grinten 26
7,714 Philips Electronics NV 1,136
1,490 Rodamco Continental Europe NV (b) 59
46,277 Royal Dutch Petroleum Co. 2,469
11,366 TNT Post Group NV 295
7,300 Uni-Invest NV 91
12,917 Unilever NV 587
1,476 Vedior NV 13
1,086 Verenigde Machinefabrieken Stork NV 14
6,416 Wolters Kluwer NV CVA 232
--------------------------------- ---------
Total 10,140
--------------------------------- ---------
NORWAY - 0.0%
---------------------------------
150 Steen & Strom Invest ASA (b) 2
--------------------------------- ---------
PORTUGAL - 0.9%
---------------------------------
47,395 Banco Commercial 266
5,800 Banco Espirito Santo 154
25,330 BPI-SGPS S.A. 98
14,500 Brisa Autostradas 115
900 Cie De Seguros Tranquilidad 28
500 CIN-Corporacao Industrial do Norte 3
29,000 Electricidade De Portugal 454
500 Inapa 4
3,950 Jeronimo Martins 86
5,200 Portucel Industrial 39
35,130 Portugal Telecom 419
200 Sociedade De Construcoes Soares
Da Costa SA (b) 1
900 Somague (SOC DE Empreitadas) (b) 3
2,200 Sonae 112
800 Unicer 22
--------------------------------- ---------
Total 1,804
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
SINGAPORE - 2.2%
---------------------------------
35,000 City Development, Ltd. $ 175
4,750 Creative Technology, Ltd. 79
15,000 Cycle & Carriage, Ltd. 33
65,683 DBS Group Holdings, Ltd. 881
67,250 DBS Land, Ltd. 104
15,000 First Capital Corp., Ltd. 16
17,000 Fraser & Neave, Ltd. 53
44,000 Hotel & Properties 38
42,000 Keppel Corp., Ltd. 97
24,000 Natsteel, Ltd. 51
34,000 Neptune Orient Lines, Ltd. (b) 34
62,058 Overseas Union Enterprises, Ltd. 529
22,000 Parkway Holdings, Ltd. 47
94,802 Sembcorp Industries, Ltd. 104
63,000 Singapore International Airlines, Ltd. 659
19,059 Singapore Press Holdings 375
157,000 Singapore Technology Engineering, Ltd. 203
252,000 Singapore Telecommunications, Ltd. 418
82,000 United Industries Corp., Ltd. 39
51,352 United Overseas Bank, Ltd. 377
31,000 United Overseas Land, Ltd. 25
13,000 Venture Manufacturing Singapore, Ltd. 176
--------------------------------- ---------
Total 4,513
--------------------------------- ---------
SOUTH KOREA - 1.0%
---------------------------------
5,530 Hyundai Motor Co., Ltd. (b) 84
5,820 Kookmin Bank 105
9,040 Korea Electric Power Corp. 279
4,920 LG Chemical, Ltd. 175
2,250 LG Electronics, Inc. 71
2,600 Pohang Iron & Steel Co., Ltd. ADR 92
2,840 Samsung Electro-Mechanics Co. 207
2,090 Samsung Electronics 519
3,730 Samsung Securities Co., Ltd. 138
12,960 Shinhan Bank 165
30 SK Telecom Co., Ltd. 101
--------------------------------- ---------
Total 1,936
--------------------------------- ---------
SPAIN - 3.5%
---------------------------------
6,026 Acerinox SA 227
9,065 Acesa Autopista 82
2,069 ACS Actividades Cons y Serv 37
2,963 Alba 88
15,341 Altadis SA 168
1,104 Azucarera Ebro 13
86,201 Banco Bilbao Vizcaya 1,117
99,152 Banco Santander SA 977
2,509 Corporacion Mapfre 37
5,948 Dragados Y Construcciones SA 48
25,891 Endesa SA 479
15,087 Gas Natural SDG SA 277
4,827 General De Aguas de Barcelona SA 53
-Continued-
29
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
25,772 Iberdrola SA $ 298
1,000 Inmobilaria Metro (b) 5
8,911 Metrovacesa SA 131
7,370 Prima Inmobiliaria 61
32,852 Repsol SA 622
3,294 SOL Melia SA (b) 37
73,177 Telefonica De Espana (b) 1,854
7,635 Telepizza (b) 32
10,088 Union Electrica Fenosa SA 183
34,110 Vallehermoso SA 194
1,743 Zardoya Otis 15
--------------------------------- ---------
Total 7,035
--------------------------------- ---------
SWEDEN - 3.4%
---------------------------------
11,989 AstraZeneca PLC 444
3,600 Atlas Copco AB, Series A 91
2,000 Atlas Copco AB, Series B 49
8,520 Castellum International, Ltd. 72
12,080 Diligentia AB 102
13,930 Drott AB 131
8,800 Electrolux AB, Series B 188
35,300 Ericsson LM, Series B 2,497
15,000 Foereningssparbanken 200
22,000 Hennes & Mauritz, Series B 676
2,150 Netcom, Series B (b) 140
2,000 OM Gruppen AB 64
5,600 Sandvik, Series A 152
2,200 Sandvik, Series B 61
11,200 Securitas AB, Series B 234
14,600 Skandia Forsakring 390
17,100 Skandinaviska Enskilda Banken,
Class A 152
3,600 Skanska AB, Series B 119
2,500 SKF AB, Series B 57
1,900 SSAB Swedish Steel 27
16,200 Svenska Cellulosa AB, Series B 408
18,400 Svenska Handelsbanken, Series A 216
4,850 Tornet Fastighets AB 60
4,000 Trelleborg AB, Series B 31
1,400 Volvo AB, Series A 32
5,200 Volvo AB, Series B 125
2,000 WM-Data AB, Series B 128
--------------------------------- ---------
Total 6,846
--------------------------------- ---------
SWITZERLAND - 5.0%
---------------------------------
5,700 ABB, Ltd. 633
380 Adecco SA, Registered 287
75 Alusuisse-Lonza Holding, Registered 54
5,600 Credit Suisse Group, Registered 966
65 George Fischer, Registered 22
290 Holderbank Financiere Glarus AG 368
100 Lonza AG (b) 59
815 Nestle SA, Registered 1,342
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
1,325 Novartis AG, Registered $ 1,635
34 Roche Holdings AG 519
143 Roche Holdings AG, Genuss 1,549
43 Societe Generale (b) 66
95 Sulzer AG, Registered (b) 65
115 Swatch Group AG 117
300 Swiss Reinsurance Co., Registered 516
1,050 Swisscom AG 374
4,202 UBS AG, Registered 984
130 Valora Holding AG, Registered 38
985 Zurich Allied AG 460
--------------------------------- ---------
Total 10,054
--------------------------------- ---------
THAILAND - 0.0%
---------------------------------
8,700 CMIC Finance & Securities Co.,
Ltd. (b) --
13,300 Finance One PLC (b) --
14,500 General Finance & Securities Co.,
Ltd. (b) --
9,100 Univest Land Public Co., Ltd. (b) --
--------------------------------- ---------
Total --
--------------------------------- ---------
Total Common Stocks (Cost $153,875) 182,895
--------------------------------- ---------
PREFERRED STOCK - 0.5%
AUSTRALIA - 0.1%
---------------------------------
26,901 News Corp., Ltd. 277
--------------------------------- ---------
AUSTRIA - 0.0%
---------------------------------
2 BAU Holdings - AG --
--------------------------------- ---------
GERMANY - 0.3%
---------------------------------
875 Sap AG 671
1,250 Volkswagen AG 35
--------------------------------- ---------
Total 706
--------------------------------- ---------
ITALY - 0.0%
---------------------------------
813 Fiat SpA 10
--------------------------------- ---------
NETHERLANDS - 0.1%
---------------------------------
14,467 Unilever NV (b) 71
--------------------------------- ---------
Total Preferred Stocks (Cost $639) 1,064
--------------------------------- ---------
WARRANTS - 0.0%
FRANCE - 0.0%
---------------------------------
2,171 Banque Nationale De Paris 14
--------------------------------- ---------
ITALY - 0.0%
---------------------------------
5,282 Banca Intesa SpA 15
--------------------------------- ---------
Total Warrants (Cost $5) 29
--------------------------------- ---------
CONVERTIBLE SECURITIES - 0.0%
PORTUGAL - 0.0%
---------------------------------
$960 Jeronimo Martins, 12/30/04 6
--------------------------------- ---------
Total Convertible Securities (Cost $5) 6
--------------------------------- ---------
-Continued-
30
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
CORPORATE BONDS - 0.0%
FRANCE - 0.0%
---------------------------------
-- Casino Guichard, 4.50%, 7/12/01 $ --
40 Sodexho SA, 6.00%, 6/7/04 6
--------------------------------- ---------
Total Corporate Bonds (Cost $27) 6
--------------------------------- ---------
INCOME SECURITIES - 0.0%
AUSTRALIA - 0.0%
---------------------------------
10 AMP, Ltd. 6
--------------------------------- ---------
Total Income Securities (Cost $10) 6
--------------------------------- ---------
REPURCHASE AGREEMENTS - 4.2%
UNITED STATES
---------------------------------
$ 8,507 Warburg/Dillon, 5.70%, dated
1/31/00, due 2/1/00
(at amortized cost), collateralized
by U.S. Treasury Bond, 9.125%,
due 5/15/18 with a value of
$8,678. 8,507
--------------------------------- ---------
TOTAL REPURCHASE AGREEMENTS
(COST $8,507) 8,507
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $163,068) (A) - 95.2% 192,513
--------------------------------- ---------
OTHER ASSETS IN EXCESS OF
LIABILITIES - 4.8% 9,774
--------------------------------- ---------
TOTAL NET ASSETS - 100% $202,287
--------------------------------- ---------
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax purposes of
$2,474 and by the amount of market to market adjustments for passive foreign
investment companies of $566. Cost for federal income tax purposes differs
from value by net unrealized depreciation of $32,485 which is composed of
$42,414 appreciation and $9,929 depreciation at January 31, 2000.
(b) Non-income producing security.
The International Equity Fund's investment concentration, by
industry, as of January 31, 2000, was as follows:
Automotive 4.41%
Business & Financial Services 14.27%
Chemicals 3.16%
Electric 4.97%
Food 4.22%
Insurance 5.12%
Oil & Gas Producers 5.71%
Pharmaceuticals 5.23%
Real Estate 4.17%
Telecommunications 12.46%
Other 36.28%
Open futures contracts as of January 31, 2000: (Amounts in
thousands except number of contracts)
Number of Opening Market
Contracts Contract Type Position Value
30 Long DAX, 3/17/00 $4,723 $5,032
19 Long TOPIX, 3/15/00 2,956 3,032
At January 31, 2000, the International Equity Fund had outstanding forward
foreign currency exchange contracts on the following page (Amounts in thousands
except unrealized appreciation (depreciation).
(See Notes which are an integral part of the Financial Statements)
31
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
CONTRACT UNREALIZED
DELIVERY AMOUNT CONTRACT VALUE APPRECIATION
DATE (LOCAL CURRENCY) U.S. DOLLAR (DEPRECIATION)
- --------------------------------------- ------------------ ------------------ ------------------
<S> <C> <C> <C>
BRITISH STERLING POUNDS
Long Contracts
3/24/00 3,563 $5,867 $(111)
3/24/00 2,208 3,675 (108)
3/24/00 278 451 (2)
Short Contracts
3/24/00 2,938 4,802 56
3/24/00 903 1,479 21
3/24/00 2,208 3,626 59
EURO
- ---------------------------------------
Long Contracts
3/7/00 2,253 $2,439 $(248)
3/7/00 2,180 2,364 (245)
3/7/00 3,473 3,690 (313)
3/7/00 3,677 3,847 (271)
3/7/00 148 150 (6)
3/7/00 903 920 (43)
3/7/00 210 209 (5)
Short Contracts
3/7/00 6,077 6,640 731
3/7/00 383 398 26
3/7/00 1,935 1,963 81
3/10/00 131 141 14
JAPANESE YEN
- ---------------------------------------
Long Contracts
3/17/00 225,000 2,082 29
3/17/00 485,235 4,497 55
3/17/00 437,138 4,300 (199)
3/17/00 173,548 1,656 (28)
3/17/00 423,924 4,036 (59)
Short Contracts
3/17/00 373,703 3,463 (43)
3/17/00 373,783 3,644 138
3/17/00 376,002 3,644 117
3/17/00 9,475 93 4
3/17/00 9,525 92 3
3/17/00 102,270 993 34
3/17/00 188,961 1,855 82
3/17/00 10,404 100 2
</TABLE>
32
<PAGE>
FIFTH THIRD BOND FUND FOR INCOME
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
- --------------------------------------------------------------------------------
PAR SECURITY MARKET
VALUE DESCRIPTION VALUE
- --------- --------------------------------- ---------
ASSET BACKED SECURITIES - 0.9%
FINANCIAL - 0.9%
---------------------------------
$ 1,923 GE Capital Management, 6.940%,
3/25/07 $ 1,923
--------------------------------- ---------
Total Asset Backed Securities 1,923
--------------------------------- ---------
CORPORATE BONDS - 39.7%
FINANCIAL - 12.7%
---------------------------------
5,000 American General Finance Corp.,
5.750%, 11/1/03 4,689
7,000 Aristar Corp., 6.000%, 8/1/01 6,866
7,000 Lehman Brothers Corp., 7.250%
4/15/03 6,870
5,000 Mellon Bank Corp., 7.375%,
5/15/07 4,916
5,000 Southern National Corp., 7.050%,
5/23/03 4,906
--------------------------------- ---------
Total 28,247
--------------------------------- ---------
INDUSTRIAL - 4.3%
---------------------------------
4,000 Service Corp. Intl., 6.375%,
10/1/00 3,600
6,000 Hertz Co., 7.625%, 8/15/07 5,945
--------------------------------- ---------
Total 9,545
--------------------------------- ---------
RETAIL - 6.0%
---------------------------------
7,000 Jones Apparel Co., 7.875%,
6/15/06 6,719
7,000 Walmart, 6.875%, 8/10/09 6,709
--------------------------------- ---------
Total 13,428
--------------------------------- ---------
OIL & GAS PRODUCERS & SERVICES - 4.2%
---------------------------------
10,000 Atlantic Richfield Corp., 5.550%,
4/15/03 9,518
--------------------------------- ---------
TELECOMMUNICATIONS - 5.6%
---------------------------------
8,000 MCI WorldCom, Inc., 6.125%,
4/15/02 7,775
5,000 Sprint Capital Corp., 5.875%, 5/1/04 4,682
--------------------------------- ---------
Total 12,457
--------------------------------- ---------
UTILITIES - 6.9%
---------------------------------
5,000 Alabama Power, 7.125%, 8/15/04 4,913
5,000 Northern States Power, 7.875%,
10/1/01 5,049
1,000 Southern New England, 8.000%,
11/20/01 1,012
5,000 U.S. West, 6.375%, 7/15/08 4,515
--------------------------------- ---------
Total 15,489
--------------------------------- ---------
Total Corporate Bonds 88,684
--------------------------------- ---------
U.S. GOVERNMENT SECURITIES - 44.3%
MORTGAGE BACKED SECURITIES - 7.4%
---------------------------------
940 Ginnie Mae, 10.500%, 7/15/14,
Pool #321016 1,004
PAR SECURITY MARKET
VALUE DESCRIPTION VALUE
- --------- --------------------------------- ---------
$ 900 Ginnie Mae, 8.500%, 6/15/22,
Pool #220207 $ 932
14,788 Ginnie Mae, 7.500%, 10/15/29 14,460
--------------------------------- ---------
Total 16,396
--------------------------------- ---------
U.S. GOVERNMENT AGENCIES - 16.9%
---------------------------------
7,750 Fannie Mae, 7.100%, 10/18/04 7,608
8,000 Fannie Mae, 5.810%, 3/2/04
(Callable 3/2/01 @ 100) 7,603
10,000 FFCB, 5.900%, 8/6/01
(Callable 8/6/00 @ 100) 9,867
5,000 FHLB, 5.610%, 8/10/01 4,920
8,000 FHLB, 6.905%, 10/18/04 7,822
1 FHLMC, 7.500%, 2/1/02 1
--------------------------------- ---------
Total 37,821
--------------------------------- ---------
U.S. TREASURY NOTES - 20.0%
---------------------------------
4,000 5.375%, 2/15/01 3,958
4,500 6.125%, 12/31/01 4,459
4,000 6.500%, 5/31/02 3,986
10,500 5.250%, 5/15/04 9,932
1,000 7.000%, 7/15/06 1,011
11,750 5.500%, 5/15/09 10,773
11,000 6.000%, 8/15/09 10,484
--------------------------------- ---------
Total 44,603
--------------------------------- ---------
Total U.S. Government Securities 98,820
--------------------------------- ---------
REPURCHASE AGREEMENT - 13.6%
$ 30,359 Warburg/Dillon, 5.700%, dated
1/31/00, due 2/1/00
(at amortized cost), collaterized by
U.S. Treasury Notes, 13.130%,
due 5/15/01 and 9.130%,
due 5/15/18 with a total value of
$30,442 30,359
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $223,933) (A) - 98.5% 219,786
--------------------------------- ---------
OTHER ASSETS IN EXCESS
OF LIABILITIES - 1.5% 3,454
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $223,240
--------------------------------- ---------
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax purposes of
$100. Cost for federal income tax purposes differs from value by net
unrealized depreciation of $4,247 which is composed of $176 appreciation and
$4,423 depreciation at January 31, 2000.
