<PAGE> PAGE 1
000 B000000 06/30/96
000 C000000 0000824612
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PORTICO FUNDS, INC.
001 B000000 811-05380
001 C000000 4142873524
002 A000000 615 E. MICHIGAN STREET
002 B000000 MILWAUKEE
002 C000000 WI
002 D010000 53202
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 16
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C021600 MICROCAP FUND
007 C031600 N
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
020 A000001 INTERSTATE/JOHNSON LANE CORP.
020 C000001 168
020 A000002 GOLDMAN SACHS & COMPANY
020 B000002 13-5108880
020 C000002 114
020 A000003 INSTINET
020 C000003 93
<PAGE> PAGE 2
020 A000004 MORGAN STANLEY & COMPANY
020 B000004 13-2655998
020 C000004 87
020 A000005 WILSHIRE ASSOCIATES, INC.
020 C000005 81
020 A000006 FIDELITY CAPITAL MARKETS
020 C000006 77
020 A000007 ALEX BROWN & SONS, INC.
020 C000007 68
020 A000008 BERNSTEIN SANFORD C & CO., INC.
020 C000008 64
020 A000009 WESTMINSTER/ALEX BROWN
020 C000009 63
020 A000010 BROADCOURT CAPITAL CORP.
020 B000010 13-3144415
020 C000010 62
021 000000 1719
022 A000001 LEHMAN BROTHERS, INC.
022 C000001 885278
022 D000001 68845
022 A000002 GOLDMAN SACHS & COMPANY
022 B000002 13-5108880
022 C000002 744933
022 D000002 51115
022 A000003 MERRILL LYNCH & COMPANY
022 C000003 642189
022 D000003 32000
022 A000004 FIRST CHICAGO
022 C000004 599678
022 D000004 47302
022 A000005 MORGAN STANLEY & COMPANY
022 B000005 13-2655998
022 C000005 552026
022 D000005 25353
022 A000006 CITICORP SECURITIES, INC.
022 C000006 279160
022 D000006 19960
022 A000007 FORD MOTOR CREDIT COMPANY
022 C000007 161229
022 D000007 0
022 A000008 BANKERS TRUST COMPANY
022 C000008 143396
022 D000008 0
022 A000009 UBS SECURITIES, INC.
022 C000009 83795
022 D000009 47268
022 A000010 PAINE WEBBER
022 C000010 89148
022 D000010 35381
023 C000000 5751041
023 D000000 759697
<PAGE> PAGE 3
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 Y
078 000000 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
008 A001601 FIRSTAR INVESTMENT MANAGEMENT & RESEARCH CO.
008 B001601 A
008 C001601 801-028084
008 D011601 MILWAUKEE
008 D021601 WI
008 D031601 53202
010 A001601 FIRSTAR TRUST COMPANY
010 B001601 85-00410
010 C011601 MILWAUKEE
010 C021601 WI
010 C031601 53202
<PAGE> PAGE 4
011 A001601 B.C. ZIEGLER AND COMPANY
011 B001601 8-119699
011 C011601 WEST BEND
011 C021601 WI
011 C031601 53095
012 A001601 FIRSTAR TRUST COMPANY
012 B001601 85-00410
012 C011601 MILWAUKEE
012 C021601 WI
012 C031601 53202
013 A001601 PRICE WATERHOUSE, LLP
013 B011601 MILWAUKEE
013 B021601 WI
013 B031601 53202
014 A001601 ELAN INVESTMENT SERVICES, INC.
014 B001601 8-30767
015 A001601 FIRSTAR TRUST COMPANY
015 B001601 C
015 C011601 MILWAUKEE
015 C021601 WI
015 C031601 53202
015 E011601 X
018 001600 Y
019 A001600 N
019 B001600 0
024 001600 N
025 D001601 0
025 D001602 0
025 D001603 0
025 D001604 0
025 D001605 0
025 D001606 0
025 D001607 0
025 D001608 0
028 A011600 35
028 A021600 0
028 A031600 0
028 A041600 75
028 B011600 55
028 B021600 0
028 B031600 0
028 B041600 59
028 C011600 156
028 C021600 0
028 C031600 0
028 C041600 171
028 D011600 0
028 D021600 0
028 D031600 0
028 D041600 121
028 E011600 15
<PAGE> PAGE 5
028 E021600 0
028 E031600 0
028 E041600 75
028 F011600 0
028 F021600 0
028 F031600 0
028 F041600 232
028 G011600 261
028 G021600 0
028 G031600 0
028 G041600 733
028 H001600 0
029 001600 Y
030 A001600 28
030 B001600 4.00
030 C001600 0.00
031 A001600 0
031 B001600 0
032 001600 28
033 001600 0
034 001600 N
