------------------
Money Market Funds
------------------
MONEY MARKET FUND
U.S. TREASURY MONEY MARKET FUND
U.S. GOVERNMENT MONEY MARKET FUND
TAX-EXEMPT MONEY MARKET FUND
ANNUAL REPORT
OCTOBER 31, 1998
(LOGO) FIRSTAR FUNDS
<PAGE>
---------------------------------------------
NOTICE TO INVESTORS
- Shares of Firstar Funds:
- ARE NOT INSURED BY THE
FDIC, the US Government or any
other governmental agency;
- are not bank deposits or obligations
of or guaranteed by Firstar Bank, its
parent company or its affiliates;
- are subject to investment risks,
including possible loss of principal;
and
- are offered by B.C. Ziegler and
Company, member NASD, SIPC, and
an independent third-party
distributor.
- There can be no assurance that the money
market funds will be able to maintain a
stable net asset value of $1.00 per
share.
- Firstar Bank affiliates serve as invest-
ment adviser, custodian, transfer agent,
administrator, and accounting services
agent and receive compensation for
such services as disclosed in the
current prospectus.
---------------------------------------------
TABLE OF CONTENTS
Page(s)
SHAREOWNER LETTER.........................................................1
FIRSTAR MONEY MARKET FUNDS YIELD COMPARISONS..............................2
LOOKING AHEAD - THE FORECAST..............................................2
STATEMENT OF ASSETS AND LIABILITIES.......................................3
STATEMENT OF OPERATIONS...................................................4
STATEMENT OF CHANGES IN NET ASSETS........................................5
FINANCIAL HIGHLIGHTS.....................................................6-7
SCHEDULE OF INVESTMENTS..................................................8-13
NOTES TO THE FINANCIAL STATEMENTS.......................................14-15
REPORT OF INDEPENDENT ACCOUNTANTS.........................................16
<PAGE>
(LOGO) FIRSTAR FUNDS
December 1998
DEAR SHAREOWNER:
INVESTMENT REVIEW
Money market funds generated strong total returns over the past 12 months and
continue to offer attractive inflation-adjusted yields. Short-term interest
rates were stable during much of the year but did succumb to volatility in the
financial markets over the past few months. Money market rates fell during
September and October as a large number of uneasy investors sought the safety of
money market funds. Additionally, the Federal Reserve lowered the Federal Funds
rate by 0.25% on September 29th and again on October 15th. Overall, short-term
yields fell from approximately 5.3% in October of 1997 to 4.5% in October of
1998. During this time period, Firstar Money Market Funds were managed with
slightly longer average maturities versus their respective benchmarks, while
offering principal stability and superior credit quality.
Firstar Money Market Funds are managed with quality and safety of principal as
our primary goals. All securities purchased by the Funds must meet our own
internal high standards for representing minimal credit risk as well as the
strict guidelines set by the Securities and Exchange Commission ("SEC"). Our
credit research team closely monitors all investments to ensure quality
standards are met.
- --------------------------------------------------------------------------------
FIRSTAR MONEY MARKET FUNDS 7-DAY YIELDS<F1>
- --------------------------------------------------------------------------------
PERIOD ENDED OCTOBER 31, 1998
- --------------------------------------------------------------------------------
U.S. TREASURY U.S. GOVERNMENT TAX-EXEMPT
MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND
CURRENT EFFECTIVE CURRENT EFFECTIVE CURRENT EFFECTIVE CURRENT EFFECTIVE
4.85% 4.97% 4.14% 4.22% 4.53% 4.63% 2.62% 2.66%
- --------------------------------------------------------------------------------
<F1>After fee waivers. Had fees not been waived, current and effective yields
would have been 4.61% and 4.73% for the Money Market Fund; 3.99% and 4.07% for
the U.S. Treasury Money Market Fund; 4.43% and 4.53% for the U.S. Government
Money Market Fund; and 2.48% and 2.52% for the Tax-Exempt Money Market Fund,
respectively. Reflects past performance; yields will vary. An investment in any
one of the Firstar Money Market Funds is neither insured nor guaranteed by the
U.S. Government nor is there any assurance the Funds will be able to maintain a
stable net asset value of $1.00 per share.
Current yield refers to income earned by a fund's investments over a 7-day
period. It is then annualized and stated as a percentage of the investment.
Effective yield is the same as current yield except that it assumes the income
earned by an investment in a fund will be reinvested.
