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Fifth Third Funds – ‘N-CSR’ for 7/31/04

On:  Friday, 10/8/04, at 4:56pm ET   ·   Effective:  10/8/04   ·   For:  7/31/04   ·   Accession #:  891804-4-2283   ·   File #:  811-05669

Previous ‘N-CSR’:  ‘N-CSR’ on 10/8/03 for 7/31/03   ·   Next:  ‘N-CSR’ on 10/11/05 for 7/31/05   ·   Latest:  ‘N-CSR’ on 9/13/12 for 7/31/12

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

10/08/04  Fifth Third Funds                 N-CSR       7/31/04    4:967K                                   Kelvyn Press Inc/FA

Certified Annual Shareholder Report of a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       Certified Annual Shareholder Report of a             488±  2.14M 
                          Management Investment Company                          
 4: EX-99.906CERT  Certifications                                      1      7K 
 3: EX-99.CERT  Certifications                                         2     15K 
 2: EX-99.CODE ETH  Code of Ethics                                     5     19K 


N-CSR   —   Certified Annual Shareholder Report of a Management Investment Company
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
"Item 1. Reports to Stockholders
3Table of Contents
"Economic Outlook and Commentary Section
"Statements of Assets and Liabilities
"Statements of Changes in Net Assets
"Financial Highlights
7Prime Money Market Fund
10Institutional Money Market Fund
14Institutional Government Money Market Fund
15Government Money Market Fund
"U.S. Treasury Money Market Fund
16Michigan Municipal Money Market Fund
19Municipal Money Market Fund
21Notes to Schedules of Portfolio Investments
34Notes to Financial Highlights
35Report of Independent Registered Public Accounting Firm
47Management Discussion of Fund Performance Small Cap Growth Fund
"Small Cap Growth Fund
"Comstock Resources, Inc
48Fifth Third
49Mid Cap Growth Fund
51Quality Growth Fund
"Cisco Systems, Inc
"Intel Corp
"Microsoft Corp
"Goldman Sachs Group, Inc
"Analog Devices, Inc
53Large Cap Core Fund
"Exxon Mobil Corp
"Citigroup, Inc
"Pfizer, Inc
"Bank of America Corp
"IBM Corp
"American International Group, Inc
"General Electric Co
55Equity Index Fund
"Wal-Mart Stores, Inc
57Balanced Fund
59Micro Cap Value Fund
61Small Cap Value Fund
"Abercrombie & Fitch Co
63Multi Cap Value Fund
"Honeywell International, Inc
65Disciplined Large Cap Value Fund
67Fifth Third LifeModel Aggressive Fund SM
69Fifth Third LifeModel Moderately Aggressive Fund SM
71Fifth Third LifeModel Moderate Fund SM
73Fifth Third LifeModel Moderately Conservative Fund SM
75Fifth Third LifeModel Conservative Fund SM
77Strategic Income Fund
79EMC Corp
80Select Stock Fund
81Technology Fund
83International Equity Fund
85Bond Fund
87Intermediate Bond Fund
89Short Term Bond Fund
91U.S. Government Bond Fund
93Municipal Bond Fund
95Intermediate Municipal Bond Fund
97Ohio Municipal Bond Fund
99Michigan Municipal Bond Fund
119LifeModel Aggressive Fund SM
"LifeModel Moderately Aggressive Fund SM
120LifeModel Moderate Fund SM
"LifeModel Moderately Conservative Fund SM
121LifeModel Conservative Fund SM
212Item 2. Code of Ethics
213Item 3. Audit Committee Financial Expert
"Item 4. Principal Accountant Fees and Services
217Item 5. Audit Committee of Listed Registrants
"Item 6. Schedule of Investments
"Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
"Item 8. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
218Item 9. Submission of Matters to A Vote of Security Holders
"Item 10. Controls and Procedures
219Item 11. Exhibits
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------------------------------ OMB APPROVAL OMB Number: 3235-0570 Expires: October 31, 2006 Estimated average burden hours per response........19.3 ------------------------------ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-5669 ---------------------------------------------- Fifth Third Funds -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 3435 Stelzer Road, Columbus, OH 43219 -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) BISYS Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH 43219 -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 614-470-8000 ------------ Date of fiscal year end: July 31 -------------------- Date of reporting period: July 31, 2004 ------------------- Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles. A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507. ITEM 1. REPORTS TO STOCKHOLDERS. Include a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1). [LOGO]: 5/3 5TH THIRD FUNDS MONEY MARKET MUTUAL FUNDS ANNUAL REPORT TO SHAREHOLDERS July 31, 2004
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NOTICE OF DELIVERY OF PROSPECTUSES, SEMI-ANNUAL REPORTS AND ANNUAL REPORTS In order to reduce expenses of the Fifth Third Funds incurred in connection with the mailing of prospectuses, prospectus supplements, semi-annual reports and annual reports to multiple shareholders at the same address, Fifth Third Funds may in the future deliver one copy of a prospectus, prospectus supplement, semi-annual report or annual report to a single investor sharing a street address or post office box with other investors, provided that all such investors have the same last name or are believed to be members of the same family. If you share an address with another investor and wish to receive your own prospectus, prospectus supplements, semi-annual reports and annual reports, please call the Trust toll-free at 1-800-282-5706. This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus for the Funds, which contains facts concerning the objectives and policies, management fees, expenses and other information. A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-282-5706 or on the Securities and Exchange Commission's website at http://www.sec.gov. Schedules of Portfolio Investments for periods ending October 31 and April 30 will be available starting December 30, 2004, without charge, on the Securities and Exchange Commission's website at http://www.sec.gov. Fifth Third Asset Management Inc. serves as Investment Advisor to the Funds and receives a fee for their services. The Fifth Third Funds are distributed by Fifth Third Funds Distributor, Inc. FIFTH THIRD FUNDS, LIKE ALL MUTUAL FUNDS: O ARE NOT FDIC INSURED O HAVE NO BANK GUARANTEE O MAY LOSE VALUE
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TABLE OF CONTENTS Economic Outlook and Commentary Section. . . . . . . . . . . . 1 Manager Commentary. . . . . . . . . . . . 3 Schedules of Portfolio Investments . . . . . . . . . . . . . . . 5 Notes to Schedules of Portfolio Investments . . . . . . . . . . 19 Statements of Assets and Liabilities. . . . . . . . . . . . . 20 Statements of Operations . . . . . . . . 22 Statements of Changes in Net Assets. . . . . . . . . . . . . . 24 Notes to Financial Statements . . . . . . 28 Financial Highlights. . . . . . . . . . . 34 Report of Independent Registered Public Accounting Firm . . . . . . . . . 40 Supplemental Information . . . . . . . . 41 OUR MESSAGE TO YOU -------------------------------------------------------------------------------- [logo icon]: 5/3 FROM EUPHORIA TO DESPAIR... For the 12-month period ended July 31, 2004, investors experienced stock and bond market returns not too dissimilar from historic averages. Stocks, as represented by the S&P 500(R) Index1, enjoyed a total return of 13.17%, while bonds, as represented by the Lehman Brothers Intermediate Government/Credit Bond Index2, returned 3.60%. The ride for many investors, however, may not have felt so smooth. The influences on financial markets changed markedly from the first half of the period to the second half. Where there was euphoria in the first six months, seemingly grinding despair emerged in the latter months. During the first half of the fiscal year, the economy saw tremendous growth from the strong fiscal and monetary stimuli applied in early 2003. Gross Domestic Product3 growth averaged over 6.00% in the second half of 2003-nearly double the long-term average. For investors, we believe this type of environment generally benefits small cap stocks, and, indeed, from August 2003 to January 2004, small cap stocks climbed about 25.00%. Within the second half of the period, economic growth trended back to its historical average amid mixed signals about job growth and consumer demand. The stock market struggled to make headway and although large cap stocks outperformed small cap stocks from January 2004 to July 2004, both classes posted slight declines. Bond investors watched the yield of the benchmark 10-year Treasury change little during the fiscal year, as it started at 4.41% and ended at 4.47%. Given the strong economic growth in the second half of 2003, one would have assumed that bond yields would be higher by July 2004, but other forces combined to keep yields relatively low. A likely inflection point for investors during the 12-month period occurred on June 13, 2003, when the yield on the benchmark 10-year Treasury closed at 3.13%. We are unlikely to see yields so low for many years, unless something goes so horribly wrong with the war on terrorism that global commerce is disrupted. One reason behind the extremely small bond yields was a 46-year low of 1.00% on the Fed Funds Rate, the short-term lending rate set by the Federal Reserve (the "Fed"). Additionally, a generational low of 1. 70% on the year-over-year growth in the Consumer Price Index3 (CPI), a key measure of inflation, was reported in February 2004. On June 30, 2004, the Fed began what we believe is likely to be a lengthy tightening cycle by raising the Fed Funds Rate to 1.25%, and the year-over-year CPI rate moved back up to the 3.00% range. The close of our fiscal year finds many crosscurrents in financial markets leading to a sense of anxiety about stock prices and bond yields as investors appear focused on five main issues: 1. The rising price of oil 2. Terrorist threats 3. The outcome of the November election 4. The length and extent of the Fed tightening cycle 5. The durability of the economic expansion and corporate profit growth 1
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Each of these crosscurrents has undermined, at times, what would historically have been a sanguine investing environment, featuring: o Corporate earnings increasing at a rate well above historical averages o Corporate cash balances approaching $800 billion (four times 2000 levels), leading to healthy balance sheets o Relatively low borrowing costs for businesses and consumers o Narrow interest rate differentials between U.S. Treasury bonds and comparable corporate bonds Since 1960, the average economic expansion in the U.S. has lasted slightly longer than seven years. The current economic expansion began in late 2001 and is not yet three years old. If the economic expansion and corresponding corporate profit cycle end prematurely, we believe it would be highly unusual. We remain optimistic about the resiliency of the U.S. economy, as well as the global growth outlook. We appreciate the continued confidence of our customers, and we work everyday to monitor financial markets to identify risks and opportunities on behalf of our shareholders. The Fifth Third Funds family now offers a broader array of investment choices, encompassing multiple investment styles. Designed to meet the varied needs of our expanding customer base, these investments help diversify portfolios by offering exposure to stocks, bonds, cash and alternative investments. Ultimately, we believe that a welldiversified portfolio provides an investor with the best opportunity to build wealth over time with a reasonable level of risk. Thank you for your continued confidence in Fifth Third Funds. Sincerely, /s/ Keith Wirtz Keith Wirtz, CFA Chief Investment Officer /s/ John Augustine John Augustine, CFA Chief Investment Strategist TERMS AND DEFINITIONS -------------------------------------------------------------------------------- 1 STANDARD & POOR'S 500(R) INDEX ("S&P 500(R) INDEX" ) is comprised of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. Stock market as a whole. 2 THE LEHMAN BROTHERS INTERMEDIATE GOVERNMENT/CREDIT BOND INDEX is composed of investment grade corporate debt issues of U.S. Government agencies and the U.S. Treasury. The debt issues all maintain maturities within a range of one to ten years. The above indices do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. Investors cannot invest directly in an index, although they can invest in its underlying securities. 3 THE GROSS DOMESTIC PRODUCT measures the market value of the goods and services produced by labor and property in the United States. THE CONSUMER PRICE INDEX (CPI) is a measure of price changes in consumer goods and services such as gasoline, food, and automobiles. THE FOREGOING INFORMATION AND OPINIONS ARE FOR GENERAL INFORMATION ONLY. FIFTH THIRD ASSET MANAGEMENT, INC. DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS, NOR ASSUME LIABILITY FOR ANY LOSS, WHICH MAY RESULT FROM THE RELIANCE BY ANY PERSON UPON ANY SUCH INFORMATION OR OPINIONS. SUCH INFORMATION AND OPINIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE, ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED AS AN OFFER OR SOLICITATION WITH RESPECT TO THE PURCHASE OR SALE OF ANY SECURITY OR OFFERING OF INDIVIDUAL OR PERSONALIZED INVESTMENT ADVICE. 2
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE -------------------------------------------------------------------------------- MONEY MARKET FUNDS -------------------------------------------------------------------------------- From a relative performance standpoint, the taxable Money Market Funds benefited from a longer duration strategy, relative to respective peer groups, during the first half of the period and a more defensive neutral stance thereafter as the Federal Open Market Committee (FOMC) maintained an accommodative policy for much of the period. To fulfill the objective of principal preservation, the Prime Money Market Fund and the Institutional Money Market Fund maintained a conservative orientation with an emphasis on high quality securities. To achieve the longer duration, the taxable Money Market Funds implemented a bullet maturity structure aimed at fixed maturity dates in mid-2004. In anticipation of an uptick in the Federal Funds rate, the Funds shifted gears in early 2004 and gradually increased cash positions through the use of short duration commercial paper, U.S. government agency discount notes and U.S. Treasury Bills, as well as a notable exposure in longer dated floating rate securities. In addition to enhancing yield, the floating rate securities provided an interest rate hedge as the money market yield curve sharpened prior to the FOMC move. Furthermore, the additional liquidity proved beneficial, allowing the Funds to readily cope with volatile cash flows during a period of economic uncertainty. Similarly, the Michigan Municipal Money Market Fund and Municipal Money Market Fund adhered to a conservative, high quality approach. Throughout the period, both Funds maintained about a 70% weighting in weekly and daily municipal floater issues, most of which are backed by banks, other financial institutions and corporations. The balance was comprised of commercial paper, notes and bonds carrying a maturity date within 397 days. Both Funds sought out added value through smaller issues, which typically offer higher yields.+ Average maturity was kept at neutral or slightly longer levels, relative to respective peer groups, although the limited supply of Michigan issues occasionally made it difficult to maintain targeted levels in the state-specific Fund. For the bulk of the first half of the period, there was little difference between rates on weekly floaters and yields on 1-year notes, so it made little sense to extend the average maturity. Through the first two quarters of 2004, however, as expectations for a rate hike grew, relative yields increased slightly.+ MATURITY COMPOSITION AS OF JULY 31, 2004 -------------------------------------------------------------------------------- WEIGHTED AVERAGE MATURITY+ -------------------------------------------------------------------------------- DAYS DAYS AS OF 1/31/04 AS OF 7/31/04 Fifth Third Prime Money Market Fund 55 43 Fifth Third Institutional Money Market Fund 63 47 Fifth Third Institutional Government Money Market Fund 56 44 Fifth Third Government Money Market Fund 58 45 Fifth Third U.S. Treasury Money Market Fund 51 37 Fifth Third Michigan Municipal Money Market Fund 39 36 Fifth Third Municipal Money Market Fund 54 29 + Portfolio composition is subject to change. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- AN INVESTMENT IN ANY OF THE FUNDS IS NOT INSURED OR GUARANTEED BY THE FDIC OR ANY GOVERNMENT AGENCY. ALTHOUGH EACH MONEY MARKET FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN A MONEY MARKET FUND. The Fund's income may be subject to certain state and local taxes and, depending on one's tax status, the federal alternative minimum tax. Single state funds may be subject to additional risk, since issuers they invest in are more likely to be subject to the same political and/or economic risks. 3
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE -------------------------------------------------------------------------------- MONEY MARKET MATURITY SCHEDULES -------------------------------------------------------------------------------- as a percentage of value of investments+ [Enlarge/Download Table] ------------------------------------------------------------------------------------------------------------------------------------ Institutional Michigan Prime Institutional Government Government U.S. Treasury Municipal Municipal Money Money Money Money Money Money Money Market Fund Market Fund Market Fund Market Fund Market Fund Market Fund Market Fund ------------------------------------------------------------------------------------------------------------------------------------ Less than 8 days 55.4% 46.1% 38.5% 46.5% 68.7% 74.7% 76.5% ------------------------------------------------------------------------------------------------------------------------------------ 8 to 14 Days 6.4% 4.0% 8.0% 6.1% -- -- -- ------------------------------------------------------------------------------------------------------------------------------------ 15 to 30 Days 9.3% 14.3% 8.4% 7.1% 2.8% 2.5% 1.7% ------------------------------------------------------------------------------------------------------------------------------------ 31 to 180 Days 21.2% 27.0% 39.6% 36.4% 22.5% 14.9% 21.0% ------------------------------------------------------------------------------------------------------------------------------------ 181 to 365 Days 7.7% 8.6% 5.5% 3.9% 6.0% 7.5% 0.8% ------------------------------------------------------------------------------------------------------------------------------------ 366 to 397 Days -- -- -- -- -- 0.4% -- ------------------------------------------------------------------------------------------------------------------------------------ + Portfolio composition is subject to change. 4
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PRIME MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- CERTIFICATES OF DEPOSIT (2.4%) BNP Paribas Yankee CD, 1.39%, 8/5/04 $ 25,000 $ 25,000 Canadian Imperial Bank Yankee CD, 1.41%, 5/31/05 * 10,000 9,998 ---------- TOTAL CERTIFICATES OF DEPOSIT 34,998 ---------- COMMERCIAL PAPER (14.5%) Citigroup, Inc., 1.15%, 8/3/04 ** 15,000 14,999 Credit Suisse First Boston, 1.31%, 8/2/04 ** 15,000 14,999 Deutsche Bank, 1.43%, 9/20/04 ** 10,000 9,980 Dexia Delware LLC, 1.31%, 8/11/04 ** 15,000 14,995 General Electric Capital Corp., 1.38%, 8/26/04 ** 15,000 14,985 General Electric Capital Corp., 1.81%, 12/8/04 ** 13,000 12,917 Goldman Sachs Group, Inc., 1.30%, 8/13/04 ** 10,000 9,996 Goldman Sachs Group, Inc., 1.37%, 8/25/04 ** 15,000 14,986 Nestle Capital Corp., 1.08%, 8/10/04 ** 15,000 14,996 Nestle Capital Corp., 1.73%, 2/22/05 ** 10,000 9,903 Northern Trust Corp., 1.42%, 9/14/04 ** 15,000 14,974 Royal Bank of Scotland, 1.14%, 8/6/04 ** 7,300 7,299 Toyota Motor Corp., 1.49%, 9/22/04 ** 15,000 14,968 Toyota Motor Corp., 1.51%, 10/1/04 ** 18,000 17,954 UBS Finance, Inc., 1.23%, 9/1/04 ** 8,400 8,391 Wells Fargo Bank, 1.32%, 8/12/04 ** 15,000 14,994 ---------- TOTAL COMMERCIAL PAPER 211,336 ---------- CORPORATE BONDS (31.8%) Abbey National Treasury Service, 1.21%, 5/26/05 * 10,000 9,997 American Express Credit Corp., 4.25%, 2/7/05 5,000 5,077 American Express Credit Corp., 1.36%, 8/9/05 * 15,000 15,006 Amoco Canada, 6.75%, 2/15/05 6,000 6,166 Associates Corp., N.A., 6.00%, 7/15/05 3,775 3,907 Bank of America Corp., 7.88%, 5/16/05 10,270 10,765 Bayerische Landesbank, 1.38%, 9/27/04 * 25,000 25,003 Bayerische Landesbank, 4.13%, 1/14/05 6,600 6,683 Bear, Stearns & Co. Inc., 7.63%, 2/1/05 9,487 9,775 Bear, Stearns & Co. Inc., 1.91%, 3/18/05 * 5,460 5,474 Bear, Stearns & Co. Inc., 1.38%, 9/5/05 * 20,000 20,000 Citigroup, Inc., 1.25%, 2/7/05 * 15,000 15,009 Continued PRINCIPAL AMOUNT VALUE ---------- ---------- CORPORATE BONDS, CONTINUED Coca-Cola Co., 4.00%, 6/1/05 $ 4,057 $ 4,113 Credit Suisse First Boston, 1.32%, 9/7/04 * 15,000 15,000 Credit Suisse First Boston, 1.48%, 2/8/05 * 20,000 20,035 Deutsche Bank, 1.31%, 2/18/05 * 16,350 16,360 E. I. Du Pont De Nemours, 6.75%, 10/15/04 10,000 10,111 General Electric Capital Corp., 1.67%, 9/15/04 * 21,600 21,605 General Electric Capital Corp., 4.25%, 1/28/05 10,000 10,139 Goldman Sachs Group, Inc., 1.71%, 12/1/04 * 10,000 10,014 Goldman Sachs Group, Inc., 7.50%, 1/28/05 15,850 16,274 IBM Corp., 1.54%, 9/10/04 * 18,525 18,528 International Lease Finance Corp., 5.13%, 8/1/04 3,500 3,500 International Lease Finance Corp., 4.75%, 1/18/05 27,260 27,669 Merrill Lynch & Co., 1.51%, 8/11/05 * 15,000 15,000 Morgan Stanley, 1.36%, 8/4/05 * 15,000 15,000 Morgan Stanley Dean Witter, 7.75%, 6/15/05 18,200 19,053 National City Bank, 1.68%, 10/25/04 * 20,000 20,003 National City Bank, 1.35%, 6/10/05 * 15,000 15,005 Northern Trust Co., 6.65%, 11/9/04 8,960 9,084 Societe Generale, 1.31%, 6/14/05 * 10,000 9,997 U.S. Bancorp, 6.88%, 12/1/04 7,650 7,787 Wal-Mart Stores, Inc., 6.55%, 8/10/04 13,150 13,167 Wells Fargo Co., 7.65%, 3/15/05 2,100 2,181 Wells Fargo Co., 6.50%, 6/1/05 5,000 5,172 Wells Fargo Co., 1.35%, 7/15/05 *(c) 25,000 25,000 ---------- TOTAL CORPORATE BONDS 462,659 ---------- DEMAND NOTES(c) (18.8%) American Healthcare Funding, 1.40%, 5/1/27, (LOC: LaSalle Bank) * 5,705 5,705 Atlas Industries, Inc., 1.52%, 6/1/10, (LOC: National City Bank) * 5,490 5,490 Beavercreek Enterprises, 1.52%, 3/2/20, (LOC: National City Bank) * 4,450 4,450 Buckeye Corrugated, Inc., 1.53%, 10/1/17, (LOC: Key Bank) * 6,795 6,795 Capital One Funding Corp., 1.49%, 10/1/14, (LOC: Bank One) * 3,350 3,350 Capital One Funding Corp., 1.49%, 7/2/18, (LOC: Bank One) * 1,014 1,014 Capital One Funding Corp., 1.49%, 10/1/21, (LOC: Bank One) * 1,400 1,400 Continued 5
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PRIME MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- DEMAND NOTES, CONTINUED Capital One Funding Corp., 1.49%, 1/4/27, (LOC: Bank One) * $ 8,565 $ 8,565 Central Michigan Inns, 1.48%, 4/1/30, (LOC: Michigan National Bank) * 2,120 2,120 Cornerstone Funding Corp., 1.51%, 12/1/11, (LOC: SunTrust) * 8,620 8,620 Cornerstone Funding Corp., 1.51%, 9/1/25, (Loc: SunTrust) * 5,750 5,750 Germain Properties, 1.49%, 3/1/31, (LOC: Bank One) * 38,125 38,125 GTB Properties LLC, 1.67%, 7/1/23, (LOC: National Australia Bank) * 4,665 4,665 Hannahville Indian Community, 1.49%, 6/1/13, (LOC: National City Bank) * 3,805 3,805 Harry W. Albright, Jr., 1.53%, 5/1/21, (LOC: National Australia Bank) * 5,725 5,725 HWP Co., Ltd. Project, 1.52%, 12/3/18, (LOC: National City Bank) * 4,740 4,740 Idaho Associates LLC, 1.49%, 4/1/27, (LOC: ABN / AMRO) * 5,950 5,950 Jackson 2000, 1.53%, 6/1/49, (LOC: KeyBank) * 9,435 9,435 Kahala Senior Living Community, 1.50%, 11/15/33, (LOC: LaSalle Bank) * 30,000 30,000 Landmark Medical LLC, 1.52%, 1/1/21, (LOC: Bank One) * 8,880 8,880 Lexington Financial Services, 1.55%, 2/1/26, (LOC: LaSalle Bank) * 9,400 9,400 MBE Investment Co., 1.53%, 3/1/50, (LOC: National Australia Bank) * 5,000 5,000 Mr. K Enterprises, 1.67%, 9/1/16, (LOC: National Australia Bank) * 6,875 6,875 Northside Christian Church, 1.52%, 4/1/30, (LOC: Bank One) * 7,130 7,130 PCI Paper Conversions, Inc., 1.53%, 4/1/10, (LOC: KeyBank) * 2,670 2,670 Pittsburgh Technical Institute, 1.52%, 10/1/15, (LOC: National City Bank) * 11,575 11,575 PRD Finance LLC, 1.49%, 4/1/27, (LOC: National City Bank) * 8,020 8,020 Precision Tool and Die, 1.52%, 3/1/10, (LOC: National City Bank) * 3,983 3,983 Royal Town Center LLC Project, 1.53%, 10/1/47, (LOC: Commerica Bank) * 5,095 5,095 SDB Private Residence, 1.30%, 3/1/28, (LOC: US Bank) * 15,705 15,705 Second & Main, Ltd., 1.52%, 8/1/11, (LOC: National City) * 1,775 1,775 Secor Realty, Inc., 1.52%, 4/1/20, (LOC: National City Bank) * 9,855 9,855 SGS Tool Co., 1.52%, 12/1/12, (LOC: Bank One) * 7,050 7,050 Continued PRINCIPAL AMOUNT VALUE ---------- ---------- DEMAND NOTES, CONTINUED Sharonville Realty Enterprises, 1.52%, 4/1/20, (LOC: Bank One) * $ 10,030 $ 10,030 Texas Disposal Systems, 1.48%, 5/1/12, (LOC: Bank of America) * 1,600 1,600 Zeigler Realty LLC, 1.53%, 9/1/26, (LOC: National City Bank) * 3,025 3,025 ---------- TOTAL DEMAND NOTES 273,372 ---------- MUNICIPAL BONDS (15.0%) ARIZONA (0.8%) Tempe Industrial Development Authority Revenue, 1.48%, 7/1/34 *(c) 12,075 12,075 ---------- CALIFORNIA (5.2%) Riverside County, 1.37%, 11/1/20 * 7,400 7,400 Sacramento County, 1.36%, 7/1/20 * 17,490 17,490 Sacramento County, 1.36%, 7/1/22 * 32,430 32,430 San Jose Redevelopment Agency Revenue, Merged Area, Series G, 1.45%, 8/1/29 * 19,000 19,000 ---------- 76,320 ---------- GEORGIA (1.4%) Brooks County Development Authority, Industrial Development Revenue, Langboard Inc. Project, 1.48%, 4/1/18 *(c) 10,000 10,000 Columbus Development Authority, Industrial Revenue, Litho-Krome Project, 1.51%, 8/1/22 *(c) 10,125 10,125 ---------- 20,125 ---------- ILLINOIS (0.9%) Chicago, Series B, 1.50%, 1/1/19 *(c) 13,730 13,730 ---------- INDIANA (0.5%) Ball State University, 1.38%, 9/1/31 *(c) 7,000 7,000 ---------- IOWA (0.7%) Dallas County Industrial Development Revenue, Sioux City Brick & Tile, 1.52%, 9/1/21 *(c) 9,980 9,980 ---------- KANSAS (0.5%) Park City Industrial Revenue, Hayes Co., Inc., 1.38%, 9/15/16 * 7,300 7,300 ---------- MICHIGAN (0.3%) Hospital Association Financial Corp., 1.58%, 11/1/30 *(c) 4,605 4,605 ---------- Continued 6
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PRIME MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARES) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED NEBRASKA (0.8%) Omaha Special Obligation, Riverfront Redevelopment, 1.57%, 2/1/26 * $ 11,765 $ 11,765 ---------- NEW YORK (0.5%) Housing Finance Agency, 1.34%, 6/1/33 * 7,800 7,800 ---------- NORTH CAROLINA (1.3%) Roman Catholic Diocese, Series A, 1.53%, 6/1/18 *(c) 18,255 18,255 ---------- NORTH DAKOTA (0.5%) Ward County Health Care Facilities Revenue, 1.38%, 7/1/31 *(c) 7,400 7,400 ---------- OHIO (0.3%) Cleveland-Cuyahoga County, Port Authority Revenue, CBT Project, 1.53%, 6/1/31 *(c) 4,500 4,500 ---------- TENNESSEE (0.6%) Jackson Energy Authority, 1.48%, 10/1/25 *(c) 8,450 8,450 ---------- VIRGINIA (0.4%) Norfolk Redevelopment and Housing Authority Revenue, 1.48%, 8/1/13 *(c) 5,785 5,785 ---------- WASHINGTON (0.3%) Housing Finance Community, Multifamily Revenue, Monticello Park Project, 1.50%, 8/1/26 *(c) 4,020 4,020 ---------- TOTAL MUNICIPAL BONDS 219,110 ---------- U.S. GOVERNMENT AGENCIES (3.4%) FANNIE MAE (1.7%) 3.50%, 9/15/04 15,000 15,038 1.85%, 6/3/05 10,000 10,000 ---------- 25,038 ---------- FEDERAL HOME LOAN BANK (1.7%) 1.60%, 12/30/04 15,000 15,000 1.51%, 2/2/05 10,000 10,000 ---------- 25,000 ---------- TOTAL U.S. GOVERNMENT AGENCIES 50,038 ---------- Continued SHARES OR PRINCIPAL AMOUNT VALUE ---------- ---------- REPURCHASE AGREEMENTS (11.2%) State Street, 1.28%, 8/2/04 (Proceeds at maturity $13,451, Collateralized by various U.S. Government Agency securities) $ 13,450 $ 13,450 UBS Investment Bank, 1.36%, 8/2/04 (Proceeds at maturity $150,017, Collateralized by various U.S. Government Agency securities) 150,000 150,000 ---------- TOTAL REPURCHASE AGREEMENTS 163,450 ---------- MONEY MARKETS (2.7%) AIM Funds Liquid Assets Portfolio - Institutional Class 36,193,191 36,193 Goldman Sachs Financial Square Prime Obligations Fund 2,821,188 2,821 ---------- TOTAL MONEY MARKETS 39,014 ---------- TOTAL INVESTMENTS (AMORTIZED COST $1,453,977)(a) - 99.8% 1,453,977 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% 2,599 ---------- NET ASSETS - 100.0% $1,456,576 ========== See notes to schedule of portfolio investments and notes to financial statements. 7
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INSTITUTIONAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- CERTIFICATES OF DEPOSIT (2.0%) BNP Paribas Yankee CD, 1.39%, 8/5/04 $ 10,000 $ 10,000 Canadian Imperial Bank Yankee CD, 1.31%, 8/13/04 7,000 7,000 Canadian Imperial Bank Yankee CD, 1.41%, 5/31/05 * 5,000 4,999 ---------- TOTAL CERTIFICATES OF DEPOSIT 21,999 ---------- COMMERCIAL PAPER (16.5%) ABN Amro North American Financial, 1.09%, 8/12/04 ** 10,000 9,997 Bear, Stearns & Co., Inc., 1.35%, 8/16/04 ** 15,000 14,991 Benedictine Health Systems, 1.44%, 9/9/04 ** 7,020 7,009 Deutsche Bank, 1.08%, 8/13/04 ** 10,000 9,996 Deutsche Bank, 1.43%, 9/20/04 ** 15,000 14,971 General Electric Capital Corp., 1.38%, 8/26/04 ** 15,000 14,985 General Electric Capital Corp., 1.81%, 12/8/04 ** 10,000 9,936 Morgan Stanley Dean Witter,, 1.36%, 8/23/04 ** 10,000 9,992 Nestle Capital Corp., 1.09%, 8/10/04 ** 10,000 9,997 Northern Trust Corp., 1.42%, 9/14/04 ** 10,000 9,983 Prudential Funding Corp., 1.42%, 8/30/04 ** 15,000 14,983 Purdue University, Indiana Research Foundation, 1.33%, 8/11/04 5,250 5,250 Societe Generale, 1.40%, 9/1/04 ** 15,000 14,982 South Snohomish Public Facilities, 1.53%, 12/16/04(c) 8,600 8,600 Toyota Motor Corp., 1.49%, 9/22/04 ** 5,000 4,989 Toyota Motor Corp., 1.51%, 10/1/04 ** 7,000 6,983 UBS Financial, Inc., 1.40%, 9/7/04 ** 15,000 14,978 ---------- TOTAL COMMERCIAL PAPER 182,622 ---------- CORPORATE BONDS (30.9%) Abbey National Treasury Service, 1.21%, 5/26/05 * 15,000 14,997 American Express Credit Corp., 1.51%, 12/16/04 * 17,095 17,105 American Express Credit Corp., 4.25%, 2/7/05 10,000 10,142 American Express Credit Corp., 1.36%, 8/9/05 * 10,000 10,004 American General Corp., 7.75%, 4/1/05 1,790 1,864 Amoco Co., 6.25%, 10/15/04 1,565 1,580 Bank of America Corp., 1.91%, 10/22/04 * 8,400 8,406 Continued PRINCIPAL AMOUNT VALUE ---------- ---------- CORPORATE BONDS, CONTINUED Bank of America Corp., 7.88%, 5/16/05 $ 5,967 $ 6,249 Bank One Corp., 7.63%, 8/1/05 2,490 2,616 Barclays Bank, 1.29%, 3/14/05 * 25,000 24,997 Bayerische Landesbank, 4.13%, 1/14/05 2,000 2,025 Bear, Stearns & Co. Inc., 7.63%, 2/1/05 17,534 18,079 Bear, Stearns & Co. Inc., 1.38%, 9/5/05 * 15,000 15,000 BP Capital Markets PLC, 4.63%, 5/27/05 1,000 1,021 Chase Manhattan Corp, 6.75%, 12/1/04 3,425 3,485 Citigroup, Inc., 1.25%, 2/7/05 * 14,000 14,008 Credit Suisse First Boston, 1.48%, 2/8/05 * 5,000 5,009 Credit Suisse First Boston, 1.19%, 5/4/05 * 15,000 15,003 Deutsche Bank, 1.31%, 2/18/05 * 2,650 2,651 First Union Corp., 6.95%, 11/1/04 7,665 7,772 First Union Corp., 7.70%, 2/15/05 5,735 5,927 General Electric Capital Corp., 7.25%, 2/1/05 6,000 6,174 Goldman Sachs Group, Inc., 7.50%, 1/28/05 13,632 14,023 Household Finance Corp., 1.32%, 7/5/05 * 15,000 15,000 International Lease Finance Corp., 8.15%, 10/1/04 4,490 4,538 International Lease Finance Corp., 2.84%, 1/13/05 * 15,995 16,080 International Lease Finance Corp., 5.95%, 6/6/05 1,000 1,030 Mellon Bank, 7.50%, 6/15/05 1,875 1,959 Merrill Lynch & Co., 6.75%, 9/24/04 3,010 3,033 Merrill Lynch & Co., 1.32%, 2/23/05 * 6,300 6,300 Merrill Lynch & Co., 4.54%, 3/8/05 6,750 6,865 Morgan Stanley Dean Witter, 7.75%, 6/15/05 6,000 6,274 National City Bank, 1.68%, 10/25/04 * 10,000 10,002 Pepsico Inc., 4.50%, 9/15/04 10,300 10,340 Procter & Gamble Co., 6.60%, 12/15/04 1,000 1,020 Societe Generale, 1.31%, 6/14/05 * 15,000 14,995 Toyota Motor Credit Corp., 4.10%, 9/8/04 5,000 5,014 U.S. Bancorp, 6.88%, 12/1/04 5,200 5,293 Wal-Mart Stores, Inc., 6.55%, 8/10/04 1,500 1,502 Wells Fargo Co., 1.60%, 3/24/05 * 15,000 15,010 Wells Fargo Co., 1.35%, 7/15/05 * 10,000 10,000 ---------- TOTAL CORPORATE BONDS 342,392 ---------- Continued 8
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INSTITUTIONAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- DEMAND NOTES(c) (6.3%) Capital One Funding, 1.49%, 8/2/21, (LOC: Bank One) * $ 4,757 $ 4,757 Capital One Funding, 1.49%, 4/1/26, (LOC: Bank One) * 11,992 11,992 Cornerstone Funding Corp., 1.51%, 11/15/06, (LOC: SunTrust) * 4,649 4,649 Cornerstone Funding Corp., 1.51%, 1/1/34, (LOC: SunTrust) * 4,233 4,233 Gulf Gate Apartments, 1.50%, 9/1/28 (LOC: Wells Fargo) * 2,000 2,000 Heart Center Medical Group, 1.52%, 10/1/30 (LOC: National City Bank) * 3,438 3,438 Iowa 80 Group Inc., 1.40%, 6/1/16 (LOC: Wells Fargo) * 4,800 4,800 Jefferson Land Development, 1.57%, 10/1/16, (LOC: National City Bank) * 1,060 1,060 Kahala Senior Living Community, 1.50%, 11/15/33, (LOC: LaSalle Bank) * 10,750 10,750 MBE Investment Co., LLC, 1.53%, 2/1/51, (LOC: Comerica Bank) * 2,100 2,100 MCMC POB III-Mount Carmel Partnership Project, 1.52%, 8/1/14, (LOC: National City) * 1,895 1,895 New Belgium Brewing Co., 1.60%, 7/1/15, (LOC: KeyBank) * 4,280 4,280 Praise Tabernacle Outreach, 1.55%, 6/3/24 (LOC: Commercia Bank) * 3,950 3,950 Revenue Bond CTF Series Trust Castlegate 3, 1.89%, 6/1/17 (LOC: AIG) * 1,270 1,270 Second & Main, Ltd., 1.52%, 8/1/11, (LOC: National City) * 3,675 3,675 Vancouver Clinic Building, 1.45%, 2/1/24 (LOC: US Bank) * 4,800 4,800 ---------- TOTAL DEMAND NOTES 69,649 ---------- MUNICIPAL BONDS (22.9%) ARIZONA (0.3%) Tucson Airport Authority, Inc., 1.48%, 12/1/18 *(c) 3,635 3,635 ---------- CALIFORNIA (3.8%) Kern Water Authority Revenue, Series B, 1.50%, 7/1/28 *(c) 2,000 2,000 Sacramento County, 1.36%, 7/1/20 *(c) 7,220 7,220 Sacramento County, 1.36%, 7/1/22 *(c) 5,000 5,000 Sacramento County Housing Authority, Multifamily Revenue, Natomas Park Apartments, Series B, 1.51%, 7/15/35 *(c) 2,250 2,250 Saint Michael's Episcopal Day School, 1.50%, 7/1/28 *(c) 2,740 2,740 San Jose Financing Authority Lease Revenue, Hayes Mansion, Phase B, 1.36%, 7/1/24 *(c) 8,000 8,000 Continued PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED CALIFORNIA, CONTINUED Statewide Community Development Authority, Multifamily Revenue, Dublin, 1.53%, 12/15/37 *(c) $ 5,010 $ 5,010 Statewide Community Development Authority, Multifamily Revenue, Fairway Properties, 1.53%, 12/15/37 *(c) 5,550 5,550 Statewide Community Development Authority, Multifamily Revenue, Palms Apartments, 1.49%, 5/15/35 *(c) 3,145 3,145 Statewide Community Development Authority, Multifamily Revenue, Series X-T, 1.51%, 10/15/32 *(c) 1,800 1,800 ---------- 42,715 ---------- COLORADO (0.5%) Denver City & County Airport Revenue, Series D, 1.40%, 11/15/05 *(c) 3,100 3,100 Pueblo Housing Authority Purchasing Revenue, 1.60%, 12/1/18 *(c) 2,000 2,000 ---------- 5,100 ---------- FLORIDA (0.1%) Lee County Industrial Development Authority Revenue, Suncoast Aluminum, Series B, 1.48%, 10/1/22 *(c) 1,055 1,055 ---------- GEORGIA (2.3%) Albany Dougherty, Payroll Development Authority, 1.53%, 7/1/24 *(c) 5,035 5,035 Athens-Clarke County Industrial Development Authority Revenue, Leucadia Inc., Project, 1.45%, 7/1/07 *(c) 3,550 3,550 Atlanta Urban Residential Finance Authority, 1.55%, 1/1/23 *(c) 700 700 Augusta Housing Authority Multifamily Revenue, 1.58%, 5/15/33 *(c) 500 500 Municipal Gas Authority, 1.51%, 2/1/15 *(c) 15,530 15,530 ---------- 25,315 ---------- ILLINOIS (0.2%) Evanston, Maple Street Parking Facility, 1.45%, 12/1/21 *(c) 2,400 2,400 ---------- INDIANA (2.8%) Health Facilities Financing Authority Revenue, 1.49%, 4/1/24 *(c) 5,500 5,500 Health Facilities Financing Authority, Hospital Revenue, Community Foundation of Northwest Indiana, Series B, 1.50%, 8/1/25 *(c) 24,775 24,775 Continued 9
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INSTITUTIONAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED INDIANA, CONTINUED Indianapolis Economic Development Multifamily Housing Revenue, Series B, 1.55%, 11/1/36 *(c) $ 997 $ 997 ---------- 31,272 ---------- IOWA (0.5%) Finance Authority Retirement Community Revenue, 1.50%, 12/1/20 *(c) 5,315 5,315 ---------- KENTUCKY (2.2%) Bardstown Industrial Revenue, 1.48%, 6/1/24 *(c) 7,950 7,950 Boone County Industrial Revenue, 1.55%, 6/1/23 *(c) 5,550 5,550 Property & Buildings Community Revenue, Project No. 78, 1.38%, 10/1/04 10,345 10,345 ---------- 23,845 ---------- MICHIGAN (2.1%) Commerce Charter Township Downtown Development, 1.57%, 10/1/18 *(c) 13,000 13,000 Grand Traverse Band Economic Development Corp, 1.40%, 9/1/18 *(c) 7,600 7,600 Marquette County Economic Development Corp., Limited Obligation Revenue, Pioneer Laboratories, Series B, 1.67%, 6/1/07 *(c) 375 375 Strategic Fund, Limited Obligation Revenue, Carpenter Enterprises, 1.49%, 10/1/05 *(c) 600 600 Strategic Fund, Limited Obligation Revenue, Phipps Emmett Associates LLC, 1.67%, 12/1/23 *(c) 750 750 Strategic Fund, Limited Obligation Revenue, Waterland Battle Creek Property, Series B, 1.67%, 6/1/25 *(c) 1,450 1,450 ---------- 23,775 ---------- MINNESOTA (1.5%) Minneapolis Taxable Pension, 1.45%, 12/1/13 *(c) 11,950 11,950 Plymouth Revenue, Carlson Center Project, 1.45%, 4/1/12 *(c) 1,400 1,400 St. Paul Port Authority District, 1.48%, 3/1/22 *(c) 3,655 3,655 ---------- 17,005 ---------- MISSISSIPPI (0.3%) Business Finance Corp., Development Revenue, 1.52%, 3/1/17 *(c) 3,100 3,100 ---------- Continued PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED MISSOURI (0.6%) Regal Convention & Sports Complex Authority, 1.42%, 8/15/04 $ 4,115 $ 4,115 St. Louis County, Regal Convention & Sports Complex Authority, 1.42%, 8/15/04 2,165 2,165 ---------- 6,280 ---------- NEW MEXICO (0.2%) Albuquerque Industrial Revenue, KTECH Corp. Project, 1.50%, 11/1/22 *(c) 2,000 2,000 ---------- NEW YORK (1.1%) Housing Finance Agency, Service Contract Revenue, Series F, 1.34%, 9/15/07 *(c) 6,200 6,200 Suffolk County, 4.00%, 12/1/04(c) 5,465 5,508 ---------- 11,708 ---------- NORTH CAROLINA (1.4%) Natural Gas, Series A, 2.00%, 3/1/05(c) 7,200 7,229 Roman Catholic Diocese, Series A, 1.48%, 6/1/18 *(c) 7,860 7,860 ---------- 15,089 ---------- OHIO (0.6%) Trumbull County, Eliwood Engineered Casting, 1.30%, 12/1/06 * 6,500 6,500 ---------- PENNSYLVANIA (0.4%) Allegheny County, Industrial Development Authority Revenue, 1.52%, 5/1/15 *(c) 2,700 2,700 Berks County Industrial Development Authority Revenue, 1.60%, 7/1/16 *(c) 1,700 1,700 ---------- 4,400 ---------- TEXAS (0.3%) Alamo Heights Higher Education Facilities Corp., 1.53%, 4/1/07 *(c) 2,375 2,375 Houston Health Facilities Development Corp., 1.60%, 2/15/34 *(c) 1,310 1,310 ---------- 3,685 ---------- UTAH (1.0%) Telecommunication Infrastructure Agency, 1.45%, 7/15/26 *(c) 7,000 7,000 Tooele City Industrial Development Revenue, Series A, 1.45%, 10/1/22 *(c) 4,200 4,200 ---------- 11,200 ---------- WASHINGTON (0.7%) Eaglepointe Multifamily Housing Revenue, 1.83%, 7/1/28 *(c) 1,610 1,610 Continued 10
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INSTITUTIONAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARES) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED WASHINGTON, CONTINUED Housing Finance Community Multifamily Housing Revenue, Everett, Series B, 1.48%, 1/15/38 *(c) $ 2,000 $ 2,000 Housing Finance Community Multifamily Revenue, Granite Falls, Series B, 1.46%, 10/1/27 *(c) 1,325 1,325 Housing Finance Community Multifamily Revenue, Summer Ridge, Series B, 1.48%, 12/1/29 *(c) 935 935 Winterhill Multifamily Housing Revenue, 1.83%, 7/1/28 *(c) 2,175 2,175 ---------- 8,045 ---------- WISCONSIN (0.0%) Neenah Industrial Development Revenue, Galloway Co., 1.52%, 5/1/19 *(c) 115 115 ---------- TOTAL MUNICIPAL BONDS 253,554 ---------- U.S. GOVERNMENT AGENCIES (3.5%) FANNIE MAE (1.0%) 3.50%, 9/15/04 3,140 3,149 6.21%, 10/1/04 3,000 3,025 1.19%, 10/6/04 ** 5,000 4,989 ---------- 11,163 ---------- FEDERAL FARM CREDIT BANK (0.5%) 1.87%, 1/24/05 5,000 5,013 ---------- FEDERAL HOME LOAN BANK (1.4%) 1.60%, 12/30/04 10,000 10,000 1.51%, 2/2/05 6,000 6,000 ---------- 16,000 ---------- FREDDIE MAC (0.6%) 3.25%, 11/15/04 7,000 7,036 ---------- TOTAL U.S. GOVERNMENT AGENCIES 39,212 ---------- REPURCHASE AGREEMENTS (15.6%) State Street, 1.28%, 8/2/04 (Proceeds at maturity $18,308, Collateralized by various U.S. Government Agency securities) 18,306 18,306 UBS Investment Bank, 1.36%, 8/2/04 (Proceeds at maturity $155,018,. Collateralized by various U.S. Government Agency securities) 155,000 155,000 ---------- TOTAL REPURCHASE AGREEMENTS 173,306 ---------- Continued SHARES VALUE ---------- ---------- MONEY MARKETS (2.0%) AIM Funds Liquid Assets Portfolio - Institutional Class 20,501,530 $ 20,502 Goldman Sachs Financial Square Prime Obligations Fund 1,543,418 1,543 ---------- TOTAL MONEY MARKETS 22,045 ---------- TOTAL INVESTMENTS (AMORTIZED COST $1,104,779)(A) - 99.7% 1,104,779 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3% 2,893 ---------- NET ASSETS - 100.0% $1,107,672 ========== See notes to schedule of portfolio investments and notes to financial statements 11
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INSTITUTIONAL GOVERNMENT MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARES) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- U.S. GOVERNMENT AGENCIES (78.2%) FANNIE MAE (30.8%) 1.08%, 8/6/04 ** $ 8,400 $ 8,399 1.06%, 8/11/04 ** 10,000 9,997 1.32%, 8/20/04 ** 8,300 8,294 1.34%, 8/27/04 ** 14,700 14,686 1.04%, 9/1/04 ** 20,000 19,979 1.35%, 9/8/04 ** 12,400 12,382 1.42%, 9/15/04 ** 8,600 8,585 3.50%, 9/15/04 10,000 10,024 1.46%, 9/22/04 ** 20,000 19,959 1.25%, 10/7/04 * 20,000 19,998 1.54%, 10/28/04 * 7,000 6,999 1.66%, 11/3/04 ** 5,000 4,979 1.11%, 12/10/04 ** 6,000 5,976 1.34%, 12/13/04 * 15,000 14,999 1.29%, 1/7/05 ** 2,330 2,317 1.15%, 2/4/05 ** 5,000 4,970 1.85%, 6/3/05 5,000 5,000 ---------- 177,543 ---------- FEDERAL FARM CREDIT BANK (5.2%) 1.87%, 1/24/05 2,500 2,507 1.25%, 2/3/05 * 15,000 15,000 4.38%, 4/15/05 2,240 2,274 1.25%, 7/22/05 * 10,000 9,998 ---------- 29,779 ---------- FEDERAL HOME LOAN BANK (24.6%) 4.63%, 8/13/04 8,500 8,509 6.25%, 8/13/04 2,650 2,654 1.29%, 8/20/04 ** 2,500 2,498 1.32%, 9/3/04 ** 15,000 14,982 1.42%, 9/20/04 * 15,000 14,999 1.11%, 10/1/04 ** 5,000 4,991 1.16%, 10/8/04 ** 3,400 3,393 4.13%, 11/15/04 6,000 6,052 3.88%, 12/15/04 10,100 10,190 1.43%, 12/17/04 * 10,000 10,000 1.53%, 1/5/05 * 10,000 10,000 4.13%, 1/14/05 10,900 11,027 1.51%, 2/2/05 3,000 3,000 4.38%, 2/15/05 4,000 4,067 1.35%, 3/22/05 6,000 5,975 1.40%, 3/29/05 6,380 6,350 1.51%, 3/30/05 * 15,000 15,000 1.36%, 7/26/05 * 8,000 7,998 ---------- 141,685 ---------- Continued SHARES OR PRINCIPAL AMOUNT VALUE ---------- ---------- U.S. GOVERNMENT AGENCIES, CONTINUED FREDDIE MAC (15.0%) 1.10%, 8/3/04 ** $ 8,000 $ 8,000 1.25%, 8/9/04 ** 10,000 9,997 1.06%, 8/10/04 ** 10,000 9,997 1.36%, 8/24/04 ** 15,000 14,987 1.06%, 9/21/04 ** 10,000 9,982 4.20%, 10/1/04 2,000 2,009 1.16%, 10/7/04 ** 4,278 4,268 1.21%, 10/12/04 ** 9,000 8,976 1.11%, 10/18/04 ** 5,000 4,988 3.25%, 11/15/04 3,000 3,015 1.09%, 12/1/04 ** 3,000 2,989 1.70%, 12/21/04 ** 2,000 1,987 3.88%, 2/15/05 5,000 5,063 ---------- 86,258 ---------- STUDENT LOAN MARKETING ASSOCIATION (2.6%) 1.41%, 10/21/04 * 15,000 15,000 ---------- TOTAL U.S. GOVERNMENT AGENCIES 450,265 ---------- REPURCHASE AGREEMENTS (20.3%) State Street, 1.28%, 8/2/04 (Proceeds at maturity $11,955, Collateralized by various U.S. Government Agency securities) 11,954 11,954 UBS Investment Bank, 1.36%, 8/2/04 (Proceeds at maturity $105,012, Collateralized by various U.S. Government Agency securities) 105,000 105,000 ---------- TOTAL REPURCHASE AGREEMENTS 116,954 ---------- MONEY MARKETS (1.4%) AIM Treasury Money Market Fund 7,989,825 7,990 ---------- TOTAL MONEY MARKETS 7,990 ---------- TOTAL INVESTMENTS (AMORTIZED COST $575,209)(a) - 99.9% 575,209 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 488 ---------- NET ASSETS - 100.0% $ 575,697 ========== See notes to schedule of portfolio investments and notes to financial statements 12
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GOVERNMENT MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARES) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ---------- ---------- U.S. GOVERNMENT AGENCIES (97.3%) FEDERAL FARM CREDIT BANK (8.8%) 2.38%, 10/1/04 $ 2,500 $ 2,504 1.87%, 1/24/05 2,500 2,507 1.00%, 2/3/05 * 10,000 10,000 1.25%, 7/22/05 * 10,000 9,998 ---------- 25,009 ---------- FEDERAL HOME LOAN BANK (60.3%) 1.10%, 8/4/04 ** 4,750 4,750 1.05%, 8/6/04 ** 10,000 9,998 1.22%, 8/11/04 ** 4,000 3,999 4.63%, 8/13/04 11,250 11,260 6.25%, 8/13/04 2,000 2,003 1.28%, 8/18/04 ** 10,000 9,994 1.33%, 8/20/04 ** 3,000 2,998 1.36%, 9/3/04 ** 6,000 5,993 1.38%, 9/10/04 ** 12,050 12,032 1.04%, 9/17/04 ** 5,000 4,993 1.11%, 10/1/04 ** 5,000 4,991 1.47%, 10/8/04 ** 4,325 4,313 3.63%, 10/15/04 7,025 7,054 1.97%, 10/20/04 2,500 2,504 1.46%, 11/12/04 3,250 3,252 4.13%, 11/15/04 6,045 6,095 2.13%, 12/15/04 5,000 5,010 1.54%, 12/17/04 * 10,000 10,000 1.60%, 12/30/04 1,600 1,600 1.53%, 1/5/05 * 15,000 14,999 4.13%, 1/14/05 15,150 15,332 1.51%, 2/2/05 3,000 3,000 1.88%, 2/15/05 2,910 2,920 4.00%, 2/15/05 3,200 3,246 1.48%, 3/21/05 * 2,000 2,000 1.38%, 3/28/05 2,000 1,992 1.51%, 3/30/05 * 10,000 10,000 1.37%, 4/25/05 * 5,000 5,000 ---------- 171,328 ---------- STUDENT LOAN MARKETING ASSOCIATION (28.2%) 1.25%, 9/17/04 * 75,000 74,999 1.52%, 10/21/04 * 5,000 5,000 ---------- 79,999 ---------- TOTAL U.S. GOVERNMENT AGENCIES 276,336 ---------- MONEY MARKETS (2.5%) Goldman Sachs Financial Square Federal Fund 7,131,505 7,132 ---------- TOTAL MONEY MARKETS 7,132 ---------- TOTAL INVESTMENTS (AMORTIZED COST $283,468)(a) - 99.8% 283,468 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% 550 ---------- NET ASSETS - 100.0% $ 284,018 ========== See notes to schedule of portfolio investments and notes to financial statements U.S. TREASURY MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARES) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ---------- ---------- TREASURY NOTES (19.4%) 6.00%, 8/15/04 $ 25,000 $ 25,046 2.13%, 8/31/04 40,000 40,030 1.88%, 9/30/04 40,000 40,041 5.88%, 11/15/04 45,000 45,611 2.00%, 11/30/04 45,000 45,102 1.75%, 12/31/04 40,000 40,045 1.63%, 1/31/05 35,000 35,068 7.50%, 2/15/05 35,000 36,145 1.63%, 3/31/05 35,000 35,102 ---------- TOTAL TREASURY NOTES 342,190 ---------- TREASURY BILLS (14.2%)** 0.98%, 8/5/04 40,000 39,996 1.02%, 8/26/04 25,000 24,983 1.03%, 9/9/04 50,000 49,945 1.10%, 10/14/04 30,000 29,933 1.27%, 11/4/04 15,000 14,950 1.36%, 11/18/04 15,000 14,939 1.58%, 12/16/04 35,000 34,785 1.61%, 1/6/05 25,000 24,825 1.73%, 1/20/05 15,000 14,877 ---------- TOTAL TREASURY BILLS 249,233 ---------- REPURCHASE AGREEMENTS (65.4%)(b) ABN AMRO, 1.31%, 8/2/04 250,000 250,000 Barclays Capital, 1.31%, 8/2/04 235,000 235,000 Bear, Stearns & Co. Inc., 1.30%, 8/2/04 50,000 50,000 Credit Suisse First Boston, 1.30%, 8/2/04 60,000 60,000 Deutsche Bank, 1.30%, 8/2/04 225,000 225,000 Nesbitt Burns, 1.30%, 8/2/04 60,000 60,000 Societe Generale, 1.30%, 8/2/04 50,000 50,000 State Street, 1.26%, 8/2/04 16,015 16,015 UBS Investment Bank, 1.31%, 8/2/04 205,000 205,000 ---------- TOTAL REPURCHASE AGREEMENTS 1,151,015 ---------- MONEY MARKETS (0.9%) AIM Treasury Money Market Fund 16,308,320 16,308 ---------- TOTAL MONEY MARKETS 16,308 ---------- TOTAL INVESTMENTS (AMORTIZED COST $1,758,746)(a) - 99.9% 1,758,746 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 2,047 ---------- NET ASSETS - 100.0% $1,760,793 ========== See notes to schedule of portfolio investments and notes to financial statements 13
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MICHIGAN MUNICIPAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- COMMERCIAL PAPER (6.1%) MICHIGAN (6.1%) Building Authority, 1.13%, 9/9/04 $ 10,000 $ 10,000 Modal, Series 2002 A, GO, 1.15%, 11/2/04 2,000 2,000 ---------- TOTAL COMMERCIAL PAPER 12,000 ---------- MUNICIPAL BONDS (86.5%) MICHIGAN (82.0%) Building Authority Revenue, Series I, 5.25%, 10/15/04 1,000 1,008 Building Authority Revenue, State Police Communications III, 5.00%, 10/1/04 2,000 2,013 Deckerville Community School District, GO, 2.00%, 5/1/05 305 307 Delhi Township, GO, 2.00%, 5/1/05 320 322 Detroit Economic Development Corp., 1.08%, 3/1/29 * 510 510 Detroit Economic Development Corp., GO, 1.08%, 5/1/09 * 3,330 3,330 Detroit Waterfront Reclamation, Series C, 1.23%, 5/1/09 * 7,405 7,407 Detroit, Series A, GO, 6.70%, 4/1/10 1,000 1,045 Farmington Hills Economic Development Corp., Marketing Displays, AMT, 1.60%, 9/1/08 * 830 830 Genesee County Economic Development Corp., Rawcar Group,AMT, 1.21%, 5/1/20 * 2,365 2,365 Grand Valley State University Revenue, Series B, 1.10%, 6/1/27 * 4,920 4,920 Holly Area School District, GO, 5.63%, 5/1/25 130 137 Holly Area School District, Refunded-1999, GO, 5.38%, 5/1/12 820 852 Hospital Finance Authority Revenue Balmoral, Inc., 1.50%, 9/1/16 * 555 555 Housing Development Authority, Hunt Club Apartments, 1.13%, 7/15/35 * 500 500 Housing Development Authority, Ltd., 1.10%, 6/1/25 * 500 500 Housing Development Authority, Ltd., 1.13%, 1/1/29 * 3,900 3,900 Housing Development Authority, Rental Housing Revenue, Series B, 1.09%, 4/1/19 * 810 810 Housing Development Authority, Series A, 1.12%, 9/1/35 * 3,000 3,000 Housing Development Authority, Series B, 1.22%, 12/1/04 1,200 1,200 Hurnon Valley School District, GO, 5.63%, 5/1/05 200 206 Continued PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED Jackson County Economic Development Corp., Limited Obligation Revenue, Vista Grande Villa, Series A, 1.12%, 11/1/31 * $ 1,000 $ 1,000 Job Development, East Lansing, 1.20%, 12/1/14 * 300 300 Kalamazoo, Capital Improvement, GO, 2.00%, 4/1/05 235 236 Kalamazoo, GO, 3.00%, 4/1/05 395 400 Kent County Airport Facility Revenue, Kent County International Airport, AMT, 5.30%, 1/1/05 505 513 Kent County Airport Facility, Kent County International Airport,AMT, 4.30%, 1/1/05 645 653 Kent County Airport Facility, Kent County International Airport,AMT, 5.50%, 1/1/07 930 965 Kent County, Refuse Disposal System, Series A, GO, 4.63%, 11/1/04 100 101 Lansing Economic Development Corp., LGH Office Building,AMT, 1.40%, 2/15/07 * 425 425 Leelanau County Economic Development Corp., American Community Mutual Insurance Co., 1.65%, 6/15/06 * 660 660 Macomb County, St. Clair Shores Drainage District, Series B, GO, 1.14%, 10/1/04 * 1,665 1,665 Marquette County Economic Development Corp., Pioneer Labs, Inc., Series A,AMT, 1.29%, 6/1/12 * 900 900 Municipal Bond Authority Revenue, Series B-1, 2.00%, 8/20/04 5,000 5,003 Oakland County Economic Development Corp., Limited Obligation Revenue, Moody Family Ltd.,AMT, 1.28%, 9/1/12 * 2,035 2,035 Oakland County Economic Development Corp., North America,AMT, 1.23%, 7/1/18 * 1,900 1,900 Riverview Community School District, GO, 2.00%, 5/1/05 860 864 Riverview, GO, 1.25%, 11/1/04 495 495 Rochester Hills Economic Development Corp., 1.60%, 12/1/11 * 60 60 Southfield Public Schools, School Building & Site, Series B, GO, 2.00%, 5/1/05 995 1,000 Continued 14
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MICHIGAN MUNICIPAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED St. Clair Shores Economic Development Corp., Borman's, Inc.,AMT, 1.90%, 10/6/06 * $ 505 $ 505 Sterling Heights Economic Development Corp., Sterling Shopping Center, 1.10%, 12/1/10 * 785 785 Sterling Heights, GO, 3.80%, 10/1/04 175 176 Sterling Heights, GO, 4.00%, 10/1/04 890 894 Strategic Fund, Automatic Spring, AMT, 1.29%, 9/1/10 * 1,550 1,550 Strategic Fund, Banks Hardwoods, Inc., AMT, 1.22%, 7/1/12 * 947 947 Strategic Fund, Baron Drawn Steel, 1.26%, 12/1/06 * 400 400 Strategic Fund, Biewer of Lansing, AMT, 1.22%, 5/1/19 * 1,455 1,455 Strategic Fund, Brazing Concepts Co., AMT, 1.28%, 9/1/18 * 2,400 2,400 Strategic Fund, Camac LLC,AMT, 1.13%, 8/1/28 * 500 500 Strategic Fund, Cayman Chemical, AMT, 1.21%, 6/1/28 * 1,000 1,000 Strategic Fund, Donnelly Corp., Series A,AMT, 1.20%, 3/1/10 * 2,500 2,500 Strategic Fund, Donnelly Corp., Series B,AMT, 1.15%, 4/1/08 * 2,500 2,500 Strategic Fund, E & L Meat Co., AMT, 1.23%, 3/1/29 * 2,175 2,175 Strategic Fund, Emerson Schools, 1.15%, 7/1/24 * 2,660 2,660 Strategic Fund, Environmental Powder Co.,AMT, 1.23%, 7/1/22 * 345 345 Strategic Fund, Fitz-Land LLC,AMT, 1.21%, 8/1/25 * 2,695 2,695 Strategic Fund, Fleet Engineers Project, AMT, 1.23%, 9/1/09 * 800 800 Strategic Fund, Forest City Technologies,AMT, 1.21%, 9/1/15 * 2,100 2,100 Strategic Fund, Frederick Wolfgang, AMT, 1.23%, 9/1/26 * 845 845 Strategic Fund, Glastender, Inc.,AMT, 1.28%, 9/1/08 * 700 700 Strategic Fund, HP Pelzer Inc., 1.30%, 3/1/11 * 575 575 Strategic Fund, I.V.C. Industrial Coatings,AMT, 1.30%, 12/1/12 225 225 Strategic Fund, Jedco, Inc.,AMT, 1.23%, 11/1/15 * 2,600 2,600 Strategic Fund, John Dekker & Sons, AMT, 1.23%, 1/1/18 * 400 400 Strategic Fund, Joy Properties LLC, 1.28%, 5/1/17 * 300 300 Continued PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED Strategic Fund, Kaspari Investments LLC, 1.30%, 6/1/09 * $ 100 $ 100 Strategic Fund, Kazoo, Inc.,AMT, 1.35%, 3/15/07 * 260 260 Strategic Fund, Kundinger,AMT, 1.23%, 2/1/29 * 1,235 1,235 Strategic Fund, Kurdziel Iron, 1.26%, 5/1/10 * 900 900 Strategic Fund, Limited Obligation Revenue, All American Property LLC, AMT, 1.28%, 12/1/18 * 800 800 Strategic Fund, Limited Obligation Revenue, Bowers Manufacturing Co., AMT, 1.30%, 9/1/10 * 300 300 Strategic Fund, Limited Obligation Revenue, Creative Foam Corp.,AMT, 1.28%, 11/1/11 * 1,000 1,000 Strategic Fund, Limited Obligation Revenue, Delta Containers, Inc.,AMT, 1.28%, 8/1/04 * 300 300 Strategic Fund, Limited Obligation Revenue, Delta Containers, Inc.,AMT, 1.30%, 3/1/11 * 2,400 2,400 Strategic Fund, Limited Obligation Revenue, Horizon Development Project,AMT, 1.28%, 9/1/21 * 800 800 Strategic Fund, Limited Obligation Revenue, Jet Enterprises,AMT, 1.23%, 3/1/11 * 800 800 Strategic Fund, Limited Obligation Revenue, Metal Technologies Project, 1.21%, 7/1/19 * 2,200 2,200 Strategic Fund, Limited Obligation Revenue, Midwest Kellering Co. Project, 1.28%, 6/1/19 * 500 500 Strategic Fund, Limited Obligation Revenue, Motor City Mold, Inc. Project,AMT, 1.21%, 3/1/21 * 2,650 2,650 Strategic Fund, Limited Obligation Revenue, Production Engineering Project,AMT, 1.23%, 6/1/13 * 1,800 1,800 Strategic Fund, Limited Obligation Revenue, R. L. Adams Plastics, Inc., AMT, 1.23%, 5/1/23 * 2,215 2,215 Strategic Fund, Limited Obligation Revenue, River City Plastics, Inc., AMT, 1.30%, 3/1/21 * 2,210 2,210 Strategic Fund, Limited Obligation Revenue, RL Enterprises LLC,AMT, 1.30%, 12/1/09 * 700 700 Continued 15
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MICHIGAN MUNICIPAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARES) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED Strategic Fund, Limited Obligation Revenue, S.K.Y. Sakaiya Corp. Project, AMT, 1.23%, 5/1/10 * $ 900 $ 900 Strategic Fund, MacArthur,AMT, 1.30%, 6/1/15 * 2,200 2,200 Strategic Fund, Maco Steel, Inc., AMT, 1.23%, 3/1/24 * 1,765 1,765 Strategic Fund, Merrill Group,AMT, 1.26%, 10/1/22 * 1,240 1,240 Strategic Fund, Middleville Tool & Die Project,AMT, 1.28%, 9/1/13 * 2,900 2,900 Strategic Fund, Northern Pure Ice Co., AMT, 1.29%, 3/1/15 * 470 470 Strategic Fund, Patten Monument, AMT, 1.23%, 11/1/26 * 780 780 Strategic Fund, Phipps Emmett Association,AMT, 1.29%, 12/1/23 * 2,000 2,000 Strategic Fund, Proto-Techniques, AMT, 1.23%, 12/1/26 * 2,700 2,700 Strategic Fund, Protomark Corp. Project,AMT, 1.28%, 8/1/17 * 500 500 Strategic Fund, SFI Acquisition, Inc., AMT, 1.23%, 2/1/28 * 1,080 1,080 Strategic Fund, Solid Waste Disposal, Grayling Generating,AMT, 1.11%, 1/1/14 * 3,302 3,302 Strategic Fund, Stegner East Investments LLC Project,AMT, 1.23%, 6/1/29 * 3,135 3,135 Strategic Fund, Sunrise Windows, Ltd., AMT, 1.22%, 5/1/13 * 1,160 1,160 Strategic Fund, Thompson Family Holdings,AMT, 1.26%, 7/1/28 * 955 955 Strategic Fund, Trenton Forging Co., AMT, 1.23%, 6/1/20 * 1,335 1,335 Strategic Fund, Trio Tool Co.,AMT, 1.20%, 7/1/24 * 1,325 1,325 Strategic Fund, Ultra Tech Printing Co., AMT, 1.23%, 8/1/23 * 1,275 1,275 Strategic Fund, Vincent Home Project, 1.08%, 8/1/28 * 2,000 2,000 Strategic Fund, Waltec American Forgings,AMT, 1.30%, 10/1/09 * 1,700 1,700 Strategic Fund, Warren Screw Products, Inc.,AMT, 1.28%, 9/1/16 * 400 400 Strategic Fund, Waterland,AMT, 1.49%, 6/1/25 * 1,000 1,000 Strategic Fund, Wayne Disposal, AMT, 1.15%, 3/1/05 * 2,490 2,490 Strategic Fund, Wright K Technology, Inc.,AMT, 1.26%, 5/1/17 * 695 695 Strategic Fund, YMCA Detroit Project, 1.18%, 5/1/31 * 1,000 1,000 Continued SHARES OR PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED Strategic Fund, YMCA Metropolitan Detroit Project, 1.08%, 11/1/33 * $ 250 $ 250 Underground Storage Tank Financial Assurance Authority, Series I, 6.00%, 5/1/05 4,000 4,139 University of Michigan Hospital Revenue, Series A, 1.10%, 12/1/19 * 2,535 2,535 University of Michigan, Medical Service Plan, Series A-1, 1.10%, 12/1/21 * 2,000 2,000 University of Michigan, Series A-2, 1.10%, 12/1/24 * 5,800 5,800 Warren Economic Development Corp., Limited Obligation, CMX Corp., AMT, 1.35%, 3/15/07 * 750 750 ---------- 161,875 ---------- PUERTO RICO (4.5%) Industrial Medical & Environmental Pollution Control, Facilities Financing Authority, Abbott Laboratories, 1.30%, 3/1/23 * 4,695 4,695 Industrial Medical & Environmental Pollution Control, Facilities Financing Authority, Merck Co., 1.25%, 12/1/18 * 4,200 4,200 ---------- 8,895 ---------- TOTAL MUNICIPAL BONDS 170,770 ---------- MONEY MARKETS (7.2%) AIM Tax Free Money Market Fund 8,488 8 Dreyfus Tax Exempt Money Market Fund 12,588,697 12,589 Federated Tax Exempt Money Market Fund 1,444,442 1,444 Merrill Lynch Institutional Tax Exempt Fund 79,061 79 ---------- TOTAL MONEY MARKETS 14,120 ---------- TOTAL INVESTMENTS (AMORTIZED COST $196,890)(a) - 99.8% 196,890 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% 353 ---------- NET ASSETS - 100.0% $ 197,243 ========== See notes to schedule of portfolio investments and notes to financial statements 16
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\ MUNICIPAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- COMMERCIAL PAPER (1.9%) ARIZONA (1.9%) Mesa, 1.19%, 11/15/04 $ 2,970 $ 2,970 ---------- TOTAL COMMERCIAL PAPER 2,970 ---------- MUNICIPAL BONDS (97.5%) COLORADO (8.4%) Arapahoe County Water and Wastewater Authority Revenue, Series A, 1.11%, 12/1/33 * 1,500 1,500 Castlewood Ranch Metropolitan District, 1.15%, 12/1/34 * 1,500 1,500 Colorado Springs, Pikes Peak YMCA, 1.08%, 11/1/22 * 800 800 Colorado Springs, Revenue, National Strength and Condition, 1.18%, 11/1/22 * 670 670 Commerce City, 1.30%, 12/31/31 * 2,140 2,140 Durango, Revenue, Health and Human Services, 1.18%, 12/15/14 * 805 805 Educational and Cultural Facility Authority Revenue, Community Wireless Park City, 1.13%, 12/1/23 * 765 765 Grand Junction Revenue, 2.00%, 3/1/05 500 503 Holland Creek, 1.05%, 6/1/41 * 740 740 Pinery West Metropolitan District No. 2, 1.20%, 12/1/32 * 3,200 3,200 Thornton Sales & Use Tax Revenue, 4.00%, 9/1/04 520 521 ---------- 13,144 ---------- FLORIDA (1.0%) University of Florida, Research Foundation Inc., Capital Improvements Revenue, 1.12%, 9/1/33 * 1,500 1,500 ---------- ILLINOIS (21.8%) Development Finance Authority, 4.50%, 9/1/04 750 752 Development Finance Authority, 1.15%, 4/1/32 * 2,000 2,000 Development Finance Authority Revenue, McCormick Theological, Series B, 1.15%, 6/1/35 * 2,000 2,000 Development Finance Authority Revenue, St. Anne Place Project, 1.21%, 6/1/22 * 3,170 3,170 Development Finance Authority, WTVP Channel 47, Series A Lake County Family YMCA, 1.13%, 9/1/22 * 3,650 3,650 Educational Facilities Authority, Field Museum of Natural History, 1.08%, 11/1/25 * 4,900 4,900 Galesburg, Knox College, 1.07%, 7/1/24 * 2,400 2,400 Continued PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED ILLINOIS, CONTINUED Health Facilities Authority, 1.07%, 1/1/16 * $ 3,000 $ 3,000 Hopedale, Industrial Development, Hopedale Medical Foundation, 1.12%, 5/1/09 * 940 940 Kane County, 4.50%, 1/1/05 150 152 Lake Villa, Allendale Association, 1.16%, 10/1/26 * 5,020 5,020 Peoria, Peoria Academy, 1.25%, 9/1/26 * 4,500 4,500 Springfield Community Improvement, 1.15%, 12/1/25 * 1,000 1,000 Winnebago County Health Care Facility Revenue, Crusader Clinic, 1.12%, 1/1/17 * 450 450 ---------- 33,934 ---------- INDIANA (17.3%) Bond Banking Revenue, Advance Program Notes, Series A, 2.00%, 1/25/05 5,000 5,022 Carmel High School Building Corp., First Meeting, 3.00%, 1/15/05 680 686 Crawfordsville, Economic Development, Autumn Woods Apartments, Series A, 1.12%, 1/1/30 * 3,410 3,410 Development Financial Authority, Mental Health, 1.18%, 12/1/22 * 3,800 3,800 Development Financial Authority, Regional Council of Carpenters, 1.21%, 9/1/31 * 1,450 1,450 Educational Facilities Authority Revenue, Indiana Wesleyan University, Series A, 1.08%, 6/1/28 * 1,500 1,500 Greenfield, Economic Development, 1.37%, 9/1/05 * 230 230 Healthcare Facilities Revenue, Southern, Indiana Rehabilitation Hospital, 1.25%, 4/1/20 * 1,750 1,750 Indianapolis, State Development Finance Authority, Lutheran Educational Facilities Project, 1.17%, 10/1/17 * 2,555 2,555 Michigan City School Building Corp., 5.00%, 1/5/05 750 762 Rushville, Economic Development, Flatrock River Lodge, Series A, 1.17%, 7/1/16 * 1,435 1,435 Saint Joseph County, Economic Development Revenue, 1.18%, 6/1/22 * 2,700 2,700 Vincennes, Economic Development, Lodge of the Wabash, 1.17%, 7/1/15 * 1,625 1,625 ---------- 26,925 ---------- Continued 17
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MUNICIPAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED IOWA (1.5%) Financial Authority Revenue, 5.00%, 8/1/04 $ 500 $ 500 Financial Authority, Diocese of Sioux City, 1.08%, 3/1/19 * 1,740 1,740 Hills, Healthcare Revenue, Mercy Hospital Project, 1.10%, 8/1/32 * 100 100 ---------- 2,340 ---------- LOUISIANA (0.2%) Energy & Power Authority, 5.25%, 1/1/05 125 127 New Orleans Parish School Board, 4.90%, 12/1/04 165 167 ---------- 294 ---------- MICHIGAN (8.9%) Hospital Finance Authority, Hospital Equipment Loan Program, Series B, 1.07%, 5/1/30 * 2,700 2,700 Housing Development Authority, Rental Housing Revenue, Series B, 1.09%, 4/1/19 * 1,700 1,700 Jackson, Public Schools State Aid Notes, Series A, GO, 2.00%, 8/24/04 2,000 2,002 Mancelona Area Water, Sewer Authority, Water Supply Systems Revenue, 1.16%, 4/1/21 * 1,035 1,035 Strategic Fund, Lions Bear Lake Camp Project, 1.21%, 8/1/32 * 1,155 1,155 Strategic Fund, Vincent Home Project, 1.08%, 8/1/28 * 4,645 4,645 Strategic Fund, YMCA Metropolitan Detroit Project, 1.08%, 11/1/33 * 600 600 ---------- 13,837 ---------- MINNESOTA (4.8%) Lauderdale, Childrens Home Society, 1.20%, 12/1/30 * 1,105 1,105 Minneapolis, Minnehaha Academy Project, 1.20%, 5/1/26 * 3,600 3,600 Roseville Health Care Facilities Revenue, Presbyterian Homes Project, 1.15%, 10/1/29 * 2,730 2,730 ---------- 7,435 ---------- MISSOURI (1.2%) State Health & Educational Facilities Authority, Drury University, 1.15%, 8/15/28 * 1,800 1,800 State Health & Educational Facilities Authority, Missouri Valley College, 1.15%, 10/1/31 * 100 100 ---------- 1,900 ---------- Continued PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED NORTH CAROLINA (1.9%) Capital Facilities Finance Agency, NCA&T University, 1.13%, 7/1/32 * $ 3,000 $ 3,000 ---------- OHIO (11.9%) Butler County, Bond Anticipation Notes, Series A, GO, 2.00%, 3/11/05 500 503 Butler County, Healthcare Facilities, 1.10%, 5/1/27 * 2,000 2,000 Columbiana County, Revenue, East Liverpool, 1.16%, 10/1/23 * 4,700 4,700 Coshocton County, Hospital Revenue, 1.25%, 3/1/14 * 225 225 Independence, Economic Development Revenue, 1.16%, 12/1/16 * 2,185 2,185 Montgomery County, Economic Development, Benjamin & Marian Arts Center, Series A, 1.16%, 4/1/11 * 2,000 2,000 Montgomery County, Health Care Facilities, Community Blood Center, 1.25%, 12/1/20 * 1,790 1,790 State Building Authority, State Facilities, Highway Safety Building, Series A, 5.00%, 10/1/04 1,000 1,006 State Higher Education Facilities Revenue, Ashland University Project, 1.13%, 9/1/24 * 2,000 2,000 Summit County, Industrial Development Revenue, SSP Fittings Corporate Project, 1.25%, 9/1/11 * 1,080 1,080 Upper Arlington Bond Anticipation Notes, Street Improvements, 2.00%, 1/12/05 1,000 1,004 ---------- 18,493 ---------- OKLAHOMA (0.2%) Municipal Power Authority, Power Supply System Revenue, Series B, 2.00%, 1/1/05 250 251 ---------- PENNSYLVANIA (2.1%) Allegheny County, Individual Development Authority Revenue, Sacred Heart High School, 1.16%, 6/1/22 * 1,000 1,000 Higher Educational Facilities Authority Revenue, Association of Independent Colleges, Series F1, 1.07%, 5/1/20 * 1,700 1,700 Wallingford-Swarthmore School District, 2.00%, 11/15/04 500 501 ---------- 3,201 ---------- Continued 18
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MUNICIPAL MONEY MARKET FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARES) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ---------- ---------- MUNICIPAL BONDS, CONTINUED TEXAS (5.1%) Coppell Water & Sewer Revenue, 3.00%, 9/1/04 $ 500 $ 501 Galena Park Independent School District, 5.10%, 8/15/04 650 651 Harlingen, GO, 4.65%, 2/15/05 150 153 Public Finance Authority, Series A, GO, 6.50%, 10/1/04 2,000 2,018 Rockwall Waterworks & Sewer, 3.00%, 8/1/04 255 255 Saginaw, GO, 2.00%, 9/1/04 380 380 Tax & Revenue Anticipation Notes, 2.00%, 8/31/04 4,000 4,002 ---------- 7,960 ---------- UTAH (0.8%) Weber County Industrial Revenue, Enable Industries, Inc., 1.18%, 12/1/15 * 1,185 1,185 ---------- WASHINGTON (10.2%) Bremerton Revenue, 1.13%, 12/1/28 * 3,100 3,100 Franklin County School District No. 001, 2.00%, 12/1/04 475 476 Health Care Facilities Authority Revenue, Inland Northwest Blood, 1.13%, 8/1/26 * 4,260 4,260 Higher Education Facilities Authority Revenue, Seattle University Project, 2.00%, 11/1/04 2,470 2,476 King County School District No. 415, 2.00%, 12/1/04 750 752 Metropolitan Park District, Tacoma, Series A, 2.00%, 12/1/04 545 547 Richland Gold Enterprises Revenue, 1.07%, 12/1/21 * 3,565 3,565 Tacoma Sewer Revenue, Series B, 5.60%, 12/1/04 300 304 Yakima Water & Sewer Revenue, Series A, 2.00%, 11/1/04 445 446 ---------- 15,926 ---------- WISCONSIN (0.2%) Milwaukee County, Milwaukee Public Museum, 1.08%, 6/1/29 * 350 350 ---------- TOTAL MUNICIPAL BONDS 151,675 ---------- Continued SHARES VALUE ---------- ---------- MONEY MARKETS (0.4%) AIM Tax Free Money Market Fund 19,807 $ 20 Dreyfus Tax Exempt Money Market Fund 493,293 493 Federated Tax Exempt Money Market Fund 147,253 147 ---------- TOTAL MONEY MARKETS 660 ---------- TOTAL INVESTMENTS (AMORTIZED COST $155,305)(a) - 99.8% 155,305 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2% 331 ---------- NET ASSETS - 100.0% $ 155,636 ========== NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS * Variable rate security. Rate presented represents the rate in effect at July 31, 2004. Maturity date reflects the actual maturity date. ** Rate represents the effective yield at purchase. (a) Also represents cost for federal income tax purposes. (b) Proceeds at maturity range from $16,017 to $250,027. Collateralized by various U.S. Treasury securities. (c) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. The following abbreviations are used in these Schedules of Portfolio Investments: AMT - Alternative Minimum Tax Paper GO - General Obligation LOC - Letter of Credit LLC - Limited Liability Company See notes to schedule of portfolio investments and notes to financial statements 19
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FIFTH THIRD FUNDS STATEMENTS OF ASSETS AND LIABILITIES JULY 31, 2004 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) -------------------------------------------------------------------------------- [Enlarge/Download Table] PRIME INSTITUTIONAL INSTITUTIONAL MONEY MARKET MONEY MARKET GOVERNMENT MONEY ASSETS: FUND FUND MARKET FUND -------------- --------------- ------------------- Investments, at amortized cost $1,290,527 $ 931,473 $458,255 Repurchase agreements, at cost 163,450 173,306 116,954 --------- --------- -------- Total Investments, at value 1,453,977 1,104,779 575,209 Cash --^ 1 1 Interest receivable 4,273 4,069 1,093 Receivable from Advisor and affiliates 10 9 9 Prepaid expenses and other assets 54 12 21 --------- --------- -------- Total Assets 1,458,314 1,108,870 576,333 --------- --------- -------- LIABILITIES: Distributions payable 991 1,010 461 Accrued expenses and other payables: Payable to Advisor and affiliates 534 110 61 Distribution and administrative services fees 86 8 59 Other 127 70 55 --------- --------- -------- Total Liabilities 1,738 1,198 636 --------- --------- -------- NET ASSETS: Paid-in Capital $1,456,491 $1,107,643 $575,690 Accumulated net investment income 85 29 7 Accumulated net realized gain/(loss) from investment transactions -- -- -- --------- --------- -------- Net Assets $1,456,576 $1,107,672 $575,697 ========= ========= ======== Net Assets: Institutional Shares $1,064,622 $1,049,608 $223,852 Class A Shares 387,424 NA NA Class B Shares 1,651 NA NA Class C Shares 2,843 NA NA Advisor Shares 36 NA NA Select Shares NA 13,267 5,202 Preferred Shares NA 27,206 276,373 Trust Shares NA 17,591 70,270 --------- --------- -------- Total $1,456,576 $1,107,672 $575,697 ========= ========= ======== Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional Shares 1,064,602 1,049,580 223,848 Class A Shares 387,401 NA NA Class B Shares 1,651 NA NA Class C Shares 2,843 NA NA Advisor Shares 36 NA NA Select Shares NA 13,267 5,202 Preferred Shares NA 27,206 276,372 Trust Shares NA 17,591 70,269 --------- --------- -------- Total 1,456,533 1,107,644 575,691 ========= ========= ======== Net Asset Value Offering and redemption price per share-- Institutional Shares, Class A Shares, Class B Shares, Class C Shares, Advisor Shares, Select Shares, Preferred Shares and Trust Shares (a) $ 1.00 $ 1.00 $ 1.00 ========= ========= ======== ----------------------------------------------------------------------------------------------------------------------------------- (a) Redemption price per share for Class B Shares and Class C Shares varies by length of time shares are held. ^ Amount is less than five hundred dollars. FIFTH THIRD FUNDS STATEMENTS OF ASSETS AND LIABILITIES JULY 31, 2004 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) -------------------------------------------------------------------------------- GOVERNMENT U.S. TREASURY MICHIGAN MUNICIPAL MUNICIPAL MONEY MARKET MONEY MARKET MONEY MARKET MONEY MARKET ASSETS: FUND FUND FUND FUND -------------- -------------- ---------------- ------------- Investments, at amortized cost $283,468 $ 607,731 $196,890 $155,305 Repurchase agreements, at cost -- 1,151,015 -- -- -------- ---------- -------- -------- Total Investments, at value 283,468 1,758,746 196,890 155,305 Cash -- --^ -- -- Interest receivable 809 3,871 539 457 Receivable from Advisor and affiliates -- 8 2 4 Prepaid expenses and other assets 29 36 5 26 -------- ---------- -------- -------- Total Assets 284,306 1,762,661 197,436 155,792 -------- ---------- -------- -------- LIABILITIES: Distributions payable 148 1,365 101 90 Accrued expenses and other payables: Payable to Advisor and affiliates 91 178 70 41 Distribution and administrative services fees 19 183 --^ 6 Other 30 142 22 19 -------- ---------- -------- -------- Total Liabilities 288 1,868 193 156 -------- ---------- -------- -------- NET ASSETS: Paid-in Capital $284,024 $1,760,951 $197,253 $155,641 Accumulated net investment income -- -- (10) -- Accumulated net realized gain/(loss) from investment transactions (6) (158) -- (5) -------- ---------- -------- -------- Net Assets $284,018 $1,760,793 $197,243 $155,636 ======== ========== ======== ======== Net Assets: Institutional Shares $173,865 $399,195 $197,225 $136,302 Class A Shares 110,153 NA 18 17,590 Class B Shares NA NA NA NA Class C Shares NA NA NA NA Advisor Shares NA NA NA NA Select Shares NA 93,233 NA 863 Preferred Shares NA 1,102,963 NA 637 Trust Shares NA 165,402 NA 244 -------- ---------- -------- -------- Total $284,018 $1,760,793 $197,243 $155,636 ======== ========== ======== ======== Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional Shares 173,927 399,130 197,184 136,297 Class A Shares 110,217 NA 18 17,605 Class B Shares NA NA NA NA Class C Shares NA NA NA NA Advisor Shares NA NA NA NA Select Shares NA 93,231 NA 863 Preferred Shares NA 1,102,948 NA 637 Trust Shares NA 165,399 NA 244 -------- ---------- -------- -------- Total 284,144 1,760,708 197,202 155,646 ======== ========== ======== ======== Net Asset Value Offering and redemption price per share-- Institutional Shares, Class A Shares, Class B Shares, Class C Shares, Advisor Shares, Select Shares, Preferred Shares and Trust Shares (a) $ 1.00 $ 1.00 $ 1.00 $ 1.00 ======== ========== ======== ======== See notes to financial statements 20-21[SPREAD]
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FIFTH THIRD FUNDS STATEMENTS OF OPERATIONS FOR THE YEAR ENDED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] PRIME INSTITUTIONAL INSTITUTIONAL MONEY MARKET MONEY MARKET GOVERNMENT MONEY FUND FUND MARKET FUND -------------- -------------- -------------------- INVESTMENT INCOME: Interest income $19,981 $10,747 $6,319 Dividend income 540 257 149 ------- ------ ------ Total Investment Income 20,521 11,004 6,468 ------- ------ ------ EXPENSES: Investment advisory fees 6,937 3,680 2,322 Administrative fees 3,002 1,592 1,005 Distribution services fees--Class A Shares 1,005 NA NA Distribution services fees--Class B Shares 19 NA NA Distribution services fees--Class C Shares 8 NA NA Distribution services fees--Advisor Shares --^ NA NA Administrative services fees--Class C Shares 3 NA NA Administrative services fees--Select Shares NA 5 4 Administrative services fees--Preferred Shares NA 17 347 Administrative services fees--Trust Shares NA 23 172 Accounting fees 309 203 148 Transfer and dividend disbursing agent fees 463 250 168 Custody fees 72 55 45 Trustees' fees and expenses 32 17 12 Other expenses 557 180 181 ------- ------ ------ Total expenses 12,407 6,022 4,404 ------- ------ ------ Less: Waiver and/or reimbursement from Advisor and/or affiliates (2,008) (3,953) (2,355) Distribution services--Class A Shares, Class B Shares, Class C Shares and Advisor Shares waived (17) -- -- ------- ------ ------ Net Expenses 10,382 2,069 2,049 ------- ------ ------ Net Investment Income 10,139 8,935 4,419 ------- ------ ------ Net realized gains/(losses) on investment transactions 30 14 1 ------- ------ ------ Change in net assets resulting from operations $10,169 $8,949 $4,420 ======= ====== ====== --------------------- ^ Amount is less than five hundred dollars. FIFTH THIRD FUNDS STATEMENTS OF OPERATIONS FOR THE YEAR ENDED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- GOVERNMENT U.S. TREASURY MICHIGAN MUNICIPAL MUNICIPAL MONEY MARKET MONEY MARKET MONEY MARKET MONEY MARKET FUND FUND FUND FUND -------------- -------------- ------------------ -------------- INVESTMENT INCOME: Interest income $4,113 $17,929 $2,383 $2,244 Dividend income 95 217 58 56 ------ -------- ------ ------ Total Investment Income 4,208 18,146 2,441 2,300 ------ -------- ------ ------ EXPENSES: Investment advisory fees 1,547 6,899 867 1,093 Administrative fees 669 2,985 375 378 Distribution services fees--Class A Shares 360 NA --^ 84 Distribution services fees--Class B Shares NA NA NA NA Distribution services fees--Class C Shares NA NA NA NA Distribution services fees--Advisor Shares NA NA NA NA Administrative services fees--Class C Shares NA NA NA NA Administrative services fees--Select Shares NA 50 NA 1 Administrative services fees--Preferred Shares NA 1,262 NA --^ Administrative services fees--Trust Shares NA 299 NA 6 Accounting fees 93 293 61 87 Transfer and dividend disbursing agent fees 113 453 63 86 Custody fees 30 124 26 28 Trustees' fees and expenses 8 34 4 4 Other expenses 123 437 56 81 ------ -------- ------ ------ Total expenses 2,943 12,836 1,452 1,848 ------ -------- ------ ------ Less: Waiver and/or reimbursement from Advisor and/or affiliates (187) (6,839) (282) (930) Distribution services--Class A Shares, Class B Shares, Class C Shares and Advisor Shares waived (72) -- --^ -- ------ -------- ------ ------ Net Expenses 2,684 5,997 1,170 918 ------ -------- ------ ------ Net Investment Income 1,524 12,149 1,271 1,382 ------ -------- ------ ------ Net realized gains/(losses) on investment transactions 89 27 -- 12 ------ -------- ------ ------ Change in net assets resulting from operations $1,613 $12,176 $1,271 $1,394 ====== ======== ====== ====== See notes to financial statements 22-23 [SPREAD]
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] PRIME INSTITUTIONAL INSTITUTIONAL GOVERNMENT MONEY MARKET MONEY MARKET MONEY MARKET FUND FUND FUND ---------------------- -------------------- ---------------------- YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004(a) 2003 2004(a) 2003 --------- --------- --------- --------- --------- -------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income $ 10,139 $ 20,745 $ 8,935 $ 7,067 $ 4,419 $ 5,875 Net realized gains/(losses) from investment transactions 30 55 14 4 1 7 --------- --------- --------- --------- --------- -------- Change in net assets resulting from operations 10,169 20,800 8,949 7,071 4,420 5,882 --------- --------- --------- --------- --------- -------- DISTRIBUTIONS TO SHAREHOLDERS: Institutional Shares (8,538) (17,318) (8,709) (7,067) (2,186) (5,875) Class A Shares (1,594) (3,247) NA NA NA NA Class B Shares (4) (7) NA NA NA NA Class C Shares (3) (1) NA NA NA NA Advisor Shares --^ --^ NA NA NA NA Select Shares NA NA (60) NA (40) NA Preferred Shares NA NA (97) NA (1,740) NA Trust Shares NA NA (69) NA (453) NA --------- --------- --------- --------- --------- -------- Change in net assets from shareholder distributions (10,139) (20,573) (8,935) (7,067) (4,419) (5,875) --------- --------- --------- --------- --------- -------- Change in net assets from fund share transactions (548,372) (177,024) 341,635 576,489 (41,303) 191,900 --------- --------- --------- --------- --------- -------- Change in net assets (548,342) (176,797) 341,649 576,493 (41,302) 191,907 NET ASSETS: Beginning of period 2,004,918 2,181,715 766,023 189,530 616,999 425,092 --------- --------- --------- --------- --------- -------- End of period $1,456,576 $2,004,918 $1,107,672 $ 766,023 $ 575,697 $ 616,999 ========= ========= ========= ========= ========= ========= Accumulated Net Investment Income $ $ 85 $ -- $ 29 $ 11 $ 7 $ -- ========= ========= ========= ========= ========= ========= -------------------------------------------------------------------------------- (a)Reflects operations for the period from October 20, 2003 (date of commencement of operations) to July 31, 2004 for Select Shares, Preferred Shares and Trust Shares. ^ Amount is less than five hundred dollars. FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- GOVERNMENT U.S. TREASURY MICHIGAN MUNICIPAL MONEY MARKET MONEY MARKET MONEY MARKET FUND FUND FUND ---------------------- ---------------------- --------------------- YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004(a) 2003 2004 2003 --------- --------- --------- --------- --------- --------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income $ 1,524 $ 3,518 $ 12,149 $ 13,711 $ 1,271 $ 2,209 Net realized gains/(losses) from investment transactions 89 24 27 6 -- -- --------- --------- --------- --------- --------- --------- Change in net assets resulting from operations 1,613 3,542 12,176 13,717 1,271 2,209 --------- --------- --------- --------- --------- --------- DISTRIBUTIONS TO SHAREHOLDERS: Institutional Shares (1,109) (2,495) (5,196) (13,711) (1,271) (2,210) Class A Shares (370) (1,336) NA NA --^ (1) Class B Shares NA NA NA NA NA NA Class C Shares NA NA NA NA NA NA Advisor Shares NA NA NA NA NA NA Select Shares NA NA (476) NA NA NA Preferred Shares NA NA (5,778) NA NA NA Trust Shares NA NA (699) NA NA NA --------- --------- --------- --------- --------- --------- Change in net assets from shareholder distributions (1,479) (3,831) (12,149) (13,711) (1,271) (2,211) --------- --------- --------- --------- --------- --------- Change in net assets from fund share transactions (168,613) (96,335) 115,861 501,547 (50,581) (44,969) --------- --------- --------- --------- --------- --------- Change in net assets (168,479) (96,624) 115,888 501,553 (50,581) (44,971) NET ASSETS: Beginning of period 452,497 549,121 1,644,905 1,143,352 247,824 292,795 --------- --------- --------- --------- --------- --------- End of period $ 284,018 $ 452,497 $1,760,793 $1,644,905 $ 197,243 $ 347,824 ========= ========= ========= ========= ========= ========= Accumulated Net Investment Income $ -- $ 8 $ -- $ -- $ (10) $ (10) ========= ========= ========= ========= ========= ========= MUNICIPAL MONEY MARKET FUND --------------------- YEAR YEAR ENDED ENDED JULY 31, JULY 31, 2004(a) 2003 --------- -------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income $ 1,382 $ 2,373 Net realized gains/(losses) from investment transactions 12 (1) --------- -------- Change in net assets resulting from operations 1,394 2,372 --------- -------- DISTRIBUTIONS TO SHAREHOLDERS: Institutional Shares (1,226) (2,057) Class A Shares (142) (286) Class B Shares NA NA Class C Shares NA NA Advisor Shares NA NA Select Shares (5) NA Preferred Shares (1) NA Trust Shares (10) NA --------- -------- Change in net assets from shareholder distributions (1,384) (2,343) --------- -------- Change in net assets from fund share transactions (96,892) (38,795) --------- -------- Change in net assets (96,882) (38,766) NET ASSETS: Beginning of period 252,518 291,284 --------- --------- End of period $ 155,636 $ 252,518 ========= ========= Accumulated Net Investment Income $ -- $ 2 ========= ========= See notes to financial statements 24-25 [SPREAD]
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[Enlarge/Download Table] FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS, CONTINUED -- FUND SHARE TRANSACTIONS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRIME INSTITUTIONAL INSTITUTIONAL GOVERNMENT MONEY MARKET MONEY MARKET MONEY MARKET FUND FUND FUND ---------------------- -------------------- ---------------------- YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004(a) 2003 2004(a) 2003 ---------- ---------- ---------- ---------- ---------- ---------- SHARE TRANSACTIONS:* Institutional Shares Shares issued 2,769,748 3,514,437 3,760,386 2,541,319 1,244,240 1,977,111 Dividends reinvested 786 1,927 3,555 1,984 378 1,816 Shares redeemed (3,271,523) (3,683,165) (3,480,370) (1,966,814) (1,637,764) (1,787,027) ---------- ---------- ---------- ---------- ---------- ---------- Total Institutional Shares (500,989) (166,801) 283,571 576,489 (393,146) 191,900 ---------- ---------- ---------- ---------- ---------- ---------- Class A Shares Shares issued 304,072 870,263 NA NA NA NA Dividends reinvested 1,542 3,559 NA NA NA NA Shares redeemed (354,892) (884,736) NA NA NA NA ---------- ---------- ---------- ---------- ---------- ---------- Total Class A Shares (49,278) (10,914) NA NA NA NA ---------- ---------- ---------- ---------- ---------- ---------- Class B Shares Shares issued 1,096 1,907 NA NA NA NA Dividends reinvested 4 7 NA NA NA NA Shares redeemed (1,875) (1,381) NA NA NA NA ---------- ---------- ---------- ---------- ---------- ---------- Total Class B Shares (775) 533 NA NA NA NA ---------- ---------- ---------- ---------- ---------- ---------- Class C Shares Shares issued 5,367 8,231 NA NA NA NA Dividends reinvested 2 1 NA NA NA NA Shares redeemed (2,680) (8,138) NA NA NA NA ---------- ---------- ---------- ---------- ---------- ---------- Total Class C Shares 2,689 94 NA NA NA NA ---------- ---------- ---------- ---------- ---------- ---------- Advisor Shares Shares issued 62 138 NA NA NA NA Dividends reinvested --^ --^ NA NA NA NA Shares redeemed (88) (78) NA NA NA NA ---------- ---------- ---------- ---------- ---------- ---------- Total Advisor Shares (26) 60 NA NA NA NA ---------- ---------- ---------- ---------- ---------- ---------- Select Shares Shares issued NA NA 46,190 NA 68,664 NA Dividends reinvested NA NA 41 NA --^ NA Shares redeemed NA NA (32,964) NA (63,462) NA ---------- ---------- ---------- ---------- ---------- ---------- Total Select Shares NA NA 13,267 NA 5,202 NA ---------- ---------- ---------- ---------- ---------- ---------- Preferred Shares Shares issued NA NA 109,370 NA 1,186,580 NA Dividends reinvested NA NA 66 NA 590 NA Shares redeemed NA NA (82,230) NA (910,798) NA ---------- ---------- ---------- ---------- ---------- ---------- Total Preferred Shares NA NA 27,206 NA 276,372 NA ---------- ---------- ---------- ---------- ---------- ---------- Trust Shares Shares issued NA NA 90,278 NA 861,501 NA Dividends reinvested NA NA 54 NA 32 NA Shares redeemed NA NA (72,741) NA (791,264) NA ---------- ---------- ---------- ---------- ---------- ---------- Total Trust Shares NA NA 17,591 NA 70,269 NA ---------- ---------- ---------- ---------- ---------- ---------- -------------------------------------------------------------------------------- (a) Reflects operations for the period from October 20, 2003 (date of commencement of operations) to July 31, 2004 for Select Shares, Preferred Shares and Trust Shares. * Share transactions are at a par value of $1.00 per share. ^ Amount is less than five hundred shares. FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS, CONTINUED -- FUND SHARE TRANSACTIONS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- GOVERNMENT U.S. TREASURY MONEY MARKET MONEY MARKET FUND FUND ---------------------- ---------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004(a) 2003 --------- --------- ---------- ---------- SHARE TRANSACTIONS:* Institutional Shares Shares issued 380,768 378,580 1,990,678 3,686,175 Dividends reinvested 32 93 342 1,187 Shares redeemed (482,127) (382,443) (3,236,738) (3,185,815) --------- --------- ---------- ---------- Total Institutional Shares (101,327) (3,770) (1,245,718) 501,547 --------- --------- ---------- ---------- Class A Shares Shares issued 164,601 197,984 NA NA Dividends reinvested 332 1,489 NA NA Shares redeemed (232,219) (292,038) NA NA --------- --------- ---------- ---------- Total Class A Shares (67,286) (92,565) NA NA --------- --------- ---------- ---------- Class B Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA --------- --------- ---------- ---------- Total Class B Shares NA NA NA NA --------- --------- ---------- ---------- Class C Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA --------- --------- ---------- ---------- Total Class C Shares NA NA NA NA --------- --------- ---------- ---------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA --------- --------- ---------- ---------- Total Advisor Shares NA NA NA NA --------- --------- ---------- ---------- Select Shares Shares issued NA NA 566,393 NA Dividends reinvested NA NA --^ NA Shares redeemed NA NA (473,162) NA --------- --------- ---------- ---------- Total Select Shares NA NA 93,231 NA --------- --------- ---------- ---------- Preferred Shares Shares issued NA NA 3,405,308 NA Dividends reinvested NA NA 632 NA Shares redeemed NA NA (2,302,992) NA --------- --------- ---------- ---------- Total Preferred Shares NA NA 1,102,948 NA --------- --------- ---------- ---------- Trust Shares Shares issued NA NA 1,327,544 NA Dividends reinvested NA NA 2 NA Shares redeemed NA NA (1,162,147) NA --------- --------- ---------- ---------- Total Trust Shares NA NA 165,399 NA --------- --------- ---------- ---------- MICHIGAN MUNICIPAL MUNICIPAL MONEY MARKET MONEY MARKET FUND FUND -------------------- -------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004(a) 2003 --------- --------- --------- -------- SHARE TRANSACTIONS:* Institutional Shares Shares issued 413,265 413,441 422,435 395,321 Dividends reinvested 509 1,081 92 105 Shares redeemed (464,354) (459,333) (485,670) (445,294) --------- --------- --------- -------- Total Institutional Shares (50,580) (44,811) (63,143) (49,868) --------- --------- --------- -------- Class A Shares Shares issued 209 97 120,106 165,303 Dividends reinvested -- 1 141 297 Shares redeemed (210) (257) (155,739) (154,527) --------- --------- --------- -------- Total Class A Shares (1) (159) (35,492) 11,073 --------- --------- --------- -------- Class B Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA --------- --------- --------- -------- Total Class B Shares NA NA NA NA --------- --------- --------- -------- Class C Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA --------- --------- --------- -------- Total Class C Shares NA NA NA NA --------- --------- --------- -------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA --------- --------- --------- -------- Total Advisor Shares NA NA NA NA --------- --------- --------- -------- Select Shares Shares issued NA NA 15,021 NA Dividends reinvested NA NA 1 NA Shares redeemed NA NA (14,159) NA --------- --------- --------- -------- Total Select Shares NA NA 863 NA --------- --------- --------- -------- Preferred Shares Shares issued NA NA 637 NA Dividends reinvested NA NA --^ NA Shares redeemed NA NA --^ NA --------- --------- --------- -------- Total Preferred Shares NA NA 637 NA --------- --------- --------- -------- Trust Shares Shares issued NA NA 17,815 NA Dividends reinvested NA NA --^ NA Shares redeemed NA NA (17,571) NA --------- --------- --------- -------- Total Trust Shares NA NA 244 NA --------- --------- --------- -------- 26 -27 [SPREAD]
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS JULY 31, 2004 -------------------------------------------------------------------------------- (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 established as a Massachusetts business trust. At July 31, 2004, the Trust consisted of thirty-five separate investment portfolios. The accompanying financial statements and notes relate only to the following Funds (individually the "Fund" and collectively the "Funds"): PORTFOLIO NAME Fifth Third Prime Money Market Fund ("Prime Money Market Fund") Fifth Third Institutional Money Market Fund ("Institutional Money Market Fund") Fifth Third Institutional Government Money Market Fund ("Institutional Government Money Market Fund") Fifth Third Government Money Market Fund ("Government Money Market Fund") Fifth Third U.S. Treasury Money Market Fund ("U.S. Treasury Money Market Fund") Fifth Third Michigan Municipal Money Market Fund ("Michigan Municipal Money Market Fund") Fifth Third Ohio Tax Exempt Money Market Fund ("Ohio Tax Exempt Money Market Fund") Fifth Third Municipal Money Market Fund ("Municipal Money Market Fund") The Government Money Market Fund and the Michigan Municipal Money Market Fund offer two classes of shares: Institutional Shares and Class A Shares. The Institutional Money Market Fund, the Institutional Government Money Market Fund and the U.S. Treasury Money Market Fund offer four classes of shares: Institutional Shares, Select Shares, Preferred Shares and Trust Shares. The Prime Money Market Fund offers five classes of shares: Institutional Shares, Class A Shares, Class B Shares, Class C Shares and Advisor Shares. The Municipal Money Market Fund offers five classes of shares: Institutional Shares, Class A Shares, Select Shares, Preferred Shares and Trust Shares. Shares of the Ohio Tax Exempt Money Market Fund are currently not offered. Each class of shares for each Fund has identical rights and privileges except with respect to administrative services fees paid by Class C Shares, Select Shares, Preferred Shares and Trust Shares, distribution services fees paid by Class A Shares, Class B Shares, Class C Shares and Advisor Shares, voting rights on matters affecting a single class of shares and the exchange privileges of each class of shares. Under the Fund's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnification. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote. (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. 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. Investments in other open-end investment companies are valued at net asset value as reported by the underlying investment company. 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 Fifth Third Asset Management, Inc. (the "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 28
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- 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. 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, 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. OTHER--Expenses directly attributable to a Fund are charged to the Fund, while expenses which are attributable to more than one series of the Trust are allocated among the respective series based upon relative net assets or another appropriate basis. Income, expenses, and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets or another appropriate basis, except that each class separately bears expenses related specifically to that class, such as distribution fees. DISTRIBUTIONS 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 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. 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 gains sufficient to relieve it from all, or substantially all, federal income taxes. (3) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES INVESTMENT ADVISORY FEE--The Advisor receives for its services an annual investment advisory fee based on a percentage of each Fund's average daily net assets, as follows: 0.40% for the Prime Money Market Fund, Institutional Money Market Fund, Institutional Government Money Market Fund, Government Money Market Fund, U.S. Treasury Money Market Fund, and Michigan Municipal Money Market Fund and 0.50% for the Municipal Money Market Fund. ADMINISTRATIVE FEE--Fifth Third Bank ("Fifth Third"), an affiliate of the Advisor, serves as the Trust's administrator. The administrator generally assists in all aspects of the Trust's administration and operations including providing the Funds with certain administrative personnel and services necessary to operate the Funds. Under the terms of the administration agreement, Fifth Third's fees are computed as a percentage of the average daily net assets of the Trust for the period. Administration fees are computed at 0.20% of the first $1 billion of the average daily net assets of the Trust, 0.18% of the average daily net assets of the Trust between $1 billion and $2 billion, and 0.17% of more than $2 billion of the average daily net assets of the Trust. In addition, there shall be an annual fee of $10,000 per class in excess of four classes per Fund. Effective with the start of fiscal year 2003, any Fund that commences operations shall be subject to an annual minimum fee of $20,000. Pursuant to a separate agreement with Fifth Third, BISYS Fund Services Limited Partnership, a wholly owned subsidiary of The BISYS Group, Inc., 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 Fifth Third computed as a percentage of the average daily net assets of the Trust subject to certain minimums and reimbursement of out-of-pocket expenses. In addition, BISYS provides an employee to serve as Chief Compliance Officer for the Funds including providing certain related services, for which it receives an additional fee. The Advisor and Administrator have entered into an expense limitation agreement with the Trust. Under the terms of this agreement, to the extent that ordinary operating expenses incurred by a Fund in any fiscal year exceed the expense limit for the Fund, such excess amount will be the liability of the Advisor and Administrator. If the operating expenses are less than the expense limit for the Fund, the Advisor and Administrator shall be entitled to reimbursement of the fees waived or reduced to the extent that the operating expenses and the amount reimbursed do not exceed such expense 29
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- limit for the Fund. Such reimbursement shall be paid only while the expense limitation agreement is in effect and only if such amount paid, together with all other amounts reimbursed under this plan in the fiscal year, does not cause the Fund to exceed the expense limit. For the period from November 30, 2003 through July 31, 2004, the expense limits and the cumulative reimbursement that may potentially be made by the Funds is as follows (Amounts in thousands): MICHIGAN MUNICIPAL PRIME MONEY MONEY MARKET MARKET FUND FUND ------------ ------------ Institutional Shares 0.54% 0.54% Class A Shares 0.79% 0.79% Class B Shares 1.54% NA Class C Shares 1.54% NA Amount subject to recoupment expiring on November 30, 2004. $1,327 $184 [Enlarge/Download Table] INSTITUTIONAL INSTITUTIONAL GOVERNMENT U.S. TREASURY MUNICIPAL MONEY MARKET MONEY MARKET MONEY MARKET MONEY MARKET FUND FUND FUND FUND ----------- -------------- ----------- ------------ Institutional Shares 0.22% 0.22% 0.22% 0.38% Class A Shares NA NA NA 0.63% Select Shares 0.30% 0.30% 0.30% 0.46% Preferred Shares 0.37% 0.37% 0.37% 0.53% Trust Shares 0.47% 0.47% 0.47% 0.63% Amount subject to recoupment expiring on November 30, 2005. $2,829 $1,704 $5,204 $594 Fees may be voluntarily reduced or reimbursed to assist the Funds in maintaining competitive expense ratios. DISTRIBUTION SERVICES FEE--The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the Act. Fifth Third Funds Distributor, Inc., a wholly owned subsidiary of The BISYS Group, Inc., 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' Class A Shares, Class B Shares, Class C Shares and Advisor Shares to finance activities intended to result in the sales of each Funds' shares. The Plan provides that the Funds may incur distribution services fees up to 0.25% of the average daily net assets for Class A Shares, up to 1.00% of the average daily net assets for Class B Shares, up to 0.75% of the average daily net assets for Class C Shares and up to 0.50% of the average daily net assets for Advisor Shares, annually, to compensate the distributor. ADMINISTRATIVE SERVICES FEE--The Trust has approved an Administrative Services Agreement with Fifth Third Funds Distributor, Inc. with respect to Class C Shares, Select Shares, Preferred Shares and Trust Shares. Under the Agreement, the Funds may make payments up to 0.25% of the average daily net assets for Class C Shares, up to 0.08% of the average daily net assets for Select Shares, up to 0.15% of the average daily net assets for Preferred Shares and up to 0.25% of the average daily net assets for Trust Shares in exchange for certain administrative services fees for shareholders and for the maintenance of shareholder accounts. 30
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- TRANSFER AND DIVIDEND DISBURSING AGENT, ACCOUNTING AND CUSTODY FEES--Fifth Third serves as transfer and dividend disbursing agent, maintains the Funds' accounting records and is the Funds' custodian for which it receives a fee based on the level of each Fund's average net assets for the period, plus out-of-pocket expenses. Transfer Agent fees are computed at 0.0225% of the average daily net assets of each Funds' shares. In addition, there shall be an annual fee of $7,500 per additional class of shares per Fund. Accounting fees are computed at 0.02% of the average daily net assets of each Funds' shares up to $500 million, 0.015% of the average daily net assets of each Funds' shares between $500 million and $1 billion, and 0.01% of more than $1 billion of the average daily net assets of each Funds' shares. The minimum annual fee per Fund shall be $30,000. In addition, there shall be an annual fee of $10,000 per additional class of shares per Fund. Custody fees are computed at 0.01% of the average daily net assets of each Funds' shares up to $25 million, 0.0075% of the average daily net assets of each Funds' shares between $25 million and $100 million, 0.005% of the average daily net assets of each Funds' shares between $100 million and $200 million, and 0.0025% of more than $200 million of the average daily net assets of each Funds' shares plus transaction charges. Pursuant to a separate agreement with Fifth Third, BISYS Fund Services Ohio, Inc., a wholly owned subsidiary of The BISYS Group, Inc., performs sub-transfer and dividend disbursing agent services and sub-accounting services on behalf of the Funds, for which it receives a fee from Fifth Third computed as a percentage of the average daily net assets of each Fund plus annual fees for additional classes of shares per Fund and reimbursement of out-of-pocket fees and other miscellaneous expenses. Certain officers of the Trust are affiliated with the above companies, but are not paid any fees directly by the Trust for serving as officers of the Trust. (4) LINE OF CREDIT The Trust participates in a credit agreement with Citibank N.A. Under the terms of the agreement, the Trust may borrow up to $75 million. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. Citibank N.A. receives an annual facility fee of 0.09% on the aggregate principal amount committed under the agreement for providing the Line of Credit. Each Fund pays a pro-rata portion of this facility fee, plus any interest on amounts borrowed. For the year ended July 31, 2004, there were no borrowings against the line of credit. (5) FEDERAL TAX INFORMATION The tax character of distributions paid during the fiscal year ended July 31, 2004 was as follows (Amounts in thousands): [Enlarge/Download Table] ORDINARY TOTAL INCOME TAX EXEMPT DISTRIBUTIONS DISTRIBUTIONS DISTRIBUTIONS PAID ------------- ------------- ------------- Prime Money Market Fund $10,216 -- $10,216 Institutional Money Market Fund 8,584 -- 8,584 Institutional Government Money Market Fund 4,361 -- 4,361 Government Money Market Fund 1,487 -- 1,487 U.S. Treasury Money Market Fund 11,715 -- 11,715 Michigan Municipal Money Market Fund -- $1,267 1,267 Municipal Money Market Fund -- 1,410 1,410 31
