N-30D 1 form.htm The Riverfront Funds

Semi-Annual Report

June 30, 2002

The Riverfront Large Company Select Fund
The Riverfront Balanced Fund
The Riverfront Small Company Select Fund
The Riverfront Select Value Fund
The Riverfront U.S. Government Income Fund
The Riverfront U.S. Government Securities Money Market Fund

NOT FDIC INSURED
NO BANK GUARANTEE
MAY LOSE VALUE

[Logo of Riverfront Funds]

Table of Contents                       

Message From The President     2
Message From The Investment Adviser   4
Statements of Assets and Liabilities   5
Statements of Operations   7
Statements of Changes in Net Assets   9
Schedules of Portfolio Investments   11
Notes to Financial Statements   20
Financial Highlights   29

Message From The President                       

Dear Shareholder:

I am pleased to present the Combined Semi-Annual Report to Shareholders for The Riverfront Funds. This report covers the first half of the fiscal year, which is the six-month reporting period from January 1, 2002 through June 30, 2002. Inside you will find commentary from the Fund's investment adviser and the unaudited financial statements, which include the portfolio of investments.

The Financial Markets in Review
Over the course of the first six months of 2002, we have seen heightened levels of volatility as the market adjusts to the changes in performance and expectations of the U.S. economy. The first quarter saw positive returns in the equity market, especially for the smaller capitalized companies. The second quarter saw a retreat in the equity markets across the entire breadth of the market and the emergence of fixed income investment as the market leader. The first half performances of the major equity indexes are as follows: the Standard & Poor's 500 Index ("S&P 500") down 13.16%, the Nasdaq down 24.87% and the Wilshire 5000 Equity Index down 12.36%.* A well-diversified portfolio, including debt and equity investments, continues to be the optimal method to decrease risk and temper volatility in your portfolio. A fund by fund performance review is as follows:

The Riverfront Large Company Select Fund
The fund maintains a portfolio of large company stocks including recognizable names like Wal-Mart, Kohls, Microsoft, General Electric and Pfizer. The fund had a negative return during the first half of the year as the S&P 500 declined 13.16%. The Investor A Shares produced a total return of (16.08)%, or (19.89)% adjusted for the fund's maximum sales charge, through a decline in net asset value (NAV). Investor B Shares produced a total return of (16.44)%, or (19.78)% adjusted for the fund's maximum contingent deferred sales charge, through a decline in NAV. The fund compared favorably to its performance benchmark of the S&P 500 Barra Growth Index,** which was (16.92)%. Fund assets totaled $41.4 million at the end of the reporting period.

The Riverfront Balanced Fund
This fund invests in a classic combination of two key financial markets: stocks and bonds. At the end of the six-month reporting period, 50.30% of the fund's portfolio was invested in stocks, with the remainder invested in bonds and money market securities. Due to difficult market conditions that impacted the stock portion of the portfolio, the fund produced a negative return. Investor A Shares produced a total return of (7.50)% or (11.69)% adjusted for the fund's maximum sales charge. Investor B Shares produced a total return of (7.82)%, or (11.51)% adjusted for the fund's maximum contingent deferred sales charge. The fund was in line with its performance benchmark, the Morningstar Domestic Hybrid Average,** which was (5.55)%. Fund net assets totaled $17.1 million at the end of the reporting period.

The Riverfront Small Company Select Fund
The fund's portfolio of smaller capitalization stocks also was impacted by difficult market conditions and produced negative returns during the six-month reporting period.*** The fund's Investor A Shares produced a total return of (13.86)%, or (17.79)% adjusted for the fund's maximum sales charge. Investor B Shares produced a total return of (13.93)% or (17.38)% adjusted for the fund's maximum contingent deferred sales charge. The funds performance benchmark, the S&P 600 Small Cap Index,† return was (5.68)%. Fund net assets totaled $8.5 million at the end of the reporting period.

* The S&P 500 is an unmanaged capitalization-weighted index of 500 stocks designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The Nasdaq index is an unmanaged index that measures all Nasdaq domestic and non-U.S.-based common stocks listed on the Nasdaq Stock Market. The Wilshire 5000® Equity Index is a benchmark index made up of all U.S. stocks regularly traded on the three major U.S. exchanges, including the New York stock exchange, American Stock Exchange, and Nasdaq. Investments cannot be made in an index.

** The S&P 500 Barra Growth Index is an unmanaged capitalization-weighted index of stocks in the S&P 500 Index having the highest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. Investments cannot be made in an index. Morningstar figures represent the average total returns reported by all mutual funds designated by Morningstar Inc. as falling into the respective categories indicated. They do not reflect sales charges.

*** In return for higher growth potential, small company stocks can be more volatile than large company stocks.

† The S&P 600 Small Cap Index is an unmanaged index representative of the top 600 small capitalization companies in the United States. The S&P 500/Barra Value Index is an unmanaged market capitalization-weighted index of the stocks in the S&P 500 Index having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. The Lehman Brothers U.S. Intermediate Government Index is an unmanaged index comprised of all publicly issued, non-convertible domestic debt of the U.S. government or any agency guaranteed by the U.S. government. Investments cannot be made in an index.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

The Riverfront Select Value Fund
This fund pursues growth of capital through high-quality stocks that, at the end of the six-month reporting period, included among its holdings well-known names like Exxon Mobil, Disney, Alcoa, Boeing and Wachovia. The fund's holdings were negatively impacted by market conditions that caused stock prices to decline. During the six-month reporting period, Investor A Shares produced a total return of (7.71)%, or (11.90)% adjusted for the fund's maximum sales charge. Investor B Shares produced a total return of (8.11)%, or (11.78)% adjusted for the fund's maximum contingent deferred sales charge. The fund compared favorably to its performance benchmark of the S&P 500 Barra Value Index,† which was (9.46)%, as well as to the S&P 500, which was (13.16)%. Fund net assets totaled $20.6 million at the end of the reporting period.

The Riverfront U.S. Government Income Fund
The fund pursues income through a portfolio that, at the end of the six-month reporting period, invested primarily in U.S. government agency securities, corporate bonds and cash. Investor A Shares provided shareholders with dividends totaling $0.20 per share. As interest rates rose during the reporting period, the NAV of the fund increased by $0.03 per share. As a result, the fund produced a positive total return of 2.29%, or (2.36)% adjusted for the fund's maximum sales charge. Investor B Shares provided shareholders with dividends totaling $0.16 per share and an NAV increase of $0.08 per share. As a result, the share class produced a positive total return of 1.87%, or (2.13)% adjusted for the fund's maximum contingent deferred sales charge. The fund was in line with its performance benchmark of the Lehman Brothers U.S. Intermediate Government Index,† which was up 3.59%. Fund net assets totaled $46.8 million at the end of the reporting period.

The Riverfront U.S. Government Securities Money Market Fund
Designed to provide you with a convenient way to earn daily income on your ready cash, the fund's portfolio of U.S. government money market securities paid dividends totaling $0.006 for Investor A Shares and $0.007 for Institutional shares, while maintaining a stable share value of $1.00.†† The fund's total return for the period .55%, for the Investor A Shares and 0.68% for the Institutional Shares compared with its performance benchmark of the U.S. 30-Day Treasury Bill Index,††† which was up .85%. More than $225.5 million was at work in the fund at the end of the reporting period. The seven day net yield as of June 30, 2002 was 1.05% for the Investor A Shares, and 1.30% for the Institutional Shares.

Thank you for pursuing your goals through The Riverfront Funds. We look forward to keeping you up-to-date on the details of your investment on a regular basis, and providing you with the highest level of service possible.

Sincerely,

/s/ Duane A. Dewey

Duane A. Dewey
President
August 1, 2002

† The S&P 600 Small Cap Index is an unmanaged index representative of the top 600 small capitalization companies in the United States. The S&P 500/Barra Value Index is an unmanaged market capitalization-weighted index of the stocks in the S&P 500 Index having the lowest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. The Lehman Brothers U.S. Intermediate Government Index is an unmanaged index comprised of all publicly issued, non-convertible domestic debt of the U.S. government or any agency guaranteed by the U.S. government. Investments cannot be made in an index.

†† An investment in money market funds is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in them. Yields quoted for money market funds most closely represents the fund's current earnings. Yields will vary.

††† The U.S. 30-Day Treasury Bill Index is considered to be representative of the U.S. 30-Day Treasury bill market. This index is unmanaged and does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. Investments cannot be made in an index. The performance of the fund reflects the deduction of fees for these value-added services.

Performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Message From The Investment Adviser                       

Dear Shareholders:

The first six months of 2002 saw the equity markets experience further declines. Just as evidence that the economy was in a recovery mode, investor confidence was overwhelmed by continued negative news concerning corporate fraud, compensation excesses, war, terrorism and accounting irregularities. Instead of scandal in the White House or celebrity murder trials, television news coverage is dominated by Congressional inquiries of senior corporate executives, investment bankers, analysts, and accountants.

Lack of investor confidence has been perpetuated by re-statement of earnings, uncertainty of forecasted earnings and debate over expensing stock options. Additionally, there is general doubt regarding the integrity of those stating or forecasting earnings. This results in a questioning of what valuation to place on earnings per share.

In the face of continued negative stock market returns and high levels of uncertainty, investors have become more adverse to risk. High levels of cash in money market funds are indicative of investors' more cautious attitude. In addition, money flows have generally been out of equity mutual funds and into fixed income funds. This has obviously placed additional pressure on the stock market.

We believe it is important to view bear markets in the proper perspective. Basically, bear markets serve to correct previous excesses creating a market which is either fairly valued, or possibly even undervalued. The magnitude of the correction depends to a large extent on how excessive the overvaluation was. In the late 1990's the overvaluation was rather extreme. Thus, it is not unreasonable to expect that the correction may also be severe.

The stock market decline experienced since 2001 has not been just a bear, it has been an angry bear. We, therefore, are beginning to see some signs of a bottoming process. The S&P 500 declined 13.16% in the first six months of 2002 and 17.99% in the last year. In fact, most major indices are down this much or more during the same periods. In addition, the S&P 500 is also down almost 50% from its peak in March 2000.

Our view that the market is in a bottoming process is based on several factors. First, the number of stocks declining has broadened from a few sectors to virtually all sectors. Second, those sectors which initially led the decline have begun to stabilize and may attract the interest of strategic or opportunistic "value" buyers. Furthermore, bear market bottoms typically occur when the news headlines are decidedly negative and hopes of any good news are slim.

In addition to some of the usual signs of a bottoming process, there are more fundamental reasons to begin being a bit more optimistic about the outlook for stocks. The first important reason is that evidence of the economic recovery continues to mount. This recovery is not robust, but it still appears solid. Employment seems to have turned the corner and is beginning to expand. Finally, in terms of valuation levels, the major broad market indexes are down and earnings outlooks for next year are becoming more positive.

We expect volatility to continue, but believe many individual stocks are beginning to look attractive for long term investors. How and when investor confidence will improve is difficult to predict. However, as experienced followers of bear markets know, investor psychology may change suddenly and without warning. Our strategy continues to emphasize good quality companies with reasonable valuations and a long-term investment mindset. With those ingredients, we believe investors can be rewarded over the next several years.

We thank you for your continued support of the Riverfront Fund Family.