<PAGE>
(LOGO) FIRSTAR FUNDS
- --------------------------------------------------------------------------------
FIRSTAR MONEY MARKET FUNDS YIELD COMPARISONS<F1>
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
IBC'S
FIRSTAR MONEY FUND
TAX-EXEMPT AVERAGE/TM/
IBC'S FIRSTAR IBC'S FIRSTAR FIRSTAR IBC'S MONEY ALL
MONEY FUND U.S. MONEY FUND U.S. IBC'S TAX- MONEY FUND MARKET TAX-FREE
FIRSTAR AVERAGE/TM/ TREASURY AVERAGE/TM/ GOV'T. MONEY FUND EXEMPT AVERAGE/TM/ TAX TAX
MONEY ALL MONEY U.S. MONEY AVERAGE/TM/ MONEY ALL EQUIVALENT EQUIVALENT
MARKET TAXABLE MARKET TREASURY MARKET GOV'T. MARKET TAX-FREE YIELD<F2> YIELD<F2>
- --------------------------------------------------------------------------------------------------------------------------------
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998
October 4.91% 4.73% 4.29% 4.26% 4.68% 4.48% 2.76% 2.78% 4.31% 4.34%
- --------------------------------------------------------------------------------------------------------------------------------
September 5.02% 4.98% 4.61% 4.58% 4.90% 4.80% 2.79% 2.93% 4.36% 4.58%
- --------------------------------------------------------------------------------------------------------------------------------
August 5.03% 5.01% 4.68% 4.62% 4.91% 4.84% 2.79% 2.79% 4.36% 4.36%
- --------------------------------------------------------------------------------------------------------------------------------
July 5.04% 5.01% 4.61% 4.63% 4.90% 4.83% 2.80% 2.86% 4.38% 4.47%
- --------------------------------------------------------------------------------------------------------------------------------
June 5.03% 5.01% 4.52% 4.63% 4.88% 4.84% 3.03% 3.04% 4.73% 4.75%
- --------------------------------------------------------------------------------------------------------------------------------
May 5.02% 5.00% 4.57% 4.63% 4.87% 4.82% 3.24% 3.23% 5.06% 5.05%
- --------------------------------------------------------------------------------------------------------------------------------
April 5.02% 5.02% 4.75% 4.73% 4.90% 4.84% 3.30% 3.23% 5.16% 5.05%
- --------------------------------------------------------------------------------------------------------------------------------
March 5.04% 5.03% 4.73% 4.76% 4.89% 4.86% 2.86% 2.80% 4.47% 4.38%
- --------------------------------------------------------------------------------------------------------------------------------
February 5.09% 5.04% 4.62% 4.72% 4.92% 4.86% 2.78% 2.77% 4.34% 4.33%
- --------------------------------------------------------------------------------------------------------------------------------
January 5.20% 5.10% 4.78% 4.76% 4.99% 4.90% 3.10% 2.99% 4.84% 4.67%
- --------------------------------------------------------------------------------------------------------------------------------
1997
December 5.19% 5.12% 4.78% 4.75% 5.02% 4.91% 3.35% 3.23% 5.23% 5.05%
- --------------------------------------------------------------------------------------------------------------------------------
November 5.09% 5.05% 4.64% 4.57% 4.62% 4.85% 3.22% 3.24% 5.03% 5.06%
- --------------------------------------------------------------------------------------------------------------------------------
</TABLE>
We compare our Funds to the IBC's Money Fund Averages, which are composites of
professionally managed money market investment funds with similar objectives.
<F1>After fee waivers. Had fees not been waived, performance would be reduced.
Reflects past performance; yields will vary. An investment in any one of the
Firstar Money Market Funds is neither insured nor guaranteed by the U.S.
Government nor is there any assurance the Funds will be able to maintain a
stable net asset value of $1.00 per share.
<F2>Assumes a 36% tax bracket.
LOOKING AHEAD - THE FORECAST
Looking ahead, we expect continued above-average market volatility in both the
stock and bond markets, slower economic growth, and continued low levels of
inflation for 1999. We expect short-term money market rates to continue to fall
and anticipate maintaining average maturities in the Firstar Money Market Funds
comparable to, or slightly longer than, their respective benchmarks. As always,
our goal is to maintain the high credit quality of the Funds while closely
monitoring corporate credit quality.
We continue to pride ourselves on meeting three important objectives for our
money market shareowners: PRESERVATION OF PRINCIPAL, LIQUIDITY AND COMPETITIVE
INVESTMENT INCOME. We believe these principles, combined with a disciplined
approach to quality, continue to be appropriate for our money market investors.
We appreciate your continued confidence in the Firstar Money Market Funds and
look forward to working with you in the future.
Jane T. Keelan
Carl J. Smith
Margaret Radske
Portfolio Managers
Firstar Investment Research & Management Company, LLC (FIRMCO)
<PAGE>
(LOGO) FIRSTAR FUNDS
STATEMENT OF ASSETS AND LIABILITIES
(AMOUNTS IN THOUSANDS, EXCEPT PER SHARE DATA)
OCTOBER 31, 1998
<TABLE>
<CAPTION>
U.S. U.S.
TREASURY GOVERNMENT TAX-EXEMPT
MONEY MONEY MONEY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND
------------ ------------ ------------ ------------
<C> <C> <C> <C>
ASSETS:
Investments, at amortized cost $290,255 $87,309 $227,112 $121,867
Receivable for security matured - 23,000 6,500 -
Interest receivable 149 1,778 575 950
Other 16 8 5 6
---------- ---------- ---------- ----------
Total Assets 290,420 112,095 234,192 122,823
---------- ---------- ---------- ----------
LIABILITIES:
Payable for securities purchased - 19,809 - -
Dividends payable 1,153 334 848 278
Payable to affiliates 154 58 146 72
Accrued expenses and other liabilities 25 22 22 22
---------- ---------- ---------- ----------
Total Liabilities 1,332 20,223 1,016 372
---------- ---------- ---------- ----------
NET ASSETS $289,088 $91,872 $233,176 $122,451
========== ========== ========== ==========
CAPITAL STOCK, $.0001 par value
Authorized 5,000,000 5,000,000 5,000,000 5,000,000
Issued and outstanding 289,088 91,872 233,176 122,451
NET ASSET VALUE,
REDEMPTION PRICE AND
OFFERING PRICE PER SHARE $1.00 $1.00 $1.00 $1.00
========== ========== ========== ==========
</TABLE>
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
STATEMENT OF OPERATIONS
(AMOUNTS IN THOUSANDS)
YEAR ENDED OCTOBER 31, 1998
<TABLE>
<CAPTION>
U.S. U.S.