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- The tax character of distributions paid during the fiscal year ended July 31, 2003 was as follows (Amounts in thousands): [Enlarge/Download Table] ORDINARY TOTAL INCOME TAX EXEMPT DISTRIBUTIONS DISTRIBUTIONS DISTRIBUTIONS PAID ------------- ------------- ------------- Prime Money Market Fund $22,063 -- $22,063 Institutional Money Market Fund 6,684 -- 6,684 Institutional Government Money Market Fund 6,032 -- 6,032 Government Money Market Fund 4,154 -- 4,154 U.S. Treasury Money Market Fund 14,125 -- 14,125 Michigan Municipal Money Market Fund -- $2,357 2,357 Municipal Money Market Fund -- 2,455 2,455 As of July 31, 2004, the components of accumulated earnings/(deficit) on a tax basis were as follows (Amounts in thousands): [Enlarge/Download Table] ACCUMULATED TOTAL UNDISTRIBUTED UNDISTRIBUTED CAPITAL AND ACCUMULATED TAX EXEMPT ORDINARY DISTRIBUTIONS OTHER EARNINGS/ INCOME INCOME PAYABLE LOSSES (DEFICIT) ----------- ------------ ------------- ----------- ----------- Prime Money Market Fund -- $1,076 $ (991) -- $ 85 Institutional Money Market Fund -- 1,039 (1,010) -- 29 Institutional Government Money Market Fund -- 472 (461) -- 11 Government Money Market Fund -- 148 (148) $ (6) (6) U.S. Treasury Money Market Fund -- 1,365 (1,365) (158) (158) Michigan Municipal Money Market Fund $97 -- (101) -- (4) Municipal Money Market Fund 90 -- (90) (5) (5) As of July 31, 2004, the following Funds have net capital loss carryforwards to offset future net capital gains, if any, to the extent provided by Treasury regulations (Amounts in thousands): [Enlarge/Download Table] EXPIRATION YEAR TOTAL --------------------------------------------------------------- -------- 2005 2008 2009 2010 2011 ---------- ---------- ---------- ---------- ---------- Government Money Market Fund $3 $ 3 -- -- -- $ 6 U.S. Treasury Money Market Fund -- 99 $59 -- -- 158 Municipal Money Market Fund -- -- 2 $2 $1 5 (6) CONCENTRATION OF CREDIT RISK The Michigan Municipal Money Market Fund invests a substantial portion of its assets in debt obligations issued by the State of Michigan, and their political subdivisions, agencies and public authorities. The Fund is more susceptible to factors adversely affecting issuers of Michigan municipal securities than a fund that is not concentrated in these issuers to the same extent. 32
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) [Enlarge/Download Table] NET REALIZED NET ASSET AND UNREALIZED LESS VALUE, NET GAINS/ DISTRIBUTIONS BEGINNING INVESTMENT (LOSSES) FROM TO OF PERIOD INCOME INVESTMENTS SHAREHOLDERS ---------------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $1.00 0.05 -- (0.05) Year ended 7/31/01 $1.00 0.05 -- (0.05) Year ended 7/31/02 $1.00 0.02 -- (0.02) Year ended 7/31/03 $1.00 0.01 --^ (0.01) Year ended 7/31/04 $1.00 0.01 --^ (0.01) ---------------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND CLASS A SHARES Year ended 7/31/00 $1.00 0.05 -- (0.05) Year ended 7/31/01 $1.00 0.05 -- (0.05) Year ended 7/31/02 $1.00 0.02 -- (0.02) Year ended 7/31/03 $1.00 0.01 --^ (0.01) Year ended 7/31/04 $1.00 --^ --^ --^ ---------------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND CLASS B SHARES 10/11/00(b) to 7/31/01 $1.00 0.03 -- (0.03) Year ended 7/31/02 $1.00 0.01 -- (0.01) Year ended 7/31/03 $1.00 --^ --^ --^ Year ended 7/31/04 $1.00 --^ --^ --^ ---------------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND CLASS C SHARES 5/5/02(b) to 7/31/02 $1.00 --^ -- --^ Year ended 7/31/03 $1.00 --^ --^ --^ Year ended 7/31/04 $1.00 --^ --^ --^ ---------------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND ADVISOR SHARES 10/29/01(b) to 7/31/02 $1.00 0.01 -- (0.01) Year ended 7/31/03 $1.00 0.01 --^ (0.01) Year ended 7/31/04 $1.00 --^ --^ --^ ---------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND INSTITUTIONAL SHARES 4/11/00(b) to 12/31/00 $1.00 0.05 -- (0.05) 1/1/01 to 7/31/01(c) $1.00 0.03 -- (0.03) Year ended 7/31/02 $1.00 0.02 -- (0.02) Year ended 7/31/03 $1.00 0.01 --^ (0.01) Year ended 7/31/04 $1.00 0.01 --^ (0.01) ---------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $1.00 0.01 --^ (0.01) ---------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $1.00 0.01 --^ (0.01) ---------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $1.00 0.01 --^ (0.01) ---------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 12/31/99 $1.00 0.05 -- (0.05) Year ended 12/31/00 $1.00 0.06 -- (0.06) 1/1/01 to 7/31/01(c) $1.00 0.03 -- (0.03) Year ended 7/31/02 $1.00 0.02 -- (0.02) Year ended 7/31/03 $1.00 0.01 --^ (0.01) Year ended 7/31/04 $1.00 0.01 --^ (0.01) ---------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $1.00 0.01 --^ (0.01) ---------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $1.00 0.01 --^ (0.01) ---------------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $1.00 0.01 --^ (0.01) ---------------------------------------------------------------------------------------------------------------------------------- FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) NET ASSET VALUE, END OF TOTAL PERIOD RETURN ------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $1.00 5.53% Year ended 7/31/01 $1.00 5.41% Year ended 7/31/02 $1.00 2.02% Year ended 7/31/03 $1.00 1.02% Year ended 7/31/04 $1.00 0.65% ------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND CLASS A SHARES Year ended 7/31/00 $1.00 5.27% Year ended 7/31/01 $1.00 5.14% Year ended 7/31/02 $1.00 1.77% Year ended 7/31/03 $1.00 0.76% Year ended 7/31/04 $1.00 0.40% ------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND CLASS B SHARES 10/11/00(b) to 7/31/01 $1.00 3.10%* Year ended 7/31/02 $1.00 1.00% Year ended 7/31/03 $1.00 0.32% Year ended 7/31/04 $1.00 0.24% ------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND CLASS C SHARES 5/5/02(b) to 7/31/02 $1.00 0.19%* Year ended 7/31/03 $1.00 0.32% Year ended 7/31/04 $1.00 0.23% ------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND ADVISOR SHARES 10/29/01(b) to 7/31/02 $1.00 1.02%* Year ended 7/31/03 $1.00 0.53% Year ended 7/31/04 $1.00 0.24% ------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND INSTITUTIONAL SHARES 4/11/00(b) to 12/31/00 $1.00 4.71%* 1/1/01 to 7/31/01(c) $1.00 2.84%* Year ended 7/31/02 $1.00 2.31% Year ended 7/31/03 $1.00 1.35% Year ended 7/31/04 $1.00 0.98% ------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $1.00 0.70%* ------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $1.00 0.65%* ------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $1.00 0.57%* ------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 12/31/99 $1.00 4.81% Year ended 12/31/00 $1.00 6.03% 1/1/01 to 7/31/01(c) $1.00 2.71%* Year ended 7/31/02 $1.00 2.05% Year ended 7/31/03 $1.00 1.07% Year ended 7/31/04 $1.00 0.86% ------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $1.00 0.65%* ------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $1.00 0.59%* ------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $1.00 0.51%* ------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------------------- RATIOS OF RATIOS OF RATIOS OF NET EXPENSES NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME AVERAGE PERIOD NET TO AVERAGE NET (000 'S) ASSETS NET ASSETS ASSETS (a) ---------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 508,414 0.52% 5.44% 0.62% Year ended 7/31/01 $ 802,176 0.53% 5.11% 0.63% Year ended 7/31/02 $1,732,204 0.55% 1.86% 0.65% Year ended 7/31/03 $1,565,589 0.54% 1.02% 0.65% Year ended 7/31/04 $1,064,622 0.54% 0.64% 0.66% ---------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND CLASS A SHARES Year ended 7/31/00 $ 215,082 0.77% 5.29% 0.87% Year ended 7/31/01 $ 356,091 0.78% 4.86% 0.88% Year ended 7/31/02 $ 447,556 0.80% 1.71% 0.89% Year ended 7/31/03 $ 436,687 0.79% 0.77% 0.90% Year ended 7/31/04 $ 387,424 0.79% 0.40% 0.91% ---------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND CLASS B SHARES 10/11/00(b) to 7/31/01 $ 1,021 1.53%** 3.63%** 1.63%** Year ended 7/31/02 $ 1,893 1.55% 0.91% 1.64% Year ended 7/31/03 $ 2,426 1.22% 0.33% 1.65% Year ended 7/31/04 $ 1,651 0.95% 0.23% 1.66% ---------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND CLASS C SHARES 5/5/02(b) to 7/31/02 $ 60 1.54%** 0.48%** 1.71%** Year ended 7/31/03 $ 154 1.14% 0.32% 1.65% Year ended 7/31/04 $ 2,843 0.98% 0.25% 1.66% ---------------------------------------------------------------------------------------------------------------------------- PRIME MONEY MARKET FUND ADVISOR SHARES 10/29/01(b) to 7/31/02 $ 2 0.89%** 1.23%** 0.96%** Year ended 7/31/03 $ 62 1.02% 0.46% 1.15% Year ended 7/31/04 $ 36 0.96% 0.26% 1.16% ---------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND INSTITUTIONAL SHARES 4/11/00(b) to 12/31/00 $ 47,944 0.22%** 6.39%** 0.74%** 1/1/01 to 7/31/01(c) $ 71,778 0.22%** 4.78%** 0.68%** Year ended 7/31/02 $ 189,530 0.22% 2.11% 0.65% Year ended 7/31/03 $ 766,023 0.22% 1.24% 0.65% Year ended 7/31/04 $1,049,608 0.22% 0.98% 0.65% ---------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $ 13,267 0.30%** 0.92%** 0.73%** ---------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $ 27,206 0.37%** 0.85%** 0.80%** ---------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $ 17,591 0.47%** 0.75%** 0.90%** ---------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 215,401 0.37% 4.73% 0.65% Year ended 12/31/00 $ 309,711 0.39% 5.92% 0.63% 1/1/01 to 7/31/01(c) $ 410,278 0.40%** 4.56%** 0.63%** Year ended 7/31/02 $ 425,092 0.41% 2.03% 0.64% Year ended 7/31/03 $ 616,999 0.40% 1.04% 0.65% Year ended 7/31/04 $ 223,852 0.31% 0.79% 0.66% ---------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $ 5,202 0.30%** 0.82%** 0.75%** ---------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $ 276,373 0.37%** 0.75%** 0.82%** ---------------------------------------------------------------------------------------------------------------------------- INSTITUTIONAL GOVERNMENT MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $ 70,270 0.47%** 0.66%** 0.92%** ---------------------------------------------------------------------------------------------------------------------------- See notes to financial highlights 34-35 [SPREAD]
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD [Enlarge/Download Table] NET REALIZED NET ASSET AND UNREALIZED LESS VALUE, NET GAINS/ DISTRIBUTIONS BEGINNING INVESTMENT (LOSSES) FROM TO OF PERIOD INCOME INVESTMENTS SHAREHOLDERS ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $1.00 0.05 -- (0.05) Year ended 7/31/01 $1.00 0.05 -- (0.05) Year ended 7/31/02 $1.00 0.02 -- (0.02) Year ended 7/31/03 $1.00 0.01 --^ (0.01) Year ended 7/31/04 $1.00 --^ --^ --^ ----------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT MONEY MARKET FUND CLASS A SHARES Year ended 7/31/00 $1.00 0.05 -- (0.05) Year ended 7/31/01 $1.00 0.05 -- (0.05) Year ended 7/31/02 $1.00 0.02 -- (0.02) Year ended 7/31/03 $1.00 0.01 --^ (0.01) Year ended 7/31/04 $1.00 --^ --^ --^ ----------------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $1.00 0.06 -- (0.06) Year ended 7/31/01 $1.00 0.05 -- (0.05) Year ended 7/31/02 $1.00 0.02 -- (0.02) Year ended 7/31/03 $1.00 0.01 --^ (0.01) Year ended 7/31/04 $1.00 0.01 --^ (0.01) ----------------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $1.00 0.01 --^ (0.01) ----------------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $1.00 0.01 --^ (0.01) ----------------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $1.00 --^ --^ --^ ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN MUNICIPAL MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 12/31/99 $1.00 0.03 -- (0.03) Year ended 12/31/00 $1.00 0.04 -- (0.04) 1/1/01 to 7/31/01(c) $1.00 0.02 -- (0.02) Year ended 7/31/02 $1.00 0.01 -- (0.01) Year ended 7/31/03 $1.00 0.01 -- (0.01) Year ended 7/31/04 $1.00 0.01 -- (0.01) ----------------------------------------------------------------------------------------------------------------------------------- MICHIGAN MUNICIPAL MONEY MARKET FUND CLASS A SHARES Year ended 12/31/99 $1.00 0.03 -- (0.03) Year ended 12/31/00 $1.00 0.04 -- (0.04) 1/1/01 to 7/31/01(c) $1.00 0.02 -- (0.02) Year ended 7/31/02 $1.00 0.01 -- (0.01) Year ended 7/31/03 $1.00 0.01 -- (0.01) Year ended 7/31/04 $1.00 --^ -- --^ ----------------------------------------------------------------------------------------------------------------------------------- FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD NET ASSET VALUE, END OF TOTAL PERIOD RETURN -------------------------------------------------------------------------------------------- GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $1.00 5.31% Year ended 7/31/01 $1.00 5.23% Year ended 7/31/02 $1.00 1.79% Year ended 7/31/03 $1.00 0.92% Year ended 7/31/04 $1.00 0.47% -------------------------------------------------------------------------------------------- GOVERNMENT MONEY MARKET FUND CLASS A SHARES Year ended 7/31/00 $1.00 5.10% Year ended 7/31/01 $1.00 5.02% Year ended 7/31/02 $1.00 1.58% Year ended 7/31/03 $1.00 0.71% Year ended 7/31/04 $1.00 0.27% -------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $1.00 5.40% Year ended 7/31/01 $1.00 5.30% Year ended 7/31/02 $1.00 1.92% Year ended 7/31/03 $1.00 1.02% Year ended 7/31/04 $1.00 0.80% -------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $1.00 0.59%* -------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $1.00 0.54%* -------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $1.00 0.46%* -------------------------------------------------------------------------------------------- MICHIGAN MUNICIPAL MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 12/31/99 $1.00 2.86% Year ended 12/31/00 $1.00 3.73% 1/1/01 to 7/31/01(c) $1.00 1.71%* Year ended 7/31/02 $1.00 1.41% Year ended 7/31/03 $1.00 0.88% Year ended 7/31/04 $1.00 0.59% -------------------------------------------------------------------------------------------- MICHIGAN MUNICIPAL MONEY MARKET FUND CLASS A SHARES Year ended 12/31/99 $1.00 2.86% Year ended 12/31/00 $1.00 3.70% 1/1/01 to 7/31/01(c) $1.00 1.57%* Year ended 7/31/02 $1.00 1.25% Year ended 7/31/03 $1.00 0.78% Year ended 7/31/04 $1.00 0.49% -------------------------------------------------------------------------------------------- RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------------------- RATIOS OF RATIOS OF RATIOS OF NET EXPENSES NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME AVERAGE PERIOD NET TO AVERAGE NET (000 'S) ASSETS NET ASSETS ASSETS (a) ---------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 211,790 0.57% 5.17% 0.64% Year ended 7/31/01 $ 238,816 0.55% 5.12% 0.60% Year ended 7/31/02 $ 279,059 0.65% 1.75% 0.69% Year ended 7/31/03 $ 275,107 0.61% 0.84% 0.66% Year ended 7/31/04 $ 173,865 0.62% 0.47% 0.67% ---------------------------------------------------------------------------------------------------------------------------------- GOVERNMENT MONEY MARKET FUND CLASS A SHARES Year ended 7/31/00 $ 264,393 0.77% 4.93% 0.89% Year ended 7/31/01 $ 248,064 0.75% 4.92% 0.85% Year ended 7/31/02 $ 270,062 0.85% 1.57% 0.94% Year ended 7/31/03 $ 177,390 0.81% 0.66% 0.91% Year ended 7/31/04 $ 110,153 0.82% 0.27% 0.92% ---------------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 871,657 0.38% 5.26% 0.62% Year ended 7/31/01 $1,058,407 0.39% 5.08% 0.64% Year ended 7/31/02 $1,143,352 0.41% 1.88% 0.64% Year ended 7/31/03 $1,644,905 0.40% 0.98% 0.65% Year ended 7/31/04 $ 399,195 0.30% 0.74% 0.65% ---------------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $ 93,233 0.30%** 0.76%** 0.73%** ---------------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $1,102,963 0.37%** 0.69%** 0.80%** ---------------------------------------------------------------------------------------------------------------------------------- U.S. TREASURY MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $ 165,402 0.47%** 0.58%** 0.90%** ---------------------------------------------------------------------------------------------------------------------------------- MICHIGAN MUNICIPAL MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 292,619 0.53% 2.82% 0.63% Year ended 12/31/00 $ 295,219 0.53% 3.67% 0.62% 1/1/01 to 7/31/01(c) $ 317,543 0.54%** 2.93%** 0.63%** Year ended 7/31/02 $ 292,618 0.54% 1.41% 0.65% Year ended 7/31/03 $ 247,805 0.54% 0.88% 0.67% Year ended 7/31/04 $ 197,225 0.54% 0.59% 0.67% ---------------------------------------------------------------------------------------------------------------------------------- MICHIGAN MUNICIPAL MONEY MARKET FUND CLASS A SHARES Year ended 12/31/99 $ 658 0.53% 2.82% 0.63% Year ended 12/31/00 $ 160 0.54% 3.44% 0.63% 1/1/01 to 7/31/01(c) $ 215 0.79%** 2.67%** 0.88%** Year ended 7/31/02 $ 177 0.70% 1.26% 0.91% Year ended 7/31/03 $ 19 0.64% 0.90% 0.92% Year ended 7/31/04 $ 18 0.64% 0.48% 0.91% ---------------------------------------------------------------------------------------------------------------------------------- See notes to financial highlights 36-37 [SPREAD]
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) [Enlarge/Download Table] NET REALIZED NET ASSET AND UNREALIZED LESS NET ASSET VALUE, NET GAINS/ DISTRIBUTIONS VALUE, BEGINNING INVESTMENT (LOSSES) FROM TO END OF TOTAL OF PERIOD INCOME INVESTMENTS SHAREHOLDERS PERIOD RETURN ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $1.00 0.04 -- (0.04) $1.00 3.46% Year ended 7/31/01 $1.00 0.03 -- (0.03) $1.00 3.44% Year ended 7/31/02 $1.00 0.01 -- (0.01) $1.00 1.45% Year ended 7/31/03 $1.00 0.01 --^ (0.01) $1.00 0.91% Year ended 7/31/04 $1.00 0.01 --^ (0.01) $1.00 0.68% ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND CLASS A SHARES Year ended 7/31/00 $1.00 0.03 -- (0.03) $1.00 3.40% Year ended 7/31/01 $1.00 0.03 -- (0.03) $1.00 3.37% Year ended 7/31/02 $1.00 0.01 -- (0.01) $1.00 1.38% Year ended 7/31/03 $1.00 0.01 --^ (0.01) $1.00 0.80% Year ended 7/31/04 $1.00 --^ --^ --^ $1.00 0.43% ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $1.00 --^ --^ --^ $1.00 0.47%* ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $1.00 --^ --^ --^ $1.00 0.42%* ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $1.00 --^ --^ --^ $1.00 0.34%* ---------------------------------------------------------------------------------------------------------------------------------- NOTES TO FINANCIAL HIGHLIGHTS (a) During various periods, certain fees were reduced. The ratios shown do not include these fee reductions. (b) Reflects date of commencement of operations. (c) The Fund changed its fiscal year end to July 31 from December 31. ^ Amount is less than $0.005. * Not annualized. ** Annualized. RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------------------- RATIOS OF RATIOS OF RATIOS OF NET EXPENSES NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME AVERAGE PERIOD NET TO AVERAGE NET (000 'S) ASSETS NET ASSETS ASSETS (a) ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 100,995 0.31% 3.51% 0.83% Year ended 7/31/01 $ 190,268 0.29% 3.33% 0.74% Year ended 7/31/02 $ 249,280 0.34% 1.43% 0.77% Year ended 7/31/03 $ 199,439 0.42% 0.92% 0.78% Year ended 7/31/04 $ 136,302 0.38% 0.67% 0.80% ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND CLASS A SHARES Year ended 7/31/00 $ 29,693 0.38% 3.33% 1.08% Year ended 7/31/01 $ 40,981 0.36% 3.26% 0.99% Year ended 7/31/02 $ 42,004 0.41% 1.35% 1.02% Year ended 7/31/03 $ 53,079 0.52% 0.80% 1.03% Year ended 7/31/04 $ 17,590 0.63% 0.42% 1.05% ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND SELECT SHARES 10/20/03(b) to 7/31/04 $ 863 0.46%** 0.62%** 0.91%** ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND PREFERRED SHARES 10/20/03(b) to 7/31/04 $ 637 0.53%** 0.55%** 0.98%** ---------------------------------------------------------------------------------------------------------------------------------- MUNICIPAL MONEY MARKET FUND TRUST SHARES 10/20/03(b) to 7/31/04 $ 244 0.63%** 0.44%** 1.06%** ---------------------------------------------------------------------------------------------------------------------------------- See notes to financial statements 38-39 [SPREAD]
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM -------------------------------------------------------------------------------- To the Shareholders and Trustees of Fifth Third Funds: In our opinion, the accompanying statements of assets and liabilities, including schedules of portfolio investments, and the related statements of operations and changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fifth Third Prime Money Market Fund, Fifth Third Institutional Money Market Fund, Fifth Third Institutional Government Money Market Fund, Fifth Third Government Money Market Fund, Fifth Third U.S. Treasury Money Market Fund, Fifth Third Michigan Municipal Money Market Fund and Fifth Third Municipal Money Market Fund (separate portfolios constituting Fifth Third Funds, hereafter referred to as the "Funds") at July 31, 2004, the results of each of their operations for the year then ended, the changes in each of their net assets for the two years then ended and the financial highlights for each of the periods in the three years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States), which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at July 31, 2004 by correspondence with the custodian and brokers provide a reasonable basis for our opinion. The financial highlights of the Fifth Third Prime Money Market Fund, Fifth Third Government Money Market Fund, Fifth Third U.S. Treasury Money Market Fund and Fifth Third Municipal Money Market Fund for the period ended July 31, 2001 and prior were audited by other independent auditors who have ceased operations. Those independent auditors expressed an unqualified opinion on those statements in their report dated September 7, 2001. The financial highlights of the Fifth Third Institutional Money Market Fund, Fifth Third Institutional Government Money Market Fund and Fifth Third Michigan Municipal Money Market Fund for the period ended July 31, 2001 and prior were audited by other independent auditors who have ceased operations. Those independent auditors expressed an unqualified opinion on those statements in their report dated September 4, 2001. PricewaterhouseCoopers LLP Columbus, Ohio September 29, 2004 40
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED): -------------------------------------------------------------------------------- FIFTH THIRD FUNDS MANAGEMENT ^ The Trustees and Officers of the Funds, their date of birth, the position they hold with the Funds, their term of office and length of time served, a description of their principal occupations during the past five years, the number of portfolios in the fund complex that the Trustee oversees and any other directorships held by the Trustee are listed in the two tables immediately following. The business address of the persons listed below is 3435 Stelzer Road, Columbus, Ohio 43219-3035 INDEPENDENT TRUSTEES -------------------- [Enlarge/Download Table] NUMBER OF PORTFOLIOS POSITION(S) TERM OF IN FUND HELD OFFICE AND COMPLEX OTHER NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY DIRECTORSHIPS DATE OF BIRTH FUNDS TIME SERVED DURING THE PAST 5 YEARS TRUSTEE HELD BY TRUSTEE --------------- ---------- ----------- ------------------------ ----------- --------------- David J. Durham Trustee Indefinite, President and Chief 35 None Birthdate: 5/10/1945 June 2001- Executive Officer of Clipper Present Products, Inc., a wholesale distributor, 1997-Present. J. Joseph Hale Jr. Trustee Indefinite, Vice President and Chief 35 None Birthdate: 9/11/1949 March Communications Officer, Cinergy 2001-Present Corp., September 2004-Present. President, Cinergy Foundation, November 2001-Present. President, Cinergy Corp., Cincinnati Gas & Electric Co., The Union Light Heat & Power Co., July 2000- October 2001. Vice President, Corporate Communications, August 1996-June 2000. John E. Jaymont Trustee Indefinite, AVP, PIANKO, Feb. 2002- 35 Printing Birthdate: 12/5/1944 October Present. Business Industries of 2001- Present Management Consultant, April America: Web Offset 2000-February 2002. President, Assoc., Director; Master Metroweb Corp. (publications Printers of America, printing) 1997-2000. Director. David J. Gruber Trustee Indefinite, Ohio Arts & Sports Facilities 35 None Birthdate: 8/19/1963 December Commission (state funding oversight 2003-Present agency), CFO, April 2003-Present. Ohio Expositions Commission (state fair and expo center), Finance Director, April 1996-2003. INTERESTED TRUSTEE ------------------ Edward Burke Carey* Chairman-Board Indefinite, President of Carey Realty 35 The Foundation Birthdate: 7/2/1945 of Trustees January Investments, Inc. of the Catholic 1989-Present Diocese of Columbus-Trustee Ohio and Kentucky Chapters of the Counselors of Real Estate-Trustee, Chairman. ^ Additional disclosures can be found in the Statement of Additional Information, which can be obtained by calling 1-800-282-5706. * Mr. Carey is treated by the Funds as an "interested person" (as defined in Section 2(a)(19) of the 1940 Act) of the Funds and the Investment Advisor. Mr. Carey is an "interested person" because of his business transactions with Fifth Third Bank and its affiliates. 41
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED), CONTINUED: -------------------------------------------------------------------------------- [Enlarge/Download Table] OFFICERS -------- TERM OF POSITION(S) OFFICE AND HELD LENGTH OF NAME WITH THE TIME PRINCIPAL OCCUPATION(S) AND DATE OF BIRTH FUNDS SERVED DURING THE PAST 5 YEARS ----------------- ----------- ------------- ----------------------------- C. David Bunstine President Indefinite, Employee of BISYS Fund Services Birthdate: 7/30/65 March Limited Partnership since 2003-Present December 1987. Russell D. Ungerman Vice President Indefinite, Trust Officer of Fifth Third Bank, Birthdate: 2/9/1971 September 1998-Present; Trust Officer of 2002-Present Wilmington Trust Co., 1994-1998. Rodney L. Ruehle Vice President Indefinite, Employee of BISYS Fund Services Birthdate: 4/26/1968 and Secretary September Limited Partnership since August 1995. 2001-Present Adam S. Ness Treasurer Indefinite, Employee of BISYS Fund services Birthdate: 10/14/1972 September Limited Partnership since June 1998. 2001-Present Warren Leslie Assistant Secretary Indefinite, Employee of BISYS Fund Services Birthdate: 2/13/1962 and Assistant Treasurer September Limited Partnership since May 1995. 2001-Present 42
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED), CONTINUED: -------------------------------------------------------------------------------- EXPENSE EXAMPLES As a shareholder of the Fifth Third Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution [and/or service] 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fifth Third Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2004 through July 31, 2004. ACTUAL EXPENSES The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. [Enlarge/Download Table] EXPENSE EXPENSE BEGINNING ENDING PAID RATIO ACCOUNT ACCOUNT DURING DURING VALUE VALUE PERIOD* PERIOD 2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04 ----------- ----------- ---------------- ---------------- Prime Money Market Fund Institutional Shares $ 1,000.00 $ 1,003.40 $2.69 0.54% Class A Shares 1,000.00 1,002.10 3.93 0.79% Class B Shares 1,000.00 1,001.30 4.83 0.97% Class C Shares 1,000.00 1,001.20 4.93 0.99% Advisor Shares 1,000.00 1,001.30 4.83 0.97% Institutional Money Market Fund Institutional Shares 1,000.00 1,005.00 1.10 0.22% Select Shares 1,000.00 1,004.60 1.50 0.30% Preferred Shares 1,000.00 1,004.20 1.84 0.37% Trust Shares 1,000.00 1,003.70 2.34 0.47% Institutional Government Money Market Fund Institutional Shares 1,000.00 1,004.60 1.10 0.22% Select Shares 1,000.00 1,004.20 1.49 0.30% Preferred Shares 1,000.00 1,003.80 1.84 0.37% Trust Shares 1,000.00 1,003.30 2.34 0.47% Government Money Market Fund Institutional Shares 1,000.00 1,002.50 3.09 0.62% Class A Shares 1,000.00 1,001.50 4.08 0.82% U.S. Treasury Money Market Fund Institutional Shares 1,000.00 1,004.20 1.10 0.22% Select Shares 1,000.00 1,003.80 1.49 0.30% Preferred Shares 1,000.00 1,003.50 1.84 0.37% Trust Shares 1,000.00 1,003.00 2.34 0.47% Michigan Municipal Money Market Fund Institutional Shares 1,000.00 1,003.00 2.69 0.54% Class A Shares 1,000.00 1,002.50 3.19 0.64% Municipal Money Market Fund Institutional Shares 1,000.00 1,003.30 1.89 0.38% Class A Shares 1,000.00 1,002.00 3.14 0.63% Select Shares 1,000.00 1,002.90 2.29 0.46% Preferred Shares 1,000.00 1,002.50 2.64 0.53% Trust Shares 1,000.00 1,002.00 3.14 0.63% * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. 43
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED), CONTINUED: -------------------------------------------------------------------------------- HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The table below provides information about hypothetical account values and hypothetical expenses based on each Fifth Third Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may however use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. [Enlarge/Download Table] EXPENSE EXPENSE BEGINNING ENDING PAID RATIO ACCOUNT ACCOUNT DURING DURING VALUE VALUE PERIOD* PERIOD 2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04 ----------- ----------- ---------------- ---------------- Prime Money Market Fund Institutional Shares $ 1,000.00 $ 1,022.18 $ 2.72 0.54% Class A Shares 1,000.00 1,020.93 3.97 0.79% Class B Shares 1,000.00 1,020.04 4.87 0.97% Class C Shares 1,000.00 1,019.94 4.97 0.99% Advisor Shares 1,000.00 1,020.04 4.87 0.97% Institutional Money Market Fund Institutional Shares 1,000.00 1,023.77 1.11 0.22% Select Shares 1,000.00 1,023.37 1.51 0.30% Preferred Shares 1,000.00 1,023.02 1.86 0.37% Trust Shares 1,000.00 1,022.53 2.36 0.47% Institutional Government Money Market Fund Institutional Shares 1,000.00 1,023.77 1.11 0.22% Select Shares 1,000.00 1,023.37 1.51 0.30% Preferred Shares 1,000.00 1,023.02 1.86 0.37% Trust Shares 1,000.00 1,022.53 2.36 0.47% Government Money Market Fund Institutional Shares 1,000.00 1,021.78 3.12 0.62% Class A Shares 1,000.00 1,020.79 4.12 0.82% U.S. Treasury Money Market Fund Institutional Shares 1,000.00 1,023.77 1.11 0.22% Select Shares 1,000.00 1,023.37 1.51 0.30% Preferred Shares 1,000.00 1,023.02 1.86 0.37% Trust Shares 1,000.00 1,022.53 2.36 0.47% Michigan Municipal Money Market Fund Institutional Shares 1,000.00 1,022.18 2.72 0.54% Class A Shares 1,000.00 1,021.68 3.22 0.64% Municipal Money Market Fund Institutional Shares 1,000.00 1,022.97 1.91 0.38% Class A Shares 1,000.00 1,021.73 3.17 0.63% Select Shares 1,000.00 1,022.58 2.31 0.46% Preferred Shares 1,000.00 1,022.23 2.66 0.53% Trust Shares 1,000.00 1,021.73 3.17 0.63% * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. 44
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[Enlarge/Download Table] Addresses -------------------------------------------------------------------------------------------------------------- Fifth Third Funds Fifth Third Funds Money Market Mutual Funds 3435 Stelzer Road Columbus, Ohio 43219 -------------------------------------------------------------------------------------------------------------- Investment Advisor Fifth Third Asset Management, Inc. 38 Fountain Square Plaza Cincinnati, Ohio 45263 -------------------------------------------------------------------------------------------------------------- Distributor Fifth Third Funds Distributor, Inc. 3435 Stelzer Road Columbus, Ohio 43219 -------------------------------------------------------------------------------------------------------------- Administrator, Transfer and Dividend Disbursing Fifth Third Bank Agent, Accountant and Custodian 38 Fountain Square Plaza Cincinnati, Ohio 45263 -------------------------------------------------------------------------------------------------------------- Sub-Administrator BISYS Fund Services Limited Partnership 3435 Stelzer Road Columbus, Ohio 43219 -------------------------------------------------------------------------------------------------------------- Sub-Transfer and Dividend Disbursing Agent BISYS Fund Services Ohio, Inc. and Sub-Accountant 3435 Stelzer Road Columbus, Ohio 43219 -------------------------------------------------------------------------------------------------------------- Registered Independent Accountants PricewaterhouseCoopers LLP 100 East Broad Street Suite 2100 Columbus, Ohio 43215 --------------------------------------------------------------------------------------------------------------
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[LOGO]: 5/3 FIFTH THIRD FUNDS 9/04 AR-MMF-04
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[LOGO] FIFTH THIRD FUNDS STOCK AND BOND MUTUAL FUNDS ANNUAL REPORT TO SHAREHOLDERS _________________ JULY 31, 2004
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NOTICE OF DELIVERY OF PROSPECTUSES, SEMI-ANNUAL REPORTS AND ANNUAL REPORTS In order to reduce expenses of the Fifth Third Funds incurred in connection with the mailing of prospectuses, prospectus supplements, semi-annual reports and annual reports to multiple shareholders at the same address, Fifth Third Funds may in the future deliver one copy of a prospectus, prospectus supplement, semi-annual report or annual report to a single investor sharing a street address or post office box with other investors, provided that all such investors have the same last name or are believed to be members of the same family. If you share an address with another investor and wish to receive your own prospectus, prospectus supplements, semi-annual reports and annual reports, please call the Trust toll-free at 1-800-282-5706. This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus for the Funds, which contains facts concerning the objectives and policies, management fees, expenses and other information. A description of the polices and procedures that the Funds use to determine how to vote proxies relating to the portfolio securities and information regarding how the Funds voted relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge, upon request, by calling 1-800-282-5706 or on the Securities and Exchange Commission's website at http://www.sec.gov. Schedules of Portfolio Investments for periods ending October 31 and April 30 will be available starting December 30, 2004, without charge, on the Securities and Exchange Commission's website at http://www.sec.gov. Fifth Third Asset Management, Inc. serves as Investment Advisor to the Funds and receives a fee for their services. The Fifth Third Funds are distributed by Fifth Third Funds Distributor, Inc. FIFTH THIRD FUNDS, LIKE ALL MUTUAL FUNDS: o ARE NOT FDIC INSURED o HAVE NO BANK GUARANTEE o MAY LOSE VALUE
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TABLE OF CONTENTS Economic Outlook and Commentary Section ............................. 1 Management Discussion of Fund Performance Small Cap Growth Fund ............................................... 4 Mid Cap Growth Fund ................................................. 6 Quality Growth Fund ................................................. 8 Large Cap Core Fund ................................................. 10 Equity Index Fund ................................................... 12 Balanced Fund ....................................................... 14 Micro Cap Value Fund ................................................ 16 Small Cap Value Fund ................................................ 18 Multi Cap Value Fund ................................................ 20 Disciplined Large Cap Value Fund .................................... 22 Fifth Third LifeModel Aggressive Fund SM ............................ 24 Fifth Third LifeModel Moderately Aggressive Fund SM ................. 26 Fifth Third LifeModel Moderate Fund SM .............................. 28 Fifth Third LifeModel Moderately Conservative Fund SM ............... 30 Fifth Third LifeModel Conservative Fund SM .......................... 32 Strategic Income Fund ............................................... 34 Select Stock Fund ................................................... 36 Technology Fund ..................................................... 38 International Equity Fund . ......................................... 40 Bond Fund ........................................................... 42 Intermediate Bond Fund .............................................. 44 Short Term Bond Fund ................................................ 46 U.S. Government Bond Fund . ......................................... 48 Municipal Bond Fund ................................................. 50 Intermediate Municipal Bond Fund .................................... 52 Ohio Municipal Bond Fund ............................................ 54 Michigan Municipal Bond Fund ........................................ 56 Schedules of Portfolio Investments .................................. 59 Notes to Schedules of Portfolio Investments ......................... 1ll Statements of Assets and Liabilities ................................ 118 Statements of Operations ............................................ 123 Statements of Changes in Net Assets ................................. 128 Notes to Financial Statements ....................................... 146 Financial Highlights ................................................ 158 Notes to Financial Highlights ....................................... 182 Report of Independent Registered Public Accounting Firm ............. 183 Supplemental Information ............................................ 184 OUR MESSAGE TO YOU -------------------------------------------------------------------------------- [LOGO] FROM EUPHORIA TO DESPAIR... For the 12-month period ended July 31, 2004, investors experienced stock and bond market returns not too dissimilar from historic averages. Stocks, as represented by the S&P 500 (R) Index 1, enjoyed a total return of 13.17%, while bonds, as represented by the Lehman Brothers Intermediate Government/Credit Bond Index 2, returned 3.60%. The ride for many investors, however, may not have felt so smooth. The influences on financial markets changed markedly from the first half of the period to the second half. Where there was euphoria in the first six months, seemingly grinding despair emerged in the latter months. During the first half of the fiscal year, the economy saw tremendous growth from the strong fiscal and monetary stimuli applied in early 2003. Gross Domestic Product 3 growth averaged over 6.00% in the second half of 2003-nearly double the long-term average. For investors, we believe this type of environment generally benefits small cap stocks, and, indeed, from August 2003 to January 2004, small cap stocks climbed about 25.00%. Within the second half of the period, economic growth trended back to its historical average amid mixed signals about job growth and consumer demand. The stock market struggled to make headway and although large cap stocks outperformed small cap stocks from January 2004 to July 2004, both classes posted slight declines. Bond investors watched the yield of the benchmark 10-year Treasury change little during the fiscal year, as it started at 4.41% and ended at 4.47%. Given the strong economic growth in the second half of 2003, one would have assumed that bond yields would be higher by July 2004, but other forces combined to keep yields relatively low. A likely inflection point for investors during the 12-month period occurred on June 13, 2003, when the yield on the benchmark 10-year Treasury closed at 3.13%. We are unlikely to see yields so low for many years, unless something goes so horribly wrong with the war on terrorism that global commerce is disrupted. One reason behind the extremely small bond yields was a 46-year low of 1.00% on the Fed Funds Rate, the short-term lending rate set by the Federal Reserve (the "Fed"). Additionally, a generational low of 1. 70% on the year-over-year growth in the Consumer Price Index 3 (CPI), a key measure of inflation, was reported in February 2004. On June 30, 2004, the Fed began what we believe is likely to be a lengthy tightening cycle by raising the Fed Funds Rate to 1.25%, and the year-over-year CPI rate moved back up to the 3.00% range. The close of our fiscal year finds many crosscurrents in financial markets leading to a sense of anxiety about stock prices and bond yields as investors appear focused on five main issues: 1. The rising price of oil 2. Terrorist threats 3. The outcome of the November election 4. The length and extent of the Fed tightening cycle 5. The durability of the economic expansion and corporate profit growth 1
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Each of these crosscurrents has undermined, at times, what would historically have been a sanguine investing environment, featuring: o Corporate earnings increasing at a rate well above historical averages o Corporate cash balances approaching $800 billion (four times 2000 levels), leading to healthy balance sheets o Relatively low borrowing costs for businesses and consumers o Narrow interest rate differentials between U.S. Treasury bonds and comparable corporate bonds Since 1960, the average economic expansion in the U.S. has lasted slightly longer than seven years. The current economic expansion began in late 2001 and is not yet three years old. If the economic expansion and corresponding corporate profit cycle end prematurely, we believe it would be highly unusual. We remain optimistic about the resiliency of the U.S. economy, as well as the global growth outlook. We appreciate the continued confidence of our customers, and we work everyday to monitor financial markets to identify risks and opportunities on behalf of our shareholders. The Fifth Third Funds family now offers a broader array of investment choices, encompassing multiple investment styles. Designed to meet the varied needs of our expanding customer base, these investments help diversify portfolios by offering exposure to stocks, bonds, cash and alternative investments. Ultimately, we believe that a well-diversified portfolio provides an investor with the best opportunity to build wealth over time with a reasonable level of risk. Thank you for your continued confidence in Fifth Third Funds. Sincerely, /s/ Keith Wirtz Keith Wirtz, CFA Chief Investment Officer /s/ John Augustine John Augustine, CFA Chief Investment Strategist TERMS AND DEFINITIONS -------------------------------------------------------------------------------- 1 STANDARD & POOR'S 500 (R) INDEX ("S&P 500 (R) INDEX") IS COMPRISED OF 500 SELECTED COMMON STOCKS, MOST OF WHICH ARE LISTED ON THE NEW YORK STOCK EXCHANGE, AND IS A MEASURE OF THE U.S. STOCK MARKET AS A WHOLE. 2 THE LEHMAN BROTHERS INTERMEDIATE GOVERNMENT/CREDIT BOND INDEX IS COMPOSED OF INVESTMENT GRADE CORPORATE DEBT ISSUES OF U.S. GOVERNMENT AGENCIES AND THE U.S.TREASURY.THE DEBT ISSUES ALL MAINTAIN MATURITIES WITHIN A RANGE OF ONE TO TEN YEARS. THE ABOVE INDICES DO NOT REFLECT THE DEDUCTION OF FEES ASSOCIATED WITH A MUTUAL FUND SUCH AS INVESTMENT MANAGEMENT AND FUND ACCOUNTING FEES. INVESTORS CANNOT INVEST DIRECTLY IN AN INDEX, ALTHOUGH THEY CAN INVEST IN ITS UNDERLYING SECURITIES. 3 THE GROSS DOMESTIC PRODUCT MEASURES THE MARKET VALUE OF THE GOODS AND SERVICES PRODUCED BY LABOR AND PROPERTY IN THE UNITED STATES. THE CONSUMER PRICE INDEX (CPI) IS A MEASURE OF PRICE CHANGES IN CONSUMER GOODS AND SERVICES SUCH AS GASOLINE, FOOD, AND AUTOMOBILES. THE FOREGOING INFORMATION AND OPINIONS ARE FOR GENERAL INFORMATION ONLY. FIFTH THIRD ASSET MANAGEMENT, INC. DOES NOT GUARANTEE THE ACCURACY OR COMPLETENESS, NOR ASSUME LIABILITY FOR ANY LOSS, WHICH MAY RESULT FROM THE RELIANCE BY ANY PERSON UPON ANY SUCH INFORMATION OR OPINIONS. SUCH INFORMATION AND OPINIONS ARE SUBJECT TO CHANGE WITHOUT NOTICE, ARE FOR GENERAL INFORMATION ONLY AND ARE NOT INTENDED AS AN OFFER OR SOLICITATION WITH RESPECT TO THE PURCHASE OR SALE OF ANY SECURITY OR OFFERING OF INDIVIDUAL OR PERSONALIZED INVESTMENT ADVICE. 2
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE SMALL CAP GROWTH FUND For the 12-month period ended July 31, 2004, the Fifth Third Small Cap Growth Fund (Institutional Shares) gained 7.31%, underperforming its benchmark, the Russell 2000 (R) Growth Index 1, which advanced 11.32%. The majority of gains for both the Fund and its benchmark were realized during the first half of the period, but subsequently eroded amid inflation fears and interest rate jitters. As the concerns blossomed through the opening quarters of 2003, small cap growth investors migrated toward companies with larger market capitalizations, lower growth expectations, higher valuations and larger debt-to-capital ratios ++. Built with an emphasis on greater earnings growth expectations, lower valuations and leaner debt-to-capital ratios, the Fund lagged as a result. Weighing significantly were the Fund's holdings in the information technology and healthcare sectors. More specifically in the technology group, the Fund's overweight positions, relative to the benchmark, in telecommunications and networking names struggled, as well as holdings in the semiconductor manufacturing and semiconductor equipment areas. Despite better than expected spending and earnings trends, many observers viewed these specialties as most vulnerable to a potential near-term peak in the technology cycle and sold them off as a result. + In healthcare, the Fund's underweight position in outperforming service providers such as health maintenance organizations and hospitals and an overweight stake in underperforming biotechnology and pharmaceutical companies combined to hamper results. The drug-oriented names worked well until a lull following a prestigious medical conference in May. + On the upside, the Fund's industrials sector stocks rallied as we correctly anticipated the improving economic conditions and owned a number of companies heavily leveraged to such a development. In addition, defense contractor holdings provided a boost in the wake of the Iraq war. The consumer discretionary sector also supplied a lift as we overweighted specialty retailers that target younger consumers with lower living expenses and higher expendable income. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- SMALL CAPITALIZATION FUNDS TYPICALLY CARRY ADDITIONAL RISK SINCE SMALLER COMPANIES GENERALLY HAVE A HIGHER RISK OF FAILURE. HISTORICALLY, SMALLER COMPANIES' STOCKS HAVE EXPERIENCED A GREATER DEGREE OF MARKET VOLATILITY THAN LARGE COMPANY STOCKS ON AVERAGE. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------- ------ ------- -------- Institutional 7.31% 1.43% 7.76% $ 21,112 ------------------------------------------------------------------------------- Class A* 1.83% 0.16% 6.97% $ 19,611 ------------------------------------------------------------------------------- Class B** 1.49% 0.05% 6.68% $ 19,092 ------------------------------------------------------------------------------- Class C** 6.29% 0.42% 6.69% $ 19,104 ------------------------------------------------------------------------------- Advisor 6.84% 0.92% 7.22% $ 20,074 ------------------------------------------------------------------------------- Russell 2000 (R) Growth Index 1 11.32% -1.69% 6.00% $ 17,913 ------------------------------------------------------------------------------- Lipper Small-Cap Growth Funds Average 1 9.62% 1.46% 8.16% $ 24,106 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER, 29, 2001, THE QUOTED PERFORMANCE OF THE SMALL CAP GROWTH FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE KENT SMALL COMPANY GROWTH FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF NOVEMBER 2, 1992. PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR CLASS A SHARES REFLECTS THE PERFORMANCE OF THE KENT SMALL COMPANY GROWTH INVESTMENT SHARES, WITH AN INCEPTION DATE OF DECEMBER 4, 1992, ADJUSTED FOR MAXIMUM SALES CHARGE.THE INCEPTION DATE FOR CLASS B, CLASS C AND ADVISOR SHARES IS OCTOBER 29, 2001. THE QUOTED PERFORMANCE OF CLASS B, CLASS C AND ADVISOR SHARES REFLECTS THE PERFORMANCE OF THE INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B, CLASS C AND ADVISOR SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + Urban Outfitters, Inc. .......................................... 1.65% Engineered Support Systems, Inc. ................................ 1.42% Aeropostale, Inc. ............................................... 1.34% East West Bancorp, Inc. ......................................... 1.21% Trimble Navigation Ltd. ......................................... 1.17% RC2 Corp. ....................................................... 1.14% Comstock Resources, Inc. ........................................ 1.09% TEKELEC ......................................................... 1.06% Flir Systems, Inc. .............................................. 1.05% Labor Ready, Inc. ............................................... 1.02% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. ++ DEBT-TO-CAPITAL IS A MEASURE OF A COMPANY'S FINANCIAL LEVERAGE CALCULATED BY DIVIDING LONG TERM DEBT BY SHAREHOLDERS EQUITY. IT INDICATES WHAT PROPORTION OF EQUITY AND DEBT THE COMPANY IS USING TO FINANCE ITS ASSETS. 4
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE SMALL CAP GROWTH FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD SMALL CAP GROWTH FUND RUSSELL 2000(R) LIPPER SMALL-CAP (INSTITUTIONAL GROWTH GROWTH FUNDS SHARES) INDEX AVERAGE ------- ----- ------- 7/94 $10000 $10000 $10000 7/95 11787 13377.1 13723 7/96 13040 13781.4 15251 7/97 18068 17261.8 19394 7/98 18240 17034.6 19890 7/99 19661 19506.3 22797 7/00 23316 23628.6 31712 7/01 21404 18121.4 25546 7/02 16951 12574.5 18004 7/03 19673 16091.1 22063 7/04 21112 17913.3 24106 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Russell 2000 (R) Growth Index and the Lipper Small-Cap Growth Funds Average. The Russell 2000 (R) Growth Index tracks the performance of common stocks that measure the performance of the securities found in the Russell 2000 universe with higher forecasted growth values. The Lipper Small-Cap Growth Funds Average is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Russell 2000 (R) Growth Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Small-Cap Growth Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 5
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MID CAP GROWTH FUND For the 12-month period ended July 31, 2004, the Fifth Third Mid Cap Growth Fund (Institutional Shares) returned 7.82%, lagging its benchmark, the Russell MidCap (R) Growth Index 1, which gained 14.79%. Mid-cap investors spent the first part of the period piling into speculative, lower-quality stocks, enjoying a relief rally fueled in part by tax cuts and accelerating earnings expectations. Shortly after the New Year, momentum generally shifted to higher-quality names at the slower end of the growth spectrum as signs of robust economic growth raised concerns over rising interest rates and inflation. The stark contrast discounted a large swath of the market, which contributed to the Fund's underperformance. By far, the information technology sector created the biggest drag on performance as an overweight position, relative to the benchmark, and some poor stock picks magnified losses. By mostly avoiding the low-quality names in the communications equipment group, we missed out on one of the sector's largest rallies at the end of 2003. Conversely, we stayed too long in semiconductor stocks, which dipped as worries over end-market demand emerged this spring. + Hindering returns on a more modest basis was the consumer discretionary sector, where some retail picks faltered. On the upside, the market's interest in companies with steady, reliable earnings helped boost the Fund's overweight stake in the healthcare sector. More specifically, medical service and supply names performed well as long-term demographic trends supported projections for consistent growth rates. + On a smaller scale, select stocks within the energy and industrial sectors also provided gains. Our early 2003 move into oil and natural gas exploration and production enterprises proved savvy as many of our holdings directly benefited from spiking oil prices. In the manufacturing space, many companies experienced increased demand as the economy improved. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- MID CAPITALIZATION FUNDS TYPICALLY CARRY ADDITIONAL RISK SINCE MID-SIZE COMPANIES GENERALLY HAVE A HIGHER RISK OF FAILURE. HISTORICALLY, MID-SIZE COMPANIES' STOCKS HAVE EXPERIENCED A GREATER DEGREE OF MARKET VOLATILITY THAN LARGE COMPANY STOCKS ON AVERAGE. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------- ------ ------- -------- Institutional 7.82% 0.83% 8.29% $22,174 ------------------------------------------------------------------------------- Class A * 2.25% -0.47% 7.55% $20,706 ------------------------------------------------------------------------------- Class B ** 1.82% -0.54% 7.15% $19,948 ------------------------------------------------------------------------------- Class C ** 6.89% -0.18% 7.31% $20,248 ------------------------------------------------------------------------------- Advisor 7.39% 0.33% 7.85% $21,285 ------------------------------------------------------------------------------- Russell MidCap (R) Growth Index 1 14.79% -0.23% 9.82% $25,524 ------------------------------------------------------------------------------- Lipper Mid-Cap Growth Funds Average 1 9.63% -0.01% 8.64% $23,939 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. THE INCEPTION DATES FOR THE INSTITUTIONAL, CLASS B, CLASS C AND ADVISOR SHARES OF THE MID CAP GROWTH FUND ARE AUGUST 11, 1998, OCTOBER 11, 2000, APRIL 24, 1996 AND OCTOBER 29, 2001, RESPECTIVELY. PRIOR TO SUCH DATES, QUOTED PERFORMANCE REFLECTS THE PERFORMANCE OF CLASS A SHARES ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B, CLASS C AND ADVISOR SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + Biomet, Inc. .................................................... 2.01% Fisher Scientific International, Inc. ........................... 1.98% T. Rowe Price Group, Inc. ....................................... 1.82% Inveresk Research Group, Inc. ................................... 1.78% Hughes Supply, Inc. ............................................. 1.74% Chico's FAS, Inc. ............................................... 1.73% Caremerk Rx, Inc. ............................................... 1.72% Fastenal Co. .................................................... 1.68% Microchip Technology, Inc. ...................................... 1.67% XTO Energy, Inc. ................................................ 1.65% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 6
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MID CAP GROWTH FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIPPER MID CAP MID-CAP GROWTH FUND RUSSELL GROWTH (INSTITUTIONAL MIDCAP(R) FUNDS SHARES) GROWTH INDEX AVERAGE ------- ------------ ------- 7/94 $10000 $10000 $10000 7/95 12544 13076 13458 7/96 12703 14023 14566 7/97 18695 19590 19028 7/98 19758 21222 20655 7/99 21276 25826 24112 7/00 27797 37128 35975 7/01 25034 25317 26139 7/02 17520 18055 18678 7/03 20566 22235 21707 7/04 22174 25524 23939 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Russell MidCap (R) Growth Index and the Lipper Mid-Cap Growth Funds Average. The Russell MidCap (R) Growth Index measures the performance of those Russell mid cap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 (R) Growth Index. The Lipper Mid Cap Growth Funds Average is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Russell MidCap (R) Growth Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Mid-Cap Growth Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 7
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE QUALITY GROWTH FUND For the 12-month period ended July 31, 2004, the Fifth Third Quality Growth Fund (Institutional Shares) returned 2.67%, trailing its benchmarks, the Russell 1000 (R) Growth Index 1 and the S&P 500 (R) Index 1, which gained 8.51% and 13.16%, respectively. After enjoying strong returns through the early part of the period, the Fund stalled in mid-January 2004 amid shifting market preferences. As energy prices rose and the likelihood of an interest rate hike from the Federal Reserve increased, investors turned away from strong growth standouts and focused instead on companies with more moderate growth prospects that were perceived to be more sustainable. In the transition, the information technology sector gave back impressive 2003 gains and finished the period with a modest advance. Additionally, the consumer discretionary sector struggled and weighed on performance as the Fund carried an overweight exposure, relative to the benchmark. More specifically, select media and retail names languished as signs emerged that nonessential consumer spending may be easing. We also cut back on financial services names considered more sensitive to rising interest rates. Unfortunately, the market's distaste for the sector spread to companies with less exposure to interest rates, such as investment bankers, and our still-overweight stake hurt. + From a broad perspective, the economy showed signs of changing from a consumer-driven market to one propelled by capital spending. In turn, the industrial sector surged, fueled further by the expectation that years of cost-cutting and increased productivity would lead to sizeable earnings gains. As the Fund was overweight in the group, the rally helped returns. Also providing a boost was a small, yet overweight, stake in the energy sector, which profited as oil prices spiked. + Elsewhere, we benefited from an underweight stake in the healthcare sector, where high valuations and potential pressures on future growth rates, especially within the pharmaceutical group, proved discomforting. Select names within the group, however, currently appear to possess strong improving fundamentals and so we increased the Fund's exposure by the period's end. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES.THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------ ------- Institutional 2.67% -5.10% 9.06% $23,814 ------------------------------------------------------------------------------- Class A* -2.71% -6.30% 8.35% $22,295 ------------------------------------------------------------------------------- Class B** -3.25% -6.39% 7.93% $21,458 ------------------------------------------------------------------------------- Class C** 1.72% -5.97% 8.17% $21,928 ------------------------------------------------------------------------------- Advisor 2.22% -5.55% 8.64% $22,903 ------------------------------------------------------------------------------- Russell 1000 (R) Growth Index 1 8.51% -6.96% 9.11% $23,907 ------------------------------------------------------------------------------- S&P 500 (R) Index 1 13.16% -2.24% 11.09% $28,617 ------------------------------------------------------------------------------- Lipper Large-Cap Core Funds Average 1 9.53% -3.48% 8.94% $23,974 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. THE INCEPTION DATES FOR THE INSTITUTIONAL, CLASS B, CLASS C AND ADVISOR SHARES OF THE QUALITY GROWTH FUND ARE AUGUST 11, 1998, OCTOBER 11, 2000, APRIL 25, 1996 AND OCTOBER 29, 2001, RESPECTIVELY. PRIOR TO SUCH DATES, QUOTED PERFORMANCE REFLECTS THE PERFORMANCE OF CLASS A SHARES ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B, CLASS C AND ADVISOR SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + Cisco Systems, Inc. ............................................. 4.13% Boston Scientific ............................................... 4.05% Intel Corp. ..................................................... 3.79% Microsoft Corp. ................................................. 3.60% Home Depot, Inc. ................................................ 3.44% Goldman Sachs Group, Inc. ....................................... 3.06% Analog Devices, Inc. ............................................ 3.01% Teva Pharmaceutical Industries .................................. 2.90% Agilent Technologies ............................................ 2.86% International Game Technology ................................... 2.82% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 8
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE QUALITY GROWTH FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD QUALITY LIPPER GROWTH FUND LARGE-CAP (INSTITUTIONAL RUSSELL 1000 S&P 500 CORE FUNDS SHARES) GROWTH INDEX INDEX AVERAGE ------- ------------ ------------- ------- 7/94 $10000 $10000 $10000 $10000 7/95 12320 13142 12607 12272 7/96 13883 15182 14694 13900 7/97 21379 23053 22351 20355 7/98 24399 27645 26666 23545 7/99 30937 34291 32053 27855 7/00 36449 42651 34927 31192 7/01 29185 27697 29924 26387 7/02 21041 19734 22858 20162 7/03 23195 22032 25289 21773 7/04 23814 23907 28617 23974 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Russell 1000 (R) Growth Index, the S&P 500 (R) Index and the Lipper Large-Cap Core Funds Average. The Russell 1000 (R) Growth Index measures the performance of 1,000 securities found in the Russell universe with higher price-to-book ratios and higher forecasted growth values. The S&P 500 (R) Index measures the performance of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. stock market as a whole. The Lipper Large-Cap Core Funds Average is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Russell 1000 (R) Growth Index and the S&P 500(R) Index are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Large-Cap Core Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 9
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE LARGE CAP CORE FUND For the 12-month period ended July 31, 2004, the Fifth Third Large Cap Core Fund (Institutional Shares) advanced 12.50%, trailing its benchmarks, the Russell 1000 (R) Index 1 and the S&P 500 (R) Index 1, which returned 13.03% and 13.16%, respectively. Smaller capitalization stocks paced the market through the second half of 2003, but after the New Year, large cap names benefited from investors' desire for more stable companies. Worries over inflation, interest rates and energy prices helped prompt the change in sentiment, which resulted in an increased premium on higher quality stocks. Against this backdrop, the Fund remained essentially neutral, relative to the benchmark, across all market sectors, with relative performance dependent on individual security selection. At the company level, we maintained a focus on names with solid fundamentals, executable business models, and attractive valuations. From an absolute perspective, energy was the best performing sector as a number of integrated oil companies offered considerable exposure to rising fuel prices. + On a relative basis, the Fund outperformed in the consumer area, where tax cuts, low interest rates and an improvement in the job market contributed to an uptick in consumer spending. More specifically, the Fund was well positioned in the retail department store group within the consumer discretionary sector and in select essential product manufacturers within the consumer staples group. + Modestly overweight, relative to the benchmark, information technology names slumped through the latter part of the period after a stellar 2003. More specifically, holdings within the semiconductor and semiconductor equipment groups sagged amid fears of an easing in demand. + Within the telecommunications space, a couple of holdings enjoyed brief rallies, but the Fund's underweight position, especially in stocks that had longer runs, led to losses. The lengthy threat of interest rate hikes weighed on financials, where the Fund's slightly overweight stake also hurt. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- ------- Institutional 12.50% -3.93% 8.74% $23,116 ------------------------------------------------------------------------------- Class A* 6.56% -5.14% 7.95% $21,481 ------------------------------------------------------------------------------- Class B** 6.47% -5.23% 7.65% $20,899 ------------------------------------------------------------------------------- Class C** 11.38% -4.89% 7.65% $20,895 ------------------------------------------------------------------------------- Russell 1000 (R) Index 1 13.03% -1.74% 11.08% $28,592 ------------------------------------------------------------------------------- S&P 500 (R) Index 1 13.16% -2.24% 11.09% $28,617 ------------------------------------------------------------------------------- Lipper Large-Cap Core Funds Average 1 9.53% -3.48% 8.94% $23,974 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE OF THE LARGE CAP CORE FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE KENT GROWTH AND INCOME FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF NOVEMBER 2, 1992. PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR THE CLASS A SHARES REFLECTS PERFORMANCE OF THE KENT GROWTH AND INCOME FUND INVESTMENT SHARES, WITH AN INCEPTION DATE OF DECEMBER 1, 1992, ADJUSTED FOR MAXIMUM SALES CHARGE.THE INCEPTION DATE OF CLASS B AND CLASS C SHARES IS OCTOBER 29, 2001 .THE QUOTED PERFORMANCE OF CLASS B AND CLASS C SHARES REFLECTS THE PERFORMANCE OF THE INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + Microsoft Corp. ................................................. 3.21% Exxon Mobil Corp. ............................................... 3.16% Citigroup, Inc. ................................................. 2.51% Pfizer, Inc. .................................................... 2.36% Bank of America Corp. ........................................... 2.04% Intel Corp. ..................................................... 1.94% IBM Corp. ....................................................... 1.82% American International Group, Inc. .............................. 1.81% Cisco Systems, Inc. ............................................. 1.54% General Electric Co. ............................................ 1.52% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 10
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE LARGE CAP CORE FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LARGE CAP LIPPER CORE FUND LARGE-CAP (INSTITUTIONAL RUSSELL 1000(R) S&P 500 CORE FUNDS SHARES) INDEX INDEX AVERAGE ------- ----- ----- ------- 7/94 $10000 $10000 $10000 $10000 7/95 12346 12616 12607 12272 7/96 14418 14602 14694 13900 7/97 20162 21952 22351 20355 7/98 23597 26092 26666 23545 7/99 28243 31217 32053 27855 7/00 29987 34594 34927 31192 7/01 25340 29509 29924 26387 7/02 19241 22750 22858 20162 7/03 20548 25296 25289 21773 7/04 23116 28592 28617 23974 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Russell 1000 (R) Index, the S&P 500 (R) Index and the Lipper Large-Cap Core Funds Average. The Russell 1000 (R) Index measures the performance of 1,000 largest securities found in the Russell universe. The S&P 500 (R) Index measures the performance of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. stock market as a whole. The Lipper Large-Cap Core Funds Average is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Russell 1000 (R) Index and the S&P 500 (R) Index are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Large-Cap Core Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 11
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE EQUITY INDEX FUND For the 12-month period ended July 31, 2004, the Fifth Third Equity Index Fund (Institutional Shares) returned 12.75%, compared to its benchmark, the S&P 500 (R) Index 1, which advanced 13.16%. While the Fund seeks to duplicate the returns of the S&P 500 Index, slight underperformance is expected. At times in the past, we tightened up the difference by taking advantage of market inefficiencies that occasionally occur when the Index changes its membership. But with only 1 3 additions/deletions during the 12-month period-far fewer than the historical average of 29-we had fewer opportunities to capitalize on modest pricing differences and performance slipped as a result. The energy sector paced the Index as oil prices spiked past the $40 a barrel level and worldwide demand lingered at exceedingly high levels. Natural gas prices also benefited from a dynamic increase featuring strong demand and limited new production. Improving economic conditions in the U.S. and elsewhere also propelled the industrial and materials groups. After years of improving efficiency and shaving payrolls against a backdrop of sagging revenues, manufacturers enjoyed a pickup in sales which translated into solid bottom line gains. Similarly, materials companies appreciated as worldwide demand surged, driving the prices of commodities such as steel, aluminum and coal higher. + On the downside, the information technology sector slumped. After riding a rally through the second half of 2003, investors determined that earnings expectations and valuations within the group had exceeded realistic levels and began a selloff in early 2004. Questions surrounding corporate investment further accelerated the correction. + Healthcare names also sagged, especially those within the pharmaceutical space as election-year posturing elevated debates about drug pricing and the potential for re-importing drugs from Canada. In addition, the political climate raised uncertainties among service providers and in turn, cooled investor enthusiasm. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- THE FUND INVESTS SUBSTANTIALLY ALL OF ITS ASSETS IN COMMON STOCK OF COMPANIES THAT MAKE UP THE S&P 500 (R) INDEX.THE ADVISOR ATTEMPTS TO TRACK THE PERFORMANCE OF THE S&P 500 (R) INDEX TO ACHIEVE A CORRELATION OF 0.95 BETWEEN THE PERFORMANCE OF THE FUND AND THAT OF THE S&P 500(R) INDEX WITHOUT TAKING INTO ACCOUNT THE FUND'S EXPENSES. IT IS IMPORTANT TO REMEMBER THAT THERE ARE RISKS ASSOCIATED WITH INDEX INVESTING, INCLUDING THE POTENTIAL RISK OF MARKET DECLINE, AS WELL AS THE RISKS ASSOCIATED WITH INVESTING IN SPECIFIC COMPANIES. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- ------- Institutional 12.75% -2.58% 10.59% $27,362 ------------------------------------------------------------------------------- Class A* 6.87% -3.82% 9.76% $25,370 ------------------------------------------------------------------------------- Class B** 6.64% -3.93% 9.52% $24,825 ------------------------------------------------------------------------------- Class C** 11.66% -3.55% 9.52% $24,837 ------------------------------------------------------------------------------- Advisor 12.21% -3.05% 10.08% $26,131 ------------------------------------------------------------------------------- Select 12.61% -2.66% 10.53% $27,206 ------------------------------------------------------------------------------- Preferred 12.59% -2.72% 10.47% $27,059 ------------------------------------------------------------------------------- Trust 12.49% -2.82% 10.36% $26,798 ------------------------------------------------------------------------------- S&P 500 (R) Index 1 13.16% -2.24% 11.09% $28,617 ------------------------------------------------------------------------------- Lipper S&P 500 (R) Index Objective Funds Average 1 12.46% -2.76% 10.65% $27,509 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE OF THE EQUITY INDEX FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE KENT INDEX EQUITY FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF NOVEMBER 2, 1992. PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR THE CLASS A SHARES REFLECTS THE PERFORMANCE OF THE KENT INDEX EQUITY FUND INVESTMENT SHARES, WITH AN INCEPTION DATE OF NOVEMBER 25, 1992, ADJUSTED FOR MAXIMUM SALES CHARGE.THE INCEPTION DATE FOR THE CLASS B, CLASS C AND ADVISOR SHARES IS OCTOBER 29, 2001. PRIOR TO SUCH DATE, QUOTED PERFORMANCE OF CLASS B, CLASS C AND ADVISOR SHARES REFLECTS PERFORMANCE OF THE INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B, CLASS C AND ADVISOR SHARES. THE INCEPTION DATE FOR THE SELECT, PREFERRED AND TRUST SHARES IS OCTOBER 20, 2003. PRIOR TO SUCH DATE, QUOTED PERFORMANCE OF THE SELECT, PREFERRED AND TRUST SHARES REFLECTS PERFORMANCE OF THE INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES FOR SELECT, PREFERRED AND TRUST SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN effect, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + General Electric Co. ............................................ 3.12% Microsoft Corp. ................................................. 2.77% Exxon Mobil Corp. ............................................... 2.74% Pfizer, Inc. .................................................... 2.20% Wal-Mart Stores, Inc. ........................................... 2.07% Citigroup, Inc. ................................................. 2.05% American International Group, Inc. .............................. 1.66% Bank of America Corp. ........................................... 1.57% Johnson & Johnson ............................................... 1.48% Intel Corp. ..................................................... 1.42% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 12
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE EQUITY INDEX FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD EQUITY LIPPER INDEX FUND S&P 500(R) INDEX (INSTITUTIONAL S&P 500(R) OBJECTIVE FUNDS SHARES) INDEX AVERAGE ------- ----------- ------- 7/94 $10000 $10000 $10000 7/95 12502 12607 12552 7/96 14488 14694 14570 7/97 21866 22351 22050 7/98 25993 26666 26199 7/99 31181 32053 31393 7/00 33830 34927 34079 7/01 28903 29924 29102 7/02 22018 22858 22143 7/03 24268 25289 24404 7/04 27362 28617 27509 The minimum investment for the Institutional Share Class is $5 million, based on the initial investment of $5 million the ending value for the Institutional Shares would have been $13,680,875. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the S&P 500 (R) Index, which measures the performance of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. stock market as a whole, and the Lipper S&P 500 (R) Index Objective Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The S&P 500 (R) Index is an unmanaged index and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper S&P 500 (R) Index Objective Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 13
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE BALANCED FUND For the 12-month period ended July 31, 2004, the Fifth Third Balanced Fund (Institutional Shares) gained 6.76%, lagging the equity index for the Fund, but outperforming the bond index. The S&P 500 (R) Index 1 and the Lehman Brothers Aggregate Bond Index 1 advanced 13.16% and 4.84%, respectively. Equity investors' preferences swung from more speculative stocks during the first part of the period to more stable names through much of the second half. Carrying a bias toward companies with sustainable earnings, the equity portion of the Fund trailed its benchmark. The consumer discretionary sector weighed as cable stocks underperformed and media holdings slumped amid muted advertising outlooks. Generally, we believe the ad business picks up as the economy expands, but the industry's global revenues failed to keep pace with U.S. growth. + Our measured approach in the financial group also hampered returns. By focusing on steadier companies offering a broad array of services, we missed out on the rally among narrowly focused brokerages and credit card issuers. + Effective stock selection boosted the performance of the consumer staples and healthcare sectors. Having invested in some large personal care names when slower growth companies fell out of favor in 2003, we enjoyed a rebound in the steady performers after the New Year. Similarly, targeted buys within the medical device and large pharmaceutical areas worked well. + On the fixed income side of the Fund, mortgage-backed securities boosted returns as we built an overweight position in the wake of a highly volatile period in the home loan market and recognized gains as it stabilized. Corporate issues also contributed positively, although rising values prompted us to pare back the position by the period's end. + Our commitment to quality fixed income investments modestly hampered returns as riskier corporate securities outperformed during the first part of the period and sustained gains throughout the second half. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- ------- Institutional 6.76% -0.17% 8.04% $21,670 ------------------------------------------------------------------------------- Class A* 1.16% -1.45% 7.33% $20,285 ------------------------------------------------------------------------------- Class B** 0.72% -1.52% 6.92% $19,527 ------------------------------------------------------------------------------- Class C** 5.71% -1.10% 7.11% $19,879 ------------------------------------------------------------------------------- Advisor 6.31% -0.76% 7.43% $20,479 ------------------------------------------------------------------------------- S&P 500 (R) Index 1 13.16% -2.24% 11.09% $28,617 ------------------------------------------------------------------------------- Lehman Brothers Aggregate Bond Index 1 4.84% 7.25% 7.28% $20,195 ------------------------------------------------------------------------------- Lipper Balanced Target Maturity Funds Average 1 9.23% 1.49% 8.21% $22,318 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. THE INCEPTION DATES FOR THE INSTITUTIONAL, CLASS B, CLASS C AND ADVISOR SHARES ARE AUGUST 11, 1998, OCTOBER 11, 2000, APRIL 25, 1996 AND OCTOBER 29, 2001, RESPECTIVELY. PRIOR TO SUCH DATES, QUOTED PERFORMANCE REFLECTS THE PERFORMANCE OF CLASS A SHARES ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B, CLASS C AND ADVISOR SHARES. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + Fannie Mae, 5.50%, 6/1/2033 TBA ................................. 2.85% Bank of America ................................................. 2.78% General Electric Co. ............................................ 2.69% Microsoft Corp. ................................................. 2.57% Allstate Corp. .................................................. 2.41% American International Group, Inc. .............................. 2.02% Wal-Mart Stores, Inc. ........................................... 1.99% Exxon Mobil Corp. ............................................... 1.87% Pfizer, Inc. .................................................... 1.72% IBM Corp. ....................................................... 1.69% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 14
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE BALANCED FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIPPER BALANCED FUND LEHMAN BROTHERS BALANCED (INSTITUTIONAL S&P 500(R) AGGREGATE FUNDS SHARES) INDEX BOND INDEX AVERAGE ------- ----- ---------- ------- 7/94 $10000 $10000 $10000 $10000 7/95 11937 12607 11011 11664 7/96 12714 14694 11621 12804 7/97 17606 22351 12872 16762 7/98 19087 26666 13884 18604 7/99 21853 32053 14230 20709 7/00 25919 34927 15079 22230 7/01 22903 29924 16993 21714 7/02 19161 22858 18273 18718 7/03 20299 25289 19263 20398 7/04 21670 28617 20195 22318 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the S&P 500 (R) Index, which measures the performance of 500 selected common stocks, most of which are listed on the New York Stock Exchange, and is a measure of the U.S. stock market as a whole; the Lehman Brothers Aggregate Bond Index, which is generally representative of the bond market as a whole, and the Lipper Balanced Target Maturity Funds Average, representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The S&P 500 (R) Index and the Lehman Brothers Aggregate Bond Index are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Balanced Target Maturity Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in the underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 15
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MICRO CAP VALUE FUND For the 12-month period ended July 31, 2004, the Fifth Third Micro Cap Value Fund (Institutional Shares) gained 32.84%, topping its benchmark, the Russell 2000 (R) Value Index 1, which advanced 22.83%. During the period, a number of factors converged to create an environment for robust returns in the micro cap value space. While investors discovered low valuations across the asset class and bid up prices, larger companies facing an increasingly difficult profit environment adopted the mind-set that acquisitions offer a relatively clear cut way to improve earnings. At the same time, small companies grew more receptive to buyout offers as the costs related to compliance with the Sarbanes-Oxley Act significantly eroded earnings. Accordingly, the Fund benefited from the accelerating acquisition trend as a series of buyouts, mergers and offers allowed us to realize targeted returns quicker than expected. One area that thrived was healthcare, where a focus on developers of innovative therapies proved beneficial. Enhancing returns was the broader market's avoidance of large cap pharmaceuticals, which freed up money for investment in smaller companies. An underweight position, relative to the benchmark, in the energy sector hampered performance. Although the Fund's collection of oil service outfits advanced as oil prices spiked, a limited supply of micro cap companies in the group curtailed our ability to invest. + As contrarians, we're always sifting through the unloved sections of the market, seeking out undervalued companies. In early 2003, we started accumulating basic materials companies while the rest of the market fretted about the war in Iraq. As the anxieties dissipated and the U.S. economy demonstrated solid growth, demand for materials surged, propelling select holdings higher. Regardless of any sector trends, we remain bottom-up investors, focused on a company's intrinsic value. This approach helps explain our large underweighting, relative to the benchmark, in the financial services industry. Although many small banks rallied amid a consolidation wave, few met our valuation criteria, so we remained on the sidelines. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- MICRO CAPITALIZATION FUNDS TYPICALLY CARRY ADDITIONAL RISK SINCE MICRO-CAP COMPANIES GENERALLY HAVE A HIGHER RISK OF FAILURE. HISTORICALLY, MICRO-CAP STOCKS HAVE EXPERIENCED A GREATER DEGREE OF MARKET VOLATILITY THAN LARGE COMPANY STOCKS ON AVERAGE. VALUE-BASED INVESTMENTS ARE SUBJECT TO THE RISK THAT THE BROAD MARKET MAY NOT RECOGNIZE THEIR INTRINSIC VALUE. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR 5 YEAR INCEPTION VALUE 2 ---- ------ ------ --------- ------- Institutional 2/1/98 32.84% 16.49% 15.90% $26,066 ------------------------------------------------------------------------------- Class A* 2/1/98 25.87% 15.11% 14.86% $24,586 ------------------------------------------------------------------------------- Class B** 2/1/98 27.13% 15.35% 14.98% $24,750 ------------------------------------------------------------------------------- Class C** 2/1/98 32.13% 15.81% 15.29% $25,189 ------------------------------------------------------------------------------- Advisor 2/1/98 32.44% 16.08% 15.50% $25,486 ------------------------------------------------------------------------------- Russell 2000 (R) Value Index 1 22.83% 12.30% 8.98% $17,490 ------------------------------------------------------------------------------- Lipper Small-Cap Value Funds Average 1 22.48% 12.06% 8.69% $17,467 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO AUGUST 13, 2001, THE QUOTED PERFORMANCE OF THE MICRO CAP VALUE FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE FIFTH THIRD/MAXUS AGGRESSIVEVALUE FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF FEBRUARY 1, 1998. THE INCEPTION DATE FOR CLASS A, CLASS B AND CLASS C SHARES IS AUGUST 13, 2001. PRIOR TO SUCH DATE, THE QUOTED PERFORMANCE FOR CLASS A, CLASS B AND CLASS C SHARES REFLECTS THE PERFORMANCE OF THE INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS A, CLASS B AND CLASS C SHARES. FOR THE PERIOD PRIOR TO AUGUST 13, 2001, THE QUOTED PERFORMANCE OF THE MICRO CAPVALUE FUND ADVISOR SHARES REFLECTS THE PERFORMANCE OF THE FIFTHTHIRD/MAXUS AGGRESSIVEVALUE FUND INVESTOR SHARES WITH AN INCEPTION DATE OF FEBRUARY 1, 1998. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + Symmetricom, Inc. ............................................... 2.32% Material Sciences Corp. ......................................... 1.94% Comstock Resources, Inc. ........................................ 1.82% Stepan Co. ...................................................... 1.81% Bassett Furniture Industries, Inc. .............................. 1.75% Brush Wellman, Inc. ............................................. 1.57% Oregon Steel Mills, Inc. ........................................ 1.56% Hologic, Inc. ................................................... 1.53% Steinway Musical Instruments .................................... 1.38% Michael Baker Corp. ............................................. 1.37% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 16
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MICRO CAP VALUE FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIPPER MICRO CAP VALUE SMALL-CAP FUND (INSTITUTIONAL RUSSELL 2000 VALUE FUNDS SHARES) VALUE INDEX AVERAGE ------- ----------- ------- 2/1/98 $10000 $10000 $10000 10480 11035 11169 10280 10636 10561 7/98 9800 9803 9791 8380 8735 8347 9713 9527 9341 10217 8604 8418 12393 10028 9982 7/99 12151 9790 9881 11305 9244 9263 11799 9385 9792 13004 9744 10205 12373 9934 10303 7/00 12415 10265 10408 12562 10663 11010 11654 11528 11444 12708 11640 11607 14845 12994 13198 7/01 14370 12703 13077 12636 11262 11466 14323 13144 13532 15819 14403 14709 15843 14098 14167 7/02 13990 12003 12340 12565 11097 11447 14358 11643 12059 14190 11051 11395 15698 12101 12336 18641 13562 13704 7/03 19622 14239 14333 20867 14610 14701 24323 17001 16973 26445 18178 17987 27127 18332 18254 7/04 26066 17490 17467 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Russell 2000 (R) Value Index and the Lipper Small-Cap Value Funds Average. The Russell 2000 (R) Value Index measures the performance of those Russell 2000 companies with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios. The Lipper Small-Cap Value Funds Average is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Russell 2000 (R) Value Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Small-Cap Value Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 17
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE SMALL CAP VALUE FUND For the 12-month period ended July 31, 2004, the Fifth Third Small Cap Value Fund (Institutional Shares) advanced 20.11%, underperforming its benchmark, the Russell 2000 (R) Value Index 1, which returned 22.83%. Investor enthusiasm that helped propel a small cap rally through the second half of 2003 gave way to fears about increasing oil prices, rising interest rates and a slowing rate of economic growth starting in January 2004. During the subsequent correction, investors preferred larger, more-stable names relative to the less-liquid small cap segment of the market. Overweight positions, relative to the benchmark, and stock selection in two sectors hampered returns for the Fund. Positions in the telecommunications group failed to gain any traction and select names in the information technology sector tumbled after enjoying an advance during the first part of the period. + Contributing significantly to the Fund's absolute gains were holdings in the energy sector, where the decision to overweight oil-related names during the summer of 2003 paid off handsomely. Concentrated in oil and natural gas exploration and production companies and oil services firms, the Fund was extensively exposed to the surge in oil prices during the latter part of the period. + Stocks in the materials and industrial sectors also boosted performance and resulted in realized gains. More specifically, a number of gold mining stocks enhanced returns in the materials group, while manufacturing stocks accounted for much of the industrial sector gains as the combination of expanding economic activity and reduced operating expenses translated into markedly improved bottom lines. + The Fund remains overweight in the healthcare sector, where it dramatically outperformed the benchmark during the period. It is also overweight in energy and information technology, while being underweight in the financial, consumer discretionary and industrial groups. + During the second quarter of 2004, Fifth Third Asset Management assumed full investment advisory responsibilities for the Fund. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- SMALL CAPITALIZATION FUNDS TYPICALLY CARRY ADDITIONAL RISK SINCE SMALLER COMPANIES GENERALLY HAVE A HIGHER RISK OF FAILURE. HISTORICALLY, SMALLER COMPANIES' STOCKS HAVE EXPERIENCED A GREATER DEGREE OF MARKET VOLATILITY THAN LARGE COMPANY STOCKS ON AVERAGE. VALUE-BASED INVESTMENTS ARE SUBJECT TO THE RISK THAT THE BROAD MARKET MAY NOT RECOGNIZE THEIR INTRINSIC VALUE. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR INCEPTION VALUE 2 ---- ------ --------- -------- Institutional 4/1/03 20.11% 29.01% $14,037 ------------------------------------------------------------------------------- Class A* 4/1/03 13.83% 23.78% $13,286 ------------------------------------------------------------------------------- Class B** 4/1/03 14.02% 25.02% $13,462 ------------------------------------------------------------------------------- Class C** 4/1/03 18.85% 27.66% $13,842 ------------------------------------------------------------------------------- Advisor 4/1/03 19.52% 28.36% $13,944 ------------------------------------------------------------------------------- Russell 2000 (R) Value Index 1 22.83% 41.10% $15,825 ------------------------------------------------------------------------------- Lipper Small-Cap Core Funds Average 1 20.10% 37.88% $15,360 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + Allegheny Energy, Inc. .......................................... 2.87% Veritas DGC, Inc. ............................................... 2.78% Humana, Inc. .................................................... 2.77% Tidewater, Inc. ................................................. 2.37% Headwaters, Inc. ................................................ 2.36% Abercrombie & Fitch Co. ......................................... 2.29% Andrx Corp. ..................................................... 2.25% Photronics, Inc. ................................................ 2.24% LAM Research Corp. .............................................. 2.20% McAfee, Inc. .................................................... 2.20% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 18
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE SMALL CAP VALUE FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD SMALL CAP LIPPER VALUE FUND SMALL-CAP (INSTITUTIONAL RUSSELL 2000 CORE FUNDS SHARES) VALUE INDEX AVERAGE ------- ----------- ------- 4/1/03 $10000 $10000 $10000 10327 10950 10860 11027 12068 11866 11240 12272 12162 7/03 11687 12884 12786 12140 13374 13379 11860 13220 13165 12853 14298 14248 13380 14847 14774 13841 15384 15164 14157 15916 15695 14627 16224 15948 14837 16449 16087 14128 15598 15463 14241 15786 15613 14732 16588 16270 7/04 14037 15825 15360 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Russell 2000 (R) Value Index and the Lipper Small-Cap Core Funds Average. The Russell 2000 (R) Value Index measures the performance of those Russell 2000 companies with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earnings ratios. The Lipper Small-Cap Core Funds Average is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Russell 2000 (R) Value Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Small-Cap Core Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 19
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MULTI CAP VALUE FUND For the 12-month period ended July 31, 2004, the Fifth Third Multi Cap Value Fund (Institutional Shares) advanced 19.36%, compared to its benchmark, the Russell 3000 (R) Value Index 1, which returned 18.04%. After a lengthy stretch where more attractive values consistently appeared in the small cap universe, the pendulum swung back toward larger names during the period. In response, the majority of our new purchases involved larger holdings, a development that effectively split the Fund's allocation evenly between stocks with a market capitalization greater than $5 billion and those valued less than $5 billion. Within the broader market, a small cap rally driven by low quality, higher beta stocks in the second half of 2003 faltered in early 2004. Anxieties over oil prices, interest rates and a slowing rate of economic growth contributed to a shift in sentiment that sent many investors looking for better quality, low beta defensive stocks. Among the Fund's large cap stocks that benefited from the market's mood change were select food and beverage companies within the consumer staples sector. Interestingly, small cap companies in the healthcare sector added to gains while larger entities in the group languished-specifically traditional pharmaceutical concerns which contended with growing fears over a greater role for the government in setting prices. + Elsewhere, holdings both large and small in the energy industry further enhanced the Fund's performance as uneasiness over supply lines from the Middle East combined with sustained elevated demand to push crude oil prices higher. Similarly, a manufacturing recovery, which coincided with the rebound in the U.S. economy, bolstered returns for industrials sector stocks from across the capitalization spectrum. + Weighing on performance were small cap positions in the telecommunications group and the information technology sector, which slumped after participating in the rally during the first part of the period. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- SMALL CAPITALIZATION FUNDS TYPICALLY CARRY ADDITIONAL RISK SINCE SMALLER COMPANIES GENERALLY HAVE A HIGHER RISK OF FAILURE. HISTORICALLY, SMALLER COMPANIES' STOCKS HAVE EXPERIENCED A GREATER DEGREE OF MARKET VOLATILITY THAN LARGE COMPANY STOCKS ON AVERAGE. VALUE-BASED INVESTMENTS ARE SUBJECT TO THE RISK THAT THE BROAD MARKET MAY NOT RECOGNIZE THEIR INTRINSIC VALUE. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 Year 5 Year 10 Year VALUE 2 ------ ------ ------- ------- Institutional 19.36% 9.39% 11.98% $30,994 ------------------------------------------------------------------------------- Class A* 13.13% 7.96% 11.23% $28,978 ------------------------------------------------------------------------------- Class B** 13.15% 8.36% 11.58% $29,903 ------------------------------------------------------------------------------- Class C** 18.22% 8.64% 11.57% $29,895 ------------------------------------------------------------------------------- Advisor 18.81% 8.94% 11.73% $30,313 ------------------------------------------------------------------------------- Russell 3000 (R) Value Index 1 18.04% 2.88% 12.13% $31,423 ------------------------------------------------------------------------------- Russell MidCap (R) Value Index 1 23.43% 8.57% 13.43% $35,255 ------------------------------------------------------------------------------- Lipper Multi-Cap Value Funds Average 1 16.61% 2.84% 10.93% $28,682 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO AUGUST 13, 2001, THE QUOTED PERFORMANCE OF THE MULTI CAP VALUE FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE FIFTH THIRD/MAXUS EQUITY FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF APRIL 1, 1999. PRIOR TO APRIL 1, 1999, THE QUOTED PERFORMANCE REFLECTS THE PERFORMANCE OF THE FIFTH THIRD/MAXUS EQUITY FUND INVESTOR SHARES WITH AN INCEPTION DATE OF SEPTEMBER 30, 1989.THE INCEPTION DATE FOR THE CLASS A, CLASS B AND CLASS C SHARES IS AUGUST 13, 2001. PRIOR TO SUCH DATE, THE QUOTED PERFORMANCE FOR CLASS A SHARES REFLECTS PERFORMANCE OF THE ADVISOR SHARES AND IS ADJUSTED FOR MAXIMUM SALES CHARGES. THE QUOTED PERFORMANCE OF CLASS B AND CLASS C SHARES REFLECTS THE PERFORMANCE OF THE MULTI CAP VALUE FUND ADVISOR SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. PRIOR TO AUGUST 13, 2001, THE QUOTED PERFORMANCE OF THE MULTI CAP VALUE FUND ADVISOR SHARES REFLECTS THE PERFORMANCE OF THE FIFTHTHIRD/MAXUS EQUITY FUND INVESTOR SHARES WITH AN INCEPTION DATE OF SEPTEMBER 30, 1989. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + Transocean Sedco Forex, Inc. .................................... 1.64% Borgwarner, Inc. ................................................ 1.56% Honeywell International, Inc. ................................... 1.45% Apple Computer, Inc. ............................................ 1.33% ConocoPhillips .................................................. 1.30% Cigna Corp. ..................................................... 1.28% SUPERVALU, Inc. ................................................. 1.26% Marathon Oil Corp. .............................................. 1.24% Schlumberger, Ltd. .............................................. 1.24% Conagra Foods, Inc. ............................................. 1.14% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 20
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MULTI CAP VALUE FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD MULTI CAP LIPPER VALUE FUND RUSSELL MULTI-CAP (INSTITUTIONAL RUSSELL 3000(R) MIDCAP(R) VALUE FUNDS SHARES) VALUE INDEX VALUE INDEX AVERAGE ------- ----------- ----------- ------- 7/94 $10000 $10000 $10000 $10000 7/95 11969 12042 12017 12111 7/96 12625 13889 13431 13628 7/97 18423 20562 19385 19626 7/98 18342 23979 21541 21696 7/99 19786 27265 23368 24339 7/00 21900 26080 22588 24113 7/01 25329 28615 27243 27280 7/02 21652 23920 25150 22242 7/03 25966 26622 28562 24530 7/04 30994 31423 35255 28682 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Russell 3000 (R) Value Index, the Russell MidCap (R) Value Index and the Lipper Multi Cap Value Funds Average. The Russell 3000 (R) Value Index measures the performance of those companies in the Russell 3000 (R) Index with lower price-to-book ratios and lower forecasted growth values. The Russell MidCap (R) Value Index measures the performance of those Russell mid cap companies with lower price-to-book ratios and lower forecasted growth values. The Lipper Multi-Cap Value Funds Average is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Russell 3000 (R) Value and the Russell MidCap (R) Value Indices are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Multi-Cap Value Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 21
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE DISCIPLINED LARGE CAP VALUE FUND For the 12-month period ended July 31, 2004, the Fifth Third Disciplined Large Cap Value Fund (Institutional Shares) advanced 19.22%, outperforming its benchmark, the Russell 1000 (R) Value Index 1, which returned 17.68%. In a 12-month period during which investors' affections swung from low quality, higher beta ++ small cap stocks to better quality, lower beta defensive plays, the Fund's outperformance hinged on our successful anticipation of the mood change. Our analysis in the latter part of 2003 showed that stable companies with steady earnings offered more potential for appreciation, from a valuation perspective, and our conclusions proved correct. Related moves that aided returns included a trimming of exposure to the information technology sector and an expansion within the consumer staples group. Previously equal weight, relative to the benchmark, in tech names, we cut back just in time to watch the sector dive in the latter part of the period. Conversely, we shored up on food and beverage companies and participated in the consumer staples group's gains as reliable earners led the market. + Consistently overweight positions in the energy and industrials sectors further enhanced performance. Uneasiness over the Middle East combined with unwavering high demand levels to drive up crude oil prices, which contributed to solid gains from the energy group. Rising earnings expectations boosted industrials as manufacturing concerns enjoyed a renaissance amid the expanding U.S. economy. + Positive developments on the economic front invoked fears of increased interest rates, which sat at multi-generational lows, and the resulting pessimism weighed on the market. Concurrently, the financial sector slumped, a development that benefited the Fund, which was underexposed due to our determination that profitability levels in the group were historically high. + On the downside, the healthcare sector lost ground. More specifically, pharmaceutical companies struggled amid tepid outlooks due to weak product pipelines and growing fears over a greater role for the government in setting prices. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- VALUE-BASED INVESTMENTS ARE SUBJECT TO THE RISK THAT THE BROAD MARKET MAY NOT RECOGNIZE THEIR INTRINSIC VALUE. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- ------- Institutional 19.22% 2.33% 10.89% $28,108 ------------------------------------------------------------------ Class A* 13.04% 1.03% 10.15% $26,296 ------------------------------------------------------------------ Class B** 13.07% 1.17% 9.86% $25,614 ------------------------------------------------------------------ Class C** 18.07% 1.35% 9.88% $25,663 ------------------------------------------------------------------ Russell 1000 (R) Value Index 1 17.68% 2.19% 12.14% $31,445 ------------------------------------------------------------------ Lipper Equity Income Funds Average 1 14.58% 1.65% 9.76% $25,668 ------------------------------------------------------------------ PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. THE QUOTED PERFORMANCE OF THE DISCIPLINED LARGE CAP VALUE FUND INCLUDES PERFORMANCE OF CERTAIN COLLECTIVELY MANAGED ACCOUNTS ADVISED BY FIFTH THIRD BANK, PRIOR TO THE DISCIPLINED LARGE CAP VALUE FUND'S COMMENCEMENT OF OPERATIONS ON JANUARY 27, 1997, AS ADJUSTED TO REFLECT THE EXPENSES ASSOCIATED WITH THE FUND (WITHOUT waivers OR REIMBURSEMENTS). THESE COLLECTIVELY MANAGED ACCOUNTS WERE NOT REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION AND, THEREFORE, WERE NOT SUBJECT TO THE INVESTMENT RESTRICTIONS IMPOSED BY LAW ON REGISTERED MUTUAL FUNDS. IF SUCH ACCOUNTS HAD BEEN REGISTERED, THE PERFORMANCE MAY HAVE BEEN ADVERSELY AFFECTED. THE PERFORMANCE SHOWN REFLECTS THE DEDUCTION OF FEES FOR VALUE-ADDED SERVICES ASSOCIATED WITH A MUTUAL FUND, SUCH AS INVESTMENT MANAGEMENT AND FUND ACCOUNTING FEES. THE PERFORMANCE ALSO REFLECTS REINVESTMENT OF ALL DIVIDENDS AND CAPITAL-GAINS DISTRIBUTIONS.THE INCEPTION DATES FOR THE INSTITUTIONAL, CLASS B AND CLASS C SHARES OF THE DISCIPLINED LARGE CAP VALUE FUND ARE AUGUST 11, 1998, OCTOBER 11, 2000 AND JANUARY 27, 1997, RESPECTIVELY. PRIOR TO SUCH DATES, QUOTED PERFORMANCE REFLECTS PERFORMANCE OF CLASS A SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES OF CLASS B AND CLASS C SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS * Honeywell International, Inc. ................................... 3.27% General Dynamics Corp. .......................................... 3.12% ConocoPhillips .................................................. 2.90% CVS Corp. ....................................................... 2.87% SunTrust Banks, Inc. ............................................ 2.78% Gannett Co., Inc. ............................................... 2.69% Metlife Inc. .................................................... 2.48% Dow Chemical Co. ................................................ 2.41% Chevrontexaco Corp. ............................................. 2.30% International Paper ............................................. 2.29% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. ++ BETA IS A MEASURE OF VOLATILITY, OR SYSTEMATIC RISK, OF A SECURITY OF PORTFOLIO IN COMPARISON TO THE MARKET AS A WHOLE. 22
