Portico Money Market Fund
Portico Institutional Money Market Fund
Portico U.S. Treasury Money Market Fund
Portico U.S. Government Money Market Fund
Portico Tax-Exempt Money Market Fund
Portico Short-Term Bond Market Fund
Portico Intermediate Bond Market Fund
Portico Tax-Exempt Intermediate Bond Fund
Portico Bond IMMDEXtm Fund
Portico Balanced Fund
Portico Growth and Income Fund
Portico Equity Index Fund
Portico Growth Fund
Portico Special Growth Fund
Portico International Equity Fund
Supplement dated May 30, 1997
to the Prospectus dated February 28, 1997
We are increasing the market capitalization of Portico Special
Growth Fund from investment in securities of small- to
medium-sized companies to investment in securities of
medium-sized companies. We will begin to reduce the Fund's
investment in small-sized companies on or around June 23, 1997.
We anticipate completing the process on or around August 15,
1997.
We are also changing the name of Portico MidCore Growth
Fund to Portico Growth Fund. The investment objective of the
Fund will continue to be capital appreciation through investment
in securities of medium- to large-sized companies.
The Prospectus is amended as follows:
All references to the "MidCore Growth Fund" are deleted and
replaced with the "Growth Fund."
Page 1.
-------
The reference to "sixteen" mutual funds in the first sentence
is deleted and replaced with "seventeen."
Page 2.
-------
The second paragraph is deleted and replaced with the following:
The Special Growth Fund seeks capital appreciation through
investment in securities of medium-sized companies.
Page 12.
--------
The following is added to the "Performance History" section:
Average Annual Total Return* 1Year 5Years 10Years 15 Years Since
Inception
(inception
date)
__________________________________________________________________
Portico Special Growth 5.71% 11.50% NA NA 14.76%
(Dec. 28,1989)
FIRMCO's Collective
Investment Fund 10.43% 12.25% 13.37% 17.18% NA
Wilshire MidCap 750 Index 7.23% 14.21% 11.63% 16.26% NA
S&P 500 Index 19.83% 16.42% 13.38% 17.60% NA
_________________________________________________________________
*Average annual total return calculations are for periods ended
March 31, 1997.
Portico Special Growth Fund, with its amended investment
objective, will be managed by FIRMCO using substantially the
same investment objective, policies and restrictions as the
FIRMCO managed collective investment fund Special Equity Growth
Fund B. The collective investment fund is not registered under
the 1940 Act, is not open to the public generally, and is not
subject to certain restrictions that are imposed by the 1940 Act
and the Internal Revenue Code. If the collective investment
fund had been registered under the 1940 Act, performance may
have been adversely affected. The performance of the collective
investment fund has been restated to reflect Portico Special
Growth Fund's current expenses for institutional shares.
Performance quotations of the collective investment fund
represent past performance of the FIRMCO managed collective
fund, which is separate and distinct from Portico Special
Growth Fund; do not represent past performance of the Special
Growth Fund; and should not be considered as representative of
future results of the Special Growth Fund.
Performance assumes the reinvestment of all net investment
income and capital gains and reflects fee waivers. In the
absence of fee waivers, performance would be reduced.
Performance quotations represent past performance, and should
not be considered as representative of future results.
The Wilshire MidCap 750 Index, an unmanaged index, is an
overlay of large and small company universes and consists of
companies 501 to 1250 of the Wilshire 5000 Stock Index. Market
capitalization range of MidCap 750 is from $580 million to $2.7
billion. The S & P 500 Stock Index is an unmanaged index of 500
selected common stocks, most of which are listed on the New York
Stock Exchange. This Index is heavily weighted toward stocks
with large market capitalizations and represents approximately
two-thirds of the total market value of all domestic common
stocks.
Page 25.
--------
The following replaces the current section "Special Growth
Fund, Investment Objective":
Investment Objective. The investment objective of the Special
Growth Fund is capital appreciation. The Fund seeks to achieve
its objective through investment in securities of medium-sized
companies. Current income is not a significant consideration in
the selection of securities for this Fund. Securities are
selected for the Fund by the Adviser on the basis of their
potential for price appreciation.