TREASURY GOVERNMENT TAX-EXEMPT
MONEY MONEY MONEY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND
------------ ------------ ------------ ------------
<C> <C> <C> <C>
INVESTMENT INCOME:
Interest income $14,720 $4,044 $10,866 $3,922
---------- ---------- ---------- ----------
EXPENSES:
Investment advisory fees 1,302 387 986 542
Administration fees 284 85 215 118
Service organization fees 83 - - -
Custody fees 56 15 47 30
Shareowner servicing and accounting costs 328 54 83 63
Professional fees 29 24 30 30
Reports to shareowners 113 3 15 3
Federal and state registration fees 30 15 15 19
Directors' fees and expenses 8 8 8 8
Other 8 3 5 3
---------- ---------- ---------- ----------
Total expenses before waiver 2,241 594 1,404 816
Less: Waiver of expenses (678) (129) (221) (165)
---------- ---------- ---------- ----------
Net Expenses 1,563 465 1,183 651
---------- ---------- ---------- ----------
NET INVESTMENT INCOME $13,157 $3,579 $9,683 $3,271
========== ========== ========== ==========
</TABLE>
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
STATEMENT OF CHANGES IN NET ASSETS
(AMOUNTS IN THOUSANDS)
<TABLE>
<CAPTION>
U.S. TREASURY U.S. GOVERNMENT TAX-EXEMPT
MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND MONEY MARKET FUND
---------------------- ---------------------- ---------------------- ----------------------
Year ended October 31, Year ended October 31, Year ended October 31, Year ended October 31,
---------------------- ---------------------- ---------------------- ----------------------
1998 1997 1998 1997 1998 1997 1998 1997
----- ----- ----- ----- ----- ----- ----- -----
C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS:
Net investment income $13,157 $11,670 $ 3,579 $ 3,114 $ 9,683 $ 9,505 $ 3,271 $ 2,795
--------- --------- --------- --------- --------- --------- --------- ---------
Net increase in net
assets resulting from
operations 13,157 11,670 3,579 3,114 9,683 9,505 3,271 2,795
--------- --------- --------- --------- --------- --------- --------- ---------
CAPITAL SHARE
TRANSACTIONS:
Shares sold 630,330 592,970 266,098 297,822 829,540 881,303 249,502 171,346
Shares issued to
owners in reinvestment
of dividends 11,254 11,726 390 415 2,532 2,881 1,158 1,152
Shares redeemed (613,513) (567,715) (253,094) (273,189) (797,563) (883,864) (236,848) (143,187)
--------- --------- --------- --------- --------- --------- --------- ---------
Net increase 28,071 36,981 13,394 25,048 34,509 320 13,812 29,311
--------- --------- --------- --------- --------- --------- --------- ---------
DIVIDENDS PAID FROM:
Net investment income (13,157) (11,670) (3,579) (3,114) (9,608) (9,567) (3,271) (2,795)
--------- --------- --------- --------- --------- --------- --------- ---------
TOTAL INCREASE IN
NET ASSETS 28,071 36,981 13,394 25,048 34,584 258 13,812 29,311
NET ASSETS:
Beginning of year 261,017 224,036 78,478 53,430 198,592 198,334 108,639 79,328
--------- --------- --------- --------- --------- --------- --------- ---------
End of year $289,088 $261,017 $ 91,872 $ 78,478 $233,176 $198,592 $122,451 $108,639
========= ========= ======== ======== ========= ========= ========= =========
</TABLE>
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. TREASURY
MONEY MARKET FUND MONEY MARKET FUND
--------------------------------------------- ---------------------------------------------
Year ended October 31, Year ended October 31,
--------------------------------------------- ---------------------------------------------
1998 1997 1996 1995 1994 1998 1997 1996 1995 1994
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Data:
Net asset value,
beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment
operations:
Net investment income <F1> 0.05 0.05 0.05 0.05 0.03 0.05 0.05 0.05 0.05 0.03
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total from investment
operations 0.05 0.05 0.05 0.05 0.03 0.05 0.05 0.05 0.05 0.03
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net
investment income (0.05) (0.05) (0.05) (0.05) (0.03) (0.05) (0.05) (0.05) (0.05) (0.03)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total distributions (0.05) (0.05) (0.05) (0.05) (0.03) (0.05) (0.05) (0.05) (0.05) (0.03)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net asset value,
end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Total Return 5.16% 5.12% 5.06% 5.51% 3.42% 4.71% 4.80% 4.80% 5.16% 3.20%
Supplemental data and ratios:
Net assets, in thousands,
end of period $289,088 $261,017 $224,036 $172,261 $165,018 $91,872 $78,478 $53,430 $64,655 $56,020
Ratio of net expenses to
average net assets <F2> 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of net investment
income to average
net assets <F3> 5.05% 4.98% 4.94% 5.36% 3.44% 4.62% 4.67% 4.70% 5.04% 3.14%
</TABLE>
<F1> For the Tax-Exempt Money Market Fund, substantially all investment income
is exempt from Federal income tax.
<F2> Without fees waived, ratios of net expenses to average net assets for the
fiscal years ended October 31, 1998, 1997, 1996, 1995 and 1994 would have
been 0.86%, 0.84%, 0.81%, 0.90% and 0.93% for the Money Market Fund, 0.77%,
0.78%, 0.80%, 0.83% and 0.94% for the U.S. Treasury Money Market Fund,
0.71%, 0.70%, 0.71%, 0.75% and 0.88% for the U.S. Government Money Market
Fund, and 0.75%, 0.75%, 0.78% 0.84% and 0.93% for the Tax Exempt Money
Market Fund, respectively.
<F3> Without fees waived, ratios of net investment income to average net assets
for the fiscal years ended October 31, 1998, 1997, 1996, 1995 and 1994
would have been 4.79%, 4.73%, 4.73%, 5.06% and 3.11% for the Money Market
Fund, 4.45%, 4.49%, 4.50%, 4.81% and 2.80% for the U.S. Treasury Money
Market Fund, 4.79%, 4.73%, 4.73%, 5.09% and 3.01% for the U.S. Government
Money Market Fund, and 2.87%, 2.91%, 2.91%, 3.12% and 1.90% for the Tax
Exempt Money Market Fund, respectively.