035 001600 0
036 B001600 0
037 001600 N
038 001600 0
039 001600 N
040 001600 Y
041 001600 N
042 A001600 0
042 B001600 0
042 C001600 0
042 D001600 0
042 E001600 0
042 F001600 0
042 G001600 0
042 H001600 0
043 001600 0
044 001600 0
045 001600 Y
046 001600 N
048 001600 0.000
048 A011600 0
048 A021600 0.000
048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
048 D011600 0
048 D021600 0.000
048 E011600 0
048 E021600 0.000
<PAGE> PAGE 6
048 F011600 0
048 F021600 0.000
048 G011600 0
048 G021600 0.000
048 H011600 0
048 H021600 0.000
048 I011600 0
048 I021600 0.000
048 J011600 0
048 J021600 0.000
048 K011600 0
048 K021600 0.000
049 001600 N
050 001600 N
051 001600 N
052 001600 N
053 A001600 Y
053 B001600 Y
053 C001600 N
054 A001600 Y
054 B001600 Y
054 C001600 N
054 D001600 N
054 E001600 N
054 F001600 N
054 G001600 N
054 H001600 N
054 I001600 N
054 J001600 Y
054 K001600 N
054 L001600 N
054 M001600 Y
054 N001600 N
054 O001600 Y
055 A001600 Y
055 B001600 N
056 001600 Y
057 001600 N
058 A001600 N
059 001600 Y
060 A001600 Y
060 B001600 Y
061 001600 0
062 A001600 N
062 B001600 0.0
062 C001600 0.0
062 D001600 0.0
062 E001600 0.0
062 F001600 0.0
062 G001600 0.0
062 H001600 0.0
<PAGE> PAGE 7
062 I001600 0.0
062 J001600 0.0
062 K001600 0.0
062 L001600 0.0
062 M001600 0.0
062 N001600 0.0
062 O001600 0.0
062 P001600 0.0
062 Q001600 0.0
062 R001600 0.0
063 A001600 0
063 B001600 0.0
066 A001600 Y
066 B001600 N
066 C001600 Y
066 D001600 N
066 E001600 N
066 F001600 N
066 G001600 N
067 001600 N
068 A001600 N
068 B001600 N
069 001600 N
070 A011600 Y
070 A021600 N
070 B011600 Y
070 B021600 N
070 C011600 Y
070 C021600 N
070 D011600 Y
070 D021600 N
070 E011600 Y
070 E021600 N
070 F011600 Y
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 Y
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 Y
070 K021600 Y
070 L011600 Y
070 L021600 N
070 M011600 N
070 M021600 N
070 N011600 Y
070 N021600 N
<PAGE> PAGE 8
070 O011600 Y
070 O021600 N
070 P011600 N
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 Y
070 R021600 N
071 A001600 161707
071 B001600 115713
071 C001600 40791
071 D001600 284
072 A001600 11
072 B001600 469
072 C001600 252
072 D001600 0
072 E001600 0
072 F001600 681
072 G001600 55
072 H001600 0
072 I001600 36
072 J001600 24
072 K001600 0
072 L001600 18
072 M001600 6
072 N001600 21
072 O001600 0
072 P001600 0
072 Q001600 28
072 R001600 21
072 S001600 13
072 T001600 0
072 U001600 4
072 V001600 0
072 W001600 2
072 X001600 909
072 Y001600 103
072 Z001600 -85
072AA001600 10355
072BB001600 0
072CC011600 14457
072CC021600 0
072DD011600 22
072DD021600 155
072EE001600 2913
073 A011600 0.0400
073 A021600 0.0500
073 B001600 0.6200
073 C001600 0.0000
074 A001600 0
074 B001600 0
<PAGE> PAGE 9
074 C001600 1499
074 D001600 0
074 E001600 0
074 F001600 68803
074 G001600 0
074 H001600 0
074 I001600 4030
074 J001600 0
074 K001600 0
074 L001600 42
074 M001600 28
074 N001600 74402
074 O001600 1621
074 P001600 112
074 Q001600 0
074 R011600 0
074 R021600 0
074 R031600 0
074 R041600 38
074 S001600 0
074 T001600 72631
074 U011600 586
074 U021600 4117
074 V011600 15.42
074 V021600 15.45
074 W001600 0.0000
074 X001600 199
074 Y001600 0
075 A001600 0
075 B001600 48869
076 001600 0.00
080 A001600 NATIONAL UNION FIRE INSURANCE COMPANY
080 C001600 2300
081 A001600 Y
081 B001600 15
082 A001600 N
082 B001600 0
083 A001600 N
083 B001600 0
084 A001600 N
084 B001600 0
085 A001600 Y
085 B001600 N
SIGNATURE MARY ELLEN STANEK
TITLE VICE PRESIDENT
To the Board of Directors of Portico Funds, Inc.
