40-17F2

                        REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors of Firstar Stellar Funds

We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about Firstar Stellar Funds' (the "Company's") compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 ("the Act") as of October 31, 2000. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Company's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our procedures were
the following tests performed without prior notice to management as of October
31, 2000, and with respect to agreement of security purchases and sales, for the
period from July 28, 2000 (the date of our last examination) through October 31,
2000:

o     Confirmation of all securities held by the following institutions in book
      entry form: the Federal Reserve Bank of Chicago and the Depository Trust
      Company;

o     Confirmation of all securities and similar investments held by the
      following sub-custodian: Bank of New York;

o     Confirmation of all securities and similar investments held by outside
      brokers and other third parties; o Confirmation of all repurchase
      agreements with brokers;

o     Reconciliation of all such securities to the books and records of the
      Company and the Custodian; and o Agreement of 5 security purchases and 5
      security sales or maturities since our last report from the books and
      records of the Company to broker confirmations.

We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company's compliance
with specified requirements.

In our opinion, management's assertion that Firstar Stellar Funds was in
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 as of October 31, 2000 with respect to securities
reflected in the investment account of the Company, except for the exceptions
noted, is fairly stated in all material respects.

This report is intended solely for the information and use of the Board of
Directors, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.

December 18, 2000

EX-99

ANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF THE
INVESTMENT COMPANY ACT OF 1940

We, as members of management of Firstar Stellar Funds (the "Company"), are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, Custody of Investments by Registered Management Investment
Companies, of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
those requirements. We have performed an evaluation of the Company's compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of October 31,
2000, and from July 28, 2000 through October 31, 2000.

Based on this evaluation, we assert that the Company was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of October 31, 2000, and from July 28, 2000 through October 31,
2000, with respect to securities reflected in the investment account of the
Company, except that for several securities the books of the Company did not
agree to the Custodian records. These exceptions were the result of the untimely
recording of security transactions in the Custodian records. In each case the
books of the Company were determined to be proper and the Custodian records have
been subsequently corrected.

FIRSTAR STELLAR FUNDS

By:        /s/ Joe Neuberger
           --------------------------------
           Name of Company Official

           Vice President
           --------------------------------
           Title

           12/21/00
           --------------------------------
           Date

By:        /s/ Elaine E. Richards
           --------------------------------
           Name of Company Official

           Secretary
           --------------------------------
           Title

           12/21/00
           --------------------------------
           Date