<PAGE> 1
Table of Contents
Letter to Shareholders
1
Message from the Investment Advisor
3
Eureka Equity Fund Summary
5
Eureka Global Asset Allocation Fund Summary
6
Eureka Investment Grade Bond Fund Summary
7
Eureka Prime Money Market Fund Summary
8
Eureka U.S. Treasury Obligations Fund Summary
9
Schedules of Portfolio Investments
10
Statements of Assets and Liabilities
47
Statements of Operations
49
Statements of Changes in Net Assets
51
Notes to the Financial Statements
53
Financial Highlights
58
Report of Independent Auditors
63
<PAGE> 2
EUREKA FUNDS
ANNUAL REPORT SEPTEMBER 30, 1998
LETTER TO SHAREHOLDERS
We are pleased to offer you the first Annual Report of the Eureka Funds,
for the fiscal year ending September 30, 1998. The Eureka family of mutual funds
was formed on November 1, 1997. At fiscal year end, total net assets in the
family had grown to $642,311,623.
EUREKA FUNDS MILESTONES
The Trust Shares of the Eureka Funds were made available in November 1997.
In February 1998, the Funds began to offer Class A Shares. The Eureka Funds were
also incorporated in The Active Asset Allocation Program in February, which
utilizes the expertise of the Investment Management Department of Sanwa Bank
California. The program adds value for our clients by offering diversified asset
classes, and then systematically re-balancing between those classes, within the
guidelines of the specific investment objective, risk tolerance and time
horizon.
OVERVIEW
The objective of the Eureka Funds is to attempt to achieve consistent
returns, year in and year out, and perform in the upper echelons of their
respective investment categories, competitively speaking, while seeking to avoid
undue risk. Our quantitative investment philosophy, which minimizes the effect
of subjective bias in investment decisions, served us particularly well during
this year's turbulent market. As indicated, all of our Funds performed
significantly better than the competition, as measured by the relevant Lipper
Fund Averages.*
The following is a comparison of the Eureka Funds Trust Share returns+ to
their respective Lipper Funds Averages for the 11-month period ending September
30, 1998:
<TABLE>
<S> <C>
Eureka Equity Fund 10.08%
Lipper General Equity Funds Average 2.67%
Eureka Global Asset Allocation Fund 5.34%
Lipper Global Flexible Portfolio Funds Average 0.25%
Eureka Investment Grade Bond Fund 9.31%
Lipper Intermediate Investment Grade Debt Funds Average 8.48%
Eureka Prime Money Market Fund 4.84%
Lipper Money Market Funds Average 4.49%
Eureka U.S. Treasury Obligations Fund 4.70%
Lipper U.S. Treasury Money Market Funds Average 4.39%
</TABLE>
+ Class A Shares performance for the same 11-month period is as follows: Eureka
Equity Fund 9.70%; Eureka Global Asset Allocation Fund 5.07%; Eureka
Investment Grade Bond Fund 9.41%; Eureka Prime Money Market Fund 4.23%; and
Eureka U.S. Treasury Obligations Fund 4.25%.
* Reference to the total return figures for Lipper Averages herein are based on
an arithmetic average of funds, including reinvested dividends, as reported by
Lipper Analytical Services. Lipper is an independent mutual fund performance
monitor whose results are based on total return and do not reflect a sales
charge.
1
<PAGE> 3
The recent volatility in financial markets demonstrates the importance of
remaining focused on the long-term objectives offered through the Eureka family
of mutual funds. This may be a good time to review your personal financial needs
and subsequent portfolio diversification with a qualified investment
representative.
We thank you for choosing to invest in the Eureka Funds. To the many
shareholders who have been with us since our inception, we appreciate your
allegiance. To those who have recently joined us, we extend a warm welcome. We
appreciate your trust and confidence in selecting the Eureka Funds to assist in
meeting your financial objectives.
Sincerely,
Larry Layne signature
Larry Layne, Chairman
Board of Trustees
Eureka Funds
September 1998
MUTUAL FUNDS
- - Are not FDIC insured
- - Are not deposits or obligations of, or guaranteed by, any financial
institution
- - Are subject to investment risks, including the possible loss of the principal
amount invested
The views expressed in this report reflect those of the Investment Advisor
through the end of the period of the report only, as stated on the cover. The
manager's views are subject to change at any time based on market and other
conditions.
2
<PAGE> 4
MESSAGE FROM THE INVESTMENT ADVISOR
The 11 months between November 1, 1997 and September 30, 1998, which
comprised the first fiscal year of operations of the Eureka Funds, exposed
investors to the highest levels of volatility in the U.S. stock market in the
last ten years. After rising over 23%, as measured by the S&P 500 Index*, by the
middle of July, the domestic market subsequently lost all of the gains it had
accrued through the first seven months of this year, offset only partially by
the 6% rebound in September. Extreme volatility was even more pronounced for
small-capitalization and foreign issues. It is important to realize, however,
that the recent market decline should be placed against a backdrop in which
equities have more than doubled in the last three years.
Below, we examine the various factors that affect the market generally and,
in particular, where our asset management strategy stands today. Please remember
that our disciplined, quantitatively driven approach to investing is one of the
key strengths that our investment philosophy brings to the Eureka Funds. We
believe our disciplined approach has been a useful tool throughout the recent
bull market and will continue to provide objective, unbiased guidance for future
direction. Whether the market is up or down, our quantitatively driven
investment philosophy and style does not fall prey to the vagaries of human
emotion.
We currently find that the longer-term case for investing in equity
securities remains intact and that the Eureka Funds investment strategy should
not change dramatically in reaction to recent events. On the other hand, two of
the three critical legs on which the market rests are in question and,
therefore, present a situation that warrants some caution.
BASIC MARKET DYNAMICS
Our research has shown that although individual stocks and bonds can be
continuously affected by a myriad of unforecastable events, markets are
generally supported by three main factors:
1. FUNDAMENTAL VALUATION -- This is a measure of the extent to which the
market is offering an attractive rate of return relative to competing
asset classes. This category addresses the issue of whether or not the
market is overvalued (i.e., "too expensive" or "rich") or undervalued
(i.e., "cheap"). Quantitative measures can be used to gauge the current
level of market over valuation or undervaluation.
2. MACROECONOMIC FORCES -- Such forces include both domestic and
international economic and financial events that directly or indirectly
affect the market today or in the future. Various indicators, including
inflation, interest rates, currency movements, and gross domestic
product, can be analyzed to assess whether the current global economic
environment is supportive or potentially harmful to the equity and
fixed-income markets.