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
U.S. GOVERNMENT TAX-EXEMPT
MONEY MARKET FUND MONEY MARKET FUND
--------------------------------------------- ---------------------------------------------
Year ended October 31, Year ended October 31,
--------------------------------------------- ---------------------------------------------
1998 1997 1996 1995 1994 1998 1997 1996 1995 1994
---- ---- ---- ---- ---- ---- ---- ---- ---- ----
<C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Per Share Data:
Net asset value,
beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
Income from investment
operations:
Net investment income <F1> 0.05 0.05 0.05 0.05 0.03 0.03 0.03 0.03 0.03 0.02
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total from investment
operations 0.05 0.05 0.05 0.05 0.03 0.03 0.03 0.03 0.03 0.02
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net
investment income (0.05) (0.05) (0.05) (0.05) (0.03) (0.03) (0.03) (0.03) (0.03) (0.02)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Total distributions (0.05) (0.05) (0.05) (0.05) (0.03) (0.03) (0.03) (0.03) (0.03) (0.02)
-------- -------- -------- -------- -------- -------- -------- -------- -------- --------
Net asset value,
end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======== ======== ======== ======== ======== ======== ======== ======== ======== ========
Total Return 4.97% 4.99% 4.96% 5.37% 3.35% 3.04% 3.12% 3.13% 3.42% 2.25%
Supplemental data and ratios:
Net assets, in thousands,
end of period $233,176 $198,592 $198,334 $163,068 $183,591 $122,451 $108,639 $79,328 $84,084 $70,436
Ratio of net expenses to
average net assets <F2> 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60% 0.60%
Ratio of net investment
income to average
net assets <F3> 4.90% 4.83% 4.84% 5.24% 3.29% 3.02% 3.06% 3.09% 3.36% 2.23%
</TABLE>
<F1> For the Tax-Exempt Money Market Fund, substantially all investment income
is exempt from Federal income tax.
<F2> Without fees waived, ratios of net expenses to average net assets for the
fiscal years ended October 31, 1998, 1997, 1996, 1995 and 1994 would have
been 0.86%, 0.84%, 0.81%, 0.90% and 0.93% for the Money Market Fund, 0.77%,
0.78%, 0.80%, 0.83% and 0.94% for the U.S. Treasury Money Market Fund,
0.71%, 0.70%, 0.71%, 0.75% and 0.88% for the U.S. Government Money Market
Fund, and 0.75%, 0.75%, 0.78% 0.84% and 0.93% for the Tax Exempt Money
Market Fund, respectively.
<F3> Without fees waived, ratios of net investment income to average net assets
for the fiscal years ended October 31, 1998, 1997, 1996, 1995 and 1994
would have been 4.79%, 4.73%, 4.73%, 5.06% and 3.11% for the Money Market
Fund, 4.45%, 4.49%, 4.50%, 4.81% and 2.80% for the U.S. Treasury Money
Market Fund, 4.79%, 4.73%, 4.73%, 5.09% and 3.01% for the U.S. Government
Money Market Fund, and 2.87%, 2.91%, 2.91%, 3.12% and 1.90% for the Tax
Exempt Money Market Fund, respectively.
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
OCTOBER 31, 1998
Principal Amortized
Amount Cost
(in thousands) (in thousands)
- -------------- --------------
COMMERCIAL PAPER 90.1%
ASSET BACKED SECURITY 13.4%
Ciesco L.P.:
$ 5,000 5.40%, 11/20/98 $ 4,986
6,000 5.10%, 1/21/99 5,931
Corporate Asset Funding Co., Inc.:
5,000 5.50%, 11/04/98 4,998
5,000 5.45%, 11/17/98 4,988
CXC, Inc.:
5,000 5.50%, 11/10/98 4,993
5,000 5.25%, 12/07/98 4,974
4,000 5.20%, 1/13/99 3,958
New Center Asset Trust,
4,080 5.35%, 12/16/98 4,053
--------
38,881
--------
AUTOS & TRUCKS 6.4%
Ford Credit Europe PLC:
5,000 5.30%, 11/09/98 4,994
3,500 5.12%, 1/08/99 3,466
5,000 5.11%, 1/22/99 4,942
General Motors Acceptance Corporation,
5,000 5.18%, 1/20/99 4,942
--------
18,344
--------
BANKING - FOREIGN 5.1%
Dresdner US Finance, Inc.,
5,000 5.08%, 12/23/98 4,963
UBS Finance (Delaware), Inc.:
5,000 5.47%, 1/11/99 4,946
5,000 5.10%, 2/10/99 4,928
--------
14,837
--------
BASIC INDUSTRY 3.4%
Monsanto Company:
5,000 5.25%, 1/25/99 4,938
5,000 5.30%, 2/03/99 4,931
--------
9,869
--------
BEVERAGE 5.0%
Bass Finance (C.I.) Ltd.:
5,042 5.27%, 12/02/98 5,019
5,000 5.24%, 12/08/98 4,973
Brown-Forman Corporation,
4,500 5.35%, 12/18/98 4,469
--------
14,461
--------
CHEMICALS 2.7%
Air Products and Chemicals, Inc.:
4,500 5.50%, 11/13/98 4,492
3,400 5.44%, 12/11/98 3,379
--------
7,871
--------
Principal Amortized
Amount Cost
(in thousands) (in thousands)
- -------------- --------------
ENERGY 1.4%
Atlantic Richfield Co.,
$ 4,000 5.50%, 11/12/98 $ 3,993
--------
FINANCE - MISCELLANEOUS 18.2%
American General Finance Corporation,
5,000 5.50%, 11/02/98 4,999
Avco Financial Services, Inc.:
5,500 5.42%, 12/09/98 5,469
5,000 5.34%, 12/15/98 4,967
General Electric Capital Corporation:
5,000 5.52%, 11/05/98 4,997
2,500 5.55%, 11/18/98 2,493
5,000 5.13%, 12/03/98 4,977
Household Finance Corporation:
5,000 5.43%, 12/14/98 4,968
5,000 5.16%, 1/27/99 4,938
National Rural Utilities CFC,
5,000 5.00%, 2/08/99 4,931
Swedish Export Credit Corporation,
5,000 5.47%, 12/28/98 4,957
