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RIVERFRONT FUNDS / NJ
N-30D, 2000-08-28

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Semi
Annual
Report

June 30, 2000

The Riverfront Large Company Select Fund

The Riverfront Balanced Fund

The Riverfront Small Company Select Fund

The Riverfront Income Equity Fund

The Riverfront U.S. Government Income Fund

The Riverfront U.S. Government Securities Money Market Fund

NOT FDIC		NO BANK		MAY LOSE
INSURED		GUARANTEE		VALUE

[Graphic Representation Omitted - See Appendix]

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Table of Contents

THE RIVERFRONT FUNDS

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Message From The President		2
Message From The Investment Adviser		3
Statements of Assets and Liabilities		4
Statements of Operations		6
Statements of Changes in Net Assets		8
Schedules of Portfolio Investments		10
Notes to Financial Statements		21
Financial Highlights		29

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Message From The President

THE RIVERFRONT FUNDS

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Message From The Investment Adviser

THE RIVERFRONT FUNDS

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

		Large Company Select Fund			Balanced Fund			Small Company Select Fund
Assets:
Investments, at value (Cost $81,691,494, $26,272,784, $17,043,554, respectively)		$116,581,955			$31,248,425			$30,932,247
Interest and dividends receivable		60,973			216,938			8,416
Receivable for capital shares issued		167,289			99,556			9,414
Prepaid expenses and other assets		6,123			—			4,460
Total Assets		116,816,340			31,564,919			30,954,537
Liabilities:
Payable for capital shares redeemed		9,024			44,466			—
Accrued expenses and other payables:
Investment advisory fees		74,630			20,243			19,325
Administration fees		15,978			4,329			4,105
Custodian and accounting fees		14,226			4,464			4,091
Distribution fees		41,364			16,789			6,752
Transfer agent fees		—			2,575			12,715
Audit and legal fees		111			6,365			2,706
Other		1,364			30,248			6,432
Total Liabilities		156,697			129,479			56,126
Net Assets:
Capital		73,631,018			25,012,894			15,053,532
Accumulated undistributed net investment income		(567,980	)		38			(179,226	)
Net unrealized appreciation/depreciation on investments		34,890,461			4,975,641			13,888,693
Accumulated net realized gains on investment transactions		8,706,144			1,446,867			2,135,412
Net Assets		$116,659,643			$31,435,440			$30,898,411
Net assets
Investor A Shares		$  85,266,548			$12,855,325			$27,991,836
Investor B Shares		31,393,095			18,580,115			2,906,575
Total		$116,659,643			$31,435,440			$30,898,411
Shares of capital stock
Investor A Shares		4,880,621			921,344			2,088,010
Investor B Shares		1,847,048			1,276,128			212,543
Total		6,727,669			2,197,472			2,300,553
Net asset value
Investor A Shares—redemption price per share		$            17.47			$          13.95			$          13.41
Investor B Shares—offering price per share*		17.00			14.56			13.68
Maximum sales charge (Investor A)		4.50	%		4.50	%		4.50	%
Maximum offering price per share (100%/(100%—maximum sales charge) of net asset value     adjusted to nearest cent) (Investor A)		$            18.29			$          14.61			$          14.04

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

		Income Equity Fund			U.S. Government Income Fund			U.S. Government Securities Money Market Fund
Assets:
Investments, at value (Cost $29,818,337, $42,523,995, and $125,655,365 respectively)		$33,903,827			$41,044,989			$125,655,365
Repurchase agreements (Cost $0, $0, and $27,226,000 respectively)		—			—			27,226,000
Total investments		33,903,827			41,044,989			152,881,365
Cash		—			—			290
Interest and dividends receivable		21,470			573,641			211,680
Receivable for capital shares issued		4,854			74			—
Total Assets		33,930,151			41,618,704			153,093,335
Liabilities:
Dividends payable		—			187,400			723,600
Payable for capital shares redeemed		1,407			98			—
Accrued expenses and other payables:
Investment advisory fees		24,070			13,422			18,465
Administration fees		4,712			5,664			20,592
Custodian and accounting fees		5,576			4,045			6,507
Distribution fees		10,944			7,503			12,209
Transfer agent fees		9,417			4,068			4,750
Audit and legal fees		8,411			1,457			4,390
Other		25,687			12,007			23,661
Total Liabilities		90,224			235,664			814,174
Net Assets:
Capital		35,940,512			43,191,845			152,281,391
Accumulated undistributed net investment income (loss)		(142,679	)		(171	)		—
Net unrealized appreciation/depreciation on investments		4,085,490			(1,479,006	)		—
Accumulated net realized (losses) and distributions in excess of realized gains		(6,043,396	)		(329,628	)		(2,230	)
Net Assets		$33,839,927			$41,383,040			$152,279,161
Net assets
Investor A Shares		$24,309,024			$39,761,931			$152,279,161
Investor B Shares		9,530,903			1,621,109			—
Total		$33,839,927			$41,383,040			$152,279,161
Shares of capital stock
Investor A Shares		2,132,194			4,353,129			152,281,391
Investor B Shares		821,054			155,105			—
Total		2,953,248			4,508,234			152,281,391
Net asset value
Investor A Shares—redemption price per share		$          11.40			$            9.13			$              1.00
Investor B Shares—offering price per share*		11.61			10.45			N/A
Maximum sales charge (Investor A)		4.50	%		4.50	%		N/A
Maximum offering price per share (100%/(100%—maximum sales charge) of net asset value     adjusted to nearest cent) (Investor A) (a)		$          11.94			$            9.56			$              1.00

(a)	Offering price and redemption price are the same for the U.S. Government Securities Money Market Fund.

*	Redemption price of Investor B shares varies based on length of time shares are held.

N/A	Not applicable

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THE RIVERFRONT FUNDS

FOR THE SIX MONTHS ENDED JUNE 30, 2000 (UNAUDITED )

		Large Company Select Fund			Balanced Fund			Small Company Select Fund
Investment Income:
Interest income		$        1,302			$        2,100			$      11,752
Dividend income		367,247			419,700			57,650
Total Income		368,549			421,800			69,402
Expenses:
Investment advisory fees		442,798			136,458			110,440
Administration fees		94,095			25,665			23,469
Distribution services fee (Investor A Shares)		102,693			15,970			31,538
Distribution services and shareholder service fees (Investor B Shares)		142,728			87,692			11,900
Custodian and accounting fees		83,978			23,938			21,337
Audit and legal fees		6,547			2,652			2,584
Organization costs		306			—			—
Trustees’ fees and expenses		4,923			4,340			1,487
Transfer agent fees		44,933			23,372			32,823
Registration and filing fees		4,328			3,797			10,140
Printing costs		9,017			3,166			2,625
Other		183			573			285
Gross Expenses		936,529			327,623			248,628
Less: Fee waivers
Investment advisory fees		—			(15,682	)		—
Distribution services fee (Investor A Shares)		—			(3,946	)		—
Net Expenses		936,529			307,995			248,628
Net Investment Income (Loss)		(567,980	)		113,805			(179,226	)
Realized/Unrealized Gains from Investments:
Net realized gains from investment transactions		6,943,011			1,412,777			1,060,290
Net change in unrealized appreciation from investments		(7,501,444	)		(146,476	)		3,337,586
Net realized/unrealized gains from investments		(558,443	)		1,266,301			4,397,876
Change in net assets resulting from operations		$(1,126,413	)		$1,380,106			$4,218,650

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THE RIVERFRONT FUNDS

FOR THE YEAR ENDED JUNE 30, 2000 (UNAUDITED )

		Income Equity Fund			U.S. Government Income Fund			U.S. Government Securities Money Market Fund
Investment Income:
Interest income		$    23,090			$1,305,346			$4,882,681
Dividend income		179,042			46,426			—
Total Income		202,132			1,351,772			4,882,681
Expenses:
Investment advisory fees		167,781			78,382			123,849
Administration fees		29,885			33,312			140,361
Distribution services fee (Investor A)		31,344			47,089			206,441
Distribution services and shareholder service fees (Investor B)		51,261			7,643			—
Custodian and accounting fees		27,209			22,494			41,785
Audit and legal fees		6,054			3,063			13,124
Trustees’ fees and expenses		5,003			3,318			10,310
Transfer agent fees		32,356			20,816			18,010
Registration and filing fees		8,022			3,266			6,037
Printing costs		7,526			6,124			21,931
Other		264			117			279
Gross Expenses		366,705			225,624			582,127
Less: Fee waivers
Investment advisory fees		(17,946	)		—			—
Distribution services fee (Investor A Shares)		(3,948	)		(11,310	)		(123,877	)
Net Expenses		344,811			214,314			458,250
Net Investment Income		(142,679	)		1,137,458			4,424,431
Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investment transactions		219,343			(19,075	)		—
Net change in unrealized appreciation/(depreciation) from investments		501,079			519,543			—
Net realized/unrealized gains (losses) from investments		720,422			500,468			—
Change in net assets resulting from operations		$  577,743			$1,637,926			$4,424,431

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		Large Company Select Fund						Balanced Fund						Small Company Select Fund
		Period Ended June 30, 2000*			Year Ended December 31, 1999			Period Ended June 30, 2000*			Year Ended December 31, 1999			Period Ended June 30, 2000*			Year Ended December 31, 1999
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)		$      (567,980	)		$      (740,115	)		$      113,805			$      250,211			$    (179,226	)		$    (327,084	)
Net realized gains (losses) from         investment transactions		6,943,011			7,307,164			1,412,777			2,205,251			1,060,290			1,862,302
Net change in unrealized appreciation         (depreciation) from investments		(7,501,444	)		18,562,507			(146,476	)		919,903			3,337,586			6,677,529
Change in net assets resulting from operations		(1,126,413	)		25,129,556			1,380,106			3,375,365			4,218,650			8,212,747
Distributions to Shareholders:
Distributions to Investor A Shareholders:
From net investment income		—			—			(78,900	)		(171,291	)		—			—
From net realized gains from investments		—			(4,204,804	)		—			(1,027,715	)		—			(333,579	)
In excess of net realized gains		—			—			—			—			—			—
Distributions to Investor B Shareholders:
From net investment income		—			—			(34,867	)		(81,190	)		—			—
From net realized gains from investments		—			(1,361,120	)		—			(1,314,945	)		—			(25,695	)
In excess of net realized gains		—			—			—			—			—			—
Change in net assets from shareholder distributions		—			(5,565,924	)		(113,767	)		(2,595,141	)		—			(359,274	)
Capital Transactions:
Proceeds from shares issued		25,718,732			36,567,464			3,488,066			10,666,264			5,867,967			2,822,590
Dividends reinvested		—			823,101			92,644			243,906			—			355,663
Cost of shares redeemed		(15,043,628	)		(10,059,721	)		(3,540,387	)		(6,703,936	)		(4,752,613	)		(6,208,477	)
Change in net assets from capital transactions		10,675,104			27,330,844			40,323			4,206,234			1,115,354			(3,030,224	)
Change in net assets		9,548,691			46,894,476			1,306,662			4,986,458			5,334,004			4,823,249
Net Assets:
Beginning of year		107,110,952			60,216,476			30,128,778			25,142,320			25,564,407			20,741,158
End of year		$116,659,643			$107,110,952			$31,435,440			$30,128,778			$30,898,411			$25,564,407
Share Transactions:
Issued		1,478,423			2,388,070			252,153			779,375			496,358			344,221
Reinvested		—			44,711			6,807			17,917			—			30,555
Redeemed		(875,845	)		(652,353	)		(257,726	)		(488,354	)		(425,991	)		(767,492	)
Change in shares		602,578			1,780,428			1,234			308,938			70,367			(392,716	)