3. TECHNICAL AND MOMENTUM FACTORS -- In certain instances, markets may tend
to exhibit patterns of price movement that can be helpful in discerning
the direction of future market movements. This driver of market prices
tends to be the most volatile, fickle, and unpredictable component
because it includes such items as market "psychology" and "sentiment."
Market momentum tends to follow the other two categories listed above.
*The Standard & Poor's 500 Composite Stock Price Index is an unmanaged index
generally representative of the U.S. stock market and cannot be invested in
directly.
3
<PAGE> 5
CURRENT MARKET ENVIRONMENT/RECOMMENDATION
Within the tri-part framework presented in market dynamics, and given the
stock market's recent 15%-20% correction, we currently find the U.S. equity
market still somewhat overvalued on both a short-term and longer-term basis. In
fact, in order to be seen as "fairly valued" the market would still need to drop
another 10%-15%. However, the longer-term favorable economic environment is
still intact, mainly through a bullish combination of healthy corporate profit
growth and low inflation. Although economic instability in Japan, the Far East,
and now Russia may ultimately negatively affect our own economy, there is no
certainty of that happening in the future and, indeed, no clear sign of it
happening yet. Over the longer-term, we remain neutral to moderately bullish on
both domestic stocks and bonds, and intend to stay our course.
Sincerely,
Richard Weiss signature
Richard Weiss
Chief Investment Officer
Investment Management
Sanwa Bank California
September 1998
4
<PAGE> 6
FUND PERFORMANCE REVIEW
EUREKA EQUITY FUND
PORTFOLIO CO-MANAGERS
Richard A. Weiss
Senior Vice President
Sanwa Bank California
Brian Garbe
Vice President
Sanwa Bank California
FUND SUMMARY
In pursuing a goal of long-term
capital growth, we apply a highly
disciplined approach to stock
selection to construct a
diversified portfolio of U.S.
equities. We combine a variety of
proven quantitative techniques to
analyze the universe of available
securities from a variety of
perspectives including: what
stocks are currently undervalued;
which stocks possess the best
growth potential and; what
technical factors are exerting an
especially strong influence in
markets right now. By employing
this broad spectrum of tools, we
construct a portfolio with the
potential to add value in
virtually any economic
environment.
We rigorously manage portfolio
risk. The overall risk
characteristics of the Fund --
industry exposures, dividend
yield, price-earnings ratios and
others -- are expected to be kept
in line with those of the S&P 500
Index. For example, we avoid
overweighing any industry sectors
in the portfolio and, instead,
attempt to outperform such
benchmark indices by applying our
multi-dimensional analysis to
select the most attractive stocks
within each industry.
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES S&P 500 INDEX**
<S> <C> <C> <C>
1-NOV $ 10,000 $ 10,000 $ 10,000
31-DEC 10,555 10,549 10,610
31-MAR 12,029 12,000 12,045
30-JUN 12,452 12,417 12,396
30-SEP 11,008 10,970 11,281
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
AGGREGATE TOTAL RETURN
- ------------------------------------------------------------
SINCE INCEPTION
AS OF 9/30/98 YEAR-TO-DATE (11/1/97)
- ------------------------------------------------------------
<S> <C> <C>
Class A Shares* 3.97% 9.70%
Trust Shares 4.29% 10.08%
- ------------------------------------------------------------
</TABLE>
For the 11-month period ending
September 30, 1998, the Fund performed
significantly better than it's Lipper
peer group average, generating an
aggregate total return of 10.08% (Trust
Shares), compared to 2.67% for the Lipper
General Equity Funds Average.**** The
Fund's benchmark, the S&P 500 Index,
generated a total return of 12.81%, for
the same 11-month period. The Fund does
not make bets between industrial sectors,
but rather attempts to select those
stocks that we believe will outperform
within each sector. Some of those stocks
that benefited the Fund this period are
as follows: in the consumer services
sector, Viacom, Inc. (0.49% of the
portfolio) produced a 91% return; in the
health care sector the Fund benefited
from holding Schering Plough (1.19%), up
87%; Dell Computer Corporation (1.27%)
led the way in the Fund's technology
holdings, up 228%; and in the utilities
sector the Fund held BellSouth
Corporation (1.68%), up 62%.*** Our
objective, as always, is to select
quality stocks that we believe will
outperform the market. We will continue
to do this in a consistent and
disciplined manner in the coming year.
- --------------------------------------------------------------------------------
<TABLE>
<C> <S>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
INVESTMENT RETURN AND NET ASSET VALUE (NAV) WILL FLUCTUATE,
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH
MORE OR LESS THAN THE ORIGINAL COST.
* Class A Shares of this Fund were not in existence prior to
2/03/98. Class A Shares performance calculated for any
period prior to 2/03/98 is based on the performance of Trust
Shares since inception 11/01/97. The performance data for
the period 11/01/97 through 2/03/98 was calculated by
adjusting the performance of the Trust Shares to reflect the
12b-1 fee charged to Class A Shares. The total return set
forth may reflect the waiver of a portion of the Fund's
advisory or administrative fees for certain periods since
inception. In such instances, and without waiver of fees,
total return would have been lower.
** The Standard & Poor's 500 Composite Stock Price Index is an
unmanaged index generally representative of the domestic
stock market and cannot be invested in directly.
*** The portfolio composition of the Fund is subject to change.
**** The Lipper General Equity Funds Average is based on an
arithmetic average of funds as reported by Lipper Analytical
Services. Lipper is an independent mutual fund performance
monitor whose results are based on total return, including
reinvested dividends, and do not include a sales charge.
</TABLE>
5
<PAGE> 7
FUND PERFORMANCE REVIEW
EUREKA GLOBAL ASSET ALLOCATION FUND*
PORTFOLIO CO-MANAGERS
Richard A. Weiss
Senior Vice President
Sanwa Bank California
Brian Garbe
Vice President
Sanwa Bank California
FUND SUMMARY
The Eureka Global Asset
Allocation Fund uses an
innovative, proprietary approach
to global investing which seeks
to provide a balance of income
and long-term capital
appreciation.
The mix of global and domestic
assets is actively managed in an
attempt to enhance the Fund's
returns. Using a wide range of
quantitative methodologies, we
systematically determine the
relative attractiveness of
various countries, asset classes,
currencies and global industries.
The asset mix of the Fund is then
adjusted to increase exposure to
the countries or asset classes
with relatively favorable
prospects. This Fund can be used
as a stand-alone global
investment or to add
international exposure to a
domestic portfolio.