Transamerica Finance Corporation,
5,000 5.47%, 12/21/98 4,962
--------
52,658
--------
FINANCE - SERVICES 12.4%
Goldman Sachs Group, L.P.:
5,000 5.23%, 2/24/99 4,916
5,000 5.23%, 2/25/99 4,916
3,000 5.10%, 3/19/99 2,941
Merrill Lynch and Co., Inc.:
5,000 5.44%, 2/05/99 4,927
5,000 5.25%, 3/12/99 4,904
Morgan Stanley, Dean Witter, Discover & Co.:
5,000 5.46%, 1/28/99 4,933
3,500 5.05%, 2/22/99 3,445
5,000 5.42%, 2/26/99 4,912
--------
35,894
--------
INSURANCE 6.9%
American Family Financial Services, Inc.,
5,000 5.27%, 11/23/98 4,984
Hartford Financial Services, Inc.,
5,000 5.35%, 11/16/98 4,989
John Hancock Capital Corporation,
5,000 5.33%, 12/10/98 4,971
Prudential Funding Corporation,
5,000 5.15%, 2/23/99 4,918
--------
19,862
--------
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
OCTOBER 31, 1998
Principal Amortized
Amount Cost
(in thousands) (in thousands)
- -------------- --------------
MACHINERY - AGRICULTURE AND CONSTRUCTION 3.1%
Caterpillar Financial Services Corporation,
$ 4,100 5.46%, 2/12/99 $ 4,036
John Deere Capital Corporation,
5,000 5.43%, 2/16/99 4,919
--------
8,955
--------
PRINTING & PUBLISHING 3.5%
McGraw-Hill Cos., Inc.,
5,000 5.45%, 12/04/98 4,975
Reed Elsevier, Inc.,
5,000 5.50%, 11/03/98 4,999
--------
9,974
--------
RETAIL 5.2%
J.C. Penney Funding Corporation:
5,000 5.40%, 12/17/98 4,966
5,000 5.04%, 2/04/99 4,934
Toys 'R' Us, Inc.,
5,000 5.28%, 11/24/98 4,983
--------
14,883
--------
SOVEREIGN 1.7%
Quebec (Province of) Canada,
5,000 5.52%, 1/15/99 4,943
--------
TECHNOLOGY 1.7%
TRW Inc.,
5,000 5.05%, 12/29/98 4,959
--------
Total Commercial Paper 260,384
--------
FUNDING AGREEMENTS 3.8%
Travelers Insurance Company:
4,000 5.73%, 2/18/99<F1> 4,000
7,000 5.33%, 6/30/99<F1> 7,000
--------
Total Funding Agreements 11,000
--------
Number Amortized
of Shares Cost
(in thousands) (in thousands)
- -------------- --------------
INVESTMENT COMPANIES 6.5%
5,445 Financial Square Prime Obligation Fund $ 5,445
13,426 Short-Term Investments Co.
Liquid Assets Portfolio 13,426
--------
Total Investment Companies 18,871
--------
Total Investments 100.4% 290,255
--------
Liabilities, less Other Assets (0.4)% (1,167)
--------
NET ASSETS 100.0% $289,088
========
<F1>Variable rate security
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
U.S. TREASURY MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
OCTOBER 31, 1998
Principal Amortized
Amount Cost
(in thousands) (in thousands)
- -------------- --------------
U.S. TREASURIES 88.6%
U.S. TREASURY NOTES 67.1%
$ 5,000 5.63%, 11/30/98 $ 5,002
10,000 5.13%, 11/30/98 10,002
13,500 5.75%, 12/31/98 13,515
6,500 5.13%, 12/31/98 6,507
21,000 6.38%, 1/15/99 21,046
2,500 8.88%, 2/15/99 2,528
3,000 7.00%, 4/15/99 3,033
--------
61,633
--------
U.S. TREASURY BILLS 21.5%
20,000 4.29%, 1/21/99 19,809
--------
Total U.S. Treasuries 81,442
--------
Number
of Shares
(in thousands)
- --------------
INVESTMENT COMPANIES 6.4%
4,014 Financial Square
Treasury Obligation Portfolio 4,014
1,853 Short-Term Investments Co.
Treasury Tax Advantage Portfolio 1,853
--------
Total Investment Companies 5,867
--------
Total Investments 95.0% 87,309
--------
Other Assets, less Liabilities 5.0% 4,563
--------
NET ASSETS 100.0% $ 91,872
========
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
U.S. GOVERNMENTMONEY MARKET FUND
SCHEDULE OF INVESTMENTS
OCTOBER 31, 1998
Principal Amortized
Amount Cost
(in thousands) (in thousands)
- -------------- --------------
U.S. GOVERNMENT AGENCIES 81.5%
FEDERAL FARM CREDIT BANK 20.9%
Federal Farm Credit Bank Discount Notes:
$ 7,000 5.10%, 11/04/98 $ 6,997
6,000 5.37%, 11/05/98 5,996
7,000 5.09%, 11/09/98 6,992
6,000 5.05%, 11/16/98 5,987
3,000 5.19%, 12/22/98 2,978
5,000 5.00%, 12/28/98 4,960
6,000 4.70%, 1/11/99 5,944
5,000 4.76%, 2/01/99 4,939
4,000 5.22%, 3/05/99 3,928
--------
48,721
--------
FEDERAL HOME LOAN BANK 1.7%
Federal Home Loan Bank Discount Notes,
4,000 5.34%, 11/06/98 3,997
--------
FEDERAL HOME LOAN MORTGAGE CORPORATION 21.6%
Federal Home Loan Mortgage Corporation Discount Notes:
7,000 5.43%, 11/10/98 6,991
5,000 5.41%, 11/12/98 4,992
9,000 5.12%, 11/19/98 8,977
4,000 5.06%, 12/08/98 3,979
4,695 5.06%, 12/17/98 4,665
5,000 5.03%, 12/30/98 4,959
2,000 5.01%, 1/25/99 1,976
3,000 4.97%, 2/08/99 2,959
6,000 4.75%, 3/15/99 5,894
Federal Home Loan Mortgage Corporation Debenture,
5,000 5.51%, 3/12/99 4,998
--------
50,390
--------
FEDERAL NATIONAL MORTGAGE ASSN. 21.5%
Federal National Mortgage Assn. Discount Notes:
5,000 5.43%, 11/20/98 4,986
9,000 5.42%, 11/24/98 8,969
4,000 5.34%, 12/09/98 3,978
4,000 5.28%, 12/15/98 3,974
5,000 5.01%, 1/08/99 4,953
8,000 4.72%, 1/25/99 7,911
7,000 4.62%, 2/18/99 6,902
3,500 5.16%, 2/18/99 3,445
5,000 4.65%, 2/26/99 4,924
--------
50,042
--------
OTHER 15.8%
Tennessee Valley Authority Discount Notes:
11,000 5.11%, 11/13/98 10,982
5,000 5.36%, 11/23/98 4,984
Principal Amortized
Amount Cost
(in thousands) (in thousands)
- -------------- --------------
OTHER 15.8% (CONT.)
