FIFTH THIRD QUALITY GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
COMMON STOCKS - 98.2%
BANKING - 11.1%
---------------------------------
1,090,000 Bank of New York Co., Inc. $ 51,026
120,000 First Tennessee National Corp. 2,190
800,000 Mellon Financial Corp. 30,150
110,000 Regions Financial Corp. 2,193
175,000 SouthTrust Corp. 4,309
620,000 Wells Fargo Co. 25,614
--------------------------------- ---------
Total 115,482
--------------------------------- ---------
BEVERAGES - 0.9%
---------------------------------
199,000 PepsiCo, Inc. 9,117
--------------------------------- ---------
BUSINESS SERVICES - 2.0%
---------------------------------
480,000 Cintas Corp. 20,250
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 9.3%
---------------------------------
315,000 Computer Sciences Corp. (b) 19,688
535,000 Microsoft Corp. (b) 37,350
520,000 Oracle Corp. (b) 39,097
--------------------------------- ---------
Total 96,135
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 7.1%
---------------------------------
587,000 Cisco Systems, Inc. (b) 38,412
310,000 IBM Corp. 34,856
--------------------------------- ---------
Total 73,268
--------------------------------- ---------
CONSUMER CYCLICALS - 0.4%
---------------------------------
225,000 Carnival Corp. 4,205
--------------------------------- ---------
CONSUMER PRODUCTS - 0.3%
---------------------------------
62,000 Procter & Gamble Co. 3,526
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 2.0%
---------------------------------
396,000 General Electric Co. 20,369
--------------------------------- ---------
ELECTRONICS - 18.7%
---------------------------------
228,000 EMC Corp. (b) 19,409
1,000,000 Intel Corp. 66,750
395,000 Lucent Technologies, Inc. 17,281
185,000 Maxim Ingegrated Products, Inc. (b) 12,221
645,000 Tellabs, Inc. (b) 41,925
630,000 Texas Instruments, Inc. 36,973
--------------------------------- ---------
Total 194,559
--------------------------------- ---------
ENERGY - 3.1%
---------------------------------
51,000 Chevron Corp. 4,029
160,000 Exxon Mobil Corp. 12,800
185,000 Schlumberger Ltd. 13,678
31,540 Transocean Sedco Forex, Inc. 1,561
--------------------------------- ---------
Total 32,068
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
FINANCIAL SERVICES - 7.8%
---------------------------------
184,000 Capital One Financial Corp. $ 10,787
680,000 Freddie Mac 26,818
257,000 Marsh & McLennan Cos., Inc. 31,354
330,000 Schwab (Charles) Corp. 11,921
--------------------------------- ---------
Total 80,880
--------------------------------- ---------
HEALTHCARE - 4.9%
---------------------------------
145,000 Baxter International, Inc. 11,274
485,000 Guidant Corp. (b) 27,342
241,000 Medtronic, Inc. 12,306
--------------------------------- ---------
Total 50,922
--------------------------------- ---------
INSURANCE - 0.2%
---------------------------------
62,000 Cincinnati Financial Corp. 2,340
--------------------------------- ---------
MANUFACTURING - 6.9%
---------------------------------
117,000 Dana Corp. 2,684
410,000 Illinois Tool Works, Inc. 23,472
790,000 Tyco International, Ltd. 42,265
60,000 Zebra Technologies Corp.,
Class A (b) 3,064
--------------------------------- ---------
Total 71,485
--------------------------------- ---------
MEDIA/ PUBLISHING - 2.1%
---------------------------------
555,000 Interpublic Group of Cos., Inc. 22,235
--------------------------------- ---------
MEDICAL DISTRIBUTION - 2.8%
---------------------------------
400,000 Cardinal Health, Inc. 29,400
--------------------------------- ---------
OFFICE EQUIPMENT & SUPPLIES - 1.4%
---------------------------------
107,000 Avery Dennison Corp. 5,805
240,000 Pitney Bowes, Inc. 8,310
--------------------------------- ---------
Total 14,115
--------------------------------- ---------
PHARMACEUTICALS - 3.9%
---------------------------------
180,000 American Home Products Corp. 9,551
180,000 Amgen, Inc. (b) 11,689
340,000 Pfizer, Inc. 14,662
100,000 Schering-Plough Corp. 4,319
--------------------------------- ---------
Total 40,221
--------------------------------- ---------
RETAIL - 8.1%
---------------------------------
680,000 Home Depot, Inc. 35,190
630,000 Lowe's Cos., Inc. 26,578
400,000 Wal-Mart Stores, Inc. 21,975
--------------------------------- ---------
Total 83,743
--------------------------------- ---------
TELECOMMUNICATIONS - 5.2%
---------------------------------
165,000 Alltel Corp. 10,168
205,000 Nokia Corp. ADR 9,084
895,000 WorldCom, Inc. (b) 34,961
--------------------------------- ---------
Total 54,213
--------------------------------- ---------
Total Common Stocks 1,018,533
--------------------------------- ---------
-Continued-
30
<PAGE>
FIFTH THIRD QUALITY GROWTH FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
REPURCHASE AGREEMENTS - 2.2%
$ 22,754 Warburg/Dillon, 6.55%, dated
7/31/00, due 8/1/00, (at
amortized cost), collateralized
by U.S. Treasury Notes, 3.375%,
due 1/15/07, with a
value of $23,213. $ 22,754
--------------------------------- ---------
Total Repurchase Agreements 22,754
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $734,884) (A) 100.4% 1,041,287
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - (0.4%) (4,334)
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $1,036,953
--------------------------------- ---------
(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 $32.
Cost for federal tax purposes differs from value by net unrealized
appreciation of $306,371, which is composed of $350,046 appreciation and
$43,675 depreciation at July 31, 2000.
(b)Non-income producing security.
(See Notes which are an integral part of the Financial Statements)
31
<PAGE>
FIFTH THIRD EQUITY INCOME FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
COMMON STOCKS - 97.2%
BANKING - 22.6%
---------------------------------
174,600 Bank Of New York Co., Inc. $ 8,173
117,400 First Tennessee National Corp. 2,143
118,400 Mellon Financial Corp. 4,462
150,400 SouthTrust Corp. 3,704
172,500 Wells Fargo Co. 7,126
--------------------------------- ---------
Total 25,608
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 1.8%
---------------------------------
12,000 Microsoft Corp. (b) 838
16,000 Oracle Corp. (b) 1,203
--------------------------------- ---------
Total 2,041
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 2.0%
---------------------------------
13,200 Cisco Systems, Inc. (b) 864
12,900 International Business Machines
Corp. 1,450
--------------------------------- ---------
Total 2,314
--------------------------------- ---------
CONSUMER PRODUCTS - 3.0%
---------------------------------
81,700 Clorox Co. 3,375
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 6.0%
---------------------------------
33,800 Emerson Electric Co. 2,064
92,400 General Electric Co. 4,753
--------------------------------- ---------
Total 6,817
--------------------------------- ---------
ELECTRONICS - 6.2%
---------------------------------
20,000 EMC Corp. (b) 1,703
26,000 Intel Corp. 1,736
9,400 Lucent Technologies, Inc. 411
22,000 Tellabs, Inc. (b) 1,430
30,000 Texas Instruments, Inc. 1,761
--------------------------------- ---------
Total 7,041
--------------------------------- ---------
ENERGY - 2.9%
---------------------------------
41,425 Exxon Mobil Corp. 3,314
--------------------------------- ---------
FINANCIAL SERVICES - 12.0%
---------------------------------
78,000 A.G. Edwards, Inc. 4,124
22,000 Fannie Mae 1,097
69,200 Marsh & McLennan Cos., Inc. 8,443
--------------------------------- ---------
Total 13,664
--------------------------------- ---------
FOOD - 1.2%
---------------------------------
34,200 SYSCO Corp. 1,347
--------------------------------- ---------
INSURANCE - 1.1%
---------------------------------
33,000 Cincinnati Financial Corp. 1,246
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
OFFICE EQUIPMENT & SUPPLIES - 5.9%
---------------------------------
52,000 Avery Dennison Corp. $ 2,821
112,000 Pitney-Bowes, Inc. 3,878
--------------------------------- ---------
Total 6,699
--------------------------------- ---------
PHARMACEUTICALS - 17.4%
---------------------------------
71,000 Abbott Laboratories 2,955
50,000 Bristol-Myers Squibb Co. 2,481
38,900 Johnson & Johnson 3,620
40,000 Merck & Co., Inc. 2,868
103,125 Pfizer, Inc. 4,447
80,000 Schering-Plough Corp. 3,455
--------------------------------- ---------
Total 19,826
--------------------------------- ---------
TELECOMMUNICATIONS - 4.7%
---------------------------------
44,000 ALLTEL Corp. 2,712
40,000 SBC Communications, Inc. 1,702
22,000 Worldcom, Inc. (b) 859
--------------------------------- ---------
Total 5,273
--------------------------------- ---------
TRANSPORTATION - 5.3%
---------------------------------
150,000 GATX Corp. 5,990
--------------------------------- ---------
UTILITIES / ELECTRIC - 1.7%
---------------------------------
72,500 Cinergy Corp. 1,885
--------------------------------- ---------
UTILITIES / NATURAL GAS - 3.4%
---------------------------------
199,000 NiSource, Inc. 3,868
--------------------------------- ---------
Total Common Stock 110,308
--------------------------------- ---------
REPURCHASE AGREEMENT - 2.7%
$ 3,085 Warburg/Dillon, 6.55%, dated 7/31/00,
due 8/1/00, (at amortized cost),
collateralized by U.S. Treasury
Notes, 3.375%, due 1/15/07, with
a value of $3,147. 3,085
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $81,487) (A) - 99.9 % 113,393
--------------------------------- ---------
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.1% 70
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $113,463
--------------------------------- ---------
(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
$137. Cost for federal tax purposes differs from value by net unrealized
appreciation of $31,770, which is composed of $39,104 appreciation and $7,334
depreciation at July 31, 2000.
(b)Non-income producing security.
(See Notes which are an integral part of the Financial Statements)
32
<PAGE>
FIFTH THIRD CARDINAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
COMMON STOCKS - 98.4%
BANKING - 5.4%
---------------------------------
30,000 Bank of New York Co., Inc. $ 1,404
157,500 Charter One Financial, Inc. 3,396
37,500 Citigroup, Inc. 2,646
79,860 Huntington Bancshares, Inc. 1,253
30,000 Mellon Financial Corp. 1,130
40,000 SouthTrust Corp. 985
50,000 Wells Fargo Co. 2,066
--------------------------------- ---------
Total 12,880
--------------------------------- ---------
BEVERAGES - 1.5%
---------------------------------
75,000 PepsiCo, Inc. 3,436
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 8.8%
---------------------------------
30,000 Computer Sciences Corp. (b) 1,875
160,000 Microsoft Corp. (b) 11,170
100,000 Oracle Corp. (b) 7,519
--------------------------------- ---------
Total 20,564
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 7.0%
---------------------------------
150,000 Cisco Systems, Inc. (b) 9,816
104,000 Dell Computer Corp. (b) 4,569
20,000 IBM Corp. 2,249
--------------------------------- ---------
Total 16,634
--------------------------------- ---------
CONSUMER PRODUCTS - 1.4%
---------------------------------
60,000 Procter & Gamble Co. 3,413
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 6.2%
---------------------------------
285,000 General Electric Co. 14,660
--------------------------------- ---------
ELECTRONICS - 16.9%
---------------------------------
100,000 Applied Materials, Inc. (b) 7,588
220,000 Intel Corp. 14,685
20,000 KLA-Tencor Corp. (b) 1,065
130,000 Lucent Technologies, Inc. 5,687
20,000 PRI Automation, Inc. (b) 912
80,000 Tellabs, Inc. (b) 5,200
80,000 Texas Instruments, Inc. 4,695
--------------------------------- ---------
Total 39,832
--------------------------------- ---------
ENERGY - 6.8%
---------------------------------
80,000 Exxon Mobil Corp. 6,400
30,000 Royal Dutch Petroleum Co. 1,748
40,000 Schlumberger, Ltd. 2,957
120,000 Williams Cos., Inc. 5,010
--------------------------------- ---------
Total 16,115
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
FINANCIAL SERVICES - 8.8%
---------------------------------
50,000 Freddie Mac $ 1,972
135,000 Marsh & McLennan Cos., Inc. 16,470
60,000 T. Rowe Price Associates, Inc. 2,452
--------------------------------- ---------
Total 20,894
--------------------------------- ---------
HEALTHCARE - 4.8%
---------------------------------
30,000 Biomet, Inc. 1,342
50,000 Guidant Corp. (b) 2,819
140,000 Medtronic, Inc. 7,149
--------------------------------- ---------
Total 11,310
--------------------------------- ---------
INSURANCE - 3.5%
---------------------------------
84,375 American International Group, Inc. 7,399
22,000 Cincinnati Financial Corp. 830
--------------------------------- ---------
Total 8,229
--------------------------------- ---------
MANUFACTURING - 5.3%
---------------------------------
80,000 Textron, Inc. 4,565
150,000 Tyco International, Ltd. 8,025
--------------------------------- ---------
Total 12,590
--------------------------------- ---------
MEDIA/PUBLISHING - 1.1%
---------------------------------
80,000 Tribune Co. 2,600
--------------------------------- ---------
MEDICAL DISTRIBUTION - 1.6%
---------------------------------
53,000 Cardinal Health, Inc. 3,896
--------------------------------- ---------
PHARMACEUTICALS - 7.8%
---------------------------------
75,000 American Home Products Corp. 3,980
80,000 Amgen, Inc. (b) 5,195
40,000 Merck & Company, Inc. 2,867
150,000 Pfizer, Inc. 6,469
--------------------------------- ---------
Total 18,511
--------------------------------- ---------
RETAIL - 6.5%
---------------------------------
120,000 Kohl's Corp. (b) 6,810
70,000 Lowe's Cos., Inc. 2,953
100,000 Wal-Mart Stores, Inc. 5,494
--------------------------------- ---------
Total 15,257
--------------------------------- ---------
TELECOMMUNICATIONS - 5.0%
---------------------------------
50,000 Qwest Communications
International, Inc. (b) 2,347
40,000 Sprint Corp. (FON Group) 1,425
48,800 Verizon Communications 2,294
150,000 WorldCom, Inc. (b) 5,859
--------------------------------- ---------
Total 11,925
--------------------------------- ---------
Total Common Stocks 232,746
--------------------------------- ---------
-Continued-
33
<PAGE>
FIFTH THIRD CARDINAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
REPURCHASE AGREEMENT - 1.8%
$ 4,210 Warburg/Dillon, 6.55%, dated
7/31/00, due 8/1/00 (at
amortized cost), collateralized
by U.S. Treasury Notes, 3.375%,
due 8/15/07 with a
value of $4,299. $ 4,210
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $83,455) (A) - 100.2% 236,956
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - ( 0.2%) (420)
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $236,536
--------------------------------- ---------
(a)Cost for federal tax purposes differs from value by net unrealized
appreciation of $153,501, which is composed of $153,647 appreciation
and $146 depreciation at July 31, 2000.
(b)Non-Income producing security.
(See Notes which are an integral part of the Financial Statements)
34
<PAGE>
FIFTH THIRD PINNACLE FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
COMMON STOCKS - 99.3%
BANKING - 2.3%
---------------------------------
122,865 Firstar Corp. $ 2,427
--------------------------------- ---------
BEVERAGES - 2.5%
---------------------------------
57,050 PepsiCo, Inc. 2,614
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 8.1%
---------------------------------
28,650 Microsoft Corp. (b) 2,000
47,290 Oracle Corp. (b) 3,556
28,720 Sun Microsystems, Inc. (b) 3,028
--------------------------------- ---------
Total 8,584
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 3.7%
---------------------------------
59,295 Cisco Systems, Inc. (b) 3,880
--------------------------------- ---------
CONGLOMERATE - 2.9%
---------------------------------
47,036 Viacom, Inc., Class B (b) 3,119
--------------------------------- ---------
CONSUMER PRODUCTS - 5.6%
---------------------------------
15,120 Corning, Inc. 3,537
35,100 Quaker Oats Co. 2,360
--------------------------------- ---------
Total 5,897
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 3.3%
---------------------------------
67,650 General Electric Co. 3,480
--------------------------------- ---------
ELECTRONICS - 21.0%
---------------------------------
48,430 EMC Corp. (b) 4,123
151,000 Ericsson Tel Co. 2,963
33,090 Intel Corp. 2,209
23,580 JDS Uniphase Corp. (b) 2,785
54,650 National Semiconductor Corp. (b) 1,978
74,550 Solectron Corp. (b) 3,005
34,765 Tellabs, Inc. (b) 2,260
49,620 Texas Instruments, Inc. 2,912
--------------------------------- ---------
Total 22,235
--------------------------------- ---------
ENERGY - 4.5%
---------------------------------
43,263 BP Amoco PLC ADR 2,263
30,832 Exxon Mobil Corp. 2,467
--------------------------------- ---------
Total 4,730
--------------------------------- ---------
FINANCIAL SERVICES - 7.5%
---------------------------------
39,000 Fannie Mae 1,945
24,290 Marsh & Mclennan Cos., Inc. 2,963
23,515 Merrill Lynch & Co., Inc. 3,039
--------------------------------- ---------
Total 7,947
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
HEALTHCARE - 1.8%
---------------------------------
33,150 Guidant Corp. (b) $ 1,869
--------------------------------- ---------
INSURANCE - 3.7%
---------------------------------
44,615 American International Group, Inc. 3,912
--------------------------------- ---------
MANUFACTURING - 5.5%
---------------------------------
37,230 Kimberly-Clark Corp. 2,138
70,600 Tyco International, Ltd. 3,777
--------------------------------- ---------
Total 5,915
--------------------------------- ---------
MEDIA/PUBLISHING - 5.6%
---------------------------------
31,325 Omnicom Group, Inc. 2,663
43,250 Time Warner, Inc. 3,317
--------------------------------- ---------
Total 5,980
--------------------------------- ---------
PHARMACEUTICALS - 5.1%
---------------------------------
71,710 Pfizer,Inc. 3,092
54,500 Schering-Plough Corp. 2,354
--------------------------------- ---------
Total 5,446
--------------------------------- ---------
RETAIL - 8.1%
---------------------------------
58,785 Home Depot, Inc. 3,042
86,750 Target Corp. 2,516
54,925 Wal-Mart Stores, Inc. 3,017
--------------------------------- ---------
Total 8,575
--------------------------------- ---------
TELECOMMUNICATIONS - 8.1%
---------------------------------
45,700 Nortel Networks 3,399
55,580 Sprint Corp. (PCS Group) (b) 3,071
54,275 WorldCom, Inc. (b) 2,120
--------------------------------- ---------
Total 8,590
--------------------------------- ---------
Total Common Stocks 105,200
--------------------------------- ---------
MONEY MARKETS - 0.0%
6,000 Fidelity Institutional Cash
Porfolio 6
--------------------------------- ---------
TOTAL INVESTMENTS (COST $80,057)
- 99.3% 105,206
--------------------------------- ---------
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.7% 746
--------------------------------- ---------
TOTAL NET ASSETS - 100% $105,952
--------------------------------- ---------
(a)Cost for federal tax purposes differs from value by net unrealized
appreciation of $25,155 which is composed of $28,396 appreciation and $3,241
depreciation at July 31, 2000.
(b)Non-Income producing security.