The following abbreviations are used in this portfolio:
FFCB- Federal Farm Credit Bank
FHLB- Federal Home Loan Bank
FHLMC- Federal Home Loan Mortgage Corporation
(See Notes which are an integral part of the Financial Statements)
33
<PAGE>
FIFTH THIRD QUALITY BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
CORPORATE BONDS - 27.3%
FINANCIAL - 7.1%
---------------------------------
$ 6,000 Washington Mutual, Inc., 7.500%,
8/15/06 $ 5,851
5,000 Bear Stearns Co., Inc., 7.625%,
2/1/05 4,933
--------------------------------- ---------
Total 10,784
--------------------------------- ---------
MANUFACTURING - 7.7%
---------------------------------
5,000 Proctor & Gamble Co., 6.600%,
12/15/04 4,857
7,000 Tyco International Group SA,
6.875%, 9/5/02 6,848
--------------------------------- ---------
Total 11,705
--------------------------------- ---------
TELECOMMUNICATIONS - 5.9%
---------------------------------
5,000 Lucent Technologies, 6.450%,
3/15/29 4,270
5,000 Sprint Capital Corp., 5.875%,
5/1/04 4,681
--------------------------------- ---------
Total 8,951
--------------------------------- ---------
UTILITIES - 6.6%
---------------------------------
5,000 Alabama Power Co., 7.125%,
8/15/04 4,913
5,000 Southern Cal Edison, 7.625%,
1/15/10 4,984
--------------------------------- ---------
Total 9,897
--------------------------------- ---------
Total Corporate Bonds 41,337
--------------------------------- ---------
U.S. GOVERNMENT SECURITIES - 61.8%
MORTGAGE BACKED SECURITIES - 35.7%
---------------------------------
2 Freddie Mac, 9.500%, 10/1/02,
Pool #380009, CMO 3
7 Freddie Mac, 8.000%, 8/1/08,
Pool #272525, CMO 7
7,435 Fannie Mae, 7.500%, 9/1/29,
Pool #252717 7,259
4,996 Fannie Mae, 7.500%, 12/1/29,
Pool #526652 4,878
42,820 Fannie Mae, 7.500%, 12/1/29,
Pool #535083 41,804
--------------------------------- ---------
Total 53,951
--------------------------------- ---------
U.S. GOVERNMENT AGENCIES - 5.9%
---------------------------------
7,250 Fannie Mae, 5.740%, 5/17/02
(Callable 5/17/00 @100) 7,053
2,000 Fannie Mae, 6.375%, 6/15/09 1,870
--------------------------------- ---------
Total 8,923
--------------------------------- ---------
U.S. TREASURY BONDS - 3.1%
---------------------------------
3,000 7.500%, 11/15/16 3,228
1,750 5.250%, 2/15/29 1,457
--------------------------------- ---------
Total 4,685
--------------------------------- ---------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
U.S. TREASURY NOTES - 17.1%
---------------------------------
$ 5,000 6.000%, 7/31/02 $ 4,926
5,000 6.500%, 5/15/05 4,944
3,000 5.875%, 11/15/05 2,876
4,500 5.500%, 5/15/09 4,126
9,500 6.000%, 8/15/09 9,054
--------------------------------- ---------
Total 25,926
--------------------------------- ---------
Total U.S. Government Securities 93,485
--------------------------------- ---------
REPURCHASE AGREEMENT - 11.4%
$ 17,287 Warburg/Dillon, 5.700%, dated
1/31/00, due 2/1/00 (at
amortized cost), collateralized
by U.S. Treasury Notes, 8.750%,
due 11/15/08 with a value of
$17,637. 17,287
--------------------------------- ---------
TOTAL INVESTMENTS (COST $155,789)
(A) - 100.5% 152,109
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - (0.5%) (762)
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $151,347
--------------------------------- ---------
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax purposes of
$70. Cost for federal income tax purposes differs from value by net
unrealized depreciation of $3,750 which is composed of $59 appreciation and
$3,809 depreciation at January 31, 2000.
The following abbreviation is used in this portfolio:
CMO - Collateralized Mortgage Obligation
(See Notes which are an integral part of the Financial Statements)
34
<PAGE>
FIFTH THIRD U.S. GOVERNMENT SECURITIES FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
U.S. GOVERNMENT SECURITIES - 93.4%
MORTGAGE BACKED SECURITIES - 31.5%
---------------------------------
$ 630 Fannie Mae, 6.000%, 6/1/01 $ 630
3,346 Fannie Mae, 6.000%, 10/1/04 3,226
2,000 Fannie Mae, 7.100%, 10/18/04 1,963
2,000 Fannie Mae, 5.700%, 5/15/02 1,943
2,000 Fannie Mae, 5.960%, 2/23/04 1,908
1,664 Fannie Mae, 6.500%, 12/1/04 1,625
2,000 Fannie Mae, 7.000%, 12/1/06 1,968
2,000 Fannie Mae, 5.700%, 5/15/02 1,945
--------------------------------- ---------
Total 15,208
--------------------------------- ---------
U.S. GOVERNMENT AGENCIES - 30.4%
---------------------------------
2,000 Fannie Mae, 6.290%, 5/9/05
(Callable 5/9/01@ 100) 1,905
2,000 Fannie Mae, 5.775%, 2/12/03
(Callable 2/12/01@ 100) 1,934
1,000 FFCB, 6.600%, 7/7/06 966
2,000 FFCB, 5.100%, 11/24/03 1,865
2,000 FFCB, 5.900%, 8/6/01 1,973
1,500 FHLB, 6.090%, 6/2/06 1,413
1,768 FHLMC, 6.000%, 9/1/05 1,689
3,000 FHLMC, 5.500%, 8/23/02 2,889
--------------------------------- ---------
Total 14,634
--------------------------------- ---------
U.S. TREASURY NOTES - 31.5%
---------------------------------
3,000 6.500%, 5/15/05 2,966
2,500 7.250%, 5/15/04 2,546
2,500 5.875%, 11/15/05 2,397
1,500 6.500%, 10/15/06 1,478
2,000 5.875%, 11/30/01 1,975
2,000 6.250%, 6/30/02 1,982
1,000 4.250%, 11/15/03 919
1,000 4.750%, 2/15/04 934
--------------------------------- ---------
Total 15,197
--------------------------------- ---------
Total U.S. Government Securities 45,039
--------------------------------- ---------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
REPURCHASE AGREEMENT - 5.1%
$ 2,481 Warburg/Dillon, 5.700%, dated
1/31/00, due 2/1/00
(at amortized cost), collaterized by
U.S. Treasury Notes, 8.000%, due
11/15/21 with a value of $2,499 $ 2,481
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $49,004) (A) - 98.5% 47,520
--------------------------------- ---------
OTHER ASSETS IN EXCESS
OF LIABILITIES - 1.5% 688
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $ 48,208
--------------------------------- ---------
(a) Cost for federal tax purposes differs from value by net unrealized
depreciation of $1,484, which is composed of $3 appreciation and $1,487
depreciation at January 31, 2000.
The following abbreviations are used in this portfolio:
FFCB - Federal Farm Credit Bank
FHLB - Federal Home Loan Bank
FHLMC - Federal Home Loan Mortgage Corporation
(See Notes which are an integral part of the Financial Statements)
35
<PAGE>
FIFTH THIRD MUNICIPAL BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
MUNICIPAL BONDS - 92.5%
ALABAMA - 4.9%
---------------------------------
$ 2,050 Alabama State, Public School &
College Authority, Revenue,
5.250%, 8/1/06 $ 2,063
1,620 University of Alabama Birmingham,
Revenue, 4.750%, 10/1/05 1,733
1,765 University of Alabama Birmingham,
Revenue, 4.875%, 10/1/06 1,594
--------------------------------- ---------
Total 5,390
--------------------------------- ---------
ARIZONA - 5.1%
---------------------------------
2,000 Pima County, Improvement, GO,
5.000%, 7/1/06 1,996
3,400 Pima County, School District No. 1,
GO, Series D, 6.100%, 7/1/11
(Callable 7/1/02 @ 102) 3,566
--------------------------------- ---------
Total 5,562
--------------------------------- ---------
CALIFORNIA - 2.9%
---------------------------------
2,170 Los Angeles, Wastewater Systems,
Revenue, Series C, 4.000%, 6/1/15
(Callable 6/1/08 @101), MBIA 1,726
1,505 Sanger, Unified School District, GO,
5.350%, 8/1/15, MBIA 1,463
--------------------------------- ---------
Total 3,189
--------------------------------- ---------
FLORIDA - 4.9%
---------------------------------
2,455 Escambia County, Revenue, 4.600%,
1/1/07, AMBAC 2,351
1,000 Orlando, Capital Improvement,
Revenue, 6.000%, 10/1/22
(Prerefunded 10/1/01 @ 102) 1,043
2,000 Reedy Creek, Series A, GO, 5.250%,
6/1/09 (Callable 6/1/08 @ 100),
MBIA 1,995
--------------------------------- ---------
Total 5,389
--------------------------------- ---------
GEORGIA - 1.9%
---------------------------------
2,000 Fulton County, Hospital Authority,
Series B, Revenue, 6.375%, 9/1/22
(Prerefunded 9/1/02 @ 102) 2,106
--------------------------------- ---------
ILLINOIS - 3.4%
---------------------------------
1,230 Cook County, Community School
District #097 Oak Park, Series A,
GO, 5.500%, 12/1/12 (Callable
12/1/09 @ 100) 1,200
1,500 DuPage County, Community High
School District #099, Downers Grove,
GO, 5.500%, 12/1/15 (Callable
12/1/09 @ 100), FSA 1,431
1,055 Macon County & Decatur Illinois,
CP, 6.500%, 1/1/05, FGIC 1,118
--------------------------------- ---------
Total 3,749
--------------------------------- ---------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
INDIANA - 6.4%
---------------------------------
$ 1,625 Ball State University, Series I,
Revenue, 3.350%, 7/1/00, FGIC $ 1,618
1,275 Munster, School Building Corp.,
Revenue, 5.700%, 7/15/10
(Prerefunded 1/15/05 @ 101),
MBIA 1,323
2,000 South Bend, Indiana, Community
School Corp., Riley School Building
Corp., Refunding, Revenue, 5.250%,
7/1/12 (Callable 7/1/08 @ 101) 1,919
2,245 Tipton, Community School Building
Corp., Revenue, 5.550%, 7/15/12,
FSA 2,225
--------------------------------- ---------
Total 7,085
--------------------------------- ---------
KANSAS - 1.2%
---------------------------------
1,250 Douglas County, Unified School
District, GO, 6.000%, 9/1/09
(Prerefunded 9/1/03 @ 100) 1,290
--------------------------------- ---------
MAINE - 0.8%
---------------------------------
1,000 Maine, Municipal Bond Bank,
Series C, Revenue, 5.200%,
11/1/18 (Callable 11/1/09 @ 101) 893
--------------------------------- ---------
MASSACHUSETTS - 2.9%
---------------------------------
4,000 State, Industrial Financial
Agency, Bradford College,
Revenue, 5.250%, 11/1/18
(Callable 11/1/08 @ 102) 3,204
--------------------------------- ---------
MICHIGAN - 4.9%
---------------------------------
1,000 Detroit, Michigan, Series A, GO,
6.700%, 4/1/10 (Callable 4/1/05
@ 101) 1,084
2,790 Lansing, Michigan, Water & Electric,
Series A, Revenue, 5.100%, 7/1/11
(Callable 7/1/09 @ 100) 2,658
1,500 Michigan, Municipal Bond Authority,
Revenue, 7.000%, 11/1/03,
AMBAC 1,608
--------------------------------- ---------
Total 5,350
--------------------------------- ---------
MISSOURI - 1.7%
---------------------------------
2,000 Kansas City, Streetlight Project,
Series B, GO, 5.000%, 2/1/13
(Callable 2/1/07 @ 101) 1,874
--------------------------------- ---------
NEVADA - 3.6%
---------------------------------
4,000 Clark County, Flood Control, GO,
5.250%, 11/1/10 (Callable
11/1/08 @ 101), FGIC 3,932
--------------------------------- ---------
-Continued-
36
<PAGE>
FIFTH THIRD MUNICIPAL BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
NEW JERSEY - 7.2%
---------------------------------
$ 3,000 New Jersey, State Transportation,
Series A, Revenue, 5.125%,
6/15/15 (Callable 6/15/09
@ 100) $ 2,767
5,120 New Jersey, State Transportation
Authority, A, Revenue,
5.625%, 6/15/13 5,156
--------------------------------- ---------
Total 7,923
--------------------------------- ---------
NEW YORK - 8.2%
---------------------------------
2,000 New York City, Series F, GO,
5.500%, 8/1/06 2,019
4,000 New York City, Series H, GO, 7.000%,
2/1/22 (Callable 2/1/02 @ 101.5) 4,229
3,020 New York, State Transportation,
Series E, Revenue, 5.250%, 1/1/15
(Callable 1/1/08 @ 101) 2,799
--------------------------------- ---------
Total 9,047
--------------------------------- ---------
NORTH CAROLINA - 2.0%
---------------------------------
2,200 North Carolina, Municipal Power
Agency, Revenue, 5.900%, 1/1/03 2,261
--------------------------------- ---------
OHIO - 1.9%
---------------------------------
1,000 Columbus, Sewer Improvement
Bonds, GO, 6.500%, 9/15/01 1,032
1,000 Ohio State, Water Development
Authority, Revenue,
6.000%, 6/1/05 1,046
--------------------------------- ---------
Total 2,078
--------------------------------- ---------
OREGON - 1.0%
---------------------------------
1,000 Yamhill County, School District
No. 029J, GO, 6.100%, 6/1/11
(Prerefunded 6/1/04 @ 101), FSA 1,053
--------------------------------- ---------
PENNSYLVANIA - 11.1%
---------------------------------
1,000 Pennsylvania, Convention Center
Authority, Series A, Revenue,
6.700%, 9/1/16, FGIC 1,101
2,550 Pittsburgh, Water & Sewer Systems
Authority, Series C, Revenue,
5.050%, 9/1/25
(Callable 3/1/08 @ 100), FSA 2,133
4,000 State, GO, 5.000%, 10/1/05 3,996
1,000 State, Higher Education Assistance
Agency, Student Loan Revenue,
Series A, 4.625%, 12/1/00 1,001
2,000 State, Higher Education Facilities
Authority Health Services,
Revenue, 5.100%, 1/1/05 1,920
2,000 Trinity, Area School District, GO,
6.625%, 11/1/11 (Prerefunded
11/1/01 @ 100), FGIC 2,070
--------------------------------- ---------
Total 12,221
--------------------------------- ---------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
SOUTH DAKOTA - 2.3%
---------------------------------
$ 2,375 Heartland, Consumers Power District,
Electric Revenue, 6.000%, 1/1/09,
FSA $ 2,483
--------------------------------- ---------
TEXAS - 4.2%
---------------------------------
3,430 Dallas, Improvement, GO, 5.000%
2/15/18 (Callable 2/15/08 @ 100) 3,010
2,000 Travis County, GO, 4.50%, 3/1/15
(Callable 3/1/08 @ 100) 1,660
--------------------------------- ---------
Total 4,670
--------------------------------- ---------
UTAH - 3.2%
---------------------------------
1,530 St. George, Water Revenue, 5.600%,
6/1/10 (Callable 6/1/05 @ 101) 1,541
1,000 Salt Lake City, Motor Fuel Excise Tax,
Series A, Revenue, 5.400%, 2/1/03 1,016
1,000 Utah, State Building Ownership
Authority, Revenue,
5.500%, 5/15/09, FSA 1,007
--------------------------------- ---------
Total 3,564
--------------------------------- ---------
WASHINGTON - 1.9%
---------------------------------
2,000 King County, School District No. 411,
GO, 6.500%, 12/1/09 (Prerefunded
12/1/02 @ 100), AMBAC 2,091
--------------------------------- ---------
WISCONSIN - 4.9%
---------------------------------
1,000 Milwaukee, Series C, GO,
5.300%, 6/15/07 (Prerefunded
6/15/02 @ 100) 1,013
4,290 State, Transportation Revenue,
Series B, 5.750%, 7/1/12
(Callable 7/1/02 @100) 4,390
--------------------------------- ---------
Total 5,403
--------------------------------- ---------
Total Municipal Bonds 101,807
--------------------------------- ---------
SHORT-TERM INVESTMENTS - 6.2%
MONEY MARKETS - 6.2%
---------------------------------
3,431 Federated Tax Free Trust 3,431
3,393 SEI Institutional Tax Free Fund 3,393
--------------------------------- ---------
Total Short-Term Investments 6,824
--------------------------------- ---------
TOTAL INVESTMENTS (COST $113,315) (A)
- 98.7% 108,631
--------------------------------- ---------
OTHER ASSETS IN EXCESS OF
LIABILITIES - 1.3% 1,378
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $110,009
--------------------------------- ---------
(a) Cost for federal tax purposes differs from value by net unrealized
depreciation of $4,684, which is composed of $132 appreciation and $4,816
depreciation at January 31, 2000.
