Exhibit (17)(d) Fifth Third Funds Semi-Annual Report FIFTH THIRD PRIME MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- COMMERCIAL PAPER - 66.2% BANKS - 19.2% - -------------------------------------------------------------------------------- $10,000 ABN Amro, 2/5/01 $ 9,993 10,000 ABN Amro, 7/9/01 9,772 6,000 Banc One Corp., 2/28/01 5,971 10,000 Bank of Montreal, 6/4/01 9,822 6,780 Banque Nationale de Paris, 4/10/01 6,709 10,000 Deutsche Bank, 2/15/01 9,975 10,000 Deutsche Bank, 3/5/01 9,943 10,000 Dexia, 2/26/01 9,955 10,000 Dexia, 3/14/01 9,928 10,000 Dexia, 4/3/01 9,897 5,000 Rabobank, 7/18/01 4,880 10,000 Societe Generale, 2/21/01 9,964 10,000 Societe Generale, 3/20/01 9,918 10,000 Societe Generale, 4/12/01 9,875 10,000 Societe Generale, 7/9/01 9,773 15,000 Toronto Dominion, 5/4/01 14,775 15,000 Toronto Dominion, 7/9/01 14,656 10,000 Wells Fargo & Co., 2/28/01 9,951 10,000 Wells Fargo & Co., 3/8/01 9,937 - -------------------------------------------------------------------------------- Total 185,694 - -------------------------------------------------------------------------------- BROKERAGE - 17.7% - -------------------------------------------------------------------------------- 10,000 Credit Suisse First Boston, Inc., 2/12/01 9,980 10,000 Credit Suisse First Boston, Inc., 2/12/01 9,930 10,000 Credit Suisse First Boston, Inc. 5/17/01 9,813 10,000 Credit Suisse First Boston, Inc., 5/29/01 9,826 10,000 Goldman Sachs Group, 2/14/01 9,976 10,000 Goldman Sachs Group, 4/11/01 9,877 10,000 Goldman Sachs Group, 4/30/01 9,872 5,000 Goldman Sachs Group, 5/11/01 4,916 10,000 Merril Lynch & Co., 2/2/01 9,998 9,887 Merril Lynch & Co., 4/12/01 9,779 10,000 Salomon Smith Barney, Inc., 2/6/01 9,992 30,000 U.B.S. Finance, 2/1/01 30,000 30,000 U.B.S. Finance, 2/1/01 30,000 7,500 U.B.S. Finance, 5/4/01 7,397 - -------------------------------------------------------------------------------- Total 171,356 - -------------------------------------------------------------------------------- CONSUMER PRODUCTS - 1.5% - -------------------------------------------------------------------------------- 15,000 Procter & Gamble, 3/7/01 14,920 - -------------------------------------------------------------------------------- ENERGY - 4.3% - -------------------------------------------------------------------------------- 7,000 BP, 2/1/01 7,000 10,000 Chevron Corp., 3/14/01 9,926 15,000 Chevron Corp., 3/22/01 14,871 10,000 Chevron Corp., 4/26/01 9,874 - -------------------------------------------------------------------------------- Total 41,671 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- FINANCIAL - 13.9% - -------------------------------------------------------------------------------- $15,000 American Express Credit Corp., 2/21/01 $ 14,952 15,000 American Express Credit Corp., 3/2/01 14,924 5,000 American Express Credit Corp., 5/18/01 4,911 10,000 Associates, 2/12/01 9,983 10,000 General Electric Capital Corp., 3/16/01 9,927 10,000 General Electric Capital Corp., 4/4/01 9,893 5,000 General Electric Capital Corp., 5/8/01 4,931 10,000 General Motors Acceptance Corp., 2/9/01 9,985 10,000 IBM Credit Corp., 2/1/01 10,000 10,000 Metlife Funding, 2/16/01 9,973 10,000 Pitney Bowes, 2/20/01 9,966 10,000 Toyota Corp., 2/8/01 9,987 15,000 Toyota Corp., 2/23/01 14,942 - -------------------------------------------------------------------------------- Total 134,374 - -------------------------------------------------------------------------------- MISCELLANEOUS - 3.6% - -------------------------------------------------------------------------------- 25,000 Dupont, 2/27/01 24,897 10,050 Tribune Co., 2/14/01 10,026 - -------------------------------------------------------------------------------- Total 34,923 - -------------------------------------------------------------------------------- TELECOMMUNICATIONS - 1.1% - -------------------------------------------------------------------------------- 10,000 Bell South, 2/22/01 9,962 - -------------------------------------------------------------------------------- UTILITIES - 4.9% - -------------------------------------------------------------------------------- 15,000 MEAG 6.58%, 3/6/01 15,000 10,000 MEAG 6.53%, 4/5/01 10,000 10,000 National Rural, 3/26/01 9,905 8,000 National Rural, 4/17/01 7,893 5,000 National Rural, 8/23/01 4,830 - -------------------------------------------------------------------------------- Total 47,628 - -------------------------------------------------------------------------------- Total Commercial Paper 640,528 - -------------------------------------------------------------------------------- CORPORATE BONDS - 23.5% BANKS - 6.3% - -------------------------------------------------------------------------------- 2,000 ABN Amro Bank, 6.625%, 10/31/01 1,998 5,000 Banc One Corp., Floating Rate Note, 4/19/01, (5.79%, 4/19/01) (b) 5,000 4,350 Bank of America NA, 6.350%, 3/15/01 4,346 2,000 Bank of America NA, Floating Rate Note, 6/11/01, (6.63%, 3/11/01)(b) 2,000 15,000 Bayerishe Landesbank NY, 5.625%, 2/26/01 14,996 4,600 Bayerishe Landesbank NY, 6.600%, 5/24/01 4,598 5,000 Chase Manhattan Corp., Floating Rate Note, 4/26/01, (5.64%, 4/26/01)(b) 5,000 5,750 Wells Fargo Co., 6.250%, 3/15/01 5,746 1,570 Wells Fargo Co., 6.875%, 5/10/01 1,569 4,000 West Deutsche Landesbk NY, Floating Rate Note, 3/23/01, (5.71%, 2/23/01)(b) 4,000 12,000 West Deutsche Landesbk NY, 6.670%, 9/28/2001 12,092 - -------------------------------------------------------------------------------- Total 61,345 - -------------------------------------------------------------------------------- (See Notes which are an integral part of the Financial Statements) FIFTH THIRD PRIME MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- BROKERAGE - 3.9% - -------------------------------------------------------------------------------- $ 4,000 Bank One, Floating Rate Note, 11/17/00, (6.090%, 2/18/00) (b) $ 4,001 8,370 Merrill Lynch & Co., 5.710%, 1/15/02 8,404 8,500 Merrill Lynch & Co., 6.70%, 2/7/01 8,500 2,250 Merrill Lynch & Co., Floating Rate Note, 5/30/01, (5.78%, 2/28/01)(b) 2,250 15,000 Morgan JP & Co., Floating Rate Note, 3/16/01, (5.87%, 2/15/01)(b) 15,001 3,500 Salomon Smith Barney Inc., 5.875%, 2/1/01 3,500 - -------------------------------------------------------------------------------- Total 37,655 - -------------------------------------------------------------------------------- FINANCIAL - 10.0% - -------------------------------------------------------------------------------- 5,000 American Express Credit Corp., 6.125%, 11/15/01 5,014 2,550 Associates Corp. NA, 5.875%, 5/16/01 2,544 1,250 Associates Corp. NA, 6.700%, 5/29/01 1,250 5,500 Associates Corp. NA, 6.450%, 10/15/01 5,499 5,000 Associates Corp. NA, 6.730%, 10/22/01 4,999 3,200 AT&T Capital Corp., 6.800%, 2/1/01 3,200 3,600 AT&T Capital Corp., 6.250%, 5/15/01 3,589 8,200 Capital One Funding Corp., Floating Rate Note, 1/2/19, (5.93%, 2/6/01) (b) 8,200 6,800 Capital One Funding Corp., Floating Rate Note, 10/1/21, (5.850%, 2/5/01) (b) 6,800 5,900 Chrysler Financial Co., 5.875%, 2/7/01 5,899 1,000 Chrysler Financial Co., 6.080%, 3/6/01 999 1,250 Chrysler Financial Co., 6.080%, 3/12/01 1,249 10,000 CIT Croup Inc., Floating Rate Note, 2/14/01, (6.10%, 2/14/01)(b) 10,000 1,390 CIT Group Inc., 6.700%, 2/26/01 1,389 4,750 Ford Motor Credit Co., 6.570%, 3/19/01 4,748 2,000 General Motors Acceptance Corp., 7.875%, 3/7/01 2,001 6,500 General Motors Acceptance Corp., 5.350%, 4/16/01 6,478 3,000 General Motors Acceptance Corp., 6.650%, 4/25/01 2,999 1,500 General Motors Acceptance Corp., 5.350%, 5/4/01 1,494 8,300 General Motors Acceptance Corp., 6.100%, 6/1/01 8,282 8,150 General Electric Capital Corp., 5.920%, 4/3/01 8,147 2,000 General Electric Capital Corp., 6.550%, 5/7/01 1,997 - -------------------------------------------------------------------------------- Total 96,777 - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- HEALTHCARE - 1.2% - -------------------------------------------------------------------------------- $12,000 Landmark Medical, Floating Rate Note, 1/1/21, (5.900%, 2/2/01) (b) $ 12,000 MISCELLANEOUS - 2.1% - -------------------------------------------------------------------------------- 20,000 Wal-Mart Stores, 6.150%, 8/10/01 20,072 - -------------------------------------------------------------------------------- Total 20,072 - -------------------------------------------------------------------------------- Total Corporate Bonds 227,849 - -------------------------------------------------------------------------------- MUNICIPAL BONDS - 1.4% 2,700 Alleghany County, PA, Municipal Bond Floating Rate, 5/1/15, (5.79%, 2/1/01) (b) 2,700 2,000 Washington County, PA, Floating Rate Note, 11/1/20 (5.79%, 2/1/01) (b) 2,000 2,700 Evanston, Illinois, Municipal Bond Floating Rate, 12/1/21, (5.90%, 2/5/01) (B) 2,700 6,600 Illinois Education Municipal Bond, Floating Rate Note, 3/1/34, (5.90%, 2/5/01) (b) 6,600 - -------------------------------------------------------------------------------- Total 14,000 - -------------------------------------------------------------------------------- Total Municipal Bonds 14,000 - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 8.9% 86,329 Warburg/Dillon, 5.6700, dated 1/31/01, due 2/1/01, collateralized by U.S. Treasury Bonds, 6.250%, due 5/15/30 with a value of $88,060 86,329 - -------------------------------------------------------------------------------- Total Repurchase Agreements 86,329 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS (AMORTIZED COST $968,706) (A) - 100.0% 968,706 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS - ( 0.0%) (424) - -------------------------------------------------------------------------------- TOTAL NET ASSETS - 100.0% $968,282 - -------------------------------------------------------------------------------- (a) Also represents cost for federal tax purposes. (b) Current rate and next demand date shown. (See Notes which are an integral part of the Financial Statements) FIFTH THIRD GOVERNMENT MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PAR SECURITY MARKET VALUE DESCRIPTION VALUE - --------- ------------------------------------------------------- --------- U.S. GOVERNMENT AGENCIES - 99.9% FEDERAL FARM CREDIT BANK - 13.2% - -------------------------------------------------------------------------------- $12,000 Discount Note, 2/1/01 $ 12,000 5,000 Discount Note, 2/2/01 4,999 10,000 Discount Note, 2/9/01 9,987 5,500 Discount Note, 2/27/01 5,478 5,000 Discount Note, 3/5/01 4,972 5,000 Discount Note, 3/8/01 4,969 2,000 Discount Note, 3/13/01 1,986 5,000 Discount Note, 3/28/01 4,954 6,935 Discount Note, 3/29/01 6,868 3,000 6.100%, 9/24/01 3,013 4,000 6.000%, 10/01/01 4,019 2,500 6.375%, 11/01/01 2,497 - -------------------------------------------------------------------------------- Total 65,742 - -------------------------------------------------------------------------------- FEDERAL HOME LOAN BANK - 51.0% - -------------------------------------------------------------------------------- 5,000 Discount Note, 2/7/01 4,995 1,000 5.150%, 2/9/01 1,000 4,890 5.375%, 2/13/01 4,888 10,000 Discount Note, 2/14/01 9,977 6,000 5.625%, 2/15/01 5,998 4,255 6.465%, 2/16/01 4,254 16,250 Discount Note, 2/21/01 16,196 10,000 Discount Note, 2/28/01 9,958 14,550 5.375%, 3/2/01 14,534 10,000 Discount Note, 3/12/01 9,932 10,845 6.500%, 3/15/01 10,839 1,515 6.450%, 3/16/01 1,514 12,435 5.625%, 3/19/01 12,417 5,000 Discount Note, 3/21/01 4,963 8,355 Discount Note, 3/30/01 8,276 25,000 Floating Rate Note, 4/3/01 (4.981%, 2/7/01) (b) 25,000 5,000 Discount Note, 4/4/01 4,946 5,000 5.165%, 4/12/01 4,984 20,895 5.125%, 4/17/01 20,848 5,000 6.500%, 4/26/01 4,999 3,000 5.750%, 4/30/01 2,994 2,120 6.100%, 5/4/01 2,123 5,000 Discount Note, 5/24/01 4,919 4,750 Discount Note, 5/30/01 4,657 5,000 Discount Note, 6/6/01 4,897 1,500 5.825%, 6/15/01 1,498 5,000 Discount Note, 6/27/01 4,893 1,000 5.935%, 7/6/01 997 5,000 7.310%, 7/6/01 5,015 3,100 5.655%, 7/10/01 3,088 4,000 6.050%, 7/19/01 3,996 3,080 5.500%, 8/13/01 3,063 10,000 Floating Rate Note, 8/15/01 (5.683%, 2/15/00) (b) 9,996 2,100 6.000%, 8/15/01 2,106 - -------------------------------------------------------------------------------- PAR SECURITY MARKET VALUE DESCRIPTION VALUE - --------- ------------------------------------------------------- --------- $ 3,430 5.875%, 8/15/01 $ 3,426 1,000 5.580%, 8/17/01 995 2,500 5.295%, 9/4/01 2,482 5,200 5.875%, 9/17/01 5,204 1,800 5.585%, 9/24/01 1,789 1,500 5.375%, 10/5/01 1,500 1,515 7.125%, 11/15/01 1,520 2,000 5.610%, 12/03/01 1,987 1,500 6.140%, 12/17/01 (callable 6/17/01) 1,503 - -------------------------------------------------------------------------------- Total 255,166 - -------------------------------------------------------------------------------- STUDENT LOAN MARKETING ASSOCIATION - 35.9% - -------------------------------------------------------------------------------- 10,000 Floating Rate Note, 3/9/01 (5.594%, 2/6/01) (b) 10,001 9,000 Floating Rate Note, 3/9/01 (5.554%, 2/6/01) (b) 9,000 10,000 Floating Rate Note, 3/15/01 (5.514%, 2/6/01) (b) 10,000 10,000 Floating Rate Note, 4/19/01 (5.514%, 2/6/01) (b) 10,000 10,000 Floating Rate Note, 7/19/01 (5.564%, 2/6/01) (b) 10,000 2,000 6.600%, 8/10/01 1,993 10,000 Floating Rate Note, 10/11/01 (5.674%, 2/6/01) (b) 9,994 118,300 Master Note, 5.614%, 9/21/01 (c) 118,300 - -------------------------------------------------------------------------------- Total 179,288 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS (AMORTIZED COST $500,196) (A) - 100.1% 500,196 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1%) (520) - -------------------------------------------------------------------------------- TOTAL NET ASSETS - 100.0% $499,676 - -------------------------------------------------------------------------------- (a) Also represents cost for federal tax purposes. (b) Current rate and demand date shown. (c) Current rate shown. (See Notes which are an integral part of the Financial Statements) FIFTH THIRD U.S. TREASURY MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- U.S. TREASURY BILLS - 2.1% $20,000 Due 4/5/01 $ 19,809 - -------------------------------------------------------------------------------- U.S. TREASURY NOTES - 16.3% 10,000 5.375%, 2/15/01 9,995 20,000 5.625%, 2/28/01 19,986 10,000 6.250%, 4/30/01 10,022 30,000 8.000%, 5/15/01 30,123 20,000 6.500%, 5/31/01 20,002 20,000 6.625%, 7/31/01 20,029 20,000 7.875%, 8/15/01 20,243 25,000 6.500%, 8/31/01 25,068 - -------------------------------------------------------------------------------- Total U.S. Treasury Notes 155,468 - -------------------------------------------------------------------------------- REPURCHASE AGREEMENTS - 81.8% 115,000 ABN AMRO, 5.66%, Dated 1/31/01, Due 2/1/01 collateralized by U.S. Treasury Note, 5.875% due 11/30/01 with a value of $51,815 and U.S. Treasury Bonds, 8.125% - 9.250%, due 2/15/16 - 8/15/21 with a value of $65,485. 115,000 43,000 Banc Of America, 5.62%, Dated 1/31/01, Due 2/1/01 collateralized by a U.S. Treasury Note, 5.125% due 12/31/02 with a value of $21,624 and a U.S. Treasury Bill due 5/10/01 with a value of $22,176. 43,000 43,000 Banc One, 5.65%, Dated 1/31/01, Due 2/1/01 collateralized by U.S. Treasury Notes, 4.750% - 6.875%, due 12/31/01 - 8/15/07 with a value of $43,865. 43,000 115,000 Barclays Capital, 5.65%, Dated 1/31/01, Due 2/1/01 collateralized by a U.S. Treasury Note, 5.50% due 1/31/03 with a value of $30,667 and a U.S. Treasry Bond, 13.375%, with a value of $86,632. 115,000 43,000 Bear Stearns, 5.68% Dated 1/31/01, Due 2/1/01 collateralized by a U.S. Treasury Bond, 6.750% due 8/15/26 with a value of $20,386, U.S. Treasury Notes, 5.625% - 5.875% due 2/28/01 - 11/30/01, with a value of $2,393, and U.S. Treasury Bills due 4/19/01 - 4/26/01 with a value of $23,973. 43,000 43,000 CS First Boston, 5.71% Dated 1/31/01, Due 2/1/01 collateralized by U.S. Treasury Notes, 6.500% - 6.250%, due 3/31/02 - 5/15/07 with a value of $44,074. 43,000 - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- $43,000 Duetsche Bank, 5.625%, Dated 1/31/01, Due 2/1/01 collateralized by a U.S. Treasury Notes, 5.00% - 7.50% due 4/30/01 - 3/31/03 with a value of $21,181 and U.S. Treasury Bonds, 8.75% - 10.375% due 11/15/09 - 5/15/20 with a value of 21,980. $ 43,000 43,000 J.P. Morgan, 5.65%, Dated 1/31/01, Due 2/1/01 collateralized by a U.S. Treasury Bill due 4/26/01 with a value of $43,860. 43,000 43,000 Nesbitt Burns, 5.65%, Dated 1/31/01, Due 2/1/01 collateralized by U.S Treasury Notes, 5.75% - 7.50% due 5/15/02 - 8/15/10 with a value of $27,878, and a U.S. Treasury Bond, 12.75% due 11/15/10 with a value of $5,653 and U.S. Treasury Bill due 02/01/01 with a value of $10,330. 43,000 43,000 Salomon Smith Barney, 5.60%, Dated 1/31/01, Due 2/1/01 collateralized by a U.S. Treasury Bond, 6.125% due 11/15/27 with a value of $43,899. 43,000 115,000 SG Cowen, 5.67%, Dated 1/31/01, Due 2/1/01 collateralized by U.S. Treasury Notes, 5.625% - 6.000% due 5/15/06 with a value of $53,849, a U.S. Treasury Bond, 12.0% due 8/15/13 with a value of $38,369 and U.S. Treasury Bills due 3/15/01 - 7/5/01 with a value of $25,161. 115,000 90,934 Warburg/Dillion, 5.67%, Dated 1/31/01, Due 2/1/01 collateralized by a U.S. Treasury Bill, 3.875% due 4/15/29 with a value of $92,753. 90,934 - -------------------------------------------------------------------------------- Total Repurchase Agreements 779,934 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS (AMORTIZED COST $955,211) (A) - 100.2% 955,211 - -------------------------------------------------------------------------------- LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2%) (1,871) - -------------------------------------------------------------------------------- TOTAL NET ASSETS - 100% $953,340 - -------------------------------------------------------------------------------- (a) Also represents cost for federal tax purposes (See Notes which are an integral part of the Financial Statements) FIFTH THIRD TAX EXEMPT MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- COMMERCIAL PAPER - 10.1% $ 2,100 Cornell, Michigan, 4.300%, 2/6/01 $ 2,100 3,000 Dallas, Texas, Water, 3.350%, 4/4/01 3,000 1,286 Dallas, Texas, Water, 3.400%, 5/9/01 1,286 2,000 El Paso, Texas, 4.300%, 2/12/01 2,000 3,000 Intermountain Power Agency, Utah, Public Facilities Commission, 4.300%, 2/13/01 3,000 3,135 Louisiana, 4.300%, 2/28/01 3,135 2,000 Ohio State University, 3.950%, 2/7/01 2,000 3,000 University of Texas, 2.500%, 2/5/01 3,000 - -------------------------------------------------------------------------------- Total Commercial Paper 19,521 - -------------------------------------------------------------------------------- MUNICIPAL BONDS - 89.8% GENERAL OBLIGATION - 13.9% - -------------------------------------------------------------------------------- 1,000 Bay Village, Ohio, City School District, 4.750%, 6/1/01 1,002 1,000 Bay Village, Ohio, City School District, 3.750%, 6/1/01 1,002 174 Beavercreek, Ohio, 5.000%, 8/31/01 174 500 Bellbrook, Ohio, 4.800%, 10/19/01 501 540 Brecksville, Ohio, 4.700%, 6/7/01 540 1,160 Butler County, Ohio, 4.750%, 9/26/01 1,163 360 Celina, Ohio, 4.210%, 1/16/02 361 2,000 Chicago, Illinois, Board of Education, Floating Rate Note, 3/1/32 (4.450%, 2/1/01) (b) 2,000 800 Clark County, Ohio, 4.750%, 4/12/01 800 395 Clark County, Ohio, 4.000%, 2/15/02 396 300 Columbus, Ohio, 4.250%, 6/15/01 301 260 Cuyahoga County, Ohio, 5.000%, 7/12/01 260 1,000 Euclid, Ohio, 5.000%, 7/26/01 1,003 1,300 Fairfield County, Ohio, 4.970%, 7/11/01 1,303 1,250 Goodrich, Michigan, School District, 4.750%, 5/1/30 Mandatory Put 4/2/01 @ 100) 1,251 1,334 Hancock County, Ohio, 5.100%, 11/21/01 1,341 1,000 Indian Hill, Ohio, Exempt Village School District, 4.420%, 6/28/01 1,003 1,500 Kent, Ohio, 4.650%, 12/6/01 1,504 300 Lyndhurst, Ohio, 4.625%, 3/15/01 300 360 Merrillville, Indiana, Conservancy District, 4.750%, 1/15/02 362 750 Miamisburg, Ohio, 4.730%, 10/11/01 751 440 Middleburg Heights, Ohio, 4.875%, 8/10/01 441 455 Mount Lebanon, Pennsylvania, School District, 5.550%, 8/15/10 458 1,000 Mount Vernon, Ohio, 4.820%, 9/25/01 1,003 575 Olmsted Falls, Ohio, 4.700%, 10/26/01 576 1,335 Pepper Pike, Ohio, 4.800%, 5/10/01 1,336 800 Saint Joseph County, Indiana, 4.500%, 12/30/01 801 - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- $ 1,000 Solon, Ohio, School District, 3.700%, 7/31/01 $ 1,002 900 Tallmadge, Ohio, 4.750%, 4/26/01 900 750 Westerville, Ohio, City School District, 4.750%, 6/19/01 751 600 Worthington, Ohio, City School District, 4.530%, 12/20/01 601 1,811 Wyoming, Ohio, 4.750%, 3/14/01 1,812 - -------------------------------------------------------------------------------- Total 26,999 - -------------------------------------------------------------------------------- REVENUE BONDS - 75.9% - -------------------------------------------------------------------------------- 5,200 Bexar County, Texas, Housing Finance, Floating Rate Note, 6/1/05 (4.000%, 2/7/01) (b) 5,200 1,700 Burke County, Georgia, Development Authority Pollution Control, Floating Rate Note, 7/1/24 (4.500%, 2/1/01) (b) 1,700 970 Charleston County, South Carolina, 7.100%, 6/1/11 (Prerefunded 6/1/01 @ 102) 998 4,000 Chicago, Illinois, O'Hare International Airport, Floating Rate Note, 1/1/15 (3.900%, 2/7/01) (b) 4,000 2,000 Clarke County, Virginia, Industrial Development Authority, Floating Rate Note, 1/1/30 (4.250%, 2/7/01) (b) 2,000 3,000 Cohasset, Minnesota, Floating Rate Note, 6/1/20 (4.250%, 2/1/01) (b) 3,000 7,800 Delaware County, Pennsylvania, Industrial Development, Floating Rate Note, 12/1/15 (4.150%, 2/1/01) (b) 7,800 1,600 Galesburg, Illinois, Floating Rate Note, 7/1/24 (4.600%, 2/1/01) (b) 1,600 5,850 Idaho, Health Facilities, Floating Rate Note, 5/1/22 (4.250%, 2/1/01) (b) 5,850 4,900 Illinois Educational Facilities Authority, Floating Rate Note, 3/1/27 (4.000%, 2/7/01) (b) 4,900 3,000 Illinois Educational Facilities Authority, Floating Rate Note, 12/1/30 (3.950%, 2/7/01) (b) 3,000 2,400 Indiana Health Facilities Financial Authority, Floating Rate Note, 1/1/20 (4.050%, 2/7/01) (b) 2,400 2,000 Indiana State Educational Facilities Authority, Floating Rate Note, 6/1/28 (4.000%, 2/7/01) (b) 2,000 1,400 Indianapolis, Indiana, Industrial Economic Development, Floating Rate Note, 3/1/13 (4.150%, 2/7/01) (b) 1,400 2,900 Iowa Higher Education, Floating Rate Note, 11/1/30 (4.250%, 2/1/01) (b) 2,900 4,800 Iowa Financial Authority, Floating Rate Note, 8/15/12 (3.900%, 2/7/01) (b) 4,800 (See Notes which are an integral part of the Financial Statements) FIFTH THIRD TAX EXEMPT MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- $ 2,000 Jackson County, Mississippi, Pollution Control, Floating Rate Note, 6/1/23 (4.100%, 2/1/01) (b) $ 2,000 4,600 Kansas City, Missouri, Industrial Development Authority Hospital, Floating Rate Note, 10/15/14 (4.400%, 2/1/01) (b) 4,600 5,400 Kentucky Economic Development Financial Authority Hospital Facilities, Floating Rate Note, 1/1/22 (3.900%, 2/7/01) (b) 5,400 500 Lancaster County, South Carolina, Water And Sewer System, 6.750%, 5/1/21 (Prerefunded 5/1/01 @ 102) 513 3,000 Maine, Health and Higher Educational Facilities Authority, Floating Rate Note, 1/1/29 (4.150%, 2/7/01) (b) 3,000 1,500 Maryland State Health And Higher Education, Floating Rate Note, 7/1/24 (4.000%, 2/7/01) (b) 1,500 2,800 Michigan State Hospital Financial Authority, Floating Rate Note, 12/1/23 (4.350%, 2/1/01) (b) 2,800 7,900 Michigan State Strategic Fund Limited Obligation, Floating Rate Note, 9/1/30 (4.200%, 2/1/01) (b) 7,900 1,400 Milwaukee County, Wisconsin, Floating Rate Note, 6/1/29 (4.000%, 2/7/01) (b) 1,400 7,600 Minneapolis, Minnesota, Housing And Redevelopment, Floating Rate Note, 8/15/25 (4.300%, 2/1/01) (b) 7,600 7,700 Minnesota State Higher Education, Floating Rate Note, 10/1/30 (4.250%, 2/1/01) (b) 7,700 2,615 Missouri State Health and Educational Facilities, Floating Rate Note, 10/1/09 (4.300%, 2/1/01) (b) 2,615 3,075 Missouri State Health and Educational Facilities, Floating Rate Note, 10/1/24 (4.300%, 2/1/01) (b) 3,075 1,800 Montgomery County, Ohio, Health Care Facilities, Floating Rate Note, 12/1/08 (4.550%, 2/1/01) (b) 1,800 2,000 Montgomery County, Ohio, Health Care Facilities, Floating Rate Note, 12/1/20 (4.600%, 2/1/01) (b) 2,000 4,400 Naperville, Illinois, Floating Rate Note, 12/1/29 (4.050%, 2/7/01) 4,400 2,200 New York City, New York, Municipal Water Authority, Water & Sewer System, Floating Rate Note, 6/15/24 (4.100%, 2/1/01) (b) 2,200 - -------------------------------------------------------------------------------- PRINCIPAL SECURITY AMORTIZED AMOUNT DESCRIPTION COST - --------- ------------------------------------------------------- --------- $ 5,100 Ohio State Water and Pollution Control, Floating Rate Note, 8/1/20 (3.950%, 2/7/01) (b) $ 5,100 4,700 Peoria, Illinois, Floating Rate Note, 9/1/26 (4.600%, 2/1/01) (b) 4,700 1,745 Rushville, Indiana, Economic Development, Floating Rate Note, 7/1/16 (4.700%, 2/1/01 (b) 1,745 2,800 South Fork, Pennsylvania, Floating Rate Note, 7/1/28 (4.200%, 2/1/01) (b) 2,800 2,965 Tulsa, Oklahoma, Industrial Authority, Floating Rate Note, 6/1/14 (4.600%, 2/1/01) (b) 2,965 4,000 Tulsa, Oklahoma, Industrial Authority, Floating Rate Note, 10/1/31 (4.500%, 2/1/01) (b) 4,000 1,800 Uinta County, Wyoming, Pollution Control, Floating Rate Note, 8/15/20 (4.100%, 2/1/01) 1,800 1,000 University of Texas, 4.500%, 8/15/01 1,006 1,875 Vincennes, Indiana, Economic Development, Floating Rate Note, 7/1/15 (4.700%, 2/1/01) (b) 1,875 5,000 Wisconsin State Health and Educational Facilities Authority, Floating Rate Note, 12/1/15 (4.300%, 2/1/01) 5,000 2,400 Wisconsin State Health Facilities Authority, Floating Rate Note, 1/1/16 (3.900%, 2/7/01) (b) 2,400 - -------------------------------------------------------------------------------- Total 147,442 - -------------------------------------------------------------------------------- Total Municipal Bonds 174,441 - -------------------------------------------------------------------------------- MONEY MARKET - 0.1% 264 SEI Institutional Tax Free Fund 264 - -------------------------------------------------------------------------------- Total Money Market 264 - -------------------------------------------------------------------------------- TOTAL INVESTMENTS (AMORTIZED COST $194,226) (A) - 100.0% 194,226 - -------------------------------------------------------------------------------- ASSETS IN EXCESS OF OTHER LIABILITIES - (0.0%) 28 - -------------------------------------------------------------------------------- TOTAL NET ASSETS - 100.0% $194,254 - -------------------------------------------------------------------------------- (a) Also represents cost for federal tax purposes. (b) Current rate and next reset date shown. (See Notes which are an integral part of the Financial Statements) FIFTH THIRD FUNDS STATEMENTS OF ASSETS AND LIABILITIES JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- PRIME GOVERNMENT U.S. TREASURY TAX EXEMPT MONEY MONEY MONEY MONEY MARKET MARKET MARKET MARKET ASSETS: FUND FUND FUND FUND --------- --------- --------- --------- Investments, at amortized cost (Cost $882,377 $500,196, $ 882,377 $ 500,196 $ 175,277 $ 194,226 $175,277 and $194,226, respectively) Repurchase agreements, at amortized cost (Cost $86,329; $0; $779,934 and $0, respectively) 86,329 -- 779,934 -- --------- --------- --------- --------- Total Investments 968,706 500,196 955,211 194,226 Cash 2 22 -- -- Interest receivable 4,463 4,462 3,175 933 Receivable for Fund shares sold 3 7 -- Prepaid expenses and other assets 118 142 120 25 --------- --------- --------- --------- Total Assets 973,292 504,829 958,506 195,184 --------- --------- --------- --------- LIABILITIES: Dividends payable 4,637 2,387 4,942 483 Payable for investments purchased -- 1,500 -- 397 Payable for fund shares sold -- 1,002 -- -- Accrued expenses and other payables: Investment advisory fees 306 174 218 8 Administration fees -- 6 -- 21 Distribution fees 60 44 -- 2 Other 7 40 6 19 --------- --------- --------- --------- Total Liabilities 5,010 5,153 5,166 930 --------- --------- --------- --------- NET ASSETS: Paid-in Capital 968,300 499,646 953,288 194,267 Accumulated undistributed net realized gains (losses) on investment transactions (18) (393) (195) (13) Undistributed net investment income -- 423 247 -- --------- --------- --------- --------- Total Net Assets $ 968,282 $ 499,676 $ 953,340 $ 194,254 ========= ========= ========= ========= Net assets: Institutional shares $ 666,035 $ 242,341 $ 953,340 $ 162,815 Investment A shares 302,108 257,335 NA 31,439 Investment B shares 139 NA NA NA --------- --------- --------- --------- Total $ 968,282 $ 499,676 $ 953,340 $ 194,254 ========= ========= ========= ========= Outstanding units of beneficial interest (shares) Institutional shares 666,059 242,312 953,289 162,818 Investment A shares 302,112 257,351 NA 31,450 Investment B shares 139 NA NA NA --------- --------- --------- --------- Total 968,310 499,663 953,289 194,268 ========= ========= ========= ========= Net asset value Offering and redemption price per share - Institutional Shares, Investment A Shares and Investment B Shares $ 1.00 $ 1.00 $ 1.00 $ 1.00 ========= ========= ========= ========= (See Notes which are an integral part of the Financial Statements) FIFTH THIRD FUNDS STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) PRIME GOVERNMENT U.S. TREASURY TAX EXEMPT MONEY MARKET MONEY MARKET MONEY MARKET MONEY MARKET FUND FUND FUND FUND -------- -------- -------- -------- INVESTMENT INCOME: Interest income $ 25,822 $ 15,620 $ 29,894 $ 3,239 -------- -------- -------- -------- Total