The Fund's policy is to invest at least 50% of the value of its
total assets in equity securities under normal market
conditions. Most equity securities held by the Fund will be
publicly traded common stocks of companies incorporated in the
United States, although up to 25% of its total assets may be
invested, either directly or through investments in American
Depository Receipts, in the securities of foreign issuers. From
time to time, the Fund may also acquire preferred stocks and
obligations, such as bonds, debentures and notes, that in the
opinion of the Adviser present opportunities for capital
appreciation. In addition, the Fund may invest in securities
convertible into common stock, such as certain bonds and
preferred stocks, and may invest up to 5% of its net assets in
other types of securities having common stock characteristics,
such as rights and warrants to purchase equity securities.
The Fund generally invests in medium-sized companies that the
Adviser considers to be well managed and to have attractive
fundamental financial characteristics. See "Balanced Fund"
above for a description of "attractive fundamental financial
characteristics." The Adviser believes greater potential for
price appreciation exists among medium-sized companies since
they tend to be less widely followed by other securities
analysts and thus may be more likely to be undervalued by the
market. Companies with stock market capitalizations between
$700 million and $5 billion are considered by the Adviser to be
medium-sized. The Fund generally anticipates its median stock
market capitalization will be between $1.5 billion to $3 billion
and its weighted average will be between $1.5 billion and $3
billion. The Fund may also invest from time to time a portion
of its assets, not to exceed 20% at the time of purchase, in
companies with larger or smaller market capitalizations.
Securities of unseasoned companies, that is, companies with less
than three years' continuous operation, which present risks
considerably greater than do common stocks of more established
companies, may be acquired from time to time by the Fund when
the Adviser believes such investments offer possibilities of
attractive capital appreciation. However, the Fund will not
invest more than 5% of the value of its total assets in the
securities of unseasoned companies. In addition, the Adviser
may, to the extent consistent with the Fund's investment
objective of capital appreciation, acquire for the Fund bonds
and other debt securities. Non-convertible debt obligations
acquired by the Fund will be investment grade, as described
above under "Taxable Bond Funds - Application of Investment
Techniques," at the time of purchase or unrated obligations
deemed by the Adviser to be comparable in quality to instruments
so rated.
In view of the specialized nature of its investment activities,
investment in the Fund's shares may be suitable only for those
investors who are prepared to invest without concern for current
income and are financially able to assume risk in search of
long-term capital gain.
Page 42.
- --------
J. Scott Harkness and Todd Krieg will continue to co-manage the
Special Growth Fund. Effective August 14, 1997, Mark Westman
will no longer co-manage the Special Growth Fund.
Portico Balanced Fund
Portico Growth and Income Fund
Portico Equity Index Fund
Portico Growth Fund
Portico Special Growth Fund
Portico International Equity Fund
Supplement dated May 30, 1997
to the Prospectus dated February 28, 1997
We are increasing the market capitalization of Portico Special
Growth Fund from investment in securities of small- to
medium-sized companies to investment in securities of
medium-sized companies. We will begin to reduce the Fund's
investment in small-sized companies on or around June 23, 1997.
We anticipate completing the process on or around August 15,
1997.
We are also changing the name of Portico MidCore Growth
Fund to Portico Growth Fund. The investment objective of the
Fund will continue to be capital appreciation through investment
in securities of medium- to large-sized companies.
The Prospectus is amended as follows:
All references to the "MidCore Growth Fund" are deleted and
replaced with the "Growth Fund."
Page 1.
-------
The reference to "sixteen" mutual funds in the first sentence
is deleted and replaced with "seventeen."
The sixth paragraph is deleted and replaced with the following:
The Special Growth Fund seeks capital appreciation through
investment in securities of medium-sized companies.
Page 10.
--------
The following is added to the "Performance History" section:
Average Annual Total Return* 1 Year 5Years 10Years 15Years Since Inception
(inception date)
_________________________________________________________________
Portico Special Growth 1.20% 10.48% NA NA 14.03%
(Dec. 28,1989)
FIRMCO's Collective
Investment Fund 5.77% 11.09% 12.66% 16.61% NA
Wilshire MidCap 750 Index 7.23% 14.21% 11.63% 16.26% NA
S&P 500 Index 19.83% 16.42% 13.38% 17.60% NA
_________________________________________________________________
*Average annual total return calculations are for periods ended
March 31, 1997.
Portico Special Growth Fund, with its amended investment
objective, will be managed by FIRMCO using substantially the
same investment objective, policies and restrictions as the
FIRMCO managed collective investment fund Special Equity Growth
Fund B. The collective investment fund is not registered under
the 1940 Act, is not open to the public generally, and is not
subject to certain restrictions that are imposed by the 1940 Act
and the Internal Revenue Code. If the collective investment
fund had been registered under the 1940 Act, performance may
have been adversely affected. The performance of the collective
investment fund has been restated to reflect Portico Special
Growth Fund's current expenses for retail shares and its maximum
4.00% sales charge. Performance quotations of the collective
investment fund represent past performance of the FIRMCO
managed collective fund, which is separate and distinct from
Portico Special Growth Fund; do not represent past performance
of the Special Growth Fund; and should not be considered as
representative of future results of the Special Growth Fund.