For the 11-month period ending
September 30, 1998, the Fund
performed significantly better
than it's Lipper peer group
average, generating an aggregate
total return of 5.34% (Trust
Shares), compared to 0.25% for
the Lipper Global Flexible
Portfolio Funds Average.**** The
Fund's benchmarks, the Salomon
Smith Barney Primary World Index
and the Lehman Brothers U.S.
Treasury Index, generated a
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
SALOMON
SMITH LEHMAN
BARNEY BROTHERS U.S.
PRIMARY TREASURY
TRUST SHARES CLASS A SHARES WORLD INDEX*** INDEX***
<S> <C> <C> <C> <C>
30-SEP $ 10,507 $ 10,507 $ 10,534 $ 11,193
30-JUN 11,375 11,358 12,092 10,584
31-MAR 11,145 11,128 11,779 10,310
31-DEC 10,123 10,116 10,337 10,158
1-NOV 10,000 10,000 10,000 10,000
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
AGGREGATE TOTAL RETURN
- ------------------------------------------------------------
SINCE INCEPTION
AS OF 9/30/98 YEAR-TO-DATE (11/1/97)
- ------------------------------------------------------------
<S> <C> <C>
Class A Shares** 3.84% 5.07%
Trust Shares 4.06% 5.34%
- ------------------------------------------------------------
</TABLE>
total return of 6.28% and 11.96%, respectively,
for the same 11-month period.
This year saw high levels of volatility,
particularly in Asian markets, where
the Fund's exposure to Japanese and Hong
Kong equities were both down by more than
20%. This was countered by the
portfolio's exposure to European
countries like Germany, France and Italy,
which were up over 20% in U.S. dollar
currency. The Fund benefited from having
over 50% of its equity exposure in U.S.
equities, which were up over 10%. The
Fund's exposure to U.S. Treasuries, which
ranged from 25% to 35% of the portfolio,
benefited as the yield on five- and
10-year Treasuries dropped over 150 basis
points, increasing the price return on
the bonds. Overall, the Fund's
diversification across asset classes,
industrial sectors and nations provided a
good balance between investment return
and risk management during a very
volatile period of time for both global
and domestic markets.
- --------------------------------------------------------------------------------
<TABLE>
<C> <S>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
INVESTMENT RETURN AND NET ASSET VALUE (NAV) WILL FLUCTUATE,
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH
MORE OR LESS THAN THE ORIGINAL COST.
* International investing may be subject to increased risk
volatility.
** Class A Shares of this Fund were not in existence prior to
2/03/98. Class A Shares performance calculated for any
period prior to 2/03/98 is based on the performance of Trust
Shares since inception 11/01/97. The performance data for
the period 11/01/97 through 2/03/98 was calculated by
adjusting the performance of the Trust Shares to reflect the
12b-1 fee charged to Class A Shares. The total return set
forth may reflect the waiver of a portion of the Fund's
advisory or administrative fees for certain periods since
inception. In such instances, and without waiver of fees,
total return would have been lower.
*** The Salomon Smith Barney Primary World Index is generally
representative of the international and domestic stock
market and the Lehman Brothers U.S. Treasury Index is
generally representative of the domestic Treasury market and
cannot be invested in directly.
**** The Lipper Global Flexible Portfolio Funds Average is based
on an arithmetic average of funds as reported by Lipper
Analytical Services. Lipper is an independent mutual fund
performance monitor whose results are based on total return,
including reinvested dividends, and do not include a sales
charge.
</TABLE>
6
<PAGE> 8
FUND PERFORMANCE REVIEW
EUREKA INVESTMENT GRADE BOND FUND
PORTFOLIO CO-MANAGERS
Harold B. Nachtrieb
Vice President
Sanwa Bank California
David S. Lampert
Vice President
Sanwa Bank California
FUND SUMMARY
With a goal of providing a
relatively high level of income,
while simultaneously preserving
shareholder capital, we use a
variety of disciplines to
evaluate the current interest
rate environment and credit
implications. The approach is
conservative, yet opportunistic.
Using fundamental valuation
measures, macroeconomic analysis
and other evaluative techniques,
we gauge the attractiveness of
different sectors and/or
individual securities of the
fixed-income market. Then, within
the constraints of our risk
management framework, we invest
in the most attractive sectors or
issues. The Fund's overall risk
characteristics -- duration,
sector allocation and yield
level -- are structured to
resemble those of a recognized,
broadly diversified domestic bond
index, such as the Lehman
Brothers Aggregate Bond Index.
For the 11-month period ending
September 30, 1998, the Fund
performed significantly better
than it's Lipper peer group
average, generating an aggregate
total return of 9.31% (Trust
Shares), compared to
GROWTH OF A $10,000 INVESTMENT
<TABLE>
<CAPTION>
LEHMAN BROTHERS
AGGREGATE
TRUST SHARES CLASS A SHARES BOND INDEX
<S> <C> <C> <C>
1-NOV $ 10,000 $ 10,000 $ 10,000
31-DEC 10,124 10,120 10,147
31-MAR 10,283 10,305 10,304
30-JUN 10,518 10,535 10,545
30-SEP 10,931 10,941 10,991
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------
AGGREGATE TOTAL RETURN
- ------------------------------------------------------------
SINCE INCEPTION
AS OF 9/30/98 YEAR-TO-DATE (11/1/97)
- ------------------------------------------------------------
<S> <C> <C>
Class A Shares* 8.11% 9.41%
Trust Shares 7.98% 9.31%
- ------------------------------------------------------------
</TABLE>
8.48% for the Lipper Intermediate Investment
Grade Debt Funds Average.*** The
Fund's benchmark, the Lehman Brothers
Aggregate Bond Index, generated a total
return of 9.91%, for the same 11-month
period.
The Fund performed well due to a combination
of effective sub-sector allocation
and, within those sub-sectors, a superior
strategy for security selection while
maintaining overall risk characteristics
in line with it's objective and
benchmark. The Fund's performance
benefited from holding more government
agency securities, while steering clear
of the high coupon mortgages/CMO's that
suffered excessive prepayments as
interest rates fell. Within all
sub-sectors, we successfully identified
the best values among assorted securities
with the same risk profiles, such as the
selection of GNMA II securities over the
comparable but more pricey GNMA I issues.
In the year to come, the Fund will
continue to look for value within
different sectors of the bond universe to
capitalize on changing market conditions.
- --------------------------------------------------------------------------------
<TABLE>
<C> <S>
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.