The following abbreviations are used in this portfolio:
AMBAC - American Municipal Bond Assurance Corporation
CP - Certificate of Participation
FGIC - Financial Guaranty Insurance Corporation
FSA - Financial Security Assurance
GO - General Obligation
MBIA - Municipal Bond Investors Assurance Corporation
(See Notes which are an integral part of the Financial Statements)
37
<PAGE>
FIFTH THIRD OHIO TAX FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
MUNICIPAL BONDS - 92.9%
GUAM - 1.3%
---------------------------------
$ 2,500 Guam Government, Revenue, Series
A, 5.000%, 11/1/02, AMBAC $ 2,521
--------------------------------- ---------
OHIO - 90.2%
---------------------------------
1,000 Akron Bath Copley, Ohio, Childrens
Hospital Medical Center Akron,
7.250%, 11/15/12
(Prefunded 11/15/00 @ 102) 1,045
500 Akron, Various Purpose
Improvement, GO, 5.600%,12/1/06
(Callable 12/1/04 @102), MBIA 514
1,500 Beavercreek, Ohio, Local School
District, 6.600%, 12/1/15 1,643
1,510 Bowling Green State University,
Higher Education, Revenue, 5.550%,
6/1/10 (Callable 6/1/06 @ 101),
AMBAC 1,524
5,000 Butler County, Transportation
Improvement District, Revenue,
5.000%, 4/1/02, FSA 5,032
4,000 Butler County, Hospital Facilities,
Revenue, 4.750%, 11/15/18
(Callable 11/15/08 @ 101) 3,047
4,000 Butler County, Ohio, Transportation
Series A, Revenue 5.125%, 4/1/17
(Callable 4/1/08 @ 102), FSA 3,605
600 Cincinnati, Ohio, GO,
7.000%, 10/1/00 612
5,000 Cincinnati, Ohio, GO, 4.375%,
12/1/01 4,986
5,000 Cincinnati, Ohio, GO, 4.375%,
12/1/02 4,949
1,275 Cincinnati, Ohio, GO, 4.200%,
12/1/10 1,112
700 Clark County, Ohio, BANS, 3.650%,
6/22/00 699
4,500 Cleveland City School District,
Revenue, 4.800%, 6/1/03, AMBAC 4,496
2,500 Cleveland, Ohio, Public Power System
Revenue, 5.250%, 11/15/14 (Callable
11/15/08 @ 101) 2,344
5,000 Cleveland, Ohio, Public Power System
Revenue, 5.250%, 11/15/16
(Callable 11/15/06 @ 102) 4,622
500 Cleveland, Ohio, Waterworks Revenue,
5.400%, 1/1/06 508
3,500 Cleveland, Ohio, Waterworks Revenue,
Refunding & Improvement-Series G,
5.500%, 1/1/21 3,285
2,500 Cleveland, Ohio, Waterworks Revenue,
Refunding & Improvement-Series I,
5.250%, 1/1/11
(Callable 1/1/08 @101) 2,448
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
$ 2,875 Cleveland, Ohio, Waterworks Revenue,
Prefunded, 6.250%, 1/1/15 $ 3,011
4,000 Columbus, Ohio, Water System
Revenue, 5.000%, 11/1/07 3,967
1,000 Columbus Refunding Limited,
Series A, GO, 5.300%, 7/1/09
(Callable 7/1/03 @ 101.5) 1,002
1,350 Columbus, Ohio, Series 2, GO, 5.500%,
5/15/08 (Callable 5/15/04 @ 102) 1,372
2,770 Columbus, Ohio, Water System
Revenue, 4.500%, 11/1/04 2,715
1,000 Columbus, Ohio, GO
6.500%, 1/1/10 (Callable 1/1/02
@ 102) 1,049
3,435 Cuyahoga County, GO, 5.600%,
5/15/13, MBIA-IBC 3,454
3,000 Cuyahoga Jail Facilities, GO, 5.250%
10/1/13, MBIA-IBC 2,909
2,500 Dublin City School District, GO,
4.650%, 12/1/08 (Callable
12/1/07 @ 101), MBIA 2,349
500 Euclid City School District, GO,
6.700%, 12/1/02, (Prerefunded
12/1/01@ 102) 528
1,000 Euclid City School District, GO,
5.200%, 12/1/10 (Callable 12/1/05
@ 102), AMBAC 986
1,500 Euclid City School District, GO,
5.125%, 12/1/11 (Callable 12/1/05
@ 102), AMBAC 1,451
1,000 Franklin County, GO, 6.800%, 12/1/02
(Prerefunded 12/1/00 @ 102) 1,042
1,000 Franklin County, Ohio, Hospital
Revenue, 5.200%, 5/1/29 (Callable
5/1/09 @ 102) 805
1,030 Franklin Refunding & Improvements,
Medical, Revenue, 6.500%, 5/1/07
(Callable 11/1/02 @ 102) 1,088
1,455 Greater Cleveland Regional Transit
Authority Ohio, 5.375%, 12/1/11
(Callable 12/1/08 @ 101) 1,441
4,250 Greater Cleveland Transportation,
Series R, GO, 4.750%, 12/1/15
(Callable 12/1/08 @ 101), FGIC 3,646
2,510 Hamiliton County, Ohio, 5.000%,
12/1/24 (Callable 12/1/08 @ 101) 2,112
3,000 Hamilton County, Ohio, Health Care
Systems Revenue,
6.250%, 5/15/14 3,148
3,670 Hamiliton County, Ohio, Hospital
Facilities Revenue, 5.250%, 5/15/11
(Callable 11/15/08 @ 101) 3,567
-Continued-
38
<PAGE>
FIFTH THIRD OHIO TAX FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
- --------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
$ 1,000 Hamilton County, Sewer System,
Series A, Revenue, 5.600%,
12/1/08 (Callable 12/1/05
@ 102), FGIC $ 1,023
1,000 Hamilton Hospital Refunding,
Revenue, 6.500%, 1/1/02,
(Prerefunded 1/1/01 @ 100), FGIC 1,022
3,750 Knox County Community Hospital,
Revenue, 5.000%, 6/1/12,
Asset GTY 3,485
1,150 Knox County Hospital Facilities,
Revenue, 4.700%, 6/1/08,
Asset GTY 1,054
1,000 Lakota Local School District, GO,
6.400%, 12/1/01, AMBAC 1,032
1,520 Loveland, Ohio, City School District
Refunding, Series A, 3.650%,
12/1/02 1,454
4,000 Lucas County, Ohio, Hospital,
Revenue, 6.000%, 11/15/04 4,159
7,200 Lorain County, Ohio, Health
Facilities, Revenue,
5.500%, 9/1/29 (Callable
9/1/09 @ 102) 6,448
1,750 Montgomery County, Solid Waste,
Revenue, 5.250%, 11/1/04, MBIA 1,775
3,000 Montgomery County, Solid Waste,
Revenue, 5.400%, 11/1/08
(Callable 11/1/05 @ 102), MBIA 3,028
1,000 Montogomery Sisters of Charity,
Revenue, 6.500%, 5/15/08
(Callable 5/15/01 @ 102), MBIA 1,041
1,000 Ohio State Building Authority,
5.250%, 4/1/09 (Callable
4/1/08 @ 101) 983
3,410 Ohio State Building Authority,
5.250%, 10/1/10
(Callable 4/1/09 @ 101) 3,363
1,000 Ohio State Building Facilities,
Revenue, 6.200%, 10/1/07
(Callable 10/1/02 @ 102) 1,046
1,000 Ohio State Higher Education,
Revenue, 5.150%, 11/1/08
(Callable 11/1/06 @ 101) 987
500 Ohio State Higher Education,
Revenue, 6.700%, 5/1/01,
(Callable 5/1/00 @ 102), MBIA 513
5,000 Ohio State Highway, Series V, GO,
4.800%, 5/15/04 4,992
5,000 Ohio State Public Facilities,
Series II-A, Revenue,
4.500%, 12/1/08
(Callable 12/1/07 @ 100) 4,610
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
$ 500 Ohio State Public Facilities,
Series II-A, Revenue,
5.500%, 12/1/03 (Callable
12/1/01 @ 102), FSA $ 509
3,000 Ohio State Public Facilities,
Series II-B, Revenue,
5.750%, 11/1/04, AMBAC 3,104
2,000 Ohio State Public Facilities,
Series II-B, Revenue,
5.750%, 11/1/05 (Callable
11/1/04 @ 100), AMBAC 2,061
2,250 Ohio State Public Facilities
Community Higher Education
Capital Facilities-Series II-A,
5.200%, 5/1/00 2,256
250 Ohio State Public Facilities
Community Higher Education
Capital Facilities-Series II-A,
4.250%, 12/1/00 250
4,500 Ohio State Higher Education
Community Case Western Reserve,
6.250%, 7/1/14 4,786
1,000 Ohio State Special Obligations
Education, Series A, Revenue,
5.800%, 6/1/03, AMBAC 1,030
5,000 Ohio State Turnpike, Series A,
Revenue, 5.750%, 2/15/14
(Callable 2/15/06 @ 102), MBIA 5,246
5,000 Ohio State Water, Revenue,
5.125%, 12/1/08
(Callable 6/1/05 @ 101), MBIA 4,952
4,000 Ohio State Water, Revenue, 5.300%,
12/1/10 (Callable 6/1/05 @ 101),
MBIA 3,967
4,250 Parma, Ohio, Hospital Improvement
Revenue, 5.250%, 11/1/13
(Callable 11/1/08 @ 101) 3,722
590 Perrysburg, Ohio, Exempted Village
School District, 3.550%, 12/1/01 573
1,000 Sycamore, Ohio, Community School
District, 4.450%, 12/1/10
(Callable 12/1/09 @ 101 889
555 Tiffin, Sewer System, GO, 6.600%,
12/1/03, (Callable 12/1/01 @ 101) 580
500 University of Cincinnati, CP,
6.300%, 12/1/00, MBIA 509
3,000 University of Cincinnati, CP,
5.000%, 6/1/10, MBIA 2,903
2,000 Wauseon Village School District,
GO, 5.450%, 12/1/14 (Callable
6/1/07 @ 101), MBIA 1,944
1,000 West Geauga Local School District,
GO, 5.550%, 11/1/05 (Callable
11/1/04 @ 102), AMBAC 1,026
-Continued-
39
<PAGE>
FIFTH THIRD OHIO TAX FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
(UNAUDITED)
- -----------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
$ 1,000 West Geauga Local School District,
GO, 5.650%, 11/1/06 (Callable
11/1/04 @ 102), AMBAC $ 1,030
2,090 Westerville, Ohio, GO, 5.250%,
12/1/11 (Callable 12/1/09 @ 101) 2,048
2,000 Westlake City School District,
Series A, GO, 5.050%, 12/1/04 2,012
--------------------------------- ---------
Total 175,525
--------------------------------- ---------
PUERTO RICO - 0.9%
---------------------------------
Total 1,750
Puerto Rico Commonwealth
Highway, Series X, Revenue,
4.800%, 7/1/00 1,755
--------------------------------- ---------
VIRGIN ISLANDS - 0.5%
---------------------------------
1,000 Virgin Islands Water & Power
Authority Electric System Revenue,
5.125%, 7/1/04 1,004
--------------------------------- ---------
Total Municipal Bonds 180,805
--------------------------------- ---------
SHORT-TERM INVESTMENTS - 6.1%
MONEY MARKETS - 6.1%
---------------------------------
7,750 Countrywide Ohio Tax Free
Money Fund 7,751
4,004 Vangard Ohio Tax Free Money
Market Fund 4,004
--------------------------------- ---------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- --------- --------------------------------- ---------
$ 11,755 Total Short-Term Investments $ 11,755
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $198,750) (A) - 99.0% 192,560
--------------------------------- ---------
OTHER ASSETS IN EXCESS OF
LIABILITIES - 1.0% 2,011
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $194,571
--------------------------------- ---------
(a) Cost for federal tax purposes differs from value by net unrealized
depreciation of $6,190 which is composed of $911 appreciation and $7,101
depreciation at January 31, 2000.
The following abbreviations are used in this portfolio:
AMBAC- American Municipal Bond Assurance Corporation
CP - Certificate of Participation
FGIC - Federal Guarantee Insurance Corporation
FSA - Financial Security Assurance
GO - General Obligation
IBC - Insured Bond Certificate
MBIA - Municipal Bond Insurance Association
(See Notes which are an integral part of the Financial Statements)
(See Notes which are an integral part of the Financial Statements)
40
<PAGE>
FIFTH THIRD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
QUALITY EQUITY
GROWTH INCOME CARDINAL PINNACLE BALANCED MID CAP
ASSETS: FUND FUND FUND FUND FUND FUND
------------ ------------ ----------- ------------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Investments, at value (cost $522,814; $106,655;
$85,737; $96,316; $190,241 and $174,762,
respectively) $825,485 $129,467 $240,475 $117,831 $238,720 $221,216
Repurchase agreements at cost 39,019 1,144 2,143 1,456 13,684 10,428
------------ ------------ ----------- ------------- ----------- ----------
Total Investments 864,504 130,611 242,618 119,287 252,404 231,644
Cash 1 1 -- -- 1 --
Interest and dividends receivable 511 329 110 62 1,220 8
Receivable for investments sold -- 738 -- -- 1,904 --
Receivable for Fund shares sold 1,130 152 43 128 465 68
Deferred organization costs -- 5 -- -- -- --
Other Assets 19 13 131 13 13 13
------------ ------------ ----------- ------------- ----------- ----------
Total Assets 866,165 131,849 242,902 119,490 256,007 231,733
------------ ------------ ----------- ------------- ----------- ---------
LIABILITIES:
Payable for investments purchased 8,715 -- -- -- 5,639 6,811
Payable for Fund shares redeemed 216 5 71 68 20 11
Call options written, at value
(premiums received $444) -- -- 300 -- -- --
Accrued expenses and other payables:
Investment advisory fees 584 93 125 84 172 161
Administration fees 162 14 14 18 26 32
Distribution services - Investment A shares 34 3 164 11 19 6
Distribution services - Investment C shares 5 -- -- 5 3 -
Shareholder servicing - Investment C shares 5 1 1 1 2 -
Accounting fees 20 10 7 9 13 12
Custodian fees 4 3 1 3 3 4
Other 43 20 32 30 29 29
------------ ------------ ----------- ------------- ----------- ----------
Total Liabilities 9,788 149 715 229 5,926 7,066
------------ ------------ ----------- ------------- ----------- ----------
NET ASSETS:
Paid-in Capital 528,332 102,084 84,110 99,024 200,337 174,011
Accumulated undistributed net investment
income/(loss) (657) 6 (201) (203) 254 (412)
Accumulated undistributed net realized
gain/(loss) on investments 26,031 6,798 3,396 (1,075) 1,011 4,614
Net unrealized appreciation on investments 302,671 22,812 154,882 21,515 48,479 46,454
------------ ------------ ----------- ------------- ----------- ----------
Total Net Assets $856,377 $131,700 $242,187 $119,261 $250,081 $224,667
============ ============ =========== ============= =========== ==========
Net assets
Institutional shares $683,078 $ 116,098 $ 2,858 $ 63,190 $154,473 $196,884
Investment A shares 161,663 14,636 238,353 50,927 88,591 27,027
Investment C shares 11,636 966 976 5,144 7,017 756
------------ ------------ ----------- ------------- ----------- ----------
Total $856,377 $131,700 $242,187 $119,261 $250,081 $224,667
============ ============ =========== ============= =========== ==========
Shares of Beneficial Interest
Institutional shares 28,075 9,164 165 1,709 9,806 12,767
Investment A shares 6,667 1,156 13,914 1,382 5,628 1,761
Investment C shares 489 76 58 141 446 50
------------ ------------ ----------- ------------- ----------- ----------
Total 35,231 10,396 14,137 3,232 15,880 14,578
============ ============ =========== ============= =========== ==========
Net asset value
Institutional shares $ 24.33 $ 12.67 $ 17.31 $ 36.97 $ 15.75 $ 15.42
============ ============ =========== ============= =========== ==========
Investment A shares-redemption
price per share $ 24.25 $ 12.66 $ 17.13 $ 36.84 $ 15.74 $ 15.35
============ ============ =========== ============= =========== ==========
Investment C share-offering
price per share* $ 23.82 $ 12.68 $ 16.90 $ 36.46 $ 15.74 $ 14.99
============ ============ =========== ============= =========== ==========
Maximum sales charge-Investment A shares 4.50% 4.50% 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) $ 25.39 $ 13.26 $ 17.94 $ 38.58 $ 16.48 $ 16.07
============ ============ =========== ============= =========== ==========
</TABLE>
* Redemption price per share varies by length of time shares are held.
(See Notes which are an integral part of the Financial Statements)
41
<PAGE>
FIFTH THIRD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JANUARY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
BOND U.S. OHIO
INTERNATIONAL FUND QUALITY GOVERNMENT MUNICIPAL TAX FREE
EQUITY FOR BOND SECURITIES BOND BOND
ASSETS: FUND INCOME FUND FUND FUND FUND
------------ ------------ ----------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
Investments, at value (cost $154,561; $193,574;
$138,502; $46,523; $113,315 and $198,750,
respectively) $184,006 $189,427 $134,822 $45,039 $108,631 $192,560
Repurchase agreements at cost 8,507 30,359 17,287 2,481 -- --
------------ ------------ ----------- ------------- ---------- -----------
Total Investments 192,513 219,786 152,109 47,520 108,631 192,560
Cash 9,856 -- -- -- -- --
Foreign Currency, at value (cost $844) 891 -- -- -- -- --
Interest and dividends receivable 84 3,647 1,828 696 1,444 2,124
Receivable for investments sold -- -- 2,521 -- -- --
Receivable for Fund shares sold 20 -- -- 6 -- --
Reclaim Receivables 194 -- -- -- -- --
Variation margin receivable 7 -- -- -- -- --
Deferred organization costs -- 4 -- -- 3 --
Other Assets 6 47 13 25 15 44
------------ ------------ ----------- ------------- ---------- -----------
Total Assets 203,571 223,484 156,471 48,247 110,093 194,728
------------ ------------ ----------- ------------- ---------- -----------
LIABILITIES:
Payable for investments purchased -- -- 4,986 -- -- --
Payable for Fund shares redeemed 763 15 17 -- -- 3
Payable for variation margin in foreign
currency contracts 229 -- -- -- -- --
Accrued expenses and other payables:
Investment advisory fees 177 106 71 19 52 91
Administration fees 35 36 20 -- 7 4
Distribution services - Investment A shares 2 7 2 1 -- 4
Distribution services - Investment C shares -- -- -- -- -- --
Shareholder servicing - Investment C shares -- -- -- -- -- 1
Accounting fees 22 21 7 5 9 22
Custodian fees 37 7 3 1 1 4
Other 19 52 18 13 15 28
------------ ------------ ----------- ------------- ---------- -----------
Total Liabilities 1,284 244 5,124 39 84 157
------------ ------------ ----------- ------------- ---------- -----------
NET ASSETS:
Paid-in Capital 162,969 253,350 161,847 51,130 117,216 202,490
Accumulated undistributed net investment
income/(loss) (652) 103 21 (7) 67 (14)
Accumulated undistributed net realized
gain/(loss) on investments, futures and
foreign currency transactions 10,007 (26,066) (6,841) (1,431) (2,590) (1,715)
Net unrealized appreciation/(depreciation)
on investments 29,963 (4,147) (3,680) (1,484) (4,684) (6,190)
------------ ------------ ----------- ------------- ---------- -----------
Total Net Assets $202,287 $223,240 $151,347 $48,208 $110,009 $194,571
============ ============ =========== ============= ========== ===========
Net assets:
Institutional shares $195,338 $189,953 $140,937 $44,630 $109,856 $175,489
Investment A shares 6,667 32,791 9,698 3,283 153 18,027
Investment C shares 282 496 712 295 -- 1,055
------------ ------------ ----------- ------------- ---------- -----------
Total $202,287 $223,240 $151,347 $48,208 $110,009 $194,571
============ ============ =========== ============= ========== ===========
Shares of Beneficial Interest
Institutional shares 15,046 16,671 15,211 4,729 9,828 18,260
Investment A shares 513 2,879 1,047 348 14 1,876
Investment C shares 22 44 77 31 -- 110
------------ ------------ ----------- ------------- ---------- -----------
Total 15,581 19,594 16,335 5,108 9,842 20,246
============ ============ =========== ============= ========== ===========
Net asset value
Institutional shares $ 12.98 $ 11.39 $ 9.27 $ 9.44 $ 11.18 $ 9.61
============ ============ =========== ============= ========== ===========
Investment A shares-redemption
price per share $ 13.01 $ 11.39 $ 9.27 $ 9.44 $ 11.19 $ 9.61
============ ============ =========== ============= ========== ===========
Investment C share-offering
price per share* $ 12.87 $ 11.39 $ 9.26 $ 9.41 $ -- $ 9.60
============ ============ =========== ============= ========== ===========
Maximum sales charge-Investment A shares 4.50% 4.50% 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) $ 13.62 $ 11.93 $ 9.71 $ 9.88 $ 11.72 $ 10.06
============ ============ =========== ============= ========== ===========
</TABLE>
* Redemption price per share varies by length of time shares are held.