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE DISCIPLINED LARGE CAP VALUE FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD DISCIPLINED LIPPER LARGE CAP VALUE EQUITY (INSTITUTIONAL RUSSELL 1000 INCOME FUNDS SHARES) VALUE INDEX AVERAGE ------- ----------- ------- 7/94 $10000 $10000 $10000 7/95 11523 12090 11690 7/96 13320 14010 13470 7/97 19005 20851 18516 7/98 22725 24544 20672 7/99 25051 28222 23326 7/00 23558 26812 22834 7/01 24071 29155 24547 7/02 20950 24129 20562 7/03 23576 26722 22238 7/04 28108 31445 25668 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Russell 1000 (R) Value Index and the Lipper Equity Income Funds Average. The Russell 1000 (R) Value Index measures the performance of 1,000 securities found in the Russell universe with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earning ratios, higher dividend yields and lower forecasted growth values. The Lipper Equity Income Funds Average is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Russell 1000 (R) Value Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Equity Income Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 23
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL AGGRESSIVE FUND SM For the 12-month period ended July 31, 2004, the Fifth Third LifeModel Aggressive Fund SM (Institutional Shares) returned 12.83%, while its benchmarks, the Wilshire 5000 Index 1 advanced 1 3.81 % and the Lehman Brothers Intermediate Government/Credit Bond Index 1 gained 3.59%. During the period, the Fund was positioned to take advantage of the above-trend economic growth in the U.S. and the expansion of corporate profits. Within the first half of the fiscal year, our bias favored stocks, small cap equities in particular. We believe this strategy worked well for our shareholders. During the second half of the fiscal year, the emphasis remained on stocks, but was switched to large cap equities. The attraction to stocks persisted even as turbulence roiled the equity markets in the summer of 2004, due in part to the low returns offered in the bond market. We did not feel that bond investors were being rewarded with enough real yield (the figure remaining after inflation is taken into account) to compensate for emerging inflationary concerns and a looming tightening cycle from the Fed. Reinforcing the change in bias to large cap stocks were extreme valuations in small cap stocks and the potential for higher bond yields later in the year. We believe our posture added value for shareholders during the fiscal year as stocks outperformed bonds and there was a noticeable difference in the returns between large cap and small cap stocks from the first half of the period to the second. At the end of the period, we remained optimistic about the U.S. economy and stock market. Possible headwinds include higher energy prices, terror threats and the unknown of the November election, but rising corporate profits and relatively low interest rates have the potential to allow the U.S. economy to continue its expansion at a moderate pace. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- STOCKS ARE MORE VOLATILE AND CARRY MORE RISK AND RETURN POTENTIAL THAN OTHER FORMS OF INVESTMENTS. BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE, PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. CASH EQUIVALENTS OFFER LOW RISK AND LOW RETURN POTENTIAL. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR INCEPTION VALUE 2 -------- ------ --------- ------- Institutional 8/1/02 12.83% 13.39% $12,853 ------------------------------------------------------------------------------- Class A* 8/1/02 6.84% 10.16% $12,133 ------------------------------------------------------------------------------- Class B** 8/1/02 6.70% 10.39% $12,182 ------------------------------------------------------------------------------- Class C** 8/1/02 11.67% 12.22% $12,590 ------------------------------------------------------------------------------- Wilshire 5000 Index 1 13.81% 13.31% $12,840 ------------------------------------------------------------------------------- Lehman Brothers Intermediate Government/Credit Bond Index 1 3.59% 5.07% $11,039 ------------------------------------------------------------------------------- Blended Index 3 12.79% 12.49% $12,660 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR CHART] Fifth Third Disciplined Large Cap Value Fund 28.40% Fifth Third Quality Growth Fund 27.43% Fifth Third Multi Cap Value Fund 9.56% Fifth Third Mid Cap Growth Fund 9.27% Fifth Third International Equity Fund 7.75% Fifth Third Small Cap Value Fund 5.83% Fifth Third Small Cap Growth Fund 5.69% Fifth Third Prime Money Market Fund 3.09% Fifth Third Intermediate Bond Fund 2.98% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 24
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL AGGRESSIVE FUND SM GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIFEMODEL AGGRESSIVE LEHMAN BROTHERS FUNDSM INTERMEDIATE (INSTITUTIONAL WILSHIRE 5000 GOVERNMENT/CREDIT BOND SHARES) INDEX INDEX ------- ----- ----- 8/1/02 $10000 $10000 $10000 9970 10059 10149 9070 9049 10331 9680 9742 10290 10440 10329 10281 9798 9757 10506 9497 9511 10505 9387 9350 10653 9346 9456 10664 10098 10231 10746 10820 10856 10961 10990 11017 10954 7/03 11392 11282 10657 11843 11553 10682 11562 11425 10952 12396 12123 10849 12657 12293 10864 13136 12845 10959 13414 13131 11030 13599 13322 11143 13455 13179 11230 12992 12899 10963 13218 13077 10914 13491 13349 10946 7/04 12853 12840 11039 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Wilshire 5000 Index, and the Lehman Brothers Intermediate Government/Credit Bond Index. The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data. The Lehman Brothers Intermediate Government/Credit Bond Index is composed of investment grade corporate debt issues as well as debt issues of U.S. government agencies and the U.S. Treasury. The debt issues all maintain maturities within a range of one to ten years. The Wilshire 5000 Index and the Lehman Brothers Intermediate Government/Credit Bond Index are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 3 The Blended Index is a hypothetical unmanaged index comprised of 90% Wilshire Index and 10% Lehman Brothers Intermediate Government/Credit Bond Index. The Blended Index was created by Fifth Third Asset Management, Inc. The Fund will not necessarily maintain this 90/10 weighting at all times but will invest within a range of stock, bond, and money market funds as described in the prospectus. 25
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL MODERATELY AGGRESSIVE FUND SM For the 12-month period ended July 31, 2004, the Fifth Third LifeModel Moderately Aggressive Fund SM (Institutional Shares) returned 10.54%, while its benchmarks, the Wilshire 5000 Index 1 advanced 13.81% and the Lehman Brothers Intermediate Government/Credit Bond Index 1 gained 3.59%. During the period, the Fund was positioned to take advantage of the above-trend economic growth in the U.S. and the expansion of corporate profits. As a result, we maintained a consistent underweighting in bonds. Within the first half of the fiscal year, our bias favored stocks, small cap equities in particular. We believe this strategy worked well for our shareholders. During the second half of the fiscal year, the emphasis remained on stocks, but was switched to large cap equities. We also skewed the bond portfolio toward shorter-term bonds. We modified our stance as small cap stocks grew increasingly expensive, relative to large cap stocks, and with the realization that the Fed may likely increase interest rates. The attraction to stocks persisted even as turbulence roiled the equity markets in the summer of 2004, due in part to the low returns offered in the bond market. We did not feel that bond investors were being rewarded with enough real yield (the figure remaining after inflation is taken into account) to compensate for emerging inflationary concerns and a looming tightening cycle from the Fed. We believe our posture added value for shareholders during the fiscal year as stocks outperformed bonds and there was a noticeable difference in the returns between large cap and small cap stocks from the first half of the period to the second. At the end of the period, we remained optimistic about the U.S. economy and stock market. Possible headwinds include higher energy prices, terror threats and the unknown of the November election, but rising corporate profits and relatively low interest rates have the potential to allow the U.S. economy to continue its expansion at a moderate pace. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- STOCKS ARE MORE VOLATILE AND CARRY MORE RISK AND RETURN POTENTIAL THAN OTHER FORMS OF INVESTMENTS. BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE, PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. CASH EQUIVALENTS OFFER LOW RISK AND LOW RETURN POTENTIAL. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR INCEPTION VALUE 2 ---- ------ --------- ------- Institutional 8/1/02 10.54% 13.64% $12,909 ------------------------------------------------------------------------------- Class A* 8/1/02 4.80% 10.50% $12,206 ------------------------------------------------------------------------------- Class B** 8/1/02 4.47% 10.76% $12,265 ------------------------------------------------------------------------------- Class C** 8/1/02 9.45% 12.55% $12,664 ------------------------------------------------------------------------------- Wilshire 5000 Index 1 13.81% 13.31% $12,840 ------------------------------------------------------------------------------- Lehman Brothers Intermediate Government/Credit Bond Index 1 3.59% 5.07% $11,039 ------------------------------------------------------------------------------- Blended Index 3 10.74% 10.84% $12,300 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] Fifth Third Disciplined Large Cap Value Fund 23.44% Fifth Third Quality Growth Fund 22.65% Fifth Third Intermediate Bond Fund 10.96% Fifth Third Short Term Bond Fund 7.97% Fifth Third Multi Cap Value Fund 7.61% Fifth Third Mid Cap Growth Fund 7.38% Fifth Third International Equity Fund 5.82% Fifth Third Bond Fund 3.99% Fifth Third Small Cap Value Fund 3.89% Fifth Third Small Cap Growth Fund 3.80% Fifth Third Prime Money Market Fund 2.49% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 26
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL MODERATELY AGGRESSIVE FUND SM GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIFEMODEL LEHMAN BROTHERS MODERATELY INTERMEDIATE AGGRESSIVE FUNDSM WILSHIRE 5000 GOVERNMENT/CREDIT BOND (INSTITUTIONAL SHARES) INDEX INDEX ---------------------- ----- ----- 8/1/02 $10000 $10000 $10000 10420 10059 10149 9700 9049 10331 10180 9742 10290 10821 10329 10281 10290 9757 10506 10120 9511 10505 10039 9350 10653 10011 9456 10664 10644 10231 10746 11277 10856 10961 11406 11017 10954 7/03 11678 11282 10657 12061 11553 10682 11866 11425 10952 12513 12123 10849 12725 12293 10864 13125 12845 10959 13362 13131 11030 13527 13322 11143 13421 13179 11230 13009 12899 10963 13174 13077 10914 13385 13349 10946 7/04 12909 12840 11039 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Wilshire 5000 Index, and the Lehman Brothers Intermediate Government/Credit Bond Index. The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data. The Lehman Brothers Intermediate Government/Credit Bond Index is composed of investment grade corporate debt issues as well as debt issues of U.S. government agencies and the U.S. Treasury. The debt issues all maintain maturities within a range of one to ten years. The Wilshire 5000 Index and the Lehman Brothers Intermediate Government/Credit Bond Index are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 3 The Blended Index is a hypothetical unmanaged index comprised of 70% Wilshire Index and 30% Lehman Brothers Intermediate Government/Credit Bond Index. The Blended Index was created by Fifth Third Asset Management, Inc. The Fund will not necessarily maintain this 70/30 weighting at all times but will invest within a range of stock, bond, and money market funds as described in the prospectus. 27
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL MODERATE FUND SM For the 12-month period ended July 31, 2004, the Fifth Third LifeModel Moderate Fund SM (Institutional Shares) returned 8.84%, while its benchmarks, the Wilshire 5000 Index 1 advanced 13.81% and the Lehman Brothers Intermediate Government/Credit Bond Index 1 gained 3.59%. During the period, the Fund was positioned to take advantage of the above-trend economic growth in the U.S. and the expansion of corporate profits. As a result, we maintained a consistent underweighting in bonds. Within the first half of the fiscal year, our bias favored stocks, small cap equities in particular. We believe this strategy worked well for our shareholders. During the second half of the fiscal year, the emphasis remained on stocks, but was switched to large cap equities. We also skewed the bond portfolio toward shorter-term bonds. We modified our stance as small cap stocks grew increasingly expensive, relative to large cap stocks, and with the realization that the Fed may likely increase interest rates. The attraction to stocks persisted primarily due to the low returns offered in the bond market. We did not feel that bond investors were being rewarded with enough real yield (the figure remaining after inflation is taken into account) to compensate for emerging inflationary concerns and a looming tightening cycle from the Federal Reserve. We believe our posture added value for shareholders in the fiscal year as stocks outperformed bonds and there was a noticeable difference in the returns between large cap and small cap stocks from the first half of the period to the second. At the end of the period, we remained optimistic about the U.S. economy and stock market. Possible headwinds include higher energy prices, terror threats and the unknown of the November election, but rising corporate profits and relatively low interest rates have the potential to allow the U.S. economy to continue its expansion at a moderate pace. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- STOCKS ARE MORE VOLATILE AND CARRY MORE RISK AND RETURN POTENTIAL THAN OTHER FORMS OF INVESTMENTS. BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE, PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. CASH EQUIVALENTS OFFER LOW RISK AND LOW RETURN POTENTIAL. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR INCEPTION VALUE 2 --------- ------ --------- ------- Institutional 8/1/02 8.84% 9.76% $12,044 ------------------------------------------------------------------------------- Class A* 8/1/02 3.06% 6.72% $11,386 ------------------------------------------------------------------------------- Class B** 8/1/02 2.80% 6.84% $11,413 ------------------------------------------------------------------------------- Class C** 8/1/02 7.76% 8.72% $11,818 ------------------------------------------------------------------------------- Wilshire 5000 Index 1 13.81% 13.31% $12,840 ------------------------------------------------------------------------------- Lehman Brothers Intermediate Government/Credit Bond Index 1 3.59% 5.07% $11,039 ------------------------------------------------------------------------------- Blended Index 3 8.70% 9.19% $11,940 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] Fifth Third Intermediate Bond Fund 21.26% Fifth Third Disciplined Large Cap Value Fund 17.73% Fifth Third Quality Growth Fund 17.06% Fifth Third Short Term Bond Fund 14.13% Fifth Third Bond Fund 7.12% Fifth Third Multi Cap Value Fund 5.89% Fifth Third Mid Cap Growth Fund 5.73% Fifth Third International Equity Fund 3.93% Fifth Third Small Cap Value Fund 2.96% Fifth Third Small Cap Growth Fund 2.86% Fifth Third Prime Money Market Fund 1.33% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 28
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL MODERATE FUND SM GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LEHMAN BROTHERS LIFEMODEL INTERMEDIATE MODERATE FUNDSM WILSHIRE 5000 GOVERNMENT/CREDIT BOND (INSTITUTIONAL SHARES) INDEX INDEX ---------------------- ----- ----- 8/1/02 $10000 $10000 $10000 10080 10059 10149 9594 9049 10331 9934 9742 10290 10365 10329 10281 10053 9757 10506 9923 9511 10505 9913 9350 10653 9894 9456 10664 10358 10231 10746 10862 10856 10961 10944 11017 10954 7/03 11066 11282 10657 11339 11553 10682 11269 11425 10952 11696 12123 10849 11838 12293 10864 12129 12845 10959 12315 13131 11030 12450 13322 11143 12449 13179 11230 12107 12899 10963 12211 13077 10914 12367 13349 10946 7/04 12044 12840 11039 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Wilshire 5000 Index, and the Lehman Brothers Intermediate Government/Credit Bond Index. The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data. The Lehman Brothers Intermediate Government/Credit Bond Index is composed of investment grade corporate debt issues as well as debt issues of U.S. government agencies and the U.S. Treasury. The debt issues all maintain maturities within a range of one to ten years. The Wilshire 5000 Index and the Lehman Brothers Intermediate Government/Credit Bond Index are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 3 The Blended Index is a hypothetical unmanaged index comprised of 50% Wilshire Index and 50% Lehman Brothers Intermediate Government/Credit Bond Index. The Blended Index was created by Fifth Third Asset Management, Inc. The Fund will not necessarily maintain this 50/50 weighting at all times but will invest within a range of stock, bond, and money market funds as described in the prospectus. 29
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL MODERATELY CONSERVATIVE FUND SM For the 12-month period ended July 31, 2004, the Fifth Third LifeModel Moderately Conservative Fund SM (Institutional Shares) returned 7.39%, while its benchmarks, the Wilshire 5000 Index 1 advanced 13.81% and the Lehman Brothers Intermediate Government/Credit Bond Index 1 gained 3.59%. During the first half of the period, our equity bias favored small cap stocks while we maintained a neutral maturity weighting in the bond portfolio. This strategy worked well for shareholders. Within the second half of the fiscal year, the emphasis remained on stocks, but was switched to large cap equities. We also made a change in emphasis of the bond portfolio toward shorterterm bonds. We modified our stance as small cap stocks grew increasingly expensive, relative to large cap stocks, and with the realization that the Fed may likely increase interest rates. Overall, the attraction to stocks persisted primarily due to the low returns offered in the bond market. We did not feel that bond investors were being rewarded with enough real yield (the figure remaining after inflation is taken into account) to compensate for emerging inflationary concerns. We believe our posture added value for shareholders in the fiscal year as stocks outperformed bonds. At the end of the period, we remained optimistic about the U.S. economy and stock market. Possible headwinds include higher energy prices, terror threats and the unknown of the November election, but rising corporate profits and relatively low interest rates have the potential to allow the U.S. economy to continue its expansion at a moderate pace. The level of real yields available to bond investors, however, is still too low in our estimation. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- STOCKS ARE MORE VOLATILE AND CARRY MORE RISK AND RETURN POTENTIAL THAN OTHER FORMS OF INVESTMENTS. BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE, PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. CASH EQUIVALENTS OFFER LOW RISK AND LOW RETURN POTENTIAL. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR INCEPTION VALUE 2 --------- ------ --------- ------- Institutional 8/1/02 7.39% 7.64% $11,585 ------------------------------------------------------------------------------- Class A* 8/1/02 1.78% 4.60% $10,940 ------------------------------------------------------------------------------- Class B** 8/1/02 1.35% 4.69% $10,959 ------------------------------------------------------------------------------- Class C** 8/1/02 6.29% 6.56% $11,354 ------------------------------------------------------------------------------- Wilshire 5000 Index 1 13.81% 13.31% $12,840 ------------------------------------------------------------------------------- Lehman Brothers Intermediate Government/Credit Bond Index 1 3.59% 5.07% $11,039 ------------------------------------------------------------------------------- Blended Index 3 7.68% 8.37% $11,759 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] Fifth Third Intermediate Bond Fund 26.36% Fifth Third Short Term Bond Fund 18.25% Fifth Third Disciplined Large Cap Value Fund 15.49% Fifth Third Quality Growth Fund 14.96% Fifth Third Bond Fund 9.15% Fifth Third Multi Cap Value Fund 4.00% Fifth Third International Equity Fund 3.95% Fifth Third Mid Cap Growth Fund 3.88% Fifth Third Small Cap Value Fund 1.98% Fifth Third Small Cap Growth Fund 1.93% Fifth Third Prime Money Market Fund 0.05% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 30
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL MODERATELY CONSERVATIVE FUND SM GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIFEMODEL LEHMAN BROTHERS MODERATELY INTERMEDIATE CONSERVATIVE FUNDSM WILSHIRE 5000 GOVERNMENT/CREDIT BOND (INSTITUTIONAL SHARES) INDEX INDEX ---------------------- ----- ----- 8/1/02 $10000 $10000 $10000 9930 10059 10149 9517 9049 10331 9827 9742 10290 10188 10329 10281 9958 9757 10506 9858 9511 10505 9858 9350 10653 9844 9456 10664 10238 10231 10746 10663 10856 10961 10726 11017 10954 7/03 10787 11282 10657 11000 11553 10682 10988 11425 10952 11314 12123 10849 11426 12293 10864 11674 12845 10959 11831 13131 11030 11957 13322 11143 11925 13179 11230 11620 12899 10963 11683 13077 10914 11817 13349 10946 7/04 11585 12840 11039 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Wilshire 5000 Index, and the Lehman Brothers Intermediate Government/Credit Bond Index. The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data. The Lehman Brothers Intermediate Government/Credit Bond Index is composed of investment grade corporate debt issues as well as debt issues of U.S. government agencies and the U.S. Treasury. The debt issues all maintain maturities within a range of one to ten years. The Wilshire 5000 Index and the Lehman Brothers Intermediate Government/Credit Bond Index are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 3 The Blended Index is a hypothetical unmanaged index comprised of 40% Wilshire Index and 60% Lehman Brothers Intermediate Government/Credit Bond Index. The Blended Index was created by Fifth Third Asset Management, Inc. The Fund will not necessarily maintain this 40/60 weighting at all times but will invest within a range of stock, bond, and money market funds as described in the prospectus. 31
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL CONSERVATIVE FUND SM For the 12-month period ended July 31, 2004, the Fifth Third LifeModel Conservative Fund SM (Institutional Shares) returned 5.44%, while its benchmarks, the Wilshire 5000 Index 1 advanced 13.81% and the Lehman Brothers Intermediate Government/Credit Bond Index 1 gained 3.59%. Within the first half of the period, our equity bias favored small cap stocks while we maintained a neutral maturity weighting in the bond portfolio. We believe this strategy worked well for our shareholders. During the second half of the fiscal year, the emphasis in stocks was switched to large cap equities. We also made a change in direction of the bond portfolio toward shorter-term bonds. We modified our stance as small cap stocks grew increasingly expensive, relative to large cap stocks, and with the realization that the Fed may likely increase interest rates. Overall, the attraction to stocks persisted primarily due to the low returns offered in the bond market. We did not feel that bond investors were being rewarded with enough real yield (the figure remaining after inflation is taken into account) to compensate for emerging inflationary concerns. We believe our posture added value for shareholders in the fiscal year as stocks outperformed bonds. At the end of the period, we remained optimistic about the U.S. economy and stock market. Possible headwinds include higher energy prices, terror threats and the unknown of the November election, but rising corporate profits and relatively low interest rates have the potential to allow the U.S. economy to continue its expansion at a moderate pace. The level of real yields available to bond investors, however, is still too low in our estimation. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- STOCKS ARE MORE VOLATILE AND CARRY MORE RISK AND RETURN POTENTIAL THAN OTHER FORMS OF INVESTMENTS. BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE, PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. CASH EQUIVALENTS OFFER LOW RISK AND LOW RETURN POTENTIAL. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31,2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR INCEPTION VALUE 2 --------- ------ --------- ------- Institutional 8/1/02 5.44% 6.51% $11,343 ------------------------------------------------------------------------------- Class A* 8/1/02 -0.10% 3.50% $10,712 ------------------------------------------------------------------------------- Class B** 8/1/02 -0.63% 3.54% $10,719 ------------------------------------------------------------------------------- Class C** 8/1/02 4.34% 5.46% $11,120 ------------------------------------------------------------------------------- Wilshire 5000 Index 1 13.81% 13.31% $12,840 ------------------------------------------------------------------------------- Lehman Brothers Intermediate Government/Credit Bond Index 1 3.59% 5.07% $11,039 ------------------------------------------------------------------------------- Blended Index 3 5.63% 6.72% $11,399 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] Fifth Third Intermediate Bond Fund 35.82% Fifth Third Short Term Bond Fund 23.74% Fifth Third Bond Fund 12.01% Fifth Third Disciplined Large Cap Value Fund 8.68% Fifth Third Quality Growth Fund 8.20% Fifth Third Prime Money Market Fund 1.99% Fifth Third Small Cap Value Fund 1.95% Fifth Third Multi Cap Value Fund 1.95% Fifth Third International Equity Fund 1.94% Fifth Third Mid Cap Growth Fund 1.86% Fifth Third Small Cap Growth Fund 1.86% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 32
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE FIFTH THIRD LIFEMODEL CONSERVATIVE FUND SM GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LEHMAN BROTHERS LIFEMODEL INTERMEDIATE CONSERVATIVE FUNDSM WILSHIRE 5000 GOVERNMENT/CREDIT BOND (INSTITUTIONAL SHARES) INDEX INDEX ---------------------- ----- ----- 8/1/02 $10000 $10000 $10000 10090 10059 10149 9909 9049 10331 10049 9742 10290 10290 10329 10281 10233 9757 10506 10192 9511 10505 10243 9350 10653 10245 9456 10664 10488 10231 10746 10813 10856 10961 10840 11017 10954 7/03 10758 11282 10657 10911 11553 10682 10996 11425 10952 11140 12123 10849 11222 12293 10864 11383 12845 10959 11499 13131 11030 11604 13322 11143 11609 13179 11230 11344 12899 10963 11365 13077 10914 11450 13349 10946 7/04 11343 12840 11039 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Wilshire 5000 Index, and the Lehman Brothers Intermediate Government/Credit Bond Index. The Wilshire 5000 Index measures the performance of all U.S. headquartered equity securities with readily available price data. The Lehman Brothers Intermediate Government/Credit Bond Index is composed of investment grade corporate debt issues as well as debt issues of U.S. government agencies and the U.S. Treasury. The debt issues all maintain maturities within a range of one to ten years. The Wilshire 5000 Index and the Lehman Brothers Intermediate Government/Credit Bond Index are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 3 The Blended Index is a hypothetical unmanaged index comprised of 20% Wilshire Index and 80% Lehman Brothers Intermediate Government/Credit Bond Index. The Blended Index was created by Fifth Third Asset Management, Inc. The Fund will not necessarily maintain this 20/80 weighting at all times but will invest within a range of stock, bond, and money market funds as described in the prospectus. 33
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE STRATEGIC INCOME FUND For the 12-month period ended July 31, 2004, the Fifth Third Strategic Income Fund (Institutional Shares) advanced 7.04%, outpacing its benchmark, the Lehman Brothers Intermediate Credit Bond Index 1, which returned 4.67%. Gradually recovering from years in the shadows of growth stocks, income-oriented assets such as real estate investment trusts (REITs), preferred stocks and dividend-paying common stocks extended a recent run of positive momentum throughout the period. As a result, the Fund delivered on its goal of providing investors with a steady source of investment income while offering a measure of protection against downside risk. REITs excelled despite a brief sell-off in April, during which the market digested significant sector-wide gains. Although share prices have lingered at levels not traditionally supported by industry fundamentals, solid yields still abound. Additionally, increased interest from investors seeking to diversify their portfolios with real estate holdings has further propped up prices. Preferred stocks, most of which are bond-like in that dividends are not paid out of a company's profits, also rallied. Offering higher payouts than common stocks, the specialized equities proved increasingly attractive as the broader market stalled during the latter part of the period. The heightened valuations for some of the preferred issues seemed too steep, however, so we trimmed the Fund's exposure. Similarly, we pared back our common stock holdings after the market's runup through the closing months of 2003. Considering the slowdown in corporate profit growth, continued geopolitical uneasiness and rising oil prices, we tightened our focus on stable companies that have consistently generated dividend growth. The flat performance of bonds modestly tempered returns. After hovering near historic lows, interest rates moved back up in the spring as the economy showed signs of strength and hints of inflation appeared. To maximize yields in such an environment, we mostly sought out corporate issues that offered richer coupons than government notes. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- -------- Institutional 7.04% 8.00% 7.95% $ 21,484 ------------------------------------------------------------------------------- Class A* 1.34% 6.53% 7.18% $ 20,005 ------------------------------------------------------------------------------- Class B** 1.07% 6.77% 7.19% $ 20,027 ------------------------------------------------------------------------------- Class C** 6.07% 7.00% 7.15% $ 19,950 ------------------------------------------------------------------------------- Advisor 6.55% 7.60% 7.72% $ 21,038 ------------------------------------------------------------------------------- Lehman Brothers Intermediate Credit Bond Index 1 4.67% 7.67% 7.47% $ 20,545 ------------------------------------------------------------------------------- Lipper Flexible Income Funds Average 1 3.82% 3.33% 3.66% $ 16,041 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER 22, 2001, THE QUOTED PERFORMANCE FOR THE FIFTH THIRD STRATEGIC INCOME FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE FIFTH THIRD/MAXUS INCOME FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF SEPTEMBER 1, 1998. PRIOR TO SEPTEMBER 1, 1998 THE QUOTED PERFORMANCE REFLECTS THE PERFORMANCE FOR THE FIFTH THIRD/MAXUS INCOME FUND INVESTOR SHARES. CLASS A, CLASS B AND CLASS C SHARES WERE INITIALLY OFFERED ON APRIL 1, 2004, APRIL 1, 2004 AND OCTOBER 29, 2001, RESPECTIVELY. THE PERFORMANCE FIGURES FOR CLASS A, CLASS B AND CLASS C SHARES FOR PERIODS PRIOR TO SUCH DATES REPRESENT THE PERFORMANCE FOR ADVISOR SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR THE RESPECTIVE SHARE CLASS. PRIOR TO OCTOBER 22, 2001, THE QUOTED PERFORMANCE FOR ADVISOR SHARES REFLECTS THE PERFORMANCE OF THE FIFTH THIRD/MAXUS INCOME FUND INVESTOR SHARES WITH AN INCEPTION DATE OF MARCH 10, 1985. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] Corporate Bond Equivalents 46.29% Corporate Bonds 22.47% Real Estate Investment Trusts 10.10% Investment Companies 7.89% Common Stocks 5.14% Preferred Stocks 2.74% Repurchase Agreements 2.30% U.S. Government Agencies 1.82% U.S. Treasury Notes 1.25% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 34
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE STRATEGIC INCOME FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LEHMAN LIPPER STRATEGIC BROTHERS FLEXIBLE INCOME INTERMEDIATE INCOME INSTITUTIONAL CREDIT BOND FUNDS SHARES INDEX AVERAGE ------ ----- ------- 7/94 $10000 $10000 $10000 7/95 10945 11060 10746 7/96 11876 11694 11385 7/97 13515 12947 12402 7/98 14258 13790 12668 7/99 14625 14200 12604 7/00 15305 14911 12991 7/01 17404 16924 14054 7/02 18605 17861 14913 7/03 20071 19627 15273 7/04 21484 20545 16041 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Lehman Brothers Intermediate Credit Bond Index which is generally representative of investment grade corporate bonds with maturities from one to ten years, and the Lipper Flexible Income Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Lehman Brothers Intermediate Credit Bond Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Flexible Income Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The Ending Value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 35
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE SELECT STOCK FOUND For the 12-month period ended July 31, 2004, the Fifth Third Select Stock Fund (Institutional Shares) returned 5.12%, trailing its benchmarks, the Russell 1000 (R) Index 1 and the Russell 1000 (R) Growth Index 1, which gained 13.03% and 8.51%, respectively.. We spent much of the period tightening the Fund's focus on 20-30 stocks, placing a premium on companies with exceptional growth fundamentals and solid potential for long-term appreciation. At times, our stock selection runs counter to the prevailing winds in the broader market and performance may lag as a result. For example, global investment banker Goldman Sachs has seen tremendous activity in its mergers and acquisitions division and has profited from a comeback in the initial public offering market, yet its stock has been pulled down with the rest of the financial sector amid interest rate concerns. With a reduced cost structure and a market leadership position, the company is primed for further growth if revenues continue improving. Electronics retailer Best Buy also underperformed due primarily to fears that rising interest rates would prompt consumers to rein in spending. Yet with new developments in higher-ticket and higher-margin items such as digital cameras and next generation televisions, a number of solid revenue drivers remain. As signs of improved growth rates within the global economy emerged, raw materials companies such as Phelps Dodge rallied. The world's second largest copper producer, Phelps Dodge has profited from strong international demand, led by China, along with tight supplies of the commodity. + Also providing a lift were Illinois Tool Works, Rockwell Automation and L-3 Communications Holdings. Illinois Tool Works, which produces manufacturing components and systems, has broad exposure to the surging industrial market and posted good earnings as a result. Rockwell Automation has benefited from manufacturers' efforts to maximize productivity while much of L-3's success stems from the booming market for high tech defense and security oriented systems. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- BECAUSE THE FUND MAY INVEST IN A SINGLE INDUSTRY, ITS SHARES DO NOT REPRESENT A COMPLETE INVESTMENT PROGRAM. AS A NON-DIVERSIFIED FUND, THE VALUE OF THE SHARES MAY FLUCTUATE MORE THAN SHARES INVESTED IN A BROADER RANGE OF INDUSTRIES AND COMPANIES. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- -------- Institutional 5.12% -11.71% 5.56% $ 17,178 ------------------------------------------------------------------------------- Class A* -0.32% -12.83% 4.87% $ 16,088 ------------------------------------------------------------------------------- Class B** -0.84% -12.78% 4.58% $ 15,649 ------------------------------------------------------------------------------- Class C** 4.10% -12.56% 4.57% $ 15,640 ------------------------------------------------------------------------------- Russell 1000 (R) Index 1 13.03% -1.74% 11.08% $ 28,592 ------------------------------------------------------------------------------- Russell 1000 (R) Growth Index 1 8.51% -6.96% 9.11% $ 23,907 ------------------------------------------------------------------------------- Lipper Large-Cap Core Funds Average 1 9.53% -3.48% 8.89% $ 23,904 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO MARCH 6, 1998 THE QUOTED PERFORMANCE OF THE SELECT STOCK FUND REFLECTS THE PERFORMANCE OF THE CLASS A SHARES OF THE PINNACLE FUND. THE INCEPTION DATES FOR THE INSTITUTIONAL, CLASS B AND CLASS C SHARES OF THE FUND ARE AUGUST 11, 1998, OCTOBER 11, 2000 AND MARCH 9, 1998, RESPECTIVELY. PRIOR TO SUCH DATES, QUOTED PERFORMANCE REFLECTS THE PERFORMANCE OF CLASS A SHARES ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + EMC Corp. ....................................................... 5.59% Agilent Technologies ............................................ 5.53% Phelps Dodge .................................................... 5.29% Nordstrom, Inc. ................................................. 4.97% Pulte Homes, Inc. ............................................... 4.95% Manpower, Inc. .................................................. 4.93% Best Buy Co. .................................................... 4.91% Teva Pharmaceutical Industries .................................. 4.69% Goldman Sachs Group, Inc. ....................................... 4.49% Boston Scientific ............................................... 4.33% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 36
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE SELECT STOCK FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD SELECT LIPPER STOCK FUND LARGE-CAP (INSTITUTIONAL RUSSELL 1000(R) RUSSELL 1000(R) CORE FUNDS SHARES) INDEX GROWTH INDEX AVERAGE ------- ----- ------------ ------- 7/94 $10000 $10000 $10000 $10000 7/95 12423 12616 13142 12272 7/96 15226 14602 15182 13900 7/97 22132 21952 23053 20355 7/98 27269 26092 27645 23545 7/99 32024 31217 34291 27855 7/00 33328 34594 42651 31192 7/01 22908 29509 27697 26387 7/02 16243 22750 19734 20162 7/03 16342 25296 22032 21773 7/04 17178 28592 23907 23904 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Russell 1000 (R) Index and the Russell 1000 (R) Growth Index. The Russell 1000 (R) Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. The Russell 1000 (R) Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The Lipper Large-Cap Core Funds Average, is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Russell 1000 (R) Index and the Russell 1000 (R) Growth are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Large-Cap Core Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 37
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE TECHNOLOGY FUND For the 12-month period ended July 31, 2004, the Fifth Third Technology Fund (Institutional Shares) posted a negative 2.98% return, underperforming its benchmark, the Merrill Lynch 100 Technology Index 1, which returned 12.08%. Through the first half of the period, investor optimism about capital spending outlooks raised expectations for corporate investment levels in technology. Low interest rates and muted inflation added to the positive sentiments. Early in 2004, the Fed started to signal that rates would head higher in the not-too-distant future, and anxieties over increased borrowing costs took center stage. The equity markets responded with vicious sector rotations and dramatic sentiment changes that claimed a share of tech's impressive 2003 gains. One sector that fell out of favor and undercut the Fund's performance was electronic manufacturing services (EMS). Hurt by excess capacity, which was exacerbated by further migration into cheaper labor markets in Asia, extreme pricing pressures and a slackening of demand, EMS companies struggled to meet aggressive growth expectations. Similarly, software companies, which seemed more focused on digesting past acquisitions than developing new and innovative applications, reported meager sales growth and slumped in turn. + Fueled by momentum traders, the markets punished nearly every company that issued a downside surprise and was most severe in the more cyclical corners of the tech industry. Interestingly, the valuations of e-commerce companies that managed to beat expectations and raise future estimates skyrocketed. As we considered the valuations extreme and the high growth rates unsustainable, we avoided the high-profile e-commerce names, which also weighed on returns. + Positive contributors included companies within the semiconductor and communications equipment groups, although many of the gains occurred during the early part of the period. Sequential improvements in sales, lean inventories and a pickup in demand helped semiconductor companies while increased spending by wireless service providers aided communications equipment entities. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- THE FUND'S VALUE AND ITS RETURNS MAY BE CONSIDERABLY MORE VOLATILE AND POSE GREATER RISKS DUE TO THE NATURE OF THE TECHNOLOGY SECTOR (SHORT PRODUCT CYCLES, PRICE COMPETITION, OBSOLESCENCE OF EXISTING TECHNOLOGY) THAN THE VALUES AND RETURNS OF OTHER MUTUAL FUNDS INVESTED IN A BROADER RANGE OF INDUSTRIES AND COMPANIES. THE FUND COULD FLUCTUATE IN PRICE MORE THAN MOST FUNDS, DUE TO THE VOLATILE NATURE OF THE TECHNOLOGY SECTOR. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR INCEPTION VALUE 2 --------- ------ --------- ------- Institutional 6/5/00 -2.98% -18.53% $ 4,269 ------------------------------------------------------------------------------- Class A* 6/5/00 -8.11% -19.71% $ 4,018 ------------------------------------------------------------------------------- Class B** 6/5/00 -8.70% -19.67% $ 4,027 ------------------------------------------------------------------------------- Class C** 6/5/00 -3.79% -19.33% $ 4,098 ------------------------------------------------------------------------------- Advisor 6/5/00 -3.37% -18.93% $ 4,184 ------------------------------------------------------------------------------- Merrill Lynch 100 Technology Index 1 12.08% -19.80% $ 3,988 ------------------------------------------------------------------------------- Lipper Science and Technology Funds Average 1 5.12% -20.98% $ 3,927 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. THE INCEPTION DATE FOR THE INSTITUTIONAL, CLASS A AND CLASS C SHARES OF THE TECHNOLOGY FUND IS JUNE 5, 2000. THE INCEPTION DATE FOR CLASS B AND ADVISOR SHARES IS OCTOBER 11, 2000 AND OCTOBER 29, 2001, RESPECTIVELY. THE QUOTED PERFORMANCE PRIOR TO THE INCEPTION OF CLASS B AND ADVISOR SHARES IS BASED ON THE PERFORMANCE OF CLASS A SHARES ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND ADVISOR SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + Analog Devices, Inc. ............................................ 3.78% Agilent Technologies, Inc. ...................................... 3.54% Avaya, Inc. ..................................................... 3.49% EMC Corp. ....................................................... 3.45% Broadcom Corp. .................................................. 3.35% Sapient Corp. ................................................... 3.19% Corning, Inc. ................................................... 3.18% Lucent Technologies, Inc. ....................................... 2.90% Harris Corp. .................................................... 2.71% RSA Security, Inc. .............................................. 2.66% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 38
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE TECHNOLOGY FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD TECHNOLOGY LIPPER FUND SCIENCE AND (INSTITUTIONAL MERRILL LYNCH 100 TECHNOLOGY FUNDS SHARES) TECHNOLOGY INDEX AVERAGE ------- ---------------- ------- 6/5/00 $10000 $10000 $10000 10185 11377 11583 7/00 9895 10948 11300 7413 6649 7414 4925 4655 5132 5743 5372 5722 7/01 5233 4886 5245 3709 3176 3689 4951 4485 4855 4542 4351 4521 3058 3018 3328 7/02 2801 2615 2976 2114 2069 2512 2871 2622 2902 2887 2617 2873 4073 3404 3531 7/03 4401 3559 3719 4628 3821 3878 5405 4426 4352 5375 4491 4406 5026 4503 4397 7/04 4269 3988 3927 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Merrill Lynch 100 Technology Index which is an equal-dollar weighted index of 100 stocks designed to measure the performance of a cross-section of large, actively traded technology stocks and American Depository Receipts, and the Lipper Science and Technology Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Merrill Lynch 100 Technology Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Science and Technology Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 39
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE INTERNATIONAL EQUITY FUND For the 12-month period ended July 31, 2004, the Fifth Third International Equity Fund (Institutional Shares) returned 21.56%, compared to its benchmark, the MSCI EAFE (R) Index 1, which advanced 25.50%. International stock market performance during the period had two distinct phases. From August 2003 until early 2004, the markets moved steadily higher. From a mid-February peak, however, global equities traded in somewhat of a seesaw pattern, experiencing a sharp sell-off in May and then a broad trading range into July. In total, the Index was boosted by double-digit gains from each of its markets, save Finland. The Fund was somewhat cyclically positioned through overweight stakes, relative to the benchmark, in Japan, Germany and Asia. Additionally, at the sector level, we remained neutral in information technology, with a slight overweight in capital goods versus consumer staples, a strategy that diminished returns during the May correction. Yet our work shows that cyclicals tend to do well in the quarter following a U.S. Federal Reserve rate hike and staples haven't looked particularly cheap. As global economic growth cooled from its torrid 2003 pace of greater than 4%, U.S. inflation reached 3% on a year-over-year basis. China and Asia slowed but didn't collapse and job growth in the U.S. and Japan was fairly solid. Japan continued to show signs of broadening, self-sustaining growth and even long-suffering German employment figures and domestic capital goods orders improved. Europe continued to be the global growth laggard, although data was marginally better by the period's close. Furthermore, comments from the European Central Bank encouraged us that there is a chance of a renewed push for reform, which could spark equities. We ended the period fully invested, but nervous, as markets bounced around at the bottom of the trading range. We'll continue to react to global data in a measured way, although we believe many international markets continue to benefit from strong currencies, decent economic growth and attractive values. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- INTERNATIONAL INVESTING INVOLVES INCREASED RISK AND VOLATILITY. EQUITY SECURITIES (STOCKS) ARE MORE VOLATILE AND CARRY MORE RISK THAN OTHER FORMS OF INVESTMENTS, INCLUDING INVESTMENTS IN HIGH-GRADE FIXED INCOME SECURITIES. THE NET ASSET VALUE PER SHARE OF THIS FUND WILL FLUCTUATE AS THE VALUE OF THE SECURITIES IN THE PORTFOLIO CHANGES. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR 5 YEAR INCEPTION VALUE 2 --------- ------ ------ --------- ------- Institutional 8/18/94 21.56% -0.97% 3.98% $14,751 ------------------------------------------------------------------------------- Class A* 8/18/94 15.07% -2.14% 3.33% $13,858 ------------------------------------------------------------------------------- Class B** 8/18/94 15.43% -2.13% 2.99% $13,407 ------------------------------------------------------------------------------- Class C** 8/18/94 20.32% -1.94% 3.09% $13,533 ------------------------------------------------------------------------------- Advisor 8/18/94 20.82% -1.37% 3.61% $14,235 ------------------------------------------------------------------------------- MSCI EAFE (R) Index 1 25.50% -0.84% 3.72% $14,371 ------------------------------------------------------------------------------- Lipper International Large-Cap Core Funds Average 1 21.22% -0.82% 3.20% $14,023 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. CLASS A SHARES WERE INITIALLY OFFERED ON AUGUST 18, 1994. CLASS B AND CLASS C SHARES WERE INITIALLY OFFERED ON OCTOBER 11, 2000 AND APRIL 25, 1996, RESPECTIVELY. THE PERFORMANCE FIGURES FOR CLASS B AND CLASS C SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR CLASS A SHARES ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. INSTITUTIONAL SHARES WERE INITIALLY OFFERED ON OCTOBER 9, 1998. THE PERFORMANCE FIGURES FOR INSTITUTIONAL SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR CLASS A SHARES. ADVISOR SHARES WERE INITIALLY OFFERED ON NOVEMBER 10, 2003. THE PERFORMANCE FIGURES FOR ADVISOR SHARES FOR THE PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR CLASS A SHARES ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR ADVISOR SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 5.00%. ** Reflects the maximum applicable contingent deferred sales charge. TOP TEN EQUITY HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + BP Plc .......................................................... 1.95% HSBC Holdings Plc ............................................... 1.88% Toyota Motor Corp. .............................................. 1.66% Vodafone Group Plc ........................... .................. 1.41% Total SA. ....................................................... 1.39% Novartis AG. .................................................... 1.36% GlaxoSmithKline Plc ............................................. 1.36% Telefonica SA.................................................... 1.30% Royal Dutch Petroleum Co. ....................................... 1.28% Roche Holdings AG................................................ 0.90% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 40
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE INTERNATIONAL EQUITY FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIPPER INTERNATIONAL INTERNATIONAL EQUITY FUND LARGE-CAP (INSTITUTIONAL MSCI EAFE(R) CORE FUNDS SHARES) INDEX AVERAGE ------- ----- ------- 8/18/94 $10000 $10000 $10000 9650 9687 9723 9390 9595 9408 9180 9781 9245 9300 9860 9690 7/95 9830 10477 10227 9910 10279 10230 10450 10703 10444 10910 11021 10912 11240 11203 11317 7/96 10740 10879 10890 11100 11198 11278 11342 11384 11787 11342 11214 11923 12819 12678 13357 7/97 13079 12886 13724 12873 12597 13496 12245 11618 12451 14168 13336 14267 14499 13487 14388 7/98 14817 13627 14588 12776 11579 12056 14627 13981 14150 14809 14185 14427 15111 14556 15130 7/99 15486 14991 15521 15668 15204 15708 18447 17797 19487 18011 17789 19675 17404 17094 18728 7/00 16770 16381 18032 16255 15725 17163 15820 15313 16416 14031 13222 14110 13955 13108 14065 7/01 13817 12870 13687 12533 11279 11918 12988 12066 12909 13189 12191 13051 13019 11900 12622 7/02 11842 10726 11345 10681 9557 10081 11200 10177 10725 10265 9350 9804 11916 11179 11550 7/03 12134 11451 11808 12789 12094 12293 13533 14163 14218 13770 14786 14713 14925 14851 14546 7/04 14751 14371 14023 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE (R)) Index which is generally representative of a sample of companies of the market structure of 20 European and Pacific Basin countries, and the Lipper International Large-Cap Core Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE (R)) Index does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper International Large-Cap Core Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 41
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE BOND FUND For the 12-month period ended July 31, 2004, the Fifth Third Bond Fund (Institutional Shares) returned 4.26%, trailing its benchmark, the Lehman Brothers Aggregate Bond Index 1, which advanced 4.84%. Weighing on returns was the Fund's limited exposure to lower quality corporate bonds. The riskier issues outperformed through the first half of the period and sustained gains over the balance, but we maintained a commitment to investing in higher quality securities. The larger interest rate picture offered a challenge as we expected to see a rate increase from the Fed in early 2004, but it didn't act until June 30. Having positioned the Fund with a shorter duration than the benchmark, which made it less sensitive to rising interest rates, results from the approach were mixed at times, but ended the period with a generally positive effect. Moves in and out of the mortgage-backed securities market proved well-timed and boosted returns. Early in the period, valuations in the home loan space were very attractive in the wake of significant interest rate volatility in July 2003, and we built up an overweight position, relative to the benchmark, in the securities. The strategy paid off due to the combination of our efforts to seek out issues with lower prepayment risks and a decrease in volatility as loan rates rose gradually. By the period's end, we'd taken some profits and directed resources elsewhere. + The Fund's overweight position in corporate bonds, a diversified collection that carried better yields than U.S. Treasury issues, enhanced performance. By the end of the period, as the difference between corporate and Treasury yields narrowed too much, we liquidated a portion of the position. Some of the proceeds funded investments in higher quality commercial mortgage backed securities, such as those issued for office developments, which offered better yields and slightly less risk. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR 5 YEAR INCEPTION VALUE 2 --------- ------ ------ --------- ------- Institutional 3/20/95 4.26% 6.36% 6.69% $18,339 ------------------------------------------------------------------------------- Class A* 3/22/95 -0.97% 5.08% 5.89% $17,082 ------------------------------------------------------------------------------- Class B** 3/20/95 -1.81% 4.97% 5.63% $16,698 ------------------------------------------------------------------------------- Class C** 3/20/95 3.20% 5.30% 5.63% $16,697 ------------------------------------------------------------------------------- Advisor 3/20/95 3.73% 5.84% 6.17% $17,514 ------------------------------------------------------------------------------- Lehman Brothers Aggregate Bond Index 1 4.84% 7.25% 7.37% $19,415 ------------------------------------------------------------------------------- Lipper Corporate Debt Funds A Rated Average 1 4.75% 6.36% 6.68% $18,326 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR THE FIFTHTHIRD BOND FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE KENT INCOME FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF MARCH 20, 1995. PRIOR TO OCTOBER 29, 2001, THE PERFORMANCE FIGURES FOR THE FIFTH THIRD BOND FUND CLASS A SHARES REFLECTS THE PERFORMANCE OF THE KENT INCOME FUND INVESTMENT SHARES WITH AN INCEPTION DATE OF MARCH 22, 1995, ADJUSTED FOR THE MAXIMUM SALES CHARGE. CLASS B AND CLASS C SHARES WERE INITIALLY OFFERED ON OCTOBER 29, 2001. THE PERFORMANCE FIGURES FOR CLASS B AND CLASS C SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. ADVISOR SHARES WERE INITIALLY OFFERED ON OCTOBER 29, 2001. THE PERFORMANCE FIGURES FOR ADVISOR SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES FOR ADVISOR SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE waivers AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 4.75%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDINGS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] Corporate Bonds 42.00% U.S. Government Agencies 37.89% Commercial Paper 9.81% Short-Term Securities Held as Collateral for Securities Lending 4.67% Money Markets 3.20% U.S. Treasury Obligations 1.88% Municipal Bonds 0.55% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 42
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE BOND FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] [Download Table] LIPPER FIFTH THIRD LEHMAN BROTHERS CORPORATE BOND FUND GOVERNMENT/ LEHMAN BROTHERS DEBT FUNDS A (INSTITUTIONAL CREDIT BOND AGGREGATE RATED FUNDS SHARES) INDEX BOND INDEX AVERAGE ------- ----------- ---------- ------- 3/20/95 $10000 $10000 $10000 $10000 9960 10649 10000 10000 10718 10608 10609 10669 7/95 10640 10853 10586 10617 10929 11358 10818 10882 11505 11093 11279 11407 11087 11145 11079 11093 11040 11171 11142 11117 7/96 11044 11341 11172 11135 11218 11688 11348 11311 11641 11587 11688 11687 11385 12009 11623 11569 11913 12376 12050 12005 7/97 12443 12430 12374 12407 12457 12828 12450 12448 12868 13023 12816 12823 13067 13364 13016 13012 13401 13374 13320 13333 7/98 13395 14025 13348 13332 13982 14009 13883 13817 14064 14044 13930 13806 13843 13876 13861 13663 13554 13724 13739 13457 7/99 13472 13686 13680 13396 13545 13798 13832 13481 13444 13742 13815 13422 13854 14112 14120 13735 13933 14316 14366 13844 7/00 14071 14468 14496 13973 14381 14728 14799 14233 15045 15371 15421 14782 15547 15862 15889 15253 15569 15910 15979 15320 7/01 15977 16306 16336 15690 16385 16668 16716 15928 16136 16678 16724 15924 15970 16599 16739 15867 16649 17222 17358 16360 7/02 16786 17429 17567 16486 17437 18203 18153 17066 17655 18518 18439 17328 17887 18823 18695 17592 18241 19486 19163 18160 7/03 17590 18669 18519 17480 18186 19388 19135 18097 18221 19383 19195 18173 18658 19980 19706 18660 18178 19346 19224 18152 7/04 18339 19551 19415 18326 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's has changed its standardized benchmark from the Lehman Brothers Government/Credit Bond Index to the Lehman Brothers Aggregate Bond Index to provide a more appropriate market comparison. The Lehman Brothers Government/Credit Bond Index is a broad based index representative of the total return of long-term government and corporate bonds. The Lehman Brothers Aggregate Bond Index is representative of investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year and the Lipper Corporate Debt Funds A Rated Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Lehman Brothers Government/Credit Bond Index and the Lehman Brothers Aggregate Bond Index are unmanaged indices and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Corporate Debt Funds A Rated Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 43
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE INTERMEDIATE BOND FUND For the 12-month period ended July 31, 2004, the Fifth Third Intermediate Bond Fund (Institutional Shares) gained 2.71%, underperforming its benchmark, the Lehman Brothers Intermediate Government/Credit Index 1, which returned 3.59%. The market's continued appetite for the lowest quality investment grade bonds, rated Baa or BBB, and distaste for poor performing Treasuries set the tone for the period. Extending a rally that started after the September 2002 meltdown in the corporate bond market, investors chased the higher yields offered by the lower quality issues, confident that default rates would remain low. Against this backdrop, our bias toward higher quality securities dragged on returns as the Fund was underweight, relative to the benchmark, in Baa/BBB bonds. More specifically, we were skeptical of the total return prospects from bonds issued by automakers, which accounted for much of the Baa/BBB performance. The Fund's returns were also diminished by a shorter average duration than that of the benchmark. A defensive strategy adopted in anticipation of a sharp rise in the yield curve, the short position weighed when the economic recovery played out slower than we expected and it took longer than we anticipated for the Federal Reserve to begin its rate hike campaign. The Fund's stake in commercial mortgage backed securities provided a lift. Issued by investment banks and consisting of mortgages on commercial properties such as shopping malls, offices and apartment complexes, these bonds offer higher yields than U.S. Treasury securities, yet generally carry AAA ratings. + Further enhancing returns was an underweight position in Treasuries. As the yield curve flattened due to rising rates at the short end and a more modest uptick at the long end, intermediate term government issues suffered. By taking a smaller position in the poorest performing group, we were able to expand our exposure in higher yielding issues. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- -------- Institutional 2.71% 6.01% 6.09% $ 18,062 ------------------------------------------------------------------------------- Class A* -1.09% 4.98% 5.46% $ 17,009 ------------------------------------------------------------------------------- Class B** -2.89% 4.66% 5.04% $ 16,349 ------------------------------------------------------------------------------- Class C** 1.72% 4.92% 5.00% $ 16,294 ------------------------------------------------------------------------------- Lehman Brothers Intermediate Government/Credit Index 1 3.59% 6.95% 6.84% $ 19,371 ------------------------------------------------------------------------------- Lipper Intermediate Investment Grade Debt Funds Average 1 4.47% 6.40% 6.52% $ 18,843 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR THE FIFTH THIRD INTERMEDIATE BOND FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE KENT INTERMEDIATE BOND FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF NOVEMBER 2, 1992. PRIOR TO OCTOBER 29, 2001, THE PERFORMANCE FOR THE FIFTH THIRD INTERMEDIATE BOND FUND CLASS A SHARES REFLECTS THE PERFORMANCE OF THE KENT INTERMEDIATE BOND FUND INVESTMENT SHARES WITH AN INCEPTION DATE OF NOVEMBER 25, 1992, ADJUSTED FOR THE MAXIMUM SALES CHARGE. CLASS B AND CLASS C SHARES WERE INITIALLY OFFERED ON OCTOBER 29, 2001. THE PERFORMANCE FIGURES FOR CLASS B AND CLASS C SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 3.50%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDING AS OF JULY 31, 2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] Corporate Bonds 52.90% Short-Term Securities Held as Collateral for Securities Lending 21.70% Freddie Mac 9.76% U.S. Treasury Obligations 6.54% Fannie Mae 4.86% Federal Home Loan Bank 1.97% Government National Mortgage Assoc. 1.94% Money Markets 0.33% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 44
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE INTERMEDIATE BOND FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIPPER INTERMEDIATE LEHMAN BROTHERS INTERMEDIATE BOND FUND INTERMEDIATE INVESTMENT GRADE (INSTITUTIONAL GOVERNMENT/CREDIT DEBT FUNDS SHARES) INDEX AVERAGE ------- ----- ------- 7/94 $10000 $10000 $10000 7/95 10928 10882 10943 7/96 11381 11460 11501 7/97 12423 12499 12711 7/98 13246 13344 13613 7/99 13492 13841 13816 7/00 14098 14549 14444 7/01 15812 16366 16182 7/02 16784 17548 17006 7/03 17586 18700 18010 7/04 18062 19371 18843 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Lehman Brothers Intermediate Government/Credit Index which is comprised of investment grade corporate debt issues as well as debt issues of U.S. Government agencies and the U.S. Treasury. The debt issues all maintain maturities within a range one to ten years. and the Lipper Intermediate Investment Grade Debt Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Lehman Brothers Intermediate Government/Credit Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Intermediate Investment Grade Debt Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 45
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE SHORT TERM BOND FUND For the 12-month period ended July 31, 2004, the Fifth Third Short Term Bond Fund (Institutional Shares) returned 1.31%, lagging its benchmark, the Merrill Lynch 1-3 Year Government/Corporate Bond Index 1, which advanced 1.78%. Driving performance was the Fund's average duration, which was short, relative to the benchmark. The strategy positioned the Fund well for the rising rate environment that unfolded through the first part of 2004 as a rate hike from the Federal Reserve became more and more likely. Although the central bank didn't act until June 30, expectations pushed yields higher through most of the year, and our duration shortening tactics paid off. A position in asset backed securities added to returns. More specifically, we stocked up on issues tied to home equity loans, which are similar to residential mortgages but possess less of a prepayment risk, or the potential that the securities will be retired early. At the same time, we avoided manufacturing housing, where poorly structured securities have contributed to a market in turmoil. + High quality corporate holdings also enhanced performance. For most of the period we were attracted to bank and financial company issues, which offered better returns than U.S. Treasury notes yet compromised little in the way of risk, given the industry's stringent regulations. By the period's end, however, we had lightened up on the corporate notes to take advantage of better opportunities in the asset backed market. + The lowest quality investment grade corporate issues-those ranked BBB or Baa-generated market leading returns during the period, but the Fund's underweight position detracted from relative performance. While many of the lower grade issues are no longer attractive from a valuation perspective, we'll continue to assess potential investments on a case-by-case basis to add exposure. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- -------- Institutional 1.31% 4.84% 5.26% $ 16,698 ------------------------------------------------------------------------------- Class A* -2.38% 3.93% 4.74% $ 15,887 ------------------------------------------------------------------------------- Class C** 0.28% 3.79% 4.21% $ 15,110 ------------------------------------------------------------------------------- Merrill Lynch 1-3 Year Government/Corporate Bond Index 1 1.78% 5.50% 5.89% $ 17,718 ------------------------------------------------------------------------------- Lipper Short Investment Grade Debt Funds Average 1 1.74% 4.77% 5.22% $ 16,644 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR THE FIFTH THIRD SHORT TERM BOND FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE KENT SHORT TERM BOND FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF NOVEMBER 2, 1992. PRIOR TO OCTOBER 29, 2001, THE PERFORMANCE FOR THE FIFTH THIRD SHORT TERM BOND FUND CLASS A SHARES REFLECTS THE PERFORMANCE OF THE KENT SHORT TERM BOND FUND INVESTMENT SHARES WITH AN INCEPTION DATE OF DECEMBER 4, 1992, ADJUSTED FOR THE MAXIMUM SALES CHARGE. CLASS C SHARES WERE INITIALLY OFFERED ON AUGUST 1, 2003.THE PERFORMANCE FIGURES FOR CLASS C SHARES FOR THE PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS C SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 3.50%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDINGS AS OF JULY 31,2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] Corporate Bonds 36.37% U.S. Government Agencies 27.58% Short-term Secuities Held as Collateral for Securities Lending 26.84% U.S. Treasury Obligations 7.54% Money Markets 1.05% Foreign Bonds 0.45% Municipal Bonds 0.17% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 46
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE SHORT TERM BOND FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIPPER SHORT SHORT TERM MERRILL LYNCH INVESTMENT BOND FUND 1-3 YEAR GRADE DEBT (INSTITUTIONAL GOVERNMENT/CORPORATE BOND FUNDS SHARES) INDEX AVERAGE ------- ----- ------- 7/94 $10000 $10000 $10000 7/95 10692 10734 10651 7/96 11196 11325 11214 7/97 11999 12162 12049 7/98 12682 12915 12724 7/99 13185 13556 13194 7/00 13824 14281 13851 7/01 15212 15711 15183 7/02 15967 16753 15839 7/03 16483 17407 16356 7/04 16698 17718 16644 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Merrill Lynch 1-3 Year Government/Corporate Bond Index is comprised of U.S. Treasury issues and publicly issued debt of U.S. Government agencies with maturities of one to three years; which and the Lipper Short Investment Grade Debt Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Merrill Lynch 1-3 Year Government/Corporate Bond Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Short Investment Grade Debt Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 47
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE U.S. GOVERNMENT BOND FUND For the 12-month period ended July 31, 2004, the Fifth Third U.S. Government Bond Fund (Institutional Shares) returned 2.42%, underperforming its benchmark, the Lehman Brothers Intermediate Government Bond Index 1, which advanced 2.74%. Considering the improvement in economic conditions through 2003, we anticipated that the Federal Reserve would raise its key lending rate within the second half of the period. To cushion the effects of a rising rate environment, we shortened the Fund's duration, relative to the benchmark. As the Fed initiated a rate hike campaign on June 30, our shortening tactics helped returns. As expectations for a Fed move heightened, we also adopted a barbell strategy in Treasuries and agency issues, with larger investments at the short and long ends of the duration spectrum and minimal exposure to intermediate maturation dates. Such a strategy helps mitigate the impact of a flattening yield curve, which occurred as yields on short-term notes climbed more quickly than those on long-term notes, yet involves a modest forfeiture of yield, which proved a drag on performance. Also hindering returns was an overweight position, relative to the benchmark, in highly liquid securities, which generally feature lower yields than bonds with less liquidity. At select times within the period, the Fund was overweight in mortgage-backed securities, which helped boost returns. More specifically, we profited from the effective timing of sales and purchases in the mortgage market, which endured some dramatic swings as rates increased from multi-generational lows during the summer of 2003 and retreated again in the spring of 2004 before ending the period higher. Within its somewhat limited scope of eligible holdings, the Fund finished the period with a neutral weight in agency bonds, an underweight position in Treasuries and a modest overweight in mortgage-related issues. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- U.S. GOVERNMENT GUARANTEES APPLY ONLY TO THE UNDERLYING SECURITIES OF THE FUND'S PORTFOLIO AND NOT THE FUNDS SHARES. BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- -------- Institutional 2.42% 5.67% 5.67% $ 17,359 ------------------------------------------------------------------------------- Class A* -2.57% 4.43% 5.02% $ 16,318 ------------------------------------------------------------------------------- Class C** 1.41% 4.69% 4.71% $ 15,842 ------------------------------------------------------------------------------- Lehman Brothers Intermediate Government Bond Index 1 2.74% 6.40% 6.50% $ 18,768 ------------------------------------------------------------------------------- Lipper Short- Intermediate U.S. Government Bond Funds Average 1 2.12% 5.39% 5.59% $ 17,249 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. INSTITUTIONAL SHARES WERE INITIALLY OFFERED ON AUGUST 11, 1998. THE PERFORMANCE FIGURES FOR INSTITUTIONAL SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR CLASS A SHARES. CLASS C SHARES WERE INITIALLY OFFERED ON APRIL 24, 1996. THE PERFORMANCE FIGURES FOR CLASS C SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR CLASS A SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS C SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 4.75%. ** Reflects the maximum applicable contingent deferred sales charge. FUND HOLDINGS AS OF JULY 31,2004 -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] U.S. Treasury Obligations 36.02% Fannie Mae 29.80% Federal Home Loan Bank 17.27% Freddie Mac 9.61% Money Markets 4.83% Federal Farm Credit Bank 1.30% Government National Mortgage Association 1.17% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 48
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE U.S. GOVERNMENT BOND FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD LIPPER U.S. GOVERNMENT LEHMAN BROTHERS SHORT-INTERMEDIATE BOND FUND INTERMEDIATE U.S. GOVERNMENT (INSTITUTIONAL GOVERNMENT BOND BOND FUNDS SHARES) INDEX AVERAGE ------- ----- ------- 7/94 $10000 $10000 $10000 7/95 10765 10838 10710 7/96 11156 11402 11219 7/97 12029 12381 12095 7/98 12771 13226 12805 7/99 13175 13761 13182 7/00 13748 14472 13793 7/01 15273 16170 15275 7/02 16426 17561 16388 7/03 16950 18268 16861 7/04 17359 18768 17249 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Lehman Brothers Intermediate Government Bond Index which is generally representative of intermediate-term government bonds, and the Lipper Short-Intermediate U.S. Government Bond Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Lehman Brothers Intermediate Government Bond Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Short-Intermediate U.S. Government Bond Funds Average and the Fund's performance reflect the deduction for fees for these value-added services Investors cannot invest directly in an index, although they can invest in the underlying securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 49
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MUNICIPAL BOND FUND For the 12-month period ended July 31, 2004, the Fifth Third Municipal Bond Fund (Institutional Shares) gained 4.84%, trailing its benchmark, the Lehman Brothers Municipal Bond Index 1, which returned 5.79%. From a broad perspective, the period was defined by the flattening of the municipal bond yield curve. On the short end, expectations that the Fed would increase its key lending rate fueled a modest rise in yields. On the long side, the realization that the economic recovery wasn't taking hold as quickly as originally thought sparked a rally that pushed down yields. As the Fund was overweight, relative to the benchmark, in bonds around 5 years or shorter, its total return suffered. As the larger trends emerged, we slightly increased the Fund's duration, which had been designed to cushion a more dramatic move by the Fed, although it still remained below the benchmark. + Our emphasis on high quality issues also hampered performance as lower quality bonds thrived. Investors proved willing to accept the lower quality characteristics of issues such as those tied to hospitals, industrial development projects and environmental control efforts in return for additional yield. Higher quality debt such as general obligation bonds, essential service revenue securities and insured bonds forfeit a measure of yield for added security and consequently did not perform as well. + Further diminishing gains was the Fund's assortment of pre-refunded bonds, a high quality, lower yield type of security. Generally involving higher coupon securities featuring an intermediate call date, bonds are pre-refunded when the issuer floats a new, lower-yielding issue and parks the proceeds in Treasuries until it can retire the older debt on the call date. Although pre-refunded notes enjoy a modest price appreciation, the process effectively shrinks the duration, which alters the bond's profile. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31,2004 -------------------------------------------------------------------------------- INCEPTION SINCE ENDING DATE 1 YEAR 5 YEAR INCEPTION VALUE 2 --------- ------ ------ --------- ------- Institutional 3/20/95 4.84% 5.69% 5.72% $16,836 ------------------------------------------------------------------------------- Class A* 4/1/95 -0.65% 4.36% 4.90% $15,625 ------------------------------------------------------------------------------- Class B** 3/20/95 -1.24% 4.27% 4.65% $15,303 ------------------------------------------------------------------------------- Class C** 3/20/95 3.71% 4.63% 4.66% $15,320 ------------------------------------------------------------------------------- Advisor 3/20/95 4.22% 5.17% 5.20% $16,069 ------------------------------------------------------------------------------- Lehman Brothers Municipal Bond Index 1 5.79% 6.07% 6.37% $18,565 ------------------------------------------------------------------------------- Lipper General Municipal Debt Funds Average 1 5.32% 4.89% 5.33% $16,911 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR THE FIFTHTHIRD MUNICIPAL BOND FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE KENT TAX FREE INCOME FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF MARCH 20, 1995. PRIOR TO OCTOBER 29, 2001, THE PERFORMANCE FOR THE FIFTH THIRD MUNICIPAL BOND FUND CLASS A SHARES REFLECTS THE PERFORMANCE OF THE KENT TAX-FREE INCOME FUND INVESTMENT SHARES WITH AN INCEPTION DATE OF MARCH 31, 1995, AND IS ADJUSTED TO REFLECT APPLICABLE SALES CHARGE. CLASS B AND CLASS C SHARES WERE INITIALLY OFFERED ON OCTOBER 29, 2001. THE PERFORMANCE FIGURES FOR CLASS B AND CLASS C SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. ADVISOR SHARES WERE INITIALLY OFFERED ON OCTOBER 29, 2001.THE PERFORMANCE FIGURES FOR ADVISOR SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES FOR ADVISOR SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 4.75%. ** Reflects the maximum applicable contingent deferred sales charge. BOND QUALITY RATINGS AS OF JULY 31, 2004 AS REPRESENTED BY STANDARD AND POOR'S RATING AGENCY -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] AAA 67.22% AA+ 15.92% AA 7.72% AA- 6.22% A- 1.70% BBB 0.86% Note Rated 0.36% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 50
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MUNICIPAL BOND FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] FIFTH THIRD MUNICIPAL LIPPER BOND FUND LEHMAN BROTHERS GENERAL MUNICIPAL (INSTITUTIONAL MUNICIPAL DEBT FUNDS SHARES) BOND FUND AVERAGE ------- --------- ------- 7/94 $10000 $10000 $10000 7/95 10288 10787 10650 7/96 10876 11499 11295 7/97 11947 12678 12457 7/98 12546 13438 13144 7/99 12769 13825 13297 7/00 13288 14420 13563 7/01 14603 15874 14848 7/02 15563 16939 15623 7/03 16058 17549 16010 7/04 16836 18565 16911 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund's performance is measured against the Lehman Brothers Municipal Bond Index which is generally representative of the municipal bond market, and the Lipper General Municipal Debt Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Lehman Brothers Municipal Bond Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper General Municipal Debt Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class from its inception to the period ended July 31, 2004. 51
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE INTERMEDIATE MUNICIPAL BOND FUND For the 12-month period ended July 31, 2004, the Fifth Third Intermediate Municipal Bond Fund (Institutional Shares) returned 3.27%, outperforming its three year index and under performed its five year index. The Lehman Brothers Three-Year General Obligations Index 1 gained 2.22%, and the Lehman Brothers Five-Year General Obligations Index 1 advanced 3.54%. As the yield curve flattened during the period, bonds in the 5-year range struggled, which weighed on performance. The development prompted us to continue building up the Fund's holdings at both the shorter and longer ends of the curve, a process we started in early 2004. The net effect of the strategy is to essentially maintain the duration while capturing more of the moves occurring closer to the edges of the relevant spectrum. As we kept the duration shorter than the benchmark throughout the period, the Fund suffered when the Fed, which implemented a quarter-point hike on June 30, failed to raise its key lending rate sooner. Further diminishing returns was an under weighting, relative to the benchmark, in longer notes, which rallied as the economic recovery adopted a more gradual pace than anticipated. + Meanwhile, lower quality debt offering higher yields, such as bonds issued for hospitals, industrial development projects and environmental control efforts, paced the market. With an extensive focus on higher quality issues, such as essential service revenue and general obligation bonds, the Fund was underweight in riskier securities, which added to the underperformance. Although we remain committed to a high quality mix of debt, we started seeking out bonds with slightly higher yields that wouldn't compromise the Fund's risk profile. For example, structured debt such as put bonds, which provide the bondholder with the right to redeem notes prior to the maturity date, tend to have slightly higher yields that compensate for the added complexity of the offering. + INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- -------- Institutional 3.27% 4.90% 5.09% $ 16,422 ------------------------------------------------------------------------------- Class A* -0.61% 3.91% 4.48% $ 15,502 ------------------------------------------------------------------------------- Class B** -2.41% 3.57% 4.06% $ 14,881 ------------------------------------------------------------------------------- Class C** 2.29% 3.86% 4.03% $ 14,843 ------------------------------------------------------------------------------- Lehman Brothers Three-Year General Obligations Index 1 2.22% 3.69% 4.10% $ 16,025 ------------------------------------------------------------------------------- Lehman Brothers Five-Year General Obligations Index 1 3.54% 4.60% 4.80% $ 17,110 ------------------------------------------------------------------------------- Lehman Brothers Quality Intermediate Municipal Bond Index 1 4.47% 5.65% 5.77% $ 17,405 ------------------------------------------------------------------------------- Lipper Intermediate Municipal Debt Funds Average 1 4.21% 5.03% 5.25% $ 16,692 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR THE FIFTHTHIRD INTERMEDIATE MUNICIPAL BOND FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE KENT INTERMEDIATE TAX-FREE FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF DECEMBER 16, 1992. PRIOR TO OCTOBER 29, 2001, THE PERFORMANCE FIGURES FOR THE FIFTH THIRD INTERMEDIATE BOND FUND CLASS A SHARES REFLECTS THE PERFORMANCE OF THE KENT INTERMEDIATE TAX-FREE FUND INVESTMENT SHARES WITH AN INCEPTION DATE OF DECEMBER 18, 1992, ADJUSTED FOR THE MAXIMUM SALES CHARGE. CLASS B AND CLASS C SHARES WERE INITIALLY OFFERED ON OCTOBER 29, 2001.THE PERFORMANCE FIGURES FOR CLASS B AND CLASS C SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR THE KENT INTERMEDIATE TAX-FREE FUND INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 3.50%. **Reflects the applicable maximum contngency deferred sales charge. BOND QUALITY RATINGS AS OF JULY 31, 2004 AS REPRESENTED BY STANDARD AND POOR'S RATING AGENCY -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] AAA 65.24% AA+ 12.57% AA 8.34% AA- 5.04% A+ 1.92% A 0.72% A- 3.97% BBB+ 1.21% BBB 0.82% Note Rated 0.17% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 52
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE INTERMEDIATE MUNICIPAL BOND FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] [Enlarge/Download Table] FIFTH THIRD LEHMAN INTERMEDIATE LEHMAN BROTHER LEHMAN BROTHERS BROTHERS MUNICIPAL BOND THREE-YEAR FIVE-YEAR QUALITY LIPPER FUND GENERAL GENERAL INTERMEDIATE INTERMEDIATE (INSTITUTIONAL OBLIGATIONS OBLIGATIONS MUNICIPAL BOND MUNICIPAL DEBT SHARES) INDEX INDEX INDEX FUNDS AVERAGE ------- ----- ----- ----- ------------- 7/94 $10000 $10000 $10000 $10000 $10000 7/95 10723 10644 10755 10728 10663 7/96 11189 11126 11255 11250 11228 7/97 12078 11785 12097 12175 12149 7/98 12617 12321 12682 12793 12750 7/99 12928 12782 13137 13223 13051 7/00 13462 13305 13694 13828 13483 7/01 14616 14324 14883 15052 14641 7/02 15493 15189 15922 16097 15546 7/03 15902 15678 16526 16659 15988 7/04 16422 16025 17110 17405 16692 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmarks, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund has changed its standardized benchmark from the Lehman Brothers Three- and Five-Year General Obligations Index to the Lehman Brothers Quality Intermediate Municipal Bond Index to provide a more appropriate market comparison for the Fund's performance. The Lehman Brothers Three-and Five-Year General Obligations Indices are generally representative of investment grade fixed rate debt obligations issued by state and local government entities, with maturities of not less than four years but no more than six years. The Lehman Brothers Quality Intermediate Municipal Bond Index is generally representative of intermediate term municipal bonds with a maturity between two and twelve years. The Fund's performance is also compared to the Lipper Intermediate Municipal Debt Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Lehman Brothers Three-and Five-Year General Obligations Indices and the Lehman Brothers Quality Intermediate Municipal Bond Index are unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Intermediate Municipal Debt Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 53
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE OHIO MUNICIPAL BOND FUND For the 12-month period ended July 31, 2004, the Fifth Third Ohio Municipal Bond Fund (Institutional Shares) returned 3.66%, compared to its benchmark, the Lehman Brothers Municipal Bond Index 1, which gained 5.79%. Generally speaking, the Fund maintained a well-diversified mix of statewide and local issues with a modest exposure to returns subject to the Alternative Minimum Tax. From a performance standpoint, the period featured little movement in prices, so yield accounted for the bulk of gains. Accordingly, notes with smaller coupons, such as housing bonds and those brought to market during the recent period of historically low interest rates, weighed on performance. Anticipating that the Fed would increase its key short-term lending rate early in 2004, we kept the duration of the portfolio at about 95% of the benchmark. Since the Fed waited to act until June 30-the final day of the first half-the slightly lower interest-rate exposure also diminished returns. We made up some ground in two areas that offer rewards for extra legwork-uninsured debt with an A quality rating and structured bonds. Compared to higher quality issues, uninsured A debt compensates for slightly higher risk with modestly better yields. Over the past 12-18 months, we've gone from significant underexposure in the group to a market neutral level with an emphasis on higher education institution issues, especially those from private universities with large endowments and solid balance sheets. Structured debt such as put bonds, which provide the bondholder with the right to redeem notes prior to the maturation date, and sinking fund bonds, which allow the issuer to redeem notes prior to the maturation date, requires more complex analysis. In turn, the notes tend to carry higher yields, which enhanced returns. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- THE FUND'S INCOME MAY BE SUBJECT TO CERTAIN STATE AND LOCAL TAXES AND, DEPENDING ON YOUR TAX STATUS, THE FEDERAL ALTERNATIVE MINIMUM TAX. SINGLE STATE FUNDS MAY BE SUBJECT TO ADDITIONAL RISK, SINCE ISSUERS THEY INVEST IN ARE MORE LIKELY TO BE SUBJECT TO THE SAME POLITICAL AND/OR ECONOMIC RISKS. BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- -------- Institutional 3.66% 4.67% 4.83% $ 16,032 ------------------------------------------------------------------------------- Class A* -1.53% 3.41% 4.17% $ 15,045 ------------------------------------------------------------------------------- Class B** -2.38% 3.01% 3.76% $ 14,465 ------------------------------------------------------------------------------- Class C** 2.65% 3.69% 3.90% $ 14,667 ------------------------------------------------------------------------------- Lehman Brothers Municipal Bond Index 1 5.79% 6.07% 6.38% $ 18,565 ------------------------------------------------------------------------------- Lehman Brothers Quality Intermediate Index 1 4.47% 5.65% 5.77% $ 17,405 ------------------------------------------------------------------------------- Lipper Ohio Intermediate Municipal Debt Funds Average 1 3.37% 4.43% 4.67% $ 15,792 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. INSTITUTIONAL SHARES WERE INITIALLY OFFERED ON AUGUST 11, 1998. THE PERFORMANCE FIGURES FOR INSTITUTIONAL SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR CLASS A Shares. The CLASS B AND CLASS C SHARES WERE INITIALLY OFFERED ON OCTOBER 11, 2000 AND APRIL 24, 1996, RESPECTIVELY. THE PERFORMANCE FIGURES FOR CLASS B AND CLASS C SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR CLASS A SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE waivers AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 4.75%. ** Reflects the maximum applicable contingent deferred sales charge. BOND QUALITY RATINGS AS OF JULY 31, 2004 AS REPRESENTED BY STANDARD AND POOR'S RATING AGENCY -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] AAA 49.13% AA+ 5.50% AA 30.80% A+ 4.80% A 1.95% A- 2.98% AA- 0.82% BBB+ 2.63% Not Rated 1.39% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 54
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE OHIO MUNICIPAL BOND FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] [Download Table] FIFTH THIRD OHIO MUNICIPAL LEHMAN BROTHERS LIPPER OHIO BOND FUND LEHMAN BROTHERS QUALITY INTERMEDIATE INTERMEDIATE (INSTITUTIONAL MUNICIPAL BOND MUNICIPAL BOND MUNICIPAL DEBT SHARES) INDEX INDEX FUNDS AVERAGE ------- ----- ----- ------------- 7/94 $10000 $10000 $10000 $10000 7/95 10702 10787 10728 10566 7/96 11165 11499 11250 11070 7/97 12001 12678 12175 11914 7/98 12527 13438 12793 12442 7/99 12761 13825 13223 12661 7/00 13147 14420 13828 13043 7/01 14234 15874 15052 14071 7/02 15068 16939 16097 14880 7/03 15467 17549 16659 15248 7/04 16032 18565 17405 15792 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund has changed its standardized benchmark from the Lehman Brothers Municipal Bond Index to the Lehman Brothers Quality Intermediate Municipal Bond Index to provide a more appropriate market comparison for the Fund's performance. The Lehman Brothers Municipal Bond Index is generally representative of the municipal bond market. The Lehman Brothers Quality Intermediate Municipal Bond Index is generally representative of intermediate term municipal bonds with a maturity between two and twelve years. The Fund's performance is also compared to the Lipper Ohio Intermediate Municipal Debt Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Lehman Brothers Municipal Bond Index and the Lehman Brothers Quality Intermediate Municipal Bond Index is unmanaged and do not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Ohio Intermediate Municipal Debt Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 55
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MICHIGAN MUNICIPAL BOND FUND For the 12-month period ended July 31, 2004, the Fifth Third Michigan Municipal Bond Fund (Institutional Shares) returned 1.43%, trailing its benchmark, the Lehman Three-Year General Obligations Index 1, which returned 2.22%. With the bulk of the Fund invested in 3- and 5-year bonds, much of the underperformance stemmed from a modest flattening of the yield curve, which had been quite steep. As rates increased at the short end and eased at the long end, the bonds in the middle suffered. Our effort to shorten the duration of the Fund, relative to the benchmark, in anticipation of a rising rate environment also weighed as we moved too early. Essentially, we figured that the economy was deeper into recovery mode than it actually was and had reasoned, in turn, that rates would have moved higher by the period's end +. Specific to Michigan, the economy appears to be turning the corner, but the ever-important auto industry still has a ways to go. Although the state's credit rating was downgraded from AAA to AA during the period, the change had little effect on the statewide bonds, which had already been trading like AA issues. In general, lower quality issues outperformed higher quality bonds, which further pressured returns. Most of the Fund's higher rated holdings contributed to the underperformance, relative to the benchmark, offset in part by returns attributed to lower quality bonds such as those issued by hospitals and for industrial development projects. In an effort to increase the Fund's yield, given market conditions, we slightly increased its exposure to lower rated issues. INVESTMENT RISK CONSIDERATIONS -------------------------------------------------------------------------------- THE FUND'S INCOME MAY BE SUBJECT TO CERTAIN STATE AND LOCAL TAXES AND, DEPENDING ON YOUR TAX STATUS, THE FEDERAL ALTERNATIVE MINIMUM TAX. SINGLE STATE FUNDS MAY BE SUBJECT TO ADDITIONAL RISK, SINCE ISSUERS THEY INVEST IN ARE MORE LIKELY TO BE SUBJECT TO THE SAME POLITICAL AND/OR ECONOMIC RISKS. BONDS OFFER A RELATIVELY STABLE LEVEL OF INCOME, ALTHOUGH BOND PRICES WILL FLUCTUATE PROVIDING THE POTENTIAL FOR PRINCIPAL GAIN OR LOSS. INTERMEDIATE-TERM, HIGHER-QUALITY BONDS GENERALLY OFFER LESS RISK THAN LONGER-TERM BONDS AND A LOWER RATE OF RETURN. AVERAGE ANNUAL TOTAL RETURNS AS OF JULY 31, 2004 -------------------------------------------------------------------------------- ENDING 1 YEAR 5 YEAR 10 YEAR VALUE 2 ------ ------ ------- ------- Institutional 1.43% 4.07% 4.23% $15,134 ------------------------------------------------------------------------------- Class A* -3.41% 2.91% 3.57% $14,207 ------------------------------------------------------------------------------- Class B** -4.50% 2.67% 3.18% $13,677 ------------------------------------------------------------------------------- Class C** 0.48% 3.03% 3.18% $13,680 ------------------------------------------------------------------------------- Lehman Brothers Three-Year General Obligation Index 1 2.22% 3.69% 4.10% $16,025 ------------------------------------------------------------------------------- Lehman Brothers 1-5 Year Municipal Bond Index 1 2.49% 4.75% 4.98% $15,940 ------------------------------------------------------------------------------- Lipper Other States Short- Intermediate Municipal Debt Fund Average 1 2.89% 4.26% 4.38% $15,364 ------------------------------------------------------------------------------- PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. THE INVESTMENT RETURN AND NET ASSET VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. TO OBTAIN PERFORMANCE INFORMATION CURRENT TO THE MOST RECENT MONTH END, PLEASE VISIT WWW.53.COM. THE FUND'S PERFORMANCE IN THE ABOVE TABLE DOES NOT REFLECT THE DEDUCTION OF TAXES ON FUND DISTRIBUTIONS, OR REDEMPTION OF SHARES. FOR THE PERIOD PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR THE MICHIGAN MUNICIPAL BOND FUND INSTITUTIONAL SHARES REFLECTS THE PERFORMANCE OF THE KENT MICHIGAN MUNICIPAL BOND FUND INSTITUTIONAL SHARES WITH AN INCEPTION DATE OF MAY 3, 1993. PRIOR TO OCTOBER 29, 2001, THE QUOTED PERFORMANCE FOR THE FIFTHTHIRD MICHIGAN MUNICIPAL BOND FUND CLASS A SHARES REFLECTS THE PERFORMANCE OF THE KENT MICHIGAN MUNICIPAL BOND FUND INVESTMENT SHARES WITH AN INCEPTION DATE OF MAY 11, 1993, ADJUSTED FOR THE MAXIMUM SALES CHARGE. CLASS B AND CLASS C SHARES WERE INITIALLY OFFERED ON OCTOBER 29, 2001. THE PERFORMANCE FIGURES FOR CLASS B AND CLASS C SHARES FOR PERIODS PRIOR TO SUCH DATE REPRESENT THE PERFORMANCE FOR INSTITUTIONAL SHARES AND IS ADJUSTED TO REFLECT EXPENSES AND APPLICABLE SALES CHARGES FOR CLASS B AND CLASS C SHARES. DURING THE PERIOD SHOWN, THE ADVISOR AND/OR AFFILIATES WAIVED AND/ OR REIMBURSED FEES FOR VARIOUS EXPENSES. HAD THESE WAIVERS AND/OR REIMBURSEMENTS NOT BEEN IN EFFECT, PERFORMANCE WOULD HAVE BEEN LOWER. * Reflects the maximum sales charge of 4.75%. ** Reflects the maximum applicable contingent deferred sales charge. BOND QUALITY RATINGS AS OF JULY 31, 2004 AS REPRESENTED BY STANDARD AND POOR'S RATING AGENCY -------------------------------------------------------------------------------- AS A PERCENTAGE OF VALUE OF INVESTMENTS + [BAR GRAPH] AAA 66.49% AA+ 9.41% AA 13.23% AA- 0.77% A+ 5.18% A 1.04% A- 1.81% BBB+ 1.14% Not Rated 0.93% + PORTFOLIO COMPOSITION IS SUBJECT TO CHANGE. 56
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MANAGEMENT DISCUSSION OF FUND PERFORMANCE MICHIGAN MUNICIPAL BOND FUND GROWTH OF A $10,000 INVESTMENT [LINE GRAPH] [Download Table] FIFTH THIRD LIPPER OTHER MICHIGAN STATES MUNICIPAL LEHMAN BROTHER LEHMAN BROTHERS SHORT-INTERMEDIATE BOND FUND THREE-YEAR 1-5 YEAR MUNICIPAL (INSTITUTIONAL GENERAL MUNICIPAL BOND DEBT FUNDS SHARES) OBLIGATIONS INDEX INDEX AVERAGE ------- ----------------- ----- ------- 7/94 $10000 $10000 $10000 $10000 7/95 10518 10644 10532 10485 7/96 10936 11126 10949 10963 7/97 11582 11785 11639 11658 7/98 12050 12321 12178 12175 7/99 12400 12782 12634 12517 7/00 12811 13305 13157 12904 7/01 13752 14324 14181 13837 7/02 14530 15189 15055 14563 7/03 14921 15678 15550 14941 7/04 15134 16025 15940 15364 PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS. THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND CURRENT RETURNS MAY BE LOWER OR HIGHER. TOTAL RETURN FIGURES INCLUDE CHANGE IN SHARE PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS. THE INVESTMENT RETURN AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED MAY BE WORTH MORE OR LESS THAN THE ORIGINAL COST. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH END, VISIT OUR WEBSITE AT WWW.53.COM. The chart above represents a comparison of a hypothetical $10,000 investment in the indicated share class versus a similar investment in the Fund's benchmark, and represents the reinvestment of dividends and capital gains in the Fund. However, the performance does not reflect the deduction of taxes on Fund distributions, or redemption of shares. 1 The Fund has changed its standardized benchmark from the Lehman Brothers Three-Year General Obligations Index to the Lehman Brothers 1 -5 Year Municipal Bond Index to provide a more appropriate market comparison for the Fund's performance. The Lehman Brothers Three-Year General Obligations Index is comprised of investment grade fixed rate debt obligations issued by state and local government entities, the Lehman Brothers 1-5 Year Municipal Bond Index is representative of short term municipal bonds with a maturity between one and six years. The Fund's performance is also compared to the Lipper Other States Short- Intermediate Municipal Debt Funds Average, which is representative of the average of the total returns reported by all of the mutual funds designated by Lipper, Inc., which fell into this category. The Lehman Brothers Three-Year General Obligations Index is unmanaged and does not reflect the deduction of fees associated with a mutual fund such as investment management and fund accounting fees. However, the Lipper Other States Short-Intermediate Municipal Debt Funds Average and the Fund's performance reflect the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying mutual funds or securities. 2 The ending value represents the value of a $10,000 investment in the indicated share class for the 10-Year period ended July 31, 2004. 57