INVESTMENT RETURN AND NET ASSET VALUE (NAV) WILL FLUCTUATE,
SO THAT AN INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH
MORE OR LESS THAN THE ORIGINAL COST.
* Class A Shares of this Fund were not in existence prior to
2/03/98. Class A Shares performance calculated for any
period prior to 2/03/98 is based on the performance of Trust
Shares since inception 11/01/97. The performance data for
the period 11/01/97 through 2/03/98 was calculated by
adjusting the performance of the Trust Shares to reflect the
12b-1 fee charged to Class A Shares. The total return set
forth may reflect the waiver of a portion of the Fund's
advisory or administrative fees for certain periods since
inception. In such instances, and without waiver of fees,
total return would have been lower.
** The Lehman Brothers Aggregate Bond Index is an unmanaged
index generally representative of the domestic bond market
and cannot be invested in directly.
*** The Lipper Intermediate Investment Grade Debt Funds Average
is based on an arithmetic average of funds as reported by
Lipper Analytical Services. Lipper is an independent mutual
fund performance monitor whose results are based on total
return, including reinvested dividends, and do not include a
sales charge.
</TABLE>
7
<PAGE> 9
FUND PERFORMANCE REVIEW
EUREKA PRIME MONEY MARKET FUND
PORTFOLIO CO-MANAGERS
Donald R. Silva
Vice President
Sanwa Bank California
David S. Lampert
Vice President
Sanwa Bank California
FUND SUMMARY
Pursuing as high a level of current income as is consistent with the ability to
maintain liquidity and stability of principal, the relatively low-risk,
high-liquidity character of the Eureka Prime Money Market Fund makes it a useful
primary investment vehicle for conservative, risk-adverse investors. For others,
the Fund could serve as a temporary investment, complimenting a longer-term more
diversified strategy.
Though similar in its objective to the U.S. Treasury Obligations Fund, the Prime
Money Market Fund has a broader range of permissible investments.
In addition to securities backed by the full faith and credit of the U.S.
government or selected U.S. government agencies, the Fund also may invest in
certificates of deposit, banker's acceptances, commercial paper, repurchase
agreements, reverse repurchase agreements, and other short-term corporate, state
and municipal obligations of a specified quality.
The 7-day yield for the Prime Money Market Fund (Trust Shares), as of September
30, 1998, was 5.03%. This Fund performed well based on an extensive weighting
with commercial paper issuers and repurchase agreements collateralized by U.S.
government securities. This strategy is still applicable, and we anticipate the
high-quality securities selected will provide a low-risk profile, as dictated by
the Fund objective, while maintaining a competitive rate of return.
<TABLE>
<CAPTION>
---------------------------------------------------------
CURRENT 7-DAY YIELD
---------------------------------------------------------
AS OF 9/30/98 7-DAY YIELD
---------------------------------------------------------
<S> <C>
Class A Shares 4.78%
Trust Shares 5.03%
---------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS WILL FLUCTUATE WITH
THE MARKET.
An investment in the fund is not insured or guaranteed by the FDIC or any
other government agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the fund.
8
<PAGE> 10
FUND PERFORMANCE REVIEW
EUREKA U.S. TREASURY OBLIGATIONS FUND
PORTFOLIO CO-MANAGERS
Donald R. Silva
Vice President
Sanwa Bank California
David S. Lampert
Vice President
Sanwa Bank California
FUND SUMMARY
Seeking to provide current income consistent with maintaining liquidity and
stability of principal, the U.S. Treasury Obligations Fund invests exclusively
in short-term obligations issued or guaranteed by the U.S. Treasury, and in
repurchase agreements fully collateralized by U.S. Treasury securities.
The Fund is designed for investors who value stability, capital preservation
and low risk above all other considerations. It should also prove useful to
those who desire a temporary investment vehicle with a competitive return for
funds awaiting more permanent investments in other areas.
The U.S. Treasury Obligations Fund can be a versatile, efficient investment
vehicle for both individual and institutional investors.
The 7-day yield for the U.S. Treasury Obligations Fund (Trust Shares), as of
September 30, 1998, was 4.85%. This Fund performed well due to a combination
of successful security selection and an opportunistic responsiveness to
changing market conditions. Among other factors, the Fund was well positioned
to take advantage of the flight to quality triggered by this year's global
volatility. Going forward, we anticipate continued strong performance from
this Fund, despite an environment of continued low interest rates.
<TABLE>
<CAPTION>
---------------------------------------------------------
CURRENT 7-DAY YIELD
---------------------------------------------------------
AS OF 9/30/98 7-DAY YIELD
---------------------------------------------------------
<S> <C>
Class A Shares 4.60%
Trust Shares 4.85%
---------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS. YIELDS WILL FLUCTUATE WITH
THE MARKET.
An investment in the fund is not insured or guaranteed by the FDIC or any
other government agency. Although the fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in
the fund.