(See Notes which are an integral part of the Financial Statements)
42
<PAGE>
FIFTH THIRD FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
QUALITY EQUITY
GROWTH INCOME CARDINAL PINNACLE BALANCED MID CAP
FUND FUND FUND FUND FUND FUND
------------ ------------ ----------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest Income $ 762 $ 69 $ 90 $ 128 $ 2,412 $ 175
Dividend Income 2,675 1,910 1,029 402 520 569
Securities Lending Income 5 1 5 1 14 9
------------ ------------ ----------- ------------- ---------- -----------
Total Income 3,442 1,980 1,124 531 2,946 753
------------ ------------ ----------- ------------- ---------- -----------
EXPENSES:
Investment Advisory fees 3,134 607 746 487 953 903
Administrative fees 678 134 213 105 210 207
Distribution services - Investment A shares 171 22 304 65 105 35
Distribution services - Investment C Shares 40 5 3 23 26 3
Shareholder servicing - Investment C Shares 13 2 1 8 9 1
Fund accounting fees 77 29 38 24 38 33
Custodian fees 13 8 6 7 11 10
Trustees' fees 3 1 1 -- 1 1
Transfer agent fees 31 14 66 15 24 23
Audit fees 5 5 7 4 6 5
Legal fees 7 1 2 -- 1 1
Other fees 28 17 22 4 21 19
------------ ------------ ----------- ------------- ---------- -----------
Total Expenses 4,200 845 1,409 742 1,405 1,241
------------ ------------ ----------- ------------- ---------- -----------
Less fees voluntarily reduced (101) (43) (84) (8) (77) (76)
------------ ------------ ----------- ------------- ---------- -----------
Net Expenses 4,099 802 1,325 734 1,328 1,165
------------ ------------ ----------- ------------- ---------- -----------
Net Investment Income/(Loss) (657) 1,178 (201) (203) 1,618 (412)
------------ ------------ ----------- ------------- ---------- -----------
REALIZED AND UNREALIZED GAINS (LOSSES)
FROM INVESTMENTS:
Net realized gains/(losses) from
investments and option contracts 26,032 9,330 3,784 (1,075) 1,028 5,205
Net change in unrealized appreciation
from investments and options contracts 43,997 (27,805) 15,620 2,091 12,950 5,253
------------ ------------ ----------- ------------- ---------- -----------
Net realized and unrealized
gains/(losses) from investments 70,029 (18,475) 19,404 1,016 13,978 10,458
------------ ------------ ----------- ------------- ---------- -----------
Change in net assets resulting
from operations $69,372 $(17,297) $19,203 $ 813 $15,596 $10,046
============ ============ =========== ============= ========== ===========
</TABLE>
(See Notes which are in an integral part of the Financial Statements)
43
<PAGE>
FIFTH THIRD FUNDS
STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED JANUARY 31, 2000
(AMOUNTS IN THOUSANDS)
(UNAUDITED)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------
BOND U.S. OHIO
INTERNATIONAL FUND QUALITY GOVERNMENT MUNICIPAL TAX FREE
EQUITY FOR BOND SECURITIES BOND BOND
FUND INCOME FUND FUND FUND FUND
------------ ------------ ----------- ------------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest Income $ -- $ 7,338 $ 5,017 $ 1,405 $ 2,777 $ 4,857
Dividend Income 1,229 -- -- -- -- --
Securities Lending Income -- 71 24 2 -- --
Foreign tax withholding (103) -- -- -- -- --
------------ ------------ ----------- ------------- ---------- -----------
Total Income 1,126 7,409 5,041 1,407 2,777 4,857
------------ ------------ ----------- ------------- ---------- -----------
EXPENSES:
Investment Advisory fees 961 647 420 135 314 555
Administrative fees 171 218 135 41 100 186
Distribution services - Investment A shares 8 46 12 5 -- 26
Distribution services - Investment C Shares 1 2 3 1 -- 4
Shareholder servicing - Investment C Shares -- 1 1 -- -- 1
Fund accounting fees 89 34 29 23 31 39
Custodian fees 91 5 10 4 4 6
Trustees' fees 1 1 1 -- -- 1
Transfer agent fees 59 27 16 8 10 11
Audit fees 6 2 6 5 6 3
Legal fees 1 -- 2 1 2 1
Organization costs -- 1 -- -- 1 --
Other fees 21 5 14 12 17 13
------------ ------------ ----------- ------------- ---------- -----------
Total Expenses 1,409 989 649 235 485 846
------------ ------------ ----------- ------------- ---------- -----------
Less fees voluntarily reduced -- (47) (62) (45) (57) (42)
------------ ------------ ----------- ------------- ---------- -----------
Net Expenses 1,409 942 587 190 428 804
------------ ------------ ----------- ------------- ---------- -----------
Net Investment Income (283) 6,467 4,454 1,217 2,349 4,053
------------ ------------ ----------- ------------- ---------- -----------
REALIZED AND UNREALIZED GAINS/(LOSSES)
FROM INVESTMENTS, FUTURES AND FOREIGN
CURRENCY TRANSACTIONS:
Net realized gains/(losses) from investments
and foreign currency transactions 18,413 (6,590) (4,508) (298) (2,592) (1,717)
Net change in unrealized appreciation from
investments, futures and assets and
liabilities denominated in foreign
currencies 1,136 498 397 (707) (2,238) (6,328)
------------ ------------ ----------- ------------- ---------- -----------
Net realized and unrealized gains/(losses)
from investments, futures and foreign
currency transactions 19,549 (6,092) (4,111) (1,005) (4,830) (8,045)
------------ ------------ ----------- ------------- ---------- -----------
Change in net assets resulting from
operations $19,266 $ 375 $ 343 $ 212 $(2,481) $(3,992)
============ ============ =========== ============= ========== ===========
</TABLE>
(See Notes which are in an integral part of the Financial Statements)
44
<PAGE>
FIFTH THIRD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
QUALITY GROWTH FUND EQUITY INCOME FUND CARDINAL FUND
-------------------------- -------------------------- ----------------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31, YEAR ENDED
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED SEPT.30,
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999* 1998
----------- ------------- ----------- ------------- ----------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income/(loss) $ (657) $ (893) $ 1,178 $ 2,727 $ (201) $ (127) $ 2,350
Net realized gain on
investments and options
contracts 26,032 37,816 9,330 8,042 3,784 50,121 22,115
Net change in unrealized
appreciation of investments
and options contracts 43,997 110,913 (27,805) 5,206 15,620 31,784 (13,872)
----------- ------------- ----------- ------------- ----------- ------------- ------------
Change in net assets
resulting from operations 69,372 147,836 (17,297) 15,975 19,203 81,778 10,593
----------- ------------- ----------- ------------- ----------- ------------- ------------
DISTRIBUTIONS TO INSTITUTIONAL
SHAREHOLDERS:**
From net investment income -- -- (1,066) (2,541) -- -- (271)
In excess of net investment
income -- -- -- -- -- (14) (65)
From net realized gains on
investment transactions (30,615) (44,404) (7,737) (13,249) (616) (695) (3,387)
DISTRIBUTIONS TO
INVESTMENT A SHAREHOLDERS:
From net investment income -- -- (120) (233) -- -- (2,265)
In excess of net
investment income -- -- -- -- -- (91) (543)
From net realized gains on
investment transactions (6,684) (7,704) (1,054) (1,262) (44,601) (8,141) (31,312)
DISTRIBUTIONS TO
INVESTMENT C SHAREHOLDERS:***
From net investment income -- -- (5) (13) -- -- --
In excess of net
investment income -- -- -- -- -- -- --
From net realized gains on
investment transactions (517) (747) (69) (108) (157) (2) --
----------- ------------- ----------- ------------- ----------- ------------- ------------
Change in net assets from
shareholder distributions (37,816) (52,855) (10,051) (17,406) (45,374) (8,943) (37,843)
----------- ------------- ----------- ------------- ----------- ------------- ------------
FUND SHARE (PRINCIPAL)
TRANSACTIONS
Proceeds from shares issued 131,749 564,335 4,699 166,364 16,118 134,687 19,985
Dividends reinvested 37,807 30,076 9,038 14,953 42,057 8,410 35,482
Cost of shares redeemed (55,226) (507,326) (24,915) (161,032) (41,392) (222,802) (64,561)
----------- ------------- ----------- ------------- ----------- ------------- ------------
Change in net assets from
capital transactions 114,330 87,085 (11,178) 20,285 16,783 (79,705) (9,094)
----------- ------------- ----------- ------------- ----------- ------------- ------------
Change in net assets 145,886 182,066 (38,526) 18,854 (9,388) (6,870) (36,344)
NET ASSETS:
Beginning of period 710,491 528,425 170,226 151,372 251,575 258,445 294,789
----------- ------------- ----------- ------------- ----------- ------------- ------------
End of period $856,377 $ 710,491 $131,700 $ 170,226 $242,187 $ 251,575 $258,445
=========== ============= =========== ============= =========== ============= ============
</TABLE>
* Reflects operations for the period October 1, 1998 through July 31, 1999.
** Institutional shares commenced operations on August 11, 1998.
*** The Cardinal Fund Investment C shares commenced operations on October 22,
1998.
(See notes which are an integral part of the financial statements)
45
<PAGE>
FIFTH THIRD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
PINNACLE FUND BALANCED FUND MID CAP FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999
----------- ------------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income/(loss) $ (203) $ (272) $ 1,618 $ 2,966 $ (412) $ (673)
Net realized gain/(loss) on investments
and options contracts (1,075) 1,798 1,028 19,297 5,205 16,933
Net change in unrealized appreciation
on investments and options contracts 2,091 8,988 12,950 7,387 5,253 847
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets resulting from
operations 813 10,514 15,596 29,650 10,046 17,107
----------- ------------- ----------- ------------- ----------- -------------
DISTRIBUTIONS TO INSTITUTIONAL
SHAREHOLDERS:*
From net investment income -- -- (1,248) (1,913) -- --
In excess of net investment income -- -- -- -- -- --
From net realized gains on
investment transactions (947) (657) (11,919) (6,302) (14,441) (17,252)
DISTRIBUTIONS TO INVESTMENT A
SHAREHOLDERS:
From net investment income -- -- (621) (825) -- --
In excess of net investment income -- -- -- -- -- --
From net realized gains on
investment transactions (762) (267) (6,709) (3,196) (2,005) (2,814)
DISTRIBUTIONS TO INVESTMENT C
SHAREHOLDERS:
From net investment income -- -- (36) (48) -- --
In excess of net investment income -- -- -- -- -- --
From net realized gains on
investment transactions (89) (43) (561) (246) (56) (89)
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets from
shareholder distributions (1,798) (967) (21,094) (12,530) (16,502) (20,155)
----------- ------------- ----------- ------------- ----------- --------------
FUND SHARE (PRINCIPAL) TRANSACTIONS
Proceeds from shares issued 17,214 114,051 41,408 191,974 20,943 219,274
Dividends reinvested 1,779 857 20,922 12,293 16,496 20,149
Cost of shares redeemed (17,279) (42,394) (32,745) (173,366) (27,063) (234,224)
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets from
capital transactions 1,714 72,514 29,585 30,901 10,376 5,199
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets 729 82,061 24,087 48,021 3,920 2,151
NET ASSETS:
Beginning of period 118,532 36,471 225,994 177,973 220,747 218,596
----------- ------------- ----------- ------------- ----------- -------------
End of Period $119,261 $118,532 $250,081 $ 225,994 $224,667 $ 220,747
=========== ============= =========== ============= =========== =============
</TABLE>
* Institutional shares commenced operations on August 11, 1998.
(See notes which are an integral part of the financial statements)
46
<PAGE>
FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND BOND FUND FOR INCOME QUALITY BOND FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999
----------- ------------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ (283) $ 853 $ 6,467 $ 12,555 $ 4,454 $ 6,096
Net realized gain/(loss) from investments
and foreign currency transactions 18,413 13,990 (6,590) (69) (4,508) (455)
Net change in unrealized appreciation
on investments 1,136 (6,932) 498 (7,273) 397 (4,537)
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets resulting from
operations 19,266 7,911 375 5,213 343 1,104
----------- ------------- ----------- ------------- ----------- -------------
DISTRIBUTIONS TO INSTITUTIONAL
SHAREHOLDERS:*
From net investment income -- (1,864) (5,428) (10,087) (4,152) (5,647)
In excess of net investment income -- (1,258) -- -- -- --
From net realized gains on
investment transactions (16,027) (848) -- (3,334) -- (1,135)
DISTRIBUTIONS TO INVESTMENT A
SHAREHOLDERS:
From net investment income -- (34) (974) (2,367) (279) (445)
In excess of net investment income -- (39) -- -- -- --
From net realized gains on
investment transactions (594) (29) -- (1,215) -- (97)
DISTRIBUTIONS TO INVESTMENT C
SHAREHOLDERS:
From net investment income -- (2) (13) (19) (20) (30)
In excess of net investment income -- (1) -- -- -- --
From net realized gains on
investment transactions (21) (1) -- (7) -- (6)
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets from
shareholder distributions (16,642) (4,076) (6,415) (17,029) (4,451) (7,360)
----------- ------------- ----------- ------------- ----------- -------------
FUND SHARE (PRINCIPAL) TRANSACTIONS
Proceeds from shares issued 29,842 172,059 15,320 337,051 32,705 165,370
Dividends reinvested 16,642 2,981 1,002 3,526 2,619 4,145
Cost of shares redeemed (25,265) (164,019) (26,329) (277,775) (24,043) (127,278)
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets from
capital transactions 21,219 11,021 (10,007) 62,802 11,281 42,237
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets 23,843 14,856 (16,047) 50,986 7,173 35,981
NET ASSETS:
Beginning of period 178,444 163,588 239,287 188,301 144,174 108,193
----------- ------------- ----------- ------------- ----------- -------------
End of period $202,287 $ 178,444 $223,240 $ 239,287 $151,347 $ 144,174
=========== ============= =========== ============= =========== =============
</TABLE>
* Institutional shares commenced operations on August 11, 1998.
(See notes which are an integral part of the financial statements)
47
<PAGE>
FIFTH THIRD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT
SECURITIES FUND MUNICIPAL BOND FUND OHIO TAX FREE BOND FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999
----------- ------------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 1,217 $ 2,262 $ 2,349 $ 4,550 $ 4,053 $ 7,897
Net realized gain/(loss) from investments (298) 242 (2,592) 1,741 (1,717) 443
Net change in unrealized appreciation
of investments (707) (1,188) (2,238) (4,244) (6,328) (4,924)
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets resulting from
operations 212 1,316 (2,481) 2,047 (3,992) 3,416
----------- ------------- ----------- ------------- ----------- -------------
DISTRIBUTIONS TO INSTITUTIONAL
SHAREHOLDERS: *
From net investment income (1,116) (2,077) (2,293) (4,546) (3,662) (7,003)
In excess of net investment income -- (7) -- (67) -- (21)
From net realized gains on
investment transactions -- -- (1,057) (2,095) (276) (1,047)
DISTRIBUTIONS TO INVESTMENT A
SHAREHOLDERS:
From net investment income (100) (249) (5) (14) (389) (867)
In excess of net investment income -- (1) -- -- -- (3)
From net realized gains on
investment transactions -- -- (1) (4) (32) (144)
DISTRIBUTIONS TO INVESTMENT C
SHAREHOLDERS:
From net investment income (8) (12) -- -- (20) (28)
In excess of net investment income -- -- -- -- -- --
From net realized gains on
investment transactions -- -- -- -- (2) (4)
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets from
shareholders distributions (1,224) (2,346) (3,356) (6,726) (4,381) (9,117)
----------- ------------- ----------- ------------- ----------- -------------
FUND SHARE (PRINCIPAL) TRANSACTIONS
Proceeds from shares issued 9,934 53,369 4,363 131,991 13,829 217,745
Dividends reinvested 625 1,128 1,069 2,119 777 2,194
Cost of shares redeemed (9,201) (47,273) (4,895) (131,455) (17,420) (198,030)
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets from
capital transactions 1,358 7,224 537 2,655 (2,814) 21,909
----------- ------------- ----------- ------------- ----------- -------------
Change in net assets 346 6,194 (5,300) (2,024) (11,187) 16,208
NET ASSETS:
Beginning of period 47,862 41,668 115,309 117,333 205,758 189,550
----------- ------------- ----------- ------------- ----------- -------------
End of Period $48,208 $ 47,862 $110,009 $ 115,309 $194,571 $ 205,758
=========== ============= =========== ============= =========== =============
</TABLE>
* Institutional shares commenced operations on August 11, 1998.
(See notes which are an integral part of the financial statements)
48
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS
JANUARY 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
(1) ORGANIZATION
Fifth Third Funds, formerly known as the 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, 2000 the
Trust consisted of sixteen separate investment portfolios.