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		Income Equity Fund						U.S. Government Income Fund						U.S. Government Securities Money Market Fund
		Period Ended June 30, 2000*			Year Ended December 31, 1999			Period Ended June 30, 2000*			Year Ended December 31, 1999			Period Ended June 30, 2000*			Year Ended December 31, 1999
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)		$    (142,679	)		$          8,074			$  1,137,458			$  2,053,086			$    4,424,431			$    7,771,525
Net realized gains (losses) from         investment transactions		219,343			(4,266,434	)		(19,075	)		241,461			—			4,189
Net change in unrealized appreciation         (depreciation) from investments		501,079			5,636,054			519,543			(2,873,329	)		—			—
Change in net assets resulting from operations		577,743			1,377,694			1,637,926			(578,782	)		4,424,431			7,775,714
Distributions to Shareholders:
Distributions to Investor A Shareholders:
From net investment income		—			(8,767	)		(1,104,933	)		(2,023,573	)		(4,424,431	)		(7,771,525	)
From net realized gains from investments		—			—			—			—			—			—
In excess of net realized gains		—			—			—			—			—			—
From paid-in capital		—			(72,012	)		—			—			—			—
Distributions to Investor B Shareholders:
From net investment income		—			—			(32,696	)		(55,502	)		—			—
From net realized gains from investments		—			—			—			—			—			—
In excess of net realized gains		—			—			—			—			—			—
From paid-in capital		—			(7,104	)		—			—			—			—
Change in net assets from shareholder distributions		—			(87,883	)		(1,137,629	)		(2,079,075	)		(4,424,431	)		(7,771,525	)
Capital Transactions:
Proceeds from shares issued		2,539,059			3,359,456			3,864,992			3,037,080			201,230,606			377,728,269
Dividends reinvested		—			86,495			159,894			292,567			1,380,903			2,128,195
Cost of shares redeemed		(6,926,518	)		(60,792,767	)		(1,416,167	)		(7,103,023	)		(244,859,850	)		(374,179,965	)
Change in net assets from capital transactions		(4,387,459	)		(57,346,816	)		2,608,719			(3,773,376	)		(42,248,341	)		5,676,499
Change in net assets		(3,809,716	)		(56,057,005	)		3,109,016			(6,431,233	)		(42,248,341	)		5,680,688
Net Assets:
Beginning of year		37,649,643			93,706,648			38,274,024			44,705,257			194,527,502			188,846,814
End of year		$33,839,927			$37,649,643			$41,383,040			$38,274,024			$152,279,161			$194,527,502
Share Transactions:
Issued		221,743			315,914			420,305			319,518			201,230,606			377,728,269
Reinvested		—			8,522			17,384			30,935			1,380,903			2,128,195
Redeemed		(602,342	)		(5,894,690	)		(152,416	)		(745,975	)		(244,859,850	)		(374,179,965	)
Change in shares		(380,599	)		(5,570,254	)		285,273			(395,522	)		(42,248,341	)		5,676,499

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Shares				Market Value
Common Stocks (96.6%)
Apparel (0.4%)
15,000		Gap, Inc.		$    468,750
Automotive (0.4%)
12,000		Ford Motor Co.		516,000
1,568		Visteon Corp.		19,306
				535,306
Banks (3.6%)
5,000		Bank Of America Corp.		215,000
3,100		Bank One Corp.		82,344
10,000		Chase Manhattan Corp.		460,625
40,000		Citigroup Inc.		2,410,000
7,000		Fifth Third Bancorp		442,750
16,000		Wells Fargo & Co.		620,000
				4,230,719
Beverages (1.0%)
20,000		Coca-Cola Co.		1,148,750
Biopharmaceuticals (1.3%)
10,600		Biogen Inc. (b)		683,700
12,000		MedImmune, Inc. (b)		888,000
				1,571,700
Business & Public Services (2.9%)
28,000		Ariba, Inc.(b)		2,745,313
5,000		CMG Information Services, Inc. (b)		229,063
7,000		United Parcel Service Class B		413,000
				3,387,376
Computers & Peripherals (12.1%)
90,000		Cisco Systems, Inc. (b)		5,698,125
20,000		Dell Computer Corp.(b)		986,250
70,000		EMC Corp-Mass(b)		5,385,618
2,400		Juniper Networks, Inc. (b)		349,350
14,000		Sun Microsystems, Inc. (b)		1,273,125
3,500		Veritas Software Corp. (b)		395,555
135		Virage, Inc. (b)		2,438
				14,090,461
Consumer Goods & Services (0.5%)
6,000		Sony Corp. ADR		565,875
Diversified (8.6%)
4,000		Convergys Corp. (b)		207,500
10,000		Du Pont (E. I.) De Nemours		437,500
1,200		Dynegy Inc. Class A		81,975
116,000		General Electric Co.		6,148,000
8,000		Honeywell International Inc.		269,500
6,000		Tyco International Ltd.		2,842,500
				9,986,975

Shares				Market Value
Common Stocks, continued
Electronic Technology (0.7%)
20,000		Solectron Corp. (b)		$    837,500
Financial Services (2.7%)
30,000		Charles Schwab Corp.		1,008,750
21,000		Firstar Corp.		442,313
9,500		Fleet Boston Financial Corp.		323,000
4,500		Goldman Sachs Group Inc.		426,938
11,000		Morgan Stanley Dean Witter & Co.		915,750
				3,116,751
Independent Power Producer (0.1%)
1,800		Calpine Corp. (b)		118,350
Insurance (1.4%)
14,000		American International Group		1,645,000
Media (4.8%)
13,000		Clear Channel Communications, Inc. (b)		975,000
32,000		SBC Communications, Inc.		1,384,000
43,040		Time Warner, Inc.		3,271,040
				5,630,040
Medical Supplies (1.2%)
3,500		Cardinal Health Inc.		259,000
11,200		Johnson & Johnson		1,141,000
				1,400,000
Oil-Integrated Companies (1.1%)
12,000		Exxon Mobil Corp.		942,000
5,000		Schlumberger Ltd.		373,125
				1,315,125
Pharmaceuticals (7.4%)
19,000		Amgen Inc. (b)		1,334,750
14,000		Bristol-Myers Squibb		815,500
11,540		Eli Lilly & Co.		1,152,558
3,500		PE Corp.-PE Biosystems Group		230,563
74,999		Pfizer, Inc.		3,599,952
17,800		Schering-Plough		898,900
5,000		Sepracor Inc. (b)		603,125
				8,635,348
Radio (0.1%)
3,000		Cox Radio Inc. Class A (b)		84,000
Retails (9.2%)
80,000		Home Depot, Inc.		3,995,000
6,000		Kohl’s Corp. (b)		333,750
14,000		Staples, Inc. (b)		215,250
30,000		Walgreen Co.		965,625
90,000		Wal-Mart Stores, Inc.		5,186,250
				10,695,875

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Shares				Market Value
Common Stocks, continued
Semiconductors (6.4%)
6,000		Broadcom Corp. Class A (b)		$  1,314,000
30,000		Intel Corp.		4,010,625
15,000		NETsilicon, Inc. (b)		491,250
2,500		Silicon Image, Inc. (b)		124,688
22,000		Texas Instruments, Inc.		1,511,125
				7,451,688
Software & Computer Services (13.6%)
3,000		Alteon Websystems, Inc. (b)		300,188
20,000		America Online Inc. (b)		1,055,000
30		Click Commerce Inc. (b)		678
4,000		Digex Inc. (b)		271,750
47,000		Exodus Communications, Inc. (b)		2,164,938
38,000		Genuity Inc. (b)		351,500
11,000		i2 Technologies, Inc. (b)		1,146,922
8,000		Infospace.com Inc. (b)		442,000
300		Lante Corp. (b)		6,131
58,000		Microsoft Corp. (b)		4,640,000
31,000		Oracle Corp. (b)		2,605,938
300		OTG Software Inc. (b)		8,569
3,000		Phone.com Inc. (b)		195,375
200		Selectica Inc. (b)		14,013
8,600		VeriSign Inc. (b)		1,517,900
6,700		Vitria Technology, Inc. (b)		464,550
6,000		Yahoo Inc. (b)		743,250
				15,928,702
Telecommunications-Equipment (10.0%)
315		Accelerated Networks, Inc. (b)		13,289
10,000		American Tower Corp. Class A		416,875
50		Avanex Corp. (b)		4,775
3,000		Corning Inc.		809,625
21,000		JDS Uniphase Corp. (b)		2,517,375
9,000		MRV Communications, Inc. (b)		605,250
45,000		Nokia Corp. ADR		2,247,188

Shares				Market Value
Common Stocks, continued
Telecommunications-Equipment, continued
40,000		Nortel Networks Corp.		$  2,730,000
500		NorthEast Optic Network, Inc. (b)		30,813
6,000		Qualcomm Inc.(b)		360,000
100		Stratos Lightwave, Inc. (b)		2,788
35,000		Vodafone Air Touch PLC ADR		1,450,313
14,000		Williams Communications Group, Inc. (b)		464,625
				11,652,916
Utilities-Energy Products (0.9%)
3,000		AES Corp.		136,875
14,000		Enron Corp.		903,000
				1,039,875
Utilities-Telecommunications (6.2%)
20,000		Broadwing, Inc. (b)		518,750
13,500		Global Crossing Ltd. (b)		355,219
100,000		MCI Worldcom Inc. (b)		4,587,500
10,000		Nextel Communications Inc. (b)		611,875
9,000		Sprint Corp. (FON Group)		459,000
11,000		Sprint Corp. (PCS Group) (b)		654,500
				7,186,844
Total Common Stocks (Identified Cost $77,833,465)				112,723,926
Investment Companies (3.3%)
168,485		Dreyfus Treasury Prime Fund		168,485
738,885		Fidelity Institutional Treasury Money Market Fund		738,885
2,950,659		Merrill Lynch Government Money Market Fund		2,950,659
Total Investment Companies (Identified Cost $3,858,029)				3,858,029
Total Investments (Identified Cost $81,691,494) (a)				$116,581,955

(a)	The cost of investments for federal tax purposes amounts to $81,848,022. The net unrealized appreciation of investments on a federal tax basis amounts to $34,733,933 which is comprised of $38,431,158 appreciation and $3,697,225 depreciation at June 30, 2000.