9
<PAGE> 11
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
EQUITY FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------
COMMON STOCKS (99.0%)
AEROSPACE & MILITARY TECHNOLOGY (1.2%)
Allied Signal, Inc. 1,400 $ 49,525
Boeing Co. 16,696 572,882
Goodrich (B.F.) Co. 17,500 572,031
United Technologies Corp. 12,200 932,537
------------
2,126,975
------------
AUTOMOTIVE (1.9%)
Chrysler Corp. 17,900 856,963
Dana Corp. 8,900 332,081
Ford Motor Co. 32,800 1,539,549
General Motors Corp. 3,800 207,813
Goodyear Tire & Rubber
Co. 2,200 113,025
TRW, Inc. 6,200 275,125
------------
3,324,556
------------
BANKING (7.1%)
Ahmanson (H.F.) & Co. 4,500 249,750
Bankamerica Corp. 34,200 2,056,275
Charter One Financial,
Inc. 3,465 86,192
Chase Manhattan Corp. 51,296 2,218,552
Citicorp 22,700 2,109,681
Comerica, Inc. 4,100 224,731
First Chicago NBD Corp. 2,000 137,000
Fleet Financial Group,
Inc. 23,300 1,711,093
MBNA Corp. 17,212 492,694
Nationsbank Corp. 3,800 203,300
Norwest Corp. 17,000 608,813
Republic New York Corp. 11,800 466,100
Suntrust Banks, Inc. 8,600 533,200
Wells Fargo & Co. 2,900 1,029,500
------------
12,126,881
------------
BEVERAGES & TOBACCO (4.2%)
Coca-Cola Co. 40,100 2,310,763
Coca-Cola Enterprises 13,200 333,300
Coors (Adolph), Class B 12,300 565,031
Pepsico, Inc. 20,400 600,525
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
Philip Morris Companies,
Inc. 53,400 $ 2,459,737
Seagram Company Ltd. 32,900 943,819
------------
7,213,175
------------
BIOTECHNOLOGY (0.5%)
Monsanto Co. 8,200 462,275
Pioneer Hi-Bred
International, Inc. 16,500 433,125
------------
895,400
------------
BROADCASTING/CABLE (2.1%)
Comcast Corp., Special
Class A 22,000 1,032,625
Media One Group, Inc.* 14,200 631,013
Tele-Communications TCI
Group, Class A* 28,900 1,130,712
Viacom, Inc., Class B* 14,480 839,840
------------
3,634,190
------------
BUILDING PRODUCTS (0.2%)
Owens Corning Co. 8,500 276,781
------------
CHEMICALS (1.3%)
Air Products & Chemical,
Inc. 3,300 98,175
Crompton & Knowles Corp. 3,100 45,144
Dow Chemical Co. 12,300 1,050,881
Du Pont (E.I.) De Nemours 9,200 516,350
Lyondell Chemical Co. 7,200 160,200
Praxair, Inc. 10,400 339,950
Rohm & Haas Co. 1,200 33,375
------------
2,244,075
------------
COMMERCIAL SERVICES (0.3%)
Ogden Corp. 14,300 406,657
Paychex, Inc. 950 48,984
Robert Half
International, Inc.* 1,350 58,303
------------
513,944
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
10
<PAGE> 12
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
COMPUTER HARDWARE (5.5%)
Cisco Systems, Inc.* 34,350 $ 2,123,259
Compaq Computer Corp. 9,300 294,113
Dell Computer Corp.* 33,200 2,182,900
EMC Corp.* 17,100 977,906
Gateway 2000, Inc.* 10,600 552,525
Hewlett-Packard Co. 22,500 1,191,094
IBM Corp. 16,700 2,137,600
Seagate Technology, Inc.* 1,700 42,606
------------
9,502,003
------------
COMPUTER SOFTWARE & PERIPHERALS (4.4%)
Automatic Data
Processing, Inc. 9,500 710,125
Computer Associates
International, Inc. 19,275 713,175
First Data Corp. 11,200 263,200
Microsoft, Inc.* 53,200 5,855,325
------------
7,541,825
------------
CONSTRUCTION (0.5%)
Centex Corp. 1,600 55,200
Kaufman & Broad Home
Corp. 2,800 65,625
Masco Corp. 14,800 364,451
Pulte Corp. 4,100 100,706
Vulcan Materials Co. 3,100 313,681
------------
899,663
------------
CONSUMER GOODS & SERVICES (3.0%)
Avon Products, Inc. 4,800 134,700
Ball Corp. 2,500 88,125
Black & Decker Corp. 100 4,163
Eastman Kodak Co. 7,400 572,112
Fortune Brands, Inc. 11,800 349,575
Fruit of the Loom, Inc.,
Class A* 6,700 100,919
Gillette Co. 25,700 983,025
Hasbro, Inc. 2,900 85,550
Mattel 15,500 434,000
Maytag Corp. 5,400 257,850
Proctor & Gamble Co. 31,000 2,199,062
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
Springs Industries, Inc.,
Class A 400 $ 13,900
Whirlpool Corp. 200 9,400
------------
5,232,381
------------
CONTAINERS & PACKAGING (0.2%)
Owens-Illinois, Inc.* 12,400 310,000
------------
ELECTRIC UTILITY (2.4%)
Cinergy Corp. 30,100 1,151,325
DTE Energy Co. 2,400 108,450
Entergy Corp. 43,700 1,343,775
Florida Power & Light
Group, Inc. 10,000 696,875
PG&E Corp. 19,700 629,169
Texas Utilities 4,700 218,844
------------
4,148,438
------------
ELECTRICAL & ELECTRONIC (3.1%)
General Electric Co. 47,400 3,771,262
Honeywell, Inc. 9,300 595,781
Molex, Inc. 5,800 168,200
Sensormatic Electronics
Corp.* 18,900 111,038
Tektronix, Inc. 15,800 244,900
Unicom Corp. 10,800 403,650
------------
5,294,831
------------
ENVIRONMENTAL SERVICES (0.2%)
Waste Management, Inc. 5,600 269,150
------------
FINANCIAL SERVICES (3.8%)
American Express Co. 4,500 349,313
Associates First Capital 8,491 554,037
Bear Stearns Companies,
Inc. 8,700 269,156
Capital One Financial
Corp. 2,800 289,800
Fannie Mae 16,200 1,040,850
Franklin Resources, Inc. 8,500 255,000
Freddie Mac 16,600 820,662
Household International,
Inc. 7,900 296,250
J.P. Morgan & Co. 3,000 253,875
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
11
<PAGE> 13
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
Lehman Brothers Holdings,
Inc. 4,900 $ 138,425
Merrill Lynch & Co. 11,400 540,075
Morgan Stanley Dean
Witter, Discover & Co. 11,325 487,683
Providian Financial Corp. 3,600 305,325
Washington Mutual, Inc. 27,330 922,388
------------
6,522,839
------------
FOOD PRODUCTS & SERVICES (3.1%)
Archer Daniels Midland &
Co. 47,083 788,640
Bob Evans Farms 15,000 299,063
Campbell Soup Co. 3,900 195,731
Conagra, Inc. 8,400 226,275
Dean Foods Co. 10,400 457,599
Great Atlantic & Pacific
Tea Co. 3,900 94,575
Hershey Foods Corp. 200 13,688
IBP, Inc. 13,300 269,325
International Multifoods
Corp. 23,700 389,568
Interstate Bakeries 9,900 306,900
Kroger Co.* 3,200 160,000
McDonald's Corp. 12,100 722,219
Quaker Oates Co. 400 23,600
Sara Lee, Inc. 10,200 550,800
Supervalu, Inc. 10,600 247,113
Sysco Corp. 15,700 369,931
Tyson Foods, Inc., Class A
9,100 180,863
------------
5,295,890
------------
FUNERAL SERVICES (0.3%)
Services Corporation
International 15,000 478,125
------------
HEALTH CARE (0.4%)
Healthsouth Corp.* 5,600 59,150
Tenet Healthcare Corp.* 13,800 396,750
United Healthcare Corp. 6,700 234,500
------------
690,400
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
HOTELS & LODGING (0.2%)
Hilton Hotels Corp. 9,100 $ 155,269
Marriott International,
Class A 7,500 179,062
------------
334,331
------------