(See Notes which are an integral part of the Financial Statements)
35
<PAGE>
FIFTH THIRD BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
COMMON STOCKS - 65.7%
APPAREL & ACCESSORY STORES - 0.3%
---------------------------------
35,000 American Eagle Outfitters, Inc. (b) $ 521
35,000 Tommy Hilfiger Corp. (b) 328
--------------------------------- ---------
Total 849
--------------------------------- ---------
BANKING - 7.0%
---------------------------------
135,000 Bank Of New York Co., Inc. 6,320
65,000 First Tennessee National Corp. 1,186
130,000 Mellon Financial Corp. 4,899
130,000 North Fork Bancorp 2,007
25,000 Regions Financial Corp. 498
45,000 SouthTrust Corp. 1,108
100,000 Wells Fargo Co. 4,132
--------------------------------- ---------
Total 20,150
--------------------------------- ---------
BEVERAGES - 0.5%
---------------------------------
30,000 PepsiCo, Inc. 1,374
--------------------------------- ---------
BUSINESS SERVICES - 2.3%
---------------------------------
115,000 Cintas Corp. 4,851
30,000 Fastenal Co. 1,852
--------------------------------- ---------
Total 6,703
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 7.8%
---------------------------------
70,000 BMC Software, Inc. (b) 1,321
45,000 Computer Sciences Corp. (b) 2,813
50,000 Convergys Corp. (b) 2,253
20,000 Entrust Technologies, Inc. (b) 571
60,000 Fiserv, Inc. (b) 3,349
110,000 MarchFirst, Inc. (b) 2,276
70,000 Microsoft Corp. (b) 4,887
50,000 Oracle Corp. (b) 3,759
28,000 SunGard Data Systems, Inc. (b) 926
--------------------------------- ---------
Total 22,155
--------------------------------- ---------
COMPUTER SYSTEMS & EQUIPMENT - 1.3%
---------------------------------
55,000 Cisco Systems, Inc. (b) 3,599
--------------------------------- ---------
CONSUMER CYCLICALS - 0.2%
---------------------------------
30,000 Carnival Corp. 561
--------------------------------- ---------
CONSUMER PRODUCTS - 0.2%
---------------------------------
11,000 Procter & Gamble Co. 626
--------------------------------- ---------
ELECTRICAL EQUIPMENT - 0.7%
---------------------------------
36,000 General Electric Co. 1,852
--------------------------------- ---------
ELECTRONICS - 17.0%
---------------------------------
20,000 Altera Corp. (b) 1,964
45,000 Analog Devices, Inc. (b) 3,009
10,000 Applied Materials, Inc. (b) 759
100,000 Artesyn Technologies, Inc. (b) 3,400
35,000 EMC Corp. (b) 2,979
65,000 Flextronics International, Ltd. (b) 4,602
20,000 IBM Corp. 2,249
104,000 Intel Corp. 6,942
42,000 Jabil Circuit, Inc. (b) 2,103
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
25,000 Lucent Technologies, Inc. (b) $ 1,094
22,000 Maxim Integrated Products (b) 1,453
30,000 Microchip Technology, Inc. (b) 2,083
40,000 QLogic Corp. (b) 2,980
100,000 Tellabs, Inc. (b) 6,500
90,000 Texas Instruments, Inc. 5,282
18,000 Vitesse Semiconductor Corp. (b) 1,073
--------------------------------- ---------
Total 48,472
--------------------------------- ---------
ENERGY - 1.2%
---------------------------------
8,000 Chevron Corp. 632
10,000 Exxon Mobil Corp. 800
25,000 Schlumberger, Ltd. 1,848
3,291 Transocean Sedco Forex, Inc. 163
--------------------------------- ---------
Total 3,443
--------------------------------- ---------
FINANCIAL SERVICES - 7.1%
---------------------------------
40,000 A.G. Edwards, Inc. 2,115
25,000 Capital One Financial Corp. 1,466
93,000 Freddie Mac 3,668
30,000 Marsh & McLennan Cos., Inc. 3,660
75,000 Schwab (Charles) Corp. 2,709
80,000 Stilwell Financial, Inc. 3,525
75,000 T. Rowe Price Associates, Inc. 3,065
--------------------------------- ---------
Total 20,208
--------------------------------- ---------
HEALTHCARE - 4.3%
---------------------------------
24,000 Baxter International, Inc. 1,866
75,000 Biomet, Inc. 3,356
85,000 Guidant Corp. (b) 4,792
42,000 Medtronic, Inc. 2,145
--------------------------------- ---------
Total 12,159
--------------------------------- ---------
MANUFACTURING - 2.8%
---------------------------------
25,000 Dana Corp. 573
35,000 Illinois Tool Works, Inc. 2,004
80,000 Tyco International, Ltd. 4,280
20,000 Zebra Technologies Corp.,
Class A (b) 1,021
--------------------------------- ---------
Total 7,878
--------------------------------- ---------
MEDIA/ PUBLISHING - 0.6%
---------------------------------
40,000 Interpublic Group Of Cos., Inc. 1,603
--------------------------------- ---------
MEDICAL DISTRIBUTION - 1.0%
---------------------------------
40,000 Cardinal Health, Inc. 2,940
--------------------------------- ---------
OFFICE EQUIPMENT & SUPPLIES - 0.6%
---------------------------------
14,000 Avery Dennison Corp. 760
28,000 Pitney Bowes, Inc. 969
--------------------------------- ---------
Total 1,729
--------------------------------- ---------
PHARMACEUTICALS - 1.3%
---------------------------------
10,000 American Home Products Corp. 531
30,000 Amgen, Inc. (b) 1,948
15,000 Pfizer, Inc. 647
12,000 Schering-Plough Corp. 518
--------------------------------- ---------
Total 3,644
--------------------------------- ---------
-Continued-
36
<PAGE>
FIFTH THIRD BALANCED FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
RETAIL - 3.6%
---------------------------------
75,000 Home Depot, Inc. $ 3,881
90,000 Lowe's Cos., Inc. 3,797
45,000 Wal-Mart Stores, Inc. 2,472
--------------------------------- ---------
Total 10,150
--------------------------------- ---------
TELECOMMUNICATIONS - 5.9%
---------------------------------
120,000 ADC Telecommunications, Inc. (b) 5,033
22,000 Alltel Corp. 1,356
65,000 Broadwing, Inc. 1,706
40,000 CenturyTel, Inc. 1,173
36,000 Nokia Corp. ADR 1,594
155,000 WorldCom, Inc. (b) 6,055
--------------------------------- ---------
Total 16,917
--------------------------------- ---------
Total Common Stocks 187,012
--------------------------------- ---------
CORPORATE BONDS - 9.2%
FINANCIAL - 2.4%
---------------------------------
3,000 Associates Corp., 5.800%, 4/20/04 2,818
4,000 GMAC, 7.500%, 7/15/05 3,980
--------------------------------- ---------
Total 6,798
--------------------------------- ---------
INDUSTRIAL - 6.2%
---------------------------------
3,000 AT&T Canada Inc., 7.650%, 9/15/06 2,989
2,000 Deutsche Telekom, 8.000%, 6/15/10 2,011
2,000 Ford Motor Company, 7.450%, 7/16/31 1,889
4,000 Repsol International Financial,
7.450%, 7/15/05 3,996
4,000 U.S. West, 7.625%, 6/9/03 4,014
3,000 U.S. West Capital Funding, Inc.,
6.250%, 7/15/05 2,838
--------------------------------- ---------
Total 17,737
--------------------------------- ---------
INTERNATIONAL - 0.6%
---------------------------------
1,750 Ontario Province, 7.750%, 6/4/02 1,771
--------------------------------- ---------
Total Corporate Bonds 26,306
--------------------------------- ---------
U.S. GOVERNMENT SECURITIES - 19.8%
MORTGAGE BACKED SECURITIES - 9.5%
---------------------------------
488 Fannie Mae, 6.000%, 4/1/11,
Pool #344185 465
19,893 Fannie Mae, 7.500%, 12/1/29,
Pool #535083 19,632
6,891 Fannie Mae, 7.500%, 5/1/30,
Pool #536714 6,794
1 Freddie Mac, 9.500%, 10/1/02,
Pool #380009 1
5 Freddie Mac, 8.000%, 8/1/08,
Pool #272525 5
--------------------------------- ---------
Total 26,897
--------------------------------- ---------
U.S. GOVERNMENT AGENCIES - 1.8%
---------------------------------
5,000 Fannie Mae, 7.250%, 1/15/10 5,038
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
U.S. TREASURY BONDS - 1.9%
---------------------------------
2,250 7.250%, 5/15/16 $ 2,502
3,000 6.125%, 8/15/29 3,087
--------------------------------- ---------
Total 5,589
--------------------------------- ---------
U.S. TREASURY NOTES - 6.6%
---------------------------------
4,000 6.500%, 2/28/02 4,004
4,000 6.250%, 2/28/02 3,989
3,000 6.750%, 5/15/05 3,073
4,000 6.625%, 5/15/07 4,096
500 6.000%, 8/15/09 497
3,000 6.500%, 2/15/10 3,098
--------------------------------- ---------
Total 18,757
--------------------------------- ---------
Total U.S. Government Securities 56,281
--------------------------------- ---------
REPURCHASE AGREEMENT - 6.0%
$ 16,953 Warburg/ Dillon, dated 7/31/00,
due 8/1/00 - (at amortized cost),
collateralized by U.S. Treasury
Notes, 3.375%, due 1/15/07, with
a value of $17,294. 16,953
--------------------------------- ---------
TOTAL INVESTMENTS (COST $242,598)
- 100.7% 286,552
--------------------------------- ---------
LIABILITIES IN EXCESS OF
OTHER ASSETS - (0.7%) (2,064)
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $284,488
--------------------------------- ---------
(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 $17.
Cost for federal tax purposes differs from value by net unrealized
appreciation of $43,937, which is composed of $57,746 appreciation and
$13,809 depreciation at July 31, 2000.
(b)Non-income producing security.
(See Notes which are an integral part of the Financial Statements)
37
<PAGE>
FIFTH THIRD MID CAP FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
COMMON STOCKS - 96.2%
APPAREL & ACCESSORY STORES - 1.2%
---------------------------------
170,000 American Eagle Outfitters,
Inc. (b) $ 2,529
100,000 Tommy Hilfiger Corp. (b) 938
--------------------------------- ---------
Total 3,467
--------------------------------- ---------
BANKING - 6.9%
---------------------------------
312,000 First Tennessee National Corp. 5,694
350,000 North Fork Bancorp. 5,403
190,000 Regions Financial Corp. 3,788
183,000 SouthTrust Corp. 4,506
--------------------------------- ---------
Total 19,391
--------------------------------- ---------
BUSINESS SERVICES - 5.3%
---------------------------------
223,000 Cintas Corp. 9,408
87,000 Fastenal Co. 5,372
--------------------------------- ---------
Total 14,780
--------------------------------- ---------
COMPUTER SOFTWARE & SERVICES - 14.3%
---------------------------------
80,000 Affiliated Computer Services, Inc. (b)3,605
150,000 BMC Software, Inc. (b) 2,831
40,000 Citrix Systems, Inc. (b) 610
90,000 Convergys Corp. (b) 4,056
110,000 Entrust Technologies, Inc. (b) 3,142
275,000 Fiserv, Inc. (b) 15,348
385,000 MarchFirst, Inc. (b) 7,965
78,000 Sungard Data Systems, Inc. (b) 2,579
--------------------------------- ---------
Total 40,136
--------------------------------- ---------
ELECTRONICS - 28.0%
---------------------------------
50,000 Altera Corp. (b) 4,909
144,000 Analog Devices, Inc. (b) 9,630
9,000 Applied Materials, Inc. (b) 683
344,000 Artesyn Technologies, Inc. (b) 11,696
36,000 Cree, Inc. (b) 4,048
188,000 Flextronics International, Ltd.(b) 13,310
114,000 Jabil Circuit, Inc. (b) 5,707
192,000 Microchip Technology, Inc. (b) 13,332
153,000 QLogic Corp. (b) 11,399
60,000 Vitesse Semiconductor Corp. (b) 3,577
--------------------------------- ---------
Total 78,291
--------------------------------- ---------
FINANCIAL SERVICES - 11.6%
---------------------------------
250,000 A.G. Edwards, Inc. 13,219
222,000 Stilwell Financial, Inc. (b) 9,782
230,000 T. Rowe Price Associates, Inc. 9,401
--------------------------------- ---------
Total 32,402
--------------------------------- ---------
HEALTHCARE - 6.2%
---------------------------------
287,000 Biomet, Inc. 12,843
219,000 Sybron International Corp.(b) 4,558
--------------------------------- ---------
Total 17,401
--------------------------------- ---------
INSURANCE - 0.6%
---------------------------------
45,000 Cincinnati Financial Corp. 1,698
--------------------------------- ---------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
MANUFACTURING - 2.6%
---------------------------------
70,000 OM Group, Inc. $ 3,321
80,000 Zebra Technologies Corp.,
Class A (b) 4,085
--------------------------------- ---------
Total 7,406
--------------------------------- ---------
MEDIA/PUBLISHING - 2.0%
---------------------------------
66,000 Omnicom Group, Inc. 5,610
--------------------------------- ---------
MEDICAL DISTRIBUTION - 4.0%
---------------------------------
152,000 Cardinal Health, Inc. 11,172
--------------------------------- ---------
RETAIL - 2.9%
---------------------------------
278,000 Casey's General Stores, Inc. 3,284
89,000 Dollar General Corp. 1,635
58,000 RadioShack Corp. 3,270
--------------------------------- ---------
Total 8,189
--------------------------------- ---------
TELECOMMUNICATIONS - 8.5%
---------------------------------
370,000 ADC Telecommunications, Inc. (b) 15,517
195,000 Broadwing, Inc. 5,119
109,000 CenturyTel, Inc. 3,195
--------------------------------- ---------
Total 23,831
--------------------------------- ---------
TRANSPORTATION - 2.1%
---------------------------------
142,000 GATX Corp. 5,671
--------------------------------- ---------
Total Common Stocks 269,445
--------------------------------- ---------
REPURCHASE AGREEMENT - 3.5%
$ 9,881 Warburg / Dillon, 6.55%, dated
7/31/00, due 8/1/00 (at
amortized cost), collateralized
by U.S. Treasury Notes, 3.375%,
due 1/15/07 with a
value of $10,082. 9,881
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $206,819) (A) - 99.7% 279,326
--------------------------------- ---------
OTHER ASSETS IN EXCESS OF
LIABILITIES - 0.3% 724
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $280,050
--------------------------------- ---------
(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 $3.
Cost for federal tax purposes differs from value by net unrealized
appreciation of $72,504, which is composed of $97,083 appreciation and
$24,579 depreciation at July 31, 2000.
(b)Non-Income producing security.
(See Notes which are an integral part of the Financial Statements)
38
<PAGE>
FIFTH THIRD TECHNOLOGY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
COMMON STOCKS - 97.7%
COMMUNICATION EQUIPMENT - 12.8%
---------------------------------
32,000 ADC Telecommunications, Inc. (b) $ 1,342
5,000 Lucent Technologies, Inc. 219
32,500 Motorola, Inc. 1,075
25,000 Nokia Corp. ADR 1,108
17,500 Nortel Networks 1,302
15,000 Qualcomm, Inc. (b) 974
15,000 Tellabs, Inc. (b) 975
4,500 VeriSign (b) 713
--------------------------------- ---------
Total 7,708
--------------------------------- ---------
COMPUTER HARDWARE - 11.8%
---------------------------------
15,500 Comverse Technology, Inc. (b) 1,360
25,000 Dell Computer Corp. (b) 1,098
10,000 Hewlett Packard 1,092
15,000 International Business Machines Corp.1,687
14,000 Sun Microsystems, Inc. (b) 1,476
10,000 Sungard Data Systems, Inc. (b) 331
--------------------------------- ---------
Total 7,044
------------------------------------------
COMPUTERS - NETWORKING - 5.5%
---------------------------------
25,000 Cisco Systems, Inc. (b) 1,636
30,000 Finisar Corp. (b) 797
10,000 Network Appliance, Inc. (b) 862
--------------------------------- ---------
Total 3,295
------------------------------------------
COMPUTERS - PERIPHERAL - 2.8%
---------------------------------
20,000 EMC Corp. (b) 1,703
--------------------------------- ---------
COMPUTER SOWTWARE & SERVICES - 11.2%
---------------------------------
22,500 America Online, Inc. (b) 1,200
27,500 BMC Software, Inc. (b) 519
40,000 Entrust Technologies, Inc. (b) 1,143
25,000 Microsoft Corp. (b) 1,745
5,000 Oracle Corp. (b) 375
12,000 Siebel Systems, Inc. (b) 1,740
--------------------------------- ---------
Total 6,722
------------------------------------------
ELECTRICAL EQUIPMENT - 0.6%
---------------------------------
10,000 Artesyn Technologies, Inc. (b) 340
--------------------------------- ---------
ELECTRONICS - INSTRUMENT - 0.7%
---------------------------------
10,000 Agilent Technologies, Inc. (b) 408
--------------------------------- ---------
ELECTRONICS - SEMICONDUCTOR - 23.5%
---------------------------------
15,000 Analog Devices, Inc. (b) 1,003
20,000 Flextronics International, Ltd. (b) 1,416
22,500 Intel Corp. 1,502
22,500 Maxim Integrated Products (b) 1,486
17,500 Microchip Technology, Inc. (b) 1,215
8,500 PMC - Sierra, Inc. (b) 1,648
30,000 QLogic Corp. (b) 2,235
3,500 SDL, Inc. (b) 1,215
20,000 Texas Instruments, Inc. 1,174
20,000 Vitesse Semiconductor Corp. (b) 1,192
--------------------------------- ---------
Total 14,086
------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
EQUIPMENT - SEMICONDUCTOR - 5.8%
---------------------------------
20,000 Applied Materials, Inc. (b) 1,517
17,500 Cree, Inc. (b) 1,968
--------------------------------- ---------
Total 3,485
------------------------------------------
INVESTMENT BANKING - 4.1%
---------------------------------
42,500 Schwab (Charles) Corp. 1,535
50,000 TD Waterhouse Group (b) 913
--------------------------------- ---------
Total 2,448
------------------------------------------
MANUFACTURING - SPECIAL - 1.5%
---------------------------------
17,500 Jabil Circuit, Inc. (b) 876
--------------------------------- ---------
SAVINGS & LOAN - 1.2%
---------------------------------
70,000 Net.B@nk, Inc. (b) 731
--------------------------------- ---------
SERVICES - COMMERCE - 2.3%
---------------------------------
30,000 Convergys Corp. (b) 1,352
--------------------------------- ---------
SERVICES - COMPUTER SYSTEMS - 4.8%
---------------------------------
22,500 Computer Sciences Corp. (b) 1,406
70,000 Marchfirst, Inc. (b) 1,448
--------------------------------- ---------
Total 2,854
------------------------------------------
SERVICES - DATA PROCESSING - 3.6%
---------------------------------
20,000 Automatic Data Processing, Inc. 991
25,000 Paychex, Inc. 1,144
--------------------------------- ---------
Total 2,135
------------------------------------------
TELECOMMUNICATIONS - LONG DISTANCE - 2.6%
---------------------------------
40,000 Worldcom, Inc. (b) 1,563
--------------------------------- ---------
TELEPHONE - 2.9%
---------------------------------
65,000 Broadwing, Inc. 1,705
--------------------------------- ---------
Total Common Stocks 58,455
------------------------------------------
REPURCHASE AGREEMENT - 5.4%
$ 3,259 Warburg / Dillon, 6.55%, dated
7/31/00, due 8/1/00 (at amortized
cost), collateralized by U.S.
Treasury Notes, 3.375%, due
1/15/07 with a value of $3,324. 3,259
------------------------------------------
TOTAL INVESTMENTS
(COST $64,664) (A) - 103.1% 61,714
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - (3.1%) (1,861)
------------------------------------------
TOTAL NET ASSETS - 100.0% $59,853
--------------------------------- ---------
(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
$259. Cost for federal tax purposes differs from value by net unrealized
depreciation of $3,209, which is composed of $2,788 appreciation and $5,997
depreciation at July 31, 2000.
(b)Non-Income producing security.
(See Notes which are an integral part of the Financial Statements)
39
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
COMMON STOCKS - 84.8%
AUSTRALIA - 1.2%
---------------------------------
10,522 Amcor, Ltd. $ 34
6,738 AMP Diversified Property Trust 9
15,556 AMP, Ltd. 156
3,662 Amp, Ltd. Reinvestment Notes (b) --
8,597 Australian Gas & Light Co. 51
3,535 Brambles Industries, Ltd. 103
17,360 Broken Hill Proprietary Co., Ltd. 183
10,360 Coca-Cola Amatil, Ltd. 20
18,107 Coles Myer, Ltd. 69
4,650 Commonwealth Bank Of Australia 75
2,077 CSL, Ltd. 41
2,034 F.H. Faulding & Co., Ltd. 10
28,703 Fosters Brewing Group 79
23,148 General Property Trust Units 37
33,935 Goodman Fielder Wattie, Ltd. 25
4,418 Leighton Holdings 15
8,816 Lend Lease Corp. 106
6,198 Mayne Nickless, Ltd. 13
22,804 National Australia Bank, Ltd. 327
30,390 News Corp., Ltd. 368
22,070 Normandy Mining, Ltd. 13
7,273 North, Ltd. 19
2,149 Orica, Ltd. 9
18,220 Pacific Dunlop, Ltd. 16
3,507 PaperlinX, Ltd. (b) 7
6,744 QBE Insurance Group, Ltd. 30
2,012 Rio Tinto, Ltd. 30
17,079 Santos, Ltd. 54
10,340 Southcorp Holdings, Ltd. 29
5,267 Stockland Trust Group 11
5,119 Suncorp-Metway, Ltd. 26
5,269 TABCORP Holdings, Ltd. 29
31,431 Telstra Corp., Ltd. 129
3,009 Westfarmers, Ltd. 22
21,893 Westfield Trust 42
826 Westfield Trust - New 2
30,017 Westpac Banking Corp., Ltd. 213
19,303 WMC, Ltd. 86
19,084 Woolworths, Ltd. 68
--------------------------------- ---------
Total 2,556
--------------------------------- ---------
AUSTRIA - 0.2%
---------------------------------
716 Austria Tabakwerke AG 25
2,559 Bank Austria 142
153 BAU Holdings AG 6
298 BBAG Oesterreichische Brau
- Beteiligungs AG 14
230 Boehler-Uddeholm 8
550 BWT AG 18
690 Flughafen Wein AG 23
230 Generali Holding Vienna AG 40
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
46 Lenzing AG $ 3
390 Mayr-Melnhof Karton AG 18
992 Oesterreichische
Elektrizitactswirtschafs
AG - A shares 98
783 OMV AG 57
488 VA Technologies AG 24
2,248 Weinerberger Baustoffindustrie AG 50
--------------------------------- ---------
Total 526
--------------------------------- ---------
BELGIUM - 0.1%
---------------------------------
361 Electrabel SA 82
798 UCB SA 30
--------------------------------- ---------
Total 112
--------------------------------- ---------
BRAZIL - 0.6%
---------------------------------
20,000 Aracruz Celulose SA 43
10,288,000 Banco Bradesco SA 68
7,676,000 Centrais Electricas Brasileiras SA 173
1,544,242 Companhia Brasileiras de Distribuicao
Grupo Pao de Acucar 49
103,000 Companhia Cervejaria Brahma 108
1,679,000 Companhia Siderurgica Nacional (b) 56
9,000 Companhia Vale do Rio Doce 250
1,322,000 Embratel Participacoes SA 23
11,520 Petroleo Brasileiro SA 308
7,000 Souza Cruz SA 36
1,322,000 Tele Norte Leste Participacoes SA 28
--------------------------------- ---------
Total 1,142
--------------------------------- ---------
DENMARK - 0.1%
---------------------------------
700 Danisco A/S 26
400 Novo-Nordisk A/S - B Shares 78