Income 25,822 15,620 29,894 3,239 -------- -------- -------- -------- EXPENSES: Investment Advisory fees 643 358 780 132 Distribution services - Investment A Shares 311 321 -- 41 Distribution services - Investment B Shares -- -- -- -- Fund accounting fees 70 37 73 28 Transfer agent fees 71 50 89 18 Trustees' fees 1 2 4 -- Audit and legal fees 37 20 56 10 Custodian fees 14 7 22 8 Miscellaneous fees 41 33 48 24 -------- -------- -------- -------- Total Expenses 2,748 1,792 2,935 654 -------- -------- -------- -------- Less fees voluntarily reduced (408) (161) (1,165) (383) -------- -------- -------- -------- Net Expenses 2,340 1,631 1,770 271 -------- -------- -------- -------- Net Investment Income 23,482 13,989 28,124 2,968 -------- -------- -------- -------- REALIZED LOSSES FROM INVESTMENTS: Net realized losses from investment transactions (11) -- -- -- -------- -------- -------- -------- Change in net assets resulting from operations $ 23,471 $ 13,989 $ 28,124 $ 2,968 ======== ======== ======== ======== (See Notes which are an integral part of the Financial Statements) FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) GOVERNMENT PRIME MONEY MARKET FUND MONEY MARKET FUND ----------------------------- ----------------------------- SIX MONTHS SIX MONTHS ENDED ENDED JAN. 31, 2001 YEAR ENDED JULY 31, 2001 YEAR ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 ----------- ----------- ----------- ----------- INCREASE /(DECREASE) IN NET ASSETS: OPERATIONS: Net investment income $ 23,482 $ 30,493 $ 13,989 $ 28,578 Net realized gains/(losses) on investment transactions (11) (6) -- -- ---------- ---------- ---------- ---------- Change in net assets resulting from operations 23,471 30,487 13,989 28,578 ---------- ---------- ---------- ---------- DISTRIBUTIONS TO INSTITUTIONAL SHAREHOLDERS: From net investment income (7,273) (23,129) (6,656) (12,744) DISTRIBUTIONS TO INVESTMENT A SHAREHOLDERS: From net investment income (16,203) (7,364) (7,333) (15,830) DISTRIBUTIONS TO INVESTMENT B SHAREHOLDERS: From net investment income (6) -- -- -- ----------- ----------- ----------- ----------- Change in net assets from shareholder distributions (23,482) (30,493) (13,989) (28,574) ----------- ----------- ----------- ----------- FUND SHARE (PRINCIPAL) TRANSACTIONS: Proceeds from shares issued 1,076,021 1,860,423 275,882 819,496 Dividends reinvested 7,765 1,036 7,314 1,290 Cost of shares redeemed (838,989) (1,561,347) (259,703) (978,699) ----------- ----------- ----------- ----------- Change in net assets from share transactions 244,797 300,112 23,493 (157,913) ----------- ----------- ----------- ----------- Change in net assets 244,786 300,106 23,493 (157,909) NET ASSETS: Beginning of period 723,496 423,390 476,183 634,092 ----------- ----------- ----------- ----------- End of Period $ 968,282 $ 723,496 $ 499,676 $ 476,183 =========== =========== =========== =========== Undistributed Net Investment Income -- -- 423 423 =========== =========== =========== =========== (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) U.S. TREASURY TAX EXEMPT MONEY MARKET FUND MONEY MARKET FUND ----------------------------- ---------------------------- SIX MONTHS SIX MONTHS ENDED ENDED JULY 31, 2001 YEAR ENDED JULY 31, 2001 YEAR ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 ----------- ----------- ----------- ----------- INCREASE /(DECREASE) IN NET ASSETS: OPERATIONS: Net investment income $ 28,124 $ 47,632 $ 2,968 $ 3,307 Net realized gains/(losses) on investment transactions -- (195) -- (3) ----------- ----------- ----------- ----------- Change in net assets resulting from operations 28,124 47,437 2,968 3,304 ----------- ----------- ----------- ----------- DISTRIBUTIONS TO INSTITUTIONAL SHAREHOLDERS: From net investment income (28,124) (47,632) (2,356) (2,478) DISTRIBUTIONS TO INVESTMENT A SHAREHOLDERS: From net investment income -- -- (612) (829) ----------- ----------- ----------- ----------- Change in net assets from shareholder distributions (28,124) (47,632) (2,968) (3,307) ----------- ----------- ----------- ----------- FUND SHARE (PRINCIPAL) TRANSACTIONS: Proceeds from shares issued 1,323,608 2,529,768 252,707 233,738 Dividends reinvested 3,400 6,522 915 63 Cost of shares redeemed (1,245,325) (2,520,724) (190,056) (147,507) ----------- ----------- ----------- ----------- Change in net assets from share transactions 81,683 15,566 63,566 86,294 ----------- ----------- ----------- ----------- Change in net assets 81,683 15,371 63,566 86,291 NET ASSETS: Beginning of period 871,657 856,286 130,688 44,397 ----------- ----------- ----------- ----------- End of Period $ 953,340 $ 871,657 $ 194,254 $ 130,688 =========== =========== =========== =========== Undistributed Net Investment Income $ 247 $ 247 $ -- $ -- =========== =========== =========== =========== (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- (1) ORGANIZATION The Fifth Third Funds (the "Trust"), is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. At January 31, 2001, the Trust consisted of sixteen separate investment portfolios. The accompanying financial statements and notes relate only to the Prime Money Market Fund, Government Money Market Fund, U.S. Treasury Money Market Fund, and the Tax Exempt Money Market Fund (individually the "Fund" and collectively the "Funds"). The Government Money Market Fund and the Tax Exempt Money Market Fund offer two classes of shares: Institutional Shares and Investment A Shares. The Prime Money Market Fund offers three classes of shares: Institutional Shares, Investment A Shares, and Investment B shares. The U.S. Treasury Money Market Fund offers only Institutional Shares. Each class of shares has identical rights and privileges except with respect to distribution (12b-1) fees paid by the Investment A Shares and Investment B Shares, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. (2) SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with 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--Investments of the Funds are valued at either amortized cost, which approximates market value, or at original cost, which combined with accrued interest approximates market value. Under the amortized cost method, discount or premium is accreted or amortized on a constant basis to the maturity of the security. B. REPURCHASE AGREEMENTS--The Funds will only enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by the Trust's Advisor to be creditworthy pursuant to guidelines and/or standards reviewed or established by the Board of Trustees (the "Trustees"). It is the policy of the Funds to require the custodian or sub-custodian bank to take 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 or accretion of the premium or discount. 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. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- D. 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. E. DIVIDENDS TO SHAREHOLDERS--Dividends from net investment income are declared daily and paid monthly and 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 expiring capital loss carryforwards and deferrals of certain losses. Dividends and distributions to shareholders which exceed net investment income and net realized capital gains for financial reporting purposes but not for tax purposes are reported as distributions 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. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) (3) SHARES OF BENEFICIAL INTEREST - -------------------------------------------------------------------------------- Transactions in Fund shares were as follows (amounts in thousands): PRIME GOVERNMENT MONEY MARKET FUND MONEY MARKET FUND ----------------------------- --------------------------- SIX MONTHS SIX MONTHS ENDED YEAR ENDED ENDED YEAR ENDED JAN. 31, 2001 JULY 31, 2000 JAN. 31, 2001 JULY 31, 2000 ------------- ------------- ------------- ------------- CAPITAL TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued $ 884,784 $ 1,354,117 $ 170,382 $ 418,802 Dividends reinvested 962 1,035 42 -- Shares redeemed (728,116) (1,195,099) (139,871) (460,001) ----------- ----------- ----------- ----------- INSTITUTIONAL SHARES: $ 157,630 $ 160,053 $ 30,553 $ (41,199) ----------- ----------- ----------- ----------- INVESTMENT A SHARES: Shares issued $ 157,567 $ 506,307 $ 105,501 $ 400,694 Shares issued for reorganization -- -- -- -- Dividends reinvested 6,803 -- 7,271 1,290 Shares redeemed (77,342) (366,248) (119,832) (518,698) ----------- ----------- ----------- ----------- INVESTMENT A SHARES $ 87,028 $ 140,059 $ (7,060) $ (116,714) ----------- ----------- ----------- ----------- INVESTMENT B SHARES:* Shares issued $ 33,670 $ -- $ -- $ -- Dividends reinvested -- -- -- -- Shares redeemed (33,531) -- -- -- ----------- ----------- ----------- ----------- INVESTMENT B SHARES $ 139 $ -- $ -- $ -- ----------- ----------- ----------- ----------- TOTAL NET INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS $ 244,797 $ 300,112 $ 23,493 $ (157,913) =========== =========== =========== =========== SHARE TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued 884,784 1,354,108 170,382 418,800 Dividends reinvested 962 1,035 42 -- Shares redeemed (728,116) (1,195,083) (139,871) (460,001) ----------- ----------- ----------- ----------- INSTITUTIONAL SHARES: 157,630 160,060 30,553 (41,201) ----------- ----------- ----------- ----------- INVESTMENT A SHARES: Shares issued 157,567 506,306 105,501 400,694 Shares issued for reorganization -- -- -- -- Dividends reinvested 6,803 1 7,271 1,290 Shares redeemed (77,342) (366,247) (119,832) (518,710) ----------- ----------- ----------- ----------- INVESTMENT A SHARES 87,028 140,060 (7,060) (116,726) ----------- ----------- ----------- ----------- INVESTMENT B SHARES:* Shares issued 33,670 -- -- -- Dividends reinvested -- -- -- -- Shares redeemed (33,530) -- -- -- ----------- ----------- ----------- ----------- INVESTMENT B SHARES 140 -- -- ----------- ----------- ----------- ----------- TOTAL NET INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS 244,798 300,120 23,493 (157,927) =========== =========== =========== =========== * Reflects the period of operations from October 11, 2000 to January 31, 2001. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) U.S. TREASURY TAX EXEMPT MONEY MARKET FUND MONEY MARKET FUND -------------------------------- --------------------------------- YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED JAN. 31, 2001 JULY 31, 2000 JAN. 31, 2001 JULY 31, 2000 ------------- ------------- ------------- ------------- CAPITAL TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued $1,323,608 $ 2,529,768 $ 218,453 $ 207,941 Dividends reinvested 3,400 6,522 319 -- Shares redeemed (1,245,325) (2,520,724) (156,952) (124,626) ----------- ----------- ----------- ----------- INSTITUTIONAL SHARES: $ 81,683 $ 15,566 $ 61,820 $ 83,315 ----------- ----------- ----------- ----------- INVESTMENT A SHARES: Shares issued $ -- $ -- $ 34,254 $ 25,797 Dividends reinvested -- -- 595 63 Shares redeemed -- -- (33,103) (22,881) ----------- ----------- ----------- ----------- INVESTMENT A SHARES $ -- $ -- $ 1,746 $ 2,979 ----------- ----------- ----------- ----------- TOTAL NET INCREASE (DECREASE) FROM CAPITAL TRANSACTIONS $ 81,683 $ 15,566 $ 63,566 $ 86,294 =========== =========== =========== =========== SHARE TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued 1,323,608 2,529,765 218,453 207,941 Dividends reinvested 3,400 6,521 319 -- Shares redeemed (1,245,317) (2,520,724) (156,952) (124,626) ----------- ----------- ----------- ----------- INSTITUTIONAL SHARES: 81,691 15,562 61,820 83,315 ----------- ----------- ----------- ----------- INVESTMENT A SHARES: Shares issued -- -- 34,254 25,797 Dividends reinvested -- -- 595 63 Shares redeemed -- -- (33,103) (22,881) ----------- ----------- ----------- ----------- INVESTMENT A SHARES -- -- 1,746 2,979 ----------- ----------- ----------- ----------- TOTAL NET INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS 81,691 15,562 63,566 86,294 =========== =========== =========== =========== FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- (4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES (AMOUNTS IN THOUSANDS) INVESTMENT ADVISORY FEE--Fifth Third Bank, the Trust's investment Advisor (the "Advisor"), receives for its services investment advisory fees at annual rates equal to the percentages that follow of the relevant Fund's average daily net assets: Prime Money Market Fund, Government Money Market Fund and U.S. Treasury Money Market Fund - 0.40%; and Tax Exempt Money Market Fund - 0.50%. The Advisor may voluntarily choose to waive a portion of its fee and reimburse certain operating expenses of the Funds. The Advisor can modify or terminate this voluntary waiver and reimbursement at any time at its sole discretion. For the six months ended January 31, 2001, the Advisor waived $78, $699 and $354 in advisory fees for the Prime Money Market Fund, the U.S. Treasury Money Market Fund and the Tax Exempt Money Market Fund, respectively. ADMINISTRATIVE FEE--BISYS Fund Services ("BISYS") serves as the Trust's administrator. The administrator generally assists in all aspects of the Trust's administration and operation including providing the Funds with certain administrative personnel and services necessary to operate the Funds. Pursuant to a separate agreement with BISYS, Fifth Third Bank performs sub-administrative services on behalf of the Funds including providing certain administrative personnel and services necessary to operate the Funds, for which it receives a fee from BISYS computed daily as a percentage of the daily net assets of the Funds. Under the terms of the administration agreement, BISYS' fees are computed daily as a percentage of the average net assets of the Trust for the period. Administration fees are computed at 0.20% of first $1 billion of net assets of the Trust, 0.18% of net assets of the Trust between $1 billion and $2 billion, and 0.17% of more than $2 billion of net assets of the Trust. For the six months ended January 31 2001, the administrator waived $330, $96, and $466 in administration fees for the Prime Money Market Fund, the Government Money Market Fund and the U.S. Treasury Money Market Fund, respectively. DISTRIBUTION SERVICES FEE--The Prime Money Market Fund, the Government Money Market Fund, and the Tax Exempt Money Market Fund 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 B Shares to finance activities intended to result in the sales of each Funds' Investment A Shares and Investment B 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 1.00% of the average daily net assets of the Investment B 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. For the six months ended January 31, 2001, the distributor waived $65 and $29 in distribution fees for the Government Money Market Fund and Tax Exempt Money Market Fund, respectively. 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 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. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- 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. (5) FEDERAL INCOME 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 gains sufficient to relieve it from all, or substantially all, federal income taxes. FIFTH THIRD PRIME MONEY MARKET FUND FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------- -------- -------- -------- -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.03 0.05 0.05 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- Total from investment operations 0.03 0.05 0.05 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Distributions to shareholders from net investment income (0.03) (0.05) (0.05) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- Total distributions (0.03) (0.05) (0.05) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== TOTAL RETURN 3.11%(c) 5.53% 4.76% 5.25% 5.11% 5.20% RATIOS TO AVERAGE NET ASSETS: Net expenses 0.52%(b) 0.52% 0.52% 0.52% 0.52% 0.49% Net investment income 6.08%(b) 5.44% 4.66% 5.13% 4.99% 5.07% Expense waiver/reimbursement (a) 0.04%(b) 0.10% 0.11% 0.12% 0.09% 0.08% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 666,035 $ 508,414 $ 348,366 $ 368,348 $ 341,827 $ 300,821 SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------- -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.03 0.05 0.04 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- Total from investment operations 0.03 0.05 0.04 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Distributions to shareholders from net investment income (0.03) (0.05) (0.04) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- Total distributions (0.03) (0.05) (0.04) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== TOTAL RETURN 2.98%(c) 5.27% 4.53% 5.25% 5.11% 5.20% RATIOS TO AVERAGE NET ASSETS: Net expenses 0.77%(b) 0.77% 0.75% 0.52% 0.52% 0.49% Net investment income 5.84%(b) 5.29% 4.39% 5.13% 4.99% 5.06% Expense waiver/reimbursement (a) 0.04%(b) 0.10% 0.13% 0.47% 0.44% 0.40% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $302,108 $215,082 $ 75,024 $ 36,552 $ 33,438 $ 19,341 (See notes which are an integral part of the financial statements) FIFTH THIRD PRIME MONEY MARKET FUND FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- PERIOD ENDED JAN. 31, 2001* (UNAUDITED) ------------- INVESTMENT B SHARES: NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.03 -------- Total from investment operations 0.03 -------- LESS DISTRIBUTIONS: Distributions to shareholders from net investment income (0.03) -------- Total distributions (0.03) -------- NET ASSET VALUE, END OF PERIOD $ 1.00 ======== TOTAL RETURN 1.38%(c) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.50%(b) Net investment income 5.16%(b) Expense waiver/reimbursement (a) 0.04%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 139 * Reflects operations for the period from October 11, 2000 (date of commencement of operations) to January 31, 2001. (a) This voluntary expense decrease is reflected in both the net expense and net investment income ratios shown above. (b) Annualized. (c) Not Annualized. (See notes which are an integral part of the financial statements) FIFTH THIRD GOVERNMENT MONEY MARKET FUND FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------- -------- -------- -------- -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.03 0.05 0.05 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- Total from investment operations 0.03 0.05 0.05 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Distributions to shareholders from net investment income (0.03) (0.05) (0.05) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- Total distributions (0.03) (0.05) (0.05) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== TOTAL RETURN 3.01%(b) 5.31% 4.60% 5.13% 5.01% 5.11% RATIOS TO AVERAGE NET ASSETS: Net expenses 0.57%(c) 0.57% 0.56% 0.52% 0.51% 0.50% Net investment income 5.89%(c) 5.17% 4.52% 5.02% 4.90% 4.99% Expense waiver/reimbursement (a) 0.04%(c) 0.07% 0.11% 0.12% 0.09% 0.07% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 242,341 $ 211,790 $ 252,987 $ 221,034 $ 162,543 $ 132,326 SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------- -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.03 0.05 0.04 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- Total from investment operations 0.03 0.05 0.04 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Distributions to shareholders from net investment income (0.03) (0.05) (0.04) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- Total distributions (0.03) (0.05) (0.04) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== TOTAL RETURN 2.91%(b) 5.10% 4.41% 5.13% 5.00% 5.11% RATIOS TO AVERAGE NET ASSETS: Net expenses 0.77%(c) 0.77% 0.75% 0.52% 0.51% 0.51% Net investment income 5.70%(c) 4.93% 4.26% 5.02% 4.90% 4.97% Expense waiver/reimbursement (a) 0.09%(c) 0.12% 0.17% 0.47% 0.44% 0.42% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 257,351 $ 264,393 $ 381,105 $ 150,286 $ 110,543 $ 68,884 (a) This voluntary expense decrease is reflected in both the net expense and net investment income ratios shown above. (b) Annualized. (c) Not Annualized. (See notes which are an integral part of the financial statements) FIFTH THIRD U.S. TREASURY MONEY MARKET FUND FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------- -------- -------- -------- -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.03 0.06 0.05 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- Total from investment operations 0.03 0.06 0.05 0.05 0.05 0.05 -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Distributions to shareholders from net investment income (0.03) (0.06) (0.05) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- Total distributions (0.03) (0.06) (0.05) (0.05) (0.05) (0.05) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== TOTAL RETURN 3.08%(c) 5.40% 4.68% 5.31% 5.11% 5.24% RATIOS TO AVERAGE NET ASSETS: Expenses 0.38%(b) 0.38% 0.38% 0.38% 0.42% 0.43% Net investment income 6.03%(b) 5.26% 4.57% 5.19% 5.00% 5.10% Expense waiver/reimbursement (a) 0.25%(b) 0.24% 0.24% 0.24% 0.17% 0.12% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 953,340 $ 871,657 $ 856,286 $ 876,089 $ 539,087 $ 489,228 (a) This voluntary expense decrease is reflected in both the net expense and net investment income ratios shown above. (b) Annualized. (c) Not Annualized. (See notes which are an integral part of the financial statements) FIFTH THIRD TAX EXEMPT MONEY MARKET FUND FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR YEAR PERIOD ENDED ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, SEPT. 30, (UNAUDITED) 2000 1999* 1998** ------------- -------- -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.02 0.04 0.03 -- -------- -------- -------- -------- Total from investment operations 0.02 0.04 0.03 -- -------- -------- -------- -------- LESS DISTRIBUTIONS: Distributions to shareholders from net investment income (0.02) (0.04) (0.03) -- -------- -------- -------- -------- Total distributions (0.02) (0.04) (0.03) -- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== TOTAL RETURN 1.94%(a) 3.46% 2.24%(a) 2.74% RATIOS TO AVERAGE NET ASSETS: Net expenses 0.33%(b) 0.31% 0.61%(b) 0.63%(b) Net investment income 3.78%(b) 3.51% 2.66%(b) 3.09%(b) Expense waiver/reimbursement (c) 0.45%(b) 0.52% 0.33%(b) -- (b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $162,815 $100,995 $ 17,682 $ 7,953 SIX MONTHS YEAR YEAR ENDED ENDED ENDED YEAR ENDED SEPTEMBER 3, JAN. 31, 2001 JULY 31, JULY 31, -------------------------------- (UNAUDITED) 2000 1999* 1998 1997 1996 ------------- -------- -------- -------- -------- -------- INVESTMENT A SHARES*** NET ASSET VALUE, BEGINNING OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.02 0.03 0.03 0.03 0.03 0.03 -------- -------- -------- -------- -------- -------- Total from investment operations 0.02 0.03 0.03 0.03 0.03 0.03 -------- -------- -------- -------- -------- -------- LESS DISTRIBUTIONS: Distributions to shareholders from net investment income (0.02) (0.03) (0.03) (0.03) (0.03) (0.03) -------- -------- -------- -------- -------- -------- Total distributions (0.02) (0.03) (0.03) (0.03) (0.03) (0.03) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ======== ======== ======== ======== ======== TOTAL RETURN 1.90%(a) 3.40% 2.18%(a) 2.74% 2.72% 2.67% RATIOS TO AVERAGE NET ASSETS: Net Expenses 0.40%(b) 0.38% 0.75%(b) 0.71% 0.80% 0.89% Net investment income 3.74%(b) 3.33% 2.60%(b) 2.88% 2.79% 2.66% Expense waiver/reimbursement (c) 0.63%(b) 0.70% 0.44%(b) -- -- -- SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 31,439 $ 29,693 $ 26,715 $ 44,494 $ 60,284 $ 59,915 * Reflects operations for the period from October 1, 1998 through July 31, 1999. ** Reflects operations for the period from September 21, 1998 (commencement of operations) through September 30, 1998. *** Information for the period prior to September 21, 1998 is for the Tax Exempt Money Market Fund, the predecessor fund of the Fifth Third Tax Exempt Money Market Fund. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (See notes which are an integral part of the financial statements) FIFTH THIRD QUALITY GROWTH FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- --------------------------------- --------- COMMON STOCKS - 98.5% BANKING - 14.3% --------------------------------- 950,000 Bank of New York Co., Inc. $ 51,994 120,000 Charter One Financial Corporation 3,389 235,000 First Tennessee National Corp. 7,579 1,035,000 Mellon Financial Corp. 48,231 240,000 Regions Financial Corp. 7,140 260,000 SouthTrust Corp. 11,537 920,000 Wells Fargo Co. 47,389 --------------------------------- --------- Total 177,259 --------------------------------- --------- BUSINESS SERVICES - 1.8% --------------------------------- 480,000 Cintas Corp. 22,410 --------------------------------- --------- COMPUTER SOFTWARE & SERVICES - 8.5% --------------------------------- 405,000 Computer Sciences Corp. (a) 26,163 695,000 Microsoft Corp. (a) 42,438 1,240,000 Oracle Corp. (a) 36,115 --------------------------------- --------- Total 104,716 --------------------------------- --------- COMPUTER SYSTEMS & EQUIPMENT - 5.2% --------------------------------- 732,000 Cisco Systems, Inc. (a) 27,404 330,000 IBM Corp. 36,960 --------------------------------- --------- Total 64,364 --------------------------------- --------- CONSUMER CYCLICALS - 0.7% --------------------------------- 270,000 Carnival Corp. 8,710 --------------------------------- --------- CONSUMER PRODUCTS - 0.4% --------------------------------- 67,000 Procter & Gamble Co. 4,813 --------------------------------- --------- ELECTRICAL EQUIPMENT - 1.8% --------------------------------- 490,000 General Electric Co. 22,540 --------------------------------- --------- ELECTRONICS - 18.9% --------------------------------- 255,000 Agilent Technologies (a) 13,910 100,000 Applied Materials, Inc. (a) 5,031 200,000 Corning, Inc. 11,342 280,000 EMC Corp. (a) 21,277 1,230,000 Intel Corp. 45,510 230,000 Maxim Integrated Products, Inc. (a) 14,044 245,000 Nokia Corp. ADR 8,416 320,000 Nortel Networks 12,234 120,000 PMC - Sierra, Inc. (a) 9,067 900,000 Tellabs, Inc. (a) 58,331 810,000 Texas Instruments, Inc. 35,478 --------------------------------- --------- Total 234,640 --------------------------------- --------- ENERGY - 4.2% --------------------------------- 60,000 Chevron Corp. 4,997 160,000 Enron Corp. 12,800 180,000 Exxon Mobil Corp. 15,147 230,000 Schlumberger Ltd. 17,664 31,540 Transocean Sedco Forex, Inc. 1,433 --------------------------------- --------- Total 52,041 --------------------------------- --------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE --------- --------------------------------- --------- FINANCIAL SERVICES - 9.5% --------------------------------- 230,000 Capital One Financial Corp. $ 14,495 50,000 Citigroup Inc. 2,799 765,000 Freddie Mac 46,665 392,000 Marsh & McLennan Cos., Inc. 42,395 370,000 Schwab (Charles) Corp. 9,772 40,000 T Rowe Price Group Inc. 1,560 --------------------------------- --------- Total 117,686 --------------------------------- --------- HEALTHCARE - 4.8% --------------------------------- 145,000 Baxter International, Inc. 12,743 600,000 Guidant Corp. 29,700 300,000 Medtronic, Inc. 16,200 --------------------------------- --------- Total 58,643 --------------------------------- --------- MANUFACTURING - 7.6% --------------------------------- 460,000 Illinois Tool Works, Inc. 30,130 985,000 Tyco International, Ltd. 60,676 60,000 Zebra Technologies Corp., Class A (a) 3,341 --------------------------------- --------- Total 94,147 --------------------------------- --------- MEDIA/ PUBLISHING - 1.8% --------------------------------- 555,000 Interpublic Group of Cos., Inc. 22,866 --------------------------------- --------- MEDICAL DISTRIBUTION - 2.9% --------------------------------- 373,000 Cardinal Health, Inc. 35,547 --------------------------------- --------- PHARMACEUTICALS - 5.2% --------------------------------- 210,000 American Home Products Corp. 12,411 275,000 Amgen, Inc. (a) 19,336 210,000 Medimune, Inc. (a) 8,347 425,000 Pfizer, Inc. 19,189 100,000 Schering-Plough Corp. 5,040 --------------------------------- --------- Total 64,323 --------------------------------- --------- RETAIL - 8.3% --------------------------------- 730,000 Home Depot, Inc. 35,186 715,000 Lowe's Cos., Inc. 38,217 515,000 Wal-Mart Stores, Inc. 29,252 --------------------------------- --------- Total 102,655 --------------------------------- --------- TELECOMMUNICATIONS - 2.6% --------------------------------- 165,000 Alltel Corp. 9,765 1,045 WorldCom, Inc. (a) 22,533 ------------------------------------------- Total 32,298 --------------------------------- --------- Total Common Stocks 1,219,658 --------------------------------- --------- - Continued - FIFTH THIRD QUALITY GROWTH FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- --------------------------------- --------- REPURCHASE AGREEMENTS - 1.4% $17,473 Warburg/Dillon, 5.67%, dated 1/31/01, due 2/1/01, (at amortized cost), collateralized by U.S. Treasury Bonds, 3.875%, due 4/15/29, with a value of $17,825. $ 17,473 --------------------------------- --------- Total Repurchase Agreements 17,473 --------------------------------- --------- TOTAL INVESTMENTS (COST $874,784) - 99.9% 1,237,131 --------------------------------- --------- OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 1,150 --------------------------------- --------- TOTAL NET ASSETS - 100.0% $1,238,281 --------------------------------- --------- (a) Non-income producing security. (See Notes which are an integral part of the Financial Statements) FIFTH THIRD EQUITY INCOME FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- --------------------------------- --------- COMMON STOCKS - 96.2% BANKING - 27.4% --------------------------------- 133,000 Bank Of New York Co., Inc. $ 7,279 117,400 First Tennessee National Corp. 3,786 118,400 Mellon Financial Corp. 5,518 150,400 SouthTrust Corp. 6,674 163,200 Wells Fargo Co. 8,406 --------------------------------- --------- Total 31,663 --------------------------------- --------- COMPUTER SOFTWARE & SERVICES - 1.7% --------------------------------- 17,000 Microsoft Corp. (a) 1,038 32,000 Oracle Corp. (a) 932 --------------------------------- --------- Total 1,970 --------------------------------- --------- COMPUTER SYSTEMS & EQUIPMENT - 1.7% --------------------------------- 13,200 Cisco Systems, Inc. (a) 494 12,900 International Business Machines Corp.1,445 --------------------------------- --------- Total 1,939 --------------------------------- --------- ELECTRICAL EQUIPMENT - 5.9% --------------------------------- 33,800 Emerson Electric Co. 2,569 92,400 General Electric Co. 4,250 --------------------------------- --------- Total 6,819 --------------------------------- --------- ELECTRONICS - 4.5% --------------------------------- 20,000 EMC Corp. (a) 1,520 26,000 Intel Corp. 962 22,000 Tellabs, Inc. (a) 1,426 30,000 Texas Instruments, Inc. 1,314 --------------------------------- --------- Total 5,222 --------------------------------- --------- ENERGY - 3.0% --------------------------------- 41,425 Exxon Mobil Corp. 3,486 --------------------------------- --------- FINANCIAL SERVICES - 9.5% --------------------------------- 78,000 A.G. Edwards, Inc. 3,671 18,600 Fannie Mae 1,380 55,000 Marsh & McLennan Cos., Inc. 5,948 --------------------------------- --------- Total 10,999 --------------------------------- --------- FOOD - 1.6% --------------------------------- 68,400 SYSCO Corp. 1,841 --------------------------------- --------- INSURANCE - 1.0% --------------------------------- 33,000 Cincinnati Financial Corp. 1,174 --------------------------------- --------- MEDIA/PUBLISHING - 2.4% --------------------------------- 30,000 Omnicom Group 2,739 --------------------------------- --------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- --------------------------------- --------- OFFICE EQUIPMENT & SUPPLIES - 2.4% --------------------------------- 52,000 Avery Dennison Corp. $ 2,819 --------------------------------- --------- PHARMACEUTICALS - 18.2% --------------------------------- 71,000 Abbott Laboratories 3,185 17,000 Amgen, Inc. (a) 1,195 50,000 Bristol-Myers Squibb Co. 3,095 38,900 Johnson & Johnson 3,623 40,000 Merck & Co., Inc. 3,287 103,125 Pfizer, Inc. 4,656 38,000 Schering-Plough Corp. 1,915 --------------------------------- --------- Total 20,956 --------------------------------- --------- TELECOMMUNICATIONS - 4.3% --------------------------------- 44,000 ALLTEL Corp. 2,604 40,000 SBC Communications, Inc. 1,934 22,000 Worldcom, Inc. (a) 474 --------------------------------- --------- Total 5,012 --------------------------------- --------- TRANSPORTATION - 6.0% --------------------------------- 150,000 GATX Corp. 6,917 --------------------------------- --------- UTILITIES /ELECTRIC - 1.9% --------------------------------- 72,500 Cinergy Corp. 2,200 --------------------------------- --------- UTILITIES/NATURAL GAS - 4.7% --------------------------------- 199,000 NiSource, Inc. 5,353 --------------------------------- --------- Total Common Stock 111,109 --------------------------------- --------- REPURCHASE AGREEMENT - 3.6% $ 4,119 Warburg/Dillon, 5.670%, dated 01/31/01, due 02/01/01, (at amortized cost), collateralized by U.S. Treasury Notes, 3.875%, due 1/15/09, with a value of $4,203. 