/s/ J. Donald Raines

J. Donald Raines
Chief Investment Officer

Statements of Assets and Liabilities

For the Six Months Ended June 30, 2002 (Unaudited)

 

  Large Company
Select Fund		   Balanced
Fund		   Small Company
Select Fund
Assets:                            
Investments, at value (Cost $45,185,918, $17,080,366, $8,444,533, respectively)       $ 40,633,307         $ 16,992,840       $ 8,296,390     
Cash     --       8,080       --  
Interest and dividends receivable     17,404       117,321       3,937  
Receivable for capital shares issued     2,558       505       --  
Receivable for investments sold     801,771       --       431,053  
Prepaid expenses and other assets     17,662       12,397       12,178  
Total Assets     41,472,702       17,131,143       8,743,558  
Liabilities:                        
Payable for capital shares redeemed     5,528       47,425       --  
Payable for securities purchased     --       --       238,714  
Accrued expenses and other payables:                        
Investment advisory fees     28,199       11,471       5,892  
Administration fees     6,112       2,465       1,246  
Custodian and accounting fees     5,292       2,444       453  
Distribution fees     9,958       9,518       1,300  
Transfer agent fees     8,080       3,676       6,638  
Audit and legal fees     --       304       --  
Other     8,467       2,403       3,002  
Total Liabilities     71,636       79,706       257,245  
Net Assets:                        
Capital     63,556,405       20,865,451       15,763,129  
Net unrealized (depreciation) on investments     (4,552,611 )     (87,527 )     (148,144 )
Accumulated net realized (losses) and distributions in excess of realized gains     (17,602,728 )     (3,726,487 )     (7,128,672 )
Net Assets   $ 41,401,066     $ 17,051,437     $ 8,486,313  
Net assets                        
Investor A Shares   $ 29,168,413     $ 7,563,883     $ 7,775,287  
Investor B Shares     12,232,653       9,487,554       711,026  
Total   $ 41,401,066     $ 17,051,437     $ 8,486,313  
Shares of capital stock                        
Investor A Shares     3,854,413       809,192       2,050,502  
Investor B Shares     1,694,554       970,617       185,750  
Total     5,548,967       1,779,809       2,236,252  
Net asset value                        
Investor A Shares--redemption price per share   $ 7.57     $ 9.35     $ 3.79  
Investor B Shares--offering price per share*     7.22       9.77       3.83  
Maximum sales charge (Investor A)     4.50 %     4.50 %     4.50 %
Maximum offering price per share (100%/(100%--maximum sales charge) of net asset value adjusted to nearest cent) (Investor A)   $ 7.93     $ 9.79     $ 3.97  

*Redemption price of Investor B shares varies based on length of time shares are held.
See Notes which are an integral part of the Financial Statements

Statements of Assets and Liabilities

For the Six Months Ended June 30, 2002 (Unaudited)

 

 

    Select
Value
Fund		     U.S. Government
Income
Fund		     U.S. Government
Securities Money
Market Fund
Assets:                        
Investments, at value (Cost $21,994,449, $45,888,497, and $201,569,846 respectively)   $ 20,541,099         $ 46,435,492             $ 201,569,846     
Repurchase agreements (Cost $0, $0, and $24,242,000 respectively)     --       --       24,242,000  
Total investments     20,541,099       46,435,492       225,811,846  
Cash     --       --       448  
Interest and dividends receivable     30,525       412,662       3,737  
Receivable for capital shares issued     21,877       157,723       --  
Prepaid expenses and other assets     8,969       15,701       21,663  
Total Assets     20,602,470       47,021,578       225,837,694  
Liabilities:                        
Dividends payable     --       --       205,240  
Payable for capital shares redeemed     4,038       125,420       --  
Accrued expenses and other payables:                        
Investment advisory fees     14,856       15,477       27,846  
Administration fees     2,869       6,537       30,480  
Custodian and accounting fees     2,492       2,520       9,604  
Distribution fees     6,023       11,246       38,126  
Transfer agent fees     1,153       2,128       --  
Audit and legal fees     4,795       --       --  
Other     17,339       4,198       11,559  
Total Liabilities     53,565       167,526       322,855  
Net Assets:                        
Capital     32,190,039       46,030,170       225,514,842  
Accumulated undistributed net investment income     --       9,319       --  
Net unrealized appreciation/(depreciation) on investments     (1,453,351 )     546,994       --  
Accumulated net realized gains (losses) and distributions in excess of realized gains     (10,187,783 )     267,569       (3 )
Net Assets   $ 20,548,905     $ 46,854,052     $ 225,514,839  
Net assets                        
Investor A Shares   $ 15,467,887     $ 44,197,256     $ 174,388,297  
Investor B/Institutional Shares     5,081,018       2,656,796       51,126,542  
Total   $ 20,548,905     $ 46,854,052     $ 225,514,839  
Shares of capital stock                        
Investor A Shares     1,901,420       4,563,082       174,388,297  
Investor B/Institutional Shares     622,484       236,466       51,126,542  
Total     2,523,904       4,799,548       225,514,839  
Net asset value                        
Investor A Shares--redemption price per share   $ 8.13     $ 9.69     $ 1.00  
Investor B/Institutional Shares--offering price per share*     8.16       11.24       1.00  
Maximum sales charge (Investor A)     4.50 %     4.50 %     N/A  
Maximum offering price per share (100%/(100%--maximum sales charge) of net asset value adjusted to nearest cent) (Investor A) (a)   $ 8.51     $ 10.15     $ 1.00  

* Redemption price of Investor B shares varies based on length of time shares are held.
(a) Offering price and redemption price are the same for the U.S. Government Securities Money Market Fund.
N/A Not applicable
See Notes which are an integral part of the Financial Statements

Statements of Operations

For the Six Months Ended June 30, 2002 (Unaudited)

 

    Large Company
Select Fund		     Balanced
Fund		     Small Company
Select Fund
Investment Income:                        
Interest income       $ 1,274        $ 156,920        $ --     
Dividend income     220,859       75,343       19,816  
Total Income     222,133       232,263       19,816  
Expenses:                        
Investment advisory fees     191,522       86,024       39,682  
Administration fees     40,698       16,249       8,432  
Distribution services fee (Investor A Shares)     42,091       10,458       11,286  
Distribution services and shareholder service fees (Investor B Shares)     71,037       53,749       4,457  
Custodian and accounting fees     37,583       16,039       9,290  
Audit and legal fees     13,482       4,180       2,710  
Trustees' fees and expenses     10,317       4,172       2,927  
Transfer agent fees     50,645       23,508       31,996  
Registration and filing fees     --       29       --  
State Registration fees     16,414       16,987       17,193  
Printing costs     12,752       2,744       1,811  
Other     1,268       953       713  
Gross Expenses     487,809       235,092       130,497  
Less: Fee waivers                        
Investment advisory fees     --       (9,557 )     --  
Net Expenses     487,809       225,535       130,497  
Net Investment Income (Loss)     (265,676 )     6,728       (110,681 )
Realized/Unrealized (Losses) from Investments:                        
Net realized (losses) from investment transactions     (5,873,014 )     (714,880 )     (1,991,798 )
Net change in unrealized appreciation/(depreciation) from investments     (2,067,359 )     (807,762 )     678,912  
Net realized/unrealized gains from investments     (7,940,373 )     (1,522,642 )     (1,312,886 )
Change in net assets resulting from operations   $ (8,206,049 )   $ (1,515,914 )   $ (1,423,567 )

See Notes which are an integral part of the Financial Statements

Statements of Operations

For the Six Months Ended June 30, 2002 (Unaudited)

 

  Select
Value Fund		   U.S. Government
Income Fund		   U.S. Government
Securities Money
Market Fund
Investment Income:                                 
Interest income   $ 1,310             $ 1,233,285               $ 2,123,459        
Dividend income     225,875       16,473       3,930  
Total Income     227,185       1,249,758       2,127,389  
Expenses:                        
Investment advisory fees     109,847       93,650       166,922  
Administration fees     19,657       39,801       184,941  
Distribution services fee (Investor A)     21,884       55,947       246,630  
Distribution services and shareholder service fees (Investor B)     28,093       10,334       650  
Custodian and accounting fees     18,826       28,366       57,189  
Audit and legal fees     3,760       8,576       32,609  
Trustees' fees and expenses     4,756       6,917       26,616  
Transfer agent fees     29,357       20,292       24,310  
Registration and filing fees     21       205       818  
State Registration fees     14,536       17,418       19,866  
Printing costs     --       2,498       12,924  
Other     1,075       443       1,096  
Gross Expenses     251,812       284,447       774,571  
Less: Fee Waivers                        
Investment advisory fees     (11,562 )     --       --  
Net Expenses     240,250       284,447       774,571  
Net Investment Income     (13,065 )     965,311       1,352,818  
Realized/Unrealized Gains (Losses) from Investments:                        
Net realized gains (losses) from investment transactions     (2,938,264 )     267,567       --  
Net change in unrealized appreciation/(depreciation) from investments     1,155,180       (96,747 )     --  
                         
Net realized/unrealized gains (losses) from investments     (1,783,084 )     170,820       --  
Change in net assets resulting from operations     $ (1,796,149 )   $ 1,136,131     $ 1,352,818  

See Notes which are an integral part of the Financial Statements

Statements of Changes in Net Assets

 

  Large Company
Select Fund		   Balanced
Fund		   Small Company
Select Fund

 

    Period Ended
June 30,
2002*		     Year Ended
December 31,
2001		     Period Ended
June 30,
2002*		     Year Ended
December 31,
2001		     Period Ended
June 30,
2002*		     Year Ended
December 31,
2001
Increase (Decrease) in Net Assets:                                                
Operations:                                                
Net investment income (loss)   $ (265,676 )    $ (717,130 )    $ 6,728      $ 92,666        $ (110,681 )    $ (277,287 )
Net realized gains (losses) from investment transactions     (5,873,014 )     (10,736,563 )     (714,880 )     (2,847,108 )     (1,991,798 )     (4,828,055 )
Net change in unrealized appreciation (depreciation) from investments     (2,067,359 )     (12,921,959 )     (807,762 )     (1,789,008 )     678,912       (3,305,657 )
Change in net assets resulting from operations     (8,206,049 )     (24,375,652 )     (1,515,914 )     (4,543,450 )     (1,423,567 )     (8,410,999 )
Distributions to Shareholders:                                                
Distributions to Investor A Shareholders:                                                
From net investment income     --       --       (10,177 )     (82,308 )     --       --  
Distributions to Investor B Shareholders:                                                
From net investment income     --       --       --       (11,119 )     --       --  
Change in net assets from shareholder distributions     --       --       (10,177 )     (93,427 )     --       --  
Capital Transactions:                                                
Proceeds from shares issued     2,536,307       36,934,159       628,823       2,419,506       282,080       1,121,121  
Dividends reinvested     --       --       10,042       91,843       --       --  
Cost of shares redeemed     (5,890,841 )     (53,385,694 )     (3,122,672 )     (6,357,768 )     (1,184,336 )     (2,775,479 )
Change in net assets from capital transactions     (3,354,534 )     (16,451,535 )     (2,483,807 )     (3,846,419 )     (902,256 )     (1,654,358 )
Change in net assets     (11,560,583 )     (40,827,187 )     (4,009,898 )     (8,483,296 )     (2,325,823 )     (10,065,357 )
Net Assets:                                                
Beginning of year     52,961,649       93,788,836       21,061,335       29,544,631       10,812,136       20,877,493  
End of year   $ 41,401,066     $ 52,961,649     $ 17,051,437     $ 21,061,335     $ 8,486,313     $ 10,812,136  
Share Transactions:                                                
Issued     307,671       4,013,412       63,234       221,205       67,236       197,196  
Reinvested     --       --       1,023       8,387       --       --  
Redeemed     (706,262 )     (5,713,447 )     (310,441 )     (581,412 )     (288,071 )     (521,742 )
Change in shares     (398,591 )     (1,700,035 )     (246,184 )     (351,820 )     (220,835 )     (324,546 )