(b)	Represents non-income producing securities.

---

---

THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Shares				Market Value
Common Stocks (60.7%)
Banks (2.5%)
6,000		Bank of America Corp.		$        258,000
5,000		Bank One Corp.		132,813
5,000		First Union Corp.		124,063
8,000		Firstar Corp.		168,500
3,000		Mellon Financial Corp.		109,313
				792,689
Computers & Peripherals (8.3%)
15,000		Cisco Systems, Inc. (b)		949,688
12,000		EMC Corp-Mass		923,250
8,000		Sun Microsystems, Inc. (b)		727,500
				2,600,438
Consumer Products (0.7%)
5,000		Clorox Co.		224,062
Diversified (4.5%)
13,000		General Electric Co.		689,000
15,000		Tyco International Ltd.		710,625
				1,399,625
Financial Services (2.0%)
7,000		Citigroup Inc.		421,750
4,000		Fannie Mae		208,750
				630,500
Independent Power Producer (2.3%)
6,000		Calpine Corp. (b)		394,500
1,000		Dynegy Inc. Class A		68,312
1,000		Enron Corp.		64,500
10,000		NRG Energy, Inc. (b)		182,500
				709,812
Insurance (1.5%)
3,000		American International Group		352,500
2,000		Jefferson-Pilot Corp.		112,875
				465,375
Medical Supplies (1.6%)
5,000		Johnson & Johnson		509,375
Media (3.1%)
2,000		Clear Channel Communications, Inc. (b)		150,000
11,000		Time Warner, Inc.		836,000
				986,000
Oil-Integrated Companies (0.3%)
1,000		Exxon Mobil Corp.		78,500
Oil & Gas Exploration, Production & Services (1.0%)
4,000		Schlumberger, Ltd.		298,500
Pharmaceuticals (8.5%)
9,000		Amgen Inc. (b)		632,250
4,000		Biogen, Inc. (b)		258,000

Shares or Principal Amount				Market Value
Common Stocks, continued
Pharmaceuticals, continued
4,000		Bristol-Myers Squibb		$        233,000
6,500		Cardinal Health Inc.		481,000
2,000		Merck & Co., Inc.		153,250
13,750		Pfizer, Inc.		660,000
5,000		Schering-Plough		252,500
				2,670,000
Retail (8.5%)
15,750		Home Depot, Inc.		786,516
25,000		Staples, Inc. (b)		384,375
20,000		Walgreen Co.		643,750
15,000		Wal-Mart Stores, Inc.		864,375
				2,679,016
Semiconductors (4.7%)
2,000		Broadcom Corp. Class A (b)		438,000
15,000		Texas Instruments, Inc.		1,030,312
				1,468,312
Software & Computer Services (6.6%)
8,000		Exodus Communications, Inc. (b)		368,500
12,000		Microsoft Corp. (b)		960,000
9,000		Oracle Corp. (b)		756,562
				2,085,062
Telecommunications-Equipment (3.2%)
2,000		Corning Inc.		539,750
1,000		Nokia Corp. ADR		49,937
6,000		Nortel Networks Corp.		409,500
				999,187
Utilities-Telecommunications (1.5%)
10,500		MCI Worldcom Inc. (b)		481,688
Total Common Stocks (Identified Cost $13,755,684)				19,078,141
Corporate Bonds (2.3%)
Banks (1.1%)
$    400,000		Chase Capital I, Series A, 7.67%, 12/1/26,     Callable 12/1/06 @103.84, Guaranteed by     Chase Manhattan Corp.		353,000
Financial Services (1.2%)
400,000		Ford Motor Credit Co., 6.25%, 12/8/05		377,000
Total Corporate Bonds (Identified Cost $801,923)				730,000
U.S. Government Agencies (18.4%)
Federal Home Loan Mortgage Corp. (3.0%)
1,000,000		6.59%, 7/23/08, Callable 7/14/00 @ 100		942,730
Federal National Mortgage Assoc. (15.4%)
300,000		5.75%, 4/15/03		290,697
500,000		6.01%, 1/14/03		487,870

---

---

THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Principal Amount				Market Value
U.S. Government Agencies, continued
Federal National Mortgage Assoc., continued
$2,000,000		6.09%, 1/12/09		$    1,839,660
1,450,000		6.67%, 8/1/01		1,447,796
500,000		6.89%, 7/12/04		490,985
300,000		6.95%, 11/13/06		291,207
				4,848,215
Total U.S. Government Agencies (Identified Cost $6,067,508)				5,790,945
U.S Treasury Obligations (10.2%)
U.S. Treasury Bonds (7.1%)
1,000,000		7.25%, 5/15/16		1,100,310
1,000,000		7.50%, 11/15/16		1,126,250
				2,226,560

Shares or Principal Amount				Market Value
U.S Treasury Obligations, continued
U.S. Treasury Notes (3.1%)
$1,000,000		4.875%, 3/31/01		$        987,810
Total U.S. Treasury Obligations (Identified Cost $3,212,700)				3,214,370
Investment Companies (7.7%)
497,244		Dreyfus Treasury Prime Fund		497,244
1,059,163		Fidelity Institutional Treasury Money     Market Fund		1,059,163
878,562		Merrill Lynch Government Money Market     Fund		878,562
Total Investment Companies (Identified Cost $2,434,969)				2,434,969
Total Investments (Identified Cost $26,272,784) (a)				$  31,248,425

(a)	The cost of investments for federal tax purposes amounts to $26,367,624. The net unrealized appreciation of investments on a federal tax basis amounts to $4,880,801 which is comprised of $5,781,338 appreciation and $900,537 depreciation at June 30, 2000.

(b)	Represents non-income producing securities.

---

---

THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Shares				Market Value
Common Stocks (95.3%)
Apparel (0.2%)
4,000		American Eagle Outfitters (b)		$          56,000
Automotive Parts (1.6%)
20,000		Gentex Corp. (b)		502,500
Banks (0.8%)
16,000		National Commerce Bancorp		257,000
Biopharmaceuticals (7.4%)
30,900		MedImmune, Inc. (b)		2,286,600
Brokerage Services (1.6%)
10,000		Legg Mason Inc.		500,000
Computer & Peripherals (9.7%)
21,700		Comverse Technology, Inc. (b)		2,018,100
20,000		Internet Capital Group, Inc. (b)		740,312
12,000		MarchFirst, Inc. (b)		219,000
				2,977,412
Educational Institutions (0.8%)
9,600		DeVry Inc. (b)		253,800
Electrical Equipment (11.1%)
21,000		American Power Conversion Corp. (b)		857,063
30,000		Sanmina Corp. (b)		2,565,000
				3,422,063
Financial Services (3.6%)
10,000		Eaton Vance Corp.		462,500
15,900		SEI Investment Co.		633,019
				1,095,519
Food Processing (1.3%)
20,000		American Italian Pasta Class A (b)		413,750
Media (9.3%)
13,600		Digex Inc. (b)		923,950
23,800		Exodus Communications, Inc. (b)		1,096,287
29,000		Globix Corp. (b)		850,063
				2,870,300
Medical Laser Systems (0.1%)
10,000		LCA-Vision Inc. (b)		24,375

Shares				Market Value
Common Stocks, continued
Printing & Publishing (0.1%)
5,000		Multi Color Corp. (b)		40,000
Radio (2.7%)
30,000		Cox Radio Inc. Class A (b)		$        840,000
Retail-Specialty Stores (0.7%)
5,500		Bed Bath & Beyond, Inc. (b)		199,375
Semiconductors (18.0%)
50,000		NETsilicon, Inc. (b)		1,637,500
12,000		Novellus Systems, Inc. (b)		678,750
15,000		Plexus Corp. (b)		1,695,000
21,200		Vitesse Semiconductor Corp. (b)		1,559,525
				5,570,775
Software & Computer Services (20.0%)
10,300		Ariba, Inc. (b)		1,009,883
20,000		BEA Systems, Inc. (b)		988,750
14,000		i2 Technologies, Inc. (b)		1,459,719
24,000		ITXC Corp. (b)		849,750
13,400		Lernout & Hauspie Speech Products     N.V. (b)		590,438
14,400		RealNetworks, Inc. (b)		728,100
3,225		VeriSign, Inc. (b)		569,213
				6,195,853
Telecommunications-Equipment (4.8%)
9,000		MRV Communications, Inc. (b)		605,250
2,500		NorthEast Optic Network, Inc. (b)		154,062
12,700		Tuts Systems, Inc. (b)		728,662
				1,487,974
Utilities-Telecommunications (0.6%)
3,125		NTL Inc. (b)		187,109
Wholesale Distribution (0.9%)
6,000		Expeditors International of     Washington, Inc.		285,000
Total Common Stocks (Identified Cost $15,576,712)				29,465,405

---

---

THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Shares				Market Value
Investment Companies (4.8%)
1,279,238		Fidelity Institutional Treasury Money     Market Fund		$    1,279,238
187,604		Merrill Lynch Government Money Market     Fund		187,604
Total Investment Companies (Identified Cost $1,466,842)				1,466,842
Total Investments (Identified Cost $17,043,554) (a)				$  30,932,247

(a)	The cost of investments for federal tax purposes amounts to $17,120,736. The net unrealized appreciation of investments on a federal tax basis amounts to $13,811,511 which is comprised of $15,164,814 appreciation and $1,353,303 depreciation at June 30, 2000.