500 William Demant A/S 17
--------------------------------- ---------
Total 121
--------------------------------- ---------
FINLAND - 1.2%
---------------------------------
1,261 Hartwall Oyj Abp 27
4,189 Kesko Ojy - B Shares 43
1,603 Metra Oyj - B Shares 26
3,749 Metso Oyj 41
45,931 Nokia Oyj 2,035
2,870 Outokumpo Oyj 28
3,886 Raisio Group PLC 7
2,550 Sampo Insurance Co. Ltd. - A Shares 102
2,956 Sonera Oyj 116
1,719 Tietoenator Oyj 61
6,479 Upm-Kymmene Oyj 160
--------------------------------- ---------
Total 2,646
--------------------------------- ---------
FRANCE - 10.9%
---------------------------------
5,311 Accor SA 226
2,712 Air Liquide 346
10,620 Alcatel Alsthom 783
23,183 Aventis SA 1,785
9,328 AXA SA 1,418
-Continued-
40
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
8,281 Banque Nationale De Paris $ 817
1,873 BIC 97
8,520 Bouygues 525
3,502 Canal Plus 555
1,841 Cap Gemini Sogeti 361
17,559 Carrefour SA 1,292
2,256 Casino Guichard Perrachon 234
117 Coflexip SA 14
2,767 Compagnie de Saint-Gobain 406
2,420 Dassualt Systems SA 202
1,442 Eridania Beghin - Say SA 135
284 Essilor International 84
2,800 Immeubles De France 53
1,701 Klepierre 160
774 Fonciere Lyonnaise 78
4,150 France Telecom SA 526
800 Gecina 78
7,168 Groupe Danone 1,077
1,020 La Farge-Coppee SA 79
4,178 La Gardere Groupe Sca 270
20,360 L'OREAL 1,663
12,615 Lvmh Moet Vuitton Hennessy Lous 1,097
5,486 Michelin Class B, Registered 164
2,003 Pechiney SA, Series A 88
1,781 Pernod Ricard 97
3,406 Peugeot SA 708
1,051 Pinaukt Printemps Redo 214
464 SAgem SA - New 129
18,740 SAnofi Synthelabo SA 999
4,847 Schneider SA 331
303 Silic 43
1,952 Simco-Union SA, Registered 127
7,876 Societe Generale 489
948 Sodexho SA 149
5,116 STMicroelectronics 291
4,305 Suez Lyonnaise des Eaux SA 704
4,722 Thomson CSF 206
20,348 Total SA, Class B 3,015
1,710 Unibail Union De Credit Bail 249
6,123 Usinor SAcilor SA 71
2,599 Valeo SA 120
14,007 Vivendi 1,119
--------------------------------- ---------
Total 23,674
--------------------------------- ---------
GERMANY - 8.5%
---------------------------------
7,403 Allianz AG 2,778
12,867 BASF AG 529
14,517 Bayer AG 608
9,132 Bayer Vereins AG 539
5,050 Beiersdorf AG 477
2,800 Continental Gummiwerke AG 53
21,449 DaimlerChrysler AG 1,141
3,080 Deutsche Bank AG 97
12,933 Deutsche Lufthansa - New 1,164
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
4,100 Deutsche Telekom AG $ 102
12,314 Douglas Holdings AG 541
2,150 Dresdner Bank AG 63
9,967 E.On AG 460
29,967 EM.TV & Merchandising AG 1,687
1,200 Fresenius Medical Care AG 60
2,350 Gehe AG 194
1,850 Heidelberger Zement AG 65
1,200 IVG Holdings AG 74
8,903 Kamps AG 114
800 KarstadtQuelle AG 21
1,650 Linde AG 50
3,520 Man AG 153
2,950 Merck KGaA 93
8,313 Metro AG 347
5,034 Muenchener Rueckversicher 1,665
4,530 PreussAG AG 134
18,109 RWE AG 653
5,625 Sap AG 1,032
3,450 Schering AG 206
17,267 Siemens AG 2,688
12,020 Thyssen Krupp AG 207
6,880 VolkswAGen AG 299
1,800 WCM Beteiligungs & Grundbesitz AG 49
--------------------------------- ---------
Total 18,343
--------------------------------- ---------
GREAT BRITAIN - 19.1%
---------------------------------
24,797 Abbey National PLC 278
32,500 Allied Zurich PLC 421
13,051 Amvescap PLC 233
16,949 Arjo Wiggins Appleton PLC 66
20,344 ARM Holdings PLC (b) 230
37,238 Astrazeneca Group PLC 1,604
24,457 BAA PLC 196
71,120 BAE SYSTEMS PLC 478
32,778 Barclays PLC 741
28,021 Bass PLC 297
92,837 BG Ord Group 611
15,737 BOC Group PLC 234
19,156 Boots Co. PLC 148
558,860 BP Amoco PLC 4,888
25,715 British Airways PLC 145
49,430 British American Tobacco PLC 296
57,560 British Land Co. PLC 364
40,653 British Sky Broadcasting Group PLC 745
116,828 British Telecommunications PLC 1,543
38,630 Burford Holdings PLC 56
4,974 Burma Castrol PLC 124
40,576 Cadbury Schweppes PLC 261
31,488 Canary Wharf Finance PLC (b) 225
7,617 Capita Group PLC 184
17,081 Carlton Communications PLC 201
88,295 Centrica PLC 299
35,751 CGU PLC 562
-Continued-
41
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
817 Corus Group PLC $ 1
74,290 Diageo PLC 652
42,711 Dixons Group PLC 185
18,563 EMI Group PLC 171
34,818 GKN PLC 446
76,416 Glaxo Wellcome PLC 2,200
58,744 Granada Compass PLC 721
76,550 Grantchester Holdings PLC 190
42,070 Great Portland Estate PLC 144
27,515 Great Universal Stores PLC 182
35,039 Halifax PLC 274
14,030 Hammerson PLC 90
43,564 Hays PLC 241
53,110 Hilton Group PLC 179
126,175 HSBC Holdings PLC 1,707
33,203 Imperial Chemical Industries PLC 238
104,783 Invensys PLC 375
32,877 Kingfisher PLC 276
32,568 Land Securities PLC 377
131,950 Legal & General Group PLC 335
113,747 Lloyds TSB Group PLC 1,013
8,614 Logica PLC 223
60,045 Marconi PLC 960
70,729 Marks & Spencer PLC 231
4,822 MEPC PLC 42
15,721 Misys PLC 146
34,949 National Grid Group PLC 287
18,697 National Power PLC 129
6,506 Schroders PLC 126
15,741 Nycomed Amersham PLC 150
12,543 Pearson PLC 343
14,815 Peninsular & Oriental Steam
Navigation Co. 120
1,996 Pilkington PLC 3
43,138 Prudential Corp. PLC 589
1,877 Psion PLC 21
11,350 Railtrack Group PLC 173
23,945 Reed International PLC 191
47,999 Rentokil Initial PLC 108
33,588 Reuters Group PLC 643
2,175 Rexam PLC 8
27,140 Rio Tinto PLC, Registered 436
46,499 Royal Bank of Scotland Group PLC 732
28,886 Sage Group PLC 243
44,822 Sainsbury (J) PLC 218
43,546 Scottish Power PLC 364
9,801 SEMA Group PLC 148
29,260 Slough Estates PLC 169
15,330 Smith & Nephew PLC 78
118,385 SmithKline Beecham PLC 1,525
505 SSL International PLC 6
164,326 Tesco PLC 541
1,985 Thames Water PLC 23
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
18,128 3i Group PLC $ 386
2,550 Unigate PLC 10
61,966 Unilever PLC 370
12,632 United Utilities Group PLC 126
1,306,285 Vodafone Group PLC 5,692
20,064 WPP Group PLC 271
--------------------------------- ---------
Total 41,258
--------------------------------- ---------
HONG KONG - 3.2%
---------------------------------
10,000 ASM Pacific Technology, Ltd. 36
136,662 Bank Of East Asia, Ltd. 310
113,850 Cable & Wireless HKT, Ltd. 260
151,000 Cathay Pacific Airways, Ltd. 318
92,500 CLP Holdings, Ltd. 418
17,000 Esprit Holdings Ltd. 16
68,700 Hang Seng Bank, Ltd. 711
61,000 Henderson Land Development
Co., Ltd. 275
156,978 Hong Kong & China Gas, Ltd. 208
301,470 Hutchison Whampoa, Ltd. 354
101,100 Hysan Development, Ltd. 1,413
16,000 Johnson Electronic Holdings 20
27,500 Li & Fung, Ltd. 267
72,000 New World Development Co., Ltd. 358
271,000 Pacific Century CyberWorks, Ltd. (b) 568
5,000 QPL International Holdings, Ltd. (b) 5
66,000 Shagri-La Asia, Ltd. 71
106,944 Sino Land Co. 46
46,000 South China Morning Post, Ltd. 32
98,000 Sun Hung Kai Properties, Ltd. 779
37,000 Swire Pacific, Ltd., Class A 237
12,000 Television Broadcasts, Ltd. 65
3,000 Varitronix International Ltd. 5
90,600 Wharf Holdings, Ltd. 193
--------------------------------- ---------
Total 6,965
--------------------------------- ---------
INDONESIA - 0.0%
---------------------------------
19,000 PT Mulia Industrindo Tbk (b) 1
--------------------------------- ---------
IRELAND - 0.0%
---------------------------------
1,800 Kerry Group PLC 22
--------------------------------- ---------
ITALY - 3.1%
---------------------------------
21,212 Assicurazioni Generali 700
3,566 Autogrill SpA 42
4,306 Banca Intesa SpA 31
51,799 Banca Popolare Di Milano 59
29,225 Banco Di Roma SpA 59
217,852 Benetton Group SpA 1,219
51,698 Credito Italiano 252
180,923 Enel SpA (b) 743
4,226 ENI SpA 108
7,328 Fiat SpA 4
12,897 Impregilo SpA 56
54,171 Italgas SpA 239
-Continued-
42
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
20,372 Mediaset SpA $ 322
6,794 Mediobanca Banca SpA 67
13,957 Olivetti SpA 47
47,757 Parmalat Finanziaria SpA 69
38,405 Pirelli SpA 100
10,022 RAS SpA 113
2,071 Reno (Saffa) 4
3,721 Rinascente 20
1,184 San Paolo - IMI SpA 22
15,420 Sirti SpA 261
3,192 Snia BPD SpA 6
8,334 Societa Assicuratrice Industriale SpA 9
15,003 Telecom Italia SpA 193
1,667 Telecom Italia SpA RNC 10
182,636 Telecom Italia Mobile SpA 1,726
43,588 Telecom Italia Mobile SpA RNC 238
7,635 Telepizza (b) 41
--------------------------------- ---------
Total 6,760
--------------------------------- ---------
JAPAN - 17.3%
---------------------------------
3,000 Acom Co. Ltd. 227
400 Advantest 67
28,400 Ajinomoto Co., Inc. 323
57,900 Asahi Bank, Ltd. 203
9,000 Asahi Breweries, Ltd. 85
27,000 Asahi Chemical Industry Co., Ltd. 172
42,800 Asahi Glass Co., Ltd. 410
10,000 Bank Of Fukuoka, Ltd. 57
74,000 Bank Of Tokyo-Mitsubishi, Ltd. 749
32,400 Bank Of Yokohama, Ltd. 124
4,000 Benesse Corp. 201
18,000 Bridgestone Corp. 413
5,400 Canon, Inc. 240
19,800 Casio Computer Co., Ltd. 215
48 Central Japan Railway Co. 261
10,600 Chugai Pharmaceutical Co., Ltd. 193
13,200 Chuo Mitsui Trust & Banking Co., Ltd. 40
700 Credit Saison Co., Ltd. 15
20,600 Dai Nippon Printing Co., Ltd. 353
23,600 Daiei Inc. (b) 66
2,000 Daiichi Pharmaceutical Co., Ltd. 44
1,000 Daikin Industries, Ltd. 21
62,000 Daiwa Bank, Ltd. 140
20,600 Daiwa House Industry Co., Ltd. 131
27,000 Daiwa Securities, Ltd. 294
9,600 Denso Corp. 223
111 East Japan Railway Co. 645
13,800 Ebara Corp. 191
4,000 Eisai Co., Ltd. 100
5,400 Fanuc Co., Ltd. 518
70,000 Fuji Bank Ltd. 452
14,000 Fuji Photo Film Co., Ltd. 520
1,300 Fuji Soft ABC, Inc. 72
10,000 Fujitsu, Ltd. 281
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
16,800 Furukawa Electric Co. $ 458
6,000 Gunma Bank, Ltd. 29
19,000 Hitachi, Ltd. 227
12,000 Honda Motor Co., Ltd. 438
44,000 Industrial Bank Of Japan 282
10,000 ITO-Yokado Co., Ltd. 596
9,000 Japan Airlines Co., Ltd. 37
4,000 Japan Energy Corp. 4
29 Japan Tobacco Inc. 220
3,600 Joyo Bank 12
8,800 JUSCO, Ltd. 171
100 Kadokawa Shoten Publishing Co., Ltd. 9
39,400 Kajima Corp. 118
1,000 Kaneka Corp. 10
29,700 Kansai Electric Power, Inc. 499
19,000 Kao Corp. 562
5,000 Kawasaki Heavy Industries, Ltd. 7
37,000 Kawasaki Steel Corp. 50
1,000 Kinden Corp. 6
36,000 Kinki Nippon Railway 149
44,400 Kirin Brewery Co., Ltd. 490
40,400 Komatsu Ltd. 225
54,000 Kubota Corp. 179
1,000 Kuraray Co., Ltd. 9
1,300 Kyocera Corp. 187
3,200 Kyowa Hakko Kogyo Co., Ltd. 26
800 Marubenii Corp. 2
6,000 Marui Co., Ltd. 98
41,000 Matsushita Electric
Industrial Co., Ltd. 1,046
1,000 Minebea Co., Ltd. 11
38,000 Mitsubishi Chemical Corp. 139
5,000 Mitsubishi Corp. 38
55,800 Mitsubishi Electric Corp. 446
16,000 Mitsubishi Estate Co., Ltd. 159
104,000 Mitsubishi Heavy Industries, Ltd. 385
26,200 Mitsubishi Materials Corp. 89
29,000 Mitsubishi Trust & Banking Co. 180
5,800 Mitsui & Co. 41
13,400 Mitsui Fudosan 130
1,000 Mitsui Marine & Fire
Insurance Co., Ltd. 4
17,600 Mitsukoshi, Ltd. (b) 61
2,000 Murata Manufacturing Co., Ltd. 237
6,800 Mycal Corp. 20
100 Namco, Ltd. 3
8,200 NEC Corp. 219
43,400 New Oji Paper Co. 299
14,600 NGK Insulators, Ltd. 167
11,000 NGK Spark Plug Co. 177
1,600 Nichiei Co., Ltd. 17
500 Nidec Corp. 38
2,900 Nintendo Co., Ltd. 476
21,600 Nippon Express Co., Ltd. 123
9,600 Nippon Meat Packers, Inc. 139
-Continued-
43
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
57,800 Nippon Oil Co., Ltd. $ 284
3,000 Nippon Paper Industries Co., Ltd. 22
175,800 Nippon Steel Corp. 337
105 Nippon Telegraph & Telephone Corp. 1,255
37,000 Nippon Yusen Kabushiki Kaisha 182
40,600 Nissan Motors Co., Ltd. 203
900 Nissin Food Products Co., Ltd. 23
1,000 Nitto Denko Corp. 36
41,000 Nomura Securities Co., Ltd. 803
1,000 NSK, Ltd. 7
5,000 Ohbayashi Corp. 20
1,000 Olympus Optical Co., Ltd. 17
7,000 Onward Kashiyama Co., Ltd. 79
2,400 Oriental Land Co., Ltd. 209
1,440 Orix Corp. 186
66,200 Osaka Gas Co., Ltd. 167
5,000 Pioneer Electronic Corp. 164
2,400 Promise Co., Ltd. 164
800 Rohm Co. 210
73,000 Sakura Bank, Ltd. 423
15,800 Sankyo Co., Ltd. 371
51,000 Sanyo Electric Co. 376
6,600 Secom Co., Ltd. 411
4,100 Sega Enterprise, Ltd. 51
20,600 Sekisui House, Ltd. 183
1,000 Seventy-Seven Bank, Ltd. 7
15,200 Sharp Corp. 227
100 Shimamura Co., Ltd. 9
3,000 Shimano, Inc. 59
29,600 Shimizu Construction 79
3,800 Shin-Etsu Chemical Co. 191
4,000 Shinogi & Co., Ltd. 65
8,800 Shiseido Co., Ltd. 112
18,400 Shizuoka Bank 148
3,000 Showa Shell Sekiyu K.K. 14
6,000 Skylark Co., Ltd. 213
1,700 SMC Corp. 300
4,900 Softbank Corp. 409
15,700 Sony Corp. 1,443
50,000 Sumitomo Bank, Ltd. 508
39,600 Sumitomo Chemical Co., Ltd. 202
3,200 Sumitomo Corp. 29
31,400 Sumitomo Electric Industries 508
1,000 Sumitomo Marine and Fire
Insurance Co., Ltd. 6
12,600 Sumitomo Metal & Mining Co., Ltd. 48
12,000 Sumitomo Metal Industries, Ltd. 7
40,400 Taisei Construction 55
12,800 Taisho Pharmaceutical Co. 431
2,000 Taiyo Yuden Co., Ltd. 90
1,000 Takara Shuzo Co. Ltd. 20
32,400 Takeda Chemical Industries 1,922
3,500 Takefuji Corp. 352
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
23,400 Teijin, Ltd. $ 96
6,000 Terumo Corp. 188
22,600 Tobu Railway Co., Ltd. 62
10,800 Tohoku Electric Power Co., Inc. 137
49,800 Tokai Bank, Ltd. 222
34,000 Tokio Marine Fire Insurance Co. 343
6,000 Tokyo Broadcasting Systems, Inc. 233
38,900 Tokyo Electric Power 918
1,000 Tokyo Electron, Ltd. 108
63,600 Tokyo Gas, Ltd. 150
24,400 Tokyu Corp. 115
17,600 Toppan Printing Co., Ltd. 178
26,100 Toray Industries, Inc. 94
15,000 Toshiba Corp. 132
1,000 Tostem Corp. 14
21,600 Toto, Ltd. 154
1,000 Toyo Seikan Kaisha, Ltd. 16
50,000 Toyota Motor Corp. 2,117
39,400 Ube Industries, Inc. 88
400 Uni-Charm Corp. 23
150 World Co., Ltd. 5
12,000 Yamanouchi Pharmaceutical Co., Ltd. 563
1,000 Yamato Transport Co., Ltd. 24
4,000 Yokogawa Electric Corp. 37
--------------------------------- ---------
Total 37,444
--------------------------------- ---------
NETHERLANDS - 5.5%
---------------------------------
24,826 ABN Amro Holdings NV 602
27,342 Aegon NV 1,043
3,034 Akzo NV 135
1,865 Buhrmann NV 57
13,619 Elsevier NV 151
5,190 Getronics NV 88
2,168 Hagemeyer NV 61
11,848 Heineken NV 677
24,339 ING Groep NV 1,627
14,261 Koninklijke Ahold NV 389
3,636 Koninklijke KNP NV 131
590 Nedlloyd Groep NV 11
25,819 Oce Van Grinten 1,132
483 Philips Electronics NV 7
30,856 Rodamco Continental Europe NV (b) 1,398
61,390 Royal Dutch Petroleum 3,641
2,740 Stork NV 110
1,140 TNT Post Group NV 14
11,461 Uni-INVest NV 282
7,397 Unilever NV 89
1,506 Vedior NV 17
6,524 Wolters Kluwer NV CVA 160
--------------------------------- ---------
Total 11,822
--------------------------------- ---------
PORTUGAL - 0.6%
---------------------------------
33,284 Banco Commercial 175
9,693 Banco Espirito Santo 166
-Continued-
44
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
25,330 BPI-SGPS S.A. $ 90
14,500 Brisa Autostradas 131
500 CIN - Corporacao Industrial do
Norte, SA 3
164,845 Electricidade De Portugal 556
500 Inapa 3
3,950 Jeronimo Martins 60
5,200 Portucel Industrial 33
7,389 Portugal Telecom SA 80
500 Sociedade de Construcoes Soares
de Costa SA (b) 3
44,000 Sonae 74
--------------------------------- ---------
Total 1,374
--------------------------------- ---------
SINGAPORE - 1.7%
---------------------------------
35,000 City Developments, Ltd. 149
1,150 Creative Technology, Ltd. 25
15,000 Cycle & Carriage, Ltd. 35
65,683 DBS Group Holdings, Ltd. 792
67,250 DBS Land, Ltd. 97
15,000 First Capital Corp., Ltd. 14
17,000 Fraser & Neave, Ltd. 66
44,000 Hotel & Properties 38
42,000 Keppel Corp., Ltd. 93
34,000 Neptune Orient Lines, Ltd. (b) 37
62,058 Oversea Chinese Banking Corp., Ltd. 451
22,000 Parkway Holdings, Ltd. 61
94,802 Sembcorp Industries, Ltd. 103
53,000 Singapore International Airlines, Ltd. 73
63,000 Singapore Press Holdings 636
19,059 Singapore Technology Engineering, Ltd. 324
157,000 Singapore Telecommunications, Ltd. 243
82,000 United Industrial Corp., Ltd. 36
51,352 United Overseas Bank, Ltd. 367
31,000 United Overseas Land, Ltd. 28
3,000 Venture Manufacturing Singapore, Ltd. 35
--------------------------------- ---------
Total 3,703
--------------------------------- ---------
SPAIN - 2.6%
---------------------------------
1,617 Acerinox SA 49
9,065 AceSA Autopista 71
2,069 Actividad Contruction 50
2,963 Alba 70
1,806 Azucarera Ebro 21
86,200 Banco Bilbao Vizcaya 1,246
69,632 Banco SAntander SA 719
2,509 Corporacion Mapfre 37
32,894 Dragados Y Construcciones SA 682
5,948 EndeSA SA 45
18,048 Gas Natural SDG SA 308
5,742 General De Aguas de Barcelona SA 73
31,734 Iberdrola SA 366
4,650 Inmobiliaria Colonial SA 59
8,911 MetrovaceSA SA 149
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
7,370 Prima Inmobiliaria $ 72
33,080 Repsol SA 628
3,294 Sol Melia SA 35
23,799 Telefonica SA (b) 501
12,103 Union Electrica FenoSA SA 218
34,110 Vallehermoso SA 204
1,743 Zardoya Otis SA 15
--------------------------------- ---------
Total 5,618
--------------------------------- ---------
SWEDEN - 2.4%
---------------------------------
3,600 Atlas Copco AB, Series A 76
2,000 Atlas Copco AB, Series B 39
8,520 Castellum International, Ltd. 83
13,930 Drott AB 152
8,800 Electrolux AB, Series B 131
93,200 Ericsson LM, Series B 1,819
10,500 Foreningssparbanken 160
700 Gambro AB, Series A 6
22,000 Hennes & Mauritz, Series B 447
4,600 JM AB, Series B 80
450 NetCom AB, Series B (b) 28
24,031 Nordic Baltic Holding AB 167
2,000 OM Gruppen AB 93
2,500 Sandvik AB, Series A 39
7,800 Securitas AB, Series B 172
11,200 Skandia Forsakring 244
29,200 Skandinaviska Enskilda Banken,
Class A 651
12,000 Skanska AB, Series B 149
3,600 SKF AB, Series B 119
1,900 SSAB Svenkt Stal AB 20
12,900 Svenska Handelsbanken, Series A 194
6,100 Svenska Cellulosa AB, Series B 131
4,850 Tornet Fastighets AB 58
4,000 Trelleborg AB, Series B 28
5,200 Volvo AB, Series A 96
1,400 Volvo AB, Series B 25
10,000 WM-Data AB, Series B 51
--------------------------------- ---------
Total 5,258
--------------------------------- ---------
SWITZERLAND - 6.5%
---------------------------------
6,240 ABB, Ltd. 744
85 Adecco SA, Registered 58
4,300 Alusuisse-Lonza Holding, Registered 924
75 Credit Suisse Group, Registered 22
247 George Fischer, Registered 72
1,860 Givaudan (b) 3,875
1,885 Nestle SA, Registered 2,910
48 Novartis AG, Registered 511
199 Roche Holdings AG 1,870
330 Roche Holdings AG, Genuss 693
420 SGS Soceite Generale de Surveillance
Holdings SA (b) 343
43 Sulzer AG, Registered (b) 73
-Continued-
45
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
105 Swatch Group AG, Series B $ 72
125 Swiss Re AG 175
280 Swisscom AG 93
6,464 UBS AG, Registered 932
140 Valora Holding AG, Registered 38
1,075 Zurich Allied AG 579
--------------------------------- ---------
Total 13,984
--------------------------------- ---------
THAILAND - 0.0%
---------------------------------
8,700 CMIC Finance & Securities PLC (b) --
13,300 Finance One PLC (b) --
14,500 General Finance & Securities
PLC. (b) --
9,100 Univest Land PLC --
--------------------------------- ---------
45,600 Total --
--------------------------------- ---------
Total Common Stocks
(Cost $174,225) 183,329
--------------------------------- ---------
PREFERRED STOCK - 0.9%
AUSTRALIA - 0.1%
---------------------------------
26,955 News Corp., Ltd. 283
--------------------------------- ---------
AUSTRIA - 0.0%
---------------------------------
2 Bau Holding Strabag AG 0
--------------------------------- ---------
BRAZIL - 0.4%
---------------------------------
10,288,000 Banco Bradesco SA 90
1,472,000 Banco Itau SA 137
5,509,000 Brasil Telecom Participacoes SA 79
4,856,000 Companhia Energetica de Minas
Gerais SA 92
4,914,000 Embratel Participacoes SA 106
8,230 Petroleo Brasileiro SA 220
5,976,118 Tele Norte Leste Participacoes SA 144
4,617,000 Telecom Celular Participacoes SA 69
--------------------------------- ---------
Total 937
--------------------------------- ---------
GERMANY - 0.4%
---------------------------------
550 Rwe AG 15
3,825 Sap AG 858
1,250 Volkswagen AG 33
--------------------------------- ---------
Total 906
--------------------------------- ---------
ITALY - 0.0%
---------------------------------
813 Fiat SpA 12
--------------------------------- ---------
Total Preferred Stocks ($816) 2,138
--------------------------------- ---------
CONVERTIBLE SECURITIES - 0.0%
PORTUGAL - 0.0%
---------------------------------
960 Jeronimo Martins, 12/30/04 6
--------------------------------- ---------
Total Convertible Securities
(Cost $5) 6
--------------------------------- ---------
CORPORATE BONDS - 0.0%
FRANCE - 0.0%
---------------------------------
13 Casino Guichard, 4.50%, 07/12/01 13
6 Sodexho SA, 6.00%, 06/07/04 6
--------------------------------- ---------
Total Corporate Bonds (Cost $27) 19
--------------------------------- ---------
REPURCHASE AGREEMENTS - 10.8%
UNITED STATES
---------------------------------
23,395 Warburg/Dillon, 6.55%, dated
7/31/00, due 8/1/00
(at amortized cost),
collateralized by
U.S. Treasury Bond, 3.375%,
due 1/15/07 with a
value of $23,864. 23,395
--------------------------------- ---------
TOTAL REPURCHASE AGREEMENTS
(COST $22,900) 23,395
--------------------------------- ---------
TOTAL INVESTMENTS (COST $198,468)
(A) - 96.5% 208,887
--------------------------------- ---------
OTHER ASSETS IN EXCESS OF
LIABILITIES - 3.5% 7,673
--------------------------------- ---------
TOTAL NET ASSETS - 100% $216,560
--------------------------------- ---------
(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
$1,873 and by the amount of market to market adjustments for passive foreign
investment companies of $779. Cost for federal income tax purposes differs
from value by net unrealized appreciation of $35,137 which is composed of
$42,414 appreciation and $12,581 depreciation at July 31, 2000.
(b)Non-income producing security.