INDUSTRIAL GOODS & SERVICES (0.1%)
Kaydon Corp. 4,200 110,513
------------
INSURANCE (5.5%)
Aetna, Inc. 9,000 625,500
Allstate Corp. 37,146 1,548,524
American International
Group, Inc. 23,812 1,833,523
Cigna Corp. 6,000 396,750
Conseco, Inc. 23,500 718,219
Hartford Financial
Services 6,100 289,369
Jefferson Pilot Corp. 2,300 139,150
Lincoln National Corp. 700 57,575
Loews Corp. 11,300 953,438
Progressive Corp. 4,500 507,375
Sunamerica, Inc. 12,900 786,900
Travelers Group, Inc. 42,007 1,575,262
------------
9,431,585
------------
MACHINERY & EQUIPMENT (1.4%)
Carlisle Companies, Inc. 100 3,894
Case Corp. 2,100 45,675
Caterpillar, Inc. 23,500 1,047,218
Deere & Co. 9,200 278,300
Halliburton Co. 12,700 362,744
Ingersoll-Rand Co. 2,900 110,019
Pentair, Inc. 16,100 519,225
------------
2,367,075
------------
MANUFACTURING (2.8%)
Crane Co. 8,000 188,000
Crown Cork & Seal
Company, Inc. 4,200 112,350
Illinois Tool Works 1,700 92,650
Lancaster Colony Corp. 4,100 126,075
Mark IV Industries, Inc. 13,900 202,419
Tenneco, Inc. 36,000 1,183,500
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
12
<PAGE> 14
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
Textron, Inc. 9,500 $ 575,938
Tyco International Ltd. 43,500 2,403,374
------------
4,884,306
------------
MEDICAL EQUIPMENT & SUPPLIES (2.2%)
Baxter International,
Inc. 8,100 481,950
Becton Dickinson & Co. 4,200 172,725
Boston Scientic Corp.* 2,100 107,888
Guidant Corp. 10,700 794,475
Johnson & Johnson 26,100 2,042,325
Omnicare, Inc. 2,800 98,700
------------
3,698,063
------------
METALS & MINING (0.5%)
Alcan Aluminum, Ltd. 17,100 400,781
Aluminum Company of
America 900 63,900
Barrick Gold Corp. 7,100 142,000
Cyprus Amax Minerals Co. 13,900 184,175
------------
790,856
------------
OFFICE EQUIPMENT & SERVICES (0.6%)
Xerox Corp. 11,900 1,008,525
------------
OIL & GAS (7.5%)
Amerada Hess Corp. 5,600 323,050
Amoco Corp. 13,800 743,475
Baker Hughes, Inc. 17,700 370,594
Burlington Resources,
Inc. 2,200 82,225
Chevron Corp. 15,100 1,269,344
Coastal Corp. 37,600 1,269,000
Exxon Corp. 57,800 4,056,837
Mobil Corp. 5,500 417,656
Royal Dutch Petroleum, NY
Shares 16,000 762,000
Schlumberger Ltd. 11,200 563,500
Texaco, Inc. 35,600 2,231,675
USX-Marathon Group 20,900 740,644
Williams Companies, Inc. 4,300 123,625
------------
12,953,625
------------
PAPER PRODUCTS (0.6%)
Fort James Corp. 17,000 557,812
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
Georgia Pacific Corp. 3,400 $ 155,125
Mead Corp. 9,700 285,544
Weyerhaeuser Co. 2,100 88,594
------------
1,087,075
------------
PHARMACEUTICALS (10.2%)
Alza Corp.* 1,500 65,063
American Home Products
Corp. 7,800 408,525
Bergen Brunswig Corp.,
Class A 15,800 798,888
Bristol-Myers Squibb Co. 20,100 2,087,887
Cardinal Health, Inc. 8,250 851,813
Eli Lilly & Co. 19,400 1,519,262
Forest Laboratories,
Inc.* 1,700 58,438
ICN Pharmaceuticals, Inc. 17,100 299,250
McKesson Corp. 17,000 1,557,625
Merck & Company, Inc. 17,900 2,319,169
Mylan Laboratories 13,900 410,050
Pfizer, Inc. 31,736 3,362,032
Schering-Plough Corp. 19,800 2,050,538
Warner-Lambert Co. 24,400 1,842,200
------------
17,630,740
------------
PRINTING & PUBLISHING (0.7%)
Banta Corp. 3,500 95,375
McGraw-Hill Companies,
Inc. 1,800 142,650
New York Times Co., Class
A 25,800 709,500
R.R. Donnelley & Sons Co. 6,800 239,275
------------
1,186,800
------------
RESORTS & ENTERTAINMENT (0.5%)
Walt Disney Co. 36,000 911,250
------------
RETAIL (5.5%)
Dayton Hudson Corp. 33,800 1,208,350
Dollar General 13,526 360,136
Federated Department
Stores* 20,000 727,500
GAP, Inc. 11,300 596,075
Home Depot, Inc. 29,000 1,145,500
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
13
<PAGE> 15
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
J.C. Penney Company, Inc. 6,400 $ 287,600
K Mart Corp.* 9,500 113,406
Limited, Inc. 21,200 465,075
Lowe's Cos 19,600 623,525
Office Depot, Inc.* 6,500 145,844
Rite Aid Corp. 32,000 1,136,000
Sears, Roebuck & Co. 7,200 318,150
Staples, Inc.* 12,400 364,250
TJX Companies, Inc. 36,200 644,813
V.F. Corp. 8,300 308,138
Wal-Mart Stores, Inc. 19,800 1,081,574
------------
9,525,936
------------
STEEL (0.2%)
Carpenter Technology
Corp. 100 3,656
Nucor Corp. 7,400 300,625
Precision Castparts Corp. 400 16,500
------------
320,781
------------
TECHNOLOGY (3.7%)
Computer Sciences Corp.* 400 21,800
HBO & Co. 21,200 612,150
Intel Corp. 50,200 4,304,650
Rockwell International
Corp. 9,600 346,800
Sun Microsystems, Inc.* 12,800 637,600
Texas Instruments, Inc. 4,900 258,475
Unisys Corp.* 7,000 159,250
------------
6,340,725
------------
TELECOMMUNICATIONS (9.6%)
Airtouch Communications,
Inc.* 20,400 1,162,800
AT&T Corp. 46,500 2,717,344
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
Bell Atlantic Corp. 16,548 $ 801,544
BellSouth Corp. 38,400 2,889,599
GTE Corp. 21,100 1,160,500
Lucent Technologies, Inc. 31,744 2,192,320
MCI Worldcom, Inc.* 52,814 2,581,284
Nextel Communications,
Inc., Class A* 23,700 478,444
Northern Telecom Ltd. 19,100 611,200
SBC Communications, Inc. 798 35,461
Sprint Corp. 17,000 1,224,000
Telephone & Data Systems,
Inc. 7,100 247,613
Tellabs, Inc.* 9,800 390,163
------------
16,492,272
------------
TRANSPORTATION & SHIPPING (1.3%)
AMR Corp./Del* 1,400 77,613
Burlington Northern
Santa Fe 26,400 844,799
Delta Air Lines, Inc. 3,400 330,650
FDX Corp.* 6,300 284,288
J.B. Hunt Transportation
Services, Inc. 7,300 105,850
Laidlaw, Inc. 46,300 436,956
Southwest Airlines 8,425 168,500
------------
2,248,656
------------
UTILITIES (0.2%)
Enron Corp. 5,100 269,344
- ----------------------------------------------------
TOTAL COMMON STOCKS
(COST $122,409,300) 170,133,980
- ----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
14
<PAGE> 16
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------
DAILY SWEEP VEHICLE (1.0%)
Bank of New York Cash
Sweep $1,770,025 $ 1,770,025
- ----------------------------------------------------
TOTAL DAILY SWEEP VEHICLE
(COST $1,770,025) $1,770,025
- ----------------------------------------------------
TOTAL INVESTMENTS
(COST $124,179,325) (a) -- 100.0% 171,904,005
- ----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES 0.0% 34,503
- ----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $171,938,508
- ----------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $171,938,508.