(b)	Represents non-income producing securities.

---

---

THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Shares				Market Value
Common Stocks (99.7%)
Automotive Parts (0.9%)
5,250		General Motors Corp.		$   304,828
Audio-Video Products (0.4%)
1,450		Sony Corp. ADR		136,753
Banks (19.3%)
21,000		Bank Of America Corp.		903,000
26,846		Bank One Corp.		713,097
25,000		Citigroup, Inc.		1,506,250
16,500		Chase Manhattan Corp.		760,031
35,500		First Union Corp.		880,844
20,000		Firstar Corp.		421,250
20,000		Fleet Boston Financial Corp.		680,000
6,500		State Street Corp.		689,406
				6,553,878
Beverages (2.2%)
13,550		Coca Cola Co.		778,278
Brokerage Services (3.7%)
11,000		Merrill Lynch & Co.		1,265,000
Computer And Peripherals (7.5%)
11,400		Cisco Systems, Inc. (b)		721,763
9,700		EMC Corp.-Mass		746,294
9,600		IBM Corp.		1,051,800
				2,519,857
Consumer Goods And Services (1.2%)
9,200		Clorox Co.		412,275
Containers-Paper/Plastic (0.5%)
8,800		Sonoco Products Co.		180,950
Diversified (5.9%)
28,500		General Electric Co.		1,510,500
14,000		Honeywell International, Inc.		471,625
				1,982,125
Entertainment (3.0%)
26,550		The Walt Disney Co.		1,030,472
Independent Power Producer (6.7%)
24,200		Calpine Corp. (b)		1,591,150
8,000		Dynegy, Inc.		546,500
8,000		NRG Energy, Inc. (b)		146,000
				2,283,650
Finance-Credit Card (1.2%)
7,500		American Express Co.		390,938
Insurance (0.8%)
5,000		Jefferson-Pilot Corp.		282,188

Shares				Market Value
Common Stocks, continued
Media (2.6%)
11,475		Time Warner, Inc.		$   872,100
Medical Supplies (1.4%)
4,575		Johnson & Johnson		466,078
Oil & Gas Exploration, Production & Services (1.2%)
5,225		Schlumberger, Ltd.		$389,916
Oil-Integrated Companies (3.8%)
10,000		Exxon Mobil Corp.		785,000
9,425		Texaco, Inc.		501,881
				1,286,881
Pharmaceuticals (7.5%)
14,800		Amgen, Inc. (b)		1,039,700
3,000		Biogen, Inc. (b)		193,500
2,500		Eli Lilly & Co.		249,688
21,687		Pfizer, Inc.		1,040,976
				2,523,864
Retail (1.5%)
9,000		Wal-Mart Stores, Inc.		518,625
Semiconductors (7.1%)
7,750		Intel Corp.		1,036,078
9,200		NetSilicon, Inc. (b)		301,300
15,300		Texas Instruments, Inc.		1,050,919
				2,388,297
Software & Computer Services (2.8%)
11,700		Microsoft Corp. (b)		936,000
Telecommunications-Equipment (5.3%)
20,000		Glenayre Technologies, Inc. (b)		211,250
8,000		Motorola, Inc.		232,500
19,800		Nortel Networks Corp.		1,351,350
				1,795,100
Telecommunications-Satellite (0.6%)
23,000		GlobalStar Telecommunications, Ltd. (b)		207,000
Utilities-Energy Products (6.4%)
9,100		AES Corporation		415,187
10,225		Enron Corp.		659,512
15,000		Montana Power Company		529,687
				1,604,386
Utilities-Telecommunications (7.8%)
31,200		Broadwing, Inc. (b)		809,250
10,300		CenturyTel, Inc.		296,125

---

---

THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Shares				Market Value
Common Stocks, continued
Utilities, continued
2,900		GTE Corp.		$    180,525
29,400		MCI Worldcom, Inc. (b)		1,348,725
				2,634,625
Total Common Stocks (Identified Cost ($29,658,574)				33,744,064

Shares				Market Value
Investment Companies (0.5%)
159,763		Fidelity Institutional Treasury Money Market     Fund		$      159,763
Total Investments (Identified Cost $29,818,337) (a)				$33,903,827

(a)	The cost of investments for federal tax purposes amounts to $29,939,458. The net unrealized appreciation of investments on a federal tax basis amounts to $3,964,369 which is comprised of $7,241,711 appreciation and $3,277,342 depreciation at June 30, 2000.

(b)	Represents non-income producing securities.

---

---

THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Principal Amount				Market Value
Corporate Bonds (17.2%)
Banks (4.6%)
$    600,000		Chase Capital I, Series A, 7.67%, 12/1/26,     Callable 12/1/06 @103.84, Guaranteed     by Chase Manhattan Corp.		$   529,500
500,000		Mellon Capital I, Series A, 7.72%, 12/1/26,     Callable 12/1/06 @103.86, Guaranteed     by Mellon Bank Corp.		442,500
1,000,000		Midland Bank PLC (HSBC) 6.95%,     3/15/11		925,000
				1,897,000
Financial Services (10.0%)
1,000,000		American Express Master Trust, Series     1998-1, Class A, 5.90%, 5/15/03,     ABS		969,660
1,398,213		Countrywide Home Loans, Inc., Series     1998-11, Class A10, 6.25%, 8/25/28,     CMO		1,375,563
937,016		Countrywide Home Loans, Inc., Series     1998-1, Class AF2, 6.27%, 4/25/28,     ABS		925,492
531,851		Merrill Lynch Mortgage Investors, Inc.,     8.50%, 07/15/17		531,463
114,919		Security Pacific Acceptance Corp., Series     1995-1, Class A2, 6.70%, 4/10/20,     ABS		114,596
250,000		Toyota Motor Credit Corp., 7.13%,     9/26/06, Callable 9/26/00 @100,     MTN		242,187
				4,158,961
Food Processing & Packaging (1.2%)
500,000		McCormick & Co., Inc., 8.95%, 7/1/01		509,375
Oil & Gas Transmission (0.9%)
356,000		Trans-Canada Pipelines Ltd., 6.77%,     4/30/01, MTN		353,330
Utilities-Electric & Gas (0.5%)
200,000		Oklahoma Gas & Electric Co., 6.25%,     10/15/00		199,500
Total Corporate Bonds (Identified Cost $7,409,827)				7,118,166
U.S. Government Agencies (66.3%)
Federal Agricultural Mortgage Corp. (2.2%)
1,000,000		5.90%, 3/3/09		920,133
Federal Home Loan Bank (16.1%)
2,000,000		6.375%, 8/15/06		1,932,460
4,000,000		6.75%, 5/1/02		3,988,880
725,000		6.85%, 12/27/04		712,692
				6,634,032

Principal Amount				Market Value
U.S. Government Agencies, continued
Federal Home Loan Mortgage Corp. (7.5%)
$   225,000		6.20%, 4/15/03		$   221,114
1,095,000		6.22%, 3/18/08		1,020,124
1,500,000		6.60%, 7/20/10		1,397,370
500,000		6.89%, 3/01/11		470,485
				3,109,093
Federal National Mortgage Association (29.2%)
1,000,000		5.25%, 1/15/09		877,540
1,825,841		5.50%, 4/1/24 Pool #280553		1,648,461
533,076		6.00%, 2/01/03		518,513
590,318		6.00%, 5/1/03 Pool #347156		573,559
1,000,000		6.00%, 5/15/08		930,730
1,000,000		6.03%, 2/2/09		916,510
1,000,000		6.40%, 5/14/09		932,500
1,000,000		6.50%, 12/25/07, Series 1993-43, Class     H, CMO		981,070
3,000,000		6.50%, 10/25/28, Series 1998-58, Class     PC, CMO		2,741,460
1,000,000		6.71%, 3/13/02		993,670
1,000,000		7.55%, 3/27/07, Series 07-B, Callable     7/14/00 @100		984,300
				12,098,313
Government National Mortgage Association (5.9%)
359,593		7.00%, 11/15/08 Pool #363175		357,422
413,285		7.00%, 1/15/09 Pool #363194		410,690
1,371,486		7.00%, 2/15/09 Pool #383488		1,362,887
309,052		8.00%, 5/15/23, Pool #351752		312,078
				2,443,077
Private Export Funding Corp. (2.4%)
1,000,000		6.24%, 5/15/02, Series VV, Guaranteed by     Export-Import Bank of The United     States		988,750
Tennessee Valley Authority (3.0%)
1,250,000		6.235%, 7/15/45, Series B, Callable     7/15/20 @100, Putable 7/15/01     @100		1,240,625
Total U.S. Government Agencies (Identified Cost $28,681,220)				27,434,023
U.S. Treasury Bonds (10.6%)
4,000,000		7.25%, 5/15/16 (Identified Cost     $4,341,388)		4,401,240

---

---

THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Shares				Market Value
Investment Companies (5.1%)
67,390		Dreyfus Treasury Prime Fund		$    67,390
2,024,170		Fidelity Institutional Treasury Money     Market Fund		2,024,170
Total Investment Companies (Identified Cost $2,091,560)				2,091,560
Total Investments (Identified Cost $42,523,995) (a)				$41,044,989

(a)	The cost of investments for federal tax purposes amounts to $42,545,604. The net unrealized depreciation of investments on a federal tax basis amounts to $1,500,615 which is comprised of $70,284 appreciation and $1,570,899 depreciation at June 30, 2000.