The accompanying financial statements relate only to the following Funds:
PORTFOLIO NAME
- --------------------------------------------------------------------------------
Fifth Third Quality Growth Fund ("Quality Growth Fund")
Fifth Third Equity Income Fund ("Equity Income Fund")
Fifth Third Cardinal Fund ("Cardinal Fund")
Fifth Third Pinnacle Fund ("Pinnacle Fund")
Fifth Third Balanced Fund ("Balanced Fund")
Fifth Third Mid Cap Fund ("Mid Cap Fund")
Fifth Third International Equity Fund ("International Equity Fund")
Fifth Third Bond Fund For Income ("Bond Fund For Income")
Fifth Third Quality Bond Fund ("Quality Bond Fund")
Fifth Third U.S. Government Securities Fund ("Government Securities Fund")
Fifth Third Municipal Bond Fund ("Municipal Bond Fund")
Fifth Third Ohio Tax Free Bond Fund ("Ohio Tax Free Fund")
The Funds each issue three classes of shares: Institutional, Investment A Shares
and Investment C 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 paid by
Investment C Shares, 12b-1 fees paid by Investment A Shares and Investment C
Shares, voting rights on matters affecting a single class of shares, and the
exchange privileges of each class of shares. The Institutional Shares were
offered for sale to the public on September 21, 1998. As of January 8, 1998, all
Investment C shares of the Municipal Bond Fund were redeemed. Municipal Bond
Fund Investment C Shares continue to be open for investment with an offering
price equal to Municipal Bond Fund Investment A Shares. As of the date of this
report, there are no assets or shareholders in the Municipal Bond Fund
Investment C Shares.
(2) SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. These
policies are in conformity with generally accepted accounting principles. The
preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of income and expenses
for the period. Actual results could differ from those estimates.
A. SECURITIES VALUATIONS--Investments in equity securities are generally
determined on the basis of market price. Investments in other open-end
investment companies are valued at net asset value. Bonds and other fixed income
securities are valued at prices provided by an independent pricing service.
Value of all other securities is determined at fair value in good faith by the
Board of Trustees.
B. REPURCHASE AGREEMENTS--The Funds will only enter into repurchase agreements
with banks and other recognized financial institutions, such as broker/dealers,
which are deemed by the Trust's Advisor to be creditworthy pursuant to
guidelines and/or standards reviewed or established by the Board of Trustees
(the "Trustees"). It is the policy of the Funds to require the custodian or
sub-custodian bank to take
49
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
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.
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 accretion of 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 Trust does not isolate that portion of the
results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from changes in the market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gains or losses from investments.
Realized foreign exchange gains or losses arise from sales and maturities of
securities, sales of foreign currencies, currency exchange fluctuations between
the trade and settlement dates of securities transactions, and the difference
between the amount of assets and liabilities recorded and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities, including investments in securities, resulting from changes in the
currency exchange rates.
E. FORWARD CURRENCY CONTRACTS:--The International Equity Fund may enter into a
forward currency contract ("forward"), which is an agreement between two parties
to buy and sell a currency at a set price on a future date. The market value of
the forward fluctuates with changes in currency exchange rates. The forward is
marked-to-market daily and the change in market value is recorded by a Fund as
unrealized appreciation or depreciation. When the forward is closed the Fund
records a realized gain or loss equal to the difference between the value at the
time it was opened and the value at the time it was closed. A Fund could be
exposed to risk if a counterparty is unable to meet the terms of a forward or if
the value of the currency changes unfavorably.
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. FUTURES CONTRACTS--The Funds may enter into futures contracts for the delayed
delivery of securities at a fixed price at some future date or for the change in
the value of a specified financial index over a predetermined time period. Cash
or securities are deposited with brokers in order to maintain a position.
Subsequent payments made or received by the Fund based on the daily change in
the market value of the position are recorded as unrealized appreciation or
depreciation until the contract is closed out, at which time the gain or loss is
realized.
The use of futures contracts involves, to varying degrees, elements of market
risk. Risks arise from the possible imperfect correlation in movements in the
price of futures contracts, interest rates and the underlying hedged assets, and
the possible inability of counterparties to meet the terms of their
50
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
contracts. However, the Fund's activities in futures contracts are conducted
through regulated exchanges which minimize counterparty credit risks.
H. OPTION CONTRACTS--The Funds may write or purchase option contracts with the
exception of the Pinnacle Fund, the Municipal Bond Fund and the Ohio Tax Free
Bond Fund. These transactions are to hedge against changes in interest rates,
security prices, currency fluctuations, and other market developments, or for
the purposes of earning additional income (i.e. speculation).
The risk associated with purchasing an option is that the Fund pays a premium
whether or not the option is exercised. Additionally, the Funds bear the risk of
loss of premium and change in market value should the counterparty not perform
under the contract. Put and call options purchased are accounted for in the same
manner as other securities owned. The cost of securities acquired through the
exercise of call options is increased by the premiums paid. The proceeds from
securities sold through the exercise of put options are decreased by premiums
paid.
In writing an option, the Funds contract with a specified counterparty to
purchase (written put option) or sell (written call option) a specified quantity
(notional amount) of an underlying asset at a specified price during a specified
period upon demand of the counterparty. The risk associated with writing an
option is that the Funds bear the market risk of an unfavorable change in the
price of an underlying asset, and may be required to buy or sell an underlying
asset under the contractual terms of the option at a price different from the
current market value. Written options involve financial risk which may exceed
amounts reflected in the accompanying financial statements.
The table below reflects the Cardinal Fund's activity in written options, all of
which were for purposes of earning additional income during the period. No other
Funds engaged in written option contracts during the six months ended January
31, 2000.
OPTION ACTIVITIES FOR THE SIX MONTHS ENDED JANUARY 31, 2000:
CARDINAL FUND
-------------------------------------
NUMBER OF CONTRACTS PREMIUMS ($000)
------------------- ---------------
Balance at 7/31/99 400 $97
Options written 940 450
Options expired (470) (103)
Options exercised (0) (0)
Options terminated (0) (0)
------------------- ---------------
Balance at 1/31/00 870 $444
=================== ===============
I. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS--The Funds may engage in
when-issued or delayed delivery transactions. The Funds record when-issued
securities on the trade date and maintain security positions such that
sufficient liquid assets will be available to make payment for the securities
purchased. Securities purchased on a when-issued or delayed delivery basis are
valued daily and begin earning interest on the settlement date.
J. DIVIDENDS TO SHAREHOLDERS--Dividends from net investment income are declared
and paid monthly for the Quality Growth Fund, the Equity Income Fund, the Bond
Fund For Income, the Quality Bond Fund, the U.S. Government Securities Fund, the
Municipal Bond Fund, and the Ohio Tax Free Bond Fund. Dividends from net
investment income are declared and paid quarterly for the Cardinal Fund, the Mid
Cap Fund, the Balanced Fund and the Pinnacle Fund. Dividends from net investment
income are declared and paid annually for the International Equity Fund.
Distributable net realized gains, if any, are declared and distributed at least
annually.
51
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
Dividends from net investment income and from net realized capital gains are
determined in accordance with income tax regulations, which may differ from
generally accepted accounting principles. These differences are primarily due to
differing treatments for mortgage-backed securities, foreign currency
transactions, expiring capital loss carryforwards and deferrals of certain
losses.
These "book/tax" differences are either considered temporary or permanent in
nature. To the extent these differences are permanent in nature, such amounts
are reclassified within the composition of net assets based on their federal
tax-basis treatment; temporary differences do not require reclassifications.
Dividends and distributions to shareholders which exceed net investment income
and net realized gains for financial reporting purposes but not for tax purposes
are reported as dividends in excess of net investment income or distributions in
excess of net realized gains. To the extent they exceed net investment income
and net realized gains for tax purposes, they are reported as distribution of
capital.
K. FEDERAL TAXES--It is the policy of each Fund to qualify or continue to
qualify as a regulated investment company by complying with the provisions
available to certain investment companies, as defined in applicable sections of
the Internal Revenue Code, and to make distributions of net investment income
and net realized capital gain sufficient to relieve it from all, or
substantially all, federal income taxes.
L. ORGANIZATIONAL COSTS--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.
M. LENDING PORTFOLIO SECURITIES--To generate additional income, the Funds may
lend up to one-third of securities in which they are invested pursuant to
agreements requiring that the loan be continuously secured by cash, U.S.
Government or U.S. Government Agency securities, shares of an investment trust
or mutual fund, or any combination of cash and such securities as collateral
equal at all times to at least 100% of the market value plus accrued interest on
the securities lent. The Funds continue to earn interest and dividends on
securities lent while simultaneously seeking to earn interest on the investment
of collateral.
When cash is received as collateral for securities loaned, the Funds may invest
such cash in short-term U.S. Government Securities, Repurchase Agreements, or
other short-term corporate securities. The cash or subsequent short-term
investments are recorded as assets of the Funds, offset by a corresponding
liability to repay the cash at the termination of the loan. In addition, the
short-term securities purchased with the cash collateral are included in the
accompanying schedules of portfolio investments. Fixed income securities
received as collateral are not recorded as an asset or liability of the Fund
because the Fund does not have effective control of such securities.
There may be risks of delay in recovery of the securities or even loss of rights
in the collateral should the borrower of the securities fail financially.
However, loans will be made only to borrowers deemed by the Advisor to be of
good standing and creditworthy under guidelines established by the Board of
Trustees and when, in the judgment of the Advisor, the consideration which can
be earned currently from such securities loans justifies the attendant risks.
Loans are subject to termination by the Funds or the borrower at any time, and
are, therefore, not considered to be illiquid investments. According to GAAP, a
statement of cash flows is presented if the Fund lent out, on average, more than
10% of net assets during the year. As of January 31, 2000, the Funds had no
securities on loan.
52
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
QUALITY GROWTH FUND EQUITY INCOME FUND CARDINAL FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 PERIOD ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999**
----------- ------------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued $ 85,993 $ 530,496 $ 2,897 $ 152,738 $ 9,337 $ 3,789
Dividends reinvested 30,615 21,625 7,789 13,337 616 708
Shares redeemed (43,223) (58,830) (19,134) (20,956) (13,813) (29,006)
----------- ------------- ----------- ------------- ----------- -------------
INSTITUTIONAL SHARES: $ 73,385 $ 493,291 $ (8,448) $ 145,119 $ (3,860) $ (24,509)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES:
Shares issued $ 43,642 $ 31,873 $ 1,734 $ 12,789 $ 6,522 $ 130,093
Dividends reinvested 6,675 7,704 1,174 1,495 41,284 7,700
Shares redeemed (10,861) (446,037) (5,385) (139,585) (27,386) (193,787)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES $ 39,456 $(406,460) $ (2,477) $(125,301) $ 20,420 $ (55,994)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES:
Shares issued $ 2,114 $ 1,966 $ 68 $ 837 $ 259 $ 805
Dividends reinvested 517 747 74 121 157 2
Shares redeemed (1,142) (2,459) (395) (491) (193) (9)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES $ 1,489 $ 254 $ (253) $ 467 $ 223 $ 798
----------- ------------- ----------- ------------- ----------- -------------
FUND SHARE (PRINCIPAL) TRANSACTIONS
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS $114,330 $ 87,085 $(11,178) $ 20,285 $ 16,783 $ (79,705)
=========== ============= =========== ============= =========== =============
QUALITY GROWTH FUND EQUITY INCOME FUND CARDINAL FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 PERIOD ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999**
----------- ------------- ----------- ------------- ----------- -------------
SHARE TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued 3,610 26,627 208 10,265 539 206
Dividends reinvested 1,285 1,102 578 894 36 42
Shares redeemed (1,803) (2,746) (1,399) (1,383) (766) (1,611)
----------- ------------- ----------- ------------- ----------- -------------
INSTITUTIONAL SHARES: 3,092 24,983 (613) 9,776 (191) (1,363)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES:
Shares issued 1,820 1,478 124 849 341 6,747
Dividends reinvested 281 393 87 100 2,459 458
Shares redeemed (452) (22,519) (390) (9,395) (1,463) (10,296)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES 1,649 (20,648) (179) (8,446) 1,337 (3,091)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES:***
Shares issued 89 93 5 56 14 44
Dividends reinvested 22 38 5 8 10 --
Shares redeemed (48) (122) (28) (33) (10) --
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES 63 9 (18) 31 14 44
----------- ------------- ----------- ------------- ----------- -------------
FUND SHARE (PRINCIPAL) TRANSACTIONS
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS 4,804 4,344 (810) 1,361 1,160 (4,410)
=========== ============= =========== ============= =========== =============
</TABLE>
* Institutional shares commenced operations on August 11, 1998.
** Reflects period of operations from October 1, 1998 to July 31, 1999.
*** Cardinal Fund Investment C shares commenced operations on October 22, 1998.
53
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
PINNACLE FUND BALANCED FUND MID CAP FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999
----------- ------------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued $ 8,560 $ 62,101 $ 26,940 $ 149,852 $ 17,541 $ 206,711
Dividends reinvested 928 547 13,013 7,995 14,441 17,251
Shares redeemed (7,727) (7,248) (21,681) (30,451) (21,543) (33,307)
----------- ------------- ----------- ------------- ----------- -------------
INSTITUTIONAL SHARES: $1,761 $ 55,400 $ 18,272 $ 127,396 $ 10,439 $ 190,655
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES:
Shares issued $ 8,390 $ 45,895 $ 13,782 $ 39,143 $ 3,346 $ 12,360
Dividends reinvested 762 267 7,313 4,004 2,000 2,809
Shares redeemed (7,748) (34,241) (10,264) (141,129) (5,398) (200,404)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES $ 1,404 $ 11,921 $ 10,831 $ (97,982) $ (52) $(185,235)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES:
Shares issued $ 264 $ 6,055 $ 686 $ 2,979 $ 55 $ 203
Dividends reinvested 89 43 596 294 56 89
Shares redeemed (1,804) (905) (800) (1,786) (122) (513)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES $(1,451) $ 5,193 $ 482 $ 1,487 $ (11) $ (221)
----------- ------------- ----------- ------------- ----------- -------------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS $ 1,714 $ 72,514 $ 29,585 $ 30,901 $ 10,376 $ 5,199
=========== ============= =========== ============= =========== =============
PINNACLE FUND BALANCED FUND MID CAP FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999
----------- ------------- ----------- ------------- ----------- -------------
SHARE TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued 231 1,846 1,667 10,062 1,123 13,100
Dividends reinvested 25 16 827 535 920 1,172
Shares redeemed (208) (201) (1,341) (1,944) (1,372) (2,177)
----------- ------------- ----------- ------------- ----------- -------------
INSTITUTIONAL SHARES: 48 1,661 1,153 8,653 671 12,095
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES:
Shares issued 228 1,293 859 2,603 215 831
Dividends reinvested 21 8 465 268 128 191
Shares redeemed (209) (1,057) (638) (9,486) (350) (12,693)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES 40 244 686 (6,615) (7) (11,671)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES:***
Shares issued 7 175 43 191 4 13
Dividends reinvested 2 1 38 20 4 6
Shares redeemed (49) (25) (50) (115) (8) (34)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES (40) 151 31 96 -- (15)
----------- ------------- ----------- ------------- ----------- -------------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS 48 2,056 1,870 2,134 664 409
=========== ============= =========== ============= =========== =============
</TABLE>
* Institutional shares commenced operations on August 11, 1998.
54
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND BOND FUND FOR INCOME QUALITY BOND FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999
----------- ------------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued $ 17,104 $ 164,328 $ 13,710 $ 231,142 $ 30,874 $ 160,131
Dividends reinvested 16,027 2,875 203 566 2,320 3,567
Shares redeemed (12,688) (12,727) (17,067) (24,242) (21,975) (23,886)
----------- ------------- ----------- ------------- ----------- -------------
INSTITUTIONAL SHARES: $ 20,443 $ 154,476 $ (3,154) $ 207,466 $ 11,219 $ 139,812
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES:
Shares issued $ 12,690 $ 7,642 $ 1,514 $ 105,463 $ 1,786 $ 4,556
Dividends reinvested 594 102 786 2,934 279 542
Shares redeemed (12,553) (151,143) (9,095) (253,420) (1,924) (103,133)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES $ 731 $(143,399) $ (6,795) $(145,023) $ 141 $ (98,035)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES:
Shares issued $ 48 $ 89 $ 96 $ 446 $ 45 $ 683
Dividends reinvested 21 4 13 26 20 36
Shares redeemed (24) (149) (167) (113) (144) (259)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES $ 45 $ (56) $ (58) $ 359 $ (79) $ 460
----------- ------------- ----------- ------------- ----------- -------------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS $ 21,219 $ 11,021 $(10,007) $ 62,802 $ 11,281 $ 42,237
=========== ============= =========== ============= =========== =============
INTERNATIONAL EQUITY FUND BOND FUND FOR INCOME QUALITY BOND FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999
----------- ------------- ----------- ------------- ----------- -------------
SHARE TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued 1,304 14,269 1,180 18,894 3,262 16,059
Dividends reinvested 1,243 242 17 47 246 359
Shares redeemed (965) (1,047) (1,472) (1,995) (2,325) (2,390)
----------- ------------- ----------- ------------- ----------- -------------
INSTITUTIONAL SHARES: 1,582 13,464 (275) 16,946 1,183 14,028
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES:
Shares issued 963 652 130 8,482 189 456
Dividends reinvested 46 8 68 242 29 55
Shares redeemed (950) (13,205) (783) (20,692) (204) (10,306)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES 59 (12,545) (585) (11,968) 14 (9,795)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES:***
Shares issued 4 8 8 36 5 68
Dividends reinvested 2 -- 1 2 2 3
Shares redeemed (2) (13) (14) (9) (15) (26)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES 4 (5) (5) 29 (8) 45
----------- ------------- ----------- ------------- ----------- -------------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS 1,645 914 (865) 5,007 1,189 4,278
=========== ============= =========== ============= =========== =============
</TABLE>
* Institutional shares commenced operations on August 11, 1998, except for the
International Equity Fund which commenced operations on October 9, 1998.