4,119 --------------------------------- --------- TOTAL INVESTMENTS (COST $75,273) - 99.8% 115,228 --------------------------------- --------- OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% 268 --------------------------------- --------- TOTAL NET ASSETS - 100.0% $115,496 --------------------------------- --------- (a) Non-income producing security. (See Notes which are an integral part of the Financial Statements) FIFTH THIRD PINNACLE FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ COMMON STOCKS - 97.7% COMPUTER SOFTWARE & SERVICES - 10.3% --------------------------------- 50,325 First Data Corp. $ 3,060 55,120 Oracle Corp. (a) 1,605 34,859 Sun Microsystems, Inc. (a) 1,066 19,650 Veritas Software Co. (a) 1,864 --------------------------------- --------- Total 7,595 --------------------------------- --------- COMPUTER SYSTEMS & EQUIPMENT - 3.8% --------------------------------- 75,145 Cisco Systems, Inc. (a) 2,813 --------------------------------- --------- CONGLOMERATE - 2.1% --------------------------------- 28,541 Viacom, Inc., Class B (a) 1,576 --------------------------------- --------- CONSUMER PRODUCTS - 7.5% --------------------------------- 45,570 Corning, Inc. 2,584 30,550 Quaker Oats Co. 2,902 --------------------------------- --------- Total 5,486 --------------------------------- --------- ELECTRICAL EQUIPMENT - 3.8% --------------------------------- 60,850 General Electric Co. 2,799 --------------------------------- --------- ELECTRONICS - 13.3% --------------------------------- 34,705 EMC Corp. (a) 2,637 33,665 JDS Uniphase Corp. (a) 1,845 74,702 Solectron Corp. (a) 2,977 18,327 Tellabs, Inc. (a) 1,188 26,280 Texas Instruments, Inc. 1,151 --------------------------------- --------- Total 9,798 --------------------------------- --------- ENERGY - 13.9% --------------------------------- 45,400 Dynegy Inc. 2,211 38,425 Enron Corp. 3,074 28,488 Exxon Mobil Corp. 2,397 33,175 Schlumberger Ltd. 2,548 --------------------------------- --------- Total 10,230 --------------------------------- --------- FINANCIAL SERVICES - 8.5% --------------------------------- 24,625 American Express Co. 1,160 42,875 Citigroup, Inc. 2,400 9,318 Marsh & Mclennan Cos., Inc. 1,008 23,354 Merrill Lynch & Co., Inc. 1,693 --------------------------------- --------- Total 6,261 --------------------------------- --------- HEALTHCARE - 5.2% --------------------------------- 15,325 Baxter International, Inc. 1,347 65,475 HCA- The Healthcare Co. 2,449 --------------------------------- --------- Total 3,796 --------------------------------- --------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ INSURANCE - 3.8% --------------------------------- 33,018 American International Group, Inc. $ 2,807 --------------------------------- --------- MANUFACTURING - 6.4% --------------------------------- 59,450 Tyco International, Ltd. 3,662 14,175 United Technologies Corp. 1,063 --------------------------------- --------- Total 4,725 --------------------------------- --------- MEDIA/PUBLISHING - 5.6% --------------------------------- 27,850 AOL Time Warner, Inc. (a) 1,464 28,867 Omnicom Group, Inc. 2,636 --------------------------------- --------- Total 4,100 --------------------------------- --------- PHARMACEUTICALS - 6.0% --------------------------------- 13,800 Johnson & Johnson 1,285 40,707 Pfizer, Inc. 1,838 26,033 Schering-Plough Corp. 1,312 --------------------------------- --------- Total 4,435 --------------------------------- --------- RETAIL - 6.0% --------------------------------- 28,957 Home Depot, Inc. 1,396 25,067 Safeway, Inc. (a) 1,270 30,617 Wal-Mart Stores, Inc. 1,739 --------------------------------- --------- Total 4,405 --------------------------------- --------- TELECOMMUNICATIONS - 1.5% --------------------------------- 33,200 Nokia Corp. 1,141 --------------------------------- --------- Total Common Stocks 71,967 --------------------------------- --------- CASH EQUIVALENTS - 2.4% 6,000 Fidelity Institutional Cash Porfolio 6 $ 1,730 Warburg/ Dillon Repurchase Agreement, 5.67%, dated 1/31/01, due 2/1/01, (at amortized cost), collateralized by U.S. Treasury Bond, 3.875%, due 4/15/29, with a value of $1,769. 1,730 --------------------------------- --------- Total Cash Equivalents 1,736 --------------------------------- --------- TOTAL INVESTMENTS (COST $64,572) - 100.1% 73,703 --------------------------------- --------- LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1%) (75) --------------------------------- --------- TOTAL NET ASSETS - 100.0% $73,628 --------------------------------- --------- (a) Non-Income producing security. (See Notes which are an integral part of the Financial Statements) FIFTH THIRD BALANCED FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ COMMON STOCKS - 68.4% BANKING - 10.4% --------------------------------- 140,000 Bank Of New York Co., Inc. $ 7,662 135,000 First Tennessee National Corp. 4,354 135,000 Mellon Financial Corp. 6,291 170,000 National Commerce Bancorp 4,463 160,000 North Fork Bancorp 3,917 30,000 Regions Financial Corp. 892 95,000 SouthTrust Corp. 4,216 120,000 Wells Fargo Co. 6,181 --------------------------------- --------- Total 37,976 --------------------------------- --------- BUSINESS SERVICES - 1.4% --------------------------------- 80,000 Cintas Corp. 3,735 25,000 Fastenal Co. 1,414 --------------------------------- --------- Total 5,149 --------------------------------- --------- COMPUTER SOFTWARE & SERVICES - 7.4% --------------------------------- 100,000 BMC Software, Inc. (a) 2,906 45,000 Computer Sciences Corp. (a) 2,907 25,000 Comverse Technology, Inc. (a) 2,833 45,000 Convergys Corp. (a) 2,138 45,000 Entrust Technologies, Inc. (a) 796 30,000 Fiserv, Inc. (a) 1,554 18,000 Internet Security Systems (a) 1,279 130,000 MarchFirst, Inc. (a) 435 70,000 Microsoft Corp. (a) 4,274 130,000 Oracle Corp. (a) 3,786 50,000 SunGard Data Systems, Inc. (a) 2,498 45,000 Wind River Systems, Inc. (a) 1,710 --------------------------------- --------- Total 27,116 --------------------------------- --------- COMPUTER SYSTEMS & EQUIPMENT - 1.1% --------------------------------- 60,000 Cisco Systems, Inc. (a) 2,246 18,000 IBM 2,016 --------------------------------- --------- Total 4,262 --------------------------------- --------- CONSUMER CYCLICALS - 0.2% --------------------------------- 30,000 Carnival Corp. 968 --------------------------------- --------- CONSUMER PRODUCTS - 0.2% --------------------------------- 8,000 Procter & Gamble Co. 575 --------------------------------- --------- ELECTRICAL EQUIPMENT - 0.3% --------------------------------- 20,000 General Electric Co. 920 --------------------------------- --------- ELECTRONICS - 22.0% --------------------------------- 285,000 ADC Telecommunications, Inc. (a) 4,150 53,000 AXT, Inc. (a) 1,961 50,000 Agilent Technologies, Inc. (a) 2,728 36,000 Altera Corp. (a) 1,089 100,000 Amkor Technology, Inc. (a) 2,275 145,000 Analog Devices, Inc. (a) 9,077 SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 20,000 Applied Materials, Inc. (a) $ 1,006 36,000 Corning, Inc. 2,041 55,000 Cree, Inc. (a) 1,898 35,000 EMC Corp. (a) 2,660 105,000 Integrated Circuit Systems, Inc. (a) 2,448 80,000 Integrated Device Technologies, Inc. (a) 3,914 110,000 Intel Corp. 4,070 55,000 Maxim Integrated Products, Inc. (a) 3,358 110,000 Microchip Technology, Inc. (a) 3,307 60,000 Nokia Corp. ADR 2,061 56,000 Nortel Networks 2,141 22,000 PMC - Sierra (a) 1,662 55,000 QLogic Corp. (a) 4,840 160,000 Tellabs, Inc. (a) 10,370 180,000 Texas Instruments, Inc. 7,884 26,000 Vitesse Semiconductor Corp. (a) 1,847 50,000 Waters Corp. (a) 3,677 --------------------------------- --------- Total 80,464 --------------------------------- --------- ENERGY - 2.1% --------------------------------- 8,000 Chevron Corp. 666 23,000 Enron Corporation 1,840 10,000 Exxon Mobil Corp. 841 55,000 Schlumberger, Ltd. 4,224 3,291 Transocean Sedco Forex, Inc. 150 --------------------------------- --------- Total 7,721 --------------------------------- --------- FINANCIAL SERVICES - 5.5% --------------------------------- 33,000 A.G. Edwards, Inc. 1,553 25,000 Capital One Financial Corp. 1,575 93,000 Freddie Mac 5,673 33,000 Marsh & McLennan Cos., Inc. 3,569 85,000 Schwab (Charles) Corp. 2,245 70,000 Stilwell Financial, Inc. 3,042 65,000 T Rowe Price Group, Inc. 2,535 --------------------------------- --------- Total 20,192 --------------------------------- --------- HEALTHCARE - 2.6% --------------------------------- 18,000 Baxter International, Inc. 1,582 70,000 Biomet, Inc. 2,358 65,000 Guidant Corp. 3,217 40,000 Medtronic, Inc. 2,160 --------------------------------- --------- Total 9,317 --------------------------------- --------- MANUFACTURING - 5.4% --------------------------------- 54,000 Artesyn Technologies, Inc. (a) 1,350 185,000 Flextronics International, Ltd. (a) 7,053 35,000 Illinois Tool Works, Inc. 2,293 80,000 Jabil Circuit, Inc. (a) 3,080 80,000 Tyco International, Ltd. 4,928 15,000 Zebra Technologies Corp., Class A (a) 835 --------------------------------- --------- Total 19,539 --------------------------------- --------- - Continued - FIFTH THIRD BALANCED FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ MEDIA/ PUBLISHING - 0.5% --------------------------------- 40,000 Interpublic Group Of Cos., Inc. $ 1,648 --------------------------------- --------- MEDICAL DISTRIBUTION - 0.6% --------------------------------- 23,000 Cardinal Health, Inc. 2,192 --------------------------------- --------- PHARMACEUTICALS - 2.7% --------------------------------- 10,000 American Home Products Corp. 591 70,000 Amgen, Inc. (a) 4,922 80,000 Medimmune, Inc. (a) 3,180 14,000 Pfizer, Inc. 632 12,000 Schering-Plough Corp. 605 --------------------------------- --------- Total 9,930 --------------------------------- --------- RETAIL - 4.2% --------------------------------- 55,000 American Eagle Outfitters, Inc. (a) 3,183 100,000 Home Depot, Inc. 4,820 90,000 Lowe's Cos., Inc. 4,811 45,000 Wal-Mart Stores, Inc. 2,556 --------------------------------- --------- Total 15,370 --------------------------------- --------- TELECOMMUNICATIONS - 1.8% --------------------------------- 22,000 Alltel Corp. 1,302 70,000 Broadwing, Inc. 1,966 155,000 WorldCom, Inc. (a) 3,342 --------------------------------- --------- Total 6,610 --------------------------------- --------- Total Common Stocks 249,949 --------------------------------- --------- CORPORATE BONDS - 6.7% ASSET BACKED - 1.2% --------------------------------- $ 4,000 Ford Credit, 5.35%, 07/15/03 4,005 --------------------------------- --------- FINANCIAL - 3.1% --------------------------------- 3,000 Citibank, 6.875%, 11/15/07 3,145 5,000 General Electric Global Ins., 7.00%, 02/15/26 5,149 3,000 Lehman, 7.875%, 08/15/10 3,190 --------------------------------- --------- Total 11,484 --------------------------------- --------- INDUSTRIAL - 1.9% --------------------------------- 3,000 AT&T Canada Inc., 7.650%, 9/15/06 3,000 4,000 U.S. West, 7.625%, 6/9/03 4,137 --------------------------------- --------- Total 7,137 --------------------------------- --------- INTERNATIONAL - 0.5% --------------------------------- 1,750 Ontario Province, 7.750%, 6/4/02 1,803 --------------------------------- --------- Total Corporate Bonds 24,429 --------------------------------- --------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ U.S. GOVERNMENT SECURITIES - 22.4% MORTGAGE BACKED SECURITIES - 9.1% --------------------------------- $ 463 Fannie Mae, 6.000%, 4/1/11, Pool #344185 $ 462 2,652 Fannie Mae, 7.0%, 01/01/30, Pool #24799 2,683 5,183 Fannie Mae, 7.0%, 09/01/30, Pool #551392 5,241 19,495 Fannie Mae, 7.0%, 10/01/30, Pool #253514 19,710 4,987 Fannie Mae, 7.0%, 10/01/30, Pool #549975 5,042 1 FHLMC, 9.5%, 10/01/02 1 4 FHLMC, 8.0%, 08/01/08 4 --------------------------------- --------- Total 33,143 --------------------------------- --------- U.S. GOVERNMENT AGENCIES - 3.0% --------------------------------- 5,000 Fannie Mae Benchmark, 7.0%, 7/15/05 5,310 5,000 Fannie Mae, 7.250%, 1/15/10 5,481 --------------------------------- --------- Total 10,791 --------------------------------- --------- U.S. TREASURY BONDS - 1.6% --------------------------------- 2,250 7.250%, 5/15/16 2,637 3,000 6.25%, 2/15/30 3,312 --------------------------------- --------- Total 5,949 --------------------------------- --------- U.S. TREASURY NOTES - 8.7% --------------------------------- 8,000 6.500%, 2/28/02 8,144 11,500 6.750%, 5/15/05 12,316 5,500 6.000%, 8/15/09 5,814 5,000 6.500%, 2/15/10 5,472 --------------------------------- --------- Total 31,746 --------------------------------- --------- Total U.S. Government Securities 81,629 --------------------------------- --------- REPURCHASE AGREEMENT - 2.0% $ 7,549 Warburg/ Dillon, 5.67%, dated 1/31/01, due 2/1/01 - (at amortized cost), collateralized by U.S. Treasury Bonds, 3.875%, due 4/15/29, with a value of $7,705. 7,549 --------------------------------- --------- TOTAL INVESTMENTS (COST $327,578) - 99.5% 363,556 --------------------------------- --------- OTHER ASSETS IN EXCESS OF LIABILITIES - 0.5% 1,645 --------------------------------- --------- TOTAL NET ASSETS - 100.0% $365,201 --------------------------------- --------- (a) Non-income producing security. (See Notes which are an integral part of the Financial Statements) FIFTH THIRD MID CAP FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ COMMON STOCKS - 96.6% BANKING - 12.8% --------------------------------- 357,000 First Tennessee National Corp. $11,513 146,000 National Commerce Bancorporation 3,832 400,000 North Fork Bancorp. 9,792 205,000 Regions Financial Corp. 6,099 202,000 SouthTrust Corp. 8,964 --------------------------------- --------- Total 40,200 --------------------------------- --------- BUSINESS SERVICES - 3.8% --------------------------------- 142,000 Cintas Corp. 6,630 92,000 Fastenal Co. 5,204 --------------------------------- --------- Total 11,834 --------------------------------- --------- COMPUTER SOFTWARE & SERVICES - 14.3% --------------------------------- 80,000 Affiliated Computer Services, Inc. (a) 5,120 170,000 BMC Software, Inc. (a) 4,941 40,000 Citrix Systems, Inc. (a) 1,435 41,000 Comverse Technology, Inc. (a) 4,646 95,000 Convergys Corp. (a) 4,513 135,000 Entrust Technologies, Inc. (a) 2,388 203,000 Fiserv, Inc. (a) 10,518 33,000 Internet Security Systems, Inc. (a) 2,345 395,000 MarchFirst, Inc. (a) 1,321 93,000 Sungard Data Systems, Inc. (a) 4,645 77,000 Wind River Systems, Inc. (a) 2,926 --------------------------------- --------- Total 44,798 --------------------------------- --------- ELECTRONICS - 25.0% --------------------------------- 460,000 ADC Telecommunications, Inc. (a) 6,699 100,000 Altera Corp. (a) 3,025 200,000 Amkor Technology Inc. (a) 4,550 219,000 Analog Devices, Inc. (a) 13,709 9,000 Applied Materials, Inc. (a) 453 90,000 AXT Inc. (a) 3,330 88,000 Cree, Inc. (a) 3,036 196,000 Integrated Circuit Systems (a) 4,569 119,000 Integrated Device Technologies (a) 5,822 325,000 Microchip Technology, Inc. (a) 9,770 150,000 QLogic Corp. (a) 13,200 71,000 Vitesse Semiconductor Corp. (a) 5,045 71,000 Waters Corp. (a) 5,221 --------------------------------- --------- Total 78,429 --------------------------------- --------- FINANCIAL SERVICES - 10.1% --------------------------------- 257,000 A.G. Edwards, Inc. 12,094 239,000 Stilwell Financial, Inc. 10,387 236,000 T Rowe Price Associates, Inc. 9,204 --------------------------------- --------- Total 31,685 --------------------------------- --------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ HEALTHCARE - 3.5% --------------------------------- 328,000 Biomet, Inc. $ 11,049 --------------------------------- --------- INSURANCE - 0.3% --------------------------------- 23,000 Cincinnati Financial Corp. 818 --------------------------------- --------- MANUFACTURING - 10.8% --------------------------------- 237,000 Artesyn Technologies, Inc. (a) 5,925 390,000 Flextronics International, Ltd. (a) 14,869 132,000 Jabil Circuit, Inc. (a) 5,082 70,000 OM Group, Inc. 3,402 80,000 Zebra Technologies Corp., Class A (a)4,455 --------------------------------- --------- Total 33,733 --------------------------------- --------- MEDIA/PUBLISHING - 1.9% --------------------------------- 64,000 Omnicom Group, Inc. 5,843 --------------------------------- --------- MEDICAL DISTRIBUTION - 3.5% --------------------------------- 108,000 Apogent Technologies, Inc. (a) 2,279 91,000 Cardinal Health, Inc. 8,672 --------------------------------- --------- Total 10,951 --------------------------------- --------- RETAIL - 6.3% --------------------------------- 200,000 American Eagle Outfitters, Inc. (a) 11,575 245,000 Casey's General Stores, Inc. 2,940 89,000 Dollar General Corp. 1,734 62,000 RadioShack Corp. 3,412 --------------------------------- --------- Total 19,661 --------------------------------- --------- TELECOMMUNICATIONS - 3.0% --------------------------------- 220,000 Broadwing, Inc. 6,178 104,000 CenturyTel, Inc. 3,264 --------------------------------- --------- Total 9,442 --------------------------------- --------- TRANSPORTATION - 1.3% --------------------------------- 90,000 GATX Corp. 4,150 --------------------------------- --------- Total Common Stocks 302,593 --------------------------------- --------- REPURCHASE AGREEMENT - 3.4% $ 10,498 Warburg / Dillon, 5.67%, dated 1/31/01, due 2/1/01 (at amortized cost), collateralized by U.S. Treasury Bonds, 3.875%, due 4/15/29 with a value of $10,710. 10,498 --------------------------------- --------- TOTAL INVESTMENTS (COST $243,080) - 100.0% 313,091 --------------------------------- --------- OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0% 71 --------------------------------- --------- TOTAL NET ASSETS - 100.0% $313,162 --------------------------------- --------- (a) Non-Income producing security. (See Notes which are an integral part of the Financial Statements) FIFTH THIRD TECHNOLOGY FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARE OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ COMMON STOCKS - 97.4% BIOTECHNOLOGY & RELATED - 5.1% --------------------------------- 10,000 Amgen, Inc. (a) $ 703 12,500 Genetech, Inc. (a) 741 10,000 Medtronic, Inc. 540 22,500 Waters, Corp. (a) 1,654 --------------------------------- --------- Total 3,638 ------------------------------------------ COMMUNICATION EQUIPMENT - 15.3% --------------------------------- 75,000 ADC Telecommunications, Inc. (a) 1,092 27,500 Corning, Inc. 1,560 35,000 Cisco Systems, Inc. (a) 1,310 20,000 Finisar Corp. (a) 728 35,000 Nokia Corp. ADR 1,202 32,000 Nortel Networks 1,224 20,000 Qualcomm, Inc. (a) 1,681 5,500 SDL, Inc. (a) 1,110 15,000 Tellabs, Inc. (a) 972 --------------------------------- --------- Total 10,879 ------------------------------------------ COMPUTER SOFTWARE - 13.3% --------------------------------- 30,000 Amdocs, Ltd. (a) 2,349 12,000 Comverse Technology, Inc. (a) 1,360 30,000 Microsoft Corp. (a) 1,832 47,000 Oracle Corp. (a) 1,369 19,000 Siebel Systems, Inc. (a) 1,260 35,000 Wind River Systems (a) 1,330 --------------------------------- --------- Total 9,500 ------------------------------------------ COMPUTER STORAGE - 9.3% --------------------------------- 57,500 BMC Software, Inc. (a) 1,671 22,500 EMC Corp. (a) 1,710 20,000 Network Appliance, Inc. (a) 1,072 25,000 QLogic Corp. (a) 2,200 --------------------------------- --------- Total 6,653 ------------------------------------------ DATA SECURITY - 6.3% --------------------------------- 55,000 Entrust Technologies, Inc. (a) 973 15,000 Internet Security Systems, Inc. (a) 1,066 17,500 Macrovision, Corp. (a) 1,313 15,000 VeriSign (a) 1,103 --------------------------------- --------- Total 4,455 ------------------------------------------ DIVERSIFIED HARDWARE - 10.0% --------------------------------- 32,500 Agilent Technologies, Inc. (a) 1,773 25,000 Applied Materials, Inc. (a) 1,258 32,500 Dell Computer Corp. (a) 849 20,000 Hewlett Packard 735 10,000 International Business Machines Corp.1,120 45,000 Sun Microsystems, Inc. (a) 1,375 --------------------------------- --------- Total 7,110 ------------------------------------------ SHARE OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ ELECTRONIC MANUFACTURING SERVICES - 3.2% --------------------------------- 35,000 Flextronics International, Ltd. (a)$ 1,334 25,000 Jabil Circuit, Inc. (a) 963 --------------------------------- --------- Total 2,297 ------------------------------------------ INTERNET FINANCIAL SERVICES - 3.1% --------------------------------- 45,000 Schwab (Charles) Corp. 1,188 62,500 TD Waterhouse Group (a) 1,015 --------------------------------- --------- Total 2,203 ------------------------------------------ SEMICONDUCTORS - 19.4% --------------------------------- 35,000 Analog Devices, Inc. (a) 2,190 35,000 AXT, Inc. (a) 1,295 45,000 Cree, Inc. (a) 1,552 17,500 Intel Corp. 648 40,000 Integrated Circuit Systems, Inc. (a) 933 30,000 Integrated Device Technologies, Inc. (a) 1,468 28,000 Maxim Integrated Products (a) 1,709 32,500 Microchip Technology, Inc. (a) 977 13,000 PMC - Sierra, Inc. (a) 982 22,500 Texas Instruments, Inc. 986 15,000 Vitesse Semiconductor Corp. (a) 1,066 --------------------------------- --------- Total 13,806 ------------------------------------------ SERVICES - 9.4% --------------------------------- 32,500 AOL Time Warner, Inc. (a) 1,708 17,500 Automatic Data Processing, Inc. 1,047 35,000 Convergys Corp. (a) 1,663 15,000 Computer Sciences Corp. (a) 969 17,500 Paychex, Inc. 790 10,000 Sungard Data Systems, Inc. (a) 499 --------------------------------- --------- Total 6,676 ------------------------------------------ TELECOMMUNICATION SERVICES - 3.0% --------------------------------- 75,000 Broadwing, Inc. 2,106 --------------------------------- --------- Total Common Stocks 69,323 ------------------------------------------ REPURCHASE AGREEMENT - 3.2% $ 2,292 Warburg / Dillon, 5.67%, dated 1/31/01, due 2/1/01 (at amortized cost), collateralized by U.S. Treasury Bond, 3.875%, due 4/15/29 with a value of $2,342. 