---

---

THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Principal Amount		Security Description		Market Value
Commercial Paper (23.5%)
Beverages (2.6%)
$4,000,000		Coca-Cola, 6.07%, 7/13/00		$    3,991,907
Brokerage Services (7.2%)
6,000,000		Merrill Lynch & Co., 6.55%, 8/8/00		5,958,517
5,000,000		Morgan Stanley Dean Witter & Co.,     6.62%, 8/23/00		4,951,269
				10,909,786
Financial Services (6.5%)
5,000,000		Ford Motor Credit Co., 6.50%, 8/10/00		4,963,889
5,000,000		General Motors Acceptance Corp.,     6.68%, 9/05/00		4,938,767
				9,902,656
Paint & Related Products (3.9%)
6,000,000		Sherwin Co., 6.55%, 8/14/00		5,951,968
Telecommunications (3.3%)
5,000,000		Bell South, 6.25%, 7/05/00		4,996,528
Total Commercial Paper				35,752,845
U.S. Government Agencies (59.0%)
Federal Agricultural Mortgage Corp. (3.9%)
3,000,000		7.61%, 10/16/00		3,004,884
3,000,000		Discount Note, 11/13/00		2,937,787
				5,942,671
Federal Home Loan Bank (28.3%)
1,500,000		4.89%, 12/22/00		1,481,928
2,000,000		5.99%, 12/06/00		1,999,236
3,000,000		5.90%, 1/05/01		2,907,567
5,000,000		Discount Note, 7/26/00		4,978,854
5,000,000		6.02%, 8/02/00		4,973,244
8,000,000		Discount Corp., 7/21/00		7,971,467
5,000,000		6.39%, 7/19/00		4,984,025
5,000,000		Discount Note, 9/22/00		4,925,185
5,000,000		Discount Note, 9/20/00		4,927,438
4,000,000		Discount Note, 9/13/00		3,947,048
				43,095,992

Principal Amount		Security Description		Market Value
U.S. Government Agencies, continued:
Federal Home Loan Mortgage Corp. (12.5%)
$ 3,000,000		6.6%, 10/12/00		$    2,997,475
5,000,000		Discount Note, 7/13/00		4,989,916
5,000,000		Discount Note, 8/24/00		4,951,175
5,000,000		Discount Note, 9/21/00		4,926,427
1,200,000		5.14%, 2/08/01		1,189,639
				19,054,632
Federal National Mortgage Association (14.3%)
5,000,000		6.16%, 10/12/00		4,911,878
3,000,000		Discount Note, 11/30/00		2,917,033
4,000,000		5.81%, 7/06/00		3,996,772
5,000,000		Discount Note, 7/20/00		4,983,982
5,000,000		5.97%, 7/31/00		4,999,560
				21,809,225
Total U.S. Government Agencies				89,902,520
Repurchase Agreements (17.9%)
27,226,000		Morgan Stanley Dean Witter & Co.,     6.25%, dated 6/30/00, due 7/03/00     (Collateralized by U.S. Government     Agency Securities)		27,226,000
Total Investments (at amortized cost)(a)				$152,881,365

(a)	Also represents cost for Federal tax purposes.

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

The Riverfront Funds, Inc. was organized on March 27, 1990, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. Effective December 29, 1998, The Riverfront Funds, Inc., a Maryland corporation, changed its form of organization from that of a Maryland corporation to an Ohio business trust by completing a reorganization with The Riverfront Funds, an Ohio business trust (the “Trust”), created for such purpose. The Trust is authorized to issue six series of shares of beneficial interest, without par value, representing interests in different portfolios of securities as follows: The Riverfront Large Company Select Fund, The Riverfront Balanced Fund, The Riverfront Small Company Select Fund, The Riverfront Income Equity Fund, The Riverfront U.S. Government Income Fund and The Riverfront U.S. Government Securities Money Market Fund (each, a “Fund”; and collectively, the “Funds”).

The investment objective of the Large Company Select Fund is to seek long term growth of capital with current income as a secondary objective. The investment objective of the Balanced Fund is to seek long-term growth of capital with some current income as a secondary objective. The investment objective of the Small Company Select Fund is to seek capital growth. The investment objective of the Income Equity Fund is to seek a high level of investment income, with capital appreciation as a secondary objective, through investment primarily in income-producing equity securities of U.S. issuers. The investment objective of the U.S. Government Income Fund is to seek a high level of current income, consistent with preservation of capital, by investing primarily in securities issued or guaranteed by the U.S. government, its agencies and instrumentalities and in high quality fixed rate and adjustable rate mortgage-backed securities and other asset-backed securities. The investment objective of the U.S. Government Secu rities Money Market Fund is to seek current income from U.S. government short-term securities while preserving capital and maintaining liquidity.

The Trust is authorized to issue an unlimited number of shares of beneficial interest, without par value. Sales of shares of the Funds may be made to customers of The Provident Bank (“Provident”) and its affiliates, to all accounts of correspondent banks of Provident and to the general public.

The Large Company Select Fund, the Balanced Fund, the Small Company Select Fund, the Income Equity Fund and the U.S. Government Income Fund (collectively, “the variable net asset value funds”) each offer two share classes: Investor A Shares and Investor B Shares. The U.S. Government Securities Money Market Fund (the “money market fund”) offers only the Investor A Shares. Investor A Shares of the variable net asset value funds are subject to initial sales charges imposed at the time of purchase, in accordance with the Funds’ prospectus. Certain redemptions of the Investor B Shares of the variable net asset value funds made within seven years of purchase are subject to varying contingent deferred sales charges in accordance with the Funds’ prospectus. Investor B Shares, other than those purchased through reinvestment of dividends, convert automatically to Investor A Shares eight years after the date of their issuance. Investor B Shares purchased through dividend reinvestment are n ot subject to a contingent deferred sales charge. Each share class has identical rights and privileges, except with respect to (i) distribution and shareholder services (12b-1) fees paid by each share class, (ii) voting rights on matters specifically affecting a single share class, and (iii) the exchange privileges.

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with generally accepted accounting principles. The preparation of financial

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.

Securities Valuation:

Investments of the money market fund are valued at amortized cost, which approximates market value. Under the amortized cost method, discount or premium is amortized on a constant basis to the maturity of the security. In addition, the money market fund may not (a) purchase any instrument with a remaining maturity greater than 397 days unless such investment is subject to an appropriate demand feature, or (b) maintain a dollar-weighted-average fund maturity which exceeds 90 days, in each case calculated in accordance with Rule 2a-7 under the 1940 Act.

Investments in common and preferred stocks, corporate bonds, commercial paper and U.S. government securities of the variable net asset value funds are valued at their market values determined on the basis of the mean of the latest available bid and asked quotations as of the close of trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time), or closing sale prices on the principal exchange (closing sales prices on the over-the-counter National Market System) in which such securities are normally traded. Municipal bonds are valued by using market quotations or independent services that use prices provided by market makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value. Investments in investment companies are valued at their net asset values as reported by such investment companies. Other securities for which quotations are not readily available are valued at their fair value as determined in good faith under the supervision of the Trust’s Board of Trustees. The differences between the cost and market values of investments held by the variable net asset value funds are reflected as either unrealized appreciation or depreciation.

Security Transactions and Related Income:

Security transactions are accounted for on the date the security is purchased or sold (trade date). Realized gains or losses from sales of securities are determined on an identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the pro rata amortization of premium or discount. Dividend income is recorded on the ex-dividend date.

Repurchase Agreements:

The Funds may enter into repurchase agreements with financial institutions such as banks and broker/dealers which Provident, as investment adviser, deems creditworthy under guidelines approved by the Trust’s Board of Trustees, subject to the seller’s agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by each Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying fund securities. The seller, under a repurchase agreement, is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Securities subject to repurchase agreements are held by each Fund’s custodian or another qualified custodian or in the Federal Reserve/Treasury book-entry system. Repurchase agreements are considered to be loans by the Funds under the 1940 Act.

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Dividends to Shareholders:

Dividends from net investment income are declared daily and paid monthly for the money market fund. Dividends from net investment income are declared and generally paid monthly for each variable net asset value fund with the exception of the Small Company Select Fund which declares and pays any dividends semiannually. Net investment losses incurred by a Fund are offset against Capital in the accompanying Statements of Assets and Liabilities to the extent that short-term gains are not available in a given year. Distributable net realized capital gains, if any, are declared and distributed at least annually for each of the Funds. Any taxable distributions declared in December and paid in January of the following fiscal year will be taxable to shareholders in the year declared. Income and capital gain distributions are determined in accordance with federal income tax regulations which may differ from generally accepted accounting principles. 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 reclassification. Dividends and distributions to shareholders which exceed net investment income and net realized capital gains for financial reporting 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 distributions of capital.

Federal Taxes:

It is the Funds’ policy to comply with all requirements of the Internal Revenue Code of 1986, as amended (the Code) applicable to regulated investment companies and to distribute substantially all of their taxable income to their shareholders; therefore, no Federal tax provision is required.

As of December 31, 1999, the following Funds had capital loss carryforwards for tax purposes which are available to offset future capital gains, if any:

Income Equity Fund		$6,151,025		Expires 2007
U.S. Government Income Fund		256,740		Expires 2003
U.S. Government Securities Money Market Fund		2,230		Expires 2006

Under current tax law, capital losses realized subsequent to October 31 of the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year. The following deferred losses will be treated as arising on the first day of the fiscal year ended December 31, 2000:

U.S. Government Income Fund

$32,204

Other:

Expenses that are directly related to one of the Funds are charged directly to that Fund. Other operating expenses of the Trust are prorated to the Funds, generally on the basis of relative net assets. Fees paid under a Fund’s shareholder servicing or distribution plans are borne by the specific class of shares to which they apply.

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

All expenses in connection with the organization of the Large Company Select Fund and the registration of its shares under the Securities Act of 1933, as amended, were paid by the Fund. Such expenses are being amortized over a period of five years commencing with the inception date of the Fund.