55
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
U.S. GOVERNMENT
SECURITIES FUND MUNICIPAL BOND FUND OHIO TAX FREE BOND FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999
----------- ------------- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued $ 9,498 $ 50,088 $ 4,357 $ 130,817 $ 12,820 $ 208,365
Dividends reinvested 517 866 1,063 2,102 335 1,148
Shares redeemed (6,698) (7,602) (4,662) (12,961) (12,869) (21,233)
----------- ------------- ----------- ------------- ----------- -------------
INSTITUTIONAL SHARES: $ 3,317 $ 43,352 $ 758 $ 119,958 $ 286 $ 188,280
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES:
Shares issued $ 436 $ 2,738 $ 6 $ 1,174 $ 677 $ 8,720
Dividends reinvested 100 250 6 17 420 1,013
Shares redeemed (2,366) (39,440) (233) (118,494) (4,232) (176,628)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES $(1,830) $(36,452) $ (221) $(117,303) $ (3,135) $(166,895)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES:
Shares issued $ -- $ 543 $ -- $ -- $ 332 $ 660
Dividends reinvested 8 12 -- -- 22 33
Shares redeemed (137) (231) -- -- (319) (169)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES $ (129) $ 324 $ -- $ -- $ 35 $ 524
----------- ------------- ----------- ------------- ----------- -------------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS $ 1,358 $ 7,224 $ 537 $ 2,655 $ (2,814) $ 21,909
=========== ============= =========== ============= =========== =============
U.S. GOVERNMENT
SECURITIES FUND MUNICIPAL BOND FUND OHIO TAX FREE BOND FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JAN. 31, JAN. 31, JAN. 31,
2000 YEAR ENDED 2000 YEAR ENDED 2000 YEAR ENDED
(UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999 (UNAUDITED) JULY 31, 1999
----------- ------------- ----------- ------------- ----------- -------------
SHARE TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued 989 5,065 379 10,657 1,314 20,180
Dividends reinvested 54 88 93 172 34 111
Shares redeemed (698) (770) (407) (1,066) (1,316) (2,062)
----------- ------------- ----------- ------------- ----------- -------------
INSTITUTIONAL SHARES: 345 4,383 65 9,763 32 18,229
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES:
Shares issued 45 275 -- 96 69 840
Dividends reinvested 11 25 1 1 43 98
Shares redeemed (247) (3,992) (20) (9,650) (432) (17,114)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT A SHARES (191) (3,692) (19) (9,553) (320) (16,176)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES:***
Shares issued -- 56 -- -- 33 64
Dividends reinvested 1 1 -- -- 2 3
Shares redeemed (14) (24) -- -- (33) (17)
----------- ------------- ----------- ------------- ----------- -------------
INVESTMENT C SHARES (13) 33 -- -- 2 50
----------- ------------- ----------- ------------- ----------- -------------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS 141 724 46 210 (286) 2,103
=========== ============= =========== ============= =========== =============
</TABLE>
* Institutional shares commenced operations on August 11, 1998.
56
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
(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.
Morgan Stanley Asset Management, Inc. is the International Equity Fund's
Sub-Advisor (the "Sub-Advisor"). The Advisor compensates the Sub-Advisor at a
rate based on the International Equity Fund's average daily net assets.
ADMINISTRATIVE FEE--BISYS Fund Services ("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 Funds including providing certain administrative
personnel and services necessary to operate the Funds, for which it receives a
fee from BISYS computed daily as a percentage of the daily net assets of each
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 0.20% of first $1 billion of net assets of
the Trust, 0.18% of net assets of the Trust between $1 billion and $2 billion,
and 0.17% of more than $2 billion of net assets of the Trust.
DISTRIBUTION SERVICES FEE--BISYS serves as the Trust's principal distributor
(the "Distributor"). In accordance with Rule 12b-1 under the 1940 Act, the Trust
entered into a Distribution Plan with the Distributor with respect to Investment
A Shares and Investment C Shares. Under the Distribution Plan, the Funds may pay
a fee to the Distributor. Under the terms of the Plan, the Funds will compensate
the principal distributor from the net assets of the Funds' Investment A and C
Shares to finance activities intended to result in the sales of each Funds'
Investment A and C Shares. The Plan provides that the Funds may incur
distribution expenses up to 0.25% of the average daily net assets of the
Investment A Shares and .75% of the Investment C Shares annually, to compensate
the distributor. These fees may be used by BISYS to pay banks, including the
investment adviser, broker dealers and other institutions, or to reimburse BISYS
or its affiliates for administration, distribution and shareholder service
assistance in connection with the distribution of the Fund.
ADMINISTRATIVE SERVICES FEE--Effective April 23, 1996, the Trust 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 0.25% 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.
Fifth Third Bank is the Funds' custodian & accountant for which it receives a
fee. The fee is based on the level of each Fund's average net assets for the
period, plus out-of-pocket expenses.
Certain Officers and Trustees of the Trust are Officers and Trustees of the
above companies but are not paid any fees directly by the Trust for serving as
Officers and Trustees of the Trust.
57
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
TRANSFER AND DIVIDEND DISBURSING AGENT, ACCOUNTING AND CUSTODY FEES---Fifth
Third Bank serves as transfer and dividend disbursing agent for the Funds for
which it receives a fee. Fifth Third Bank handles the execution of the transfer
and dividend disbursing agent functions.
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 Fund Services provides accounting services for the
International Equity Fund for a fee based on average net assets for the period.
Fifth Third Bank is the Funds' custodian for which it receives a fee. The fee is
based on the level of each Fund's average net assets for the period, plus
out-of-pocket expenses.
Certain Officers and Trustees of the Trust are Officers and Trustees of the
above companies, but are not paid any fees directly by the Trust for serving as
Officers and Trustees of the Trust.
<TABLE>
<CAPTION>
QUALITY EQUITY
GROWTH INCOME CARDINAL PINNACLE BALANCED MID CAP
FUND FUND FUND FUND FUND FUND
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
(AMOUNTS IN THOUSANDS)
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee 0.80% 0.80% 0.60% 0.80% 0.80% 0.80%
Reductions (percentage of
average net assets)
ADMINISTRATIVE FEES:
Voluntary fee reductions $88 $42 $83 $0 $68 $75
DISTRIBUTION SERVICES FEES:
Annual fee before voluntary fee
Reductions (percentage of
average net assets)
Investment A Shares 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Investment C Shares 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Voluntary fee reductions -
Investment A Shares $0 $0 $0 $0 $0 $0
Voluntary fee reductions -
Investment C Shares $13 $1 $1 $8 $9 $1
ADMINISTRATIVE SERVICES FEES:
Annual fee before voluntary fee
Reductions (percentage of
average net assets)
Investment C Shares 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
MISCELLANEOUS FEES:
Fees reimbursed by investment
advisor $0 $0 $0 $0 $0 $0
</TABLE>
58
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------
OHIO
INTERNATIONAL BOND QUALITY GOVERNMENT MUNICIPAL TAX FREE
EQUITY FUND FOR BOND SECURITIES BOND BOND
FUND FUND FUND FUND FUND FUND
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
(AMOUNTS IN THOUSANDS)
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee 1.00% 0.55% 0.55% 0.55% 0.55% 0.55%
Reductions (percentage of
average net assets)
ADMINISTRATIVE FEES:
Voluntary fee reductions $0 $47 $61 $25 $57 $41
DISTRIBUTION SERVICES FEES:
Annual fee before voluntary fee
Reductions (percentage of
average net assets)
Investment A Shares 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
Investment C Shares 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Voluntary fee reductions -
Investment A Shares $0 $0 $0 $0 $0 $0
Voluntary fee reductions -
Investment C Shares $0 $1 $1 $0 $0 $1
ADMINISTRATIVE SERVICES FEES:
Annual fee before voluntary fee
Reductions (percentage of
average net assets)
Investment C Shares 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%
MISCELLANEOUS FEES:
Fees reimbursed by investment
advisor $0 $0 $0 $0 $0 $0
</TABLE>
(5) INVESTMENT TRANSACTIONS
Purchases and sales of investments, excluding short-term securities for the six
months ended January 31, 2000, were as follows (Amounts in thousands):
<TABLE>
<CAPTION>
QUALITY EQUITY MID
GROWTH INCOME CARDINAL PINNACLE BALANCED CAP
FUND FUND FUND FUND FUND FUND
------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C>
Purchases 130,670 31,776 0 35,416 157,796 50,925
Sales 49,640 51,971 29,132 31,446 149,237 59,897
U.S. OHIO
INTERNATIONAL BOND FUND QUALITY GOVERNMENT MUNICIPAL TAX FREE
EQUITY FOR BOND SECURITIES BOND BOND
FUND INCOME FUND FUND FUND FUND
------- ------- ------- ------- ------- -------
Purchases 71,567 208,428 258,240 15,924 56,874 38,173
Sales 68,004 232,226 257,332 14,470 49,109 39,165
</TABLE>
59
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JANUARY 31, 2000 (UNAUDITED)
- --------------------------------------------------------------------------------
(6) CONCENTRATION OF CREDIT RISK
The Ohio Tax Free Bond 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 Portfolio 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 in equity and fixed income securities of
non-U.S. issuers. Although the Fund maintains a diversified investment
portfolio, the political or economic developments within a particular country or
region may have an adverse effect on the ability of domiciled issuers to meet
their obligations. Additionally, political or economic developments may have an
effect on the liquidity and volatility or portfolio securities and currency
holdings. The International Equity Fund has a relatively large concentration of
securities invested in companies domiciled in Great Britain and Japan. The Fund
may be more susceptible to the political, social and economic events adversely
affecting the Great Britain and Japanese companies than funds not so
concentrated.
(7) FEDERAL TAX INFORMATION
As of July 31, 1999, for federal income purposes, the following Funds have
capital loss carryforwards available to offset future capital gains, if any
(Amount in Thousands):
EXPIRES AMOUNT
--------------------------
Mid Cap Fund 2006 $ 590
Bond Fund for Income 2002 2,098
2003 6,381
2004 3,223
2005 1,375
U.S. Government Securities Fund 2004 959
Capital and foreign currency losses incurred after October 31, within a Fund's
fiscal year are deemed to arise on the first business day of the following
fiscal year for tax purposes. The following Funds have incurred and will elect
to defer such capital and foreign currency losses (Amount in Thousands):
POST-OCTOBER FOREIGN
CAPITAL LOSSES CURRENCY LOSSES
----------------------------------------
International Equity Fund $ -- $816
Bond Fund for Income 6,298
Quality Bond Fund 2,264
U.S. Government Securities Fund 173
60
<PAGE>
FIFTH THIRD FUNDS QUALITY GROWTH FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999*
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 23.37 $ 19.45
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.01) (0.02)
Net realized and unrealized gains
from investments 2.14 5.89
-------- --------
Total from Investment Operations 2.13 5.87
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- --
Net realized gain on investments (1.17) (1.95)
-------- --------
Total distributions (1.17) (1.95)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 24.33 $ 23.37
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 9.24%(a) 32.08%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.99%(b) 1.00%(b)
Net investment income/(loss) (0.11%)(b) (0.10%)(b)
Expense waiver/reimbursement (c) 0.02%(b) 0.05%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $683,078 $583,753
Portfolio turnover (d) 7% 34%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 23.31 $ 20.26 $ 19.23 $ 13.16 $ 11.79 $ 9.70
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.04) (0.06) 0.03 0.08 0.12 0.14
Net realized and unrealized gains/
(losses) from investments 2.15 5.06 2.49 6.75 1.37 2.09
-------- -------- -------- -------- -------- --------
Total from investment operations 2.11 5.00 2.52 6.83 1.49 2.23
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Distributions to shareholders from
net investment income -- -- (0.03) (0.09) (0.12) (0.14)
Net realized gain on investments (1.17) (1.95) (1.46) (0.67) -- --
-------- -------- -------- -------- -------- --------
Total distributions (1.17) (1.95) (1.49) (0.76) (0.12) (0.14)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 24.25 $ 23.31 $ 20.26 $ 19.23 $ 13.16 $ 11.79
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 9.18%(a) 26.48% 14.12% 54.02% 12.69% 23.21%
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.24%(b) 1.21% 1.00% 1.00% 0.99% 1.00%
Net investment income/(loss) (0.36%)(b) (0.29%) 0.10% 0.45% 0.98% 1.44%
Expense waiver/reimbursement (c) 0.02%(b) 0.08% 0.37% 0.36% 0.03% 0.05%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $161,663 $116,963 $520,068 $399,683 $134,469 $ 82,594
Portfolio turnover (d) 7% 34% 45% 37% 37% 34%
</TABLE>
(See notes which are an integral part of the financial statements)
61
<PAGE>
FIFTH THIRD FUNDS QUALITY GROWTH FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------
(UNAUDITED) 1999 1998 1997 1996**
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 22.97 $ 20.10 $ 19.18 $ 13.16 $ 13.37
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.09) (0.18) (0.07) (0.03) --
Net realized and unrealized gains/
(losses) from investments 2.11 5.00 2.45 6.72 (0.21)
-------- -------- -------- -------- --------
Total from Investment Operations 2.02 4.82 2.38 6.69 (0.21)
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- -- -- --
Net realized gain on investments (1.17) (1.95) (1.46) (0.67) --
Total Distributions (1.17) (1.95) (1.46) (0.67) 0.00
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 23.82 $ 22.97 $ 20.10 $ 19.18 $ 13.16
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 8.92%(a) 25.76% 13.41% 52.79% 12.50%(e)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.74%(b) 1.80% 1.63% 1.75% 1.77%(b)
Net investment income loss (0.29%) 0.10% 0.45% 0.98% 1.44%
Expense waiver/reimbursement (c) 0.08% 0.37% 0.36% 0.03% 0.05%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 11,636 $ 9,775 $ 8,357 $ 3,146 $ 420
Portfolio turnover (d) 7% 34% 45% 37% 37%
</TABLE>
* Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from April 25, 1996 (date of commencement
of operations) to July 31, 1996.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(d) Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
(e) 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.
(See Notes which are an integral part of the Financial Statements)
62
<PAGE>
FIFTH THIRD FUNDS EQUITY INCOME FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999*
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.19 $ 14.79
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.11 0.25
Net realized and unrealized gains/
(losses) from investments (1.66) 1.86
-------- --------
Total from Investment Operations (1.55) 2.11
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.11) (0.26)
In excess of net investment income -- --
Net realized gain on investments (0.86) (1.45)
-------- --------
Total Distributions (0.97) (1.71)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 12.67 $ 15.19
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (10.53%)(a) 14.63%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.02%(b) 1.07%(b)
Net investment income 1.59%(b) 1.63%(b)
Expense waiver/reimbursement (c) 0.02%(b) 0.05%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $116,098 $148,525
Portfolio turnover (d) 22% 69%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 ------------------------------
(UNAUDITED) 1999 1998 1997**
------------ -------- -------- --------
<S> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.18 $ 15.38 $ 14.44 $ 12.00
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.11 0.29 0.26 0.15
Net realized and unrealized gains/
(losses) from investments (1.67) 1.19 2.43 2.43
-------- -------- -------- --------
Total from Investment Operations (1.56) 1.48 2.69 2.58
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.10) (0.23) (0.27) (0.14)
In excess of net investment income -- -- -- --
Net realized gain on investments (0.86) (1.45) (1.48) --
-------- -------- -------- --------
Total Distributions (0.96) (1.68) (1.75) (0.14)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 12.66 $ 15.18 $ 15.38 $ 14.44
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (10.66%)(a) 9.90% 19.57% 21.64%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.27%(b) 1.27% 1.01% 1.06%(b)
Net investment income 1.33%(b) 1.58% 1.73% 2.32%(b)
Expense waiver/reimbursement (c) 0.06%(b) 0.10% 0.43% 0.42%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 14,636 $ 20,268 $150,404 $120,324
Portfolio turnover (d) 22% 69% 41% 28%
</TABLE>
(See notes which are an integral part of the financial statements)
63
<PAGE>
FIFTH THIRD FUNDS EQUITY INCOME FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------
(UNAUDITED) 1999 1998 1997**
------------ -------- -------- --------
<S> <C> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.19 $ 15.39 $ 14.45 $ 12.00
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.07 0.14 0.17 0.10
Net realized and unrealized gains/
(losses) from investments (1.66) 1.26 2.41 2.45
-------- -------- -------- --------
Total from Investment Operations (1.59) 1.40 2.58 2.55
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.06) (0.15) (0.16) (0.10)
In excess of net investment income -- -- -- --
Net realized gain on investments (0.86) (1.45) (1.48) --
-------- -------- -------- --------
Total Distributions (0.92) (1.60) (1.64) (0.10)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 12.68 $ 15.19 $ 15.39 $ 14.45
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (10.84%)(a) 9.34% 18.72% 21.30%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.83%(b) 0.88% 1.21% 1.56%(b)
Net investment income (0.29%) 0.10% 0.45% 0.98%
Expense waiver/reimbursement (c) 0.31%(b) 0.30% 0.52% 0.26%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 966 $ 1,433 $ 968 $ 92
Portfolio turnover (d) 22% 69% 41% 28%
</TABLE>
* Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from January 27, 1997 (date of
commencement of operations) to July 31, 1997.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(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)
64
<PAGE>
FIFTH THIRD FUNDS CARDINAL FUND**** -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
JAN. 31, 2000 JULY 31 SEPT. 30 SEPT. 30
(UNAUDITED) 1999* 1998 1997**
----------- -------- -------- --------
<S> <C> <C> <C> <C>
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 19.51 $ 14.86 $ 16.64 $ 12.92
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.02 0.04 0.15 0.12
Net realized and unrealized gains
from investments 1.52 5.17 0.28 3.70
-------- -------- -------- --------
Total from Investment Operations 1.54 5.21 0.43 3.82
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (0.01) (0.15) (0.10)
In excess of net investment income -- -- (0.05) --
Net realized gain on investments (3.74) (0.55) (2.01) --
Total Distributions (3.74) (0.56) (2.21) (0.10)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 17.31 $ 19.51 $ 14.86 $ 16.64
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 8.31%(a) 35.61%(a) 2.60% 29.77%
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.82%(b) 0.82%(b) 0.84% 1.00%
Net investment income 0.14%(b) 0.16%(b) 0.85% 1.04%
Expense waiver/reimbursement (c) 0.07%(b) 0.07%(b) 0.09% 0.00
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 2,858 $ 6,946 $ 25,542 $ 26,881
Portfolio turnover (d) 0% 15% 15% 0.13%
</TABLE>
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 19.38 $ 14.87 $ 16.65 $ 13.13 $ 13.23 $ 12.73
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.01) (0.01) 0.14 0.14 0.25 0.36
Net realized and unrealized gains/
(losses) from investments 1.50 5.08 0.27 4.64 1.95 1.32
-------- -------- -------- -------- -------- --------
Total from investment operations 1.49 5.07 0.41 4.78 2.20 1.68
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (0.01) (0.14) (0.13) (0.26) (0.35)
In excess of net investment income -- -- (0.04) -- -- --
Net realized gain on investments (3.74) (0.55) (2.01) (1.13) (2.04) (0.83)
-------- -------- -------- -------- -------- --------
Total distributions (3.74) (0.56) (2.19) (1.26) (2.30) (1.18)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 17.13 $ 19.38 $ 14.87 $ 16.65 $ 13.13 $ 13.23
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 8.09%(a) 34.60%(a) 2.50% 39.17% 17.96% 14.84%
RATIOS TO AVERAGE NET ASSETS:
Expenses (0.17%)(b) (0.07%)(b) 0.76% 0.97% 1.90% 2.89%
Net investment income/(loss) (0.17%)(b) (0.07%)(b) 0.76% 0.97% 1.90% 2.89%
Expense waiver/reimbursement (c) 0.06%(b) 0.07%(b) 0.09% 0.06% 0.10% 0.00%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $238,353 $243,790 $232,903 $267,908 $229,042 $226,181
Portfolio turnover (d) 0% 15% 15% 13% 58% 20%
</TABLE>
(See notes which are an integral part of the financial statements)
65
<PAGE>
FIFTH THIRD FUNDS CARDINAL FUND**** -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999**
------------ --------
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 19.22 $ 15.63
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Income from Investment Operations:
Net investment income/(loss) (0.05) (0.05)
Net realized and unrealized gains
from investments 1.47 4.19
-------- --------
Total from Investment Operations 1.42 4.14
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- --
In excess of net investment income -- --
Net realized gain on investments (3.74) (0.55)
-------- --------
Total Distributions (3.74) (0.55)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 16.90 $ 19.22
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 7.78%(a) 26.99%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.57%(b) 1.65%(b)
Net investment income/(loss) (0.66%)(b) (0.66%)(b)
Expense waiver/reimbursement (c) 0.31%(b) 0.24%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 976 $ 839
Portfolio turnover (d) 0% 15%
* Reflects operations for the period from October 1, 1998 through July 31,
1999.