*For the six months ended June 30, 2002 (unaudited).
See Notes which are an integral part of the Financial Statements

Statements of Changes in Net Assets

 
 

Select Value
Fund

  

U.S. Government
Income Fund

  

U.S. Government
Securities Money
Market Fund
 
    Period Ended
June 30,
2002*		     Year Ended
December 31,
2001		   Period Ended
June 30,
2002*		   Year Ended
December 31,
2001		   Period Ended
June 30,
2002*		   Year Ended
December 31,
2001
Increase (Decrease) in Net Assets:                                                
Operations:                                                
Net investment income (loss)     $ (13,065 )     $ (130,649 )      $ 965,311         $ 2,279,663        $ 1,352,818       $ 6,789,813  
Net realized gains (losses) from investment transactions     (2,938,264 )     (2,962,250 )     267,567       550,648       --       1,442  
Net change in unrealized appreciation (depreciation) from investments     1,155,180       (3,235,526 )     (96,747 )     625,568       --       --  
Change in net assets resulting from operations     (1,796,149 )     (6,328,425 )     1,136,131       3,455,879       1,352,818       6,791,255  
Distributions to Shareholders:                                                
Distributions to Investor A Shareholders:                                                
From net investment income     --       --       (926,709 )     (2,222,381 )     (1,102,797 )     (6,209,514 )
From net realized gains from investments     --       --       --       (340,757 )     --       --  
Distributions to Investor B Shareholders:                                                
From net investment income     --       --       (30,360 )     (57,077 )     --       --  
From net realized gains from investments     --       --       --       (12,434 )     --       --  
Distributions to Institutional Shareholders:                                                
From net investment income     --       --       --       --       (250,021 )     (580,299 )
Change in net assets from shareholder distributions     --       --       (957,069 )     (2,632,649 )     (1,352,818 )     (6,789,813 )
Capital Transactions:                                                
Proceeds from shares issued     2,116,171       3,712,913       3,784,390       8,241,457       618,774,112       767,894,340  
Dividends reinvested     --       --       227,182       738,591       355,566       2,314,626  
Cost of shares redeemed     (4,749,189 )     (8,064,820 )     (4,862,415 )     (7,220,906 )     (600,542,420 )     (726,086,891 )
Change in net assets from capital transactions     (2,633,018 )     (4,351,907 )     (850,843 )     1,759,142       18,587,258       44,122,075  
Change in net assets     (4,429,167 )     (10,680,332 )     (671,781 )     2,582,372       18,587,258       44,123,517  
Net Assets:                                                
Beginning of year     24,978,072       35,658,404       47,525,833       44,943,461       206,927,581       162,804,064  
End of year   $ 20,548,905     $ 24,978,072     $ 46,854,052     $ 47,525,833     $ 225,514,839     $ 206,927,581  
Share Transactions:                                                
Issued     244,692       374,301       377,830       840,377       618,774,112       767,894,340  
Reinvested     --       --       23,313       75,615       355,566       2,314,626  
Redeemed     (549,456 )     (806,812 )     (499,584 )     (737,194 )     (600,542,420 )     (726,086,891 )
Change in shares     (304,764 )     (432,511 )     (98,441 )     178,798       18,587,258       44,122,075  

*For the six months ended June 30, 2002 (unaudited).
See Notes which are an integral part of the Financial Statements

Schedule of Portfolio Investments

The Riverfront Funds            June 30, 2002 (Unaudited)
Large Company Select Fund

Shares             Market
Value
Common Stocks (93.7%)      
Aerospace--Defense (3.0%)      
11,700   General Dynamics Corp.   $ 1,244,295
Automotive (1.2%)      
31,000   Ford Motor Co.     496,000
Banks (2.7%)      
22,000   Wells Fargo & Co.     1,101,320
Computers & Peripherals (7.9%)      
52,000   Apple Computer, Inc. (b)     921,440
85,450   Cisco Systems, Inc. (b)     1,192,027
20,000   Dell Computer Corp. (b)     522,800
86,050   EMC Corp-Mass     649,678
          3,285,945
Consumer Goods & Services (2.6%)      
26,350   Clorox Co.     1,089,572
Diversified (5.7%)      
29,000   General Electric Co.     842,450
13,000   Honeywell International, Inc.     457,990
15,575   Illinois Tool Works     1,073,429
          2,373,869
Electrical Equipment (2.1%)      
16,500   Emerson Electric Co.     882,915
Entertainment (1.0%)      
21,000   The Walt Disney Co.     396,900
Financial Services (1.1%)      
12,500   American Express Co.     454,000
Food--Diversified (5.5%)      
31,000   Kellog Co.     1,111,660
18,000   Unilever N V (NY Shares)     1,166,400
          2,278,060
Food--Wholesale (2.4%)      
40,000   Supervalu, Inc.     981,200
Independent Power Producer (2.5%)      
25,000   Rockwell Automation Inc.     498,500
20,000   Sothern Co.     548,000
          1,046,500
Insurance (7.2%)      
14,900   Marsh & McLennan Companies, Inc.     1,439,340
16,625   United Health Group, Inc.     1,522,019
          2,961,359
Medical--Drugs (2.1%)      
16,000   Bristol-Myers Squibb     411,200
6,300   Forest & Laboratories Inc. (b)     446,040
          857,240
Medical--HMO's (0.5%)      
6,600   Humana Inc. (b)     103,158
1,500   Wellpoint Health Networks (b)     116,715
          219,873
Medical--Hospital (2.8%)      
16,000   Tenet Healthcare (b)     1,144,800
Medical--Nursing Home (0.2%)      
4,000   Manor Care Inc. (b)     92,000
Medical Supplies (9.3%)      
4,000   Boston Scientific Corp. (b)     117,280
19,625   Cardinal Health Inc.     1,205,171
21,200   Johnson & Johnson     1,107,912
20,000   Medtronic, Inc.     857,000
6,400   St. Jude Medical, Inc.     473,216
3,900   Watson Pharmaceutical, Inc. (b)     98,553
          3,859,132
Oil--Integrated Companies (3.9%)      
39,375   Exxon Mobil Corp.     1,611,225
Pharmaceuticals (2.9%)      
34,300   Pfizer, Inc.     1,200,500
Retails (17.0%)      
34,375   Home Depot, Inc.     1,262,594
24,575   Kohl's Corp. (b)     1,722,216
38,975   Kroger Co.     775,602
43,000   Walgreen Co.     1,661,090
29,525   Wal-Mart Stores, Inc.     1,624,170
          7,045,672
Semiconductors (5.5%)      
54,550   Intel Corp.     996,629
54,675   Texas Instruments, Inc.     1,295,798
          2,292,427
Software & Computer Services (3.4%)      
25,825   Microsoft Corp. (b)     1,397,649
Transportation--Railroad (1.2%)      
21,000   Norfolk Southern Corp.     490,980
Total Common Stocks (Identified Cost $43,356,044)     38,803,433
Investment Companies (4.4%)      
1,829,874   AIM Institutional Money Market Fund     1,829,874
Total Investment Companies (Identified Cost $1,829,874)     1,829,874
Total Investments (Identified Cost $45,185,918) (a)   $ 40,633,307

(a) The cost of investments for federal tax purposes amounts to $45,185,918. The net unrealized depreciation of investments on a federal tax basis amounts to $4,552,611, which is comprised of $2,502,087 appreciation and $7,054,698 depreciation at June 30, 2002.
(b) Represents non-income producing securities.
Note: The categories of investments are shown as a percentage of net assets ($41,401,066) at June 30, 2002.

Schedule of Portfolio Investments

The Riverfront Funds            June 30, 2002 (Unaudited)
Balanced Fund

Shares               Market
Value
Common Stocks (50.3%)      
Aerospace--Defense (2.0%)      
3,000   Boeing, Co.   $ 135,000
2,000   General Dynamics Corp.     212,700
          347,700
Automotive (0.6%)      
6,000   Ford Motor Co.     96,000
Banks (8.2%)      
5,000   Bank of America Corp.     351,800
2,000   Chartered One Financial Inc.     68,760
4,000   Suntrust Banks, Inc.     270,880
5,500   Union Planters Corp.     178,035
10,000   Wachovia Corp.     381,800
3,000   Wells Fargo & Co.     150,180
          1,401,455
Beverage (1.4%)      
5,000   Pepsico, Inc.     241,000
Computers & Peripherals (2.9%)      
8,000   Cisco Systems, Inc. (b)     111,600
10,000   Dell Computer Corp. (b)     261,400
15,000   EMC Corp.-Mass     113,250
          486,250
Diversified (3.0%)      
400   Enpro Industries Inc. (b)     2,248
5,000   General Electric Co.     145,250
4,000   Illinois Tool Works     275,680
3,000   SYSCO Corp.     81,660
          504,838
Financial Services (1.4%)      
4,000   Capital One Financial Corp.     244,200
Food--Diversified (1.1%)      
5,000   Kellog Co.     179,300
Food--Wholesale (1.2%)      
8,000   Supervalu, Inc.     196,240
Independent Power Producers (0.6%)      
7,000   Calpine Corp. (b)     49,210
2,000   Southern, Co.     54,800
          104,010
Insurance (2.6%)      
1,000   American International Group     68,230
2,000   Jefferson-Pilot Corp.     94,440
3,000   United Health Group, Inc. (b)     274,650
          437,320
Medical--Drugs (1.1%)      
7,000   Bristol-Myers Squibb Co.     179,900
Medical--Hospital (1.7%)      
4,000   Tenet Healthcare Corp. (b)     286,200
Medical Supplies (2.6%)      
1,000   Cardinal Health Inc.     61,410
3,000   Johnson & Johnson     156,780
3,000   St. Jude Medical, Inc.     221,820
          440,010
Metals & Mining (1.9%)      
5,000   Weyerhaeuser Co.     319,250
Oil & Gas Exploration & Production (1.4%)      
5,000   Devon Energy Corp.     246,400
Oil--Integrated Companies (2.9%)      
3,000   Chevrontexaco Corp.     265,500
3,000   Exxon Mobil Corp.     122,760
2,000   Kerr McGee Corp.     107,100
          495,360
Pharmaceuticals (0.3%)      
1,000   Eli Lilly & Co.     56,400
Retail (6.3%)      
3,000   Home Depot Inc.     110,190
4,000   Kohl's Corp. (b)     280,320
4,000   Sears Roebuck & Co.     217,200
3,000   Wal-Mart Stores, Inc.     165,030
8,000   Walgreen Co.     309,040
          1,081,780
Semiconductors (1.2%)      
5,000   Intel Corp.     91,350
5,000   Texas Instruments, Inc.     118,500
          209,850
Software & Computer Services (2.7%)      
2,000   Intuit, Inc. (b)     99,440
5,000   MicroSoft Corp. (b)     270,600
10,000   Oracle Corp. (b)     94,700
          464,740
Telecommunications--Equipment (1.9%)      
23,000   Motorola Inc.     331,660
Utilities--Electric (0.5%)      
3,000   Alliant Energy Corp.     77,100
Utilities--Telecommunications (0.8%)      
20,000   Broadwing, Inc. (b)     52,000
2,000   CenturyTel, Inc.     59,000
7,000   Sprint Corp. -- PCS Group (b)     31,290
          142,290
Total Common Stocks (Identified Cost $8,790,681)     8,569,253
Principal
Amount		 Market
Value
U.S. Government Agencies (39.7%)      
Federal National Mortgage Assoc. (24.0%)      
$ 600,000   Discount Note, 07/16/02 $   599,250
400,000   4.875%, 07/02/04     400,000
2,000,000   5.50%, 07/18/06     2,065,000
1,000,000   5.25%, 08/14/06     1,028,750
          4,093,000
U.S. Treasury Notes (15.7%)      
1,000,000   3.00%, 02/29/04     1,005,820
500,000   3.25%, 12/31/03     505,670
1,093,090   3.875%, 01/15/09     1,159,867
          2,671,357
Total U.S. Government Agencies (Identified Cost $6,630,455)   $
6,764,357
Shares Market
Value
Investment Companies (9.7%)      
822,636   AIM Institutional Money Market Fund   $ 822,636
836,594   Merrill Lynch Money Market Fund     836,594
Total Investment Companies (Identified Cost $1,659,230)     1,659,230
Total Investments (Identified Cost $17,080,366) (a)   $ 16,992,840

(a) The cost of investments for federal tax purposes amounts to $17,080,366. The net unrealized depreciation of investments on a federal tax basis amounts to $87,526 which is comprised of $726,956 appreciation and $814,482 depreciation at June 30, 2002.
(b) Represents non-income producing securities.
Note: The categories of investments are shown as a percentage of net assets ($17,051,437) at June 30, 2002.

