The Stellar Fund
Star Relative Value Fund
Star Market Capitalization Fund
Star Growth Equity Fund
Star Capital Appreciation Fund
Star International Equity Fund
October 1, 1998
Supplement to the Prospectus dated March 31, 1998
We are pleased to announce that the Star Funds - Stock Funds have a new
distributor, administrator and fund accountant. The distributor for the
Stock Funds is now B. C. Ziegler and Company. The new administrator and
fund accountant is Firstar Mutual Fund Services, LLC. We are also pleased
to inform you about the following changes in the management
of the Stock Funds.The prospectus is amended as follows:
Pages 55 and 56
The fourth and eighth paragraph under the caption "Management of the
Trust--Investment Adviser--Adviser's Background" are deleted and the
seventh paragraph under the same caption is amended as follows:
Peter Sorrentino is Vice President and Director of Portfolio Management
and Research for the Capital Management Division of Star Bank.
Mr. Sorrentino has managed the domestic equity component of The Stellar
Fund since January 1996 and has been the lead manager of The Stellar Fund
since November 1997. Mr. Sorrentino has also managed the Capital
Appreciation Fund since November 1997 and the Star Market Capitalization
Fund since its inception. In September 1998, Mr. Sorrentino became the
portfolio manager of the International Equity Fund and assumed
responsibility for the REIT component of The Stellar Fund. Prior to
joining Star Bank in 1996, Mr. Sorrentino served as Regional director
of Portfolio Management for Banc One Investment Advisors since 1987.
Mr. Sorrentino earned a Bachelor of Business Administration Degree in
Finance and Accounting from the University of Cincinnati. He also earned
the Chartered Financial Analyst designation.
Pages 56 and 57
The first paragraph under the caption "Distribution of Fund Shares" is
replaced by the following:
B. C. Ziegler and Company is the distributor for shares of the Funds. It
is a Wisconsin corporation and a division of the Ziegler Company, Inc.
B. C. Ziegler and Company has been in business for over 75 years and is the
distributor for a number of investment companies. All references to
"Federated Securities Corp." as the distributor are replaced with
"B. C. Ziegler and Company" throughout the Prospectus. The phone number
for B. C. Ziegler and Company is 1-800-826-4600.
Pages 57 and 58
The paragraph entitled "Administrative Services" under the caption
"Administration of the Funds" is replaced by the following:
Administrative Services and Fund Accounting Services. Firstar Mutual
Funds Services, LLC, Milwaukee, Wisconsin, a subsidiary of Firstar Bank,
N.A. provides the Funds with certain administrative personnel and services
necessary to operate the Funds, and the separate classes, as applicable,
such as legal and accounting services.
The paragraph entitled "Transfer Agent, Dividend Disbursing Agent, and
Portfolio Accounting Services" is replaced by the following:
Transfer Agent and Dividend Disbursing Agent. Star Bank, N.A. is transfer
agent and dividend disbursing agent for the Funds.
Page 69
The section entitled "Distributor" is replaced by the following:
B. C. Ziegler and Company
215 N. Main Street
West Bend, WI 53095
The section entitled "Portfolio Accounting Services" is replaced by the
following:
Fund Administrator and Fund Accounting Services
Firstar Mutual Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Please retain this Supplement with your Prospectus for future reference.
The Stellar Insured Tax-Free Bond Fund
Star U.S. Government Income Fund
Star Strategic Income Fund
October 1, 1998
Supplement to the Prospectus dated March 31, 1998
We are pleased to announce that the Star Funds - Bond Funds have a new
distributor, administrator and fund accountant. The distributor for the
Bond Funds is now B. C. Ziegler and Company. The new administrator and
fund accountant is Firstar Mutual Fund Services, LLC. We are also pleased
to inform you about the following changes in the management of the Bond
Funds.
The prospectus is amended as follows:
Page 30
The fourth paragraph under the caption "Management of the Trust--Investment
Adviser--Adviser's Background" is deleted and the sixth paragraph is
amended as follows:
Peter Sorrentino is Vice President and Director of Portfolio Management
and Research for the Capital Management Division of Star Bank. Mr.
Sorrentino has managed the domestic equity component Strategic Income
Fund since January 1996. Prior to joining Star Bank in 1996, Mr.
Sorrentino served as Regional Director of Portfolio Management for Banc
One Investment Advisors since 1987. Mr. Sorrentino earned a Bachelor of
Business Administration Degree in Finance and Accounting from the
University of Cincinnati. He also earned the chartered Financial Analyst
designation.
Page 31
The first paragraph under the caption "Distribution of Fund Shares" is
replaced by the following:
B. C. Ziegler and Company is the distributor for shares of the Funds. It
is a Wisconsin corporation and a division of the Ziegler Company, Inc.
B. C. Ziegler and Company has been in business for over 75 years and is
the distributor for a number of investment companies.
All references to "Federated Securities Corp." as the distributor are
replaced with "B. C. Ziegler and Company" throughout the Prospectus. The
phone number for B. C. Ziegler and Company is 1-800-826-4600.
