Annual Report to Shareholders (2003)Full Document 

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                         Fifth Third Funds Annual Report

                                  July 31, 2002



                                     [LOGO]



                                     STOCK AND BOND MUTUAL FUNDS

                                     Annual Report to Shareholders



                                     July 31, 2002



                      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.

For more complete information on the Fifth Third Funds, including fees,
expenses and sales charges, please call 1-800-282-5706 for a prospectus, which
you should read carefully before you invest or send money. The Fifth Third
Funds are distributed by Fifth Third Funds Distributor Inc.

Fifth Third Asset Management Inc. and its affiliate Heartland Capital
Management, Inc. serve as Investment Advisors to the Funds and receive a fee
for their services.

Fifth Third Funds, like all mutual funds:
. are NOT FDIC insured
. have no bank guarantee
. may lose value



Fifth Third Funds
Table of Contents

Management Discussion of Performance
   Letter from Fifth Third Asset Management ...............    2

Investment Reviews
   Small Cap Growth Fund ..................................    4
   Micro Cap Value Fund ...................................    6
   Mid Cap Fund ...........................................    8
   Technology Fund ........................................   10
   Pinnacle Fund ..........................................   12
   Quality Growth Fund ....................................   14
   Equity Index Fund ......................................   16
   Large Cap Core Fund ....................................   18
   Multi Cap Value Fund ...................................   20
   Equity Income Fund .....................................   22
   Balanced Fund ..........................................   24
   International Equity Fund ..............................   26
   International GDP Fund .................................   28
   Worldwide Fund .........................................   30
   Strategic Income Fund ..................................   32
   Michigan Municipal Bond Fund ...........................   34
   Ohio Municipal Bond Fund ...............................   36
   Municipal Bond Fund ....................................   38
   Bond Fund ..............................................   40
   Intermediate Municipal Bond Fund .......................   42
   Intermediate Bond Fund .................................   44
   Short Term Bond ........................................   46
   U.S. Government Bond Fund ..............................   48

Financial Statements
   Schedules of Portfolio Investments .....................   50
   Statements of Assets and Liabilities ...................  118
   Statements of Operations ...............................  122
   Statements of Changes in Net Assets ....................  126

Notes to Financial Statements .............................  133

Financial Highlights ......................................  159

Report of Independent Accountants .........................  182

Supplemental Information ..................................  183

                                       1



Letter from Fifth Third Asset Management

Dear Shareholder:

We are pleased to present the Fifth Third Fund's annual report to shareholders
for the 12-month period ended July 31, 2002. This letter includes a discussion
of economic and market conditions during the period, a review of our investment
principles and our outlook for the coming months.

A volatile period

The economy was in a recession as the period began, and it grew weaker following
the September 11 terrorist attacks. Corporate profits fell, and companies
aggressively reduced their capital spending in an effort to cut costs. The
Federal Reserve Board (the "Fed") attempted to bolster the economy by cutting
short-term interest rates five times during the period.

The Fed's rate cuts did help economic growth--the Gross Domestic Product1 (the
"GDP") grew by 2.1% during the period--but not as much as investors had
anticipated. Interest rate cuts help spur business activity; however,
corporations had so much overcapacity that the recent series of rate cuts had

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