2,292 ------------------------------------------ TOTAL INVESTMENTS (COST $81,232) - 100.6% 71,615 ------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6%) (418) ------------------------------------------ TOTAL NET ASSETS - 100.0% $71,197 ------------------------------------------ (a) Non-Income producing security. (See Notes which are an integral part of the Financial Statements FIFTH THIRD INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ COMMON STOCKS - 91.5% AUSTRALIA - 1.6% --------------------------------- 19,318 Amcor, Ltd. $ 62 6,738 AMP Diversified Property Trust 9 15,770 AMP, Ltd. 165 3,662 AMP, Ltd. Reinvestment Notes 0 9,027 Australian Gas & Light Company 56 37,439 BHP, Ltd. 388 3,535 Brambles Industries, Ltd. 95 10,526 Coca-Cola Amatil, Ltd 28 18,331 Coles Myer, Ltd. 64 4,650 Commonwealth Bank Of Australia 82 1,326 CSL, Ltd. 25 12,920 CSR, Ltd. 37 1,582 F.H. Faulding & Company 10 29,267 Fosters Brewing Group, Ltd. 74 23,567 General Property Trust 35 35,115 Goodman Fielder, Ltd. 25 4,418 Leighton Holdings, Ltd. 17 8,958 Lend Lease Corporation, Ltd. 81 23,615 M.I.M. Holdings, Ltd. 12 6,273 Mayne Nickless, Ltd. 19 23,834 National Australia Bank 386 30,410 News Corporation, Ltd. 296 52,949 Normandy Mining Ltd. 28 4,340 Onesteel, Ltd. 2 8,071 Orica, Ltd. 25 8,765 Pacific Dunlop, Ltd. 7 3,507 Paperlin, Ltd. 8 6,865 QBE Insurance Group, Ltd. 40 5,774 Rio Tinto, Ltd. 93 17,079 Santos, Ltd. 61 10,340 Southcorp Holdings, Ltd. 28 5,267 Stockland Trust Group 11 5,119 Suncorp Metway, Ltd. 32 5,269 TABCORP Holdings, Ltd. 31 84,896 Telstra Corporation, Ltd. 329 3,114 Westfarmers, Ltd. 31 22,719 Westfield Trust 42 776 Westfield Trust- New 1 30,658 Westpac Banking Corp., Ltd. 236 32,514 WMC, Ltd. 131 19,459 Woolworths, Ltd. 84 --------------------------------- --------- Total 3,186 ------------------------------------------ AUSTRIA - 0.2% --------------------------------- 2,145 Bank Austria AG 127 298 BBAG Oest Brau Beteil 12 230 Boehler-Uddeholm 8 SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 550 BWT AG $ 18 507 Flughafen Wein AG 18 230 Generali Holdings Vienna AG 38 46 Lenzing AG 3 390 Mayr-Melnhof Karton AG 18 992 Oesterreichische Elek AG - A Shares 103 1,123 Tabakwerke 68 488 Va Technologies AG 13 2,248 Weinerberger Baust AG 40 --------------------------------- --------- Total 468 ------------------------------------------ BELGIUM - 0.0% --------------------------------- 798 Bel Ucb Cap Npv Ord 29 591 Solvay SA 32 195 Union Miniere SA 7 --------------------------------- --------- Total 68 ------------------------------------------ DENMARK - 0.1% --------------------------------- 500 Carlsberg 22 449 Carlsberg A/S 26 1,700 Danisco A/S 73 200 Novo Nordisk A/S - B Shares 9 400 Novozymes A/S 40 500 William Demant A/S 26 --------------------------------- --------- Total 196 ------------------------------------------ FINLAND - 1.4% --------------------------------- 1,517 Hartwall Oyj Abp 24 4,189 Kesko Oyj - B Shares 44 3,749 Metso Oyj - B Shares 39 56,142 Nokia Oyj 1,974 4,105 Outokumpo Oyj 32 3,886 Raision Group PLC 7 2,550 Sampo Insurance Co. Ltd. - A Shares 140 11,437 Sonera Oyj 238 1,719 Tietoenator Oyj 57 8,201 Upm-Kym'mene Oyj 257 1,603 Wartsila Corp. 28 --------------------------------- --------- Total 2,840 ------------------------------------------ FRANCE - 11.9% --------------------------------- 5,311 Accor SA 243 3,312 Air Liquide 449 18,825 Alcatel Alsthom 1,116 12,752 Aventis SA 1,007 9,328 Axa SA 1,282 4,931 Banque Nationale De Paris 456 1,873 Bic 75 11,599 Bouygues 550 3,502 Canal Plus 11 - Continued - FIFTH THIRD INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 1,841 Cap Gemini Sogeti $ 358 17,559 Carrefour SA 1,092 93,720 Casino Guichard Perrachon 224 649 Coflexip SA 93 2,767 Compagnie De Saint-Gobain 449 2,420 Dassault Systemes SA 163 1,633 Eridania Beghin - Say SA 143 284 Essilor International 88 1,189 Klepierre 112 15,900 France Telecom SA 1,468 800 Gecina 77 9,528 Groupe Danone 1,258 206 Imerys 23 2,083 La Farge-Coppee SA 193 4,178 La Gardere Sca 266 20,360 L'OREAL 1,572 12,615 Lvmh Moe Vuitton Hennessy Louis 825 5,486 Michelin Class B, Registered 209 2,969 Pechiney SA, Series A 141 2,736 Pernod Ricard 201 3,406 Pinaukt Printemps Redo 713 1,051 Psa Peugeot Citroen 268 569 Sagem SA - New 66 11,957 Sanofi-Synthelabo SA 688 4,847 Schneider Electric SA 335 203 Silic 31 2,105 Simco - Union SA, Registered 149 3,096 Societe Fonciere Lyonnaise 85 5,528 Societe Generale 372 40,000 Sodexho SA 184 1,903 Sophia 55 4,305 Suez Lyonnaise des Eaux SA 697 4,722 Thomson CSF 200 27,514 Total SA, Class B 4,056 2,250 Unibail Union De Credit Bail 375 8,391 Usinor Sacilor SA 115 2,599 Valeo SA 122 21,011 Vivendi 1,588 --------------------------------- --------- Total 24,245 ------------------------------------------ GERMANY - 9.6% --------------------------------- 7,403 Allianz AG 2,527 19,767 BASF AG 866 22,717 Bayer AG 1,120 8,082 Bayerische Vereinsbank 477 5,050 Beiersdof AG 505 2,800 Continental Gummiwerke AG 48 21,449 DaimlerChrysler AG 1,015 SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 3,080 Dem Man AG $ 94 11,333 Deutsche Bank AG 1,092 4,100 Deutsche Lufthansa - New 94 47,164 Deutsche Telekom AG 1,573 2,150 Douglas Holdings AG 80 8,667 Dresdner Bank AG 399 600 Dyckerhoff AG 11 29,967 E.On AG 1,650 1,200 EM.TV & Merchandising AG 9 2,350 Fresenius Medical Care AG 187 1,850 Gehe AG 64 1,735 Heidelberger Zement AG 93 8,903 Ivg Holdings AG 110 2,150 Kamps AG 34 1,650 Karstadt AG 58 3,520 Linde AG 179 1,900 Merck KGaA 79 8,313 Metro AG 406 5,034 Muenchener Rueckver 1,629 4,530 Preussag AG 184 18,109 RWE AG 726 5,625 Sap AG 854 2,150 Schering AG 113 300 SGL Carbon AG 19 17,267 Siemens AG 2,483 17,920 Thyssen Krupp AG 332 6,880 Volkswagen AG 350 1,800 WCM Beteiligungs & Grundbesitz AG 36 --------------------------------- --------- Total 19,493 ------------------------------------------ GREAT BRITAIN - 21.5% --------------------------------- 20,057 31 Group PLC 423 22,461 Abbey National PLC 383 19,060 Amvescap PLC 426 20,407 ARM Holdings PLC (a) 158 28,032 Astrazeneca Group PLC 1,217 30,165 BAA PLC 257 78,687 BAE Systems PLC 340 30,332 Barclays PLC 968 31,002 Bass PLC 336 102,714 BG Ord Group 393 4,723 Blue Circle Industries PLC 34 20,606 BOC Group PLC 301 21,194 Boots Co. PLC 187 766,243 BP Amoco PLC 6,589 38,630 BPS Burford PLC 68 41,264 British Airways 279 89,305 British American Tobacco PLC 643 - Continued - FIFTH THIRD INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 50,760 British Land Company PLC $ 370 44,978 British Sky Broadcasting PLC 775 216,918 British Telecommunications PLC 2,257 2,543 Bunzl PLC 17 77,376 Cadbury Schweppes PLC 496 7,488 Canary Wharf Group PLC (a) 55 25,281 Capita Group PLC 181 18,898 Carlton Communications PLC 144 97,689 Centrica PLC 357 26,372 Chelsfield PLC 139 58,707 Commercial Union PLC 859 23,179 Corus Group PLC 25 136,601 Diageo PLC 1,312 47,255 Dixons Group PLC 185 20,538 EMI Group PLC 149 38,522 GKN PLC Shs 468 98,097 Glaxosmithkline PLC 2,573 58,747 Granada Compass PLC 597 26,919 Grantchester Holdings PLC 87 22,542 Great Portland Estates PLC 94 30,442 Great Universal Stores PLC 227 36,767 Halifax PLC 356 19,430 Hammerson PLC 140 5,607 Hanson PLC 36 48,199 Hays PLC 261 58,760 Hilton Group PLC 205 147,065 HSBC Holdings PLC 2,286 42,206 Imperial Chemical Industries PLC 313 20,686 International Power PLC. 79 26,493 Int'l 12.5p PLC 258 115,931 Invensys PLC 312 1,141 Johnson Matthey 16 36,375 Kingfisher PLC 242 32,712 Land Securities Ord 436 102,714 Lattice Group PLC 197 145,989 Legal & General Group PLC 358 83,091 Lloyds TSB Group PLC 850 9,530 Logica PLC 266 57,251 Marconi PLC 583 78,254 Marks & Spencer PLC 250 17,394 Misys PLC 164 38,667 National Grid Group PLC 353 7,198 Schroders PLC 143 18,128 Nycomed Amersham PLC 156 16,391 P & O Princess Cruises PLC 83 14,316 Pearson PLC 341 16,391 Peninsular & Oriental Steam Navigation Co. 72 47,728 Prudential Corp. PLC 719 3,593 Psion PLC 12 12,558 Railtrack Group PLC Common 180 SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 53,106 Rentokil Initial PLC $ 161 37,161 Reuters Holding PLC 600 2,727 Rexam PLC 11 37,202 Rio Tinto PLC 648 1,729 RMC Group PLC 17 38,661 Royal Bank Of Scotland Group PLC 919 31,959 Sage Group PLC 178 49,591 Sainsbury (j) PLC 262 48,179 Scottish Power PLC 315 10,844 SEMA Group PLC 60 29,260 Slough Estates PLC 183 12,542 Smith & Nephew PLC 56 505 SSL Intl PLC 3 8,594 Tate & Lyle 32 181,809 Tesco PLC 641 115,050 Unilever PLC 867 19,757 United Utilities Group PLC 165 1,199,855 Vodafone Group PLC 4,243 22,199 WPP Group PLC 286 16,000 Yokogawa Electric Corp. 135 --------------------------------- -------- Total 43,681 ------------------------------------------ HONG KONG - 3.1% --------------------------------- 52,162 Bank Of East Asia, Ltd. 143 128,000 Cathay Pacific Airways, Ltd. 199 74,500 CLP Holdings, Ltd. 348 28,000 Hang Lung Development 28 57,000 Hang Seng Bank, Ltd. 749 45,000 Henderson Land Development 239 182,470 Hong Kong & China Gas, Ltd. 262 146,100 Hutchison Whampoa, Ltd. 1,920 23,170 Hysan Dev 41 136,000 Johnson Electric Holdings 237 99,000 Li & Fung, Ltd. 192 77,978 New World Development Co., Ltd. 123 491,235 Pacific Century Cyberworks, Ltd. (a) 285 14,000 Shagri La Asia Ltd 14 111,260 Sino Land Co. 62 14,000 South China Morning Post, Ltd. 11 82,000 Sun Hung Kai Properties, Ltd. 852 53,000 Swire Pacific, Ltd., Class A 392 9,000 Television Broadcasts, Ltd. 51 80,600 Wharf Holdings, Ltd. 226 --------------------------------- -------- Total 6,375 ------------------------------------------ INDONESIA - 0.0% --------------------------------- 19,000 Idr Mulia Industrindo 500 1 - Continued - FIFTH THIRD INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ IRELAND - 0.1% --------------------------------- 2,816 Crh PLC $ 53 11,900 Green Property PLC 83 7,800 Jefferson Smurfit Group PLC 15 2,505 Kerry Group PLC 31 --------------------------------- --------- Total 182 ------------------------------------------ ITALY - 3.6% --------------------------------- 21,212 Assicurazioni Generali 785 3,566 Autogrill SpA 44 54,171 Banca Intesa SpA 264 4,306 Banca Popolare Di Milano 24 51,799 Banco Di Roma SpA 62 29,225 Benetton Group SpA 55 250,318 Cn Eni SpA 1,627 51,698 Credito Italiano 270 180,923 Enel SpA (a) 670 4,226 Fiat SpA 106 7,328 Impregilo SpA 4 1,934 Italcementi SpA 18 6,448 Italgas SpA 67 20,372 Mediaset SpA 268 6,794 Mediobanca Banca SpA 76 45,576 Olivetti SpA 123 73,918 Parmalat Finanziaria SpA 118 38,405 Pirelli SpA 144 10,022 RAS SpA 152 3,721 Rinascente 22 1,184 Sai Sta Assicuratrice 22 15,420 San Paolo - IMI SpA 258 1,437 Seat-Pagine Gialle SpA 3 11,829 Snia BPD SpA 25 57,171 Telecom Italia SpA 722 170,730 Telecom Italia Mobile SpA 1,367 2,667 Telecom Italia SpA-RNC 17 7,635 Telepizza (a) 23 8,353 Tim Itl50 Di Risp 37 --------------------------------- --------- Total 7,374 ------------------------------------------ JAPAN - 17.1% --------------------------------- 3,000 Acom Co., Ltd. 240 1,400 Advantest 155 28,400 Ajinomoto Co., Inc. 299 1,000 Alps Electric Co. 12 57,900 Asahi Bank, Ltd. 179 9,000 Asahi Breweries, Ltd. 85 27,000 Asahi Chemical Industries Co., Ltd. 131 42,800 Asahi Glass Co., Ltd. 335 10,000 Bank Of Fukuoka, Ltd. 48 74,000 Bank Of Tokyo-Mitsubishi, Ltd. 693 SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 4,000 Benesse Corp. $155 18,000 Bridgestone Corp. 170 12,400 Canon, Inc. 463 19,800 Casio Computer Co., Ltd. 155 48 Central Japan Railway Co. 279 8,600 Chugai Pharmaceutical Co., Ltd. 127 13,200 Chuo Mitsui Trust & Banking Co., Ltd. 35 700 Credit Saison Co., Ltd. 13 20,600 Dai Nippon Printing Co., Ltd. 283 23,600 Daiei Inc. (a) 40 2,000 Daiichi Pharmaceutical Co., Ltd. 49 1,000 Daikin Kogyo Corp. 21 62,000 Daiwa Bank, Ltd. 92 20,600 Daiwa House 122 27,000 Daiwa Securities Group Incorporated 276 9,600 Denso Corp. 204 111 East Japan Railway #9020 570 13,800 Ebara Corp. 143 3,000 Eisai Co. 76 5,400 Fanuc, Ltd. 378 14,000 Fuji Photo Film 559 1,300 Fuji Soft Abc 84 33,000 Fujitsu Ltd Ord 557 16,800 Furukawa Electric 354 6,000 Gunma Bank, Ltd. 26 700 Hirose Electric 67 44,000 Hitachi Ltd 414 12,000 Honda Motor Co. 460 10,000 Ito Yokado Co., Ltd. 499 9,000 Japan Airlines 37 4,000 Japan Energy Corp 7 29 Japan Tobacco Inc. 205 3,600 Joyo Bank 12 8,800 Jusco Co. 204 200 Kadokawa Shoten Pub 6 39,400 Kajima Corp. 94 1,000 Kaneka Corp. 8 29,700 Kansai Electric Power 471 19,000 Kao Corp. 477 5,000 Kawasaki Heavy 5 37,000 Kawasaki Steel Corp. 39 1,000 Kinden Corp. 6 36,000 Kinki Nippon Railway 140 44,400 Kirin Brewery 428 35,400 Komatsu, Ltd. 160 54,000 Kubota Corp. 169 1,000 Kuraray Co., Ltd. 8 2,800 Kyocera Corp. 305 - Continued - FIFTH THIRD INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 3,200 Kyowa Hakko Kogyo Co. $ 23 800 Marubeni Corp. 2 6,000 Marui 82 41,000 Matsushita Electric Industries 933 1,000 Minebea Co. 9 38,000 Mitsubishi Chemical 97 5,000 Mitsubishi Corp. 35 55,800 Mitsubishi Electric 385 21,000 Mitsubishi Estate 194 104,000 Mitsubishi Heavy 436 26,200 Mitsubishi Materials 60 29,000 Mitsubishi Trust & Bank, Incorporated 187 5,800 Mitsui And Co. 35 13,400 Mitsui Fudosan 121 1,000 Mitsui Marine & Fire Insurance 5 17,600 Mitsukoshi, Ltd. 64 114 Mizuho Holdings Inc. 667 3,400 Murata Manufacturing Co. Ltd 399 6,800 Mycal Corp. 13 21,200 Nec Corp. 433 43,400 New Oji Paper 201 11,000 Ngk Spark Plug Co. 153 1,600 Nichiei Co., Ltd. 12 500 Nidec Corp 24 5,000 Nikon Corp. 72 2,900 Nintendo Co. 474 21,600 Nippon Express Co. Ord. 115 9,600 Nippon Meat Packers 118 57,800 Nippon Oil Co. Ord. 264 3,000 Nippon Paper Industries Co. 16 175,800 Nippon Steel Corp. 308 191 Nippon Tel & Tel 1,330 37,000 Nippon Yusen 142 40,600 Nissan Motors 248 900 Nissin Food Products 21 1,000 Nitto Denko Corp. 29 41,000 Nomura Securities Co., Ltd. 762 1,000 Nsk Ltd 5 5,000 Ohbayashi Gumi 18 1,000 Olympus Optical Co. 16 3,000 Omron Corp 59 7,000 Onward Kashiyama Co. 56 2,400 Oriental Land Co. 146 1,440 Orix Corp. 144 66,200 Osaka Gas Co. 166 5,000 Pioneer Electronic Corp. 141 2,400 Promise Co. 170 1,600 Rohm Co. 319 73,000 Sakura Bank Ltd 455 SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 11,800 Sankyo Co. $ 236 51,000 Sanyo Electr 419 6,600 Secom Co., Ltd. 426 4,100 Sega Enterprise 60 20,600 Sekisui House,, Ltd. 178 1,000 Seventy-Seven Bank 6 15,200 Sharp 214 100 Shimamura Co. 6 3,000 Shimano Inc. 58 29,600 Shimizu Construction 77 3,800 Shin Etsu Chem Co. 145 3,000 Shinogi And Co. 52 8,800 Shiseido Co. 93 18,400 Shizuoka Bank 158 3,000 Showa Shell Sekiyu 13 6,000 Skylark Y50 147 1,700 Smc 219 4,900 Softbank Corp. 293 15,700 Sony Corp. 1,141 50,000 Sumitomo Bank 515 39,600 Sumitomo Chemical Co. 202 3,200 Sumitomo Corp 21 31,400 Sumitomo Electric Industries 473 1,000 Sumitomo Marine & Fire 6 12,600 Sumitomo Metal & Mining 52 12,000 Sumitomo Metal Industry 7 40,400 Taisei Construction 77 9,800 Taisho Pharmaceutical 227 2,000 Taiyo Yudan Co.,, Ltd. 67 1,000 Takara Shuzo Co. 17 24,400 Takeda Chemical Industries 1,297 3,500 Takefuji Corp. 256 23,400 Teijin, Ltd. 107 6,000 Terumo Corp. 121 23,400 The Bank Of Yokohama 90 49,800 The Tokai Bank, Ltd. 221 22,600 Tobu Railway 66 10,800 Tohoku Electric Power 139 34,000 Tokio Marine & Fire Insurance 347 6,000 Tokyo Broadcasting System 179 38,900 Tokyo Electric Power Co., Incorporated 853 2,600 Tokyo Electronics 183 63,600 Tokyo Gas Co. Ltd 167 24,400 Tokyu Corp. 107 17,600 Toppan Printing 142 26,100 Toray 94 42,000 Toshiba Corp. 279 1,000 Tostem Corp. 12 - Continued - FIFTH THIRD INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 21,600 Toto $ 143 1,000 Toyo Seikan Kaisha Ltd 16 50,000 Toyota Motor 1,707 39,400 Ube Industries,, Ltd. 84 400 Uni-Charm Corp. 18 150 World Co., Ltd. 6 9,000 Yamanouchi Pharmaceuticals 331 1,000 Yamato Transport Co. Ltd. 19 100 Yen Namco Ltd 2 14,600 Yen Ngk Insulators Ltd 198 4,000 Yokogawa Electric Corp. 33 ------------------------------------------ Total 34,608 ------------------------------------------ NETHERLANDS - 6.8% --------------------------------- 16,015 Abn Amro 414 27,531 Aegon Nv 1,026 14,403 Ahold (Kon) Nv 444 4,711 Akzo Nv 228 2,242 Asm Lithography Holding N.V. 64 1,865 Buhrmann N.V. 51 13,619 Elsevier 190 5,190 Getronics Nv 35 2,168 Hagemeyer Nv 51 16,812 Heineken Nv 957 24,592 Ing Groep Nv 1,879 8,928 Koninklijke Kpn Nv 148 34,922 Nlg Unilever Nv Cva 1,970 442 Oce Nv 8 2,140 Rodamco Cont Europe 1,151 67,493 Royal Dutch Petroleum 89 8,823 Stmicroelectronics Nv 4,054 11,516 Tnt Post Groep Nv 421 1,506 Vedior Nv 295 2,800 Vib Nv 19 6,524 Wolters Kluwer - Cva 73 29,930 Philips Electronics 158 --------------------------------- --------- Total 13,725 ------------------------------------------ NEW ZEALAND - 0.0% --------------------------------- 21,413 Carter Holt Harvey, Ltd. 15 --------------------------------- --------- NORWAY - 0.1% --------------------------------- 800 Elkem Sa 14 500 Norske Skogindustrier Ag 20 3,600 Orkla Asa 69 --------------------------------- --------- Total 103 ------------------------------------------ PORTUGAL - 0.6% --------------------------------- 17,544 Banco Commercial 93 3,639 Banco Espir Santo E Com De 59 SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 25,330 Bpi-Sgps S.A. $ 92 14,500 Brisa Auto-Estradas 140 164,845 Electricidade De Portugal, S.A. 523 3,950 Jeronimo Martins 42 26,000 Portucel Empresa Produtore 35 11,425 Portugal Telecom Sa 126 11,000 Sonae Br 15 33,000 Sonae Sgps Sa-New Shs 43 ------------------------------------------ Total 1,167 ------------------------------------------ SINGAPORE - 0.9% --------------------------------- 32,250 Capitaland, Ltd. 52 4,000 Chartered Semiconductor 14 17,000 City Developments, Ltd. 76 550 Creative Technology 8 30,683 Dbs Group Holdings Ltd 345 7,000 First Capital 5 8,000 Fraser & Neave 32 21,000 Hotel And Properties 18 20,000 Keppel Corp 36 29,058 Oversea-Chinese Banking Corporation, Ltd. 213 11,000 Parkway Holdings Ltd 17 45,802 Sembcorp Industries 52 16,000 Sgd Neptune Orient Lines 13 30,000 Singapore Airlines 268 9,059 Singapore Press Holdings 119 75,000 Singapore Technology Engineering 117 72,000 Singapore Telecommunications 116 39,000 United Industrial Corporation 19 23,352 United O/S Bank 185 16,000 United Overseas Land, Ltd. 14 3,000 Venture Manufacturing 29 ------------------------------------------ Total 1,749 ------------------------------------------ SPAIN - 3.3% --------------------------------- 1,617 Acerinox Sa 53 9,065 Acesa Autopista 500 84 2,069 Actividad Construction 52 5,916 Altadis Sa 82 1,806 Azucarera Ebro 22 81,930 Banco Bilbao Vizcaya-Argentari 1,311 69,632 Banco Santander Central Hispano, Sa 764 2,509 Corporacion Mapfre 57 32,894 Endesa S.A. 585 5,948 Esp Dragados Y Constr 69 18,048 Esp Gas Natural Sdg Eur1 331 5,742 Gen De Aguas D'barcel 81 31,734 Iberdrola Sa Ord Sppt500 432 9,698 Inmobiliaria Colonial 133 - Continued - FIFTH THIRD INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 10,511 Metrovacesa Esp250 $ 165 38,876 Repsol Sa 669 3,294 Sol Melia Sa 33 65,223 Telefonica Sm 1,248 12,103 Union Electrica Penos 242 34,110 Vallehermoso Sa 233 1,743 Zardoya Otis Sa 16 ------------------------------------------ Total 6,664 ------------------------------------------ SWEDEN - 2.6% --------------------------------- 1,120 Assidoman Ab 21 3,600 Atlas Copco Ab 88 2,000 Atlas Copco Series B Shares 47 15,220 Castellum Intl Ltd 166 16,630 Drott Ab 208 8,800 Electrolux Ab Common 130 159,450 Ericsson Lm - B Shares 1,924 700 Gambro Ab - A 5 22,000 Hennes & Mauritz Ab B Shares 470 5,700 Jm Ab `B' 123 650 Netcom Systems Ab B 31 16,867 Nordea Ab 134 2,000 Om Gruppen Ab 51 2,500 S.K.F. Ab-B Shares 43 7,800 Sandvik Ab 199 11,200 Securitas Ab B Shares 197 29,200 Skandia Forsakrings Ab 516 7,400 Skandinaviska Enskil 92 3,600 Skanska Ab - B Shares 155 8,264 Svenska Cellulosa Ab *Sca Shs -B- 188 8,000 Svenska Handelsbanken Class A 133 1,900 Svenskt Stal Ab-Ser A 19 7,700 Swedish Match Ab 31 13,901 Telia 82 4,000 Trelleborg Ab-B 31 1,400 Volvo Ab - Series A 25 5,200 Volvo Ab-B Shares 97 23,300 Wihlborgs Fastigheter 33 10,000 Wm-Data Ab 57 ------------------------------------------ Total 5,297 ------------------------------------------ SWITZERLAND - 7.0% --------------------------------- 6,724 Abb Ltd 667 3,590 Credit Suisse Group 760 73 George Fischer Reg 21 269 Givaudan 73 47 Holderbank Financiere Glarus Ag 16 65 Holderbank Financiere Glarus Ag - B Shares 78 14 Lonza Ag 9 2,279 Nestle 4,831 SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ 1,252 Novartis $ 2,121 133 Roche Holding Ag Genusscheine Npv 563 51 Roche Holdings Ag 1,221 327 Schw Rueckvers-Reg 751 473 Sfr Adecco Sa Chf10 Regd 316 39 Sgs Soc Gen Surveillance 51 91 Sulzer Ag-Reg 62 1,321 Swisscom Ag 363 1,561 Syngenta 94 100 The Swatch Group Ag 25 124 The Swatch Group-Bearer 149 5,410 Ubs Ag Registered 954 119 Valora Holdings 25 1,833 Zurich Financial Services 1,054 ------------------------------------------ Total 14,202 ------------------------------------------ THAILAND - 0.0% --------------------------------- 8,700 Cmic Finance & Secer 0 13,300 Finance One Public Co, Ltd. 0 14,500 General Fina & Sec, Ltd. 0 9,100 Univest Land Public Co. 0 ------------------------------------------ Total 0 ------------------------------------------ Total Common Stock (Cost $186,120) 185,638 ------------------------------------------ PREFERRED STOCK - 0.5% AUSTRALIA - 0.1% --------------------------------- 27,007 News Corporation, Ltd.-Preferred 234 ------------------------------------------ GERMANY - 0.4% --------------------------------- 550 RWE AG Preferred 16 3,825 Sap AG-Vorzug Preferred 743 1,250 Volkswagen Preferred 36 --------------------------------- --------- Total 796 ------------------------------------------ ITALY - 0.0% --------------------------------- 813 Fiat SpA Preferred 14 ------------------------------------------ Total Preferred Stocks (Cost $904) 1,043 --------------------------------- --------- CORPORATE BONDS - 0.0% FRANCE - 0.0% --------------------------------- $ 2,256 Casino Guichard, 4.50%, 07/12/01 13 948 Sodexho SA, 6.00%, 06/07/04 6 ------------------------------------------ Total Corporate Bonds (Cost $27) 19 ------------------------------------------ - Continued - FIFTH THIRD INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- SHARES OR PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ WARRANTS - 0.0% FRANCE - 0.0% --------------------------------- 1 Simco-CTF Valeur Garant $ 2 ------------------------------------------ Total Warrants (Cost $0) 2 --------------------------------- --------- REPURCHASE AGREEMENTS - 4.4% UNITED STATES --------------------------------- $ 8,907 Warburg/Dillon, 5.67%, dated 1/31/01, due 2/1/01 (at amortized cost), collateralized by U.S. Treasury Bond, 3.875%, due 4/15/29 with a value of $90,910. 8,907 ------------------------------------------ TOTAL INVESTMENTS (COST $195,958) - 96.4% 195,609 ------------------------------------------ OTHER ASSETS IN EXCESS OF LIABILITIES - 3.6% 7,348 ------------------------------------------ TOTAL NET ASSETS - 100% $202,957 ------------------------------------------ (a) Non-income producing security. The International Equity Fund's investment concentration, by industry, as of January 31, 2001, was as follows: Transportation 5.80% Business & Financial Services 14.60% Chemicals/Energy 3.70% Electric 8.70% Food 7.70% Insurance 7.00% Oil & Gas Producers 9.20% Machinery 4.10% Real Estate 2.20% Other 37.00% Open futures contracts as of January 31, 2001: (Amounts in thousands except number of contracts) Number of Market Contracts Contract Type Value 9 Long MIB 30, 3/20/2001 $1,891 9 Long TOPIX, 3/15/01 1,007 60 Short CAC40, 3/30/01 3,365 51 Short DAX, 3/20/01 8,066 - Continued - FIFTH THIRD INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- Variation Margin in Foreign Currency Contracts as of January 31, 2001. CONTRACT UNREALIZED DELIVERY AMOUNT CONTRACT VALUE APPRECIATION DATE (LOCAL CURRENCY) U.S. DOLLAR (DEPRECIATION) - ------------------------------ ------------------ --------------- EURO - --------------------------------------- Long Contracts 3/16/01 213 $ 189 $ 9 3/16/01 3,190 2,855 113 3/16/01 2,200 1,966 81 3/16/01 680 647 (15) 3/16/01 58 55 (1) Short Contracts 3/16/01 5,025 4,411 (264) 3/16/01 4,198 3,750 (156) 3/16/01 481 430 (18) 3/16/01 384 358 1 3/16/01 6,011 5,711 118 JAPANESE YEN - --------------------------------------- Long Contracts 3/16/01 1,202,877 11,086 (678) Short Contracts 3/2/01 724,709 6,404 145 3/2/01 495,708 4,513 232 3/16/01 276,415 2,541 149 3/16/01 1,154,061 10,376 391 3/16/01 341,955 2,956 (3) 3/16/01 350,560 3,007 (25) ---- Total ===== 79 (See Notes which are an integral part of the Financial Statements) FIFTH THIRD BOND FUND FOR INCOME SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ ASSET BACKED SECURITIES - 3.6% FINANCIAL - 3.6% --------------------------------- $ 7,000 Ford Credit Auto Owner Trust, 5.350% 7/15/03 $ 7,009 $434 GE Capital Management, 6.940%, 3/25/27 433 --------------------------------- --------- Total Asset Backed Securities 7,442 ------------------------------------------ CORPORATE BONDS - 38.5% FINANCIAL - 13.5% --------------------------------- 7,000 Lehman Brothers Corp., 8.250%, 6/15/07 7,568 5,000 Mellon Bank Corp., 7.375%, 5/15/07 5,282 5,000 Respol Corp., 7.450%, 7/15/05 5,210 10,000 Transamerica Fin Corp., 7.250%, 8/15/02 10,229 --------------------------------- --------- Total 28,289 ------------------------------------------ INDUSTRIAL - 19.9% --------------------------------- 7,000 AT&T Canada Inc., 7.650%, 9/15/06 7,001 5,000 GTE California, 7.650%, 3/15/07 5,320 6,000 Hertz Co., 7.625%, 8/15/07 6,248 7,000 Jones Apparel Co., 7.875%, 6/15/06 6,913 6,000 Qwest Corp., 7.625%, 6/09/03 6,205 5,000 Southern National Corp., 7.050%, 5/23/03 5,119 5,000 U.S. West, 6.375%, 7/15/08 4,858 --------------------------------- --------- Total 41,664 ------------------------------------------ INTERNATIONAL - 5.1% --------------------------------- 10,000 Quebec Province, 7.000%, 1/30/07 10,522 --------------------------------- --------- Total Corporate Bonds 80,475 ------------------------------------------ PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ U.S. GOVERNMENT SECURITIES - 51.0% MORTGAGE BACKED SECURITIES - 4.8% --------------------------------- $ 8,347 Ginnie Mae, 9.500%, 12/15/09, Pool#780318 $ 8,930 911 Ginnie Mae, 10.500%, 7/15/14, Pool #321016 975 --------------------------------- --------- Total 9,905 ------------------------------------------ U.S. GOVERNMENT AGENCIES - 16.4% --------------------------------- 8,000 Fannie Mae, 5.810%, 3/2/04 8,004 7,750 Fannie Mae, 7.100%, 10/18/04 7,861 8,000 FHLB, 6.905%, 10/18/04 8,221 1 FHLMC, 7.500%, 2/1/02, 1 10,000 FHLMC, 7.350%, 2/28/03 10,015 --------------------------------- --------- Total 34,102 ------------------------------------------ U.S. TREASURY NOTES - 29.8% --------------------------------- 5,500 6.500%, 5/31/02 5,623 9,000 5.750%, 4/30/03 9,194 15,000 6.750%, 5/15/05 16,065 5,000 5.625%, 2/15/06 5,151 15,250 6.000%, 8/15/09 16,120 9,000 6.500%, 2/15/10 9,849 --------------------------------- --------- Total 62,002 ------------------------------------------ Total U.S. Government Securities 106,009 ------------------------------------------ REPURCHASE AGREEMENT - 5.3% $ 11,015 Warburg/Dillon, 5.670%, dated 1/31/01, due 2/1/01 (at amortized cost), collaterized by U.S. Treasury Bonds, 3.875%, due 4/15/29 with a total value of $11,238 11,015 ------------------------------------------ TOTAL INVESTMENTS (COST $198,494) - 98.4% 204,941 ------------------------------------------ OTHER ASSETS IN EXCESS OF LIABILITIES - 1.6% 3,346 ------------------------------------------ TOTAL NET ASSETS - 100.0% $208,287 ------------------------------------------ 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) FIFTH THIRD QUALITY BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - ----------------------------------------------------- PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ CORPORATE BONDS - 23.2% FINANCIAL, INSURANCE, & REAL ESTATE - 7.9% --------------------------------- $ 7,000 Citibank Credit Card Series 2000-A3, 6.875%, 11/15/07 $ 7,337 5,000 U.S. West Capital Funding Inc., 6.250%, 7/15/05 4,952 5,000 Wachovia Corp., 6.925% 10/15/03 5,131 ------------------------------------------ Total 17,420 ------------------------------------------ INDUSTRIALS - 9.1% --------------------------------- 10,000 AT&T Canada, 7.650%, 9/15/06 10,002 10,000 Jones Apparel, 7.875%, 6/15/06 9,875 --------------------------------- -------- Total 19,877 ------------------------------------------ TRANSPORTATION - 2.1% --------------------------------- 4,504 Fedex Corporation, 6.845%, 1/15/19 4,519 ------------------------------------------ UTILTIES - 2.2% --------------------------------- 5,000 Sempra Energy, 7.950%, 3/1/10 4,981 ------------------------------------------ YANKEE - 1.9% --------------------------------- 4,000 Ontario Province, 7.750%, 6/4/02 4,121 ------------------------------------------ Total Corporate Bonds 50,918 ------------------------------------------ U.S. GOVERNMENT SECURITIES - 71.5% MORTGAGE BACKED SECURITIES - 33.3% --------------------------------- 1 FHLMC, 9.500%, 11/15/07 Pool # 38-0009 1 5 FHLMC, 8.000%, 8/1/08 Pool #27-2525 5 10,473 Fannie Mae, 7.000%, 10/1/30 Pool #549975 10,589 38,039 Fannie Mae, 7.000%, 10/1/30 Pool #253514 38,459 8,688 Fannie Mae, 7.000%, 9/1/30 Pool #551392 8,784 15,066 Fannie Mae, 7.000%, 9/1/30 Pool #551459 15,232 --------------------------------- --------- Total 73,070 ------------------------------------------ PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- --------------------------------- --------- U.S. GOVERNMENT AGENCIES - 7.4% --------------------------------- $ 9,000 Fannie Mae, 5.750%, 2/15/08 $ 9,029 7,250 FHLMC, 7.350%, 2/28/03 7,262 --------------------------------- --------- Total 16,291 ------------------------------------------ U.S. TREASURY BONDS - 9.0% --------------------------------- 13,500 6.125%, 8/15/29 14,567 4,750 6.250%, 5/15/30 5,244 --------------------------------- --------- Total 19,811 ------------------------------------------ U.S. TREASURY NOTES - 13.6% --------------------------------- 12,000 6.375%, 1/31/02 12,188 11,000 5.375%, 6/30/03 11,163 6,000 6.750%, 5/15/05 6,426 --------------------------------- --------- Total 29,777 ------------------------------------------ U.S. TREASURY BILLS - 8.2% --------------------------------- 16,500 6.500%, 2/15/10 18,055 ------------------------------------------ Total U.S. Government Securities 157,004 ------------------------------------------ REPURCHASE AGREEMENT - 4.1% $ 9,072 Warburg/Dillon, 5.670%, dated 1/31/01, due 2/1/01 (at amortized cost), collateralized by U.S Treasury Bonds, 3.875% due 4/15/29, with a value of $9,258. 