Schedule of Portfolio Investments

The Riverfront Funds            June 30, 2002 (Unaudited)
Small Company Select Fund

Shares             Market
Value
Common Stocks (95.8%)      
Aerospace--Defense (2.0%)      
5,000   B.E. Aerospace Inc. (b)   $ 65,900
5,000   Orbital Sciences Corp. (b)     39,850
3,000   Teledyne Technologies, Inc. (b)     61,830
          167,580
Airlines (1.4%)      
4,100   Atlantic Coast Airlines (b)     88,970
4,000   Frontier Airlines (b)     32,520
          121,490
Apparel (1.7%)      
5,250   Hot Topic Inc. (b)     140,228
Automotive Parts (1.6%)      
5,000   Gentex Corp. (b)     137,350
Automotive--Transportation (1.5%)      
2,000   Polaris Industries, Inc.     130,000
Banks (4.3%)      
3,000   Commerce Bancorp, Inc.     132,600
3,700   Cullen Frost Bankers, Inc.     133,015
3,625   First Midwest Bancorp Inc.     100,703
          366,318
Beverages (3.0%)      
1,400   Coors (Adolph) Class B     87,220
5,200   Constellation Brands, Inc. (b)     166,400
          253,620
Biopharmaceuticals (2.1%)      
20,000   Allos Therapeutics, Inc. (b)     180,800
Building & Construction (4.9%)      
2,000   Elcor Corp.     55,440
3,750   Florida Rock Industry     135,037
350   NVR Inc. (b)     113,050
3,660   Shaw Group, Inc. (b)     112,362
          415,889
Casino Services (0.7%)      
1,000   International Game Technology (b)     56,700
Chemicals--Diversified (2.0%)      
4,000   Georgia Gulf Corp.     105,760
1,000   OM Group, Inc.     62,000
          167,760
Commercial Services (2.9%)      
4,500   Memberworks, Inc. (b)     83,385
2,500   Sourcecorp (b)     66,250
2,000   Startek Inc. (b)     53,480
4,500   Teletech Holding, Inc. (b)     42,930
          246,045
Communication Software (0.5%)      
2,500   Inter-Tel Inc.     42,775
Computers & Business (2.2%)      
8,000   Adaptec, Inc. (b)     63,120
5,000   Amazon.Com, Inc. (b)     81,250
3,000   Internet Security Systems (b)     39,360
          183,730
Computers & Peripherals (2.3%)      
2,000   Kronos Inc. (b)     60,980
5,000   Micros Systems Inc. (b)     138,550
          199,530
Computers & Services (1.6%)      
4,500   Factset Research Systems Inc.     133,965
Consulting Services (0.8%)      
2,200   Maximus Inc. (b)     69,740
Consumer Goods (2.8%)      
1,875   American Italian Pasta Co. -- A Shares (b)     95,606
2,500   Toro Co.     143,350
          238,956
Diagnostic Kits (1.0%)      
2,350   Diagnostics Products Group     86,950
Education (1.1%)      
4,200   ITT Educational Services, Inc.     91,560
Electrical Equipment (2.4%)      
5,500   Benchmark Electronics, Inc. (b)     159,500
2,000   Technitrol, Inc.     46,600
          206,100
Food--Bakeries (1.0%)      
3,000   Interstate Bakeries     86,640
Food--Diversified (0.6%)      
2,000   International Multifoods Corp.     52,720
Footwear--Retail (1.8%)      
5,100   Reebok International LTD (b)     150,450
Insurance (2.7%)      
5,000   Hilb, Rogal & Hamilton Co.     226,250
Management Consulting (0.8%)      
4,712   Tetra Tech, Inc. (b)     69,266
Medical--HMO (2.7%)      
3,000   Coventry Health Care, Inc. (b)     85,500
4,500   Mid Atlantic Medical Services (b)     141,075
          226,575
Medical Laser Systems (0.9%)      
2,000   Cymer Inc. (b)     70,080
8,000   LCA-Vision Inc. (b)     8,400
          78,480
Networking Products (0.6%)      
5,000   Extreme Networks Inc. (b)     48,850
Oil--Energy (1.7%)      
7,000   XTO Energy Inc.     144,200
Oil--Exploration & Production (2.5%)      
5,000   Cabot Oil & Gas, Corp. -- Class A     114,250
3,500   Plains Resources, Inc. (b)     93,625
          207,875
Oil--Machine & Equipment (0.8%)      
1,900   Carbo Ceramics, Inc.     70,224
Pharmaceuticals (7.9%)      
3,800   AdvancePCS (b)     90,972
3,000   Noven Pharmaceuticals, Inc. (b)     76,500
5,000   Respironics Inc. (b)     170,250
3,500   Universal Health Services -- B Shares     171,500
4,000   Varian Medical Systems Inc.     162,200
          671,422
Physical Practice Management (1.2%)      
4,500   Orthodontic Center of America (b)     103,230
Printing & Publishing (2.4%)      
7,350   Multi Color Corp. (b)     110,177
2,000   Zebra Tech Corp. -- Class A Shares (b)     96,440
          206,617
Power Conversions--Supply Equipment (1.7%)      
4,500   Advanced Energy Industries (b)     99,810
2,500   C&D Technologies, Inc.     45,050
          144,860
Radio (1.6%)      
3,500   Cox Radio Inc. Class A (b)     84,350
5,000   Spanish Broadcasting System, Inc. (b)     50,000
          134,350
Retail--Furniture (1.5%)      
6,000   Pier 1 Imports, Inc.     126,000
Retail--Restaurants (3.1%)      
3,000   Jack in the Box Inc. (b)     95,400
3,000   P F Chang's China Bistro Inc. (b)     94,260
2,000   Panera Bread (b)     69,500
          259,160
Retail--Specialty Stores (2.5%)      
3,000   Bed Bath & Beyond, Inc. (b)     113,220
3,500   O'Reilly Automotive, Inc. (b)     96,460
          209,680
Security Services (0.7%)      
3,000   Kroll, Inc. (b)     62,940
Semiconductors (3.8%)      
5,000   Axcelis Technologies, Inc. (b)     57,400
3,000   Cypress Semiconductor, Co. (b)     45,540
5,000   ESS Technology (b)     87,700
3,000   Intersil Corp. -- Class A Shares (b)     64,140
2,000   Novellus Systems, Inc. (b)     68,000
          322,780
Software & Computer Services (3.9%)      
7,500   BEA Systems, Inc. (b)     70,575
5,000   Filenet, Corp. (b)     72,500
28,000   Red Hat, Inc. (b)     88,050
5,000   Take-Two Interactive Software (b)     102,950
          334,075
Telecommunications--Equipment (1.2%)      
4,000   Electro Scientific Industry Inc. (b)     97,200
Utilities--Electric (1.5%)      
7,000   Green Mountain Power Corp.     127,120
Utilities--Gas (1.7%)      
4,000   Piedmont Natural Gas Co.     147,920
Utilities--Telecommunications (0.2%)      
1,000   Metro One Telecommunications (b)     13,960
Wholesale Distributions (2.0%)      
5,000   Expeditors International of Washington, Inc.     165,800
Total Common Stocks (Identified Cost $8,273,873)     8,125,730
Investment Companies (2.0%)      
170,660   AIM Institutional Money Market Fund     170,660
Total Investment Companies (Identified Cost $170,660)     170,660
Total Investments (Identified Cost $8,444,533) (a)   $ 8,296,390

(a) The cost of investments for federal tax purposes amounts to $8,444,533. The net unrealized depreciation of investments on a federal tax basis amounts to $148,143, which is comprised of $950,945 appreciation and $1,099,088 depreciation at June 30, 2002.
(b) Represents non-income producing securities.
Note: The categories of investments are shown as a percentage of net assets ($8,486,313) at June 30, 2002.

Schedule of Portfolio Investments

The Riverfront Funds            June 30, 2002 (Unaudited)
Select Value Fund

Shares             Market
Value
Common Stocks (96.3%)      
Aerospace--Defense (3.6%)      
5,125   Boeing Co.   $ 230,625
7,900   Goodrich Corp.     215,828
2,300   Northrop Grumman Corp.     287,500
          733,953
Automotive (2.6%)      
19,500   Ford Motor Co.     312,000
4,100   General Motors Corp.     219,145
          531,145
Automotive--Parts (1.1%)      
2,700   Johnson Controls, Inc.     220,347
Banks (16.8%)      
7,500   Bank Of America Corp.     527,700
16,000   Bank One Corp.     615,680
24,500   Citigroup, Inc.     949,375
7,000   Compass Bancshares Inc.     235,200
3,600   Suntrust Banks, Inc.     243,792
7,200   Union Planters Corp.     233,064
17,000   Wachovia Corp.     649,060
          3,453,871
Chemicals (4.5%)      
5,000   Air Products & Chemicals Inc.     252,350
7,000   PPG Industries, Inc.     433,300
6,100   Rohm & Haas Co.     246,989
          932,639
Computer & Peripherals (1.8%)      
24,000   EMC Corp. Mass     181,200
12,017   Hewlett-Packard Co.     183,620
          364,820
Consumer Goods & Services (1.4%)      
5,300   Fortune Brands Inc.     296,482
Diversified (5.4%)      
15,000   Honeywell International, Inc.     528,450
3,200   3 M Co.     393,600
14,000   Tyco International Ltd.     189,140
          1,111,190
Entertainment (2.4%)      
26,550   The Walt Disney Co.     501,795
Financial Services (3.6%)      
8,600   Chartered One Financial Inc.     295,668
7,200   J P Morgan Chase & Co.     244,224
4,700   Merrill Lynch & Co., Inc.     190,350
          730,242
Food (3.7%)      
20,650   Archer-Daniels-Midland Co.     264,114
6,825   H J Heinz Co.     280,507
10,000   Sara Lee Corp.     206,400
          751,021
Footwear (1.0%)      
3,900   Nike Inc. -- Class B     209,235
Independent Power Producers (0.4%)      
12,000   Calpine Corp. (b)     84,360
Insurance (6.1%)      
7,200   American International Group     491,256
6,300   AON Corp.     185,724
6,500   John Hancock Financial Services     228,800
7,500   Jefferson-Pilot Corp.     354,150
          1,259,930
Media (1.2%)      
5,500   Viacom Inc. -- Class A (b)     244,475
Medical--Drugs (1.0%)      
7,750   Bristol-Myers Squibb Co.     199,175
Medical--Hospital (1.4%)      
4,100   Tenet Healthcare Corp. (b)     293,355
Metals & Mining (2.9%)      
9,700   Alcoa Inc.     321,555
4,400   Weyerhaeuser Co.     280,940
          602,495
Oil & Gas Exploration, Production & Services (5.6%)      
13,900   Devon Energy Corp.     684,991
7,000   Kerr-McGee Corp.     374,850
2,000   Schlumberger, Ltd.     93,000
          1,152,841
Oil--Integrated Companies (12.1%)      
6,000   Chevrontexaco Corp.     531,000
10,000   Conoco Inc.     278,000
20,150   Enerplus Resources Fund     373,783
23,000   Exxon Mobil Corp.     941,160
6,500   Royal Dutch Petroleum--NY Shares     359,255
          2,483,198
Retail (2.2%)      
8,450   Sears Roebuck & Co.     458,835
Semiconductors (0.6%)      
5,000   Texas Instruments, Inc.     118,500
Telecommunications--Equipment (1.7%)      
64,600   Lucent Technologies Inc. (b)     107,236
16,000   Motorola, Inc.     230,720
          337,956
Tobacco (1.0%)      
4,600   Phillip Morris Cos., Inc.     200,928
Tools (1.0%)      
5,000   Stanley Works     205,050
Utilities--Energy Products (5.4%)      
35,200   AES Corp. (b)     190,784
7,200   Allegheny Energy Inc.     185,400
10,585   Alliant Energy Corp.     272,035
6,600   Duke Energy Corp.     205,260
7,700   PPL Corp.     254,716
          1,108,195
Utilities--Gas (1.3%)      
7,300   Piedmont Natural Gas Co.     269,954
Utilities--Telecommunications (4.5%)      
14,100   CenturyTel, Inc.     415,950
4,000   SBC Communications, Inc.     122,000
9,800   Verizon Communications Inc.     393,470
          931,420
Total Common Stocks (Identified Cost $21,240,757)     19,787,407
Investment Companies (3.7%)      
753,692   AIM Institutional Money Market Fund     753,692
Total Investment Companies (Identified Cost $753,692)     753,692
Total Investments (Identified Cost $21,994,449) (a)   $ 20,541,099

