Report of Independent Accountants

To the Board of Trustees 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  December  1,  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 December
1, 2000, and with respect to agreement of security  purchases and sales, for the
period from October 31, 2000 (the date of our last examination) through December
1, 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    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 December  1, with  respect to  securities
reflected  in the  investment  account of the  Company  is fairly  stated in all
material respects.

This  report is  intended  solely  for the  information  and use of the Board of
Trustees,  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.


PricewaterhouseCoopers LLP
Milwaukee, Wisconsin
March 15, 2001