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SMALL CAP GROWTH FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (98.7%) Aeropostale, Inc.* 126,142 $ 3,845 Affiliated Managers Group, Inc.* (g) 37,450 1,719 Akamai Technologies, Inc.* (g) 125,000 1,866 Align Technology, Inc.* 70,850 1,217 Altiris, Inc.* 93,478 2,347 American Medical Systems Holdings, Inc.* 50,000 1,591 Andrew Corp.* 80,000 868 Applied Films Corp.* 53,900 1,005 Ariad Pharmaceuticals, Inc.* 140,000 773 Array BioPharma, Inc.* 100,000 669 Ask Jeeves, Inc.* 38,278 1,113 Asta Funding, Inc. 50,000 755 AtheroGenics, Inc.* 67,300 968 August Technology Corp.* 228,156 2,360 Avid Technology, Inc.* 37,417 1,749 Avocent Corp.* 40,000 1,198 Axcelis Technologies, Inc.* 120,000 1,120 Belden CDT, Inc.* 120,000 2,334 Benchmark Electronics, Inc.* 81,158 2,319 Candela Corp.* 100,000 941 Carrier Access Corp.* 105,000 781 Centene Corp. * (g) 47,300 1,845 Central Garden & Pet Co.* 74,000 2,100 Ceradyne, Inc.* (g) 70,950 2,723 Children's Place Retail Stores, Inc.* 106,545 2,184 Choice Hotels International, Inc. 52,430 2,758 CKE Restaurants, Inc.* (g) 170,000 2,451 Closure Medical Corp.* 27,678 519 Cognex Corp. 45,000 1,354 Coherent, Inc.* 56,750 1,493 Commercial Capital Bancorp., Inc.* 130,000 2,856 Commscope, Inc.* 70,000 1,442 Comstock Resources, Inc.* 148,917 3,133 Cooper Cos., Inc. (g) 36,000 2,140 Corporate Executive Board Co. 33,667 1,909 Covance, Inc.* 58,595 2,149 Delphi Financial Group, Class A 56,116 2,275 Denbury Resources, Inc.* 50,000 1,093 Dendrite International, Inc.* 119,867 1,787 Digene Corp.* 28,560 975 Digital Theater Systems, Inc.* 96,338 2,230 Direct General Corp. 41,700 1,240 Ditech Communications Corp.* 40,000 824 E.piphany, Inc.* 266,444 1,066 East-West Bancorp., Inc. 102,734 3,463 Embarcadero Technologies, Inc.* 226,083 1,718 Encore Medical Corp.* 210,000 1,161 Encysive Pharmaceuticals Inc.* 135,000 833 Engineered Support Systems, Inc. 72,450 4,062 Epicor Software Corp.* 221,000 2,736 EPIX Medical, Inc.* 84,095 1,518 Euronet Worldwide, Inc.* 25,000 450 F5 Networks, Inc.* (g) 90,000 2,356 FindWhat.com* (g) 56,117 915 First American Financial Corp. 64,321 1,728 First Bancorp./Puerto Rico 30,000 1,274 First Cash Financial Services, Inc.* 112,500 2,256 CONTINUED SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED FLIR Systems, Inc.* 47,300 $ 3,011 Forward Air Corp.* 50,000 1,986 Fossil, Inc.* 67,425 1,631 FSI International, Inc.* 200,000 1,050 GEN-Probe, Inc.* 32,300 1,209 General Cable Corp.* 240,000 2,285 General Maritime Corp.* 65,000 1,928 Genesco, Inc.* 35,000 751 Given Imaging, Ltd.* (g) 60,000 2,065 Global Payments, Inc.(g) 41,123 1,877 Harmonic, Inc.* 236,872 1,542 Headwaters, Inc.* 95,000 2,635 Hibbet Sporting Goods, Inc.* 48,625 927 Hyperion Solutions Corp.* 30,000 1,231 IDEXX Laboratories, Inc.* (g) 44,884 2,262 IDX Systems Corp.* 20,000 601 Impax Laboratories, Inc.* 90,000 1,274 Infospace, Inc.* 35,000 1,311 Intermagnetics General Corp.* 51,917 1,997 Inveresk Research Group, Inc.* 59,772 2,170 J.B. Hunt Transport Services, Inc. 56,750 2,180 Jacuzzi Brands, Inc.* 300,000 2,316 Jarden Corp.* 79,017 2,856 Jefferies Group, Inc. 59,878 1,877 Joy Global, Inc.(g) 66,200 1,965 K-V Pharmaceutical Co.* (g) 44,950 783 Kyphon, Inc.* 33,650 910 Labor Ready, Inc.* (g) 208,244 2,920 LTX Corp.* 147,639 1,200 Mercury Computer Systems, Inc.* (g) 37,411 891 MGI Pharma, Inc.* (g) 74,822 2,096 Microsemi Corp.* 114,000 1,397 Navigant Consulting, Inc.* 96,578 2,023 NMS Communications Corp.* 235,000 1,401 OMI Corp. 140,000 2,037 Omicell, Inc.* 95,000 1,387 Onyx Pharmaceuticals, Inc.* 43,161 1,473 Oshkosh Truck Corp. 44,772 2,372 OSI Pharmaceuticals, Inc.* 24,939 1,499 Overseas Shipholding Group, Inc. 40,000 1,796 Parametric Technology Corp.* 580,000 2,633 Patina Oil & Gas Corp. 67,936 2,003 Pharmion Corp.* (g) 36,000 1,616 Plantronics, Inc.* 56,583 2,189 Plexus Corp.* 80,722 905 PLX Technology, Inc.* 231,900 2,059 Possis Medical, Inc.* 65,000 1,859 Progress Software Corp.* 78,533 1,620 Quiksilver, Inc.* 125,000 2,695 RC2 Corp.* 104,028 3,266 Regis Corp. 54,139 2,228 Respironics, Inc.* 41,123 2,291 Rigel Pharmaceuticals, Inc.* 65,000 887 Salix Pharmaceuticals, Ltd.* 118,591 2,528 Sapient Corp.* 240,050 1,678 Scientific Games Corp.* 44,000 784 SCS Transportation, Inc.* 104,028 2,678 Semitool, Inc.* 112,300 923 CONTINUED 59
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SMALL CAP GROWTH FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ COMMON STOCKS, CONTINUED Semtech Corp.* 71,061 $ 1,411 Serologicals Corp.* (g) 80,850 1,585 SI International, Inc.* 65,000 1,157 Silicon Image, Inc.* 190,000 2,278 Skyworks Solutions, Inc.* 100,000 838 Southwestern Energy Co.* 62,611 2,015 Spinnaker Exploration Co.* 70,000 2,504 Steel Dynamics, Inc. 60,000 1,965 Tekelec* 156,900 3,048 Telik, Inc.* 89,761 1,774 Texas Capital Bancshares, Inc.* 100,000 1,646 Thor Industries, Inc. 50,000 1,566 Trimble Navigation Ltd.* 120,975 3,360 TTM Technologies, Inc.* 137,672 1,580 United Surgical Partners International, Inc.* 44,950 1,584 Urban Outfitters, Inc.* (g) 159,588 4,747 Valueclick, Inc.* 115,000 1,194 Varian Semiconductor Equipment Associates, Inc.* 46,061 1,376 VCA Antech, Inc.* 66,889 2,810 Vitesse Semiconductor Corp.* 234,850 658 WCI Communities, Inc.* 110,000 2,368 West Marine, Inc.* 75,773 1,565 Western Wireless Corp., Class A* 62,417 1,647 Wintrust Financial Corp. 53,417 2,833 ------------ TOTAL COMMON STOCKS 250,027 ------------ U.S. TREASURY BILLS (0.4%) 1.36%, 9/23/04** (a) $ 1,000 $ 998 ------------ TOTAL U.S. TREASURY BILLS 998 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (14.2%) Pool of various securities for Fifth Third Funds 35,821 35,821 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 35,821 ------------ TOTAL INVESTMENTS (COST $249,517)+ - 113.3% 286,846 LIABILITIES IN EXCESS OF OTHER ASSETS - (13.3)% (33,719) ------------ NET ASSETS - 100.0% $ 253,127 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS MID CAP GROWTH FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (94.9%) A.G. Edwards, Inc. 87,900 $ 2,857 Advance Auto Parts, Inc.* 183,700 6,819 Alberto-Culver Co., Class B 116,400 5,427 American Capital Strategies Ltd. (g) 166,935 4,880 Andrew Corp.* (g) 614,696 6,669 Apache Corp. 125,000 5,816 Avocent Corp.* 144,800 4,335 Biomet, Inc. 210,100 9,243 Burlington Resources, Inc. 143,200 5,466 Career Education Corp.* 84,500 2,857 Caremark Rx, Inc.* 259,650 7,919 Cephalon, Inc.* (g) 130,000 6,568 Chico's FAS, Inc.* (g) 190,000 7,954 Cintas Corp. 110,100 4,620 CNET Networks, Inc.* 535,320 4,888 Corporate Executive Board Co. 116,200 6,588 Covance, Inc.* 158,000 5,797 Cytyc Corp.* 310,400 7,502 D. R. Horton, Inc. 258,300 7,137 Dollar Tree Stores, Inc.* 203,600 5,479 Education Management Corp.* 164,300 4,561 Engineered Support Systems, Inc. 98,200 5,506 Fastenal Co. (g) 124,400 7,760 Fidelity National Financial, Inc. 197,700 7,167 Fiserv, Inc.* 209,100 7,164 Fisher Scientific International, Inc.* (g) 156,600 9,114 Gentex Corp. 140,000 5,012 Gilead Sciences, Inc.* 105,000 6,787 Hughes Supply, Inc. 131,700 8,023 International Rectifier Corp.* 185,300 7,264 Intersil Corp., Class A 353,700 6,497 Invacare Corp. 114,600 4,647 Inveresk Research Group, Inc.* 226,000 8,204 Jabil Circuit, Inc.* 343,800 7,478 Laureate Education, Inc.* 174,700 6,167 Lennar Corp., Class A (g) 117,800 5,028 Manpower, Inc. 95,500 4,159 Mercury Interactive Corp.* 124,100 4,537 Michael's Stores, Inc. 122,200 6,602 Microchip Technology, Inc. 266,050 7,708 Network Appliance, Inc.* 272,200 5,256 Neurocrine Biosciences, Inc.* (g) 121,300 5,649 North Fork Bancorp. 133,300 5,205 Omnicare, Inc. 179,000 5,060 Polo Ralph Lauren 218,400 7,198 QLogic Corp.* 114,600 2,802 Radio One, Inc., class D* 325,000 4,943 Ross Stores, Inc. 170,000 3,936 Ruby Tuesday, Inc. 236,300 6,827 SanDisk Corp.* (g) 255,200 6,206 Stericycle, Inc.* 86,900 4,258 SunGard Data Systems, Inc.* 275,900 6,432 Synopsys, Inc.* 190,550 4,819 T. Rowe Price Group, Inc. 181,700 8,398 The Cheesecake Factory, Inc.* (g) 103,100 4,306 The Valspar Corp. 94,900 4,650 CONTINUED 60
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MID CAP GROWTH FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ COMMON STOCKS, CONTINUED UTStarcom, Inc.* (g) 308,650 $ 5,636 Varian Medical Systems, Inc.* 96,500 6,659 Varian, Inc.* 133,700 5,067 Western Wireless Corp., Class A* (g) 210,000 5,542 Williams-Sonoma, Inc.* (g) 177,500 5,767 XTO Energy, Inc. 254,170 7,600 Zebra Technologies Corp., Class A* 49,250 4,070 ------------ TOTAL COMMON STOCKS 374,492 ------------ REPURCHASE AGREEMENTS (6.6%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $26,084, Collateralized by a U.S. Treasury security) $ 26,081 26,081 ------------ TOTAL REPURCHASE AGREEMENTS 26,081 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (15.2%) Pool of various securities for Fifth Third Funds 60,172 60,172 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 60,172 ------------ TOTAL INVESTMENTS (COST $411,797)+ - 116.7% 460,745 LIABILITIES IN EXCESS OF OTHER ASSETS - (16.7)% (65,952) NET ASSETS - 100.0% $ 394,793 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS QUALITY GROWTH FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (99.8%) 3M Co. 302,000 $ 24,872 Agilent Technologies, Inc.* 1,385,000 32,976 American International Group, Inc. 200,000 14,130 Amgen, Inc.* 306,000 17,405 Analog Devices, Inc. 875,000 34,738 Anthem, Inc.* (g) 260,000 21,442 Applied Materials, Inc.* 1,415,000 24,013 Bank of New York Co., Inc. 390,000 11,205 Best Buy Co., Inc. 570,000 27,451 Boston Scientific Corp.* 1,220,000 46,677 Broadcom Corp., Class A* 730,000 25,813 Cintas Corp. 586,000 24,589 Cisco Systems, Inc.* 2,280,000 47,561 Clear Channel Communications, Inc. 740,000 26,418 Eaton Corp. 354,000 22,883 EMC Corp.* 2,580,000 28,303 Emerson Electric Corp. 290,000 17,603 Exxon Mobil Corp. 247,000 11,436 Flextronics International Ltd.* (g) 580,000 7,291 General Electric Corp. 850,000 28,262 Gilead Sciences, Inc.* 386,000 24,951 Goldman Sachs Group, Inc. 400,000 35,276 Harley-Davidson, Inc. 280,000 16,764 Home Depot, Inc. 1,175,000 39,621 IBM Corp. 217,000 18,894 Illinois Tool Works, Inc. 230,000 20,820 Intel Corp. 1,790,000 43,639 International Game Technology 1,004,000 32,469 L-3 Communications Holdings, Inc. 250,000 15,288 Lowe's Cos., Inc. 345,000 16,808 Manpower, Inc. 520,000 22,646 Maxim Integrated Products, Inc. (g) 640,000 30,784 Mellon Financial Corp. 905,000 24,869 Microsoft Corp. 1,460,000 41,552 Nordstrom, Inc. (g) 420,000 18,438 Northern Trust Corp. 735,000 29,496 Pulte Homes, Inc. (g) 405,000 22,125 Rockwell Automation, Inc. 598,000 22,371 Schlumberger Ltd. 175,000 11,256 Sysco Corp. 890,000 30,661 Teva Pharmaceutical Industries Ltd., ADR 1,130,000 33,448 Texas Instruments, Inc. 1,370,000 29,222 United Technologies Corp. 144,000 13,464 Wal-Mart Stores, Inc. 385,000 20,409 Xilinx, Inc. (g) 745,000 21,925 ------------ TOTAL COMMON STOCKS 1,132,264 ------------ CONTINUED 61
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QUALITY GROWTH FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (1.8%) Pool of various securities for Fifth Third Funds $ 20,601 $ 20,601 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 20,601 ------------ TOTAL INVESTMENTS (COST $1,049,002)+ - 101.6% 1,152,865 LIABILITIES IN EXCESS OF OTHER ASSETS - (1.6)% (18,095) ------------ NET ASSETS - 100.0% $ 1,134,770 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS LARGE CAP CORE FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (93.5%) 3M Co. 11,800 $ 972 A.G. Edwards, Inc. 21,150 687 ACE Ltd. 25,850 1,049 Adolph Coors Co. 3,500 241 Agilent Technologies, Inc.* 19,400 461 Alcoa, Inc. 6,900 221 Allstate Corp. 23,650 1,113 Altria Group, Inc. 24,900 1,185 American International Group, Inc. 31,500 2,225 Analog Devices, Inc. 6,000 238 Anthem, Inc.* 11,700 965 Applied Materials, Inc.* 29,850 507 Archer-Daniels-Midland Co. 14,550 225 Autoliv, Inc. 7,700 324 Automatic Data Processing, Inc. 19,600 823 Ball Corp. 3,100 224 Bank of America Corp. 29,497 2,508 Bausch & Lomb, Inc. 17,900 1,102 Beckman Coulter, Inc. 9,350 516 Becton, Dickinson & Co. 22,800 1,077 BellSouth Corp. 22,800 618 Black & Decker Corp. 4,700 329 Boeing Co. 12,150 617 Bristol-Myers Squibb Co. 25,850 592 ChevronTexaco Corp. 18,200 1,740 CIGNA Corp. 10,100 626 Cisco Systems, Inc.* 90,850 1,894 Citigroup, Inc. 69,900 3,082 Coca-Cola Co. 36,900 1,618 Computer Sciences Corp.* 5,250 248 ConocoPhillips 13,100 1,032 Constellation Energy Group, Inc. 18,800 725 Deere & Co. 6,300 396 Dell, Inc.* 13,400 475 Doral Financial Corp. 6,750 265 Dow Chemical Co. 15,100 602 E*TRADE Financial Corp.* 14,750 163 Eaton Corp. 15,600 1,008 Emerson Electric Corp. 11,450 695 Exxon Mobil Corp. 83,950 3,886 Federated Department Stores, Inc. 24,400 1,169 FedEx Corp. (g) 6,850 561 Gap, Inc. (g) 40,750 925 General Dynamics Corp. 3,000 296 General Electric Corp. (a) 56,150 1,867 Gillette Co. 10,800 421 H.J. Heinz Co. 12,700 469 Harris Corp. 6,100 290 Hasbro, Inc. 26,450 481 Hewlett-Packard Co. 65,650 1,323 IBM Corp. 25,650 2,233 IMS Health, Inc. 41,900 1,016 Ingersoll-Rand Co., Class A 16,400 1,127 Intel Corp. 97,750 2,384 J.P. Morgan Chase & Co. 43,802 1,635 Jabil Circuit, Inc.* 14,750 321 CONTINUED 62
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LARGE CAP CORE FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED Jefferson-Pilot Corp. 5,700 $ 275 Johnson & Johnson 24,700 1,366 Kellogg Co. 11,300 470 Kimberly-Clark Corp. 16,650 1,067 Lincoln National Corp. 25,400 1,110 LSI Logic Corp.* 20,900 106 Masco Corp. 35,050 1,060 May Department Stores Co. 43,300 1,149 MBNA Corp. 44,400 1,096 McDonald's Corp. 39,300 1,080 McGraw-Hill Cos., Inc. 14,750 1,107 Medco Health Solutions, Inc.* 30,700 930 Mellon Financial Corp. 10,650 293 Merck & Co., Inc. 27,550 1,249 Mercury General Corp. 5,100 240 Microsoft Corp. (a) 138,500 3,941 Monsanto Co. 7,250 263 Morgan Stanley 13,200 651 Motorola, Inc. 69,150 1,101 National City Corp. 7,400 270 NCR Corp.* 9,100 423 Nextel Communications, Inc., Class A* (g) 40,450 921 Nordstrom, Inc. 26,500 1,163 Northeast Utilities 22,950 429 Northern Trust Corp. 10,200 409 Occidental Petroleum Corp. 21,650 1,067 PACCAR, Inc. 4,850 291 PepsiCo, Inc. 21,900 1,095 Pfizer, Inc. 90,850 2,905 Phelps Dodge Corp. 2,550 199 Pitney Bowes, Inc. 18,850 795 PPG Industries, Inc. 18,300 1,079 Procter & Gamble Co. 13,700 714 Progressive Corp. 13,900 1,065 R.J. Reynolds Tobacco Holdings, Inc. (g) 14,000 1,007 Respironics, Inc.* 8,600 479 Rohm & Haas Co. 10,800 423 Sanmina-SCI Corp.* 19,150 141 SBC Communications, Inc. 19,300 489 Schlumberger Ltd. 16,850 1,084 Scientific-Atlanta, Inc. 7,900 243 Sempra Energy 30,850 1,103 State Street Corp. 21,650 927 SUPERVALU, Inc. 8,250 236 Tektronix, Inc. 11,300 344 Texas Instruments, Inc. 42,300 902 The Dun & Bradstreet Corp* 5,800 326 The Walt Disney Co. 49,850 1,151 Time Warner, Inc.* 87,200 1,452 TXU Corp. 21,300 845 Tyco International Ltd. (g) 42,100 1,305 Tyson Foods, Inc., Class A 18,250 348 United Parcel Service, Inc. 6,500 468 United Technologies Corp. 12,650 1,183 UnitedHealth Group, Inc. (g) 16,650 1,047 Verizon Communications, Inc. 14,700 567 CONTINUED SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ COMMON STOCKS, CONTINUED Vulcan Materials Co. 7,000 $ 333 Wachovia Corp. (g) 28,750 1,274 Wal-Mart Stores, Inc. (a) 22,850 1,212 Wells Fargo & Co. 29,250 1,679 Wendy's International, Inc. 11,450 410 Weyerhaeuser Co. 18,100 1,122 Wyeth 16,000 566 Xerox Corp.* (g) 46,950 651 YUM! Brands, Inc. 18,450 708 ------------ TOTAL COMMON STOCKS 109,196 ------------ REPURCHASE AGREEMENTS (6.5%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $7,571, Collateralized by various U.S. Treasury securities) $ 7,570 7,570 ------------ TOTAL REPURCHASE AGREEMENTS 7,570 ------------ MONEY MARKETS (0.0%) Dreyfus Cash Management Money Market Fund 1 --# ------------ TOTAL MONEY MARKETS 0 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (5.2%) Pool of various securities for Fifth Third Funds $ 6,081 6,081 TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 6,081 ------------ TOTAL INVESTMENTS (COST $113,783)+ - 105.2% 122,847 LIABILITIES IN EXCESS OF OTHER ASSETS - (5.2)% (6,111) ------------ NET ASSETS - 100.0% $ 116,736 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 63
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EQUITY INDEX FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (99.1%) 3M Co. 40,471 $ 3,334 Abbott Laboratories 80,862 3,182 ACE Ltd. 14,447 586 ADC Telecommunications, Inc.* 41,985 101 Adobe Systems, Inc. 12,286 518 Adolph Coors Co. 1,874 129 Advanced Micro Devices, Inc.* 18,124 226 AES Corp.* 32,401 313 Aetna, Inc. 7,900 678 Affiliated Computer Services, Inc., Class A* (g) 7,000 363 AFLAC, Inc. 26,472 1,049 Agilent Technologies, Inc.* 24,621 587 Air Products and Chemicals, Inc. 11,707 606 Alberto-Culver Co., Class B 4,675 218 Albertson's, Inc. (g) 18,998 463 Alcoa, Inc. 44,982 1,441 Allegheny Energy, Inc.* (g) 6,596 98 Allegheny Technologies, Inc. 4,147 83 Allergan, Inc. 6,806 515 Allied Waste Industries, Inc.* 16,671 154 Allstate Corp. 36,335 1,712 Alltel Corp. 16,151 840 Altera Corp.* 19,598 408 Altria Group, Inc. 105,803 5,036 AMBAC Financial Group, Inc. 5,516 392 Amerada Hess Corp. 4,614 385 Ameren Corp. (g) 9,439 422 American Electric Power Co. (g) 20,397 635 American Express Co. 66,485 3,341 American International Group, Inc. 134,812 9,525 American Power Conversion Corp. 10,313 156 American Standard Companies, Inc.* 11,241 426 AmerisourceBergen Corp. 5,799 313 Amgen, Inc.* 66,722 3,796 AmSouth Bancorp. 18,099 444 Anadarko Petroleum Corp. 12,959 775 Analog Devices, Inc. 19,331 767 Andrew Corp.* 8,290 90 Anheuser-Busch Co., Inc. 42,120 2,186 Anthem, Inc.* 7,154 590 Aon Corp. 16,221 429 Apache Corp. 16,728 778 Apartment Investment & Management Co. 4,823 154 Apollo Group, Inc., Class A* 9,067 758 Apple Computer, Inc.* 19,091 617 Applied Biosystems Group 10,771 223 Applied Materials, Inc.* 86,894 1,475 Applied Micro Circuits Corp.* 16,164 58 Archer-Daniels-Midland Co. 33,527 517 Ashland, Inc. 3,638 190 AT&T Corp. 41,059 620 AT&T Wireless Services, Inc.* 140,859 2,034 Autodesk, Inc. 5,830 234 Automatic Data Processing, Inc. 30,516 1,281 AutoNation, Inc.* 14,333 231 AutoZone, Inc.* (g) 4,532 350 Avaya, Inc.* 22,076 323 Avery Dennison Corp. 5,690 345 CONTINUED SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED Avon Products, Inc. 24,252 $ 1,043 Baker Hughes, Inc. 17,353 699 Ball Corp. 2,950 212 Bank of America Corp. 105,614 8,977 Bank of New York Co., Inc. 39,973 1,148 Bausch & Lomb, Inc. 2,710 167 Baxter International, Inc. 31,504 947 BB&T Corp. 28,297 1,096 Bear, Stearns & Co., Inc. 5,332 445 Becton, Dickinson & Co. 13,032 616 Bed Bath & Beyond, Inc.* 15,384 544 BellSouth Corp. 94,688 2,565 Bemis Co. 5,482 145 Best Buy Co., Inc. 16,774 808 Big Lots, Inc.* 6,078 74 Biogen Idec, Inc.* (g) 16,955 1,017 Biomet, Inc. 13,184 580 BJ Services Co.* 8,230 409 Black & Decker Corp. 4,096 286 BMC Software, Inc.* 11,677 183 Boeing Co. 43,584 2,212 Boise Cascade Corp. 4,525 146 Boston Scientific Corp.* 42,383 1,622 Bristol-Myers Squibb Co. 100,380 2,299 Broadcom Corp., Class A* 15,654 554 Brown-Forman Corp. 6,276 292 Brunswick Corp. 4,884 191 Burlington Northern Santa Fe Corp. 19,210 682 Burlington Resources, Inc. 20,456 781 C.R. Bard, Inc. 5,342 295 Calpine Corp.* (g) 21,507 83 Campbell Soup Co. 21,292 545 Capital One Financial Corp. 11,907 825 Cardinal Health, Inc. 22,465 1,000 Caremark Rx, Inc.* 23,100 705 Carnival Corp. 32,580 1,518 Caterpillar, Inc. (g) 17,955 1,320 Cendant Corp. 52,130 1,192 Centerpoint Energy, Inc. 15,933 185 Centex Corp. 6,418 272 CenturyTel, Inc. 7,433 230 Charles Schwab Corp. 70,144 616 Charter One Financial, Inc. 11,533 512 ChevronTexaco Corp. 55,336 5,293 Chiron Corp.* (g) 9,716 445 Chubb Corp. 9,725 669 Ciena Corp.* 29,851 84 CIGNA Corp. 7,294 452 Cincinnati Financial Corp. 9,073 362 Cinergy Corp. 9,161 350 Cintas Corp. 8,888 373 Circuit City Stores, Inc. 10,971 155 Cisco Systems, Inc.* 355,280 7,412 Citigroup, Inc. 266,296 11,742 Citizens Communications Co.* 14,826 213 Citrix System, Inc.* 8,479 149 Clear Channel Communications, Inc. 31,783 1,135 Clorox Co. 10,880 541 CONTINUED 64
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EQUITY INDEX FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED CMS Energy Corp.* 8,403 $ 76 Coca-Cola Co. 126,361 5,542 Coca-Cola Enterprises, Inc. 23,744 484 Colgate-Palmolive Co. 27,558 1,466 Comcast Corp., Class A* 116,318 3,187 Comerica, Inc. 9,032 528 Computer Associates International, Inc. (g) 30,053 759 Computer Sciences Corp.* 9,725 460 Compuware Corp.* 19,968 99 Comverse Technology, Inc.* 9,994 170 ConAgra, Inc. 27,753 722 ConocoPhillips 35,378 2,787 Consolidated Edison, Inc. 11,637 477 Constellation Energy Group, Inc. 8,649 333 Convergys Corp.* 7,418 98 Cooper Industries Ltd. 4,753 270 Cooper Tire & Rubber Co. 3,887 91 Corning, Inc.* 69,646 861 Costco Wholesale Corp. (g) 23,653 962 Countrywide Credit Industries, Inc. 14,319 1,032 Crane Co. 3,037 84 CSX Corp. 11,085 347 Cummins Engine, Inc. 2,183 152 CVS Corp. 20,525 859 Dana Corp. 7,765 150 Danaher Corp. 15,842 802 Darden Restaurants, Inc. 8,479 181 Deere & Co. 12,635 793 Dell, Inc.* 132,360 4,695 Delphi Automotive Systems Corp. 29,092 277 Delta Air Lines, Inc.* (g) 6,118 32 Deluxe Corp. 2,659 117 Devon Energy Corp. 12,016 835 Dillards Department Stores, Inc. 4,305 98 Dollar General Corp. 17,520 338 Dominion Resources, Inc. 16,786 1,065 Dover Corp. 10,522 418 Dow Chemical Co. 48,153 1,921 Dow Jones & Co. 4,235 179 DTE Energy Co. 8,718 350 Duke Energy Corp. (g) 46,896 1,008 Dynegy, Inc.* (g) 19,522 82 E*TRADE Financial Corp.* 19,000 210 E. I. du Pont de Nemours & Co. 51,594 2,212 Eastman Chemical Co. 3,956 177 Eastman Kodak Co. 14,766 391 Eaton Corp. 7,812 505 eBay, Inc.* 33,408 2,617 Ecolab, Inc. 13,341 407 Edison International, Inc. 16,848 452 El Paso Energy Corp. 33,282 263 Electronic Arts, Inc.* 15,484 776 Electronic Data Systems Corp. 24,969 461 Eli Lilly & Co. 58,076 3,701 EMC Corp.* 125,012 1,371 Emerson Electric Corp. 21,780 1,322 Engelhard Corp. 6,483 191 Entergy Corp. 11,777 677 CONTINUED SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED EOG Resources, Inc. 5,908 $ 375 Equifax, Inc. 7,154 173 Equity Office Properties Trust 20,634 536 Exelon Corp. 34,044 1,189 Express Scripts, Inc.* 3,965 260 Exxon Mobil Corp. 338,911 15,693 Family Dollar Stores, Inc. 8,928 249 Fannie Mae 50,265 3,567 Federated Department Stores, Inc. 9,364 449 Federated Investors, Inc. 5,590 157 FedEx Corp. (g) 15,437 1,264 Fifth Third Bancorp. (b) 29,230 1,443 First Data Corp. 45,889 2,047 First Energy Corp. 17,027 666 First Horizon National Corp. 6,496 282 Fiserv, Inc.* 10,038 344 Fluor Corp. 4,205 192 Ford Motor Co. 94,693 1,394 Forest Laboratories, Inc.* 18,961 954 Fortune Brands, Inc. 7,503 542 FPL Group, Inc. 9,516 641 Franklin Resources, Inc. 12,892 622 Freddie Mac 35,618 2,291 Freeport-McMoRan Copper & Gold, Inc., Class B (g) 8,918 311 Gannett, Inc. 14,029 1,166 Gap, Inc. (g) 46,256 1,050 Gateway, Inc.* 19,458 88 General Dynamics Corp. 10,273 1,015 General Electric Corp. (a) 538,702 17,913 General Mills, Inc. 19,379 870 General Motors Corp. (g) 29,003 1,251 Genuine Parts Co. 9,015 340 Genzyme Corp.* 11,598 595 Georgia Pacific Corp. 13,094 440 Gilead Sciences, Inc.* 9,000 582 Gillette Co. 52,071 2,030 Golden West Financial Corp. 7,812 835 Goldman Sachs Group, Inc. 24,990 2,204 Goodrich Corp. 6,078 197 Goodyear Tire & Rubber Co.* (g) 9,067 99 Great Lakes Chemical Corp. 2,601 62 Guidant Corp. 16,142 893 H & R Block, Inc. 9,176 451 H.J. Heinz Co. 18,233 673 Halliburton Co. 22,647 719 Harley-Davidson, Inc. 15,633 936 Harrah's Entertainment, Inc. 5,760 268 Hartford Financial Services Group, Inc. (g) 15,057 980 Hasbro, Inc. 9,097 165 HCA, Inc. 25,570 988 Health Management Associates, Inc., Class A (g) 12,535 251 Hercules, Inc.* 5,799 68 Hershey Foods Corp. 13,550 656 Hewlett-Packard Co. 157,681 3,177 Hilton Hotels Corp. 19,688 351 Home Depot, Inc. 117,592 3,966 CONTINUED 65
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EQUITY INDEX FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED Honeywell International, Inc. 44,405 $ 1,670 Hospira, Inc.* 8,036 208 Humana, Inc.* 8,470 153 Huntington Bancshares 11,850 290 IBM Corp. 87,845 7,650 Illinois Tool Works, Inc. 15,942 1,443 IMS Health, Inc. 12,418 301 Ingersoll-Rand Co., Class A 9,093 625 Intel Corp. 335,117 8,170 International Flavors & Fragrances, Inc. 4,823 176 International Game Technology 17,955 581 International Paper Co. 24,824 1,072 Interpublic Group Cos., Inc.* (g) 21,416 274 Intuit, Inc.* 10,261 384 ITT Industries, Inc. 4,753 380 J.C. Penney Co., Inc. (g) 14,069 563 J.P. Morgan Chase & Co. (g) 182,844 6,827 Jabil Circuit, Inc.* 10,382 226 Janus Capital Group, Inc. 12,465 165 JDS Uniphase Corp.* (g) 74,678 258 Jefferson-Pilot Corp. 7,250 349 Johnson & Johnson 153,416 8,479 Johnson Controls, Inc. 9,728 549 Jones Apparel Group, Inc. 6,527 244 KB Home 2,390 153 Kellogg Co. 21,353 890 Kerr-McGee Corp. 5,253 276 KeyCorp 21,680 654 KeySpan Corp. 8,230 296 Kimberly-Clark Corp. 25,952 1,663 Kinder Morgan, Inc. 6,357 381 King Pharmaceuticals, Inc.* 12,558 142 KLA-Tencor Corp.* 10,164 419 Knight-Ridder, Inc. (g) 4,135 272 Kohl's Corp.* 17,576 804 Kroger Co.* 38,497 608 Leggett & Platt, Inc. 9,894 267 Lehman Brothers Holdings, Inc. 14,308 1,003 Lexmark International, Inc.* 6,636 587 Limited Brands, Inc. 24,060 492 Lincoln National Corp. 9,237 404 Linear Technology Corp. 16,121 630 Liz Claiborne, Inc. 5,660 205 Lockheed Martin Corp. 23,266 1,233 Loews Corp. 9,555 541 Louisiana-Pacific Corp. 5,511 131 Lowe's Cos., Inc. 40,601 1,978 LSI Logic Corp.* 19,758 101 Lucent Technologies, Inc.* (g) 221,542 676 M&T Bank Corp. 6,200 578 Manor Care, Inc. 4,663 146 Marathon Oil Corp. 17,581 662 Marriott International, Inc. 11,847 578 Marsh & McLennan Cos., Inc. 27,379 1,215 Marshall & Ilsley Corp. 11,707 450 Masco Corp. 23,429 708 Mattel, Inc. 22,180 389 Maxim Integrated Products, Inc. 16,978 817 CONTINUED SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED May Department Stores Co. 14,935 $ 396 Maytag Corp. 4,026 83 MBIA, Inc. 7,403 400 MBNA Corp. 65,998 1,629 McCormick & Co. 7,085 253 McDonald's Corp. 65,188 1,793 McGraw-Hill Cos., Inc. 9,934 746 McKesson, Inc. 15,024 483 MeadWestvaco Corp. 10,364 309 Medco Health Solutions, Inc.* 14,018 425 MedImmune, Inc.* 12,823 295 Medtronic, Inc. 62,638 3,111 Mellon Financial Corp. 22,198 610 Merck & Co., Inc. 114,938 5,212 Mercury Interactive Corp.* 4,614 169 Meredith Corp. (g) 2,601 138 Merrill Lynch & Co., Inc. 50,152 2,494 MetLife, Inc. (g) 39,285 1,401 MGIC Investment Corp. 5,072 360 Micron Technology, Inc.* 31,474 426 Microsoft Corp. 557,965 15,880 Millipore Corp.* 2,532 133 Molex, Inc. 9,816 284 Monsanto Co. 13,746 498 Monster Worldwide, Inc.* 5,869 130 Moody's Corp. 7,648 521 Morgan Stanley 56,725 2,798 Motorola, Inc. (g) 120,942 1,927 Mylan Laboratories, Inc. 13,900 206 Nabors Industries Ltd.* 7,573 352 National City Corp. (g) 31,283 1,142 National Semiconductor Corp.* 18,370 315 Navistar International Corp.* (g) 3,522 127 NCR Corp.* 4,932 229 Network Appliance, Inc.* 17,915 346 New York Times Co. 7,773 323 Newell Rubbermaid, Inc. 14,194 307 Newmont Mining Corp. (g) 22,363 905 Nextel Communications, Inc., Class A* (g) 56,863 1,294 NICOR, Inc. 2,322 77 Nike, Inc., Class B (g) 13,650 992 NiSource, Inc. 13,617 282 Noble Corp.* 6,906 267 Nordstrom, Inc. 7,085 311 Norfolk Southern Corp. 20,216 540 North Fork Bancorp. 7,861 307 Northern Trust Corp. 11,428 459 Northrop Grumman Corp. 19,386 1,020 Novell, Inc.* 19,610 134 Novellus Systems, Inc.* 7,882 213 Nucor Corp. 4,026 336 NVIDIA Corp.* 8,400 129 Occidental Petroleum Corp. 20,067 989 Office Depot, Inc.* 16,181 265 Omnicom Group, Inc. 9,864 710 Oracle Corp.* (g) 270,254 2,840 PACCAR, Inc. 9,089 545 Pactiv Corp.* 8,130 192 CONTINUED 66
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EQUITY INDEX FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED Pall Corp. 6,526 $ 151 Parametric Technology Corp.* 13,872 63 Parker Hannifin Corp. 6,156 353 Paychex, Inc. 19,554 601 People's Energy Corp. 1,904 74 PeopleSoft, Inc.* 18,961 342 Pepsi Bottling Group, Inc. 13,469 375 PepsiCo, Inc. 88,394 4,420 PerkinElmer, Inc. 6,566 115 Pfizer, Inc. 394,153 12,596 PG&E Corp.* (g) 21,662 618 Phelps Dodge Corp. 4,826 376 Pinnacle West Capital Corp. 4,723 191 Pitney Bowes, Inc. 12,056 509 Plum Creek Timber Co., Inc. 9,516 299 PMC-Sierra, Inc.* (g) 8,988 107 PNC Financial Services Group 14,317 724 Power-One, Inc.* 4,135 36 PPG Industries, Inc. 8,888 524 PPL Corp. 9,137 424 Praxair, Inc. 16,778 662 Principal Financial Group 16,548 562 Procter & Gamble Co. 133,546 6,964 Progress Energy, Inc. (g) 12,700 535 Progressive Corp. 11,219 860 Providian Financial Corp.* 15,105 209 Prudential Financial, Inc. 27,946 1,301 Public Service Enterprise Group, Inc. (g) 12,207 476 Pulte Homes, Inc. 6,518 356 QLogic Corp.* 4,923 120 QUALCOMM, Inc. 41,589 2,873 Quest Diagnostics, Inc. 5,320 437 Qwest Communications International, Inc.* 91,785 357 R.J. Reynolds Tobacco Holdings, Inc. (g) 4,344 313 R.R. Donnelley & Sons Co. 11,030 350 RadioShack Corp. 8,479 237 Raytheon Co. 21,531 722 Reebok International Ltd. (g) 3,089 105 Regions Financial Corp. 23,938 711 Robert Half International, Inc. (g) 8,818 245 Rockwell Automation, Inc. 9,685 362 Rockwell Collins, Inc. 9,237 316 Rohm & Haas Co. 11,482 450 Rowan Cos., Inc.* 5,423 132 Ryder Systems, Inc. 3,359 144 Sabre Group Holdings, Inc. 7,209 184 SAFECO Corp. 7,124 335 Safeway, Inc.* 22,856 483 Sanmina-SCI Corp.* 26,933 198 Sara Lee Corp. 40,945 899 SBC Communications, Inc. 170,933 4,331 Schering-Plough Corp. 76,000 1,479 Schlumberger Ltd. 30,449 1,959 Scientific-Atlanta, Inc. 7,912 243 Sealed Air Corp.* 4,355 207 Sears Roebuck & Co. 11,514 422 Sempra Energy 11,718 419 Sherwin-Williams Co. 7,503 303 CONTINUED SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED Siebel Systems, Inc.* 25,766 $ 208 Sigma-Aldrich Corp. 3,577 205 SLM Corp. 23,335 885 Snap-On, Inc. 2,985 96 Solectron Corp.* 49,532 272 Southern Co. 37,821 1,107 SouthTrust Corp. 17,036 661 Southwest Airlines Co. 40,804 590 Sovereign Bancorp, Inc. (g) 15,000 327 Sprint Corp. (g) 73,464 1,372 St. Jude Medical, Inc.* 8,928 608 St. Paul Cos. 34,343 1,273 Stanley Works 4,144 176 Staples, Inc. 25,857 747 Starbucks Corp.* 20,516 963 Starwood Hotels & Resorts Worldwide, Inc. 10,552 475 State Street Corp. 17,327 742 Stryker Corp. 20,564 980 Sun Microsystems, Inc.* 170,874 675 SunGard Data Systems, Inc.* 14,896 347 Sunoco, Inc. 4,038 275 SunTrust Banks, Inc. 14,587 962 SUPERVALU, Inc. 6,945 198 Symantec Corp.* (g) 16,102 753 Symbol Technologies, Inc. 11,981 157 Synovus Financial Corp. 15,563 396 Sysco Corp. 33,356 1,149 T. Rowe Price Group, Inc. 6,457 298 Target Corp. 47,067 2,052 Teco Energy, Inc. (g) 9,725 125 Tektronix, Inc. 4,344 132 Tellabs, Inc.* (g) 21,562 192 Temple-Inland, Inc. 2,810 192 Tenet Healthcare Corp.* (g) 24,120 270 Teradyne, Inc.* 9,894 169 Texas Instruments, Inc. 89,580 1,911 Textron, Inc. 7,145 438 The Walt Disney Co. 105,865 2,444 Thermo Electron Corp.* 8,539 220 Thomas & Betts Corp. 3,020 79 Tiffany & Co. 7,603 272 Time Warner, Inc.* 235,305 3,919 TJX Companies, Inc. 26,003 610 Torchmark Corp. 5,839 305 Toys 'R' Us, Inc.* 11,145 183 Transocean, Inc.* 16,527 469 Tribune Co. 17,056 724 TXU Corp. 16,718 663 Tyco International Ltd. (g) 103,369 3,204 U.S. Bancorp. 99,206 2,808 U.S.T., Inc. 8,609 327 Union Pacific Corp. 13,332 751 Unisys Corp.* 17,288 177 United Parcel Service, Inc. 58,316 4,196 United States Steel Corp. 5,809 222 United Technologies Corp. 26,611 2,488 UnitedHealth Group, Inc. (g) 32,377 2,037 Univision Communications, Inc.* (g) 16,639 482 CONTINUED 67
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EQUITY INDEX FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED Unocal Corp. 13,341 $ 517 UNUMProvident Corp. 15,373 245 V.F. Corp. 5,620 281 Valero Energy Corp. 6,600 494 VERITAS Software Corp.* 22,089 421 Verizon Communications, Inc. 142,739 5,502 Viacom, Inc. 90,448 3,038 Visteon Corp. 6,749 69 Vulcan Materials Co. 5,272 251 W.W. Grainger, Inc. 4,753 252 Wachovia Corp. (g) 67,995 3,013 Wal-Mart Stores, Inc. 223,751 11,862 Walgreen Co. 53,005 1,929 Washington Mutual, Inc. 46,461 1,802 Waste Management, Inc. 29,827 839 Waters Corp.* (g) 6,296 276 Watson Pharmaceuticals, Inc.* 5,560 140 Wellpoint Health Networks, Inc.* 8,033 812 Wells Fargo & Co. 87,440 5,020 Wendy's International, Inc. 5,899 211 Weyerhaeuser Co. 12,124 752 Whirlpool Corp. (g) 3,638 227 Williams Cos., Inc. 26,791 326 Winn-Dixie Stores, Inc. (g) 7,394 47 Wm. Wrigley Jr. Co. 11,637 703 Worthington Industries, Inc. 4,492 92 Wyeth 68,846 2,437 Xcel Energy, Inc. 20,724 354 Xerox Corp.* (g) 41,273 572 Xilinx, Inc. 17,845 525 XL Capital Ltd., Class A 7,085 501 Yahoo, Inc.* 68,748 2,117 YUM! Brands, Inc. 15,159 582 Zimmer Holdings, Inc.* 12,500 954 Zions Bancorporation 4,684 283 ------------ TOTAL COMMON STOCKS 529,760 ------------ REAL ESTATE INVESTMENT TRUSTS (i) (0.2%) Equity Residential Properties Trust 14,438 427 ProLogis 9,376 319 Simon Property Group, Inc. 10,534 543 ------------ TOTAL REAL ESTATE INVESTMENT TRUSTS 1,289 ------------ CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ REPURCHASE AGREEMENTS (0.6%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $3,092, Collateralized by various U.S. Treasury securities) $ 3,092 3,092 ------------ TOTAL REPURCHASE AGREEMENTS 3,092 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (7.4%) Pool of various securities for Fifth Third Funds 39,342 39,342 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 39,342 ------------ TOTAL INVESTMENTS (COST $338,071)+ - 107.3% 573,482 LIABILITIES IN EXCESS OF OTHER ASSETS - (7.3)% (38,824) ------------ NET ASSETS - 100.0% $ 534,659 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 68
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BALANCED FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ COMMERCIAL PAPER (1.3%) Royal Bank of Scotland, 1.25%, 8/12/04** (f) $ 1,564 $ 1,563 Wells Fargo Bank, 1.27%, 8/12/04** (f) 204 204 Wells Fargo Bank, 1.26%, 8/17/04** (f) 715 715 ------------ TOTAL COMMERCIAL PAPER 2,482 ------------ COMMON STOCKS (64.1%) Abbott Laboratories 30,720 1,209 Air Products and Chemicals, Inc. 14,533 752 Alcoa, Inc. 78,402 2,511 Allstate Corp. 108,156 5,092 Alltel Corp. 30,000 1,560 American International Group, Inc. 60,257 4,257 Avery Dennison Corp. 58,603 3,550 Bank of America Corp. 68,986 5,865 Check Point Software Technologies Ltd. * (g) 85,990 1,710 Cisco Systems, Inc.* 82,856 1,728 Citigroup, Inc. 70,561 3,111 Dover Corp. 63,082 2,503 Emerson Electric Corp. 48,196 2,925 Exxon Mobil Corp. 85,478 3,958 FedEx Corp. (g) 17,903 1,466 Fiserv, Inc.* 67,995 2,330 FPL Group, Inc. 17,328 1,167 General Electric Corp. 170,784 5,679 Guidant Corp. 54,345 3,006 IBM Corp. 41,083 3,576 Intel Corp. 77,397 1,887 Johnson & Johnson 60,840 3,363 Lexmark International, Inc.* 11,826 1,047 Maxim Integrated Products, Inc. 19,972 961 McDonald's Corp. 91,623 2,519 Medco Health Solutions, Inc.* 82,327 2,495 Merck & Co., Inc. 28,155 1,277 Microsoft Corp. 190,393 5,418 Noble Corp.* 63,519 2,459 Northern Trust Corp. 52,858 2,121 Omnicom Group, Inc. 44,362 3,195 PepsiCo, Inc. 47,281 2,364 Pfizer, Inc. 113,372 3,623 Praxair, Inc. 73,994 2,919 Procter & Gamble Co. 46,601 2,430 Questar Corp. 44,185 1,811 Schlumberger Ltd. 31,300 2,013 SunGard Data Systems, Inc.* 39,966 932 Target Corp. 33,310 1,452 United Technologies Corp. 20,786 1,943 VERITAS Software Corp.* (g) 99,382 1,894 Verizon Communications, Inc. 71,000 2,737 Viacom, Inc., Class A (g) 83,266 2,835 Wal-Mart Stores, Inc. 79,327 4,206 Walgreen Co. 76,404 2,781 Wells Fargo & Co. 26,202 1,504 Wendy's International, Inc. 52,720 1,886 ------------ TOTAL COMMON STOCKS 122,027 ------------ CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS (21.5%) AIG Sunamerica Global Finance, 6.90%, 3/15/32 $ 675 $ 754 Alliant Master Trust, Series 2000-1A, Class A, 1.81%, 6/20/06 (d)(e) 2,000 2,001 AOL Time Warner, Inc., 7.70%, 5/1/32 125 139 Bear Stearns Asset Backed Securities, Inc., Series 2004-HE3, Class 1A1, 1.62%, 5/25/31 2,742 2,743 Bear Stearns Commercial Mortgage Securities, Inc., Series 2000-WF2, Class A1, 7.11%, 10/15/32 796 861 Bear Stearns Commercial Mortgage Securities, Inc., Series 2004-T14, Class A4, 5.20%, 1/12/41 (d) 700 701 Chase Manhattan Auto Owner Trust, 1.52%, 5/15/07 2,365 2,349 Chase Mortgage Finance Corp., 5.00%, 11/25/33 2,959 2,928 Citigroup, Inc., 6.50%, 2/7/06 500 526 Cox Communications, Inc., 5.50%, 10/1/15 175 171 Credit Suisse First Boston Mortgage Securities Corp., Series 1997-C2, Class A2, 6.52%, 1/17/35 481 489 Credit-Based Asset Servicing and Securities, Series 2004-CB4, Class A3, 4.63%, 5/25/35 600 599 Devon Energy Corp., 7.95%, 4/15/32 200 234 Equity One ABS, Inc., Series 2004-1, Class AF4, 4.14%, 4/25/34 1,000 972 First Franklin Mortgage Loan, 2.47%, 7/25/33 (d) 635 637 Ford Motor Co., 7.45%, 7/16/31 110 105 France Telecom, 9.75%, 3/1/31 200 255 General Electric Capital Corp., 6.75%, 3/15/32 175 191 General Motors, 8.38%, 7/15/33 225 235 General Motors Acceptance Corp., 6.88%, 9/15/11 250 257 Green Tree Financial Corp., 7.60%, 6/15/25 270 289 Greenwich Capital Commercial Funding Corp., Series 2002-C1, Class A4, 4.95%, 1/11/35 3,000 2,986 Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A5, 4.88%, 6/10/36 700 704 GS Mortgage Securities Corp. II, Series 2004-C1, Class A1, 3.66%, 10/10/28 698 685 GS Mortgage Securities Corp. II, Series 2004-GG2, Class A3, 4.60%, 8/10/38 1,000 1,005 Hydro-Quebec, 8.00%, 2/1/13 200 243 IBM Corp., 4.75%, 11/29/12 160 158 Kinder Morgan Energy Partners, 5.00%, 12/15/13 250 238 CONTINUED 69
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BALANCED FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED Lehman Brothers TRAINS, 7.76%, 11/15/31 (d)(e) $ 1,995 $ 2,318 Liberty Media Corp., 5.70%, 5/15/13 200 196 Metris Master Trust, 3.12%, 7/21/08 (d)(e) 1,000 1,000 Morgan Stanley Capital I, Series 2004-IQ7, Class A2, 5.02%, 6/15/38 700 714 Morgan Stanley Dean Witter & Co., 5.30%, 3/1/13 200 199 Morgan Stanley Dean Witter Capital I, 4.74%, 11/13/36 700 687 Motorola, Inc., 6.50%, 11/15/28 (g) 205 203 Navistar Financial Corp. Owner Trust, 1.73%, 2/15/07 2,500 2,485 Navistar Financial Corp. Owner Trust, 1.58%, 4/15/08 (d) 2,000 2,001 Pemex Master Trust, 6.13%, 8/15/08 175 181 Public Services Co. of Colorado, 7.88%, 10/1/12 250 298 Residential Accredit Loans, Inc., 1.57%, 3/25/34 (d) 1,835 1,831 Residential Asset Securities Corp., 1.69%, 3/25/34 (d) 1,000 1,000 Sprint Capital Corp., 7.63%, 1/30/11 350 393 Trans-Canada Pipeline, 5.60%, 3/31/34 195 182 Truck Retail Installment Paper Corp., 1.72%, 5/15/13 (d)(e) 2,000 2,003 United Mexican States, 4.63%, 10/8/08 580 578 Valero Energy Corp., 7.50%, 4/15/32 200 226 Verizon Florida, Inc., 6.13%, 1/15/13 250 259 Washington Mutual, 4.24%, 6/25/34 541 545 Wisconsin Energy Corp., 5.50%, 12/1/08 210 221 ------------ TOTAL CORPORATE BONDS 40,975 ------------ U.S. GOVERNMENT AGENCIES (14.8%) FANNIE MAE (10.1%) 6.50%, 6/1/16 1,866 1,974 5.50%, 1/1/18 388 399 4.50%, 5/1/19 TBA 2,750 2,709 5.00%, 6/1/18 1,805 1,820 4.00%, 2/25/21 2,000 2,034 7.50%, 6/1/27 71 76 7.50%, 12/1/27 309 331 7.50%, 12/1/27 42 46 6.63%, 11/15/30 950 1,062 7.00%, 9/1/31 399 422 5.00%, 6/1/34 TBA 1,000 976 5.50%, 6/1/34 TBA 6,000 6,021 6.00%, 2/1/34 646 664 6.00%, 2/1/34 637 654 ------------ 19,188 ------------ CONTINUED SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. GOVERNMENT AGENCIES, CONTINUED FREDDIE MAC (3.0%) 7.50%, 7/1/27 $ 25 $ 27 7.50%, 8/1/27 61 66 7.50%, 11/1/27 54 59 7.50%, 12/1/27 116 125 6.75%, 3/15/31 400 455 6.50%, 5/1/31 408 427 6.50%, 11/1/31 1,121 1,173 6.25%, 7/15/32 (g) 800 859 6.00%, 6/1/34 TBA 2,500 2,565 ------------ 5,756 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (1.7%) 5.00%, 6/1/34 TBA 1,000 981 6.50%, 8/15/31 499 523 6.50%, 4/15/32 406 425 7.00%, 7/20/32 297 315 5.50%, 6/1/34 TBA 1,000 1,007 ------------ 3,251 ------------ TOTAL U.S. GOVERNMENT AGENCIES 28,195 ------------ U.S. TREASURY OBLIGATIONS (2.9%) U.S. TREASURY BONDS (0.4%) 5.45%, 5/15/17** 750 389 5.38%, 2/15/31 (g) 290 297 ------------ 686 ------------ U.S. TREASURY NOTES (2.5%) 1.88%, 9/30/04 2,000 2,002 2.13%, 10/31/04 2,000 2,003 4.75%, 5/15/14 (g) 900 919 ------------ 4,924 ------------ TOTAL U.S. TREASURY OBLIGATIONS 5,610 ------------ MONEY MARKETS (3.0%) Dreyfus Cash Management Money Market Fund 100 --# Federated Prime Value Obligations Money Market Fund 5,786,296 5,786 ------------ TOTAL MONEY MARKETS 5,786 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (3.2%) Pool of various securities for Fifth Third Funds $ 6,089 6,089 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 6,089 ------------ TOTAL INVESTMENTS (COST $202,528)+ - 110.8% 211,164 LIABILITIES IN EXCESS OF OTHER ASSETS - (10.8)% (20,627) ------------ NET ASSETS - 100.0% $ 190,537 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 70
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MICRO CAP VALUE FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (90.8%) A. M. Castle & Co.* 90,000 $ 960 A. T. Cross Co., Class A* 130,000 677 Accelrys, Inc.* 180,000 1,368 ActivCard S.A.* 250,000 1,658 Agilysys, Inc. 120,000 1,788 American Building Control, Inc.* 294,800 389 Ameron International Corp. 60,000 2,100 Analysts International Corp.* 235,000 747 Anaren, Inc.* 80,000 959 Angelica Corp. 80,000 1,925 APAC Customer Services, Inc.* 400,000 736 Apogee Enterprises, Inc. 225,000 2,367 Associated Estates Realty Corp. 110,000 955 Ault, Inc.* 323,000 972 Aviall, Inc.* 150,000 3,007 Bassett Furniture Industries, Inc. 227,000 4,336 BEI Technologies, Inc. 80,000 1,921 Benihana, Inc., Class A* 120,000 1,846 BKF Capital Group 110,000 2,981 Blair Corp. 110,000 3,014 Bombay Co., Inc.* 300,000 1,773 Boykin Lodging Co.* 160,000 1,347 Brush Wellman, Inc.* 215,000 3,891 BUCA, Inc.* 230,014 1,194 Calgon Carbon Corp. 220,000 1,392 California Amplifier, Inc.* 135,000 844 Capstone Turbine Corp.* 300,000 600 Carrington Laboratories, Inc.* 130,220 513 Celadon Group, Inc.* 105,000 1,840 Century Business Services, Inc.* 381,183 1,609 Cepheid, Inc.* 100,000 889 Chronimed, Inc.* 195,835 1,537 Cobra Electronics Corp.* 315,154 2,379 Compudyne Corp.* 120,000 1,132 Comstock Resources, Inc.* 215,000 4,525 Concord Camera Corp.* 280,379 768 Covenant Transport, Inc., Class A* 125,000 2,208 Crawford & Co., Class A 5,700 29 Crawford & Co., Class B 136,800 689 Cutter & Buck, Inc. 165,801 1,796 Deb Shops, Inc. 100,000 2,292 DHB Industries, Inc.* 160,000 2,434 Digimarc Corp.* 100,000 903 Dril-Quip, Inc.* 170,000 3,204 Edelbrock Corp. 170,000 2,804 Electro Rent Corp. 100,000 972 Emerson Radio Corp.* 375,000 1,110 Enesco Group, Inc.* 200,000 1,710 Flow International Corp.* 158,300 579 Frozen Food Express Industries, Inc.* 285,000 1,927 General Cable Corp.* 60,300 574 GSI Lumonics, Inc.* 150,000 2,004 Haggar Corp. 125,000 2,406 Hardinge, Inc. 45,000 558 Harken Energy Corp.* 240,000 115 Hartmarx Corp.* 400,000 3,016 Heidrick & Struggles International, Inc.* 100,000 2,646 Hologic, Inc.* 190,000 3,785 CONTINUED SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED Horizon Offshore, Inc.* 450,000 $ 356 Huffy Corp.* 275,000 275 ICO, Inc.* 175,000 382 InFocus Corp.* 240,000 2,126 Input / Output, Inc.* 300,000 2,889 Iomega Corp. 31,000 136 Ionics, Inc.* 20,000 541 Jameson Inns, Inc.* 145,700 297 K2, Inc.* 99,480 1,418 Kaneb Services LLC 30,101 894 Lazare Kaplan International, Inc.* 210,600 1,822 LESCO, Inc.* 200,000 2,560 Lydall, Inc.* 83,500 814 MAIR Holdings, Inc.* 154,685 1,435 Material Sciences Corp.* 400,000 4,820 Maxwell Technologies, Inc.* 170,800 1,590 Meade Instruments Corp.* 400,000 1,356 Meadowbrook Insurance Group* 140,000 672 MEDTOX Scientific, Inc.* 40,000 456 Mercury Air Group, Inc.* 120,000 636 Michael Baker Corp.* 250,000 3,400 Midway Games, Inc.* 20,000 229 Mobile Mini, Inc.* 105,000 2,872 Monterey Pasta Co.* 410,000 1,328 Movado Group, Inc. 100,000 1,501 MVC Capital* 40,000 384 Nanometrics, Inc.* 170,000 1,683 National Dentex Corp.* 65,000 1,868 NewMarket Corp.* 65,000 1,288 Northwest Pipe Co.* 70,000 1,243 Olympic Steel, Inc.* 140,000 3,289 On Assignment, Inc.* 310,000 1,553 Optimal Robotics Corp.* 195,009 1,445 Oregon Steel Mills, Inc.* 250,000 3,875 Orthologic Corp.* 114,400 844 OSI Systems, Inc.* 135,000 2,515 Osteotech, Inc.* 350,000 1,355 Overland Storage, Inc.* 75,000 881 PAM Transportation Services, Inc.* 45,000 828 PAREXEL International Corp.* 20,000 384 Pemstar, Inc.* 501,885 1,104 Perceptron, Inc.* 80,213 553 Pharmacopeia, Inc.* 90,000 498 Planar Systems, Inc.* 65,000 898 Plato Learning, Inc.* 235,000 2,061 Powell Industries, Inc.* 130,000 2,225 Price Legacy Corp. 90,250 1,653 Prime Hospitality Corp.* 130,000 1,193 Quaker Fabric Corp. 110,000 790 R.G. Barry Corp.* 260,000 426 Register.com, Inc.* 82,219 483 Rockford Corp.* 325,100 1,414 Rocky Shoes & Boots, Inc.* 100,000 1,934 RTI International Metals, Inc.* 150,000 2,249 Safeguard Scientifics, Inc.* 525,000 997 Saucony, Inc., Class A 60,000 1,234 Sea Containers, Ltd. 180,000 3,032 SeeBeyond Technology Corp.* 130,000 393 CONTINUED 71
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MICRO CAP VALUE FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ COMMON STOCKS, CONTINUED Skechers U.S.A., Inc.* 200,000 $ 2,750 Smith & Wollensky Restaurant Group, Inc.* 85,000 553 SonicWALL, Inc.* 500,000 3,314 Southcoast Financial Corp.* 33,000 728 Southwestern Energy Co.* 28,000 901 Stein Mart, Inc.* 175,000 3,174 Steinway Musical Instruments, Inc.* 115,000 3,425 Stepan Co. 185,000 4,484 Stewart & Stevenson Services, Inc. 90,000 1,418 Strategic Distribution, Inc. 139,100 2,184 Stride Rite Corp. 31,500 328 Superior Uniform Group, Inc. 45,000 630 Symmetricom, Inc.* 700,154 5,741 Systemax, Inc.* 70,000 438 Terra Nitrogen Company, L.P. 55,000 779 Texas Pacific Land Trust 4,500 344 Theragenics Corp.* 350,000 1,456 Top Tankers, Inc.* 110,000 1,260 Transport Corp. of America, Inc.* 130,000 1,011 Tweeter Home Entertainment Group, Inc.* 140,000 661 U. S. Concrete, Inc.* 70,000 440 Universal Electronics, Inc.* 135,000 2,338 Veritas DGC, Inc.* 100,000 2,463 Vesta Insurance Group, Inc. 170,000 879 Vignette Corp.* 425,000 608 Volt Information Sciences, Inc.* 15,382 461 Wet Seal, Inc.* 140,000 714 Willbros Group, Inc.* 150,000 2,207 Wolverine Tube, Inc.* 100,000 1,270 Zomax, Inc.* 380,300 1,129 ------------ TOTAL COMMON STOCKS 228,165 ------------ INVESTMENT COMPANIES (1.2%) Brantley Capital Corp. 60,000 661 Equus II, Inc. 130,000 975 Malaysia Fund, Inc.* 25,000 124 Royce Micro-Cap Trust 95,489 1,167 ------------ TOTAL INVESTMENT COMPANIES 2,927 ------------ REPURCHASE AGREEMENTS (6.7%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $16,838, Collateralized by various U.S. Treasury securities) $ 16,836 16,836 ------------ TOTAL REPURCHASE AGREEMENTS 16,836 ------------ TOTAL INVESTMENTS (COST $184,439)+ - 98.7% 247,928 OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3% 3,347 NET ASSETS - 100.0% $ 251,275 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS SMALL CAP VALUE FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (83.0%) Abercrombie & Fitch Co. 71,000 $ 2,619 Agilysys, Inc. 163,400 2,434 Agrium, Inc. 159,300 2,301 Allegheny Energy, Inc.* 221,000 3,279 American Italian Pasta Co. 37,200 1,094 Ametek, Inc. 13,200 407 Andrx Corp.* 99,300 2,576 Anixter International, Inc. 43,700 1,463 Ann Taylor Stores Corp.* 73,200 1,965 Bema Gold Corp.* 169,000 394 Cal Dive International, Inc.* 55,700 1,727 Cambior, Inc.* 122,000 344 Consol Energy, Inc. 15,000 538 Constellation Brands, Inc.* 25,000 947 Covance, Inc.* 21,400 785 Cypress Semiconductor Corp.* 166,000 1,882 Dot Hill Systems Corp.* 54,400 452 Eldorado Gold Corp.* 114,000 290 Endurance Specialty Holdings, Ltd. 69,100 2,284 Energy Partners, Ltd.* 73,350 1,147 First Health Group Corp.* 145,200 2,036 Flagstar Bancorp, Inc. 21,000 413 Golden Star Resources, Ltd.* 88,000 354 Headwaters, Inc.* 97,400 2,702 Hilb, Rogal & Hamilton Co. 66,800 2,244 Horace Mann Educators Corp. 112,000 1,877 Houston Exploration Co.* 11,900 643 Humana, Inc.* 174,800 3,166 Jack in the Box, Inc.* 18,500 590 Key Energy Services, Inc.* 144,400 1,456 Lam Research Corp.* 105,500 2,516 LSI Logic Corp.* 97,000 494 Magnum Hunter Resources, Inc.* 59,500 638 McAfee, Inc.* 139,800 2,514 Mercury General Corp. 3,500 165 Methode Electronics, Inc. 97,000 1,264 Mobile Mini, Inc.* 40,200 1,099 Odyssey Healthcare, Inc.* 142,100 2,441 Orthodontic Centers of America, Inc.* 269,400 1,821 PepsiAmericas, Inc. 48,300 907 Perry Ellis International, Inc.* 59,200 1,395 Photronics, Inc.* 177,500 2,568 Piper Jaffray Cos., Inc.* 42,800 1,744 Platinum Underwriters Holdings, Ltd. 43,300 1,205 Polyone Corp.* 289,400 2,092 Priority Healthcare Corp., Class B* 92,100 2,063 Province Healthcare Co.* 28,000 407 PT Indonesian Satellite Corp. ADR 77,400 1,773 QLogic Corp.* 48,000 1,174 Robert Mondavi Corp.* 34,500 1,196 Ruby Tuesday, Inc. 34,725 1,003 Scottish Re Group, Ltd. 107,400 2,191 Service Corp. International* 343,800 2,183 Standard Register Co. 101,500 1,112 Steiner Leisure, Ltd.* 82,100 1,963 Stillwater Mining Co.* 46,600 677 CONTINUED 72
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SMALL CAP VALUE FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ COMMON STOCKS, CONTINUED Sunrise Assisted Living, Inc.* 34,500 $ 1,218 Swift Transportation Co., Inc.* 123,800 2,473 The Steak n Shake Co.* 14,900 255 Tidewater, Inc. 89,500 2,716 Veritas DGC, Inc.* 129,200 3,182 Wheaton River Minerals, Ltd.* 117,500 296 ------------ TOTAL COMMON STOCKS 93,154 ------------ INVESTMENT COMPANIES (3.3%) iShares Russell 2000 Value 22,900 3,751 ------------ TOTAL INVESTMENT COMPANIES 3,751 ------------ REPURCHASE AGREEMENTS (15.6%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $17,527, Collateralized by various U.S. Treasury securities) $ 17,525 17,525 ------------ TOTAL REPURCHASE AGREEMENTS 17,525 ------------ TOTAL INVESTMENTS (COST $108,693)+ - 101.9% 114,430 LIABILITIES IN EXCESS OF OTHER ASSETS - (1.9)% (2,139) NET ASSETS - 100.0% $ 112,291 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS MULTI CAP VALUE FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ RIGHTS (0.0%) Liberty Media International, Inc. - Class A 3,650 $ 22 ------------ TOTAL RIGHTS 22 ------------ COMMON STOCKS (87.6%) 3Com Corp.* 315,000 1,553 ADC Telecommunications, Inc.* 175,000 420 AK Steel Holding Corp.* 110,000 729 Alltel Corp. 40,000 2,080 American Electric Power Co. (g) 50,000 1,556 American Express Co. 60,000 3,015 American Power Conversion Corp. 70,000 1,057 Ameritrade Holding Corp.* 125,000 1,386 Anadarko Petroleum Corp. 50,000 2,990 Andrew Corp.* 165,000 1,790 Aon Corp. 85,000 2,247 Apache Corp. 69,300 3,225 Apple Computer, Inc.* 150,000 4,850 Applera Corp. - Celera Genomics Group* 215,000 2,525 Applied Materials, Inc.* 140,000 2,376 Archer-Daniels-Midland Co. 115,000 1,774 AT&T Corp. 50,000 755 AT&T Wireless Services, Inc.* 65,000 939 Becton, Dickinson & Co. 50,000 2,362 Berkshire Hathaway, Inc.* 1,000 2,894 Big Lots, Inc.* 40,000 490 BMC Software, Inc.* 60,000 941 Bob Evans Farms, Inc. 110,000 2,928 Borg Warner, Inc. 120,000 5,663 Bristol-Myers Squibb Co. 110,000 2,519 Brunswick Corp. 50,000 1,952 Cadbury Schweppes PLC ADR 60,000 1,982 Carnival Corp. 25,000 1,165 Charles Schwab Corp. 250,000 2,195 ChevronTexaco Corp. 30,000 2,870 CIGNA Corp. 75,000 4,652 Cincinnati Financial Corp. 21,000 837 Coherent, Inc.* 100,000 2,631 Comverse Technology, Inc.* (g) 125,000 2,133 ConAgra, Inc. 160,000 4,160 ConocoPhillips 60,000 4,725 CSX Corp. 50,000 1,565 Cubic Corp. 30,000 608 CVS Corp. 30,000 1,256 Diebold, Inc. 75,000 3,458 Dominion Resources, Inc. 15,000 952 Duke Energy Corp. (g) 110,000 2,364 E*TRADE Financial Corp.* (g) 200,000 2,214 EMC Corp.* 135,000 1,481 Florida East Coast Industries, Inc. 106,000 3,940 Foot Locker, Inc. 80,000 1,800 Furniture Brands International, Inc. 135,000 3,102 General Dynamics Corp. 40,000 3,953 General Electric Corp. 60,000 1,995 Global Industries, Ltd.* 125,000 631 Goodrich Corp. 30,000 970 CONTINUED 73
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MULTI CAP VALUE FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS, CONTINUED Goodyear Tire & Rubber Co.* (g) 162,400 $ 1,778 Harris Corp. (g) 75,000 3,561 HCA, Inc. 50,000 1,933 Hewlett-Packard Co. 160,000 3,224 Hillenbrand Industries, Inc. 50,000 2,839 Home Depot, Inc. 100,000 3,372 Honda Motor Co., Ltd. 60,000 1,456 Honeywell International, Inc. 140,000 5,266 Horace Mann Educators Corp. 220,000 3,687 Humana, Inc.* 200,000 3,622 IBM Corp. 25,000 2,177 Industrias Bachoco, S.A. ADR 115,000 1,152 Intel Corp. 100,000 2,438 International Paper Co. 35,000 1,513 Ionics, Inc.* (g) 100,000 2,704 J.C. Penney Co., Inc. (g) 65,000 2,600 J.P. Morgan Chase & Co. 100,000 3,733 JAKKS Pacific, Inc.* (g) 100,000 2,007 JDS Uniphase Corp.* (g) 225,000 776 Kerr-McGee Corp. 60,000 3,150 KeyCorp 100,000 3,018 Kimberly-Clark Corp. 50,000 3,204 King Pharmaceuticals, Inc.* 75,000 847 Kraft Foods, Inc. (g) 90,000 2,750 Liberty Media Corp., Class A* 365,000 3,095 Liberty Media International, Inc., Class A* 18,250 569 Lubrizol Corp. 60,000 2,078 Lucent Technologies, Inc.* (g) 550,000 1,678 Marathon Oil Corp. 120,000 4,520 Masco Corp. 85,000 2,570 May Department Stores Co. 110,000 2,918 McDonald's Corp. 120,000 3,300 Merck & Co., Inc. 75,000 3,401 Methode Electronics, Inc. 110,000 1,433 Millenium Pharmaceuticals, Inc.* (g) 220,000 2,446 Motorola, Inc. 225,000 3,583 Natuzzi S.p.A. ADR 110,000 1,121 Neiman Marcus Group, Inc. 11,200 576 Neiman Marcus Group, Inc., Class A 48,000 2,618 Newell Rubbermaid, Inc. 30,000 648 Novell, Inc.* 275,000 1,881 Orthodontic Centers of America, Inc.* (g) 225,000 1,521 Pall Corp. 160,000 3,707 Payless ShoeSource, Inc.* 200,000 2,588 Pepco Holdings, Inc. (g) 125,000 2,250 Pfizer, Inc. 60,000 1,918 Pier 1 Imports, Inc. 60,000 1,076 Plum Creek Timber Co., Inc. 50,000 1,569 Prime Hospitality Corp.* 198,800 1,825 Royal Dutch Petroleum Co. 50,000 2,515 Saks, Inc. 75,000 979 Schering-Plough Corp. 185,000 3,600 Schlumberger Ltd. 70,000 4,503 Scientific-Atlanta, Inc. 45,000 1,384 Snap-On, Inc. 30,000 963 Standard Register Co. 125,000 1,370 Stanley Works 75,000 3,180 CONTINUED SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ COMMON STOCKS, CONTINUED Stewart & Stevenson Services, Inc. 175,000 $ 2,756 Sun Microsystems, Inc.* 250,000 988 SUPERVALU, Inc. 160,000 4,570 Tecumseh Products Co., Class A 100,000 4,083 The Walt Disney Co. 135,000 3,117 Thomas & Betts Corp. (g) 70,000 1,841 Toro Co. 30,000 1,965 Transocean, Inc.* 210,000 5,963 Trizec Properties, Inc. 125,000 2,006 U.S. Bancorp. 80,000 2,264 Union Pacific Corp. 50,000 2,817 Verizon Communications, Inc. 50,000 1,927 Vishay Intertechnology, Inc.* 75,000 1,163 Waters Corp.* (g) 35,000 1,536 Whirlpool Corp. (g) 30,000 1,873 Winn-Dixie Stores, Inc. (g) 180,000 1,138 Wyeth 30,000 1,062 ------------ TOTAL COMMON STOCKS 289,914 ------------ CORPORATE BOND EQUIVALENTS (c) (0.1%) Glenborough Realty, $1.94, Series A 13,073 320 ------------ TOTAL CORPORATE BOND EQUIVALENTS 320 ------------ INVESTMENT COMPANIES (1.7%) iShares Russell 1000 Value Index (g) 50,000 2,965 iShares Russell 3000 Value Index 10,000 768 John Hancock Bank & Thrift Opportunity Fund 200,000 1,888 ------------ TOTAL INVESTMENT COMPANIES 5,621 ------------ REPURCHASE AGREEMENTS (10.7%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $35,446, Collateralized by various U.S. Treasury securities) $ 35,442 35,442 ------------ TOTAL REPURCHASE AGREEMENTS 35,442 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (9.8%) Pool of various securities for Fifth Third Funds 32,521 32,521 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 32,521 ------------ TOTAL INVESTMENTS (COST $295,196) + - 109.9% 363,840 LIABILITIES IN EXCESS OF OTHER ASSETS - (9.9)% (32,854) ------------ NET ASSETS - 100.0% $ 330,986 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 74
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DISCIPLINED LARGE CAP VALUE FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (95.7%) Abbott Laboratories 255,296 $ 10,047 Alltel Corp. (g) 266,742 13,871 American Electric Power Co. (g) 436,299 13,573 American International Group, Inc. 177,000 12,505 Anadarko Petroleum Corp. 115,620 6,913 Aon Corp. 423,978 11,210 Bank of America Corp. 66,216 5,629 Bob Evans Farms, Inc. 61,000 1,624 Bristol-Myers Squibb Co. 372,112 8,521 Brunswick Corp. 80,555 3,144 Cadbury Schweppes PLC ADR 411,550 13,598 Carnival Corp. 287,545 13,403 Caterpillar, Inc. (g) 176,742 12,989 ChevronTexaco Corp. 170,433 16,302 CIT Group, Inc. 321,299 11,168 ConAgra, Inc. 526,857 13,698 ConocoPhillips 261,055 20,563 CVS Corp. 485,543 20,329 Dow Chemical Co. 427,044 17,035 Equity Office Properties Trust 110,746 2,874 FPL Group, Inc. 172,681 11,627 Gannett, Inc. 229,055 19,044 General Dynamics Corp. 223,617 22,098 General Electric Corp. 393,000 13,067 Genuine Parts Co. 250,991 9,470 Halliburton Co. 332,110 10,544 Hartford Financial Services Group, Inc. (g) 233,927 15,229 HCA, Inc. 135,430 5,234 Hewlett-Packard Co. 413,792 8,338 Honda Motor Co., Ltd. 578,538 14,041 Honeywell International, Inc. 615,852 23,163 IBM Corp. 135,871 11,830 Intel Corp. 251,796 6,139 International Paper Co. 374,525 16,190 J.P. Morgan Chase & Co. 428,105 15,981 KeyCorp (g) 497,418 15,012 Marathon Oil Corp. 357,921 13,483 Masco Corp. 241,550 7,304 May Department Stores Co. 222,552 5,904 McDonald's Corp. 197,488 5,431 Merck & Co., Inc. 215,244 9,761 Merrill Lynch & Co., Inc. 312,239 15,525 MetLife, Inc. 492,000 17,549 NiSource, Inc. 353,424 7,316 Parker Hannifin Corp. 243,175 13,953 Royal Dutch Petroleum Co. (g) 312,427 15,715 RPM International, Inc. 186,544 2,807 Safeway, Inc.* (g) 320,000 6,762 Sherwin-Williams Co. 296,434 11,970 SunTrust Banks, Inc. 298,241 19,669 Valero Energy Corp. 52,000 3,896 Verizon Communications, Inc. 402,672 15,519 Weyerhaeuser Co. 219,493 13,609 ------------ TOTAL COMMON STOCKS 632,176 ------------ CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ REPURCHASE AGREEMENTS (4.2%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $27,889, Collateralized by a U.S. Treasury security) $ 27,886 27,886 ------------ TOTAL REPURCHASE AGREEMENTS 27,886 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (7.3%) Pool of various securities for Fifth Third Funds 47,987 47,987 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 47,987 ------------ TOTAL INVESTMENTS (COST $607,820)+ - 107.2% 708,049 LIABILITIES IN EXCESS OF OTHER ASSETS - (7.2)% (47,552) ------------ NET ASSETS - 100.0% $ 660,497 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 75
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LIFEMODEL AGGRESSIVE FUND SM SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES (h) (100.1%) Fifth Third Disciplined Large Cap Value Fund 2,193,268 $ 29,653 Fifth Third Intermediate Bond Fund 313,866 3,117 Fifth Third International Equity Fund 868,481 8,094 Fifth Third Mid Cap Growth Fund* 747,209 9,684 Fifth Third Multi Cap Value Fund 442,034 9,981 Fifth Third Prime Money Market Fund 3,231,660 3,232 Fifth Third Quality Growth Fund* 1,960,570 28,644 Fifth Third Small Cap Growth Fund 383,970 5,944 Fifth Third Small Cap Value Fund 304,318 6,089 ------------ TOTAL INVESTMENTS IN AFFILIATES 104,438 ------------ TOTAL INVESTMENTS (COST $94,255)+ - 100.1% 104,438 LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)% (82) ------------ NET ASSETS - 100.0% $ 104,356 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS LIFEMODEL MODERATELY AGGRESSIVE FUND SM SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES (h) (99.9%) Fifth Third Bond Fund 894,540 $ 8,963 Fifth Third Disciplined Large Cap Value Fund 3,892,972 52,634 Fifth Third Intermediate Bond Fund 2,477,358 24,600 Fifth Third International Equity Fund 1,402,134 13,068 Fifth Third Mid Cap Growth Fund* 1,279,110 16,577 Fifth Third Multi Cap Value Fund 756,383 17,079 Fifth Third Prime Money Market Fund 5,601,047 5,601 Fifth Third Quality Growth Fund* 3,481,170 50,860 Fifth Third Short Term Bond Fund 1,869,349 17,890 Fifth Third Small Cap Growth Fund 551,453 8,536 Fifth Third Small Cap Value Fund 436,795 8,740 ------------ TOTAL INVESTMENTS IN AFFILIATES 224,548 ------------ TOTAL INVESTMENTS (COST $206,485)+ - 99.9% 224,548 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 137 ------------ NET ASSETS - 100.0% $ 224,685 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 76
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LIFEMODEL MODERATE FUND SM SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES (h) (100.0%) Fifth Third Bond Fund 3,252,264 $ 32,588 Fifth Third Disciplined Large Cap Value Fund 6,000,492 81,126 Fifth Third Intermediate Bond Fund 9,806,400 97,377 Fifth Third International Equity Fund 1,928,014 17,969 Fifth Third Mid Cap Growth Fund* 2,022,148 26,207 Fifth Third Multi Cap Value Fund 1,193,685 26,953 Fifth Third Prime Money Market Fund 6,063,788 6,064 Fifth Third Quality Growth Fund* 5,342,542 78,055 Fifth Third Short Term Bond Fund 6,755,781 64,653 Fifth Third Small Cap Growth Fund 846,048 13,097 Fifth Third Small Cap Value Fund 677,038 13,548 ------------ TOTAL INVESTMENTS IN AFFILIATES 457,637 ------------ TOTAL INVESTMENTS (COST $449,438)+ - 100.0% 457,637 LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0% (69) ------------ NET ASSETS - 100.0% $ 457,568 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS LIFEMODEL MODERATELY CONSERVATIVE FUND SM SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES (h) (100.2%) Fifth Third Bond Fund 947,455 $ 9,494 Fifth Third Disciplined Large Cap Value Fund 1,189,119 16,077 Fifth Third Intermediate Bond Fund 2,756,405 27,370 Fifth Third International Equity Fund 440,001 4,101 Fifth Third Mid Cap Growth Fund* 310,656 4,026 Fifth Third Multi Cap Value Fund 183,740 4,149 Fifth Third Prime Money Market Fund 49,138 49 Fifth Third Quality Growth Fund* 1,063,096 15,532 Fifth Third Short Term Bond Fund 1,979,915 18,947 Fifth Third Small Cap Growth Fund 129,697 2,008 Fifth Third Small Cap Value Fund 102,775 2,057 ------------ TOTAL INVESTMENTS IN AFFILIATES 103,810 ------------ TOTAL INVESTMENTS (COST $98,278)+ - 100.2% 103,810 LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)% (164) ------------ NET ASSETS - 100.0% $ 103,646 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 77
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LIFEMODEL CONSERVATIVE FUND SM SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ INVESTMENTS IN AFFILIATES (h) (99.9%) Fifth Third Bond Fund 655,849 $ 6,572 Fifth Third Disciplined Large Cap Value Fund 351,057 4,746 Fifth Third Intermediate Bond Fund 1,973,535 19,598 Fifth Third International Equity Fund 113,813 1,061 Fifth Third Mid Cap Growth Fund* 78,551 1,018 Fifth Third Multi Cap Value Fund 47,137 1,064 Fifth Third Prime Money Market Fund 1,090,370 1,090 Fifth Third Quality Growth Fund* 306,990 4,485 Fifth Third Short Term Bond Fund 1,356,989 12,986 Fifth Third Small Cap Growth Fund 65,705 1,017 Fifth Third Small Cap Value Fund 53,376 1,068 ------------ TOTAL INVESTMENTS IN AFFILIATES 54,705 ------------ TOTAL INVESTMENTS (COST $53,755)+ - 99.9% 54,705 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 44 ------------ NET ASSETS - 100.0% $ 54,749 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS STRATEGIC INCOME FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ COMMON STOCKS (5.2%) Abbott Laboratories 30,775 $ 1,211 American Capital Strategies Ltd. 11,400 333 Arthur J. Gallagher & Co. 27,950 866 Bank of America Corp. 9,950 846 Citigroup, Inc. 16,925 746 Eli Lilly & Co. 7,130 454 First Horizon National Corp. 15,600 676 General Electric Corp. 10,735 357 Pfizer, Inc. 22,425 717 Procter & Gamble Co. 11,030 575 Sysco Corp. 19,025 655 Washington Mutual, Inc. 13,395 520 Wells Fargo & Co. 15,945 916 ------------ TOTAL COMMON STOCKS 8,872 ------------ CORPORATE BONDS (22.6%) Amvescap PLC, 5.38%, 2/27/13 $ 500 495 Bankers Trust New York, 7.25%, 10/15/11 1,000 1,127 Bear, Stearns Co., Inc., 4.65%, 7/2/18 1,000 891 Bear, Stearns Co., Inc., Series 2003-AC7, Class A2, 5.25%, 1/25/34 1,613 1,646 Citibank Credit Card Issuance Trust, 3.10%, 3/10/10 500 488 Comcast Cable, 7.13%, 6/15/13 500 552 Core Invest Grade Trust, 4.73%, 11/30/07 500 513 Countrywide Home Loans, 4.59%, 10/25/33 1,798 1,711 Cullen/Frost Cap Trust I, 2.86%, 3/1/34 (d) 1,000 1,018 CVS Corp., 7.77%, 1/10/12 909 1,004 Deutsche Mortgage Securities, Inc., Series 2004-2, Class A3, 3.78%, 1/25/34 1,000 976 Developers Diversified Realty, 3.88%, 1/30/09 1,000 966 First Tennessee Cap II, 6.30%, 4/15/34 1,500 1,415 Ford Motor Credit Co., 7.00%, 10/1/13 1,500 1,528 General Motors Acceptance Corp., 6.88%, 9/15/11 500 513 Goldman Sachs Group, Inc., 4.75%, 7/15/13 1,000 951 Goldman Sachs Group, Inc., 5.25%, 10/15/13 1,000 984 HBOS PLC, 5.38%, 11/1/49 (d)(e) 2,000 1,952 Hutchison Whampoa International, Ltd., 6.50%, 2/13/13 (e) 1,000 1,010 HVB Funding Trust I, 8.74%, 6/30/31 1,000 1,165 International Lease Finance Corp., 4.38%, 11/1/09 1,000 991 Korea Development Bank, 3.88%, 3/2/09 1,000 969 Kraft Foods, Inc., 6.25%, 6/1/12 1,500 1,601 CONTINUED 78
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STRATEGIC INCOME FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED Lehman Brothers TRAINS, 6.50%, 8/15/08(d)(e) $ 504 $ 534 Marsh & McLennan Cos., Inc., 5.88%, 8/1/33 500 472 Merrill Lynch Mortgage Investors, Inc., Series 2003-A1, Class 2A, 4.53%, 12/25/32 473 476 Motorola, Inc., 6.50%, 11/15/28 500 496 Pacific Gas & Electric, 4.20%, 3/1/11 1,000 965 Public Service Oklahoma, 4.85%, 9/15/10 500 502 Radian Group, Inc., 5.63%, 2/15/13 500 510 RBS Cap Trust B, 6.80% 3/31/08 500,000 503 SLM Corp., 3.41%, 4/1/09 (d) 1,000 988 SLM Corp., 4.00%, 11/21/13 (d) 1,000 995 Sprint Capital Corp, 8.38%, 3/15/12 1,500 1,757 TCI Communications, Inc., 7.88%, 8/1/13 1,100 1,265 Union Planters Corp., 4.38%, 12/1/10 500 489 Verizon Virginia, Inc., 4.63%, 3/15/13 1,000 947 Washington Mutual Bank, 4.82%, 10/25/32 231 233 Washington Mutual Bank, Series 2003-AR10, Class A4, 4.08%, 10/25/33 1,500 1,496 Weyerhaeuser Co., 7.38%, 3/15/32 1,500 1,656 ------------ TOTAL CORPORATE BONDS 38,750 ------------ CORPORATE BOND EQUIVALENTS (c) (46.4%) AAG Holding Co., Inc., $1.17 20,000 495 Abbey National PLC, $1.84 24,900 654 Abbey National PLC, $1.84 70,600 1,855 ABN AMRO Cap Fund Trust V, $1.48 60,000 1,391 AMBAC Financial Group, Inc., $1.49 54,100 1,267 AMBAC Financial Group, Inc., $1.75 62,895 1,654 BAC Capital Trust I, $1.75 64,500 1,669 BAC Capital Trust II, $2.13 31,000 816 BAC Capital Trust VI, $1.75 48,600 1,272 Bank One Capital I, $2.00 19,000 487 Bank One Capital V, $2.00 76,300 2,037 Bear Stearns Capital Trust III, $1.95 58,900 1,552 Citigoup Capital VII, $1.78 124,925 3,272 Citigroup Capital VI, $1.72 25,000 630 Cleveland Electric Financial Trust I, $2.25 10,000 271 ConAgra Capital, $1.25 54,900 1,383 Consolidated Edison, $1.81 50,700 1,353 Corp-Backed Trust Certs (CBTCS), $1.53 60,000 1,445 Corp-Backed Trust Certs (CBTCS), $1.56 33,500 825 Corp-Backed Trust Certs (CBTCS), $1.70 40,000 1,060 Corp-Backed Trust Certs (CBTCS), $1.80 15,800 405 Corp-Backed Trust Certs (CBTCS), $1.97 2,200 56 Corp-Backed Trust Certs (CBTCS), $2.06 7,800 204 Corp-Backed Trust Certs (CBTCS), $2.20 1,800 47 Corts Countrywide Capital II, $2.00 10,000 262 Corts Trust For Disney, $1.72 40,000 1,036 Corts Trust II Safeco Capital I, $2.18 10,000 263 CONTINUED SHARES VALUE ----------- ------------ CORPORATE BOND EQUIVALENTS (c), CONTINUED Corts-First Union Capital II, $1.88 17,700 $ 462 Corts-Sherwin Williams, $1.81 57,600 1,474 Corts-TR Verizon Global, $3.13 54,500 1,408 Developers Diversified Realty, $2.15 48,300 1,290 Dominion CNG Capital Trust I, $1.95 39,800 1,040 Duke Realty Corp., $2.11 50,800 1,344 Duquesne Light Co., $1.68 34,000 906 Energy East Capital, $2.06 5,000 131 Entergy Arkansas, Inc., $1.50 80,600 2,006 Entergy Mississippi, Inc., $1.50 39,000 970 Entergy Mississippi, Inc., $1.81 9,400 243 Equity Residential Properties, $2.28, Series G 19,900 529 Federal Realty Investment Trust, $2.13 43,300 1,138 Financial Security Assurance Holdings, $1.56 90,750 2,232 Fleet Capital Trust VI, $2.20 46,000 1,225 Fleet Captial Trust VII, $1.80 29,200 761 Ford Capital Trust Series II, $3.25 10,000 535 General Electric Capital Corp., $1.53 19,000 482 General Electric Capital Corp., $1.66 59,000 1,548 Glenborough Realty, $1.94, Series A 37,842 927 Harris Preferred Capital, Series A, $1.84 31,800 802 Household Capital Trust V, $2.50 17,000 456 Household Finance, $1.72 32,800 848 HRPT Properties Trust, $2.47 26,100 695 HRPT Properties Trust, Series B, $2.19 22,900 608 Huntington Preferred Cap, Inc., $1.97 15,507 419 ING Group NV, $1.80 41,200 1,077 Kimco Reality Preferred, $1.66 39,994 1,014 Laclede Capital Trust I, $1.93 10,000 269 Maytag Corp., $1.97 19,200 497 MBNA Corp., $1.88 28,400 728 MBNA Corp., $2.03 37,800 992 ML Capital Trust III, $1.75 49,800 1,291 Morgan Stanley Capital II, $1.81 81,525 2,103 National Rural Utility CFC, $1.91 10,000 261 National Rural Utility, $1.69 20,000 504 Nordstrom (CBTCS), $1.91 10,000 265 Preferred Plus Trust NAI-1, $2.01 4,400 112 PS Business Parks, Inc., $2.38 10,000 268 Public Credit & Repack Securities, $1.78 15,600 397 Public Storage, Inc., Series A, $2.45 15,000 404 Public Storage, Inc., Series S, $1.97 10,000 262 Puget Sound Energy Capital Trust, $2.10 13,700 361 Regions Financial Trust I, $2.00 66,500 1,741 Rouchester Gas & Electric, $1.66 42,800 1,120 Saturns JPM, $1.78 12,000 307 Saturns, Series S, $1.81 10,000 251 Sears Roebuck & Co. Acceptance, $1.75 41,600 1,046 Sempra Energy Capital Trust I, $2.23 29,900 778 Southern Co. Capital Trust VI, $1.78 58,600 1,530 Stilwell Financial, $1.97 36,800 942 Suntrust Capital V, $1.76 46,600 1,209 Torchmark Capital Trust I, $1.94 58,819 1,539 USB Capital V, $1.81 14,100 370 Virginia Power Capital Trust, 1.84 26,800 701 CONTINUED 79
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STRATEGIC INCOME FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BOND EQUIVALENTS (c), CONTINUED Wachovia Funding, $1.81, Series A 79,000 $ 2,110 Wells Fargo Capital Trust V, $1.75 18,600 486 Wells Fargo Capital Trust VI, $1.74 74,550 1,925 Wells Fargo Capital Trust VII, $1.46 33,500 781 ------------ TOTAL CORPORATE BOND EQUIVALENTS 79,781 ------------ PREFERRED STOCKS (c) (2.8%) Fannie Mae, $1.77 8,800 342 Fannie Mae, $2.91 8,500 423 Freddie Mac, $2.50 20,000 840 Freddie Mac, $2.55 10,000 425 Freddie Mac, $2.85 25,500 1,247 Lehman Brothers, $1.92 10,000 257 Source Capital, $2.40 35,600 1,198 ------------ TOTAL PREFERRED STOCKS 4,732 ------------ REAL ESTATE INVESTMENT TRUSTS (i) (10.2%) AMB Property Corp. 19,700 692 Developers Diversified Realty, Corp. 19,900 714 Duke-Weeks Realty Corp. 29,400 904 Equity Residential Properties Trust 30,050 888 Health Care Property Investors, Inc. 45,250 1,129 Kimco Realty Corp. 44,200 2,126 Mills Corp. 19,600 894 ProLogis 34,200 1,164 Simon Property Group, Inc. 41,804 2,158 Thornburg Mortgage, Inc. 84,900 2,355 Vornado Realty Trust 40,200 2,335 Weingarten Realty Investors 66,975 2,063 ------------ TOTAL REAL ESTATE INVESTMENT TRUSTS 17,422 ------------ U.S. TREASURY NOTES (1.3%) 7.00%, 7/15/06 $ 2,000 2,164 ------------ TOTAL U.S. TREASURY NOTES 2,164 ------------ U.S. GOVERNMENT AGENCIES (1.8%) FANNIE MAE (0.6%) 4.28%, 7/1/18 1,020 1,014 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (1.2%) 5.49%, 8/16/27 1,150 1,172 4.89%, 7/16/34 1,000 955 ------------ 2,127 ------------ TOTAL U.S. GOVERNMENT AGENCIES 3,141 ------------ CONTINUED SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ INVESTMENT COMPANIES (7.9%) 1838 Bond Debenture Trading 127,000 $ 2,270 American Income Fund, Inc. 135,400 1,116 Blackrock Income Trust 108,600 775 Blackrock North American Government Income 225,000 2,472 ING Prime Rate Trust 160,400 1,274 MFS Government Markets Income Trust 217,400 1,411 MFS Intermediate Income Trust 49,000 316 Pioneer Interest Shares 90,700 999 Templeton Global Income Fund, Inc. 61,374 508 Van Kampen Bond Fund 64,800 1,129 Van Kampen Senior Income Trust 152,000 1,344 ------------ TOTAL INVESTMENT COMPANIES 13,614 ------------ REPURCHASE AGREEMENTS (2.3%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $3,974, Collateralized by various U.S. Treasury securities) $ 3,974 3,974 ------------ TOTAL REPURCHASE AGREEMENTS 3,974 ------------ TOTAL INVESTMENTS (COST $169,767)+ - 100.5% 172,450 LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)% (832) ------------ NET ASSETS - 100.0% $ 171,618 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 80
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SELECT STOCK FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ COMMON STOCKS (99.3%) Agilent Technologies, Inc.* 41,000 $ 976 Analog Devices, Inc. 10,000 397 Applied Materials, Inc.* 30,000 509 Avaya, Inc.* 30,000 440 Best Buy Co., Inc. 18,000 867 Boston Scientific Corp.* 20,000 765 Broadcom Corp., Class A* 18,000 637 Cintas Corp. 10,000 420 Cisco Systems, Inc.* 30,000 625 EMC Corp.* 90,000 987 Goldman Sachs Group, Inc. 9,000 793 Illinois Tool Works, Inc. 6,000 543 Intel Corp. 15,000 366 International Game Technology 20,000 647 J.P. Morgan Chase & Co. 17,000 635 L-3 Communications Holdings, Inc. 12,000 734 Manpower, Inc. 20,000 871 Maxim Integrated Products, Inc. 9,000 433 Nordstrom, Inc. 20,000 878 Phelps Dodge Corp. 12,000 935 Pulte Homes, Inc. 16,000 874 Rockwell Automation, Inc. 15,000 561 Teva Pharmaceutical Industries Ltd., ADR 28,000 829 Texas Instruments, Inc. 21,000 448 Varian Medical Systems, Inc.* 10,000 690 Xilinx, Inc. 20,000 589 ------------ TOTAL COMMON STOCKS 17,449 ------------ REPURCHASE AGREEMENTS (1.2%) UBS Investment Bank, 1.31%, 8/2/04 Proceeds at maturity, $219, Collateralized by a U.S. Treasury security) $ 219 219 ------------ TOTAL REPURCHASE AGREEMENTS 219 ------------ TOTAL INVESTMENTS (COST $16,869)+ - 100.5% 17,668 LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)% (90) ------------ NET ASSETS - 100.0% $ 17,578 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS TECHNOLOGY FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ COMMON STOCKS (99.5%) Aeroflex, Inc.* 100,000 $ 1,109 Agilent Technologies, Inc.* 78,000 1,857 Akamai Technologies, Inc.* 35,000 523 Analog Devices, Inc. 50,000 1,985 Avaya, Inc.* 125,000 1,831 Broadcom Corp., Class A* 49,750 1,759 CheckFree Corp.* (g) 40,000 1,202 Cisco Systems, Inc.* 50,000 1,043 Cognex Corp. 27,500 827 Corning, Inc.* 135,000 1,669 Cree, Inc.* 38,000 850 Ditech Communications Corp.* 30,000 618 EMC Corp.* 165,000 1,809 Equinix, Inc.* 7,500 244 F5 Networks, Inc.* 50,000 1,309 FileNet Corp.* 35,000 665 Finisar Corp.* (g) 200,000 303 Flextronics International Ltd.* 70,000 880 Getty Images, Inc.* 20,000 1,092 Harmonic, Inc.* 100,000 651 Harris Corp. 30,000 1,424 Invitrogen Corp* 15,000 787 Jabil Circuit, Inc.* 42,500 924 Juniper Networks, Inc.* (g) 32,500 746 Komag, Inc.* (g) 35,000 397 Lucent Technologies, Inc.* (g) 500,000 1,525 Macromedia, Inc.* 57,500 1,162 Maxim Integrated Products, Inc. 25,000 1,203 Mercury Interactive Corp.* 32,500 1,188 MGI Pharma, Inc.* 35,000 980 Microsoft Corp. 10,000 285 Nextel Communications, Inc., Class A* 40,000 910 NMS Communications Corp.* 75,000 447 Overstock.com, Inc.* 20,000 701 PalmOne, Inc.* (g) 25,000 1,006 Perot Systems Corp., Class A* 62,500 789 Pixelworks, Inc.* 30,000 294 PLX Technology, Inc.* 45,000 400 RSA Security, Inc.* 75,000 1,396 Sanmina-SCI Corp.* 125,000 918 Sapient Corp.* 240,000 1,677 Scientific-Atlanta, Inc. 30,000 923 Semtech Corp.* 40,000 794 Tekelec* 50,000 972 Texas Instruments, Inc. 60,000 1,280 ViaSat, Inc.* 35,000 634 Western Wireless Corp., Class A* 37,500 990 Xilinx, Inc. 30,000 883 ------------ TOTAL COMMON STOCKS 47,861 ------------ CONTINUED 81
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TECHNOLOGY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ REPURCHASE AGREEMENTS (0.4%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $169, Collateralized by a U.S. Treasury security) $ 169 169 ------------ TOTAL REPURCHASE AGREEMENTS 169 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (9.3%) Pool of various securities for Fifth Third Funds 4,497 4,497 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 4,497 ------------ TOTAL INVESTMENTS (COST $54,415)+ - 109.2% 52,527 LIABILITIES IN EXCESS OF OTHER ASSETS - (9.2)% (4,409) ------------ NET ASSETS - 100.0% $ 48,118 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS (86.6%) AUSTRALIA (1.8%) Alumina, Ltd. 40,304 $ 147 Amcor, Ltd. 19,098 92 AMP, Ltd. 30,798 136 Ansell, Ltd. 903 5 Australia & New Zealand Banking Group, Ltd. 13,652 173 Australian Gas & Light Co. 4,391 39 BHP Steel, Ltd. 8,310 43 BHP, Ltd. 80,310 742 Boral, Ltd. 5,925 30 Brambles Industries, Ltd. 25,015 105 Centro Properties Group 6,949 22 CFS Gandel Retail Trust 15,491 16 Coca-Cola Amatil, Ltd. 17,878 88 Coles Myer, Ltd. 10,143 63 Commonwealth Bank of Australia 28,589 625 CSL, Ltd. 3,049 55 CSR, Ltd. 28,989 47 Foster's Group, Ltd. 45,043 146 General Property Trust 18,694 46 Insurance Australia Group 42,701 149 Investa Property Group 12,111 17 James Hardie Industries NV 4,698 19 John Fairfax Holdings, Ltd. 9,200 24 Leighton Holdings, Ltd. 2,372 16 Lend Lease Corp., Ltd. 3,916 29 Macquarie Bank, Ltd. 5,278 122 Macquarie Infrastructure Group 66,207 161 Mayne Nickless, Ltd. 8,502 21 Mirvac Group 7,503 24 National Australia Bank, Ltd. (g) 36,135 675 Newcrest Mining, Ltd. 3,466 35 News Corp., Ltd. 66,389 534 Onesteel, Ltd. 2,613 5 Orica, Ltd. 2,896 32 Origin Energy, Ltd. 2,961 13 Paperlinx, Ltd. 4,009 14 Patrick Corp., Ltd. 10,538 41 QBE Insurance Group, Ltd. 15,574 136 Rinker Group, Ltd. 26,908 156 Rio Tinto, Ltd. 8,858 236 Santos, Ltd. 5,901 30 Sonic Healthcare, Ltd. 1,295 8 Southcorp Holdings, Ltd.* 6,725 15 Stockland Trust Group 12,766 49 Suncorp Metway, Ltd. 5,068 49 TABCORP Holdings, Ltd. 9,965 98 Telstra Corp., Ltd. 50,555 175 Transurban Group 5,227 19 Westfarmers, Ltd. 8,613 178 Westfield Group* 19,881 211 Westpac 20,907 247 WMC Resources, Ltd. 29,326 107 Woodside Petroleum, Ltd. 12,056 152 Woolworths, Ltd. 26,428 217 ------------ 6,634 ------------ CONTINUED 82
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INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED AUSTRIA (0.5%) Bank Austria Creditanstalt 1,210 $ 71 Boehler-Uddeholm AG 451 36 EFG Eurobank Ergasias 6,029 130 Erste Bank Der Oesterreichischen 13,364 517 Sparkassen AG Flughafen Wein AG 839 48 Mayr-Melnhof Karton AG 500 65 OMV AG 1,593 349 RHI AG* 944 21 Telekom Austria AG 22,689 352 VA Technologie AG* 697 39 Voest-Alpine Stahl AG 1,929 91 Wienerberger Baust 3,364 121 ------------ 1,840 ------------ BELGIUM (0.8%) Agfa Gevaert NV 8,768 210 Bekaert NV 325 20 Belgacom SA* 2,171 67 Delhaize Group 2,071 99 Dexia (g) 34,518 575 Fortis 50,390 1,085 Groupe Bruxelles Lambert SA 2,154 133 Interbrew 5,054 153 KBC Bancassurance Holding SA 4,820 272 Solvay SA 2,454 205 UCB SA 4,195 193 Umicore 90 6 ------------ 3,018 ------------ BERMUDA (0.1%) Cheung Kong Infrastructure Holdings, Ltd. 15,000 36 Esprit Holdings, Ltd. 22,500 100 Johnson Electric Holdings, Ltd. 38,000 38 Li & Fung, Ltd. 44,000 61 SCMP Group, Ltd. 10,000 4 Shagri-La Asia, Ltd. 26,470 25 Yue Yuen Industrial Holdings, Ltd. 13,000 32 ------------ 296 ------------ BRAZIL (0.2%) Aracruz Celulose SA, B Shares 15,000 52 Centrais Eletricas Brasileiras SA, B Shares 3,269,000 45 Companhia Brasileira de Distribuicao 800 15 Grupo Pao de Acucar ADR Companhia Vale do Rio Doce, A Shares 7,000 309 Souza Cruz SA 3,000 30 Unibanco-Uniao de Bancos Brasileiros SA GDR 2,600 56 Usinas Siderurgicas de Minas Gerais SA, A Shares 3,000 43 ------------ 550 ------------ CHINA (0.6%) Aluminum Corp. of China, Ltd. 310,000 162 Beijing Capital International Airport Co., Ltd. 204,000 67 BYD Co., Ltd., H Shares 16,000 46 China Life Insurance Co., Ltd., H Shares* 680,000 375 China Oilfield Services, Ltd., H Shares 90,000 27 CONTINUED SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED CHINA, CONTINUED China Petroleum & Chemical Corp. 1,544,000 $ 603 China Shipping Development Co., Ltd. 46,000 30 China Telecom Corp., Ltd. 808,000 269 Jiangsu Expressway Co., Ltd. 134,000 55 Jiangxi Copper Co., Ltd. 119,000 57 Maanshan Iron & Steel Co., Ltd., H Shares 174,000 58 PICC Property & Casualty Co., Ltd., H Shares * 321,000 115 Shandong International Power Development Co., Ltd. 202,000 62 Sinopec Zhenhai Refining & Chemical Co., Ltd., H Shares 14,000 15 Sinotrans, Ltd. 224,000 76 Weiqiao Textile Co., Ltd., H Shares 28,000 41 Yanzhou Coal Mining Co., Ltd. 104,000 126 Zhejiang Expressway Co., Ltd. 157,000 116 ------------ 2,300 ------------ DENMARK (0.4%) A P Moller - Maersk AS 10 70 Danisco AS 900 46 Danske Bank 21,687 499 Falck AS* 2,000 13 ISS AS 1,100 54 Novo Nordisk AS 13,230 672 Novozymes AS 1,350 61 TDC AS 3,200 104 Vestas Wind Systems AS* 3,850 49 William Demant Holdings AS* 1,000 36 ------------ 1,604 ------------ FINLAND (1.1%) Fortum Oyj 7,649 105 Kesko Oyj, B Shares 3,423 66 Kone Corp. 1,760 103 Metso Oyj, B Shares 7,335 95 Nokia Oyj 210,980 2,417 Outokumpo Oyj 7,841 123 Sampo Insurance Co. 6,603 62 Stora Enso Oyj 24,992 347 TietoEnator Oyj 4,643 129 UPM-Kym'mene Oyj 22,623 439 Uponor Oyj 535 18 Wartsila Corp. Oyj, B Shares 1,853 41 ------------ 3,945 ------------ FRANCE (8.6%) Accor SA 12,660 537 Alcatel* (g) 54,565 706 Alstom* (g) 10,748 6 Arcelor 14,679 247 Atos Origin SA* 797 47 Aventis SA (g) 33,781 2,619 AXA SA (g) 65,060 1,335 Banque Nationale de Paris 40,366 2,348 BIC 1,284 55 Bouygues (g) 17,248 579 Business Objects SA* 2,186 47 Cap Gemini* 4,197 140 Carrefour SA 24,592 1,172 CONTINUED 83
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INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED FRANCE, CONTINUED Casino Guichard-Perrachon 2,229 $ 181 CNP Assurances 1,512 85 Compagnie de Saint Gobain 16,524 807 Compagnie Generale des Etablissements Michelin 3,376 188 Credit Agricole SA 16,947 399 Dassault Systems SA 2,015 90 Essilor International 2,206 135 Euronext NV 2,344 62 European Aeronautic Defence and Space Co. 11,891 327 France Telecom SA 53,371 1,320 Groupe Danone 10,026 826 Imerys SA 1,680 102 L'Air Liquide SA 5,353 866 L'Oreal SA 8,732 625 Lafarge SA 8,085 692 Lagardere Group SCA 8,650 526 LVMH Moet-Hennessy Louis Vuitton (g) 18,685 1,274 Peugeot SA 7,623 439 Pinault Printemps 2,337 228 Publicis Groupe 4,696 127 Renault SA 6,913 545 Sagem SA 859 84 Sanofi-Synthelabo (g) 17,588 1,165 Schneider Electric SA 7,753 493 Societe Generale-A 15,875 1,302 Societe Television Francaise 1 4,417 126 Sodexho SA 3,426 93 STMicroelectronics NV 26,464 491 Suez SA (g) 20,544 406 Technip-Coflexip SA (g) 360 50 Thales SA 7,140 248 Thomson 12,428 231 Total SA 27,229 5,279 Veolia Environnement 7,851 209 Vinci 3,209 326 Vivendi Universal* (g) 35,839 895 Zodiac SA 1,686 58 ------------ 31,138 ------------ GERMANY (5.7%) Adidas-Salomon AG 2,432 288 Allianz AG 11,194 1,077 Altana AG 3,525 191 BASF AG 20,333 1,080 Bayer AG 25,063 665 Bayerische Hypo- und Vereinsbank AG* 15,845 255 Beiersdorf AG 2,501 290 Commerzbank AG* 21,217 362 Continental AG 3,078 145 DaimlerChrysler AG (g) 29,928 1,337 Deutsche Bank AG 32,653 2,258 Deutsche Boerse AG 6,255 305 Deutsche Lufthansa AG* 7,771 92 Deutsche Post AG 17,941 360 Deutsche Telekom AG* (g) 113,378 1,895 Douglas Holdings AG 1,137 33 Epcos AG* 1,756 30 CONTINUED SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED GERMANY, CONTINUED Fresenius Medical Care AG (g) 3,066 $ 223 Gehe AG 3,035 193 Heidelberger Zement AG 1,243 56 Henkel KGaA 2,849 209 Infineon Technologies AG* 18,239 199 Karstadt AG 766 16 Linde AG 4,510 243 MAN AG 4,408 163 Merck KGAA 2,409 135 Metro AG 5,322 242 Muenchener Rueckver AG 3,293 316 Porsche AG 637 411 ProSiebenSat. l Media AG 2,443 42 Puma AG Rudolf Dassler Sport 380 89 RWE AG 14,431 704 SAP AG 6,866 1,100 Schering AG 7,777 436 Siemens AG 32,346 2,263 Thyssen Krupp AG 14,506 258 TUI AG 3,560 61 VEBA AG 32,012 2,272 Volkswagen AG (g) 11,494 466 ------------ 20,760 ------------ GREAT BRITAIN (19.0%) Aegis Group PLC 45,900 70 AMEC PLC 9,564 47 ARM Holdings PLC 33,515 64 AstraZeneca PLC 76,034 3,407 Astro All Asia Networks PLC* 8,100 10 Aviva PLC 86,708 884 BAE Systems PLC 123,144 479 Balfour Beatty 12,049 58 Barclays PLC 280,189 2,346 Barratt Developments PLC 9,742 100 BG Group PLC 137,619 859 BHP Billiton PLC 107,144 977 BOC Group PLC 17,431 299 Boots Group PLC 32,437 403 BP Amoco PLC 788,913 7,410 BPB PLC 9,292 67 Brambles Industries PLC 23,959 93 British Airways PLC* 20,949 88 British American Tobacco PLC 68,464 1,042 British Sky Broadcasting Group PLC 58,425 643 BT Group PLC 426,446 1,465 Bunzl PLC 8,623 69 Cable & Wireless PLC 61,759 122 Cadbury Schweppes PLC 80,590 661 Capita Group PLC 26,358 147 Carnival PLC 7,087 347 Centrica PLC 45,735 197 Cobham PLC 3,363 84 Compass Group PLC 93,674 545 Daily Mail & General Trust 13,358 163 Davis Service Group 1,675 11 De La Rue PLC 13,051 77 Diageo PLC 154,743 1,920 CONTINUED 84
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INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED GREAT BRITAIN, CONTINUED Dixons Group PLC 43,280 $ 126 Electrocomponents PLC 16,652 99 EMAP PLC 11,341 150 EMI Group PLC 33,511 137 Enterprise Inns PLC 13,578 132 Exel PLC 6,777 89 FKI PLC 16,026 35 Friends Provident PLC 63,478 152 George Wimpey PLC 10,935 74 GKN PLC 15,801 66 Glaxosmithkline PLC 254,018 5,165 Great Universal Stores PLC 27,800 436 Group 4 Securicor PLC* 20,333 43 Hanson PLC 20,043 139 Hays PLC 63,392 141 HBOS PLC 133,964 1,738 Hilton Group PLC 67,939 323 HSBC Holdings PLC 487,779 7,170 IMI PLC 14,823 98 Imperial Chemical Industries PLC 49,904 206 Imperial Tobacco Group PLC 19,880 433 InterContinental Hotels Group PLC 32,449 345 Invensys PLC* 169,594 49 ITV PLC 178,557 340 J Sainsbury PLC 65,498 322 Johnson Matthey PLC 9,453 156 Kelda Group PLC 10,891 102 Kesa Electricals PLC 6,039 31 Kidde PLC 28,225 61 Kingfisher PLC 26,424 137 Legal & General Group PLC 251,163 444 Lloyds TSB Group PLC 206,658 1,551 Logica PLC 27,923 84 Marks & Spencer PLC 57,851 365 Misys PLC 21,426 72 Mitchells & Butlers PLC 28,695 141 National Grid Transco PLC 130,365 1,033 Novar PLC 11,168 24 Pearson PLC 34,996 393 Peninsular & Oriental Steam Navigation Co. PLC 14,969 61 Persimmon PLC 2,600 28 Pilkington PLC 51,406 90 Prudential Corp. PLC 75,843 626 Rank Group PLC 25,926 140 Reckitt Benckiser PLC 22,845 626 Reed International PLC 54,651 485 Rentokil Initial PLC 72,193 187 Reuters Holding PLC 64,997 385 Rexam PLC 19,644 153 Rio Tinto PLC 48,238 1,258 RMC Group PLC 5,273 57 Rolls-Royce Group PLC 92,664 407 Royal & Sun Alliance Insurance Group PLC 107,421 151 Royal Bank of Scotland Group PLC 75,349 2,121 Sage Group PLC 49,425 155 Scot Power PLC 36,073 259 CONTINUED SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED GREAT BRITAIN, CONTINUED Scottish & Southern Energy PLC 16,461 $ 215 Serco Group PLC 17,572 64 Severn Trent PLC 9,635 140 Shell Transportation & Trading Co. PLC 355,311 2,578 Smith & Nephew PLC 11,289 114 Smiths Industries PLC 21,323 283 SSL International PLC 403 2 Tate & Lyle PLC 27,922 167 Taylor Woodrow PLC 14,522 66 Tesco PLC 362,375 1,679 Tompkins PLC 26,725 123 Unilever PLC 140,793 1,244 United Business Media PLC 14,580 131 Vodaphone Airtouch PLC 2,475,459 5,374 Whitbread PLC 15,062 225 William Hill PLC 22,412 211 Wolseley PLC 27,653 430 WPP Group PLC 54,411 504 Yell Group PLC 19,282 118 ------------ 68,613 ------------ GREECE (0.1%) Alpha Bank A.E. 8,400 199 National Bank of Greece SA 12,654 270 Titan Cement Co. 800 18 ------------ 487 ------------ HONG KONG (1.1%) Angang New Steel Co., Ltd., H Shares 98,000 39 ASM Pacific Technology, Ltd. 1,500 5 Bank of East Asia, Ltd. 37,276 106 Beijing Datang Power Generation 140,000 109 BOC Hong Kong Holdings, Ltd. 69,000 118 Cathay Pacific Airways, Ltd. 26,000 46 Cheung Kong Infrastructure Holdings, Ltd. 39,000 289 China Southern Airlines* 134,000 46 CLP Holdings, Ltd. 45,680 257 Hang Lung Properties, Ltd. 32,000 44 Hang Seng Bank, Ltd. 18,400 235 Henderson Land Development, Ltd. 18,000 79 Hong Kong & China Gas Co., Ltd. 100,348 175 Hong Kong Electric Holdings, Ltd. 36,000 154 Hong Kong Exchanges & Clearing, Ltd. 27,000 56 Hopewell Holdings, Ltd. 8,000 16 Huaneng Power International 286,000 229 Hutchison Whampoa, Ltd. 57,000 385 Hysan Development Co., Ltd. 7,155 13 MTR Corp. 36,377 55 New World Development Co., Ltd. 35,110 28 PCCW, Ltd.* 81,047 56 Petrochina 1,614,000 802 Sino Land Company, Ltd. 25,206 16 Sinopec Shanghai Petrochem 234,000 83 Sun Hung Kai Properties, Ltd. 35,136 297 Swire Pacific, Ltd. 24,500 163 Techtronic Industries Co., Ltd. 25,000 37 Television Broadcasts, Ltd. 5,000 21 Wharf Holdings, Ltd. 32,600 100 ------------ 4,059 ------------ CONTINUED 85
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INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED INDIA (0.1%) Larsen & Toubro, Ltd. GDR (g) 9,295 $ 187 ------------ INDONESIA (0.0%) PT Mulia Industrindo Tbk* 19,000 1 ------------ IRELAND (0.6%) Allied Irish Banks PLC 41,602 639 Bank of Ireland 47,320 619 CRH PLC 15,106 338 DCC PLC 1,498 26 Elan Corp. PLC* 19,800 401 Grafton Group PLC* 1,311 11 Independent News & Media PLC 7,163 16 Irish Life & Permanent PLC 3,960 60 Kerry Group PLC 2,168 45 ------------ 2,155 ------------ ITALY (1.9%) Alleanza Assicurazioni SpA 8,552 92 Assicurazioni Generali (g) 14,527 384 Autogrill SpA* 1,564 23 Banca Fideuram SpA 2,974 15 Banca Monte dei Paschi di Seina SpA 10,883 33 Banca Nazionale del Lavoro SpA* (g) 19,082 45 Banca Popolare di Milano 2,038 13 Banche Popolari Unite Scrl 1,567 26 Banco Popolare di Verona e Novara Scrl 10,993 183 Benetton Group SpA 1,984 21 Capitalia SpA 7,884 24 Credito Italiano 132,735 635 Enel SpA (g) 20,686 163 ENI SpA 61,139 1,256 Fiat SpA* 1,635 13 Finmeccanica SpA 145,282 102 IntesaBci SpA 107,796 399 Intesabci SpA-RNC 10,732 30 Italcementi SpA 1,423 19 Luxottica Group SpA 1,227 21 Mediaset SpA 17,204 183 Mediobanca SpA 4,659 54 Mediolanum SpA 2,235 14 Pirelli SpA 65,537 65 RAS SpA 4,714 85 San Paolo IMI SpA 29,871 341 Seat Pagine Gialle SpA 90,364 36 Snam Rete Gas SpA 2,807 12 Telecom Italia Mobile SpA 155,271 824 Telecom Italia SpA 225,449 484 Telecom Italia SpA - RNC 364,710 1,080 Tiscali SpA* (g) 4,956 18 ------------ 6,693 ------------ JAPAN (25.0%) Acom Co., Ltd. 2,000 129 Advantest 3,800 223 AEON Co., Ltd. 15,800 543 Aiful Corp. 1,200 113 Ajinomoto Co., Inc. 33,400 389 Alps Electric Co., Ltd. 8,000 108 CONTINUED SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED JAPAN, CONTINUED Amada Co., Ltd. 12,000 $ 68 Asahi Breweries, Ltd. 24,600 262 Asahi Glass Co., Ltd. (g) 60,800 548 Asahi Kasei Corp. 81,000 356 Asatsu, Ltd. 800 21 Bellsystem 24, Inc. 160 30 Benesse Corp. 2,100 62 Bridgestone Corp. 48,000 868 Canon, Inc. 43,000 2,104 Casio Computer Co., Ltd. 17,800 242 Central Japan Railway Co. 74 596 Chubu Electric Power Co., Inc. 9,500 200 Chugai Pharmaceutical Co., Ltd. 15,900 250 Citizen Watch Co., Ltd. 14,000 140 Credit Saison Co., Ltd. 3,900 118 CSK Corp. 3,500 148 Dai Nippon Printing Co., Ltd. 27,600 391 Daicel Chemical Industries, Ltd. 4,000 19 Daiichi Pharmaceutical Co., Ltd. 13,500 248 Daikin Kogyo Corp. 7,000 173 Dainippon Ink & Chemicals, Inc. 39,000 90 Daito Trust Construction Co., Ltd. 5,100 190 Daiwa House Co., Ltd. 28,600 298 Daiwa Securities Group, Ltd. 179,000 1,177 Denki Kagaku Kogyo Kabushiki Kaisha, Ltd. 10,000 33 Denso Corp. 37,250 915 Dentsu, Inc. 24 61 Dowa Mining Co., Ltd. 16,000 97 East Japan Railway Co. 250 1,365 Ebara Corp. 19,800 86 Eisai Co., Ltd. 14,800 435 FamilyMart Co., Ltd. 2,300 67 Fanuc Co., Ltd. 9,600 554 Fast Retailing Co., Ltd. 4,000 282 Fuji Photo Film Co., Ltd. 26,000 781 Fuji Television Network 52 114 Fujikura 8,000 39 Fujisawa Pharmaceutical Co. 9,600 233 Fujitsu, Ltd. (g) 89,000 552 Furukawa Electric Co., Ltd.* 30,800 126 Hankyu Department Stores, Inc. 2,000 15 Hirose Electric Co., Ltd. 1,700 165 Hitachi Chemical Co., Ltd. 1,000 14 Hitachi, Ltd. 160,000 979 Honda Motor Co., Ltd. 56,051 2,731 Hoya Corp. 5,700 587 Isetan Co., Ltd. 13,700 157 Ishihara Sangyo Kaisha, Ltd. 4,000 8 Ishikawajima-Harima Heavy Industries Co., Ltd.* 35,000 52 Ito Yokado Co., Ltd. 18,000 701 Itochu Corp. 75,000 290 Japan Airlines System Corp.* 41,000 119 Japan Real Estate Investment Corp. 17 121 Japan Synthetic Rubber 9,500 158 Japan Tobacco, Inc. 34 260 JFE Holdings, Inc. 27,100 650 CONTINUED 86
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INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED JAPAN, CONTINUED JGC Corp. 6,000 $ 56 Kajima Corp. 53,400 181 Kaken Pharmaceutical 1,000 6 Kaneka Corp. 19,000 167 Kansai Electric Power Co., Inc. 28,700 524 Kao Corp. 34,000 844 Kawasaki Heavy Industries, Ltd. 29,000 43 Kawasaki Kisen Kaisha, Ltd. 2,000 10 Keihin Electric Express Railway Co., Ltd. 10,000 59 Keio Electric Railway Co., Ltd. 6,000 32 Keyence Corp. 1,500 318 Kikkoman Corp. 4,000 35 Kinki Nippon Railway Co., Ltd. 93,230 321 Kirin Brewery Co., Ltd. 49,400 484 Kobe Steel, Ltd. 17,000 24 Kokuyo Co., Ltd. 1,900 23 Komatsu, Ltd. 59,400 351 Komori Corp. 2,000 31 Konami Co., Ltd. 5,100 111 Konica Corp. 20,500 269 Kubota Corp. 90,000 409 Kuraray Co., Ltd. 24,000 182 Kurita Water Industries, Ltd. 1,900 27 Kyocera Corp. 8,800 681 Kyowa Hakko Kogyo Co., Ltd. 21,200 148 Kyushu Electric Power Co., Inc. 5,500 103 Lawson, Inc. 2,400 93 Mabuchi Motor Co., Ltd. 1,600 113 Marubeni Corp. 56,800 129 Marui Co., Ltd. 29,300 354 Matsushita Electric Industrial Co., Ltd. 114,000 1,522 Matsushita Electric Works 5,000 43 Meiji Seika Co., Ltd. 4,000 17 Meitec Corp. 900 32 Millea Holdings, Inc. 98 1,446 Minebea Co., Ltd. 15,000 64 Mitsubishi Chemical Corp. 113,000 268 Mitsubishi Corp. 68,000 656 Mitsubishi Electric Corp. 105,800 483 Mitsubishi Estate Co., Ltd. (g) 100,000 1,140 Mitsubishi Gas Chemical Co., Inc. 4,000 15 Mitsubishi Heavy Industries, Ltd. 182,000 476 Mitsubishi Logistics Corp. 2,000 19 Mitsubishi Materials Corp. 7,000 14 Mitsubishi Rayon Co., Ltd. 30,000 105 Mitsubishi Tokyo Financial Group, Inc. 294 2,636 Mitsui & Co., Ltd. (g) 69,800 524 Mitsui Chemicals, Inc. 21,000 93 Mitsui Fudosan Co., Ltd. (g) 73,400 817 Mitsui Mining & Smelting Co., Ltd. 30,000 123 Mitsui O.S.K. Lines, Ltd. 7,000 36 Mitsui Sumitomo Insurance Co. 132,230 1,225 Mitsui Trust Holding, Inc. 41,513 291 Mitsukoshi, Ltd. (g) 39,000 179 Mizuho Financial Group, Inc. 458 1,738 Murata Manufacturing Co., Ltd. 11,100 552 NEC Corp. 79,200 495 CONTINUED SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED JAPAN, CONTINUED Net One Systems Co., Ltd. 34 $ 110 New Oji Paper Co. 60,400 388 NGK Insulators, Ltd. 16,600 131 NGK Spark Plug Co., Ltd. 12,000 117 Nidec Corp. 2,100 195 Nikko Cordial Corp. 66,000 300 Nikon Corp. (g) 16,000 154 Nintendo Co., Ltd. 6,200 691 Nippon Building Fund, Inc. 17 120 Nippon Express Co., Ltd. 46,600 247 Nippon Meat Packers, Inc. 12,600 154 Nippon Mining Holdings, Inc. 12,000 51 Nippon Oil Co., Ltd. 87,600 540 Nippon Sheet Glass Co., Ltd. 17,000 64 Nippon Steel Corp. 370,800 754 Nippon Telegraph and Telephone Corp. 380 1,897 Nippon Unipac Holding 52 256 Nippon Yusen Kabushiki Kaisha 75,000 345 Nissan Chemical Industries, Ltd. 6,000 45 Nissan Motors Co., Ltd. 152,100 1,644 Nisshin Flour Milling Co., Ltd. 4,000 40 Nisshin Steel Co., Ltd. 5,000 10 Nisshinbo Industries, Inc. 2,000 14 Nissin Food Products Co., Ltd. 3,800 96 Nitto Denko Corp. 9,300 390 Nomura Research Institute, Ltd. 1,500 140 Nomura Securities Co., Ltd. 114,000 1,567 NSK, Ltd. 34,000 152 NTN Corp. 24,000 125 NTT Data Corp. 76 218 NTT DoCoMo, Inc. 591 1,031 Obayashi Corp. 31,000 148 Oki Electric Industry Co., Ltd.* 38,000 137 Olympus Optical Co., Ltd. 7,000 136 Omron Corp. 12,700 272 Onward Kashiyama Co., Ltd. 4,000 55 Oracle Corp. Japan 2,100 105 Oriental Land Co., Ltd. 2,600 163 Orix Corp. 2,300 249 Osaka Gas Co., Ltd. 74,200 198 Pioneer Electronic Corp. 9,101 197 Promise Co., Ltd. 2,500 162 Ricoh Co., Ltd. 34,000 664 Rohm Co., Ltd. 5,800 622 Sampo Japan Insurance, Inc. 43,000 425 Sanden Corp. 1,000 6 Sankyo Co., Ltd. 27,500 595 Sanyo Electric Co., Ltd. 90,000 344 Secom Co., Ltd. 9,600 389 Seiko Epson Corp. 4,900 192 Sekisui Chemical Co., Ltd. 12,000 87 Sekisui House, Ltd. 35,600 359 Seven-Eleven Japan Co., Ltd. 21,000 646 Sharp Corp. 46,200 669 Shimachu Co., Ltd. 1,900 46 Shimamura Co., Ltd. 2,100 153 Shimano, Inc. 4,800 117 CONTINUED 87
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INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED JAPAN, CONTINUED Shimizu Construction 36,600 $ 152 Shin-Etsu Chemical Co. 19,448 661 Shionogi & Co., Ltd. 18,000 322 Shisiedo Co., Ltd. 22,800 284 Showa Denko KK 38,000 85 Showa Shell Sekiyu KK 7,000 63 Skylark Co., Ltd. 5,700 106 SMC Corp. 4,000 392 Softbank Corp. (g) 12,700 448 Sony Corp. 42,398 1,491 Stanley Electric Co., Ltd. 5,700 87 Sumitomo Bakelite Co. 4,000 24 Sumitomo Chemical Co., Ltd. 75,600 311 Sumitomo Corp. 45,200 316 Sumitomo Electric Industries 29,400 280 Sumitomo Heavy Industries, Ltd.* 5,000 14 Sumitomo Metal Industry, Ltd. 38,000 41 Sumitomo Metal Mining Co., Ltd. 37,600 225 Sumitomo Mitsui Financial Group, Inc. (g) 374 2,257 Sumitomo Osaka Cement Co., Ltd. 7,000 18 Sumitomo Realty & Development Co., Ltd. 35,000 399 Sumitomo Trust & Banking 74,000 434 Taiheiyo Cement Corp. 8,000 19 Taisei Construction 6,000 19 Taisho Pharmaceutical Co. 16,800 353 Taiyo Yuden Co., Ltd. 6,000 72 Taka Shi Maya Co., Ltd. (g) 22,000 205 Takara Shuzo Co., Ltd. 4,000 29 Takeda Chemical Industries, Ltd. 50,500 2,366 Takefuji Corp. 1,890 136 Takuma Co., Ltd. 3,000 21 TDK Corp. 6,000 416 Teijin, Ltd. 52,400 182 Teikoku Oil Co., Ltd. 4,000 21 Terumo Corp. 11,200 272 The Daimaru, Inc. 20,000 155 THK Co., Ltd. 600 10 TIS, Inc. 2,151 82 Tobu Railway Co., Ltd. 29,600 117 Toda Corp. 6,000 24 Toho Co. 1,600 23 Tohoku Electric Power Co., Ltd. 15,700 258 Tokyo Broadcasting System, Inc. 4,600 79 Tokyo Electric Power Co., Inc. 42,800 972 Tokyo Electronics, Ltd. 8,200 402 Tokyo Gas Co., Ltd. (g) 84,600 303 Tokyu Corp. 50,400 232 Tonengeneral Sekiyu K.K. 5,000 40 Toppan Printing Co., Ltd. 28,600 287 Toray Co. 81,100 385 Toshiba Corp. 161,000 592 Tosoh Corp. 30,000 97 Tostem Corp. 10,000 204 Toto, Ltd. 24,600 240 Toyo Seikan Kaisha, Ltd. 8,000 127 Toyobo Co., Ltd. 2,000 5 Toyoda Gosei Co., Ltd. 500 11 CONTINUED SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED JAPAN, CONTINUED Toyota Automatic Loom Works 2,900 $ 68 Toyota Motor Corp. 157,100 6,329 Trend Micro, Inc. 4,700 193 UJF Holdings, Inc. 225 905 Uni-Charm Corp. 1,600 84 UNY Co., Ltd. 5,000 58 USS Co., Ltd. 3,940 319 Wacoal Corp. 2,000 20 West Japan Railway Co. 17 68 World Co., Ltd. 850 24 Yahoo Japan Corp.* 49 390 Yakult Honsha Co., Ltd. (g) 4,000 60 Yamada Denki Co., Ltd. 7,700 267 Yamaha Corp. 4,300 65 Yamaha Motor Co., Ltd. 1,000 15 Yamanouchi Pharmaceutical Co., Ltd. 21,100 725 Yamato Transport Co., Ltd. 18,000 287 Yamazaki Baking Co., Ltd. 3,000 29 Yokogawa Electric Corp. 10,000 117 ------------ 90,299 ------------ MALAYSIA (0.3%) AMMB Holdings Berhad 22,700 21 Berjaya Sports Toto Berhad 30,800 30 Commerce Asset-Holdings Berhad 48,800 60 Gamuda Berhad 2,100 3 Genting Berhad 17,400 69 Hong Leong Bank Berhad 9,600 13 IOI Corp. Berhad 35,000 73 Kuala Lumpur Kepong Berhad 2,800 5 Magnum Corp. Berhad 17,000 11 Mal Rothmans Pall Mall 1,100 15 Malakoff Berhad 25,000 42 Malayan Banking Berhad 29,000 82 Malaysian International Shipping Corp. Berhad 5,700 18 Maxis Communications Berhad 35,000 81 O.Y.L. Industries Berhad 400 4 PLUS Expressways Berhad 17,400 11 Proton Holdings Berhad* 14,000 29 Public Bank Berhad* 32,000 59 Resorts World Berhad 21,700 52 Sime Darby Berhad 42,800 63 SP Setia Berhad 2,200 2 Tanjong PLC 5,900 20 Telekom Malaysia Berhad 44,000 119 Tenaga Nasional Berhad 21,500 56 YTL Corporation Berhad 7,000 8 ------------ 946 ------------ NETHERLANDS (4.2%) ABN AMRO Holding NV (g) 77,013 1,611 Aegon NV 64,194 729 Akzo NV 11,287 372 ASML Holding NV* 20,930 299 DSM NV 2,500 125 Elsevier NV 27,950 357 Hagemeyer NV* 2,132 5 Heineken NV 9,583 300 CONTINUED 88
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INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED NETHERLANDS, CONTINUED ING Groep NV 85,655 $ 1,985 Koninklijke KNP NV (g) 81,289 600 Oce NV 3,666 55 Philips Electronics NV 59,147 1,432 Royal Dutch Petroleum (g) 97,265 4,874 TNT Post Groep NV 14,302 313 Unilever NV 23,524 1,447 Vedior NV 4,797 70 VNU NV 11,236 296 Wolters Kluwer NV CVA 13,628 229 ------------ 15,099 ------------ NEW ZEALAND (0.0%) Auckland International Airport, Ltd. 1,787 8 Carter Holt Harvey, Ltd. 7,817 11 Contact Energy, Ltd. 2,639 10 Fisher & Paykel Appliances Holdings, Ltd. 1,810 6 Fisher & Paykel Industries, Ltd. 419 4 Fletcher Building, Ltd. 2,432 8 Sky City Entertainment Group, Ltd. 2,451 8 Telecom Corp. of New Zealand, Ltd. 12,253 47 The Warehouse Group, Ltd. 1,226 3 ------------ 105 ------------ NORWAY (0.3%) DnB Holding ASA 13,396 92 Norsk Hydro ASA 6,142 388 Norske Skogindustrier AG 4,400 78 Orkla SA 8,000 192 Schibsted ASA 1,250 22 Statoil ASA 11,500 144 Storebrand ASA 4,800 31 Tandberg ASA 800 7 Telenor ASA 12,900 88 Tomra Systems ASA 2,135 8 Yara International ASA* 6,142 54 ------------ 1,104 ------------ PORTUGAL (0.2%) Banco Commercial 88,339 183 BPI-SGPS SA 2,389 9 Brisa Auto-Estradas 6,482 46 Electricidade de Portugal SA 36,526 97 Portugal Telecom SA 34,562 354 PT Multimedia-Servicos de Telecomunicacoes e Multimedia, SGPS, SA 687 15 Sonae, SGPS SA 25,407 26 ------------ 730 ------------ RUSSIA (0.4%) Lukoil ADR 5,900 643 MMC Norilsk Nickel 3,700 186 Oao Gazprom ADR 3,598 98 RAO Unified Energy Systems 4,100 98 Rostelecom ADR 6,600 76 Surgutneftegaz ADR 4,600 154 Tatneft ADR 3,300 72 Yukos 6,120 89 ------------ 1,416 ------------ CONTINUED SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED SINGAPORE (1.0%) Ascendas Real Estate Investment Trust 11,000 $ 9 Capitaland, Ltd. 67,000 61 CapitaMall Trust 14,300 14 Chartered Semiconductor Manufacturing, Ltd.* (g) 71,000 42 City Developments, Ltd. 36,370 129 ComfortDelGro Corp., Ltd. 132,333 96 Creative Technology, Ltd. 3,305 34 DBS Group Holdings, Ltd. 63,945 577 Fraser & Neave, Ltd. 11,000 91 Keppel Corp., Ltd. 34,000 144 Neptune Orient Lines, Ltd. 58,000 82 Oversea-Chinese Banking Corp., Ltd. 56,745 423 Overseas Union Enterprises 3,735 16 Sembcorp Industries, Ltd. 56,303 42 Singapore Airlines, Ltd.* (g) 33,000 213 Singapore Exchange, Ltd. 64,911 66 Singapore Post, Ltd. 66,000 31 Singapore Press Holdings, Ltd. 95,743 240 Singapore Technology Engineering, Ltd. 84,760 104 Singapore Telecommunications, Ltd. 379,618 506 United Overseas Bank, Ltd. 68,720 548 United Overseas Land, Ltd. 25,704 34 Venture Manufacturing, Ltd. 13,445 127 ------------ 3,629 ------------ SPAIN (3.9%) Abertis Infraestructuras 8,466 143 Acerinox SA 12,776 177 Actividades de Construccion y Servicios SA 17,568 293 Altadis SA 16,916 528 Amadeus Global Travel Distribution SA 15,263 97 Antena 3 Television SA* 818 43 Banco Bilbao Vizcaya-Argentari (g) 123,356 1,640 Banco Popular Espanol SA 6,918 372 Banco Santander Central Hispano SA (g) 172,706 1,641 Endesa SA 55,709 1,013 Gas Natural SDG SA (g) 32,444 748 General De Aguas De Barcelona SA 3,730 63 Grupo Ferrovial SA 3,589 156 Iberdrola SA (g) 54,070 1,105 Indra Sistemas SA 3,081 39 Industria de Diseno Textil SA 6,289 144 Repsol SA (g) 45,367 962 Telefonica SA 339,812 4,948 Union Electric Penosa SA 3,967 84 Vallehermoso SA 4,599 62 ------------ 14,258 ------------ SWEDEN (2.2%) Alfa Laval AB 700 11 Assa Abloy AB, Series B 14,650 174 Atlas Copco AB, Series A 3,764 135 Atlas Copco AB, Series B 1,000 33 Billerud 3,250 50 Electrolux AB, Series B 19,700 344 Eniro AB 7,200 56 Ericsson LM, Series B* (g) 623,737 1,666 Gambro AB, Series A 900 9 CONTINUED 89