(a) The cost of investments for federal tax purposes amounts to $21,994,449. The net unrealized depreciation of investments on a federal tax basis amounts to $1,453,350, which is comprised of $1,162,430 appreciation and $2,615,780 depreciation at June 30, 2002.
(b) Represents non-income producing securities.
Note: The categories of investments are shown as a percentage of net assets ($20,548,905) at June 30, 2002.

Schedule of Portfolio Investments

The Riverfront Funds            June 30, 2002 (Unaudited)
U.S. Government Income Fund

Principal
Amount		             Market
Value
Corporate Bonds (26.8%)      
Banks (8.8%)      
$ 1,000,000   Citigroup Inc., 4.125%, 06/30/05   $ 1,002,500
  2,000,000   Wachovia Corp., 6.925%, 10/15/03     2,105,000
  1,000,000   Wells Fargo Co., 4.875%, 06/12/07     998,750
            4,106,250
Financial Services (9.3%)      
  1,000,000   American Express, 5.50%, 09/12/06     1,035,000
  211,345   Countrywide Home Loans, Inc., Series 1998-11, Class A10, 6.25%, 8/25/28, CMO     211,390
  37,159   Countrywide Home Loans, Inc., Series 1998-1, Class AF2, 6.27%, 07/25/25, ABS     37,215
  2,000,000   International Lease Finance Corp., 5.625%, 06/01/07     2,027,500
  1,000,000   Merrill Lynch & Co., 6.15%, 01/26/06     1,047,500
            4,358,605
Diversified (2.1%)      
  1,000,000   General Electric Capital Corp., 5.00%, 06/15/07     1,007,500
Medical -- Drugs (4.4%)      
  2,000,000   Abbott Laboratories, 5.125%, 07/01/04     2,067,500
Oil--Integrated Companies (2.2%)      
  1,000,000   BP Capital Markets PLC, 4.625%, 05/27/05     1,027,500
Total Corporate Bonds (Identified Cost $12,443,392)     12,567,355
U.S. Government Agencies (70.8%)      
Federal Farm Credit Bank (4.3%)      
  2,000,000   4.375%, 04/15/05     2,047,500
Federal Home Loan Bank (17.5%)      
  2,000,000   3.375%, 06/15/04     2,013,126
  2,000,000   4.375%, 02/15/05     2,045,000
  2,000,000   4.625%, 04/15/05     2,055,000
  2,000,000   5.375%, 05/15/06     2,091,822
            8,204,948
Federal Home Loan Mortgage Corp. (15.4%)      
  2,000,000   4.50%, 08/15/04     2,057,500
  2,000,000   5.50%, 07/15/06     2,097,500
  975,267   6.50%, 01/01/14     1,017,097
  836,593   6.50%, 07/01/14     870,953
  1,135,988   6.50%, 09/01/14     1,182,643
            7,225,693
Federal National Mortgage Association (27.2%)      
  2,000,000   3.875%, 03/15/05     2,017,500
  1,464,002   5.50%, 04/01/24 Pool #280553     1,442,379
  104,056   6.00%, 02/01/03 Pool#335463     105,713
  165,125   6.00%, 05/01/03 Pool#347156     167,754
  1,575,768   6.00%, 04/01/13 Pool #424320     1,621,970
  1,730,133   6.00%, 06/01/14 Pool #323780     1,779,702
  2,000,000   6.40%, 05/14/09     2,100,000
  826,020   6.50%, 12/25/07     853,850
  1,567,960   6.50%, 08/01/14 Pool#252640     1,631,337
  956,720   7.50%, 11/01/15 Pool#568022     1,012,325
            12,732,530
Government National Mortgage Association (6.4%)      
  249,912   7.00%, 11/15/08 Pool #363175     265,820
  254,864   7.00%, 01/15/09 Pool #363194     271,102
  705,621   7.00%, 02/15/09 Pool #383488     750,577
  688,134   7.00%, 07/15/23 Pool #322882     720,876
  769,845   7.50%, 12/15/09 Pool #780419     822,079
  138,685   8.00%, 5/15/23, Pool #351752     149,252
            2,979,706
Total U.S. Government Agencies (Identified Cost $32,767,345)     33,190,377
Investment Companies (1.5%)      
  677,760   AIM Institutional Money Market Fund     677,760
Total Investment Companies (Identified Cost $677,760)     677,760
Total Investments (Identified Cost $45,888,497) (a)   $ 46,435,492

(a) The cost of investments for federal tax purposes amounts to $45,888,497. The net unrealized appreciation of investments on a federal tax basis amounts to $546,995, which is comprised of $558,467 appreciation and $11,472 depreciation at June 30, 2002.
ABS--Asset Backed Security
CMO--Collateralized Mortgage Obligation
Note: The categories of investments are shown as a percentage of net assets ($46,854,052) at June 30, 2002.

Schedule of Portfolio Investments

The Riverfront Funds            June 30, 2002 (Unaudited)
U.S. Government Securities Money Market Fund

Principal
Amount		             Market
Value
U.S. Government Agencies (89.4%)      
Federal Agricultural Mortgage Corp. (8.0%)      
$ 6,000,000   Discount Note, 07/30/02   $ 5,991,542
  6,000,000   Discount Note, 08/20/02     5,985,333
  6,000,000   Discount Note, 09/13/02     5,978,540
            17,955,415
Federal Home Loan Bank (15.0%)      
  6,000,000   Discount Note, 07/03/02     5,999,423
  4,497,000   Discount Note, 07/19/02     4,493,088
  6,000,000   Discount Note, 08/16/02     5,986,737
  6,000,000   Discount Note, 08/28/02     5,983,277
  5,500,000   Discount Note, 10/01/02     5,475,965
  6,000,000   Discount Note, 11/13/02     5,958,375
            33,896,865
Federal Farm Credit Bank (8.0%)      
  6,000,000   Discount Note, 07/12/02     5,996,810
  6,000,000   Discount Note, 07/26/02     5,992,792
  6,000,000   Discount Note, 08/26/02     5,984,040
            17,973,642
Federal Home Loan Mortgage Corp. (24.8%)      
  6,000,000   Discount Note, 07/02/02     5,999,713
  6,000,000   Discount Note, 07/11/02     5,997,033
  6,000,000   Discount Note, 07/15/02     5,995,917
  6,000,000   Discount Note, 07/16/02     5,995,700
  6,000,000   Discount Note, 08/15/02     5,986,500
  8,000,000   Discount Note, 08/23/02     7,979,271
  6,000,000   Discount Note, 09/20/02     5,976,645
  6,000,000   Discount Note, 09/25/02     5,975,490
  6,000,000   Discount Note, 11/07/02     5,960,440
            55,866,709
Federal National Mortgage Association (33.6%)      
  6,000,000   Discount Note, 07/08/02     5,997,818
  8,000,000   Discount Note, 07/09/02     7,996,978
  6,000,000   Discount Note, 07/10/02     5,997,390
  6,000,000   Discount Note, 07/17/02     5,995,307
  9,000,000   Discount Note, 07/24/02     8,989,496
  6,000,000   Discount Note, 07/31/02     5,990,900
  6,000,000   Discount Note, 08/05/02     5,989,092
  6,000,000   Discount Note, 08/07/02     5,989,147
  6,000,000   Discount Note, 08/14/02     5,987,313
  5,000,000   Discount Note, 08/21/02     4,985,621
  6,000,000   Discount Note, 09/03/02     5,980,800
  6,000,000   Discount Note, 09/18/02     5,977,353
            75,877,215
Total U.S. Government Agencies     201,569,846
Repurchase Agreements (10.7%)      
  24,242,000   Morgan Stanley Dean Witter & Co., 1.85%, dated 06/30/02, due 07/01/02 (Collateralized by U.S. Government Agency Securities)     24,242,000
Total Investments (at amortized cost) (a)   $ 225,811,846

(a) Also represents cost for Federal tax purposes.
Note: The categories of investments are shown as a percentage of net assets ($225,514,839) at June 30, 2002.

Notes to Financial Statements

The Riverfront Funds            June 30, 2002 (Unaudited)

1. Organization:

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

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

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

The Large Company Select Fund, the Balanced Fund, the Small Company Select Fund, the Select Value Fund and the U.S. Government Income Fund (collectively, "the variable net asset value funds") each offer two share classes: Investor A Shares and Investor B Shares. The U.S. Government Securities Money Market Fund (the "money market fund") also offers two classes of shares: the Investor A Shares and Institutional Shares. Investor A Shares of the variable net asset value funds are subject to initial sales charges imposed at the time of purchase, in accordance with the Funds' prospectus. Certain redemptions of the Investor B Shares of the variable net asset value funds made within seven years of purchase are subject to varying contingent deferred sales charges in accordance with the Funds' prospectus. Investor B Shares, other than those purchased through reinvestment of dividends, convert automatically to Investor A Shares eight years after the date of their issuance. Investor B Shares purchased through dividend reinvestment are not subject to a contingent deferred sales charge. Institutional Shares have a minimum initial investment of $1,000,000. The Institutional Shares are not subject to an initial sales charge or 12b-1 fee and are designed for institutions, such as banks, fiduciaries, custodians of public funds, savings associations & credit unions. Each share class has identical rights and privileges, except with respect to (i) distribution and shareholder services (12b-1) fees paid by each share class, (ii) voting rights on matters specifically affecting a single share class, and (iii) the exchange privileges.

2. Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. The policies are in conformity with accounting principles generally in the United States. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the reporting period. Actual results could differ from those estimates.

Securities Valuation:

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

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

Security Transactions and Related Income:

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

Repurchase Agreements:

The Funds may enter into repurchase agreements with financial institutions such as banks and broker/dealers which Provident, as investment adviser, deems creditworthy under guidelines approved by the Trust's Board of Trustees, subject to the seller's agreement to repurchase such securities at a mutually agreed-upon date and price. The repurchase price generally equals the price paid by each Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying fund securities. The seller, under a repurchase agreement, is required to maintain the value of collateral held pursuant to the agreement at not less than the repurchase price (including accrued interest). Default by the seller would, however, expose the relevant Funds to possible loss because of adverse market action or delay in connection with the disposition of the underlying obligations. Risks may arise from the potential inability of counter parties to honor the terms of the repurchase agreements. Accordingly, the Funds could receive less than the carrying value upon the sale of the underlying collateral securities. Securities subject to repurchase agreements are held by each Fund's custodian or another qualified custodian or in the Federal Reserve/Treasury book-entry system. Repurchase agreements are considered to be loans by the Funds under the 1940 Act.

Dividends to Shareholders:

Dividends from net investment income are declared daily and paid monthly for the money market fund. Dividends from net investment income are declared and generally paid monthly for each variable net asset value fund with the exception of the Small Company Select Fund which declares and pays any dividends semiannually. Net investment losses incurred by a Fund are offset against Capital in the accompanying Statements of Assets and Liabilities to the extent that short-term gains are not available in a given year. Distributable net realized capital gains, if any, are declared and distributed at least annually for each of the Funds. Any taxable distributions declared in December and paid in January of the following fiscal year will be taxable to shareholders in the year declared. Income and capital gain distributions are determined in accordance with federal income tax regulations which may differ from generally accepted accounting principles. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. Dividends and distributions to shareholders which exceed net investment income and net realized capital gains for financial reporting purposes are reported as dividends in excess of net investment income or distributions in excess of net realized gains. To the extent they exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital.

Federal Taxes:

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

As of December 31, 2001, the following Funds had capital loss carryforwards for tax purposes which are available to offset future capital gains, if any:

Large Company Select Fund      $ 10,258,008      Expires 2009
Balanced Fund     2,967,191   Expires 2009
Small Company Select Fund     2,458,435   Expires 2009
Select Value Fund     4,157,318   Expires 2007
      2,560,458   Expires 2009
      6,717,776   Total
U.S. Government Securities Money Market Fund     3   Expires 2006

Under current tax law, capital losses realized subsequent to October 31 of the current fiscal year may be deferred and treated as occurring on the first day of the following fiscal year. The following deferred losses will be treated as arising on the first day of the fiscal year ended December 31, 2002:

Large Company Select Fund      $ (416,730 )
Balanced Fund     (40,976 )
Small Company Select Fund     (2,536,903 )
Select Value Fund     (413,347 )

Other:

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

In November 2000, the American Institute of Certified Public Accountants ("AICPA") issued a revised version of the AICPA Audit and Accounting Guide for Investment Companies (the "Guide"). The Guide is effective for financial statements issued for fiscal years beginning after December 15, 2000. The adoption of the Guide did not have a material impact on the Funds.

3. Purchases and Sales of Securities:

Purchases and sales of securities (excluding short-term securities) for the six month's ended June 30, 2002 are as follows:

 

    Purchases     Sales
Large Company Select Fund   $ 17,360,329   $ 22,735,268
Balanced Fund     6,721,190     11,658,592
Small Company Select Fund     5,231,588     6,537,249
Select Value Fund     13,404,971     16,197,941
U.S. Government Income Fund     64,346,913     63,907,179

4. Capital Share Transactions:

Transactions in capital shares for the Funds were as follows:

 

  Large Company Select Fund

 

     Six Months Ended
June 30, 2002		      Year Ended
December 31, 2001
CAPITAL TRANSACTIONS:                
Investor A Shares:                
Proceeds from shares issued         $ 2,262,688              $ 35,780,704        
Dividends reinvested     --       --  
Shares redeemed     (4,635,398 )     (49,422,954 )
Change in net assets from Investor A share transactions   $ (2,372,710 )   $ (13,642,250 )
Investor B Shares:                
Proceeds from shares issued   $ 273,619     $ 1,153,455  
Dividends reinvested     --       --  
Shares redeemed     (1,255,443 )     (3,962,740 )
Change in net assets from Investor B share transactions   $ (981,824 )   $ (2,809,285 )
SHARE TRANSACTIONS:                
Investor A Shares:                
Issued     274,215       3,897,727  
Reinvested     --       --  
Redeemed     (549,862 )     (5,308,547 )
Change in Investor A Shares     (275,647 )     (1,410,820 )
Investor B Shares:                
Issued     33,456       115,685  
Reinvested     --       --  
Redeemed     (156,400 )     (404,900 )
Change in Investor B Shares     (122,944 )     (289,215 )

 

 

    Balanced Fund   Small Company Select Fund

 

  Six Months Ended
June 30, 2002		     Year Ended
December 31, 2001		     Six Months Ended
June 30, 2002		     Year Ended
December 31, 2001
CAPITAL TRANSACTIONS:                                
Investor A Shares:                                
Proceeds from shares issued         $ 491,925                $ 1,749,725                 $ 261,194                $ 1,033,135        
Dividends reinvested     10,042       81,261       --       --  
Shares redeemed     (1,386,993 )     (2,544,802 )     (1,001,672 )     (2,459,734 )
Change in net assets from Investor A shares transactions   $ (885,026 )   $ (713,816 )   $ (740,478 )   $ (1,426,599 )
Investor B Shares:                                
Proceeds from shares issued   $ 136,898     $ 669,781     $ 20,886     $ 87,986  
Dividends reinvested     --       10,582       --       --  
Shares redeemed     (1,735,679 )     (3,812,966 )     (182,664 )     (315,745 )
Change in net assets from Investor B share transactions   $ (1,598,781 )   $ (3,132,603 )   $ (161,778 )   $ (227,759 )
SHARE TRANSACTIONS:                                
Investor A Shares:                                
Issued     49,778       162,620       62,355       182,940  
Reinvested     1,023       7,472       --       --  
Redeemed     (141,679 )     (242,721 )     (244,106 )     (460,753 )
Change in Investor A Shares     (90,878 )     (72,629 )     (181,751 )     (277,813 )
Investor B Shares:                                
Issued     13,456       58,585       4,881       14,256  
Reinvested     --       915       --       --  
Redeemed     (168,762 )     (338,691 )     (43,965 )     (60,989 )
Change in Investor B Shares     (155,306 )     (279,191 )     (39,084 )     (46,733 )

 

 

  Select Value Fund   U.S. Government Income Fund

 

    Six Months Ended
June 30, 2002		      Year Ended
December 31, 2001		      Six Months Ended
June 30, 2002		      Year Ended
December 31, 2001
CAPITAL TRANSACTIONS:                                
Investor A Shares:                                
Proceeds from shares issued         $ 1,950,994                $ 3,541,359                  $ 2,747,849                   $ 7,603,256          
Dividends reinvested     --       --       205,999       681,570  
Shares redeemed     (4,069,784 )     (6,126,909 )     (4,496,294 )     (6,912,815 )
Change in net assets from Investor A share transactions   $ (2,118,790 )   $ (2,585,550     $ (1,542,446 )   $ 1,372,011  
Investor B Shares:                                
Proceeds from shares issued   $ 165,177     $ 171,554     $ 1,036,541     $ 638,201  
Dividends reinvested     --       --       21,183       57,021  
Shares redeemed     (679,405 )     (1,937,911 )     (366,121 )     (308,091 )
Change in net assets from Investor B share transactions   $ (514,228 )   $ (1,766,357 )   $ 691,603     $ 387,131  
SHARE TRANSACTIONS:                                
Investor A Shares:                                
Issued     225,394       357,241       285,200       783,625  
Reinvested     --       --       21,412       70,497  
Redeemed     (471,174 )     (610,606 )     (466,585 )     (709,635 )
Change in Investor A Shares     (245,780 )     (253,365 )     (159,973 )     144,487  
Investor B Shares:                                
Issued     19,298       17,060       92,630       56,752  
Reinvested     --       --       1,901       5,118  
Redeemed     (78,282 )     (196,206 )     (32,999 )     (27,559 )
Change in Investor B Shares     (58,984 )     (179,146 )     61,532       34,311  

 

 

  U.S. Government Securities
Money Market Fund

 

    Six Months Ended
June 30, 2002		     Year Ended
December 31, 2001
CAPITAL TRANSACTIONS:                
Investor A Shares:                
Proceeds from shares issued         $ 566,510,929                $ 640,695,971       
Dividends reinvested     334,659       2,314,626  
Shares redeemed     (573,408,607 )     (624,864,788 )
Change in net assets from Investor A share transactions   $ (6,563,019 )   $ 18,145,809  
Institutional Shares:                
Proceeds from shares issued   $ 52,263,183     $ 127,198,369  
Dividends reinvested     20,907       --  
Shares redeemed     (27,133,813 )     (101,222,103 )
Change in net assets from Institutional share transactions   $ 25,150,277     $ 25,976,266 *
SHARE TRANSACTIONS:                
Investor A Shares:                
Issued     566,510,929       640,695,971  
Reinvested     334,659       2,314,626  
Redeemed     (573,408,607 )     (624,864,788 )
Change in Investor A Shares     (6,563,019 )     18,145,809  
Institutional Shares:                
Issued     52,263,183       127,198,369  
Reinvested     20,907       --  
Redeemed     (27,133,813 )     (101,222,103 )
Change in Institutional Shares     25,150,277       25,976,266 *

* Reflects operations for the period from May 2, 2001 (date of initial public investment) to December 31, 2001.

5. Investment Advisory Fee and Other Transactions with Affiliates:

Investment Advisory Fee--Provident Investment Advisors, Inc., the Fund's investment adviser (the "Adviser"), has entered into an Investment Advisory Agreement with the Trust whereby the Adviser supervises and manages the investment and reinvestment of the assets of the Funds. Under the terms of the Investment Advisory Agreement, the Adviser is entitled to receive fees based on a percentage of the average daily net assets of each Fund as listed on the following page. The Adviser may voluntarily choose to waive any portion of its fee on Large Company Select, Small Company Select, U.S. Government Income, and U.S. Government Securities Money Market Funds. Effective January 5, 2000, the Adviser enacted a contractual waiver for the Investment Advisory Fee for the Balanced Fund and Select Value Fund. The Adviser will limit its fee to 80 basis points for the Balance Fund and 85 basis points for the Select Value Fund.

Fund     Annual Rate
Large Company Select Fund   0.80 %
Balanced Fund   0.90 %
Small Company Select Fund   0.80 %
Select Value Fund   0.95 %
Income Fund   0.40 %
Money Market Fund   0.15 %

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

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

Shareholder Service Fee--Under the terms of a Shareholder Services Plan, the Funds may pay compensation, in an amount not to exceed 0.25% of the average daily net assets of each Fund's Investor A and B Shares, to banks and other financial institutions including Provident and its affiliates and the Distributor for providing shareholder services and maintaining shareholder accounts. As of December 31, 2001, there were no shareholder servicing agreements entered into on behalf of the Investor A or B Shares of any of the Funds.