** Reflects operations for the period from January 2, 1997 (date of
commencement of operations) to September 30, 1997.
*** Reflects operations for the period from October 22, 1998 (date of
commencement of operations) to July 31, 1999.
**** Information prior to September 21, 1998 is for the Cardinal Fund, the
predecessor Fund of the Fifth Third Cardinal Fund.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(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)
66
<PAGE>
FIFTH THIRD FUNDS PINNACLE FUND* -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999**
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 37.28 $ 31.26
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.04) (0.06)
Net realized and unrealized gains
from investments 0.28 6.71
-------- --------
Total from Investment Operations 0.24 6.65
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- --
Net realized gain on investments (0.55) (0.63)
-------- --------
Total Distributions (0.55) (0.63)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 36.97 $ 37.28
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.64%(a) 21.53%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.06%(b) 1.21%(b)
Net investment income (0.19%)(b) (0.24%)(b)
Expense waiver/reimbursement (c) 0.00%(b) 0.01%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 63,190 $ 61,943
Portfolio turnover (d) 27% 51%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------------------------------
(UNAUDITED) 1999 1998*** 1997 1996 1995 1994
----------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING
OF PERIOD $ 37.20 $ 32.35 $ 27.71 $ 23.96 $ 22.47 $ 18.83 $ 21.15
-------- -------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.08) (0.09) (0.02) 0.13 0.05 0.11 0.09
Net realized and unrealized gains/
(losses) from investments 0.27 5.57 5.13 8.25 5.04 6.54 (0.34)
-------- -------- -------- -------- -------- -------- --------
Total from Investment Operations 0.19 5.48 5.11 8.38 5.09 6.65 (0.25)
-------- -------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- -- (0.13) (0.05) (0.11) (0.09)
Net realized gain on investments (0.55) (0.63) (0.47) (4.50) (3.55) (2.90) (1.98)
-------- -------- -------- -------- -------- -------- --------
Total distributions (0.55) (0.63) (0.47) (4.63) (3.60) (3.01) (2.07)
-------- -------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 36.84 $ 37.20 $ 32.35 $ 27.71 $ 23.96 $ 22.47 $ 18.83
======== ======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.51%(a) 17.18%(a) 18.58%(a) 35.40% 22.50% 35.40% (1.10%)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.31%(b) 1.41% 1.28%(b) 1.12% 1.16% 1.14% 1.15%
Net investment income/(loss) (0.44%)(b) (0.47%) (0.12%)(b) 0.46% 0.18% 0.44% 0.41%
Expense waiver/reimbursement (c) 0.00%(b) 0.02% 0.30%(b) 0.00% 0.00% 0.00% 0.00%
SUPPLEMENTAL DATA:
Net Assets at end of
period ($000) $ 50,927 $ 49,936 $ 35,549 $ 22,272 $ 16,461 $ 14,673 $ 13,014
Portfolio turnover (d) 27% 51% 38% 50% 44% 68% 91%
</TABLE>
(See notes which are an integral part of the financial statements)
67
<PAGE>
FIFTH THIRD FUNDS PINNACLE FUND* -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS YEAR PERIOD
ENDED ENDED ENDED
JAN. 31, 2000 JULY 31, JULY 31,
(UNAUDITED) 1999 1998****
------------ -------- --------
<S> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 36.92 $ 32.28 $ 30.16
-------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.20) (0.23) (0.04)
Net realized and unrealized gains
from investments 0.29 5.50 2.16
-------- -------- --------
Total from Investment Operations 0.09 5.27 2.12
-------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- --
Net realized gain on investments (0.55) (0.63) --
-------- -------- --------
Total Distributions (0.55) (0.63) 0.00
-------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 36.46 $ 36.92 $ 32.28
======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.24%(a) 16.56% 7.07%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.81%(b) 1.95% 2.17%(b)
Net investment loss (0.93%)(b) (1.00%) (0.84%)(b)
Expense waiver/reimbursement (c) 0.25%(b) 0.26% 0.42%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 5,144 $ 6,653 $ 922
Portfolio turnover (d) 27% 51% 38%
</TABLE>
* Information prior to the period March 9, 1998 is for the Pinnacle Fund,
the predecessor Fund of the Fifth Third Pinnacle Fund.
** Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
*** Reflects the period of operations from January 1, 1998 to July 31, 1998.
**** Reflects the period of operations from March 9, 1998 (date of commencement
of operations) to July 31, 1998.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(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)
68
<PAGE>
FIFTH THIRD FUNDS BALANCED FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------- ----------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999*
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.13 $ 14.60
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.12 0.22
Net realized and unrealized gains
from investments 0.98 2.27
-------- --------
Total from Investment Operations 1.10 2.49
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.14) (0.22)
Net realized gain on investments (1.34) (0.74)
-------- --------
Total Distributions (1.48) (0.96)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 15.75 $ 16.13
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 6.85%(a) 17.63%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.00%(b) 1.00%(b)
Net investment income 1.47%(b) 1.54%(b)
Expense waiver/reimbursement (c) 0.06%(b) 0.04%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $154,473 $139,616
Portfolio turnover (d) 66% 128%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.12 $ 14.99 $ 15.33 $ 11.75 $ 11.28 $ 9.70
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.10 0.20 0.27 0.27 0.27 0.28
Net realized and unrealized gains
from investments 0.98 1.86 0.92 4.06 0.47 1.57
-------- -------- -------- -------- -------- --------
Total from Investment Operations 1.08 2.06 1.19 4.33 0.74 1.85
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.12) (0.19) (0.28) (0.26) (0.27) (0.27)
Net realized gain on investments (1.34) (0.74) (1.25) (0.49) -- --
Total Distributions (1.46) (0.93) (1.53) (0.75) (0.27) (0.27)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 15.74 $ 16.12 $ 14.99 $ 15.33 $ 11.75 $ 11.28
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 6.74%(a) 14.30% 8.41% 38.45% 6.52% 19.37%
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.25%(b) 1.28% 1.00% 1.00% 1.00% 1.00%
Net investment income 1.22%(b) 1.22% 1.84% 2.05% 2.31% 2.73%
Expense waiver/reimbursement (c) 0.06%(b) 0.06% 0.43% 0.40% 0.06% 0.06%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 88,591 $ 79,686 $173,177 $122,765 $ 92,808 $ 58,075
Portfolio turnover (d) 66% 128% 135% 101% 61% 58%
</TABLE>
(See notes which are an integral part of the financial statements)
69
<PAGE>
FIFTH THIRD FUNDS BALANCED FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS PERIOD
ENDED YEAR ENDED JULY 31, ENDED
JAN. 31, 2000 ------------------------------- JULY 31,
(UNAUDITED) 1999 1998 1997 1996**
----------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.13 $ 15.01 $ 15.34 $ 11.75 $ 12.13
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.06 0.11 0.17 0.16 0.05
Net realized and unrealized gains/
(losses) from investments 0.97 1.88 0.92 4.08 (0.39)
-------- -------- -------- -------- --------
Total from Investment Operations 1.03 1.99 1.09 4.24 (0.34)
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.08) (0.13) (0.17) (0.16) (0.04)
Net realized gain on investments (1.34) (0.74) (1.25) (0.49) --
-------- -------- -------- -------- --------
Total Distributions (1.42) (0.87) (1.42) (0.65) (0.04)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 15.74 $ 16.13 $ 15.01 $ 15.34 $ 11.75
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 6.43%(a) 13.78% 7.67% 37.52% 6.32%(e)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.75%(b) 1.76% 1.58% 1.75% 1.78%(b)
Net investment income 0.72%(b) 0.78% 1.24% 1.30% 1.60%(b)
Expense waiver/reimbursement (c) 0.31%(b) 0.29% 0.49% 0.30% 0.07%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 7,017 $ 6,692 $ 4,796 $ 1,155 $ 264
Portfolio turnover (d) 66% 128% 135% 101% 61%
</TABLE>
* Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from April 25, 1996 (date of
commencement of operations) to July 31, 1996.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in
both the expense and net investment income ratios shown above.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(e) 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.
(See Notes which are an integral part of the Financial Statements)
70
<PAGE>
FIFTH THIRD FUNDS MID CAP FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999*
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.87 $ 15.40
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.03) (0.04)
Net realized and unrealized gains
from investments 0.76 1.95
-------- --------
Total from Investment Operations 0.73 1.91
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- --
In excess of net investment income -- --
Net realized gain on investments (1.18) (1.44)
-------- --------
Total Distributions (1.18) (1.44)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 15.42 $ 15.87
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 4.49%(a) 13.13%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.00%(b) 0.97%(b)
Net investment loss (0.33%)(b) (0.26%)(b)
Expense waiver/reimbursement (c) 0.07%(b) 0.07%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $196,884 $191,987
Portfolio turnover (d) 23% 49%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.82 $ 16.19 $ 16.98 $ 12.60 $ 12.59 $ 10.10
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.05) (0.10) (0.03) 0.02 0.06 0.08
Net realized and unrealized gain
from investments 0.76 1.17 0.98 5.55 0.11 2.48
-------- -------- -------- -------- -------- --------
Total from Investment Operations 0.71 1.07 0.95 5.57 0.17 2.56
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- -- (0.02) (0.07) (0.07)
In excess of net investment income -- -- -- (0.02) -- --
Net realized gain on investments (1.18) (1.44) (1.74) (1.15) (0.09) --
-------- -------- -------- -------- -------- --------
Total Distributions (1.18) (1.44) (1.74) (1.19) (0.16) (0.07)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 15.35 $ 15.82 $ 16.19 $ 16.98 $ 12.60 $ 12.59
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 4.38%(a) 7.29% 5.69% 47.17% 1.27% 25.45%
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.25%(b) 1.28% 1.01% 1.00% 1.00% 1.00%
Net investment income/(loss) (0.58%)(b) (0.59%) (0.19%) 0.10% 0.42% 0.77%
Expense waiver/reimbursement (c) 0.07%(b) 0.11% 0.40% 0.37% 0.06% 0.18%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 27,027 $ 27,966 $217,547 $186,066 $ 72,663 $ 47,184
Portfolio turnover (d) 23% 49% 44% 52% 54% 23%
</TABLE>
(See notes which are an integral part of the financial statements)
71
<PAGE>
FIFTH THIRD
FUNDS MID CAP FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED YEAR ENDED JULY 31, ENDED
JAN. 31, 2000 ------------------------------- JULY 31,
(UNAUDITED) 1999 1998 1997 1996**
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.52 $ 15.98 $ 16.88 $ 12.59 $ 13.72
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.08) (0.18) (0.05) (0.07) (0.01)
Net realized and unrealized gains/
(losses) from investments 0.73 1.16 0.89 5.51 (1.12)
-------- -------- -------- -------- --------
Total from Investment Operations 0.65 0.98 0.84 5.44 (1.13)
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- -- -- --
In excess of net investment income -- -- -- -- --
Net realized gain on investments (1.18) (1.44) (1.74) (1.15) --
-------- -------- -------- -------- --------
Total Distributions (1.18) (1.44) (1.74) (1.15) 0.00
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 14.99 $ 15.52 $ 15.98 $ 16.88 $ 12.59
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 4.07%(a) 6.79% 5.03% 46.05% 1.11%(e)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.75%(b) 1.85% 1.61% 1.75% 1.78%(b)
Net investment loss (1.08%)(b) (1.07%) (0.81%) (0.62%) (0.51%)(b)
Expense waiver/reimbursement (c) 0.32%(b) 0.32% 0.44% 0.27% 0.06%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 756 $ 794 $ 1,049 $ 439 $ 229
Portfolio turnover (d) 23% 49% 44% 52% 54%
</TABLE>
* Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from April 24, 1996 (date of commencement
of operations) to July 31, 1996.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(d) Portfolio turnover is calculated on the basis of the fund as a whole
without distinguishing between the classes of shares issued.
(e) 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.
(See notes which are an integral part of the financial statements)
72
<PAGE>
FIFTH THIRD FUNDS INTERNATIONAL EQUITY FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- -------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999*
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.80 $ 10.50
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.02) 0.09
Net realized and unrealized gains
from investments 1.38 2.52
-------- --------
Total from Investment Operations 1.36 2.61
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (0.14)
In excess of net investment income -- (0.10)
Net realized gain on investments (1.18) (0.07)
-------- --------
Total Distributions (1.18) (0.31)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 12.98 $ 12.80
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 10.68%(a) 25.02%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.46%(b) 1.50%(b)
Net investment income/(loss) (0.28%)(b) 0.67%(b)
Expense waiver/reimbursement (c) 0.00%(b) 0.00%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $195,338 $172,388
Portfolio turnover (d) 38% 42%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.84 $ 12.56 $ 12.05 $ 10.74 $ 9.83 $ 10.00
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.04) 0.03 0.09 0.04 0.01 0.05
Net realized and unrealized gains/
(losses) from investments 1.39 0.49 1.31 2.15 0.90 (0.22)
-------- -------- -------- -------- -------- --------
Total from Investment Operations 1.35 0.52 1.40 2.19 0.91 (0.17)
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (0.08) (0.59) (0.66) -- --
In excess of net investment income -- (0.09) -- (0.16) -- --
Net realized gain on investments (1.18) (0.07) (0.30) (0.06) -- --
-------- -------- -------- -------- -------- --------
Total Distributions (1.18) (0.24) (0.89) (0.88) 0.00 0.00
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 13.01 $ 12.84 $ 12.56 $ 12.05 $ 10.74 $ 9.83
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 10.57%(a) 4.23% 13.29% 21.78% 9.26% (1.70%)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.71%(b) 1.52% 1.47% 1.38% 1.61% 1.65%(a)
Net investment income/(loss) (0.54%)(b) 0.03% 0.66% 0.39% 0.32% 0.62%
Expense waiver/reimbursement (c) 0.00%(b) 0.18% 0.35% 0.35% 0.05% 0.07%(b)
SUPPLEMENTAL DATA: (B)
Net Assets at end of period ($000) $ 6,667 $ 5,821 $163,297 $151,728 $120,349 $86,442(b)
Portfolio turnover (d) 38% 42% 39% 60% 41% 54%
</TABLE>
(See notes which are an integral part of the financial statements)
73
<PAGE>
FIFTH THIRD FUNDS INTERNATIONAL EQUITY FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED YEAR ENDED JULY 31, ENDED
JAN. 31, 2000 ------------------------------- JULY 31,
(UNAUDITED) 1999 1998 1997 1996**
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.76 $ 12.51 $ 12.01 $ 10.71 $ 1.21
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.07) -- (0.06) (0.02) 0.01
Net realized and unrealized gains/
(losses) from investments 1.36 0.46 1.39 2.16 (0.51)
-------- -------- -------- -------- --------
Total from Investment Operations 1.29 0.46 1.33 2.14 (0.50)
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- (0.14) (0.53) (0.46) --
In excess of net investment income -- -- -- (0.32) --
Net realized gain on investments (1.18) (0.07) (0.30) (0.06) --
-------- -------- -------- -------- --------
Total Distributions (1.18) (0.21) (0.83) (0.84) 0.00
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 12.87 $ 12.76 $ 12.51 $ 12.01 $ 10.71
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 10.07%(a) 3.79% 12.57% 21.25% 8.95%(e)
RATIOS TO AVERAGE NET ASSETS:
Expenses 2.25%(b) 2.25% 2.22% 2.13% 2.34%(b)
Net investment income/(loss) (1.08%)(b) (0.08%) (0.09%) (0.28%) 0.76%(b)
Expense waiver/reimbursement (c) 0.00%(b) 0.25% 0.25% 0.25% 0.00%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 282 $ 235 $ 291 $ 210 $ 57
Portfolio turnover (d) 38% 42% 39% 60% 41%
</TABLE>
* Reflects operations for the period from October 9, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from August 19, 1994 (date of
commencement of operations) to July 31, 1995.