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INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED SWEDEN, CONTINUED Hennes & Mauritz AB, Series B 18,450 $ 475 Holmen AB 2,900 83 Modern Times Group MTG AB* 2,150 36 Nordic Baltic 124,322 846 Sandvik AB 9,188 316 Securitas AB, Series B 24,100 272 Shanska AB, Series B 36,117 311 Skandia Forsakrings AB 66,331 259 Skandiaviska Enskil 21,620 292 SKF AB, Series B 5,750 218 Svenska Cellulosa AB, Series B 10,000 370 Svenska Handelsbanken, Series A 34,902 650 Svenskt Stal AB, Series A 4,300 77 Swedish Match AB 18,900 185 Tele2 AB 3,475 138 Telia 98,526 439 Volvo AB, Series A 3,233 112 Volvo AB, Series B 8,310 298 WM-Data AB 7,800 15 ------------ 7,870 ------------ SWITZERLAND (5.6%) Abb, Ltd.* 43,065 232 Adecco SA, Registered 5,063 235 Ciba Specialty Chemicals AG 1,862 128 Clariant AG 3,977 54 Compagnie Finaciere Richemont AG 10,486 271 Credit Suisse Group* 48,146 1,543 Geberit AG 153 103 Givaudan 337 193 Holcim 4,808 251 Kudelski SA* 413 12 Logitech International SA* 1,587 69 Lonza Group AG 1,700 75 Nestle 12,215 3,119 Novartis AG, Registered 116,094 5,189 Roche Holdings AG, Genusscheine 34,787 3,436 Schindler Holding AG 305 86 Serono SA 373 231 Societe Generale de Surveillance Holdings SA 236 127 Sulzer AG, Registered 147 38 Swiss Reinsurance 7,870 459 Swisscom AG 686 223 Syngenta* 3,102 256 The Swatch Group AG 653 17 The Swatch Group AG, Series B 807 103 UBS AG 46,728 3,123 Valora Holdings AG, Registered 56 12 Zurich Financial Services 4,547 643 ------------ 20,228 ------------ THAILAND (0.9%) Advanced Info Service Public Co., Ltd. 174,300 399 Bangkok Bank Public Co., Ltd.* 68,900 154 Bangkok Bank Public Co., Ltd., Foreign Registered Shares* 132,600 305 BEC World Public Co., Ltd. 175,200 104 Charoen Pokphand Foods Public Co., Ltd. 436,829 26 CONTINUED SHARES VALUE ----------- ------------ FOREIGN STOCKS, CONTINUED THAILAND, CONTINUED Delta Electronics Public Co., Ltd. 62,000 $ 30 Electricty Generating Public Co., Ltd. 33,548 59 Hana Microelectronics Public Co., Ltd. 37,410 21 Kasikornbank Public Co., Ltd.* 145,900 165 Kasikornbank Public Co., Ltd., Foreign Registered Shares* 131,457 151 Land and Houses Public Co., Ltd. 341,554 74 Land and Houses Public Co., Ltd., Foreign Registered Shares 255,315 60 National Finance Public Co., Ltd. 125,300 42 PTT Exploration and Production Public Co., Ltd. 20,158 141 PTT Public Co., Ltd. 145,300 552 Sahaviriya Steel Industries Public Co., Ltd.* 82,600 60 Shin Corp. Public Co., Ltd. 225,900 204 Siam Cement Public Co., Ltd. 33,277 190 Siam Cement Public Co., Ltd., Foreign Registered Shares 60,100 355 Siam City Cement Public Co., Ltd., Foreign Registered Shares 19,600 118 Siam Commercial Bank Public Co., Ltd., Foreign Registered Shares 98,300 107 TISCO Finance Public Co., Ltd. 52,800 33 TISCO Finance Public Co., Ltd., Foreign Registered Shares 22,400 12 ------------ 3,362 ------------ TOTAL FOREIGN STOCKS 313,326 ------------ PREFERRED STOCKS (0.6%) AUSTRALIA (0.1%) News Corp., Ltd. 37,048 318 ------------ BRAZIL (0.4%) Banco Bradesco SA 2,000 93 Banco Itau Holding Financeira SA 1,643,000 152 Brasil Telecom Participacoes SA 7,829,000 47 Caemi Mineracao e Metalurgica SA* 56,000 25 Companhia de Bebidas das Americas 709,000 147 Companhia Energetica de Minas Gerais 3,240,000 59 Companhia Siderurgica de Tubarao 478,000 17 Embratel Participacoes SA 6,994,000 18 Empresa Brasileira de Aeronautica SA 12,000 86 Gerdau SA 5,000 71 Klabin SA 20,000 29 Petroleo Brasileiro SA 19,000 487 Sadia SA 16,000 23 Tele Centro Oeste Celular Participacoes SA 8,218,000 25 Tele Norte Leste Participacoes SA 9,202,000 121 Telesp Celular Participacoes SA* 14,016,000 38 Votorantim Celulose e Papel SA 565,000 40 ------------ 1,478 ------------ GERMANY (0.0%) Volkswagen AG 1,041 29 ------------ RUSSIA (0.1%) Surgutneftegaz ADR 6,500 260 ------------ CONTINUED 90
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INTERNATIONAL EQUITY FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ PREFERRED STOCKS, CONTINUED THAILAND (0.0%) Siam Commercial Bank Public Co., Ltd. 46,641 $ 52 ------------ TOTAL PREFERRED STOCKS 2,137 ------------ INVESTMENT COMPANIES (3.5%) UNITED STATES (3.5%) Excelsior Pacific Asia Fund 33 --# Franklin Mutual European Fund 72,960 1,267 Invesco Gold and Precision Metals Fund 59 --# iShares MSCI Emerging Markets Index Fund (g) 5,300 825 iShares MSCI Germany Index Fund (g) 132,400 2,005 iShares MSCI Hong Kong Index Fund (g) 398,500 4,042 iShares MSCI Switzerland Index Fund (g) 20,800 303 Matthews China Fund 55,918 740 Matthews Pacific Tiger Fund 80,040 1,013 Oakmark International Fund 30,250 554 Oakmark International Small Cap Fund 54,067 943 Scudder Latin America Fund 14,934 359 T. Rowe Price Japan Fund* 15,453 120 Vanguard International Growth Fund 14,470 233 Vanguard International Value Fund 9,181 242 ------------ TOTAL INVESTMENT COMPANIES 12,646 ------------ REPURCHASE AGREEMENTS (4.9%) UNITED STATES (4.9%) UBS Investment Bank, 1.31%, 8/2/04 (Proceeds at maturity, $17,781, Collateralized by a U.S. Treasury security) $ 17,779 17,779 ------------ TOTAL REPURCHASE AGREEMENTS 17,779 ------------ SHORT TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (9.7%) Pool of various securities for Fifth Third Funds 34,935 34,935 TOTAL SHORT TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 34,935 ------------ TOTAL INVESTMENTS (COST $411,323)+ - 105.3% 380,823 LIABILITIES IN EXCESS OF OTHER ASSETS - (5.3)% (19,264) ------------ NET ASSETS - 100.0% $ 361,559 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ COMMERCIAL PAPER (13.0%) IBM Corp., 1.29%, 8/17/04** (f) $ 7,940 $ 7,935 Metlife Funding Inc., 1.32%, 8/19/04** (f) 7,010 7,005 Royal Bank of Scotland, 1.25%, 8/12/04** (f) 13,670 13,662 Wells Fargo Bank, 1.27%, 8/12/04** (f) 11,196 11,192 ------------ TOTAL COMMERCIAL PAPER 39,794 ------------ CORPORATE BONDS (55.7%) AIG Sunamerica Global Finance, 6.90%, 3/15/32 955 1,068 Alliant Master Trust, Series 2000-1A, Class A, 1.81%, 6/20/06 (d)(e) 4,000 4,001 American Electric Power, 5.38%, 3/15/10 1,435 1,479 AOL Time Warner, Inc., 7.70%, 5/1/32 480 533 Bank of Montreal-Chicago, 7.80%, 4/1/07 2,750 3,036 Bear Stearns Asset Backed Securities, Inc., Series 2004-HE3, Class 1A1, 1.62%, 5/25/31 (d) 4,689 4,689 Bear Stearns Commercial Mortgage Securities, Inc., Series 2000-WF2, Class A1, 7.11%, 10/15/32 3,257 3,522 Bear Stearns Commercial Mortgage Securities, Inc., Series 2004-T14, Class A4, 5.20%, 1/12/41 2,000 2,003 Capital One Master Trust, Series 01-7A, Class A, 3.85%, 8/15/07 7,500 7,534 Chase Manhattan, 6.38%, 4/1/08 85 92 Citibank Credit Card Issuance Trust, 6.88%, 11/16/09 2,000 2,197 Citigroup, Inc., 6.50%, 2/7/06 175 184 Comcast Cable, 7.13%, 6/15/13 1,750 1,934 Countrywide Home Loans, Inc., 5.63%, 5/15/07 740 777 Cox Communications, Inc., 5.50%, 10/1/15 (g) 800 781 Credit Suisse First Boston Mortgage Securites Corp., Series 1997-C2, Class A2, 6.52%, 1/17/35 1,374 1,397 Credit-Based Asset Servicing and Securities, Series 2004-CB4, Class A3, 4.63%, 5/25/35 3,200 3,193 Devon Energy Corp., 7.95%, 4/15/32 700 820 Equity One ABS, Inc., Series 2004-1, Class AF4, 4.15%, 4/25/34 (d) 4,000 3,890 First Franklin Mortgage Loan, 2.47%, 7/25/33 (d) 2,541 2,547 Firstenergy Corp., 6.45%, 11/15/11 1,070 1,132 Fleet/Norstar Group, 8.63%, 1/15/07 2,000 2,246 Ford Motor Co., 7.45%, 7/16/31 1,420 1,350 France Telecom, 9.50%, 3/1/31 650 828 General Electric Capital Corp., 6.75%, 3/15/32 1,055 1,152 General Motors, 7.20%, 1/15/11 (g) 85 89 CONTINUED 91
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BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED General Motors Acceptance Corp., 6.13%, 9/15/06 $ 3,000 $ 3,127 General Motors Acceptance Corp., 6.88%, 9/15/11 2,175 2,233 Greenwich Capital Commercial Funding Corp., Series 2002-C1, Class A4, 4.95%, 1/11/35 4,000 3,982 Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A5, 4.88%, 6/10/36 2,000 2,010 GS Mortgage Securities Corp. II, Series 2004-C1, Class A1, 3.66%, 10/10/28 5,187 5,087 GS Mortgage Securities Corp. II, Series 2004-GG2, Class A3, 4.60%, 8/10/38 4,900 4,925 Harley-Davidson Motorcycle Trust, Series 2004-2, Class B, 2.96%, 2/15/12 467 466 Household Finance Corp., 6.50%, 11/15/08 170 185 Household Finance Corp., 7.00%, 5/15/12 1,250 1,393 Hydro-Quebec, 8.00%, 2/1/13 855 1,040 IBM Corp., 4.75%, 11/29/12 645 636 JP Morgan Chase Commercial 865 874 Mortgage, 5.26%, 7/12/37 Kimberly Clark Corp., 7.10%, 8/1/07 85 94 Kinder Morgan Energy Partners, 5.00%, 12/15/13 1,010 961 Lehman Brothers Holdings, 8.25%, 6/15/07 170 192 Lehman Brothers Holdings, 3.50%, 8/7/08 85 83 Liberty Media Corp., 5.70%, 5/15/13 925 910 MBNA Master Credit Card Trust, 7.80%, 10/15/12 5,000 5,865 Metris Master Trust, 3.12%, 7/21/08 (d)(e) 8,000 8,001 Midland Bank PLC, 7.63%, 6/15/06 2,000 2,185 Morgan Stanley Capital I, Series 2004-IQ7, Class A2, 5.02%, 6/15/38 3,300 3,366 Morgan Stanley Dean Witter & Co., 5.30%, 3/1/13 1,890 1,883 Morgan Stanley Dean Witter Capital I, 4.74%, 11/13/36 5,200 5,104 Motorola, Inc., 6.50%, 11/15/28 (g) 805 799 National City Bank, 7.25%, 7/15/10 3,000 3,491 National Rural Utilities, 7.25%, 3/1/12 125 143 Navistar Financial Corp. Owner Trust, 1.73%, 2/15/07 425 422 Navistar Financial Corp. Owner Trust, 1.58%, 4/15/08 (d) 8,200 8,203 Navistar Financial Corp. Owner Trust, Series 2004-A, Class B, 2.46%, 3/15/11 2,000 1,964 NCNB Corp., 10.20%, 7/15/15 5,000 6,799 Norfolk Southern, 9.00%, 3/1/21 130 166 Oncor Electric Delivery, 7.00%, 5/1/32 480 526 Pemex Master Trust, 6.13%, 8/15/08 825 854 Public Services Co. of Colorado, 7.88%, 10/1/12 910 1,084 CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED Republic New York Corp., 7.00%, 3/22/11 $ 2,000 $ 2,233 Residential Accredit Loans, Inc., 1.72%, 3/25/34 (d) 4,587 4,577 Residential Asset Securities Corp., 1.69%, 3/25/34 (d) 2,000 2,000 Science Applications International Co., 5.50%, 7/1/33 2,105 1,893 SLM Corp., 5.00%, 4/15/15 175 168 Sprint Capital Corp., 7.63%, 1/30/11 1,455 1,634 Swiss Bank Corp. - New York, 7.38%, 7/15/15 2,000 2,353 Trans-Canada Pipeline, 5.60%, 3/31/34 750 698 Travelers Property Casualty Corp., 7.75%, 4/15/26 85 98 Truck Retail Installment Paper Corp., 1.72%, 5/15/13 (d) 6,950 6,962 Union Planters Corp., 5.13%, 6/15/07 1,170 1,229 United Mexican States, 4.63%, 10/8/08 2,460 2,450 US Bank NA, 6.30%, 2/4/14 345 372 Valero Energy Corp., 7.50%, 4/15/32 750 847 Verizon Florida, Inc., 6.13%, 1/15/13 1,975 2,047 Wachovia Corp., 3.50%, 8/15/08 170 167 Wal-Mart Stores, 6.88%, 8/10/09 120 134 Washington Mutual, 4.24%, 6/25/34 2,391 2,412 Washington Mutual Bank, 4.10%, 9/25/33 5,862 5,790 Wisconsin Energy Corp., 5.50%, 12/1/08 765 806 ------------ TOTAL CORPORATE BONDS 170,397 ------------ MUNICIPAL BONDS (0.7%) CALIFORNIA (0.7%) San Bernardino County, Financing Authority Pension Obligation Revenue, 6.99%, 8/1/10 2,000 2,240 ------------ TOTAL MUNICIPAL BONDS 2,240 ------------ U.S. GOVERNMENT AGENCIES (50.2%) FANNIE MAE (33.2%) 4.00%, 9/2/08 (g) 1,085 1,086 6.05%, 12/1/08 2,925 3,129 4.38%, 3/15/13 350 338 4.25%, 10/25/16 6,758 6,818 6.00%, 2/1/17 177 185 6.00%, 5/1/17 421 439 6.00%, 6/1/17 260 272 6.00%, 6/1/17 335 350 6.50%, 6/1/17 488 516 6.50%, 8/1/17 428 453 5.50%, 12/1/17 7,498 7,719 5.50%, 1/1/18 216 222 5.50%, 1/1/18 21 21 CONTINUED 92
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BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. GOVERNMENT AGENCIES, CONTINUED FANNIE MAE, CONTINUED 5.50%, 1/1/18 $ 1,131 $ 1,165 5.50%, 2/1/18 15 15 5.50%, 2/1/18 101 104 4.50%, 5/1/19 TBA 16,550 16,303 6.00%, 5/1/18 2,052 2,145 5.00%, 6/1/18 4,791 4,833 5.00%, 7/1/19 TBA 5,200 5,246 4.00%, 12/25/20 5,000 5,074 4.00%, 2/25/21 5,339 5,431 7.50%, 6/1/28 471 506 6.50%, 8/1/28 221 231 6.50%, 6/1/29 253 265 6.50%, 4/1/32 514 538 6.50%, 6/1/32 1,987 2,076 6.50%, 7/1/32 1,004 1,049 6.50%, 7/1/32 925 966 7.50%, 12/1/32 716 766 6.00%, 1/1/33 785 806 6.00%, 1/1/34 TBA 3,000 3,079 6.50%, 3/1/33 425 444 5.00%, 5/1/34 TBA 17,000 16,592 5.50%, 5/1/34 TBA 9,500 9,535 6.00%, 2/1/34 1,094 1,123 6.00%, 2/1/34 1,078 1,107 4.50%, 5/1/34 612 578 ------------ 101,525 ------------ FEDERAL HOME LOAN BANK (0.1%) 5.75%, 5/15/12 200 213 4.50%, 9/16/13 50 48 ------------ 261 ------------ FREDDIE MAC (14.2%) 2.13%, 11/15/05 (g) 5,500 5,479 4.50%, 7/15/13 (g) 2,035 1,977 5.50%, 1/1/18 79 82 6.50%, 1/1/29 3,204 3,356 6.00%, 12/15/34 TBA 7,000 7,183 6.75%, 3/15/31 2,900 3,295 6.50%, 7/1/32 663 693 6.25%, 7/15/32 (g) 3,500 3,757 6.50%, 9/1/32 295 309 6.50%, 1/20/33 2,313 2,419 5.50%, 2/1/34 TBA 13,900 13,960 6.00%, 9/1/33 1,062 1,090 ------------ 43,600 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (2.7%) 6.50%, 3/15/28 402 421 6.50%, 9/15/28 413 433 6.50%, 10/15/28 506 531 5.00%, 7/1/34 TBA 2,000 1,962 5.50%, 10/1/34 TBA 5,000 5,037 ------------ 8,384 ------------ TOTAL U.S. GOVERNMENT AGENCIES 153,770 ------------ CONTINUED SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. TREASURY OBLIGATIONS (2.5%) U.S. TREASURY BONDS (2.5%) 5.45%, 5/15/17 $ 5,800 $ 3,005 8.00%, 11/15/21 (g) 3,260 4,323 6.13%, 8/15/29 85 95 5.38%, 2/15/31 (g) 220 225 ------------ 7,648 ------------ TOTAL U.S. TREASURY OBLIGATIONS 7,648 ------------ MONEY MARKETS (4.2%) Dreyfus Cash Management Money Market Fund 100 --# Federated Prime Value Obligations Money Market Fund 13,005,020 13,005 ------------ TOTAL MONEY MARKETS 13,005 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (6.2%) Pool of various securities for Fifth Third Funds $ 18,961 18,961 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 18,961 ------------ TOTAL INVESTMENTS (COST $401,311)+ - 132.5% 405,815 LIABILITIES IN EXCESS OF OTHER ASSETS - (32.5)% (99,615) ------------ NET ASSETS - 100.0% $ 306,200 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 93
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INTERMEDIATE BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS (66.9%) ABN AMRO Bank NV, 7.13%, 6/18/07 $ 7,300 $ 7,994 Alabama Power Co., 3.13%, 5/1/08 4,000 3,891 American Electric Power, 5.38%, 3/15/10 3,000 3,094 American Express Co., 3.00%, 5/16/08 2,400 2,322 Anadarko Petroleum Corp., 6.13%, 3/15/12 1,500 1,598 Anheuser-Busch Co., Inc., 4.70%, 4/15/12 1,500 1,487 AT & T Broadband Corp., 8.38%, 3/15/13 1,750 2,075 Bank of America Corp., 7.40%, 1/15/11 10,000 11,398 Bank of Montreal-Chicago, 7.80%, 4/1/07 6,000 6,624 BB&T Corp., 7.25%, 6/15/07 6,000 6,599 Bear Stearns Co., Inc., 5.70%, 1/15/07 3,000 3,161 Bear Stearns Commercial Mortgage Securities, Inc., Series 2000-WF2, Class A1, 7.11%, 10/15/32 2,776 3,002 Bear Stearns Commercial Mortgage Securities, Inc., Series 2004-T14, Class A3, 4.80%, 1/12/41 2,000 2,002 Bond Securitization Asset-Backed Certificate, Series 2003-1, Class A1, 1.50%, 10/25/34 (d) 497 498 Capital One Bank, 4.25%, 12/1/08 1,500 1,486 Chase Funding Mortgage Loan Asset-Backed, Series 2004-2, Class 1A3, 4.21%, 9/25/26 5,070 5,064 Chevron Phillips Chemical Co., 5.38%, 6/15/07 6,015 6,281 CIT Group, Inc., 1.33%, 6/19/06 (d) 5,000 5,010 CIT Group, Inc., 4.75%, 12/15/10 2,000 1,985 Citicorp Mortgage Securites, Inc., Series 2003-5, Class 2A2, 5.00%, 4/25/18 2,897 2,935 Citigroup, Inc., 5.00%, 3/6/07 3,500 3,638 Citigroup, Inc., 7.25%, 10/1/10 9,000 10,228 Commerce Group, Inc., 5.95%, 12/9/13 1,000 1,005 Commercial Mortgage Acceptance Corp., Series 1998-C2, Class A2, 6.03%, 9/15/30 5,000 5,302 Commercial Mortgage Pass-Through Certificate, Series 2004-LB3A, Class A5, 5.28%, 7/10/37 3,530 3,572 Commercial Mortgage Pass-Through Certificate, Series 2004-LB3AC, Class B, 5.28%, 7/10/37 2,500 2,512 Conoco Funding Co., 6.35%, 10/15/11 5,500 6,015 Countrywide Home Loan, 1.60%, 6/2/06 (d) 5,000 5,025 Countrywide Home Loan, 4.00%, 3/22/11 2,325 2,192 Cox Communications, Inc., 7.75%, 11/1/10 1,550 1,769 CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED Credit Suisse First Boston, 6.50%, 1/15/12 $ 5,000 $ 5,426 Credit Suisse First Boston Mortgage Securites Corp., Series 1997-C2, Class A2, 6.52%, 1/17/35 1,220 1,240 Credit Suisse First Boston Mortgage Securities Corp., Series 2003-17, Class 2A5, 2.30%, 6/25/18 7,213 7,015 Credit-Based Asset Servicing and Securities, Series 2004-CB4, Class A3, 4.63%, 5/25/35 2,565 2,560 Credit-Based Asset Servicing and Securities, Series 2004-CB4, Class A4, 5.50%, 5/25/35 2,600 2,595 DaimlerChrysler, 1.91%, 9/26/05 (d) 5,000 5,027 DaimlerChrysler Auto Trust, 6.85%, 11/6/05 1,438 1,439 Deutsche Mortgage Securities, Inc., Series 2004-2, Class A3, 3.78%, 1/25/34 1,500 1,465 Developers Diversified Realty, 3.88%, 1/30/09 1,000 966 Devon Financing Corp., 6.88%, 9/30/11 1,500 1,647 Duke Capital LLC, 4.37%, 3/1/09 2,000 1,979 Duke Energy Corp., 6.25%, 1/15/12 2,000 2,119 Fedex Corp., 7.25%, 2/15/11 2,000 2,260 First Franklin Mortgage Loan, 2.47%, 7/25/33 (d) 3,176 3,184 Firstenergy Corp., 6.45%, 11/15/11 3,000 3,173 Fleet Financial Group, 7.38%, 12/1/09 5,000 5,671 FMR Corp., 4.75%, 3/1/13 (e) 3,500 3,414 Ford Motor Credit Co., 1.85%, 4/28/05 (d) 5,000 4,992 Ford Motor Credit Co., 5.80%, 1/12/09 (g) 3,250 3,307 Ford Motor Credit Co., 7.00%, 10/1/13 (g) 1,500 1,527 General Electric Capital Corp., 5.88%, 2/15/12 6,000 6,362 General Electric Corp., 5.00%, 2/1/13 5,000 4,991 General Motors, 7.13%, 7/15/13 (g) 750 770 General Motors Acceptance Corp., 2.14%, 5/18/06 (g) (d) 5,000 5,012 General Motors Acceptance Corp., 2.04%, 1/16/07 (d) 10,000 10,015 General Motors Acceptance Corp., 7.25%, 3/2/11 1,750 1,841 General Motors Acceptance Corp., 6.88%, 9/15/11 2,100 2,156 General Motors Acceptance Corp., 7.00%, 2/1/12 1,500 1,541 General Motors Nova Financial, 6.85%, 10/15/08 4,100 4,306 Goldman Sachs Group, Inc., 6.60%, 1/15/12 2,750 2,990 Goldman Sachs Group, Inc., 5.25%, 4/1/13 (g) 4,000 3,956 Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A5, 4.88%, 6/10/36 2,500 2,513 CONTINUED 94
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INTERMEDIATE BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED GTE California, Inc., 6.70%, 9/1/09 $ 3,000 $ 3,266 Guidant Corp., 6.15%, 2/15/06 2,250 2,357 Harley-Davidson Motorcycle Trust, Series 2004-2, Class B, 2.96%, 2/15/12 2,646 2,645 Heller Financial, 6.85%, 5/15/31 5,000 5,508 HSBC Bank USA, 4.63%, 4/1/14 3,700 3,501 Hyundai Auto Receivables Trust, 3.02%, 10/15/10 2,000 1,976 International Lease Finance Corp., 3.13%, 5/3/07 3,700 3,656 International Paper Co., 5.50%, 1/15/14 1,500 1,489 JP Morgan Chase & Co., 6.75%, 2/1/11 3,000 3,304 JP Morgan Chase Commercial Mortgage, 5.23%, 7/12/37 5,000 5,053 JP Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C1, Class A1, 3.05%, 1/15/38 4,878 4,781 JP Morgan Chase Commercial Mortgage Securities Corp., Series 2004-C2, Class A3, 5.22%, 5/15/41 3,625 3,647 JP Morgan Chase Commercial Mortgage, Series 2001-CIB3, Class A1, 4.47%, 11/15/35 2,763 2,810 Key Bank N.A., 5.80%, 7/1/14 1,000 1,023 Kinder Morgan Energy Partners, 5.00%, 12/15/13 1,500 1,427 Korea Development Bank, 3.88%, 3/2/09 2,500 2,422 Korea Electric Power, 4.25%, 9/12/07 1,000 1,004 Kraft Foods, Inc., 5.25%, 6/1/07 (g) 2,000 2,086 Kroger Co., 5.50%, 2/1/13 (g) 1,425 1,436 Lehman Brothers Holdings, 8.25%, 6/15/07 7,000 7,887 Lehman Brothers TRAINS, 6.50%, 8/15/08 (d) (e) 15,120 16,022 Liberty Media Corp., 2.61%, 9/17/06 (d) 5,000 5,076 MBNA Master Credit Card Trust, 7.80%, 10/15/12 3,000 3,519 Mellon Financial Corp., 7.38%, 5/15/07 5,000 5,494 Merrill Lynch & Co., 5.36%, 2/1/07 2,000 2,107 Merrill Lynch & Co., 5.45%, 7/15/14 1,500 1,497 Monsanto Co., 7.38%, 8/15/12 1,000 1,141 Morgan Stanley, 1.58%, 1/31/06 (d) 10,000 10,051 Morgan Stanley, 4.75%, 4/1/14 3,000 2,802 Morgan Stanley Capital I, Series 2004-IQ7, Class A2, 5.02%, 6/15/38 3,000 3,060 National City Bank, 6.25%, 3/15/11 5,000 5,500 Nationslink Funding Corp., Series 1998-2, Class A2, 6.48%, 8/20/30 7,900 8,555 Navistar Financial Corp. Owner Trust, Series 2003-B, Class A4, 3.25%, 10/15/10 5,000 4,911 NCNB Corp., 9.38%, 9/15/09 5,000 6,121 CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED Nisource Finance Corp., 3.20%, 11/1/06 $ 1,000 $ 992 Pepco Holdings, Inc., 1.92%, 11/15/04 (d) 5,000 5,001 Pepco Holdings, Inc., 6.45%, 8/15/12 1,000 1,051 PHH Corp., 7.13%, 3/1/13 1,000 1,120 PNC Funding Corp., 6.13%, 2/15/09 8,000 8,574 PPG Industries Inc., 6.50%, 11/1/07 2,000 2,168 PPL Electric Utilities, 5.88%, 8/15/07 2,000 2,120 Private Export Funding, 7.65%, 5/15/06 7,500 8,123 Prudential Securities Secured Financing, 6.48%, 11/1/31 7,000 7,587 PSEG Power, 5.00%, 4/1/14 1,500 1,417 Public Service Co. of Colorado, 4.38%, 10/1/08 3,500 3,531 Residential Accredit Loans, Inc., Series 2002-QS19, Class A8, 6.00%, 12/25/32 2,978 3,044 Residential Asset Securities Corp., Series 2002-KS8, Class A3, 3.69%, 3/25/27 1,400 1,406 Residential Asset Securities Corp., Series 2003-KS5, Class AI3, 2.28%, 7/25/28 2,500 2,432 Residential Funding Mortgage Securities, Inc., Series 2002-S16, Class A10, 5.50%, 10/25/17 5,560 5,649 Salomon Smith Barney, 7.13%, 10/1/06 5,000 5,419 Sempra Energy, 1.74%, 5/21/08 (d) 5,000 4,995 SLM Corp., 1.29%, 1/25/07 (d) 5,000 5,002 SLM Corp., 5.38%, 5/15/14 1,000 997 Sprint Capital Corp., 7.63%, 1/30/11 1,500 1,684 State Street Institutional, 7.94%, 12/30/26 1,000 1,101 Tampa Electric, 5.38%, 8/15/07 2,000 2,076 U.S. Bank, N.A., 3.75%, 2/6/09 3,000 2,957 Union Planters Corp., 5.13%, 6/15/07 2,000 2,101 Union Planters Corp., 4.38%, 12/1/10 1,000 978 Valero Energy Corp., 6.88%, 4/15/12 (g) 2,500 2,747 Vanderbilt Acquisition Loan Trust, Series 2002-1, Class A4, 6.57%, 5/7/27 2,555 2,662 Verizon Florida, Inc., 6.13%, 1/15/13 4,000 4,147 Viacom, Inc., 7.75%, 6/1/05 5,000 5,221 Wachovia Bank Commercial Mortgage Trust, 3.96%, 12/15/35 5,000 4,948 Washington Mutual Bank, 8.25%, 4/1/10 7,000 8,191 Wells Fargo & Co., 6.38%, 8/1/11 6,000 6,537 Weyerhaeuser Co., 6.75%, 3/15/12 (g) 1,500 1,640 ------------ TOTAL CORPORATE BONDS 481,975 ------------ U.S. GOVERNMENT AGENCIES (23.5%) FANNIE MAE (6.2%) 2.00%, 1/15/06 (g) 6,500 6,447 5.50%, 5/2/06 (g) 5,000 5,225 2.13%, 10/5/06 2,500 2,455 CONTINUED 95
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INTERMEDIATE BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. GOVERNMENT AGENCIES, CONTINUED FANNIE MAE, CONTINUED 4.75%, 1/2/07 (g) $ 4,375 $ 4,526 2.34%, 1/30/07 10,000 9,809 5.25%, 8/1/12 1,000 1,013 5.13%, 1/2/14 (g) 15,000 14,799 ------------ 44,274 ------------ FEDERAL HOME LOAN BANK (2.5%) 2.50%, 3/15/06 (g) 5,500 5,486 3.88%, 8/22/08 3,900 3,880 3.00%, 4/15/09 (g) 9,000 8,589 ------------ 17,955 ------------ FREDDIE MAC (12.3%) 8.12%, 1/31/05 (g) 5,410 5,572 5.25%, 1/15/06 (g) 4,000 4,150 7.22%, 6/14/06 3,000 3,241 2.60%, 11/21/06 5,000 4,947 2.85%, 2/23/07 (g) 15,000 14,863 2.40%, 3/29/07 (g) 2,500 2,446 2.88%, 5/15/07 (g) 6,000 5,929 4.00%, 10/29/07 (g) 5,000 5,013 3.88%, 11/10/08 (g) 10,000 9,977 3.88%, 1/12/09 (g) 8,000 7,915 4.25%, 5/4/09 (g) 6,000 5,985 4.00%, 8/10/09 (g) 10,000 9,939 6.25%, 3/5/12 (g) 8,500 8,946 ------------ 88,923 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (2.5%) 9.50%, 12/15/09 2,500 2,729 4.02%, 12/16/21 4,987 4,979 3.27%, 1/16/23 4,961 4,845 5.25%, 9/16/27 2,675 2,668 4.45%, 8/16/32 2,500 2,410 ------------ 17,631 ------------ TOTAL U.S. GOVERNMENT AGENCIES 168,783 ------------ CONTINUED SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. TREASURY OBLIGATIONS (8.3%) U.S. TREASURY INFLATION PROTECTED BONDS (1.0%) 2.00%, 1/15/14 (g) $ 7,164 $ 7,182 U.S. TREASURY NOTES (7.3%) 6.88%, 5/15/06 (g) 15,365 16,511 2.25%, 2/15/07 (g) 18,935 18,627 4.38%, 5/15/07 (g) 10,000 10,358 3.13%, 9/15/08 (g) 3,900 3,848 4.75%, 5/15/14 (g) 3,000 3,064 ------------ 52,408 ------------ TOTAL U.S. TREASURY OBLIGATIONS 59,590 ------------ MONEY MARKETS (0.4%) Dreyfus Cash Management Money Market Fund 100 --# Federated Prime Value Obligations Money Market Fund 2,996,107 2,996 ------------ TOTAL MONEY MARKETS 2,996 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (27.5%) Pool of various securities for Fifth Third Funds $ 197,705 197,705 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 197,705 ------------ TOTAL INVESTMENTS (COST $904,619)+ - 126.6% 911,049 LIABILITIES IN EXCESS OF OTHER ASSETS - (26.6)% (191,603) ------------ NET ASSETS - 100.0% $ 719,446 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 96
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SHORT TERM BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS (49.5%) Abbey National PLC, 6.69%, 10/17/05 $ 4,460 $ 4,665 ABN AMRO, 7.55%, 6/28/06 4,460 4,826 AEP Texas Central Co., 3.00%, 2/15/05 1,790 1,798 Aesop Funding II LLC, 2.75%, 7/20/07 (e) 4,460 4,439 Alabama Power Co., 2.80%, 12/1/06 1,650 1,634 Alcoa, Inc., 4.25%, 8/15/07 1,800 1,835 American International Group, 2.85%, 12/1/05 4,460 4,458 Australian Gas Light Co., 6.40%, 4/15/08 4,500 4,861 Banc of America Commercial Mortgage, Inc., Series 2004-1, Class A1, 3.16%, 11/10/39 4,355 4,260 Bank of New York, 2.20%, 5/12/06 8,460 8,344 Bank One Issuance Trust, Series 2004-A1, Class A1, 3.45%, 10/17/11 900 877 Basell America Finance, 7.60%, 3/15/07 900 971 Bayerische Landesbank, 6.38%, 10/15/05 8,910 9,329 Bear Stearns Commercial Mortgage Securities, Inc., Series 2000-WF2, Class A1, 7.11%, 10/15/32 4,201 4,543 Bear, Stearns Co., Inc., Series 2003-AC7, Class A2, 5.25%, 1/25/34 3,629 3,704 BMW Vehicle Owner Trust, 1.94%, 2/25/07 4,460 4,452 BP Capital Markets PLC, 4.63%, 5/27/05 3,570 3,635 Capital One Auto Finance Trust, 3.44%, 6/15/09 4,460 4,493 Caterpillar Financial Asset Trust, 3.15%, 2/25/08 2,155 2,167 Chase Credit Card Master Trust, 6.66%, 1/15/07 4,460 4,485 CIT Group, Inc., 2.10%, 7/29/05 (d) 4,460 4,476 CIT Group, Inc., 7.63%, 8/16/05 2,230 2,344 Citibank Credit Card Issuance Trust, 4.40%, 5/15/07 4,460 4,536 Citibank Credit Card Issuance Trust, 3.10%, 3/10/10 4,010 3,916 Comcast Cable Communication, 6.38%, 1/30/06 980 1,025 Compaq Computer, 7.65%, 8/1/05 4,500 4,725 Cooper Cameron Corp., 2.65%, 4/15/07 1,075 1,047 Countrywide Financial, 3.50%, 12/19/05 4,460 4,501 Credit Suisse First Boston Mortgage Securites Corp., Series 1997-C2, Class A2, 6.52%, 1/17/35 3,092 3,144 Credit Suisse First Boston, Inc., 7.75%, 5/15/06 (e) 4,460 4,764 Credit-Based Asset Servicing and Securities, Series 2004-CB4, Class A3, 4.63%, 5/25/35 4,500 4,490 CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED Daimler Chrysler Auto Trust, 2.93%, 6/6/06 $ 1,642 $ 1,647 DaimlerChrysler NA Holdings, 6.40%, 5/15/06 2,140 2,254 DLJ Commercial Mortgage Corp., Series 1999-CG1, Class A1A, 6.08%, 3/10/32 3,210 3,366 Duke Energy Field Services, Inc., 7.50%, 8/16/05 2,360 2,472 First Union Corp., 7.70%, 2/15/05 (g) 4,460 4,593 FleetBoston Financial Corp., 7.25%, 9/15/05 4,460 4,688 Ford Credit Auto Owner Trust, 3.38%, 12/15/05, Series 2002-C, Class A3 3,008 3,020 Ford Motor Credit Co., 6.88%, 2/1/06 4,500 4,721 FPL Group Capital, Inc., 1.88%, 3/30/05 2,410 2,405 General Motors Acceptance Corp., 2.88%, 10/20/05 (d) 2,250 2,265 General Motors Acceptance Corp., 6.75%, 1/15/06 2,230 2,335 General Motors Acceptance Corp., 6.13%, 2/1/07 1,525 1,596 Goldman Sachs Group, Inc., 1.83%, 10/27/06 (d) 2,680 2,685 Greenwich Capital Commercial Funding Corp., Series 2004-GG1, Class A2, 3.84%, 6/10/36 1,800 1,801 Harley-Davidson Motorcycle Trust, Series 2004-2, Class B, 2.96%, 2/15/12 3,031 3,030 Hertz Corp., 4.70%, 10/2/06 1,340 1,361 Household Automotive Trust, Series 2002-3, Class A4A, 3.44%, 5/18/09 4,500 4,513 HSBC USA, Inc., 7.00%, 11/1/06 4,464 4,842 International Lease Finance Corp., 3.13%, 5/3/07 4,500 4,446 John Deere Owner Trust, Series 2004-A, Class A3, 2.32%, 12/17/07 2,400 2,390 Kerr-McGee Corp., 5.38%, 4/15/05 2,230 2,273 Korea Electric Power, 4.25%, 9/12/07 900 904 LB-UBS Commercial Mortgage Trust, Series 2002-C2, Class A1, 3.83%, 6/15/26 6,400 6,479 MBNA America Bank NA, 6.50%, 6/20/06 1,100 1,163 Merrill Lynch & Co., 1.73%, 9/18/06 (d) 6,500 6,507 Merrill Lynch Mortgage Investors, Inc., Series 2003-A1, Class 2A, 4.53%, 12/25/32 1,675 1,687 Morgan Stanley Dean Witter, 8.33%, 1/15/07 (g) 4,460 4,953 Navistar Financial Corp. Owner Trust, Series 2003-B, Class A4, 3.25%, 10/15/10 4,460 4,381 Navistar Financial Corp. Owner Trust, Series 2003-B, Class B, 3.79%, 10/15/10 1,894 1,877 Pemex Finance, Ltd., 9.69%, 8/15/09 900 1,024 CONTINUED 97
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SHORT TERM BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ CORPORATE BONDS, CONTINUED Protective Life US Funding, 3.70%, 11/24/08 $ 2,230 $ 2,204 Safeway, Inc., 2.50%, 11/1/05 2,500 2,490 Sempra Energy, 6.95%, 12/1/05 875 918 Societe Generale - New York, 7.40%, 6/1/06 2,940 3,163 Society National Bank, 7.25%, 6/1/05 4,460 4,632 Sprint Capital Corp., 7.13%, 1/30/06 900 952 St. Paul Companies, Inc., 7.88%, 4/15/05 4,460 4,624 Synovus Financial, 7.25%, 12/15/05 4,418 4,686 Time Warner, Inc., 6.13%, 4/15/06 1,675 1,755 Valero Energy Corp., 3.50%, 4/1/09 900 861 Volkswagen Auto Loan Enhanced Trust, 1.49%, 5/21/07 7,130 7,064 Volkswagon Auto Lease Trust, 2.75%, 12/20/07 3,570 3,585 Washington Mutual Bank, 4.82%, 10/25/32 2,034 2,053 Washington Mutual Bank, Series 2003-AR10, Class A4, 4.08%, 10/25/33 4,500 4,488 Westdeutsche Landesbank, 6.75%, 6/15/05 4,460 4,633 Weyerhaeuser Co., 5.50%, 3/15/05 317 323 ------------ TOTAL CORPORATE BONDS 258,853 ------------ FOREIGN BONDS (0.6%) British Telecom PLC, 7.63%, 12/15/05 915 976 Deutsche Telekom International Finance, 8.25%, 6/15/05 1,250 1,311 Telecom Italia Capital, 4.00%, 11/15/08 (g) 900 889 ------------ TOTAL FOREIGN BONDS 3,176 ------------ MUNICIPAL BONDS (0.2%) OHIO (0.2%) Ohio State Economic Development Revenue, Ohio Enterprise, Series 3, 4.05%, 3/1/11 (e) 1,250 1,203 ------------ TOTAL MUNICIPAL BONDS 1,203 ------------ U.S. GOVERNMENT AGENCIES (37.5%) FANNIE MAE (5.4%) 2.88%, 10/15/05 (g) 15,910 16,008 3.13%, 7/15/06 6,750 6,783 2.63%, 11/15/06 5,500 5,452 ------------ 28,243 ------------ FEDERAL HOME LOAN BANK (8.7%) 1.65%, 1/27/06 (d) 5,000 5,000 5.13%, 3/6/06 (g) 9,000 9,336 2.25%, 5/15/06 (g) 7,500 7,430 1.88%, 6/15/06 (g) 11,140 10,958 2.38%, 10/2/06 (g) 6,240 6,151 CONTINUED SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. GOVERNMENT AGENCIES, CONTINUED FEDERAL HOME LOAN BANK, CONTINUED 2.25%, 7/25/08 $ 6,838 $ 6,503 ------------ 45,378 ------------ FREDDIE MAC (19.5%) 4.25%, 6/15/05 (g) 8,910 9,063 1.50%, 8/15/05 (g) 11,460 11,362 2.88%, 9/15/05 (g) 14,000 14,074 2.13%, 11/15/05 (g) 10,000 9,963 5.25%, 1/15/06 (g) 9,250 9,597 5.00%, 2/1/07 1,234 1,258 2.85%, 2/23/07 (g) 9,000 8,917 2.40%, 3/29/07 (g) 9,000 8,804 2.88%, 5/15/07 (g) 9,000 8,894 4.50%, 12/15/07 2,640 2,647 3.50%, 12/15/10 8,488 8,549 4.00%, 11/15/15 8,910 8,998 ------------ 102,126 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (3.9%) 2.87%, 2/16/20 8,497 8,272 3.27%, 1/16/23 3,671 3,585 4.50%, 11/16/24 4,460 4,521 4.50%, 3/20/33 4,018 4,074 ------------ 20,452 ------------ TOTAL U.S. GOVERNMENT AGENCIES 196,199 ------------ U.S. TREASURY OBLIGATIONS (10.2%) U.S. TREASURY NOTES (10.2%) 1.88%, 1/31/06 (g) 7,000 6,945 2.00%, 5/15/06 (g) 10,000 9,903 2.75%, 6/30/06 7,200 7,214 2.38%, 8/15/06 (g) 8,750 8,694 2.25%, 2/15/07 (g) 10,000 9,837 3.13%, 5/15/07 (g) 11,000 11,042 ------------ 53,635 ------------ TOTAL U.S. TREASURY OBLIGATIONS 53,635 ------------ MONEY MARKETS (1.4%) Dreyfus Cash Management Money Market Fund 100 --# Federated Prime Value Obligations Money Market Fund 7,446,102 7,446 ------------ TOTAL MONEY MARKETS 7,446 ------------ SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING (36.4%) Pool of various securities for Fifth Third Funds $ 190,915 190,915 ------------ TOTAL SHORT-TERM SECURITIES HELD AS COLLATERAL FOR SECURITIES LENDING 190,915 ------------ TOTAL INVESTMENTS (COST $713,928)+ - 135.8% 711,427 LIABILITIES IN EXCESS OF OTHER ASSETS - (35.8)% (187,368) ------------ NET ASSETS - 100.0% $ 524,059 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 98
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U.S. GOVERNMENT BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ U.S. GOVERNMENT AGENCIES (61.6%) FANNIE MAE (31.1%) 2.00%, 1/15/06 $ 2,700 $ 2,678 5.25%, 6/15/06 1,500 1,566 4.00%, 9/2/08 1,000 1,001 6.38%, 6/15/09 1,100 1,211 6.63%, 9/15/09 3,830 4,266 6.63%, 11/15/10 4,850 5,427 4.25%, 10/25/16 1,352 1,364 5.00%, 7/1/19 TBA 4,000 4,036 4.00%, 12/25/20 3,000 3,044 ------------ 24,593 ------------ FEDERAL FARM CREDIT BANK (1.3%) 6.60%, 7/7/06 1,000 1,069 ------------ FEDERAL HOME LOAN BANK (18.0%) 1.21%, 8/17/04** 4,045 4,043 1.65%, 1/27/06 5,000 5,000 2.50%, 3/15/06 3,150 3,142 6.09%, 6/2/06 1,500 1,585 4.50%, 9/16/13 500 483 ------------ 14,253 ------------ FREDDIE MAC (10.0%) 5.25%, 1/15/06 3,075 3,191 2.75%, 3/15/08 1,450 1,403 6.63%, 9/15/09 3,000 3,340 ------------ 7,934 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (1.2%) 3.27%, 1/16/23 992 969 ------------ TOTAL U.S. GOVERNMENT AGENCIES 48,818 ------------ U.S. TREASURY OBLIGATIONS (37.6%) U.S. TREASURY NOTES (37.6%) 1.63%, 3/31/05 1,000 999 1.50%, 7/31/05 1,975 1,964 6.50%, 8/15/05 500 522 1.63%, 10/31/05 2,800 2,779 2.00%, 5/15/06 4,175 4,135 4.38%, 5/15/07 1,685 1,745 5.50%, 2/15/08 800 859 5.63%, 5/15/08 3,305 3,568 3.13%, 10/15/08 3,000 2,956 5.75%, 8/15/10 500 548 5.00%, 8/15/11 2,000 2,105 4.38%, 8/15/12 2,300 2,313 3.88%, 2/15/13 2,000 1,933 4.25%, 8/15/13 500 493 4.00%, 2/15/14 800 771 4.75%, 5/15/14 2,000 2,043 ------------ 29,733 ------------ TOTAL U.S. TREASURY OBLIGATIONS 29,733 ------------ CONTINUED SHARES VALUE ----------- ------------ MONEY MARKETS (5.0%) Dreyfus Govt Cash Management Money Market Fund 601,700 $ 602 Federated Government Obligations Money Market Fund 3,383,559 3,383 ------------ TOTAL MONEY MARKETS 3,985 ------------ TOTAL INVESTMENTS (COST $82,159)+ - 104.2% 82,536 LIABILITIES IN EXCESS OF OTHER ASSETS - (4.2)% (3,315) ------------ NET ASSETS - 100.0% $ 79,221 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 99
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MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS (98.5%) ARIZONA (1.9%) Greater Arizona Development Authority, 6.00%, 8/1/13, (Callable 8/1/08 @ 102) $ 1,070 $ 1,202 ------------ CALIFORNIA (10.2%) Cal Poly Pomona Foundation, Inc., 5.50%, 2/1/20, (Callable 2/1/11 @ 101) 265 289 Desert Sands University School District, GO, 5.25%, 6/1/20 1,000 1,068 LA Canada University School District, Series A, GO, 5.50%, 8/1/24 1,000 1,065 Placentia-Yorba Linda Union School District, Series B, GO, 5.38%, 8/1/22 1,000 1,065 Sacramento County Sanitation Financing Authority, 6.00%, 12/1/15, (Callable 12/1/10 @ 101) 250 281 San Francisco City and County Airport, (AMT), 5.35%, 5/1/10, (Callable 5/1/06 @ 102) 2,445 2,610 ------------ 6,378 ------------ COLORADO (9.5%) Boulder Sales and Use Tax, Series A, 6.00%, 12/15/18, (Callable 12/15/09 @ 101) 2,265 2,585 Denver City & County Airport Revenue, 5.00%, 11/15/08 1,020 1,103 Douglas County School District No.1, GO, 5.75%, 12/15/21 1,000 1,118 E-470 Public Highway Authority Revenue, Series C, 6.00%, 9/1/07 1,000 1,104 ------------ 5,910 ------------ FLORIDA (6.1%) Board of Education, Series D, 5.75%, 6/1/19, (Callable 6/1/10 @ 101) 2,000 2,226 Tampa Utility Tax & Special Revenue, 5.25%, 10/1/20 1,505 1,612 ------------ 3,838 ------------ GEORGIA (4.7%) State GO, 5.80%, 11/1/16, (Callable 11/1/09 @ 102) 2,610 2,962 ------------ ILLINOIS (10.2%) Chicago Metropolitan Water Reclamation District-Greater Chicago, Capital Improvements, GO, 7.25%, 12/1/12 500 629 Chicago Single Family Mortgage Revenue, Series A, (AMT), 4.70%, 10/1/17, (Callable 4/1/09 @ 102) 375 376 Development Finance Authority, 6.38%, 1/1/17, (Callable 1/1/11 @ 100) 1,700 1,960 Development Finance Authority, 6.38%, 1/1/18, (Callable 1/1/11 @ 100) 1,700 1,965 State GO, 5.88%, 10/1/17, (Callable 1/1/09 @ 100) 300 335 State Sales Tax Revenue, 5.00%, 6/15/08 1,000 1,078 ------------ 6,343 ------------ CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED IOWA (3.9%) Finance Authority, Private College Revenue, Drake University Project, 6.50%, 12/1/11 $ 2,055 $ 2,442 ------------ MICHIGAN (8.2%) Frankenmuth School District, 5.75%, 5/1/20, (Callable 5/1/10 @ 100) 650 716 Higher Education Student Loan Authority Revenue, Series XII-W (AMT), 4.75%, 3/1/09 1,000 1,064 Kent Spectrum Health, Series A, 5.50%, 1/15/13 2,125 2,269 Strategic Fund, Hope Network Project, Series B, 5.13%, 9/1/13, (Callable 9/1/08 @ 102) 1,000 1,060 ------------ 5,109 ------------ MINNESOTA (5.6%) Becker Independent School District No. 726, 6.00%, 2/1/21, (Callable 2/1/10 @ 100) 1,000 1,125 Rochester Independent School District No. 535, 5.88%, 2/1/20, (Callable 2/1/10 @ 100) 2,150 2,396 ------------ 3,521 ------------ MISSOURI (7.1%) Greene County School District, 6.20%, 3/1/18, (Callable 3/1/10 @ 100) 2,400 2,714 State Health & Educational Facilities Authority, Missouri Valley College, 1.15%, 10/1/31 1,700 1,700 ------------ 4,414 ------------ NEBRASKA (2.7%) Omaha Series A, GO, 6.50%, 12/1/13 1,365 1,660 ------------ NEW YORK (6.5%) Environmental Facilities Corp. Solid Waste Disposition Revenue, Series A, 2.90%, 5/1/12 (d) 500 498 New York City Transitional Financial Authority, 5.75%, 11/15/16, (Callable 5/15/10 @ 101) 2,200 2,446 Thruway Authority, Series 1997 B, 6.00%, 4/1/07 1,000 1,086 ------------ 4,030 ------------ OHIO (1.7%) Plain Local School District, GO, 5.25%, 12/1/19 1,000 1,068 ------------ OKLAHOMA (1.7%) Tulsa International Airport (AMT), 5.50%, 6/1/10 1,000 1,081 ------------ OREGON (1.7%) Sunrise Water Authority Revenue, 5.25%, 3/1/24 1,000 1,047 ------------ CONTINUED 100
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MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED PENNSYLVANIA (3.6%) GO, 6.00%, 1/15/19, (Callable 1/15/10 @ 101) $ 2,000 $ 2,265 ------------ PUERTO RICO (1.7%) Public Building Authority Revenue, Series I, 5.50%, 7/1/23 1,000 1,057 ------------ TENNESSEE (2.0%) Housing Development Agency, Mortgage Finance, Series C, (AMT), 5.95%, 7/1/09, (Callable 7/1/05 @ 102) 1,225 1,267 ------------ TEXAS (9.5%) Clint Independent School District, 6.00%, 2/15/15, (Callable 2/15/11 @ 100) 1,615 1,829 Dallas-Fort Worth International Airport, 6.00%, 11/1/28, (Callable 11/1/09 @ 100) 3,000 3,187 Travis County GO, 5.75%, 3/1/17, (Callable 3/1/10 @100) 815 901 ------------ 5,917 ------------ TOTAL MUNICIPAL BONDS 61,511 ------------ MONEY MARKETS (0.4%) AIM Tax Free Money Market Fund 319 --# Dreyfus Tax Exempt Money Market Fund 203,767 204 Federated Tax Exempt Money Market Fund 19,256 19 Merrill Lynch Institutional Tax Exempt Fund 5,056 5 ------------ TOTAL MONEY MARKETS 228 ------------ TOTAL INVESTMENTS (COST $57,117)+ - 98.9% 61,739 OTHER ASSETS IN EXCESS OF LIABILITIES - 1.1% 685 ------------ NET ASSETS - 100.0% $ 62,424 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS INTERMEDIATE MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS (99.8%) ALABAMA (2.1%) Mobile County, Refunding & Improvements Warrants, 5.25%, 8/1/17 $ 3,080 $ 3,369 Public School & College Authority Revenue, 5.25%, 8/1/06 2,050 2,177 ------------ 5,546 ------------ ALASKA (0.3%) State Housing Finance Corp., Housing Development, Series A (AMT), 2.35%, 12/1/07 745 733 ------------ ARIZONA (12.6%) Glendale Water & Sewer Revenue, 5.00%, 7/1/06 1,290 1,362 Glendale Water & Sewer Revenue, 5.00%, 7/1/07 1,040 1,113 Highway Transportation Board Revenue, Series A, 5.00%, 7/1/10 4,680 5,123 Mesa Street & Highway Revenue, 6.25%, 7/1/12 1,000 1,177 Mesa Street & Highway Revenue, 6.25%, 7/1/13, (Prerefunded 7/1/11 @ 100) 1,000 1,177 Mesa Street & Highway Revenue, 5.00%, 7/1/14, (Prerefunded 7/1/11 @ 100) 1,000 1,101 Mesa Utility System Revenue, 5.00%, 7/1/13, (Prerefunded 7/1/09 @ 100) 3,250 3,550 Phoenix Civic Improvement Corp. Excise Tax Revenue, 5.00%, 7/1/11 1,405 1,534 Phoenix Civic Improvement Corp. Excise Tax Revenue, 5.00%, 7/1/22 1,000 1,033 Pima County Community College District Revenue, 5.00%, 7/1/05 1,370 1,414 Pima County Community College District Revenue, 5.00%, 7/1/07 670 717 Pima County University School District, No. 012 Sunnyside, GO, 5.75%, 7/1/12, (Prerefunded 7/1/09 @ 100) 1,050 1,182 Pima County, Improvement, GO, 5.00%, 7/1/06 2,000 2,111 Salt River Project, Agriculture Improvement & Power District, Electric Systems Revenue, Series A, 5.63%, 1/1/06 2,685 2,824 Salt River Project, Agriculture Improvement & Power District, Electric Systems Revenue, Series A, ETM, 5.63%, 1/1/06 2,315 2,436 Tempe Performing Arts Center, Excise Tax Revenue, 5.25%, 7/1/17 2,420 2,633 Tucson Street & Highway, User Revenue, Junior Lien, Series 1994-E, 6.75%, 7/1/13 2,000 2,441 ------------ 32,928 ------------ CALIFORNIA (4.2%) Desert Sands Unified School District, Election 2001, GO, 5.25%, 6/1/20 1,000 1,068 CONTINUED 101
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INTERMEDIATE MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED CALIFORNIA, CONTINUED La Canada Unified School District, Election 2004, Series A, GO, 5.38%, 8/1/21 $ 1,400 $ 1,500 La Canada Unified School District, Election 2004, Series A, GO, 5.50%, 8/1/24 375 399 Orange County, Series A, Refunding Recovery, 6.00%, 6/1/10 3,000 3,443 Placentia-Yorba Linda Unified School District, 2002 Election, Series B, GO, 5.38%, 8/1/22 775 826 State Economic Recovery, Series A, 5.00%, 7/1/07 3,500 3,767 ------------ 11,003 ------------ COLORADO (7.2%) Denver City & County Airport Revenue, Series A, (AMT), 5.25%, 11/15/06 2,500 2,658 Denver City & County Airport Revenue, Series B, (AMT), 5.50%, 11/15/07 1,000 1,081 Denver City & County Airport Revenue, Series D, (AMT), 5.00%, 11/15/06 1,000 1,065 Denver City & County Airport Revenue, Series D, (AMT), 5.00%, 11/15/07 2,655 2,865 Douglas County School District No.1, GO, 5.75%, 12/15/21 1,500 1,677 El Paso County School District No. 038, GO, 6.38%, 12/1/16, (Prerefunded 12/1/10 @ 100) 1,150 1,350 El Paso County School District No. 038, GO, 6.38%, 12/1/18, (Prerefunded 12/1/10 @ 100) 1,005 1,180 Housing & Finance Authority, Single Family Program, Series C-3, 4.70%, 10/1/22, (Callable 1/3/07 @ 100) 5 5 Larimer County School District No. R1, GO, 5.50%, 12/15/09 2,000 2,229 Larmier County School District No. R1, GO, 5.75%, 12/15/16 1,800 2,055 Regional Transportation District, 2.30%, 12/1/22 1,000 985 Summitt County School District No. RE1, GO, 5.75%, 12/1/12, (Callable 12/1/11 @ 100) 1,465 1,662 ------------ 18,812 ------------ CONNECTICUT (0.6%) New Haven, Series B, GO, 5.75%, 11/1/09 1,500 1,690 ------------ DISTRICT OF COLUMBIA (0.4%) Metropolitan Airport Authority System, Refunding, Series C (AMT), 5.00%, 10/1/06 1,000 1,053 ------------ FLORIDA (0.8%) Lakeland Electric & Water Revenue, ETM, 5.90%, 10/1/07 2,000 2,215 ------------ CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED HAWAII (1.3%) Airport Systems Revenue, Series B (AMT), 8.00%, 7/1/10 $ 2,000 $ 2,431 Highway Revenue, 5.50%, 7/1/10 765 854 ------------ 3,285 ------------ ILLINOIS (3.5%) Chicago Metropolitan Water Reclamation District, Capital Improvement, ETM, GO, 5.50%, 12/1/10 3,000 3,374 Chicago Metropolitan Water Reclamation District, Series B, GO, 5.00%, 12/1/05 1,000 1,042 Development Financial Authority Revenue, Depaul University, Series C, 5.00%, 10/1/06 125 132 Development Financial Authority Revenue, Depaul University, Series C, 5.00%, 10/1/07 200 213 Development Financial Authority Revenue, Elmhurst Community School, 6.38%, 1/1/15, (Callable 1/1/11 @ 100) 1,300 1,516 Development Financial Authority Revenue, Elmhurst Community School, 6.38%, 1/1/16, (Callable 1/1/11 @ 100) 1,470 1,702 State, GO, 5.25%, 2/1/09 1,000 1,091 ------------ 9,070 ------------ INDIANA (3.2%) Michigan City Independent School Building Corp., 5.00%, 7/5/09 1,400 1,519 Municipal Power Supply Agency System Revenue, Series B, 5.88%, 1/1/10 2,000 2,245 Municipal Power Supply Agency System Revenue, Series B, 6.00%, 1/1/13 3,000 3,452 Tippecanoe County Independent Elementary School Building Corp., 5.10%, 7/15/06 1,000 1,057 ------------ 8,273 ------------ IOWA (0.1%) Iowa State University, Science & Technology Reveue, 3.75%, 7/1/10 140 143 ------------ KANSAS (0.0%) Leawood, Series A, GO, 3.00%, 9/1/12 115 108 ------------ KENTUCKY (0.9%) Turnpike Authority Economic Development Revenue, Revitalization Project, Series A, 5.50%, 7/1/10 2,000 2,235 ------------ MAINE (0.8%) Housing Authority Management Provider, Series F-2 (AMT), 2.55%, 11/15/05 2,190 2,199 ------------ CONTINUED 102
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INTERMEDIATE MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED MICHIGAN (19.1%) Battle Creek Downtown Development Authority, 6.00%, 5/1/07 $ 2,215 $ 2,421 Building Authority Revenue, Police Communications, 5.50%, 10/1/12 350 398 Comprehensive Transportation, 5.50%, 5/15/11 950 1,068 Detroit, GO, (AMT), 5.50%, 4/1/08 1,195 1,300 Grand Rapids & Kent County Joint Building Authority, GO, 5.50%, 10/1/08 565 623 Grand Rapids Water Supply, 5.00%, 1/1/08 1,000 1,073 Higher Education Facilities Authority Revenue, Kalamazoo College Project, 5.25%, 12/1/07 765 825 Higher Education Facilities Authority Revenue, Hope College Project, 4.50%, 10/1/07 250 259 Higher Education Facilities Authority Revenue, Hope College Project, 4.80%, 10/1/10, (Callable 10/1/09 @ 100) 590 608 Higher Education Facilities Authority, Hope College Project, 4.70%, 10/1/09 200 208 Higher Education Student Loan Authority Revenue, Series XII-Q, (AMT), 5.05%, 9/1/08 3,885 4,098 Higher Education Student Loan Authority Revenue, Series XII-W (AMT), 4.60%, 9/1/08 1,000 1,058 Higher Education Student Loan Authority Revenue, Series XII-W (AMT), 4.75%, 3/1/09 1,800 1,916 Higher Education Student Loan Authority Revenue, Series XII-W, (AMT), 5.20%, 9/1/08 4,225 4,505 Higher Education Student Loan Authority Revenue, Series XVII-I, (AMT), 3.95%, 3/1/11 1,000 995 Hospital Finance Authority, 4.35%, 3/1/09 500 512 Hospital Financial Authority Revenue, Edward W. Sparrow Group, 5.25%, 11/15/08 1,125 1,209 Hospital Financial Authority Revenue, Edward W. Sparrow Hospital, 5.25%, 11/15/09 1,165 1,249 Hospital Financial Authority Revenue, Holland Community Hospital, Series A, 5.00%, 1/1/15 505 524 Jackson County Economic Development Corp., Limited Obligation Revenue, Vista Grande Villa, Series A, 1.12%, 11/1/31 (d) 2,000 2,000 Kalamazoo Hospital Finance Authority, Refunding & Improvement, Bronson Methodist Hospital, 5.35%, 5/15/06 2,000 2,110 CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED Kent Hospital Financial Authority, Revenue, Spectrum Health, Series A, 5.25%, 1/15/09 $ 1,075 $ 1,147 Montague Public School District, GO, 5.50%, 5/1/12, (Callable 11/1/11 @ 100) 1,005 1,124 Muskegon Water System, Series A, 5.25%, 11/1/09 340 375 State Partnerhsip, Series A, 5.00%, 9/1/31 2,000 2,176 Strategic Fund, Limited Obligation Revenue, Hope Network Project, Series B, 4.80%, 9/1/08 1,000 1,058 Strategic Fund, Limited Obligation Revenue, International Project, 3.00%, 8/1/07 1,415 1,420 Strategic Fund, Limited Obligation Revenue, International Project, 4.75%, 8/1/11 2,240 2,343 Strategic Fund, Limited Obligation Revenue, International Project, 5.00%, 8/1/13 820 863 Strategic Fund, Limited Obligation Revenue, Midwest Kellering Co. Project, 1.28%, 6/1/19 (d) 1,700 1,700 Trunk Line, Series A, 5.25%, 11/1/13 600 663 Underground Storage Tank Financial Assurance Authority, Series I, 6.00%, 5/1/05 3,500 3,618 University of Michigan Hospital Revenue, 5.00%, 12/1/08 4,130 4,488 ------------ 49,934 ------------ MINNESOTA (2.2%) Housing Finance Agency, 4.55%, 7/1/12, (Callable 7/1/11 @ 100) 1,525 1,543 Minneapolis & St. Paul Airport Revenue, Series B, (AMT), 5.00%, 1/1/05 2,855 2,895 State Housing Finance Agency, 3.40%, 7/1/12 1,390 1,314 ------------ 5,752 ------------ MISSISSIPPI (0.2%) Series A, GO, 5.25%, 12/1/07 500 542 ------------ MISSOURI (2.7%) Clay County Public School District No. 53, Liberty Direct Deposit Program, GO, 6.25%, 3/1/17, (Callable 3/1/10 @ 100) 2,000 2,266 Health & Education Facilities Authority Revenue, 6.50%, 2/15/21, (Callable 2/15/06 @ 102) 335 365 State Regal Convention & Sports Complex Authority, 5.25%, 8/15/12 3,880 4,321 ------------ 6,952 ------------ CONTINUED 103
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INTERMEDIATE MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED NEBRASKA (0.4%) Investment Financial Authority, Single Family Housing Revenue, Series D, 4.10%, 9/1/10 $ 465 $ 466 Investment Financial Authority, Single Family Housing Revenue, Series D, 4.25%, 9/1/11 650 653 ------------ 1,119 ------------ NEVADA (1.6%) Clark County School District, Series B, GO, 5.50%, 6/15/08 3,700 4,065 ------------ NEW HAMPSHIRE (1.0%) Nashua, GO, 5.13%, 9/15/15 1,000 1,079 State Turnpike Systems Revenue, Series A, 5.00%, 4/1/21 1,500 1,549 ------------ 2,628 ------------ NEW JERSEY (2.1%) Ocean County Utilities Authority, Wastewater, Refunding, 6.00%, 1/1/07 2,500 2,711 Turnpike Authority Revenue, Series A, 6.00%, 1/1/13 2,500 2,893 ------------ 5,604 ------------ NEW YORK (1.5%) Metropolitan Transportation Authority, Series M, 5.50%, 7/1/08 1,030 1,142 Mount Morris Central School District, GO, 4.00%, 6/15/12 670 688 State Environmental Facilities Corp., Solid Waste Disposal Revenue, Waste Management Project, Series A, 2.90%, 5/1/12 2,000 1,993 ------------ 3,823 ------------ OHIO (3.7%) Gateway Economic Development Corp., Greater Cleveland Excise Tax Revenue, Senior Lien, (AMT), 5.13%, 9/1/05 1,000 1,035 Housing Financial Agency Management Revenue, Series A-1, (AMT), 5.35%, 9/1/05 1,125 1,155 Plain Local School District, GO, 5.25%, 12/1/14 1,780 1,947 Plain Local School District, GO, 5.25%, 12/1/19 1,380 1,474 State Facilities, Series B, GO, 5.25%, 9/15/15 2,000 2,174 State Higher Education Facility Revenue, 4.00%, 11/15/09 500 515 Summit County, GO, 6.00%, 12/1/09 400 454 Water Development Authority, Pollution Control Facility Revenue, 6.00%, 6/1/05 1,000 1,037 ------------ 9,791 ------------ OKLAHOMA (1.0%) Oklahoma County Independant School District No. 89, GO, 5.25%, 7/1/16 2,400 2,630 ------------ CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED OREGON (3.0%) Department of Transportation, Highway User Tax Revenue, 5.00%, 11/15/05 $ 1,045 $ 1,089 Department of Transportation, Highway User Tax Revenue, Series A, 5.25%, 11/15/17 3,000 3,283 Jackson County School District No. 009, Eagle Point, GO, 5.00%, 6/15/09 1,060 1,151 Washington County Sewer Agency Revenue, Series A, 5.75%, 10/1/12 2,000 2,301 ------------ 7,824 ------------ PENNSYLVANIA (3.4%) Chartiers Valley Joint School, ETM, 6.15%, 3/1/07, (Callable 12/12/06 @ 100) 4,110 4,514 GO, 5.00%, 10/1/05 3,000 3,117 Housing Finance Agency, 4.50%, 10/1/09 1,195 1,211 ------------ 8,842 ------------ PUERTO RICO (3.1%) Public Building Authority Revenue, Series I, 5.50%, 7/1/23 2,000 2,113 Puerto Rico Public Buildings Authority Revenue, Refunding, Government Facilities, Series K, 4.50%, 7/1/22 2,000 2,094 Puerto Rico Commonwealth, Refunding, Series A, 5.00%, 7/1/30 1,000 1,066 Puerto Rico Public Finance Corp., Commonwealth Appropriations, Seris A, 5.75%, 8/1/27 2,500 2,774 ------------ 8,047 ------------ RHODE ISLAND (1.1%) Depositors Economic Protection Corp., Series A, ETM, 5.88%, 8/1/11, (Callable 7/1/11 @ 100) 2,535 2,918 ------------ SOUTH CAROLINA (0.4%) Anderson County School District No. 002, Series B, GO, 6.00%, 3/1/13, (Callable 3/1/10 @ 101) 890 1,015 ------------ TENNESSEE (1.5%) Housing Development Agency, Series A, 4.00%, 7/1/10 1,100 1,097 Metropolitan Nashville Airport Authority Revenue, 5.38%, 7/1/14 2,570 2,713 ------------ 3,810 ------------ TEXAS (3.6%) Dallas Waterworks & Sewer Systems Revenue, 5.25%, 10/1/09 1,000 1,097 Houston Airport System Revenue, Series A, (AMT), 5.00%, 7/1/05 1,900 1,957 Houston, Series B, GO, 5.50%, 3/1/18 2,000 2,171 Huffman Independent School District, GO, 7.00%, 2/15/06 100 108 Huffman Independent School District, GO, 7.00%, 2/15/07 160 178 CONTINUED 104
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INTERMEDIATE MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED TEXAS, CONTINUED Round Rock, GO, 5.00%, 8/15/19 $ 2,000 $ 2,091 Series A, GO, 6.00%, 10/1/08 1,600 1,792 ------------ 9,394 ------------ UTAH (1.2%) Housing Corp., Single Family Mortgage Revenue, Series A, Class I, 2.00%, 7/1/06 680 668 Housing Corp., Single Family Mortgage Revenue, Series A, Class I, 2.35%, 7/1/07 880 866 St. George Water Revenue, Series A, 5.60%, 6/1/10, (Prerefunded 6/1/05 @ 101) 1,530 1,597 ------------ 3,131 ------------ VIRGINIA (2.5%) Metropolitan Washington D. C. Airports, Series B, (AMT), 5.50%, 10/1/05 4,175 4,353 Richmond, GO, 5.38%, 7/15/13, (Callable 7/15/11 @ 101) 2,000 2,223 ------------ 6,576 ------------ WASHINGTON (5.9%) Grant County Public Utility District No. 002, Electric Revenue, 5.00%, 1/1/11 2,485 2,700 King County School District No. 401, Highline Public Schools, GO, 5.13%, 12/1/20 2,590 2,689 King County School District No. 415, Kent, Series A, GO, 5.55%, 12/1/11, (Callable 1/29/10 @ 100) 2,000 2,241 Motor Vehicle Fuel Tax, R-92D, 6.25%, 9/1/07 1,000 1,109 Port Tacoma, Series A, GO, (AMT), 4.90%, 12/1/07 1,010 1,078 Series A, GO, 5.50%, 9/1/05, (Prerefunded 9/1/04 @ 100) 5,000 5,017 Yakima County, GO, 5.25%, 12/1/16 425 457 ------------ 15,291 ------------ WISCONSIN (0.6%) Series 1, GO, 5.00%, 5/1/13 1,500 1,630 ------------ TOTAL MUNICIPAL BONDS 260,611 ------------ CONTINUED SHARES VALUE ----------- ------------ MONEY MARKETS (0.1%) AIM Tax Free Money Market Fund 100 $ --# Dreyfus Tax Exempt Money Market Fund 292,260 292 Federated Tax Exempt Money Market Fund 666 1 Merrill Lynch Institutional Tax Exempt Fund 5,178 5 ------------ TOTAL MONEY MARKETS 298 ------------ TOTAL INVESTMENTS (COST $249,709)+ - 99.9% 260,909 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1% 231 ------------ NET ASSETS - 100.0% $ 261,140 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 105
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OHIO MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS (97.8%) OHIO (95.5%) Akron, GO, 5.50%, 12/1/07 $ 2,000 $ 2,189 Akron, Various Purpose Improvement, GO, 5.60%, 12/1/06, (Callable 12/1/04 @ 102) 500 517 American Municipal Power - Ohio, Inc., 5.25%, 1/1/11 1,825 2,015 Beavercreek Local School District, 6.60%, 12/1/15 1,500 1,834 Berea, GO, 5.13%, 12/1/13 1,215 1,306 Building Authority, 5.25%, 10/1/10, (Callable 4/1/09 @ 101) 2,410 2,633 Butler County Hospital Facilities Revenue, 4.75%, 11/15/18, (Callable 11/15/08 @ 101) 2,000 1,871 Butler County Transportation Improvement District, Series A, 6.00%, 4/1/12, (Callable 4/1/08 @ 102) 2,000 2,233 Cincinnati City School District, Classroom Facilities Construction & Improvements, 5.25%, 12/1/14, (Callable 12/1/13 @ 100) 3,000 3,317 Cleveland Public Power System Revenue, 5.25%, 11/15/16, (Callable 11/15/06 @ 102) 4,900 5,291 Cleveland Stadium Project, 5.25%, 11/15/11, (Callable 11/15/07 @ 102) 4,110 4,489 Columbus Sewer Revenue, 5.00%, 6/1/06 2,000 2,107 Columbus, Refunding, Police/Fireman Disability, 5.00%, 7/15/14 1,000 1,064 Columbus, Series 2, GO, 6.00%, 6/15/07 4,090 4,500 Cuyahoga County Hospital Revenue, 5.50%, 2/15/09 2,245 2,458 Cuyahoga County Jail Facilities, GO, 5.25%, 10/1/13 3,000 3,345 Cuyahoga County, GO, 5.60%, 5/15/13 3,435 3,772 Dayton-Montgomery County Port Authority, Development-Parking Garage Project, Series A, 5.00%, 11/15/17 1,105 1,107 Economic Development Revenue, 3.50%, 12/1/07 480 484 Economic Development Revenue, 4.40%, 12/1/12 815 824 Erie County Hospital Facilities Revenue, 5.00%, 8/15/08 400 419 Erie County Hospital Facilities Revenue, 5.00%, 8/15/09 210 219 Erie County Hospital Facilities Revenue, 5.50%, 8/15/12 250 267 Euclid City School District, GO, 5.13%, 12/1/11, (Callable 12/1/05 @ 102) 1,500 1,589 Franklin County Development Revenue, 5.50%, 10/1/12, (Callable 10/1/09 @ 101) 2,270 2,457 CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED OHIO, CONTINUED Franklin County, Online Computer Library Center, 5.00%, 4/15/10 $ 2,270 $ 2,416 Greater Cleveland Regional Transit Authority, 5.38%, 12/1/11, (Callable 12/1/08 @ 101) 1,455 1,620 Hamilton County Hospital Facilities Revenue, 5.20%, 12/1/13, (Callable 12/1/07 @ 101) 1,000 1,066 Hamilton County Hospital Facilities Revenue, Cincinnati Childrens Hospital, Series J, 4.50%, 5/15/14 1,510 1,572 Hamilton County Hospital Facilities, Revenue, 5.25%, 5/15/11, (Callable 11/15/08 @ 101) 2,670 2,923 Hamilton County Sewer System Revenue, Series A, 5.60%, 12/1/08, (Callable 12/1/05 @ 102) 1,000 1,066 Higher Education, Capital Facilities Revenue, 5.50%, 12/1/09 4,000 4,455 Higher Education, Capital Facilities Revenue, Series II-A, 5.25%, 12/1/05 2,350 2,458 Higher Education, Capital Facilities Revenue, Series II-A, 5.50%, 12/1/07 4,695 5,144 Higher Education, Capital Facilities Revenue, Series II-A, 5.00%, 12/1/08 2,000 2,170 Higher Education, Case Western Reserve, 6.25%, 7/1/14 6,500 7,697 Higher Education, Dennison University Project, 5.50%, 11/1/12, (Callable 11/1/11@ 101) 1,000 1,118 Higher Education, John Carroll University, 5.25%, 11/15/14, (Callable 11/15/13 @ 100) 1,435 1,569 Higher Education, John Carroll University, 5.25%, 11/15/15, (Callable 11/15/13 @ 100) 1,490 1,614 Hilliard School District, 5.50%, 12/1/08 2,780 3,071 Housing Authority, 4.63%, 9/1/31, (Callable 1/1/11 @ 100) 2,130 2,185 Housing Finance Agency, (AMT), 3.95%, 9/1/08 490 499 Housing Finance Agency, (AMT), 4.15%, 9/1/09 825 832 Housing Finance Agency, (AMT), 4.35%, 9/1/10 305 308 Housing Finance Agency, (AMT), 3.65%, 9/1/11 845 813 Housing Finance Agency, (AMT), 4.55%, 9/1/11 320 324 Housing Finance Agency, (AMT), 3.30%, 9/1/30 1,245 1,240 Knox County Hospital Facilities Revenue, 4.70%, 6/1/08 1,150 1,212 Knox County Hospital Facilities Revenue, 5.00%, 6/1/12 6,250 6,664 CONTINUED 106
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OHIO MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED OHIO, CONTINUED Lucas County, 6.65%, 12/1/12 $ 160 $ 163 Lucas County Hospital Revenue, 6.00%, 11/15/04 2,000 2,027 Mental Health Capital Facilities, Series II-A, 5.00%, 6/1/13 2,135 2,309 Montgomery County Catholic Health Initiatives, Series A, 6.00%, 12/1/26 2,750 2,910 Montgomery County Sisters of Charity Revenue, 6.50%, 5/15/08 155 155 Montgomery County Solid Waste Revenue, 5.40%, 11/1/08, (Callable 11/1/05 @ 102) 3,000 3,182 Municipal Electric Generation Agency, Refunding, Joint Venture, 5-CTFS Ben Int, 5.00%, 2/15/14 2,000 2,176 North Olmstead, 6.20%, 12/1/11 3,000 3,503 Penta Career Center, 5.00%, 4/1/10 1,330 1,447 Revenue, Major New State Infrastructure, Series 1, 5.00%, 6/15/06 3,000 3,164 Sidney Construction, 4.90%, 11/1/07 725 738 Solid Waste Revenue, 4.85%, 11/1/22 3,000 3,109 State Building Authority, Refunding, State Facilities-Administration Building Fund, Series A, 5.00%, 4/1/13 1,230 1,342 State Schools, 5.00%, 6/15/13 1,000 1,089 State Solid Waste Revenue, Refunding, Republic Services Project, 4.25%, 4/1/33 1,500 1,434 State, GO, 6.65%, 9/1/09 1,000 1,111 Toledo-Lucas County, Port Authority Special Assessment Revenue, Crocker Park Public Improvement Project, 5.00%, 12/1/09 1,110 1,167 Toledo-Lucas County, Port Authority Special Assessment Revenue, Crocker Park Public Improvements Project, 5.00%, 12/1/08 1,155 1,220 Turnpike Revenue, Series A, 5.70%, 2/15/17, (Prerefunded 2/15/06 @ 102) 5,000 5,387 University of Cincinnati, 5.00%, 6/1/10 300 327 University of Cincinnati, GO, 5.50%, 6/1/09 2,000 2,220 Water Development Authority, Pollution Control Facilities Revenue, 5.25%, 12/1/08, (Callable 12/1/07 @ 101) 1,000 1,087 Water Revenue, 5.30%, 12/1/10, (Callable 6/1/05 @ 101) 4,000 4,166 West Geauga Local School District, GO, 5.55%, 11/1/05, (Callable 11/1/04 @ 102) 1,000 1,030 West Geauga Local School District, GO, 5.65%, 11/1/06, (Callable 11/1/04 @ 102) 1,000 1,030 CONTINUED SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED OHIO, CONTINUED Westlake City School District, Series A, GO, 5.05%, 12/1/04 $ 1,050 $ 1,063 ------------ 154,899 ------------ PUERTO RICO (2.3%) Puerto Rico Public Buildings Authority Revenue, Refunding, Government Facilities, Series K, 4.50%, 7/1/22 1,000 1,047 Puerto Rico Commonwealth, Refunding, Series A, 5.00%, 7/1/30 1,000 1,066 Puerto Rico Public Finance Corp., Commonwealth Appropriations, Seris A, 5.75%, 8/1/27 1,500 1,665 ------------ 3,778 ------------ TOTAL MUNICIPAL BONDS 158,677 ------------ MONEY MARKETS (1.3%) Federated Ohio Municipal Cash Trust 83 --# Touchstone Ohio Money Fund 2,163,404 2,163 ------------ TOTAL MONEY MARKETS 2,163 ------------ TOTAL INVESTMENTS (COST $155,391)+ - 99.1% 160,840 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.9% 1,507 ------------ NET ASSETS - 100.0% $ 162,347 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 107
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MICHIGAN MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS (98.3%) MICHIGAN (96.4%) Ann Arbor Water Supply Systems, 5.00%, 2/1/10 $ 880 $ 955 Avondale School District, UTGO, 5.00%, 5/1/10 800 870 Berkley School District, GO, 7.00%, 1/1/07 1,300 1,437 Birmingham Michigan City School District, 5.00%, 11/1/10 1,905 2,075 Building Authority Revenue, Facilities Program, Series III, 5.00%, 10/15/08 2,000 2,166 Building Authority Revenue, State Police Communications III, 5.00%, 10/1/05 1,700 1,769 Cadillac Area Public Schools, UTGO, 7.25%, 5/1/05 300 313 Central Michigan University, 5.00%, 10/1/09 1,605 1,747 Certificate of Participation, Series A, 5.00%, 9/1/31 1,000 1,088 Charles Stewart Mott Community College, UTGO, 5.00%, 7/1/09 1,000 1,089 Clarkston Michigan Schools, 4.00%, 5/1/12 200 205 Comprehensive Transportation, Series A, 5.25%, 5/15/09 3,000 3,295 Comprehensive Transportation, Series B, 5.25%, 5/15/09 1,390 1,527 Detroit City School District, 5.50%, 5/1/06 1,730 1,828 Detroit Economic Development Corp., 4.00%, 5/1/06 2,500 2,573 Detroit City School District, Building & Site Improvements, Series A, 5.00%, 5/1/08 1,000 1,078 Detroit Convention Facilities, 5.00%, 9/30/08 2,000 2,166 Detroit Water Supply Systems, Series C, 5.00%, 7/1/07 2,000 2,145 Detroit, GO, 6.00%, 4/1/06 750 801 Dexter Community School District, GO, 6.25%, 5/1/07 1,730 1,902 Farmington Hills Economic Development Corp. Revenue, Botsford Continuing Care, Series A, 5.20%, 2/15/05 470 480 Ferndale, UTGO, 4.50%, 4/1/10 1,190 1,264 Forest Hills Public Schools, GO, 5.25%, 5/1/09 2,785 3,040 Frankenmuth School District, UTGO, 5.50%, 5/1/05 100 103 Frankenmuth School District, UTGO, 5.50%, 5/1/06 125 133 Grand Rapids & Kent County Joint Building, GO, 5.50%, 10/1/09 605 671 Grand Rapids & Kent County Joint Building, UTGO, 5.50%, 10/1/07 535 582 CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED Grand Rapids Charter Township, Porter Hills Obligated Group, 4.35%, 7/1/05 $ 200 $ 203 Greater Detroit Resource Recovery Authority, 6.25%, 12/13/06 2,500 2,729 Higher Education Facilites Authority Revenue, Kalamazoo College Project, 5.25%, 12/1/05 590 615 Higher Education Facilites Authority Revenue, Kalamazoo College Project, 5.25%, 12/1/06 725 772 Higher Education Facilities Authority Revenue, Hope College Project, 4.60%, 10/1/08 320 333 Higher Education Facility Authority - Thomas M. Cooley Law School, 4.75%, 5/1/07 1,265 1,317 Higher Education Student Loan Authority Revenue, (AMT), 5.00%, 3/1/07 2,525 2,631 Higher Education Student Loan Authority Revenue, Series XII-W (AMT), 4.60%, 9/1/08 1,000 1,058 Higher Education Student Loan Authority Revenue, Series XII-W (AMT), 4.75%, 3/1/09 200 213 Higher Education Student Loan Authority Revenue, Series XVII-I (AMT), 3.65%, 3/1/10 1,000 997 Higher Education, Kalamazoo College, 5.25%, 12/1/04 655 663 Hospital Finance Authority Revenue, 4.80%, 11/1/17, Refunding Hospital Charity Obligation D, (Prerefunded 11/1/04 @ 100) 1,675 1,690 Hospital Finance Authority Revenue, Oakwood Obligated Group, 5.00%, 11/1/05 730 753 Hospital Finance Authority Revenue, St. John's Hospital & Medical Center, 5.00%, 5/15/06 1,450 1,526 Hospital Finance Authority, Bay Medical Center, Series A, 5.38%, 7/1/06 1,855 1,968 Hospital Finance Authority, St. John Hospital & Medical Center, 5.00%, 5/15/05 1,000 1,026 Hospital Financial Authority Revenue, 7.50%, 10/1/27, (Prerefunded 10/1/05 @ 100) 1,000 1,068 Hospital Financial Authority Revenue, Hospital Crittenton, Series A, 3.50%, 3/1/06 200 202 Hospital Financial Authority Revenue, Hospital Crittenton, Series A, 3.85%, 3/1/07 200 204 Hospital Financial Authority Revenue, Hospital Crittenton, Series A, 4.15%, 3/1/08 300 307 CONTINUED 108
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MICHIGAN MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- PRINCIPAL AMOUNT VALUE ------------ ------------ MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED Hospital Financial Authority Revenue, Sparrow Obligation Group, 5.00%, 11/15/05 $ 1,055 $ 1,097 Hospital Financial Authority Revenue, Sparrow Obligation Group, 5.00%, 11/15/06 735 771 Housing Development Authority, (AMT), Series B, 3.25%, 12/1/05 70 71 Housing Development Authority, (AMT), Series B, 3.55%, 12/1/06 175 176 Housing Development Authority, (AMT), Series B, 3.85%, 12/1/07 215 218 Housing Development Authority, (AMT), Series B, 4.13%, 12/1/08 305 310 Housing Development Authority, (AMT), Series B, 4.35%, 12/1/09 355 360 Housing Development Authority, (AMT), Series B, 4.55%, 12/1/10 455 462 Housing Development Authority, (AMT), Series B, 4.65%, 12/1/11 485 496 Housing Development Authority, Parkway Meadows Project, 3.50%, 10/15/08 930 960 Housing Development Authority, Parkway Meadows Project, 3.50%, 10/15/09 710 725 Housing Development Authority, Single Family, (AMT), 3.85%, 12/1/04 830 835 Kalamazoo Hospital Finance Authority Revenue, Bronson Methodist Hospital, 5.50%, 5/15/08 750 820 Kalamazoo Hospital Finance Authority, Refunding & Improvement, Bronson Methodist Hospital, 5.25%, 5/15/05 1,000 1,029 Kenowa Hills Public Schools, UTGO, 5.50%, 5/1/05 1,295 1,333 Kenowa Hills Public Schools, UTGO, 5.50%, 5/1/06 1,000 1,060 Kent, Hospital Finance Authority Revenue, Spectrum Health, 5.25%, 1/15/08 430 460 Kent, Hospital Finance Authority, Butterworth Hospital, 4.90%, 1/15/05 1,150 1,166 Lansing School District, 4.00%, 5/1/06 1,190 1,232 Municipal Bond Authority Revenue, 5.00%, 12/1/05 2,000 2,088 Municipal Bond Authority Revenue, Series A, 5.25%, 12/1/07 1,000 1,085 Municipal Building Authority Revenue, Government Loan Program, Series C, 5.00%, 5/1/10 1,000 1,089 Muskegon County, Wastewater Management System, No. 1, (AMT), 5.00%, 7/1/06 1,130 1,191 CONTINUED PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED MICHIGAN, CONTINUED Muskegon County, Wastewater Management System, No. 1, (AMT), 5.00%, 7/1/08 $ 1,000 $ 1,074 Muskegon Heights Water System, Series A, 5.25%, 11/1/06 335 357 Novi Community School District, Building & Site Improvements, 4.13%, 5/1/08 1,000 1,047 Novi Community School District, Building & Site Improvements, 5.00%, 10/1/08 2,320 2,508 Oxford Area Community School, GO, 6.00%, 5/1/05 1,100 1,137 South Central Power Agency, Power Supply System Revenue, 5.80%, 11/1/05 2,000 2,100 South Macomb Disposal Authority Revenue, 5.00%, 9/1/08 1,115 1,206 South Redford School District, GO, 5.25%, 5/1/07, (Prerefunded 5/1/07 @ 100) 1,575 1,702 State Hospital Finance Authority Revenue, 4.15%, 1/1/12 450 445 Sterling Heights, 4.00%, 10/1/05 670 688 Strategic Fund Obligation International, 2.00%, 8/1/05 1,030 1,033 Strategic Fund, Hope Network Project, Series B, 4.75%, 9/1/07 615 645 Three Rivers Community Schools, 6.00%, 5/1/23, (Prerefunded 5/1/06 @ 101) 970 1,048 Traverse City Area Public Schools, 7.25%, 5/1/05 950 990 Trunk Line, 5.00%, 10/1/07 700 752 Trunk Line, Series A, 5.50%, 11/1/07 1,025 1,119 Trunk Line, Series A, 5.25%, 11/1/09 1,000 1,100 Underground Storage, Tank Financial Assurance Authority, Series I, 6.00%, 5/1/06 2,270 2,418 University of Michigan Hospital Revenue, 5.00%, 12/1/08 2,000 2,173 University of Michigan Hospital Revenue, 5.00%, 12/1/09 510 554 Warren Building Authority, 3.70%, 11/1/09 225 230 Warren Consolidated School District, 5.00%, 5/1/07 3,890 4,154 Washtenaw Community College, 4.00%, 4/1/07 2,355 2,454 Wayne Charter, 5.25%, 12/1/05 1,035 1,079 Wayne Charter, Airport Revenue, Series D, 5.25%, 12/1/06 2,000 2,126 Wayne County Community College, 5.25%, 7/1/09 1,000 1,101 ------------ 111,851 ------------ CONTINUED 109
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MICHIGAN MUNICIPAL BOND FUND SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 (AMOUNTS IN THOUSANDS, EXCEPT SHARE AMOUNTS) -------------------------------------------------------------------------------- SHARES OR PRINCIPAL AMOUNT VALUE ----------- ------------ MUNICIPAL BONDS, CONTINUED PUERTO RICO (1.9%) Puerto Rico Public Buildings Authority Revenue, Refunding, Government Facilities, Series K, 4.50%, 7/1/22 $ 1,000 $ 1,047 Puerto Rico Public Finance Corp., Commonwealth Appropriations, Seris A, 5.75%, 8/1/27 1,000 1,110 ------------ 2,157 ------------ TOTAL MUNICIPAL BONDS 114,008 ------------ MONEY MARKETS (1.0%) AIM Tax Free Money Market Fund 167 --# Dreyfus Tax Exempt Money Market Fund 1,192,646 1,193 Federated Tax Exempt Money Market Fund 733 1 Merrill Lynch Institutional Tax Exempt Fund 5,019 5 ------------ TOTAL MONEY MARKETS 1,199 ------------ TOTAL INVESTMENTS (COST $113,737)+ - 99.3% 115,207 OTHER ASSETS IN EXCESS OF LIABILITIES - 0.7% 816 ------------ NET ASSETS - 100.0% $ 116,023 ============ SEE NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS AND NOTES TO FINANCIAL STATEMENTS 110
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FIFTH THIRD FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- * Non-income producing security. ** Rate represents the effective yield at purchase. # Market value is less than five hundred dollars. + Represents cost for financial reporting purposes. (a) Part of this security has been deposited as initial margin on open futures contracts. (b) Affiliate. (c) Dollar amount indicated represents expected per share annual dividend. (d) Variable rate security. Rate presented represents rate in effect at Ju1y 31, 2004. Maturity date represents actual maturity date. (e) Rule 144A, Section 4(2) or other security which is restricted as to resale to institutional investors. The Fund's advisor has deemed this security to be liquid based upon procedures approved by the Board of Trustees. (f) All or part of this security has been deposited as collateral for TBA security. (g) All or part of this security was on loan at July 31, 2004. (h) Investment is in Institutional Shares of underlying fund. (i) Common Stock. The following abbreviations are used in these Schedules of Portfolio Investments: ADR - American Depositary Receipt AMT - Alternative Minimum Tax Paper CBTCS - Convertible Bond Transferable Custodial Security ETM - Escrowed to Maturity GDR - Global Depositary Receipts GO - General Obligation LLC - Limited Liability Company REITS - Real Estate Investment Trust SPDR - Standard & Poor's Depositary Receipt TBA - To be announced UTGO - Unlimited Tax General Obligation [Enlarge/Download Table] COST OF NET INVESTMENTS FOR GROSS GROSS UNREALIZED FEDERAL TAX UNREALIZED UNREALIZED APPRECIATION/ PURPOSES APPRECIATION DEPRECIATION DEPRECIATION) --------------- ------------ ------------ ------------- Small Cap Growth Fund $ 249,598 $ 58,041 $ (20,793) $ 37,248 Mid Cap Growth Fund 412,476 74,954 (26,685) 48,269 Quality Growth Fund 1,049,301 202,608 (99,044) 103,564 Large Cap Core Fund 115,429 16,704 (9,286) 7,418 Equity Index Fund 347,252 257,748 (31,518) 226,230 Balanced Fund 202,743 13,119 (4,698) 8,421 Micro Cap Value Fund 184,464 75,705 (12,421) 63,284 Small Cap Value Fund 108,896 9,110 (3,576) 5,534 Multi Cap Value Fund 295,416 76,303 (7,879) 68,424 Disciplined Large Cap Value Fund 609,504 104,494 (5,949) 98,545 LifeModel Aggressive Fund SM 94,485 11,729 (1,776) 9,953 LifeModel Moderately Aggressive Fund SM 206,890 21,121 (3,463) 17,658 LifeModel Moderate Fund SM 449,972 17,721 (10,056) 7,665 LifeModel Moderately Conservative Fund SM 98,503 7,192 (1,885) 5,307 LifeModel Conservative Fund SM 53,900 1,877 (1,072) 805 Strategic Income Fund 169,908 6,635 (4,093) 2,542 Select Stock Fund 16,869 1,879 (1,080) 799 Technology Fund 54,430 3,060 (4,963) (1,903) International Equity Fund 414,196 31,143 (64,516) (33,373) Bond Fund 402,969 4,445 (1,599) 2,846 Intermediate Bond Fund 909,260 7,405 (5,616) 1,789 Short Term Bond Fund 718,787 1,265 (8,625) (7,360) U.S. Government Bond Fund 82,138 770 (372) 398 Municipal Bond Fund 57,092 4,649 (2) 4,647 Intermediate Municipal Bond Fund 249,135 12,245 (471) 11,774 Ohio Municipal Bond Fund 155,144 6,261 (565) 5,696 Michigan Municipal Bond Fund 113,720 1,992 (505) 1,487 SEE NOTES TO FINANCIAL STATEMENTS 111
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FIFTH THIRD FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- The table below reflects the Small Cap Growth Fund's activities in written options, all of which were for purposes of earning additional income during the period. No other Funds engaged in written option contracts during the year ended July 31, 2004. [Download Table] BALANCE AT OPTIONS OPTIONS OPTIONS BALANCE AT JULY 31, 2003 WRITTEN EXPIRED EXERCISED JULY 31, 2004 ------------- ------- ------- --------- ------------- NUMBER OF CONTRACTS Small Cap Growth Fund 50 70 (70) (50) -- PREMIUMS ($000) Small Cap Growth Fund $ 3 $ 9 $ (9) $ (3) -- Open futures contracts as of July 31, 2004: (Amounts in thousands except contract amount) [Enlarge/Download Table] UNREALIZED NUMBER OF NOTIONAL APPRECIATION/ MARKET CONTRACTS CONTRACT TYPE AMOUNT (DEPRECIATION) VALUE --------- ------------------------------ ----------- -------------- -------- Small Cap Growth Fund 9 Russell 2000, 9/17/04 $ 2,548 $ (65) $ 2,483 ========= =========== ============== ======== Large Cap Core Fund 26 Standard & Poor's 500, 9/17/04 7,152 5 7,157 ========= =========== ============== ======== Equity Index Fund 11 Standard & Poor's 500, 9/17/04 3,113 (85) 3,028 ========= =========== ============== ======== International Equity Fund 106 CAC40 10, 9/30/04 4,829 (162) 4,667 93 DAX, 9/17/04 11,221 (309) 10,912 161 Euro Stoxx 50, 9/17/04 5,517 (260) 5,257 45 FTSE 100, 9/17/04 3,674 (61) 3,613 12 Hang Seng, 8/30/04 938 2 940 71 TOPIX, 9/9/04 7,603 (326) 7,277 --------- ----------- -------------- -------- 488 $ 33,782 $ (1,116) $32,666 ========= =========== ============== ======== As of July 31, 2004, the following Funds had securities on loan with the following market values and collateral amounts (Amounts in thousands): AVERAGE MARKET LOAN VALUE OF OUTSTANDING CASH LOANED DURING THE COLLATERAL SECURITIES YEAR ---------- ---------- ----------- Small Cap Growth Fund $ 35,821 $ 30,568 $ 38,194 Mid Cap Growth Fund 60,172 58,911 59,483 Quality Growth Fund 20,601 20,233 52,903 Large Cap Core Fund 6,081 5,953 4,169 Equity Index Fund 39,342 38,424 22,428 Balanced Fund 6,089 5,962 12,308 Multi Cap Value Fund 32,521 31,754 27,068 Disciplined Large Cap Value Fund 47,987 46,739 21,129 Select Stock Fund -- -- 569 Technology Fund 4,497 3,509 8,218 International Equity Fund 34,935 34,106 34,681 Bond Fund 18,961 16,966 27,233 Intermediate Bond Fund 197,705 191,548 174,998 Short Term Bond Fund 190,915 184,465 105,802 At July 31, 2004, each Fund's loaned securities were fully collateralized by cash, which was reinvested in repurchase agreements, certificate of deposits, commercial paper and floating rate notes (with interest rates ranging from 1.13% to 1.67% and maturity dates ranging from August 2, 2004 to April 1, 2014). SEE NOTES TO FINANCIAL STATEMENTS 112
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FIFTH THIRD FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- International Equity Fund Foreign Currency Contracts as of July 31, 2004 (Amounts in thousands): CONTRACT CURRENT AMOUNT CONTRACT VALUE UNREALIZED DELIVERY (LOCAL VALUE U.S. U.S. APPRECIATION/ DATE CURRENCY) DOLLAR DOLLAR DEPRECIATION -------- --------- ---------- ------- ------------- BRITISH POUND STERLING ----------------------------------- Long Contracts 9/16/04 2,032 $ 3,649 $ 3,683 $34 EURO ----------------------------------- Short Contracts 9/16/04 3,977 4,812 4,778 34 9/16/04 6,980 8,425 8,385 40 9/16/04 253 306 304 2 Long Contracts 9/16/04 6,967 8,424 8,369 (55) 9/16/04 9,756 11,766 11,720 (46) 9/16/04 789 953 948 (5) 9/16/04 2,469 2,983 2,966 (17) 9/16/04 2,676 3,233 3,215 (18) 9/16/04 4,567 5,530 5,486 (44) 9/16/04 1,466 1,792 1,763 (29) JAPANESE YEN ----------------------------------- Short Contracts 9/16/04 873,640 7,934 7,875 59 9/16/04 557,830 5,084 5,028 56 9/16/04 861,123 7,876 7,762 114 9/16/04 837,258 7,632 7,547 85 Long Contracts 9/16/04 192,222 1,766 1,733 (33) 9/16/04 307,528 2,798 2,772 (26) 9/16/04 447,066 4,079 4,030 (49) 9/16/04 1,226,880 11,162 11,059 (103) 9/16/04 1,377,467 12,515 12,416 (99) 9/16/04 407,718 3,757 3,675 (82) SEE NOTES TO FINANCIAL STATEMENTS 113
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FIFTH THIRD FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- The investment concentrations for the Equity Funds as a percentage of net assets, by industry, as of July 31, 2004, were as follows: [Enlarge/Download Table] SMALL CAP MID CAP QUALITY LARGE CAP EQUITY MICRO CAP GROWTH GROWTH GROWTH CORE INDEX VALUE FUND FUND FUND FUND FUND FUND -------- -------- -------- --------- -------- -------- Advertising -- -- -- -- 0.2% 0.3% Aerospace/Defense 1.6% 1.4% 2.5% 1.8% 1.7% -- Agriculture -- -- -- 2.1% 1.2% -- Airlines -- -- -- -- 0.1% 0.6% Apparel 2.6% 1.8% -- -- 0.3% 6.6% Auto Manufacturers 0.9% -- -- 0.2% 0.6% -- Auto Parts & Equipment -- -- -- 0.3% 0.2% 1.1% Banks 3.6% 1.3% 5.8% 6.3% 6.4% 0.3% Beverages -- -- -- 2.5% 2.5% -- Biotechnology 3.2% 1.5% 1.5% -- 1.1% -- Building Materials -- -- -- 1.2% 0.3% 1.1% Cash Equivalents 14.2% 15.2% 1.8% 11.7% 8.0% 6.7% Chemicals -- 1.2% -- 1.8% 1.5% 3.8% Closed-end Funds -- -- -- -- -- 1.4% Commercial Services 3.2% 7.3% 4.2% -- 1.0% 3.5% Computers 0.8% 5.8% 4.2% 4.9% 4.0% 4.5% Cosmetics/Personal Care -- 1.4% -- 1.9% 2.5% -- Distribution/Wholesale -- 4.0% -- -- 0.1% 2.1% Diversified Financial Services 1.0% 2.9% 3.1% 6.5% 8.2% 1.2% Electric -- -- -- 1.7% 2.6% -- Electrical Components & Equipment 3.7% -- 1.6% 0.6% 0.3% 1.7% Electronics 4.6% 6.8% 3.5% 1.1% 0.5% 4.3% Engineering & Construction -- -- -- -- 0.0%^ 1.4% Entertainment 0.3% -- 2.9% -- 0.1% 1.8% Environmental Control -- 1.1% -- -- 0.2% 0.8% Food -- -- 2.7% 2.8% 2.1% 0.5% Food Service -- -- -- -- -- -- Forest Products & Paper -- -- -- 1.0% 0.6% -- Gas -- -- -- 0.9% 0.2% -- Hand/Machine Tools -- -- -- 0.3% 0.1% 0.2% Healthcare-Products 7.3% 7.1% 4.1% 3.4% 3.6% 2.9% Healthcare-Services 2.7% 2.1% 1.9% 2.2% 1.2% 1.4% Holding Companies-Diversified -- -- -- -- -- -- Home Builders 0.9% 3.1% 1.9% -- 0.1% -- Home Furnishings 0.9% -- -- -- 0.1% 4.0% Household Products/Wares 2.6% -- -- -- 0.3% 0.3% Housewares -- -- -- -- 0.1% 0.7% Insurance 2.1% 1.8% 1.2% 6.6% 4.9% 0.9% Internet 5.0% 2.3% -- -- 1.1% 2.3% Investment Companies 0.7% 7.8% -- -- -- -- Iron/Steel 0.8% -- -- -- 0.1% 4.8% Leisure Time 0.6% -- 1.5% -- 0.5% 0.7% Lodging 1.1% -- -- -- 0.3% 0.5% Machinery-Construction & Mining 0.8% -- -- -- 0.2% -- Machinery-Diversified 0.5% -- 2.0% 0.3% 0.3% 0.8% Media -- 1.3% 2.3% 3.2% 3.3% -- Metal Fabricate/Hardware -- -- -- -- 0.0%^ 1.4% Metal Fabrication -- -- -- -- -- -- Mining -- -- -- 0.4% 0.6% 2.4% Miscellaneous Manufacturing 2.4% 1.0% 8.5% 5.4% 5.8% 2.3% Office Furnishings -- -- -- -- -- -- Office/Business Equipment -- -- -- 1.2% 0.2% -- Oil & Gas 4.2% 4.8% 1.0% 6.7% 6.0% 2.3% Oil & Gas Services -- -- 1.0% 0.9% 0.7% 4.4% Packaging & Containers -- -- 0.2% 0.1% -- Pharmaceuticals 6.6% 8.1% 5.1% 5.3% 7.0% 1.5% Pipelines -- -- -- -- 0.2% 0.4% Real Estate -- -- -- -- -- -- REITS -- -- -- -- 0.3% 1.7% Retail 6.8% 12.0% 10.8% 5.4% 6.8% 7.5% Savings & Loans 1.1% -- -- -- 0.6% -- Semiconductors 6.6% 6.1% 18.6% 3.5% 3.3% 0.7% Software 7.8% 3.0% 3.7% 4.4% 5.0% 0.9% Sovereign 0.4% -- -- -- -- -- Storage/Warehousing -- -- -- -- -- 1.1% Telecommunications 5.4% 4.5% 4.2% 5.2% 6.4% 3.0% Textiles -- -- -- -- -- 1.1% Toys/Games/Hobbies 1.3% -- -- 0.4% 0.1% -- Transportation 5.0% -- -- 0.9% 1.5% 4.8% Trucking & Leasing -- -- -- -- 0.0%^ -- Water -- -- -- -- -- -- DISCIPLINED LIFEMODEL SMALL CAP MULTI CAP LARGE CAP LIFEMODEL MODERATELY LIFEMODEL VALUE VALUE VALUE AGGRESSIVE AGGRESSIVE MODERATE FUND FUND FUND FUND SM FUND SM FUND SM -------- -------- -------- ---------- ---------- --------- Advertising -- -- -- -- -- -- Aerospace/Defense -- 1.5% 3.3% -- -- -- Agriculture -- -- -- -- -- -- Airlines -- -- -- -- -- -- Apparel 1.2% -- -- -- -- -- Auto Manufacturers -- 0.4% 2.1% -- -- -- Auto Parts & Equipment -- 2.2% -- -- -- -- Banks -- 1.6% 6.1% -- -- -- Beverages 2.7% -- -- -- -- -- Biotechnology 0.7% 1.5% -- -- -- -- Building Materials -- 0.8% 1.1% -- -- -- Cash Equivalents 15.6% 19.9% 11.5% -- -- -- Chemicals 3.9% 0.6% 3.0% -- -- -- Closed-end Funds -- 0.6% -- -- -- -- Commercial Services 6.8% -- -- -- -- -- Computers 2.6% 4.9% 3.1% -- -- -- Cosmetics/Personal Care -- 1.0% -- -- -- -- Distribution/Wholesale -- -- 1.4% -- -- -- Diversified Financial Services 1.6% 3.8% 6.5% -- -- -- Electric 3.4% 2.2% 4.9% -- -- -- Electrical Components & Equipment 2.8% 0.3% -- -- -- -- Electronics 1.1% 2.9% 2.1% -- -- -- Engineering & Construction -- -- -- -- -- -- Entertainment -- -- -- -- -- -- Environmental Control -- 0.8% -- -- -- -- Food 1.0% 6.3% 5.0% -- -- -- Food Service -- -- -- -- -- -- Forest Products & Paper -- 0.9% 4.5% -- -- -- Gas -- -- -- -- -- -- Hand/Machine Tools -- 1.3% -- -- -- -- Healthcare-Products -- 1.6% -- -- -- -- Healthcare-Services 8.1% 2.1% 0.8% -- -- -- Holding Companies-Diversified -- -- -- -- -- -- Home Builders -- -- -- -- -- -- Home Furnishings -- 1.8% -- -- -- -- Household Products/Wares 1.0% 0.4% -- -- -- -- Housewares -- 0.8% -- -- -- -- Insurance 8.8% 4.3% 8.6% -- -- -- Internet 2.2% -- -- -- -- -- Investment Companies 3.3% 1.7% -- 100.1% 99.9% 100.0% Iron/Steel -- 0.2% -- -- -- -- Leisure Time -- 0.9% 2.5% -- -- -- Lodging -- 0.6% -- -- -- -- Machinery-Construction & Mining -- -- 2.0% -- -- -- Machinery-Diversified -- 2.1% -- -- -- -- Media -- 2.0% 2.9% -- -- -- Metal Fabricate/Hardware -- -- -- -- -- -- Metal Fabrication -- -- -- -- -- -- Mining 2.1% -- -- -- -- -- Miscellaneous Manufacturing -- 3.3% 5.5% -- -- -- Office Furnishings -- -- -- -- -- -- Office/Business Equipment -- -- -- -- -- -- Oil & Gas 2.2% 9.1% 11.6% -- -- -- Oil & Gas Services 8.1% 1.6% 1.6% -- -- -- Packaging & Containers -- -- -- -- -- -- Pharmaceuticals 4.1% 4.0% 4.3% -- -- -- Pipelines -- -- -- -- -- -- Real Estate -- -- -- -- -- -- REITS -- 0.7% 0.4% -- -- -- Retail 5.7% 7.0% 7.1% -- -- -- Savings & Loans 0.4% -- -- -- -- -- Semiconductors 7.7% 1.5% 0.9% -- -- -- Software -- 0.9% -- -- -- -- Sovereign -- -- -- -- -- -- Storage/Warehousing 1.0% -- -- -- -- -- Telecommunications 1.6% 6.7% 4.4% -- -- -- Textiles -- -- -- -- -- -- Toys/Games/Hobbies -- 0.6% -- -- -- -- Transportation 2.2% 2.5% -- -- -- -- Trucking & Leasing -- -- -- -- -- -- Water -- -- -- -- -- -- LIFEMODEL MODERATELY LIFEMODEL SELECT INTERNATIONAL CONSERVATIVE CONSERVATIVE STOCK TECHNOLOGY EQUITY FUND SM FUND SM FUND FUND FUND ---------- ---------- -------- --------- ---------- Advertising -- -- -- 2.3% 0.2% Aerospace/Defense -- -- 4.2% -- 0.5% Agriculture -- -- -- -- 0.7% Airlines -- -- -- -- 0.2% Apparel -- -- -- -- 0.1% Auto Manufacturers -- -- -- -- 4.0% Auto Parts & Equipment -- -- -- -- 0.7% Banks -- -- -- -- 14.9% Beverages -- -- -- -- 1.0% Biotechnology -- -- -- 1.6% 0.0%^ Building Materials -- -- -- -- 1.3% Cash Equivalents -- -- 1.2% 9.7% 18.3% Chemicals -- -- -- -- 2.1% Closed-end Funds -- -- -- -- -- Commercial Services -- -- 7.3% -- 0.8% Computers -- -- 5.6% 8.3% 0.5% Cosmetics/Personal Care -- -- -- -- 0.6% Distribution/Wholesale -- -- -- -- 0.7% Diversified Financial Services -- -- 8.1% -- 1.3% Electric -- -- -- -- 2.8% Electrical Components & Equipment -- -- -- -- 1.1% Electronics -- -- 5.6% 9.5% 1.7% Engineering & Construction -- -- -- -- 0.9% Entertainment -- -- 3.7% -- 0.3% Environmental Control -- -- -- -- 0.0%^ Food -- -- -- -- 3.5% Food Service -- -- -- -- 0.2% Forest Products & Paper -- -- -- -- 0.6% Gas -- -- -- -- 0.5% Hand/Machine Tools -- -- -- -- 0.5% Healthcare-Products -- -- 8.3% -- 0.4% Healthcare-Services -- -- -- -- -- Holding Companies-Diversified -- -- -- -- 0.7% Home Builders -- -- 5.0% -- 0.3% Home Furnishings -- -- -- -- 1.1% Household Products/Wares -- -- -- -- 0.2% Housewares -- -- -- -- 0.1% Insurance -- -- -- -- 3.8% Internet -- -- -- 17.1% 0.3% Investment Companies 100.2% 99.9% -- -- -- Iron/Steel -- -- -- -- 0.7% Leisure Time -- -- -- -- 0.1% Lodging -- -- -- -- 0.3% Machinery-Construction & Mining -- -- -- -- 0.1% Machinery-Diversified -- -- 3.2% 1.7% 0.3% Media -- -- -- -- 2.0% Metal Fabricate/Hardware -- -- -- -- 0.2% Metal Fabrication -- -- -- -- -- Mining -- -- 5.3% -- 1.3% Miscellaneous Manufacturing -- -- 3.1% -- 1.6% Office Furnishings -- -- -- -- 0.0%^ Office/Business Equipment -- -- -- -- 0.8% Oil & Gas -- -- -- -- 7.9% Oil & Gas Services -- -- -- -- 0.0%^ Packaging & Containers -- -- -- -- 0.1% Pharmaceuticals -- -- 4.7% 2.0% 8.0% Pipelines -- -- -- -- -- Real Estate -- -- -- -- 1.1% REITS -- -- -- -- 0.1% Retail -- -- 9.9% -- 2.2% Savings & Loans -- -- -- -- -- Semiconductors -- -- 19.2% 19.7% 0.6% Software -- -- -- 4.4% 0.5% Sovereign -- -- -- -- -- Storage/Warehousing -- -- -- -- 0.0%^ Telecommunications -- -- 6.1% 32.9% 8.3% Textiles -- -- -- -- 0.3% Toys/Games/Hobbies -- -- -- -- 0.2% Transportation -- -- -- -- 1.4% Trucking & Leasing -- -- -- -- -- Water -- -- -- -- 0.3% _______________________________ ^ Amount is less than 0.05%. SEE NOTES TO FINANCIAL STATEMENTS 114-115 Spread
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FIFTH THIRD FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- The investment concentrations for the Balanced Fund and Strategic Income Fund as a percentage of net assets, by industry, as of July 31, 2004, were as follows: STRATEGIC BALANCED INCOME FUND FUND --------- ----------- Advertising 1.7% -- Aerospace/Defense 1.0% -- Auto Manufacturers 0.2% -- Automobile ABS 4.7% -- Banks 5.0% 14.8% Beverages 1.2% -- Cash Equivalents 6.2% 2.3% Chemicals 1.9% -- Closed-end Funds -- 8.6% Commercial MBS 4.6% -- Computers 3.0% -- Cosmetics/Personal Care 1.3% 0.3% Credit Card ABS 0.5% 0.3% Diversified Financial Services 3.8% 22.6% Electric 1.0% 6.6% Electrical Components & Equipment 1.5% -- Entertainment -- 0.6% Food 2.3% 2.1% Forestry Products & Paper -- 1.0% Gas -- 0.6% Healthcare-Products 3.3% -- Holding Companies-Diversified -- 0.6% Home Furnishings -- 0.3% Household Products/Wares 1.9% -- BALANCED STRATEGIC FUND, INCOME FUND, CONTINUED CONTINUED --------- ------------ Insurance 5.3% 5.6% Internet 0.9% -- Investment Companies -- 0.2% Machinery-Diversified 1.3% -- Media 1.8% 1.1% Mining 1.3% -- Miscellaneous Manufacturing 3.0% 0.2% Oil & Gas 4.6% -- Oil & Gas Services 1.1% -- Other ABS 4.0% -- Pharmaceuticals 4.5% 1.4% Pipelines 0.2% 0.6% Regional (state/providence) 0.3% -- REITS -- 16.4% Retail 4.4% 2.1% Savings & Loans -- 0.4% Semiconductors 1.5% -- Software 5.2% -- Sovereign 17.7% 5.1% Telecommunications 3.8% 2.7% TRAINS 1.2% 0.3% Transportation 0.8% -- WL Collateral CMO 2.8% 3.7% The investment concentrations for the Bond Funds as a percentage of net assets, by industry, as of July 31, 2004, were as follows: [Download Table] U.S. INTERMEDIATE SHORT TERM GOVERNMENT BOND BOND BOND BOND FUND FUND FUND FUND ------ ------------ ---------- ---------- Auto Manufacturers 0.5% 0.8% -- -- Automobile ABS 5.9% 1.5% 8.8% -- Banks 7.9% 11.8% 12.0% -- Beverages -- 0.2% -- -- Cash Equivalents 10.4% 27.9% 37.8% 5.0% Chemicals -- 1.3% 0.2% -- Commercial MBS 10.6% 11.1% 4.5% -- Commercial Services 0.6% 0.2% -- -- Computers 0.2% -- 0.9% -- Credit Card ABS 7.7% 0.5% 2.6% -- Development -- -- 0.2% -- Diversified Financial Services 17.6% 20.2% 8.2% -- Electric 2.0% 4.8% 1.3% -- Food -- 0.5% 0.5% -- Gas -- 0.7% 1.1% -- General Obligation 0.7% -- -- -- Healthcare-Products -- 0.3% -- -- Insurance 0.4% 0.1% 2.2% -- Media 1.4% 2.0% 0.5% -- Mining -- -- 0.4% -- Miscellaneous Manufacturing -- 0.4% 0.1% -- Oil & Gas 0.8% 1.7% 1.5% -- Other ABS 5.8% 1.5% 1.7% -- Pipelines 0.5% 0.5% 0.5% -- Regional(state/providence) 0.8% -- -- -- REITS -- 0.1% -- -- Savings & Loans -- 1.1% 0.4% -- Sovereign 52.7% 31.8% 47.7% 99.2% Telecommunications 1.7% 1.3% 0.8% -- TRAINS -- 2.2% -- -- Transportation 0.1% 0.3% -- -- WL Collateral CMO 4.2% 1.8% 1.9% -- SEE NOTES TO FINANCIAL STATEMENTS 116
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FIFTH THIRD FUNDS NOTES TO SCHEDULES OF PORTFOLIO INVESTMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- The investment concentrations for the Municipal Bond Funds as a percentage of net assets, by industry, as of July 31, 2004, were as follows: INTERMEDIATE OHIO MICHIGAN MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL BOND BOND BOND BOND FUND FUND FUND FUND --------- ------------ --------- --------- Airport 12.8% 8.8% -- 2.8% Cash Equivalents 0.4% 0.1% 1.3% 1.0% Development 2.7% 6.6% 2.3% 3.1% Education 6.3% 2.2% 0.7% -- Facilities 1.7% 4.6% 5.9% 7.2% General 9.8% 7.0% 6.8% 7.7% General Obligation 14.0% 15.4% 15.0% 4.5% Higher Education 7.1% 2.6% 17.7% 8.7% Housing 2.0% 2.6% 2.5% 1.5% Medical 5.3% 4.8% 15.4% 15.4% Nursing Homes -- -- -- 0.6% Pollution -- 0.4% 8.0% 3.4% Power -- 5.2% 5.8% 1.8% School District 26.3% 15.9% 8.0% 25.2% Single Family Housing 0.6% 1.9% 1.3% 2.5% Student Loan 1.7% 4.8% -- 4.2% Transportation 3.5% 10.3% 6.4% 6.7% Utilities 3.0% 5.5% 2.0% -- Water 1.7% 1.2% -- 3.0% SEE NOTES TO FINANCIAL STATEMENTS 117
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FIFTH THIRD FUNDS STATEMENTS OF ASSETS AND LIABILITIES JULY 31, 2004 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) -------------------------------------------------------------------------------- [Enlarge/Download Table] SMALL CAP MID CAP QUALITY LARGE CAP GROWTH GROWTH GROWTH CORE FUND FUND FUND FUND --------- --------- ----------- --------- ASSETS: Investments, at cost $ 249,517 $ 385,716 $ 1,049,002 $ 106,213 Net unrealized appreciation 37,329 48,948 103,863 9,064 --------- --------- ----------- --------- Investments, at value 286,846 434,664 1,152,865 115,277 Repurchase agreements, at cost -- 26,081 -- 7,570 --------- --------- ----------- --------- Total Investments 286,846 460,745 1,152,865 122,847 Cash -- 1 -- 7 Interest, dividends and other receivables 10 66 428 151 Receivable for investments sold 3,036 -- 44,305 -- Receivable for Fund shares sold 3 1 97 -- Receivable for variation margin on futures contracts 14 -- -- 5 Receivable from Advisor and affiliates -- -- -- 1 Prepaid expenses and other assets 23 49 60 12 --------- --------- ----------- --------- Total Assets 289,932 460,862 1,197,755 123,023 --------- --------- ----------- --------- LIABILITIES: Payable to Custodian 322 -- 458 -- Payable for investments purchased 409 5,541 40,663 -- Payable for securities loaned 35,821 60,172 20,601 6,081 Payable for Fund shares redeemed 39 20 292 96 Accrued expenses and other payables: Payable to Advisor and affiliates 162 286 815 74 Distribution and administrative services fees 8 19 74 6 Other 44 31 82 30 --------- --------- ----------- --------- Total Liabilities 36,805 66,069 62,985 6,287 --------- --------- ----------- --------- NET ASSETS: Paid-in Capital 171,065 371,123 1,179,153 151,517 Accumulated net investment income (loss) (14) -- -- 39 Accumulated net realized gain/(loss) from investment transactions, option contracts and futures 44,812 (25,278) (148,246) (43,889) Net unrealized appreciation on investments and futures 37,264 48,948 103,863 9,069 --------- --------- ----------- --------- Net Assets $ 253,127 $ 394,793 $ 1,134,770 $ 116,736 ========= ========= =========== ========= Market value of securities loaned $ 30,568 $ 58,911 $ 20,233 $ 5,953 ========= ========= =========== ========= Net Assets: Institutional Shares $ 223,439 $ 335,815 $ 882,256 $ 90,222 Class A Shares 25,921 49,586 220,904 25,573 Class B Shares 1,784 6,730 20,947 783 Class C Shares 810 1,700 7,536 158 Advisor Shares 1,173 962 3,127 NA Select Shares NA NA NA NA Preferred Shares NA NA NA NA Trust Shares NA NA NA NA --------- --------- ----------- --------- Total $ 253,127 $ 394,793 $ 1,134,770 $ 116,736 ========= ========= =========== ========= Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional Shares 14,430 25,907 60,375 6,833 Class A Shares 1,707 3,898 15,362 1,961 Class B Shares 119 544 1,498 60 Class C Shares 54 142 553 12 Advisor Shares 77 76 219 NA Select Shares NA NA NA NA Preferred Shares NA NA NA NA Trust Shares NA NA NA NA --------- --------- ----------- --------- Total 16,387 30,567 78,007 8,866 ========= ========= =========== ========= Net Asset Value Institutional Shares $ 15.48 $ 12.96 $ 14.61 $ 13.20 ========= ========= =========== ========= Class A Shares-redemption price per share $ 15.18 $ 12.72 $ 14.38 $ 13.04 ========= ========= =========== ========= Class B Shares-offering price per share* $ 15.02 $ 12.38 $ 13.99 $ 13.08 ========= ========= =========== ========= Class C Shares-offering price per share* $ 15.03 $ 11.94 $ 13.63 $ 13.08 ========= ========= =========== ========= Advisor Shares $ 15.25 $ 12.65 $ 14.29 NA ========= ========= =========== ========= Select Shares NA NA NA NA ========= ========= =========== ========= Preferred Shares NA NA NA NA ========= ========= =========== ========= Trust Shares NA NA NA NA ========= ========= =========== ========= Maximum sales charge-Class A Shares 5.00% 5.00% 5.00% 5.00% Maximum Offering Price (100%/(100%-Maximum sales charge) of net asset value adjusted to the nearest cent) per share (Class A Shares) $ 15.98 $ 13.39 $ 15.14 $ 13.73 ========= ========= =========== ========= EQUITY MICRO CAP SMALL CAP INDEX BALANCED VALUE VALUE FUND FUND FUND FUND --------- --------- ----------- --------- ASSETS: Investments, at cost $ 334,979 $ 202,528 $ 167,603 $ 91,168 Net unrealized appreciation 235,411 8,636 63,489 5,737 --------- --------- ----------- --------- Investments, at value 570,390 211,164 231,092 96,905 Repurchase agreements, at cost 3,092 -- 16,836 17,525 --------- --------- ----------- --------- Total Investments 573,482 211,164 247,928 114,430 Cash -- -- 3,100 1 Interest, dividends and other receivables 710 445 142 71 Receivable for investments sold -- 497 1,209 1,074 Receivable for Fund shares sold 15 7 -- 35 Receivable for variation margin on futures contracts 15 -- -- -- Receivable from Advisor and affiliates 11 -- -- -- Prepaid expenses and other assets 47 47 51 9 --------- --------- ----------- --------- Total Assets 574,280 212,160 252,430 115,620 --------- --------- ----------- --------- LIABILITIES: Payable to Custodian 12 -- -- -- Payable for investments purchased -- 15,232 640 3,171 Payable for securities loaned 39,342 6,089 -- -- Payable for Fund shares redeemed 105 113 247 7 Accrued expenses and other payables: Payable to Advisor and affiliates 57 136 221 126 Distribution and administrative services fees 61 31 20 2 Other 44 22 27 23 --------- --------- ----------- --------- Total Liabilities 39,621 21,623 1,155 3,329 --------- --------- ----------- --------- NET ASSETS: Paid-in Capital 361,150 241,344 173,084 95,751 Accumulated net investment income (loss) 416 204 -- -- Accumulated net realized gain/(loss) from investment transactions, option contracts and futures (62,233) (59,647) 14,702 10,803 Net unrealized appreciation on investments and futures 235,326 8,636 63,489 5,737 --------- --------- ----------- --------- Net Assets $ 534,659 $ 190,537 $ 251,275 $ 112,291 ========= ========= =========== ========= Market value of securities loaned $ 38,424 $ 5,962 $ -- $ -- ========= ========= =========== ========= Net Assets: Institutional Shares $ 193,734 $ 98,282 $ 155,798 $ 107,344 Class A Shares 72,944 74,231 41,402 2,277 Class B Shares 3,776 13,117 6,937 503 Class C Shares 1,990 4,731 5,624 561 Advisor Shares 1,296 176 41,514 1,606 Select Shares 14,315 NA NA NA Preferred Shares 165,845 NA NA NA Trust Shares 80,759 NA NA NA --------- --------- ----------- --------- Total $ 534,659 $ 190,537 $ 251,275 $ 112,291 ========= ========= =========== ========= Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional Shares 9,219 8,189 15,102 5,365 Class A Shares 3,483 6,222 4,083 114 Class B Shares 181 1,112 697 25 Class C Shares 95 402 565 28 Advisor Shares 62 15 4,115 81 Select Shares 682 NA NA NA Preferred Shares 7,894 NA NA NA Trust Shares 3,844 NA NA NA --------- --------- ----------- --------- Total 25,460 15,940 24,562 5,613 ========= ========= =========== ========= Net Asset Value Institutional Shares $ 21.01 $ 12.00 $ 10.32 $ 20.01 ========= ========= =========== ========= Class A Shares-redemption price per share $ 20.94 $ 11.93 $ 10.14 $ 19.95 ========= ========= =========== ========= Class B Shares-offering price per share* $ 20.83 $ 11.80 $ 9.96 $ 19.76 ========= ========= =========== ========= Class C Shares-offering price per share* $ 20.84 $ 11.78 $ 9.96 $ 19.74 ========= ========= =========== ========= Advisor Shares $ 20.92 $ 11.91 $ 10.09 $ 19.89 ========= ========= =========== ========= Select Shares $ 21.00 NA NA NA ========= ========= =========== ========= Preferred Shares $ 21.01 NA NA NA ========= ========= =========== ========= Trust Shares $ 21.01 NA NA NA ========= ========= =========== ========= Maximum sales charge-Class A Shares 5.00% 5.00% 5.00% 5.00% Maximum Offering Price (100%/(100%-Maximum sales charge) of net asset value adjusted to the nearest cent) per share (Class A Shares) $ 22.04 $ 12.56 $ 10.67 $ 21.00 ========= ========= =========== ========= DISCIPLINED MULTI CAP LARGE CAP LIFEMODEL VALUE VALUE AGGRESSIVE FUND FUND FUND SM --------- --------- ----------- ASSETS: Investments, at cost $ 259,754 $ 579,934 $ 94,255 Net unrealized appreciation 68,644 100,229 10,183 --------- --------- ----------- Investments, at value 328,398 680,163 104,438 Repurchase agreements, at cost 35,442 27,886 -- --------- --------- ----------- Total Investments 363,840 708,049 104,438# Cash 1 1 -- Interest, dividends and other receivables 265 1,183 1 Receivable for investments sold -- 17,182 -- Receivable for Fund shares sold 65 38 56 Receivable for variation margin on futures contracts -- -- -- Receivable from Advisor and affiliates -- -- 4 Prepaid expenses and other assets 23 45 10 --------- --------- ----------- Total Assets 364,194 726,498 104,509 --------- --------- ----------- LIABILITIES: Payable to Custodian -- -- -- Payable for investments purchased -- 17,469 -- Payable for securities loaned 32,521 47,987 -- Payable for Fund shares redeemed 328 39 120 Accrued expenses and other payables: Payable to Advisor and affiliates 291 463 6 Distribution and administrative services fees 43 10 20 Other 25 33 7 --------- --------- ----------- Total Liabilities 33,208 66,001 153 --------- --------- ----------- NET ASSETS: Paid-in Capital 252,522 548,218 93,718 Accumulated net investment income (loss) -- 492 -- Accumulated net realized gain/(loss) from investment transactions, option contracts and futures 9,820 11,558 455 Net unrealized appreciation on investments and futures 68,644 100,229 10,183 --------- --------- ----------- Net Assets $ 330,986 $ 660,497 $ 104,356 ========= ========= =========== Market value of securities loaned $ 31,754 $ 46,739 $ -- ========= ========= =========== Net Assets: Institutional Shares $ 235,228 $ 632,120 $ 52,085 Class A Shares 33,156 21,738 38,249 Class B Shares 18,795 4,807 12,106 Class C Shares 3,824 1,832 1,916 Advisor Shares 39,983 NA NA Select Shares NA NA NA Preferred Shares NA NA NA Trust Shares NA NA NA --------- --------- ----------- Total $ 330,986 $ 660,497 $ 104,356 ========= ========= =========== Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional Shares 10,416 46,740 4,170 Class A Shares 1,483 1,610 3,072 Class B Shares 857 353 984 Class C Shares 174 137 156 Advisor Shares 1,794 NA NA Select Shares NA NA NA Preferred Shares NA NA NA Trust Shares NA NA NA --------- --------- ----------- Total 14,724 48,840 8,382 ========= ========= =========== Net Asset Value Institutional Shares $ 22.58 $ 13.52 $ 12.49 ========= ========= =========== Class A Shares-redemption price per share $ 22.36 $ 13.50 $ 12.45 ========= ========= =========== Class B Shares-offering price per share* $ 21.94 $ 13.61 $ 12.30 ========= ========= =========== Class C Shares-offering price per share* $ 21.93 $ 13.40 $ 12.30 ========= ========= =========== Advisor Shares $ 22.29 NA NA ========= ========= =========== Select Shares NA NA NA ========= ========= =========== Preferred Shares NA NA NA ========= ========= =========== Trust Shares NA NA NA ========= ========= =========== Maximum sales charge-Class A Shares 5.00% 5.00% 5.00% Maximum Offering Price (100%/(100%-Maximum sales charge) of net asset value adjusted to the nearest cent) per share (Class A Shares) $ 23.54 $ 14.21 $ 13.11 ========= ========= =========== _______________________ * Redemption price per share varies by length of time shares are held. ^ Represents fewer than five hundred dollars. # Represents investments in affiliates. SEE NOTES TO FINANCIAL STATEMENTS 118-119 Spread