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

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

Financial Highlights

The Riverfront Funds

 

  Large Company Select Fund

 

  Period Ended
June 30, 2002*		   Years Ended December 31,

 

  2001   2000   1999

 

    Investor A     Investor B     Investor A     Investor B     Investor A     Investor B        Investor A        Investor B
Net Asset Value, Beginning of Period   $ 9.02     $ 8.64      $ 12.38      $ 11.95      $ 17.59        $ 17.18            $ 13.89           $ 13.69      
Income from Investment Operations:                                                                
Net investment (loss)     (0.04 )     (0.07 )     (0.10 )     (0.17 )     (0.12 )     (0.22 )     (0.10 )     (0.18 )
Net realized and unrealized gains (losses) on investments     (1.41 )     (1.35 )     (3.26 )     (3.14 )     (3.41 )     (3.33 )     4.76       4.63  
Total from Investment Operations     (1.45 )     (1.42 )     (3.36 )     (3.31 )     (3.53 )     (3.55 )     4.66       4.45  
Less Distributions:                                                                
Net realized gains     --       --       --       --       (1.68 )     (1.68 )     (0.96 )     (0.96 )
Net Asset Value, End of Period   $ 7.57     $ 7.22     $ 9.02     $ 8.64     $ 12.38     $ 11.95     $ 17.59     $ 17.18  
Total Return (excludes sales/redemption charge)     (16.08 )%          (16.44 )%          (27.14 )%     (27.70 )%     (20.09 )%     (20.69 )%     33.57 %     32.52 %
Ratios to Average Net Assets:                                                                
Expenses     1.82 %(a)     2.57 %(a)     1.69 %     2.44 %     1.51 %     2.26 %     1.51 %     2.26 %
Net investment loss     (0.89 )%(a)     (1.64 )%(a)     (0.83 )%     (1.59 )%     (0.80 )%     (1.55 )%     (0.75 )%     (1.50 )%
Supplementary Data:                                                                
Net Assets, end of period (000 omitted)   $ 29,171     $ 12,234     $ 37,261     $ 15,700     $ 68,611     $ 25,177     $ 81,318     $ 25,793  
Portfolio Turnover (b)     38 %     38 %     88 %     88 %     81 %     81 %     35 %     35 %

*For the six months ended June 30, 2002 (unaudited).
(a) Annualized.
(b) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  Large Company Select Fund

 

  Year Ended
December 31, 1998 		  From January 2,
1997 through
December 31, 1997 (a)

 

    Investor A     Investor B     Investor A     Investor B
Net Asset Value, Beginning of Period     $ 11.34           $ 11.28           $ 10.00       $ 10.00  
Income from Investment Operations:                                
Net investment (loss)     (0.05 )     (0.10 )     (0.00 )     (0.04 )
Net realized and unrealized gains (losses) on investments     4.47       4.38       2.77       2.72  
Total from Investment Operations     4.42       4.28       2.77       2.68  
Less Distributions:                                
Net realized gains     (1.87 )     (1.87 )     (1.40 )     (1.40 )
Tax return of capital     --       --       (0.03 )     --  
Total distributions     (1.87 )     (1.87 )     (1.43 )     (1.40 )
Net Asset Value, End of Period   $ 13.89     $ 13.69     $ 11.34     $ 11.28  
Total Return (excludes sales/redemption charge)     39.03 %     38.00 %     27.93 %(b)     26.97 %(b)
Ratios to Average Net Assets:                                
Expenses     1.66 %     2.41 %     1.69 %(d)     2.47 %(d)
Net investment loss     (0.48 )%     (1.28 )%     0.00 %(d)     (1.10 )%(d)
Supplementary Data:                                
Net Assets, end of period (000 omitted)   $ 50,801     $ 9,416     $ 33,614     $ 2,464  
Portfolio Turnover (c)     69 %     69 %     39 %     39 %

(a) Period from commencement of operations.
(b) Not annualized.
(c) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.
(d) Annualized.
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  Balanced Fund

 

  Period Ended
June 30, 2002*		   Years Ended December 31,

 

    2001   2000   1999

 

    Investor A     Investor B     Investor A     Investor B     Investor A     Investor B     Investor A        Investor B
Net Asset Value, Beginning of Period       $ 10.12         $ 10.61        $ 12.08        $ 12.67        $ 13.40        $ 13.97         $ 13.04           $ 13.56  
Income from Investment Operations:                                                                
Net investment income     0.03       (0.01 )     0.10       0.01       0.18       0.06       0.18       0.07  
Net realized and unrealized gains (losses) on Investments     (0.80 )     (0.83 )     (1.97 )     (2.06 )     0.01       0.03       1.51       1.56  
Total from Investment Operations     (0.77 )     (0.84 )     (1.87 )     (2.05 )     0.19       0.09       1.69       1.63  
Less Distributions:                                                                
Net investment income     --       --       (0.09 )     (0.01 )     (0.18 )     (0.06 )     (0.18 )       (0.07 )
In excess of net investment income     --       --       --       --       --       --       --       --  
Net realized gains     --       --       --       --       (1.33 )     (1.33 )     (1.15 )       (1.15 )
Total distributions     --       --       (0.09 )     (0.01 )     (1.51 )     (1.39 )     (1.33 )       (1.22 )
Net Asset Value, End of Period   $ 9.35     $ 9.77     $ 10.12     $ 10.61     $ 12.08     $ 12.67     $ 13.40     $ 13.97  
Total Return (excludes sales/redemption charge)     (7.50 )%     (7.82 )%     (15.56 )%     (16.20 )%     1.41 %     0.66 %     13.15 %     12.10 %
Ratios to Average Net Assets:                                                                
Expenses     1.94 %(a)     2.69 %(a)     1.73 %     2.49 %     1.53 %     2.34 %     1.61 %     2.42 %
Net investment income     0.49 %(a)     (0.26 )%(a)     0.82 %     0.05 %     1.25 %     0.45 %     1.32 %     0.52 %
Expenses (before waivers)**     2.04 %(a)     2.79 %(a)     1.85 %     2.59 %     1.69 %     2.44 %     1.77 %     2.52 %
Net investment income (before waivers)**     0.39 %(a)     (0.36 )%(a)     0.70 %     (0.05 )%     1.09 %     0.35 %     1.15 %     0.42 %
Supplementary Data:                                                                
Net Assets, end of period (000 omitted)   $ 7,564     $ 9,488     $ 9,112     $ 11,949     $ 11,748     $ 17,796     $ 12,962     $ 17,167  
Portfolio Turnover (b)     55 %     55 %     89 %     89 %     54 %     54 %     51 %     51 %

* For the six months ended June 30, 2002 (unaudited).
** During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.
(a) Annualized.
(b) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  Balanced Fund

 

  Year Ended December 31,

 

  1998   1997

 

    Investor A     Investor B     Investor A     Investor B
Net Asset Value, Beginning of Period     $ 12.30       $ 12.71        $ 11.69          $ 12.04     
Income from Investment Operations:                                
Net investment income     0.23       0.11       0.23       0.12  
Net realized and unrealized gains on investments     2.84       2.95       1.71       1.77  
Total from investment operations     3.07       3.06       1.94       1.89  
Less Distributions:                                
Net investment income     (0.23 )     (0.11 )     (0.23 )     (0.12 )
In excess of net investment income     (2.10 )     (2.10 )     (1.10 )     (1.10 )
Total distributions     (2.33 )     (2.21 )     (1.33 )     (1.22 )
Net Asset Value, End of Period   $ 13.04     $ 13.56     $ 12.30     $ 12.71  
Total Return (excludes sales/redemption charge)     25.29 %     24.34 %     16.77 %     15.82 %
Ratios to Average Net Assets:                                
Expenses     1.69 %     2.50 %     1.86 %     2.72 %
Net investment income     1.65 %     0.84 %     1.80 %     0.93 %
Expenses (before waivers)*     1.85 %     2.60 %     2.07 %     2.82 %
Net investment income (before waivers)*     1.49 %     0.74 %     1.59 %     0.83 %
Supplementary Data:                                
Net Assets, end of period (000 omitted)   $ 11,247     $ 13,895     $ 9,563     $ 11,483  
Portfolio Turnover (a)     118 %     118 %     102 %     102 %

* During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.
(a) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  Small Company Select Fund

 

  Period Ended
June 30, 2002*		   Years Ended December 31,
    2001   2000   1999

 

    Investor A     Investor B     Investor A     Investor B     Investor A     Investor B     Investor A     Investor B
Net Asset Value, Beginning of Period          $ 4.40            $ 4.45        $ 7.49       $ 7.63       $ 11.44        $ 11.72       $ 7.89        $ 8.14  
Income from Investment Operations:                                                                
Net investment (loss)     (0.05 )     (0.07 )     (0.11 )     (0.16 )     (0.13 )     (0.20 )     (0.14 )     (0.20 )
Net realized and unrealized gains (losses) on investment     (0.56 )     (0.55 ) )     (2.98 )     (3.02 )     (2.32 )     (2.39 )     3.85       3.94  
Total from investment operations     (0.61 )     (0.62 ) )     (3.09 )     (3.18 )     (2.45 )     (2.59 )     3.71       3.74  
Less Distributions:                                                                
Net realized gains     --       --       --       --       (1.50 )     (1.50 )     (0.16 )     (0.16 )
Net Asset Value, End of Period   $ 3.79     $ 3.83     $ 4.40     $ 4.45     $ 7.49     $ 7.63     $ 11.44     $ 11.72  
Total Return (excludes sales/redemption charge)     (13.86 )%     (13.93 )%     (41.26 )%     (41.68 )%     (21.08 )%     (21.76 )%     47.08 %     46.01 %
Ratios to Average Net Assets:                                                                
Expenses     2.56 %(a)     3.31 %(a)     2.23 %     2.97 %     1.72 %     2.45 %     1.96 %     2.71 %
Net investment (loss)     (2.16 )%(a)     (2.91 )%(a)     (1.97 )%     (2.71 )%     (1.30 )%     (2.04 )%     (1.62 )%     (2.37 )%
Supplementary Data:                                                                
Net Assets, end of period (000 omitted)   $ 7,776     $ 711     $ 9,811     $ 1,001     $ 18,806     $ 2,072     $ 23,633     $ 1,931  
Portfolio Turnover (b)     54 %     54 %     59 %     59 %     53 %     53 %     65 %     65 %

*For the six months ended June 30, 2002 (unaudited).
(a) Annualized.
(b) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  Small Company Select Fund

 

  Years Ended December 31,

 

  1998   1997

 

    Investor A     Investor B     Investor A     Investor B
Net Asset Value, Beginning of Period     $ 9.17        $ 9.49       $ 9.43        $ 9.77  
Income from Investment Operations:                                
Net investment (loss)     (0.09 )     (0.15 )     (0.04 )     (0.08 )
Net realized and unrealized gains (losses) on investments     (0.01 )     (0.02 )     1.75       1.77  
Total from investment operations     (0.10 )     (0.17 )     1.71       1.69  
Less Distributions:                                
In excess of net investment income     (1.18 )     (1.18 )     (1.97 )     (1.97 )
Net Asset Value, End of Period   $ 7.89     $ 8.14     $ 9.17     $ 9.49  
Total Return (excludes sales/redemption charge)     (2.26 )%     (2.96 )%     18.79 %     17.86 %
Ratios to Average Net Assets:                                
Expenses     1.97 %     2.72 %     2.11 %     2.86 %
Net investment (loss)     (1.08 )%     (1.88 )%     (0.43 )%     (1.20 )%
Supplementary Data:                                
Net Assets, end of period (000 omitted)   $ 19,826     $ 1,455     $ 24,312     $ 1,265  
Portfolio Turnover (a)     114 %     114 %     67 %     67 %