In planning and performing our audit of the financial statements
of the Portico MicroCap Fund (the "Fund") for the period ended
June 30, 1996, we considered its internal control structure,
including procedures for safeguarding securities, in order to
determine our auditing procedures for the purposes of expressing
our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the
internal control structure.
The management of the Fund is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that
assets are appropriately safeguarded against loss from
unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements
in conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control
structure, errors or irregularities may occur and not be
detected. Also, projection of any evaluation of the structure
to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control
structure that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weaknesses is a condition in which the
design or operation of the specific internal control structure
elements does not reduce to a relatively low level the risk that
errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and
not be detected within a timely period by employees in the
normal course of performing their assigned functions. However,
we noted no matters involving the internal control structure,
including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of June
30, 1996.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission.
Price Waterhouse, LLP
August 5, 1996
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000824612
<NAME> PORTICO MICROCAP FUND
<SERIES>
<NUMBER> 16
<NAME> PORTICO MICROCAP FUND - RETAIL SERIES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 59,875
<INVESTMENTS-AT-VALUE> 74,332
<RECEIVABLES> 42
<ASSETS-OTHER> 28
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,402
<PAYABLE-FOR-SECURITIES> 1,621
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150
<TOTAL-LIABILITIES> 1,771
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,989
<SHARES-COMMON-STOCK> 586
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (262)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,446
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,457
<NET-ASSETS> 72,631
<DIVIDEND-INCOME> 252
<INTEREST-INCOME> 469
<OTHER-INCOME> 0
<EXPENSES-NET> 806
<NET-INVESTMENT-INCOME> (85)
<REALIZED-GAINS-CURRENT> 10,355
<APPREC-INCREASE-CURRENT> 14,457
<NET-CHANGE-FROM-OPS> 24,727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22
<DISTRIBUTIONS-OF-GAINS> 155
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 609
<NUMBER-OF-SHARES-REDEEMED> 58
<SHARES-REINVESTED> 35
<NET-CHANGE-IN-ASSETS> 72,631
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 909
<AVERAGE-NET-ASSETS> 50028
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 6.10
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.62
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.42
<EXPENSE-RATIO> 1.99
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000824612
<NAME> PORTICO MICROCAP FUND
<SERIES>
<NUMBER> 16
<NAME> PORTICO MICROCAP FUND - INSTITUTIONAL SERIES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 11-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> AUG-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 59,875
<INVESTMENTS-AT-VALUE> 74,332
<RECEIVABLES> 42
<ASSETS-OTHER> 28
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 74,402
<PAYABLE-FOR-SECURITIES> 1,621
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 150
<TOTAL-LIABILITIES> 1,771
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 50,989
<SHARES-COMMON-STOCK> 4,117
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (262)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,446
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 14,457
<NET-ASSETS> 72,631
<DIVIDEND-INCOME> 252
<INTEREST-INCOME> 469
<OTHER-INCOME> 0
<EXPENSES-NET> 806
<NET-INVESTMENT-INCOME> (85)
<REALIZED-GAINS-CURRENT> 10,355
<APPREC-INCREASE-CURRENT> 14,457
<NET-CHANGE-FROM-OPS> 24,727
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 365
<DISTRIBUTIONS-OF-GAINS> 2,548
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4,105
<NUMBER-OF-SHARES-REDEEMED> 100
<SHARES-REINVESTED> 112
<NET-CHANGE-IN-ASSETS> 72,631
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 681
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 909
<AVERAGE-NET-ASSETS> 50,028
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 6.14
<PER-SHARE-DIVIDEND> 0.05
<PER-SHARE-DISTRIBUTIONS> 0.62
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.45
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>