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FIFTH THIRD FUNDS STATEMENTS OF ASSETS AND LIABILITIES JULY 31, 2004 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) -------------------------------------------------------------------------------- [Enlarge/Download Table] LIFEMODEL LIFEMODEL MODERATELY LIFEMODEL MODERATELY LIFEMODEL AGGRESSIVE MODERATE CONSERVATIVE CONSERVATIVE FUND SM FUND SM FUND SM FUND SM ---------- ---------- ---------- ---------- ASSETS: Investments, at cost $ 206,485 $ 449,438 $ 98,278 $ 53,755 Net unrealized appreciation/(depreciation) 18,063 8,199 5,532 950 ---------- ---------- ---------- ---------- Investments, at value 224,548 457,637 103,810 54,705 Repurchase agreements, at cost -- -- -- -- ---------- ---------- ---------- ---------- Total Investments 224,548# 457,637# 103,810# 54,705# Cash -- -- -- --^ Foreign currency, at value (cost $0, $0, $0, $0, $0, $0, $0, $12,037, $0, $0 and $0, respectively) -- -- -- -- Interest, dividends and other receivables 3 4 1 --^ Receivable for investments sold -- -- -- -- Receivable for Fund shares sold 215 146 54 75 Receivable for forward foreign currency contracts -- -- -- -- Receivable for variation margin on futures contracts -- -- -- -- Reclaims receivable -- -- -- -- Receivable from Advisor and affiliates 8 15 4 3 Prepaid expenses and other assets 20 14 10 12 ---------- ---------- ---------- ---------- Total Assets 224,794 457,816 103,879 54,795 ---------- ---------- ---------- ---------- LIABILITIES: Payable to Custodian -- -- -- -- Distributions payable -- -- -- -- Payable for investments purchased -- -- -- -- Payable for securities loaned -- -- -- -- Payable for Fund shares redeemed 25 140 189 16 Payable for forward foreign currency contracts -- -- -- -- Accrued expenses and other payables: Payable to Advisor and affiliates 12 25 6 3 Distribution and administrative services fees 60 57 30 21 Other 12 26 8 6 ---------- ---------- ---------- ---------- Total Liabilities 109 248 233 46 ---------- ---------- ---------- ---------- NET ASSETS: Paid-in Capital 205,452 448,297 97,403 53,391 Accumulated net investment income (loss) 82 487 128 93 Accumulated net realized gain/(loss) from investment transactions, futures and foreign currency 1,088 585 583 315 Net unrealized appreciation/(depreciation) on investments, futures and foreign currency 18,063 8,199 5,532 950 ---------- ---------- ---------- ---------- Net Assets $ 224,685 $ 457,568 $ 103,646 $ 54,749 ========== ========== ========== ========== Market value of securities loaned $ -- $ -- $ -- $ -- ========== ========== ========== ========== Net Assets: Institutional Shares $ 82,264 $ 315,055 $ 38,097 $ 14,201 Class A Shares 94,739 98,293 40,851 20,461 Class B Shares 39,636 36,778 21,122 13,524 Class C Shares 8,046 7,442 3,576 6,563 Advisor Shares NA NA NA NA ---------- ---------- ---------- ---------- Total $ 224,685 $ 457,568 $ 103,646 $ 54,749 ========== ========== ========== ========== Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional Shares 6,590 27,225 3,478 1,332 Class A Shares 7,600 8,504 3,736 1,923 Class B Shares 3,192 3,196 1,938 1,274 Class C Shares 648 647 328 619 Advisor Shares NA NA NA NA ---------- ---------- ---------- ---------- Total 18,030 39,572 9,480 5,148 ========== ========== ========== ========== Net Asset Value Institutional Shares $ 12.48 $ 11.57 $ 10.95 $ 10.66 ========== ========== ========== ========== Class A Shares-redemption price per share $ 12.47 $ 11.56 $ 10.93 $ 10.64 ========== ========== ========== ========== Class B Shares-offering price per share* $ 12.42 $ 11.51 $ 10.90 $ 10.61 ========== ========== ========== ========== Class C Shares-offering price per share* $ 12.41 $ 11.51 $ 10.90 $ 10.61 ========== ========== ========== ========== Advisor Shares NA NA NA NA ========== ========== ========== ========== Maximum sales charge-Class A Shares 5.00% 5.00% 5.00% 5.00% Maximum Offering Price (100%/(100%-Maximum sales charge) of net asset value adjusted to the nearest cent) per share (Class A Shares) $ 13.13 $ 12.17 $ 11.51 $ 11.20 ========== ========== ========== ========== STRATEGIC SELECT INTERNATIONAL INCOME STOCK TECHNOLOGY EQUITY FUND FUND FUND FUND ---------- ---------- ---------- ---------- ASSETS: Investments, at cost $ 165,793 $ 16,650 $ 54,246 $ 393,544 Net unrealized appreciation/(depreciation) 2,683 799 (1,888) (30,500) ---------- ---------- ---------- ---------- Investments, at value 168,476 17,449 52,358 363,044 Repurchase agreements, at cost 3,974 219 169 17,779 ---------- ---------- ---------- ---------- Total Investments 172,450 17,668 52,527 380,823 Cash 1 1 -- 3,767 Foreign currency, at value (cost $0, $0, $0, $0, $0, $0, $0, $12,037, $0, $0 and $0, respectively) -- -- -- 11,827 Interest, dividends and other receivables 1,036 9 1 283 Receivable for investments sold -- 1,206 3,488 -- Receivable for Fund shares sold 32 4 6 3 Receivable for forward foreign currency contracts -- -- -- 424 Receivable for variation margin on futures contracts -- -- -- 136 Reclaims receivable -- -- -- 166 Receivable from Advisor and affiliates -- 10 2 6 Prepaid expenses and other assets 24 29 41 67 ---------- ---------- ---------- ---------- Total Assets 173,543 18,927 56,065 397,502 ---------- ---------- ---------- ---------- LIABILITIES: Payable to Custodian -- -- 46 -- Distributions payable 609 -- -- -- Payable for investments purchased 810 1,324 3,339 -- Payable for securities loaned -- -- 4,497 34,935 Payable for Fund shares redeemed 294 4 8 41 Payable for forward foreign currency contracts -- -- -- 606 Accrued expenses and other payables: Payable to Advisor and affiliates 151 13 44 324 Distribution and administrative services fees 51 3 5 11 Other 10 5 8 26 ---------- ---------- ---------- ---------- Total Liabilities 1,925 1,349 7,947 35,943 ---------- ---------- ---------- ---------- NET ASSETS: Paid-in Capital 169,474 34,567 101,920 441,767 Accumulated net investment income (loss) (169) -- -- 4,002 Accumulated net realized gain/(loss) from investment transactions, futures and foreign currency (370) (17,788) (51,914) (52,202) Net unrealized appreciation/(depreciation) on investments, futures and foreign currency 2,683 799 (1,888) (32,008) ---------- ---------- ---------- ---------- Net Assets $ 171,618 $ 17,578 $ 48,118 $ 361,559 ========== ========== ========== ========== Market value of securities loaned $ -- $ -- $ 3,509 $ 34,106 ========== ========== ========== ========== Net Assets: Institutional Shares $ 90,995 $ 7,166 $ 37,573 $ 324,852 Class A Shares 954 9,391 7,105 22,999 Class B Shares 389 441 1,436 793 Class C Shares 39,298 580 1,757 555 Advisor Shares 39,982 NA 247 12,360 ---------- ---------- ---------- ---------- Total $ 171,618 $ 17,578 $ 48,118 $ 361,559 ========== ========== ========== ========== Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional Shares 8,163 375 4,439 34,859 Class A Shares 86 499 848 2,465 Class B Shares 35 24 176 86 Class C Shares 3,555 32 217 62 Advisor Shares 3,596 NA 30 1,328 ---------- ---------- ---------- ---------- Total 15,435 930 5,710 38,800 ========== ========== ========== ========== Net Asset Value Institutional Shares $ 11.15 $ 19.10 $ 8.46 $ 9.32 ========== ========== ========== ========== Class A Shares-redemption price per share $ 11.12 $ 18.82 $ 8.38 $ 9.33 ========== ========== ========== ========== Class B Shares-offering price per share* $ 11.12 $ 18.51 $ 8.14 $ 9.23 ========== ========== ========== ========== Class C Shares-offering price per share* $ 11.05 $ 18.01 $ 8.11 $ 8.99 ========== ========== ========== ========== Advisor Shares $ 11.12 NA $ 8.31 $ 9.31 ========== ========== ========== ========== Maximum sales charge-Class A Shares 5.00% 5.00% 5.00% 5.00% Maximum Offering Price (100%/(100%-Maximum sales charge) of net asset value adjusted to the nearest cent) per share (Class A Shares) $ 11.71 $ 19.81 $ 8.82 $ 9.82 ========== ========== ========== ========== INTERMEDIATE SHORT TERM BOND BOND BOND FUND FUND FUND ---------- ---------- ---------- ASSETS: Investments, at cost $ 401,311 $ 904,619 $ 713,928 Net unrealized appreciation/(depreciation) 4,504 6,430 (2,501) ---------- ---------- ---------- Investments, at value 405,815 911,049 711,427 Repurchase agreements, at cost -- -- -- ---------- ---------- ---------- Total Investments 405,815 911,049 711,427 Cash -- 44 -- Foreign currency, at value (cost $0, $0, $0, $0, $0, $0, $0, $12,037, $0, $0 and $0, respectively) -- -- -- Interest, dividends and other receivables 1,634 7,423 4,013 Receivable for investments sold 1,535 -- 7,561 Receivable for Fund shares sold 24 -- 25 Receivable for forward foreign currency contracts -- -- -- Receivable for variation margin on futures contracts -- -- -- Reclaims receivable -- -- -- Receivable from Advisor and affiliates 4 5 3 Prepaid expenses and other assets 48 41 22 ---------- ---------- ---------- Total Assets 409,060 918,562 723,051 ---------- ---------- ---------- LIABILITIES: Payable to Custodian -- -- -- Distributions payable -- -- -- Payable for investments purchased 83,645 879 7,215 Payable for securities loaned 18,961 197,705 190,915 Payable for Fund shares redeemed 48 103 585 Payable for forward foreign currency contracts -- -- -- Accrued expenses and other payables: Payable to Advisor and affiliates 165 358 239 Distribution and administrative services fees 10 10 7 Other 31 61 31 ---------- ---------- ---------- Total Liabilities 102,860 199,116 198,992 ---------- ---------- ---------- NET ASSETS: Paid-in Capital 305,211 742,858 540,021 Accumulated net investment income (loss) 49 194 72 Accumulated net realized gain/(loss) from investment transactions, futures and foreign currency (3,564) (30,036) (13,533) Net unrealized appreciation/(depreciation) on investments, futures and foreign currency 4,504 6,430 (2,501) ---------- ---------- ---------- Net Assets $ 306,200 $ 719,446 $ 524,059 ========== ========== ========== Market value of securities loaned $ 16,966 $ 191,548 $ 184,465 ========== ========== ========== Net Assets: Institutional Shares $ 277,706 $ 676,344 $ 495,271 Class A Shares 22,559 37,500 28,262 Class B Shares 4,512 3,982 NA Class C Shares 768 1,620 526 Advisor Shares 655 NA NA ---------- ---------- ---------- Total $ 306,200 $ 719,446 $ 524,059 ========== ========== ========== Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional Shares 27,703 68,108 51,775 Class A Shares 2,252 3,768 2,957 Class B Shares 450 402 NA Class C Shares 77 163 55 Advisor Shares 65 NA NA ---------- ---------- ---------- Total 30,547 72,441 54,787 ========== ========== ========== Net Asset Value Institutional Shares $ 10.02 $ 9.93 $ 9.57 ========== ========== ========== Class A Shares-redemption price per share $ 10.02 $ 9.95 $ 9.56 ========== ========== ========== Class B Shares-offering price per share* $ 10.02 $ 9.90 NA ========== ========== ========== Class C Shares-offering price per share* $ 10.02 $ 9.92 $ 9.56 ========== ========== ========== Advisor Shares $ 10.02 NA NA ========== ========== ========== Maximum sales charge-Class A Shares 4.75% 3.50% 3.50% Maximum Offering Price (100%/(100%-Maximum sales ========== ========== ========== charge) of net asset value adjusted to the nearest cent) per share (Class A Shares) $ 10.52 $ 10.31 $ 9.91 ========== ========== ========== ____________________________ * Redemption price per share varies by length of time shares are held. ^ Represents fewer than five hundred dollars. # Represents investments in affiliates. SEE NOTES TO FINANCIAL STATEMENTS 120-121 Spread
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FIFTH THIRD FUNDS STATEMENTS OF ASSETS AND LIABILITIES JULY 31, 2004 (AMOUNTS IN THOUSANDS EXCEPT PER SHARE AMOUNTS) -------------------------------------------------------------------------------- [Enlarge/Download Table] U.S. INTERMEDIATE OHIO MICHIGAN GOVERNMENT MUNICIPAL MUNICIPAL MUNICIPAL MUNICIPAL BOND BOND BOND BOND BOND FUND FUND FUND FUND FUND ---------- --------- ---------- ---------- --------- ASSETS: Investments, at cost $ 82,159 $ 57,117 $ 249,709 $ 155,391 $ 113,737 Net unrealized appreciation 377 4,622 11,200 5,449 1,470 ---------- --------- ---------- ---------- --------- Total Investments 82,536 61,739 260,909 160,840 115,207 Cash 15 -- -- -- -- Interest, dividends and other receivables 718 742 2,648 1,698 1,321 Receivable for investments sold -- -- 2,882 -- -- Receivable from Advisor and affiliates -- 2 3 -- 2 Prepaid expenses and other assets 34 16 35 26 9 ---------- --------- ---------- ---------- --------- Total Assets 83,303 62,499 266,477 162,564 116,539 ---------- --------- ---------- ---------- --------- LIABILITIES: Payable for investments purchased 4,033 -- 5,180 -- 451 Payable for Fund shares redeemed -- 33 -- 110 -- Accrued expenses and other payables: Payable to Advisor and affiliates 32 32 131 80 49 Distribution and administrative services fees 10 2 2 13 4 Other 7 8 24 14 12 ---------- --------- ---------- ---------- --------- Total Liabilities 4,082 75 5,337 217 516 ---------- --------- ---------- ---------- --------- NET ASSETS: Paid-in Capital 79,197 55,521 247,517 155,814 114,555 Accumulated net investment income 47 10 96 25 8 Accumulated net realized gain/(loss) from investment transactions (400) 2,271 2,327 1,059 (10) Net unrealized appreciation on investments 377 4,622 11,200 5,449 1,470 ---------- --------- ---------- ---------- --------- Net Assets $ 79,221 $ 62,424 $ 261,140 $ 162,347 $ 116,023 ========== ========= ========== ========== ========= Net Assets: Institutional Shares $ 43,820 $ 57,638 $ 255,026 $ 126,343 $ 105,361 Class A Shares 31,146 2,462 4,479 26,962 7,294 Class B Shares NA 1,528 1,269 4,714 1,574 Class C Shares 4,255 363 366 4,328 1,794 Advisor Shares NA 433 NA NA NA ---------- --------- ---------- ---------- --------- Total $ 79,221 $ 62,424 $ 261,140 $ 162,347 $ 116,023 ========== ========= ========== ========== ========= Shares of Beneficial Interest Outstanding (Unlimited number of shares authorized, no par value): Institutional Shares 4,332 5,545 24,211 12,166 10,355 Class A Shares 3,075 236 425 2,596 718 Class B Shares NA 147 121 463 155 Class C Shares 423 35 35 418 177 Advisor Shares NA 42 NA NA NA ---------- --------- ---------- ---------- --------- Total 7,830 6,005 24,792 15,643 11,405 ========== ========= ========== ========== ========= Net Asset Value Institutional Shares $ 10.12 $ 10.40 $ 10.53 $ 10.39 $ 10.17 ========== ========= ========== ========== ========= Class A Shares-redemption price per share $ 10.13 $ 10.43 $ 10.54 $ 10.39 $ 10.16 ========== ========= ========== ========== ========= Class B Shares-offering price per share* NA $ 10.37 $ 10.51 $ 10.18 $ 10.16 ========== ========= ========== ========== ========= Class C Shares-offering price per share* $ 10.05 $ 10.38 $ 10.53 $ 10.35 $ 10.16 ========== ========= ========== ========== ========= Advisor Shares NA $ 10.39 NA NA NA ========== ========= ========== ========== ========= Maximum sales charge-Class A Shares 4.75% 4.75% 3.50% 4.75% 4.75% Maximum Offering Price (100%/(100%-Maximum sales charge) of net asset value adjusted to the nearest cent) per share (Class A Shares) $ 10.64 $ 10.95 $ 10.92 $ 10.91 $ 10.67 ========== ========= ========== ========== ========= ____________________ * Redemption price per share varies by length of time shares are held. SEE NOTES TO FINANCIAL STATEMENTS 122
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FIFTH THIRD FUNDS STATEMENTS OF OPERATIONS FOR THE YEAR ENDED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] SMALL CAP MID CAP QUALITY LARGE CAP EQUITY GROWTH GROWTH GROWTH CORE INDEX FUND FUND FUND FUND FUND (a) --------- --------- --------- --------- --------- INVESTMENT INCOME: Interest income $ 18 $ 26 $ 10 $ 3 $ 2 Dividend income 738 1,551 9,581 2,597 9,836 Income from securities lending 201 89 45 3 18 --------- --------- --------- --------- --------- Total Investment Income 957 1,666 9,636 2,603 9,856 --------- --------- --------- --------- --------- EXPENSES: Investment advisory fees 2,397 3,295 9,282 1,037 1,745 Administrative fees 593 713 2,008 256 1,007 Distribution services fees-Class A Shares 66 129 602 65 159 Distribution services fees-Class B Shares 18 69 225 7 33 Distribution services fees-Class C Shares 6 13 66 1 14 Distribution services fees-Advisor Shares 5 4 13 NA 4 Administrative services fees-Class C Shares 2 4 22 --^ 5 Administrative services fees-Select Shares NA NA NA NA 6 Administrative services fees-Preferred Shares NA NA NA NA 172 Administrative services fees-Trust Shares NA NA NA NA 172 Accounting fees 121 130 244 71 201 Registration and filing fees 20 25 35 18 27 Transfer and dividend disbursing agent fees 136 163 439 78 218 Custody fees 42 32 49 33 60 Trustees' fees and expenses 7 7 20 3 10 Other expenses 107 114 337 43 214 --------- --------- --------- --------- --------- Total expenses 3,520 4,698 13,342 1,612 4,047 --------- --------- --------- --------- --------- Less:Waiver and/or reimbursement from Advisor and/or affiliates -- -- -- (179) (2,082) --------- --------- --------- --------- --------- Net Expenses 3,520 4,698 13,342 1,433 1,965 --------- --------- --------- --------- --------- Net Investment Income/(Loss) (2,563) (3,032) (3,706) 1,170 7,891 --------- --------- --------- --------- --------- REALIZED AND UNREALIZED GAINS/(LOSSES) FROM INVESTMENTS, OPTIONS AND FUTURES: Net realized gains/(losses) on investment transactions and option contracts 122,151+ 18,823 (1,831) 13,266 27,907 Net realized gains on futures transactions 1,907 -- -- 629 1,865 Change in unrealized appreciation/depreciation on investments, options and futures (79,194) 14,211 28,290 4,314 35,942 --------- --------- --------- --------- --------- Net realized and unrealized gains on investments, options and futures 44,864 33,034 26,459 18,209 65,714 --------- --------- --------- --------- --------- Change in net assets resulting from operations $ 42,301 $ 30,002 $ 22,753 $ 19,379 $ 73,605 ========= ========= ========= ========= ========= __________________________ (a) Reflects operations for the period from October 20, 2003 (date of commencement of operations) to July 31, 2004 for Select, Preferred and Trust Shares. ^ Represents fewer than five hundred dollars. + Includes realized losses from option contracts in the amount of $18. SEE NOTES TO FINANCIAL STATEMENTS 123
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FIFTH THIRD FUNDS STATEMENTS OF OPERATIONS FOR THE YEAR ENDED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] MICRO CAP SMALL CAP MULTI CAP BALANCED VALUE VALUE VALUE FUND FUND FUND FUND --------- --------- --------- --------- INVESTMENT INCOME: Interest income $ 3,024 $ 360 $ 38 $ 312 Dividend income 2,280 2,214 873 4,498 Income from securities lending 18 -- -- 71 --------- --------- --------- --------- Total Investment Income 5,322 2,574 911 4,881 --------- --------- --------- --------- EXPENSES: Investment advisory fees 1,946 2,375 801 3,067 Administrative fees 421 411 154 531 Distribution services fees-Class A Shares 203 99 3 72 Distribution services fees-Class B Shares 140 65 3 172 Distribution services fees-Class C Shares 43 31 3 23 Distribution services fees-Advisor Shares 1 197 4 209 Administrative services fees-Class C Shares 14 10 1 8 Accounting fees 103 94 107 107 Registration and filing fees 26 23 10 13 Transfer and dividend disbursing agent fees 130 137 82 141 Custody fees 35 44 75 32 Trustees' fees and expenses 4 4 2 5 Other expenses 89 83 17 93 --------- --------- --------- --------- Total expenses 3,155 3,573 1,262 4,473 --------- --------- --------- --------- Less:Waiver and/or reimbursement from Advisor and/or affiliates -- -- (137) -- Distribution services-Class B Shares, Class C Shares and Advisor Shares waived -- (109) -- -- --------- --------- --------- --------- Net Expenses 3,155 3,464 1,125 4,473 --------- --------- --------- --------- Net Investment Income/(Loss) 2,167 (890) (214) 408 --------- --------- --------- --------- REALIZED AND UNREALIZED GAINS/(LOSSES) FROM INVESTMENTS: Net realized gains on investment transactions 15,483 26,765 15,827 16,925 Realized gain distributions from underlying funds -- -- -- -- Change in unrealized appreciation/depreciation on investments 708 32,423 (1,332) 31,860 --------- --------- --------- --------- Net realized and unrealized gains on investments 16,191 59,188 14,495 48,785 --------- --------- --------- --------- Change in net assets resulting from operations $ 18,358 $ 58,298 $ 14,281 $ 49,193 ========= ========= ========= ========= DISCIPLINED LIFEMODEL LARGE CAP LIFEMODEL MODERATELY LIFEMODEL VALUE AGGRESSIVE AGGRESSIVE MODERATE FUND FUND SM FUND SM FUND SM ---------- --------- --------- --------- INVESTMENT INCOME: Interest income $ 67 -- -- -- Dividend income 11,801 $ 885# $ 2,834# $ 5,111# Income from securities lending 13 -- -- -- ---------- --------- --------- --------- Total Investment Income 11,881 885 2,834 5,111 ---------- --------- --------- --------- EXPENSES: Investment advisory fees 4,062 115 259 393 Administrative fees 879 133 299 454 Distribution services fees-Class A Shares 51 66 180 173 Distribution services fees-Class B Shares 41 83 277 276 Distribution services fees-Class C Shares 11 11 36 36 Distribution services fees-Advisor Shares NA NA NA NA Administrative services fees-Class C Shares 4 4 12 12 Accounting fees 136 48 54 72 Registration and filing fees 25 4 7 6 Transfer and dividend disbursing agent fees 160 55 92 108 Custody fees 33 17 22 24 Trustees' fees and expenses 8 1 3 4 Other expenses 119 21 46 60 ---------- --------- --------- --------- Total expenses 5,529 558 1,287 1,618 ---------- --------- --------- --------- Less:Waiver and/or reimbursement from Advisor and/or affiliates -- (332) (642) (909) Distribution services-Class B Shares, Class C Shares and Advisor Shares waived -- -- -- -- ---------- --------- --------- --------- Net Expenses 5,529 226 645 709 ---------- --------- --------- --------- Net Investment Income/(Loss) 6,352 659 2,189 4,402 ---------- --------- --------- --------- REALIZED AND UNREALIZED GAINS/(LOSSES) FROM INVESTMENTS: Net realized gains on investment transactions 19,590 642+ 1,450+ 1,610+ Realized gain distributions from underlying funds -- 773 1,350 1,019 Change in unrealized appreciation/depreciation on investments 53,831 3,010 5,940 (1,694) ---------- --------- --------- --------- Net realized and unrealized gains on investments 73,421 4,425 8,740 935 ---------- --------- --------- --------- Change in net assets resulting from operations $ 79,773 $ 5,084 $ 10,929 $ 5,337 ========== ========= ========= ========= LIFEMODEL MODERATELY LIFEMODEL STRATEGIC CONSERVATIVE CONSERVATIVE INCOME FUND SM FUND SM FUND (a) ----------- ----------- ----------- INVESTMENT INCOME: Interest income -- -- $ 1,700 Dividend income $ 2,198# $ 1,376# 8,453 Income from securities lending -- -- -- ----------- ----------- ----------- Total Investment Income 2,198 1,376 10,153 ----------- ----------- ----------- EXPENSES: Investment advisory fees 137 71 1,703 Administrative fees 158 82 295 Distribution services fees-Class A Shares 84 42 --^ Distribution services fees-Class B Shares 163 117 1 Distribution services fees-Class C Shares 18 36 318 Distribution services fees-Advisor Shares NA NA 203 Administrative services fees-Class C Shares 6 12 106 Accounting fees 47 46 73 Registration and filing fees 4 4 19 Transfer and dividend disbursing agent fees 56 44 85 Custody fees 17 15 24 Trustees' fees and expenses 2 1 3 Other expenses 24 14 62 ----------- ----------- ----------- Total expenses 716 484 2,892 ----------- ----------- ----------- Less:Waiver and/or reimbursement from Advisor and/or affiliates (372) (239) -- Distribution services-Class B Shares, Class C Shares and Advisor Shares waived -- -- -- ----------- ----------- ----------- Net Expenses 344 245 2,892 ----------- ----------- ----------- Net Investment Income/(Loss) 1,854 1,131 7,261 ----------- ----------- ----------- REALIZED AND UNREALIZED GAINS/(LOSSES) FROM INVESTMENTS: Net realized gains on investment transactions 1,320+ 861+ 1,407 Realized gain distributions from underlying funds 466 172 -- Change in unrealized appreciation/depreciation on investments 1,210 (336) 878 ----------- ----------- ----------- Net realized and unrealized gains on investments 2,996 697 2,285 ----------- ----------- ----------- Change in net assets resulting from operations $ 4,850 $ 1,828 $ 9,546 =========== =========== =========== _______________________________ (a) Represents the period from April 1, 2004 (date of commencement of operations) to July 31, 2004 for Class A and Class B shares. ^ Represents fewer than five hundred dollars. # Represents income from affiliates. + Represents realized gains from investment transactions with affiliates. SEE NOTES TO FINANCIAL STATEMENTS 124-125 Spread
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FIFTH THIRD FUNDS STATEMENTS OF OPERATIONS FOR THE YEAR ENDED JULY 31, 2004 (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] SELECT INTERNATIONAL STOCK TECHNOLOGY EQUITY BOND FUND FUND FUND (a) FUND --------- --------- ------------ --------- INVESTMENT INCOME: Interest income $ --^ $ 1 $ 103 $ 11,312 Dividend income 157 50 7,250 75 Foreign tax withholding -- -- (854) -- Income from securities lending 1 23 202 38 --------- --------- ------------ --------- Total Investment Income 158 74 6,701 11,425 --------- --------- ------------ --------- EXPENSES: Investment advisory fees 174 536 3,379 1,933 Administrative fees 38 93 585 558 Distribution services fees-Class A Shares 25 21 48 59 Distribution services fees-Class B Shares 4 17 6 62 Distribution services fees-Class C Shares 5 16 3 7 Distribution services fees-Advisor Shares NA 1 48 3 Administrative services fees-Class C Shares 2 5 1 2 Accounting fees 62 72 212 121 Registration and filing fees 35 27 41 26 Transfer and dividend disbursing agent fees 43 58 126 121 Custody fees 11 19 297 36 Trustees' fees and expenses --^ 1 6 6 Other expenses 18 29 142 95 --------- --------- ------------ --------- Total expenses 417 895 4,894 3,029 --------- --------- ------------ --------- Less:Waiver and/or reimbursement from Advisor and/or affiliates (68) (189) (187) (339) Distribution services-Class A Shares and Class B Shares waived -- -- -- -- --------- --------- ------------ --------- Net Expenses 349 706 4,707 2,690 --------- --------- ------------ --------- Net Investment Income/(Loss) (191) (632) 1,994 8,735 --------- --------- ------------ --------- REALIZED AND UNREALIZED GAINS/(LOSSES) FROM INVESTMENTS, FUTURES AND FOREIGN CURRENCY: Net realized gains/(losses) on investment and foreign currency transactions 1,542 7,023 36,267 1,860 Net realized gains on futures transactions -- -- 2,518 -- Change in unrealized appreciation/depreciation on investments, futures and foreign currency (34) (11,739) 16,818 1,720 --------- --------- ------------ --------- Net realized and unrealized gains/(losses) on investments, futures and foreign currency 1,508 (4,716) 55,603 3,580 --------- --------- ------------ --------- Change in net assets resulting from operations $ 1,317 $ (5,348) $ 57,597 $ 12,315 ========= ========= ============ ========= U.S. INTERMEDIATE SHORT TERM GOVERNMENT MUNICIPAL BOND BOND BOND BOND FUND FUND (b) FUND FUND ------------- ---------- ---------- ---------- INVESTMENT INCOME: Interest income $ 29,959 $ 13,270 $ 2,563 $ 3,526 Dividend income 224 159 32 14 Foreign tax withholding -- -- -- -- Income from securities lending 184 57 -- -- ------------- ---------- ---------- ---------- Total Investment Income 30,367 13,486 2,595 3,540 ------------- ---------- ---------- ---------- EXPENSES: Investment advisory fees 4,298 2,498 458 402 Administrative fees 1,353 865 144 127 Distribution services fees-Class A Shares 99 76 80 6 Distribution services fees-Class B Shares 47 NA NA 14 Distribution services fees-Class C Shares 14 2 51 4 Distribution services fees-Advisor Shares NA NA NA 2 Administrative services fees-Class C Shares 5 1 17 1 Accounting fees 199 138 55 77 Registration and filing fees 29 20 20 18 Transfer and dividend disbursing agent fees 232 147 43 52 Custody fees 43 30 16 13 Trustees' fees and expenses 14 9 1 1 Other expenses 200 124 25 28 ------------- ---------- ---------- ---------- Total expenses 6,533 3,910 910 745 ------------- ---------- ---------- ---------- Less:Waiver and/or reimbursement from Advisor and/or affiliates (429) (143) (124) (142) Distribution services-Class A Shares and Class B Shares waived (16) (21) -- -- ------------- ---------- ---------- ---------- Net Expenses 6,088 3,746 786 603 ------------- ---------- ---------- ---------- Net Investment Income/(Loss) 24,279 9,740 1,809 2,937 ------------- ---------- ---------- ---------- REALIZED AND UNREALIZED GAINS/(LOSSES) FROM INVESTMENTS, FUTURES AND FOREIGN CURRENCY: Net realized gains/(losses) on investment and foreign currency transactions (5,790) 535 (181) 2,753 Net realized gains on futures transactions -- -- -- -- Change in unrealized appreciation/depreciation on investments, futures and foreign currency 2,154 (3,782) 516 (2,134) ------------- ---------- ---------- ---------- Net realized and unrealized gains/(losses) on investments, futures and foreign currency (3,636) (3,247) 335 619 ------------- ---------- ---------- ---------- Change in net assets resulting from operations $ 20,643 $ 6,493 $ 2,144 $ 3,556 ============= ========== ========== ========== INTERMEDIATE OHIO MICHIGAN MUNICIPAL MUNICIPAL MUNICIPAL BOND BOND BOND FUND FUND FUND ------------ ---------- ---------- INVESTMENT INCOME: Interest income $ 12,120 $ 7,315 $ 4,435 Dividend income 37 20 24 Foreign tax withholding -- -- -- Income from securities lending -- -- -- ------------ ---------- ---------- Total Investment Income 12,157 7,335 4,459 ------------ ---------- ---------- EXPENSES: Investment advisory fees 1,613 968 583 Administrative fees 508 305 224 Distribution services fees-Class A Shares 12 62 18 Distribution services fees-Class B Shares 13 50 18 Distribution services fees-Class C Shares 4 40 22 Distribution services fees-Advisor Shares NA NA NA Administrative services fees-Class C Shares 1 13 7 Accounting fees 112 78 79 Registration and filing fees 22 25 9 Transfer and dividend disbursing agent fees 97 71 59 Custody fees 27 20 18 Trustees' fees and expenses 5 3 2 Other expenses 73 48 38 ------------ ---------- ---------- Total expenses 2,487 1,683 1,077 ------------ ---------- ---------- Less:Waiver and/or reimbursement from Advisor and/or affiliates (315) (141) (117) Distribution services-Class A Shares and Class B Shares waived (5) -- (7) ------------ ---------- ---------- Net Expenses 2,167 1,542 953 ------------ ---------- ---------- Net Investment Income/(Loss) 9,990 5,793 3,506 ------------ ---------- ---------- REALIZED AND UNREALIZED GAINS/(LOSSES) FROM INVESTMENTS, FUTURES AND FOREIGN CURRENCY: Net realized gains/(losses) on investment and foreign currency transactions 2,428 1,533 (27) Net realized gains on futures transactions -- -- -- Change in unrealized appreciation/depreciation on investments, futures and foreign currency (2,712) (1,097) (1,404) ------------ ---------- ---------- Net realized and unrealized gains/(losses) on investments, futures and foreign currency (284) 436 (1,431) ------------ ---------- ---------- Change in net assets resulting from operations $ 9,706 $ 6,229 $ 2,075 ============ ========== ========== ___________________ (a) Reflects operations for the period from November 10, 2003 (date of commencement of operations) to July 31, 2004 for Advisor Shares. (b) Reflects operations for the period from August 1, 2003 (date of commencement of operations) to July 31, 2004 for Class C Shares. ^ Represents fewer than five hundred dollars. SEE NOTES TO FINANCIAL STATEMENTS 126-127 Spread
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] SMALL CAP MID CAP GROWTH FUND GROWTH FUND QUALITY GROWTH FUND ------------------------ ----------------------- ----------------------- YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 2004 2003 ---------- ---------- ---------- ---------- ---------- ---------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ (2,563) $ (741) $ (3,032) $ (2,138) $ (3,706) $ (279) Net realized gains/(losses) on investment transactions and option contracts 122,151 (3,979) 18,823 (10,988) (1,831) 4,122 Net realized gains on futures transactions 1,907 3,303 -- -- -- -- Net change in unrealized appreciation/depreciation on investments, options and futures (79,194) 59,599 14,211 72,000 28,290 95,796 ---------- ---------- ---------- ---------- ---------- ---------- Change in net assets resulting from operations 42,301 58,182 30,002 58,874 22,753 99,639 ---------- ---------- ---------- ---------- ---------- ---------- Distributions from net investment income: Institutional Shares -- -- -- -- -- (46) Class A Shares -- -- -- -- -- -- Class B Shares -- -- -- -- -- -- Class C Shares -- -- -- -- -- -- Advisor Shares -- -- -- -- -- -- Select Shares NA NA NA NA NA NA Preferred Shares NA NA NA NA NA NA Trust Shares NA NA NA NA NA NA Distributions from net realized gains: Institutional Shares (35,732) -- -- -- -- -- Class A Shares (2,457) -- -- -- -- -- Class B Shares (173) -- -- -- -- -- Class C Shares (86) -- -- -- -- -- Advisor Shares (85) -- -- -- -- -- ---------- ---------- ---------- ---------- ---------- ---------- Change in net assets from shareholder distributions (38,533) -- -- -- -- (46) ---------- ---------- ---------- ---------- ---------- ---------- Change in net assets from Fund share transactions (161,358) (150,994) (13,609) 75,340 74,523 121,606 ---------- ---------- ---------- ---------- ---------- ---------- Change in net assets (157,590) (92,812) 16,393 134,214 97,276 221,199 NET ASSETS: Beginning of period 410,717 503,529 378,400 244,186 1,037,494 816,295 ---------- ---------- ---------- ---------- ---------- ---------- End of period $ 253,127 $ 410,717 $ 394,793 $ 378,400 $1,134,770 $1,037,494 ========== ========== ========== ========== ========== ========== Accumulated Net Investment Income/(Loss) $ (14) $ (16) $ -- $ -- $ -- $ -- ========== ========== ========== ========== ========== ========== LARGE CAP CORE FUND EQUITY INDEX FUND ----------------------- ----------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 (a) 2003 ---------- ---------- ---------- ---------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ 1,170 $ 3,395 $ 7,891 $ 8,172 Net realized gains/(losses) on investment transactions and option contracts 13,266 13,970 27,907 (3,611) Net realized gains on futures transactions 629 1,494 1,865 4,041 Net change in unrealized appreciation/depreciation on investments, options and futures 4,314 (14,705) 35,942 48,150 ---------- ---------- ---------- ---------- Change in net assets resulting from operations 19,379 4,154 73,605 56,752 ---------- ---------- ---------- ---------- Distributions from net investment income: Institutional Shares (1,093) (3,186) (4,473) (7,758) Class A Shares (175) (166) (898) (333) Class B Shares --^ (1) (21) (10) Class C Shares --^ --^ (11) (7) Advisor Shares NA NA (9) (1) Select Shares NA NA (93) NA Preferred Shares NA NA (1,664) NA Trust Shares NA NA (962) NA Distributions from net realized gains: Institutional Shares -- -- -- -- Class A Shares -- -- -- -- Class B Shares -- -- -- -- Class C Shares -- -- -- -- Advisor Shares NA NA -- -- ---------- ---------- ---------- ---------- Change in net assets from shareholder distributions (1,268) (3,353) (8,131) (8,109) ---------- ---------- ---------- ---------- Change in net assets from Fund share transactions (104,527) (342,077) (152,194) (62,594) ---------- ---------- ---------- ---------- Change in net assets (86,416) (341,276) (86,720) (13,951) NET ASSETS: Beginning of period 203,152 544,428 621,379 635,330 ---------- ---------- ---------- ---------- End of period $ 116,736 $ 203,152 $ 534,659 $ 621,379 ========== ========== ========== ========== Accumulated Net Investment Income/(Loss) $ 39 $ 137 $ 416 $ 656 ========== ========== ========== ========== BALANCED FUND MICRO CAP VALUE FUND ----------------------- ----------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 ---------- ---------- ---------- ---------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ 2,167 $ 3,448 $ (890) $ (806) Net realized gains/(losses) on investment transactions and option contracts 15,483 (16,453) 26,765 4,206 Net realized gains on futures transactions -- -- -- -- Net change in unrealized appreciation/depreciation on investments, options and futures 708 27,794 32,423 33,764 ---------- ---------- ---------- ---------- Change in net assets resulting from operations 18,358 14,789 58,298 37,164 ---------- ---------- ---------- ---------- Distributions from net investment income: Institutional Shares (1,777) (2,806) -- -- Class A Shares (801) (1,006) -- -- Class B Shares (36) (101) -- -- Class C Shares (14) (39) -- -- Advisor Shares (1) (1) -- -- Select Shares NA NA NA NA Preferred Shares NA NA NA NA Trust Shares NA NA NA NA Distributions from net realized gains: Institutional Shares -- -- (7,422) (474) Class A Shares -- -- (2,062) (35) Class B Shares -- -- (343) (22) Class C Shares -- -- (188) (6) Advisor Shares -- -- (2,136) (138) ---------- ---------- ---------- ---------- Change in net assets from shareholder distributions (2,629) (3,953) (12,151) (675) ---------- ---------- ---------- ---------- Change in net assets from Fund share transactions (95,354) (30,491) 55,393 40,352 ---------- ---------- ---------- ---------- Change in net assets (79,625) (19,655) 101,540 76,841 NET ASSETS: Beginning of period 270,162 289,817 149,735 72,894 ---------- ---------- ---------- ---------- End of period $ 190,537 $ 270,162 $ 251,275 $ 149,735 ========== ========== ========== ========== Accumulated Net Investment Income/(Loss) $ 204 $ 305 $ -- $ -- ========== ========== ========== ========== ___________________ (a) Reflects operations for the period from October 20, 2003 (date of commencement of operations) to July 31, 2004 for Select, Preferred and Trust Shares. ^ Represents fewer than five hundred dollars. SEE NOTES TO FINANCIAL STATEMENTS 128-129 Spread
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] SMALL CAP MULTI CAP DISCIPLINED LARGE CAP VALUE FUND VALUE FUND VALUE FUND ---------------------- ---------------------- ---------------------- YEAR PERIOD YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 (a) 2004 2003 2004 2003 --------- --------- --------- --------- --------- --------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ (214) $ 67 $ 408 $ (48) $ 6,352 $ 3,965 Net realized gains/(losses) on investment transactions 15,827 942 16,925 (1,746) 19,590 10,102 Realized gain distributions from underlying funds -- -- -- -- -- -- Net change in unrealized appreciation/depreciation on investments (1,332) 7,069 31,860 43,085 53,831 32,421 --------- --------- --------- --------- --------- --------- Change in net assets resulting from operations 14,281 8,078 49,193 41,291 79,773 46,488 --------- --------- --------- --------- --------- --------- Distributions from net investment income: Institutional Shares (67) -- (490) -- (6,088) (3,363) Class A Shares --^ -- (19) -- (202) (155) Class B Shares -- -- -- -- (13) (19) Class C Shares -- -- -- -- (6) (5) Distributions from net realized gains: Institutional Shares (3,928) -- (644) -- (12,613) (2,679) Class A Shares (30) -- (87) -- (566) (184) Class B Shares (8) -- (52) -- (120) (41) Class C Shares (17) -- (9) -- (40) (10) Advisor Shares (21) -- (135) -- NA NA --------- --------- --------- --------- --------- --------- Change in net assets from shareholder distributions (4,071) -- (1,436) -- (19,648) (6,456) --------- --------- --------- --------- --------- --------- Change in net assets from Fund share transactions 28,748 65,255 27,907 94,611 246,013 217,403 --------- --------- --------- --------- --------- --------- Change in net assets 38,958 73,333 75,664 135,902 306,138 257,435 NET ASSETS: Beginning of period 73,333 -- 255,322 119,420 354,359 96,924 --------- --------- --------- --------- --------- --------- End of period $ 112,291 $ 73,333 $ 330,986 $ 255,322 $ 660,497 $ 354,359 ========= ========= ========= ========= ========= ========= Accumulated Net Investment Income $ -- $ 68 $ -- $ -- $ 492 $ 449 ========= ========= ========= ========= ========= ========= LIFEMODEL LIFEMODEL MODERATELY AGGRESSIVE FUND SM AGGRESSIVE FUND SM ---------------------- ---------------------- YEAR PERIOD YEAR PERIOD ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 (b) 2004 2003 (b) --------- --------- --------- --------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ 659 $ 61 $ 2,189 $ 417 Net realized gains/(losses) on investment transactions 642+ 231+ 1,450+ 377+ Realized gain distributions from underlying funds 773 7 1,350 25 Net change in unrealized appreciation/depreciation on investments 3,010 7,173 5,940 12,123 --------- --------- --------- --------- Change in net assets resulting from operations 5,084 7,472 10,929 12,942 --------- --------- --------- --------- Distributions from net investment income: Institutional Shares (386) (59) (1,006) (280) Class A Shares (223) (5) (951) (78) Class B Shares (55) --^ (169) (9) Class C Shares (10) --^ (30) (1) Distributions from net realized gains: Institutional Shares (499) -- (663) -- Class A Shares (309) -- (707) -- Class B Shares (96) -- (250) -- Class C Shares (19) -- (39) -- Advisor Shares NA NA NA NA --------- --------- --------- --------- Change in net assets from shareholder distributions (1,597) (64) (3,815) (368) --------- --------- --------- --------- Change in net assets from Fund share transactions 54,239 39,222 107,096 97,901 --------- --------- --------- --------- Change in net assets 57,726 46,630 114,210 110,475 NET ASSETS: Beginning of period 46,630 -- 110,475 -- --------- --------- --------- --------- End of period $ 104,356 $ 46,630 $ 224,685 $ 110,475 ========= ========= ========= ========= Accumulated Net Investment Income $ -- $ -- $ 82 $ 49 ========= ========= ========= ========= LIFEMODEL LIFEMODEL MODERATELY MODERATE FUND SM CONSERVATIVE FUND SM ----------------------- ---------------------- YEAR PERIOD YEAR PERIOD ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 (b) 2004 2003 (b) --------- --------- --------- --------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ 4,402 $ 755 $ 1,854 $ 585 Net realized gains/(losses) on investment transactions 1,610+ (161)+ 1,320+ 660+ Realized gain distributions from underlying funds 1,019 23 466 12 Net change in unrealized appreciation/depreciation on investments (1,694) 9,893 1,210 4,322 --------- --------- --------- --------- Change in net assets resulting from operations 5,337 10,510 4,850 5,579 --------- --------- --------- --------- Distributions from net investment income: Institutional Shares (2,668) (457) (867) (363) Class A Shares (1,065) (146) (691) (96) Class B Shares (250) (38) (217) (40) Class C Shares (44) (3) (33) (4) Distributions from net realized gains: Institutional Shares (643) -- (677) -- Class A Shares (561) -- (563) -- Class B Shares (246) -- (264) -- Class C Shares (40) -- (30) -- Advisor Shares NA NA NA NA --------- --------- --------- --------- Change in net assets from shareholder distributions (5,517) (644) (3,342) (503) --------- --------- --------- --------- Change in net assets from Fund share transactions 341,253 106,629 32,177 64,885 --------- --------- --------- --------- Change in net assets 341,073 116,495 33,685 69,961 NET ASSETS: Beginning of period 116,495 -- 69,961 -- --------- --------- --------- --------- End of period $ 457,568 $ 116,495 $ 103,646 $ 69,961 ========= ========= ========= ========= Accumulated Net Investment Income $ 487 $ 112 $ 128 $ 82 ========= ========= ========= ========= ___________________ (a) Reflects operations for the period from April 1, 2003 (date of commencement of operations) to July 31, 2003. (b) Reflects operations for the period from August 1, 2002 (date of commencement of operations) to July 31, 2003. ^ Represents fewer than five hundred dollars. + Represents realized gains/(losses) from investment transactions with affiliates. SEE NOTES TO FINANCIAL STATEMENTS 130-131 Spread
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] LIFEMODEL STRATEGIC SELECT CONSERVATIVE FUND SM INCOME FUND STOCK FUND ---------------------- ---------------------- ---------------------- YEAR PERIOD YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 (a) 2004 (b) 2003 2004 2003 --------- --------- --------- --------- --------- --------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ 1,131 $ 442 $ 7,261 $ 4,161 $ (191) $ (191) Net realized gains/(losses) on investment and foreign currency transactions 861+ 110+ 1,407 (382) 1,542 (3,768) Net realized gains on futures transactions -- -- -- -- -- -- Realized gain distributions from underlying funds 172 7 -- -- -- -- Net change in unrealized appreciation/depreciation on investments, futures and foreign currency (336) 1,286 878 622 (34) 3,941 --------- --------- --------- --------- --------- --------- Change in net assets resulting from operations 1,828 1,845 9,546 4,401 1,317 (18) --------- --------- --------- --------- --------- --------- Distributions from net investment income: Institutional Shares (372) (194) (4,080) (1,881) -- -- Class A Shares (430) (107) (9) NA -- -- Class B Shares (205) (69) (3) NA -- -- Class C Shares (89) (14) (1,584) (765) -- -- Advisor Shares NA NA (1,704) (1,442) NA NA Distributions from net realized gains: Institutional Shares (187) -- -- -- -- -- Class A Shares (241) -- -- NA -- -- Class B Shares (163) -- -- NA -- -- Class C Shares (61) -- -- -- -- -- --------- --------- --------- --------- --------- --------- Change in net assets from shareholder distributions (1,748) (384) (7,380) (4,088) -- -- --------- --------- --------- --------- --------- --------- Change in net assets from Fund share transactions 18,270 34,938 27,648 90,612 (7,739) (2,859) --------- --------- --------- --------- --------- --------- Change in net assets 18,350 36,399 29,814 90,925 (6,422) (2,877) NET ASSETS: Beginning of period 36,399 -- 141,804 50,879 24,000 26,877 --------- --------- --------- --------- --------- --------- End of period $ 54,749 $ 36,399 $ 171,618 $ 141,804 $ 17,578 $ 24,000 ========= ========= ========= ========= ========= ========= Accumulated Net Investment Income/(Loss) $ 93 $ 58 $ (169) $ (50) $ -- $ -- ========= ========= ========= ========= ========= ========= INTERNATIONAL TECHNOLOGY FUND EQUITY FUND ---------------------- ---------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 (c) 2003 --------- --------- --------- --------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ (632) $ (412) $ 1,994 $ 1,445 Net realized gains/(losses) on investment and foreign currency transactions 7,023 (9,239) 36,267 (16,332) Net realized gains on futures transactions -- -- 2,518 857 Realized gain distributions from underlying funds -- -- -- -- Net change in unrealized appreciation/depreciation on investments, futures and foreign currency (11,739) 22,870 16,818 19,788 --------- --------- --------- --------- Change in net assets resulting from operations (5,348) 13,219 57,597 5,758 --------- --------- --------- --------- Distributions from net investment income: Institutional Shares -- -- (3,876) (876) Class A Shares -- -- (168) (12) Class B Shares -- -- (2) -- Class C Shares -- -- (1) -- Advisor Shares -- -- (39) NA Distributions from net realized gains: Institutional Shares -- -- -- -- Class A Shares -- -- -- -- Class B Shares -- -- -- -- Class C Shares -- -- -- -- --------- --------- --------- --------- Change in net assets from shareholder distributions -- -- (4,086) (888) --------- --------- --------- --------- Change in net assets from Fund share transactions 16,375 (1,348) 142,755 7,352 --------- --------- --------- --------- Change in net assets 11,027 11,871 196,266 12,222 NET ASSETS: Beginning of period 37,091 25,220 165,293 153,071 --------- --------- --------- --------- End of period $ 48,118 $ 37,091 $ 361,559 $ 165,293 ========= ========= ========= ========= Accumulated Net Investment Income/(Loss) $ -- $ -- $ 4,002 $ 3,140 ========= ========= ========= ========= INTERMEDIATE BOND FUND BOND FUND ------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 ---------- ---------- ---------- ---------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income/(loss) $ 8,735 $ 14,581 $ 24,279 $ 30,721 Net realized gains/(losses) on investment and foreign currency transactions 1,860 15,221 (5,790) 31,963 Net realized gains on futures transactions -- -- -- -- Realized gain distributions from underlying funds -- -- -- -- Net change in unrealized appreciation/depreciation on investments, futures and foreign currency 1,720 (9,973) 2,154 (23,525) ---------- ---------- ---------- ---------- Change in net assets resulting from operations 12,315 19,829 20,643 39,159 ---------- ---------- ---------- ---------- Distributions from net investment income: Institutional Shares (10,360) (15,437) (27,582) (32,749) Class A Shares (791) (834) (1,395) (1,379) Class B Shares (158) (259) (145) (145) Class C Shares (24) (40) (54) (50) Advisor Shares (21) (29) NA NA Distributions from net realized gains: Institutional Shares -- -- -- -- Class A Shares -- -- -- -- Class B Shares -- -- -- -- Class C Shares -- -- -- -- ---------- ---------- ---------- ---------- Change in net assets from shareholder distributions (11,354) (16,599) (29,176) (34,323) ---------- ---------- ---------- ---------- Change in net assets from Fund share transactions (28,184) (102,207) (88,911) (22,942) ---------- ---------- ---------- ---------- Change in net assets (27,223) (98,977) (97,444) (18,106) NET ASSETS: Beginning of period 333,423 432,400 816,890 834,996 ---------- ---------- ---------- ---------- End of period $ 306,200 $ 333,423 $ 719,446 $ 816,890 ========== ========== ========== ========== Accumulated Net Investment Income/(Loss) $ 49 $ 55 $ 194 $ 54 ========== ========== ========== ========== ___________________ (a) Reflects operations for the period from August 1, 2002 (date of commencement of operations) to July 31, 2003. (b) Reflects operations for the period from April 1, 2004 (date of commencement of operations) to July 31, 2004 for Class A and Class B shares. (c) Reflects operations for the period from November 10, 2003 (date of commencement of operations) to July 31, 2004 for Advisor Shares. + Represents realized gains from investment transactions with affiliates. SEE NOTES TO FINANCIAL STATEMENTS 132-133 Spread
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] U.S. GOVERNMENT SHORT TERM BOND FUND BOND FUND --------------------------- -------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 (a) 2003 2004 2003 ----------- ----------- ---------- ----------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income $ 9,740 $ 11,349 $ 1,809 $ 1,979 Net realized gains/(losses) on investment transactions 535 5,377 (181) 2,078 Net change in unrealized appreciation/depreciation on investments (3,782) (4,210) 516 (2,089) ----------- ----------- ---------- ----------- Change in net assets resulting from operations 6,493 12,516 2,144 1,968 ----------- ----------- ---------- ----------- Distributions from net investment income: Institutional Shares (14,724) (15,973) (1,106) (1,566) Class A Shares (898) (922) (726) (299) Class B Shares NA NA NA NA Class C Shares (7) NA (102) (108) Advisor Shares NA NA NA NA Distributions from net realized gains: Institutional Shares -- -- (704) (838) Class A Shares -- -- (550) (174) Class B Shares NA NA NA NA Class C Shares -- NA (122) (66) Advisor Shares NA NA NA NA ----------- ----------- ---------- ----------- Change in net assets from shareholder distributions (15,629) (16,895) (3,310) (3,051) ----------- ----------- ---------- ----------- Change in net assets from Fund share transactions 8,991 204,682 8,319 11,283 ----------- ----------- ---------- ----------- Change in net assets (145) 200,303 7,153 10,200 Net Assets: Beginning of period 524,204 323,901 72,068 61,868 ----------- ----------- ---------- ----------- End of period $ 524,059 $ 524,204 $ 79,221 $ 72,068 =========== =========== ========== =========== Accumulated Net Investment Income $ 72 $ 63 $ 47 $ 144 =========== =========== ========== =========== INTERMEDIATE MUNICIPAL BOND FUND MUNICIPAL BOND FUND --------------------------- -------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 ----------- ----------- ---------- ----------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income $ 2,937 $ 3,676 $ 9,990 $ 11,219 Net realized gains/(losses) on investment transactions 2,753 1,455 2,428 3,418 Net change in unrealized appreciation/depreciation on investments (2,134) (1,659) (2,712) (5,229) ----------- ----------- ---------- ----------- Change in net assets resulting from operations 3,556 3,472 9,706 9,408 ----------- ----------- ---------- ----------- Distributions from net investment income: Institutional Shares (2,740) (3,539) (9,698) (10,926) Class A Shares (97) (89) (157) (157) Class B Shares (41) (27) (36) (17) Class C Shares (14) (14) (13) (19) Advisor Shares (15) (13) NA NA Distributions from net realized gains: Institutional Shares (1,116) (1,357) (2,509) (2,215) Class A Shares (34) (30) (41) (37) Class B Shares (21) (12) (11) (4) Class C Shares (8) (6) (5) (5) Advisor Shares (7) (5) NA NA ----------- ----------- ---------- ----------- Change in net assets from shareholder distributions (4,093) (5,092) (12,470) (13,380) ----------- ----------- ---------- ----------- Change in net assets from Fund share transactions (15,427) (26,594) (47,206) (36,580) ----------- ----------- ---------- ----------- Change in net assets (15,964) (28,214) (49,970) (40,552) Net Assets: Beginning of period 78,388 106,602 311,110 351,662 ----------- ----------- ---------- ----------- End of period $ 62,424 $ 78,388 $ 261,140 $ 311,110 =========== =========== ========== =========== Accumulated Net Investment Income $ 10 $ (1) $ 96 $ 37 =========== =========== ========== =========== OHIO MICHIGAN MUNICIPAL BOND FUND MUNICIPAL BOND FUND --------------------------- -------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 ----------- ----------- ---------- ----------- CHANGE IN NET ASSETS: OPERATIONS: Net investment income $ 5,793 $ 6,659 $ 3,506 $ 3,546 Net realized gains/(losses) on investment transactions 1,533 747 (27) 186 Net change in unrealized appreciation/depreciation on investments (1,097) (2,274) (1,404) (983) ----------- ----------- ---------- ----------- Change in net assets resulting from operations 6,229 5,132 2,075 2,749 ----------- ----------- ---------- ----------- Distributions from net investment income: Institutional Shares (4,697) (5,666) (3,231) (3,306) Class A Shares (779) (711) (186) (158) Class B Shares (122) (107) (32) (20) Class C Shares (125) (144) (51) (55) Advisor Shares NA NA NA NA Distributions from net realized gains: Institutional Shares (354) -- (167) (351) Class A Shares (56) -- (11) (18) Class B Shares (13) -- (3) (2) Class C Shares (14) -- (5) (8) Advisor Shares NA NA NA NA ----------- ----------- ---------- ----------- Change in net assets from shareholder distributions (6,160) (6,628) (3,686) (3,918) ----------- ----------- ---------- ----------- Change in net assets from Fund share transactions (25,873) (4,924) (15,216) 33,006 ----------- ----------- ---------- ----------- Change in net assets (25,804) (6,420) (16,827) 31,837 Net Assets: Beginning of period 188,151 194,571 132,850 101,013 ----------- ----------- ---------- ----------- End of period $ 162,347 $ 188,151 $ 116,023 $ 132,850 =========== =========== ========== =========== Accumulated Net Investment Income $ 25 $ --^ $ 8 $ 5 =========== =========== ========== =========== ___________________ (a) Reflects operations for the period from August 1, 2003 (date of commencement of operations) to July 31, 2004 for Class C Shares. ^ Represents fewer than five hundred dollars. SEE NOTES TO FINANCIAL STATEMENTS 134-135 Spread
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS, CONTINUED -- FUND SHARE TRANSACTIONS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] SMALL CAP GROWTH FUND MID CAP GROWTH FUND QUALITY GROWTH FUND ------------------------- ------------------------- ------------------------ YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 2004 2003 ----------- ---------- ---------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 50,621 $ 119,416 $ 85,089 $ 194,298 $ 275,956 $ 301,476 Dividends reinvested 35,609 -- -- -- -- 24 Shares redeemed (260,325) (269,035) (110,834) (120,202) (206,296) (151,743) ----------- ---------- ---------- ---------- ---------- ---------- Total Institutional Shares (174,095) (149,619) (25,745) 74,096 69,660 149,757 ----------- ---------- ---------- ---------- ---------- ---------- Class A Shares Shares issued 15,183 61,016 65,226 27,619 50,886 268,571 Dividends reinvested 2,431 -- -- -- -- -- Shares redeemed (6,598) (62,980) (54,394) (26,771) (46,916) (296,493) ----------- ---------- ---------- ---------- ---------- ---------- Total Class A Shares 11,016 (1,964) 10,832 848 3,970 (27,922) ----------- ---------- ---------- ---------- ---------- ---------- Class B Shares Shares issued 557 525 1,329 854 2,939 2,929 Dividends reinvested 160 -- -- -- -- -- Shares redeemed (247) (169) (824) (814) (3,037) (3,556) ----------- ---------- ---------- ---------- ---------- ---------- Total Class B Shares 470 356 505 40 (98) (627) ----------- ---------- ---------- ---------- ---------- ---------- Class C Shares Shares issued 680 131 625 518 1,416 1,454 Dividends reinvested 59 -- -- -- -- -- Shares redeemed (296) (89) (552) (233) (2,437) (1,775) ----------- ---------- ---------- ---------- ---------- ---------- Total Class C Shares 443 42 73 285 (1,021) (321) ----------- ---------- ---------- ---------- ---------- ---------- Advisor Shares Shares issued 866 262 778 158 2,414 788 Dividends reinvested 84 -- -- -- -- -- Shares redeemed (142) (71) (52) (87) (402) (69) ----------- ---------- ---------- ---------- ---------- ---------- Total Advisor Shares 808 191 726 71 2,012 719 ----------- ---------- ---------- ---------- ---------- ---------- Select Shares Shares issued NA NA NA NA NA NA Dividends reinvested NA NA NA NA NA NA Shares redeemed NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Select Shares NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Preferred Shares Shares issued NA NA NA NA NA NA Dividends reinvested NA NA NA NA NA NA Shares redeemed NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Preferred Shares NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Trust Shares Shares issued NA NA NA NA NA NA Dividends reinvested NA NA NA NA NA NA Shares redeemed NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Trust Shares NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Change from capital transactions $ (161,358) $ (150,994) $ (13,609) $ 75,340 $ 74,523 $ 121,606 =========== ========== ========== ========== ========== ========== LARGE CAP CORE FUND EQUITY INDEX FUND ------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 (a) 2003 ----------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 1,952 $ 38,891 $ 87,452 $ 137,684 Dividends reinvested 329 1,343 3,480 5,933 Shares redeemed (108,664) (379,356) (528,617) (214,448) ----------- ---------- ---------- ---------- Total Institutional Shares (106,383) (339,122) (437,685) (70,831) ----------- ---------- ---------- ---------- Class A Shares Shares issued 7,505 3,436 89,595 51,715 Dividends reinvested 169 159 875 315 Shares redeemed (6,098) (6,717) (56,436) (45,920) ----------- ---------- ---------- ---------- Total Class A Shares 1,576 (3,122) 34,034 6,110 ----------- ---------- ---------- ---------- Class B Shares Shares issued 257 254 1,357 1,155 Dividends reinvested --^ 1 18 10 Shares redeemed (102) (95) (282) (262) ----------- ---------- ---------- ---------- Total Class B Shares 155 160 1,093 903 ----------- ---------- ---------- ---------- Class C Shares Shares issued 141 9 1,058 1,121 Dividends reinvested --^ --^ 10 4 Shares redeemed (16) (2) (947) (196) ----------- ---------- ---------- ---------- Total Class C Shares 125 7 121 929 ----------- ---------- ---------- ---------- Advisor Shares Shares issued NA NA 1,142 295 Dividends reinvested NA NA 8 1 Shares redeemed NA NA (217) (1) ----------- ---------- ---------- ---------- Total Advisor Shares NA NA 933 295 ----------- ---------- ---------- ---------- Select Shares Shares issued NA NA 14,858 NA Dividends reinvested NA NA 69 NA Shares redeemed NA NA (723) NA ----------- ---------- ---------- ---------- Total Select Shares NA NA 14,204 NA ----------- ---------- ---------- ---------- Preferred Shares Shares issued NA NA 187,348 NA Dividends reinvested NA NA 1,581 NA Shares redeemed NA NA (29,488) NA ----------- ---------- ---------- ---------- Total Preferred Shares NA NA 159,441 NA ----------- ---------- ---------- ---------- Trust Shares Shares issued NA NA 98,438 NA Dividends reinvested NA NA 107 NA Shares redeemed NA NA (22,880) NA ----------- ---------- ---------- ---------- Total Trust Shares NA NA 75,665 NA ----------- ---------- ---------- ---------- Change from capital transactions $ (104,527) $ (342,077) $ (152,194) $ (62,594) =========== ========== ========== ========== BALANCED FUND MICRO CAP VALUE FUND ------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 ----------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 8,464 $ 31,468 $ 61,276 $ 70,029 Dividends reinvested 1,594 2,514 7,200 469 Shares redeemed (99,029) (53,940) (43,053) (40,901) ----------- ---------- ---------- ---------- Total Institutional Shares (88,971) (19,958) 25,423 29,597 ----------- ---------- ---------- ---------- Class A Shares Shares issued 21,533 11,884 30,015 14,353 Dividends reinvested 780 976 1,709 35 Shares redeemed (25,773) (23,423) (15,638) (4,079) ----------- ---------- ---------- ---------- Total Class A Shares (3,460) (10,563) 16,086 10,309 ----------- ---------- ---------- ---------- Class B Shares Shares issued 882 2,101 1,947 990 Dividends reinvested 35 97 337 22 Shares redeemed (2,545) (2,765) (843) (579) ----------- ---------- ---------- ---------- Total Class B Shares (1,628) (567) 1,441 433 ----------- ---------- ---------- ---------- Class C Shares Shares issued 736 2,040 4,507 463 Dividends reinvested 14 38 167 5 Shares redeemed (2,111) (1,543) (812) (292) ----------- ---------- ---------- ---------- Total Class C Shares (1,361) 535 3,862 176 ----------- ---------- ---------- ---------- Advisor Shares Shares issued 104 62 18,793 6,924 Dividends reinvested 1 1 1,930 119 Shares redeemed (39) (1) (12,142) (7,206) ----------- ---------- ---------- ---------- Total Advisor Shares 66 62 8,581 (163) ----------- ---------- ---------- ---------- Select Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Select Shares NA NA NA NA ----------- ---------- ---------- ---------- Preferred Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Preferred Shares NA NA NA NA ----------- ---------- ---------- ---------- Trust Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Trust Shares NA NA NA NA ----------- ---------- ---------- ---------- Change from capital transactions $ (95,354) $ (30,491) $ 55,393 $ 40,352 =========== ========== ========== ========== ___________________ (a) Reflects operations for the period from October 20, 2003 (date of commencement of operations) to July 31, 2004 for Select, Preferred and Trust Shares. ^ Represents fewer than five hundred dollars/shares. SEE NOTES TO FINANCIAL STATEMENTS 136-137 Spread
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS, CONTINUED -- FUND SHARE TRANSACTIONS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] SMALL CAP GROWTH FUND MID CAP GROWTH FUND QUALITY GROWTH FUND ------------------------- ------------------------- ------------------------ YEAR YEAR YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 2004 2003 ----------- ---------- ---------- ---------- ---------- ---------- SHARE TRANSACTIONS: Institutional Shares Shares issued 3,000 9,065 6,373 19,279 17,925 24,210 Dividends reinvested 2,101 -- -- -- -- 2 Shares redeemed (15,324) (19,861) (8,371) (11,658) (13,496) (12,126) ----------- ---------- ---------- ---------- ---------- ---------- Total Institutional Shares (10,223) (10,796) (1,998) 7,621 4,429 12,086 ----------- ---------- ---------- ---------- ---------- ---------- Class A Shares Shares issued 908 4,684 5,213 2,781 3,405 22,353 Dividends reinvested 146 -- -- -- -- -- Shares redeemed (399) (4,850) (4,318) (2,763) (3,092) (24,690) ----------- ---------- ---------- ---------- ---------- ---------- Total Class A Shares 655 (166) 895 18 313 (2,337) ----------- ---------- ---------- ---------- ---------- ---------- Class B Shares Shares issued 34 39 103 84 196 239 Dividends reinvested 10 -- -- -- -- -- Shares redeemed (15) (13) (63) (82) (203) (295) ----------- ---------- ---------- ---------- ---------- ---------- Total Class B Shares 29 26 40 2 (7) (56) ----------- ---------- ---------- ---------- ---------- ---------- Class C Shares Shares issued 40 10 50 51 97 121 Dividends reinvested 4 -- -- -- -- -- Shares redeemed (18) (7) (44) (25) (169) (151) ----------- ---------- ---------- ---------- ---------- ---------- Total Class C Shares 26 3 6 26 (72) (30) ----------- ---------- ---------- ---------- ---------- ---------- Advisor Shares Shares issued 50 19 60 15 160 63 Dividends reinvested 5 -- -- -- -- -- Shares redeemed (8) (5) (4) (9) (27) (6) ----------- ---------- ---------- ---------- ---------- ---------- Total Advisor Shares 47 14 56 6 133 57 ----------- ---------- ---------- ---------- ---------- ---------- Select Shares Shares issued NA NA NA NA NA NA Dividends reinvested NA NA NA NA NA NA Shares redeemed NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Select Shares NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Preferred Shares Shares issued NA NA NA NA NA NA Dividends reinvested NA NA NA NA NA NA Shares redeemed NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Preferred Shares NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Trust Shares Shares issued NA NA NA NA NA NA Dividends reinvested NA NA NA NA NA NA Shares redeemed NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Trust Shares NA NA NA NA NA NA ----------- ---------- ---------- ---------- ---------- ---------- Change from share transactions (9,466) (10,919) (1,001) 7,673 4,796 9,720 =========== ========== ========== ========== ========== ========== LARGE CAP CORE FUND EQUITY INDEX FUND ------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 (a) 2003 ----------- ---------- ---------- ---------- SHARE TRANSACTIONS: Institutional Shares Shares issued 155 3,552 4,320 7,966 Dividends reinvested 25 126 170 348 Shares redeemed (8,654) (34,872) (26,097) (12,426) ----------- ---------- ---------- ---------- Total Institutional Shares (8,474) (31,194) (21,607) (4,112) ----------- ---------- ---------- ---------- Class A Shares Shares issued 597 323 4,550 3,101 Dividends reinvested 13 15 42 18 Shares redeemed (469) (625) (2,879) (2,777) ----------- ---------- ---------- ---------- Total Class A Shares 141 (287) 1,713 342 ----------- ---------- ---------- ---------- Class B Shares Shares issued 21 24 66 66 Dividends reinvested --^ --^ 1 1 Shares redeemed (8) (9) (14) (15) ----------- ---------- ---------- ---------- Total Class B Shares 13 15 53 52 ----------- ---------- ---------- ---------- Class C Shares Shares issued 11 --^ 51 65 Dividends reinvested --^ --^ --^ --^ Shares redeemed (1) --^ (47) (11) ----------- ---------- ---------- ---------- Total Class C Shares 10 --^ 4 54 ----------- ---------- ---------- ---------- Advisor Shares Shares issued NA NA 55 17 Dividends reinvested NA NA --^ --^ Shares redeemed NA NA (10) --^ ----------- ---------- ---------- ---------- Total Advisor Shares NA NA 45 17 ----------- ---------- ---------- ---------- Select Shares Shares issued NA NA 713 NA Dividends reinvested NA NA 3 NA Shares redeemed NA NA (34) NA ----------- ---------- ---------- ---------- Total Select Shares NA NA 682 NA ----------- ---------- ---------- ---------- Preferred Shares Shares issued NA NA 9,212 NA Dividends reinvested NA NA 75 NA Shares redeemed NA NA (1,393) NA ----------- ---------- ---------- ---------- Total Preferred Shares NA NA 7,894 NA ----------- ---------- ---------- ---------- Trust Shares Shares issued NA NA 4,932 NA Dividends reinvested NA NA 5 NA Shares redeemed NA NA (1,093) NA ----------- ---------- ---------- ---------- Total Trust Shares NA NA 3,844 NA ----------- ---------- ---------- ---------- Change from share transactions (8,310) (31,466) (7,372) (3,647) =========== ========== ========== ========== BALANCED FUND MICRO CAP VALUE FUND ------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 ----------- ---------- ---------- ---------- SHARE TRANSACTIONS: Institutional Shares Shares issued 705 2,874 6,449 11,089 Dividends reinvested 132 231 770 77 Shares redeemed (8,202) (4,939) (4,402) (6,613) ----------- ---------- ---------- ---------- Total Institutional Shares (7,365) (1,834) 2,817 4,553 ----------- ---------- ---------- ---------- Class A Shares Shares issued 1,826 1,078 3,254 2,083 Dividends reinvested 65 90 186 6 Shares redeemed (2,145) (2,158) (1,621) (689) ----------- ---------- ---------- ---------- Total Class A Shares (254) (990) 1,819 1,400 ----------- ---------- ---------- ---------- Class B Shares Shares issued 75 195 215 156 Dividends reinvested 3 9 37 4 Shares redeemed (214) (259) (89) (94) ----------- ---------- ---------- ---------- Total Class B Shares (136) (55) 163 66 ----------- ---------- ---------- ---------- Class C Shares Shares issued 64 193 485 72 Dividends reinvested 1 4 18 1 Shares redeemed (177) (145) (84) (50) ----------- ---------- ---------- ---------- Total Class C Shares (112) 52 419 23 ----------- ---------- ---------- ---------- Advisor Shares Shares issued 9 5 2,019 1,030 Dividends reinvested --^ --^ 211 20 Shares redeemed (3) --^ (1,262) (1,155) ----------- ---------- ---------- ---------- Total Advisor Shares 6 5 968 (105) ----------- ---------- ---------- ---------- Select Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Select Shares NA NA NA NA ----------- ---------- ---------- ---------- Preferred Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Preferred Shares NA NA NA NA ----------- ---------- ---------- ---------- Trust Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Trust Shares NA NA NA NA ----------- ---------- ---------- ---------- Change from share transactions (7,861) (2,822) 6,186 5,937 =========== ========== ========== ========== ___________________ (a) Reflects operations for the period from October 20, 2003 (date of commencement of operations) to July 31, 2004 for Select, Preferred and Trust Shares. ^ Represents fewer than five hundred dollars/shares. SEE NOTES TO FINANCIAL STATEMENTS 138-139 Spread
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS, CONTINUED -- FUND SHARE TRANSACTIONS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] DISCIPLINED LARGE CAP SMALL CAP VALUE FUND MULTI CAP VALUE FUND VALUE FUND ------------------------- ------------------------- ------------------------ YEAR PERIOD YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 (a) 2004 2003 2004 2003 ----------- ---------- ---------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 56,630 $ 69,536 $ 84,532 $ 145,360 $ 300,125 $ 271,093 Dividends reinvested 3,940 -- 751 -- 13,643 3,450 Shares redeemed (36,181) (4,795) (66,562) (42,995) (74,461) (58,036) ----------- ---------- ---------- ---------- ---------- ---------- Total Institutional Shares 24,389 64,741 18,721 102,365 239,307 216,507 ----------- ---------- ---------- ---------- ---------- ---------- Class A Shares Shares issued 2,347 230 15,347 173,850 17,304 4,193 Dividends reinvested 29 -- 102 -- 725 321 Shares redeemed (331) (27) (5,995) (174,716) (12,995) (4,113) ----------- ---------- ---------- ---------- ---------- ---------- Total Class A Shares 2,045 203 9,454 (866) 5,034 401 ----------- ---------- ---------- ---------- ---------- ---------- Class B Shares Shares issued 428 96 3,955 2,576 1,325 786 Dividends reinvested 8 -- 51 -- 127 58 Shares redeemed (41) -- (1,772) (2,169) (562) (582) ----------- ---------- ---------- ---------- ---------- ---------- Total Class B Shares 395 96 2,234 407 890 262 ----------- ---------- ---------- ---------- ---------- ---------- Class C Shares Shares issued 702 14 1,961 842 1,013 295 Dividends reinvested 17 -- 7 -- 43 14 Shares redeemed (182) -- (537) (680) (274) (76) ----------- ---------- ---------- ---------- ---------- ---------- Total Class C Shares 537 14 1,431 162 782 233 ----------- ---------- ---------- ---------- ---------- ---------- Advisor Shares Shares issued 1,481 201 7,464 3,535 NA NA Dividends reinvested 21 -- 128 -- NA NA Shares redeemed (120) -- (11,525) (10,992) NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Advisor Shares 1,382 201 (3,933) (7,457) NA NA ----------- ---------- ---------- ---------- ---------- ---------- Change from capital transactions $ 28,748 $ 65,255 $ 27,907 $ 94,611 $ 246,013 $ 217,403 =========== ========== ========== ========== ========== ========== SHARE TRANSACTIONS: Institutional Shares Shares issued 2,856 4,435 3,830 9,108 23,119 26,178 Dividends reinvested 206 -- 35 -- 1,091 321 Shares redeemed (1,846) (286) (3,042) (2,659) (5,812) (5,616) ----------- ---------- ---------- ---------- ---------- ---------- Total Institutional Shares 1,216 4,149 823 6,449 18,398 20,883 ----------- ---------- ---------- ---------- ---------- ---------- Class A Shares Shares issued 117 14 704 11,165 1,340 390 Dividends reinvested 2 -- 5 -- 58 30 Shares redeemed (17) (2) (269) (11,266) (979) (391) ----------- ---------- ---------- ---------- ---------- ---------- Total Class A Shares 102 12 440 (101) 419 29 ----------- ---------- ---------- ---------- ---------- ---------- Class B Shares Shares issued 21 6 181 160 100 75 Dividends reinvested --^ -- 2 -- 10 5 Shares redeemed (2) -- (82) (139) (43) (56) ----------- ---------- ---------- ---------- ---------- ---------- Total Class B Shares 19 6 101 21 67 24 ----------- ---------- ---------- ---------- ---------- ---------- Class C Shares Shares issued 35 1 90 51 80 29 Dividends reinvested 1 -- --^ -- 3 1 Shares redeemed (9) -- (25) (44) (21) (8) ----------- ---------- ---------- ---------- ---------- ---------- Total Class C Shares 27 1 65 7 62 22 ----------- ---------- ---------- ---------- ---------- ---------- Advisor Shares Shares issued 74 12 347 220 NA NA Dividends reinvested 1 -- 6 -- NA NA Shares redeemed (6) -- (527) (687) NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Advisor Shares 69 12 (174) (467) NA NA ----------- ---------- ---------- ---------- ---------- ---------- Change from share transactions 1,433 4,180 1,255 5,909 18,946 20,958 =========== ========== ========== ========== ========== ========== LIFEMODEL LIFEMODEL MODERATELY AGGRESSIVE FUND SM AGGRESSIVE FUND SM ------------------------- ------------------------- YEAR PERIOD YEAR PERIOD ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 (b) 2004 2003 (b) ----------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 32,676 $ 34,635 $ 42,003 $ 63,887 Dividends reinvested 881 58 1,625 272 Shares redeemed (16,370) (8,570) (27,861) (10,742) ----------- ---------- ---------- ---------- Total Institutional Shares 17,187 26,123 15,767 53,417 ----------- ---------- ---------- ---------- Class A Shares Shares issued 31,283 9,473 72,485 32,101 Dividends reinvested 522 5 1,637 77 Shares redeemed (4,416) (64) (15,784) (592) ----------- ---------- ---------- ---------- Total Class A Shares 27,389 9,414 58,338 31,586 ----------- ---------- ---------- ---------- Class B Shares Shares issued 8,856 3,333 28,608 12,080 Dividends reinvested 149 --^ 414 9 Shares redeemed (702) (138) (2,663) (491) ----------- ---------- ---------- ---------- Total Class B Shares 8,303 3,195 26,359 11,598 ----------- ---------- ---------- ---------- Class C Shares Shares issued 2,038 493 7,547 1,351 Dividends reinvested 29 --^ 67 1 Shares redeemed (707) (3) (982) (52) ----------- ---------- ---------- ---------- Total Class C Shares 1,360 490 6,632 1,300 ----------- ---------- ---------- ---------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Advisor Shares NA NA NA NA ----------- ---------- ---------- ---------- Change from capital transactions $ 54,239 $ 39,222 $ 107,096 $ 97,901 =========== ========== ========== ========== SHARE TRANSACTIONS: Institutional Shares Shares issued 2,568 3,655 3,306 6,363 Dividends reinvested 70 6 130 25 Shares redeemed (1,324) (805) (2,252) (982) ----------- ---------- ---------- ---------- Total Institutional Shares 1,314 2,856 1,184 5,406 ----------- ---------- ---------- ---------- Class A Shares Shares issued 2,486 898 5,785 2,966 Dividends reinvested 42 --^ 131 7 Shares redeemed (347) (7) (1,234) (55) ----------- ---------- ---------- ---------- Total Class A Shares 2,181 891 4,682 2,918 ----------- ---------- ---------- ---------- Class B Shares Shares issued 710 331 2,279 1,137 Dividends reinvested 12 --^ 33 1 Shares redeemed (56) (13) (212) (46) ----------- ---------- ---------- ---------- Total Class B Shares 666 318 2,100 1,092 ----------- ---------- ---------- ---------- Class C Shares Shares issued 164 47 601 125 Dividends reinvested 2 --^ 5 --^ Shares redeemed (57) --^ (78) (5) ----------- ---------- ---------- ---------- Total Class C Shares 109 47 528 120 ----------- ---------- ---------- ---------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Advisor Shares NA NA NA NA ----------- ---------- ---------- ---------- Change from capital transactions 4,270 4,112 8,494 9,536 =========== ========== ========== ========== LIFEMODEL LIFEMODEL MODERATELY MODERATE FUND SM CONSERVATIVE FUND SM ------------------------- ------------------------- YEAR PERIOD YEAR PERIOD ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 (b) 2004 2003 (b) ----------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 293,587 $ 70,787 $ 16,845 $ 46,382 Dividends reinvested 3,255 447 1,496 346 Shares redeemed (51,038) (6,650) (21,740) (10,261) ----------- ---------- ---------- ---------- Total Institutional Shares 245,804 64,584 (3,399) 36,467 ----------- ---------- ---------- ---------- Class A Shares Shares issued 83,406 30,233 28,373 20,132 Dividends reinvested 1,608 144 1,236 94 Shares redeemed (17,065) (3,365) (8,496) (1,384) ----------- ---------- ---------- ---------- Total Class A Shares 67,949 27,012 21,113 18,842 ----------- ---------- ---------- ---------- Class B Shares Shares issued 24,584 14,479 13,543 8,987 Dividends reinvested 485 37 459 38 Shares redeemed (3,637) (754) (2,100) (421) ----------- ---------- ---------- ---------- Total Class B Shares 21,432 13,762 11,902 8,604 ----------- ---------- ---------- ---------- Class C Shares Shares issued 7,079 1,360 3,424 1,128 Dividends reinvested 83 3 62 4 Shares redeemed (1,094) (92) (925) (160) ----------- ---------- ---------- ---------- Total Class C Shares 6,068 1,271 2,561 972 ----------- ---------- ---------- ---------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Advisor Shares NA NA NA NA ----------- ---------- ---------- ---------- Change from capital transactions $ 341,253 $ 106,629 $ 32,177 $ 64,885 =========== ========== ========== ========== SHARE TRANSACTIONS: Institutional Shares Shares issued 24,802 7,142 1,512 4,756 Dividends reinvested 279 43 136 33 Shares redeemed (4,399) (642) (1,976) (983) ----------- ---------- ---------- ---------- Total Institutional Shares 20,682 6,543 (328) 3,806 ----------- ---------- ---------- ---------- Class A Shares Shares issued 7,162 2,964 2,555 1,965 Dividends reinvested 139 14 112 9 Shares redeemed (1,450) (325) (765) (140) ----------- ---------- ---------- ---------- Total Class A Shares 5,851 2,653 1,902 1,834 ----------- ---------- ---------- ---------- Class B Shares Shares issued 2,123 1,414 1,227 897 Dividends reinvested 42 4 42 4 Shares redeemed (312) (75) (190) (42) ----------- ---------- ---------- ---------- Total Class B Shares 1,853 1,343 1,079 859 ----------- ---------- ---------- ---------- Class C Shares Shares issued 612 130 310 112 Dividends reinvested 7 --^ 6 --^ Shares redeemed (94) (8) (84) (16) ----------- ---------- ---------- ---------- Total Class C Shares 525 122 232 96 ----------- ---------- ---------- ---------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ---------- ---------- ---------- Total Advisor Shares NA NA NA NA ----------- ---------- ---------- ---------- Change from capital transactions 28,911 10,661 2,885 6,595 =========== ========== ========== ========== ___________________ (a) Reflects operations for the period from April 1, 2003 (date of commencement of operations) to July 31, 2003. (b) Reflects operations for the period from August 1, 2002 (date of commencement of operations) to July 31, 2003. ^ Represents fewer than five hundred dollars/shares. SEE NOTES TO FINANCIAL STATEMENTS 140-141 Spread
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS, CONTINUED -- FUND SHARE TRANSACTIONS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] LIFEMODEL SELECT CONSERVATIVE FUND SM STRATEGIC INCOME FUND STOCK FUND ------------------------- ------------------------- ------------------------ YEAR PERIOD YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 (a) 2004 (b) 2003 2004 2003 ----------- ---------- ---------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 6,828 $ 18,975 $ 48,821 $ 61,812 $ 1,352 $ 3,179 Shares issued in merger -- -- -- -- -- -- Dividends reinvested 544 191 645 291 -- -- Shares redeemed (9,370) (3,965) (27,289) (5,919) (9,672) (5,141) ----------- ---------- ---------- ---------- ---------- ---------- Total Institutional Shares (1,998) 15,201 22,177 56,184 (8,320) (1,962) ----------- ---------- ---------- ---------- ---------- ---------- Class A Shares Shares issued 17,121 10,175 1,045 NA 3,212 812 Shares issued in merger -- -- -- NA -- -- Dividends reinvested 653 106 4 NA -- -- Shares redeemed (6,620) (1,213) (104) NA (2,524) (1,675) ----------- ---------- ---------- ---------- ---------- ---------- Total Class A Shares 11,154 9,068 945 NA 688 (863) ----------- ---------- ---------- ---------- ---------- ---------- Class B Shares Shares issued 7,782 9,135 387 NA 147 108 Shares issued in merger -- -- -- NA -- -- Dividends reinvested 343 65 1 NA -- -- Shares redeemed (3,428) (678) (4) NA (71) (43) ----------- ---------- ---------- ---------- ---------- ---------- Total Class B Shares 4,697 8,522 384 NA 76 65 ----------- ---------- ---------- ---------- ---------- ---------- Class C Shares Shares issued 6,320 2,253 21,878 32,526 20 6 Shares issued in merger -- -- -- -- -- -- Dividends reinvested 145 13 1,233 487 -- -- Shares redeemed (2,048) (119) (22,066) (3,069) (203) (105) ----------- ---------- ---------- ---------- ---------- ---------- Total Class C Shares 4,417 2,147 1,045 29,944 (183) (99) ----------- ---------- ---------- ---------- ---------- ---------- Advisor Shares Shares issued NA NA 19,845 23,160 NA NA Shares issued in merger NA NA -- -- NA NA Dividends reinvested NA NA 1,446 1,187 NA NA Shares redeemed NA NA (18,194) (19,863) NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Advisor Shares NA NA 3,097 4,484 NA NA ----------- ---------- ---------- ---------- ---------- ---------- Change from capital transactions $ 18,270 $ 34,938 $ 27,648 $ 90,612 $ (7,739) $ (2,859) =========== ========== ========== ========== ========== ========== SHARE TRANSACTIONS: Institutional Shares Shares issued 627 1,879 4,351 5,632 69 186 Shares issued in merger -- -- -- -- -- -- Dividends reinvested 51 18 58 26 -- -- Shares redeemed (865) (378) (2,449) (537) (501) (299) ----------- ---------- ---------- ---------- ---------- ---------- Total Institutional Shares (187) 1,519 1,960 5,121 (432) (113) ----------- ---------- ---------- ---------- ---------- ---------- Class A Shares Shares issued 1,581 997 95 NA 167 49 Shares issued in merger -- -- -- NA -- -- Dividends reinvested 61 10 --^ NA -- -- Shares redeemed (610) (116) (9) NA (129) (99) ----------- ---------- ---------- ---------- ---------- ---------- Total Class A Shares 1,032 891 86 NA 38 (50) ----------- ---------- ---------- ---------- ---------- ---------- Class B Shares Shares issued 723 896 35 NA 8 7 Shares issued in merger -- -- -- NA -- -- Dividends reinvested 32 6 --^ NA -- -- Shares redeemed (318) (65) --^ NA (4) (3) ----------- ---------- ---------- ---------- ---------- ---------- Total Class B Shares 437 837 35 NA 4 4 ----------- ---------- ---------- ---------- ---------- ---------- Class C Shares Shares issued 586 221 1,953 2,958 1 --^ Shares issued in merger -- -- -- -- -- -- Dividends reinvested 13 1 111 45 -- -- Shares redeemed (190) (12) (2,003) (281) (11) (6) ----------- ---------- ---------- ---------- ---------- ---------- Total Class C Shares 409 210 61 2,722 (10) (6) ----------- ---------- ---------- ---------- ---------- ---------- Advisor Shares Shares issued NA NA 1,756 2,133 NA NA Shares issued in merger NA NA -- -- NA NA Dividends reinvested NA NA 129 109 NA NA Shares redeemed NA NA (1,631) (1,848) NA NA ----------- ---------- ---------- ---------- ---------- ---------- Total Advisor Shares NA NA 254 394 NA NA ----------- ---------- ---------- ---------- ---------- ---------- Change from share transactions 1,691 3,457 2,396 8,237 (400) (165) =========== ========== ========== ========== ========== ========== INTERNATIONAL TECHNOLOGY FUND EQUITY FUND ------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 (c) 2003 ----------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 25,660 $ 9,882 $ 104,241 $ 76,577 Shares issued in merger -- -- 172,761 -- Dividends reinvested -- -- 2,209 571 Shares redeemed (13,544) (12,497) (163,646) (70,180) ----------- ---------- ---------- ---------- Total Institutional Shares 12,116 (2,615) 115,565 6,968 ----------- ---------- ---------- ---------- Class A Shares Shares issued 7,293 2,131 16,084 104,039 Shares issued in merger -- -- 5,153 -- Dividends reinvested -- -- 165 10 Shares redeemed (4,677) (1,824) (6,195) (103,907) ----------- ---------- ---------- ---------- Total Class A Shares 2,616 307 15,207 142 ----------- ---------- ---------- ---------- Class B Shares Shares issued 940 375 379 121 Shares issued in merger -- -- 70 -- Dividends reinvested -- -- 2 -- Shares redeemed (549) (302) (65) (36) ----------- ---------- ---------- ---------- Total Class B Shares 391 73 386 85 ----------- ---------- ---------- ---------- Class C Shares Shares issued 1,882 1,439 374 4,447 Shares issued in merger -- -- 379 -- Dividends reinvested -- -- 1 -- Shares redeemed (886) (591) (557) (4,290) ----------- ---------- ---------- ---------- Total Class C Shares 996 848 197 157 ----------- ---------- ---------- ---------- Advisor Shares Shares issued 402 43 765 NA Shares issued in merger -- -- 15,823 NA Dividends reinvested -- -- 37 NA Shares redeemed (146) (4) (5,225) NA ----------- ---------- ---------- ---------- Total Advisor Shares 256 39 11,400 NA ----------- ---------- ---------- ---------- Change from capital transactions $ 16,375 $ (1,348) $ 142,755 $ 7,352 =========== ========== ========== ========== SHARE TRANSACTIONS: Institutional Shares Shares issued 2,375 1,503 11,779 10,771 Shares issued in merger -- -- 19,982 -- Dividends reinvested -- -- 252 81 Shares redeemed (1,326) (1,928) (17,582) (9,838) ----------- ---------- ---------- ---------- Total Institutional Shares 1,049 (425) 14,431 1,014 ----------- ---------- ---------- ---------- Class A Shares Shares issued 694 312 1,835 14,769 Shares issued in merger -- -- 595 -- Dividends reinvested -- -- 19 1 Shares redeemed (449) (299) (687) (14,604) ----------- ---------- ---------- ---------- Total Class A Shares 245 13 1,762 166 ----------- ---------- ---------- ---------- Class B Shares Shares issued 93 58 41 17 Shares issued in merger -- -- 8 -- Dividends reinvested -- -- --^ -- Shares redeemed (54) (46) (7) (5) ----------- ---------- ---------- ---------- Total Class B Shares 39 12 42 12 ----------- ---------- ---------- ---------- Class C Shares Shares issued 181 181 45 676 Shares issued in merger -- -- 45 -- Dividends reinvested -- -- --^ -- Shares redeemed (92) (71) (69) (652) ----------- ---------- ---------- ---------- Total Class C Shares 89 110 21 24 ----------- ---------- ---------- ---------- Advisor Shares Shares issued 39 6 81 NA Shares issued in merger -- -- 1,826 NA Dividends reinvested -- -- 4 NA Shares redeemed (15) (1) (583) NA ----------- ---------- ---------- ---------- Total Advisor Shares 24 5 1,328 NA ----------- ---------- ---------- ---------- Change from share transactions 1,446 (285) 17,584 1,216 =========== ========== ========== ========== INTERMEDIATE BOND FUND BOND FUND ------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 ----------- ---------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 84,603 $ 47,722 $ 207,569 $ 203,432 Shares issued in merger -- -- -- -- Dividends reinvested 2,983 4,943 7,249 12,269 Shares redeemed (114,066) (156,060) (302,980) (247,530) ----------- ---------- ---------- ---------- Total Institutional Shares (26,480) (103,395) (88,162) (31,829) ----------- ---------- ---------- ---------- Class A Shares Shares issued 10,586 8,055 16,139 34,744 Shares issued in merger -- -- -- -- Dividends reinvested 684 669 1,110 1,021 Shares redeemed (9,430) (8,142) (15,769) (31,428) ----------- ---------- ---------- ---------- Total Class A Shares 1,840 582 1,480 4,337 ----------- ---------- ---------- ---------- Class B Shares Shares issued 426 2,249 147 4,239 Shares issued in merger -- -- -- -- Dividends reinvested 138 228 128 127 Shares redeemed (3,535) (1,938) (1,819) (1,361) ----------- ---------- ---------- ---------- Total Class B Shares (2,971) 539 (1,544) 3,005 ----------- ---------- ---------- ---------- Class C Shares Shares issued 87 502 543 1,808 Shares issued in merger -- -- -- -- Dividends reinvested 23 39 43 43 Shares redeemed (596) (485) (1,271) (306) ----------- ---------- ---------- ---------- Total Class C Shares (486) 56 (685) 1,545 ----------- ---------- ---------- ---------- Advisor Shares Shares issued 134 388 NA NA Shares issued in merger -- -- NA NA Dividends reinvested 15 21 NA NA Shares redeemed (236) (398) NA NA ----------- ---------- ---------- ---------- Total Advisor Shares (87) 11 NA NA ----------- ---------- ---------- ---------- Change from capital transactions $ (28,184) $ (102,207) $ (88,911) $ (22,942) =========== ========== ========== ========== SHARE TRANSACTIONS: Institutional Shares Shares issued 8,270 4,677 20,481 19,910 Shares issued in merger -- -- -- -- Dividends reinvested 295 487 718 1,208 Shares redeemed (11,327) (15,340) (30,042) (24,255) ----------- ---------- ---------- ---------- Total Institutional Shares (2,762) (10,176) (8,843) (3,137) ----------- ---------- ---------- ---------- Class A Shares Shares issued 1,051 787 1,594 3,395 Shares issued in merger -- -- -- -- Dividends reinvested 68 66 110 100 Shares redeemed (934) (798) (1,561) (3,065) ----------- ---------- ---------- ---------- Total Class A Shares 185 55 143 430 ----------- ---------- ---------- ---------- Class B Shares Shares issued 42 222 15 417 Shares issued in merger -- -- -- -- Dividends reinvested 14 22 13 13 Shares redeemed (351) (190) (182) (133) ----------- ---------- ---------- ---------- Total Class B Shares (295) 54 (154) 297 ----------- ---------- ---------- ---------- Class C Shares Shares issued 9 49 54 177 Shares issued in merger -- -- -- -- Dividends reinvested 2 4 4 4 Shares redeemed (59) (48) (126) (30) ----------- ---------- ---------- ---------- Total Class C Shares (48) 5 (68) 151 ----------- ---------- ---------- ---------- Advisor Shares Shares issued 13 38 NA NA Shares issued in merger -- -- NA NA Dividends reinvested 2 2 NA NA Shares redeemed (24) (39) NA NA ----------- ---------- ---------- ---------- Total Advisor Shares (9) 1 NA NA ----------- ---------- ---------- ---------- Change from share transactions (2,929) (10,061) (8,922) (2,259) =========== ========== ========== ========== ___________________ (a) Reflects operations for the period from August 1, 2002 (date of commencement of operations) to July 31, 2003. (b) Reflects operations for the period from April 1, 2004 (date of commencement of operations) to July 31, 2004 for Class A and Class B shares. (c) Reflects operations for the period from November 10, 2003 (date of commencement of operations) to July 31, 2004 for Advisor Shares. ^ Represents fewer than five hundred dollars/shares. SEE NOTES TO FINANCIAL STATEMENTS 142-143 Spread
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FIFTH THIRD FUNDS STATEMENTS OF CHANGES IN NET ASSETS, CONTINUED -- FUND SHARE TRANSACTIONS (AMOUNTS IN THOUSANDS) -------------------------------------------------------------------------------- [Enlarge/Download Table] U.S. GOVERNMENT SHORT TERM BOND FUND BOND FUND -------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 (a) 2003 2004 2003 ----------- ----------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 232,770 $ 339,109 $ 12,659 $ 16,333 Dividends reinvested 4,831 8,760 1,326 1,749 Shares redeemed (223,970) (158,490) (20,172) (17,578) ----------- ----------- ---------- ---------- Total Institutional Shares 13,631 189,379 (6,187) 504 ----------- ----------- ---------- ---------- Class A Shares Shares issued 15,629 62,217 29,119 31,077 Dividends reinvested 756 716 1,236 386 Shares redeemed (21,560) (47,630) (10,195) (28,293) ----------- ----------- ---------- ---------- Total Class A Shares (5,175) 15,303 20,160 3,170 ----------- ----------- ---------- ---------- Class B Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ----------- ---------- ---------- Total Class B Shares NA NA NA NA ----------- ----------- ---------- ---------- Class C Shares Shares issued 757 NA 306 10,930 Dividends reinvested 6 NA 190 152 Shares redeemed (228) NA (6,150) (3,473) ----------- ----------- ---------- ---------- Total Class C Shares 535 NA (5,654) 7,609 ----------- ----------- ---------- ---------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ----------- ---------- ---------- Total Advisor Shares NA NA NA NA ----------- ----------- ---------- ---------- Change from capital transactions $ 8,991 $ 204,682 $ 8,319 $ 11,283 =========== =========== ========== ========== SHARE TRANSACTIONS: Institutional Shares Shares issued 24,026 34,436 1,242 1,550 Dividends reinvested 498 892 130 167 Shares redeemed (23,028) (16,098) (1,964) (1,667) ----------- ----------- ---------- ---------- Total Institutional Shares 1,496 19,230 (592) 50 ----------- ----------- ---------- ---------- Class A Shares Shares issued 1,611 6,323 2,837 2,949 Dividends reinvested 78 73 121 37 Shares redeemed (2,221) (4,846) (992) (2,686) ----------- ----------- ---------- ---------- Total Class A Shares (532) 1,550 1,966 300 ----------- ----------- ---------- ---------- Class B Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ----------- ---------- ---------- Total Class B Shares NA NA NA NA ----------- ----------- ---------- ---------- Class C Shares Shares issued 78 NA 30 1,043 Dividends reinvested 1 NA 19 15 Shares redeemed (24) NA (605) (332) ----------- ----------- ---------- ---------- Total Class C Shares 55 NA (556) 726 ----------- ----------- ---------- ---------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ----------- ---------- ---------- Total Advisor Shares NA NA NA NA ----------- ----------- ---------- ---------- Change from share transactions 1,019 20,780 818 1,076 =========== =========== ========== ========== INTERMEDIATE MUNICIPAL BOND FUND MUNICIPAL BOND FUND -------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 ----------- ----------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 7,893 $ 18,993 $ 18,353 $ 21,551 Dividends reinvested 1,219 1,509 2,688 2,487 Shares redeemed (25,329) (48,759) (68,066) (61,758) ----------- ----------- ---------- ---------- Total Institutional Shares (16,217) (28,257) (47,025) (37,720) ----------- ----------- ---------- ---------- Class A Shares Shares issued 7,061 16,253 6,508 18,912 Dividends reinvested 98 74 162 138 Shares redeemed (6,586) (15,970) (6,460) (19,161) ----------- ----------- ---------- ---------- Total Class A Shares 573 357 210 (111) ----------- ----------- ---------- ---------- Class B Shares Shares issued 397 738 376 877 Dividends reinvested 45 28 38 20 Shares redeemed (102) (33) (196) (109) ----------- ----------- ---------- ---------- Total Class B Shares 340 733 218 788 ----------- ----------- ---------- ---------- Class C Shares Shares issued 135 680 83 602 Dividends reinvested 17 15 17 22 Shares redeemed (332) (342) (709) (161) ----------- ----------- ---------- ---------- Total Class C Shares (180) 353 (609) 463 ----------- ----------- ---------- ---------- Advisor Shares Shares issued 87 242 NA NA Dividends reinvested 15 12 NA NA Shares redeemed (45) (34) NA NA ----------- ----------- ---------- ---------- Total Advisor Shares 57 220 NA NA ----------- ----------- ---------- ---------- Change from capital transactions $ (15,427) $ (26,594) $ (47,206) $ (36,580) =========== =========== ========== ========== SHARE TRANSACTIONS: Institutional Shares Shares issued 745 1,763 1,706 1,979 Dividends reinvested 115 143 251 232 Shares redeemed (2,400) (4,523) (6,381) (5,683) ----------- ----------- ---------- ---------- Total Institutional Shares (1,540) (2,617) (4,424) (3,472) ----------- ----------- ---------- ---------- Class A Shares Shares issued 668 1,505 608 1,743 Dividends reinvested 9 7 15 13 Shares redeemed (622) (1,470) (603) (1,763) ----------- ----------- ---------- ---------- Total Class A Shares 55 42 20 (7) ----------- ----------- ---------- ---------- Class B Shares Shares issued 38 67 35 80 Dividends reinvested 4 3 4 2 Shares redeemed (10) (3) (18) (10) ----------- ----------- ---------- ---------- Total Class B Shares 32 67 21 72 ----------- ----------- ---------- ---------- Class C Shares Shares issued 13 63 8 56 Dividends reinvested 2 1 2 2 Shares redeemed (32) (32) (67) (15) ----------- ----------- ---------- ---------- Total Class C Shares (17) 32 (57) 43 ----------- ----------- ---------- ---------- Advisor Shares Shares issued 9 22 NA NA Dividends reinvested 1 1 NA NA Shares redeemed (4) (3) NA NA ----------- ----------- ---------- ---------- Total Advisor Shares 6 20 NA NA ----------- ----------- ---------- ---------- Change from share transactions (1,464) (2,456) (4,440) (3,364) =========== =========== ========== ========== OHIO MICHIGAN MUNICIPAL BOND FUND MUNICIPAL BOND FUND -------------------------- ------------------------- YEAR YEAR YEAR YEAR ENDED ENDED ENDED ENDED JULY 31, JULY 31, JULY 31, JULY 31, 2004 2003 2004 2003 ----------- ----------- ---------- ---------- CAPITAL TRANSACTIONS: Institutional Shares Shares issued $ 5,948 $ 11,851 $ 25,275 $ 51,983 Dividends reinvested 416 66 446 658 Shares redeemed (31,734) (28,755) (37,741) (29,022) ----------- ----------- ---------- ---------- Total Institutional Shares (25,370) (16,838) (12,020) 23,619 ----------- ----------- ---------- ---------- Class A Shares Shares issued 16,923 27,163 1,995 6,401 Dividends reinvested 473 467 146 115 Shares redeemed (15,435) (20,871) (2,774) (1,999) ----------- ----------- ---------- ---------- Total Class A Shares 1,961 6,759 (633) 4,517 ----------- ----------- ---------- ---------- Class B Shares Shares issued 853 2,867 350 1,979 Dividends reinvested 107 84 24 18 Shares redeemed (1,340) (514) (792) (337) ----------- ----------- ---------- ---------- Total Class B Shares (380) 2,437 (418) 1,660 ----------- ----------- ---------- ---------- Class C Shares Shares issued 82 5,323 254 3,443 Dividends reinvested 121 119 39 45 Shares redeemed (2,287) (2,724) (2,438) (278) ----------- ----------- ---------- ---------- Total Class C Shares (2,084) 2,718 (2,145) 3,210 ----------- ----------- ---------- ---------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ----------- ---------- ---------- Total Advisor Shares NA NA NA NA ----------- ----------- ---------- ---------- Change from capital transactions $ (25,873) $ (4,924) $ (15,216) $ 33,006 =========== =========== ========== ========== SHARE TRANSACTIONS: Institutional Shares Shares issued 564 1,116 2,454 4,985 Dividends reinvested 39 6 43 63 Shares redeemed (3,016) (2,717) (3,667) (2,789) ----------- ----------- ---------- ---------- Total Institutional Shares (2,413) (1,595) (1,170) 2,259 ----------- ----------- ---------- ---------- Class A Shares Shares issued 1,607 2,570 196 614 Dividends reinvested 45 44 14 11 Shares redeemed (1,480) (1,968) (269) (193) ----------- ----------- ---------- ---------- Total Class A Shares 172 646 (59) 432 ----------- ----------- ---------- ---------- Class B Shares Shares issued 83 275 34 189 Dividends reinvested 10 8 2 2 Shares redeemed (130) (49) (76) (32) ----------- ----------- ---------- ---------- Total Class B Shares (37) 234 (40) 159 ----------- ----------- ---------- ---------- Class C Shares Shares issued 8 504 25 331 Dividends reinvested 12 11 4 4 Shares redeemed (220) (256) (237) (27) ----------- ----------- ---------- ---------- Total Class C Shares (200) 259 (208) 308 ----------- ----------- ---------- ---------- Advisor Shares Shares issued NA NA NA NA Dividends reinvested NA NA NA NA Shares redeemed NA NA NA NA ----------- ----------- ---------- ---------- Total Advisor Shares NA NA NA NA ----------- ----------- ---------- ---------- Change from share transactions (2,478) (456) (1,477) 3,158 =========== =========== ========== ========== ___________________ (a) Reflects operations for the period from August 1, 2003 (date of commencement of operations) to July 31, 2004 for Class C Shares. SEE NOTES TO FINANCIAL STATEMENTS 144-145 Spread.