Page 32
The paragraph entitled "Administrative Services" under the caption
"Administration of the Funds" is replaced by the following:
Administrative Services and Fund Accounting Services. Firstar Mutual
Funds Services, LLC, Milwaukee, Wisconsin, a subsidiary of Firstar Bank,
N.A. provides the Funds with certain administrative personnel and
services necessary to operate the Funds, and the separate classes,
as applicable, such as legal and accounting services.
The paragraph entitled "Transfer Agent, Dividend Disbursing Agent, and
Portfolio Accounting Services" is replaced by the following:
Transfer Agent and Dividend Disbursing Agent. Star Bank, N.A. is
transfer agent and dividend disbursing agent for the Funds.
Page 44
The section entitled "Distributor" is replaced by the following:
B. C. Ziegler and Company
215 N. Main Street
West Bend, WI 53095
The section entitled "Portfolio Accounting Services" is replaced by
the following:
Fund Administrator and Fund Accounting Services
Firstar Mutual Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Please retain this Supplement with your Prospectus for future reference.
Star Treasury Fund
Star Tax-Free Money Market Fund
Star Ohio Tax-Free Money Market Fund
October 1, 1998
Supplement to the Prospectus dated March 31, 1998
We are pleased to announce that the Star Funds - Money Market Funds
have a new distributor, administrator and fund accountant. The
distributor for the Money Market Funds is now B. C. Ziegler and
Company. The new administrator and fund accountant is Firstar Mutual
Fund Services, LLC.
The prospectus is amended as follows:
Page 18
The first paragraph under the caption "Distribution of Fund Shares" is
replaced by the following:
B. C. Ziegler and Company is the distributor for shares of the Funds.
It is a Wisconsin corporation and a division of the Ziegler Company,
Inc. B. C. Ziegler and Company has been in business for over 75 years
and is the distributor for a number of investment companies.
All references to "Federated Securities Corp." as the distributor are
replaced with "B. C. Ziegler and Company" throughout the Prospectus.
The phone number for B. C. Ziegler and Company is 1-800-826-4600.
Page 19
The paragraph entitled "Administrative Services" under the caption
"Administration of the Funds" is replaced by the following:
Administrative Services and Fund Accounting Services. Firstar
Mutual Funds Services, LLC, Milwaukee, Wisconsin, a subsidiary of
Firstar Bank, N.A. provides the Funds with certain administrative
personnel and services necessary to operate the Funds, and the
separate classes, as applicable, such as legal and accounting services.
The paragraph entitled "Transfer Agent, Dividend Disbursing Agent,
and Portfolio Accounting Services" is replaced by the following:
Transfer Agent and Dividend Disbursing Agent. Star Bank, N.A. is
transfer agent and dividend disbursing agent for the Funds.
Page 27
The section entitled "Distributor" is replaced by the following:
B. C. Ziegler and Company
215 N. Main Street
West Bend, WI 53095
The section entitled "Portfolio Accounting Services" is replaced by
the following:
Fund Administrator and Fund Accounting Services
Firstar Mutual Fund Services, LLC
615 East Michigan Street
Milwaukee, Wisconsin 53202
Please retain this Supplement with your Prospectus for future reference.
The Stellar Fund The Stellar Insured Tax-Free Bond Fund
Star Relative Value Fund Star U.S. Government Income Fund
Star Market Capitalization Fund Star Strategic Income Fund
Star Growth Equity Fund Star Treasury Fund
Star Capital Appreciation Fund Star Tax-Free Money Market Fund
Star International Equity Fund Star Ohio Tax-Free Money Market Fund
October 1, 1998 Supplement to the Statements of Additional Information
dated March 31, 1998 for the above named Star Funds
Under the caption "Star Funds Management," replace the sections
"Edward C. Gonzales," "Joseph S. Machi" and "C. Grant Anderson"
with the following:
Daniel B.Benhase
Star Banc Corporation
425 Walnut Street
Cincinnati, OH 45201-1118
Birthdate: November 23,1959
President
Executive Vice President, Star Banc Corporation since 1987.
Joseph C. Neuberger
Firstar Mutual Funds Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
Birthdate: April 4, 1962
Vice President
Vice President, Firstar Trust Company since 1994;
Manager, Arthur Andersen LLP, prior thereto.
Michael T. Karbouski
Firstar Mutual Funds Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
Birthdate: March 3, 1965
Treasurer
Trust Officer, Firstar Mutual Fund Services, LLC since 1990.
Elaine E. Richards
Firstar Mutual Funds Services, LLC
615 E. Michigan Street
Milwaukee, WI 53202
Birthdate: April 8, 1968
Secretary
Trust Officer, Firstar Trust Company since June 1998;
Associate Attorney, Reinhart, Boerner, Van Deuren, Norris
& Rieselbach, s.c., Milwaukee, Wisconsin, prior thereto.
Replace the first sentence under the caption "Administrative Services"
with the following:
As of October 1, 1998, Firstar Mutual Funds Services, LLC, a subsidiary
of Firstar Bank, N.A., provides administrative personnel and services to
the Fund at an annual rate of 0.11% of the average daily net assets of
the Trust. Prior to October 1, 1998, Federated Administrative Services
provided administrative services to the Fund.
Replace all references to "Federated Securities Corp." as the distributor
with "B. C. Ziegler and Company."