Purchases and sales of securities (excluding short-term securities) for the six months ended June 30, 2000 are as follows:

		Purchases		Sales
Large Company Select Fund		$53,621,327		$41,403,019
Balanced Fund		6,415,257		5,970,144
Small Company Select Fund		7,284,830		5,116,565
Income Equity Fund		9,917,025		14,321,316
U.S. Government Income Fund		18,583,621		17,647,120

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Transactions in capital shares for the Funds were as follows:

		Large Company Select Fund
		Six Months Ended June 30, 2000			Year Ended December 31, 1999
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares issued		$17,690,112			$22,368,396
Dividends reinvested		—			627,456
Shares redeemed		(12,967,029	)		(7,850,245	)
Change in net assets from Investor A share transactions		$  4,723,083			$15,145,607
Investor B Shares:
Proceeds from shares issued		$  8,028,620			$14,199,068
Dividends reinvested		—			195,645
Shares redeemed		(2,076,599	)		(2,209,476	)
Change in net assets from Investor B share transactions		$  5,952,021			$12,185,237
SHARE TRANSACTIONS:
Investor A Shares:
Issued		1,008,994			1,439,010
Reinvested		—			33,898
Redeemed		(751,731	)		(506,286	)
Change in Investor A Shares		257,263			966,622
Investor B Shares:
Issued		469,429			949,060
Reinvested		—			10,813
Redeemed		(124,114)			(146,067)
Change in Investor B Shares		345,315			813,806

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

		Balanced Fund						Small Company Select Fund
		Six Months Ended June 30, 2000			Year Ended December 31, 1999			Six Months Ended June 30, 2000			Year Ended December 31, 1999
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares issued		$ 1,270,997			$ 5,215,058			$ 4,984,241			$ 2,453,810
Dividends reinvested		65,080			167,289			—			330,134
Shares redeemed		(1,952,844	)		(3,994,745	)		(4,493,794	)		(5,721,071	)
Change in net assets from Investor A                share transactions		$    (616,767	)		$  1,387,602			$      490,447			$  (2,937,127	)
Investor B Shares:
Proceeds from shares issued		$  2,217,069			$  5,451,206			$      883,726			$      368,780
Dividends reinvested		27,564			76,617			—			25,529
Shares redeemed		(1,587,543	)		(2,709,191	)		(258,819	)		(487,406	)
Change in net assets from Investor B                share transactions		$      657,090			$  2,818,632			$      624,907			$      (93,097	)
SHARE TRANSACTIONS:
Investor A Shares:
Issued		93,446			388,753			428,233			301,620
Reinvested		4,843			12,432			—			28,410
Redeemed		(144,570	)		(295,776	)		(405,657	)		(708,626	)
Change in Investor A Shares		(46,281	)		105,409			22,576			(378,596	)
Investor B Shares:
Issued		158,707			390,622			68,125			42,601
Reinvested		1,964			5,485			—			2,145
Redeemed		(113,156	)		(192,578	)		(20,334	)		(58,866	)
Change in Investor B Shares		47,515			203,529			47,791			(14,120	)

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

		Income Equity Fund						U.S. Government Income Fund
		Six Months Ended June 30, 2000			Year Ended December 31, 1999			Six Months Ended June 30, 2000			Year Ended December 31, 1999
CAPITAL TRANSACTIONS:
Investor A Shares:
Proceeds from shares issued		$ 2,338,981			$  3,002,649			$ 3,578,065			$ 2,428,766
Dividends reinvested		—			79,709			138,034			247,100
Shares redeemed		(4,548,816	)		(54,722,808	)		(1,150,437	)		(6,794,552	)
Change in net assets from Investor A                share transactions		$  (2,209,835	)		$  (51,640,450	)		$  2,565,662			$  (4,118,686	)
Investor B Shares:
Proceeds from shares issued		$      200,078			$        356,807			$      286,927			$      608,314
Dividends reinvested		—			6,786			21,860			45,467
Shares redeemed		(2,377,702	)		(6,069,959	)		(265,730	)		(308,471	)
Change in net assets from Investor B                share transactions		$  (2,177,624	)		$    (5,706,366	)		$        43,057			$      345,310
SHARE TRANSACTIONS:
Investor A Shares:
Issued		204,467			282,756			392,632			261,961
Reinvested		—			7,866			15,267			26,621
Redeemed		(396,736	)		(5,331,398	)		(126,613	)		(716,770	)
Change in Investor A Shares		(192,269	)		(5,040,776	)		281,286			(428,188	)
Investor B Shares:
Issued		17,276			33,158			27,673			57,557
Reinvested		—			656			2,117			4,314
Redeemed		(205,606	)		(563,292	)		(25,803	)		(29,205	)
Change in Investor B Shares		(188,330	)		(529,478	)		3,987			32,666

Investment Advisory Fee—Provident Investment Advisors, Inc., the Fund’s investment adviser (the “Adviser”), has entered into an Investment Advisory Agreement with the Trust whereby the Adviser supervises and manages the investment and reinvestment of the assets of the Funds. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund as listed below. The Adviser may voluntarily choose to waive any portion of its fee on the Large Company Select, Small Company Select, U.S. Government Income, and U.S. Government Securities Money Market Funds. The Adviser can modify or terminate this voluntary waiver on these Funds at any time at its sole discretion. Effective January 5, 2000, the Adviser enacted a contractual waiver for the Investment Advisory Fee for the Balanced Fund and the Income Equity Fund. The Adviser will limit its fee to 80 basis points for the Balanced Fund and 85 basi s points for the Income Equity Fund.

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THE RIVERFRONT FUNDS

JUNE 30, 2000 (UNAUDITED )

Fund		Annual Rate
Large Company Select Fund		0.80%
Balanced Fund		0.80%
Small Company Select Fund		0.80%
Income Equity Fund		0.85%
Income Fund		0.40%
Money Market Fund		0.15%

Administration—Federated Services Company (“FServ”), under an Agreement for administrative Services with the Trust, provides the Funds with certain administrative personnel and services. The fee paid to FServ is equal to 0.17% of the average daily net assets of each Fund.

Distribution Services Fee—Edgewood Services, Inc., (“Distributor”) is the principal underwriter and distributor of the Trust. The Trust has adopted Distribution Plans (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the terms of the Plans, the Funds will compensate the Distributor from the net assets of the fund to finance activities intended to result in the sale of the Fund’s Investor A Shares and Investor B Shares. The Plans provide that the Funds may incur annual distribution expenses up to 0.25% of the average daily net assets of each Fund’s Investor A Shares and up to 0.75% of the average daily net assets of each Fund’s Investor B Shares to compensate the Distributor. The Distributor does not retain these amounts generally, but uses the fee to compensate investment professionals such as banks, broker/dealers, trust departments of banks, and registered investment advisers, for marketing activities (such as advertising, printing and dist ributing prospectuses, and providing incentives to investment professionals), to promote sales of Shares so that overall Fund assets are maintained or increased.

Shareholder Service Fee—Under the terms of a Shareholder Services Plan, the Funds may pay compensation, in an amount not to exceed 0.25% of the average daily net assets of each Fund’s Investor A and B Shares, to banks and other financial institutions including Provident and its affiliates and the Distributor for providing shareholder services and maintaining shareholder accounts. As of June 30, 2000, there were no shareholder servicing agreements entered into on behalf of the Investor A or B Shares of any of the Funds.

Custodian, Fund Accounting and Recordkeeping Fees—Provident serves as custodian and fund accountant to the Funds. Under the terms of the Custodian, Fund Accounting and Recordkeeping Agreement, Provident is entitled to receive fees based on a percentage of the average daily net assets of each Fund.

Transfer and Dividend Disbursing Agent Fees and Expenses—Provident serves as transfer agent and dividend disbursing agent to the Trust. Under the terms of the Master Transfer and Recordkeeping Agreement, Provident is entitled to receive fees based on the number of shareholders of each Fund and to be reimbursed for certain out-of-pocket expenses.

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		Large Company Select Fund
		Period Ended June 30,						Year Ended December 31,												From January 2, 1997 through December 31, 1997 (a)
		2000*						1999						1998
		Investor A			Investor B			Investor A			Investor B			Investor A			Investor B			Investor A			Investor B
Net Asset Value, Beginning of     Period		$  17.59			$  17.18			$  13.89			$  13.69			$  11.34			$11.28			$  10.00			$10.00
Income from Investment Operations:
Net investment income		(0.07	)		(0.12	)		(0.10	)		(0.18	)		(0.05	)		(0.10	)		(0.00	)		(0.04	)
Net realized and unrealized gains         (losses) on investments		(0.05	)		(0.06	)		4.76			4.63			4.47			4.38			2.77			2.72
Total from Investment             Operations		(0.12	)		(0.18	)		4.66			4.45			4.42			4.28			2.77			2.68
Less Distributions:
Net realized gains		—			—			(0.96	)		(0.96	)		(1.87	)		(1.87	)		(1.40	)		(1.40	)
Tax return of capital		—			—			—			—			—			—			(0.03	)		—
Total Distributions		—			—			(0.96	)		(0.96	)		(1.87	)		(1.87	)		(1.43	)		(1.40	)
Net Asset Value, End of Period		$  17.47			$  17.00			$  17.59			$  17.18			$  13.89			$13.69			$  11.34			$11.28
Total Return (excludes     sales/redemption charge)		(0.68	)%		(1.05	)%		33.57	%		32.52	%		39.03	%		38.00	%		27.93	%(b)		26.97	%(b)
Ratios to Average Net Assets:
Expenses		1.49	%(c)		2.25	%(c)		1.51	%		2.26	%		1.66	%		2.41	%		1.69	%(c)		2.47	%(c)
Net investment loss		(0.83	)%(c)		(1.58	)%(c)		(0.75	)%		(1.50	)%		(0.48	)%		(1.28	)%		0.00	%(c)		(1.10	)%(c)
Supplementary Data:
Net Assets, end of period (000     omitted)		$85,267			$31,393			$81,318			$25,793			$50,801			$9,416			$33,614			$2,464
Portfolio Turnover (d)		39	%		39	%		35	%		35	%		69	%		69	%		39	%		39	%

(a)	Period from commencement of operations.

(b)	Not annualized.

(c)	Annualized.

(d)	Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.

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		Balanced Fund
		Period Ended June 30,						Years Ended December 31,
		2000*						1999						1998
		Investor A			Investor B			Investor A			Investor B			Investor A			Investor B
Net Asset Value, Beginning of Period		$  13.40			$  13.97			$  13.04			$  13.56			$  12.30			$  12.71
Income from Investment Operations:
Net investment income		0.08			0.03			0.18			0.07			0.23			0.11
Net realized and unrealized gains on         investments		0.55			0.59			1.51			1.56			2.84			2.95
Total from investment operations		0.63			0.62			1.69			1.63			3.07			3.06
Less Distributions:
Net investment income		(0.08	)		(0.03	)		(0.18	)		(0.07	)		(0.23	)		(0.11	)
In excess of net investment income		—			—			—			—			(2.10	)		(2.10	)
Net realized gains		—			—			(1.15	)		(1.15	)		—			—
Total distributions		(0.08	)		(0.03	)		(1.33	)		(1.22	)		(2.33	)		(2.21	)
Net Asset Value, End of Period		$  13.95			$  14.56			$  13.40			$  13.97			$  13.04			$  13.56
Total Return (excludes sales/redemption     charge)		4.75	%		4.43	%		13.15	%		12.10	%		25.29	%		24.34	%
Ratios to Average Net Assets:
Expenses		1.55	%(c)		2.38	%(c)		1.61	%		2.42	%		1.69	%		2.50	%
Net investment income		1.21	%(c)		0.41	%(c)		1.32	%		0.52	%		1.65	%		0.84	%
Expenses (before waivers)**		1.72	%(c)		2.48	%(c)		1.77	%		2.52	%		1.85	%		2.60	%
Net investment income (before waivers)**		1.04	%(c)		0.31	%(c)		1.15	%		0.42	%		1.49	%		0.74	%
Supplemental Data:
Net Assets, end of period (000 omitted)		$12,855			$18,580			$12,962			$17,167			$11,247			$13,895
Portfolio Turnover (d)		21	%		21	%		51	%		51	%		118	%		118	%

*	For the six months ended June 30, 2000 (unaudited).