Prior to January 10, 1995, Portico Special Growth Fund offered
to retail and institutional investors one series of shares with
neither a sales charge nor a 0.25% service organization fee.
Retail Share performance reflects the deduction of the current
maximum sales charge of 4.00%, but for periods prior to January
10, 1995, Retail Share performance does not reflect service
organization fees. If service organization fees had been
reflected, performance would be reduced.
Performance assumes the reinvestment of all net investment
income and capital gains and reflects fee waivers. In the
absence of fee waivers, performance would be reduced.
Performance quotations represent past performance, and should
not be considered as representative of future results.
The Wilshire MidCap 750 Index, an unmanaged index, is an
overlay of large and small company universes and consists of
companies 501 to 1250 of the Wilshire 5000 Stock Index. Market
capitalization range of MidCap 750 is from $580 million to $2.7
billion. The S & P 500 Stock Index is an unmanaged index of 500
selected common stocks, most of which are listed on the New York
Stock Exchange. This Index is heavily weighted toward stocks
with large market capitalizations and represents approximately
two-thirds of the total market value of all domestic common
stocks.
Page 15.
--------
The following replaces the current section "Special Growth
Fund, Investment Objective":
Investment Objective. The investment objective of the Special
Growth Fund is capital appreciation. The Fund seeks to achieve
its objective through investment in securities of medium-sized
companies. Current income is not a significant consideration in
the selection of securities for this Fund. Securities are
selected for the Fund by the Adviser on the basis of their
potential for price appreciation.
The Fund's policy is to invest at least 50% of the value of its
total assets in equity securities under normal market
conditions. Most equity securities held by the Fund will be
publicly traded common stocks of companies incorporated in the
United States, although up to 25% of its total assets may be
invested, either directly or through investments in American
Depository Receipts, in the securities of foreign issuers. From
time to time, the Fund may also acquire preferred stocks and
obligations, such as bonds, debentures and notes, that in the
opinion of the Adviser present opportunities for capital
appreciation. In addition, the Fund may invest in securities
convertible into common stock, such as certain bonds and
preferred stocks, and may invest up to 5% of its net assets in
other types of securities having common stock characteristics,
such as rights and warrants to purchase equity securities.
The Fund generally invests in medium-sized companies that the
Adviser considers to be well managed and to have attractive
fundamental financial characteristics. See "Balanced Fund"
above for a description of "attractive fundamental financial
characteristics." The Adviser believes greater potential for
price appreciation exists among medium-sized companies since
they tend to be less widely followed by other securities
analysts and thus may be more likely to be undervalued by the
market. Companies with stock market capitalizations between
$700 million and $5 billion are considered by the Adviser to be
medium-sized. The Fund generally anticipates its median stock
market capitalization will be between $1.5 billion to $3 billion
and its weighted average will be between $1.5 billion and $3
billion. The Fund may also invest from time to time a portion
of its assets, not to exceed 20% at the time of purchase, in
companies with larger or smaller market capitalizations.
Securities of unseasoned companies, that is, companies with less
than three years' continuous operation, which present risks
considerably greater than do common stocks of more established
companies, may be acquired from time to time by the Fund when
the Adviser believes such investments offer possibilities of
attractive capital appreciation. However, the Fund will not
invest more than 5% of the value of its total assets in the
securities of unseasoned companies. In addition, the Adviser
may, to the extent consistent with the Fund's investment
objective of capital appreciation, acquire for the Fund bonds
and other debt securities. Non-convertible debt obligations
acquired by the Fund will be investment grade, as described
above under "Balanced Fund," at the time of purchase or unrated
obligations deemed by the Adviser to be comparable in quality to
instruments so rated.
In view of the specialized nature of its investment activities,
investment in the Fund's shares may be suitable only for those
investors who are prepared to invest without concern for current
income and are financially able to assume risk in search of
long-term capital gain.
Page 37.
- --------
J. Scott Harkness and Todd Krieg will continue to co-manage the
Special Growth Fund. Effective August 14, 1997, Mark Westman
will no longer co-manage the Special Growth Fund.