$ 6,000 5.03%, 12/04/98 $ 5,972
5,000 4.71%, 12/14/98 4,972
10,000 4.75%, 12/18/98 9,938
--------
36,848
--------
Total U.S. Government Agencies 189,998
--------
U.S. TREASURIES 8.4%
U.S. TREASURY NOTES:
8,000 6.38%, 1/15/99 8,015
9,000 5.00%, 2/15/99 9,000
2,500 8.88%, 2/15/99 2,528
--------
Total U.S. Treasuries 19,543
--------
Number
of Shares
(in thousands)
- --------------
INVESTMENT COMPANIES 7.5%
10,729 Financial Square Government Obligation Fund 10,729
6,842 Short-Term Investments Co. Treasury Portfolio 6,842
--------
Total Investment Companies 17,571
--------
Total Investments 97.4% 227,112
--------
Other Assets, less Liabilities 2.6% 6,064
--------
NET ASSETS 100.0% $233,176
========
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
TAX-EXEMPT MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
OCTOBER 31, 1998
Principal Amortized
Amount Cost
(in thousands) (in thousands)
- -------------- --------------
GENERAL OBLIGATION 2.0%
Georgia State,
$1,000 6.50%, 12/01/98 $1,003
Northwestern Mutual Life,
171 4.50%, 2/15/09<F1><F2> 171
Portland, Maine,
500 5.80%, 8/01/99 508
St. Clair County, Illinois, Certificate of Participation,
740 7.60%, 12/01/98 742
--------
Total General Obligation 2,424
--------
NOTES AND BONDS 0.8%
MISCELLANEOUS 0.8%
Ohio State, Special Obligation, Elementary and
1,000 Secondary Education, 4.10%, 12/01/98 1,000
--------
Total Notes and Bonds 1,000
--------
PREREFUNDED AND ESCROWED
TO MATURITY 19.3%
Apache County Arizona School District,
1,500 9.875%, 7/01/05, Prerefunded 7/01/99 1,588
De Kalb County Georgia, Hospital Revenue,
1,200 7.00%, 8/01/09, Prerefunded 8/01/99 1,252
Johnson County, Kansas, Unified School District,
1,450 9.70%, 9/01/01, Prerefunded 9/01/99 1,527
Maryland State, Mercy Medical Center,
1,000 8.00%, 7/01/20, Prerefunded 7/01/99 1,049
Massachusetts State,
2,605 7.00%, 2/01/09, Prerefunded 2/01/99 2,626
Massachusetts State, North Adams Regional Hospital,
1,880 9.625%, 12/01/18, Prerefunded 7/01/99 1,997
Massachusetts State, St. Joseph's Hospital,
3,305 9.50%, 10/01/20, Prerefunded 10/01/99 3,546
Mercer County, New Jersey, Import Authority,
1,000 7.20%, 12/15/12, Prerefunded 12/15/98 1,024
Milwaukee County, Wisconsin,
1,000 6.20%, 12/01/01, Prerefunded 12/01/98 1,002
Minneapolis, Minnesota,
1,500 5.30%, 11/01/99, Escrowed to Maturity 1,532
Ohio State, Oberlin College,
1,515 7.10%, 10/01/12, Prerefunded 10/01/99 1,598
West Valley City Municipal Building Authority,
4,805 7.70%, 1/15/10, Prerefunded 1/15/99 4,940
--------
Total Prerefunded and Escrowed to Maturity 23,681
--------
Principal Amortized
Amount Cost
(in thousands) (in thousands)
- -------------- --------------
REVENUE BONDS 77.2%
ELECTRIC REVENUE 4.8%
County of Mason, Kentucky, Series 1984B,
$ 2,000 3.20%, 10/15/14<F1><F2> $ 2,000
Putnam County, Florida Development Authority -
3,835 Seminole Electric, 3.20%, 3/15/14<F1><F2> 3,835
--------
5,835
--------
HOSPITAL REVENUE 17.0%
Illinois Health Facilities Authority,
950 Ingalls Memorial Hospital, 3.20%, 1/01/16<F1><F2> 950
Indiana Health Facilities Finance Authority,
2,000 3.20%, 4/01/13<F1><F2> 2,000
Indiana Health Facilities Finance Authority,
2,400 3.20%, 1/01/12<F1><F2> 2,400
Indiana Hospital Equipment Finance Authority,
3,400 3.20%, 12/01/15<F1><F2> 3,400
Jefferson Parish, Louisiana, Hospital,
4,600 3.15%, 12/01/15<F1><F2> 4,600
Wisconsin State Health & Educational Facilities -
1,900 Blood Center, 3.90%, 6/01/19<F1><F2> 1,900
Wisconsin State Health & Educational Facilities -
1,045 Lutheran Hospital, 5.00%, 2/15/99 1,050
Wisconsin State Health & Educational Facilities -
3,700 Marshfield Clinic, 3.10%, 6/01/10<F1><F2> 3,700
Wisconsin State Health & Educational Facilities -
800 Sinai Samaritan, 3.15%, 9/01/19<F1><F2> 800
--------
20,800
--------
HOUSING REVENUE 12.0%
Clayton County, Georgia Housing Authority,
Kimberly Forest,
2,400 3.15%, 1/01/21<F1><F2> 2,400
Clayton County, Georgia Housing Authority,
Chateau Forest,
1,000 3.15%, 1/01/21<F1><F2> 1,000
Cook County, Illinois Catholic Charities,
2,000 3.15%, 1/01/28<F1><F2> 2,000
Illinois Development Finance Authority -
1,620 St. Paul's House, 3.15%, 2/01/25<F1><F2> 1,620
Orland Hills, Illinois, Multi-Family,
2,470 3.15%, 12/01/04<F1><F2> 2,470
Washington State Housing Finance - Community
5,230 Multi-family Mortgage, 3.05%, 10/01/20<F1><F2> 5,230
--------
14,720
--------
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
TAX-EXEMPT MONEY MARKET FUND
SCHEDULE OF INVESTMENTS
OCTOBER 31, 1998
Principal Amortized
Amount Cost
(in thousands) (in thousands)
- -------------- --------------
INDUSTRIAL DEVELOPMENT/POLLUTION
CONTROL REVENUE 12.0%
Mason County, Kentucky, Pollution Control,
$ 2,950 3.20%, 10/15/14<F1><F2> $ 2,950
Moffat County, Colorado, Pollution Control,
5,000 3.20%, 7/01/10<F1><F2> 5,000
