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Short Term Bond Fund

The fund seeks to provide current income by investing primarily in high-quality corporate, U.S. Agency and U.S. Treasury securities.

Share Class	Ticker	CUSIP	Inception
Class A	KNLIX	31678R569	12/4/92
Class C	KNLCX	31678R544	8/1/03
Institutional	KNLMX	31678R585	11/2/92

Investment Approach

Maintaining a high-quality portfolio is a primary concern. We buy securities —

That offer relatively high yields or opportunity for capital gains
That meet our stringent credit-quality guidelines
With maturities that help maintain a dollar-weighted maturity of one to three years
That provide exposure to desired sectors, based on historical yields

Sell Discipline

We will consider selling one of our holdings when we —

Become concerned about the business prospects for a security's corporate issuer
Believe the market for a particular bond is overvalued
Uncover other securities that can better meet our objectives

Portfolio Characteristics

As of 12.31.11

Total Net Assets	$172,141,308
Average Weighted Maturity	2.1 years
^*Effective Duration	1.7 years
^**Portfolio Turnover Rate	61%
Number of Securities Held	121

Monthly Dividend Distribution

Date	A Shares	C Shares	Inst Shares
12/31/2011	0	0	0
11/30/2011	0.010	0.004	0.012
10/31/2011	0.010	0.004	0.012

Risks and Additional Information

* Duration is a calculation of the average life of individual bonds within a bond funds, and serves as a useful measure of the entire portfolio's sensitivity to rising and falling interest rates. A Duration of 2.00 means that with a 1% decline in interest rates, the principal value should rise by 2%, and vice versa.
** The Portfolio Turnover Rate represents the fund’s portfolio turnover for the fiscal year ending 7/31/11.
Bond funds tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund are subject to fluctuations in price due to issuer and credit quality, rising or falling interest rates, inflation, and call risks associated with the underlying bonds owned by the fund. High Yield Bond Funds may have higher yields and are subject to greater credit, market and interest rate risk than higher-rated fixed-income securities.

An investor should consider the fund’s investment objectives, risks, and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund’s prospectus. To obtain a prospectus, call 1-800-282-5706 or visit our Prospectus & Literature section. Please read the prospectus carefully before investing.

Fifth Third Funds are distributed by FTAM Funds Distributor, Inc. Fifth Third Asset Management, Inc. serves as Investment Adviser to Fifth Third Funds

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE

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