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)