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax reporting of
approximately $185,217. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $56,134,456
Unrealized depreciation (8,594,993)
-----------
Net unrealized appreciation $47,539,463
===========
</TABLE>
* Denotes non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
15
<PAGE> 17
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
COMMON STOCKS (66.1%)
AUSTRALIA (0.9%)
BANKING (0.4%)
Australia & New Zeland
Banking Group Ltd. 8,100 $ 43,257
Commonwealth Bank of
Australia 5,400 63,864
National Australia Bank
Ltd. 5,400 65,208
Westpac Banking Corp. 7,200 39,597
------------
211,926
------------
BUILDING PRODUCTS (0.0%)
CSR Ltd. 3,300 6,940
------------
CONSUMER GOODS & SERVICES (0.1%)
Brambles Industries
Ltd. 1,700 36,677
Coca Cola Amatil Ltd. 5,100 13,438
Mayne Nickless Ltd. 1,500 7,995
Woolworths Ltd. 7,000 24,128
------------
82,238
------------
DIVERSIFIED (0.1%)
Broken Hill Proprietary
Company Ltd. 7,100 50,796
Smith (Howard) Ltd. 1,000 5,271
------------
56,067
------------
ENERGY (0.1%)
Australian Gas & Light
Co. 1,800 12,387
Santos Ltd. 2,700 7,468
Woodside Petroleum Ltd. 8,600 44,923
------------
64,778
------------
FINANCIAL SERVICES (0.1%)
Lend Lease Corporation
Ltd. 2,300 49,038
Westfield Holdings Ltd. 2,000 8,404
------------
57,442
------------
INDUSTRIAL (0.0%)
Orica Ltd. 2,300 11,170
Pacific Dunlop Ltd. 10,600 17,998
------------
29,168
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
MEDIA (0.1%)
News Corporation Ltd.* 8,100 $ 52,193
Publishing and
Broadcasting 3,100 10,939
------------
63,132
------------
METALS & MINING (0.0%)
Rio Tinto Ltd. 1,400 16,931
WMC Ltd. 2,900 8,720
------------
25,651
------------
RETAIL (0.0%)
Coles Myer Ltd. 3,000 12,793
------------
610,135
------------
AUSTRIA (0.1%)
ENERGY (0.0%)
EVN-Energie Versorgung
Niedr 100 14,932
------------
ENGINEERING (0.0%)
VA Technologie, AG 110 9,972
------------
FINANCIAL SERVICES (0.1%)
Bank Austria, AG 210 9,000
Creditanstalt, AG 122 7,677
------------
16,677
------------
41,581
------------
BELGIUM (0.4%)
BANKING (0.1%)
Kredietbank, NV 700 45,260
------------
DIVERSIFIED (0.0%)
Ste Generale de
Belgique 250 29,936
------------
ELECTRIC UTILITY (0.2%)
Electrabel, SA 50 19,716
Tractebel 375 60,887
------------
80,603
------------
ENERGY (0.0%)
Petrofina, SA 40 14,671
------------
INSURANCE (0.1%)
Fortis, AG 200 49,289
Royale Belge* 25 6,669
------------
55,958
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
16
<PAGE> 18
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
METALS & MINING (0.0%)
Union Miniere, SA 130 $ 5,066
------------
PHARMACEUTICALS (0.0%)
UCB, SA 3 15,317
------------
246,811
------------
CANADA (1.2%)
AUTOMOTIVE (0.0%)
Canadian Tire Corp.,
Class A 300 6,732
Magna International,
Inc., Class A 200 11,650
------------
18,382
------------
BANKING (0.3%)
Bank of Montreal 900 32,374
Bank of Nova Scotia 2,200 35,892
Canadian Imperial Bank
of Commerce 1,700 31,578
National Bank of Canada 2,200 32,288
Royal Bank of Canada 700 28,252
Toronto-Dominion Bank 1,100 29,369
------------
189,753
------------
BEVERAGES & TOBACCO (0.0%)
Imasco Ltd. 800 14,624
------------
CHEMICALS (0.0%)
Potash Corp. of
Saskatchewan 200 10,549
------------
DIVERSIFIED (0.1%)
Bombardier, Inc., Class A 3,400 36,868
Bombardier, Inc., Class B 2,800 30,821
Power Corp. of Canada 1,000 17,854
------------
85,543
------------
FINANCIAL SERVICES (0.0%)
Newcourt Credit Group,
Inc. 800 20,966
Power Financial Corp. 400 7,404
------------
28,370
------------
FOOD PRODUCTS & SERVICES (0.0%)
Weston (George) Ltd. 300 9,238
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FOREST & PAPER PRODUCTS (0.0%)
Donohue, Inc., Class A 500 $ 9,550
------------
FUNERAL SERVICES (0.0%)
Loewen Group, Inc. 400 5,831
------------
INSURANCE (0.1%)
Great West Lifeco, Inc. 2,800 38,067
------------
METALS & MINING (0.2%)
Alcan Aluminum Ltd. 1,400 33,114
Barrick Gold Corp. 2,400 48,118
Inco Ltd., Class VBN 2,100 8,462
Noranda, Inc. 1,300 18,228
Rio Algom Ltd. 600 7,430
------------
115,352
------------
OIL & GAS (0.4%)
Canadian Natural
Resources* 2,600 42,587
Canadian Utilities
Ltd., Class B 700 19,378
Gaz Metropolitan &
Company, LP 2,900 33,252
Imperial Oil Ltd. 2,400 36,639
Petro-Canada 2,800 35,132
Westcoast Energy, Inc. 1,500 28,256
------------
195,244
------------
PHARMACEUTICALS (0.0%)