*** Reflects operations for the period from April 25, 1996 (date of commencement
of operations) to July 31, 1996.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(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)
74
<PAGE>
FIFTH THIRD FUNDS BOND FUND FOR INCOME -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999*
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.70 $ 12.27
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.32 0.56
Net realized and unrealized losses
from investments (0.31) (0.30)
-------- --------
Total from Investment Operations 0.01 0.26
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.32) (0.62)
In excess of net investment income -- --
Net realized gain on investments -- (0.21)
-------- --------
Total Distributions (0.32) (0.83)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 11.39 $ 11.70
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.09%(a) 2.12%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.76%(b) 0.75%(b)
Net investment income 5.54%(b) 5.12%(b)
Expense waiver/reimbursement (c) 0.04%(b) 0.03%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $189,953 $198,212
Portfolio turnover (d) 99% 104%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------
(UNAUDITED) 1999 1998 1997**
------------ -------- -------- --------
<S> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.69 $ 12.19 $ 12.19 $ 12.00
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.31 0.71 0.68 0.37
Net realized and unrealized gains/
(losses) from investments (0.30) (0.41) 0.06 0.18
-------- -------- -------- --------
Total from Investment Operations 0.01 0.30 0.74 0.55
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.31) (0.59) (0.69) (0.36)
In excess of net investment income -- -- -- --
Net realized gain on investments -- (0.21) (0.05) --
-------- -------- -------- --------
Total Distributions (0.31) (0.80) (0.74) (0.36)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 11.39 $ 11.69 $ 12.19 $ 12.19
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.06%(a) 2.42% 6.23% 4.64%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.01%(b) 0.97% 0.75% 0.79%(b)
Net investment income 5.28%(b) 4.80% 5.54% 6.08%(b)
Expense waiver/reimbursement (c) 0.04%(b) 0.05% 0.42% 0.42%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 32,791 $ 40,508 $188,071 $157,108
Portfolio turnover (d) 99% 104% 127% 157%
</TABLE>
(See notes which are an integral part of the financial statements)
75
<PAGE>
FIFTH THIRD FUNDS BOND FUND FOR INCOME -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 --------------------------------
(UNAUDITED) 1999 1998*** 1997**
------------ -------- -------- --------
<S> <C> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.69 $ 12.19 $ 12.18 $ 12.00
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) 0.28 0.53 0.60 (0.01)
Net realized and unrealized gains/
(losses) from investments (0.30) (0.29) 0.05 0.50
-------- -------- -------- --------
Total from Investment Operations (0.02) 0.24 0.65 0.49
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.28) (0.53) (0.59) (0.22)
In excess of net investment income -- -- -- (0.09)
Net realized gain on investments -- (0.21) (0.05) --
-------- -------- -------- --------
Total Distributions (0.28) (0.74) (0.64) (0.31)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 11.39 $ 11.69 $ 12.19 $ 12.18
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (0.20%)(a) 1.92% 5.50% 4.18%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.51%(b) 1.54% 1.34% 1.54%(b)
Net investment income/ (loss) 4.78%(b) 3.40% 4.89% 4.20%(b)
Expense waiver/reimbursement (c) 0.29%(b) 0.28% 0.32% 0.26%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 496 $ 567 $ 230 $ 6
Portfolio turnover (d) 99% 104% 127% 157%
</TABLE>
* Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from January 27, 1997 (date of
commencement of operations) to July 31, 1997.
*** Per share information is calculated using the average share method.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(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)
76
<PAGE>
FIFTH THIRD FUNDS QUALITY BOND FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999*
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.52 $ 10.02
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.28 0.48
Net realized and unrealized losses
from investments (0.25) (0.38)
-------- --------
Total from Investment Operations 0.03 0.10
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.28) (0.49)
In excess of net investment income -- --
Net realized gain on investments -- (0.11)
-------- --------
Total Distributions (0.28) (0.60)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 9.27 $ 9.52
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.29%(a) 0.88%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.75%(b) 0.75%(b)
Net investment income 5.85%(b) 4.95%(b)
Expense waiver/reimbursement (c) 0.08%(b) 0.11%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $140,937 $133,537
Portfolio turnover (d) 186% 349%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.52 $ 9.96 $ 9.85 $ 9.52 $ 9.72 $ 9.55
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.27 0.65 0.54 0.55 0.56 0.64
Net realized and unrealized gains/
(losses) from investments (0.25) (0.51) 0.12 0.32 (0.19) 0.17
-------- -------- -------- -------- -------- --------
Total from Investment Operations 0.02 0.14 0.66 0.87 0.37 0.81
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.27) (0.47) (0.55) (0.54) (0.57) (0.64)
In excess of net investment income -- -- -- -- -- --
Net realized gain on investments -- (0.11) -- -- -- --
-------- -------- -------- -------- -------- --------
Total Distributions (0.27) (0.58) (0.55) (0.54) (0.57) (0.64)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.27 $ 9.52 $ 9.96 $ 9.85 $ 9.52 $ 9.72
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.15%(a) 1.26% 6.91% 9.43% 3.86% 8.89%
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.00%(b) 0.92% 0.75% 0.75% 0.75% 0.75%
Net investment income 5.60%(b) 4.85% 5.50% 5.71% 5.80% 6.72%
Expense waiver/reimbursement (c) 0.08%(b) 0.17% 0.45% 0.41% 0.06% 0.09%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 9,698 $ 9,826 $107,794 $ 91,789 $ 83,422 $ 55,767
Portfolio turnover (d) 186% 349% 279% 181% 117% 138%
</TABLE>
(See notes which are an integral part of the financial statements)
77
<PAGE>
FIFTH THIRD FUNDS QUALITY BOND FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED YEAR ENDED JULY 31, ENDED
JAN. 31, 2000 ------------------------------- JULY 31,
(UNAUDITED) 1999 1998 1997 1996**
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.51 $ 9.95 $ 9.86 $ 9.53 $ 9.62
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.24 0.43 0.48 0.49 0.14
Net realized and unrealized gains/
(losses) from investments (0.25) (0.33) 0.09 0.32 (0.08)
-------- -------- -------- -------- --------
Total from Investment Operations (0.01) 0.10 0.57 0.81 0.06
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.24) (0.43) (0.48) (0.48) (0.15)
In excess of net investment income -- -- -- -- --
Net realized gain on investments -- (0.11) -- -- --
-------- -------- -------- -------- --------
Total Distributions (0.24) (0.54) (0.48) (0.48) (0.15)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.26 $ 9.51 $ 9.95 $ 9.86 $ 9.53
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (0.12%)(a) 0.75% 5.92% 8.68% 3.71%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.50%(b) 1.43% 1.50% 1.50% 1.52%(b)
Net investment income 5.09%(b) 4.23% 4.76% 4.97% 5.03%(b)
Expense waiver/reimbursement (c) 0.33%(b) 0.36% 0.35% 0.31% 0.09%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 712 $ 811 $ 399 $ 204 $ 162
Portfolio turnover (d) 186% 349% 279% 181% 117%
</TABLE>
* Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from April 25, 1996 (date of commencement
of operations) to July 31, 1996.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(e) 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.
(See notes which are an integral part of the financial statements)
78
<PAGE>
FIFTH THIRD FUNDS U.S. GOVERNMENT SECURITIES FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
- -------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999*
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.64 $ 9.89
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.24 0.46
Net realized and unrealized losses
from investments (0.20) (0.22)
-------- --------
Total from Investment Operations 0.04 0.24
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.24) (0.49)
-------- --------
Total Distributions (0.24) (0.49)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 9.44 $ 9.64
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.44%(a) 2.43%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.75%(b) 0.75%(b)
Net investment income 4.99%(b) 4.80%(b)
Expense waiver/reimbursement (c) 0.18%(b) 0.28%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 44,630 $ 42,239
Portfolio turnover (d) 32% 93%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.64 $ 9.82 $ 9.75 $ 9.55 $ 9.77 $ 9.64
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.23 0.55 0.52 0.54 0.55 0.58
Net realized and unrealized gains/
(losses) from investments (0.20) (0.26) 0.07 0.19 (0.20) 0.13
-------- -------- -------- -------- -------- --------
Total from Investment Operations 0.03 0.29 0.59 0.73 0.35 0.71
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.23) (0.47) (0.52) (0.53) (0.57) (0.58)
-------- -------- -------- -------- -------- --------
Total Distributions (0.23) (0.47) (0.52) (0.53) (0.57) (0.58)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.44 $ 9.64 $ 9.82 $ 9.75 $ 9.55 $ 9.77
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.31%(a) 2.89% 6.17% 7.83% 3.63% 7.66%
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.00%(b) 0.95% 0.75% 0.75% 0.75% 0.75%
Net investment income 4.74%(b) 4.62% 5.30% 5.56% 5.67% 5.98%
Expense waiver/reimbursement (c) 0.18%(b) 0.33% 0.53% 0.50% 0.29% 0.39%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 3,283 $ 5,192 $ 41,550 $ 42,414 $ 30,754 $ 25,054
Portfolio turnover (d) 32% 93% 155% 169% 103% 115%
</TABLE>
(See notes which are an integral part of the financial statements)
79
<PAGE>
FIFTH THIRD
FUNDS U.S. GOVERNMENT SECURITIES FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------
(UNAUDITED) 1999 1998 1997 1996**
------------ -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.61 $ 9.80 $ 9.75 $ 9.56 $ 9.65
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.21 0.41 0.46 0.46 0.16
Net realized and unrealized gains/
(losses) from investments (0.20) (0.18) 0.04 0.19 (0.10)
-------- -------- -------- -------- --------
Total from Investment Operations 0.01 0.23 0.50 0.65 0.06
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.21) (0.42) (0.45) (0.46) (0.15)
-------- -------- -------- -------- --------
Total Distributions (0.21) (0.42) (0.45) (0.46) (0.15)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.41 $ 9.61 $ 9.80 $ 9.75 $ 9.56
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 0.04%(a) 2.31% 5.19% 6.92% 3.48%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.50%(b) 1.40% 1.50% 1.50% 1.52%(b)
Net investment income 4.24%(b) 4.20% 4.56% 4.82% 4.80%(b)
Expense waiver/reimbursement (c) 0.43%(b) 0.54% 0.43% 0.40% 0.37%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 295 $ 431 $ 118 $ 75 $ 49
Portfolio turnover (d) 32% 93% 155% 169% 103%
</TABLE>
* Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from April 24, 1996 (date of commencement
of operations) to July 31, 1996.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(e) 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.
(See notes which are an integral part of the financial statements)
80
<PAGE>
FIFTH THIRD
MUNICIPAL BOND FUND - FINANCIAL HIGHLIGHTS
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.77 $ 12.30
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.23 0.47
Net realized and unrealized losses
from investments (0.48) (0.32)
-------- --------
Total from Investment Operations (0.25) 0.15
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.23) (0.47)
In excess of net investment income -- --
Net realized gain on investments (0.11) (0.21)
-------- --------
Total Distributions (0.34) (0.68)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 11.18 $ 11.77
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (2.15%)(a) 1.18%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.75%(b) 0.75%(b)
Net investment income 4.12%(b) 3.79%(b)
Expense waiver/reimbursement (c) 0.10%(b) 0.11%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $109,856 $114,923
Portfolio turnover (d) 49% 110%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------
(UNAUDITED) 1999 1998 1997**
------------ -------- -------- --------
<S> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.79 $ 12.24 $ 12.33 $ 12.00
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.22 0.45 0.50 0.28
Net realized and unrealized gains/
(losses) from investments (0.49) (0.25) 0.01 0.32
-------- -------- -------- --------
Total from Investment Operations (0.27) 0.20 0.51 0.60
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.22) (0.44) (0.51) (0.27)
In excess of net investment income -- -- -- --
Net realized gain on investments (0.11) (0.21) (0.09) --
-------- -------- -------- --------
Total Distributions (0.33) (0.65) (0.60) (0.27)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 11.19 $ 11.79 $ 12.24 $ 12.33
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (2.35%)(a) 1.56% 4.28% 5.04%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.00%(b) 0.81% 0.76% 0.81%(b)
Net investment income 3.79%(b) 3.99% 4.09% 4.44%(b)
Expense waiver/reimbursement (c) 0.10%(b) 0.31% 0.45% 0.42%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 153 $ 386 $117,333 $101,616
Portfolio turnover (d) 49% 110% 121% 63%
</TABLE>
81
<PAGE>
FIFTH THIRD MUNICIPAL BOND FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------
(UNAUDITED) 1999**** 1998*** 1997**
------------ -------- -------- --------
<S> <C> <C> <C> <C>
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ -- $ -- $ 12.33 $ 12.00
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) -- -- 0.18 (0.20)
Net realized and unrealized gains
from investments -- -- 0.07 0.75
-------- -------- -------- --------
Total from Investment Operations -- -- 0.25 0.55
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- (0.18) (0.16)
In excess of net investment income -- -- -- (0.06)
Net realized gain on investments -- -- (0.09) --
-------- -------- -------- --------
Total Distributions -- -- (0.27) (0.22)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ -- $ -- $ 12.31 $ 12.33
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) N/A N/A 2.03%(a) 4.65%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses N/A N/A 1.51%(b) 1.56%(b)
Net investment income/(loss) N/A N/A 3.41%(b) 3.09%(b)
Expense waiver/reimbursement (c) N/A N/A 0.37%(b) 0.26%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ -- $ -- $ -- $ 11
Portfolio turnover (d) N/A N/A 121% 63%
</TABLE>
* Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from January 27, 1997 (date of
commencement of operations) to July 31, 1997.
*** Reflects operations for the period from August 1, 1997 (date of
commencement of operations) to January 8, 1998. As of July 31, 1998, no
shares or assets existed in the Investment C Shares. The ending net asset
value is the last NAV for a share redeemed on January 8, 1998. Per share
information is calculated using the average share method for Investment C
Shares.
**** As of July 31, 1999, no shares or assets existed in the Investment C
Shares. The Municipal Bond Investment C Shares continue to be open for
investment with an offering price equal to the Municipal Bond Investment A
Shares.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(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)
82
<PAGE>
FIFTH THIRD FUNDS OHIO TAX FREE BOND FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
- --------------------------------------------------------------------------------
SIX MONTHS PERIOD
ENDED ENDED
JAN. 31, 2000 JULY 31,
(UNAUDITED) 1999
------------ --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.02 $ 10.33
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.20 0.40
Net realized and unrealized losses
from investments (0.39) (0.24)
-------- --------
Total from Investment Operations (0.19) 0.16
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.20) (0.40)
In excess of net investment income -- (0.01)
Net realized gain on investments (0.02) (0.06)
-------- --------
Total Distributions (0.22) (0.47)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 9.61 $ 10.02
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (1.95%)(a) 1.48%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 0.77%(b) 0.82%(b)
Net investment income 4.05%(b) 3.81%(b)
Expense waiver/reimbursement (c) 0.04%(b) 0.05%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $175,489 $182,679
Portfolio turnover (d) 21% 47%
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
------------ -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.02 $ 10.29 $ 10.31 $ 10.01 $ 9.99 $ 9.75
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.19 0.46 0.42 0.43 0.40 0.42
Net realized and unrealized gains/
(losses) from investments (0.39) (0.29) 0.02 0.30 0.03 0.24
-------- -------- -------- -------- -------- --------
Total from Investment Operations (0.20) 0.17 0.44 0.73 0.43 0.66
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.19) (0.38) (0.42) (0.43) (0.41) (0.42)
In excess of net investment income -- -- -- -- -- --
Net realized gain on investments (0.02) (0.06) (0.04) -- -- --
-------- -------- -------- -------- -------- --------
Total Distributions (0.21) (0.44) (0.46) (0.43) (0.41) (0.42)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.61 $ 10.02 $ 10.29 $ 10.31 $ 10.01 $ 9.99
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (2.08%)(a) 1.63% 4.38% 7.49% 4.33% 7.02%
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.02%(b) 1.00% 0.74% 0.75% 0.74% 0.35%
Net investment income 3.79%(b) 3.68% 4.09% 4.27% 4.01% 4.36%
Expense waiver/reimbursement (c) 0.04%(b) 0.21% 0.43% 0.37% 0.32% 0.77%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 18,027 $ 22,008 $188,966 $168,800 $ 35,463 $ 28,315
Portfolio turnover (d) 21% 47% 42% 49% 30% 27%
</TABLE>
(See notes which are an integral part of the financial statements)
83
<PAGE>
FIFTH THIRD FUNDS OHIO TAX FREE BOND FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
- -----------------------------------------------------------------------
<TABLE>
<CAPTION>
SIX MONTHS
ENDED YEAR ENDED JULY 31,
JAN. 31, 2000 -------------------------------------------
(UNAUDITED) 1999 1998 1997 1996
<S> <C> <C> <C> <C> <C>
------------ -------- -------- -------- --------
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.01 $ 10.28 $ 10.31 $ 10.00 $ 10.02
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.16 0.33 0.35 0.36 0.10
Net realized and unrealized gains/
(losses) from investments (0.39) (0.21) 0.01 0.31 (0.01)
-------- -------- -------- -------- --------
Total from Investment Operations (0.23) 0.12 0.36 0.67 0.09
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.16) (0.33) (0.35) (0.35) (0.11)
In excess of net investment income -- -- -- (0.01) --
Net realized gain on investments (0.02) (0.06) (0.04) -- --
-------- -------- -------- -------- --------
Total Distributions (0.18) (0.39) (0.39) (0.36) (0.11)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.60 $ 10.01 $ 10.28 $ 10.31 $ 10.00
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (2.33%)(a) 1.13% 3.56% 6.84% 3.98%(a)
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.52%(b) 1.55% 1.49% 1.50% 1.52%(b)
Net investment income 3.30%(b) 3.05% 3.33% 3.51% 3.41%(b)
Expense waiver/reimbursement (c) 0.29%(b) 0.38% 0.33% 0.27% 0.28%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 1,055 $ 1,071 $ 584 $ 248 $ 38
Portfolio turnover (d) 21% 47% 42% 49% 30%
</TABLE>
* Reflects operations for the period from August 11, 1998 (date of
commencement of operations) to July 31, 1999.
** Reflects operations for the period from April 24, 1996 (date of
commencement of operations) to July 31, 1996.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the expense and net
investment income ratios shown above.
(d) Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(e) 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 24, 1996 to July 31, 1996.
(See notes which are an integral part of the financial statements)
CHANGE IN INDEPENDENT AUDITOR
- --------------------------------------------------------------------------------
In March 2000, Ernst & Young LLP (Ernst & Young) resigned as independent auditor
of the Fifth Third Funds (the Funds). Arthur Andersen LLP (Arthur Andersen) was
selected as the Funds' independent auditor. The Funds' selection of Arthur
Andersen as its independent auditor was recommended by the Funds' audit
committee and was approved by the Funds' Board of Directors.
The reports on the financial statements audited by Ernst & Young for the years
ended July 31, 1999 and prior for the Funds did not contain an adverse opinion
or a disclaimer of opinion, and were not qualified or modified as to
uncertainty, audit scope or accounting principles. During the Funds' two most
recent fiscal years and up to and including March 2000, there were no
disagreements between the Funds and Ernst & Young on any matter of accounting
principles or practices, financial statement disclosure, or auditing scope or
procedures, which disagreements, if not resolved to the satisfaction of Ernst &
Young, would have caused it to make reference to the subject matter of the
disagreements in connection with its reports on the financial statements for
such years.
84