9,072 ------------------------------------------ TOTAL INVESTMENTS (COST $210,386) - 98.8% 216,994 ------------------------------------------ OTHER ASSETS EXCESS OF LIABILITIES - 1.2% 2,736 ------------------------------------------ TOTAL NET ASSETS - 100.0% $219,730 ------------------------------------------ The following abbreviation is used in this portfolio: CMO -- Collateralized Mortgage Obligation FHLMC -- Federal Home Loan Mortgage Corporation (See Notes which are an integral part of the Financial Statements) FIFTH THIRD U.S. GOVERNMENT SECURITIES FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ U.S. GOVERNMENT SECURITIES - 95.0% MORTGAGE BACKED SECURITIES - 21.1% --------------------------------- $ 109 Fannie Mae, 6.000%, 6/1/01 $ 108 2,731 Fannie Mae, 6.000%, 10/1/04 2,725 1,408 Fannie Mae, 6.500%, 12/1/04 1,419 1,977 Fannie Mae, 6.500%, 8/1/06 1,988 1,978 Fannie Mae, 7.000%, 12/1/06 2,015 1,464 FHLMC, 6.000%, 9/1/05 1,458 1,028 FHLMC, 6.500%, 9/1/06 1,033 --------------------------------- -------- Total 10,746 ------------------------------------------ U.S. GOVERNMENT AGENCIES - 51.4% --------------------------------- 2,000 Fannie Mae, 5.780%, 2/12/03 (Callable 2/12/01 @ 100) 2,028 2,000 Fannie Mae, 6.500%, 8/15/04 2,074 2,000 Fannie Mae, 7.100%, 10/18/04 (Callable 10/18/01 @ 100) 2,029 2,000 Fannie Mae, 6.290%, 5/9/05 (Callable 5/9/01 @ 100) 2,001 2,000 Fannie Mae, 6.840%, 10/20/05 (Callable 10/20/03 @ 100) 2,073 2,000 Fannie Mae, 6.000%, 12/15/05 2,049 4,000 Fannie Mae, 7.125%, 3/15/07 4,311 2,000 FFCB, 5.100%, 11/24/03 1,988 1,000 FFCB, 6.600%, 7/7/06 1,051 3,000 FHLB, 7.350%, 2/28/03 3,005 1,500 FHLB, 6.090%, 6/2/06 1,542 2,000 FHLB, 5.875%, 11/15/07 2,023 --------------------------------- -------- Total 26,174 ------------------------------------------ U.S. TREASURY NOTES - 22.5% --------------------------------- 1,750 7.250%, 5/15/04 1,876 2,000 6.500%, 5/15/05 2,123 1,000 5.875%, 11/15/05 1,040 2,000 6.500%, 10/15/06 2,146 2,000 6.250%, 2/15/07 2,126 2,000 6.125%, 08/15/07 2,116 --------------------------------- -------- Total 11,427 ------------------------------------------ Total U.S. Government Securities 48,347 ------------------------------------------ PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ REPURCHASE AGREEMENT - 3.5% $ 1,807 Warburg/Dillon, 5.670%, dated 01/31/01, due 2/01/01 (at amortized cost), collateralized by U.S. Treasury Bonds, 3.875%, due 4/15/29 with a value of $1,847. $ 1,807 ------------------------------------------ TOTAL INVESTMENTS (COST $48,867) - 98.5% 50,154 ------------------------------------------ OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5% 778 ------------------------------------------ TOTAL NET ASSETS - 100.0% $50,932 ------------------------------------------ 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) FIFTH THIRD MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ MUNICIPAL BONDS - 91.5% ALABAMA - 2.7% --------------------------------- $ 2,050 Alabama State, Public School & College Authority, Revenue, 5.250%, 8/1/06 $ 2,181 1,620 University of Alabama Birmingham, Revenue, 4.750%, 10/1/05 1,682 --------------------------------- --------- Total 3,863 ------------------------------------------ ARIZONA - 7.6% --------------------------------- 4,680 Arizona State Highway Transportation Board, Revenue, 5.000%, 7/1/10 4,924 2,000 Pima County, Improvement, GO, 5.000%, 7/1/06 2,107 3,400 Pima County, School District No. 1, Series D, GO, 6.100%, 7/1/11 (Callable 7/1/02 @ 102) 3,584 --------------------------------- --------- Total 10,615 ------------------------------------------ CONNECTICUT - 1.6% --------------------------------- 2,000 New Haven, Series B, GO, 5.750%, 11/1/09 2,239 --------------------------------- --------- FLORIDA - 8.4% --------------------------------- 2,800 Dade County School District, GO, 6.500%, 8/1/03 2,986 2,455 Escambia County, Revenue, 4.600%, 1/1/07, AMBAC 2,528 5,000 Florida State Board of Education, Lottery Revenue, 5.500%, 7/1/16 5,271 1,000 Orlando, Capital Improvement, Revenue, 6.000%, 10/1/22 (Prerefunded 10/1/01 @ 102) 1,037 --------------------------------- --------- Total 11,822 ------------------------------------------ GEORGIA - 3.3% --------------------------------- 2,000 Fulton County, Hospital Authority, Series B, Revenue, 6.375%, 9/1/22 (Prerefunded 9/1/02 @ 102) 2,120 2,425 Georgia Private Colleges & Universities Authority, Revenue, 5.500%, 11/1/25 (Callable 11/1/09 @ 101) 2,487 ------------------------------------------ Total 4,607 ------------------------------------------ PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ ILLINOIS - 1.7% --------------------------------- $ 1,230 Cook County, Community School District #097 Oak Park, Series A, GO, 5.500%, 12/1/12 (Callable 12/1/09 @ 100) $ 1,304 1,055 Macon County & Decatur, Illinois, CP, 6.500%, 1/1/05, FGIC 1,152 --------------------------------- --------- Total 2,456 ------------------------------------------ INDIANA - 6.8% --------------------------------- 2,000 Eagle-Union Middle School Building, Indiana, 4.850%, 7/5/14 2,006 4,000 Fort Wayne, Indiana Hospital Authority, 5.000%, 11/15/13 4,046 1,275 Munster, School Building Corp., Revenue, 5.700%, 7/15/10 (Prerefunded 1/15/05 @ 101), MBIA 1,374 2,000 South Bend, Indiana, Community School Corp., Riley School Building Corp., Refunding, Revenue, 5.250%, 7/1/12 (Callable 7/1/08 @ 101) 2,093 --------------------------------- --------- Total 9,519 ------------------------------------------ KANSAS - 0.9% --------------------------------- 1,250 Douglas County, Unified School District, GO, 6.000%, 9/1/09 (Prerefunded 9/1/03 @ 100) 1,313 ------------------------------------------ MICHIGAN - 2.0% --------------------------------- 1,000 Detroit, Michigan, Series A, GO, 6.700%, 4/1/10 (Callable 4/1/05 @ 101) 1,119 1,500 Michigan, Municipal Bond Authority, Revenue, 7.000%, 11/1/03, AMBAC 1,627 --------------------------------- --------- Total 2,746 ------------------------------------------ MINNESOTA - 3.2% --------------------------------- 2,500 Dakota County, GO, 4.500%, 2/1/06 2,566 1,900 Minneapolis, Minnesota, 4.750%, 12/1/10 1,974 ------------------------------------------ Total 4,540 ------------------------------------------ MISSOURI - 1.5% --------------------------------- 2,000 Kansas City, Streetlight Project, Series B, GO, 5.000%, 2/1/13 (Callable 2/1/07 @ 101) 2,053 ------------------------------------------ - Continued - FIFTH THIRD MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ NEVADA - 3.0% --------------------------------- $ 4,000 Clark County, Flood Control, GO, 5.250%, 11/1/10 (Callable 11/1/08 @ 101), FGIC $ 4,247 ------------------------------------------ NEW JERSEY - 2.2% --------------------------------- 3,000 New Jersey, State Transportation, Series A, Revenue, 5.125%, 6/15/15 (Callable 6/15/09 @ 100) 3,066 --------------------------------- --------- NEW YORK - 10.4% --------------------------------- 2,000 New York City, Series F, GO, 5.500%, 8/1/06 2,151 4,000 New York City, Series H, GO, 7.000%, 2/1/22 (Callable 2/1/02 @ 101.5) 4,202 4,855 New York State, GO, 5.250%, 9/15/13 (Callable 9/15/08 @ 101) 5,090 3,020 New York, State Transportation, Series E, Revenue, 5.250%, 1/1/15 (Callable 1/1/08 @ 101) 3,118 --------------------------------- --------- Total 14,561 ------------------------------------------ NORTH CAROLINA - 3.8% --------------------------------- 3,000 North Carolina State Public Impt, Series A, 5.000%, 9/1/02 3,076 2,200 North Carolina, Municipal Power Agency, Revenue, 5.900%, 1/1/03 2,289 ------------------------------------------ Total 5,365 ------------------------------------------ OHIO - 1.5% --------------------------------- 1,000 Columbus, Sewer Improvement Bonds, GO, 6.500%, 9/15/01 1,020 1,000 Ohio State, Water Development Authority, Revenue, 6.000%, 6/1/05 1,085 --------------------------------- --------- Total 2,105 ------------------------------------------ OREGON - 0.8% --------------------------------- 1,000 Yamhill County, School District No. 029J, GO, 6.100%, 6/1/11 (Prerefunded 6/1/04 @ 101), FSA 1,081 ------------------------------------------ PENNSYLVANIA - 4.5% --------------------------------- 1,000 Pennsylvania, Convention Center Authority, Series A, Revenue, 6.700%, 9/1/16, FGIC 1,198 3,000 Pennsylvania State, GO, 5.000%, 10/1/05 3,149 2,000 Pennsylvania State, Higher Education Facilities Authority Health Services, Revenue, 5.100%, 1/1/05 2,016 --------------------------------- --------- Total 6,363 ------------------------------------------ PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ RHODE ISLAND - 2.0% --------------------------------- $ 2,535 Rhode Island Depositors Economic, Protection Corporation, Special Obligation, 5.875%, 8/1/11 $ 2,872 ------------------------------------------ SOUTH DAKOTA - 1.9% --------------------------------- 2,375 Heartland, Consumers Power District, Electric Revenue, 6.000%, 1/1/09, FSA 2,620 ------------------------------------------ TENNESSEE - 4.8% --------------------------------- 6,500 Memphis General Improvement, GO, 5.250%, 4/1/14 (Callable 4/1/08 @ 101) 6,754 ------------------------------------------ TEXAS - 4.8% --------------------------------- 3,430 Dallas, Improvement, GO, 5.000%, 2/15/18 (Callable 2/15/08 @ 100) 3,399 1,500 Texas Municipal Power Agency, 6.750%, 9/1/12 1,558 1,600 Texas State, GO, 6.000%, 10/1/08 1,791 --------------------------------- --------- Total 6,748 ------------------------------------------ UTAH - 2.7% --------------------------------- 1,530 St. George, Water Revenue, 5.600%, 6/1/10 (Callable 6/1/05 @ 101) 1,615 1,000 Salt Lake City, Motor Fuel Excise Tax, Series A, Revenue, 5.400%, 2/1/03 1,032 1,000 Utah, State Building Ownership Authority, Revenue, 5.500%, 5/15/09, FSA 1,084 --------------------------------- --------- Total 3,731 ------------------------------------------ WASHINGTON - 5.5% --------------------------------- 2,000 King County, School District No. 411, GO, 6.500%, 12/1/09 (Prerefunded 12/1/02 @ 100), AMBAC 2,103 2,000 King County School District No. 415 Kent, GO, 5.550%, 12/1/11 2,196 3,200 State, Public Power Supply Systems Nuclear Project No. 2, Revenue, 5.500%, 7/1/06 3,414 ------------------------------------------ Total 7,713 ------------------------------------------ - Continued - FIFTH THIRD MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ WISCONSIN - 3.9% --------------------------------- $ 1,000 Milwaukee, Series C, GO, 5.300%, 6/15/07 (Prerefunded 6/15/02 @ 100) $ 1,024 4,290 State, Transportation Revenue, Series B, 5.750%, 7/1/12 (Callable 7/1/02 @ 100) 4,424 --------------------------------- --------- Total 5,448 ------------------------------------------ Total Municipal Bonds 128,447 ------------------------------------------ SHORT-TERM INVESTMENTS - 8.7% MONEY MARKETS - 8.7% --------------------------------- 6,159 Federated Tax Free Trust 6,159 6,100 SEI Institutional Tax Free Fund 6,100 --------------------------------- --------- Total Short-Term Investments 12,259 ------------------------------------------ TOTAL INVESTMENTS (COST $137,227) - 100.2% 140,706 ------------------------------------------ LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2%) (307) ------------------------------------------ TOTAL NET ASSETS - 100.0% $140,399 ------------------------------------------ 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) FIFTH THIRD OHIO TAX FREE BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ MUNICIPAL BONDS - 94.2% OHIO - 93.6% --------------------------------- $ 500 Akron, Various Purpose Improvement, GO, 5.600%, 12/1/06 (Callable 12/1/04 @ 102), MBIA $ 538 1,000 American Municipal Power - Ohio, Inc., 5.000%, 1/1/09 1,053 1,500 Beavercreek, Ohio, Local School District, 6.600%, 12/1/15 1,801 1,510 Bowling Green State University, Higher Education, Revenue, 5.550%, 6/1/10 (Callable 6/1/06 @ 101), AMBAC 1,610 4,000 Butler County, Hospital Facilities, Revenue, 4.750%, 11/15/18 (Callable 11/15/08 @ 101) 3,334 5,000 Butler County, Transportation Improvement District, Revenue, 5.000%, 4/1/02, FSA 5,093 5,000 Cincinnati, Ohio, GO, 4.375%, 12/1/01 5,044 5,000 Cincinnati, Ohio, GO, 4.375%, 12/1/02 5,071 3,555 Cincinnati, Ohio, GO, 5.250%, 12/1/14 3,716 2,500 Cleveland City School District, Revenue, 4.800%, 6/1/03, AMBAC 2,563 5,000 Cleveland, Ohio, Public Power System, Revenue, 5.250%, 11/15/16 (Callable 11/15/06 @ 102) 5,105 2,000 Cleveland, Ohio, Public Power System, Revenue, 7.000%, 11/15/24 2,262 2,500 Cleveland, Ohio, Waterworks Revenue, Refunding & Improvement-Series I, 5.250%, 1/1/11 (Callable 1/1/08 @ 101) 2,641 3,500 Cleveland, Ohio, Waterworks Revenue, Refunding & Improvement-Series G, 5.500%, 1/1/21 3,719 2,875 Cleveland, Ohio, Waterworks Revenue, 6.250%, 1/1/15 (Prerefunded 1/1/02 @102 ) 3,005 1,000 Columbus, Ohio, GO, 6.500%, 1/1/10 (Callable 1/1/02 @ 102) 1,046 1,000 Columbus, Refunding Limited, Series A, GO, 5.300%, 7/1/09 (Callable 7/1/03 @ 101.5) 1,040 PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ $ 1,350 Columbus, Ohio, Series 2, GO, 5.500%, 5/15/08 (Callable 5/15/04 @ 102) $ 1,433 2,770 Columbus, Ohio, Water System Revenue, 4.500%, 11/1/04 2,847 4,000 Columbus, Ohio, Water System Revenue, 5.000%, 11/1/07 4,237 3,435 Cuyahoga County, GO, 5.600%, 5/15/13, MBIA-IBC 3,785 3,000 Cuyahoga Jail Facilities, GO, 5.250%, 10/1/13, MBIA-IBC 3,218 500 Euclid City School District, GO, 6.700%, 12/1/02 (Prerefunded 12/1/01 @ 102) 523 1,500 Euclid City School District, GO, 5.125%, 12/1/11 (Callable 12/1/05 @ 102), AMBAC 1,563 1,030 Franklin Refunding & Improvements, Medical, Revenue, 6.500%, 5/1/07 (Callable 11/1/02 @ 102) 1,091 1,455 Greater Cleveland Regional Transit Authority Ohio, 5.375%, 12/1/11 (Callable 12/1/08 @ 101) 1,558 4,250 Greater Cleveland Transportation, Series R, GO, 4.750%, 12/1/15 (Callable 12/1/08 @ 101), FGIC 4,210 3,000 Hamilton County, Ohio, Health Care Systems, Revenue, 6.250%, 5/5/03 3,193 3,670 Hamilton County, Ohio, Hospital Facilities, Revenue, 5.250%, 5/15/11 (Callable 11/15/08 @ 101) 3,882 1,000 Hamilton County, Ohio, Sewer System, Series A, Revenue, 5.600%, 12/1/08 (Callable 12/1/05 @ 102), FGIC 1,081 1,150 Knox County Hospital Facilities, Revenue, 4.700%, 6/1/08, Asset GTY 1,168 5,250 Knox County Community Hospital, Revenue, 5.000%, 6/1/12, Asset GTY 5,299 1,000 Lakota Local School District, GO, 6.400%, 12/1/01, AMBAC 1,025 1,520 Loveland, Ohio, City School District, Refunding, Series A, 3.650%, 12/1/02 1,521 FIFTH THIRD OHIO TAX FREE BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2000 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ $ 4,000 Lucas County, Ohio, Hospital, Revenue, 6.000%, 11/15/04 $ 4,297 1,000 Montgomery Sisters Of Charity, Revenue, 6.500%, 5/15/08 (Callable 5/15/01 @ 102), MBIA 1,028 1,750 Montgomery County, Ohio, Solid Waste, Revenue, 5.250%, 11/1/04, MBIA 1,843 3,000 Montgomery County, Ohio, Solid Waste, Revenue, 5.400%, 11/1/08 (Callable 11/1/05 @ 102) MBIA 3,215 5,750 Montgomery County, Ohio, Catholic Health Initatives-A, 6.000%, 12/1/26 5,965 1,000 Ohio State Building Authority, 5.250%, 4/1/09 (Callable 4/1/08 @ 101) 1,071 2,410 Ohio State Building Authority, 5.250%, 10/1/10 (Callable 4/1/09 @ 101) 2,580 4,700 Ohio State Building Authority, State Facilities - Art Facilities Building Fund-A, 5.000%, 10/1/08 4,972 4,500 Ohio State Higher Education, Community Case Western Reserve, 6.250%, 7/1/14 5,257 2,000 Ohio State Higher Education, UD Project, 5.300%, 12/1/12 2,105 5,000 Ohio State Highway, Series V, GO, 4.800%, 5/15/04 5,173 1,000 Ohio State Special Obligations Education, Series A, Revenue, 5.800%, 6/1/03, AMBAC 1,047 500 Ohio State Public Facilities, Series II-A, Revenue, 5.500%, 12/1/03 (Callable 12/1/01 @ 102), FSA 517 5,000 Ohio State Public Facilities, Series II-A, Revenue, 4.500%, 12/1/08 (Callable 12/1/07 @ 100) 5,115 3,000 Ohio State Public Facilities, Series II-B, Revenue, 5.750%, 11/1/04, AMBAC 3,210 2,000 Ohio State Public Facilities, Series II-B, Revenue, 5.750%, 11/1/05 (Callable 11/1/04 @ 100), AMBAC 2,133 5,000 Ohio State Turnpike, Series A, Revenue, 5.700%, 2/15/17 (Prerefunded 2/15/06 @ 102), MBIA 5,493 PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ $ 3,750 Ohio State Water, Revenue, 5.125%, 12/1/08 (Callable 6/1/05 @ 101), MBIA $ 3,932 4,000 Ohio State Water, Revenue, 5.300%, 12/1/10 (Callable 6/1/05 @ 101), MBIA 4,190 4,250 Parma, Ohio, Hospital Improvement, Revenue, 5.250%, 11/1/13 (Callable 11/1/08 @ 101) 4,015 590 Perrysburg, Ohio, Exempted Village School District, 3.550%, 12/1/01 591 750 Sycamore, Ohio, Community School District, 4.450%, 12/1/10 (Callable 12/1/09 @ 101) 758 555 Tiffin, Sewer System, GO, 6.600%, 12/1/03 (Callable 12/1/01 @ 101) 575 1,750 University Of Cincinnati, CP, 5.000%, 6/1/10, MBIA 1,843 2,000 Wauseon Village School District, GO, 5.450%, 12/1/14 (Callable 6/1/07 @ 101), MBIA 2,102 1,000 West Geauga, Ohio, Local School District, GO, 5.550%, 11/1/05 (Callable 11/1/04 @ 102), AMBAC 1,074 1,000 West Geauga, Ohio, Local School District, GO, 5.650%, 11/1/06 (Callable 11/1/04 @ 102), AMBAC 1,077 2,090 Westerville, Ohio, GO, 5.250%, 12/1/11 (Callable 12/1/09 @ 101) 2,230 2,000 Westlake, Ohio, City School District, Series A, GO, 5.050%, 12/1/04 2,059 --------------------------------- --------- Total 169,742 --------------------------------- --------- VIRGIN ISLANDS - 0.6% --------------------------------- 1,000 Virgin Islands Public Financial Authority, Revenue, 5.125%, 7/1/04 1,040 --------------------------------- --------- 163,665 Total Municipal Bonds 170,782 --------------------------------- --------- - Continued - FIFTH THIRD OHIO TAX FREE BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS (CONTINUED) JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- PRINCIPAL SECURITY MARKET AMOUNT DESCRIPTION VALUE - --------- ------------------------------------------ SHORT-TERM INVESTMENTS - 4.6% MONEY MARKETS - 4.6% --------------------------------- $ 6,455 Touchstone Ohio Money Fund $ 6,455 1,805 Vangard Ohio Tax Free Money Market Fund 1,805 --------------------------------- --------- 171,925 Total Short-Term Investments 8,260 --------------------------------- --------- TOTAL INVESTMENTS (COST $173,887) - 98.8% 179,042 --------------------------------- --------- OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2% 2,269 --------------------------------- --------- TOTAL NET ASSETS - 100.0% $181,311 --------------------------------- --------- 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) FIFTH THIRD FUNDS STATEMENTS OF ASSETS AND LIABILITIES JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- QUALITY EQUITY GROWTH INCOME PINNACLE BALANCED MID CAP TECHNOLOGY ASSETS: FUND FUND FUND FUND FUND FUND ----------- ----------- ----------- ----------- ----------- ----------- Investments, at value (cost $857,311; $71,154; $64,842; $320,029, $232,582, and $78,940 respectively) $ 1,219,658 $ 111,109 $ 71,973 $ 356,007 $ 302,593 $ 69,323 Repurchase agreements, at cost 17,473 4,119 1,730 7,549 10,498 2,292 ----------- ----------- ----------- ----------- ----------- ----------- Total Investments 1,237,131 115,228 73,703 363,556 313,091 71,615 Cash -- 1 1 1 1 1 Interest and dividends receivable 1,016 257 14 1,612 110 2 Receivable for investments sold -- -- -- 1 -- 196 Receivable for Fund shares sold 1,955 78 7 392 427 49 Other assets 215 32 50 36 45 44 ----------- ----------- ----------- ----------- ----------- ----------- Total Assets 1,240,317 115,596 73,775 365,598 313,674 71,907 ----------- ----------- ----------- ----------- ----------- ----------- LIABILITIES: Payable for investments purchased -- -- -- -- -- 589 Payable for Fund shares redeemed 1,000 2 81 84 294 3 Accrued expenses and other payables: Investment advisory fees 818 78 50 237 197 56 Administration fees 2 -- -- 23 -- 43 Distribution services - Investment A shares 193 3 6 21 7 1 Distribution services - Investment B shares 9 -- 6 2 1 -- Distribution services - Investment C shares -- -- 2 5 1 -- Shareholder servicing - Investment C shares 14 1 2 3 1 -- Accounting fees -- 7 -- 9 4 9 Custodian fees -- 2 -- 3 1 3 Other -- 7 6 6 5 5 ----------- ----------- ----------- ----------- ----------- ----------- Total Liabilities 2,036 100 147 397 512 710 ----------- ----------- ----------- ----------- ----------- ----------- NET ASSETS: Paid-in Capital 851,285 73,070 66,413 325,140 231,931 84,843 Accumulated undistributed net investment income (1,460) 71 (289) 531 (399) (422) Accumulated undistributed net Realized gain/(loss) on Investments and options contracts 26,109 2,400 (1,627) 3,552 11,619 (3,607) Net unrealized appreciation/ (depreciation) from investments and options contracts 362,347 39,955 9,131 35,978 70,011 (9,617) ----------- ----------- ----------- ----------- ----------- ----------- Total Net Assets $ 1,238,281 $ 115,496 $ 73,628 $ 365,201 $ 313,162 $ 71,197 ============ =========== =========== =========== =========== =========== Net Assets: Institutional shares $ 805,046 $ 99,469 $ 41,085 $ 235,703 $ 268,103 $ 62,946 Investment A shares 413,138 14,825 29,510 116,928 42,067 7,357 Investment B shares 5,935 387 41 4,904 1,439 709 Investment C shares 14,162 815 2,992 7,666 1,553 185 ----------- ----------- ----------- ----------- ----------- ----------- Total $ 1,238,281 $ 115,496 $ 73,628 $ 365,201 $ 313,162 $ 71,197 ============ =========== =========== =========== =========== =========== Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional shares 36,387 7,000 1,314 15,183 15,356 3,810 Investment A shares 18,799 1,044 949 7,547 2,432 446 Investment B shares 271 27 1 317 84 43 Investment C shares 661 57 98 497 93 11 ----------- ---------- ------------ ----------- ----------- ----------- Total 56,118 8,128 2,362 23,544 17,965 4,310 ============ =========== ============ =========== =========== =========== Net Asset Value Institutional shares $ 22.12 $ 14.21 $ 31.28 $ 15.52 $ 17.46 $ 16.52 ============ =========== ============ =========== =========== =========== Investment A shares-redemption price per share $ 21.98 $ 14.20 $ 31.08 $ 15.49 $ 17.29 $ 16.50 ============ =========== ============ =========== =========== =========== Investment B shares-offering price per share* $ 21.93 $ 14.35 $ 31.57 $ 15.45 $ 17.26 $ 16.46 ============ =========== ============ =========== =========== =========== Investment C shares-offering price per share* $ 21.42 $ 14.21 $ 30.59 $ 15.45 $ 16.70 $ 16.42 ============ =========== ============ =========== =========== =========== 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) $ 23.02 $ 14.87 $ 32.54 $ 16.22 $ 18.10 $ 17.28 =========== =========== ============ =========== =========== =========== * Redemption price per share varies by length of time shares are held (See Notes which are an integral part of the Financial Statements) FIFTH THIRD FUNDS STATEMENTS OF ASSETS AND LIABILITIES JANUARY 31, 2001 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) (UNAUDITED) - -------------------------------------------------------------------------------- BOND U.S. OHIO INTERNATIONAL FUND QUALITY GOVERNMENT MUNICIPAL TAX FREE EQUITY FOR BOND SECURITIES BOND BOND ASSETS: FUND INCOME FUND FUND FUND FUND --------- --------- --------- --------- --------- --------- Investments, at value (cost $187,051; $187,479; $201,314; $47,060; $137,227 and $173,887, respectively) $ 186,702 $ 193,926 $ 207,922 $ 48,347 $ 140,706 $ 179,042 Repurchase agreements, at cost 8,907 11,015 9,072 1,807 -- -- --------- --------- --------- --------- --------- --------- Total Investments 195,609 204,941 216,994 50,154 140,706 179,042 Cash 6,466 -- 1 1 -- Interest and dividends receivable 178 3,417 2,790 770 1,753 1,786 Receivable for investments sold -- -- -- -- -- 252 Receivable for Fund shares sold 722 2 16 -- -- 678 Receivable for variation margin in foreign currancy contracts 79 -- -- -- -- -- Tax reclaim Receivables 529 -- -- -- -- -- Other Assets 20 75 46 29 27 52 --------- --------- --------- --------- --------- --------- Total Assets 203,603 208,435 219,847 50,954 142,486 181,810 --------- --------- --------- --------- --------- --------- LIABILITIES: Foreign Currency Overdraft, at value (cost $263) 268 -- -- -- -- -- Payable for investments purchased 1 -- -- -- 2,010 -- Payable for Fund shares redeemed 17 28 -- 1 -- 439 Accrued expenses and other payables: Investment advisory fees 171 97 102 17 66 44 Administration fees 42 5 -- -- -- -- Distribution services - Investment A shares 1 5 4 1 -- 2 Distribution services - Investment B shares -- -- -- -- -- -- Shareholder servicing - Investment C shares -- 1 -- -- -- 2 Accounting fees 53 3 2 -- 3 -- Custodian fees 46 2 2 -- -- -- Other 47 7 7 3 8 12 --------- --------- --------- --------- --------- --------- Total Liabilities 646 148 117 22 2,087 499 --------- --------- --------- --------- --------- --------- NET ASSETS: Paid-in Capital 212,577 230,690 221,691 51,244 140,637 178,329 Accumulated undistributed net investment income/(loss) (548) (29) (43) 6 (12) 23 Accumulated undistributed net Realized gain/(loss) on investments, futures and foreign currency transactions (8,286) (28,821) (8,526) (1,605) (3,705) (2,196) Net unrealized appreciation/(depreciation) on investments, futures and foreign currency transactions (786) 6,447 6,608 1,287 3,479 5,155 --------- --------- --------- --------- --------- --------- Total Net Assets $ 202,957 $ 208,287 $ 219,730 $ 50,932 $ 140,399 $ 181,311 ========= ========= ========= ========= ========= ========= Net assets: Institutional shares $ 195,392 $ 182,783 $ 209,057 $ 47,717 $ 139,916 $ 166,717 Investment A shares 7,263 25,199 9,636 2,969 468 13,553 Investment B shares 72 -- 289 -- -- -- Investment C shares 230 305 748 246 15 1,041 --------- --------- --------- --------- --------- --------- Total $ 202,957 $ 208,287 $ 219,730 $ 50,932 $ 140,399 $ 181,311 ========= ========= ========= ========= ========= ========= Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional shares 19,044 15,467 21,547 4,796 11,844 16,350 Investment A shares 707 2,134 993 298 40 1,328 Investment B shares 7 -- 30 -- -- -- Investment C shares 23 26 77 25 1 102 --------- --------- --------- --------- --------- --------- Total 19,781 17,627 22,647 5,119 11,885 17,780 ========= ========= ========= ========= ========= ========= Net asset value Institutional shares $ 10.26 $ 11.82 $ 9.70 $ 9.95 $ 11.81 $ 10.20 ========= ========= ========= ========= ========= ========= Investment A shares-redemption price per share $ 10.26 $ 11.81 $ 9.70 $ 9.95 $ 11.83 $ 10.20 ========= ========= ========= ========= ========= ========= Investment B shares-offering price per share* $ 10.34 -- $ 9.70 $ -- $ -- $ 10.05 ========= ========= ========= ========= ========= ========= Investment C share-offering price per share* $ 10.07 $ 11.81 $ 9.70 $ 9.91 $ 11.82 $ 10.18 ========= ========= ========= ========= ========= ========= 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) $ 10.74 $ 12.36 $ 10.16 $ 10.42 $ 12.39 $ 10.68 ========= ========= ========= ========= ========= ========= * Redemption price per share varies by length of time shares are held (See Notes which are an integral part of the Financial Statements) FIFTH THIRD FUNDS STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) - -------------------------------------------------------------------------------- QUALITY EQUITY GROWTH INCOME PINNACLE BALANCED MID CAP TECHNOLOGY FUND FUND FUND FUND FUND FUND -------- -------- -------- -------- -------- -------- INVESTMENT INCOME: Interest Income $ 462 $ 119 $ 29 $ 3,440 $ 250 $ 63 Dividend Income 4,220 1,150 236 654 857 22 Foreign Tax Withholding (1) -- -- -- -- -- Securities Lending Income -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- Total Income 4,681 1,269 265 4,094 1,107 85 -------- -------- -------- -------- -------- -------- EXPENSES: Investment Advisory fees 4,550 467 363 1,269 1,160 340 Administrative fees 854 96 69 272 226 57 Distribution services - Investment A shares 392 17 45 140 48 9 Distribution services - Investment B Shares 9 1 -- 6 2 1 Distribution services - Investment C Shares 52 2 13 29 5 1 Shareholder servicing - Investment C Shares 17 1 4 10 2 -- Fund accounting fees 82 28 22 41 36 29 Custodian fees 12 5 5 11 8 7 Trustees' fees 2 -- 1 1 1 -- Transfer agent fees 91 21 15 41 31 16 Professional fees 52 9 5 19 17 3 Other fees 45 20 17 28 23 44 -------- -------- -------- -------- -------- -------- Total Expenses 6,158 667 559 1,867 1,559 507 -------- -------- -------- -------- -------- -------- Less fees voluntarily reduced (17) (34) (5) (105) (53) -- -------- -------- -------- -------- -------- -------- Net Expenses 6,141 633 554 1,762 1,506 507 -------- -------- -------- -------- -------- -------- Net Investment Income/(Loss) (1,460) 636 (289) 2,332 (399) (422) -------- -------- -------- -------- -------- -------- REALIZED AND UNREALIZED GAINS (LOSSES) FROM INVESTMENTS: Net realized gains/(losses) from investments and option contracts 36,520 2,535 1,161 11,651 15,203 (3,349) Net change in unrealized appreciation/ depreciation from investments and options contracts 55,944 8,049 (16,023) (7,976) (2,496) (6,667) -------- -------- -------- -------- -------- -------- Net realized and unrealized gains/(losses) from investments 92,464 10,584 (14,862) 3,675 12,707 (10,016) -------- -------- -------- -------- -------- -------- Change in net assets resulting from operations $ 91,004 $ 11,220 $(15,151) $ 6,007 $12,308 $(10,438) ======== ======== ======== ======== ======== ======== (See Notes which are in an integral part of the Financial Statements) FIFTH THIRD FUNDS STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED JANUARY 31, 2001 (AMOUNTS IN THOUSANDS) (UNAUDITED) BOND U.S. OHIO INTERNATIONAL FUND QUALITY GOVERNMENT MUNICIPAL TAX FREE EQUITY FOR BOND SECURITIES BOND BOND FUND INCOME FUND FUND FUND FUND -------- -------- -------- -------- -------- -------- INVESTMENT INCOME: Interest income $ 1,560 $ 7,193 $ 7,337 $ 1,513 $ 3,448 $ 4,451 Dividend income 68 -- -- -- -- -- Foreign tax withholding (106) -- -- -- -- -- -------- -------- -------- -------- -------- -------- Total Income 1,522 7,193 7,337 1,513 3,448 4,451 -------- -------- -------- -------- -------- -------- EXPENSES: Investment Advisory fees 1,046 583 594 133 385 500 Administrative fees 195 167 163 42 116 139 Distribution services - Investment A shares 8 33 14 3 -- 17 Distribution services - Investment B shares -- -- -- -- -- -- Distribution services - Investment C Shares 1 1 3 1 -- 4 Shareholder servicing - Investment C Shares -- -- 1 -- -- 1 Fund accounting fees 100 26 28 23 27 30 Custodian fees 66 6 8 4 3 4 Trustees' fees 1 1 1 -- 1 1 Transfer agent fees 46 27 26 13 19 22 Professional Fees 18 10 13 5 10 10 Other fees 162 19 19 14 17 16 -------- -------- -------- -------- -------- -------- Total Expenses 1,643 873 870 238 578 744 -------- -------- -------- -------- -------- -------- Less fees voluntarily reduced -- (43) (44) (52) (52) (42) -------- -------- -------- -------- -------- -------- Net Expenses 1,643 830 826 186 526 702 -------- -------- -------- -------- -------- -------- Net Investment Income/(Loss) (121) 6,363 6,511 1,327 2,922 3,749 -------- -------- -------- -------- -------- -------- REALIZED AND UNREALIZED GAINS/(LOSSES) FROM INVESTMENTS, FUTURES AND FOREIGN CURRENCY TRANSACTIONS: Net realized gains/(losses) from investments, futures, and foreign currency transactions (4,345) (859) 949 (26) 499 367 Net change in unrealized appreciation from investments, futures and translation of assets and liabilities denominated in foreign currencies (9,746) 6,928 6,336 2,060 3,964 5,271 -------- -------- -------- -------- -------- -------- Net realized and unrealized gains/(losses) from investments, futures and foreign currency transactions (14,091) 6,069 7,285 2,034 4,463 5,638 -------- -------- -------- -------- -------- -------- Change in net assets resulting from operations $(14,212) $ 12,432 $ 13,796 $ 3,361 $ 7,385 $ 9,387 ======== ======== ======== ======== ======== ======== (See Notes which are in an integral part of the Financial Statements) FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- PINNACLE FUND QUALITY GROWTH FUND EQUITY INCOME FUND -------------------------- ----------------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR JAN. 31, 2001 ENDED JAN. 31, 2001 ENDED JAN. 31, 2001 ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 -------------------------- -------------------------- --------------------------- INCREASE/(DECREASE) IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ (1,460) $ (1,408) $ 636 $ 2,041 $ (289) $ (432) Net realized gain/(loss) on investments and options contracts 36,520 107,993 2,535 4,656 1,161 (253) Net change in unrealized appreciation/depreciation on investments and options contracts 55,944 47,729 8,049 (18,711) (16,023) 5,731 ----------- ----------- ----------- ----------- ----------- ----------- Change in net assets resulting from operations 91,004 154,314 11,220 (12,014) (15,151) 5,046 ----------- ----------- ----------- ----------- ----------- ----------- DISTRIBUTIONS TO INSTITUTIONAL SHAREHOLDERS: From net investment income -- -- (530) (1,836) -- -- From net realized gains on investment transactions (91,879) (30,615) (1,980) (7,737) (1,435) (947) DISTRIBUTIONS TO INVESTMENT A SHAREHOLDERS: From net investment income -- -- (55) (195) -- -- From net realized gains on investment transactions (24,349) (6,684) (265) (1,054) (998) (762) DISTRIBUTIONS TO INVESTMENT B SHAREHOLDERS: From net investment income -- -- -- -- -- -- From net realized gains on investment transactions (110) -- (3) -- (1) -- DISTRIBUTIONS TO INVESTMENT C SHAREHOLDERS: From net investment income -- -- (1) (8) -- -- From net realized gains on investment transactions (1,573) (516) (12) (69) (102) (89) ----------- ----------- ----------- ----------- ----------- ----------- Change in net assets from shareholder distributions (117,911) (37,815) (2,846) (10,899) (2,536) (1,798) ----------- ----------- ----------- ----------- ----------- ----------- FUND SHARE (PRINCIPAL) TRANSACTIONS: Proceeds from shares issued 188,041 297,632 5,927 9,324 2,871 26,634 Dividends reinvested 117,854 37,807 2,357 9,161 2,462 1,779 Cost of shares redeemed (77,660) (125,476) (14,625) (52,335) (19,970) (44,241) ----------- ----------- ----------- ----------- ----------- ----------- Change in net assets from fund share transactions 228,235 209,963 (6,341) (33,850) (14,637) (15,828) ----------- ----------- ----------- ----------- ----------- ----------- Change in net assets 201,328 326,462 2,033 (56,763) (32,324) (12,580) NET ASSETS: Beginning of period 1,036,953 710,491 113,463 170,226 105,952 118,532 ----------- ----------- ----------- ----------- ----------- ----------- End of period $ 1,238,281 $ 1,036,953 $ 115,496 $ 113,463 $ 73,628 $ 105,952 =========== =========== =========== =========== =========== =========== Undistributed Net Investment Income $ (1,460) $ -- $ 71 $ 19 $ (289) $ -- =========== =========== =========== =========== =========== =========== (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- BALANCED FUND MID CAP FUND TECHNOLOGY FUND ------------------------ ------------------------ ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED PERIOD JAN. 31, 2001 ENDED JAN. 31, 2001 ENDED JAN. 31, 2001 ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000* ------------------------ ------------------------ ------------------------ INCREASE/(DECREASE) IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ 2,332 $ 3,661 $ (399) $ (717) $ (422) $ (73) Net realized gain/(loss) on investments and options contracts 11,651 31,057 15,203 35,466 (3,349) 442 Net change in unrealized Appreciation/depreciation on investments and options contracts (7,976) 8,425 (2,496) 31,305 (6,667) (2,950) --------- --------- --------- --------- --------- --------- Change in net assets resulting from operations 6,007 43,143 12,308 66,054 (10,438) (2,581) --------- --------- --------- --------- --------- --------- DISTRIBUTIONS TO INSTITUTIONAL SHAREHOLDERS: From net investment income (1,772) (2,152) -- -- -- -- From net realized gains on investment transactions (24,970) (11,919) (32,318) (14,441) (557) -- DISTRIBUTIONS TO INVESTMENT A SHAREHOLDERS: From net investment income (945) (1,040) -- -- -- -- From net realized gains on investment transactions (13,033) (6,709) (5,114) (2,005) (65) -- DISTRIBUTIONS TO INVESTMENT B SHAREHOLDERS: From net investment income (16) -- -- -- -- -- From net realized gains on investment transactions (218) -- (113) -- (4) -- DISTRIBUTIONS TO INVESTMENT C SHAREHOLDERS: From net investment income (57) (58) -- -- -- -- From net realized gains on investment transactions (880) (561) (197) (56) (2) -- --------- --------- --------- --------- --------- ------- Change in net assets from shareholder distributions (41,891) (22,439) (37,742) (16,502) (628) -- --------- --------- --------- --------- --------- ------- FUND SHARE (PRINCIPAL) TRANSACTIONS: Proceeds from shares issued 97,776 83,978 43,319 60,930 25,899 62,889 Dividends reinvested 41,582 22,136 37,792 16,496 627 -- Cost of shares redeemed (22,761) (68,324) (22,565) (67,676) (4,116) (455) --------- --------- --------- --------- --------- ------- Change in net assets from fund share transactions 116,597 37,790 58,546 9,750 22,410 62,434 --------- --------- --------- --------- --------- ------- Change in net assets 80,713 58,494 33,112 59,302 11,344 59,853 NET ASSETS: Beginning of period 284,488 225,994 280,050 220,747 59,853 -- --------- --------- --------- --------- --------- -------- End of Period $ 365,201 $ 284,488 $ 313,162 $ 280,050 $ 71,197 $ 59,853 ========= ========= ========= ========= ========= ========= Undistributed Net I nvestment Income $ 531 $ 989 $ (399) $ -- $ (422) $ -- ========= ========= ========= ========= ========= ========= * Reflects the period of operations from June 5, 2000 through July 31, 2000 (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) - -------------------------------------------------------------------------------- INTERNATIONAL EQUITY FUND BOND FUND FOR INCOME QUALITY BOND FUND ---------------------- ---------------------- ---------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR JAN. 31, 2001 ENDED JAN. 31, 2001 ENDED JAN. 31, 2001 ENDED (UNAUDITED) JULY 31, (UNAUDITED) JULY 31, (UNAUDITED) JULY 31, 2000 2000 2000 ---------------------- ---------------------- ---------------------- INCREASE/(DECREASE) IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ (121) $ 1,103 $ 6,363 $ 13,257 $ 6,511 $ 10,267 Net realized gain/(loss) from investments, futures and foreign currency transactions (4,345) 33,138 (859) (8,486) 949 (7,141) Net change in unrealized appreciation/depreciation on investments, futures, and foreign currencies (9,746) (19,867) 6,928 4,164 6,336 4,349 --------- --------- --------- --------- --------- --------- Change in net assets resulting from operations (14,212) 14,374 12,432 8,935 13,796 7,475 --------- --------- --------- --------- --------- --------- DISTRIBUTIONS TO INSTITUTIONAL SHAREHOLDERS: From net investment income -- -- (5,781) (11,249) (6,281) (9,666) From net realized gains on investment, futures and foreign currency transactions (26,830) (16,027) -- -- -- DISTRIBUTIONS TO INVESTMENT A SHAREHOLDERS: From net investment income -- -- (780) (1,857) (270) (562) From net realized gains on investment, futures and foreign currency transactions (964) (594) -- -- -- DISTRIBUTIONS TO INVESTMENT B SHAREHOLDERS: From net investment income -- -- -- -- (2) -- From net realized gains on investment, futures and foreign currency transactions (6) -- -- -- -- -- DISTRIBUTIONS TO INVESTMENT C SHAREHOLDERS: From net investment income -- -- (9) (24) (19) (39) From net realized gains on investment, futures and foreign currency transactions (33) (21) -- -- -- --------- --------- --------- -------- --------- --------- Change in net assets from shareholder distributions (27,833) (16,642) (6,570) (13,130) (6,572) (10,267) --------- --------- --------- -------- --------- --------- FUND SHARE (PRINCIPAL) TRANSACTIONS: Proceeds from shares issued 30,232 79,274 7,769 32,536 18,190 108,779 Dividends reinvested 27,830 16,642 851 1,917 3,106 5,561 Cost of shares redeemed (29,620) (55,532) (24,172) (51,568) (19,863) (44,649) --------- --------- --------- -------- -------- -------- Change in net assets from fund share transactions 28,442 40,384 (15,552) (17,115) 1,433 69,691 --------- --------- --------- -------- -------- -------- Change in net assets (13,603) 38,116 (9,690) (21,310) 8,657 66,899 NET ASSETS: Beginning of period 216,560 178,444 217,977 239,287 211,073 144,174 --------- --------- --------- -------- -------- -------- End of period $202,957 $ 216,560 $ 208,287 $ 217,977 $ 219,730 $ 211,073 ========= ========= ========= ======== ======== ======== Undistributed Net Investment Income $ (548) $ (427) $ (29) $ 178 $ (43) $ 18 ========= ========= ========= ======== ======== ======== (See notes which are an integral part of the financial statements) 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 ---------------------- ---------------------- ----------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED YEAR ENDED YEAR ENDED YEAR JAN. 31, 2001 ENDED JAN. 31, 2001 ENDED JAN. 31, 2001 ENDED (UNAUDITED) JULY 31, (UNAUDITED) JULY 31, (UNAUDITED) JULY 31, 2000 2000 2000 ---------------------- ---------------------- ---------------------- INCREASE/(DECREASE) IN NET ASSETS: OPERATIONS: Net investment income $ 1,327 $ 2,543 $ 2,922 $ 5,111 $ 3,749 $ 7,913 Net realized gain/(loss) from investments (26) (445) 499 (4,207) 367 (2,547) Net change in unrealized appreciation/ depreciation on investments 2,060 4 3,964 1,962 5,271 (254) --------- --------- --------- --------- --------- --------- Change in net assets resulting from operations 3,361 2,102 7,385 2,866 9,387 5,112 --------- --------- --------- --------- --------- --------- DISTRIBUTIONS TO INSTITUTIONAL SHAREHOLDERS: From net investment income (1,242) (2,378) (2,929) (5,137) (3,445) (7,341) From net realized gains on investment transactions -- -- -- (1,058) -- (277) DISTRIBUTIONS TO INVESTMENT A SHAREHOLDERS: From net investment income (74) (180) (5) (8) (265) (660) From net realized gains on investment transactions -- -- -- (1) -- (32) DISTRIBUTIONS TO INVESTMENT C SHAREHOLDERS: From net investment income (5) (13) -- -- (15) (37) From net realized gains on investment transactions -- -- -- -- -- (2) -------- --------- --------- --------- --------- --------- Change in net assets from shareholders distributions (1,321) (2,571) (2,934) (6,204) (3,725) (8,349) -------- --------- --------- --------- --------- --------- FUND SHARE (PRINCIPAL) TRANSACTIONS: Proceeds from shares issued 4,215 18,352 3,682 46,540 9,918 22,163 Dividends reinvested 702 1,315 20 1,082 313 1,114 Cost of shares redeemed (4,180) (18,905) (9,368) (17,979) (15,452) (44,928) --------- --------- --------- --------- --------- --------- Change in net assets from fund share transactions 737 762 (5,666) 29,643 (5,221) (21,651) -------- -------- -------- -------- -------- -------- Change in net assets 2,777 293 (1,215) 26,305 441 (24,888) NET ASSETS: Beginning of period 48,155 47,862 141,614 115,309 180,870 205,758 --------- --------- --------- --------- --------- --------- End of Period $ 50,932 $ 48,155 $ 140,399 $ 141,614 $ 181,311 $ 180,870 ========= ========= ========= ========= ========= ========= Undistributed Net Investment Income $ 6 $ -- $ (12) $ -- $ 23 $ -- ========= ========= ========= ========= ========= ========= (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- (1) ORGANIZATION The Fifth Third Funds (The "Trust") is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. At January 31, 2001 the Trust consisted of sixteen 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 EquityIncome Fund ("Equity Income Fund") Fifth Third Pinnacle Fund ("Pinnacle Fund") Fifth Third Balanced Fund ("Balanced Fund") Fifth Third Mid Cap Fund ("Mid CapFund") Fifth Third Technology Fund ("Technology Fund") Fifth Third International Equity Fund ("International Equity Fund") Fifth Third Bond Fund For Income ("Bond Fund For Income") Fifth Third Quality Bond Fund ("Quality Bond Fund") Fifth Third U.S. Government Securities Fund ("Government Securities Fund") Fifth Third Municipal Bond Fund ("Municipal Bond Fund") Fifth Third Ohio Tax Free Bond Fund ("Ohio Tax Free Fund") The 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. 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. 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 Bond Fund for Income, Government Securities Fund, and Municipal Bond Fund each issue three classes of shares: Institutional, Investment A Shares and Investment C Shares. The remainder of the Funds each issue four classes of shares: Institutional, Investment A Shares, Investment B 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 and certain redemptions of Investment B shares made within six years of FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- 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, Investment B shares and Investment C Shares, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares. (2) SIGNIFICANT ACCOUNTING POLICIES The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These policies are in conformity with 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. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- 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. 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. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- 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. There were no option transactions during the period. 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 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. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- When cash is received as collateral for securities loaned, the Funds may invest such cash in short-term U.S. Government Securities, Repurchase Agreements, or other short-term corporate securities. The cash or subsequent short-term investments are recorded as assets of the Funds, offset by a corresponding liability to repay the cash at the termination of the loan. In addition, the short-term securities purchased with the cash collateral are included in the accompanying schedules of portfolio investments. Fixed income securities received as collateral are not recorded as an asset or liability of the Fund because the Fund does not have effective control of such securities. There may be risks of delay in recovery of the securities or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by the Advisor to be of good standing and creditworthy under guidelines established by the Board of Trustees and when, in the judgment of the Advisor, the consideration which can be earned currently from such securities loans justifies the attendant risks. Loans are subject to termination by the Funds or the borrower at any time, and are, therefore, not considered to be illiquid investments. K. FEDERAL TAXES--It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gain sufficient to relieve it from all, or substantially all, federal income taxes. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- (3) SHARES OF BENEFICIAL INTEREST Transactions in Fund shares were as follows: QUALITY GROWTH FUND EQUITY INCOME FUND PINNACLE FUND ------------------------- ------------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 ------------------------- ------------------------- ------------------------- CAPITAL TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued $ 66,561 $ 198,833 $ 3,248 $ 6,382 $ 2,243 $ 14,849 Dividends reinvested 91,846 30,615 2,021 7,836 1,362 928 Shares redeemed (50,551) (95,560) (13,177) (42,728) (11,529) (20,554) --------- --------- --------- --------- --------- --------- INSTITUTIONAL SHARES: $ 107,856 $ 133,888 $ (7,908) $ (28,510) $ (7,924) $ (4,777) --------- --------- --------- --------- --------- --------- INVESTMENT A SHARES: Shares issued $ 113,514 $ 94,504 $ 2,089 $ 2,857 $ 560 $ 11,399 Dividends reinvested 24,325 6,675 319 1,249 997 762 Shares redeemed (26,128) (27,855) (1,314) (8,884) (7,831) (20,618) --------- --------- --------- --------- --------- --------- INVESTMENT A SHARES $ 111,711 $ 73,324 $ 1,094 $ (4,778) $ (6,274) $ (8,457) --------- --------- --------- --------- --------- --------- INVESTMENT B SHARES:** Shares issued $ 5,840 $ -- $ 379 $ -- $ 41 $ -- Dividends reinvested 111 -- 3 -- 1 -- Shares redeemed (34) -- -- -- -- -- --------- --------- --------- --------- --------- --------- INVESTMENT B SHARES $ 5,917 $ -- $ 382 $ -- $ 42 $ -- --------- --------- --------- --------- --------- --------- INVESTMENT C SHARES: Shares issued $ 2,125 $ 4,296 $ 212 $ 85 $ 27 $ 386 Dividends reinvested 1,573 516 13 76 102 90 Shares redeemed (947) (2,061) (134) (723) (610) (3,070) --------- --------- --------- --------- --------- --------- INVESTMENT C SHARES $ 2,751 $ 2,751 $ 91 $ (562) $ (481) $ (2,594) --------- --------- --------- --------- --------- --------- TOTAL NET INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS $ 228,235 $ 209,963 $ (6,341) $ (33,850) $ (14,637) $ (15,828) ========= ========= ========= ========= ========= ========= QUALITY GROWTH FUND EQUITY INCOME FUND PINNACLE FUND ---------------------- ---------------------- ---------------------- SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 ------------------------- ------------------------- ---------------------- SHARE TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued 2,954 8,590 233 486 64 392 Dividends reinvested 4,316 1,285 141 582 41 25 Shares redeemed (1,933) (3,807) (938) (3,281) (334) (537) ------- ------- ------- ------- ------- ------- INSTITUTIONAL SHARES: 5,337 6,068 (564) (2,213) (229) (120) ------- ------- ------- ------- ------- ------- INVESTMENT A SHARES: Shares issued 10,812 3,783 149 214 16 307 Dividends reinvested 1,150 281 22 93 31 21 Shares redeemed (1,140) (1,105) (93) (675) (223) (544) ------- ------- ------- ------- ------- ------- INVESTMENT A SHARES 10,822 2,959 78 (368) (176) (216) ------- ------- ------- ------- ------- ------- INVESTMENT B SHARES:** Shares issued 267 -- 27 -- 1 -- Dividends reinvested 5 -- -- -- -- -- Shares redeemed (1) -- -- -- -- -- ------- ------- ------- ------- ------- ------- INVESTMENT B SHARES 271 -- 27 -- 1 -- ------- ------- ------- ------- ------- ------- INVESTMENT C SHARES: Shares issued 87 175 15 6 1 10 Dividends reinvested 76 22 1 6 3 3 Shares redeemed (41) (84) (10) (55) (17) (82) ------- ------- ------- ------- ------- ------- INVESTMENT C SHARES 122 113 6 (43) (13) (69) ------- ------- ------- ------- ------- ------- TOTAL NET INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS 16,552 9,140 (453) (2,624) (417) (405) ======= ======= ======= ======= ======= ======= ** Reflects the period of operations from October 11, 2000 to January 31, 2001. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- BALANCED FUND MID CAP FUND TECHNOLOGY FUND ------------------------ ------------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 ------------------------ ------------------------- ------------------------ CAPITAL TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued $ 74,234 $ 51,317 $ 32,171 $ 49,578 $ 20,351 $ 57,902 Dividends reinvested 26,469 13,787 32,379 14,441 557 -- Shares redeemed (14,070) (45,462) (17,490) (56,822) (3,397) (383) --------- --------- --------- --------- --------- --------- INSTITUTIONAL SHARES: $ 86,633 $ 19,642 $ 47,060 $ 7,197 $ 17,511 $ 57,519 --------- --------- --------- --------- --------- --------- INVESTMENT A SHARES: Shares issued $ 18,168 $ 31,004 $ 9,051 $ 11,112 $ 4,685 $ 4,871 Dividends reinvested 13,945 7,730 5,103 2,000 65 -- Shares redeemed (7,789) (21,129) (4,880) (10,573) (693) (66) --------- --------- --------- --------- --------- --------- INVESTMENT A SHARES $ 24,324 $ 17,605 $ 9,274 $ 2,539 $ 4,057 $ 4,805 --------- --------- --------- --------- --------- --------- INVESTMENT B SHARES:** Shares issued $ 4,760 $ -- $ 1,412 $ -- $ 725 $ -- Dividends reinvested 232 -- 112 -- 3 -- Shares redeemed (26) -- (52) -- -- -- --------- --------- --------- --------- --------- --------- INVESTMENT B SHARES $ 4,966 $ -- $ 1,472 $ -- $ 728 $ -- --------- --------- --------- --------- --------- --------- INVESTMENT C SHARES: Shares issued $ 614 $ 1,656 $ 685 $ 239 $ 138 $ 116 Dividends reinvested 937 619 198 55 2 -- Shares redeemed (876) (1,732) (143) (280) (26) (6) --------- --------- --------- --------- --------- --------- INVESTMENT C SHARES $ 675 $ 543 $ 740 $ 14 $ 114 $ 110 --------- --------- --------- --------- --------- --------- TOTAL NET INCREASE FROM CAPITAL TRANSACTIONS $ 116,598 $ 37,790 $ 58,546 $ 9,750 $ 22,410 $ 62,434 ========= ========= ========= ========= ========= ========= BALANCED FUND MID CAP FUND TECHNOLOGY FUND ------------------------ ------------------------ ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 PERIOD ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000* ------------------------ ------------------------ ------------------------ SHARE TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued 4,404 3,112 1,783 2,894 1,120 2,891 Dividends reinvested 1,735 871 1,946 920 33 -- Shares redeemed (844) (2,748) (957) (3,325) (215) (18) ----- ----- ----- ------ ------ ------ INSTITUTIONAL SHARES: 5,295 1,235 2,772 489 938 2,873 ----- ----- ----- ------ ------ ------ INVESTMENT A SHARES: Shares issued 1,072 1,884 480 653 245 240 Dividends reinvested 915 489 310 128 4 -- Shares redeemed (470) (1,285) (259) (647) (40) (3) ----- ----- ----- ------ ------ ------ INVESTMENT A SHARES 1,517 1,088 531 134 209 237 ----- ----- ----- ------ ------ ------ INVESTMENT B SHARES:** Shares issued 304 -- 79 -- 43 -- Dividends reinvested 15 -- 7 -- -- -- Shares redeemed (2) -- (3) -- -- -- ----- ----- ----- ------ ------ ------ INVESTMENT B SHARES 317 -- 83 -- 43 -- ----- ----- ----- ------ ------ ------ INVESTMENT C SHARES: Shares issued 37 101 36 14 7 5 Dividends reinvested 62 39 12 4 -- -- Shares redeemed (53) (105) (8) (16) (2) -- ----- ----- ----- ------ ------ ------ INVESTMENT C SHARES 46 35 40 2 5 5 ----- ----- ----- ------ ------ ------ TOTAL NET INCREASE FROM CAPITAL TRANSACTIONS 7,175 2,358 3,426 625 1,195 3,115 ===== ===== ===== ====== ====== ====== * Reflects the period of operations from June 5, 2000 to July 31, 2000. ** Reflects the period of operations from October 11, 2000 to January 31, 2001. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) INTERNATIONAL EQUITY FUND BOND FUND FOR INCOME QUALITY BOND FUND ------------------------ ------------------------ ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 ------------------------ ------------------------ ------------------------ CAPITAL TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued $ 10,465 $ 44,853 $ 7,268 $ 30,296 $ 17,108 $ 105,709 Dividends reinvested 26,831 16,027 229 401 2,815 4,960 Shares redeemed (9,698) (22,628) (20,142) (35,105) (18,626) (40,687) --------- --------- --------- --------- --------- --------- INSTITUTIONAL SHARES: $ 27,598 $ 38,252 $ (12,645) $ (4,408) $ 1,297 $ 69,982 --------- --------- --------- --------- --------- --------- INVESTMENT A SHARES: Shares issued $ 19,693 $ 34,282 $ 502 $ 2,120 $ 759 $ 2,950 Dividends reinvested 964 594 612 1,490 271 562 Shares redeemed (19,897) (32,789) (3,952) (16,124) (1,206) (3,700) --------- --------- --------- --------- --------- --------- INVESTMENT A SHARES $ 760 $ 2,087 $ (2,838) $ (12,514) $ (176) $ (188) --------- --------- --------- --------- --------- --------- INVESTMENT B SHARES**: Shares issued $ 73 $ -- $ -- $ -- $ 286 $ -- Dividends reinvested 6 -- -- -- 2 -- Shares redeemed -- -- -- -- (3) -- --------- --------- --------- --------- --------- --------- INVESTMENT B SHARES $ 79 $ -- $ -- $ -- $ 285 $ -- --------- --------- --------- --------- --------- --------- INVESTMENT C SHARES: Shares issued $ -- $ 139 $ -- $ 121 $ 36 $ 121 Dividends reinvested 30 20 9 24 19 39 Shares redeemed (25) (114) (78) (338) (28) (263) --------- --------- --------- --------- --------- --------- INVESTMENT C SHARES $ 5 $ 45 $ (69) $ (193) $ 27 $ (103) --------- --------- --------- --------- --------- --------- TOTAL NET INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS $ 28,442 $ 40,384 $ (15,552) $ (17,115) $ 1,433 $ 69,691 ========= ========= ========= ========= ========= ========= INTERNATIONAL EQUITY FUND BOND FUND FOR INCOME QUALITY BOND FUND ------------------------- ------------------------ ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 ------------------------ ------------------------ ------------------------ SHARE TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued 919 3,425 626 2,627 1,796 11,182 Dividends reinvested 2,613 1,243 20 35 297 530 Shares redeemed (894) (1,725) (1,733) (3,053) (1,956) (4,329) ------ ------ ------ ------- ------- ------- INSTITUTIONAL SHARES: 2,638 2,943 (1,087) (391) 137 7,383 ------ ------ ------ ------- ------- ------- INVESTMENT A SHARES: Shares issued 1,708 2,601 43 183 80 315 Dividends reinvested 94 46 53 130 28 60 Shares redeemed (1,716) (2,480) (341) (1,398) (127) (395) ------ ------ ------ ------- ------- ------- INVESTMENT A SHARES 86 167 (245) (1,085) (19) (20) ------ ------ ------ ------- ------- ------- INVESTMENT B SHARES**: Shares issued 6 -- NA -- 30 -- Dividends reinvested 1 -- NA -- -- -- Shares redeemed -- -- NA -- -- -- ------ ------ ------ ------- ------- ------- INVESTMENT B SHARES 7 -- NA -- 30 -- ------ ------ ------ ------- ------- ------- INVESTMENT C SHARES: Shares issued -- 10 -- 10 4 12 Dividends reinvested 3 2 1 2 2 4 Shares redeemed (2) (9) (7) (29) (3) (28) ------ ------ ------ ------- ------- ------- INVESTMENT C SHARES 1 3 (6) (17) 3 (12) ------ ------ ------ ------- ------- ------- TOTAL NET INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS 2,732 3,113 (1,338) (1,493) 151 7,351 ====== ====== ====== ======= ======= ======= ** Reflects the period of operations from October 11, 2000 to January 31, 2001. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- U.S. GOVERNMENT SECURITIES FUND MUNICIPAL BOND FUND OHIO TAX FREE BOND FUND ----------------------- ----------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 ----------------------- ----------------------- ------------------------ CAPITAL TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued $ 3,730 $ 17,564 $ 3,410 $ 46,452 $ 7,466 $ 19,868 Dividends reinvested 624 1,121 15 1,073 34 382 Shares redeemed (3,694) (15,364) (9,358) (17,709) (12,617) (33,568) -------- -------- -------- -------- -------- -------- INSTITUTIONAL SHARES: $ 660 $ 3,321 $ (5,933) $ 29,816 $ (5,117) $(13,318) -------- -------- -------- -------- -------- -------- INVESTMENT A SHARES: Shares issued $ 421 $ 740 $ 253 $ 88 $ 2,235 $ 1,929 Dividends reinvested 75 181 5 10 264 692 Shares redeemed (461) (3,250) (6) (271) (2,625) (10,895) -------- -------- -------- -------- -------- -------- INVESTMENT A SHARES $ 35 $ (2,329) $ 252 $ (173) $ (126) $ (8,274) -------- -------- -------- -------- -------- -------- INVESTMENT B SHARES:** Shares issued $ -- $ -- $ -- $ -- $ -- $ -- Dividends reinvested -- -- -- -- -- -- Shares redeemed -- -- -- -- -- -- -------- -------- -------- -------- -------- -------- INVESTMENT B SHARES $ -- $ -- $ -- $ -- $ -- $ -- -------- -------- -------- -------- -------- -------- INVESTMENT C SHARES: Shares issued $ 63 $ 50 $ 18 $ -- $ 217 $ 367 Dividends reinvested 4 12 -- -- 15 39 Shares redeemed (26) (292) (3) -- (210) (465) -------- -------- -------- -------- -------- -------- INVESTMENT C SHARES $ 41 $ (230) $ 15 $ -- $ 22 $ (59) -------- -------- -------- -------- -------- -------- TOTAL NET INCREASE/(DECREASE) FROM CAPITAL TRANSACTIONS $ 736 $ 762 $ (5,666) $ 29,643 $ (5,221) $(21,651) ======== ======== ======== ======== ======== ======== U.S. GOVERNMENT SECURITIES FUND MUNICIPAL BOND FUND OHIO TAX FREE BOND FUND ----------------------- ----------------------- ------------------------ SIX MONTHS SIX MONTHS SIX MONTHS ENDED ENDED ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED JAN. 31, 2001 YEAR ENDED (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 (UNAUDITED) JULY 31, 2000 ----------------------- ----------------------- ------------------------ SHARE TRANSACTIONS: INSTITUTIONAL SHARES: Shares issued 383 1,837 295 4,061 745 2,041 Dividends reinvested 64 118 1 94 3 39 Shares redeemed (381) (1,609) (812) (1,559) (1,263) (3,444) ----- ----- ----- ------ ------ ------ INSTITUTIONAL SHARES: 66 346 (516) 2,596 (515) (1,364) ----- ----- ----- ------ ------ ------ INVESTMENT A SHARES: Shares issued 43 77 22 8 222 197 Dividends reinvested 8 19 1 1 26 71 Shares redeemed (48) (339) (1) (23) (260) (1,124) ----- ----- ----- ------ ------ ------ INVESTMENT A SHARES 3 (243) 22 (14) (12) (856) ----- ----- ----- ------ ------ ------ INVESTMENT B SHARES:** Shares issued -- -- -- -- -- -- Dividends reinvested -- -- -- -- -- -- Shares redeemed -- -- -- -- -- -- ----- ----- ----- ------ ------ ------ INVESTMENT B SHARES -- -- -- -- -- -- ----- ----- ----- ------ ------ ------ INVESTMENT C SHARES: Shares issued 6 5 2 -- 21 37 Dividends reinvested 1 1 -- -- 2 4 Shares redeemed (3) (30) (1) -- (21) (48) ----- ----- ----- ------ ------ ------ INVESTMENT C SHARES 4 (24) 1 -- 2 (7) ----- ----- ----- ------ ------ ------ TOTAL NET INCREASE/ (DECREASE) FROM CAPITAL TRANSACTIONS 73 79 (493) 2,582 (525) (2,227) ===== ===== ===== ====== ====== ====== ** Reflects the period of operations from October 11, 2000 to January 31, 2001. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) (4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES - -------------------------------------------------------------------------------- INVESTMENT ADVISORY FEE--Fifth Third Bank, the Trust's investment Advisor (the "Advisor"), receives for its services an annual investment advisory fee based on a percentage of each Fund's average daily net assets. Morgan Stanley Asset Management, Inc. is the International Equity Fund's Sub-Advisor (the "Sub-Advisor"). The Advisor compensates the Sub-Advisor at a rate based on the International Equity Fund's average daily net assets. ADMINISTRATIVE FEE-- BISYS Fund Services ("BISYS") serves as the Trust's administrator. The administrator generally assists in all aspects of the Trust's administration and operation including providing the Funds with certain administrative personnel and services necessary to operate the Funds. 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, Investment B 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, up to 1.00% of the average daily net assets of the Investment B 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 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. FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- QUALITY EQUITY GROWTH INCOME PINNACLE BALANCED MID CAP TECHNOLOGY FUND FUND FUND FUND FUND FUND ------- ------- ------- ------- ------- ------- (AMOUNTS IN THOUSANDS) INVESTMENT ADVISORY FEES: Annual fee before voluntary fee 0.80% 0.80% 0.80% 0.80% 0.80% 1.00% Reductions (percentage of average net assets) Voluntary fee reductions $0 $0 $0 $0 $0 $0 ADMINISTRATIVE FEES: Voluntary fee reductions $0 $33 $0 $95 $51 $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% Investment B Shares 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 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 B Shares $0 $0 $0 $0 $0 $0 Voluntary fee reductions - Investment C Shares $17 $1 $4 $9 $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% MISCELLANEOUS FEES: Fees reimbursed by investment advisor $0 $0 $0 $0 $0 $0 FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- OHIO INTERNATIONAL BOND QUALITY GOVERNMENT MUNICIPAL TAX FREE EQUITY FUND FOR BOND SECURITIES BOND BOND FUND FUND FUND FUND FUND FUND ------- ------- ------- ------- ------- ------- (AMOUNTS IN THOUSANDS) INVESTMENT ADVISORY FEES: Annual fee before voluntary fee 1.00% 0.55% 0.55% 0.55% 0.55% 0.55% Reductions (percentage of average net assets) Voluntary fee reductions $0 $0 $0 $27 $0 $0 ADMINISTRATIVE FEES: Voluntary fee reductions $0 $43 $43 $25 $52 $41 DISTRIBUTION SERVICES FEES: Annual fee before voluntary fee Reductions (percentage of average net assets) Investment A Shares 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% Investment B Shares 1.00% NA 1.00% NA NA 1.00% 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 B Shares $0 $0 $0 $0 $0 $0 Voluntary fee reductions - Investment C Shares $0 $0 $1 $0 $0 $1 ADMINISTRATIVE SERVICES FEES: Annual fee before voluntary fee Reductions (percentage of average net assets) Investment C Shares 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% MISCELLANEOUS FEES: Fees reimbursed by investment advisor $0 $0 $0 $0 $0 $0 (5) INVESTMENT TRANSACTIONS Purchases and sales of investments, excluding short-term securities for the six months ended January 31, 2001, were as follows (Amounts in thousands): QUALITY EQUITY MID GROWTH INCOME PINNACLE BALANCED CAP TECHNOLOGY FUND FUND FUND FUND FUND FUND ------- ------- ------- ------- ------- ------- Purchases $233,387 $ 7,197 $70,803 $198,368 $54,380 $37,229 Sales 124,725 16,978 89,175 115,556 33,939 16,345 U.S. OHIO INTERNATIONAL BOND FUND QUALITY GOVERNMENT MUNICIPAL TAX FREE EQUITY FOR BOND SECURITIES BOND BOND FUND INCOME FUND FUND FUND FUND ------- ------- ------- ------- ------- ------- Purchases $48,143 $138,847 $217,420 $13,107 $20,840 $20,993 Sales 35,287 156,803 214,823 13,513 29,705 27,630 FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS (CONTINUED) JANUARY 31, 2001 (UNAUDITED) - -------------------------------------------------------------------------------- (6) CONCENTRATION OF CREDIT RISK The Ohio Tax Free Bond Fund invests a substantial proportion of its assets in debt obligations issued by the State of Ohio and its political subdivisions, agencies and public authorities. The Portfolio is more susceptible to factors adversely affecting issuers of Ohio municipal securities than a fund that is not concentrated in these issuers to the same extent. The International Equity Fund invests in equity and fixed income securities of non-U.S. issuers. Although the Fund maintains a diversified investment portfolio, the political or economic developments within a particular country or region may have an adverse effect on the ability of domiciled issuers to meet their obligations. Additionally, political or economic developments may have an effect on the liquidity and volatility or portfolio securities and currency holdings. The International Equity Fund has a relatively large concentration of securities invested in companies domiciled in Great Britain and Japan. The Fund may be more susceptible to the political, social and economic events adversely affecting the Great Britain and Japanese companies than funds not so concentrated. (7) MERGER OF CARDINAL FUND: On October 27, 2000, the net assets of the Cardinal Fund were exchanged in a tax-free conversion for shares of the Quality Growth Fund. The transaction was 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): NET ASSET UNREALIZED SHARES NET ASSETS VALUE PER APPRECIATION ISSUED CONVERTED SHARE ISSUED (DEPRECIATION) ------- ---------- ------------ ------------ Cardinal Fund Class A 13,509 $198,732 $14.71 $124,168 Cardinal Fund Class C 71 $ 1,017 $14.39 $ (73) Cardinal Fund Institutional Class 220 $ 3,279 $14.93 $ 7,101 FIFTH THIRD FUNDS QUALITY GROWTH FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 26.24 $ 23.37 $ 19.45 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.02) (0.02) (0.02) Net realized and unrealized gains from investments (1.19) 4.06 5.89 -------- -------- -------- Total from Investment Operations (1.21) 4.04 5.87 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- -- Net realized gain on investments (2.91) (1.17) (1.95) -------- -------- -------- Total Distributions (2.91) (1.17) (1.95) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 22.12 $ 26.24 $ 23.37 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (4.16%)(a) 17.82%(a) 32.08%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.00%(b) 1.00% 1.00%(b) Net investment loss (0.18%)(b) (0.10%) (0.10%)(b) Expense waiver/reimbursement (c) 0.00%(b) 0.03% 0.05%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $805,046 $814,820 $583,753 Portfolio turnover (d) 11% 21% 34% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------ -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 26.12 $ 23.31 $ 20.26 $ 19.23 $ 13.16 $ 11.79 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income/(loss) (0.05) (0.07) (0.06) 0.03 0.08 0.12 Net realized and unrealized gains/ (losses) from investments (1.18) 4.05 5.06 2.49 6.75 1.37 -------- -------- -------- -------- -------- -------- Total from Investment Operations (1.23) 3.98 5.00 2.52 6.83 1.49 -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHODERS FROM: Net investment income -- -- -- (0.03) (0.09) (0.12) Net realized gain on investments (2.91) (1.17) (1.95) (1.46) (0.67) -- -------- -------- -------- -------- -------- -------- Total Distributions (2.91) (1.17) (1.95) (1.49) (0.76) (0.12) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 21.98 $ 26.12 $ 23.31 $ 20.26 $ 19.23 $ 13.16 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (4.26%)(a) 17.60%(a) 26.48% 14.12% 54.02% 12.69% RATIOS TO AVERAGE NET ASSETS: Net expenses 1.24%(b) 1.25% 1.21% 1.00% 1.00% 0.99% Net investment income/(loss) (0.41%)(b) (0.35%) (0.29%) 0.10% 0.45% 0.98% Expense waiver/reimbursement (c) 0.00%(b) 0.03% 0.08% 0.37% 0.36% 0.03% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $413,138 $208,342 $116,963 $520,068 $399,683 $134,469 Portfolio turnover (d) 11% 21% 34% 45% 37% 37% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS QUALITY GROWTH FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- PERIOD ENDED JAN. 31, 2001 (UNAUDITED) ------------ INVESTMENT B SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 24.17 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.03) Net realized and unrealized gains/ (losses) from investments 0.70 -------- Total from Investment Operations 0.67 -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- Net realized gain on investments (2.91) -------- Total Distributions (2.91) -------- NET ASSET VALUE, END OF PERIOD $ 21.93 ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (9.27%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.98%(b) Net investment loss (1.03%)(b) Expense waiver/reimbursement (c) 0.00%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 5,935 Portfolio turnover (d) 11% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996** ------------ -------- -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 25.59 $ 22.97 $ 20.10 $ 19.18 $ 13.16 $ 13.37 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.11) (0.19) (0.18) (0.07) (0.03) -- Net realized and unrealized gains/ (losses) from investments (1.15) 3.98 5.00 2.45 6.72 (0.21) -------- -------- -------- -------- -------- -------- Total from Investment Operations (1.26) 3.79 4.82 2.38 6.69 (0.21) -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- -- -- -- -- Net realized gain on investments (2.91) (1.17) (1.95) (1.46) (0.67) -- -------- -------- -------- -------- -------- -------- Total Distributions (2.91) (1.17) (1.95) (1.46) (0.67) -- -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 21.42 $ 25.59 $ 22.97 $ 20.10 $ 19.18 $ 13.16 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (4.48%)(a) 17.01% 25.76% 13.41% 52.79% (1.57%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.75%(b) 2.00% 1.80% 1.63% 1.75% 1.77%(b) Net investment loss (0.94%)(b) (0.85%) (0.89%) (0.54%) (0.32%) 0.26%(b) Expense waiver/reimbursement (c) 0.24%(b) 0.28% 0.30% 0.39% 0.26% 0.06%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 14,162 $ 13,791 $ 9,775 $ 8,357 $ 3,146 $ 420 Portfolio turnover (d) 11% 21% 34% 45% 37% 37% * 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. *** Reflects operations for the period from October 11, 2000 (date of commencement of operations) to January 31, 2001. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See Notes which are an integral part of the financial statements) FIFTH THIRD FUNDS EQUITY INCOME FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 13.22 $ 15.19 $ 14.79 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.08 0.21 0.25 Net realized and unrealized gains/ (losses) from investments 1.26 (1.11) 1.86 -------- -------- -------- Total from Investment Operations 1.34 (0.90) 2.11 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.07) (0.21) (0.26) Net realized gain on investments (0.28) (0.86) (1.45) -------- -------- -------- Total Distributions (0.35) (1.07) (1.71) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 14.21 $ 13.22 $ 15.19 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 10.15%(a) (5.96%) 14.63%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.05%(b) 1.02% 1.07%(b) Net investment income 1.12%(b) 1.54% 1.63%(b) Expense waiver/reimbursement (c) 0.06%(b) 0.06% 0.05%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 99,469 $100,007 $148,525 Portfolio turnover (d) 6% 37% 69% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------- (UNAUDITED) 2000 1999 1998 1997** ------------ -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 13.22 $ 15.18 $ 15.38 $ 14.44 $ 12.00 -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.06 0.17 0.29 0.26 0.15 Net realized and unrealized gains/ (losses) from investments 1.26 (1.10) 1.19 2.43 2.43 -------- -------- -------- -------- -------- Total from Investment Operations 1.32 (0.93) 1.48 2.69 2.58 -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.06) (0.17) (0.23) (0.27) (0.14) Net realized gain on investments (0.28) (0.86) (1.45) (1.48) -- -------- -------- -------- -------- -------- Total Distributions (0.34) (1.03) (1.68) (1.75) (0.14) -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 14.20 $ 13.22 $ 15.18 $ 15.38 $ 14.44 ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 9.94%(a) (6.16%) 9.90% 19.57% 21.64%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.30%(b) 1.27% 1.27% 1.01% 1.06%(b) Net investment income 0.89%(b) 1.29% 1.58% 1.73% 2.32%(b) Expense waiver/reimbursement (c) 0.06%(b) 0.06% 0.10% 0.43% 0.42%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 14,825 $ 12,777 $ 20,268 $150,404 $120,324 Portfolio turnover (d) 6% 37% 69% 41% 28% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS EQUITY INCOME FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- PERIOD ENDED JAN. 31, 2001*** (UNAUDITED) --------------- INVESTMENT B SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 13.40 INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.02 Net realized and unrealized gains/ (losses) from investments 1.23 -------- Total from Investment Operations 1.25 -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.02) Net realized gain on investments (0.28) -------- Total Distributions (0.30) -------- NET ASSET VALUE, END OF PERIOD $ 14.35 ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 7.75%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 2.03%(b) Net investment income 0.44%(b) Expense waiver/reimbursement (c) 0.06%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 387 Portfolio turnover (d) 6% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------- (UNAUDITED) 2000 1999 1998 1997** ------------ -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 13.23 $ 15.19 $ 15.39 $ 14.45 $ 12.00 -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.02 0.10 0.14 0.17 0.10 Net realized and unrealized gains/ (losses) from investments 1.26 (1.10) 1.26 2.41 2.45 -------- -------- -------- -------- -------- Total from Investment Operations 1.28 (1.00) 1.40 2.58 2.55 -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.02) (0.10) (0.15) (0.16) (0.10) Net realized gain on investments (0.28) (0.86) (1.45) (1.48) -- -------- -------- -------- -------- -------- Total Distributions (0.30) (0.96) (1.60) (1.64) (0.10) -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 14.21 $ 13.23 $ 15.19 $ 15.39 $ 14.45 ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 9.65%(a) (6.65%) 9.34% 18.72% 21.30%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.81%(b) 1.77% 1.83% 1.57% 1.81%(b) Net investment income 0.41%(b) 0.80% 0.88% 1.21% 1.56%(b) Expense waiver/reimbursement (c) 0.30%(b) 0.31% 0.30% 0.52% 0.26%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 815 $ 679 $ 1,433 $ 968 $ 92 Portfolio turnover (d) 6% 37% 69% 41% 28% * 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 October 11, 2000 (date of commencement of operations) to January 31, 2001. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See Notes which are an integral part of the financial statements) FIFTH THIRD FUNDS PINNACLE FUND* - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999** ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 38.23 $ 37.28 $ 31.26 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.12) (0.09) (0.06) Net realized and unrealized gains from investments (5.80) 1.59 6.71 -------- -------- -------- Total from Investment Operations (5.92) 1.50 6.65 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- -- Net realized gain on investments (1.03) (0.55) (0.63) -------- -------- -------- Total Distributions (1.03) (0.55) (0.63) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 31.28 $ 38.23 $ 37.28 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (15.99%)(a) 4.07% 21.53%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.09%(b) 1.07% 1.21%(b) Net investment loss (0.51%)(b) (0.23%) (0.24%)(b) Expense waiver/reimbursement (c) 0.00%(b) 0.00% 0.01%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $41,085 $58,939 $61,943 Portfolio turnover (d) 79% 53% 51% SIX MONTHS YEAR YEAR PERIOD YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, JULY 31, DEC. 31, DEC. 31, (UNAUDITED) 2000 1999 1998*** 1997 1996 ----------- -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 38.05 $ 37.20 $ 32.35 $ 27.71 $ 23.96 $ 22.47 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income/(loss) (0.12) (0.21) (0.09) (0.02) 0.13 0.05 Net realized and unrealized gains/ (losses) from investments (5.82) 1.61 5.57 5.13 8.25 5.04 -------- -------- -------- -------- -------- -------- Total from Investment Operations (5.94) 1.40 5.48 5.11 8.38 5.09 -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- -- -- (0.13) (0.05) Net realized gain on investments (1.03) (0.55) (0.63) (0.47) (4.50) (3.55) -------- -------- -------- -------- -------- -------- Total distributions (1.03) (0.55) (0.63) (0.47) (4.63) (3.60) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 31.08 $ 38.05 $ 37.20 $ 32.35 $ 27.71 $ 23.96 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (15.71%)(a) 3.81% 17.18% 18.58%(a) 35.40% 22.50% RATIOS TO AVERAGE NET ASSETS: Net expenses 1.34%(b) 1.32% 1.41% 1.28%(b) 1.12% 1.16% Net investment income/(loss) (0.76%)(b) (0.47%) (0.47%) (0.12%)(b) 0.46% 0.18% Expense waiver/reimbursement (c) 0.00%(b) 0.00% 0.02% 0.30%(b) 0.00% 0.00% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 29,510 $ 42,842 $ 49,936 $ 35,549 $ 22,272 $16,461 Portfolio turnover (d) 79% 53% 51% 38% 50% 44% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS PINNACLE FUND* - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- PERIOD ENDED JAN. 31, 2001***** (UNAUDITED) ------------ INVESTMENT B SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 34.43 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.12) Net realized and unrealized gains from investments (1.71) -------- Total from Investment Operations (1.83) -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- Net realized gain on investments (1.03) -------- Total Distributions (1.03) -------- NET ASSET VALUE, END OF PERIOD $ 31.57 ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (6.68%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 2.06%(b) Net investment loss (1.48%)(b) Expense waiver/reimbursement (c) 0.00%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 41 Portfolio turnover (d) 79% SIX MONTHS YEAR YEAR PERIOD ENDED ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, JULY 31, (UNAUDITED) 2000 1999 1998**** ------------ -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 37.56 $ 36.92 $ 32.28 $ 30.16 -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.12) (0.47) (0.23) (0.04) Net realized and unrealized gains from investments (5.82) 1.66 5.50 2.16 -------- -------- -------- -------- Total from Investment Operations (5.94) 1.19 5.27 2.12 -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- -- -- Net realized gain on investments (1.03) (0.55) (0.63) -- -------- -------- -------- -------- Total Distributions (1.03) (0.55) (0.63) -- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 30.59 $ 37.56 $ 36.92 $ 32.28 ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (15.92%)(a) 3.26% 16.56% 7.07%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.85%(b) 1.82% 1.95% 2.17%(b) Net investment loss (1.26%)(b) (0.97%) (1.00%) (0.84%)(b) Expense waiver/reimbursement (c) 0.24%(b) 0.25% 0.26% 0.42%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 2,992 $ 4,171 $ 6,653 $ 922 Portfolio turnover (d) 79% 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. ***** Reflects operations for the period from October 11, 2000 (date of commencement of operations) to January 31, 2001. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS BALANCED FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 17.39 $ 16.13 $ 14.60 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.14 0.23 0.22 Net realized and unrealized gains from investments 0.13 2.60 2.27 -------- -------- -------- Total from Investment Operations 0.27 2.83 2.49 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.14) (0.23) (0.22) Net realized gain on investments (2.00) (1.34) (0.74) -------- -------- -------- Total Distributions (2.14) (1.57) (0.96) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 15.52 $ 17.39 $ 16.13 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 1.84%(a) 18.60% 17.63%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.00%(b) 1.00% 1.00%(b) Net investment income 1.58%(b) 1.55% 1.54%(b) Expense waiver/reimbursement (c) 0.06%(b) 0.06% 0.04%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $235,703 $171,923 $139,616 Portfolio turnover (d) 38% 122% 128% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------ -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 17.37 $ 16.12 $ 14.99 $ 15.33 $ 11.75 $ 11.28 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.13 0.17 0.20 0.27 0.27 0.27 Net realized and unrealized gains from investments 0.12 2.62 1.86 0.92 4.06 0.47 -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.25 2.79 2.06 1.19 4.33 0.74 -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.13) (0.20) (0.19) (0.28) (0.26) (0.27) Net realized gain on investments (2.00) (1.34) (0.74) (1.25) (0.49) -- -------- -------- -------- -------- -------- -------- Total Distributions (2.13) (1.54) (0.93) (1.53) (0.75) (0.27) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 15.49 $ 17.37 $ 16.12 $ 14.99 $ 15.33 $ 11.75 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 1.75%(a) 18.28% 14.30% 8.41% 38.45% 6.52% RATIOS TO AVERAGE NET ASSETS: Expenses 1.24%(b) 1.25% 1.28% 1.00% 1.00% 1.00% Net investment income 1.32%(b) 1.30% 1.22% 1.84% 2.05% 2.31% Expense waiver/reimbursement (c) 0.06%(b) 0.06% 0.06% 0.43% 0.40% 0.06% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $116,928 $104,750 $ 79,686 $173,177 $122,765 $ 92,808 Portfolio turnover (d) 38% 122% 128% 135% 101% 61% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS BALANCED FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- PERIOD ENDED JAN. 31, 2001*** (UNAUDITED) ------------ INVESTMENT B SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 16.53 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss 0.10 Net realized and unrealized gains/ (losses) from investments 0.92 -------- Total from Investment Operations 1.02 -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.10) Net realized gain on investments (2.00) -------- Total Distributions (2.10) -------- NET ASSET VALUE, END OF PERIOD $ 15.45 ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (6.44%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 2.03%(b) Net investment loss 0.64%(b) Expense waiver/reimbursement (c) 0.06%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 4,904 Portfolio turnover (d) 38% SIX MONTHS PERIOD ENDED YEAR ENDED JULY 31, ENDED JAN. 31, 2001 ------------------------------------------- JULY 31, (UNAUDITED) 2000 1999 1998 1997 1996** ----------- -------- -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 17.35 $ 16.13 $ 15.01 $ 15.34 $ 11.75 $ 12.13 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.12 0.12 0.11 0.17 0.16 0.05 Net realized and unrealized gains/ (losses) from investments 0.10 2.57 1.88 0.92 4.08 (0.39) -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.22 2.69 1.99 1.09 4.24 (0.34) -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.12) (0.13) (0.13) (0.17) (0.16) (0.04) Net realized gain on investments (2.00) (1.34) (0.74) (1.25) (0.49) -- -------- -------- -------- -------- -------- -------- Total Distributions (2.12) (1.47) (0.87) (1.42) (0.65) (0.04) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 15.45 $ 17.35 $ 16.13 $ 15.01 $ 15.34 $ 11.75 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 1.55%(a) 17.66% 13.78% 7.67% 37.52% (2.80%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.75%(b) 1.75% 1.76% 1.58% 1.75% 1.78%(b) Net investment income 0.82%(b) 0.80% 0.78% 1.24% 1.30% 1.60%(b) Expense waiver/reimbursement (c) 0.30%(b) 0.31% 0.29% 0.49% 0.30% 0.07%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 7,666 $ 7,815 $ 6,692 $ 4,796 $ 1,155 $ 264 Portfolio turnover (d) 38% 122% 128% 135% 101% 61% * 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. *** Reflects operations for the period from October 11, 2000 (date of commencement of operations) to January 31, 2001. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See Notes which are an integral part of the financial statements) FIFTH THIRD FUNDS MID CAP FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 19.28 $ 15.87 $ 15.40 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.02) (0.04) (0.04) Net realized and unrealized gains from investments 0.70 4.63 1.95 -------- -------- -------- Total from Investment Operations 0.68 4.59 1.91 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- -- In excess of net investment income -- -- -- Net realized gain on investments (2.50) (1.18) (1.44) -------- -------- -------- Total Distributions (2.50) (1.18) (1.44) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 17.46 $ 19.28 $ 15.87 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 4.14%(a) 30.65% 13.13%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 0.99%(b) 0.99% 0.97%(b) Net investment loss (0.24%)(b) (0.26%) (0.26%)(b) Expense waiver/reimbursement (c) 0.03%(b) 0.05% 0.07%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $268,103 $242,641 $191,987 Portfolio turnover (d) 12% 42% 49% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------ -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 19.16 $ 15.82 $ 16.19 $ 16.98 $ 12.60 $ 12.59 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income/(loss) (0.04) (0.08) (0.10) (0.03) 0.02 0.06 Net realized and unrealized gains from investments 0.67 4.60 1.17 0.98 5.55 0.11 -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.63 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 (2.50) (1.18) (1.44) (1.74) (1.15) (0.09) -------- -------- -------- -------- -------- -------- Total Distributions (2.50) (1.18) (1.44) (1.74) (1.19) (0.16) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 17.29 $ 19.16 $ 15.82 $ 16.19 $ 16.98 $ 12.60 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 3.95%(a) 30.22% 7.29% 5.69% 47.17% 1.27% RATIOS TO AVERAGE NET ASSETS: Net expenses 1.25%(b) 1.24% 1.28% 1.01% 1.00% 1.00% Net investment income/(loss) (0.48%)(b) (0.51%) (0.59%) (0.19%) 0.10% 0.42% Expense waiver/reimbursement (c) 0.03%(b) 0.05% 0.11% 0.40% 0.37% 0.06% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $42,067 $36,430 $ 27,966 $217,547 $186,066 $ 72,663 Portfolio turnover (d) 12% 42% 49% 44% 52% 54% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS MID CAP FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS ENDED JAN. 31, 2001*** (UNAUDITED) ------------ INVESTMENT B SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 17.91 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.03) Net realized and unrealized gains/ (losses) from investments 1.88 -------- Total from Investment Operations 1.85 -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- Net realized gain on investments (2.50) -------- Total Distributions (2.50) -------- NET ASSET VALUE, END OF PERIOD $ 17.26 ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 10.97%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.98%(b) Net investment loss (1.10%)(b) Expense waiver/reimbursement (c) 0.03%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 1,439 Portfolio turnover (d) 12% SIX MONTHS PERIOD ENDED YEAR ENDED JULY 31, ENDED JAN. 31, 2001 ------------------------------------------- JULY 31, (UNAUDITED) 2000 1999 1998 1997 1996** ----------- -------- -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 18.65 $ 15.52 $ 15.98 $ 16.88 $ 12.59 $ 13.72 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.09) (0.16) (0.18) (0.05) (0.07) (0.01) Net realized and unrealized gains/ (losses) from investments 0.64 4.47 1.16 0.89 5.51 (1.12) -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.55 4.31 0.98 0.84 5.44 (1.13) -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- -- -- -- -- Net realized gain on investments (2.50) (1.18) (1.44) (1.74) (1.15) -- -------- -------- -------- -------- -------- -------- Total Distributions (2.50) (1.18) (1.44) (1.74) (1.15) -- -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 16.70 $ 18.65 $ 15.52 $ 15.98 $ 16.88 $ 12.59 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 3.57%(a) 29.48% 6.79% 5.03% 46.05% (8.24%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.75%(b) 1.74% 1.85% 1.61% 1.75% 1.78%(b) Net investment loss (0.98%)(b) (1.01%) (1.07%) (0.81%) (0.62%) (0.51%)(b) Expense waiver/reimbursement (c) 0.27%(b) 0.30% 0.32% 0.44% 0.27% 0.06%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 1,553 $ 979 $ 794 $ 1,049 $ 439 $ 229 Portfolio turnover (d) 12% 42% 49% 44% 52% 54% * 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. *** Reflects operations for the period from October 11, 2000 (date of commencement of operations) to January 31, 2001. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See notes which are an integral part of the financial statements FIFTH THIRD FUNDS TECHNOLOGY FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS PERIOD ENDED ENDED JAN. 31, 2001 JULY 31, (UNAUDITED) 2000* ------------ -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 19.21 $ 20.00 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.10) (0.03) Net realized and unrealized losses from investments (2.43) (0.76) -------- -------- Total from Investment Operations (2.53) (0.79) -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- Net realized gain on investments (0.16) -- -------- -------- Total Distributions (0.16) -- -------- -------- NET ASSET VALUE, END OF PERIOD $ 16.52 $ 19.21 ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (13.20%)(a) (5.69%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.46%(b) 1.46%(b) Net investment loss (1.21%)(b) (0.79%)(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 62,946 $ 55,188 Portfolio turnover (c) 25% 11% 171 SIX MONTHS PERIOD ENDED ENDED JAN. 31, 2001 JULY 31, (UNAUDITED) 2000* ------------ -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 19.21 $ 20.00 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income/(loss) (0.10) (0.03) Net realized and unrealized losses from investments (2.45) (0.76) -------- -------- Total from Investment Operations (2.55) (0.79) -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- Net realized gain on investments (0.16) -- -------- -------- Total Distributions (0.16) -- -------- -------- NET ASSET VALUE, END OF PERIOD $ 16.50 $ 19.21 ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (13.31%)(a) (5.69%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.70%(b) 1.70%(b) Net investment income/(loss) (1.46%)(b) (1.27%)(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 7,357 $ 4,560 Portfolio turnover (c) 25% 11% (See notes which are an integral part of the financial statements) 172 FIFTH THIRD FUNDS TECHNOLOGY FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- PERIOD ENDED JAN. 31, 2001** (UNAUDITED) ------------ INVESTMENT B SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 17.28 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.10) Net realized and unrealized gains/ (losses) from investments (0.56) -------- Total from Investment Operations (0.66) -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- In excess of net investment income -- Net realized gain on investments (0.16) -------- Total Distributions (0.16) -------- NET ASSET VALUE, END OF PERIOD $ 16.46 ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (3.86%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 2.44%(b) Net investment loss (2.24%)(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 709 Portfolio turnover (d) 25% 173 SIX MONTHS PERIOD ENDED ENDED JAN. 31, 2001 JULY 31, (UNAUDITED) 2000* ------------ -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 19.20 $ 20.00 -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment loss (0.10) (0.03) Net realized and unrealized gains/ (losses) from investments (2.52) (0.77) -------- -------- Total from Investment Operations (2.62) (0.80) -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- -- In excess of net investment income -- -- Net realized gain on investments (0.16) -- -------- -------- Total Distributions (0.16) -- -------- -------- NET ASSET VALUE, END OF PERIOD $ 16.42 $ 19.20 ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (13.68%)(a) (5.65%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 2.45%(b) 2.42%(b) Net investment loss (2.21%)(b) (1.89%)(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 185 $ 105 Portfolio turnover (d) 25% 11% * Reflects operations for the period from June 5, 2000 (date of commencement of operations) to July 31, 2000. ** Reflects operations for the period from October 11, 2000 (date of commencement of operations) to January 31, 2001. (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) 174 FIFTH THIRD FUNDS INTERNATIONAL EQUITY FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 12.70 $ 12.80 $ 10.50 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (0.01) 0.07 0.09 Net realized and unrealized gains from investments (0.81) 1.01 2.52 -------- -------- -------- Total from Investment Operations (0.82) 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 (1.62) (1.18) (0.07) -------- -------- -------- Total Distributions (1.62) (1.18) (0.31) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 10.26 $ 12.70 $ 12.80 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (6.49%)(a) 8.29% 25.02%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.55%(b) 1.45% 1.50%(b) Net investment income (0.11%)(b) 0.55% 0.67%(b) Expense waiver/reimbursement (c) 0.00%(b) 0.00% 0.00%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $195,392 $208,383 $172,388 Portfolio turnover (d) 19% 86% 42% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------ -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 12.71 $ 12.84 $ 12.56 $ 12.05 $ 10.74 $ 9.83 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income (0.02) 0.04 0.03 0.09 0.04 0.01 Net realized and unrealized gains from investments (0.81) 1.01 0.49 1.31 2.15 0.90 -------- -------- -------- -------- -------- -------- Total from Investment Operations (0.83) 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 (1.62) (1.18) (0.07) (0.30) (0.06) -- Total Distributions (1.62) (1.18) (0.24) (0.89) (0.88) -- -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 10.26 $ 12.71 $ 12.84 $ 12.56 $ 12.05 $ 10.74 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (6.56%)(a) 8.02% 4.23% 13.29% 21.78% 9.26% RATIOS TO AVERAGE NET ASSETS: Expenses 1.80%(b) 1.70% 1.52% 1.47% 1.38% 1.61% Net investment income (0.35%)(b) 0.32% 0.03% 0.66% 0.39% 0.32% Expense waiver/reimbursement (c) 0.00%(b) 0.00% 0.18% 0.35% 0.35% 0.05% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $7,263 $7,901 $5,821 $163,297 $151,728 $120,349 Portfolio turnover (d) 19% 86% 42% 39% 60% 41% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS INTERNATIONAL EQUITY FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- PERIOD ENDED JAN. 31, 2001*** (UNAUDITED) ------------ INVESTMENT B SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 12.09 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income/(loss) (0.05) Net realized and unrealized gains/ (losses) from investments (0.08) -------- Total from Investment Operations (0.13) -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income -- In excess of net investment income -- Net realized gain on investments (1.62) -------- Total Distributions (1.62) -------- NET ASSET VALUE, END OF PERIOD $ 10.34 ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (0.88%)(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 2.66%(b) Net investment income/(loss) (1.54%)(b) Expense waiver/reimbursement (c) 0.00%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 72 Portfolio turnover (d) 19% SIX MONTHS PERIOD ENDED YEAR ENDED JULY 31, ENDED JAN. 31, 2001 ------------------------------------------- JULY 31, (UNAUDITED) 2000 1999 1998 1997 1996*** ----------- -------- -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 12.54 $ 12.76 $ 12.51 $ 12.01 $ 10.71 $ 11.21 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income/(loss) (0.05) (0.03) -- (0.06) (0.02) 0.01 Net realized and unrealized gains/ (losses) from investments (0.80) 0.99 0.46 1.39 2.16 (0.51) -------- -------- -------- -------- -------- -------- Total from Investment Operations (0.85) 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 (1.62) (1.18) (0.07) (0.30) (0.06) -- -------- -------- -------- -------- -------- -------- Total Distributions (1.62) (1.18) (0.21) (0.83) (0.84) -- -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 10.07 $ 12.54 $ 12.76 $ 12.51 $ 12.01 $ 10.71 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) (6.82%)(a) 7.25% 3.79% 12.57% 21.25% 8.95% RATIOS TO AVERAGE NET ASSETS: Net expenses 2.31%(b) 2.22% 2.25% 2.22% 2.13% 2.34% Net investment income/(loss) (0.85%)(b) (0.20%) (0.08%) (0.09%) (0.28%) 0.76% Expense waiver/reimbursement (c) 0.00%(b) 0.00% 0.25% 0.25% 0.25% 0.00% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 230 $ 276 $ 235 $ 291 $ 210 $ 57 Portfolio turnover (d) 19% 86% 42% 39% 60% 41% * 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. *** Reflects operations for the period from October 11, 2000 (date of commencement of operations) to January 31, 2001. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS BOND FUND FOR INCOME - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 11.50 $ 11.70 $ 12.27 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.35 0.68 0.56 Net realized and unrealized losses from investments 0.34 (0.21) (0.30) -------- -------- -------- Total from Investment Operations 0.69 0.47 0.26 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.37) (0.67) (0.62) Net realized gain on investments -- -- (0.21) -------- -------- -------- Total Distributions (0.37) (0.67) (0.83) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 11.82 $ 11.50 $ 11.70 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 6.16%(a) 4.09% 2.12%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 0.75%(b) 0.76% 0.75%(b) Net investment income 6.02%(b) 5.87% 5.12%(b) Expense waiver/reimbursement (c) 0.04%(b) 0.04% 0.03%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $182,783 $190,293 $198,212 Portfolio turnover (d) 70% 185% 104% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------- (UNAUDITED) 2000 1999 1998 1997** ------------ -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 11.48 $ 11.69 $ 12.19 $ 12.19 $ 12.00 -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.34 0.66 0.71 0.68 0.37 Net realized and unrealized gains/ (losses) from investments 0.34 (0.22) (0.41) 0.06 0.18 -------- -------- -------- -------- -------- Total from Investment Operations 0.68 0.44 0.30 0.74 0.55 -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.35) (0.65) (0.59) (0.69) (0.36) Net realized gain on investments -- -- (0.21) (0.05) -- -------- -------- -------- -------- -------- Total Distributions (0.35) (0.65) (0.80) (0.74) (0.36) -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 11.81 $ 11.48 $ 11.69 $ 12.19 $ 12.19 ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 6.02%(a) 3.90% 2.42% 6.23% 4.64%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.00%(b) 1.01% 0.97% 0.75% 0.79%(b) Net investment income 5.77%(b) 5.59% 4.80% 5.54% 6.08%(b) Expense waiver/reimbursement (c) 0.04%(b) 0.04% 0.05% 0.42% 0.42%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 25,199 $ 27,319 $ 40,508 $188,071 $157,108 Portfolio turnover (d) 70% 185% 104% 127% 157% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS BOND FUND FOR INCOME - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------- (UNAUDITED) 2000 1999 1998 1997** ------------ -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 11.49 $ 11.69 $ 12.19 $ 12.18 $ 12.00 -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income/ (loss) 0.31 0.60 0.53 0.60 (0.01) Net realized and unrealized gains/ (losses) from investments 0.33 (0.21) (0.29) 0.05 0.50 -------- -------- -------- -------- -------- Total from Investment Operations 0.64 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 (0.32) -- -- -- (0.09) Net realized gain on investments -- -- (0.21) (0.05) -- -------- -------- -------- -------- -------- Total Distributions (0.32) (0.59) (0.74) (0.64) (0.31) -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 11.81 $ 11.49 $ 11.69 $ 12.19 $ 12.18 ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 5.66%(a) 3.43% 1.92% 5.50% 4.18%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.51%(b) 1.51% 1.54% 1.34% 1.54%(b) Net investment income/ (loss) 5.28%(b) 5.10% 3.40% 4.89% 4.20%(b) Expense waiver/reimbursement (c) 0.29%(b) 0.26% 0.28% 0.32% 0.26%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 305 $ 365 $ 567 $ 230 $ 6 Portfolio turnover (d) 70% 185% 104% 127% 157% * Reflects operations for the period from August 11, 1998 (date of commencement of operations) to July 31, 1999. ** Reflects operations for the period from January 27, 1997 (date of commencement of operations) to July 31, 1997. *** Per share information is calculated using the average share method. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d)Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS QUALITY BOND FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.38 $ 9.52 $ 10.02 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.29 0.57 0.48 Net realized and unrealized losses from investments 0.32 (0.14) (0.38) -------- -------- -------- Total from Investment Operations 0.61 0.43 0.10 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.29) (0.57) (0.49) Net realized gain on investments -- (0.11) -------- -------- -------- Total Distributions (0.29) (0.57) (0.60) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 9.70 $ 9.38 $ 9.52 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 6.63%(a) 4.66% 0.88%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 0.75%(b) 0.75% 0.75%(b) Net investment income 6.03%(b) 6.09% 4.95%(b) Expense waiver/reimbursement (c) 0.04%(b) 0.09% 0.11%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 209,057 $200,882 $ 133,537 Portfolio turnover (d) 107% 368% 349% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------ -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.38 $ 9.52 $ 9.96 $ 9.85 $ 9.52 $ 9.72 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.27 0.54 0.65 0.54 0.55 0.56 Net realized and unrealized gains/ (losses) from investments 0.33 (0.14) (0.51) 0.12 0.32 (0.19) -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.60 0.40 0.14 0.66 0.87 0.37 -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.28) (0.54) (0.47) (0.55) (0.54) (0.57) Net realized gain on investments -- (0.11) -- -- -- -------- -------- -------- -------- -------- -------- Total Distributions (0.28) (0.54) (0.58) (0.55) (0.54) (0.57) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 9.70 $ 9.38 $ 9.52 $ 9.96 $ 9.85 $ 9.52 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 6.46%(a) 4.41% 1.26% 6.91% 9.43% 3.86% RATIOS TO AVERAGE NET ASSETS: Expenses 1.04%(b) 1.00% 0.92% 0.75% 0.75% 0.75% Net investment income 5.74%(b) 5.82% 4.85% 5.50% 5.71% 5.80% Expense waiver/reimbursement (c) 0.04%(b) 0.09% 0.17% 0.45% 0.41% 0.06% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 9,636 $ 9,494 $ 9,826 $107,794 $ 91,789 $ 83,422 Portfolio turnover (d) 107% 368% 349% 279% 181% 117% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS QUALITY BOND FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS ENDED JAN. 31, 2001*** (UNAUDITED) ------------ INVESTMENT B SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.48 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.17 Net realized and unrealized gains/ (losses) from investments 0.22 -------- Total from Investment Operations 0.39 -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.17) Net realized gain on investments -------- Total Distributions (0.17) -------- NET ASSET VALUE, END OF PERIOD $ 9.70 ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 4.53%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.73%(b) Net investment income 4.55%(b) Expense waiver/reimbursement (c) 0.04%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 289 Portfolio turnover (d) 107% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996** ------------ -------- -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.38 $ 9.51 $ 9.95 $ 9.86 $ 9.53 $ 9.62 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.25 0.53 0.43 0.48 0.49 0.14 Net realized and unrealized gains/ (losses) from investments 0.33 (0.16) (0.33) 0.09 0.32 (0.08) -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.58 0.37 0.10 0.57 0.81 0.06 -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.26) (0.50) (0.43) (0.48) (0.48) (0.15) Net realized gain on investments -- (0.11) -- -- -- -------- -------- -------- -------- -------- -------- Total Distributions (0.26) (0.50) (0.54) (0.48) (0.48) (0.15) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 9.70 $ 9.38 $ 9.51 $ 9.95 $ 9.86 $ 9.53 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 6.23%(a) 3.98% 0.75% 5.92% 8.68% 0.62%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.50%(b) 1.50% 1.43% 1.50% 1.50% 1.52%(b) Net investment income 5.27%(b) 5.31% 4.23% 4.76% 4.97% 5.03%(b) Expense waiver/reimbursement (c) 0.28%(b) 0.33% 0.36% 0.35% 0.31% 0.09%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 748 $ 697 $ 811 $ 399 $ 204 $ 162 Portfolio turnover (d) 107% 368% 349% 279% 181% 117% * 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. *** Reflects operations for the period from October 11, 2000 (date of commencement of operations) to January 31, 2001. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS U.S. GOVERNMENT SECURITIES FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.54 $ 9.64 $ 9.89 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.26 0.51 0.46 Net realized and unrealized losses from investments 0.41 (0.10) (0.22) -------- -------- -------- Total from Investment Operations 0.67 0.41 0.24 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.26) (0.51) (0.49) -------- -------- -------- Total Distributions (0.26) (0.51) (0.49) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 9.95 $ 9.54 $ 9.64 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 7.14%(a) 4.34% 2.43%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 0.73%(b) 0.72% 0.75%(b) Net investment income 5.37%(b) 5.24% 4.80%(b) Expense waiver/reimbursement (c) 0.21%(b) 0.22% 0.28%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 47,717 $ 45,139 $ 42,239 Portfolio turnover (d) 28% 46% 93% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------ -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.55 $ 9.64 $ 9.82 $ 9.75 $ 9.55 $ 9.77 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.25 0.48 0.55 0.52 0.54 0.55 Net realized and unrealized gains/ (losses) from investments 0.41 (0.09) (0.26) 0.07 0.19 (0.20) -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.66 0.39 0.29 0.59 0.73 0.35 -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.26) (0.48) (0.47) (0.52) (0.53) (0.57) -------- -------- -------- -------- -------- -------- Total Distributions (0.26) (0.48) (0.47) (0.52) (0.53) (0.57) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 9.95 $ 9.55 $ 9.64 $ 9.82 $ 9.75 $ 9.55 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 6.95%(a) 4.20% 2.89% 6.17% 7.83% 3.63% RATIOS TO AVERAGE NET ASSETS: Net expenses 0.98%(b) 0.98% 0.95% 0.75% 0.75% 0.75% Net investment income 5.13%(b) 4.95% 4.62% 5.30% 5.56% 5.67% Expense waiver/reimbursement (c) 0.21%(b) 0.21% 0.33% 0.53% 0.50% 0.29% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 2,969 $ 2,818 $ 5,192 41,550 $ 42,414 $ 30,754 Portfolio turnover (d) 28% 46% 93% 155% 169% 103% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS U.S. GOVERNMENT SECURITIES FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996** ------------ -------- -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.52 $ 9.61 $ 9.80 $ 9.75 $ 9.56 $ 9.65 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.23 0.43 0.41 0.46 0.46 0.16 Net realized and unrealized gains/ (losses) from investments 0.39 (0.09) (0.18) 0.04 0.19 (0.10) -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.62 0.34 0.23 0.50 0.65 0.06 -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.23) (0.43) (0.42) (0.45) (0.46) (0.15) -------- -------- -------- -------- -------- -------- Total Distributions (0.23) (0.43) (0.42) (0.45) (0.46) (0.15) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 9.91 $ 9.52 $ 9.61 $ 9.80 $ 9.75 $ 9.56 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 6.62%(a) 3.65% 2.31% 5.19% 6.92% 0.60%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.47%(b) 1.48% 1.40% 1.50% 1.50% 1.52%(b) Net investment income 4.62%(b) 4.41% 4.20% 4.56% 4.82% 4.80%(b) Expense waiver/reimbursement (c) 0.44%(b) 0.44% 0.54% 0.43% 0.40% 0.37%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 246 $ 198 $ 431 $ 118 $ 75 $ 49 Portfolio turnover (d) 28% 46% 93% 155% 169% 103% * Reflects operations for the period from August 11, 1998 (date of commencement of operations) to July 31, 1999. ** Reflects operations for the period from April 24, 1996 (date of commencement of operations) to July 31, 1996. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See notes which are an integral part of the financial statements) FIFTH THIRD MUNICIPAL BOND FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 11.44 $ 11.77 $ 12.30 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.24 0.48 0.47 Net realized and unrealized losses from investments 0.37 (0.22) (0.32) -------- -------- -------- Total from Investment Operations 0.61 0.26 0.15 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.24) (0.48) (0.47) Net realized gain on investments 0.00 (0.11) (0.21) -------- -------- -------- Total Distributions (0.24) (0.59) (0.68) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 11.81 $ 11.44 $ 11.77 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 5.42%(a) 2.37%(a) 1.18%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 0.75%(b) 0.75%(b) 0.75%(b) Net investment income 4.17%(b) 4.25%(b) 3.79%(b) Expense waiver/reimbursement (c) 0.07%(b) 0.10%(b) 0.11%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $139,916 $141,407 $114,923 Portfolio turnover (d) 16% 84% 110% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------- (UNAUDITED) 2000 1999 1998 1997** ------------ -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 11.46 $ 11.79 $ 12.24 $ 12.33 $ 12.00 -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.23 0.45 0.45 0.50 0.28 Net realized and unrealized gains/ (losses) from investments 0.37 (0.22) (0.25) 0.01 0.32 -------- -------- -------- -------- -------- Total from Investment Operations 0.60 0.23 0.20 0.51 0.60 -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.23) (0.45) (0.44) (0.51) (0.27) Net realized gain on investments 0.00 (0.11) (0.21) (0.09) -- -------- -------- -------- -------- -------- Total Distributions (0.23) (0.56) (0.65) (0.60) (0.27) -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 11.83 $ 11.46 $ 11.79 $ 12.24 $ 12.33 ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 5.27%(a) 2.07%(a) 1.56% 4.28% 5.04%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.05%(b) 1.00%(b) 0.81% 0.76% 0.81%(b) Net investment income 3.82%(b) 3.91%(b) 3.99% 4.09% 4.44%(b) Expense waiver/reimbursement (c) 0.07%(b) 0.11%(b) 0.31% 0.45% 0.42%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 468 $ 207 $ 386 $117,333 $101,616 Portfolio turnover (d) 16% 84% 110% 121% 63% (See notes which are an integral part of the financial statements) FIFTH THIRD MUNICIPAL BOND FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD)*** - -------------------------------------------------------------------------------- PERIOD ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------- (UNAUDITED) 2000 1999 1998*** 1997** ------------ -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD 11.54**** $ -- $ -- $ 12.33 $ 12.00 --------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income/(loss) 0.16 -- -- 0.18 (0.20) Net realized and unrealized gains from investments 0.28 -- -- 0.07 0.75 -------- -------- -------- -------- -------- Total from Investment Operations 0 -- -- 0.25 0.55 -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.16) -- -- (0.18) (0.16) In excess of net investment income -- -- -- (0.06) Net realized gain on investments -- -- -- (0.09) -- -------- -------- -------- -------- -------- Total Distributions (0.16) -- -- (0.27) (0.22) -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 11.82 $ -- $ -- $ 12.31 $ 12.33 ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 3.81%(a) N/A N/A 2.03%(a) 4.65%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.51%(b) N/A N/A 1.51%(b) 1.56%(b) Net investment income/(loss) 3.39%(b) N/A N/A 3.41%(b) 3.09%(b) Expense waiver/reimbursement (c) 0.31%(b) N/A N/A 0.37%(b) 0.26%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 15 $ -- $ -- $ -- $ 11 Portfolio turnover (d) 16% N/A N/A 121% 63% * 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. **** On August 24, 2000, Investment C shares were sold again. The shares were issued at the same price as the Investment A shares on that date. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS OHIO TAX FREE BOND FUND - FINANCIAL HIGHLIGHTS (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- SIX MONTHS YEAR PERIOD ENDED ENDED ENDED JAN. 31, 2001 JULY 31, JULY 31, (UNAUDITED) 2000 1999* ------------ -------- -------- INSTITUTIONAL SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.88 $ 10.02 $ 10.33 -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.21 0.41 0.40 Net realized and unrealized losses from investments 0.32 (0.12) (0.24) -------- -------- -------- Total from Investment Operations 0.53 0.29 0.16 -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.21) (0.41) (0.40) In excess of net investment income -- (0.01) Net realized gain on investments (0.02) (0.06) -------- -------- -------- Total Distributions (0.21) (0.43) (0.47) -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 10.20 $ 9.88 $ 10.02 ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 5.39%(a) 3.01% 1.48%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 0.75%(b) 0.76% 0.82%(b) Net investment income 4.14%(b) 4.15% 3.81%(b) Expense waiver/reimbursement (c) 0.04%(b) 0.04% 0.05%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $166,717 $166,623 $182,679 Portfolio turnover (d) 12% 26% 47% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996 ------------ -------- -------- -------- -------- -------- INVESTMENT A SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.89 $ 10.02 $ 10.29 $ 10.31 $ 10.01 $ 9.99 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.20 0.39 0.46 0.42 0.43 0.40 Net realized and unrealized gains/ (losses) from investments 0.31 (0.11) (0.29) 0.02 0.30 0.03 -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.51 0.28 0.17 0.44 0.73 0.43 -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.20) (0.39) (0.38) (0.42) (0.43) (0.41) Net realized gain on investments 0.00 (0.02) (0.06) (0.04) -- -- -------- -------- -------- -------- -------- -------- Total Distributions (0.20) (0.41) (0.44) (0.46) (0.43) (0.41) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 10.20 $ 9.89 $ 10.02 $ 10.29 $ 10.31 $ 10.01 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 5.18%(a) 2.85% 1.63% 4.38% 7.49% 4.33% RATIOS TO AVERAGE NET ASSETS: Net expenses 1.00%(b) 1.01% 1.00% 0.74% 0.75% 0.74% Net investment income 3.89%(b) 3.88% 3.68% 4.09% 4.27% 4.01% Expense waiver/reimbursement (c) 0.04%(b) 0.04% 0.21% 0.43% 0.37% 0.32% SUPPLEMENTAL DATA: Net Assets at end of period ($000) $13,553 $13,257 $ 22,008 $188,966 $168,800 $35,463 Portfolio turnover (d) 12% 26% 47% 42% 49% 30% (See notes which are an integral part of the financial statements) FIFTH THIRD FUNDS OHIO TAX FREE BOND FUND - FINANCIAL HIGHLIGHTS (CONTINUED) (FOR A SHARE OUTSTANDING THROUGHOUT EACH PERIOD) - -------------------------------------------------------------------------------- PERIOD ENDED JAN. 31, 2001*** (UNAUDITED) ------------ INVESTMENT B SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.90 -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.14 Net realized and unrealized gains/ (losses) from investments 0.15 -------- Total from Investment Operations 0.29 -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.14) In excess of net investment income Net realized gain on investments -------- Total Distributions (0.14) -------- NET ASSET VALUE, END OF PERIOD $ 10.05 ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 2.94%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 0.00%(b) Net investment income 0.00%(b) Expense waiver/reimbursement (c) 0.00%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ -- Portfolio turnover (d) 12% SIX MONTHS ENDED YEAR ENDED JULY 31, JAN. 31, 2001 ------------------------------------------------------- (UNAUDITED) 2000 1999 1998 1997 1996** ------------ -------- -------- -------- -------- -------- INVESTMENT C SHARES NET ASSET VALUE, BEGINNING OF PERIOD $ 9.87 $ 10.01 $ 10.28 $ 10.31 $ 10.00 $ 10.02 -------- -------- -------- -------- -------- -------- INCOME FROM INVESTMENT OPERATIONS: Net investment income 0.17 0.34 0.33 0.35 0.36 0.10 Net realized and unrealized gains/ (losses) from investments 0.31 (0.12) (0.21) 0.01 0.31 (0.01) -------- -------- -------- -------- -------- -------- Total from Investment Operations 0.48 0.22 0.12 0.36 0.67 0.09 -------- -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS FROM: Net investment income (0.17) (0.34) (0.33) (0.35) (0.35) (0.11) In excess of net investment income -- -- -- -- (0.01) -- Net realized gain on investments 0.00 (0.02) (0.06) (0.04) -- -- -------- -------- -------- -------- -------- -------- Total Distributions (0.17) (0.36) (0.39) (0.39) (0.36) (0.11) -------- -------- -------- -------- -------- -------- NET ASSET VALUE, END OF PERIOD $ 10.18 $ 9.87 $ 10.01 $ 10.28 $ 10.31 $ 10.00 ======== ======== ======== ======== ======== ======== TOTAL RETURN (EXCLUDES SALES CHARGE) 4.93%(a) 2.25% 1.13% 3.56% 6.84% 0.91%(a) RATIOS TO AVERAGE NET ASSETS: Net expenses 1.51%(b) 1.52% 1.55% 1.49% 1.50% 1.52%(b) Net investment income 3.37%(b) 3.30% 3.05% 3.33% 3.51% 3.41%(b) Expense waiver/reimbursement (c) 0.28%(b) 0.29% 0.38% 0.33% 0.27% 0.28%(b) SUPPLEMENTAL DATA: Net Assets at end of period ($000) $ 1,041 $ 1,055 $ 1,071 $ 584 $ 248 $ 38 Portfolio turnover (d) 12% 26% 47% 42% 49% 30% * 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. *** Reflects operations for the period from October 11, 2000 (date of commencement of operations) to January 31, 2001. (a) Not annualized. (b) Annualized. (c) This voluntary expense decrease is reflected in both the expense and net investment income ratios shown above. (d) Portfolio turnover is calculated on the basis of the fund as a whole without distinguishing between the classes of shares issued. (See notes which are an integral part of the financial statements)