Oakbrook Terrace, Illinois, Industrial Development,
4,100 3.70%, 12/01/25<F1><F2> 4,100
Oklahoma County, Oklahoma Finance Authority -
2,600 Perrine Office Project, 3.40%, 12/01/14<F1><F2> 2,600
--------
14,650
--------
MISCELLANEOUS 16.7%
Cook County, Illinois,
3,875 3.15%, 5/1/20<F1><F2> 3,875
Illinois Development Finance Authority,
3,900 Rest Haven, 3.15%, 1/01/27<F1><F2> 3,900
Illinois Development Finance Authority,
1,500 Presbyterian Home Lake-A, 3.15%, 9/01/31<F1><F2> 1,500
Illinois Education Facilities Authority,
Chicago Zoological
2,000 Society, 3.15%, 12/15/25<F1><F2> 2,000
Illinois Education Facilities Authority, Cultural Pool,
3,975 3.15%, 12/01/25<F1><F2> 3,975
Illinois Development Finance Authority, Council
3,200 Jewish Elderly, 3.15%, 3/01/15<F1><F2> 3,200
Indianapolis Indiana Economic Development Authority,
2,000 Jewish Community Campus, 3.20%, 4/01/05<F1><F2> 2,000
--------
20,450
--------
UNIVERSITY REVENUE 14.7%
Illinois Development Finance Authority -
5,000 St. Ignatius College Prep, 3.15%, 6/01/24<F1><F2> 5,000
Illinois Development Finance Authority -
3,200 Lake Forest Academy, 3.15%, 12/01/24<F1><F2> 3,200
Minnesota State Higher Educational Authority,
3,345 Bethel College, 3.15%, 4/01/28<F1><F2> 3,345
Purdue University, Dorm Systems Services,
1,000 6.40%, 7/01/99 1,019
Texas Higher Education Authority,
1,555 3.15%, 12/01/25<F1><F2> 1,555
Virginia College Building Authority, Equipment
3,950 Leasing Program, 4.00%, 2/01/99 3,956
--------
18,075
--------
Total Revenue Bonds 94,530
--------
Number Amortized
of Shares Cost
(in thousands) (in thousands)
- -------------- --------------
INVESTMENT COMPANIES 0.2%
222 Financial Square Tax-Exempt Money Market Fund $ 222
10 Tax Free Cash Reserves 10
--------
Total Investment Companies 232
--------
Total Investments 99.5% 121,867
--------
Other Assets, less Liabilities 0.5% 584
--------
NET ASSETS 100.0% $122,451
========
<F1> Variable rate security
<F2> Stated maturity with option to put
See notes to the financial statements.
<PAGE>
(LOGO) FIRSTAR FUNDS
MONEY MARKET FUND
U.S. TREASURY MONEY MARKET FUND
U.S. GOVERNMENT MONEY MARKET FUND
TAX-EXEMPT MONEY MARKET FUND
NOTES TO THE FINANCIAL STATEMENTS
1.ORGANIZATION
Firstar Funds, Inc. (the "Company"), formerly Portico Funds, Inc., was
incorporated on February 15, 1988, as a Wisconsin Corporation and is registered
as an open-end management investment company under the Investment Company Act of
1940, as amended. The Money Market, U.S. Treasury Money Market (formerly the
U.S. Federal Money Market), U.S. Government Money Market and Tax-Exempt Money
Market Funds (the "Funds") are separate, diversified investment portfolios of
the Company. The Money Market, U.S. Treasury Money Market, U.S. Government Money
Market and Tax-Exempt Money Market Funds commenced operations on March 16, 1988,
April 29, 1991, August 1, 1988 and June 27, 1988, respectively.
2.SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently
followed by the Funds in preparation of their financial statements. These
policies are in conformity with generally accepted accounting principles.
a) Investment Valuation - The securities are valued on the basis of amortized
cost for financial reporting purposes and federal income tax purposes, which
approximates market value. Variable rate demand notes and funding agreements are
valued at cost which approximates market value. Investment companies are valued
at net asset value which approximates market value.
b) Federal Income Taxes - It is each Fund's policy to meet the requirements of
the Internal Revenue Code applicable to regulated investment companies and each
fund intends to distribute investment company net taxable income and net capital
gains to shareholders. Therefore, no federal income tax provision is required.
c) Use of Estimates - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
d) Expenses - The Funds are charged for those expenses that are directly
attributable to each portfolio such as advisory, administration, service
organization fees and certain shareowner service fees. Expenses that are not
directly attributable to a portfolio are typically allocated among the Company's
portfolios in proportion to their respective net assets, number of shareowner
accounts or net sales, where applicable.
e) Distributions to Shareowners - Dividends from net investment income are
declared daily and paid monthly. Distributions of net realized capital gains, if
any, will be declared at least annually.
f) Other - The Funds recognize interest income on the accrual basis. For
securities with put provisions, discounts and premiums are amortized to the
earlier of the put date or maturity. For the remainder of securities, discounts
and premiums are amortized over the expected life of the respective securities.