**	During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.

(a)	Period from commencement of operations.

(b)	Represents total return for the Investor A Shares from January 1, 1995 to January 16, 1995 plus the total return for the Investor B Shares from January 17, 1995 to December 31, 1995.

(c)	Annualized.

(d)	Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.

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		Balanced Fund
		Years Ended December 31,															January 17, 1995 to December 31,
		1997						1996						1995			1995 (a)
		Investor A			Investor B			Investor A			Investor B			Investor A			Investor B
Net Asset Value, Beginning of Period		$11.69			$  12.04			$  11.36			$  11.70			$  9.79			$10.00
Income from Investment Operations:
Net investment income		0.23			0.12			0.31			0.26			0.35			0.25
Net realized and unrealized gains on         investments		1.71			1.77			0.33			0.34			1.66			1.79
Total from investment operations		1.94			1.89			0.64			0.60			2.01			2.04
Less Distributions:
Net investment income		(0.23	)		(0.12	)		(0.31	)		(0.26	)		(0.34	)		(0.24	)
In excess of net investment income		(1.10	)		(1.10	)		—			—			(0.10	)		(0.10	)
Net realized gains		—			—			—			—			—			—
Total distributions		(1.33	)		(1.22	)		(0.31	)		(0.26	)		(0.44	)		(0.34	)
Net Asset Value, End of Period		$12.30			$  12.71			$  11.69			$  12.04			$11.36			$11.70
Total Return (excludes sales/redemption     charge)		16.77	%		15.82	%		5.76	%		5.27	%		20.83	%		20.53	%(b)
Ratios to Average Net Assets:
Expenses		1.86	%		2.72	%		1.70	%		2.54	%		1.28	%		2.04	%(c)
Net investment income		1.80	%		0.93	%		2.87	%		2.03	%		3.48	%		2.69	%(c)
Expenses (before waivers)*		2.07	%		2.82	%		1.94	%		2.68	%		1.67	%		2.84	%(c)
Net investment income (before waivers)*		1.59	%		0.83	%		2.63	%		1.89	%		3.09	%		1.89	%(c)
Supplemental Data:
Net Assets, end of period (000 omitted)		$9,563			$11,483			$10,786			$10,008			$9,427			$5,030
Portfolio Turnover (d)		102	%		102	%		98	%		98	%		13	%		13	%

*	During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.

(a)	Period from commencement of operations.

(b)	Represents total return for the Investor A Shares from January 1, 1995 to January 16, 1995 plus the total return for the Investor B Shares from January 17, 1995 to December 31, 1995.

(c)	Annualized.

(d)	Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.

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		Small Company Select Fund
		Period Ended June 30,						Years Ended December 31,
		2000*						1999						1998
		Investor A			Investor B			Investor A			Investor B			Investor A			Investor B
Net Asset Value, Beginning of Period		$    11.44			$  11.72			$      7.89			$    8.14			$      9.17			$    9.49
Income from Investment Operations:
Net investment (loss)		(0.07	)		(0.11	)		(0.14	)		(0.20	)		(0.09	)		(0.15	)
Net realized and unrealized gains (losses)         on investment		2.04			2.07			3.85			3.94			(0.01	)		(0.02	)
Total from investment operations		1.97			1.96			3.71			3.74			(0.10	)		(0.17	)
Less Distributions:
Net realized gains		—			—			(0.16	)		(0.16	)		—			—
In excess of net investment income		—			—			—			—			(1.18	)		(1.18	)
Total distributions		—			—			(0.16	)		(0.16	)		(1.18	)		(1.18	)
Net Asset Value, End of Period		$    13.41			$  13.68			$    11.44			$  11.72			$      7.89			$    8.14
Total Return (excludes sales/redemption     charge)		17.22	%		16.72	%		47.08	%		46.01	%		(2.26	)%		(2.96	)%
Ratios to Average Net Assets:
Expenses		1.76	%(d)		2.48	%(d)		1.96	%		2.71	%		1.97	%		2.72	%
Net investment (loss)		(1.25	)%(d)		(1.99	)%(d)		(1.62	)%		(2.37	)%		(1.08	)%		(1.88	)%
Expenses (before waivers)**		1.76	%(d)		2.48	%(d)		1.96	%		2.71	%		1.97	%		2.72	%
Net investment (loss) (before waivers)**		(1.25	)%(d)		(1.99	)%(d)		(1.62	)%		(2.37	)%		(1.08	)%		(1.88	)%
Supplemental Data:
Net Assets, end of period (000 omitted)		$  27,992			$  2,907			$  23,633			$  1,931			$  19,826			$  1,455
Portfolio Turnover (e)		20	%		20	%		65	%		65	%		114	%		114	%

*	For the six months ended June 30, 2000 (unaudited)

**	During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.

(a)	Period from commencement of operations.

(b)

As of September 30, 1995, the Small Company Select Fund acquired all of the assets of the MIM Stock Appreciation Fund and the MIM Stock Growth Fund. Financial highlights for periods prior to September 30, 1995 represent the performance of the MIM Stock Appreciation Fund. The per share data for the periods prior to September 30, 1995 have been restated to reflect the impact of the change of net asset value of the Small Company Select Fund on September 30, 1995 from $17.34 to $10.00.

(c)	Not annualized.

(d)	Annualized.

(e)	Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.

(f)	Audited by other auditors.

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		Small Company Select Fund
		Years Ended December 31,												October 1, 1995 to December 31,						Year Ended September 30,
		1997						1996						1995 (b)						1995 (f)
		Investor A			Investor B			Investor A			Investor B			Investor A			Investor B (a)
Net Asset Value, Beginning     of Period		$    9.43			$  9.77			$    9.50			$ 9.91			$  10.00			$10.00			$    8.25
Income from Investment Operations:
Net investment (loss)		(0.04	)		(0.08	)		(0.14	)		(0.15	)		(0.01	)		(0.01	)		(0.07	)
Net realized and unrealized gains         (losses) on investment		1.75			1.77			1.10			1.04			(0.12	)		(0.08	)		2.14
Total from investment operations		1.71			1.69			0.96			0.89			(0.13	)		(0.09	)		2.07
Less Distributions:
Net realized gains		—			—			—			—			—			—			—
In excess of net investment income		(1.97	)		(1.97	)		(1.03	)		(1.03	)		(0.37	)		—			(0.32	)
Total distributions		(1.97	)		(1.97	)		(1.03	)		(1.03	)		(0.37	)		—			(0.32	)
Net Asset Value, End of Period		$    9.17			$  9.49			$    9.43			$  9.77			$  9.50			$9.91			$  10.00
Total Return (excludes     sales/redemption charge)		18.79	%		17.86	%		10.17	%		9.05	%		(1.20	)%(c)		(.90	)%(c)		25.12	%
Ratios to Average Net Assets:
Expenses		2.11	%		2.86	%		1.91	%		2.64	%		1.76	%(d)		2.30	%(d)		2.61	%
Net investment (loss)		(0.43	)%		(1.20	)%		(1.25	)%		(2.01	)%		(0.49	)%(d)		(1.69	)%(d)		(0.73	)%
Expenses (before waivers)*		2.11	%		2.86	%		1.91	%		2.64	%		1.77	%(d)		2.39	%(d)		2.61	%
Net investment (loss)     (before waivers)*		(0.43	)%		(1.20	)%		(1.25	)%		(2.01	)%		(0.50	)%(d)		(1.78	)%(d)		(0.73	)%
Supplemental Data:
Net Assets, end of period     (000 omitted)		$24,312			$1,265			$31,227			$  687			$40,995			$    72			$44,500
Portfolio Turnover (e)		67	%		67	%		162	%		162	%		46	%		46	%		197	%

*	During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.

(a)	Period from commencement of operations.

(b)

As of September 30, 1995, the Small Company Select Fund acquired all of the assets of the MIM Stock Appreciation Fund and the MIM Stock Growth Fund. Financial highlights for periods prior to September 30, 1995 represent the performance of the MIM Stock Appreciation Fund. The per share data for the periods prior to September 30, 1995 have been restated to reflect the impact of the change of net asset value of the Small Company Select Fund on September 30, 1995 from $17.34 to $10.00.

(c)	Not annualized.

(d)	Annualized.

(e)	Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.

(f)	Audited by other auditors.

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		Income Equity Fund
		Period Ended June 30,						Years Ended December 31,
		2000*						1999						1998
		Investor A			Investor B			Investor A			Investor B			Investor A			Investor B
Net Asset Value, Beginning of Period		$  11.22			$11.47			$  10.47			$  10.76			$  11.68			$  11.98
Income from Investment Operations:
Net investment income		(0.03	)		(0.09	)		0.03			(0.07	)		0.12			0.03
Net realized and unrealized gains (losses)         on investments		0.21			0.23			0.75			0.79			0.25			0.25
Total from Investment Operations		0.18			0.14			0.78			0.72			0.37			0.28
Less Distributions:
Net investment income		—			—			(0.00	)(e)		—			(0.12	)		(0.04	)
In excess of net investment income		—			—			—			—			(1.46	)		(1.46	)
Tax return of capital		—			—			(0.03	)		(0.01	)		—			—
Total distributions		—			—			(0.03	)		(0.01	)		(1.58	)		(1.50	)
Net Asset Value, End of Period		$  11.40			$11.61			$  11.22			$  11.47			$  10.47			$  10.76
Total Return (excludes sales/redemption     charge)		1.60	%		1.22	%		7.44	%		6.65	%		3.37	%		2.51	%
Ratios to Average Net Assets:
Expenses		1.72	%(b)		2.51	%(b)		1.84	%		2.63	%		1.76	%		2.54	%
Net investment income (loss)		(0.58	)%(b)		(1.37	)%(b)		0.22	%		(0.50	)%		1.03	%		0.25	%
Expenses (before waivers)**		1.86	%(b)		2.61	%(b)		1.87	%		2.63	%		1.79	%		2.54	%
Net investment income (loss) (before     waivers)**		(0.71	)%(b)		(1.46	)%(b)		0.19	%		(0.50	)%		1.00	%		0.25	%
Supplementary Data:
Net Assets, at end of period (000)		$24,309			$9,531			$26,075			$11,574			$77,144			$16,563
Portfolio Turnover (c)		28	%		28	%		128	%		128	%		129	%		129	%

*	For the six months ended June 30, 2000 (unaudited).