The International Equity Fund's investment concentration, by industry, as of
July 31, 2000, was as follows:
Automotive 2.22%
Business & Financial Services 11.54%
Chemicals 2.17%
Electric 5.92%
Food 4.82%
Insurance 5.99%
Oil & Gas Producers 6.53%
Pharmaceuticals 6.02%
Real Estate 2.30%
Telecommunications 8.49%
Other 44.00%
Open futures contracts as of July 31, 2000: (Amounts in
thousands except number of contracts)
Number of Market
Contracts Contract Type Value
20 Long DAX, 9/15/00 $ 3,369
10 Long HANG SENG, 8/30/00 1,084
19 Long IBEX, 8/18/00 1,854
9 Long MIB30, 9/15/00 1,944
77 Long TOPIX, 9/11/00 10,294
(See Notes which are an integral part of the Financial Statements)
46
<PAGE>
FIFTH THIRD INTERNATIONAL EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS)
--------------------------------------------------------------------------------
VARIATION MARGIN IN FOREIGN CURRENCY CONTRACTS AS OF JULY 31, 2000
<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
8/04/00 6,608 9,954 $ (57)
Short Contracts
8/01/00 168 254 3
EURO
---------------------------------------
Long Contracts
8/01/00 1,130 1,053 (6)
8/02/00 204 190 (1)
8/31/00 324 302 (2)
9/08/00 4,425 4,216 (106)
9/08/00 3,419 3,255 (79)
9/08/00 4,430 4,229 (115)
Short Contracts
8/02/00 1,970 1,818 (8)
8/03/00 287 265 (1)
8/03/00 940 871 0
8/31/00 1,236 1,143 (5)
8/31/00 1,194 1,122 16
9/08/00 183 177 7
9/08/00 4,205 4,047 142
9/08/00 47 45 2
JAPANESE YEN
---------------------------------------
Long Contracts
9/11/00 1,333,926 12,455 (179)
Short Contracts
8/02/00 534,744 4,873 (7)
8/03/00 179,004 1,634 0
9/11/00 124,256 1,187 44
NORWEGIAN KRONE
---------------------------------------
Short Contracts
8/02/00 119 13 0
SWEDISH KRONA
---------------------------------------
Long Contracts
8/01/00 117 13 0
SWISS FRANCS
---------------------------------------
Long Contracts
8/02/00 84 50 0
------
TOTAL $(352)
======
</TABLE>
(See Notes which are an integral part of the Financial Statements)
47
<PAGE>
FIFTH THIRD BOND FUND FOR INCOME
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
PAR SECURITY MARKET
VALUE DESCRIPTION VALUE
--------- --------------------------------- ---------
ASSET BACKED SECURITIES - 0.5%
FINANCIAL - 0.5%
---------------------------------
$ 1,027 GE Capital Management, 6.940%,
3/25/27 $ 1,022
--------------------------------- ---------
Total Asset Backed Securities 1,022
------------------------------------------
CORPORATE BONDS - 51.6%
FINANCIAL - 17.6%
---------------------------------
5,000 American General Finance Corp.,
5.750%, 11/1/03 4,771
7,000 Aristar Corp., 6.000%, 8/1/01 6,915
10,000 GMAC, 7.500%, 7/15/05 9,951
7,000 Lehman Brothers Corp., 7.250%,
4/15/03 6,901
5,000 Mellon Bank Corp., 7.375%, 5/15/07 4,951
5,000 BB&T Corp., 7.050%, 5/23/03 4,934
--------------------------------- ---------
Total 38,423
------------------------------------------
INDUSTRIAL - 24.5%
---------------------------------
7,000 AT&T Canada Inc., 7.650%, 9/15/06 6,974
5,000 GTE California, 7.650%, 3/15/07 5,005
10,000 Hasbro Inc., 8.500%, 3/15/06 10,246
6,000 Hertz Co., 7.625%, 8/15/07 5,986
7,000 Jones Apparel Co., 7.875%, 6/15/06 6,690
6,000 U.S. West, 7.625%, 6/9/03 6,021
5,000 U.S. West, 6.375%, 7/15/08 4,544
8,000 WorldCom, Inc., 6.125%, 4/15/02 7,831
--------------------------------- ---------
Total 53,297
------------------------------------------
UTILITIES - 5.0%
---------------------------------
5,000 Alabama Power, 7.125%, 8/15/04 4,963
5,000 Northern States Power,
7.875%, 10/1/01 5,030
1,000 Southern New England,
8.000%, 11/20/01 1,008
--------------------------------- ---------
Total 11,001
------------------------------------------
INTERNATIONAL - 4.5%
---------------------------------
10,000 Quebec Province, 7.000%, 1/30/07 9,800
------------------------------------------
Total Corporate Bonds 112,521
------------------------------------------
U.S. GOVERNMENT SECURITIES - 42.3%
MORTGAGE BACKED SECURITIES - 7.1%
---------------------------------
9,365 Ginnie Mae, 9.500%, 12/15/09,
Pool #780318 9,754
926 Ginnie Mae, 10.500%, 7/15/14,
Pool #321016 972
4,754 Ginnie Mae, 7.500%, 10/15/29
Pool #510533 4,715
--------------------------------- ---------
Total 15,441
------------------------------------------
PAR SECURITY MARKET
VALUE DESCRIPTION VALUE
--------- --------------------------------- ---------
U.S. GOVERNMENT AGENCIES - 15.2%
---------------------------------
$ 8,000 Fannie Mae, 5.810%, 3/2/04 $ 7,710
7,750 Fannie Mae, 7.100%, 10/18/04 7,654
8,000 FHLB, 6.905%, 10/18/04 7,892
1 FHLMC, 7.500%, 2/1/02, 1
10,000 FHLMC, 7.350%, 2/28/03 9,982
--------------------------------- ---------
Total 33,239
--------------------------------- ---------
U.S. TREASURY NOTES - 20.0%
---------------------------------
4,000 5.375%, 2/15/01 3,978
4,500 6.125%, 12/31/01 4,480
13,000 6.500%, 5/31/02 13,028
750 5.875%, 11/15/04 740
1,000 7.000%, 7/15/06 1,038
15,250 6.000%, 8/15/09 15,145
5,000 6.500%, 2/15/10 5,164
--------------------------------- ---------
Total 43,573
--------------------------------- ---------
Total U.S. Government Securities 92,253
--------------------------------- ---------
REPURCHASE AGREEMENT - 3.9%
$ 8,571 Warburg/Dillon, 6.460%, dated
7/31/00, due 8/1/00 (at amortized
cost), collaterized by U.S. Treasury
Notes, 3.375%, due 1/15/07
with a total value of $8,743 8,571
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $214,848) (A) - 98.3% 214,367
--------------------------------- ---------
OTHER ASSETS IN EXCESS
OF LIABILITIES - 1.7% 3,610
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $217,977
--------------------------------- ---------
(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 $6.
Cost for federal income tax purposes differs from value by net unrealized
depreciation of $487 which is composed of $1,035 appreciation and $1,522
depreciation at July 31, 2000.
The following abbreviations are used in this portfolio:
FHLB- Federal Home Loan Bank
FHLMC- Federal Home Loan Mortgage Corporation
(See Notes which are an integral part of the Financial Statements)
48
<PAGE>
FIFTH THIRD QUALITY BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
CORPORATE BONDS - 32.8%
FINANCIAL - 5.2%
---------------------------------
$ 4,000 GMAC, 7.500%, 7/15/05 $ 3,980
7,000 Wells Fargo Financial, 7.250%,
7/14/03 6,980
--------------------------------- ---------
Total 10,960
--------------------------------- ---------
INDUSTRIAL - 25.2%
---------------------------------
10,000 AT&T Canada, Inc., 7.650%,
9/15/06 9,962
5,000 Deutsche Telekom, 8.000%,
6/5/10 5,028
5,000 Ford Motor Company, 7.450%,
7/16/31 4,723
3,000 GE Global Insurance, 7.750%,
6/15/30 3,022
5,000 Hasbro, Inc., 7.950%, 3/15/03 5,049
10,000 Jones Apparel Group, Inc.,
7.875%, 6/15/06 9,557
4,000 Ontario Province, 7.750%, 6/4/02 4,048
7,000 Respol International Financial,
7.450%, 7/15/05 6,994
5,000 U.S. West Capital Funding, Inc.,
6.250%, 7/15/05 4,728
--------------------------------- ---------
Total 53,111
--------------------------------- ---------
UTILITIES - 2.4%
---------------------------------
5,000 Sempra Energy, 7.950%, 3/1/10 5,073
--------------------------------- ---------
Total Corporate Bonds 69,144
--------------------------------- ---------
U.S. GOVERNMENT SECURITIES - 61.0%
MORTGAGE BACKED SECURITIES - 29.8%
---------------------------------
2 Freddie Mac, 9.500%, 10/1/02,
Pool #380009, CMO 2
6 Freddie Mac, 8.000%, 8/1/08,
Pool #272525, CMO 6
38,816 Fannie Mae, 7.500%, 12/1/29,
Pool #535083 38,305
9,897 Fannie Mae, 7.500%, 3/1/30,
Pool #530299 9,758
7,978 Fannie Mae, 7.500%, 5/1/30,
Pool #536701 7,866
7,182 Fannie Mae, 7.500%, 5/1/30,
Pool #540754 7,082
--------------------------------- ---------
Total 63,019
--------------------------------- ---------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
U.S. GOVERNMENT AGENCIES - 7.3%
---------------------------------
$ 9,000 Fannie Mae, 5.750%, 2/15/08 $ 8,307
7,250 FHLB, 7.350%, 2/28/03 7,237
--------------------------------- ---------
Total 15,544
------------------------------------------
U.S. TREASURY BONDS - 4.2%
---------------------------------
8,500 6.125%, 8/15/29 8,747
--------------------------------- ---------
U.S. TREASURY NOTES - 19.7%
---------------------------------
12,000 6.375%, 1/31/02 11,992
7,000 6.500%, 2/28/02 7,007
5,000 6.750%, 5/15/05 5,122
5,000 6.875%, 5/15/06 5,158
3,500 6.000%, 8/15/09 3,476
8,500 6.500%, 2/15/10 8,779
--------------------------------- ---------
Total 41,534
------------------------------------------
Total U.S. Government Securities 128,844
------------------------------------------
REPURCHASE AGREEMENT - 7.3%
$ 15,474 Warburg/Dillon, 6.55%, dated
7/31/00, due 8/1/00 (at amortized
cost), collateralized by U.S.
Treasury Notes, 3.375%, due
1/15/07, with a value of $15,788. 15,474
------------------------------------------
TOTAL INVESTMENTS (COST $213,190)
(A) - 101.1% 213,462
--------------------------------- ---------
LIABILITIES IN EXCESS OF OTHER
ASSETS - (1.1%) (2,389)
------------------------------------------
TOTAL NET ASSETS - 100.0% $211,073
--------------------------------- ---------
(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 $20.
Cost for federal income tax purposes differs from value by net unrealized
appreciation of $252 which is composed of $683 appreciation and $431
depreciation at July 31, 2000.
The following abbreviationsare used in this portfolio:
FHLB - Federal Home Loan Bank
(See Notes which are an integral part of the Financial Statements)
49
<PAGE>
FIFTH THIRD U.S. GOVERNMENT SECURITIES FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
U.S. GOVERNMENT SECURITIES - 97.0%
MORTGAGE BACKED SECURITIES - 18.0%
---------------------------------
$ 457 Fannie Mae, 6.000%, 6/1/01 $ 452
3,213 Fannie Mae, 6.000%, 10/1/04 3,111
1,513 Fannie Mae, 6.500%, 12/1/04 1,484
1,989 Fannie Mae, 7.000%, 12/1/06 1,965
1,691 FHLMC, 6.000%, 9/1/05 1,632
--------------------------------- ---------
Total 8,644
--------------------------------- ---------
U.S. GOVERNMENT AGENCIES - 49.8%
---------------------------------
2,000 Fannie Mae, 5.700%, 5/15/02 1,956
2,000 Fannie Mae, 5.780%, 2/12/03
(Callable 2/12/01 @ 100) 1,953
2,000 Fannie Mae, 5.960%, 2/23/04 1,931
(Callable 8/18/00 @ 100)
2,000 Fannie Mae, 6.500%, 8/15/04 1,966
2,000 Fannie Mae, 7.100%, 10/18/04 1,975
(Callable 10/18/01 @ 100)
2,000 Fannie Mae, 6.290%, 5/9/05
(Callable 5/9/01 @ 100) 1,926
3,000 Fannie Mae, 7.125%, 3/15/07 3,015
2,000 FFCB, 5.900%, 8/6/01 1,981
2,000 FFCB, 5.100%, 11/24/03 1,895
1,000 FFCB, 6.600%, 7/7/06 980
3,000 FHLB, 7.350%, 2/28/03 2,995
1,500 FHLB, 6.090%, 6/2/06 1,434
--------------------------------- ---------
Total 24,007
--------------------------------- ---------
U.S. TREASURY NOTES - 29.2%
---------------------------------
1,000 5.875%, 11/30/01 993
2,000 6.250%, 6/30/02 1,996
2,500 7.250%, 5/15/04 2,581
3,000 6.500%, 5/15/05 3,034
2,500 5.875%, 11/15/05 2,463
2,000 6.500%, 10/15/06 2,029
1,000 6.250%, 2/15/07 1,004
--------------------------------- ---------
Total 14,099
--------------------------------- ---------
Total U.S. Government Securities 46,750
--------------------------------- ---------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
REPURCHASE AGREEMENT - 1.4%
$ 653 Warburg/Dillion, 6.55%, dated
7/31/00, due 8/1/00 (at
amortized cost), collateralized by
U.S. Treasury Notes, 3.375%, due
1/15/07 with a value of $667. $ 653
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $48,176) (A) - 98.4% 47,403
--------------------------------- ---------
OTHER ASSETS IN EXESS
OF LIABILITIES - 1.6% 752
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $48,155
--------------------------------- ---------
(a)Cost for federal tax purposes differs from value by net unrealized
depreciation of $773, which is composed of $63 appreciation and $836
depreciation at July 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)
50
<PAGE>
FIFTH THIRD MUNICIPAL BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
MUNICIPAL BONDS - 94.0%
ALABAMA - 3.9%
---------------------------------
$ 2,050 Alabama State, Public School &
College Authority, Revenue,
5.250%, 8/1/06 $ 2,108
1,620 University of Alabama Birmingham,
Revenue, 4.750%, 10/1/05 1,627
1,765 University of Alabama Birmingham,
Revenue, 4.875%, 10/1/06 1,780
--------------------------------- ---------
Total 5,515
--------------------------------- ---------
ARIZONA - 7.3%
---------------------------------
4,680 Arizona State Highway
Transportation Board, Revenue,
5.000%, 7/1/10 4,727
2,000 Pima County, Improvement, GO,
5.000%, 7/1/06 2,040
3,400 Pima County, School District No. 1,
Series D, GO, 6.100%, 7/1/11
(Callable 7/1/02 @ 102) 3,564
--------------------------------- ---------
Total 10,331
--------------------------------- ---------
CONNECTICUT - 1.5%
---------------------------------
2,000 New Haven, Series B, GO, 5.750%,
11/1/09 2,148
--------------------------------- ---------
FLORIDA - 8.1%
---------------------------------
2,800 Dade County School District, GO,
6.500%, 8/1/03 2,952
2,455 Escambia County, Revenue, 4.600%,
1/1/07, AMBAC 2,433
5,000 Florida State Board of Education,
Lottery Revenue, 5.500%, 7/1/16 5,049
1,000 Orlando, Capital Improvement,
Revenue, 6.000%, 10/1/22
(Prerefunded 10/1/01 @ 102) 1,038
--------------------------------- ---------
Total 11,472
--------------------------------- ---------
GEORGIA - 3.3%
---------------------------------
2,000 Fulton County, Hospital Authority,
Series B, Revenue, 6.375%, 9/1/22
(Prerefunded 9/1/02 @ 102) 2,106
2,675 Georgia Private Colleges &
Universities Authority, Revenue,
5.500%, 11/1/25 (Callable
11/1/09 @ 101) 2,628
--------------------------------- ---------
Total 4,734
--------------------------------- ---------
ILLINOIS - 5.7%
---------------------------------
1,230 Cook County, Community School
District #097 Oak Park, Series A,
GO, 5.500%, 12/1/12 (Callable
12/1/09 @ 100) 1,254
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
$ 1,500 Dupage County, Community High
School District #099, Downers
Grove, GO, 5.500%, 12/1/15
(Callable 12/1/09 @ 100), FSA $ 1,504
2,000 Illinois Health Facilities Authority,
Revenue, 5.375%, 6/1/14 (Callable
6/1/08 @ 101) 1,970
2,250 Illinois State Sales Tax, Revenue,
5.500%, 6/15/01 2,272
1,055 Macon County & Decatur, Illinois,
CP, 6.500%, 1/1/05, FGIC 1,129
--------------------------------- ---------
Total 8,129
--------------------------------- ---------
INDIANA - 4.0%
---------------------------------
1,275 Munster, School Building Corp.,
Revenue, 5.700%, 7/15/10
(Prerefunded 1/15/05 @ 101), MBIA 1,339
2,000 South Bend, Indiana, Community
School Corp., Riley School Building
Corp., Refunding, Revenue,
5.250%, 7/1/12 (Callable
7/1/08 @ 101) 2,006
2,245 Tipton, Community School Building
Corp., Revenue,
5.550%, 7/15/12, FSA 2,320
------------------------------------------
Total 5,665
--------------------------------- ---------
KANSAS - 0.9%
---------------------------------
1,250 Douglas County, Unified School
District, GO, 6.000%, 9/1/09
(Prerefunded 9/1/03 @ 100) 1,295
------------------------------------------
MAINE - 0.7%
---------------------------------
1,000 Maine, Municipal Bond Bank, Series
C, Revenue, 5.200%, 11/1/18
(Callable 11/1/09 @ 101) 960
------------------------------------------
MICHIGAN - 4.4%
---------------------------------
1,000 Detroit, Michigan, Series A, GO,
6.700%, 4/1/10 (Callable
4/1/05 @ 101) 1,094
1,500 Michigan, Municipal Bond Authority,
Revenue, 7.000%, 11/1/03, AMBAC 1,608
3,255 Michigan State Hospitals, Revenue,
6.250%, 8/15/11 (Callable
8/15/07 @ 101) 3,481
--------------------------------- ---------
Total 6,183
------------------------------------------
MISSOURI - 1.4%
---------------------------------
2,000 Kansas City, Streetlight Project,
Series B, GO, 5.000%, 2/1/13
(Callable 2/1/07 @ 101) 1,973
------------------------------------------
-Continued-
51
<PAGE>
FIFTH THIRD MUNICIPAL BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- --------------------------------- ---------
NORTH CAROLINA - 1.6%
---------------------------------
$ 2,200 North Carolina, Municipal Power
Agency, Revenue, 5.900%, 1/1/03 $ 2,265
--------------------------------- ---------
NEW JERSEY - 5.8%
---------------------------------
3,000 New Jersey, State Transportation,
Series A, Revenue, 5.125%, 6/15/15
(Callable 6/15/09 @ 100) 2,929
5,120 New Jersey, State Transportation
Authority, Revenue, 5.625%,
6/15/13 5,346
--------------------------------- ---------
Total 8,275
--------------------------------- ---------
NEVADA - 2.9%
---------------------------------
4,000 Clark County, Flood Control, GO,
5.250%, 11/1/10 (Callable 11/1/08
@ 101), FGIC 4,085
--------------------------------- ---------
NEW YORK - 10.0%
---------------------------------
2,000 New York City, Series F, GO,
5.500%, 8/1/06 2,074
4,000 New York City, Series H, GO, 7.000%,
2/1/22 (Callable 2/1/02 @ 101.5) 4,209
4,855 New York State, GO, 5.250%, 9/15/13
(Callable 9/15/08 @ 101) 4,850
3,020 New York, State Transportation,
Series E, Revenue, 5.250%, 1/1/15
(Callable 1/1/08 @ 101) 2,981
--------------------------------- ---------
Total 14,114
--------------------------------- ---------
OHIO - 1.5%
---------------------------------
1,000 Columbus, Sewer Improvement Bonds,
GO, 6.500%, 9/15/01 1,023
1,000 Ohio State, Water Development
Authority, Revenue, 6.000%, 6/1/05 1,058
--------------------------------- ---------
Total 2,081
--------------------------------- ---------
OREGON - 0.7%
---------------------------------
1,000 Yamhill County, School District
No. 029J, GO, 6.100%, 6/1/11
(Prerefunded 6/1/04 @ 101), FSA 1,061
--------------------------------- ---------
PENNSYLVANIA - 8.7%
---------------------------------
1,000 Pennsylvania, Convention Center
Authority, Series A, Revenue,
6.700%, 9/1/16, FGIC 1,143
4,000 State, GO, 5.000%, 10/1/05 4,065
1,000 State, Higher Education Assistance
Agency, Student Loan Revenue,
Series A, 4.625%, 12/1/00 1,000
2,000 State, Higher Education Facilities
Authority Health Services,
Revenue, 5.100%, 1/1/05 1,929
2,300 Pittsburgh, Water & Sewer Systems
Authority, Series C, Revenue,
6.700%, 9/1/16, FGIC 2,086
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
$ 2,000 Trinity, Area School District, GO,
6.625%, 11/1/11 (Prerefunded
11/1/01 @ 100), FGIC $ 2,054
--------------------------------- ---------
Total 12,277
------------------------------------------
SOUTH DAKOTA - 1.8%
---------------------------------
2,375 Heartland, Consumers Power District,
Electric Revenue, 6.000%, 1/1/09,
FSA 2,532
--------------------------------- ---------
TENNESSEE - 4.6%
---------------------------------
6,500 Memphis General Improvement, GO,
5.250%, 4/1/14 (Callable 4/1/08
@ 101) 6,468
--------------------------------- ---------
TEXAS - 3.5%
---------------------------------
3,430 Dallas, Improvement, GO, 5.000%,
2/15/18 (Callable 2/15/08 @ 100) 3,224
1,600 Texas State, GO, 6.000%, 10/1/08 1,724
------------------------------------------
Total 4,948
------------------------------------------
UTAH - 2.6%
---------------------------------
1,530 St. George, Water Revenue, 5.600%,
6/1/10 (Callable 6/1/05 @ 101) 1,582
1,000 Salt Lake City, Motor Fuel Excise Tax,
Series A, Revenue, 5.400%, 2/1/03 1,020
1,000 Utah, State Building Ownership
Authority, Revenue, 5.500%,
5/15/09, FSA 1,042
--------------------------------- ---------
Total 3,644
------------------------------------------
WASHINGTON - 5.3%
---------------------------------
2,000 King County, School District No. 411,
GO, 6.500%,12/1/09 (Prerefunded
12/1/02 @ 100), AMBAC 2,090
2,000 King County School District No. 415
Kent, GO, 5.550%, 12/1/11 2,085
3,200 State, Public Power Supply Systems
Nuclear Project No. 2, Revenue,
5.500%, 7/1/06 3,309
--------------------------------- ---------
Total 7,484
------------------------------------------
WISCONSIN - 3.8%
---------------------------------
1,000 Milwaukee, Series C, GO, 5.300%,
6/15/07 (Prerefunded 6/15/02
@ 100) 1,014
4,290 State, Transportation Revenue,
Series B, 5.750%, 7/1/12 (Callable
7/1/02 @ 100) 4,392
--------------------------------- ---------
Total 5,406
------------------------------------------
Total Municipal Bonds 133,045
------------------------------------------
-Continued-
52
<PAGE>
FIFTH THIRD MUNICIPAL BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
SHORT-TERM INVESTMENTS - 4.8%
MONEY MARKETS - 4.8%