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS JULY 31, 2004 -------------------------------------------------------------------------------- (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 established as a Massachusetts business trust. At July 31, 2004, the Trust consisted of thirty-five separate investment portfolios. The accompanying financial statements and notes relate only to the following Funds (individually the "Fund" and collectively the "Funds"): PORTFOLIO NAME -------------- Fifth Third Small Cap Growth Fund ("Small Cap Growth Fund") Fifth Third Mid Cap Growth Fund ("Mid Cap Growth Fund") Fifth Third Quality Growth Fund ("Quality Growth Fund") Fifth Third Large Cap Core Fund ("Large Cap Core Fund") Fifth Third Equity Index Fund ("Equity Index Fund") Fifth Third Balanced Fund ("Balanced Fund") Fifth Third Micro Cap Value Fund ("Micro Cap Value Fund") Fifth Third Small Cap Value Fund ("Small Cap Value Fund") Fifth Third Multi Cap Value Fund ("Multi Cap Value Fund") Fifth Third Disciplined Large Cap Value Fund ("Disciplined Large Cap Value Fund") Fifth Third LifeModel Aggressive Fund SM ("LifeModel Aggressive Fund SM") Fifth Third LifeModel Moderately Aggressive Fund SM ("LifeModel Moderately Aggressive Fund SM") Fifth Third LifeModel Moderate Fund SM ("LifeModel Moderate Fund SM") Fifth Third LifeModel Moderately Conservative Fund SM ("LifeModel Moderately Conservative Fund SM") Fifth Third LifeModel Conservative Fund SM ("LifeModel Conservative Fund SM") Fifth Third Strategic Income Fund ("Strategic Income Fund") Fifth Third Select Stock Fund ("Select Stock Fund", formerly the "Fifth Third Large Cap Opportunity Fund") Fifth Third Large Cap Opportunity Fund") Fifth Third Technology Fund ("Technology Fund") Fifth Third International Equity Fund ("International Equity Fund") Fifth Third Bond Fund ("Bond Fund") Fifth Third Intermediate Bond Fund ("Intermediate Bond Fund") Fifth Third Short Term Bond Fund ("Short Term Bond Fund") Fifth Third U.S. Government Bond Fund ("U.S. Government Bond Fund") Fifth Third Municipal Bond Fund ("Municipal Bond Fund") Fifth Third Intermediate Municipal Bond Fund ("Intermediate Municipal Bond Fund") Fifth Third Ohio Municipal Bond Fund ("Ohio Municipal Bond Fund") Fifth Third Michigan Municipal Bond Fund ("Michigan Municipal Bond Fund") The Short Term Bond Fund and U.S. Government Bond Fund offers three classes of shares: Institutional Shares, Class A Shares and Class C Shares. The Large Cap Core Fund, Disciplined Large Cap Value Fund, LifeModel Aggressive Fund SM, LifeModel Moderately Aggressive Fund SM, LifeModel Moderate Fund SM, LifeModel Moderately Conservative Fund SM, LifeModel Conservative Fund SM, Select Stock Fund, Intermediate Bond Fund, Intermediate Municipal Bond Fund, Ohio Municipal Bond Fund and Michigan Municipal Bond Fund offer four classes of shares: Institutional Shares, Class A Shares, Class B Shares and Class C Shares. The Equity Index Fund offers eight classes of shares: Institutional Shares, Class A Shares, Class B Shares, Class C Shares, Advisor Shares, Select Shares, Preferred Shares and Trust Shares. The remainder of the Funds each offer five classes of shares: Institutional Shares, Class A Shares, Class B Shares, Class C Shares and Advisor Shares. The Class A Shares are subject to initial sales charges imposed at the time of purchase, in accordance with the Funds' prospectus. Certain redemptions of Class B Shares made within six years of purchase and certain redemptions of Class C Shares made within one year of purchase are subject to contingent deferred sales charges in accordance with the Funds' prospectus. Each class of shares for each Fund has identical rights and privileges except with respect to administrative services fees paid by Class C Shares, Select Shares, Preferred Shares and Trust Shares, distribution services fees paid by Class A Shares, Class B Shares, Class C Shares and Advisor Shares, voting rights on matters affecting a single class of shares, and the exchange privileges of each class of shares. Effective January 16, 2004, the Micro Cap Value Fund was closed to all investors with the exception of certain "qualified" retirement plans. Effective January 30, 2004, Class B Shares of the Intermediate Bond Fund and Intermediate Municipal Bond Fund were closed for purchases to all investors. 146
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- Under the Fund's organizational documents, its officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with their vendors and others that provide for general indemnification. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote. (2) REORGANIZATION On November 10, 2003, the net assets of the Fifth Third Worldwide Fund and the Fifth Third International GDP Fund were exchanged for shares of the International Equity Fund. This exchange qualified as a tax-free exchange for federal income tax purposes. The following is a summary of shares outstanding, net assets, net asset value per share and unrealized appreciation (depreciation) immediately before and after the exchange (Amounts in thousands except per share amounts): [Enlarge/Download Table] INSTITUTIONAL SHARES CLASS A SHARES -------------------------- ------------------------ NET NET NET ASSET NET ASSET SHARES ASSETS VALUE SHARES ASSETS VALUE ------ -------- ------ ------ ------- ------ Worldwide Fund (a) 253 $ 3,277 $12.96 NA NA NA International Equity Fund (a) 23,754 205,379 8.65 1,313 $11,378 $ 8.67 International GDP Fund (a) 14,770 169,484 11.47 457 5,153 11.27 ------ -------- ------ ------ ------- ------ International Equity Fund (b) (c) 43,736 $378,140 $ 8.65 1,908 $16,531 $ 8.67 [Enlarge/Download Table] CLASS B SHARES CLASS C SHARES -------------------------- ------------------------ NET NET NET ASSET NET ASSET SHARES ASSETS VALUE SHARES ASSETS VALUE ------ -------- ------ ------ ------- ------ Worldwide Fund (a) NA NA NA 30 $ 370 $12.52 International Equity Fund (a) 48 $ 413 $ 8.59 16 134 8.38 International GDP Fund (a) 6 70 11.41 1 9 11.51 ------ -------- ------ ------ ------- ------ International Equity Fund (b) (c) 56 $ 483 $ 8.59 61 $ 513 $ 8.38 [Download Table] ADVISOR SHARES -------------------------- NET UNREALIZED NET ASSET APPRECIATION SHARES ASSETS VALUE (DEPRECIATION) ------ -------- ------ -------------- Worldwide Fund (a) 1,249 $ 15,823 $12.67 $ 1,422 International Equity Fund (a) NA NA NA 4,477 International GDP Fund (a) NA NA NA (33,788) ------ -------- ------ -------------- International Equity Fund (b) (c) 1,826 $ 15,823 $ 8.67 $(27,889) __________________________ (a) Before reorganization. (b) After reorganization. (c) The Fifth Third International Equity Fund retained its investment objective and financial history after the reorganization. (3) 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, as well as, the reported amounts of increases and decreases in net assets from operations during the period. Actual results could differ from those estimates. 147
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- SECURITIES VALUATIONS--Portfolio securities listed or traded on domestic securities exchanges or the NASDAQ/NMS, including American Depositary Receipts ("ADR"), are valued at the closing price on the exchange or system where the security is principally traded. If there have been no sales for that day on any exchange or system, a security is valued at the mean between the closing bid and asked quotes on the exchange or system where the security is principally traded, or at the Nasdaq Official Closing Price ("NOCP"), if applicable. Securities invested in the International Equity Fund are valued at the closing mid-market price on that exchange on the day of computation. 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 ("Trustees"). Short-term investments maturing in 60 days or less are valued at either amortized cost, which approximates market value or at original cost, which combined with accrued interest approximates market value. Investments in other open-end investment companies are valued at net asset value. Investments for which there are no such quotations, or quotations which appear suspect, are valued at fair value as determined in good faith by the Pricing Committee under the direction of the Trustees. In addition, if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Funds' net assets are calculated, such securities may be valued using fair value pricing in accordance with procedures adopted by the Trustees. Management identifies possible fluctuations in foreign securities by monitoring the rise or fall in the value of a designated benchmark index. In the event of a rise or fall greater than predetermined levels, the International Equity Fund may use a systematic valuation model provided by an independent third party to value its foreign securities. When the International Equity Fund uses fair value pricing, the value assigned to the International Equity Fund's foreign securities may not be the quoted or published prices of the investment on their primary markets or exchanges. 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 Fifth Third Asset Management, Inc. (the "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. SECURITIES TRANSACTIONS AND RELATED INCOME--Securities transactions are accounted for on a trade date plus one business day basis which does not differ materially from a trade date basis. Interest income is recognized on the accrual basis and includes, where applicable, 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. FOREIGN CURRENCY TRANSLATION--The International Equity Fund 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. FORWARD CURRENCY CONTRACTS--The International Equity Fund may enter into forward currency contracts ("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. The 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. 148
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- 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. FUTURES CONTRACTS--The Funds, with the exception of the Micro Cap Value Fund, the Multi Cap Value Fund and the Strategic Income Fund, 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 International Equity Fund held $2,825,789 in cash as collateral for its futures contracts which is restricted as to its use by the Fund. 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. OPTION CONTRACTS--The Funds, with the exception of the Micro Cap Value Fund, the Multi Cap Value Fund and the Strategic Income Fund, may write or purchase option contracts. These transactions are to hedge against changes in interest rates, security prices, currency fluctuations, and other market developments, or for the purposes of earning additional income (i.e. speculation). The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Funds bear the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options purchased are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by premiums paid. In writing an option, the Funds contract with a specified counterparty to purchase (written put option) or sell (written call option) a specified quantity (notional amount) of an underlying asset at a specified price during a specified period upon demand of the counterparty. The risk associated with writing an option is that the Funds bear the market risk of an unfavorable change in the price of an underlying asset, and may be required to buy or sell an underlying asset under the contractual terms of the option at a price different from the current market value. Written options involve financial risk which may exceed amounts reflected in the accompanying financial statements. WHEN-ISSUED AND DELAYED DELIVERY TRANSACTIONS (TBA)--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. 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 prior day's market value plus accrued interest on the securities loaned. The Funds continue to earn interest and dividends on securities loaned while simultaneously seeking to earn interest on the investment of collateral. When cash is received as collateral for securities loaned, the Funds may invest such cash in short-term U.S. Government securities, repurchase agreements, or other short-term corporate securities. The cash or subsequent short-term investments are recorded as assets of the Funds, offset by a corresponding liability to repay the cash at the termination of the loan. 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 149
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- standing and creditworthy under guidelines established by the 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. IN-KIND REDEMPTIONS--In certain circumstances, the Funds may distribute portfolio securities rather than cash as payment for a redemption of fund shares (in-kind redemption). For financial reporting purposes, the Funds recognize a gain on the in-kind redemptions to the extent the value of the distributed securities on the date of redemption exceeds the cost of those securities; the Funds recognize a loss if cost exceeds value. Gains and losses realized on in-kind redemptions are not recognized for tax purposes, and are reclassified from undistributed realized gain (loss) to paid-in capital. During the year ended July 31, 2004, the Small Cap Growth Fund, Equity Index Fund and Short Term Bond Fund realized $14,798,578, $27,997,420 and $295,083 of net gain on $68,068,238, $216,918,369 and $57,127,702 of in-kind redemptions, respectively. OTHER--Expenses directly attributable to a Fund are charged to the Fund, while expenses which are attributable to more than one series of the Trust are allocated among the respective series based upon relative net assets or another appropriate basis. Income, expenses, and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets, except that each class separately bears expenses related specifically to that class, such as distribution fees. DISTRIBUTIONS TO SHAREHOLDERS--Dividends, if any, from net investment income are declared daily and paid monthly for the Strategic Income Fund. Dividends, if any, from net investment income are declared and paid monthly for the Bond Fund, Intermediate Bond Fund, Short Term Bond Fund, U.S. Government Bond Fund, Municipal Bond Fund, Intermediate Municipal Bond Fund, Ohio Municipal Bond Fund and Michigan Municipal Bond Fund. Dividends, if any, from net investment income are declared and paid quarterly for the Mid Cap Growth Fund, Quality Growth Fund, Large Cap Core Fund, Equity Index Fund, Balanced Fund, Micro Cap Value Fund, Multi Cap Value Fund, Disciplined Large Cap Value Fund, LifeModel Aggressive Fund SM, LifeModel Moderately Aggressive Fund SM, LifeModel Moderate Fund SM, LifeModel Moderately Conservative Fund SM, LifeModel Conservative Fund SM, Select Stock Fund and Technology Fund. Dividends, if any, from net investment income are declared and paid annually for the Small Cap Growth Fund, Small Cap Value Fund and International Equity Fund. Distributable net realized gains, if any, are declared and distributed at least annually. Dividends to shareholders are recorded on the ex-dividend date. 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, amortization and/or accretion of 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. To the extent they exceed net investment income and net realized gains for tax purposes, they are reported as distribution of capital. 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 gains sufficient to relieve it from all, or substantially all, federal income taxes. 150
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- (4) INVESTMENT ADVISORY FEE AND OTHER TRANSACTIONS WITH AFFILIATES INVESTMENT ADVISORY FEE--The Advisor receives for its services an annual investment advisory fee based on a percentage of each Fund's average daily net assets, as follows: 0.70% for the Small Cap Growth Fund and Large Cap Core Fund, 0.80% for the Mid Cap Growth Fund, Quality Growth Fund, Balanced Fund, Disciplined Large Cap Value Fund and Select Stock Fund, 0.30% for the Equity Index Fund, 1.00% for the Micro Cap Value Fund, Multi Cap Value Fund, Strategic Income Fund, Technology Fund and International Equity Fund, 0.90% for the Small Cap Value Fund, 0.15% for the LifeModel Aggressive Fund SM, LifeModel Moderately Aggressive Fund SM, LifeModel Moderate Fund SM, LifeModel Moderately Conservative Fund SM and LifeModel Conservative FundSM, 0.60% for the Bond Fund, 0.55% for the Intermediate Bond Fund, U.S. Government Bond Fund, Municipal Bond Fund, Intermediate Municipal Bond Fund and Ohio Municipal Bond Fund, 0.50% for the Short Term Bond Fund and 0.45% for the Michigan Municipal Bond Fund. Morgan Stanley Asset Management, Inc. is the International Equity Fund's Sub-Advisor. The Advisor compensates the Sub-Advisor at a rate based on the Fund's average daily net assets. The Advisor assumed all advisory services for the Small Cap Value Fund on May 1, 2004, as the sub-advisory agreement with Chartwell Investment Partners L.P. automatically terminated on April 30, 2004. ADMINISTRATIVE FEE--Fifth Third Bank ("Fifth Third"), an affiliate of the Advisor, serves as the Trust's administrator. The administrator generally assists in all aspects of the Trust's administration and operations including providing the Funds with certain administrative personnel and services necessary to operate the Funds. Under the terms of the administration agreement, Fifth Third's fees are computed as a percentage of the average daily net assets of the Trust for the period. Administration fees are computed at 0.20% of the first $1 billion of the average daily net assets of the Trust, 0.18% of the average daily net assets of the Trust between $1 billion and $2 billion, and 0.17% of more than $2 billion of the average daily net assets of the Trust. In addition, there shall be an annual fee of $10,000 per class in excess of four classes per Fund. Effective with the start of fiscal year 2003, any Fund that commences operations shall be subject to an annual minimum fee of $20,000. Pursuant to a separate agreement with Fifth Third, BISYS Fund Services Limited Partnership ("BISYS"), a wholly owned subsidiary of The BISYS Group, Inc., 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 Fifth Third computed as a percentage of the average daily net assets of the Trust subject to certain minimums and reimbursement of out-of-pocket expenses. In addition, BISYS provides an employee to serve as Chief Compliance Officer for the Funds including providing certain related services, for which it receives an additional fee. The Advisor and Administrator have entered into expense limitation agreements with the Trust. Under the terms of the agreements, to the extent that ordinary operating expenses incurred by a Fund in any fiscal year exceed the expense limit for the Fund, such excess amount will be the liability of the Advisor and Administrator. If the operating expenses are less than the expense limit for the Fund, the Advisor and Administrator shall be entitled to reimbursement of the fees waived or reduced to the extent that the operating expenses and the amount reimbursed do not exceed such expense limit for the Fund. Such reimbursement shall be paid only while the expense limitation agreement is in effect and only if such amount paid, together with all other amounts reimbursed under this plan in the fiscal year, does not cause the Fund to exceed the expense limit. For the period from November 30, 2003 through July 31, 2004, the expense limits and the cumulative reimbursement that may potentially be made by the Funds is as follows (Amounts in thousands): [Enlarge/Download Table] LARGE CAP SMALL CAP SELECT STOCK BOND INTERMEDIATE CORE FUND VALUE FUND FUND FUND BOND FUND --------- ---------- ------------ ----- ------------ Institutional Shares 0.92% 1.25% 1.45% 0.79% 0.76% Class A Shares 1.17% 1.50% 1.70% 1.04% 1.01% Class B Shares 1.92% 2.25% 2.45% 1.79% 1.76% Class C Shares 1.92% 2.25% 2.45% 1.79% 1.76% Advisor Shares NA 1.75% NA 1.29% NA Amount subject to recoupment expiring on November 30, 2004 $ 109 $ 71 $ 46 $ 236 $ 296 151
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- [Download Table] INTERMEDIATE MICHIGAN SHORT TERM MUNICIPAL MUNICIPAL MUNICIPAL BOND FUND BOND FUND BOND FUND BOND FUND ---------- --------- ------------ --------- Institutional Shares 0.74% 0.79% 0.73% 0.69% Class A Shares 0.99% 1.04% 0.98% 0.94% Class B Shares NA 1.79% 1.73% 1.69% Class C Shares 1.74% 1.79% 1.73% 1.69% Advisor Shares NA 1.29% NA NA Amount subject to recoupment expiring on November 30, 2004 $ 111 $ 94 $ 210 $ 82 [Download Table] LIFEMODEL EQUITY LIFEMODEL MODERATELY LIFEMODEL INDEX AGGRESSIVE AGGRESSIVE MODERATE FUND FUND SM FUND SM FUND SM -------- ---------- ----------- --------- Institutional Shares 0.19% 0.08% 0.08% 0.08% Class A Shares 0.44% 0.33% 0.33% 0.33% Class B Shares 1.19% 1.08% 1.08% 1.08% Class C Shares 1.19% 1.08% 1.08% 1.08% Advisor Shares 0.69% NA NA NA Select Shares 0.27% NA NA NA Preferred Shares 0.34% NA NA NA Trust Shares 0.44% NA NA NA Amount subject to recoupment expiring on November 30, 2005. $1,542 $ 469* $ 855* $ 1,132* [Download Table] LIFEMODEL MODERATELY LIFEMODEL INTERNATIONAL CONSERVATIVE CONSERVATIVE EQUITY FUND SM FUND SM FUND ------------ ------------ ------------- Institutional Shares 0.08% 0.08% 1.35% Class A Shares 0.33% 0.33% 1.60% Class B Shares 1.08% 1.08% 2.35% Class C Shares 1.08% 1.08% 2.35% Advisor Shares NA NA 1.85% Amount subject to recoupment expiring on November 30, 2005. $ 543* $ 374* $ 187 * Amount of recoupment is for the period from August 1, 2002 through July 31, 2004. Fees may be voluntarily reduced or reimbursed to assist the Funds in maintaining competitive expense ratios. DISTRIBUTION SERVICES FEE--The Trust has adopted a Distribution Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. Fifth Third Funds Distributor, Inc., a wholly owned subsidiary of The BISYS Group, Inc., 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' Class A Shares, Class B Shares, Class C Shares and Advisor 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 for Class A Shares, up to 1.00% of the average daily net assets for Class B Shares, up to 0.75% of the average daily net assets for Class C Shares and up to 0.50% of the average daily net assets for Advisor Shares, annually, to compensate the distributor. For the year ended July 31, 2004, the Distributor received $5,749,067 from commissions earned on sales of Class A Shares and redemption of Class B Shares and Class C Shares, of which, the Distributor re-allowed $5,636,679 to affiliated broker-dealers of the Funds. ADMINISTRATIVE SERVICES FEE--The Trust has approved an Administrative Services Agreement with the Distributor with respect to Class C Shares, Select Shares, Preferred Shares and Trust Shares. Under the Agreement, the Funds may make payments to the distributor and other financial institutions, which may include affiliates of the advisor, of up to 0.25% of the average daily net assets for Class C Shares, up to 0.08% of the average daily net assets for Select Shares, up to 0.15% of the average daily net assets for Preferred Shares and up to 0.25% of the average daily net assets for Trust Shares in exchange for certain administrative services fees for shareholders and for the maintenance of shareholder accounts. 152
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- TRANSFER AND DIVIDEND DISBURSING AGENT, ACCOUNTING AND CUSTODY FEES--Fifth Third serves as transfer and dividend disbursing agent, maintains the Funds' accounting records and is the Funds' custodian for which it receives a fee based on the level of each Fund's average daily net assets for the period, plus out-of-pocket expenses. Transfer Agent fees are computed at 0.0225% of the average daily net assets of each Funds' shares. In addition, there shall be an annual fee of $7,500 per additional class of shares per Fund. Accounting fees are computed at 0.02% of the average daily net assets of each Funds' shares up to $500 million, 0.015% of the average daily net assets of each Funds' shares between $500 million and $1 billion, and 0.01% of more than $1 billion of the average daily net assets of each Funds' shares. The minimum annual fee per Fund shall be $30,000. In addition, there shall be an annual fee of $10,000 per additional class of shares per Fund. Custody fees are computed at 0.01% of the average daily net assets of each Funds' shares up to $25 million, 0.0075% of the average daily net assets of each Funds' shares between $25 million and $100 million, 0.005% of the average daily net assets of each Funds' shares between $100 million and $200 million, and 0.0025% of more than $200 million of the average daily net assets of each Funds' shares plus transaction charges. Pursuant to a separate agreement with Fifth Third, BISYS Fund Services Ohio, Inc., a wholly owned subsidiary of The BISYS Group, Inc., performs sub-transfer and dividend disbursing agent services and sub-accounting services on behalf of the Funds, for which it receives a fee from Fifth Third computed as a percentage of the average daily net assets of each Fund plus annual fees for additional classes of shares per Fund and reimbursement of out-of-pocket fees and other miscellaneous expenses. Certain officers of the Trust are affiliated with the above companies, but are not paid any fees directly by the Trust for serving as officers of the Trust. (5) INVESTMENT TRANSACTIONS Purchases and sales of investments, excluding short-term securities for the period ended July 31, 2004, were as follows (Amounts in thousands): PURCHASES SALES ---------- ---------- Small Cap Growth Fund $ 316,526 $ 514,950 Mid Cap Growth Fund 315,034 312,925 Quality Growth Fund 473,619 397,902 Large Cap Core Fund 147,821 257,249 Equity Index Fund 82,976 220,952 Balanced Fund 390,585 484,671 Micro Cap Value Fund 87,423 45,978 Small Cap Value Fund 244,800 229,846 Multi Cap Value Fund 65,081 46,272 Disciplined Large Cap Value Fund 335,474 108,137 LifeModel Aggressive Fund SM 68,580 16,908 LifeModel Moderately Aggressive Fund SM 130,476 27,538 LifeModel Moderate Fund SM 374,645 37,595 LifeModel Moderately Conservative Fund SM 49,583 17,252 LifeModel Conservative Fund SM 29,333 12,536 Strategic Income Fund 83,717 58,915 Select Stock Fund 17,349 24,532 Technology Fund 119,402 102,502 International Equity Fund 151,608 217,421 Bond Fund 1,223,597 1,258,280 Intermediate Bond Fund 1,329,571 1,382,319 Short Term Bond Fund 431,117 419,051 U.S. Government Bond Fund 141,568 136,824 Municipal Bond Fund 24,980 43,899 Intermediate Municipal Bond Fund 238,047 244,777 Ohio Municipal Bond Fund 25,803 57,102 Michigan Municipal Bond Fund 26,041 36,320 153
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- (6) LINE OF CREDIT The Trust participates in a credit agreement with Citibank N.A. Under the terms of the agreement, the Trust may borrow up to $75 million. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. Citibank N.A. receives an annual facility fee of 0.09% on the aggregate principal amount committed under the agreement for providing the Line of Credit. Each Fund pays a pro-rata portion of this facility fee, plus any interest on amounts borrowed. For the year ended July 31, 2004, there were no borrowings against the line of credit. (7) FEDERAL TAX INFORMATION The Funds designate the following amounts as long term capital gain distributions qualifying for the maximum 15% income tax rate for individuals. The amounts designated may not agree with the long term capital gains in the tax character of distribution table due to utilization of earnings and profits distributed to shareholders on redemption of shares. (Amounts in thousands): AMOUNT ------- Small Cap Growth Fund $56,925 Micro Cap Value Fund 6,560 Multi Cap Value Fund 1,207 Disciplined Large Cap Value Fund 8,117 LifeModel Aggressive Fund SM 94 LifeModel Moderately Aggressive Fund SM 25 LifeModel Moderate Fund SM 28 LifeModel Moderately Conservative Fund SM 12 LifeModel Conservative Fund SM 7 U.S. Government Bond Fund 529 Municipal Bond Fund 1,274 Intermediate Municipal Bond Fund 2,793 Ohio Municipal Bond Fund 555 Michigan Municipal Bond Fund 186 The tax character of distributions paid during the fiscal year ended July 31, 2004 was as follows (Amounts in thousands): [Enlarge/Download Table] DISTRIBUTIONS PAID FROM ----------------------- NET LONG TERM TAX TOTAL ORDINARY CAPITAL EXEMPT DISTRIBUTIONS INCOME GAINS INCOME PAID -------- --------- ------- ------------- Small Cap Growth Fund -- $38,533 -- $38,533 Large Cap Core Fund $ 1,268 -- -- 1,268 Equity Index Fund 8,131 -- -- 8,131 Balanced Fund 2,629 -- -- 2,629 Micro Cap Value Fund 5,591 6,560 -- 12,151 Small Cap Value Fund 4,071 -- -- 4,071 Multi Cap Value Fund 508 928 -- 1,436 Disciplined Large Cap Value Fund 11,531 8,117 -- 19,648 LifeModel Aggressive Fund SM 1,590 7 -- 1,597 LifeModel Moderately Aggressive Fund SM 3,790 25 -- 3,815 LifeModel Moderate Fund SM 5,489 28 -- 5,517 LifeModel Moderately Conservative Fund SM 3,330 12 -- 3,342 LifeModel Conservative Fund SM 1,741 7 -- 1,748 Strategic Income Fund 7,316 -- -- 7,316 International Equity Fund 4,086 -- -- 4,086 Bond Fund 11,354 -- -- 11,354 Intermediate Bond Fund 29,176 -- -- 29,176 Short Term Bond Fund 15,629 -- -- 15,629 U.S. Government Bond Fund 2,781 529 -- 3,310 Municipal Bond Fund 325 861 $ 2,907 4,093 Intermediate Municipal Bond Fund 497 2,119 9,854 12,470 Ohio Municipal Bond Fund -- 436 5,724 6,160 Michigan Municipal Bond Fund -- 186 3,500 3,686 154
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- The tax character of distributions paid during the fiscal year ended July 31, 2003 was as follows (Amounts in thousands): [Enlarge/Download Table] DISTRIBUTIONS PAID FROM ----------------------- NET LONG TERM TAX TOTAL ORDINARY CAPITAL EXEMPT DISTRIBUTIONS INCOME GAINS INCOME PAID -------- --------- ------- ------------- Quality Growth Fund $ 46 -- -- $ 46 Large Cap Core Fund 3,353 -- -- 3,353 Equity Index Fund 8,109 -- -- 8,109 Balanced Fund 3,953 -- -- 3,953 Micro Cap Value Fund 30 $ 645 -- 675 Disciplined Large Cap Value Fund 3,542 2,914 -- 6,456 LifeModel Aggressive Fund SM 64 -- -- 64 LifeModel Moderately Aggressive Fund SM 368 -- -- 368 LifeModel Moderate Fund SM 644 -- -- 644 LifeModel Moderately Conservative Fund SM 503 -- -- 503 LifeModel Conservative Fund SM 384 -- -- 384 Strategic Income Fund 3,714 -- -- 3,714 International Equity Fund 888 -- -- 888 Bond Fund 16,599 -- -- 16,599 Intermediate Bond Fund 34,323 -- -- 34,323 Short Term Bond Fund 16,895 -- -- 16,895 U.S. Government Bond Fund 2,461 590 -- 3,051 Municipal Bond Fund 148 1,270 $ 3,674 5,092 Intermediate Municipal Bond Fund 49 2,213 11,118 13,380 Ohio Municipal Bond Fund -- -- 6,628 6,628 Michigan Municipal Bond Fund 44 336 3,538 3,918 As of July 31, 2004, the components of accumulated earnings/(deficit) on a tax basis was as follows (Amounts in thousands): [Enlarge/Download Table] UNDISTRIBUTE UNDISTRIBUTED UNDISTRIBUTED TAX EXEMPT ORDINARY LONG-TERM DISTRIBUTIONS INCOME INCOME CAPITAL GAINS PAYABLE ------------ ----------- ------------- ------------- Small Cap Growth Fund -- -- $ 44,826 -- Mid Cap Growth Fund -- -- -- -- Quality Growth Fund -- -- -- -- Large Cap Core Fund -- $ 2,828 -- -- Equity Index Fund -- 430 -- -- Balanced Fund -- 204 -- -- Micro Cap Value Fund -- 3,376 11,531 -- Small Cap Value Fund -- 7,393 3,613 -- Multi Cap Value Fund -- -- 10,040 -- Disciplined Large Cap Value Fund -- 3,054 10,680 -- LifeModel Aggressive Fund SM -- -- 685 -- LifeModel Moderately Aggressive Fund SM -- 225 1,350 -- LifeModel Moderate Fund SM -- 587 1,019 -- LifeModel Moderately Conservative Fund SM -- 314 622 -- LifeModel Conservative Fund SM -- 370 183 -- Strategic Income Fund -- 440 -- $ (609) Select Stock Fund -- -- -- -- Technology Fund -- -- -- -- International Equity Fund -- 3,869 -- -- Bond Fund -- 49 -- -- Intermediate Bond Fund -- 194 -- -- Short Term Bond Fund -- 72 -- -- U.S. Government Bond Fund -- 46 -- -- Municipal Bond Fund $ 11 -- 2,245 -- Intermediate Municipal Bond Fund 95 -- 1,754 -- Ohio Municipal Bond Fund 25 -- 812 -- Michigan Municipal Bond Fund 8 -- -- -- [Enlarge/Download Table] ACCUMULATED TOTAL CAPITAL AND UNREALIZED ACCUMULATED OTHER APPRECIATION/ EARNINGS/ LOSSES (DEPRECIATION)* (DEFICIT) ------------ ---------------- ------------ Small Cap Growth Fund -- $ 37,248 $ 82,074 Mid Cap Growth Fund $ (24,599) 48,269 23,670 Quality Growth Fund (147,947) 103,564 (44,383) Large Cap Core Fund (45,013) 7,418 (34,767) Equity Index Fund (53,138) 226,230 173,522 Balanced Fund (59,432) 8,421 (50,807) Micro Cap Value Fund -- 63,284 78,191 Small Cap Value Fund -- 5,534 16,540 Multi Cap Value Fund -- 68,424 78,464 Disciplined Large Cap Value Fund -- 98,545 112,279 LifeModel Aggressive Fund SM -- 9,953 10,638 LifeModel Moderately Aggressive Fund SM -- 17,658 19,233 LifeModel Moderate Fund SM -- 7,665 9,271 LifeModel Moderately Conservative Fund SM -- 5,307 6,243 LifeModel Conservative Fund SM -- 805 1,358 Strategic Income Fund (229) 2,542 2,144 Select Stock Fund (17,788) 799 (16,989) Technology Fund (51,899) (1,903) (53,802) International Equity Fund (50,634) (33,373) (80,138) Bond Fund (1,906) 2,846 989 Intermediate Bond Fund (25,395) 1,789 (23,412) Short Term Bond Fund (8,674) (7,360) (15,962) U.S. Government Bond Fund (420) 398 24 Municipal Bond Fund -- 4,647 6,903 Intermediate Municipal Bond Fund -- 11,774 13,623 Ohio Municipal Bond Fund -- 5,696 6,533 Michigan Municipal Bond Fund (27) 1,487 1,468 _______________ * The differences between the book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales, the difference between book and tax amortization methods for premium and market discount, and the return of capital adjustments from real estate investments trusts. 155
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FIFTH THIRD FUNDS NOTES TO FINANCIAL STATEMENTS, CONTINUED JULY 31, 2004 -------------------------------------------------------------------------------- As of July 31, 2004, for Federal income tax purposes, the following Funds have capital loss carryforwards available to offset future capital gains, if any, to the extent provided by the treasury regulations (Amounts in thousands): [Enlarge/Download Table] EXPIRATION YEAR ------------------------------------------------------------------------------------- 2005 2006 2007 2008 2009 2010 2011 2012 TOTAL -------- -------- -------- -------- -------- -------- -------- -------- -------- Mid Cap Growth Fund -- -- -- -- -- -- $ 24,599 -- $ 24,599 Quality Growth Fund -- -- -- -- -- $ 10,584 133,396 -- 143,980 Large Cap Core Fund -- -- -- -- -- -- -- $ 793 793 Equity Index Fund -- -- -- -- $ 4,024 3,128 45,380 606 53,138 Balanced Fund -- -- -- -- -- 1,225 58,207 -- 59,432 Strategic Income Fund -- -- -- $ 229 -- -- -- -- 229 Select Stock Fund -- -- -- -- -- 14,725 3,024 39 17,788 Technology Fund -- -- -- -- -- 18,958 32,941 -- 51,899 International Equity Fund -- -- -- -- -- -- 6,809 -- 6,809 Bond Fund -- -- -- 727 -- -- -- 664 1,391 Intermediate Bond Fund -- -- -- 3,390 -- 313 -- 2,968 6,671 Short Term Bond Fund $ 1,366 $ 238 $ 220 1,126 -- -- -- 733 3,683 U.S. Government Bond Fund -- -- -- -- -- -- -- 330 330 As of July 31, 2004, the following Funds have additional capital loss carryforwards, subject to certain limitations on availability, to offset future capital gains, if any, as the successor of a merger (Amounts in thousands): [Download Table] EXPIRATION YEAR ----------------------------------------------- 2005 2008 2009 2010 2011 TOTAL ------- ------- ------- ------- ------- ------- Large Cap Core Fund -- $22,479 $21,741 -- -- $44,220 International Equity Fund -- 3,692 2,500 $32,328 $ 5,305 43,825 Intermediate Bond Fund $ 374 10,029 970 -- -- 11,373 Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended July 31, 2004, the Funds deferred to August 1, 2004 post October capital losses, post October currency losses and post October passive foreign investment company losses of (Amounts in thousands): CAPITAL LOSSES ------- Quality Growth Fund $3,967 Bond Fund 515 Intermediate Bond Fund 7,351 Short Term Bond Fund 4,991 U.S. Government Bond Fund 90 Michigan Municipal Bond Fund 27 (8) CONCENTRATION OF CREDIT RISK 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 of portfolio securities and currency holdings. The Intermediate Municipal Bond Fund held a substantial amount of their assets in debt obligations issued by the State of Michigan and their political subdivisions, agencies and public authorities at July 31, 2004. The Fund is more susceptible to factors adversely affecting issuers of Michigan municipal securities than a Fund that is not concentrated in these issuers to the same extent. The Ohio Municipal Bond Fund and the Michigan Municipal Bond Fund invest a substantial portion of their assets in debt obligations issued by the State of Ohio and the State of Michigan, respectively, and their political subdivisions, agencies and public authorities. The Funds are more susceptible to factors adversely affecting issuers of Ohio and Michigan municipal securities than a Fund that is not concentrated in these issuers to the same extent. 156
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ---------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME/(LOSS) TRANSACTIONS OPERATIONS --------- ------------- ------------- --------- SMALL CAP GROWTH FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 15.46 0.02 4.16 4.18 Year ended 12/31/00 $ 19.29 -- (0.08) (0.08) 1/01/01 to 7/31/01(c) $ 19.02 (0.02) (1.08) (1.10) Year ended 7/31/02 $ 17.86 (0.04) (3.56) (3.60) Year ended 7/31/03 $ 13.70 (0.03) 2.23 2.20 Year ended 7/31/04 $ 15.90 (0.12)+ 1.43 1.31 --------- ------------ ------------ --------- SMALL CAP GROWTH FUND CLASS A SHARES Year ended 12/31/99 $ 15.39 (0.02) 4.15 4.13 Year ended 12/31/00 $ 19.19 -- (0.13) (0.13) 1/01/01 to 7/31/01(c) $ 18.87 (0.04) (1.06) (1.10) Year ended 7/31/02 $ 17.71 (0.07) (3.56) (3.63) Year ended 7/31/03 $ 13.52 (0.06) 2.19 2.13 Year ended 7/31/04 $ 15.65 (0.17)+ 1.43 1.26 --------- ------------ ------------ --------- SMALL CAP GROWTH FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 16.54 (0.05) (2.34) (2.39) Year ended 7/31/03 $ 13.59 (0.14) 2.16 2.02 Year ended 7/31/04 $ 15.61 (0.29)+ 1.43 1.14 --------- ------------ ------------ --------- SMALL CAP GROWTH FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 16.54 (0.11) (2.28) (2.39) Year ended 7/31/03 $ 13.59 (0.14) 2.17 2.03 Year ended 7/31/04 $ 15.62 (0.29)+ 1.43 1.14 --------- ------------ ------------ --------- SMALL CAP GROWTH FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 16.54 (0.03) (2.31) (2.34) Year ended 7/31/03 $ 13.64 (0.06) 2.17 2.11 Year ended 7/31/04 $ 15.75 (0.21)+ 1.44 1.23 --------- ------------ ------------ --------- MID CAP GROWTH FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 15.87 (0.04) 4.63 4.59 Year ended 7/31/01 $ 19.28 -- (1.69) (1.69) Year ended 7/31/02 $ 15.10 (0.06) (4.33) (4.39) Year ended 7/31/03 $ 10.24 (0.07)+ 1.85 1.78 Year ended 7/31/04 $ 12.02 (0.09) 1.03 0.94 --------- ------------ ------------ --------- MID CAP GROWTH FUND CLASS A SHARES Year ended 7/31/00 $ 15.82 (0.08) 4.60 4.52 Year ended 7/31/01 $ 19.16 -- (1.73) (1.73) Year ended 7/31/02 $ 14.94 (0.09) (4.27) (4.36) Year ended 7/31/03 $ 10.11 (0.09)+ 1.80 1.71 Year ended 7/31/04 $ 11.82 (0.12) 1.02 0.90 --------- ------------ ------------ --------- MID CAP GROWTH FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 17.91 -- (0.56) (0.56) Year ended 7/31/02 $ 14.86 (0.14) (4.27) (4.41) Year ended 7/31/03 $ 9.98 (0.17)+ 1.78 1.61 Year ended 7/31/04 $ 11.59 (0.21) 1.00 0.79 --------- ------------ ------------ --------- MID CAP GROWTH FUND CLASS C SHARES Year ended 7/31/00 $ 15.52 (0.16) 4.47 4.31 Year ended 7/31/01 $ 18.65 -- (1.80) (1.80) Year ended 7/31/02 $ 14.36 (0.18) (4.08) (4.26) Year ended 7/31/03 $ 9.63 (0.16)+ 1.70 1.54 Year ended 7/31/04 $ 11.17 (0.21) 0.98 0.77 --------- ------------ ------------ --------- MID CAP GROWTH FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 13.47 (0.04) (2.87) (2.91) Year ended 7/31/03 $ 10.09 (0.12)+ 1.81 1.69 Year ended 7/31/04 $ 11.78 (0.12) 0.99 0.87 --------- ------------ ------------ --------- LESS DIVIDENDS AND DISTRIBUTIONS FROM ----------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) ---------- -------- ------------- -------- --------- SMALL CAP GROWTH FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.02) (0.33) (0.35) $ 19.29 27.98% Year ended 12/31/00 -- (0.19) (0.19) $ 19.02 (0.38%) 1/01/01 to 7/31/01(c) -- (0.06) (0.06) $ 17.86 (5.75%)* Year ended 7/31/02 -- (0.56) (0.56) $ 13.70 (20.80%) Year ended 7/31/03 -- -- -- $ 15.90 16.06% Year ended 7/31/04 -- (1.73) (1.73) $ 15.48 7.31% --------- -------- ------------- -------- -------- SMALL CAP GROWTH FUND CLASS A SHARES Year ended 12/31/99 -- (0.33) (0.33) $ 19.19 27.73% Year ended 12/31/00 -- (0.19) (0.19) $ 18.87 (0.59%) 1/01/01 to 7/31/01(c) -- (0.06) (0.06) $ 17.71 (5.85%)* Year ended 7/31/02 -- (0.56) (0.56) $ 13.52 (21.15%) Year ended 7/31/03 -- -- -- $ 15.65 15.75% Year ended 7/31/04 -- (1.73) (1.73) $ 15.18 7.16% --------- -------- ------------- -------- -------- SMALL CAP GROWTH FUND CLASS B SHARES 10/29/01(d) to 7/31/02 -- (0.56) (0.56) $ 13.59 (13.01%)* Year ended 7/31/03 -- -- -- $ 15.61 14.86% Year ended 7/31/04 -- (1.73) (1.73) $ 15.02 6.30% --------- -------- ------------- -------- -------- SMALL CAP GROWTH FUND CLASS C SHARES 10/29/01(d) to 7/31/02 -- (0.56) (0.56) $ 13.59 (13.01%)* Year ended 7/31/03 -- -- -- $ 15.62 14.94% Year ended 7/31/04 -- (1.73) (1.73) $ 15.03 6.29% --------- -------- ------------- -------- -------- SMALL CAP GROWTH FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 -- (0.56) (0.56) $ 13.64 (12.69%)* Year ended 7/31/03 -- -- -- $ 15.75 15.47% Year ended 7/31/04 -- (1.73) (1.73) $ 15.25 6.84% --------- -------- ------------- -------- -------- MID CAP GROWTH FUND INSTITUTIONAL SHARES Year ended 7/31/00 -- (1.18) (1.18) $ 19.28 30.65% Year ended 7/31/01 -- (2.49) (2.49) $ 15.10 (9.94%) Year ended 7/31/02 -- (0.47) (0.47) $ 10.24 (30.02%) Year ended 7/31/03 -- -- -- $ 12.02 17.38% Year ended 7/31/04 -- -- -- $ 12.96 7.82% --------- -------- ------------- -------- -------- MID CAP GROWTH FUND CLASS A SHARES Year ended 7/31/00 -- (1.18) (1.18) $ 19.16 30.22% Year ended 7/31/01 -- (2.49) (2.49) $ 14.94 (10.18%) Year ended 7/31/02 -- (0.47) (0.47) $ 10.11 (30.21%) Year ended 7/31/03 -- -- -- $ 11.82 17.03% Year ended 7/31/04 -- -- -- $ 12.72 7.61% --------- -------- ------------- -------- -------- MID CAP GROWTH FUND CLASS B SHARES 10/11/00(d) to 7/31/01 -- (2.49) (2.49) $ 14.86 (4.46%)* Year ended 7/31/02 -- (0.47) (0.47) $ 9.98 (30.65%) Year ended 7/31/03 -- -- -- $ 11.59 16.13% Year ended 7/31/04 -- -- -- $ 12.38 6.82% --------- -------- ------------- -------- -------- MID CAP GROWTH FUND CLASS C SHARES Year ended 7/31/00 -- (1.18) (1.18) $ 18.65 29.48% Year ended 7/31/01 -- (2.49) (2.49) $ 14.36 (10.95%) Year ended 7/31/02 -- (0.47) (0.47) $ 9.63 (30.67%) Year ended 7/31/03 -- -- -- $ 11.17 15.99% Year ended 7/31/04 -- -- -- $ 11.94 6.89% --------- -------- ------------- -------- -------- MID CAP GROWTH FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 -- (0.47) (0.47) $ 10.09 (19.75%)* Year ended 7/31/03 -- -- -- $ 11.78 16.75% Year ended 7/31/04 -- -- -- $ 12.65 7.39% --------- -------- ------------- -------- -------- RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------- RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) --------- --------- ------------- ---------- --------- SMALL CAP GROWTH FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 746,428 0.94% 0.14% 0.95% 19% Year ended 12/31/00 $ 804,758 0.91% (0.11%) 0.92% 28% 1/01/01 to 7/31/01(c) $ 724,275 0.93%** (0.16%)** 0.93%** 13% Year ended 7/31/02 $ 485,623 0.93% (0.21%) 0.96% 25% Year ended 7/31/03 $ 391,934 0.93% (0.16%) 0.98% 63% Year ended 7/31/04 $ 223,439 1.00% (0.72%) 1.00% 95% --------- --------- ------------- ---------- --------- SMALL CAP GROWTH FUND CLASS A SHARES Year ended 12/31/99 $ 26,282 1.19% (0.11%) 1.20% 19% Year ended 12/31/00 $ 25,231 1.16% (0.36%) 1.17% 28% 1/01/01 to 7/31/01(c) $ 21,481 1.18%** (0.41%)** 1.18%** 13% Year ended 7/31/02 $ 16,468 1.18% (0.46%) 1.21% 25% Year ended 7/31/03 $ 16,471 1.19% (0.42%) 1.23% 63% Year ended 7/31/04 $ 25,921 1.25% (0.99%) 1.25% 95% --------- --------- ------------- ---------- --------- SMALL CAP GROWTH FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 872 1.93%** (1.25%)** 1.98%** 25% Year ended 7/31/03 $ 1,407 1.94% (1.17%) 1.98% 63% Year ended 7/31/04 $ 1,784 2.00% (1.74%) 2.00% 95% --------- --------- ------------- ---------- --------- SMALL CAP GROWTH FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 346 1.93%** (1.26%)** 1.97%** 25% Year ended 7/31/03 $ 436 1.93% (1.16%) 1.98% 63% Year ended 7/31/04 $ 810 2.00% (1.74%) 2.00% 95% --------- --------- ------------- ---------- --------- SMALL CAP GROWTH FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 220 1.43%** (0.74%)** 1.48%** 25% Year ended 7/31/03 $ 469 1.44% (0.66%) 1.48% 63% Year ended 7/31/04 $ 1,173 1.51% (1.26%) 1.51% 95% --------- --------- ------------- ---------- --------- MID CAP GROWTH FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 242,641 0.99% (0.26%) 1.04% 42% Year ended 7/31/01 $ 255,634 1.02% (0.24%) 1.06% 26% Year ended 7/31/02 $ 207,807 1.12% (0.49%) 1.14% 27% Year ended 7/31/03 $ 335,285 1.10% (0.65%) 1.10% 25% Year ended 7/31/04 $ 335,815 1.09% (0.68%) 1.09% 83% --------- --------- ------------- ---------- --------- MID CAP GROWTH FUND CLASS A SHARES Year ended 7/31/00 $ 36,430 1.24% (0.51%) 1.29% 42% Year ended 7/31/01 $ 41,278 1.28% (0.49%) 1.32% 26% Year ended 7/31/02 $ 30,165 1.36% (0.74%) 1.39% 27% Year ended 7/31/03 $ 35,504 1.35% (0.89%) 1.35% 25% Year ended 7/31/04 $ 49,586 1.34% (0.93%) 1.34% 83% --------- --------- ------------- ---------- --------- MID CAP GROWTH FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 3,757 2.05%** (1.24%)** 2.09%** 26% Year ended 7/31/02 $ 5,008 2.12% (1.51%) 2.15% 27% Year ended 7/31/03 $ 5,846 2.10% (1.64%) 2.10% 25% Year ended 7/31/04 $ 6,730 2.09% (1.68%) 2.09% 83% --------- --------- ------------- ---------- --------- MID CAP GROWTH FUND CLASS C SHARES Year ended 7/31/00 $ 979 1.74% (1.01%) 2.04% 42% Year ended 7/31/01 $ 1,410 1.99% (1.20%) 2.15% 26% Year ended 7/31/02 $ 1,061 2.12% (1.49%) 2.14% 27% Year ended 7/31/03 $ 1,525 2.10% (1.64%) 2.10% 25% Year ended 7/31/04 $ 1,700 2.09% (1.68%) 2.09% 83% --------- --------- ------------- ---------- --------- MID CAP GROWTH FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 145 1.68%** (1.06%)** 1.71%** 27% Year ended 7/31/03 $ 240 1.60% (1.14%) 1.60% 25% Year ended 7/31/04 $ 962 1.59% (1.17%) 1.59% 83% --------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 158-159 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ---------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME/(LOSS) TRANSACTIONS OPERATIONS --------- ------------- ------------- ---------- QUALITY GROWTH FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 23.37 (0.02) 4.06 4.04 Year ended 7/31/01 $ 26.24 -- (4.85) (4.85) Year ended 7/31/02 $ 18.48 (0.04) (4.94) (4.98) Year ended 7/31/03 $ 12.91 0.01 1.31 1.32 Year ended 7/31/04 $ 14.23 (0.04) 0.42 0.38 --------- ------------- ------------- ---------- QUALITY GROWTH FUND CLASS A SHARES Year ended 7/31/00 $ 23.31 (0.07) 4.05 3.98 Year ended 7/31/01 $ 26.12 -- (4.88) (4.88) Year ended 7/31/02 $ 18.33 (0.08) (4.89) (4.97) Year ended 7/31/03 $ 12.77 (0.02) 1.29 1.27 Year ended 7/31/04 $ 14.04 (0.08) 0.42 0.34 --------- ------------- ------------- ---------- QUALITY GROWTH FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 24.17 -- (3.03) (3.03) Year ended 7/31/02 $ 18.23 (0.16) (4.88) (5.04) Year ended 7/31/03 $ 12.60 (0.12) 1.27 1.15 Year ended 7/31/04 $ 13.75 (0.19) 0.43 0.24 --------- ------------- ------------- ---------- QUALITY GROWTH FUND CLASS C SHARES Year ended 7/31/00 $ 22.97 (0.19) 3.98 3.79 Year ended 7/31/01 $ 25.59 -- (4.90) (4.90) Year ended 7/31/02 $ 17.78 (0.20) (4.71) (4.91) Year ended 7/31/03 $ 12.28 (0.11) 1.23 1.12 Year ended 7/31/04 $ 13.40 (0.20) 0.43 0.23 --------- ------------- ------------- ---------- QUALITY GROWTH FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 16.79 (0.03) (3.42) (3.45) Year ended 7/31/03 $ 12.75 (0.03) 1.26 1.23 Year ended 7/31/04 $ 13.98 (0.09) 0.40 0.31 --------- ------------- ------------- ---------- LARGE CAP CORE FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 18.03 0.12 3.20 3.32 Year ended 12/31/00 $ 20.42 0.07 (2.24) (2.17) 1/1/01 to 7/31/01(c) $ 16.84 0.03 (1.43) (1.40) Year ended 7/31/02 $ 15.17 0.08 (3.66) (3.58) Year ended 7/31/03 $ 11.20 0.12 0.63 0.75 Year ended 7/31/04 $ 11.84 0.12 1.36 1.48 --------- ------------- ------------- ---------- LARGE CAP CORE FUND CLASS A SHARES Year ended 12/31/99 $ 17.88 0.07 3.18 3.25 Year ended 12/31/00 $ 20.25 0.02 (2.22) (2.20) 1/1/01 to 7/31/01(c) $ 16.69 0.02 (1.42) (1.40) Year ended 7/31/02 $ 15.02 0.05 (3.62) (3.57) Year ended 7/31/03 $ 11.07 0.08 0.64 0.72 Year ended 7/31/04 $ 11.70 0.07 1.36 1.43 --------- ------------- ------------- ---------- LARGE CAP CORE FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 13.86 0.02 (2.41) (2.39) Year ended 7/31/03 $ 11.12 --^ 0.65 0.65 Year ended 7/31/04 $ 11.75 (0.02) 1.36 1.34 --------- ------------- ------------- ---------- LARGE CAP CORE FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 13.86 0.03 (2.40) (2.37) Year ended 7/31/03 $ 11.15 0.01 0.63 0.64 Year ended 7/31/04 $ 11.76 (0.01) 1.35 1.34 --------- ------------- ------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM ----------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) --------- ---------- ------------- --------- --------- QUALITY GROWTH FUND INSTITUTIONAL SHARES Year ended 7/31/00 -- (1.17) (1.17) $ 26.24 17.82% Year ended 7/31/01 -- (2.91) (2.91) $ 18.48 (19.93%) Year ended 7/31/02 -- (0.59) (0.59) $ 12.91 (27.90%) Year ended 7/31/03 --^ -- --^ $ 14.23 10.23% Year ended 7/31/04 -- -- -- $ 14.61 2.67% --------- --------- ------------ -------- ------- QUALITY GROWTH FUND CLASS A SHARES Year ended 7/31/00 -- (1.17) (1.17) $ 26.12 17.60% Year ended 7/31/01 -- (2.91) (2.91) $ 18.33 (20.16%) Year ended 7/31/02 -- (0.59) (0.59) $ 12.77 (28.08%) Year ended 7/31/03 -- -- -- $ 14.04 9.95% Year ended 7/31/04 -- -- -- $ 14.38 2.42% --------- --------- ------------ -------- ------- QUALITY GROWTH FUND CLASS B SHARES 10/11/00(d) to 7/31/01 -- (2.91) (2.91) $ 18.23 (24.58%)* Year ended 7/31/02 -- (0.59) (0.59) $ 12.60 (28.63%) Year ended 7/31/03 -- -- -- $ 13.75 9.13% Year ended 7/31/04 -- -- -- $ 13.99 1.75% --------- --------- ------------ -------- ------- QUALITY GROWTH FUND CLASS C SHARES Year ended 7/31/00 -- (1.17) (1.17) $ 25.59 17.01% Year ended 7/31/01 -- (2.91) (2.91) $ 17.78 (20.71%) Year ended 7/31/02 -- (0.59) (0.59) $ 12.28 (28.62%) Year ended 7/31/03 -- -- -- $ 13.40 9.12% Year ended 7/31/04 -- -- -- $ 13.63 1.72% --------- --------- ------------ -------- ------- QUALITY GROWTH FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 -- (0.59) (0.59) $ 12.75 (19.05%)* Year ended 7/31/03 -- -- -- $ 13.98 9.65% Year ended 7/31/04 -- -- -- $ 14.29 2.22% --------- --------- ------------ -------- ------- LARGE CAP CORE FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.12) (0.81) (0.93) $ 20.42 18.79% Year ended 12/31/00 (0.07) (1.34) (1.41) $ 16.84 (11.25%) 1/1/01 to 7/31/01(c) (0.03) (0.24) (0.27) $ 15.17 (8.24%)* Year ended 7/31/02 (0.08) (0.31) (0.39) $ 11.20 (24.07%) Year ended 7/31/03 (0.11) -- (0.11) $ 11.84 6.79% Year ended 7/31/04 (0.12) -- (0.12) $ 13.20 12.50% --------- --------- ------------ -------- ------- LARGE CAP CORE FUND CLASS A SHARES Year ended 12/31/99 (0.07) (0.81) (0.88) $ 20.25 18.53% Year ended 12/31/00 (0.02) (1.34) (1.36) $ 16.69 (11.47%) 1/1/01 to 7/31/01(c) (0.03) (0.24) (0.27) $ 15.02 (8.36%)* Year ended 7/31/02 (0.07) (0.31) (0.38) $ 11.07 (24.25%) Year ended 7/31/03 (0.09) -- (0.09) $ 11.70 6.56% Year ended 7/31/04 (0.09) -- (0.09) $ 13.04 12.21% --------- --------- ------------ -------- ------- LARGE CAP CORE FUND CLASS B SHARES 10/29/01(d) to 7/31/02 (0.04) (0.31) (0.35) $ 11.12 (15.86%)* Year ended 7/31/03 (0.02) -- (0.02) $ 11.75 5.90% Year ended 7/31/04 (0.01) -- (0.01) $ 13.08 11.47% --------- --------- ------------ -------- ------- LARGE CAP CORE FUND CLASS C SHARES 10/29/01(d) to 7/31/02 (0.03) (0.31) (0.34) $ 11.15 (15.66%)* Year ended 7/31/03 (0.03) -- (0.03) $ 11.76 5.72% Year ended 7/31/04 (0.02) -- (0.02) $ 13.08 11.38% --------- --------- ------------ -------- ------- RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------------- RATIOS OF RATIOS OF NET REXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) --------- --------- ------------- ---------- --------- QUALITY GROWTH FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 814,820 1.00% (0.10%) 1.03% 21% Year ended 7/31/01 $ 716,251 1.02% (0.22%) 1.02% 20% Year ended 7/31/02 $ 566,235 1.09% (0.24%) 1.09% 20% Year ended 7/31/03 $ 795,988 1.08% 0.05% 1.08% 19% Year ended 7/31/04 $ 882,256 1.07% (0.24%) 1.07% 35% --------- --------- ------------- ---------- --------- QUALITY GROWTH FUND CLASS A SHARES Year ended 7/31/00 $ 208,342 1.25% (0.35%) 1.28% 21% Year ended 7/31/01 $ 340,596 1.28% (0.46%) 1.28% 20% Year ended 7/31/02 $ 221,972 1.34% (0.49%) 1.34% 20% Year ended 7/31/03 $ 211,221 1.33% (0.19%) 1.33% 19% Year ended 7/31/04 $ 220,904 1.32% (0.49%) 1.32% 35% --------- --------- ------------- ---------- --------- QUALITY GROWTH FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 14,531 2.05%** (1.22%)** 2.05%** 20% Year ended 7/31/02 $ 19,678 2.10% (1.25%) 2.10% 20% Year ended 7/31/03 $ 20,700 2.08% (0.94%) 2.08% 19% Year ended 7/31/04 $ 20,947 2.07% (1.24%) 2.07% 35% --------- --------- ------------- ---------- --------- QUALITY GROWTH FUND CLASS C SHARES Year ended 7/31/00 $ 13,791 2.00% (0.85%) 2.28% 21% Year ended 7/31/01 $ 11,687 1.98% (1.17%) 2.11% 20% Year ended 7/31/02 $ 8,044 2.09% (1.24%) 2.09% 20% Year ended 7/31/03 $ 8,380 2.08% (0.94%) 2.08% 19% Year ended 7/31/04 $ 7,536 2.07% (1.24%) 2.07% 35% --------- --------- ------------- ---------- --------- QUALITY GROWTH FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 366 1.69%** (0.80%)** 1.69%** 20% Year ended 7/31/03 $ 1,205 1.58% (0.48%) 1.58% 19% Year ended 7/31/04 $ 3,127 1.57% (0.75%) 1.57% 35% --------- --------- ------------- ---------- --------- LARGE CAP CORE FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 822,414 0.92% 0.62% 0.93% 9% Year ended 12/31/00 $ 624,860 0.91% 0.35% 0.92% 14% 1/1/01 to 7/31/01(c) $ 547,524 0.93%** 0.40%** 0.94%** 5% Year ended 7/31/02 $ 520,727 0.93% 0.64% 0.97% 5% Year ended 7/31/03 $ 181,278 0.92% 0.99% 0.99% 13% Year ended 7/31/04 $ 90,222 0.92% 0.84% 1.04% 101% --------- --------- ------------- ---------- --------- LARGE CAP CORE FUND CLASS A SHARES Year ended 12/31/99 $ 58,336 1.18% 0.36% 1.19% 9% Year ended 12/31/00 $ 47,847 1.16% 0.10% 1.17% 14% 1/1/01 to 7/31/01(c) $ 38,659 1.18%** 0.15%** 1.19%** 5% Year ended 7/31/02 $ 23,320 1.18% 0.38% 1.22% 5% Year ended 7/31/03 $ 21,288 1.17% 0.72% 1.24% 13% Year ended 7/31/04 $ 25,573 1.17% 0.58% 1.29% 101% --------- --------- ------------- ---------- --------- LARGE CAP CORE FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 361 1.93%** (0.36%)** 1.99%** 5% Year ended 7/31/03 $ 557 1.92% (0.05%) 1.98% 13% Year ended 7/31/04 $ 783 1.92% (0.17%) 2.04% 101% --------- --------- ------------- ---------- --------- LARGE CAP CORE FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 20 1.90%** (0.12%)** 1.97%** 5% Year ended 7/31/03 $ 29 1.92% (0.04%) 1.99% 13% Year ended 7/31/04 $ 158 1.92% (0.23%) 2.03% 101% --------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL STATEMENTS 160-161 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ---------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME/(LOSS) TRANSACTIONS OPERATIONS --------- ------------ ------------- ----------- EQUITY INDEX FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 24.24 0.24 4.68 4.92 Year ended 12/31/00 $ 28.31 0.22 (2.81) (2.59) 1/1/01 to 7/31/01(c) $ 25.18 0.12 (2.08) (1.96) Year ended 7/31/02 $ 23.11 0.23 (5.70) (5.47) Year ended 7/31/03 $ 17.42 0.24 1.51 1.75 Year ended 7/31/04 $ 18.93 0.29+ 2.12 2.41 --------- ----------- ------------- ---------- EQUITY INDEX FUND CLASS A SHARES Year ended 12/31/99 $ 24.25 0.18 4.68 4.86 Year ended 12/31/00 $ 28.32 0.15 (2.80) (2.65) 1/1/01 to 7/31/01(c) $ 25.20 0.09 (2.09) (2.00) Year ended 7/31/02 $ 23.10 0.17 (5.69) (5.52) Year ended 7/31/03 $ 17.38 0.20 1.50 1.70 Year ended 7/31/04 $ 18.87 0.25+ 2.10 2.35 --------- ----------- ------------- ---------- EQUITY INDEX FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 21.07 0.06 (3.69) (3.63) Year ended 7/31/03 $ 17.32 0.07 1.50 1.57 Year ended 7/31/04 $ 18.78 0.09+ 2.09 2.18 --------- ----------- ------------- ---------- EQUITY INDEX FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 21.07 0.10 (3.73) (3.63) Year ended 7/31/03 $ 17.33 0.08 1.49 1.57 Year ended 7/31/04 $ 18.78 0.09+ 2.10 2.19 --------- ----------- ------------- ---------- EQUITY INDEX FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 21.07 0.13 (3.67) (3.54) Year ended 7/31/03 $ 17.39 0.18 1.48 1.66 Year ended 7/31/04 $ 18.86 0.20+ 2.10 2.30 --------- ----------- ------------- ---------- EQUITY INDEX FUND SELECT SHARES 10/20/03 (d) to 7/31/04 $ 19.86 0.22+ 1.18 1.40 --------- ----------- ------------- ---------- EQUITY INDEX FUND PREFERRED SHARES 10/20/03 (d) to 7/31/04 $ 19.86 0.22+ 1.18 1.40 --------- ----------- ------------- ---------- EQUITY INDEX FUND TRUST SHARES 10/20/03 (d) to 7/31/04 $ 19.86 0.20+ 1.18 1.38 --------- ----------- ------------- ---------- BALANCED FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 16.13 0.23 2.60 2.83 Year ended 7/31/01 $ 17.39 0.18 (1.97) (1.79) Year ended 7/31/02(e) $ 13.39 0.14 (2.27) (2.13) Year ended 7/31/03 $ 10.91 0.15 0.49 0.64 Year ended 7/31/04 $ 11.38 0.13 0.64 0.77 --------- ----------- ------------- ---------- BALANCED FUND CLASS A SHARES Year ended 7/31/00 $ 16.12 0.17 2.62 2.79 Year ended 7/31/01 $ 17.37 0.18 (2.00) (1.82) Year ended 7/31/02(e) $ 13.35 0.12 (2.27) (2.15) Year ended 7/31/03 $ 10.86 0.13 0.48 0.61 Year ended 7/31/04 $ 11.32 0.10 0.63 0.73 --------- ----------- ------------- ---------- BALANCED FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 16.53 0.17 (1.27) (1.10) Year ended 7/31/02(e) $ 13.28 0.02 (2.24) (2.22) Year ended 7/31/03 $ 10.75 0.04 0.48 0.52 Year ended 7/31/04 $ 11.19 0.01 0.63 0.64 --------- ----------- ------------- ---------- BALANCED FUND CLASS C SHARES Year ended 7/31/00 $ 16.13 0.12 2.57 2.69 Year ended 7/31/01 $ 17.35 0.15 (2.07) (1.92) Year ended 7/31/02(e) $ 13.26 0.02 (2.24) (2.22) Year ended 7/31/03 $ 10.73 0.04 0.48 0.52 Year ended 7/31/04 $ 11.17 0.01 0.63 0.64 --------- ----------- ------------- ---------- BALANCED FUND ADVISOR SHARES 10/29/01(d) to 7/31/02(e) $ 12.58 0.07 (1.50) (1.43) Year ended 7/31/03 $ 10.84 0.10 0.49 0.59 Year ended 7/31/04 $ 11.30 0.06 0.64 0.70 --------- ----------- ------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM ----------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) --------- ---------- ------------- --------- --------- EQUITY INDEX FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.24) (0.61) (0.85) $ 28.31 20.55% Year ended 12/31/00 (0.22) (0.32) (0.54) $ 25.18 (9.30%) 1/1/01 to 7/31/01(c) (0.11) -- (0.11) $ 23.11 (7.83%)* Year ended 7/31/02 (0.22) -- (0.22) $ 17.42 (23.82%) Year ended 7/31/03 (0.24) -- (0.24) $ 18.93 10.22% Year ended 7/31/04 (0.33) -- (0.33) $ 21.01 12.75% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND CLASS A SHARES Year ended 12/31/99 (0.18) (0.61) (0.79) $ 28.32 20.24% Year ended 12/31/00 (0.15) (0.32) (0.47) $ 25.20 (9.52%) 1/1/01 to 7/31/01(c) (0.10) -- (0.10) $ 23.10 (7.94%)* Year ended 7/31/02 (0.20) -- (0.20) $ 17.38 (24.03%) Year ended 7/31/03 (0.21) -- (0.21) $ 18.87 9.90% Year ended 7/31/04 (0.28) -- (0.28) $ 20.94 12.48% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND CLASS B SHARES 10/29/01(d) to 7/31/02 (0.12) -- (0.12) $ 17.32 (15.32%)* Year ended 7/31/03 (0.11) -- (0.11) $ 18.78 9.14% Year ended 7/31/04 (0.13) -- (0.13) $ 20.83 11.64% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND CLASS C SHARES 10/29/01(d) to 7/31/02 (0.11) -- (0.11) $ 17.33 (15.30%)* Year ended 7/31/03 (0.12) -- (0.12) $ 18.78 9.14% Year ended 7/31/04 (0.13) -- (0.13) $ 20.84 11.66% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 (0.14) -- (0.14) $ 17.39 (14.89%)* Year ended 7/31/03 (0.19) -- (0.19) $ 18.86 9.68% Year ended 7/31/04 (0.24) -- (0.24) $ 20.92 12.21% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND SELECT SHARES 10/20/03 (d) to 7/31/04 (0.26) -- (0.26) $ 21.00 7.03%* --------- ---------- ------------- --------- --------- EQUITY INDEX FUND PREFERRED SHARES 10/20/03 (d) to 7/31/04 (0.25) -- (0.25) $ 21.01 7.03%* --------- ---------- ------------- --------- --------- EQUITY INDEX FUND TRUST SHARES 10/20/03 (d) to 7/31/04 (0.23) -- (0.23) $ 21.01 6.95%* --------- ---------- ------------- --------- --------- BALANCED FUND INSTITUTIONAL SHARES Year ended 7/31/00 (0.23) (1.34) (1.57) $ 17.39 18.60% Year ended 7/31/01 (0.21) (2.00) (2.21) $ 13.39 (11.64%) Year ended 7/31/02(e) (0.15) (0.20) (0.35) $ 10.91 (16.34%) Year ended 7/31/03 (0.17) -- (0.17) $ 11.38 5.94% Year ended 7/31/04 (0.15) -- (0.15) $ 12.00 6.76% --------- ---------- ------------- --------- --------- BALANCED FUND CLASS A SHARES Year ended 7/31/00 (0.20) (1.34) (1.54) $ 17.37 18.28% Year ended 7/31/01 (0.20) (2.00) (2.20) $ 13.35 (11.84%) Year ended 7/31/02(e) (0.14) (0.20) (0.34) $ 10.86 (16.53%) Year ended 7/31/03 (0.15) -- (0.15) $ 11.32 5.57% Year ended 7/31/04 (0.12) -- (0.12) $ 11.93 6.52% --------- ---------- ------------- --------- --------- BALANCED FUND CLASS B SHARES 10/11/00(d) to 7/31/01 (0.15) (2.00) (2.15) $ 13.28 (8.14%)* Year ended 7/31/02(e) (0.11) (0.20) (0.31) $ 10.75 (17.14%) Year ended 7/31/03 (0.08) -- (0.08) $ 11.19 4.87% Year ended 7/31/04 (0.03) -- (0.03) $ 11.80 5.72% --------- ---------- ------------- --------- --------- BALANCED FUND CLASS C SHARES Year ended 7/31/00 (0.13) (1.34) (1.47) $ 17.35 17.66% Year ended 7/31/01 (0.17) (2.00) (2.17) $ 13.26 (12.47%) Year ended 7/31/02(e) (0.11) (0.20) (0.31) $ 10.73 (17.16%) Year ended 7/31/03 (0.08) -- (0.08) $ 11.17 4.90% Year ended 7/31/04 (0.03) -- (0.03) $ 11.78 5.71% --------- ---------- ------------- --------- --------- BALANCED FUND ADVISOR SHARES 10/29/01(d) to 7/31/02(e) (0.11) (0.20) (0.31) $ 10.84 (9.24%)* Year ended 7/31/03 (0.13) -- (0.13) $ 11.30 5.39% Year ended 7/31/04 (0.09) -- (0.09) $ 11.91 6.31% --------- ---------- ------------- --------- --------- RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------------- RATIOS OF RATIOS OF NET REXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) --------- ---------- ------------- ---------- --------- EQUITY INDEX FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 875,780 0.42% 0.92% 0.54% 9% Year ended 12/31/00 $ 860,647 0.40% 0.80% 0.53% 9% 1/1/01 to 7/31/01(c) $ 822,909 0.40%** 0.86%** 0.53%** 4% Year ended 7/31/02 $ 608,556 0.41% 1.06% 0.56% 9% Year ended 7/31/03 $ 583,530 0.40% 1.42% 0.58% 2% Year ended 7/31/04 $ 193,734 0.27% 1.43% 0.58% 14% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND CLASS A SHARES Year ended 12/31/99 $ 47,836 0.67% 0.67% 0.79% 9% Year ended 12/31/00 $ 38,930 0.65% 0.55% 0.78% 9% 1/1/01 to 7/31/01(c) $ 33,765 0.65%** 0.61%** 0.78%** 4% Year ended 7/31/02 $ 24,817 0.66% 0.81% 0.81% 9% Year ended 7/31/03 $ 33,402 0.65% 1.16% 0.83% 2% Year ended 7/31/04 $ 72,944 0.47% 1.19% 0.86% 14% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 1,315 1.40%** 0.08%** 1.57%** 9% Year ended 7/31/03 $ 2,409 1.40% 0.40% 1.57% 2% Year ended 7/31/04 $ 3,776 1.23% 0.44% 1.60% 14% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 635 1.41%** 0.11%** 1.58%** 9% Year ended 7/31/03 $ 1,711 1.40% 0.39% 1.57% 2% Year ended 7/31/04 $ 1,990 1.23% 0.44% 1.60% 14% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 7 0.82%** 0.62%** 0.88%** 9% Year ended 7/31/03 $ 327 0.90% 0.84% 1.06% 2% Year ended 7/31/04 $ 1,296 0.71% 0.94% 1.11% 14% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND SELECT SHARES 10/20/03 (d) to 7/31/04 $ 14,315 0.27%** 1.32%** 0.69%** 14% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND PREFERRED SHARES 10/20/03 (d) to 7/31/04 $ 165,845 0.34%** 1.31%** 0.76%** 14% --------- ---------- ------------- --------- --------- EQUITY INDEX FUND TRUST SHARES 10/20/03 (d) to 7/31/04 $ 80,759 0.44%** 1.22%** 0.86%** 14% --------- ---------- ------------- --------- --------- BALANCED FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 171,923 1.00% 1.55% 1.06% 122% Year ended 7/31/01 $ 211,221 1.01% 1.48% 1.07% 77% Year ended 7/31/02(e) $ 189,730 1.10% 1.11% 1.13% 78% Year ended 7/31/03 $ 177,052 1.10% 1.39% 1.12% 133% Year ended 7/31/04 $ 98,282 1.13% 1.07% 1.13% 166% --------- ---------- ------------- --------- --------- BALANCED FUND CLASS A SHARES Year ended 7/31/00 $ 104,750 1.25% 1.30% 1.31% 122% Year ended 7/31/01 $ 106,275 1.26% 1.23% 1.32% 77% Year ended 7/31/02(e) $ 81,079 1.34% 0.86% 1.38% 78% Year ended 7/31/03 $ 73,287 1.35% 1.14% 1.37% 133% Year ended 7/31/04 $ 74,231 1.38% 0.79% 1.38% 166% --------- ---------- ------------- --------- --------- BALANCED FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 10,239 2.03%** 0.42%** 2.09%** 77% Year ended 7/31/02(e) $ 14,007 2.10% 0.10% 2.14% 78% Year ended 7/31/03 $ 13,972 2.10% 0.39% 2.12% 133% Year ended 7/31/04 $ 13,117 2.13% 0.05% 2.13% 166% --------- ---------- ------------- --------- --------- BALANCED FUND CLASS C SHARES Year ended 7/31/00 $ 7,815 1.75% 0.80% 2.06% 122% Year ended 7/31/01 $ 6,883 1.96% 0.53% 2.15% 77% Year ended 7/31/02(e) $ 4,963 2.09% 0.11% 2.13% 78% Year ended 7/31/03 $ 5,747 2.10% 0.38% 2.12% 133% Year ended 7/31/04 $ 4,731 2.13% 0.05% 2.13% 166% --------- ---------- ------------- --------- --------- BALANCED FUND ADVISOR SHARES 10/29/01(d) to 7/31/02(e) $ 38 1.63%** 0.55%** 1.68%** 78% Year ended 7/31/03 $ 104 1.60% 0.82% 1.61% 133% Year ended 7/31/04 $ 176 1.64% 0.52% 1.64% 166% --------- ---------- ------------- --------- --------- SEE NOTES TO FINANCIAL STATEMENTS 162-163 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ------------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME/(LOSS) TRANSACTIONS OPERATIONS --------- ------------- -------------- ---------- MICRO CAP VALUE FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 4.82 (0.04) 1.08 1.04 Year ended 12/31/00 $ 5.62 0.06 (0.13) (0.07) Year ended 12/31/01 $ 4.91 0.01 1.11 1.12 1/1/02 to 7/31/02(c) $ 6.03 (0.01) (0.13) (0.14) Year ended 7/31/03 $ 5.89 (0.04)+ 2.40 2.36 Year ended 7/31/04 $ 8.20 (0.02)+ 2.66 2.64 --------- ------------- -------------- ---------- MICRO CAP VALUE FUND CLASS A SHARES 8/13/01(d) to 12/31/01 $ 5.93 (0.01) 0.04 0.03 1/1/02 to 7/31/02(c) $ 5.96 (0.02) (0.12) (0.14) Year ended 7/31/03 $ 5.82 (0.06)+ 2.37 2.31 Year ended 7/31/04 $ 8.08 (0.05)+ 2.63 2.58 --------- ------------- -------------- ---------- MICRO CAP VALUE FUND CLASS B SHARES 8/13/01(d) to 12/31/01 $ 5.93 (0.01) 0.03 0.02 1/1/02 to 7/31/02(c) $ 5.95 (0.03) (0.13) (0.16) Year ended 7/31/03 $ 5.79 (0.10)+ 2.33 2.23 Year ended 7/31/04 $ 7.97 (0.08)+ 2.59 2.51 --------- ------------- -------------- ---------- MICRO CAP VALUE FUND CLASS C SHARES 8/13/01(d) to 12/31/01 $ 5.93 (0.01) 0.04 0.03 1/1/02 to 7/31/02(c) $ 5.96 (0.03) (0.14) (0.17) Year ended 7/31/03 $ 5.79 (0.10)+ 2.33 2.23 Year ended 7/31/04 $ 7.97 (0.08)+ 2.59 2.51 --------- ------------- -------------- ---------- MICRO CAP VALUE FUND ADVISOR SHARES Year ended 12/31/99 $ 4.80 (0.06) 1.08 1.02 Year ended 12/31/00 $ 5.58 0.03 (0.11) (0.08) Year ended 12/31/01 $ 4.88 (0.02) 1.10 1.08 1/1/02 to 7/31/02(c) $ 5.96 (0.04) (0.11) (0.15) Year ended 7/31/03 $ 5.81 (0.07)+ 2.36 2.29 Year ended 7/31/04 $ 8.05 (0.06)+ 2.62 2.56 --------- ------------- -------------- ---------- SMALL CAP VALUE FUND INSTITUTIONAL SHARES 4/1/03(d) to 7/31/03 $ 15.00 --^ 2.54 2.54 Year ended 7/31/04 $ 17.54 (0.03)+ 3.50 3.47 --------- ------------- -------------- ---------- SMALL CAP VALUE FUND CLASS A SHARES 4/1/03(d) to 7/31/03 $ 15.00 (0.01) 2.53 2.52 Year ended 7/31/04 $ 17.52 (0.11)+ 3.52 3.41 --------- ------------- -------------- ---------- SMALL CAP VALUE FUND CLASS B SHARES 4/1/03(d) to 7/31/03 $ 15.00 (0.03) 2.51 2.48 Year ended 7/31/04 $ 17.48 (0.25)+ 3.51 3.26 --------- ------------- -------------- ---------- SMALL CAP VALUE FUND CLASS C SHARES 4/1/03(d) to 7/31/03 $ 15.00 (0.03) 2.51 2.48 Year ended 7/31/04 $ 17.48 (0.26)+ 3.50 3.24 --------- ------------- -------------- ---------- SMALL CAP VALUE FUND ADVISOR SHARES 4/1/03(d) to 7/31/03 $ 15.00 (0.01) 2.52 2.51 Year ended 7/31/04 $ 17.51 (0.16)+ 3.52 3.36 --------- ------------- -------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM ----------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) ---------- --------- ------------- --------- --------- MICRO CAP VALUE FUND INSTITUTIONAL SHARES Year ended 12/31/99 -- (0.24) (0.24) $ 5.62 21.60% Year ended 12/31/00 (0.05) (0.59) (0.64) $ 4.91 (1.21%) Year ended 12/31/01 -- --^ --^ $ 6.03 22.90% 1/1/02 to 7/31/02(c) -- -- -- $ 5.89 (2.32%)* Year ended 7/31/03 -- (0.05) (0.05) $ 8.20 40.26% Year ended 7/31/04 -- (0.52) (0.52) $ 10.32 32.84% ---------- --------- ------------- --------- --------- MICRO CAP VALUE FUND CLASS A SHARES 8/13/01(d) to 12/31/01 -- -- -- $ 5.96 0.56%* 1/1/02 to 7/31/02(c) -- -- -- $ 5.82 (2.35%)* Year ended 7/31/03 -- (0.05) (0.05) $ 8.08 39.88% Year ended 7/31/04 -- (0.52) (0.52) $ 10.14 32.56% ---------- --------- ------------- --------- --------- MICRO CAP VALUE FUND CLASS B SHARES 8/13/01(d) to 12/31/01 -- -- -- $ 5.95 0.39%* 1/1/02 to 7/31/02(c) -- -- -- $ 5.79 (2.69%)* Year ended 7/31/03 -- (0.05) (0.05) $ 7.97 38.70% Year ended 7/31/04 -- (0.52) (0.52) $ 9.96 32.13% ---------- --------- ------------- --------- --------- MICRO CAP VALUE FUND CLASS C SHARES 8/13/01(d) to 12/31/01 -- -- -- $ 5.96 0.56%* 1/1/02 to 7/31/02(c) -- -- -- $ 5.79 (2.85%)* Year ended 7/31/03 -- (0.05) (0.05) $ 7.97 38.70% Year ended 7/31/04 -- (0.52) (0.52) $ 9.96 32.13% ---------- --------- ------------- --------- --------- MICRO CAP VALUE FUND ADVISOR SHARES Year ended 12/31/99 -- (0.24) (0.24) $ 5.58 21.19% Year ended 12/31/00 (0.03) (0.59) (0.62) $ 4.88 (1.38%) Year ended 12/31/01 -- --^ --^ $ 5.96 22.22% 1/1/02 to 7/31/02(c) -- -- -- $ 5.81 (2.52%)* Year ended 7/31/03 -- (0.05) (0.05) $ 8.05 39.60% Year ended 7/31/04 -- (0.52) (0.52) $ 10.09 32.44% ---------- --------- ------------- --------- --------- SMALL CAP VALUE FUND INSTITUTIONAL SHARES 4/1/03(d) to 7/31/03 -- -- -- $ 17.54 16.87%* Year ended 7/31/04 (0.02) (0.98) (1.00) $ 20.01 20.11% ---------- --------- ------------- --------- --------- SMALL CAP VALUE FUND CLASS A SHARES 4/1/03(d) to 7/31/03 -- -- -- $ 17.52 16.73%* Year ended 7/31/04 --^ (0.98) (0.98) $ 19.95 19.81% ---------- --------- ------------- --------- --------- SMALL CAP VALUE FUND CLASS B SHARES 4/1/03(d) to 7/31/03 -- -- -- $ 17.48 16.47%* Year ended 7/31/04 -- (0.98) (0.98) $ 19.76 19.02% ---------- --------- ------------- --------- --------- SMALL CAP VALUE FUND CLASS C SHARES 4/1/03(d) to 7/31/03 -- -- -- $ 17.48 16.47%* Year ended 7/31/04 -- (0.98) (0.98) $ 9.74 18.85% ---------- --------- ------------- --------- --------- SMALL CAP VALUE FUND ADVISOR SHARES 4/1/03(d) to 7/31/03 -- -- -- $ 17.51 16.67%* Year ended 7/31/04 -- (0.98) (0.98) $ 19.89 19.52% ---------- --------- ------------- --------- --------- RATIOS/SUPPLEMENTAL DATA --------------------------------------------------------------------- RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) --------- --------- ------------- ---------- --------- MICRO CAP VALUE FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 3,283 1.60% (0.32%) 1.60% 96% Year ended 12/31/00 $ 6,743 1.40% 1.03% 1.40% 116% Year ended 12/31/01 $ 14,957 1.29% 0.21% 1.35% 47% 1/1/02 to 7/31/02(c) $ 45,538 1.40%** (0.51%)** 1.68%** 16% Year ended 7/31/03 $ 100,676 1.40% (0.68%) 1.47% 28% Year ended 7/31/04 $ 155,798 1.33% (0.25%) 1.33% 23% --------- --------- ------------- ---------- --------- MICRO CAP VALUE FUND CLASS A SHARES 8/13/01(d) to 12/31/01 $ 862 1.59%** (0.36%)** 1.78%** 47% 1/1/02 to 7/31/02(c) $ 5,030 1.66%** (0.77%)** 1.95%** 16% Year ended 7/31/03 $ 18,297 1.65% (0.95%) 1.69% 28% Year ended 7/31/04 $ 41,402 1.58% (0.49%) 1.58% 23% --------- --------- ------------- ---------- --------- MICRO CAP VALUE FUND CLASS B SHARES 8/13/01(d) to 12/31/01 $ 352 2.31%** (1.08%)** 2.52%** 47% 1/1/02 to 7/31/02(c) $ 2,709 2.42%** (1.50%)** 2.72%** 16% Year ended 7/31/03 $ 4,254 2.40% (1.66%) 2.47% 28% Year ended 7/31/04 $ 6,937 1.89% (0.81%) 2.33% 23% --------- --------- ------------- ---------- --------- MICRO CAP VALUE FUND CLASS C SHARES 8/13/01(d) to 12/31/01 $ 59 2.32%** (0.97%)** 2.57%** 47% 1/1/02 to 7/31/02(c) $ 712 2.42%** (1.52%)** 2.73%** 16% Year ended 7/31/03 $ 1,166 2.40% (1.66%) 2.47% 28% Year ended 7/31/04 $ 5,624 1.81% (0.82%) 2.33% 23% --------- --------- ------------- ---------- --------- MICRO CAP VALUE FUND ADVISOR SHARES Year ended 12/31/99 $ 9,128 2.10% (0.82%) 2.10% 96% Year ended 12/31/00 $ 15,424 1.90% 0.53% 1.90% 116% Year ended 12/31/01 $ 19,196 1.79% (0.29%) 1.85% 47% 1/1/02 to 7/31/02(c) $ 18,905 1.90%** (1.02%)** 2.12%** 16% Year ended 7/31/03 $ 25,342 1.90% (1.15%) 1.97% 28% Year ended 7/31/04 $ 41,514 1.68% (0.61%) 1.83% 23% --------- --------- ------------- ---------- --------- SMALL CAP VALUE FUND INSTITUTIONAL SHARES 4/1/03(d) to 7/31/03 $ 72,783 1.24%** 0.03%** 1.60%** 39% Year ended 7/31/04 $ 107,344 1.25% (0.15%) 1.41% 279% --------- --------- ------------- ---------- --------- SMALL CAP VALUE FUND CLASS A SHARES 4/1/03(d) to 7/31/03 $ 216 1.47%** (0.21%)** 1.86%** 39% Year ended 7/31/04 $ 2,277 1.49% (0.53%) 1.63% 279% --------- --------- ------------- ---------- --------- SMALL CAP VALUE FUND CLASS B SHARES 4/1/03(d) to 7/31/03 $ 103 2.22%** (1.07%)** 2.60%** 39% Year ended 7/31/04 $ 503 2.24% (1.26%) 2.38% 279% --------- --------- ------------- ---------- --------- SMALL CAP VALUE FUND CLASS C SHARES 4/1/03(d) to 7/31/03 $ 15 2.23%** (0.97%)** 2.62%** 39% Year ended 7/31/04 $ 561 2.24% (1.31%) 2.38% 279% --------- --------- ------------- ---------- --------- SMALL CAP VALUE FUND ADVISOR SHARES 4/1/03(d) to 7/31/03 $ 216 1.72%** (0.51%)** 2.11%** 39% Year ended 7/31/04 $ 1,606 1.74% (0.79%) 1.88% 279% --------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 164-165 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ------------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME/(LOSS) TRANSACTIONS OPERATIONS --------- ------------- -------------- ---------- MULTI CAP VALUE FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 15.92 0.25 1.86 2.11 Year ended 12/31/00 $ 17.52 0.28 3.88 4.16 Year ended 12/31/01 $ 18.64 0.05 1.43 1.48 1/1/02 to 7/31/02(c) $ 19.14 -- (3.28) (3.28) Year ended 7/31/03 $ 15.86 0.02 3.14 3.16 Year ended 7/31/04 $ 19.02 0.06 3.62 3.68 --------- ------------- -------------- ---------- MULTI CAP VALUE FUND CLASS A SHARES 8/13/01(d) to 12/31/01 $ 19.44 0.01 0.57 0.58 1/1/02 to 7/31/02(c) $ 19.05 (0.02) (3.26) (3.28) Year ended 7/31/03 $ 15.77 --^ 3.08 3.08 Year ended 7/31/04 $ 18.85 --^ 3.59 3.59 --------- ------------- -------------- ---------- MULTI CAP VALUE FUND CLASS B SHARES 8/13/01(d) to 12/31/01 $ 19.44 (0.02) 0.56 0.54 1/1/02 to 7/31/02(c) $ 19.03 (0.08) (3.26) (3.34) Year ended 7/31/03 $ 15.69 (0.13) 3.07 2.94 Year ended 7/31/04 $ 18.63 (0.14) 3.52 3.38 --------- ------------- -------------- ---------- MULTI CAP VALUE FUND CLASS C SHARES 8/13/01(d) to 12/31/01 $ 19.44 (0.01) 0.55 0.54 1/1/02 to 7/31/02(c) $ 19.02 (0.08) (3.25) (3.33) Year ended 7/31/03 $ 15.69 (0.12) 3.04 2.92 Year ended 7/31/04 $ 18.61 (0.13) 3.52 3.39 --------- ------------- -------------- ---------- MULTI CAP VALUE FUND ADVISOR SHARES Year ended 12/31/99 $ 15.92 0.19 1.86 2.05 Year ended 12/31/00 $ 17.49 0.18 3.89 4.07 Year ended 12/31/01 $ 18.61 0.02 1.37 1.39 1/1/02 to 7/31/02(c) $ 19.09 (0.04) (3.27) (3.31) Year ended 7/31/03 $ 15.78 (0.05) 3.09 3.04 Year ended 7/31/04 $ 18.82 (0.05) 3.59 3.54 --------- ------------- -------------- ---------- DISCIPLINED LARGE CAP VALUE FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 15.19 0.21 (1.11) (0.90) Year ended 7/31/01 $ 13.22 0.15 0.17 0.32 Year ended 7/31/02 $ 13.12 0.09 (1.73) (1.64) Year ended 7/31/03 $ 10.85 0.18+ 1.14 1.32 Year ended 7/31/04 $ 11.85 0.15 2.08 2.23 --------- ------------- -------------- ---------- DISCIPLINED LARGE CAP VALUE FUND CLASS A SHARES Year ended 7/31/00 $ 15.18 0.17 (1.10) (0.93) Year ended 7/31/01 $ 13.22 0.11 0.16 0.27 Year ended 7/31/02 $ 13.11 0.07 (1.74) (1.67) Year ended 7/31/03 $ 10.83 0.16+ 1.14 1.30 Year ended 7/31/04 $ 11.83 0.12 2.08 2.20 --------- ------------- -------------- ---------- DISCIPLINED LARGE CAP VALUE FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 13.40 0.03 0.12 0.15 Year ended 7/31/02 $ 13.24 (0.02) (1.74) (1.76) Year ended 7/31/03 $ 10.93 0.08+ 1.15 1.23 Year ended 7/31/04 $ 11.93 0.03 2.09 2.12 --------- ------------- -------------- ---------- DISCIPLINED LARGE CAP VALUE FUND CLASS C SHARES Year ended 7/31/00 $ 15.19 0.10 (1.10) (1.00) Year ended 7/31/01 $ 13.23 0.05 0.14 0.19 Year ended 7/31/02 $ 13.10 (0.03) (1.73) (1.76) Year ended 7/31/03 $ 10.80 0.08+ 1.11 1.19 Year ended 7/31/04 $ 11.76 0.02 2.07 2.09 --------- ------------- -------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM -------------------------------- NET TOTAL TOTAL ASSET RETURN NET NET RETURN DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED OF AND END OF SALES INCOME GAINS CAPITAL DISTRIBUTIONS PERIOD CHARGE) ---------- -------- ------- ------------- ------ --------- MULTI CAP VALUE FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.26) (0.25) -- (0.51) $17.52 13.26% Year ended 12/31/00 (0.24) (2.72) (0.08) (3.04) $18.64 23.78% Year ended 12/31/01 (0.07) (0.91) -- (0.98) $19.14 7.91% 1/1/02 to 7/31/02(c) -- -- -- -- $15.86 (17.14%)* Year ended 7/31/03 -- -- -- -- $19.02 19.92% Year ended 7/31/04 (0.05) (0.07) -- (0.12) $22.58 19.36% ---------- -------- ------- ------------- ------ --------- MULTI CAP VALUE FUND CLASS A SHARES 8/13/01(d) to 12/31/01 (0.06) (0.91) -- (0.97) $19.05 2.90%* 1/1/02 to 7/31/02(c) -- -- -- -- $15.77 (17.22%)* Year ended 7/31/03 -- -- -- -- $18.85 19.53% Year ended 7/31/04 (0.01) (0.07) -- (0.08) $22.36 19.07% ---------- -------- ------- ------------- ------ --------- MULTI CAP VALUE FUND CLASS B SHARES 8/13/01(d) to 12/31/01 (0.04) (0.91) -- (0.95) $19.03 2.76%* 1/1/02 to 7/31/02(c) -- -- -- -- $15.69 (17.55%)* Year ended 7/31/03 -- -- -- -- $18.63 18.74% Year ended 7/31/04 -- (0.07) -- (0.07) $21.94 18.15% ---------- -------- ------- ------------- ------ --------- MULTI CAP VALUE FUND CLASS C SHARES 8/13/01(d) to 12/31/01 (0.04) (0.92) -- (0.96) $19.02 2.72%* 1/1/02 to 7/31/02(c) -- -- -- -- $15.69 (17.51%)* Year ended 7/31/03 -- -- -- -- $18.61 18.61% Year ended 7/31/04 -- (0.07) -- (0.07) $21.93 18.22% ---------- -------- ------- ------------- ------ --------- MULTI CAP VALUE FUND ADVISOR SHARES Year ended 12/31/99 (0.23) (0.25) -- (0.48) $17.49 12.93% Year ended 12/31/00 (0.17) (2.72) (0.06) (2.95) $18.61 23.29% Year ended 12/31/01 -- (0.91) -- (0.91) $19.09 7.47% 1/1/02 to 7/31/02(c) -- -- -- -- $15.78 (17.34%)* Year ended 7/31/03 -- -- -- -- $18.82 19.26% Year ended 7/31/04 -- (0.07) -- (0.07) $22.29 18.81% ---------- -------- ------- ------------- ------ --------- DISCIPLINED LARGE CAP VALUE FUND INSTITUTIONAL SHARES Year ended 7/31/00 (0.21) (0.86) -- (1.07) $13.22 (5.96%) Year ended 7/31/01 (0.14) (0.28) -- (0.42) $13.12 2.18% Year ended 7/31/02 (0.10) (0.53) -- (0.63) $10.85 (12.96%) Year ended 7/31/03 (0.16) (0.16) -- (0.32) $11.85 12.53% Year ended 7/31/04 (0.16) (0.40) -- (0.56) $13.52 19.22% ---------- -------- ------- ------------- ------ --------- DISCIPLINED LARGE CAP VALUE FUND CLASS A SHARES Year ended 7/31/00 (0.17) (0.86) -- (1.03) $13.22 (6.16%) Year ended 7/31/01 (0.10) (0.28) -- (0.38) $13.11 1.85% Year ended 7/31/02 (0.08) (0.53) -- (0.61) $10.83 (13.24%) Year ended 7/31/03 (0.14) (0.16) -- (0.30) $11.83 12.30% Year ended 7/31/04 (0.13) (0.40) -- (0.53) $13.50 18.96% ---------- -------- ------- ------------- ------ --------- DISCIPLINED LARGE CAP VALUE FUND CLASS B SHARES 10/11/00(d) to 7/31/01 (0.03) (0.28) -- (0.31) $13.24 0.97%* Year ended 7/31/02 (0.02) (0.53) -- (0.55) $10.93 (13.84%) Year ended 7/31/03 (0.07) (0.16) -- (0.23) $11.93 11.50% Year ended 7/31/04 (0.04) (0.40) -- (0.44) $13.61 18.07% ---------- -------- ------- ------------- ------ --------- DISCIPLINED LARGE CAP VALUE FUND CLASS C SHARES Year ended 7/31/00 (0.10) (0.86) -- (0.96) $13.23 (6.65%) Year ended 7/31/01 (0.04) (0.28) -- (0.32) $13.10 1.20% Year ended 7/31/02 (0.01) (0.53) -- (0.54) $10.80 (13.85%) Year ended 7/31/03 (0.07) (0.16) -- (0.23) $11.76 11.28% Year ended 7/31/04 (0.05) (0.40) -- (0.45) $13.40 18.07% ---------- -------- ------- ------------- ------ --------- RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------------ RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) -------- --------- ------------- ---------- --------- MULTI CAP VALUE FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 546 1.33% 1.62% 1.33% 78% Year ended 12/31/00 $ 949 1.33% 1.41% 1.33% 121% Year ended 12/31/01 $ 18,069 1.23% 0.59% 1.26% 80% 1/1/02 to 7/31/02(c) $ 49,844 1.33%** 0.01%** 1.55%** 25% Year ended 7/31/03 $182,485 1.33% 0.17% 1.36% 23% Year ended 7/31/04 $235,228 1.30% 0.29% 1.30% 17% -------- --------- ------------- ---------- --------- MULTI CAP VALUE FUND CLASS A SHARES 8/13/01(d) to 12/31/01 $ 6,395 1.54%** 0.14%** 1.63%** 80% 1/1/02 to 7/31/02(c) $ 18,042 1.59%** (0.27%)** 1.79%** 25% Year ended 7/31/03 $ 19,667 1.58% 0.01% 1.64% 23% Year ended 7/31/04 $ 33,156 1.55% 0.04% 1.55% 17% -------- --------- ------------- ---------- --------- MULTI CAP VALUE FUND CLASS B SHARES 8/13/01(d) to 12/31/01 $ 4,733 2.28%** (0.59%)** 2.36%** 80% 1/1/02 to 7/31/02(c) $ 11,522 2.34%** (1.02%)** 2.53%** 25% Year ended 7/31/03 $ 14,087 2.33% (0.81%) 2.39% 23% Year ended 7/31/04 $ 18,795 2.30% (0.71%) 2.30% 17% -------- --------- ------------- ---------- --------- MULTI CAP VALUE FUND CLASS C SHARES 8/13/01(d) to 12/31/01 $ 497 2.23%** (0.60%)** 2.33%** 80% 1/1/02 to 7/31/02(c) $ 1,593 2.34%** (1.08%)** 2.53%** 25% Year ended 7/31/03 $ 2,036 2.33% (0.81%) 2.39% 23% Year ended 7/31/04 $ 3,824 2.30% (0.71%) 2.30% 17% -------- --------- ------------- ---------- --------- MULTI CAP VALUE FUND ADVISOR SHARES Year ended 12/31/99 $ 39,885 1.83% 1.12% 1.83% 78% Year ended 12/31/00 $ 49,260 1.83% 0.91% 1.83% 121% Year ended 12/31/01 $ 47,698 1.73% 0.09% 1.76% 80% 1/1/02 to 7/31/02(c) $ 38,419 1.83%** (0.36%)** 1.98%** 25% Year ended 7/31/03 $ 37,047 1.83% (0.30%) 1.89% 23% Year ended 7/31/04 $ 39,983 1.80% (0.20%) 1.80% 17% -------- --------- ------------- ---------- --------- DISCIPLINED LARGE CAP VALUE FUND INSTITUTIONAL SHARES Year ended 7/31/00 $100,007 1.02% 1.54% 1.08% 37% Year ended 7/31/01 $ 92,635 1.06% 1.03% 1.12% 19% Year ended 7/31/02 $ 80,906 1.16% 0.83% 1.19% 22% Year ended 7/31/03 $335,967 1.08% 1.74% 1.10% 79% Year ended 7/31/04 $632,120 1.07% 1.27% 1.07% 22% -------- --------- ------------- ---------- --------- DISCIPLINED LARGE CAP VALUE FUND CLASS A SHARES Year ended 7/31/00 $ 12,777 1.27% 1.29% 1.33% 37% Year ended 7/31/01 $ 16,069 1.31% 0.79% 1.37% 19% Year ended 7/31/02 $ 12,579 1.40% 0.58% 1.43% 22% Year ended 7/31/03 $ 14,100 1.33% 1.51% 1.36% 79% Year ended 7/31/04 $ 21,738 1.32% 1.00% 1.32% 22% -------- --------- ------------- ---------- --------- DISCIPLINED LARGE CAP VALUE FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 1,963 2.08%** 0.07%** 2.13%** 19% Year ended 7/31/02 $ 2,862 2.17% (0.17%) 2.20% 22% Year ended 7/31/03 $ 3,408 2.08% 0.76% 2.11% 79% Year ended 7/31/04 $ 4,807 2.07% 0.27% 2.07% 22% -------- --------- ------------- ---------- --------- DISCIPLINED LARGE CAP VALUE FUND CLASS C SHARES Year ended 7/31/00 $ 679 1.77% 0.80% 2.08% 37% Year ended 7/31/01 $ 668 2.02% 0.09% 2.19% 19% Year ended 7/31/02 $ 577 2.16% (0.18%) 2.19% 22% Year ended 7/31/03 $ 884 2.08% 0.75% 2.10% 79% Year ended 7/31/04 $ 1,832 2.06% 0.27% 2.06% 22% -------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 166-167 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ------------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME/(LOSS) TRANSACTIONS OPERATIONS --------- ------------- -------------- ---------- LIFEMODEL AGGRESSIVE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.04# 1.35# 1.39 Year ended 7/31/04 $ 11.35 0.14# 1.31# 1.45 --------- ------------- -------------- ---------- LIFEMODEL AGGRESSIVE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.02# 1.33# 1.35 Year ended 7/31/04 $ 11.33 0.11# 1.30# 1.41 --------- ------------- -------------- ---------- LIFEMODEL AGGRESSIVE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 10.00 (0.02)# 1.28# 1.26 Year ended 7/31/04 $ 11.26 0.05# 1.27# 1.32 --------- ------------- -------------- ---------- LIFEMODEL AGGRESSIVE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 10.00 (0.01)# 1.28# 1.27 Year ended 7/31/04 $ 11.26 0.03# 1.28# 1.31 --------- ------------- -------------- ---------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.09# 1.58# 1.67 Year ended 7/31/04 $ 11.59 0.19# 1.03# 1.22 --------- ------------- -------------- ---------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.07# 1.58# 1.65 Year ended 7/31/04 $ 11.58 0.16# 1.04# 1.20 --------- ------------- -------------- ---------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.02# 1.55# 1.57 Year ended 7/31/04 $ 11.55 0.07# 1.03# 1.10 --------- ------------- -------------- ---------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.02# 1.55# 1.57 Year ended 7/31/04 $ 11.55 0.07# 1.02# 1.09 --------- ------------- -------------- ---------- LIFEMODEL MODERATE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.14# 0.92# 1.06 Year ended 7/31/04 $ 10.93 0.21# 0.76# 0.97 --------- ------------- -------------- ---------- LIFEMODEL MODERATE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.12# 0.92# 1.04 Year ended 7/31/04 $ 10.93 0.19# 0.74# 0.93 --------- ------------- -------------- ---------- LIFEMODEL MODERATE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.06# 0.89# 0.95 Year ended 7/31/04 $ 10.89 0.12# 0.73# 0.85 --------- ------------- -------------- ---------- LIFEMODEL MODERATE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.06# 0.90# 0.96 Year ended 7/31/04 $ 10.90 0.12# 0.73# 0.85 --------- ------------- -------------- ---------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.18# 0.60# 0.78 Year ended 7/31/04 $ 10.62 0.27# 0.51# 0.78 --------- ------------- -------------- ---------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.15# 0.59# 0.74 Year ended 7/31/04 $ 10.60 0.22# 0.53# 0.75 --------- ------------- -------------- ---------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.10# 0.58# 0.68 Year ended 7/31/04 $ 10.58 0.14# 0.53# 0.67 --------- ------------- -------------- ---------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.09# 0.59# 0.68 Year ended 7/31/04 $ 10.59 0.14# 0.52# 0.66 --------- ------------- -------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM --------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) ---------- -------- ------------- ------ --------- LIFEMODEL AGGRESSIVE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 (0.04) -- (0.04) $11.35 13.92%* Year ended 7/31/04 (0.13) (0.18) (0.31) $12.49 12.83% ---------- -------- ------------- ------ --------- LIFEMODEL AGGRESSIVE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 (0.02) -- (0.02) $11.33 13.57%* Year ended 7/31/04 (0.11) (0.18) (0.29) $12.45 12.49% ---------- -------- ------------- ------ --------- LIFEMODEL AGGRESSIVE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 --^ -- -- $11.26 12.65%* Year ended 7/31/04 (0.10) (0.18) (0.28) $12.30 11.70% ---------- -------- ------------- ------ --------- LIFEMODEL AGGRESSIVE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 (0.01) -- (0.01) $11.26 12.74%* Year ended 7/31/04 (0.09) (0.18) (0.27) $12.30 11.67% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 (0.08) -- (0.08) $11.59 16.78%* Year ended 7/31/04 (0.19) (0.14) (0.33) $12.48 10.54% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 (0.07) -- (0.07) $11.58 16.51%* Year ended 7/31/04 (0.17) (0.14) (0.31) $12.47 10.32% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 (0.02) -- (0.02) $11.55 15.70%* Year ended 7/31/04 (0.09) (0.14) (0.23) $12.42 9.47% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 (0.02) -- (0.02) $11.55 15.71%* Year ended 7/31/04 (0.09) (0.14) (0.23) $12.41 9.45% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 (0.13) -- (0.13) $10.93 10.66%* Year ended 7/31/04 (0.21) (0.12) (0.33) $11.57 8.84% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 (0.11) -- (0.11) $10.93 10.48%* Year ended 7/31/04 (0.18) (0.12) (0.30) $11.56 8.53% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 (0.06) -- (0.06) $10.89 9.58%* Year ended 7/31/04 (0.11) (0.12) (0.23) $11.51 7.80% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 (0.06) -- (0.06) $10.90 9.67%* Year ended 7/31/04 (0.12) (0.12) (0.24) $11.51 7.76% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 (0.16) -- (0.16) $10.62 7.87%* Year ended 7/31/04 (0.25) (0.20) (0.45) $10.95 7.39% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 (0.14) -- (0.14) $10.60 7.51%* Year ended 7/31/04 (0.22) (0.20) (0.42) $10.93 7.15% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 (0.10) -- (0.10) $10.58 6.81%* Year ended 7/31/04 (0.15) (0.20) (0.35) $10.90 6.35% ---------- -------- ------------- ------ --------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 (0.09) -- (0.09) $10.59 6.81%* Year ended 7/31/04 (0.15) (0.20) (0.35) $10.90 6.29% ---------- -------- ------------- ------ --------- RATIOS/SUPPLEMENTAL DATA ------------------------------------------------------------------ RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) -------- --------- ------------- ---------- --------- LIFEMODEL AGGRESSIVE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $ 32,421 0.08%** 0.45%** 0.78%** 79% Year ended 7/31/04 $ 52,085 0.08% 1.09% 0.51% 22% -------- --------- ------------- ---------- --------- LIFEMODEL AGGRESSIVE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 10,090 0.33%** 0.16%** 1.24%** 79% Year ended 7/31/04 $ 38,249 0.33% 0.80% 0.76% 22% -------- --------- ------------- ---------- --------- LIFEMODEL AGGRESSIVE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 3,587 1.08%** (0.54%)** 2.06%** 79% Year ended 7/31/04 $ 12,106 1.08% 0.03% 1.51% 22% -------- --------- ------------- ---------- --------- LIFEMODEL AGGRESSIVE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 532 1.08%** (0.62%)** 2.20%** 79% Year ended 7/31/04 $ 1,916 1.08% 0.06% 1.51% 22% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $ 62,677 0.08%** 1.15%** 0.54%** 55% Year ended 7/31/04 $ 82,264 0.08% 1.56% 0.45% 16% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 33,806 0.33%** 0.86%** 0.90%** 55% Year ended 7/31/04 $ 94,739 0.33% 1.32% 0.70% 16% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 12,606 1.08%** 0.10%** 1.60%** 55% Year ended 7/31/04 $ 39,636 1.08% 0.53% 1.45% 16% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATELY AGGRESSIVE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 1,386 1.08%** 0.06%** 1.61%** 55% Year ended 7/31/04 $ 8,046 1.08% 0.48% 1.45% 16% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $ 71,538 0.08%** 1.82%** 0.52%** 55% Year ended 7/31/04 $315,055 0.08% 1.76% 0.43% 14% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 28,991 0.33%** 1.52%** 0.84%** 55% Year ended 7/31/04 $ 98,293 0.33% 1.79% 0.68% 14% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 14,631 1.08%** 0.74%** 1.63%** 55% Year ended 7/31/04 $ 36,778 1.08% 1.05% 1.43% 14% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 1,335 1.08%** 0.70%** 1.66%** 55% Year ended 7/31/04 $ 7,442 1.08% 1.04% 1.43% 14% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $ 40,412 0.08%** 2.23%** 0.60%** 72% Year ended 7/31/04 $ 38,097 0.08% 2.33% 0.49% 19% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 19,449 0.33%** 1.82%** 1.04%** 72% Year ended 7/31/04 $ 40,851 0.33% 2.09% 0.74% 19% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 9,083 1.08%** 1.09%** 1.80%** 72% Year ended 7/31/04 $ 21,122 1.08% 1.31% 1.49% 19% -------- --------- ------------- ---------- --------- LIFEMODEL MODERATELY CONSERVATIVE FUNDSM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 1,017 1.08%** 1.07%** 1.73%** 72% Year ended 7/31/04 $ 3,576 1.08% 1.26% 1.49% 19% -------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 168-169 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ------------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME/(LOSS) TRANSACTIONS OPERATIONS --------- ------------- -------------- ---------- LIFEMODEL CONSERVATIVE FUND SM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.23# 0.52# 0.75 Year ended 7/31/04 $ 10.54 0.31# 0.26# 0.57 --------- ------------- -------------- ---------- LIFEMODEL CONSERVATIVE FUND SM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.21# 0.51# 0.72 Year ended 7/31/04 $ 10.53 0.26# 0.28# 0.54 --------- ------------- -------------- ---------- LIFEMODEL CONSERVATIVE FUND SM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.16# 0.49# 0.65 Year ended 7/31/04 $ 10.50 0.19# 0.27# 0.46 --------- ------------- -------------- ---------- LIFEMODEL CONSERVATIVE FUND SM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 10.00 0.15# 0.50# 0.65 Year ended 7/31/04 $ 10.51 0.18# 0.28# 0.46 --------- ------------- -------------- ---------- STRATEGIC INCOME FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 10.62 0.87 (1.43) (0.56) Year ended 12/31/00 $ 9.23 0.78 0.70 1.48 Year ended 12/31/01 $ 9.96 0.69 0.59 1.28 1/1/02 to 7/31/02(c) $ 10.57 0.32 0.08 0.40 Year ended 7/31/03 $ 10.63 0.58 0.25 0.83 Year ended 7/31/04 $ 10.91 0.51 0.25 0.76 --------- ------------- -------------- ---------- STRATEGIC INCOME FUND CLASS A SHARES 4/1/04(d) to 7/31/04 $ 11.65 0.17 (0.54) (0.37) --------- ------------- -------------- ---------- STRATEGIC INCOME FUND CLASS B SHARES 4/1/04(d) to 7/31/04 $ 11.65 0.15 (0.54) (0.39) --------- ------------- -------------- ---------- STRATEGIC INCOME FUND CLASS C SHARES 10/29/01(d) to 12/31/01 $ 10.53 0.16 (0.10) 0.06 1/1/02 to 7/31/02(c) $ 10.50 0.27 0.07 0.34 Year ended 7/31/03 $ 10.55 0.47 0.24 0.71 Year ended 7/31/04 $ 10.82 0.39 0.25 0.64 --------- ------------- -------------- ---------- STRATEGIC INCOME FUND ADVISOR SHARES Year ended 12/31/99 $ 10.61 0.86 (1.43) (0.57) Year ended 12/31/00 $ 9.22 0.73 0.70 1.43 Year ended 12/31/01 $ 9.95 0.63 0.60 1.23 1/1/02 to 7/31/02(c) $ 10.53 0.28 0.10 0.38 Year ended 7/31/03 $ 10.60 0.51 0.26 0.77 Year ended 7/31/04 $ 10.88 0.46 0.25 0.71 --------- ------------- -------------- ---------- SELECT STOCK FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 37.28 (0.09) 1.59 1.50 Year ended 7/31/01 $ 38.23 -- (11.73) (11.73) Year ended 7/31/02 $ 25.47 (0.21) (7.20) (7.41) Year ended 7/31/03 $ 18.06 (0.12) 0.23 0.11 Year ended 7/31/04 $ 18.17 (0.19) 1.12 0.93 --------- ------------- -------------- ---------- SELECT STOCK FUND CLASS A SHARES Year ended 7/31/00 $ 37.20 (0.21) 1.61 1.40 Year ended 7/31/01 $ 38.05 -- (11.74) (11.74) Year ended 7/31/02 $ 25.28 (0.29) (7.11) (7.40) Year ended 7/31/03 $ 17.88 (0.16) 0.22 0.06 Year ended 7/31/04 $ 17.94 (0.20) 1.08 0.88 --------- ------------- -------------- ---------- SELECT STOCK FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 34.43 -- (7.81) (7.81) Year ended 7/31/02 $ 25.59 (0.34) (7.40) (7.74) Year ended 7/31/03 $ 17.85 (0.24) 0.16 (0.08) Year ended 7/31/04 $ 17.77 (0.31) 1.05 0.74 --------- ------------- -------------- ---------- SELECT STOCK FUND CLASS C SHARES Year ended 7/31/00 $ 36.92 (0.47) 1.66 1.19 Year ended 7/31/01 $ 37.56 -- (11.78) (11.78) Year ended 7/31/02 $ 24.75 (0.50) (6.88) (7.38) Year ended 7/31/03 $ 17.37 (0.30) 0.23 (0.07) Year ended 7/31/04 $ 17.30 (0.36) 1.07 0.71 --------- ------------- -------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM -------------------------------- NET TOTAL TOTAL ASSET RETURN NET NET RETURN DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED OF AND END OF SALES INCOME GAINS CAPITAL DISTRIBUTIONS PERIOD CHARGE) ---------- -------- ------- ------------- ------ --------- LIFEMODEL CONSERVATIVE FUND SM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 (0.21) -- -- (0.21) $10.54 7.58%* Year ended 7/31/04 (0.29) (0.16) -- (0.45) $10.66 5.44% ---------- -------- ------- ------------- ------ --------- LIFEMODEL CONSERVATIVE FUND SM CLASS A SHARES 8/1/02(d) to 7/31/03 (0.19) -- -- (0.19) $10.53 7.31%* Year ended 7/31/04 (0.27) (0.16) -- (0.43) $10.64 5.11% ---------- -------- ------- ------------- ------ --------- LIFEMODEL CONSERVATIVE FUND SM CLASS B SHARES 8/1/02(d) to 7/31/03 (0.15) -- -- (0.15) $10.50 6.54%* Year ended 7/31/04 (0.19) (0.16) -- (0.35) $10.61 4.37% ---------- -------- ------- ------------- ------ --------- LIFEMODEL CONSERVATIVE FUND SM CLASS C SHARES 8/1/02(d) to 7/31/03 (0.14) -- -- (0.14) $10.51 6.58%* Year ended 7/31/04 (0.20) (0.16) -- (0.36) $10.61 4.34% ---------- -------- ------- ------------- ------ --------- STRATEGIC INCOME FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.83) -- -- (0.83) $ 9.23 (5.61%) Year ended 12/31/00 (0.75) -- -- (0.75) $ 9.96 16.52% Year ended 12/31/01 (0.67) -- --^ (0.67) $10.57 13.12% 1/1/02 to 7/31/02(c) (0.34) -- -- (0.34) $10.63 3.82%* Year ended 7/31/03 (0.55) -- -- (0.55) $10.91 7.89% Year ended 7/31/04 (0.52) -- (0.52) $11.15 7.04% ---------- -------- ------- ------------- ------ --------- STRATEGIC INCOME FUND CLASS A SHARES 4/1/04(d) to 7/31/04 (0.16) -- -- (0.16) $11.12 (3.15%)* ---------- -------- ------- ------------- ------ --------- STRATEGIC INCOME FUND CLASS B SHARES 4/1/04(d) to 7/31/04 (0.14) -- -- (0.14) $11.12 (3.36%)* ---------- -------- ------- ------------- ------ --------- STRATEGIC INCOME FUND CLASS C SHARES 10/29/01(d) to 12/31/01 (0.09) -- -- (0.09) $10.50 0.62%* 1/1/02 to 7/31/02(c) (0.29) -- -- (0.29) $10.55 3.22%* Year ended 7/31/03 (0.44) -- -- (0.44) $10.82 6.82% Year ended 7/31/04 (0.41) -- -- (0.41) $11.05 6.07% ---------- -------- ------- ------------- ------ --------- STRATEGIC INCOME FUND ADVISOR SHARES Year ended 12/31/99 (0.82) -- -- (0.82) $ 9.22 (5.72%) Year ended 12/31/00 (0.70) -- -- (0.70) $ 9.95 16.01% Year ended 12/31/01 (0.65) -- --^ (0.65) $10.53 12.64% 1/1/02 to 7/31/02(c) (0.31) -- -- (0.31) $10.60 3.64%* Year ended 7/31/03 (0.49) -- -- (0.49) $10.88 7.36% Year ended 7/31/04 (0.47) -- -- (0.47) $11.12 6.55% ---------- -------- ------- ------------- ------ --------- SELECT STOCK FUND INSTITUTIONAL SHARES Year ended 7/31/00 -- (0.55) -- (0.55) $38.23 4.07% Year ended 7/31/01 -- (1.03) -- (1.03) $25.47 (31.27%) Year ended 7/31/02 -- -- -- -- $18.06 (29.09%) Year ended 7/31/03 -- -- -- -- $18.17 0.61% Year ended 7/31/04 -- -- -- -- $19.10 5.12% ---------- -------- ------- ------------- ------ --------- SELECT STOCK FUND CLASS A SHARES Year ended 7/31/00 -- (0.55) -- (0.55) $38.05 3.81% Year ended 7/31/01 -- (1.03) -- (1.03) $25.28 (31.44%) Year ended 7/31/02 -- -- -- -- $17.88 (29.27%) Year ended 7/31/03 -- -- -- -- $17.94 0.34% Year ended 7/31/04 -- -- -- -- $18.82 4.91% ---------- -------- ------- ------------- ------ --------- SELECT STOCK FUND CLASS B SHARES 10/11/00(d) to 7/31/01 -- (1.03) -- (1.03) $25.59 (23.35%)* Year ended 7/31/02 -- -- -- -- $17.85 (30.25%) Year ended 7/31/03 -- -- -- -- $17.77 (0.45%) Year ended 7/31/04 -- -- -- -- $18.51 4.16% ---------- -------- ------- ------------- ------ --------- SELECT STOCK FUND CLASS C SHARES Year ended 7/31/00 -- (0.55) -- (0.55) $37.56 3.26% Year ended 7/31/01 -- (1.03) -- (1.03) $24.75 (31.97%) Year ended 7/31/02 -- -- -- -- $17.37 (29.82%) Year ended 7/31/03 -- -- -- -- $17.30 (0.40%) Year ended 7/31/04 -- -- -- -- $18.01 4.10% ---------- -------- ------- ------------- ------ --------- RATIOS/SUPPLEMENTAL DATA -------------------------------------------------------------------- RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) ------- --------- ------------- ---------- --------- LIFEMODEL CONSERVATIVE FUND SM INSTITUTIONAL SHARES 8/1/02(d) to 7/31/03 $16,014 0.08%** 2.90%** 0.75%** 63% Year ended 7/31/04 $14,201 0.08% 2.79% 0.58% 27% ------- --------- ------------- ---------- --------- LIFEMODEL CONSERVATIVE FUND SM CLASS A SHARES 8/1/02(d) to 7/31/03 $ 9,387 0.33%** 2.52%** 1.17%** 63% Year ended 7/31/04 $20,461 0.33% 2.59% 0.84% 27% ------- --------- ------------- ---------- --------- LIFEMODEL CONSERVATIVE FUND SM CLASS B SHARES 8/1/02(d) to 7/31/03 $ 8,795 1.08%** 1.75%** 1.86%** 63% Year ended 7/31/04 $13,524 1.08% 1.80% 1.58% 27% ------- --------- ------------- ---------- --------- LIFEMODEL CONSERVATIVE FUND SM CLASS C SHARES 8/1/02(d) to 7/31/03 $ 2,203 1.08%** 1.63%** 1.86%** 63% Year ended 7/31/04 $ 6,563 1.08% 1.81% 1.58% 27% ------- --------- ------------- ---------- --------- STRATEGIC INCOME FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 2,540 1.41% 8.37% 1.41% 51% Year ended 12/31/00 $ 3,349 1.35% 8.03% 1.35% 48% Year ended 12/31/01 $ 3,142 1.26% 6.62% 1.28% 34% 1/1/02 to 7/31/02(c) $11,491 1.35%** 5.14%** 1.63%** 27% Year ended 7/31/03 $67,649 1.35% 5.25% 1.35% 38% Year ended 7/31/04 $90,995 1.33% 4.64% 1.33% 36% ------- --------- ------------- ---------- --------- STRATEGIC INCOME FUND CLASS A SHARES 4/1/04(d) to 7/31/04 $ 954 1.63%** 5.02%** 1.63%** 36% ------- --------- ------------- ---------- --------- STRATEGIC INCOME FUND CLASS B SHARES 4/1/04(d) to 7/31/04 $ 389 2.37%** 4.27%** 2.37%** 36% ------- --------- ------------- ---------- --------- STRATEGIC INCOME FUND CLASS C SHARES 10/29/01(d) to 12/31/01 $ 1,755 2.39%** 8.97%** 2.55%** 34% 1/1/02 to 7/31/02(c) $ 8,148 2.37%** 3.97%** 2.66%** 27% Year ended 7/31/03 $37,810 2.32% 4.35% 2.35% 38% Year ended 7/31/04 $39,298 2.33% 3.62% 2.33% 36% ------- --------- ------------- ---------- --------- STRATEGIC INCOME FUND ADVISOR SHARES Year ended 12/31/99 $24,023 1.91% 7.87% 1.91% 51% Year ended 12/31/00 $32,351 1.85% 7.53% 1.85% 48% Year ended 12/31/01 $34,105 1.76% 6.12% 1.78% 34% 1/1/02 to 7/31/02(c) $31,240 1.85%** 4.49%** 2.07%** 27% Year ended 7/31/03 $36,345 1.85% 4.68% 1.88% 38% Year ended 7/31/04 $39,982 1.83% 4.12% 1.83% 36% ------- --------- ------------- ---------- --------- SELECT STOCK FUND INSTITUTIONAL SHARES Year ended 7/31/00 $58,939 1.07% (0.23%) 1.07% 53% Year ended 7/31/01 $31,415 1.11% (0.48%) 1.24% 139% Year ended 7/31/02 $16,623 1.38% (0.79%) 1.38% 70% Year ended 7/31/03 $14,659 1.47% (0.67%) 1.63% 50% Year ended 7/31/04 $ 7,166 1.43% (0.68%) 1.74% 81% ------- --------- ------------- ---------- --------- SELECT STOCK FUND CLASS A SHARES Year ended 7/31/00 $42,842 1.32% (0.47%) 1.32% 53% Year ended 7/31/01 $20,106 1.36% (0.73%) 1.48% 139% Year ended 7/31/02 $ 9,132 1.63% (1.03%) 1.63% 70% Year ended 7/31/03 $ 8,264 1.72% (0.92%) 1.89% 50% Year ended 7/31/04 $ 9,391 1.68% (0.98%) 2.00% 81% ------- --------- ------------- ---------- --------- SELECT STOCK FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 158 2.17%** (1.54%)** 2.57%** 139% Year ended 7/31/02 $ 285 2.27% (1.89%) 2.27% 70% Year ended 7/31/03 $ 350 2.47% (1.68%) 2.63% 50% Year ended 7/31/04 $ 441 2.43% (1.74%) 2.74% 81% ------- --------- ------------- ---------- --------- SELECT STOCK FUND CLASS C SHARES Year ended 7/31/00 $ 4,171 1.82% (0.97%) 2.07% 53% Year ended 7/31/01 $ 1,935 2.05% (1.42%) 2.32% 139% Year ended 7/31/02 $ 837 2.38% (1.78%) 2.38% 70% Year ended 7/31/03 $ 727 2.47% (1.67%) 2.64% 50% Year ended 7/31/04 $ 580 2.43% (1.71%) 2.75% 81% ------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 170-171 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ---------------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME/(LOSS) TRANSACTIONS OPERATIONS --------- ------------- -------------- ---------- TECHNOLOGY FUND INSTITUTIONAL SHARES 6/5/00(d) to 7/31/00 $ 20.00 (0.03) (0.76) (0.79) Year ended 7/31/01 $ 19.21 -- (8.68) (8.68) Year ended 7/31/02 $ 10.37 (0.12) (4.70) (4.82) Year ended 7/31/03 $ 5.55 (0.09)+ 3.26 3.17 Year ended 7/31/04 $ 8.72 (0.11)+ (0.15) (0.26) --------- ------------- -------------- ---------- TECHNOLOGY FUND CLASS A SHARES 6/5/00(d) to 7/31/00 $ 20.00 (0.03) (0.76) (0.79) Year ended 7/31/01 $ 19.21 -- (8.70) (8.70) Year ended 7/31/02 $ 10.35 (0.13) (4.70) (4.83) Year ended 7/31/03 $ 5.52 (0.11)+ 3.25 3.14 Year ended 7/31/04 $ 8.66 (0.13)+ (0.15) (0.28) --------- ------------- -------------- ---------- TECHNOLOGY FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 17.28 -- (6.84) (6.84) Year ended 7/31/02 $ 10.28 (0.17) (4.67) (4.84) Year ended 7/31/03 $ 5.44 (0.15)+ 3.18 3.03 Year ended 7/31/04 $ 8.47 (0.20)+ (0.13) (0.33) --------- ------------- -------------- ---------- TECHNOLOGY FUND CLASS C SHARES 6/5/00(d) to 7/31/00 $ 20.00 (0.03) (0.77) (0.80) Year ended 7/31/01 $ 19.20 -- (8.80) (8.80) Year ended 7/31/02 $ 10.24 (0.24) (4.57) (4.81) Year ended 7/31/03 $ 5.43 (0.16)+ 3.17 3.01 Year ended 7/31/04 $ 8.44 (0.21)+ (0.12) (0.33) --------- ------------- -------------- ---------- TECHNOLOGY FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 8.91 (0.08) (3.32) (3.40) Year ended 7/31/03 $ 5.51 (0.13)+ 3.23 3.10 Year ended 7/31/04 $ 8.61 (0.16)+ (0.14) (0.30) --------- ------------- -------------- ---------- INTERNATIONAL EQUITY INSTITUTIONAL SHARES Year ended 7/31/00 $ 12.80 0.07 1.01 1.08 Year ended 7/31/01 $ 12.70 0.13 (2.17) (2.04) Year ended 7/31/02 $ 9.04 0.02 (1.30) (1.28) Year ended 7/31/03 $ 7.65 0.06 0.12 0.18 Year ended 7/31/04 $ 7.79 0.06+ 1.61 1.67 --------- ------------- -------------- ---------- INTERNATIONAL EQUITY CLASS A SHARES Year ended 7/31/00 $ 12.84 0.04 1.01 1.05 Year ended 7/31/01 $ 12.71 0.12 (2.19) (2.07) Year ended 7/31/02 $ 9.02 0.04 (1.24) (1.28) Year ended 7/31/03 $ 7.64 0.07 0.12 0.19 Year ended 7/31/04 $ 7.81 0.05+ 1.59 1.64 --------- ------------- -------------- ---------- INTERNATIONAL EQUITY CLASS B SHARES 10/11/00(d) to 7/31/01 $ 12.09 0.03 (1.44) (1.41) Year ended 7/31/02 $ 9.06 (0.05) (1.31) (1.36) Year ended 7/31/03 $ 7.60 --^ 0.11 0.11 Year ended 7/31/04 $ 7.71 (0.02)+ 1.59 1.57 --------- ------------- -------------- ---------- INTERNATIONAL EQUITY CLASS C SHARES Year ended 7/31/00 $ 12.76 (0.03) 0.99 0.96 Year ended 7/31/01 $ 12.54 0.13 (2.23) (2.10) Year ended 7/31/02 $ 8.82 (0.08) (1.24) (1.32) Year ended 7/31/03 $ 7.40 0.02 0.08 0.10 Year ended 7/31/04 $ 7.50 (0.02)+ 1.54 1.52 --------- ------------- -------------- ---------- INTERNATIONAL EQUITY ADVISOR SHARES 11/10/03(d) to 7/31/04 $ 8.67 0.02+ 0.65 0.67 --------- ------------- -------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM ---------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) ---------- -------- ------------- ------ --------- TECHNOLOGY FUND INSTITUTIONAL SHARES 6/5/00(d) to 7/31/00 -- -- -- $19.21 (5.69%)* Year ended 7/31/01 -- (0.16) (0.16) $10.37 (46.65%) Year ended 7/31/02 -- -- -- $ 5.55 (46.48%) Year ended 7/31/03 -- -- -- $ 8.72 57.12% Year ended 7/31/04 -- -- -- $ 8.46 (2.98%) ---------- -------- ------------- ------ --------- TECHNOLOGY FUND CLASS A SHARES 6/5/00(d) to 7/31/00 -- -- -- $19.21 (5.69%)* Year ended 7/31/01 -- (0.16) (0.16) $10.35 (45.62%) Year ended 7/31/02 -- -- -- $ 5.52 (46.67%) Year ended 7/31/03 -- -- -- $ 8.66 56.88% Year ended 7/31/04 -- -- -- $ 8.38 (3.23%) ---------- -------- ------------- ------ --------- TECHNOLOGY FUND CLASS B SHARES 10/11/00(d) to 7/31/01 -- (0.16) (0.16) $10.28 (39.95%)* Year ended 7/31/02 -- -- -- $ 5.44 (47.08%) Year ended 7/31/03 -- -- -- $ 8.47 55.70% Year ended 7/31/04 -- -- -- $ 8.14 (3.90%) ---------- -------- ------------- ------ --------- TECHNOLOGY FUND CLASS C SHARES 6/5/00(d) to 7/31/00 -- -- -- $19.20 (5.65%)* Year ended 7/31/01 -- (0.16) (0.16) $10.24 (46.12%) Year ended 7/31/02 -- -- -- $ 5.43 (46.97%) Year ended 7/31/03 -- -- -- $ 8.44 55.43% Year ended 7/31/04 -- -- -- $ 8.11 (3.79%) ---------- -------- ------------- ------ --------- TECHNOLOGY FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 -- -- -- $ 5.51 (34.48%)* Year ended 7/31/03 -- -- -- $ 8.61 56.26% Year ended 7/31/04 -- -- -- $ 8.31 (3.37%) ---------- -------- ------------- ------ --------- INTERNATIONAL EQUITY INSTITUTIONAL SHARES Year ended 7/31/00 -- (1.18) (1.18) $12.70 8.29% Year ended 7/31/01 -- (1.62) (1.62) $ 9.04 (17.61%) Year ended 7/31/02 (0.11) -- (0.11) $ 7.65 (14.30%) Year ended 7/31/03 (0.04) -- (0.04) $ 7.79 2.47% Year ended 7/31/04 (0.14) -- (0.14) $ 9.32 21.56% ---------- -------- ------------- ------ --------- INTERNATIONAL EQUITY CLASS A SHARES Year ended 7/31/00 -- (1.18) (1.18) $12.71 8.02% Year ended 7/31/01 -- (1.62) (1.62) $ 9.02 (17.85%) Year ended 7/31/02 (0.10) -- (0.10) $ 7.64 (14.23%) Year ended 7/31/03 (0.02) -- (0.02) $ 7.81 2.52% Year ended 7/31/04 (0.12) -- (0.12) $ 9.33 21.11% ---------- -------- ------------- ------ --------- INTERNATIONAL EQUITY CLASS B SHARES 10/11/00(d) to 7/31/01 -- (1.62) (1.62) $ 9.06 (13.36%)* Year ended 7/31/02 (0.10) -- (0.10) $ 7.60 (15.11%) Year ended 7/31/03 -- -- -- $ 7.71 1.45% Year ended 7/31/04 (0.05) -- (0.05) $ 9.23 20.43% ---------- -------- ------------- ------ --------- INTERNATIONAL EQUITY CLASS C SHARES Year ended 7/31/00 -- (1.18) (1.18) $12.54 7.25% Year ended 7/31/01 -- (1.62) (1.62) $ 8.82 (18.39%) Year ended 7/31/02 (0.10) -- (0.10) $ 7.40 (15.07%) Year ended 7/31/03 -- -- -- $ 7.50 1.35% Year ended 7/31/04 (0.03) -- (0.03) $ 8.99 20.32% ---------- -------- ------------- ------ --------- INTERNATIONAL EQUITY ADVISOR SHARES 11/10/03(d) to 7/31/04 (0.03) -- (0.03) $ 9.31 7.70%* ---------- -------- ------------- ------ --------- RATIOS/SUPPLEMENTAL DATA -------------------------------------------------------------------- RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) -------- --------- ------------- ---------- --------- TECHNOLOGY FUND INSTITUTIONAL SHARES 6/5/00(d) to 7/31/00 $ 55,188 1.46%** (0.79%)** 1.46%** 11% Year ended 7/31/01 $ 45,842 1.50% (1.24%) 1.50% 50% Year ended 7/31/02 $ 21,183 1.51% (1.35%) 1.51% 97% Year ended 7/31/03 $ 29,573 1.55% (1.46%) 1.87% 258% Year ended 7/31/04 $ 37,573 1.20% (1.07%) 1.55% 191% -------- --------- ------------- ---------- --------- TECHNOLOGY FUND CLASS A SHARES 6/5/00(d) to 7/31/00 $ 4,560 1.70%** (1.27%)** 1.70%** 11% Year ended 7/31/01 $ 5,615 1.76% (1.49%) 1.76% 50% Year ended 7/31/02 $ 3,256 1.75% (1.59%) 1.75% 97% Year ended 7/31/03 $ 5,218 1.81% (1.71%) 2.13% 258% Year ended 7/31/04 $ 7,105 1.45% (1.31%) 1.80% 191% -------- --------- ------------- ---------- --------- TECHNOLOGY FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 900 2.54%** (2.28%)** 2.54%** 50% Year ended 7/31/02 $ 679 2.51% (2.35%) 2.51% 97% Year ended 7/31/03 $ 1,164 2.55% (2.45%) 2.87% 258% Year ended 7/31/04 $ 1,436 2.20% (2.06%) 2.56% 191% -------- --------- ------------- ---------- --------- TECHNOLOGY FUND CLASS C SHARES 6/5/00(d) to 7/31/00 $ 105 2.42%** (1.89%)** 2.42%** 11% Year ended 7/31/01 $ 150 2.60% (2.33%) 2.60% 50% Year ended 7/31/02 $ 96 2.45% (2.29%) 2.45% 97% Year ended 7/31/03 $ 1,081 2.47% (2.37%) 2.82% 258% Year ended 7/31/04 $ 1,757 2.20% (2.07%) 2.55% 191% -------- --------- ------------- ---------- --------- TECHNOLOGY FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 6 1.95%** (1.82%)** 1.95%** 97% Year ended 7/31/03 $ 55 1.90% (1.83%) 2.30% 258% Year ended 7/31/04 $ 247 1.71% (1.58%) 2.04% 191% -------- --------- ------------- ---------- --------- INTERNATIONAL EQUITY INSTITUTIONAL SHARES Year ended 7/31/00 $208,383 1.45% 0.55% 1.45% 86% Year ended 7/31/01 $154,950 1.48% 0.98% 1.48% 42% Year ended 7/31/02 $148,593 1.38% 0.17% 1.38% 23% Year ended 7/31/03 $159,160 1.42% 0.96% 1.45% 44% Year ended 7/31/04 $324,852 1.36% 0.61% 1.42% 50% -------- --------- ------------- ---------- --------- INTERNATIONAL EQUITY CLASS A SHARES Year ended 7/31/00 $ 7,901 1.70% 0.32% 1.70% 86% Year ended 7/31/01 $ 5,933 1.73% 0.07% 1.73% 42% Year ended 7/31/02 $ 4,105 1.62% 0.17% 1.62% 23% Year ended 7/31/03 $ 5,489 1.67% 0.88% 1.69% 44% Year ended 7/31/04 $ 22,999 1.61% 0.51% 1.67% 50% -------- --------- ------------- ---------- --------- INTERNATIONAL EQUITY CLASS B SHARES 10/11/00(d) to 7/31/01 $ 176 2.43%** 2.08%** 2.43%** 42% Year ended 7/31/02 $ 246 2.38% (0.79%) 2.38% 23% Year ended 7/31/03 $ 340 2.42% 0.01% 2.45% 44% Year ended 7/31/04 $ 793 2.36% (0.21%) 2.42% 50% -------- --------- ------------- ---------- --------- INTERNATIONAL EQUITY CLASS C SHARES Year ended 7/31/00 $ 276 2.22% (0.20%) 2.22% 86% Year ended 7/31/01 $ 163 2.43% (0.01%) 2.57% 42% Year ended 7/31/02 $ 127 2.38% (0.94%) 2.38% 23% Year ended 7/31/03 $ 304 2.39% 0.64% 2.44% 44% Year ended 7/31/04 $ 555 2.36% (0.22%) 2.42% 50% -------- --------- ------------- ---------- --------- INTERNATIONAL EQUITY ADVISOR SHARES 11/10/03(d) to 7/31/04 $ 12,360 1.85%** 0.31%** 1.92%** 50% -------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 172-173 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ---------------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME TRANSACTIONS OPERATIONS --------- ------------- -------------- ---------- BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 10.33 0.60 (1.05) (0.45) Year ended 12/31/00 $ 9.27 0.61 0.45 1.06 1/1/01 to 7/31/01(f) $ 9.72 0.28 0.31 0.59 Year ended 7/31/02 $ 9.97 0.50 (0.01) 0.49 Year ended 7/31/03 $ 9.93 0.39 0.09 0.48 Year ended 7/31/04 $ 9.96 0.28 0.14 0.42 --------- ------------- -------------- ---------- BOND FUND CLASS A SHARES Year ended 12/31/99 $ 10.32 0.58 (1.06) (0.48) Year ended 12/31/00 $ 9.25 0.59 0.46 1.05 1/1/01 to 7/31/01(f) $ 9.71 0.27 0.30 0.57 Year ended 7/31/02 $ 9.95 0.51 (0.03) 0.48 Year ended 7/31/03 $ 9.92 0.37 0.08 0.45 Year ended 7/31/04 $ 9.95 0.25 0.16 0.41 --------- ------------- -------------- ---------- BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 10.13 0.29 (0.17) 0.12 Year ended 7/31/03 $ 9.93 0.28 0.08 0.36 Year ended 7/31/04 $ 9.95 0.15 0.18 0.33 --------- ------------- -------------- ---------- BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 10.13 0.27 (0.16) 0.11 Year ended 7/31/03 $ 9.93 0.29 0.08 0.37 Year ended 7/31/04 $ 9.96 0.17 0.15 0.32 --------- ------------- -------------- ---------- BOND FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 10.13 0.35 (0.19) 0.16 Year ended 7/31/03 $ 9.93 0.34 0.08 0.42 Year ended 7/31/04 $ 9.96 0.23 0.14 0.37 --------- ------------- -------------- ---------- INTERMEDIATE BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 10.06 0.56 (0.68) (0.12) Year ended 12/31/00 $ 9.37 0.60 0.29 0.89 1/1/01 to 7/31/01(g) $ 9.66 0.25 0.32 0.57 Year ended 7/31/02 $ 9.90 0.47 0.11 0.58 Year ended 7/31/03 $ 9.98 0.38 0.10 0.48 Year ended 7/31/04 $ 10.04 0.31 (0.04) 0.27 --------- ------------- -------------- ---------- INTERMEDIATE BOND FUND CLASS A SHARES Year ended 12/31/99 $ 10.08 0.54 (0.68) (0.14) Year ended 12/31/00 $ 9.40 0.57 0.28 0.85 1/1/01 to 7/31/01(g) $ 9.68 0.25 0.32 0.57 Year ended 7/31/02 $ 9.93 0.50 0.06 0.56 Year ended 7/31/03 $ 10.01 0.36 0.09 0.45 Year ended 7/31/04 $ 10.06 0.29 (0.04) 0.25 --------- ------------- -------------- ---------- INTERMEDIATE BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 10.08 0.29 (0.10) 0.19 Year ended 7/31/03 $ 9.96 0.29 0.09 0.38 Year ended 7/31/04 $ 10.01 0.24 (0.03) 0.21 --------- ------------- -------------- ---------- INTERMEDIATE BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 10.08 0.27 (0.07) 0.20 Year ended 7/31/03 $ 9.98 0.30 0.08 0.38 Year ended 7/31/04 $ 10.03 0.20 (0.03) 0.17 --------- ------------- -------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM ---------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) ---------- -------- ------------- ------ --------- BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.60) (0.01) (0.61) $ 9.27 (4.41%) Year ended 12/31/00 (0.61) -- (0.61) $ 9.72 11.91% 1/1/01 to 7/31/01(f) (0.34) -- (0.34) $ 9.97 6.19%* Year ended 7/31/02 (0.53) -- (0.53) $ 9.93 5.06% Year ended 7/31/03 (0.45) -- (0.45) $ 9.96 4.79% Year ended 7/31/04 (0.36) -- (0.36) $10.02 4.26% ---------- -------- ------------- ------ --------- BOND FUND CLASS A SHARES Year ended 12/31/99 (0.58) (0.01) (0.59) $ 9.25 (4.76%) Year ended 12/31/00 (0.59) -- (0.59) $ 9.71 11.65% 1/1/01 to 7/31/01(f) (0.33) -- (0.33) $ 9.95 6.05%* Year ended 7/31/02 (0.51) -- (0.51) $ 9.92 4.91% Year ended 7/31/03 (0.42) -- (0.42) $ 9.95 4.62% Year ended 7/31/04 (0.34) -- (0.34) $10.02 4.00% ---------- -------- ------------- ------ --------- BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 (0.32) -- (0.32) $ 9.93 1.22%* Year ended 7/31/03 (0.34) -- (0.34) $ 9.95 3.74% Year ended 7/31/04 (0.26) -- (0.26) $10.02 3.19% ---------- -------- ------------- ------ --------- BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 (0.31) -- (0.31) $ 9.93 1.20%* Year ended 7/31/03 (0.34) -- (0.34) $ 9.96 3.75% Year ended 7/31/04 (0.26) -- (0.26) $10.02 3.20% ---------- -------- ------------- ------ --------- BOND FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 (0.36) -- (0.36) $ 9.93 1.69%* Year ended 7/31/03 (0.39) -- (0.39) $ 9.96 4.25% Year ended 7/31/04 (0.31) -- (0.31) $10.02 3.73% ---------- -------- ------------- ------ --------- INTERMEDIATE BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.57) -- (0.57) $ 9.37 (1.22%) Year ended 12/31/00 (0.60) -- (0.60) $ 9.66 9.74% 1/1/01 to 7/31/01(g) (0.33) -- (0.33) $ 9.90 6.16%* Year ended 7/31/02 (0.50) -- (0.50) $ 9.98 6.15% Year ended 7/31/03 (0.42) -- (0.42) $10.04 4.77% Year ended 7/31/04 (0.38) -- (0.38) $ 9.93 2.71% ---------- -------- ------------- ------ --------- INTERMEDIATE BOND FUND CLASS A SHARES Year ended 12/31/99 (0.54) -- (0.54) $ 9.40 (1.36%) Year ended 12/31/00 (0.57) -- (0.57) $ 9.68 9.44% 1/1/01 to 7/31/01(g) (0.32) -- (0.32) $ 9.93 5.98%* Year ended 7/31/02 (0.48) -- (0.48) $10.01 5.78% Year ended 7/31/03 (0.40) -- (0.40) $10.06 4.52% Year ended 7/31/04 (0.36) -- (0.36) $ 9.95 2.45% ---------- -------- ------------- ------ --------- INTERMEDIATE BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 (0.31) -- (0.31) $ 9.96 1.92%* Year ended 7/31/03 (0.33) -- (0.33) $10.01 3.78% Year ended 7/31/04 (0.32) -- (0.32) $ 9.90 2.06% ---------- -------- ------------- ------ --------- INTERMEDIATE BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 (0.30) -- (0.30) $ 9.98 2.02%* Year ended 7/31/03 (0.33) -- (0.33) $10.03 3.78% Year ended 7/31/04 (0.28) -- (0.28) $ 9.92 1.72% ---------- -------- ------------- ------ --------- RATIOS/SUPPLEMENTAL DATA -------------------------------------------------------------------- RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) -------- --------- ------------- ---------- --------- BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $295,017 0.83% 6.25% 0.84% 90% Year ended 12/31/00 $295,093 0.82% 6.51% 0.82% 135% 1/1/01 to 7/31/01(f) $281,795 0.83%** 4.87%** 0.84%** 131% Year ended 7/31/02 $403,677 0.81% 4.74% 0.90% 229% Year ended 7/31/03 $303,450 0.80% 3.86% 0.89% 332% Year ended 7/31/04 $277,706 0.79% 2.75% 0.90% 389% -------- --------- ------------- ---------- --------- BOND FUND CLASS A SHARES Year ended 12/31/99 $ 10,614 1.08% 5.99% 1.09% 90% Year ended 12/31/00 $ 6,663 1.07% 6.27% 1.07% 135% 1/1/01 to 7/31/01(f) $ 6,190 1.08%** 4.61%** 1.09%** 131% Year ended 7/31/02 $ 19,949 1.06% 4.47% 1.16% 229% Year ended 7/31/03 $ 20,572 1.05% 3.57% 1.14% 332% Year ended 7/31/04 $ 22,559 1.04% 2.51% 1.15% 389% -------- --------- ------------- ---------- --------- BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 6,857 1.81%** 3.70%** 1.93%** 229% Year ended 7/31/03 $ 7,418 1.80% 2.81% 1.89% 332% Year ended 7/31/04 $ 4,512 1.79% 1.76% 1.90% 389% -------- --------- ------------- ---------- --------- BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 1,194 1.81%** 3.68%** 1.92%** 229% Year ended 7/31/03 $ 1,246 1.80% 2.79% 1.89% 332% Year ended 7/31/04 $ 768 1.79% 1.76% 1.90% 389% -------- --------- ------------- ---------- --------- BOND FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 723 1.31%** 4.21%** 1.46%** 229% Year ended 7/31/03 $ 737 1.30% 3.34% 1.39% 332% Year ended 7/31/04 $ 655 1.29% 2.25% 1.40% 389% -------- --------- ------------- ---------- --------- INTERMEDIATE BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $843,520 0.77% 5.83% 0.78% 84% Year ended 12/31/00 $714,445 0.76% 6.29% 0.77% 168% 1/1/01 to 7/31/01(g) $663,571 0.78%** 4.52%** 0.78%** 141% Year ended 7/31/02 $799,642 0.77% 4.53% 0.82% 229% Year ended 7/31/03 $772,536 0.76% 3.72% 0.81% 252% Year ended 7/31/04 $676,344 0.76% 3.13% 0.81% 189% -------- --------- ------------- ---------- --------- INTERMEDIATE BOND FUND CLASS A SHARES Year ended 12/31/99 $ 11,537 1.02% 5.58% 1.03% 84% Year ended 12/31/00 $ 9,130 1.01% 6.04% 1.02% 168% 1/1/01 to 7/31/01(g) $ 8,467 1.03%** 4.26%** 1.03%** 141% Year ended 7/31/02 $ 31,977 1.02% 4.25% 1.07% 229% Year ended 7/31/03 $ 36,471 1.01% 3.45% 1.06% 252% Year ended 7/31/04 $ 37,500 1.01% 2.88% 1.07% 189% -------- --------- ------------- ---------- --------- INTERMEDIATE BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 2,580 1.77%** 3.45%** 1.84%** 229% Year ended 7/31/03 $ 5,564 1.76% 2.64% 1.81% 252% Year ended 7/31/04 $ 3,982 1.46% 2.42% 1.81% 189% -------- --------- ------------- ---------- --------- INTERMEDIATE BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 797 1.77%** 3.48%** 1.84%** 229% Year ended 7/31/03 $ 2,319 1.76% 2.59% 1.81% 252% Year ended 7/31/04 $ 1,620 1.76% 2.12% 1.81% 189% -------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 174-175 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ---------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME TRANSACTIONS OPERATIONS --------- ---------- -------------- ---------- SHORT TERM BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 9.77 0.53 (0.29) 0.24 Year ended 12/31/00 $ 9.48 0.57 0.18 0.75 1/1/01 to 7/31/01(h) $ 9.66 0.26 0.23 0.49 Year ended 7/31/02 $ 9.83 0.41 0.07 0.48 Year ended 7/31/03 $ 9.82 0.28 0.03 0.31 Year ended 7/31/04 $ 9.75 0.19+ (0.06) 0.13 --------- ---------- -------------- ---------- SHORT TERM BOND FUND CLASS A SHARES Year ended 12/31/99 $ 9.76 0.52 (0.30) 0.22 Year ended 12/31/00 $ 9.47 0.56 0.18 0.74 1/1/01 to 7/31/01(h) $ 9.65 0.23 0.25 0.48 Year ended 7/31/02 $ 9.82 0.43 0.03 0.46 Year ended 7/31/03 $ 9.81 0.28 0.02 0.30 Year ended 7/31/04 $ 9.74 0.18+ (0.07) 0.11 --------- ---------- -------------- ---------- SHORT TERM BOND FUND CLASS C SHARES 8/1/03 (d) to 7/31/04 $ 9.75 0.09+ (0.06) 0.03 --------- ---------- -------------- ---------- U.S. GOVERNMENT BOND FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 9.64 0.51 (0.10) 0.41 Year ended 7/31/01 $ 9.54 0.51 0.52 1.03 Year ended 7/31/02(i) $ 10.06 0.41 0.33 0.74 Year ended 7/31/03 $ 10.42 0.30 0.03 0.33 Year ended 7/31/04 $ 10.29 0.25 --^ 0.25 --------- ---------- -------------- ---------- U.S. GOVERNMENT BOND FUND CLASS A SHARES Year ended 7/31/00 $ 9.64 0.48 (0.09) 0.39 Year ended 7/31/01 $ 9.55 0.50 0.51 1.01 Year ended 7/31/02(i) $ 10.06 0.38 0.35 0.73 Year ended 7/31/03 $ 10.43 0.27 0.03 0.30 Year ended 7/31/04 $ 10.29 0.20 0.03 0.23 --------- ---------- -------------- ---------- U.S. GOVERNMENT BOND FUND CLASS C SHARES Year ended 7/31/00 $ 9.61 0.43 (0.09) 0.34 Year ended 7/31/01 $ 9.52 0.44 0.49 0.93 Year ended 7/31/02(i) $ 10.01 0.30 0.34 0.64 Year ended 7/31/03 $ 10.36 0.19 0.03 0.22 Year ended 7/31/04 $ 10.22 0.15 (0.01) 0.14 --------- ---------- -------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM ---------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) ---------- -------- ------------- ------ --------- SHORT TERM BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.53) -- (0.53) $ 9.48 2.50% Year ended 12/31/00 (0.57) -- (0.57) $ 9.66 8.12% 1/1/01 to 7/31/01(h) (0.32) -- (0.32) $ 9.83 5.29%* Year ended 7/31/02 (0.49) -- (0.49) $ 9.82 4.96% Year ended 7/31/03 (0.38) -- (0.38) $ 9.75 3.23% Year ended 7/31/04 (0.31) -- (0.31) $ 9.57 1.31% ---------- -------- ------------- ------ --------- SHORT TERM BOND FUND CLASS A SHARES Year ended 12/31/99 (0.51) -- (0.51) $ 9.47 2.35% Year ended 12/31/00 (0.56) -- (0.56) $ 9.65 7.96% 1/1/01 to 7/31/01(h) (0.31) -- (0.31) $ 9.82 5.20%* Year ended 7/31/02 (0.47) -- (0.47) $ 9.81 4.83% Year ended 7/31/03 (0.37) -- (0.37) $ 9.74 3.07% Year ended 7/31/04 (0.29) -- (0.29) $ 9.56 1.12% ---------- -------- ------------- ------ --------- SHORT TERM BOND FUND CLASS C SHARES 8/1/03 (d) to 7/31/04 (0.22) -- (0.22) $ 9.56 0.39%* ---------- -------- ------------- ------ --------- U.S. GOVERNMENT BOND FUND INSTITUTIONAL SHARES Year ended 7/31/00 (0.51) -- (0.51) $ 9.54 4.34% Year ended 7/31/01 (0.51) -- (0.51) $10.06 11.10% Year ended 7/31/02(i) (0.38) -- (0.38) $10.42 7.55% Year ended 7/31/03 (0.30) (0.16) (0.46) $10.29 3.19% Year ended 7/31/04 (0.26) (0.16) (0.42) $10.12 2.42% ---------- -------- ------------- ------ --------- U.S. GOVERNMENT BOND FUND CLASS A SHARES Year ended 7/31/00 (0.48) -- (0.48) $ 9.55 4.20% Year ended 7/31/01 (0.50) -- (0.50) $10.06 10.76% Year ended 7/31/02(i) (0.36) -- (0.36) $10.43 7.42% Year ended 7/31/03 (0.28) (0.16) (0.44) $10.29 2.83% Year ended 7/31/04 (0.23) (0.16) (0.39) $10.13 2.26% ---------- -------- ------------- ------ --------- U.S. GOVERNMENT BOND FUND CLASS C SHARES Year ended 7/31/00 (0.43) -- (0.43) $ 9.52 3.65% Year ended 7/31/01 (0.44) -- (0.44) $10.01 9.98% Year ended 7/31/02(i) (0.29) -- (0.29) $10.36 6.53% Year ended 7/31/03 (0.20) (0.16) (0.36) $10.22 2.12% Year ended 7/31/04 (0.15) (0.16) (0.31) $10.05 1.41% ---------- -------- ------------- ------ --------- [Enlarge/Download Table] RATIOS/SUPPLEMENTAL DATA -------------------------------------------------------------------- RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME/(LOSS) AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) -------- --------- ------------- ---------- --------- SHORT TERM BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $172,204 0.75% 5.56% 0.76% 60% Year ended 12/31/00 $169,790 0.73% 6.03% 0.74% 73% 1/1/01 to 7/31/01(h) $233,444 0.74%** 4.48%** 0.75%** 56% Year ended 7/31/02 $304,882 0.74% 4.02% 0.76% 111% Year ended 7/31/03 $490,229 0.74% 2.59% 0.76% 72% Year ended 7/31/04 $495,271 0.74% 1.96% 0.77% 90% -------- --------- ------------- ---------- --------- SHORT TERM BOND FUND CLASS A SHARES Year ended 12/31/99 $ 4,573 0.90% 5.40% 1.01% 60% Year ended 12/31/00 $ 3,505 0.88% 5.88% 0.99% 73% 1/1/01 to 7/31/01(h) $ 3,340 0.89%** 4.22%** 1.00%** 56% Year ended 7/31/02 $ 19,019 0.90% 3.71% 1.01% 111% Year ended 7/31/03 $ 33,975 0.89% 2.39% 1.01% 72% Year ended 7/31/04 $ 28,262 0.89% 1.81% 1.02% 90% -------- --------- ------------- ---------- --------- SHORT TERM BOND FUND CLASS C SHARES 8/1/03 (d) to 7/31/04 $ 526 1.74%** 0.97%** 1.77%** 90% -------- --------- ------------- ---------- --------- U.S. GOVERNMENT BOND FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 45,139 0.72% 5.24% 0.94% 46% Year ended 7/31/01 $ 48,770 0.74% 5.20% 0.98% 77% Year ended 7/31/02(i) $ 50,809 0.87% 4.02% 1.02% 180% Year ended 7/31/03 $ 50,649 0.81% 2.88% 0.92% 304% Year ended 7/31/04 $ 43,820 0.76% 2.35% 0.91% 180% -------- --------- ------------- ---------- --------- U.S. GOVERNMENT BOND FUND CLASS A SHARES Year ended 7/31/00 $ 2,818 0.98% 4.95% 1.19% 46% Year ended 7/31/01 $ 4,076 0.99% 4.93% 1.24% 77% Year ended 7/31/02(i) $ 8,436 1.13% 3.70% 1.28% 180% Year ended 7/31/03 $ 11,413 1.06% 2.61% 1.17% 304% Year ended 7/31/04 $ 31,146 1.01% 2.10% 1.16% 180% -------- --------- ------------- ---------- --------- U.S. GOVERNMENT BOND FUND CLASS C SHARES Year ended 7/31/00 $ 198 1.48% 4.41% 1.92% 46% Year ended 7/31/01 $ 531 1.71% 4.17% 2.05% 77% Year ended 7/31/02(i) $ 2,623 1.89% 2.86% 2.03% 180% Year ended 7/31/03 $ 10,006 1.80% 1.77% 1.91% 304% Year ended 7/31/04 $ 4,255 1.77% 1.34% 1.91% 180% -------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 176-177 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ---------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME TRANSACTIONS OPERATIONS ---------- ---------- ---------------- ---------- MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 10.75 0.45 (0.79) (0.34) Year ended 12/31/00 $ 9.95 0.47 0.73 1.20 1/1/01 to 7/31/01(j) $ 10.68 0.26 0.12 0.38 Year ended 7/31/02 $ 10.75 0.43 0.24 0.67 Year ended 7/31/03 $ 10.74 0.43+ (0.09) 0.34 Year ended 7/31/04 $ 10.49 0.43+ 0.08 0.51 ---------- ---------- ---------------- ---------- MUNICIPAL BOND FUND CLASS A SHARES Year ended 12/31/99 $ 10.77 0.42 (0.78) (0.36) Year ended 12/31/00 $ 9.98 0.44 0.73 1.17 1/1/01 to 7/31/01(j) $ 10.71 0.26 0.11 0.37 Year ended 7/31/02 $ 10.78 0.40 0.25 0.65 Year ended 7/31/03 $ 10.77 0.40+ (0.07) 0.33 Year ended 7/31/04 $ 10.54 0.40+ 0.06 0.46 ---------- ---------- ---------------- ---------- MUNICIPAL BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 10.87 0.25 0.09 0.34 Year ended 7/31/03 $ 10.71 0.32+ (0.07) 0.25 Year ended 7/31/04 $ 10.47 0.32+ 0.07 0.39 ---------- ---------- ---------------- ---------- MUNICIPAL BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 10.87 0.25 0.10 0.35 Year ended 7/31/03 $ 10.72 0.32+ (0.07) 0.25 Year ended 7/31/04 $ 10.48 0.32+ 0.07 0.39 ---------- ---------- ---------------- ---------- MUNICIPAL BOND FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 10.87 0.28 0.13 0.41 Year ended 7/31/03 $ 10.73 0.38+ (0.08) 0.30 Year ended 7/31/04 $ 10.49 0.38+ 0.06 0.44 ---------- ---------- ---------------- ---------- INTERMEDIATE MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 10.76 0.44 (0.55) (0.11) Year ended 12/31/00 $ 10.20 0.46 0.43 0.89 1/1/01 to 7/31/01(k) $ 10.63 0.27 0.16 0.43 Year ended 7/31/02 $ 10.78 0.38 0.25 0.63 Year ended 7/31/03 $ 10.79 0.37+ (0.09) 0.28 Year ended 7/31/04 $ 10.64 0.37 (0.03) 0.34 ---------- ---------- ---------------- ---------- INTERMEDIATE MUNICIPAL BOND FUND CLASS A SHARES Year ended 12/31/99 $ 10.76 0.43 (0.56) (0.13) Year ended 12/31/00 $ 10.20 0.44 0.43 0.87 1/1/01 to 7/31/01(k) $ 10.63 0.25 0.16 0.41 Year ended 7/31/02 $ 10.78 0.36 0.24 0.60 Year ended 7/31/03 $ 10.79 0.34+ (0.07) 0.27 Year ended 7/31/04 $ 10.65 0.34 (0.02) 0.32 ---------- ---------- ---------------- ---------- INTERMEDIATE MUNICIPAL BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 10.67 0.21 0.11 0.32 Year ended 7/31/03 $ 10.78 0.26+ (0.08) 0.18 Year ended 7/31/04 $ 10.63 0.30 (0.03) 0.27 ---------- ---------- ---------------- ---------- INTERMEDIATE MUNICIPAL BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 10.67 0.19 0.13 0.32 Year ended 7/31/03 $ 10.78 0.26+ (0.08) 0.18 Year ended 7/31/04 $ 10.63 0.28 (0.04) 0.24 ---------- ---------- ---------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM ---------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) ---------- -------- ------------- ------ --------- MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.45) (0.01) (0.46) $ 9.95 (3.26%) Year ended 12/31/00 (0.47) -- (0.47) $10.68 12.40% 1/1/01 to 7/31/01(j) (0.26) (0.05) (0.31) $10.75 3.66%* Year ended 7/31/02 (0.43) (0.25) (0.68) $10.74 6.57% Year ended 7/31/03 (0.43) (0.16) (0.59) $10.49 3.18% Year ended 7/31/04 (0.43) (0.17) (0.60) $10.40 4.84% ---------- -------- ------------- ------ --------- MUNICIPAL BOND FUND CLASS A SHARES Year ended 12/31/99 (0.42) (0.01) (0.43) $ 9.98 (3.40%) Year ended 12/31/00 (0.44) -- (0.44) $10.71 11.97% 1/1/01 to 7/31/01(j) (0.25) (0.05) (0.30) $10.78 3.58%* Year ended 7/31/02 (0.41) (0.25) (0.66) $10.77 6.31% Year ended 7/31/03 (0.40) (0.16) (0.56) $10.54 3.05% Year ended 7/31/04 (0.40) (0.17) (0.57) $10.43 4.35% ---------- -------- ------------- ------ --------- MUNICIPAL BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 (0.25) (0.25) (0.50) $10.71 3.36%* Year ended 7/31/03 (0.33) (0.16) (0.49) $10.47 2.26% Year ended 7/31/04 (0.32) (0.17) (0.49) $10.37 3.71% ---------- -------- ------------- ------ --------- MUNICIPAL BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 (0.25) (0.25) (0.50) $10.72 3.42%* Year ended 7/31/03 (0.33) (0.16) (0.49) $10.48 2.31% Year ended 7/31/04 (0.32) (0.17) (0.49) $10.38 3.71% ---------- -------- ------------- ------ --------- MUNICIPAL BOND FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 (0.30) (0.25) (0.55) $10.73 3.99%* Year ended 7/31/03 (0.38) (0.16) (0.54) $10.49 2.76% Year ended 7/31/04 (0.37) (0.17) (0.54) $10.39 4.22% ---------- -------- ------------- ------ --------- INTERMEDIATE MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.44) (0.01) (0.45) $10.20 (1.01%) Year ended 12/31/00 (0.46) -- (0.46) $10.63 8.99% 1/1/01 to 7/31/01(k) (0.26) (0.02) (0.28) $10.78 4.06%* Year ended 7/31/02 (0.38) (0.24) (0.62) $10.79 6.00% Year ended 7/31/03 (0.36) (0.07) (0.43) $10.64 2.64% Year ended 7/31/04 (0.36) (0.09) (0.45) $10.53 3.27% ---------- -------- ------------- ------ --------- INTERMEDIATE MUNICIPAL BOND FUND CLASS A SHARES Year ended 12/31/99 (0.42) (0.01) (0.43) $10.20 (1.27%) Year ended 12/31/00 (0.44) -- (0.44) $10.63 8.72% 1/1/01 to 7/31/01(k) (0.24) (0.02) (0.26) $10.78 3.91%* Year ended 7/31/02 (0.35) (0.24) (0.59) $10.79 5.74% Year ended 7/31/03 (0.34) (0.07) (0.41) $10.65 2.48% Year ended 7/31/04 (0.34) (0.09) (0.43) $10.54 3.03% ---------- -------- ------------- ------ --------- INTERMEDIATE MUNICIPAL BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 (0.21) -- (0.21) $10.78 3.02%* Year ended 7/31/03 (0.26) (0.07) (0.33) $10.63 1.67% Year ended 7/31/04 (0.30) (0.09) (0.39) $10.51 2.54% ---------- -------- ------------- ------ --------- INTERMEDIATE MUNICIPAL BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 (0.21) -- (0.21) $10.78 3.03%* Year ended 7/31/03 (0.26) (0.07) (0.33) $10.63 1.64% Year ended 7/31/04 (0.25) (0.09) (0.34) $10.53 2.29% ---------- -------- ------------- ------ --------- RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------- RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) -------- --------- ------------- ---------- --------- MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $122,052 0.82% 4.32% 0.83% 109% Year ended 12/31/00 $135,184 0.78% 4.61% 0.79% 119% 1/1/01 to 7/31/01(j) $125,382 0.79%** 4.21%** 0.81%** 89% Year ended 7/31/02 $104,209 0.79% 4.06% 0.89% 97% Year ended 7/31/03 $ 74,347 0.79% 3.98% 0.93% 21% Year ended 7/31/04 $ 57,638 0.79% 4.05% 0.98% 35% -------- --------- ------------- ---------- --------- MUNICIPAL BOND FUND CLASS A SHARES Year ended 12/31/99 $ 1,554 1.07% 4.05% 1.08% 109% Year ended 12/31/00 $ 1,479 1.03% 4.36% 1.04% 119% 1/1/01 to 7/31/01(j) $ 1,114 1.04%** 3.98%** 1.06%** 89% Year ended 7/31/02 $ 1,498 1.04% 3.83% 1.14% 97% Year ended 7/31/03 $ 1,906 1.04% 3.71% 1.18% 21% Year ended 7/31/04 $ 2,462 1.04% 3.81% 1.24% 35% -------- --------- ------------- ---------- --------- MUNICIPAL BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 511 1.80%** 3.08%** 1.96%** 97% Year ended 7/31/03 $ 1,205 1.79% 2.97% 1.92% 21% Year ended 7/31/04 $ 1,528 1.79% 3.06% 1.99% 35% -------- --------- ------------- ---------- --------- MUNICIPAL BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 210 1.80%** 3.10%** 1.94%** 97% Year ended 7/31/03 $ 548 1.79% 2.98% 1.93% 21% Year ended 7/31/04 $ 363 1.79% 3.05% 1.98% 35% -------- --------- ------------- ---------- --------- MUNICIPAL BOND FUND ADVISOR SHARES 10/29/01(d) to 7/31/02 $ 174 1.30%** 3.57%** 1.50%** 97% Year ended 7/31/03 $ 382 1.29% 3.47% 1.43% 21% Year ended 7/31/04 $ 433 1.29% 3.56% 1.49% 35% -------- --------- ------------- ---------- --------- INTERMEDIATE MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $302,948 0.73% 4.22% 0.74% 63% Year ended 12/31/00 $256,926 0.72% 4.43% 0.73% 59% 1/1/01 to 7/31/01(k) $237,929 0.74%** 4.29%** 0.74%** 36% Year ended 7/31/02 $346,386 0.73% 3.56% 0.83% 86% Year ended 7/31/03 $304,754 0.73% 3.36% 0.83% 85% Year ended 7/31/04 $255,026 0.73% 3.42% 0.84% 84% -------- --------- ------------- ---------- --------- INTERMEDIATE MUNICIPAL BOND FUND CLASS A SHARES Year ended 12/31/99 $ 3,745 0.98% 3.97% 0.99% 63% Year ended 12/31/00 $ 2,989 0.97% 4.18% 0.98% 59% 1/1/01 to 7/31/01(k) $ 5,204 0.99%** 3.96%** 1.00%** 36% Year ended 7/31/02 $ 4,445 0.98% 3.32% 1.07% 86% Year ended 7/31/03 $ 4,317 0.98% 3.10% 1.08% 85% Year ended 7/31/04 $ 4,479 0.98% 3.17% 1.09% 84% -------- --------- ------------- ---------- --------- INTERMEDIATE MUNICIPAL BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 303 1.74%** 2.41%** 1.87%** 86% Year ended 7/31/03 $ 1,066 1.73% 2.35% 1.83% 85% Year ended 7/31/04 $ 1,269 1.44% 2.71% 1.84% 84% -------- --------- ------------- ---------- --------- INTERMEDIATE MUNICIPAL BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 528 1.74%** 2.08%** 1.87%** 86% Year ended 7/31/03 $ 973 1.73% 2.35% 1.83% 85% Year ended 7/31/04 $ 366 1.73% 2.42% 1.83% 84% -------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 178-179 Spread
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FIFTH THIRD FUNDS FINANCIAL HIGHLIGHTS (FOR A SHARE OF BENEFICIAL INTEREST OUTSTANDING THROUGHOUT EACH PERIOD) -------------------------------------------------------------------------------- [Enlarge/Download Table] CHANGE IN NET ASSETS RESULTING FROM OPERATIONS ----------------------------- NET REALIZED AND UNREALIZED CHANGE IN NET ASSET GAINS/(LOSSES) NET ASSETS VALUE, NET FROM RESULTING BEGINNING INVESTMENT INVESTMENT FROM OF PERIOD INCOME TRANSACTIONS OPERATIONS --------- ------------ -------------- ---------- OHIO MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 7/31/00 $ 10.02 0.41 (0.12) 0.29 Year ended 7/31/01 $ 9.88 0.41 0.39 0.80 Year ended 7/31/02(l) $ 10.27 0.39 0.20 0.59 Year ended 7/31/03 $ 10.48 0.37 (0.09) 0.28 Year ended 7/31/04 $ 10.39 0.36 0.02 0.38 --------- ------------ -------------- ---------- OHIO MUNICIPAL BOND FUND CLASS A SHARES Year ended 7/31/00 $ 10.02 0.39 (0.11) 0.28 Year ended 7/31/01 $ 9.89 0.39 0.39 0.78 Year ended 7/31/02(l) $ 10.28 0.36 0.19 0.55 Year ended 7/31/03 $ 10.48 0.35 (0.10) 0.25 Year ended 7/31/04 $ 10.39 0.33 0.03 0.36 --------- ------------ -------------- ---------- OHIO MUNICIPAL BOND FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 9.90 0.30 0.20 0.50 Year ended 7/31/02(l) $ 10.10 0.28 0.19 0.47 Year ended 7/31/03 $ 10.29 0.27 (0.10) 0.17 Year ended 7/31/04 $ 10.19 0.24 0.03 0.27 --------- ------------ -------------- ---------- OHIO MUNICIPAL BOND FUND CLASS C SHARES Year ended 7/31/00 $ 10.01 0.34 (0.12) 0.22 Year ended 7/31/01 $ 9.87 0.33 0.38 0.71 Year ended 7/31/02(l) $ 10.25 0.28 0.19 0.47 Year ended 7/31/03 $ 10.44 0.26 (0.09) 0.17 Year ended 7/31/04 $ 10.35 0.26 0.02 0.28 --------- ------------ -------------- ---------- MICHIGAN MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $ 10.27 0.41 (0.34) 0.07 Year ended 12/31/00 $ 9.93 0.43 0.18 0.61 1/1/01 to 7/31/01(m) $ 10.10 0.24 0.16 0.40 Year ended 7/31/02 $ 10.25 0.38 0.19 0.57 Year ended 7/31/03 $ 10.39 0.31 (0.05) 0.26 Year ended 7/31/04 $ 10.31 0.28 (0.13) 0.15 --------- ------------ -------------- ---------- MICHIGAN MUNICIPAL BOND FUND CLASS A SHARES Year ended 12/31/99 $ 10.26 0.39 (0.34) 0.05 Year ended 12/31/00 $ 9.92 0.41 0.18 0.59 1/1/01 to 7/31/01(m) $ 10.09 0.23 0.16 0.39 Year ended 7/31/02 $ 10.24 0.36 0.19 0.55 Year ended 7/31/03 $ 10.38 0.30 (0.05) 0.25 Year ended 7/31/04 $ 10.30 0.27 (0.13) 0.14 --------- ------------ -------------- ---------- MICHIGAN MUNICIPAL BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 10.35 0.21 0.08 0.29 Year ended 7/31/03 $ 10.38 0.21 (0.05) 0.16 Year ended 7/31/04 $ 10.30 0.18 (0.13) 0.05 --------- ------------ -------------- ---------- MICHIGAN MUNICIPAL BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 10.35 0.19 0.10 0.29 Year ended 7/31/03 $ 10.38 0.21 (0.06) 0.15 Year ended 7/31/04 $ 10.29 0.19 (0.13) 0.06 --------- ------------ -------------- ---------- LESS DIVIDENDS AND DISTRIBUTIONS FROM ---------------------- NET TOTAL TOTAL ASSET RETURN NET NET DIVIDENDS VALUE, (EXCLUDES INVESTMENT REALIZED AND END OF SALES INCOME GAINS DISTRIBUTIONS PERIOD CHARGE) ---------- -------- ------------- ------ --------- OHIO MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 7/31/00 (0.41) (0.02) (0.43) $ 9.88 3.01% Year ended 7/31/01 (0.41) -- (0.41) $10.27 8.28% Year ended 7/31/02(l) (0.38) -- (0.38) $10.48 5.86% Year ended 7/31/03 (0.37) -- (0.37) $10.39 2.65% Year ended 7/31/04 (0.35) (0.03) (0.38) $10.39 3.66% ---------- -------- ------------- ------ --------- OHIO MUNICIPAL BOND FUND CLASS A SHARES Year ended 7/31/00 (0.39) (0.02) (0.41) $ 9.89 2.85% Year ended 7/31/01 (0.39) -- (0.39) $10.28 8.04% Year ended 7/31/02(l) (0.35) -- (0.35) $10.48 5.50% Year ended 7/31/03 (0.34) -- (0.34) $10.39 2.39% Year ended 7/31/04 (0.33) (0.03) (0.36) $10.39 3.40% ---------- -------- ------------- ------ --------- OHIO MUNICIPAL BOND FUND CLASS B SHARES 10/11/00(d) to 7/31/01 (0.30) -- (0.30) $10.10 5.17%* Year ended 7/31/02(l) (0.28) -- (0.28) $10.29 4.76% Year ended 7/31/03 (0.27) -- (0.27) $10.19 1.59% Year ended 7/31/04 (0.25) (0.03) (0.28) $10.18 2.62% ---------- -------- ------------- ------ --------- OHIO MUNICIPAL BOND FUND CLASS C SHARES Year ended 7/31/00 (0.34) (0.02) (0.36) $ 9.87 2.25% Year ended 7/31/01 (0.33) -- (0.33) $10.25 7.31% Year ended 7/31/02(l) (0.28) -- (0.28) $10.44 4.71% Year ended 7/31/03 (0.26) -- (0.26) $10.35 1.65% Year ended 7/31/04 (0.25) (0.03) (0.28) $10.35 2.65% ---------- -------- ------------- ------ --------- MICHIGAN MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 (0.41) -- (0.41) $ 9.93 0.67% Year ended 12/31/00 (0.43) (0.01) (0.44) $10.10 6.31% 1/1/01 to 7/31/01(m) (0.24) (0.01) (0.25) $10.25 4.01%* Year ended 7/31/02 (0.38) (0.05) (0.43) $10.39 5.65% Year ended 7/31/03 (0.31) (0.03) (0.34) $10.31 2.70% Year ended 7/31/04 (0.28) (0.01) (0.29) $10.17 1.43% ---------- -------- ------------- ------ --------- MICHIGAN MUNICIPAL BOND FUND CLASS A SHARES Year ended 12/31/99 (0.39) -- (0.39) $ 9.92 0.51% Year ended 12/31/00 (0.41) (0.01) (0.42) $10.09 6.05% 1/1/01 to 7/31/01(m) (0.23) (0.01) (0.24) $10.24 4.02%* Year ended 7/31/02 (0.36) (0.05) (0.41) $10.38 5.51% Year ended 7/31/03 (0.30) (0.03) (0.33) $10.30 2.45% Year ended 7/31/04 (0.27) (0.01) (0.28) $10.16 1.37% ---------- -------- ------------- ------ --------- MICHIGAN MUNICIPAL BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 (0.21) (0.05) (0.26) $10.38 2.82%* Year ended 7/31/03 (0.21) (0.03) (0.24) $10.30 1.70% Year ended 7/31/04 (0.18) (0.01) (0.19) $10.16 0.43% ---------- -------- ------------- ------ --------- MICHIGAN MUNICIPAL BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 (0.21) (0.05) (0.26) $10.38 2.89%* Year ended 7/31/03 (0.21) (0.03) (0.24) $10.29 1.60% Year ended 7/31/04 (0.18) (0.01) (0.19) $10.16 0.48% ---------- -------- ------------- ------ --------- RATIOS/SUPPLEMENTAL DATA ----------------------------------------------------------------- RATIOS OF RATIOS OF NET EXPENSES RATIOS OF NET EXPENSES ASSETS, TO INVESTMENT TO END OF AVERAGE INCOME AVERAGE PORTFOLIO PERIOD NET TO AVERAGE NET TURNOVER (000's) ASSETS NET ASSETS ASSETS (a) RATE (b) -------- --------- ------------- ---------- --------- OHIO MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 7/31/00 $166,623 0.76% 4.15% 0.80% 26% Year ended 7/31/01 $166,802 0.76% 4.09% 0.82% 26% Year ended 7/31/02(l) $169,455 0.86% 3.80% 0.91% 28% Year ended 7/31/03 $151,478 0.77% 3.49% 0.85% 20% Year ended 7/31/04 $126,343 0.78% 3.39% 0.86% 15% -------- --------- ------------- ---------- --------- OHIO MUNICIPAL BOND FUND CLASS A SHARES Year ended 7/31/00 $ 13,257 1.01% 3.88% 1.05% 26% Year ended 7/31/01 $ 14,516 1.01% 3.83% 1.07% 26% Year ended 7/31/02(l) $ 18,638 1.11% 3.53% 1.17% 28% Year ended 7/31/03 $ 25,177 1.02% 3.23% 1.10% 20% Year ended 7/31/04 $ 26,962 1.03% 3.14% 1.11% 15% -------- --------- ------------- ---------- --------- OHIO MUNICIPAL BOND FUND CLASS B SHARES 10/11/00(d) to 7/31/01 $ 898 1.78%** 2.99%** 1.84%** 26% Year ended 7/31/02(l) $ 2,732 1.87% 2.72% 1.93% 28% Year ended 7/31/03 $ 5,101 1.76% 2.48% 1.84% 20% Year ended 7/31/04 $ 4,714 1.78% 2.39% 1.86% 15% -------- --------- ------------- ---------- --------- OHIO MUNICIPAL BOND FUND CLASS C SHARES Year ended 7/31/00 $ 990 1.52% 3.30% 1.81% 26% Year ended 7/31/01 $ 1,516 1.72% 3.12% 1.89% 26% Year ended 7/31/02(l) $ 3,746 1.88% 2.72% 1.94% 28% Year ended 7/31/03 $ 6,395 1.77% 2.48% 1.85% 20% Year ended 7/31/04 $ 4,328 1.78% 2.39% 1.86% 15% -------- --------- ------------- ---------- --------- MICHIGAN MUNICIPAL BOND FUND INSTITUTIONAL SHARES Year ended 12/31/99 $102,608 0.71% 3.98% 0.72% 14% Year ended 12/31/00 $ 87,926 0.68% 4.17% 0.69% 36% 1/1/01 to 7/31/01(m) $ 80,556 0.69%** 4.00%** 0.71%** 19% Year ended 7/31/02 $ 96,269 0.69% 3.64% 0.78% 25% Year ended 7/31/03 $118,867 0.69% 3.02% 0.77% 12% Year ended 7/31/04 $105,361 0.69% 2.75% 0.78% 21% -------- --------- ------------- ---------- --------- MICHIGAN MUNICIPAL BOND FUND CLASS A SHARES Year ended 12/31/99 $ 4,378 0.86% 3.83% 0.97% 14% Year ended 12/31/00 $ 3,629 0.83% 4.01% 0.94% 36% 1/1/01 to 7/31/01(m) $ 3,569 0.84%** 3.85%** 0.96%** 19% Year ended 7/31/02 $ 3,575 0.84% 3.49% 1.03% 25% Year ended 7/31/03 $ 8,006 0.84% 2.84% 1.02% 12% Year ended 7/31/04 $ 7,294 0.84% 2.60% 1.03% 21% -------- --------- ------------- ---------- --------- MICHIGAN MUNICIPAL BOND FUND CLASS B SHARES 10/29/01(d) to 7/31/02 $ 374 1.70%** 2.48%** 1.84%** 25% Year ended 7/31/03 $ 2,010 1.69% 1.95% 1.76% 12% Year ended 7/31/04 $ 1,574 1.69% 1.76% 1.78% 21% -------- --------- ------------- ---------- --------- MICHIGAN MUNICIPAL BOND FUND CLASS C SHARES 10/29/01(d) to 7/31/02 $ 795 1.70%** 2.47%** 1.82%** 25% Year ended 7/31/03 $ 3,967 1.69% 1.97% 1.77% 12% Year ended 7/31/04 $ 1,794 1.69% 1.76% 1.78% 21% -------- --------- ------------- ---------- --------- SEE NOTES TO FINANCIAL HIGHLIGHTS 180-181 Spread
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FIFTH THIRD FUNDS NOTES TO FINANCIAL HIGHLIGHTS -------------------------------------------------------------------------------- (a) During various periods, certain fees were reduced. The ratios shown do not include these fee reductions. (b) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued. (c) The Fund changed its fiscal year end to July 31 from December 31. (d) Reflects date of commencement of operations. (e) As required, effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discounts on debt securities. The effect of this change for the period ended, July 31, 2002 for the Balanced Fund, Institutional, Class A, Class B, Class C and Advisor Shares was to increase net investment income per share by $0.02, decrease net realized and unrealized gains and losses per share by ($0.02) and increase the ratio of net investment income to average net assets from 0.96% to 1.11%, 0.75% to 0.86%, 0.09% to 0.10%, 0.10% to 0.11% and 0.47% to 0.55%, respectively. Per share, ratios and supplemental data for periods prior to July 31, 2001 have not been restated to reflect this change in presentation. (f) Reflects operations for the period from January 1, 2001 to July 31, 2001. The Fund changed its fiscal year end to July 31 from December 31. As required, effective January 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums on debt securities. The effect of this change for the period ended July 31, 2001 for the Bond Fund, Institutional and Class A Shares was to decrease net investment income per share by ($0.02), increase net realized and unrealized gains and losses per share by $0.02 and decrease the ratio of net investment income to average net assets from 5.21% to 4.87% and 4.95% to 4.61%, respectively. Per share, ratios and supplemental data for periods prior to December 31, 2000 have not been restated to reflect this change in presentation. (g) Reflects operations for the period from January 1, 2001 to July 31, 2001. The Fund changed its fiscal year end to July 31 from December 31. As required, effective January 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums on debt securities. The effect of this change for the period ended July 31, 2001 for the Intermediate Bond Fund, Institutional and Class A Shares was to decrease net investment income per share by ($0.03), increase net realized and unrealized gains and losses per share by $0.03 and decrease the ratio of net investment income to average net assets from 4.97% to 4.52% and 4.70% to 4.26%, respectively. Per share, ratios and supplemental data for periods prior to December 31, 2000 have not been restated to reflect this change in presentation. (h) Reflects operations for the period from January 1, 2001 to July 31, 2001. The Fund changed its fiscal year end to July 31 from December 31. As required, effective January 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began amortizing premiums on debt securities. The effect of this change for the period ended July 31, 2001 for the Short Term Bond Fund, Institutional and Class A Shares was to decrease net investment income per share by ($0.02), increase net realized and unrealized gains and losses per share by $0.02 and decrease the ratio of net investment income to average net assets from 4.93% to 4.48% and 4.67% to 4.22%, respectively. Per share, ratios and supplemental data for periods prior to December 31, 2000 have not been restated to reflect this change in presentation. (i) As required, effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discounts on debt securities. The effect of this change for the period ended July 31, 2002 for the U.S. Government Bond Fund, Institutional, Class A and Class C Shares was to increase net investment income per share by $0.02, decrease net realized and unrealized gains and losses per share by ($0.02) and increase the ratio of net investment income to average net assets from 3.82% to 4.02%, 3.52% to 3.70% and 2.71% to 2.86%, respectively. Per share, ratios and supplemental data for the periods prior to July 31, 2001 have not been restated to reflect this change in presentation. (j) Reflects operations for the period from January 1, 2001 to July 31, 2001. The Fund changed its fiscal year end to July 31 from December 31. As required, effective January 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discounts on debt securities. The effect of this change for the period ended July 31, 2001 for the Municipal Bond Fund, Institutional and Class A Shares was to increase net investment income per share by $0.00, decrease net realized and unrealized gains and losses per share by ($0.00) and increase the ratio of net investment income to average net assets from 4.20% to 4.21% and 3.97% to 3.98%, respectively. Per share, ratios and supplemental data for periods prior to December 31, 2000 have not been restated to reflect this change in presentation. (k) Reflects operations for the period from January 1, 2001 to July 31, 2001. The Fund changed its fiscal year end to July 31 from December 31. As required, effective January 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discounts on debt securities. The effect of this change for the period ended July 31, 2001 for the Intermediate Municipal Bond Fund, Institutional and Class A Shares was to increase net investment income per share by $0.00, decrease net realized and unrealized gains and losses per share by ($0.00) and increase the ratio of net investment income to average net assets from 4.25% to 4.29% and 3.92% to 3.96%, respectively. Per share, ratios and supplemental data for periods prior to December 31, 2000 have not been restated to reflect this change in presentation. (l) As required, effective August 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discounts on debt securities. The effect of this change for the period ended July 31, 2002 for the Ohio Municipal Bond Fund, Institutional, Class A, Class B and Class C Shares was to increase net investment income per share by $0.00, decrease net realized and unrealized gains an losses per share by ($0.00) and increase the ratio of net investment income to average net assets from 3.77% to 3.80%, 3.50% to 3.53%, 2.69% to 2.72% and 2.70% to 2.72%, respectively. Per share, ratios and supplemental data for periods prior to July 31, 2001 have not been restated to reflect this change in presentation. (m) Reflects operations for the period from January 1, 2001 to July 31, 2001. The Fund changed its fiscal year end to July 31 from December 31. As required, effective January 1, 2001, the Fund has adopted the provisions of the AICPA Audit and Accounting Guide for Investment Companies and began accreting discounts on debt securities. The effect of this change for the period ended July 31, 2001 for the Michigan Municipal Bond Fund, Institutional and Class A Shares was to increase net investment income per share by $0.00, decrease net realized and unrealized gains and losses per share by ($0.00) and increase the ratio of net investment income to average net assets from 3.99% to 4.00% and 3.84% to 3.85%, respectively. Per share, ratios and supplemental data for periods prior to December 31, 2000 have not been restated to reflect this change in presentation. ^ Amount is less than $0.005 per share. * Not annualized. ** Annualized. # Represents income or gains/(losses) from affiliates. + Average shares method used in calculation. SEE NOTES TO FINANCIAL STATEMENTS 182
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM -------------------------------------------------------------------------------- To the Shareholders and Trustees of Fifth Third Funds: In our opinion, the accompanying statements of assets and liabilities, including schedules of portfolio investments, and the related statements of operations and changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fifth Third Small Cap Growth Fund, Fifth Third Mid Cap Growth Fund, Fifth Third Quality Growth Fund, Fifth Third Large Cap Core Fund, Fifth Third Equity Index Fund, Fifth Third Balanced Fund, Fifth Third Micro Cap Value Fund, Fifth Third Small Cap Value Fund, Fifth Third Multi Cap Value Fund, Fifth Third Disciplined Large Cap Value Fund, Fifth Third LifeModel Aggressive Fund SM, Fifth Third LifeModel Moderately Aggressive Fund SM, Fifth Third LifeModel Moderate Fund SM, Fifth Third LifeModel Moderately Conservative Fund SM, Fifth Third LifeModel Conservative Fund SM, Fifth Third Strategic Income Fund, Fifth Third Select Stock Fund, Fifth Third Technology Fund, Fifth Third International Equity Fund, Fifth Third Bond Fund, Fifth Third Intermediate Bond Fund, Fifth Third Short Term Bond Fund, Fifth Third U.S. Government Bond Fund, Fifth Third Municipal Bond Fund, Fifth Third Intermediate Municipal Bond Fund, Fifth Third Ohio Municipal Bond Fund, and Fifth Third Michigan Municipal Bond Fund (separate portfolios constituting Fifth Third Funds, hereafter referred to as the "Funds") at July 31, 2004, the results of each of their operations for the year then ended, the changes in each of their net assets for the periods presented and the financial highlights for each of the periods in the three years then ended in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Funds' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States), which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at July 31, 2004 by correspondence with the custodian and brokers provide a reasonable basis for our opinion. The financial highlights of the Fifth Third Mid Cap Growth Fund, Fifth Third Quality Growth Fund, Fifth Third Balanced Fund, Fifth Third Disciplined Large Cap Value Fund, Fifth Third Select Stock Fund, Fifth Third Technology Fund, Fifth Third International Equity Fund, Fifth Third U.S. Government Bond Fund and Fifth Third Ohio Municipal Bond Fund for the periods ended July 31, 2001 and prior were audited by other auditors who have ceased operations. Those independent auditors expressed an unqualified opinion on those statements in their report dated September 7, 2001. The financial highlights of the Fifth Third Small Cap Growth Fund, Fifth Third Large Cap Core Fund, Fifth Third Equity Index Fund, Fifth Third Bond Fund, Fifth Third Intermediate Bond Fund, Fifth Third Short Term Bond Fund, Fifth Third Municipal Bond Fund, Fifth Third Intermediate Municipal Bond Fund, and Fifth Third Michigan Municipal Bond Fund for the periods ended July 31, 2001 and prior were audited by other auditors who have ceased operations. Those independent auditors expressed an unqualified opinion on those statements in their report dated September 4, 2001. The financial highlights of Fifth Third Micro Cap Value Fund, Fifth Third Multi Cap Value Fund and Fifth Third Strategic Income Fund for the periods ended December 31, 2001 and prior were audited by other independent auditors. Those independent auditors expressed an unqualified opinion on those statements in their report dated February 22, 2002. PricewaterhouseCoopers LLP Columbus, Ohio September 29, 2004 183
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED) -------------------------------------------------------------------------------- FIFTH THIRD FUNDS MANAGEMENT^ The Trustees and Officers of the Funds, their date of birth, the position they hold with the Funds, their term of office and length of time served, a description of their principal occupations during the past five years, the number of portfolios in the fund complex that the Trustee oversees and any other directorships held by the Trustee are listed in the two tables immediately following. The business address of the persons listed below is 3435 Stelzer Road, Columbus, Ohio 43219-3035. [Enlarge/Download Table] INDEPENDENT TRUSTEES -------------------- NUMBER OF PORTFOLIOS POSITION(s) TERM OF IN FUND HELD OFFICE AND COMPLEX NAME AND WITH THE LENGTH OF PRINCIPAL OCCUPATION(s) OVERSEEN BY OTHER DIRECTORSHIPS DATE OF BIRTH FUNDS TIME SERVED DURING THE PAST 5 YEARS TRUSTEE HELD BY TRUSTEE ------------------- -------------- -------------- ----------------------------------- ----------- ----------------------------- David J. Durham Trustee Indefinite, President and Chief 35 None Birthdate:5/10/1945 June 2001- Executive Officer of Clipper Present Products, Inc., a wholesale distributor, 1997-Present. J. Joseph Hale Jr. Trustee Indefinite, Vice President and Chief 35 Trustee for Hanover Birthdate:9/11/1949 March 2001- Communications Officer, College, National Underground Present Cinergy Corp., September Freedom Center, the 2004-Present. President, Cincinnati Zoo, the Ohio Cinergy Foundation, Arts Council, the November 2001-Present. Cincinnati Parks Foundation President, Cinergy Corp., and Playhouse in the Park. Cincinnati Gas & Electric Co., The Union Light Heat & Power Co., July 2000-October 2001. Vice President, Corporate Communications, August 1996- June 2000. John E. Jaymont Trustee Indefinite, AVP, PIANKO, Feb. 2002- 35 Printing Birthdate:12/5/1944 October 2001- Present. Business Industries of Present Management Consultant, April America: Web Offset 2000-February 2002. President, Assoc., Director; Master Metroweb Corp. (publications Printers of America, printing) 1997-2000. Director. David J. Gruber Trustee Indefinite, Ohio Arts & Sports Facilities 35 None Birthdate:8/19/1963 December 2003- Commission (state funding oversight Present agency), CFO, April 2003-Present. Ohio Expositions Commission (state fair and expo center), Finance Director, April 1996-2003. INTERESTED TRUSTEE ------------------ Edward Burke Carey* Chairman-Board Indefinite, President of Carey Realty 35 The Foundation of the Birthdate:7/2/1945 of Trustees January 1989- Investments, Inc. Catholic Diocese of Present Columbus-Trustee Ohio and Kentucky Chapters of the Counselors of Real Estate-Trustee, Chairman. _____________________ ^ Additional disclosures can be found in the Statement of Additional Information, which can be obtained by calling 1-800-282-5706. * Mr. Carey is treated by the Funds as an "interested person" (as defined in Section 2(a)(19) of the 1940 Act) of the Funds and the Investment Advisor. Mr. Carey is an "interested person" because of his business transactions with Fifth Third Bank and its affiliates. 184
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED), CONTINUED -------------------------------------------------------------------------------- [Enlarge/Download Table] OFFICERS -------- NAME AND POSITION(s) HELD TERM OF OFFICE AND PRINCIPAL OCCUPATION(s) DATE OF BIRTH WITH THE FUNDS LENGTH OF TIME SERVED DURING THE PAST 5 YEARS -------------------- ----------------------- ---------------------- ---------------------------------- C. David Bunstine President Indefinite, Employee of BISYS Fund Birthdate:7/30/65 March 2003- Services Limited Partnership Present since December 1987. Russell D. Ungerman Vice President Indefinite, Trust Officer of Fifth Third Bank, Birthdate:2/9/1971 September 2002- 1998-Present; Trust Officer of Present Wilmington Trust Co., 1994-1998. Rodney L. Ruehle Vice President Indefinite, Employee of BISYS Fund Birthdate:4/26/1968 and Secretary September 2001- Services Limited Partnership Present since August 1995. Adam S. Ness Treasurer Indefinite, Employee of BISYS Fund Birthdate:10/14/1972 September 2001- Services Limited Partnership Present since June 1998. Warren Leslie Assistant Secretary Indefinite, Employee of BISYS Fund Birthdate:2/13/1962 and Assistant Treasurer September 2001- Services Limited Partnership Present since May 1995. 185
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED) -------------------------------------------------------------------------------- ADDITIONAL TAX INFORMATION For the taxable year ended July 31, 2004, the following percentage of income dividends paid by the Fund qualify for the dividends received deduction available to corporations: PERCENTAGE ---------- Large Cap Core Fund 68% Equity Index Fund 100% Balanced Fund 84% Micro Cap Value Fund 21% Small Cap Value Fund 9% Multi Cap Value Fund 100% Disciplined Large Cap Value Fund 89% LifeModel Aggressive Fund SM 28% LifeModel Moderately Aggressive Fund SM 20% LifeModel Moderate Fund SM 12% LifeModel Moderately Conservative Fund SM 8% LifeModel Conservative Fund SM 4% Strategic Income Fund 95% For the period ended July 31, 2004, certain dividends paid by the Funds are subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2004 Form 1099-DIV. For the period ended July 31, 2004, the following Funds paid qualified dividend income of (Amounts in thousands): AMOUNT ---------- Large Cap Core Fund $ 1,269 Equity Index Fund 8,131 Balanced Fund 2,177 Micro Cap Value Fund 2,044 Small Cap Value Fund 655 Multi Cap Value Fund 508 Disciplined Large Cap Value Fund 11,293 LifeModel Aggressive FundSM 523 LifeModel Moderately Aggressive Fund SM 972 LifeModel Moderate Fund SM 866 LifeModel Moderately Conservative Fund SM 334 LifeModel Conservative Fund SM 91 Strategic Income Fund 6,859 International Equity Fund 4,940 The International Equity Fund may elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding share on July 31, 2004 are as follows: FOREIGN FOREIGN SOURCE TAX INCOME EXPENSE ---------- ---------- International Equity Fund $ 0.19 $ 0.02 If elected, the pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2004. These shareholders will receive more detailed information along with their 2004 Form 1099-DIV. 186
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED) -------------------------------------------------------------------------------- EXPENSE EXAMPLES As a shareholder of the Fifth Third Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, reinvested dividends, or other distributions; redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution [and/or service] 12b-1 fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fifth Third Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from February 1, 2004 through July 31, 2004. EXPENSES -------- The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. [Enlarge/Download Table] EXPENSE EXPENSE BEGINNING ENDING PAID RATIO ACCOUNT ACCOUNT DURING DURING VALUE VALUE PERIOD* PERIOD 2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04 ---------- --------- ---------------- ----------------- Small Cap Growth Fund Institutional Shares $ 1,000.00 $ 882.10 $ 4.73 1.01% Class A Shares 1,000.00 881.60 5.89 1.26% Class B Shares 1,000.00 877.80 9.38 2.01% Class C Shares 1,000.00 877.90 9.38 2.01% Advisor Shares 1,000.00 880.00 7.06 1.51% Mid Cap Growth Fund Institutional Shares 1,000.00 934.40 5.24 1.09% Class A Shares 1,000.00 933.20 6.44 1.34% Class B Shares 1,000.00 930.10 9.98 2.08% Class C Shares 1,000.00 929.90 9.98 2.08% Advisor Shares 1,000.00 932.20 7.59 1.58% Quality Growth Fund Institutional Shares 1,000.00 896.30 5.04 1.07% Class A Shares 1,000.00 895.40 6.22 1.32% Class B Shares 1,000.00 892.20 9.74 2.07% Class C Shares 1,000.00 892.60 9.74 2.07% Advisor Shares 1,000.00 894.80 7.40 1.57% Large Cap Core Fund Institutional Shares 1,000.00 980.30 4.53 0.92% Class A Shares 1,000.00 979.50 5.76 1.17% Class B Shares 1,000.00 976.10 9.38 1.91% Class C Shares 1,000.00 975.40 9.38 1.91% Equity Index Fund Institutional Shares 1,000.00 981.00 0.89 0.18% Class A Shares 1,000.00 979.70 2.17 0.44% Class B Shares 1,000.00 976.10 5.85 1.19% Class C Shares 1,000.00 976.40 5.85 1.19% Advisor Shares 1,000.00 978.40 3.39 0.69% Select Shares 1,000.00 980.60 1.33 0.27% Preferred Shares 1,000.00 980.30 1.67 0.34% Trust Shares 1,000.00 979.80 2.17 0.44% Balanced Fund Institutional Shares 1,000.00 979.50 5.61 1.14% Class A Shares 1,000.00 978.10 6.84 1.39% Class B Shares 1,000.00 975.00 10.51 2.14% Class C Shares 1,000.00 974.80 10.51 2.14% Advisor Shares 1,000.00 977.60 8.06 1.64% Micro Cap Value Fund Institutional Shares 1,000.00 1,007.80 6.69 1.34% Class A Shares 1,000.00 1,006.00 7.93 1.59% Class B Shares 1,000.00 1,006.10 7.93 1.59% Class C Shares 1,000.00 1,006.10 7.93 1.59% Advisor Shares 1,000.00 1,006.00 7.93 1.59% ______________________ * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. 187
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED), CONTINUED -------------------------------------------------------------------------------- [Enlarge/Download Table] EXPENSE EXPENSE BEGINNING ENDING PAID RATIO ACCOUNT ACCOUNT DURING DURING VALUE VALUE PERIOD* PERIOD 2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04 ---------- --------- ---------------- ----------------- Small Cap Value Fund Institutional Shares $ 1,000.00 $ 991.60 $ 6.14 1.24% Class A Shares 1,000.00 990.10 7.37 1.49% Class B Shares 1,000.00 987.00 11.07 2.24% Class C Shares 1,000.00 987.00 11.07 2.24% Advisor Shares 1,000.00 989.10 8.61 1.74% Multi Cap Value Fund Institutional Shares 1,000.00 964.30 6.35 1.30% Class A Shares 1,000.00 962.90 7.56 1.55% Class B Shares 1,000.00 959.30 11.20 2.30% Class C Shares 1,000.00 959.70 11.21 2.30% Advisor Shares 1,000.00 962.00 8.78 1.80% Disciplined Large Cap Value Fund Institutional Shares 1,000.00 1,017.70 5.32 1.06% Class A Shares 1,000.00 1,017.30 6.57 1.31% Class B Shares 1,000.00 1,013.10 10.31 2.06% Class C Shares 1,000.00 1,013.40 10.31 2.06% LifeModel Aggressive Fund SM Institutional Shares 1,000.00 958.20 0.39 0.08% Class A Shares 1,000.00 956.70 1.61 0.33% Class B Shares 1,000.00 953.50 5.25 1.08% Class C Shares 1,000.00 952.70 5.24 1.08% LifeModel Moderately Aggressive Fund SM Institutional Shares 1,000.00 966.10 0.39 0.08% Class A Shares 1,000.00 964.90 1.61 0.33% Class B Shares 1,000.00 961.70 5.27 1.08% Class C Shares 1,000.00 961.80 5.27 1.08% LifeModel Moderate Fund SM Institutional Shares 1,000.00 978.00 0.39 0.08% Class A Shares 1,000.00 976.80 1.62 0.33% Class B Shares 1,000.00 973.10 5.30 1.08% Class C Shares 1,000.00 973.10 5.30 1.08% LifeModel Moderately Conservative Fund SM Institutional Shares 1,000.00 979.20 0.39 0.08% Class A Shares 1,000.00 977.10 1.62 0.33% Class B Shares 1,000.00 974.40 5.30 1.08% Class C Shares 1,000.00 973.70 5.30 1.08% LifeModel Conservative Fund SM Institutional Shares 1,000.00 986.50 0.40 0.08% Class A Shares 1,000.00 985.30 1.63 0.33% Class B Shares 1,000.00 980.80 5.32 1.08% Class C Shares 1,000.00 981.00 5.32 1.08% Strategic Income Fund Institutional Shares 1,000.00 993.30 6.64 1.34% Class A Shares^ 1,000.00 968.50 7.88 1.61% Class B Shares^ 1,000.00 966.40 11.49 2.35% Class C Shares 1,000.00 989.10 11.52 2.33% Advisor Shares 1,000.00 991.60 9.06 1.83% Select Stock Fund Institutional Shares 1,000.00 912.60 6.90 1.45% Class A Shares 1,000.00 911.80 8.08 1.70% Class B Shares 1,000.00 908.20 11.58 2.44% Class C Shares 1,000.00 908.20 11.58 2.44% Technology Fund Institutional Shares 1,000.00 710.30 5.10 1.20% Class A Shares 1,000.00 710.20 6.17 1.45% Class B Shares 1,000.00 707.80 9.34 2.20% Class C Shares 1,000.00 707.90 9.34 2.20% Advisor Shares 1,000.00 709.30 7.22 1.70% International Equity Fund Institutional Shares 1,000.00 984.20 6.66 1.35% Class A Shares 1,000.00 982.10 7.89 1.60% Class B Shares 1,000.00 978.80 11.56 2.35% Class C Shares 1,000.00 979.30 11.56 2.35% Advisor Shares 1,000.00 982.10 9.12 1.85% __________________________________ * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ^ Information shown reflects values using expense ratios and rates of return for the period from April 1, 2004 (date of commencement of operations) to July 31, 2004. 188
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED), CONTINUED -------------------------------------------------------------------------------- [Enlarge/Download Table] EXPENSE EXPENSE BEGINNING ENDING PAID RATIO ACCOUNT ACCOUNT DURING DURING VALUE VALUE PERIOD* PERIOD 2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04$ ---------- --------- ---------------- ----------------- Bond Fund Institutional Shares $ 1,000.00 $ 999.00 $ 3.93 0.79% Class A Shares 1,000.00 997.70 5.17 1.04% Class B Shares 1,000.00 993.90 8.87 1.79% Class C Shares 1,000.00 994.00 8.87 1.79% Advisor Shares 1,000.00 996.60 6.40 1.29% Intermediate Bond Fund Institutional Shares 1,000.00 995.90 3.77 0.76% Class A Shares 1,000.00 994.80 5.01 1.01% Class B Shares 1,000.00 994.60 5.50 1.11% Class C Shares 1,000.00 991.20 8.71 1.76% Short Term Bond Fund Institutional Shares 1,000.00 999.10 3.68 0.74% Class A Shares 1,000.00 998.00 4.42 0.89% Class C Shares 1,000.00 994.50 8.63 1.74% U.S. Government Bond Fund Institutional Shares 1,000.00 998.90 3.78 0.76% Class A Shares 1,000.00 997.60 5.02 1.01% Class C Shares 1,000.00 993.90 8.73 1.76% Municipal Bond Fund Institutional Shares 1,000.00 994.50 3.92 0.79% Class A Shares 1,000.00 992.20 5.15 1.04% Class B Shares 1,000.00 989.60 8.85 1.79% Class C Shares 1,000.00 989.50 8.85 1.79% Advisor Shares 1,000.00 991.10 6.39 1.29% Intermediate Municipal Bond Fund Institutional Shares 1,000.00 994.40 3.62 0.73% Class A Shares 1,000.00 994.20 4.86 0.98% Class B Shares 1,000.00 992.40 5.70 1.15% Class C Shares 1,000.00 990.50 8.56 1.73% Ohio Municipal Bond Fund Institutional Shares 1,000.00 994.70 3.92 0.79% Class A Shares 1,000.00 993.60 5.16 1.04% Class B Shares 1,000.00 989.90 8.86 1.79% Class C Shares 1,000.00 989.90 8.86 1.79% Michigan Municipal Bond Fund Institutional Shares 1,000.00 995.90 3.42 0.69% Class A Shares 1,000.00 995.20 4.17 0.84% Class B Shares 1,000.00 991.10 8.37 1.69% Class C Shares 1,000.00 991.70 8.37 1.69% ___________________ * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. 189
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED), CONTINUED -------------------------------------------------------------------------------- HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The table below provides information about hypothetical account values and hypothetical expenses based on each Fifth Third Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. However, you may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. [Enlarge/Download Table] EXPENSE EXPENSE BEGINNING ENDING PAID RATIO ACCOUNT ACCOUNT DURING DURING VALUE VALUE PERIOD* PERIOD 2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04 ---------- --------- ---------------- ----------------- Small Cap Growth Fund Institutional Shares $ 1,000.00 $1,019.84 $ 5.07 1.01% Class A Shares 1,000.00 1,018.60 6.32 1.26% Class B Shares 1,000.00 1,014.87 10.07 2.01% Class C Shares 1,000.00 1,014.87 10.07 2.01% Advisor Shares 1,000.00 1,017.35 7.57 1.51% Mid Cap Growth Fund Institutional Shares 1,000.00 1,019.44 5.47 1.09% Class A Shares 1,000.00 1,018.20 6.72 1.34% Class B Shares 1,000.00 1,014.52 10.42 2.08% Class C Shares 1,000.00 1,014.52 10.42 2.08% Advisor Shares 1,000.00 1,017.01 7.92 1.58% Quality Growth Fund Institutional Shares 1,000.00 1,019.54 5.37 1.07% Class A Shares 1,000.00 1,018.30 6.62 1.32% Class B Shares 1,000.00 1,014.57 10.37 2.07% Class C Shares 1,000.00 1,014.57 10.37 2.07% Advisor Shares 1,000.00 1,017.06 7.87 1.57% Large Cap Core Fund Institutional Shares 1,000.00 1,020.29 4.62 0.92% Class A Shares 1,000.00 1,019.05 5.87 1.17% Class B Shares 1,000.00 1,015.37 9.57 1.91% Class C Shares 1,000.00 1,015.37 9.57 1.91% Equity Index Fund Institutional Shares 1,000.00 1,023.97 0.91 0.18% Class A Shares 1,000.00 1,022.68 2.21 0.44% Class B Shares 1,000.00 1,018.95 5.97 1.19% Class C Shares 1,000.00 1,018.95 5.97 1.19% Advisor Shares 1,000.00 1,021.43 3.47 0.69% Select Shares 1,000.00 1,023.52 1.36 0.27% Preferred Shares 1,000.00 1,023.17 1.71 0.34% Trust Shares 1,000.00 1,022.68 2.21 0.44% Balanced Fund Institutional Shares 1,000.00 1,019.19 5.72 1.14% Class A Shares 1,000.00 1,017.95 6.97 1.39% Class B Shares 1,000.00 1,014.22 10.72 2.14% Class C Shares 1,000.00 1,014.22 10.72 2.14% Advisor Shares 1,000.00 1,016.71 8.22 1.64% Micro Cap Value Fund Institutional Shares 1,000.00 1,018.20 6.72 1.34% Class A Shares 1,000.00 1,016.96 7.97 1.59% Class B Shares 1,000.00 1,016.96 7.97 1.59% Class C Shares 1,000.00 1,016.96 7.97 1.59% Advisor Shares 1,000.00 1,016.96 7.97 1.59% ______________________ * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. 190
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED), CONTINUED -------------------------------------------------------------------------------- [Enlarge/Download Table] EXPENSE EXPENSE BEGINNING ENDING PAID RATIO ACCOUNT ACCOUNT DURING DURING VALUE VALUE PERIOD* PERIOD 2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04 ---------- --------- ---------------- ----------------- Small Cap Value Fund Institutional Shares $ 1,000.00 $1,018.70 $ 6.22 1.24% Class A Shares 1,000.00 1,017.45 7.47 1.49% Class B Shares 1,000.00 1,013.72 11.22 2.24% Class C Shares 1,000.00 1,013.72 11.22 2.24% Advisor Shares 1,000.00 1,016.21 8.72 1.74% Multi Cap Value Fund Institutional Shares 1,000.00 1,018.40 6.52 1.30% Class A Shares 1,000.00 1,017.16 7.77 1.55% Class B Shares 1,000.00 1,013.43 11.51 2.30% Class C Shares 1,000.00 1,013.43 11.51 2.30% Advisor Shares 1,000.00 1,015.91 9.02 1.80% Disciplined Large Cap Value Fund Institutional Shares 1,000.00 1,019.59 5.32 1.06% Class A Shares 1,000.00 1,018.35 6.57 1.31% Class B Shares 1,000.00 1,014.62 10.32 2.06% Class C Shares 1,000.00 1,014.62 10.32 2.06% LifeModel Aggressive Fund SM Institutional Shares 1,000.00 1,024.47 0.40 0.08% Class A Shares 1,000.00 1,023.22 1.66 0.33% Class B Shares 1,000.00 1,019.49 5.42 1.08% Class C Shares 1,000.00 1,019.49 5.42 1.08% LifeModel Moderately Aggressive Fund SM Institutional Shares 1,000.00 1,024.47 0.40 0.08% Class A Shares 1,000.00 1,023.22 1.66 0.33% Class B Shares 1,000.00 1,019.49 5.42 1.08% Class C Shares 1,000.00 1,019.49 5.42 1.08% LifeModel Moderate Fund SM Institutional Shares 1,000.00 1,024.47 0.40 0.08% Class A Shares 1,000.00 1,023.22 1.66 0.33% Class B Shares 1,000.00 1,019.49 5.42 1.08% Class C Shares 1,000.00 1,019.49 5.42 1.08% LifeModel Moderately Conservative Fund SM Institutional Shares 1,000.00 1,024.47 0.40 0.08% Class A Shares 1,000.00 1,023.22 1.66 0.33% Class B Shares 1,000.00 1,019.49 5.42 1.08% Class C Shares 1,000.00 1,019.49 5.42 1.08% LifeModel Conservative Fund SM Institutional Shares 1,000.00 1,024.47 0.40 0.08% Class A Shares 1,000.00 1,023.22 1.66 0.33% Class B Shares 1,000.00 1,019.49 5.42 1.08% Class C Shares 1,000.00 1,019.49 5.42 1.08% Strategic Income Fund Institutional Shares 1,000.00 1,018.20 6.72 1.34% Class A Shares^ 1,000.00 1,016.86 8.07 1.61% Class B Shares^ 1,000.00 1,013.18 11.76 2.35% Class C Shares 1,000.00 1,013.28 11.66 2.33% Advisor Shares 1,000.00 1,015.76 9.17 1.83% Select Stock Fund Institutional Shares 1,000.00 1,017.65 7.27 1.45% Class A Shares 1,000.00 1,016.41 8.52 1.70% Class B Shares 1,000.00 1,012.73 12.21 2.44% Class C Shares 1,000.00 1,012.73 12.21 2.44% Technology Fund Institutional Shares 1,000.00 1,018.90 6.02 1.20% Class A Shares 1,000.00 1,017.65 7.27 1.45% Class B Shares 1,000.00 1,013.92 11.02 2.20% Class C Shares 1,000.00 1,013.92 11.02 2.20% Advisor Shares 1,000.00 1,016.41 8.52 1.70% International Equity Fund Institutional Shares 1,000.00 1,018.15 6.77 1.35% Class A Shares 1,000.00 1,016.91 8.02 1.60% Class B Shares 1,000.00 1,013.18 11.76 2.35% Class C Shares 1,000.00 1,013.18 11.76 2.35% Advisor Shares 1,000.00 1,015.66 9.27 1.85% __________________________________ * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. ^ Information shown reflects values using expense ratios for the period from April 1, 2004 (date of commencement of operations) to July 31, 2004. 191
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FIFTH THIRD FUNDS SUPPLEMENTAL INFORMATION (UNAUDITED), CONTINUED -------------------------------------------------------------------------------- [Enlarge/Download Table] EXPENSE EXPENSE BEGINNING ENDING PAID RATIO ACCOUNT ACCOUNT DURING DURING VALUE VALUE PERIOD* PERIOD 2/1/04 7/31/04 2/1/04 - 7/31/04 2/1/04 - 7/31/04 ---------- --------- ---------------- ----------------- Bond Fund Institutional Shares $ 1,000.00 $1,020.93 $ 3.97 0.79% Class A Shares 1,000.00 1,019.69 5.22 1.04% Class B Shares 1,000.00 1,015.96 8.97 1.79% Class C Shares 1,000.00 1,015.96 8.97 1.79% Advisor Shares 1,000.00 1,018.45 6.47 1.29% Intermediate Bond Fund Institutional Shares 1,000.00 1,021.08 3.82 0.76% Class A Shares 1,000.00 1,019.84 5.07 1.01% Class B Shares 1,000.00 1,019.34 5.57 1.11% Class C Shares 1,000.00 1,016.11 8.82 1.76% Short Term Bond Fund Institutional Shares 1,000.00 1,021.18 3.72 0.74% Class A Shares 1,000.00 1,020.44 4.47 0.89% Class C Shares 1,000.00 1,016.21 8.72 1.74% U.S. Government Bond Fund Institutional Shares 1,000.00 1,021.08 3.82 0.76% Class A Shares 1,000.00 1,019.84 5.07 1.01% Class C Shares 1,000.00 1,016.11 8.82 1.76% Municipal Bond Fund Institutional Shares 1,000.00 1,020.93 3.97 0.79% Class A Shares 1,000.00 1,019.69 5.22 1.04% Class B Shares 1,000.00 1,015.96 8.97 1.79% Class C Shares 1,000.00 1,015.96 8.97 1.79% Advisor Shares 1,000.00 1,018.45 6.47 1.29% Intermediate Municipal Bond Fund Institutional Shares 1,000.00 1,021.23 3.67 0.73% Class A Shares 1,000.00 1,019.99 4.92 0.98% Class B Shares 1,000.00 1,019.14 5.77 1.15% Class C Shares 1,000.00 1,016.26 8.67 1.73% Ohio Municipal Bond Fund Institutional Shares 1,000.00 1,020.93 3.97 0.79% Class A Shares 1,000.00 1,019.69 5.22 1.04% Class B Shares 1,000.00 1,015.96 8.97 1.79% Class C Shares 1,000.00 1,015.96 8.97 1.79% Michigan Municipal Bond Fund Institutional Shares 1,000.00 1,021.43 3.47 0.69% Class A Shares 1,000.00 1,020.69 4.22 0.84% Class B Shares 1,000.00 1,016.46 8.47 1.69% Class C Shares 1,000.00 1,016.46 8.47 1.69% __________________________ * Expenses are equal to the average account value times the Fund's annualized expense ratio multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year. 192
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[Enlarge/Download Table] ADDRESSES ------------------------------------------------------------------------------------------- Fifth Third Funds Fifth Third Funds Stock and Bond Mutual Funds 3435 Stelzer Road Columbus, Ohio 43219 ------------------------------------------------------------------------------------------- Investment Advisor Fifth Third Asset Management, Inc. 38 Fountain Square Plaza Cincinnati, Ohio 45263 ------------------------------------------------------------------------------------------- Sub-Advisor (International Equity Fund only) Morgan Stanley Investment Management, Inc. 1221 Avenue of the Americas New York, New York 10020 ------------------------------------------------------------------------------------------- Distributor Fifth Third Funds Distributor, Inc. 3435 Stelzer Road Columbus, Ohio 43219 ------------------------------------------------------------------------------------------- Administrator, Transfer and Dividend Disbursing Fifth Third Bank Agent, Accountant and Custodian 38 Fountain Square Plaza Cincinnati, Ohio 45263 ------------------------------------------------------------------------------------------- Sub-Administrator BISYS Fund Services Limited Partnership 3435 Stelzer Road Columbus, Ohio 43219 ------------------------------------------------------------------------------------------- Sub-Transfer and Dividend Disbursing Agent BISYS Fund Services Ohio, Inc. and Sub-Accountant 3435 Stelzer Road Columbus, Ohio 43219 ------------------------------------------------------------------------------------------- Registered Independent Accountants PricewaterhouseCoopers LLP 100 East Broad Street Suite 2100 Columbus, Ohio 43215 -------------------------------------------------------------------------------------------
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[LOGO] FIFTH THIRD FUNDS 9/04 AR-STBD-04
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ITEM 2. CODE OF ETHICS. Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so. THE REGISTRANT HAS ADOPTED A CODE OF ETHICS THAT APPLIES TO THE REGISTRANT'S PRINCIPAL EXECUTIVE OFFICER, PRINCIPAL FINANCIAL OFFICER, PRINCIPAL ACCOUNTING OFFICER OR CONTROLLER, OR PERSONS PERFORMING SIMILAR FUNCTIONS. THIS CODE OF ETHICS IS INCLUDED AS EXHIBIT 11 (A)(1).
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The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 11(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by posting its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item. If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver. DURING THE PERIOD COVERED BY THE REPORT, WITH RESPECT TO THE REGISTRANT'S CODE OF ETHICS THAT APPLIES TO ITS PRINCIPAL EXECUTIVE OFFICER, PRINCIPAL FINANCIAL OFFICER, PRINCIPAL ACCOUNTING OFFICER OR CONTROLLER, OR PERSONS PERFORMING SIMILAR FUNCTIONS; THERE HAVE BEEN NO AMENDMENTS TO, NOR ANY WAIVERS GRANTED FROM, A PROVISION THAT RELATES TO ANY ELEMENT OF THE CODE OF ETHICS DEFINITION ENUMERATED IN PARAGRAPH (B) OF THIS ITEM 2. ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. (a) (1) Disclose that the registrant's board of directors has determined that the registrant either: (i) Has at least one audit committee financial expert serving on its audit committee; or (ii) Does not have an audit committee financial expert serving on its audit committee. (2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee: (i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or (ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a- 2(a)(19)). (3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert. 3(a)(1) THE REGISTRANT'S BOARD OF DIRECTORS HAS DETERMINED THAT THE REGISTRANT HAS AT LEAST ONE AUDIT COMMITTEE FINANCIAL EXPERT SERVING ON ITS AUDIT COMMITTEE. 3(a)(2) THE AUDIT COMMITTEE FINANCIAL EXPERT IS DAVID J. GRUBER, WHO IS "INDEPENDENT" FOR PURPOSES OF THIS ITEM 3 OF FORM N-CSR. ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. (a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. AUDIT FEES 2003 - $295,250 2004 - $290,600 (b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.
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AUDIT-RELATED FEES 2003 - $2,562 2004 - $0 SERVICES RENDERED IN CONNECTION WITH THE REVIEW OF DOCUMENTS RELATING TO POST-EFFECTIVE AMENDMENT NO. 47 FILED ON FEBRUARY 7, 2003. REVIEW AND CONSENT ON REGISTRATION STATEMENT AND PROSPECTUSES AND OTHER MATTERS RELATING TO THOSE FILINGS. (c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category. TAX FEES 2003 - $93,625 2004 - $109,400 TAX FEES INCLUDE FEES FOR TAX RETURNS, EXCISE DISTRIBUTION CALCULATIONS, QUARTERLY COMPLIANCE REVIEWS AND VARIOUS TAX RELATED YEAR-END CALCULATIONS. (d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category. ALL OTHER FEES 2003 - $0 2004 - $0 (e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X. Audit and Non-Audit Services Pre-Approval Policies and Procedures I. Purpose Under the Sarbanes-Oxley Act of 2002 (the "Act"), the Audit Committee (the "Committee") of the Board of Trustees of Fifth Third Funds (the "Trust") is responsible for the appointment, compensation and oversight of the work of the Trust's independent auditor. As part of this responsibility, the Committee is required to grant approval for audit and non-audit services performed by the independent auditor for the Trust in order assure that they do not impair the auditor's independence from the Trust. To implement these provisions of the Act, the Securities and Exchange Commission (the "SEC") has issued rules specifying the types of services that the Trust's independent auditor may not provide to the Trust, as well as the Committee's administration of the engagement of the independent auditor. Under these rules, the SEC has provided that a permissible approval of audit and non-audit services can take the form of either (i) an express approval of a particular engagement, or (ii) a pre-approval (where a specific type of service is authorized, generally subject to a fee maximum). The latter type of approvals are authorized by SEC rules only subject to detailed policies and procedures. Accordingly, the Committee has adopted these Audit and Non-Audit Services Pre-Approval Policies and Procedures, which set forth the procedures and the conditions pursuant to which services for the Trust may be performed by the independent auditor under pre-approvals. II. General Pre-Approval Policies It is the policy of the Committee that audit and non-audit services to be performed by the Trust's independent auditor be pre-approved only when in the best interests of the Trust's shareholders and fully consistent with applicable law and, particularly, the maintenance of the auditor's independence. In granting any pre-approval, consideration shall be given to: 1. the qualifications of the auditor to perform the services involved; 2. the proposed costs (which may be presented as an estimate or based on professional time charges subject to a ceiling) of the services and the reasonableness thereof; 3. the permissibility of the services under applicable rules and guidance of the SEC; 4. the effect, if any, of the performance of the proposed services on the auditor's independence; 5. the effect of the compensation for the proposed services on the auditor's independence; and
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6. the effect, if any, of the proposed services on the Trust's ability to manage or control risk or to improve audit quality. While non-audit services may include reviewing and/or validating procedures or work products of the Trust, they may not include the production or modification of such procedures or work products. While non-audit services may include market research and strategic insights, such services shall be limited to factual reports and shall not include recommendations. No pre-approval shall be made in a manner that would constitute a delegation to the Trust's management. III. Procedures for Pre-Approval by the Committee 1. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Trust. 2. All requests for pre-approval shall be made to the full Committee at regularly scheduled meetings thereof (or at a special meeting of the Committee set to coincide with regular meetings of the Trust's Board of Trustees) whenever practicable. 3. Under normal circumstances, requests for pre-approval should be presented at least 14 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement. 4. If consideration of a request for pre-approval on the dates identified in Section III (2) would not be timely, the requesting party shall notify the Trust's Chairman. The Trust's Chairman shall then determine whether to schedule a special meeting of the Committee (which may be conducted telephonically) on an alternative date or whether the request may appropriately be presented to a delegate of the Committee under procedures set forth in Section IV below. 5. Requests for pre-approval may include, but are not limited to, the following services: a. audit engagement, particularly for interim periods; b. preparation of fund tax returns; c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Trust; d. review of IRS shareholder materials; e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.), and f. market research and strategic insights. 6. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II. 7. Requests for pre-approval must include an assessment by the independent auditor of their independence should the request be granted and the proposed services rendered. 8. The Committee's action on a request for pre-approval shall be recorded in the Committee's minutes. 9. The Committee's action on a request for pre-approval shall be communicated in writing to the independent auditor and, under normal circumstances, a copy of this communication shall be provided to the Trust's management. 10. The Committee's action on a request for pre-approval shall be reported to the full Board of Trustees. 11. Pre-approvals will be granted for a period of no more than one year. IV. Procedures for Pre-Approval by a Delegate of the Committee 1. Where it has been determined by the Trust's Chairman that consideration of a request for pre-approval by the full Committee would not be timely, the Chairman may determine that the request be presented to a member(s) of the Committee appointed by the Committee as its delegate (the "Delegate") for this purpose. (As of the date of the
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adoption of these guidelines and procedures, John E. Jaymont has been so appointed, and such appointment may be revoked or modified by the Committee at any time.) 2. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Trust. 3. Under normal circumstances, requests for pre-approval should be presented at least 14 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement. 4. Requests for pre-approval may include, but are not limited to, the following services: a. audit engagement, particularly for interim periods; b. preparation of fund tax returns; c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Trust; d. review of IRS shareholder materials; e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.); and f. market research and strategic insights. 5. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II. 6. Requests for pre-approval must include an assessment by the independent auditor of their independence should the request be granted and the proposed services rendered. 7. The Delegate's action on a request for pre-approval shall be communicated in writing to the independent auditor, with a copy to each other member of the Committee and, under normal circumstances, to the Trust's management. 8. Pre-approvals by the Delegate shall be reviewed by the Committee at a meeting held no later than the next scheduled meeting of the Board of Trustees or the Committee, whichever occurs sooner. An earlier review shall be conducted upon the written request of one or more Committee members addressed to the Chairman of the Trust. 9. Pre-approvals by the Delegate may be modified or revoked by the Committee, but will not absolve the Trust of its responsibility to compensate the independent auditor for services rendered prior to such modification or revocation. 10. The results of the Committee's review of the Delegate's action on a request for pre-approval shall be recorded in the Committee's minutes and reported to the full Board of Trustees. 11. Pre-approvals will be granted by the Delegate for a period of no more than one year. V. Procedures for Monitoring Engagements Authorized Under Pre-Approval Procedures The independent auditor shall inform the Committee in writing upon the commencement of services rendered under a pre-approval. The independent auditor shall thereafter provide the Committee with written quarterly progress reports within one month of the close of each calendar quarter detailing the work done and fees and other charges incurred during said calendar quarter. Should fees and expenses exceed those specified in a pre-approval (or appear likely to do so prior to completion of the work), the independent auditor or management shall so apprise the Committee and an additional express approval or pre-approval must be obtained. VI. Amendment These Policies and Procedures may be amended or revoked at any time by the Committee and shall be reviewed at least annually in conjunction with review of the Audit Committee Charter. (2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. 2003 - NONE 2004 - NONE
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(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees. NOT APPLICABLE. (g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. 2003 - $93,625 2004 - $109,400 (h) Disclose whether the registrant's audit committee of the board of directors has considered whether the provision of nonaudit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. The audit committee has considered that the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence. ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS. (a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state. (b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees. NOT APPLICABLE. ITEM 6. SCHEDULE OF INVESTMENTS. File Schedule I - Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in ss. 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form. NOT APPLICABLE. ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. A closed-end management investment company that is filing an annual report on this Form N-CSR must, unless it invests exclusively in non-voting securities, describe the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities, including the procedures that the company uses when a vote presents a conflict between the interests of its shareholders, on the one hand, and those of the company's investment adviser; principal underwriter; or any affiliated person (as defined in Section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules thereunder) of the company, its investment adviser, or its principal underwriter, on the other. Include any policies and procedures of the company's investment adviser, or any other third party, that the company uses, or that are used on the company's behalf, to determine how to vote proxies relating to portfolio securities. NOT APPLICABLE. ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.
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If the registrant is a closed-end management investment company, provide the information specified in paragraph (b) of this Item with respect to any purchase made by or on behalf of the registrant or any "affiliated purchaser," as defined in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares or other units of any class of the registrant's equity securities that is registered by the registrant pursuant to Section 12 of the Exchange Act (15 U.S.C. 781). NOT APPLICABLE. ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item. As of July 31, 2004, the registrant did not have such procedures in place. The Board of Trustees approved the following procedures at a meeting held on September 29, 2004: Procedures for Shareholders to Submit Nominee Candidates A shareholder of a series of the Trust must follow the following procedures in order to submit properly a nominee recommendation for the Committee's consideration. 1. The shareholder must submit any such recommendation (a "Shareholder Recommendation") in writing to the Trust, to the attention of the Secretary, at the address of the principal executive offices of the Trust. Once each quarter, if any Shareholder Recommendations have been received by the Secretary during the quarter, the Secretary will inform the Committee of the new Shareholder Recommendations. Because the Trust does not hold annual or other regular meetings of shareholders for the purpose of electing Trustees, the Committee will accept Shareholder Recommendations on a continuous basis. 2. All Shareholder Recommendations properly submitted to the Trust will be held by the Secretary until such time as the Committee instructs the Secretary to discard a Shareholder Recommendation following a Trustee Consideration Meeting or an Interim Evaluation (each as defined below). 3. At a meeting where the Committee convenes to consider candidates to fill Board vacancies or newly created Board positions (a "Trustee Consideration Meeting"), the Committee will consider each Shareholder Recommendation then held by the Secretary. Following a Trustee Consideration Meeting, the Committee may instruct the Secretary to discard any or all of the Shareholder Recommendations currently held by the Secretary. 4. The Committee may, in its discretion and at any time, convene to conduct an evaluation of validly submitted Shareholder Recommendations (each such meeting, an "Interim Evaluation") for the purpose of determining which Shareholder Recommendations will be considered at the next Trustee Consideration Meeting. Following an Interim Evaluation, the Committee may instruct the Secretary to discard any or all of the Shareholder Recommendations currently held by the Secretary. 5. The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address and nationality of the person recommended by the shareholder (the "candidate"); (B) the number of shares of each series (and class, if appropriate) of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate requested by the Committee based on applicable Federal disclosure requirements; and (D) whether the recommending shareholder believes that the candidate is or will be an "interested person" of the Trust (as defined in the Investment Company Act of 1940, as amended) and, if not an "interested person," information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder's name as it appears on the Trust's books; (iv) the number of shares of each series (and class, if applicable) of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Committee may require the candidate to furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve on the Board or to satisfy applicable law. ITEM 10. CONTROLS AND PROCEDURES.
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(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). THE REGISTRANT'S PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER HAVE CONCLUDED, BASED ON THEIR EVALUATION OF THE REGISTRANT'S DISCLOSURE CONTROLS AND PROCEDURES AS CONDUCTED WITHIN 90 DAYS OF THE FILING DATE OF THIS REPORT, THAT THESE DISCLOSURE CONTROLS AND PROCEDURES ARE ADEQUATELY DESIGNED AND ARE OPERATING EFFECTIVELY TO ENSURE THAT INFORMATION REQUIRED TO BE DISCLOSED BY THE REGISTRANT ON FORM N-CSR IS (I) ACCUMULATED AND COMMUNICATED TO THE INVESTMENT COMPANY'S MANAGEMENT, INCLUDING ITS CERTIFYING OFFICERS, TO ALLOW TIMELY DECISIONS REGARDING REQUIRED DISCLOSURE; AND (II) RECORDED, PROCESSED, SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND EXCHANGE COMMISSION'S RULES AND FORMS. (b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal half-year (the registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING THAT OCCURRED DURING THE REGISTRANT'S MOST RECENT FISCAL HALF-YEAR (THE REGISTRANT'S SECOND FISCAL HALF-YEAR IN THE CASE OF AN ANNUAL REPORT) THAT HAVE MATERIALLY AFFECTED OR ARE REASONABLY LIKELY TO MATERIALLY AFFECT, THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING. ITEM 11. EXHIBITS. (a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated. (a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit. THE CODE OF ETHICS THAT IS THE SUBJECT OF THE DISCLOSURE REQUIRED BY ITEM 2 IS ATTACHED HERETO. (a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2). CERTIFICATIONS PURSUANT TO RULE 30A-2(A) ARE ATTACHED HERETO. (a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. NOT APPLICABLE. (b) If the report is filed under Section 13(a) or 15(d) of the Exchange Act, provide the certifications required by rule 30a-2(b) under the Act as an exhibit. A certification furnished pursuant to this paragraph will not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the registrant incorporates it by reference. CERTIFICATIONS PURSUANT TO RULE 30A-2(B) ARE FURNISHED HEREWITH.
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SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. (Registrant) Fifth Third Funds -------------------------------------------------------------------- By (Signature and Title) /s/ Adam S. Ness Adam S. Ness, Treasurer ------------------------------------------------------- Date October 6, 2004 --------------------------------------- Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By (Signature and Title) /s/ C. David Bunstine C. David Bunstine, President ------------------------------------------------------- Date October 6, 2004 --------------------------------------- By (Signature and Title) /s/ Adam S. Ness Adam S. Ness, Treasurer ------------------------------------------------------- Date October 6, 2004 ---------------------------------------

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘N-CSR’ Filing    Date First  Last      Other Filings
4/1/14155
10/31/061N-Q
11/30/0528181497J
12/30/04243N-Q
11/30/0428181497
Filed on / Effective on:10/8/04
10/6/04220
9/29/0435218NSAR-B
8/2/04155
8/1/04185
For Period End:7/31/04121824F-2NT,  NSAR-B
6/30/04344N-PX,  N-PX/A
5/1/04180
4/30/04180497
4/1/0477208497
2/1/0438204
1/30/04175497
1/16/04175497
11/30/0328180
11/10/0383176
10/20/0324171
8/1/0389174
7/31/033018424F-2NT,  N-CSR,  NSAR-B
6/13/03344
4/1/03167172NSAR-A
2/7/03214485APOS
8/1/02167181
7/31/0219924F-2NT,  N-30D,  NSAR-B,  NSAR-B/A
2/22/02200
12/31/0120024F-2NT,  N-30D,  NSAR-B
10/29/014799485BPOS
10/22/0177
9/7/0135200
9/4/0135200
8/13/015963485BPOS,  497
8/1/01199
7/31/013520024F-2NT,  N-30D,  NSAR-B
1/1/01199
12/31/00199
10/11/004997N-30D
6/5/0081
4/1/9963
10/9/9883
9/1/9877
8/11/984997
3/9/9879
3/6/9879485APOS
2/1/9859
1/27/9765
4/25/965183
4/24/964997
3/31/9593N-30D
3/22/9585
3/20/958593
8/18/9483
5/11/9399
5/3/9399
12/18/9295
12/16/9295
12/4/924789
12/1/9253
11/25/925587
11/2/924789
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