(a) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  Select Value Fund

 

  Period Ended
June 30, 2002*		   Years Ended December 31,

 

    2001   2000   1999

 

    Investor A     Investor B     Investor A     Investor B     Investor A     Investor B     Investor A     Investor B
Net Asset Value, Beginning of Period           $ 8.82            $ 8.88       $ 10.89       $ 11.05        $ 11.22        $ 11.47        $ 10.47        $ 10.76  
Income from Investment Operations:                                                                
Net investment income (loss)     --       (0.03 )     (0.02 )     (0.12 )     (0.04 )     (0.14 )     0.03       (0.07 )
Net realized and unrealized gains (losses) on investments     (0.69 )     (0.69 )     (2.05 )     (2.05 )     (0.29 )     (0.28 )     0.75       0.79  
Total from investment operations     (0.69 )     (0.72 )     (2.07 )     (2.17 )     (0.33 )     (0.42 )     0.78       0.72  
Less Distributions:                                                                
Net investment income     --       --       --       --       --       --       (0.00 )(a)     --  
Tax return of capital     --       --       --       --       --       --       (0.03 )     (0.01 )
Total distributions     --       --       --       --       --       --       (0.03 )     (0.01 )
Net Asset Value, End of Period   $ 8.13     $ 8.16     $ 8.82     $ 8.88     $ 10.89     $ 11.05     $ 11.22     $ 11.47  
Total Return (excludes sales/redemption charge)     (7.71 )%     (8.11 )%     (19.01 )%     (19.64 )%     (2.94 )%     (3.66 )%     7.44 %     6.65 %
Ratios to Average Net Assets:                                                                
Expenses     1.90 %(b)     2.65 %(b)     1.76 %     2.53 %     1.71 %     2.50 %     1.84 %     2.63 %
Net investment income (loss)     0.07 %(b)     (0.68 )%(b)     (0.23 )%     (1.01 )%     (0.41 )%     (1.21 )%     0.22 %     (0.50 )%
Expenses (before waivers)**     2.00 %(b)     2.75 %(b)     1.87 %     2.63 %       1.84 %     2.60 %     1.87 %     2.63 %
Net investment income (loss) (before waivers)**     (0.03 )%(b)     (0.78 )%(b)     (0.34 )%     (1.11 )%     (0.54 )%     (1.31 )%     0.19 %     (0.50 )%
Supplementary Data:                                                                
Net Assets, at end of period (000)   $ 15,469     $ 5,082     $ 18,928     $ 6,050     $ 26,152     $ 9,507     $ 26,075     $ 11,574  
Portfolio Turnover (c)     60 %     60 %     35 %     35 %     43 %     43 %     128 %     128 %

* For the six months ended June 30, 2002 (unaudited).
** During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.
(a) Actual Amount $(0.0038).
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  Select Value Fund

 

  Years Ended December 31,
    1998   1997
      Investor A     Investor B     Investor A     Investor B
Net Asset Value, Beginning of Period     $ 11.68       $ 11.98       $ 11.92       $ 12.16  
Income from Investment Operations:                                
Net investment income     0.12       0.03       0.16       0.06  
Net realized and unrealized gains on investments     0.25       0.25       3.11       3.17  
Total from investment operations     0.37       0.28       3.27       3.23  
Less Distributions:                                
Net investment income     (0.12 )     (0.04 )     (0.16 )     (0.06 )
In excess of net investment income     (1.46 )     (1.46 )     (3.35 )     (3.35 )
Total distributions     (1.58 )     (1.50 )     (3.51 )     (3.41 )
Net Asset Value, End of Period   $ 10.47     $ 10.76     $ 11.68     $ 11.98  
Total Return (excludes sales/redemption charge)     3.37 %     2.51 %     28.20 %     27.19 %
Ratios to Average Net Assets:                                
Expenses     1.76 %     2.54 %     1.75 %     2.55 %
Net investment income     1.03 %     0.25 %     1.21 %     0.40 %
Expenses (before waivers)*     1.79 %     2.54 %     1.80 %     2.55 %
Net investment income (before waivers)*     1.00 %     0.25 %     1.16 %     0.40 %
Supplementary Data:                                
Net Assets, at end of period (000)   $ 77,144     $ 16,563     $ 83,841     $ 17,563  
Portfolio Turnover (a)     129 %     129 %     157 %     157 %

* During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.
(a) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  U.S. Government Income Fund

 

  Period Ended
June 30, 2002*		   Years Ended December 31,

 

    2001   2000   1999

 

    Investor A     Investor B     Investor A     Investor B     Investor A     Investor B     Investor A     Investor B
Net Asset Value, Beginning of Period         $ 9.66           $ 11.16        $ 9.48            $ 10.89           $ 9.02           $ 10.28           $ 9.65         $ 10.93  
Income from Investment Operations:                                                                
Net investment income     0.20       0.16       0.47       0.42       0.50       0.49       0.48       0.45  
Net realized and unrealized gains (losses) on investments     0.04       0.08       0.24       0.30       0.46       0.53       (0.62 )     (0.69 )
Total from investment operations     0.24       0.24       0.71       0.72       0.96       1.02       (0.14 )     (0.24 )
Less Distributions:                                                                
Net investment income     (0.20 )     (0.16 )     (0.47 )     (0.38 )     (0.50 )     (0.41 )     (0.49 )     (0.41 )
Net realized gains     --       --       (0.07 )     (0.07 )     --       --       --       --  
Total distributions     (0.20 )     (0.16 )     (0.54 )     (0.45 )     (0.50 )     (0.41 )     (0.49 )     (0.41 )
Net Asset Value, End of Period   $ 9.69     $ 11.24     $ 9.65     $ 11.16     $ 9.48     $ 10.89     $ 9.02     $ 10.28  
Total Return (excludes sales/ redemption charge)     2.29 %     1.87 %     7.67 %     6.75 %     11.01 %     10.19 %     (1.43 )%     (2.25 )%
Ratios to Average Net Assets:                                                                
Expenses     1.18 %(a)     1.93 %(a)     1.10 %     1.87 %     1.05 %     1.86 %     1.08 %     1.89 %
Net investment income     4.16 %(a)     3.39 %(a)     4.84 %     4.04 %     5.46 %     4.66 %     5.18 %     4.40 %
Expenses (before waivers)**     1.18 %(a)     1.93 %(a)     1.12 %     1.87 %     1.11 %     1.86 %     1.14 %     1.89 %
Net investment income (before waivers)**     4.16 %(a)     3.39 %(a)     4.82 %     4.04 %     5.40 %     4.66 %     5.12 %     4.40 %
Supplementary Data:                                                                
Net Assets, end of period (000 omitted)   $ 44,188     $ 2,656     $ 45,573     $ 1,953     $ 43,412     $ 1,531     $ 36,720     $ 1,554  
Portfolio Turnover (b)     141 %     141 %     65 %     65 %     69 %     69 %     74 %     74 %

* For the six months ended June 30, 2002 (unaudited).
** During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.
(a) Annualized.
(b) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  U.S. Government Income Fund

 

  Year Ended December 31,

 

  1998   1997

 

    Investor A     Investor B     Investor A     Investor B
Net Asset Value, Beginning of Period     $ 9.48         $ 10.68        $ 9.43         $ 10.64  
Income from Investment Operations:                                
Net investment income     0.47       0.44       0.49       0.48  
Net realized and unrealized gains (losses) on investments     0.17       0.19       0.14       0.14  
Total from investment operations     0.64       0.63       0.63       0.62  
Less Distributions:                                
Net investment income     (0.47 )     (0.38 )     (0.50 )     (0.49 )
In excess of net investment income     --       --       (0.08 )     (0.09 )
Total distributions     (0.47 )     (0.38 )     (0.58 )     (0.58 )
Net Asset Value, End of Period   $ 9.65     $ 10.93     $ 9.48     $ 10.68  
Total Return (excludes sales/redemption charge)     6.95 %     6.03 %     6.94 %     6.07 %
Ratios to Average Net Assets:                                
Expenses     1.12 %     1.93 %     1.14 %     1.95 %
Net investment income     4.90 %     4.09 %     5.40 %     4.56 %
Expenses (before waivers)*     1.18 %     1.93 %     1.20 %     1.95 %
Net investment income (before waivers)*     4.84 %     4.09 %     5.34 %     4.56 %
Supplementary Data:                                
Net Assets, end of period (000 omitted)   $ 43,411     $ 1,294     $ 49,017     $ 1,309  
Portfolio Turnover (a)     109 %     109 %     71 %     71 %

* During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.
(a) Portfolio turnover is calculated on the basis of the Portfolio as a whole without distinguishing between the classes of shares issued.
See Notes which are an integral part of the Financial Statements

Financial Highlights

The Riverfront Funds

 

  U.S. Government Securities Money Market Fund

 

  Period Ended
June 30, 2002*		   2001   Years Ended December 31,

 

    Investor A     Institutional     Investor A     Institutional**     2000     1999     1998     1997
Net Asset Value, Beginning of Year          $ 1.000            $ 1.000        $ 1.000          $ 1.000     $ 1.000     $ 1.000     $ 1.000     $ 1.000  
Income from Investment Operations:                                                                
Net investment income     0.006       0.007       0.035       0.020       0.057       0.045       0.048       0.049  
Less Distributions:                                                                
Net investment income     (0.006 )     (0.007 )     (0.035 )     (0.020 )     (0.057 )     (0.045 )     (0.048 )     (0.049 )
Net Asset Value, End of Year   $ 1.000     $ 1.000     $ 1.000     $ 1.000     $ 1.000     $ 1.000     $ 1.000     $ 1.000  
Total Return     0.55 %     0.68 %     3.54 %     1.97 %(a)     5.85 %     4.61 %     4.93 %     5.02 %
Ratios to Average Net Assets:                                                                
Expenses     0.75 %(b)     0.49 %(b)     0.66 %     0.46 %(b)     0.56 %     0.58 %     0.66 %     0.64 %
Net investment income     1.20 %(b)     1.48 %(b)     3.41 %     2.95 %(b)     5.68 %     4.53 %     4.82 %     4.90 %
Expenses (before waivers)***     0.75 %(b)     0.49 %(b)     0.71 %     0.46 %(b)     0.71 %     0.73 %     0.81 %     0.79 %
Net investment income (before waivers)***     1.20 %(b)     1.48 %(b)     3.36 %     2.95 %(b)     5.53 %     4.38 %     4.67 %     4.75 %
Supplementary Data:                                                                
Net Assets, end of year (000 omitted)   $ 174,388     $ 51,127     $ 180,951     $ 25,976     $ 162,804     $ 194,528     $ 188,847     $ 142,569  

* For the six months ended June 30, 2002 (unaudited).
** Reflects operations for the period from May 2, 2001 (date of initial public investment) to December 31, 2001.
*** During the period, certain fees were voluntarily reduced and/or reimbursed. If such voluntary fee reductions and/or expense reimbursements had not occurred, the ratios would have been as indicated.
(a) Reflects a cumulative total return since inception.
(b) Annualized.
See Notes which are an integral part of the Financial Statements

The Riverfront Funds, Inc.

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

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

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

Mutual funds are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal. This report must be preceded or accompanied by the Funds’ prospectus which contains facts concerning its objectives and policies, management fees, expenses and other information.

Cusip 768709602
Cusip 768709701
Cusip 768709404
Cusip 768709800
Cusip 768709842
Cusip 768709834
Cusip 768709107
Cusip 768709867
Cusip 768709859
Cusip 768709305
Cusip 768709875
Cusip 768709826
G02569-01 (8/02)