**	During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.

(a)	Period from commencement of operations.

(b)	Annualized.

(c)	Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.

(d)	Represents total return for the Investor A Shares from January 1, 1995 to January 16, 1995 plus the total return for the Investor B Shares from January 17, 1995 to December 31, 1995.

(e)	Actual Amount $(0.0038).

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		Income Equity Fund
		Years Ended December 31,															January 17, 1995 to December 31,
		1997						1996						1995			1995 (a)
		Investor A			Investor B			Investor A			Investor B			Investor A			Investor B
Net Asset Value, Beginning of Period		$  11.92			$  12.16			$  11.70			$11.85			$  10.15			$10.00
Income from Investment Operations:
Net investment income		0.16			0.06			0.21			0.12			0.27			0.13
Net realized and unrealized gains (losses)         on investments		3.11			3.17			2.12			2.21			2.89			2.78
Total from Investment Operations		3.27			3.23			2.33			2.33			3.16			2.91
Less Distributions:
Net investment income		(0.16	)		(0.06	)		(0.21	)		(0.12	)		(0.27	)		(0.13	)
In excess of net investment income		(3.35	)		(3.35	)		(1.90	)		(1.90	)		(1.34	)		(0.93	)
Tax return of capital		—			—			—			—			—			—
Total distributions		(3.51	)		(3.41	)		(2.11	)		(2.02	)		(1.61	)		(1.06	)
Net Asset Value, End of Period		$  11.68			$  11.98			$  11.92			$12.16			$  11.70			$11.85
Total Return (excludes sales/redemption charge)		28.20	%		27.19	%		19.88	%		19.67	%		31.45	%		29.28	%(d)
Ratios to Average Net Assets:
Expenses		1.75	%		2.55	%		1.76	%		2.48	%		1.49	%		2.46	%(b)
Net investment income		1.21	%		0.40	%		1.62	%		0.88	%		2.27	%		1.12	%(b)
Expenses (before waivers)*		1.80	%		2.55	%		1.85	%		2.54	%		1.74	%		2.51	%(b)
Net investment income (before waivers)*		1.16	%		0.40	%		1.53	%		0.82	%		2.02	%		1.07	%(b)
Supplementary Data:
Net Assets, at end of period (000)		$83,841			$17,563			$73,368			$7,632			$60,845			$2,833
Portfolio Turnover (c)		157	%		157	%		166	%		166	%		180	%		180	%

*	During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.

(a)	Period from commencement of operations.

(b)	Annualized.

(c)	Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.

(d)	Represents total return for the Investor A Shares from January 1, 1995 to January 16, 1995 plus the total return for the Investor B Shares from January 17, 1995 to December 31, 1995.

(e)	Actual Amount $(0.0038).

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		U.S. Government Income Fund
		Period Ended June 30,						Years Ended December 31,
		2000*						1999						1998
		Investor A			Investor B			Investor A			Investor B			Investor A			Investor B
Net Asset Value, Beginning of Period		$    9.02			$10.28			$    9.65			$10.93			$    9.48			$10.68
Income from Investment Operations:
Net investment income		0.25			0.28			0.48			0.45			0.47			0.44
Net realized and unrealized gains (losses)         on investments		0.12			0.11			(0.62	)		(0.69	)		0.17			0.19
Total from investment operations		0.37			0.39			(0.14	)		(0.24	)		0.64			0.63
Less Distributions:
Net investment income		(0.26	)		(0.22	)		(0.49	)		(0.41	)		(0.47	)		(0.38	)
In excess of net investment income		—			—			—			—			—			—
Total distributions		(0.26	)		(0.22	)		(0.49	)		(0.41	)		(0.47	)		(0.38	)
Net Asset Value, End of Period		$    9.13			$10.45			$    9.02			$10.28			$    9.65			$10.93
Total Return (excludes sales/redemption     charge)		4.20	%		3.84	%		(1.43	)%		(2.25	)%		6.95	%		6.03	%
Ratios to Average Net Assets:
Expenses		1.06	%(b)		1.87	%(b)		1.08	%		1.89	%		1.12	%		1.93	%
Net investment income		5.83	%(b)		5.03	%(b)		5.18	%		4.40	%		4.90	%		4.09	%
Expenses (before waivers)**		1.12	%(b)		1.87	%(b)		1.14	%		1.89	%		1.18	%		1.93	%
Net investment income (before     waivers)**		5.77	%(b)		5.03	%(b)		5.12	%		4.40	%		4.84	%		4.09	%
Supplemental Data:
Net Assets, end of period (000 omitted)		$39,762			$1,621			$36,720			$1,554			$43,411			$1,294
Portfolio Turnover (c)		48	%		48	%		74	%		74	%		109	%		109	%

*	For the six months ended June 30, 2000 (unaudited).

**	During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.

(a)	Period from commencement of operations.

(b)	Annualized.

(c)	Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.

(d)	Represents total return for the Investor A Shares from January 1, 1995 to January 16, 1995 plus the total return for the Investor B Shares from January 17, 1995 to December 31, 1995.

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		U.S. Government Income Fund
		Years Ended December 31,															January 17, 1995 to December 31
		1997						1996						1995			1995 (a)
		Investor A			Investor B			Investor A			Investor B			Investor A			Investor B
Net Asset Value, Beginning of Period		$    9.43			$10.64			$    9.71			$10.95			$    8.92			$10.00
Income from Investment Operations:
Net investment income		0.49			0.48			0.52			0.49			0.54			0.43
Net realized and unrealized gains (losses)         on investments		0.14			0.14			(0.29	)		(0.31	)		0.79			0.94
Total from investment operations		0.63			0.62			0.23			0.18			1.33			1.37
Less Distributions:
Net investment income		(0.50	)		(0.49	)		(0.51	)		(0.49	)		(0.54	)		(0.42	)
In excess of net investment income		(0.08	)		(0.09	)		—			—			—			—
Total distributions		(0.58	)		(0.58	)		(0.51	)		(0.49	)		(0.54	)		(0.42	)
Net Asset Value, End of Period		$    9.48			$10.68			$    9.43			$10.64			$    9.71			$10.95
Total Return (excludes     sales/redemption charge)		6.94	%		6.07	%		2.51	%		1.72	%		15.22	%		13.96	%(d)
Ratios to Average Net Assets:
Expenses		1.14	%		1.95	%		1.11	%		1.96	%		1.09	%		1.90	%(b)
Net investment income		5.40	%		4.56	%		5.45	%		4.59	%		5.74	%		4.80	%(b)
Expenses (before waivers)*		1.20	%		1.95	%		1.20	%		1.96	%		1.18	%		1.90	%(b)
Net investment income (before waivers)*		5.34	%		4.56	%		5.36	%		4.59	%		5.65	%		4.80	%(b)
Supplemental Data:
Net Assets, end of period (000 omitted)		$49,017			$1,309			$33,694			$1,296			$36,538			$1,263
Portfolio Turnover (c)		71	%		71	%		53	%		53	%		75	%		75	%

*	During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.

(a)	Period from commencement of operations.

(b)	Annualized.

(c)	Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.

(d)	Represents total return for the Investor A Shares from January 1, 1995 to January 16, 1995 plus the total return for the Investor B Shares from January 17, 1995 to December 31, 1995.

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		U.S. Government Securities Money Market Fund
		Period Ended June 30, 2000*			Years Ended December 31,
		Investor A			1999			1998			1997			1996			1995
Net Asset Value, Beginning of Year		$    1.000			$    1.000			$    1.000			$    1.000			$    1.000			$    1.000
Income from Investment Operations:
Net investment income		0.027			0.045			0.048			0.049			0.046			0.050
Less Distributions:
Net investment income		(0.027	)		(0.045	)		(0.048	)		(0.049	)		(0.046	)		(0.050	)
Net Asset Value, End of Year		$    1.000			$    1.000			$    1.000			$    1.000			$    1.000			$    1.000
Total Return		2.69	%		4.61	%		4.93	%		5.02	%		4.89	%		5.52	%
Ratios to Average Net Assets:
Expenses		0.60	%(a)		0.58	%		0.66	%		0.64	%		0.59	%		0.58	%
Net investment income		5.84	%(a)		4.53	%		4.82	%		4.90	%		4.78	%		5.34	%
Expenses (before waivers)**		0.77	%(a)		0.73	%		0.81	%		0.79	%		0.84	%		0.83	%
Net investment income (before waivers)**		5.68	%(a)		4.38	%		4.67	%		4.75	%		4.53	%		5.09	%
Supplemental Data:
Net Assets, end of year (000 omitted)		$152,279			$194,528			$188,847			$142,569			$181,017			$157,495

*	For the six months ended June 30, 2000 (unaudited).

**	During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.

(a)	Annualized.

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The Riverfront Funds, Inc.

INVESTMENT ADVISER
Provident Investment Advisors, Inc.
One East Fourth Street
Cincinnati, Ohio 45202

DISTRIBUTOR Edgewood Services, Inc.
5800 Corporate Drive
Pittsburgh, PA 15237-5829

FOR ADDITIONAL INFORMATION CALL:
The Provident Bank
Mutual Fund Services
1-800-424-2295

This report must be preceded or accompanied by the Funds' prospectus which contains facts concerning its objectives and policies, management fees, expenses and other information.

Cusip 768709602
Cusip 768709701
Cusip 768709404
Cusip 768709800
Cusip 768709842
Cusip 768709834
Cusip 768709107
Cusip 768709867
Cusip 768709859
Cusip 768709305
Cusip 768709875
G02569-01 (8/00)