---------------------------------
$ 3,437 Federated Tax Free Trust $ 3,437
3,388 SEI Institutional Tax Free Fund 3,388
--------------------------------- ---------
Total Short-Term Investments 6,825
------------------------------------------
TOTAL INVESTMENTS
(COST $140,354) (A) - 98.8% 139,870
------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES - 1.2% 1,744
------------------------------------------
TOTAL NET ASSETS - 100.0% $141,614
------------------------------------------
(a)Cost for federal tax purposes differs from value by net unrealized
depreciation of $484, which is composed of $1,009 appreciation and $1,493
depreciation at July 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)
53
<PAGE>
FIFTH THIRD OHIO TAX FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
MUNICIPAL BONDS - 95.4%
OHIO - 93.4%
---------------------------------
$ 1,000 Akron Bath Copley, Ohio, Children's
Hospital Medical Center Akron,
7.250%, 11/15/12 (Prerefunded
11/15/00 @ 102) $ 1,028
500 Akron, Various Purpose Improvement,
GO, 5.600%, 12/1/06 (Callable
12/1/04 @ 102), MBIA 525
1,500 Beavercreek, Ohio, Local School
District, 6.600%,12/1/15 1,710
1,510 Bowling Green State University,
Higher Education,Revenue,
5.550%, 6/1/10 (Callable 6/1/06
@ 101), AMBAC 1,566
4,000 Butler County, Hospital Facilities,
Revenue, 4.750%, 11/15/18
(Callable 11/15/08 @ 101) 3,220
5,000 Butler County, Transportation
Improvement District, Revenue,
5.000%, 4/1/02, FSA 5,046
600 Cincinnati, Ohio, GO, 7.000%,
10/1/00 603
5,000 Cincinnati, Ohio, GO, 4.375%,
12/1/01 5,001
5,000 Cincinnati, Ohio, GO, 4.375%,
12/1/02 4,994
1,275 Cincinnati, Ohio, GO, 4.200%,
12/1/10 1,170
3,500 Cleveland City School District,
Revenue, 4.800%, 6/1/03, AMBAC 3,526
5,000 Cleveland, Ohio, Public Power
System, Revenue, 5.250%, 11/15/16
(Callable 11/15/06 @ 102) 4,903
2,500 Cleveland, Ohio, Waterworks
Revenue, Refunding &
Improvement-Series I,
5.250%, 1/1/11 (Callable
1/1/08 @ 101) 2,543
2,875 Cleveland, Ohio, Waterworks
Revenue, 6.250%, 1/1/15
(Prerefunded 1/1/02 @ 102) 3,000
3,500 Cleveland, Ohio, Waterworks
Revenue, Refunding &
Improvement-Series G,
5.500%, 1/1/21 3,496
1,000 Columbus, Ohio, GO, 6.500%, 1/1/10
(Callable 1/1/02 @ 102) 1,045
1,000 Columbus, Refunding Limited,
Series A, GO, 5.300%, 7/1/09
(Callable 7/1/03 @ 101.5) 1,022
1,350 Columbus, Ohio, Series 2, GO,
5.500%, 5/15/08 (Callable 5/15/04
@ 102) 1,401
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
$ 2,770 Columbus, Ohio, Water System
Revenue, 4.500%, 11/1/04 $ 2,766
4,000 Columbus, Ohio, Water System
Revenue, 5.000%, 11/1/07 4,075
3,435 Cuyahoga County, GO, 5.600%,
5/15/13, MBIA-IBC 3,581
3,000 Cuyahoga Jail Facilities, GO,
5.250%, 10/1/13, MBIA-IBC 3,031
2,500 Dublin City School District, GO,
4.650%, 12/1/08 (Callable
12/1/07 @ 101) MBIA 2,470
500 Euclid City School District, GO,
6.700%, 12/1/02 (Prerefunded
12/1/01 @ 102) 524
1,500 Euclid City School District, GO,
5.125%, 12/1/11 (Callable
12/1/05 @ 102), AMBAC 1,513
1,000 Franklin County, GO, 6.800%,
12/1/02 (Prerefunded12/1/00
@ 102) 1,028
500 Franklin County, Ohio, Convention
Facilities, Revenue, 7.000%,
12/1/19 (Prerefunded 12/1/00
@ 102) 514
1,030 Franklin Refunding & Improvements,
Medical, Revenue, 6.500%, 5/1/07
(Callable 11/1/02 @ 102) 1,084
1,455 Greater Cleveland Regional Transit
Authority Ohio, 5.375%, 12/1/11
(Callable 12/1/08 @ 101) 1,494
4,250 Greater Cleveland Transportation,
Series R, GO, 4.750%, 12/1/15
(Callable 12/1/08 @ 101), FGIC 3,889
3,000 Hamilton County, Ohio, Health
Care Systems, Revenue, 6.250%,
5/15/14 3,154
3,670 Hamilton County, Ohio, Hospital
Facilities, Revenue, 5.250%,
5/15/11 (Callable 11/15/08 @ 101) 3,722
1,000 Hamilton County Hospital Facilities
Refunding, Revenue, 6.500%,
1/1/02, (Prerefunded 1/1/01
@ 100), FGIC 1,009
2,510 Hamilton County, Ohio, Packaging
Facility, 5.000%,12/1/24 (Callable
12/1/08 @ 101) 2,286
1,000 Hamilton County, Ohio, Sewer
System, Series A, Revenue,
5.600%, 12/1/08 (Callable
12/1/05 @ 102), FGIC 1,050
-Continued-
54
<PAGE>
FIFTH THIRD OHIO TAX FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
$ 1,150 Knox County Hospital Facilities,
Revenue, 4.700%, 6/1/08,
Asset GTY $ 1,103
3,750 Knox County Community Hospital,
Revenue, 5.000%, 6/1/12,
Asset GTY 3,652
1,000 Lakota Local School District, GO,
6.400%, 12/1/01, AMBAC 1,026
7,200 Lorain County, Ohio, Health Facilities,
Revenue, 5.500%, 9/1/29 (Callable
9/1/09 @ 102) 6,986
1,520 Loveland, Ohio, City School District,
Refunding, Series A, 3.650%,
12/1/02 1,481
4,000 Lucas County, Ohio, Hospital,
Revenue, 6.000%, 11/15/04 4,212
1,000 Montgomery Sisters Of Charity,
Revenue, 6.500%, 5/15/08
(Callable 5/15/01 @ 102), MBIA 1,035
1,750 Montgomery County, Ohio, Solid
Waste, Revenue, 5.250%, 11/1/04,
MBIA 1,796
3,000 Montgomery County, Ohio, Solid
Waste, Revenue, 5.400%, 11/1/08
(Callable 11/1/05 @ 102), MBIA 3,113
1,000 Ohio State Building Authority,
5.250%, 4/1/09 (Callable 4/1/08
@ 101) 1,029
2,410 Ohio State Building Authority,
5.250%, 10/1/10 (Callable 4/1/09
@ 101) 2,475
1,000 Ohio State Building Facilities,
Revenue, 6.200%, 10/1/07
(Callable 10/1/02 @ 102) 1,049
4,500 Ohio State Higher Education,
Community Case Western Reserve,
6.250%, 7/1/14 4,982
5,000 Ohio State Highway, Series V, GO,
4.800%, 5/15/04 5,043
1,000 Ohio State Special Obligations
Education, Series A, Revenue,
5.800%, 6/1/03, AMBAC 1,034
500 Ohio State Public Facilities,
Series II-A, Revenue, 5.500%,
12/1/03 (Callable 12/1/01
@ 102), FSA 515
5,000 Ohio State Public Facilities,
Series II-A, Revenue, 4.500%,
12/1/08 (Callable 12/1/07 @ 100) 4,861
3,000 Ohio State Public Facilities,
Series II-B, Revenue, 5.750%,
11/1/04, AMBAC 3,134
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
$ 2,000 Ohio State Public Facilities,
Series II-B, Revenue, 5.750%,
11/1/05 (Callable 11/1/04 @ 100),
AMBAC $ 2,085
250 Ohio State Public Facilities
Community Higher Education
Capital Facilities, Series II-A,
4.250%, 12/1/00 250
5,000 Ohio State Turnpike, Series A,
Revenue, 5.750%, 2/15/14
(Callable 2/15/06 @ 102), MBIA 5,336
5,000 Ohio State Tunrnpike, Series A,
Revenue, 5.700%, 2/15/17
(Prerefunded 2/15/06 @ 102),
MBIA 5,324
3,750 Ohio State Water, Revenue, 5.125%,
12/1/08 (Callable 6/1/05 @ 101),
MBIA 3,824
4,000 Ohio State Water, Revenue, 5.300%,
12/1/10 (Callable 6/1/05 @ 101),
MBIA 4,092
4,250 Parma, Ohio, Hospital Improvement,
Revenue, 5.250%, 11/1/13
(Callable 11/1/08 @ 101) 3,860
590 Perrysburg, Ohio, Exempted Village
School District, 3.550%, 12/1/01 581
1,000 Sycamore, Ohio, Community School
District, 4.450%,12/1/10 (Callable
12/1/09 @ 101) 944
555 Tiffin, Sewer System, GO, 6.600%,
12/1/03 (Callable 12/1/01 @ 101) 576
500 University Of Cincinnati, CP,
6.300%, 12/1/00, MBIA 503
1,750 University Of Cincinnati, CP,
5.000%, 6/1/10, MBIA 1,766
2,000 Wauseon Village School District, GO,
5.450%, 12/1/14 (Callable 6/1/07
@ 101), MBIA 2,024
1,000 West Geauga, Ohio, Local School
District, GO, 5.550%, 11/1/05
(Callable 11/1/04 @ 102), AMBAC 1,042
1,000 West Geauga, Ohio, Local School
District, GO, 5.650%, 11/1/06
(Callable 11/1/04 @ 102), AMBAC 1,052
2,090 Westerville, Ohio, GO, 5.250%,
12/1/11 (Callable 12/1/09 @ 101) 2,135
2,000 Westlake, Ohio, City School
District, Series A, GO, 5.050%,
12/1/04 2,022
--------------------------------- ---------
Total 168,931
--------------------------------- ---------
VIRGIN ISLANDS - 2.0%
2,500 Virgin Islands Public Financial
Authority, Revenue, 5.500%,
10/1/05 2,525
-Continued-
55
<PAGE>
FIFTH THIRD OHIO TAX FREE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED)
JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
--------- ------------------------------------------
$ 1,000 Virgin Islands Water & Power
Authority Electric System
Revenue, 5.125%, 7/1/04 $ 1,016
--------------------------------- ---------
Total 3,541
--------------------------------- ---------
Total Municipal Bonds 172,472
--------------------------------- ---------
SHORT-TERM INVESTMENTS - 3.5%
MONEY MARKETS - 3.5%
---------------------------------
2,632 Touchstone Ohio Money Fund 2,632
3,805 Vangard Ohio Tax Free Money
Market Fund 3,805
--------------------------------- ---------
Total Short-Term Investments 6,437
--------------------------------- ---------
TOTAL INVESTMENTS
(COST $179,025) (A) - 98.9% 178,909
--------------------------------- ---------
OTHER ASSETS IN EXCESS OF
LIABILITIES - 1.1% 1,961
--------------------------------- ---------
TOTAL NET ASSETS - 100.0% $180,870
--------------------------------- ---------
(a) Cost for federal tax purposes differs from value by net unrealized
depreciation of $116 which is composed of $2,447 appreciation and $2,563
depreciation at July 31, 2000.
The following abbreviations are used in this portfolio:
AMBAC - American Municipal Bond Assurance Corporation
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)
56
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
--------------------------------------------------------------------------------
QUALITY EQUITY
GROWTH INCOME CARDINAL PINNACLE BALANCED MID CAP TECHNOLOGY
ASSETS: FUND FUND FUND FUND FUND FUND FUND
------------ ------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
Investments, at value
(cost $712,130;
$78,401; $79,245;
$80,057; $225,645,
$196,938, and $61,405
respectively) $1,018,533 $110,308 $232,746 $105,206 $269,599 $269,445 $58,455
Repurchase agreements,
at cost 22,754 3,085 4,210 -- 16,953 9,881 3,259
------------ ------------ ----------- ------------ ----------- ------------ -----------
Total Investments 1,041,287 113,393 236,956 105,206 286,552 279,326 61,714
Cash 1 -- -- -- -- -- 1
Interest and dividends
receivable 527 245 109 26 1,070 70 3
Receivable for
investments sold -- -- -- 1,000 174 385 319
Receivable for Fund
shares sold 1,301 34 39 605 793 865 236
Other assets 11 9 36 10 4 5 --
------------ ------------ ----------- ------------ ----------- ------------ -----------
Total Assets 1,043,127 113,681 237,140 106,847 288,593 280,651 62,273
------------ ------------ ----------- ------------ ----------- ------------ -----------
LIABILITIES:
Cash overdraft -- -- -- 408 -- -- --
Payable for investments
purchased 4,903 -- -- -- 3,605 326 2,332
Payable for Fund shares
redeemed 419 114 270 375 236 55 --
Accrued expenses and
other payables:
Investment advisory fees 719 75 120 76 195 177 52
Administration fees -- -- -- -- 2 -- 8
Distribution services
- Investment A Shares 45 3 164 10 22 7 1
Distribution services
- Investment C Shares 6 -- -- 3 3 1 --
Shareholder servicing
- Investment C Shares 10 1 1 2 3 -- --
Accounting fees 30 7 11 4 12 10 7
Custodian fees 8 3 3 3 6 4 2
Other 34 15 35 14 21 21 18
------------ ------------ ----------- ------------ ----------- ------------ -----------
Total Liabilities 6,174 218 604 895 4,105 601 2,420
------------ ------------ ----------- ------------ ----------- ------------ -----------
NET ASSETS:
Paid-in Capital 623,050 79,411 62,934 81,050 208,542 173,385 62,434
Accumulated undistributed
net investment income -- 21 -- -- 989 -- --
Accumulated undistributed
net realized gain/(loss)
on investments and
options contracts 107,500 2,124 20,101 (253) 31,003 34,158 369
Net unrealized appreciation/
(depreciation) from
investments and
options contracts 306,403 31,907 153,501 25,155 43,954 72,507 (2,950)
------------ ------------ ----------- ------------ ----------- ------------ -----------
Total Net Assets $1,036,953 $113,463 $236,536 $105,952 $284,488 $280,050 $59,853
============ ============ =========== ============ =========== ============ ===========
Net Assets:
Institutional Shares $ 814,820 $100,007 $ 2,924 $ 58,939 $171,923 $242,641 $55,188
Investment A Shares 208,342 12,777 232,502 42,842 104,750 36,430 4,560
Investment C Shares 13,791 679 1,110 4,171 7,815 979 105
------------ ------------ ----------- ------------ ----------- ------------ -----------
Total $1,036,953 $113,463 $236,536 $105,952 $284,488 $280,050 $59,853
============ ============ =========== ============ =========== ============ ===========
Shares of Beneficial Interest
Outstanding
(Unlimited number of shares
authorized, no par value):
Institutional Shares 31,050 7,564 159 1,542 9,889 12,585 2,873
Investment A Shares 7,977 966 12,773 1,126 6,030 1,902 237
Investment C Shares 539 51 62 111 450 52 5
------------ ------------ ----------- ------------ ----------- ------------ -----------
Total 39,566 8,581 12,994 2,779 16,369 14,539 3,115
============ ============ =========== ============ =========== ============ ===========
Net Asset Value
Institutional Shares $ 26.24 $ 13.22 $ 18.41 $ 38.23 $ 17.39 $ 19.28 $ 19.21
============ ============ =========== ============ =========== ============ ===========
Investment A
Shares-redemption
price per share $ 26.12 $ 13.22 $ 18.20 $ 38.05 $ 17.37 $ 19.16 $ 19.21
============ ============ =========== ============ =========== ============ ===========
Investment C
Shares-offering
price per share* $ 25.59 $ 13.23 $ 17.91 $ 37.56 $ 17.35 $ 18.65 $ 19.20
============ ============ =========== ============ =========== ============ ===========
Maximum sales
charge-Investment
A Shares 4.50% 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) $27.35 $13.84 $19.06 $39.84 $18.19 $20.06 $20.12
============ ============ =========== ============ =========== ============ ===========
*Redemption price per share varies by length of time shares are held.
</TABLE>
(See Notes which are an integral part of the Financial Statements)
57
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
JULY 31, 2000
(AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
--------------------------------------------------------------------------------
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 $175,073;
$206,277; $197,716; $47,523; $140,354
and $179,025, respectively) $185,492 $205,796 $197,988 $46,750 $139,870 $178,909
Repurchase agreements, at cost 23,395 8,571 15,474 653 -- --
------------ ----------- ------------ ----------- ------------ -----------
Total Investments 208,887 214,367 213,462 47,403 139,870 178,909
Cash 4,235 -- -- -- -- --
Interest and dividends receivable 187 3,974 2,684 779 1,812 2,034
Receivable for investments sold 16,881 -- -- -- -- --
Receivable for Fund shares sold 838 10 23 5 10 20
Tax reclaim receivables 515 -- -- -- -- --
Other assets 11 38 6 13 9 58
------------ ----------- ------------ ----------- ------------ -----------
Total Assets 231,554 218,389 216,175 48,200 141,701 181,021
------------ ----------- ------------ ----------- ------------ -----------
LIABILITIES:
Cash overdraft -- 8 -- -- -- --
Foreign currency overdraft,
at value (cost $302) 306 -- -- -- -- --
Payable for investments purchased 13,320 -- 4,719 -- -- --
Payable for Fund shares redeemed 623 258 250 22 -- 32
Payable for variation margin in foreign
currency contracts 352 -- -- -- -- --
Accrued expenses and other payables:
Investment advisory fees 188 102 98 13 66 85
Administration fees 3 3 -- -- -- --
Distribution services -
Investment A Shares 2 6 2 1 -- 3
Shareholder servicing -
Investment C Shares -- 1 1 -- -- 2
Accounting fees 28 11 9 4 5 4
Custodian fees 42 5 5 1 1 2
Other 130 18 18 4 15 23
------------ ----------- ------------ ----------- ------------ -----------
Total Liabilities 14,994 412 5,102 45 87 151
------------ ----------- ------------ ----------- ------------ -----------
NET ASSETS:
Paid-in Capital 182,134 246,242 220,257 50,508 146,303 183,550
Accumulated undistributed net investment
income/(loss) (427) 178 18 -- -- --
Accumulated undistributed net realized
gain/(loss) on investments, futures and
foreign currency transactions 23,893 (27,962) (9,474) (1,580) (4,205) (2,564)
Net unrealized appreciation/(depreciation)
on investments, futures and foreign
currency transactions 8,960 (481) 272 (773) (484) (116)
------------ ----------- ------------ ----------- ------------ -----------
Total Net Assets $216,560 $217,977 $211,073 $48,155 $141,614 $180,870
============ =========== ============ =========== ============ ===========
Net Assets:
Institutional Shares $208,383 $190,293 $200,882 $45,139 $141,407 $166,623
Investment A Shares 7,901 27,319 9,494 2,818 207 13,257
Investment C Shares 276 365 697 198 -- 990
------------ ----------- ------------ ----------- ------------ -----------
Total $216,560 $217,977 $211,073 $48,155 $141,614 $180,870
============ =========== ============ =========== ============ ===========
Shares of Beneficial Interest Outstanding
(Unlimited number of shares
authorized, no par value):
Institutional Shares 16,406 16,554 21,411 4,729 12,360 16,865
Investment A Shares 621 2,379 1,012 295 18 1,341
Investment C Shares 22 32 74 21 -- 100
------------ ----------- ------------ ----------- ------------ -----------
Total 17,049 18,965 22,497 5,045 12,378 18,306
============ =========== ============ =========== ============ ===========
Net Asset Value
Institutional Shares $ 12.70 $ 11.50 $ 9.38 $ 9.54 $11.44 $ 9.88
============ =========== ============ =========== ============ ===========
Investment A Shares-redemption
price per share $ 12.71 $ 11.48 $ 9.38 $ 9.55 $11.46 $ 9.89
============ =========== ============ =========== ============ ===========
Investment C Shares-offering
price per share* $ 12.54 $ 11.49 $ 9.38 $ 9.52 $ -- $ 9.87
============ =========== ============ =========== ============ ===========
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) $ 13.31 $ 12.02 $ 9.82 $ 10.00 $ 12.00 $10.36
============ =========== ============ =========== ============ ===========
* Redemption price per share varies by length of time shares are held.
</TABLE>
(See Notes which are an integral part of the Financial Statements)
58
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
QUALITY EQUITY
GROWTH INCOME CARDINAL PINNACLE BALANCED MID CAP TECHNOLOGY
FUND FUND FUND FUND FUND FUND FUND*
------------ ------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $ 1,811 $ 169 $ 291 $ 151 $ 5,368 $ 367 $ 53
Dividend income 6,084 3,300 1,954 856 1,112 1,402 5
Foreign tax withholding (5) -- (3) -- -- -- --
Securities lending income 6 1 5 1 14 9 --
------------ ------------ ----------- ------------ ----------- ------------ -----------
Total Income 7,896 3,470 2,247 1,008 6,494 1,778 58
------------ ------------ ----------- ------------ ----------- ------------ -----------
EXPENSES:
Investment advisory fees 7,067 1,081 1,482 952 2,036 1,932 89
Administrative fees 1,556 237 434 203 448 412 14
Distribution services -
Investment A Shares 409 38 605 124 226 74 1
Distribution services -
Investment C Shares 89 7 7 41 55 6 --
Shareholder servicing -
Investment C Shares 30 2 2 14 18 2 --
Fund accounting fees 180 51 77 45 76 67 7
Custodian fees 30 13 14 13 23 19 2
Trustees' fees 5 1 2 1 2 1 --
Transfer agent fees 95 25 123 31 50 45 3
Professional fees 31 11 18 7 13 9 9
Other fees 94 46 59 23 55 56 6
------------ ------------ ----------- ------------ ----------- ------------ -----------
Total Expenses 9,586 1,512 2,823 1,454 3,002 2,623 131
------------ ------------ ----------- ------------ ----------- ------------ -----------
Less fees voluntarily
reduced (282) (83) (224) (14) (169) (128) --
------------ ------------ ----------- ------------ ----------- ------------ -----------
Net Expenses 9,304 1,429 2,599 1,440 2,833 2,495 131
------------ ------------ ----------- ------------ ----------- ------------ -----------
Net Investment
Income/(Loss) (1,408) 2,041 (352) (432) 3,661 (717) (73)
------------ ------------ ----------- ------------ ----------- ------------ -----------
REALIZED AND UNREALIZED GAINS
(LOSSES) FROM INVESTMENTS
AND OPTIONS CONTRACTS:
Net realized gains/(losses)
from investments and
option contracts 107,993 4,656 20,489 (253) 31,057 35,466 442
Net change in unrealized
appreciation/depreciation
from investments and
options contracts 47,729 (18,711) 14,238 5,731 8,425 31,305 (2,950)
------------ ------------ ----------- ------------ ----------- ------------ -----------
Net realized and unrealized
gains/(losses) from
investments 155,722 (14,055) 34,727 5,478 39,482 66,771 (2,508)
------------ ------------ ----------- ------------ ----------- ------------ -----------
Change in net assets resulting
from operations $154,314 $(12,014) $34,375 $5,046 $43,143 $66,054 $(2,581)
============ ============ =========== ============ =========== ============ ===========
* Reflects the period of operations from June 5, 2000 through July 31, 2000.