Investment and shareowner transactions are recorded on trade date. Realized
gains and losses from investment transactions are reported on an identified cost
basis which is the same basis the Funds use for federal income tax purposes.
Transactions in capital shares at $1.00 per share are shown in the Statement of
Changes in Net Assets. Generally accepted accounting principles require that
permanent financial reporting and tax differences be reclassified in the capital
accounts.
3. INVESTMENT ADVISORY AND OTHER AGREEMENTS
The Funds have entered into an Investment Advisory Agreement with Firstar
Investment Research & Management Company, LLC ("FIRMCO"). FIRMCO is a subsidiary
of Firstar Corporation, a publicly held bank holding company. Pursuant to its
Advisory Agreement with the Funds, FIRMCO is entitled to receive a fee,
calculated daily and payable monthly, at the annual rate of 0.50% on the first
$2 billion of each Fund's average daily net assets, and 0.40% of each Fund's
average daily net assets in excess of $2 billion. For the year ended October 31,
1998, FIRMCO voluntarily waived $493, $74, $81 and $88 of its advisory fees, in
thousands, for the Money Market, U.S. Treasury Money Market, U.S. Government
Money Market and Tax-Exempt Money Market Funds, respectively.
Firstar Bank Milwaukee, N.A. serves as custodian and Firstar Mutual Fund
Services, LLC serves as transfer agent and accounting services agent for the
Funds. Both companies are affiliates of FIRMCO.
The Company has entered into a Co-Administration Agreement with B.C. Ziegler
and Company and Firstar Mutual Fund Services, LLC, (the "Co-Administrators") for
certain administrative services. Pursuant to the Co-Administration Agreement
with the Company, the Co-Administrators are entitled to receive a fee, computed
daily and payable monthly, at the annual rate of 0.125% of the Company's first
$2 billion of average aggregate daily net assets plus 0.10% of the Company's
average aggregate daily net assets in excess of $2 billion. For the year ended
October 31, 1998, $185, $55, $140 and $77 of administration fees, in thousands,
were voluntarily waived for the Money Market, U.S. Treasury Money Market, U.S.
Government Money Market and Tax-Exempt Money Market Funds, respectively.
<PAGE>
(LOGO) FIRSTAR FUNDS
The Funds have adopted a Service and Distribution Plan pursuant to Rule 12b-1
of the Investment Company Act of 1940 and incurred expenses of $83, in
thousands, for the Money Market Fund, for the year ended October 31, 1998. No
expenses were incurred for the U.S. Government Money Market, U.S. Treasury Money
Market or Tax-Exempt Money Market Funds for the year ended October 31, 1998.
Each Director of the Company who is not affiliated with FIRMCO receives an
annual fee from the Company for service as a Director and is eligible to
participate in a deferred compensation plan with respect to these fees.
Participants in the plan may designate their deferred Director's fees as if
invested in any one of the Firstar Funds (with the exception of the MicroCap
Fund)or in 90-day U.S. Treasury bills. The value of each Director's deferred
compensation account will increase or decrease as if it were invested in shares
of the selected Firstar Funds or 90-day U.S. Treasury bills. The Funds maintain
their proportionate share of the Company's liability for deferred fees.
<PAGE>
(LOGO) FIRSTAR FUNDS
REPORT OF INDEPENDENT ACCOUNTANTS
TO THE BOARD OF DIRECTORS AND SHAREHOLDERS OF THE FIRSTAR
MONEY MARKET FUND, THE FIRSTAR U.S. TREASURY MONEY
MARKET FUND, THE FIRSTAR U.S. GOVERNMENT MONEY MARKET
FUND AND THE FIRSTAR TAX-EXEMPT MONEY MARKET FUND
In our opinion, the accompanying statement of assets and liabilities, including
the schedules of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of the Firstar Money Market Fund, the
Firstar U.S. Treasury Money Market Fund, the Firstar U.S. Government Money
Market Fund and the Firstar Tax-Exempt Money Market Fund (four of the portfolios
of Firstar Funds, Inc. (the "Funds")) at October 31, 1998, the results of each
of their operations for the year then ended, the changes in each of their net
assets for each of the two years in the period then ended and the financial
highlights for each of the five years in the period then ended, all in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Funds' management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with generally
accepted auditing standards which require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements, assessing
the accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at October 31, 1998 by
correspondence with the custodian and brokers, provide a reasonable basis for
the opinion expressed above.
PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
December 8, 1998
<PAGE>
(LOGO) FIRSTAR FUNDS
FIRSTAR FUNDS ARE AVAILABLE THROUGH:
- - THE FIRSTAR FUNDS CENTER,
- - INVESTMENT SPECIALISTS WHO ARE REGISTERED
REPRESENTATIVES OF FIRSTAR INVESTMENT SERVICES, INC.
A REGISTERED BROKER/DEALER, NASD AND SIPC MEMBER,
- - AND THROUGH SELECTED SHAREHOLDER ORGANIZATIONS.
This report is authorized for distribution only when preceded or
accompanied by a current prospectus.
FOR ACCOUNT BALANCES AND INVESTOR SERVICES INFORMATION
1-800-228-1024
1-414-287-3808
FIRSTAR FUNDS CENTER
615 EAST MICHIGAN STREET
P.O. BOX 3011
MILWAUKEE, WI 53201-3011
WWW.FIRSTARFUNDS.COM
(LOGO) FIRSTAR FUNDS
FORM #40-0245 12/98