</TABLE>
(See Notes which are in an integral part of the Financial Statements)
59
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED JULY 31, 2000
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
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 $ 269 $14,994 $11,540 $2,905 $ 6,016 $ 9,423
Dividend income 3,946 -- -- -- -- --
Securities lending Income -- 71 24 2 -- --
Foreign tax withholding (144) -- -- -- -- --
------------ ----------- ------------ ----------- ------------ -----------
Total Income 4,071 15,065 11,564 2,907 6,016 9,423
------------------------ ------------------------ ------------------------
EXPENSES:
Investment advisory fees 2,037 1,252 929 267 662 1,057
Administrative fees 355 401 295 80 206 331
Distribution services - Investment A Shares 18 84 24 9 1 43
Distribution services - Investment C Shares 1 4 6 2 -- 8
Shareholder servicing - Investment C Shares -- 1 2 1 -- 3
Fund accounting fees 179 59 59 49 56 56
Custodian fees 192 11 22 8 7 10
Trustees' fees 1 2 1 -- 1 1
Transfer agent fees 115 39 30 14 22 19
Professional fees 16 4 21 4 17 6
Other fees 55 39 53 36 53 47
------------ ----------- ------------ ----------- ------------ -----------
Total Expenses 2,969 1,896 1,442 470 1,025 1,581
------------ ----------- ------------ ----------- ------------ -----------
Less fees voluntarily reduced (1) (88) (145) (106) (120) (71)
------------ ----------- ------------ ----------- ------------ -----------
Net Expenses 2,968 1,808 1,297 364 905 1,510
------------ ----------- ------------ ----------- ------------ -----------
Net Investment Income 1,103 13,257 10,267 2,543 5,111 7,913
------------ ----------- ------------ ----------- ------------ -----------
REALIZED AND UNREALIZED GAINS/(LOSSES)
FROM INVESTMENTS, FUTURES AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gains/(losses) from
investments, futures and foreign
currency transactions 33,138 (8,486) (7,141) (445) (4,207) (2,547)
Net change in unrealized appreciation
from investments, futures and
translation of assets and liabilities
in foreign currencies (19,867) 4,164 4,349 4 1,962 (254)
------------ ----------- ------------ ----------- ------------ -----------
Net realized and unrealized gains/(losses)
from investments, futures and foreign
currency transactions 13,271 (4,322) (2,792) (441) (2,245) (2,801)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets resulting
from operations $ 14,374 $ 8,935 $ 7,475 $2,102 $ 2,866 $ 5,112
============ =========== ============ =========== ============ ===========
</TABLE>
(See Notes which are in an integral part of the Financial Statements)
60
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
QUALITY GROWTH FUND EQUITY INCOME FUND CARDINAL FUND
----------------------- ----------------------- -----------------------
YEAR YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999*
------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income/(loss) $ (1,408) $ (893) $ 2,041 $ 2,727 $ (352) $ (127)
Net realized gain on investments
and options contracts 107,993 37,816 4,656 8,042 20,489 50,121
Net change in unrealized
appreciation/depreciation on
investments and options contracts 47,729 110,913 (18,711) 5,206 14,238 31,784
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets resulting
from operations 154,314 147,836 (12,014) 15,975 34,375 81,778
------------ ----------- ------------ ----------- ------------ -----------
DISTRIBUTIONS TO INSTITUTIONAL
SHAREHOLDERS:**
From net investment income -- -- (1,836) (2,541) -- --
In excess of net investment income -- -- -- -- -- (14)
From net realized gains on investment
and options transactions (30,615) (44,404) (7,737) (13,249) (616) (695)
DISTRIBUTIONS TO
INVESTMENT A SHAREHOLDERS:
From net investment income -- -- (195) (233) -- --
In excess of net investment income -- -- -- -- -- (91)
From net realized gains on investment
and options transactions (6,684) (7,704) (1,054) (1,262) (44,601) (8,141)
DISTRIBUTIONS TO
INVESTMENT C SHAREHOLDERS:***
From net investment income -- -- (8) (13) -- --
From net realized gains on investment
and options transactions (516) (747) (69) (108) (157) (2)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets from
shareholder distributions (37,815) (52,855) (10,899) (17,406) (45,374) (8,943)
------------ ----------- ------------ ----------- ------------ -----------
FUND SHARE (PRINCIPAL)
TRANSACTIONS:
Proceeds from shares issued 297,632 564,335 9,324 166,364 20,637 134,687
Dividends reinvested 37,807 30,076 9,161 14,953 42,057 8,410
Cost of shares redeemed (125,476) (507,326) (52,335) (161,032) (66,734) (222,802)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets from
fund share transactions 209,963 87,085 (33,850) 20,285 (4,040) (79,705)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets 326,462 182,066 (56,763) 18,854 (15,039) (6,870)
NET ASSETS:
Beginning of period 710,491 528,425 170,226 151,372 251,575 258,445
------------ ----------- ------------ ----------- ------------ -----------
End of period $1,036,953 $710,491 $113,463 $ 170,226 $236,536 $ 251,575
============ =========== ============ =========== ============ ===========
End of period $1,036,953 $710,491 $113,463 $ 170,226 $236,536 $ 251,575
============ =========== ============ =========== ============ ===========
Undistributed Net Investment Income -- -- $ 21 $ 19 -- --
============ =========== ============ =========== ============ ===========
</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)
61
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
TECHNOLOGY
PINNACLE FUND BALANCED FUND MID CAP FUND FUND
------------------------ ------------------------ ------------------------ ------------
YEAR YEAR YEAR YEAR YEAR YEAR PERIOD
ENDED ENDED ENDED ENDED ENDED ENDED ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999 2000**
------------ ------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income/(loss) $ (432) $ (272) $ 3,661 $ 2,966 $ (717) $ (673) $ (73)
Net realized gain/(loss) on
investments and options
contracts (253) 1,798 31,057 19,297 35,466 16,933 442
Net change in unrealized
appreciation/depreciation
on investments and options
contracts 5,731 8,988 8,425 7,387 31,305 847 (2,950)
------------ ------------ ----------- ------------ ----------- ------------ -----------
Change in net assets
resulting from operations 5,046 10,514 43,143 29,650 66,054 17,107 (2,581)
------------ ------------ ----------- ------------ ----------- ------------ -----------
DISTRIBUTIONS TO INSTITUTIONAL
SHAREHOLDERS:*
Shareholders:*
From net investment income -- -- (2,152) (1,913) -- -- --
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 -- -- (1,040) (825) -- -- --
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 -- -- (58) (48) -- -- --
From net realized gains on
investment transactions (89) (43) (561) (246) (56) (89) --
------------ ------------ ----------- ------------ ----------- ------------ -----------
Change in net assets from
shareholder distributions (1,798) (967) (22,439) (12,530) (16,502) (20,155) --
------------ ------------ ----------- ------------ ----------- ------------ -----------
FUND SHARE (PRINCIPAL)
TRANSACTIONS:
Proceeds from shares issued 26,634 114,051 83,978 191,974 60,931 219,274 62,889
Dividends reinvested 1,779 857 22,136 12,293 16,496 20,149 --
Cost of shares redeemed (44,241) (42,394) (68,324) (173,366) (67,676) (234,224) (455)
------------ ------------ ----------- ------------ ----------- ------------ -----------
Change in net assets from
fund share transactions (15,828) 72,514 37,790 30,901 9,751 5,199 62,434
------------ ------------ ----------- ------------ ----------- ------------ -----------
Change in net assets (12,580) 82,061 58,494 48,021 59,303 2,151 59,853
NET ASSETS:
Beginning of period 118,532 36,471 225,994 177,973 220,747 218,596 --
------------ ------------ ----------- ------------ ----------- ------------ -----------
End of period $105,952 $118,532 $284,488 $225,994 $280,050 $220,747 $59,853
============ ============ =========== ============ =========== ============ ===========
Undistributed Net
Investment Income -- -- $ 989 $ 541 -- -- --
============ ============ =========== ============ =========== ============ ===========
*Institutional Shares commenced operations on August 11, 1998.
**Reflects the period of operations from June 5, 2000 through July 31, 2000.
</TABLE>
(See notes which are an integral part of the financial statements)
62
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND BOND FUND FOR INCOME QUALITY BOND FUND
----------------------- ----------------------- -----------------------
YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999
------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 1,103 $ 853 $ 13,257 $ 12,555 $ 10,267 $ 6,096
Net realized gain/(loss) from investments,
futures and foreign currency transactions 33,138 13,990 (8,486) (69) (7,141) (455)
Net change in unrealized
appreciation/depreciation on
investments, futures and
foreign currencies (19,867) (6,932) 4,164 (7,273) 4,349 (4,537)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets resulting from
operations 14,374 7,911 8,935 5,213 7,475 1,104
------------ ----------- ------------ ----------- ------------ -----------
DISTRIBUTIONS TO INSTITUTIONAL
SHAREHOLDERS: *
From net investment income -- (1,864) (11,249) (10,087) (9,666) (5,647)
In excess of net investment income -- (1,258) -- -- -- --
From net realized gains on
investment, futures and foreign
currency transactions (16,027) (848) -- (3,334) -- (1,135)
DISTRIBUTIONS TO
INVESTMENT A SHAREHOLDERS:
From net investment income -- (34) (1,857) (2,367) (562) (445)
In excess of net investment income -- (39) -- -- -- --
From net realized gains on
investment, futures and foreign
currency transactions (594) (29) -- (1,215) -- (97)
DISTRIBUTIONS TO
INVESTMENT C SHAREHOLDERS:
From net investment income -- (2) (24) (19) (39) (30)
In excess of net investment income -- (1) -- -- -- --
From net realized gains on
investment, futures and foreign
currency transactions (21) (1) -- (7) -- (6)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets from
shareholder distributions (16,642) (4,076) (13,130) (17,029) (10,267) (7,360)
------------ ----------- ------------ ----------- ------------ -----------
FUND SHARE (PRINCIPAL) TRANSACTIONS:
Proceeds from shares issued 79,274 172,059 32,536 337,051 108,779 165,370
Dividends reinvested 16,642 2,981 1,917 3,526 5,561 4,145
Cost of shares redeemed (55,532) (164,019) (51,568) (277,775) (44,649) (127,278)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets from
fund share transactions 40,384 11,021 (17,115) 62,802 69,691 42,237
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets 38,116 14,856 (21,310) 50,986 66,899 35,981
NET ASSETS:
Beginning of period 178,444 163,588 239,287 188,301 144,174 108,193
------------ ----------- ------------ ----------- ------------ -----------
End of period $216,560 $ 178,444 $217,977 $ 239,287 $211,073 $ 144,174
============ =========== ============ =========== ============ ===========
Undistributed Net Investment Income $ (427) $ (369) $ 178 $ 51 $ 18 $ 18
============ =========== ============ =========== ============ ===========
* Institutional shares commenced operations on August 11, 1998.
</TABLE>
(See notes which are an integral part of the financial statements)
63
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
--------------------------------------------------------------------------------
U.S. GOVERNMENT
SECURITIES FUND MUNICIPAL BOND FUND OHIO TAX FREE BOND FUND
----------------------- ----------------------- -----------------------
YEAR YEAR YEAR YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999
------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
INCREASE/(DECREASE) IN NET ASSETS:
OPERATIONS:
Net investment income $ 2,543 $ 2,262 $ 5,111 $ 4,550 $ 7,913 $ 7,897
Net realized gain/(loss) from
investments (445) 242 (4,207) 1,741 (2,547) 443
Net change in unrealized
appreciation/depreciation on investments 4 (1,188) 1,962 (4,244) (254) (4,924)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets resulting from
operations 2,102 1,316 2,866 2,047 5,112 3,416
------------ ----------- ------------ ----------- ------------ -----------
DISTRIBUTIONS TO INSTITUTIONAL
SHAREHOLDERS: *
From net investment income (2,354) (2,077) (5,119) (4,546) (7,249) (7,003)
In excess of net investment income (24) (7) (18) (67) (92) (21)
From net realized gains on
investment transactions -- -- (1,058) (2,095) (277) (1,047)
DISTRIBUTIONS TO
INVESTMENT A SHAREHOLDERS:
From net investment income (178) (249) (8) (14) (652) (867)
In excess of net investment income (2) (1) -- -- (8) (3)
From net realized gains on
investment transactions -- -- (1) (4) (32) (144)
DISTRIBUTIONS TO
INVESTMENT C SHAREHOLDERS:
From net investment income (13) (12) -- -- (36) (28)
In excess of net investment income -- -- -- -- (1) --
From net realized gains on
investment transactions -- -- -- -- (2) (4)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets from
shareholders distributions (2,571) (2,346) (6,204) (6,726) (8,349) (9,117)
------------ ----------- ------------ ----------- ------------ -----------
FUND SHARE (PRINCIPAL) TRANSACTIONS:
Proceeds from shares issued 18,352 53,369 46,540 131,991 22,163 217,745
Dividends reinvested 1,315 1,128 1,082 2,119 1,114 2,194
Cost of shares redeemed (18,905) (47,273) (17,979) (131,455) (44,928) (198,030)
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets from
fund share transactions 762 7,224 29,643 2,655 (21,651) 21,909
------------ ----------- ------------ ----------- ------------ -----------
Change in net assets 293 6,194 26,305 (2,024) (24,888) 16,208
NET ASSETS:
Beginning of period 47,862 41,668 115,309 117,333 205,758 189,550
------------ ----------- ------------ ----------- ------------ -----------
End of period $ 48,155 $ 47,862 $141,614 $ 115,309 $180,870 $ 205,758
============ =========== ============ =========== ============ ===========
Undistributed Net Investment Income -- -- -- $ 16 -- $ 4
============ =========== ============ =========== ============ ===========
* Institutional Shares commenced operations on August 11, 1998.
</TABLE>
(See notes which are an integral part of the financial statements)
64
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS
JULY 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 July 31, 2000 the Trust
consisted of seventeen separate investment portfolios.
The accompanying financial statements relate only to the following Funds
(individually the "Fund" and collectively the "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 Technology Fund ("Technology Fund") (June 5, 2000 inception date)
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 investment objective of each Fund is as follows:
FUND OBJECTIVE
--------------------------------------------------------------------------------
Quality Growth Fund To provide growth of capital.
Equity Income Fund To provide a high level of current income
consistent with capital appreciation.
Cardinal Fund Long-term growth of capital and income.
Pinnacle Fund Long-term capital appreciation.
Balanced Fund To pursue capital appreciation and income.
Mid Cap Fund To provide growth of capital.
Technology Fund Long-term capital appreciation.
International Equity Fund To seek long-term capital appreciation.
Bond Fund For Income To provide a high level of current income.
Quality Bond Fund To achieve high current income.
U.S. Government Securities Fund To provide a high level of current income.
Municipal Bond Fund To provide a high level of current income
that is exempt from federal regular
income taxes.
Ohio Tax Free Bond Fund To provide a high level of current income
that is exempt from federal regular
income taxes and the personal income
taxes imposed by the state of Ohio and
Ohio Municipalities.
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.
65
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
(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 accounting principles generally accepted in the
United States. The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increases and decreases in net assets
from operations during the period. Actual results could differ from those
estimates.
A. SECURITIES VALUATIONS--Listed securities are valued at the last sales price
on the principal exchange where such securities are traded. Listed securities
for which last sales prices are not available are valued at the mean of the
latest bid and asked price in the principal market where such securities are
traded. Unlisted securities are valued at the latest bid price. Corporate debt
securities and debt securities of U.S. issuers (other than short-term
investments maturing in 60 days or less), including municipal securities, are
valued on the basis of valuations provided by dealers or by an independent
pricing service approved by the Board of Trustees. Short-term investments
maturing in 60 days or less are valued at amortized cost, which approximates
market value. Investments in other open end investment companies are valued at
net asset value. Investments for which there are no such quotations are valued
at fair value as determined in good faith by the Adviser under the direction of
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 Trustees. It is the
policy of the Funds to require the custodian or sub-custodian bank to take
possession, to have legally segregated in the Federal Reserve Book Entry System,
or to have segregated within the custodian bank's vault, all securities held as
collateral under repurchase agreement transactions. Additionally, procedures
have been established by the Funds to monitor, on a daily basis, the market
value of each repurchase agreement's collateral to ensure that the value of
collateral at least equals the repurchase price to be paid under the repurchase
agreement transaction. Risks may arise from the potential inability of
counterparties to honor the terms of the repurchase agreement. Accordingly, the
Funds could receive less than the repurchase price on the sale of collateral
securities.
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. Withholding taxes on foreign
dividends have been provided for in accordance with the applicable country's tax
rules and rates.
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 fair value of assets and
liabilities, including investments in securities, resulting from changes in the
currency exchange rates.
66
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
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 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 year ended July 31, 2000.
67
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
OPTION ACTIVITIES FOR THE YEAR ENDED JULY 31, 2000:
CARDINAL FUND
------------------------------------------
NUMBER OF CONTRACTS PREMIUMS ($000)
------------------- ---------------
Balance at 7/31/99 400 $96
Options written 940 450
Options expired (1,190) (546)
Options exercised (0) (0)
Options terminated (150) (0)
------------------- ---------------
Balance at 7/31/00 0 $0
=================== ===============
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 Technology 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.
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. 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
68
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
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.
L. 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.
As of July 31, 2000, for federal income purposes, certain Funds have capital
loss carryforwards available to offset future capital gains, if any. 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 year for tax
purposes. The following table details the amount of capital loss carryforwards,
post-October losses, and foriegn currency losses (amounts in thousands).
<TABLE>
<CAPTION>
POST-
CAPITAL OCTOBER FOREIGN
LOSS CARRYFORWARD CAPITAL CURRENCY
FUND AMOUNT EXPIRES LOSS LOSSES
------ -------- ------------- --------- --------
<S> <C> <C> <C> <C>
Pinnacle Fund $ 253 2008 -- --
Bond Fund For Income 2,098 2002 4,849 --
6,381 2003 -- --
3,223 2004 -- --
1,375 2005 -- --
10,029 2008 -- --
Quality Bond Fund 4,764 2008 4,690 --
U.S. Government Securities Fund 959 2004 385 --
236 2008 -- --
Municipal Bond Fund 1,802 2008 2,403 --
Ohio Tax-Free Bond Fund 737 2008 1,827 --
</TABLE>
For corporate shareholders the following percentage of the total ordinary income
distributions paid during the fiscal year ended July 31, 2000 qualify for the
the corporate dividends received deductions for the following funds:
PERCENTAGE
(UNAUDITED)
-----------
Equity Income Fund 94.2%
Balanced Fund 17.0%
During the fiscal year ended July 31, 2000 the Trust declared tax-exempt income
distributions as follows (Amounts in thousands):
TAX-EXEMPT DISTRIBUTION
(UNAUDITED)
-----------------------
Municipal Bond Fund $5,111
Ohio Tax-Free Bond Fund 7,916
69
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
(3) SHARES OF BENEFICIAL INTEREST
Transactions in Fund shares were as follows:
<TABLE>
<CAPTION>
QUALITY GROWTH FUND EQUITY INCOME FUND CARDINAL FUND
------------------------ ----------------------- -----------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999**
------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued $198,833 $ 530,496 $ 6,382 $ 152,738 $ 10,429 $ 3,789
Dividends reinvested 30,615 21,625 7,836 13,337 616 708
Shares redeemed (95,560) (58,830) (42,728) (20,956) (15,038) (29,006)
------------ ----------- ------------ ----------- ------------ -----------
INSTITUTIONAL SHARES $133,888 $ 493,291 $(28,510) $ 145,119 $ (3,993) $ (24,509)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES:
Shares issued $ 94,504 $ 31,873 $ 2,857 $ 12,789 $9,766 $130,093
Dividends reinvested 6,675 7,704 1,249 1,495 41,284 7,700
Shares redeemed (27,855) (446,037) (8,884) (139,585) (51,392) (193,787)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES $ 73,324 $(406,460) $ (4,778) $(125,301) $ (342) $ (55,994)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARE:
Shares issued $ 4,296 $1,966 $ 85 $ 837 $442 $805
Dividends reinvested 516 747 76 121 157 2
Shares redeemed (2,061) (2,459) (723) (491) (304) (9)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES $ 2,751 $ 254 $ (562) $ 467 $ 295 $ 798
------------ ----------- ------------ ----------- ------------ -----------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS $209,963 $ 87,085 $(33,850) $ 20,285 $ (4,040) $ (79,705)
============ =========== ============ =========== ============ ===========
<CAPTION>
QUALITY GROWTH FUND EQUITY INCOME FUND CARDINAL FUND
------------------------ ----------------------- -----------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999**
------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
SHARE TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued 8,590 26,627 486 10,265 598 206
Dividends reinvested 1,285 1,102 582 894 36 42
Shares redeemed (3,807) (2,746) (3,281) (1,383) (831) (1,611)
------------ ----------- ------------ ----------- ------------ -----------
INSTITUTIONAL SHARES 6,068 24,983 (2,213) 9,776 (197) (1,363)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES:
Shares issued 3,783 1,478 214 849 515 6,747
Dividends reinvested 281 393 93 100 2,459 458
Shares redeemed (1,105) (22,519) (675) (9,395) (2,779) (10,296)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES 2,959 (20,648) (368) (8,446) 195 (3,091)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES:***
Shares issued 175 93 6 56 25 44
Dividends reinvested 22 38 6 8 9 --
Shares redeemed (84) (122) (55) (33) (16) --
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES 113 9 (43) 31 18 44
------------ ----------- ------------ ----------- ------------ -----------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS 9,140 4,344 (2,624) 1,361 16 (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.
70
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
TECHNOLOGY
PINNACLE FUND BALANCED FUND MID CAP FUND FUND
------------------------- ----------------------- ----------------------- ------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999 2000**
------------ ------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued $ 14,849 $ 62,101 $ 51,317 $ 149,852 $ 49,578 $ 206,711 $57,902
Dividends reinvested 928 547 13,787 7,995 14,441 17,251 --
Shares redeemed (20,554) (7,248) (45,462) (30,451) (56,822) (33,307) (383)
------------ ------------ ----------- ------------ ----------- ------------ -----------
INSTITUTIONAL SHARES $ (4,777) $ 55,400 $ 19,642 $ 127,396 $ 7,197 $ 190,655 $57,519
------------ ------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES:
Shares issued $ 11,399 $ 45,895 $ 31,004 $ 39,143 $ 11,112 $ 12,360 $ 4,871
Dividends reinvested 762 267 7,730 4,004 2,000 2,809 --
Shares redeemed (20,618) (34,241) (21,129) (141,129) (10,573) (200,404) (66)
------------ ------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES $ (8,457) $ 11,921 $ 17,605 $ (97,982) $ 2,539 $(185,235) $ 4,805
------------ ------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES:
Shares issued $ 386 $ 6,055 $ 1,656 $ 2,979 $ 239 $ 203 $ 116
Dividends reinvested 90 43 619 294 55 89 --
Shares redeemed (3,070) (905) (1,732) (1,786) (280) (513) (6)
------------ ------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES $ (2,594) $ 5,193 $ 543 $ 1,487 $ 14 $ (221) $ 110
------------ ------------ ----------- ------------ ----------- ------------ -----------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS $(15,828) $ 72,514 $ 37,790 $ 30,901 $ 9,750 $ 5,199 $62,434
============ ============ =========== ============ =========== ============ ===========
<CAPTION>
TECHNOLOGY
PINNACLE FUND BALANCED FUND MID CAP FUND FUND
------------------------- ----------------------- ----------------------- ------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999 2000**
------------ ------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
SHARE TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued 392 1,846 3,112 10,062 2,894 13,100 2,891
Dividends reinvested 25 16 871 535 920 1,172 --
Shares redeemed (537) (201) (2,748) (1,944) (3,325) (2,177) (18)
------------ ------------ ----------- ------------ ----------- ------------ -----------
INSTITUTIONAL SHARES (120) 1,661 1,235 8,653 489 12,095 2,873
------------ ------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES:
Shares issued 307 1,293 1,884 2,603 653 831 240
Dividends reinvested 21 8 489 268 128 191 --
Shares redeemed (544) (1,057) (1,285) (9,486) (647) (12,693) (3)
------------ ------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES (216) 244 1,088 (6,615) 134 (11,671) 237
------------ ------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES:
Shares issued 10 175 101 191 14 13 5
Dividends reinvested 3 1 39 20 4 6 --
Shares redeemed (82) (25) (105) (115) (16) (34) --
------------ ------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES (69) 151 35 96 2 (15) 5
------------ ------------ ----------- ------------ ----------- ------------ -----------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS (405) 2,056 2,358 2,134 625 409 3,115
============ ============ =========== ============ =========== ============ ===========
</TABLE>
*Institutional Shares commenced operations on August 11, 1998.
**Reflects the period of operations from June 5, 2000 to July 31, 2000.
71
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
INTERNATIONAL EQUITY FUND BOND FUND FOR INCOME QUALITY BOND FUND
------------------------- ----------------------- -----------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999
------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued $ 44,853 $ 164,328 $ 30,296 $ 231,142 $105,709 $ 160,131
Dividends reinvested 16,027 2,875 401 566 4,960 3,567
Shares redeemed (22,628) (12,727) (35,105) (24,242) (40,687) (23,886)
------------ ----------- ------------ ----------- ------------ -----------
INSTITUTIONAL SHARES $ 38,252 $ 154,476 $ (4,408) $ 207,466 $ 69,982 $ 139,812
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES:
Shares issued $ 34,282 $ 7,642 $ 2,120 $ 105,463 $ 2,950 $4,556
Dividends reinvested 594 102 1,490 2,934 562 542
Shares redeemed (32,789) (151,143) (16,124) (253,420) (3,700) (103,133)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES $ 2,087 $(143,399) $(12,514) $(145,023) $ (188) $ (98,035)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES:
Shares issued $ 139 $ 89 $ 121 $ 446 $ 121 $ 683
Dividends reinvested 20 4 24 26 39 36
Shares redeemed (114) (149) (338) (113) (263) (259)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES $ 45 $ (56) $ (193) $ 359 $ (103) $ 460
------------ ----------- ------------ ----------- ------------ -----------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS $ 40,384 $ 11,021 $(17,115) $ 62,802 $ 69,691 $ 42,237
============ =========== ============ =========== ============ ===========
<CAPTION>
INTERNATIONAL EQUITY FUND BOND FUND FOR INCOME QUALITY BOND FUND
------------------------- ----------------------- -----------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999
------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
SHARE TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued 3,425 14,269 2,627 18,894 11,182 16,059
Dividends reinvested 1,243 242 35 47 530 359
Shares redeemed (1,725) (1,047) (3,053) (1,995) (4,329) (2,390)
------------ ----------- ------------ ----------- ------------ -----------
INSTITUTIONAL SHARES 2,943 13,464 (391) 16,946 7,383 14,028
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES:
Shares issued 2,601 652 183 8,482 315 456
Dividends reinvested 46 8 130 242 60 55
Shares redeemed (2,480) (13,205) (1,398) (20,692) (395) (10,306)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES 167 (12,545) (1,085) (11,968) (20) (9,795)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES:
Shares issued 10 8 10 36 12 68
Dividends reinvested 2 -- 2 2 4 3
Shares redeemed (9) (13) (29) (9) (28) (26)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES 3 (5) (17) 29 (12) 45
------------ ----------- ------------ ----------- ------------ -----------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS 3,113 914 (1,493) 5,007 7,351 4,278
============ =========== ============ =========== ============ ===========
*Institutional Shares commenced operations on August 11, 1998, except for the
International Equity Fund which commenced operations on October 9, 1998.
</TABLE>
72
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
U.S. GOVERNMENT
SECURITIES FUND MUNICIPAL BOND FUND OHIO TAX FREE BOND FUND
------------------------- ----------------------- -----------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999
------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued $ 17,564 $ 50,088 $ 46,452 $ 130,817 $ 19,868 $ 208,365
Dividends reinvested 1,121 866 1,073 2,102 382 1,148
Shares redeemed (15,364) (7,602) (17,709) (12,961) (33,568) (21,233)
------------ ----------- ------------ ----------- ------------ -----------
INSTITUTIONAL SHARES $ 3,321 $ 43,352 $ 29,816 $ 119,958 $(13,318) $ 188,280
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES:
Shares issued $ 740 $ 2,738 $ 88 $ 1,174 $ 1,929 $ 8,720
Dividends reinvested 181 250 10 17 692 1,013
Shares redeemed (3,250) (39,440) (271) (118,494) (10,895) (176,628)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES $ (2,329) $(36,452) $ (173) $(117,303) $ (8,274) $(166,895)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES:
Shares issued $ 50 $ 543 $ -- $ -- $ 367 $ 660
Dividends reinvested 12 12 -- -- 39 33
Shares redeemed (292) (231) -- -- (465) (169)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES $ (230) $ 324 $ -- $ -- $ (59) $ 524
------------ ----------- ------------ ----------- ------------ -----------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS $ 762 $ 7,224 $ 29,643 $ 2,655 $(21,651) $ 21,909
============ =========== ============ =========== ============ ===========
<CAPTION>
U.S. GOVERNMENT
SECURITIES FUND MUNICIPAL BOND FUND OHIO TAX FREE BOND FUND
------------------------- ----------------------- -----------------------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED PERIOD ENDED
JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31,
2000 1999 2000 1999 2000 1999
------------ ----------- ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
SHARE TRANSACTIONS:
INSTITUTIONAL SHARES:*
Shares issued 1,837 5,065 4,061 10,657 2,041 20,180
Dividends reinvested 118 88 94 172 39 111
Shares redeemed (1,609) (770) (1,559) (1,066) (3,444) (2,062)
------------ ----------- ------------ ----------- ------------ -----------
INSTITUTIONAL SHARES 346 4,383 2,596 9,763 (1,364) 18,229
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES:
Shares issued 77 275 8 96 197 840
Dividends reinvested 19 25 1 1 71 98
Shares redeemed (339) (3,992) (23) (9,650) (1,124) (17,114)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT A SHARES (243) (3,692) (14) (9,553) (856) (16,176)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES:
Shares issued 5 56 -- -- 37 64
Dividends reinvested 1 1 -- -- 4 3
Shares redeemed (30) (24) -- -- (48) (17)
------------ ----------- ------------ ----------- ------------ -----------
INVESTMENT C SHARES (24) 33 -- -- (7) 50
------------ ----------- ------------ ----------- ------------ -----------
TOTAL NET INCREASE FROM CAPITAL
TRANSACTIONS 79 724 2,582 210 (2,227) 2,103
============ =========== ============ =========== ============ ===========
</TABLE>
*Institutional Shares commenced operations on August 11, 1998.
73
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
(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. Under the
terms of the administration agreement, BISYS' fees are computed as a percentage
of the daily 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. 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
as a percentage of the daily net assets of each Fund.
DISTRIBUTION SERVICES FEE--The Funds have adopted a Distribution Plan (the
"Plan") pursuant to Rule 12b-1 under the Act. Effective December 1, 1995, BISYS
serves as the Trust's principal distributor. Under the terms of the Plan, the
Funds will compensate the principal distributor from the net assets of the
Funds' Investment A Shares and Investment C shares to finance activities
intended to result in the sales of each Funds' 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 up to 0.75% of the average daily net
assets of the Investment C shares, annually, to compensate the distributor. The
distributor may voluntarily choose to waive all or a portion of its fee. The
distributor can modify or terminate this voluntary waiver at any time at its
sole discretion.
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 also maintains the Funds' accounting records 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 began maintaining
the accounting records for the International Equity Fund on June 26, 2000. Prior
to June 26, 2000, BISYS Fund Services provided accounting services for the
International Equity Fund for a fee based on a percentage of the Fund's 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.
74
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
The following table details various agreements with affiliates.
<TABLE>
<CAPTION>
QUALITY EQUITY
GROWTH INCOME CARDINAL PINNACLE BALANCED MID CAP TECHNOLOGY
FUND FUND FUND FUND FUND FUND FUND
------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
(AMOUNTS IN THOUSANDS)
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee
Reductions (percentage
of average net assets) 0.80% 0.80% 0.60% 0.80% 0.80% 0.80% 1.00%
Voluntary fee reductions $0 $0 $12 $0 $0 $0 $0
ADMINISTRATIVE FEES:
Voluntary fee reductions $252 $81 $210 $0 $151 $126 $0
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% 0.25%
Investment C Shares 0.75% 0.75% 0.75% 0.75% 0.75% 0.75% 0.75%
Voluntary fee reductions -
Investment A Shares $0 $0 $0 $0 $0 $0 $0
Voluntary fee reductions -
Investment C Shares $30 $2 $2 $14 $18 $2 $0
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% 0.25%
MISCELLANEOUS FEES:
Fees reimbursed by investment
advisor $0 $0 $0 $0 $0 $0 $0
</TABLE>
75
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
--------------------------------------------------------------------------------
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> <C>
(AMOUNTS IN THOUSANDS)
INVESTMENT ADVISORY FEES:
Annual fee before voluntary fee
Reductions (percentage of
average net assets) 1.00% 0.55% 0.55% 0.55% 0.55% 0.55%
Voluntary fee reductions $0 $0 $0 $56 $0 $0
ADMINISTRATIVE FEES:
Voluntary fee reductions $0 $87 $143 $49 $120 $68
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 $1 $1 $2 $1 $0 $3
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
year ended July 31, 2000, were as follows (Amounts in thousands):
<TABLE>
<CAPTION>
QUALITY EQUITY MID
GROWTH INCOME CARDINAL PINNACLE BALANCED CAP TECHNOLOGY
FUND FUND FUND FUND FUND FUND FUND
------- ------- ------- ------- ------- ------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
Purchases $368,727 $48,669 $5,133 $60,999 $307,404 $100,441 $67,017
Sales 180,342 92,443 57,150 74,115 293,425 117,498 6,055
</TABLE>
<TABLE>
<CAPTION>
U.S. OHIO
INTERNATIONAL BOND 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>
Purchases $165,796 $376,983 $619,357 $23,431 $127,314 $45,867
Sales 157,575 386,335 556,706 20,797 90,722 57,802
</TABLE>
76
<PAGE>
FIFTH THIRD FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JULY 31, 2000
(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 Fund is more susceptible to factors
adversely affecting issuers of Ohio municipal securities than a fund that is not
concentrated in these issuers to the same extent.
The International Equity Fund invests 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) CONVERSION OF COMMON TRUST FUNDS:
On April 9, 2000, the net assets of certain common trust funds acquired by the
Advisor were exchanged in a tax-free conversion for shares of the corresponding
Fifth Third Funds. The transactions were accounted for by a method followed for
tax purposes in a tax-free business combination. The following is a summary of
shares issued, net assets converted, net asset value per share issued and
unrealized appreciation and depreciation of assets acquired as of the conversion
date (amounts in thousands except per share amounts):
<TABLE>
<CAPTION>
NET ASSET ISSUED
VALUE PER UNREALIZED
SHARES NET ASSETS SHARE APPRECIATION
ISSUED CONVERTED ISSUED (DEPRECIATION)
------- ----------- ------- ---------------
<S> <C> <C> <C> <C>
Quality Bond Fund Institutional Class 4,147 $39,117 $9.43 $(540)
Municipal Bond Fund Institutional Class 2,619 $29,906 $11.42 $(221)
Quality Growth Fund Institutional Class 1,543 $42,348 $27.44 $19,063
</TABLE>
77
<PAGE>
FIFTH THIRD FUNDS QUALITY GROWTH FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 23.37 $ 19.45
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.02) (0.02)
Net realized and unrealized gains
from investments 4.06 5.89
-------- --------
Total from Investment Operations 4.04 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 $ 26.24 $ 23.37
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 17.82% 32.08%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.00% 1.00%(b)
Net investment loss (0.10%) (0.10%)(b)
Expense waiver/reimbursement (c) 0.03% 0.05%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $814,820 $583,753
Portfolio turnover (d) 21% 34%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 23.31 $ 20.26 $ 19.23 $ 13.16 $ 11.79
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.07) (0.06) 0.03 0.08 0.12
Net realized and unrealized gains/
(losses) from investments 4.05 5.06 2.49 6.75 1.37
-------- -------- -------- -------- --------
Total from Investment Operations 3.98 5.00 2.52 6.83 1.49
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- (0.03) (0.09) (0.12)
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)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 26.12 $ 23.31 $ 20.26 $ 19.23 $ 13.16
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 17.60% 26.48% 14.12% 54.02% 12.69%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.25% 1.21% 1.00% 1.00% 0.99%
Net investment income/(loss) (0.35%) (0.29%) 0.10% 0.45% 0.98%
Expense waiver/reimbursement (c) 0.03% 0.08% 0.37% 0.36% 0.03%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $208,342 $116,963 $520,068 $399,683 $134,469
Portfolio turnover (d) 21% 34% 45% 37% 37%
</TABLE>
(See notes which are an integral part of the financial statements)
78
<PAGE>
FIFTH THIRD FUNDS QUALITY GROWTH FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
---------------------------------------------------------
2000 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 (0.19) (0.18) (0.07) (0.03) --
Net realized and unrealized gains/
(losses) from investments 3.98 5.00 2.45 6.72 (0.21)
-------- -------- -------- -------- --------
Total from Investment Operations 3.79 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 $ 25.59 $ 22.97 $ 20.10 $ 19.18 $ 13.16
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 17.01% 25.76% 13.41% 52.79% (1.57%)(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 2.00% 1.80% 1.63% 1.75% 1.77%(b)
Net investment loss (0.85%) (0.89%) (0.54%) (0.32%) 0.26%(b)
Expense waiver/reimbursement (c) 0.28% 0.30% 0.39% 0.26% 0.06%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 13,791 $ 9,775 $ 8,357 $ 3,146 $ 420
Portfolio turnover (d) 21% 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 net 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)
79
<PAGE>
FIFTH THIRD FUNDS EQUITY INCOME FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.19 $ 14.79
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.21 0.25
Net realized and unrealized gains/
(losses) from investments (1.11) 1.86
-------- --------
Total from Investment Operations (0.90) 2.11
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.21) (0.26)
In excess of net investment income -- --
Net realized gain on investments (0.86) (1.45)
-------- --------
Total Distributions (1.07) (1.71)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 13.22 $ 15.19
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (5.96%) 14.63%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.02% 1.07%(b)
Net investment income 1.54% 1.63%(b)
Expense waiver/reimbursement (c) 0.06% 0.05%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $100,007 $148,525
Portfolio turnover (d) 37% 69%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
--------------------------------------------
2000 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 0.17 0.29 0.26 0.15
Net realized and unrealized gains/
(losses) from investments (1.10) 1.19 2.43 2.43
-------- -------- -------- --------
Total from Investment Operations (0.93) 1.48 2.69 2.58
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.17) (0.23) (0.27) (0.14)
Net realized gain on investments (0.86) (1.45) (1.48) --
-------- -------- -------- --------
Total Distributions (1.03) (1.68) (1.75) (0.14)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 13.22 $ 15.18 $ 15.38 $ 14.44
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (6.16%) 9.90% 19.57% 21.64%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.27% 1.27% 1.01% 1.06%(b)
Net investment income 1.29% 1.58% 1.73% 2.32%(b)
Expense waiver/reimbursement (c) 0.06% 0.10% 0.43% 0.42%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 12,777 $ 20,268 $150,404 $120,324
Portfolio turnover (d) 37% 69% 41% 28%
</TABLE>
(See notes which are an integral part of the financial statements)
80
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS EQUITY INCOME FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR ENDED JULY 31,
--------------------------------------------
2000 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 0.10 0.14 0.17 0.10
Net realized and unrealized gains/
(losses) from investments (1.10) 1.26 2.41 2.45
-------- -------- -------- --------
Total from Investment Operations (1.00) 1.40 2.58 2.55
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.10) (0.15) (0.16) (0.10)
Net realized gain on investments (0.86) (1.45) (1.48) --
-------- -------- -------- --------
Total Distributions (0.96) (1.60) (1.64) (0.10)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 13.23 $ 15.19 $ 15.39 $ 14.45
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) (6.65%) 9.34% 18.72% 21.30%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.77% 1.83% 1.57% 1.81%(b)
Net investment income 0.80% 0.88% 1.21% 1.56%(b)
Expense waiver/reimbursement (c) 0.31% 0.30% 0.52% 0.26%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 679 $ 1,433 $ 968 $ 92
Portfolio turnover (d) 37% 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 net 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)
81
<PAGE>
FIFTH THIRD FUNDS CARDINAL FUND**** -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
YEAR PERIOD YEAR PERIOD
ENDED ENDED ENDED ENDED
JULY 31, JULY 31, SEPT. 30, SEPT. 30,
2000 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 0.03 0.04 0.15 0.12
Net realized and unrealized gains
from investments 2.61 5.17 0.28 3.70
-------- -------- -------- --------
Total from Investment Operations 2.64 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 $ 18.41 $ 19.51 $ 14.86 $ 16.64
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 15.20% 35.61%(a) 2.60% 29.77%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 0.81% 0.82%(b) 0.84% 1.00%
Net investment income 0.13% 0.16%(b) 0.85% 1.04%
Expense waiver/reimbursement (c) 0.09% 0.07%(b) 0.09% 0.00%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 2,924 $ 6,946 $ 25,542 $ 26,881
Portfolio turnover (d) 2% 15% 15% 0.13%
</TABLE>
<TABLE>
<CAPTION>
YEAR PERIOD
ENDED ENDED YEAR ENDED SEPTEMBER 30,
JULY 31, JULY 31, --------------------------------------------
2000 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) (0.03) (0.01) 0.14 0.14 0.25 0.36
Net realized and unrealized gains
from investments 2.59 5.08 0.27 4.64 1.95 1.32
-------- -------- -------- -------- -------- --------
Total from Investment Operations 2.56 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 $ 18.20 $ 19.38 $ 14.87 $ 16.65 $ 13.13 $ 13.23
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 14.84% 34.60%(a) 2.50% 39.17% 17.96% 14.84%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.06% 1.04%(b) 0.92% 1.06% 0.75% 0.70%
Net investment income/(loss) (0.15%) (0.07%)(b) 0.76% 0.97% 1.90% 2.89%
Expense waiver/reimbursement (c) 0.09% 0.07%(b) 0.09% 0.06% 0.10% 0.00%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $232,502 $243,790 $232,903 $267,908 $229,042 $226,181
Portfolio turnover (d) 2% 15% 15% 13% 58% 20%
</TABLE>
(See notes which are an integral part of the financial statements)
82
<PAGE>
FIFTH THIRD FUNDS CARDINAL FUND**** -
FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A
SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999***
-------- --------
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 19.22 $ 15.63
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.10) (0.05)
Net realized and unrealized gains
from investments 2.53 4.19
-------- --------
Total from Investment Operations 2.43 4.14
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- --
Net realized gain on investments (3.74) (0.55)
-------- --------
Total Distributions (3.74) (0.55)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 17.91 $ 19.22
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 14.22% 26.99%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.55% 1.65%(b)
Net investment income/(loss) (0.64%) (0.66%)(b)
Expense waiver/reimbursement (c) 0.34% 0.24%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 1,110 $ 839
Portfolio turnover (d) 2% 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 net 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)
83
<PAGE>
FIFTH THIRD FUNDS PINNACLE FUND* -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999**
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 37.28 $ 31.26
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.09) (0.06)
Net realized and unrealized gains
from investments 1.59 6.71
-------- --------
Total from Investment Operations 1.50 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 $ 38.23 $ 37.28
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 4.07% 21.53%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.07% 1.21%(b)
Net investment loss (0.23%) (0.24%)(b)
Expense waiver/reimbursement (c) 0.00% 0.01%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 58,939 $ 61,943
Portfolio turnover (d) 53% 51%
<TABLE>
<CAPTION>
YEAR YEAR PERIOD YEAR YEAR YEAR
ENDED ENDED ENDED ENDED ENDED ENDED
JULY 31, JULY 31, JULY 31, DEC. 31, DEC. 31, DEC. 31,
2000 1999 1998*** 1997 1996 1995
-------- -------- -------- -------- -------- --------
<S> <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
-------- -------- -------- -------- -------- --------
Income from Investment Operations:
Net investment income/(loss) (0.21) (0.09) (0.02) 0.13 0.05 0.11
Net realized and unrealized gains/
(losses) from investments 1.61 5.57 5.13 8.25 5.04 6.54
-------- -------- -------- -------- -------- --------
Total from Investment Operations 1.40 5.48 5.11 8.38 5.09 6.65
-------- -------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- -- (0.13) (0.05) (0.11)
Net realized gain on investments (0.55) (0.63) (0.47) (4.50) (3.55) (2.90)
-------- -------- -------- -------- -------- --------
Total Distributions (0.55) (0.63) (0.47) (4.63) (3.60) (3.01)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 38.05 $ 37.20 $ 32.35 $ 27.71 $ 23.96 $ 22.47
======== ======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 3.81% 17.18% 18.58%(a) 35.40% 22.50% 35.40%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.32% 1.41% 1.28%(b) 1.12% 1.16% 1.14%
Net investment income/(loss) (0.47%) (0.47%) (0.12%)(b) 0.46% 0.18% 0.44%
Expense waiver/reimbursement (c) 0.00% 0.02% 0.30%(b) 0.00% 0.00% 0.00%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 42,842 $ 49,936 $ 35,549 $ 22,272 $ 16,461 $ 14,673
Portfolio turnover (d) 53% 51% 38% 50% 44% 68%
</TABLE>
(See notes which are an integral part of the financial statements)
84
<PAGE>
FIFTH THIRD FUNDS PINNACLE FUND* -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR YEAR PERIOD
ENDED ENDED ENDED
JULY 31, JULY 31, JULY 31,
2000 1999 1998****
-------- -------- --------
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 36.92 $ 32.28 $ 30.16
-------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.47) (0.23) (0.04)
Net realized and unrealized gains
from investments 1.66 5.50 2.16
-------- -------- --------
Total from Investment Operations 1.19 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 $ 37.56 $ 36.92 $ 32.28
======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 3.26% 16.56% 7.07%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.82% 1.95% 2.17%(b)
Net investment loss (0.97%) (1.00%) (0.84%)(b)
Expense waiver/reimbursement (c) 0.25% 0.26% 0.42%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 4,171 $ 6,653 $ 922
Portfolio turnover (d) 53% 51% 38%
* 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 net 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)
85
<PAGE>
FIFTH THIRD FUNDS BALANCED FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.13 $ 14.60
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.23 0.22
Net realized and unrealized gains
from investments 2.60 2.27
-------- --------
Total from Investment Operations 2.83 2.49
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.23) (0.22)
Net realized gain on investments (1.34) (0.74)
-------- --------
Total Distributions (1.57) (0.96)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 17.39 $ 16.13
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 18.60% 17.63%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.00% 1.00%(b)
Net investment income 1.55% 1.54%(b)
Expense waiver/reimbursement (c) 0.06% 0.04%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $171,923 $139,616
Portfolio turnover (d) 122% 128%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 16.12 $ 14.99 $ 15.33 $ 11.75 $ 11.28
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.17 0.20 0.27 0.27 0.27
Net realized and unrealized gains
from investments 2.62 1.86 0.92 4.06 0.47
-------- -------- -------- -------- --------
Total from Investment Operations 2.79 2.06 1.19 4.33 0.74
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.20) (0.19) (0.28) (0.26) (0.27)
Net realized gain on investments (1.34) (0.74) (1.25) (0.49) --
-------- -------- -------- -------- --------
Total Distributions (1.54) (0.93) (1.53) (0.75) (0.27)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 17.37 $ 16.12 $ 14.99 $ 15.33 $ 11.75
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 18.28% 14.30% 8.41% 38.45% 6.52%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.25% 1.28% 1.00% 1.00% 1.00%
Net investment income 1.30% 1.22% 1.84% 2.05% 2.31%
Expense waiver/reimbursement (c) 0.06% 0.06% 0.43% 0.40% 0.06%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $104,750 $ 79,686 $173,177 $122,765 $ 92,808
Portfolio turnover (d) 122% 128% 135% 101% 61%
(See notes which are an integral part of the financial statements)
</TABLE>
86
<PAGE>
FIFTH THIRD FUNDS BALANCED FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PERIOD
YEAR ENDED JULY 31, ENDED
------------------------------------------- JULY 31,
2000 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 0.12 0.11 0.17 0.16 0.05
Net realized and unrealized gains/
(losses) from investments 2.57 1.88 0.92 4.08 (0.39)
-------- -------- -------- -------- --------
Total from Investment Operations 2.69 1.99 1.09 4.24 (0.34)
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.13) (0.13) (0.17) (0.16) (0.04)
Net realized gain on investments (1.34) (0.74) (1.25) (0.49) --
-------- -------- -------- -------- --------
Total Distributions (1.47) (0.87) (1.42) (0.65) (0.04)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 17.35 $ 16.13 $ 15.01 $ 15.34 $ 11.75
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 17.66% 13.78% 7.67% 37.52% (2.80%)(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.75% 1.76% 1.58% 1.75% 1.78%(b)
Net investment income 0.80% 0.78% 1.24% 1.30% 1.60%(b)
Expense waiver/reimbursement (c) 0.31% 0.29% 0.49% 0.30% 0.07%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 7,815 $ 6,692 $ 4,796 $ 1,155 $ 264
Portfolio turnover (d) 122% 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 net 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)
87
<PAGE>
FIFTH THIRD FUNDS MID CAP FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.87 $ 15.40
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.04) (0.04)
Net realized and unrealized gains
from investments 4.63 1.95
-------- --------
Total from Investment Operations 4.59 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 $ 19.28 $ 15.87
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 30.65% 13.13%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 0.99% 0.97%(b)
Net investment loss (0.26%) (0.26%)(b)
Expense waiver/reimbursement (c) 0.05% 0.07%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $242,641 $191,987
Portfolio turnover (d) 42% 49%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 15.82 $ 16.19 $ 16.98 $ 12.60 $ 12.59
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.08) (0.10) (0.03) 0.02 0.06
Net realized and unrealized gains
from investments 4.60 1.17 0.98 5.55 0.11
-------- -------- -------- -------- --------
Total from Investment Operations 4.52 1.07 0.95 5.57 0.17
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income -- -- -- (0.02) (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)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 19.16 $ 15.82 $ 16.19 $ 16.98 $ 12.60
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 30.22% 7.29% 5.69% 47.17% 1.27%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.24% 1.28% 1.01% 1.00% 1.00%
Net investment income/(loss) (0.51%) (0.59%) (0.19%) 0.10% 0.42%
Expense waiver/reimbursement (c) 0.05% 0.11% 0.40% 0.37% 0.06%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 36,430 $ 27,966 $217,547 $186,066 $ 72,663
Portfolio turnover (d) 42% 49% 44% 52% 54%
</TABLE>
(See notes which are an integral part of the financial statements)
88
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS MID CAP FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
PERIOD
YEAR ENDED JULY 31, ENDED
------------------------------------------- JULY 31,
2000 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 (0.16) (0.18) (0.05) (0.07) (0.01)
Net realized and unrealized gains/
(losses) from investments 4.47 1.16 0.89 5.51 (1.12)
-------- -------- -------- -------- --------
Total from Investment Operations 4.31 0.98 0.84 5.44 (1.13)
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
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 $ 18.65 $ 15.52 $ 15.98 $ 16.88 $ 12.59
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 29.48% 6.79% 5.03% 46.05% (8.24%)(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.74% 1.85% 1.61% 1.75% 1.78%(b)
Net investment loss (1.01%) (1.07%) (0.81%) (0.62%) (0.51%)(b)
Expense waiver/reimbursement (c) 0.30% 0.32% 0.44% 0.27% 0.06%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 979 $ 794 $ 1,049 $ 439 $ 229
Portfolio turnover (d) 42% 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 net 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)
89
<PAGE>
FIFTH THIRD FUNDS TECHNOLOGY FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
PERIOD
ENDED
JULY 31,
2000*
--------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 20.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.03)
Net realized and unrealized
losses from investments (0.76)
--------
Total from Investment Operations (0.79)
--------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
Net realized gain on investments --
--------
Total Distributions --
--------
NET ASSET VALUE, END OF PERIOD $ 19.21
========
TOTAL RETURN (EXCLUDES SALES CHARGE) (5.69%)(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.46% (b)
Net investment loss (0.79%)(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $55,188
Portfolio turnover (c) 11%
PERIOD
ENDED
JULY 31,
2000*
--------
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 20.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.03)
Net realized and unrealized
losses from investments (0.76)
--------
Total from Investment Operations (0.79)
--------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
Net realized gain on investments --
--------
Total Distributions --
--------
NET ASSET VALUE, END OF PERIOD $ 19.21
========
TOTAL RETURN (EXCLUDES SALES CHARGE) (5.69%)(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.70% (b)
Net investment income/(loss) (1.27%)(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 4,560
Portfolio turnover (c) 11%
(See notes which are an integral part of the financial statements)
90
<PAGE>
FIFTH THIRD FUNDS TECHNOLOGY FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
PERIOD
ENDED
JULY 31,
2000*
--------
INVESTMENT C SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 20.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.03)
Net realized and unrealized gains/
(losses) from investments (0.77)
--------
Total from Investment Operations (0.80)
--------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
In excess of net investment income --
Net realized gain on investments --
--------
Total Distributions --
--------
NET ASSET VALUE, END OF PERIOD $ 19.20
========
TOTAL RETURN (EXCLUDES SALES CHARGE) (5.65%)(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 2.42%(b)
Net investment loss (1.89)(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 105
Portfolio turnover (d) 11%
* Reflects operations for the period from June 5, 2000 (date of commencement
of operations) to July 31, 2000.
(a)Not annualized.
(b)Annualized.
(c)Portfolio turnover is calculated on the basis of the fund as a whole without
distinguishing between the classes of shares issued.
(See notes which are an integral part of the financial statements)
91
<PAGE>
FIFTH THIRD FUNDS INTERNATIONAL EQUITY FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.80 $10.50
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.07 0.09
Net realized and unrealized gains
from investments 1.01 2.52
-------- --------
Total from Investment Operations 1.08 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 $ 12.70 $ 12.80
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 8.29% 25.02%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.45% 1.50%(b)
Net investment income 0.55% 0.67%(b)
Expense waiver/reimbursement (c) 0.00% 0.00%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period (000) $208,383 $172,388
Portfolio turnover (d) 86% 42%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 12.84 $ 12.56 $ 12.05 $ 10.74 $ 9.83
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.04 0.03 0.09 0.04 0.01
Net realized and unrealized gains
from investments 1.01 0.49 1.31 2.15 0.90
-------- -------- -------- -------- --------
Total from Investment Operations 1.05 0.52 1.40 2.19 0.91
-------- -------- -------- -------- --------
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
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 12.71 $ 12.84 $ 12.56 $ 12.05 $ 10.74
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 8.02% 4.23% 13.29% 21.78% 9.26%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.70% 1.52% 1.47% 1.38% 1.61%(a)
Net investment income 0.32% 0.03% 0.66% 0.39% 0.32%
Expense waiver/reimbursement (c) 0.00% 0.18% 0.35% 0.35% 0.05%(b)
SUPPLEMENTAL DATA: (B)
Net Assets at end of period (000) $ 7,901 $ 5,821 $163,297 $151,728 $120,349(b)
Portfolio turnover (d) 86% 42% 39% 60% 41%
</TABLE>
(See notes which are an integral part of the financial statements)
92
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS INTERNATIONAL EQUITY FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
PERIOD
YEAR ENDED JULY 31, ENDED
------------------------------------------- JULY 31,
2000 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 $ 11.21
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) (0.03) -- (0.06) (0.02) 0.01
Net realized and unrealized gains/
(losses) from investments 0.99 0.46 1.39 2.16 (0.51)
-------- -------- -------- -------- --------
Total from Investment Operations 0.96 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 $ 12.54 $ 12.76 $ 12.51 $ 12.01 $ 10.71
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 7.25% 3.79% 12.57% 21.25% 8.95%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 2.22% 2.25% 2.22% 2.13% 2.34%
Net investment income/(loss) (0.20%) (0.08%) (0.09%) (0.28%) 0.76%
Expense waiver/reimbursement (c) 0.00% 0.25% 0.25% 0.25% 0.00%
SUPPLEMENTAL DATA:
Net Assets at end of period (000) $ 276 $ 235 $ 291 $ 210 $ 57
Portfolio turnover (d) 86% 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 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 net 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)
93
<PAGE>
FIFTH THIRD FUNDS BOND FUND FOR INCOME -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.70 $ 12.27
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.68 0.56
Net realized and unrealized losses
from investments (0.21) (0.30)
-------- --------
Total from Investment Operations 0.47 0.26
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.67) (0.62)
Net realized gain on investments -- (0.21)
-------- --------
Total Distributions (0.67) (0.83)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 11.50 $ 11.70
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 4.09% 2.12%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 0.76% 0.75%(b)
Net investment income 5.87% 5.12%(b)
Expense waiver/reimbursement (c) 0.04% 0.03%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $190,293 $198,212
Portfolio turnover (d) 185% 104%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
---------------------------------------------
2000 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 0.66 0.71 0.68 0.37
Net realized and unrealized gains/
(losses) from investments (0.22) (0.41) 0.06 0.18
-------- -------- -------- --------
Total from Investment Operations 0.44 0.30 0.74 0.55
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.65) (0.59) (0.69) (0.36)
Net realized gain on investments -- (0.21) (0.05) --
-------- -------- -------- --------
Total Distributions (0.65) (0.80) (0.74) (0.36)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 11.48 $ 11.69 $ 12.19 $ 12.19
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 3.90% 2.42% 6.23% 4.64%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.01% 0.97% 0.75% 0.79%(b)
Net investment income 5.59% 4.80% 5.54% 6.08%(b)
Expense waiver/reimbursement (c) 0.04% 0.05% 0.42% 0.42%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 27,319 $ 40,508 $188,071 $157,108
Portfolio turnover (d) 185% 104% 127% 157%
</TABLE>
(See notes which are an integral part of the financial statements)
94
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS BOND FUND FOR INCOME -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR ENDED JULY 31,
---------------------------------------------
2000 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) 0.60 0.53 0.60 (0.01)
Net realized and unrealized gains/
(losses) from investments (0.21) (0.29) 0.05 0.50
-------- -------- -------- --------
Total from Investment Operations 0.39 0.24 0.65 0.49
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.59) (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 (0.59) (0.74) (0.64) (0.31)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 11.49 $ 11.69 $ 12.19 $ 12.18
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 3.43% 1.92% 5.50% 4.18%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.51% 1.54% 1.34% 1.54%(b)
Net investment income/ (loss) 5.10% 3.40% 4.89% 4.20%(b)
Expense waiver/reimbursement (c) 0.26% 0.28% 0.32% 0.26%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 365 $ 567 $ 230 $ 6
Portfolio turnover (d) 185% 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 net 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)
95
<PAGE>
FIFTH THIRD FUNDS QUALITY BOND FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.52 $ 10.02
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.57 0.48
Net realized and unrealized losses
from investments (0.14) (0.38)
-------- --------
Total from Investment Operations 0.43 0.10
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.57) (0.49)
Net realized gain on investments -- (0.11)
-------- --------
Total Distributions (0.57) (0.60)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 9.38 $ 9.52
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 4.66% 0.88%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 0.75% 0.75%(b)
Net investment income 6.09% 4.95%(b)
Expense waiver/reimbursement (c) 0.09% 0.11%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $200,882 $133,537
Portfolio turnover (d) 368% 349%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
INVESTMENT A SHARES
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.52 $ 9.96 $ 9.85 $ 9.52 $ 9.72
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.54 0.65 0.54 0.55 0.56
Net realized and unrealized gains/
(losses) from investments (0.14) (0.51) 0.12 0.32 (0.19)
-------- -------- -------- -------- --------
Total from Investment Operations 0.40 0.14 0.66 0.87 0.37
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.54) (0.47) (0.55) (0.54) (0.57)
Net realized gain on investments -- (0.11) -- -- --
-------- -------- -------- -------- --------
Total Distributions (0.54) (0.58) (0.55) (0.54) (0.57)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.38 $ 9.52 $ 9.96 $ 9.85 $ 9.52
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 4.41% 1.26% 6.91% 9.43% 3.86%
RATIOS TO AVERAGE NET ASSETS:
Expenses 1.00% 0.92% 0.75% 0.75% 0.75%
Net investment income 5.82% 4.85% 5.50% 5.71% 5.80%
Expense waiver/reimbursement (c) 0.09% 0.17% 0.45% 0.41% 0.06%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 9,494 $ 9,826 $107,794 $ 91,789 $ 83,422
Portfolio turnover (d) 368% 349% 279% 181% 117%
</TABLE>
(See notes which are an integral part of the financial statements)
96
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS QUALITY BOND FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 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 0.53 0.43 0.48 0.49 0.14
Net realized and unrealized gains/
(losses) from investments (0.16) (0.33) 0.09 0.32 (0.08)
-------- -------- -------- -------- --------
Total from Investment Operations 0.37 0.10 0.57 0.81 0.06
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.50) (0.43) (0.48) (0.48) (0.15)
Net realized gain on investments -- (0.11) -- -- --
-------- -------- -------- -------- --------
Total Distributions (0.50) (0.54) (0.48) (0.48) (0.15)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.38 $ 9.51 $ 9.95 $ 9.86 $ 9.53
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 3.98% 0.75% 5.92% 8.68% 0.62%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.50% 1.43% 1.50% 1.50% 1.52%(b)
Net investment income 5.31% 4.23% 4.76% 4.97% 5.03%(b)
Expense waiver/reimbursement (c) 0.33% 0.36% 0.35% 0.31% 0.09%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 697 $ 811 $ 399 $ 204 $ 162
Portfolio turnover (d) 368% 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 net 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)
97
<PAGE>
FIFTH THIRD FUNDS U.S. GOVERNMENT SECURITIES
FUND - FINANCIAL HIGHLIGHTS
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.64 $ 9.89
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.51 0.46
Net realized and unrealized losses
from investments (0.10) (0.22)
-------- --------
Total from Investment Operations 0.41 0.24
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.51) (0.49)
-------- --------
Total Distributions (0.51) (0.49)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 9.54 $ 9.64
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 4.34% 2.43%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 0.72% 0.75%(b)
Net investment income 5.24% 4.80%(b)
Expense waiver/reimbursement (c) 0.22% 0.28%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $45,139 $42,239
Portfolio turnover (d) 46% 93%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 9.64 $ 9.82 $ 9.75 $ 9.55 $ 9.77
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.48 0.55 0.52 0.54 0.55
Net realized and unrealized gains/
(losses) from investments (0.09) (0.26) 0.07 0.19 (0.20)
-------- -------- -------- -------- --------
Total from Investment Operations 0.39 0.29 0.59 0.73 0.35
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.48) (0.47) (0.52) (0.53) (0.57)
-------- -------- -------- -------- --------
Total Distributions (0.48) (0.47) (0.52) (0.53) (0.57)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.55 $ 9.64 $ 9.82 $ 9.75 $ 9.55
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 4.20% 2.89% 6.17% 7.83% 3.63%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 0.98% 0.95% 0.75% 0.75% 0.75%
Net investment income 4.95% 4.62% 5.30% 5.56% 5.67%
Expense waiver/reimbursement (c) 0.21% 0.33% 0.53% 0.50% 0.29%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 2,818 $ 5,192 $ 41,550 $ 42,414 $ 30,754
Portfolio turnover (d) 46% 93% 155% 169% 103%
</TABLE>
(See notes which are an integral part of the financial statements)
98
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS U.S. GOVERNMENT SECURITIES
FUND - FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
-------------------------------------------------------------------------------
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 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 0.43 0.41 0.46 0.46 0.16
Net realized and unrealized gains/
(losses) from investments (0.09) (0.18) 0.04 0.19 (0.10)
-------- -------- -------- -------- --------
Total from Investment Operations 0.34 0.23 0.50 0.65 0.06
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.43) (0.42) (0.45) (0.46) (0.15)
-------- -------- -------- -------- --------
Total Distributions (0.43) (0.42) (0.45) (0.46) (0.15)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.52 $ 9.61 $ 9.80 $ 9.75 $ 9.56
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 3.65% 2.31% 5.19% 6.92% 0.60%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.48% 1.40% 1.50% 1.50% 1.52%(b)
Net investment income 4.41% 4.20% 4.56% 4.82% 4.80%(b)
Expense waiver/reimbursement (c) 0.44% 0.54% 0.43% 0.40% 0.37%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 198 $ 431 $ 118 $ 75 $ 49
Portfolio turnover (d) 46% 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 net 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)
99
<PAGE>
FIFTH THIRD MUNICIPAL BOND FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 11.77 $ 12.30
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.48 0.47
Net realized and unrealized losses
from investments (0.22) (0.32)
-------- --------
Total from Investment Operations 0.26 0.15
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.48) (0.47)
Net realized gain on investments (0.11) (0.21)
-------- --------
Total Distributions (0.59) (0.68)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 11.44 $ 11.77
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 2.37%(a) 1.18%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 0.75%(b) 0.75%(b)
Net investment income 4.25%(b) 3.79%(b)
Expense waiver/reimbursement (c) 0.10%(b) 0.11%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $141,407 $114,923
Portfolio turnover (d) 84% 110%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
--------------------------------------------
2000 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 0.45 0.45 0.50 0.28
Net realized and unrealized gains/
(losses) from investments (0.22) (0.25) 0.01 0.32
-------- -------- -------- --------
Total from Investment Operations 0.23 0.20 0.51 0.60
-------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.45) (0.44) (0.51) (0.27)
Net realized gain on investments (0.11) (0.21) (0.09) --
-------- -------- -------- --------
Total Distributions (0.56) (0.65) (0.60) (0.27)
-------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 11.46 $ 11.79 $ 12.24 $ 12.33
======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 2.07%(a) 1.56% 4.28% 5.04%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.00%(b) 0.81% 0.76% 0.81%(b)
Net investment income 3.91%(b) 3.99% 4.09% 4.44%(b)
Expense waiver/reimbursement (c) 0.11%(b) 0.31% 0.45% 0.42%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 207 $ 386 $117,333 $101,616
Portfolio turnover (d) 84% 110% 121% 63%
</TABLE>
(See notes which are an integral part of the financial statements)
100
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD MUNICIPAL BOND FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)***
--------------------------------------------------------------------------------
YEAR ENDED JULY 31,
--------------------------------------------
2000 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:
Net 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.
(a) Not annualized.
(b) Annualized.
(c) This voluntary expense decrease is reflected in both the net 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)
101
<PAGE>
FIFTH THIRD
FUNDS OHIO TAX FREE BOND FUND -
FINANCIAL HIGHLIGHTS
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR PERIOD
ENDED ENDED
JULY 31, JULY 31,
2000 1999*
-------- --------
INSTITUTIONAL SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.02 $ 10.33
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.41 0.40
Net realized and unrealized losses
from investments (0.12) (0.24)
-------- --------
Total from Investment Operations 0.29 0.16
-------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.41) (0.40)
In excess of net investment income -- (0.01)
Net realized gain on investments (0.02) (0.06)
-------- --------
Total Distributions (0.43) (0.47)
-------- --------
NET ASSET VALUE, END OF PERIOD $ 9.88 $ 10.02
======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 3.01% 1.48%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 0.76% 0.82%(b)
Net investment income 4.15% 3.81%(b)
Expense waiver/reimbursement (c) 0.04% 0.05%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $166,623 $182,679
Portfolio turnover (d) 26% 47%
<TABLE>
<CAPTION>
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 1999 1998 1997 1996
-------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C>
INVESTMENT A SHARES
NET ASSET VALUE, BEGINNING OF PERIOD $ 10.02 $ 10.29 $ 10.31 $ 10.01 $ 9.99
-------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.39 0.46 0.42 0.43 0.40
Net realized and unrealized gains/
(losses) from investments (0.11) (0.29) 0.02 0.30 0.03
-------- -------- -------- -------- --------
Total from Investment Operations 0.28 0.17 0.44 0.73 0.43
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.39) (0.38) (0.42) (0.43) (0.41)
Net realized gain on investments (0.02) (0.06) (0.04) -- --
-------- -------- -------- -------- --------
Total Distributions (0.41) (0.44) (0.46) (0.43) (0.41)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.89 $ 10.02 $ 10.29 $ 10.31 $ 10.01
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 2.85% 1.63% 4.38% 7.49% 4.33%
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.01% 1.00% 0.74% 0.75% 0.74%
Net investment income 3.88% 3.68% 4.09% 4.27% 4.01%
Expense waiver/reimbursement (c) 0.04% 0.21% 0.43% 0.37% 0.32%
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 13,257 $ 22,008 $188,966 $168,800 $ 35,463
Portfolio turnover (d) 26% 47% 42% 49% 30%
</TABLE>
(See notes which are an integral part of the financial statements)
102
<PAGE>
<TABLE>
<CAPTION>
FIFTH THIRD FUNDS OHIO TAX FREE BOND FUND -
FINANCIAL HIGHLIGHTS (CONTINUED)
(FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD)
--------------------------------------------------------------------------------
YEAR ENDED JULY 31,
--------------------------------------------------------
2000 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 0.34 0.33 0.35 0.36 0.10
Net realized and unrealized gains/
(losses) from investments (0.12) (0.21) 0.01 0.31 (0.01)
-------- -------- -------- -------- --------
Total from Investment Operations 0.22 0.12 0.36 0.67 0.09
-------- -------- -------- -------- --------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (0.34) (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 (0.36) (0.39) (0.39) (0.36) (0.11)
-------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD $ 9.87 $ 10.01 $ 10.28 $ 10.31 $ 10.00
======== ======== ======== ======== ========
TOTAL RETURN (EXCLUDES SALES CHARGE) 2.25% 1.13% 3.56% 6.84% 0.91%(a)
RATIOS TO AVERAGE NET ASSETS:
Net expenses 1.52% 1.55% 1.49% 1.50% 1.52%(b)
Net investment income 3.30% 3.05% 3.33% 3.51% 3.41%(b)
Expense waiver/reimbursement (c) 0.29% 0.38% 0.33% 0.27% 0.28%(b)
SUPPLEMENTAL DATA:
Net Assets at end of period ($000) $ 990 $ 1,071 $ 584 $ 248 $ 38
Portfolio turnover (d) 26% 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 net 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)
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 Trustees.
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.
103
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
--------------------------------------------------------------------------------
To the Shareholders and Board of Trustees of
the Fifth Third Funds:
We have audited the statements of assets and liabilities, including the schedule
of portfolio investments, of the Fifth Third Quality Growth Fund, Fifth Third
Equity Income Fund, Fifth Third Cardinal Fund, Fifth Third Pinnacle Fund, Fifth
Third Technology Fund, Fifth Third Balanced Fund, Fifth Third Mid Cap Fund,
Fifth Third International Equity Fund, Fifth Third Bond Fund for Income, Fifth
Third Quality Bond Fund, Fifth Third U.S. Government Securities Fund, Fifth
Third Municipal Bond Fund, and Fifth Third Ohio Tax Free Bond Fund (the Funds)
of the Fifth Third Funds as of July 31, 2000, and the related statements of
operations, changes in net assets, and financial highlights for the year then
ended. These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial statements and financial highlights for all periods
presented prior to the year ended July 31, 2000, were audited by other auditors
whose reports dated September 22, 1999, January 27, 1998, and November 14, 1997,
expressed unqualified opinions on those statements and financial highlights.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements. Our procedures included confirmation of securities
owned as of July 31, 2000, by correspondence with the custodian and brokers or
by other appropriate auditing procedures where replies from brokers were not
received. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Funds as of July 31, 2000, the results of their operations, the changes in their
net assets, and their financial highlights for the year then ended, in
conformity with accounting principles generally accepted in the United States.
/s/ Arthur Andersen LLP
Cincinnati, Ohio
September 6, 2000
104