Biochem Pharma, Inc.* 400 7,325
Biovail Corporation
International* 600 16,669
Clinichem Development,
Inc.* 10 49
------------
24,043
------------
PRINTING & PUBLISHING (0.0%)
Southam, Inc. 400 6,984
Thomson Corp. 700 15,824
------------
22,808
------------
REAL ESTATE (0.1%)
Trizec Hahn Corp. 2,100 39,214
------------
TELECOMMUNICATIONS (0.0%)
BCE, Inc. 1,000 27,912
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
17
<PAGE> 19
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
TRANSPORTATION & SHIPPING (0.0%)
Canadian National
Railway Co. 200 $ 8,996
------------
843,476
------------
DENMARK (0.2%)
BANKING (0.2%)
Den Danske Bank 200 22,660
Unidanmark A/S, Class A 300 21,715
------------
44,375
------------
COMMERCIAL SERVICES (0.0%)
Ratin A/S, Class B 140 24,343
Sophus Berendsen, Class B 140 5,419
------------
29,762
------------
FOOD PRODUCTS & SERVICES (0.0%)
Danisco A/S 136 9,202
------------
PHARMACEUTICALS (0.0%)
Novo-Nordisk A/S, Class B 156 18,779
------------
TELECOMMUNICATIONS (0.0%)
Tele Danmark A/S, Class B 230 22,837
------------
TRANSPORTATION & SHIPPING (0.0%)
D/S 1912, Class B 5 32,651
------------
157,606
------------
FINLAND (0.3%)
BANKING (0.0%)
Merita, PLC, Class A 3,000 15,269
------------
BASIC MATERIALS (0.0%)
Kemira, OYJ 600 3,950
Metsa Serla, Class B 2,400 16,979
Outokumpu, OYJ 1,000 8,293
------------
29,222
------------
DIVERSIFIED (0.0%)
Valmet, OYJ 1,000 11,693
------------
PHARMACEUTICALS (0.0%)
Orion-Yhtyma, Class A 280 6,135
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (0.3%)
Nokia, OYJ, Class A 600 $ 47,636
Nokia, OYJ, Class K 1,400 111,013
------------
158,649
------------
220,968
------------
FRANCE (2.0%)
AUTOMOTIVE (0.1%)
Michelin (CGDE), Class B 710 27,869
PSA Peugeot Citroen 100 17,057
------------
44,926
------------
BANKING (0.2%)
Banque Nationale de
Paris 650 34,792
CCF -- Credit Commer
France 550 35,327
Dexia France 250 31,535
Societe Generale, Class A 400 44,248
------------
145,902
------------
BEVERAGES & TOBACCO (0.1%)
LVMH (Moet-Hennessy
Louis Vuitton) 260 35,487
------------
CHEMICALS (0.1%)
L'Air Liquide 450 71,296
------------
CONSUMER GOODS & SERVICES (0.2%)
Bic 400 22,274
Christian Dior 100 8,029
Vivendi 327 65,111
L'oreal 160 74,364
------------
169,778
------------
FINANCIAL SERVICES (0.1%)
AXA 400 36,612
Compagnie Bancaire, SA 100 8,029
Paribas 600 32,329
------------
76,970
------------
FOOD PRODUCTS & SERVICES (0.2%)
Carrefour Supermarche 150 95,035
Groupe Danone 140 36,793
Promodes 20 12,182
------------
144,010
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
18
<PAGE> 20
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
HOTELS & LODGING (0.1%)
Accor, SA 200 $ 41,928
------------
INDUSTRIAL GOODS & SERVICES (0.2%)
Compagnie de Saint-
Gobain 220 29,164
LaFarge 500 44,248
LeGrand 100 25,425
Schneider, SA (Ex Spie
Batig) 300 15,629
Suez Lyonnaise Des Eaux 582 99,063
------------
213,529
------------
MEDIA (0.0%)
Canal Plus 90 21,854
------------
OIL & GAS (0.3%)
Elf Aquitane 900 110,959
Total, SA, Class B 701 88,300
------------
199,259
------------
PHARMACEUTICALS (0.2%)
Rhone-Poulenca, Class A 850 35,639
Sanofi, SA 350 51,456
Synthelabo 200 36,861
------------
123,956
------------
TECHNOLOGY (0.1%)
Alcatel Alsthom (CIE
Gen El) 550 48,869
Thompson
Microelectronics* 200 9,278
------------
58,147
------------
TELECOMMUNICATIONS (0.1%)
France Telecom, SA 650 38,445
------------
1,385,487
------------
GERMANY (2.2%)
AUTOMOTIVE (0.3%)
Bayerische Motoren
Werke* 16 10,052
Bayerische Motoren
Werke, AG 80 51,455
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Daimler-Benz, AG 870 $ 72,771
Volkswagen, AG 900 65,695
------------
199,973
------------
BANKING (0.4%)
Bayerische Vereinsbank,
AG 2,125 160,199
Deutsche Bank, AG 2,350 121,342
Dresdner Bank, AG 250 9,304
------------
290,845
------------
CHEMICALS (0.3%)
BASF, AG 700 26,511
Bayer, AG 3,600 142,376
Hoechst, AG 900 37,156
------------
206,043
------------
COMPUTER SOFTWARE & PERIPHERALS (0.1%)
SAP, AG 150 63,541
------------
ENERGY (0.0%)
RWE, AG 650 30,160
------------
INDUSTRIAL GOODS & SERVICES (0.8%)
Mannesmann, AG 1,750 160,200
Siemens, AG 1,650 91,121
Thyssen, AG 235 40,058
Veba, AG 2,150 111,915
Viag, AG 100 68,687
------------
471,981
------------
INSURANCE (0.2%)
Allianz, AG, Registered 180 55,787
Muenchener Rueckver,
AG, Registered 180 79,373
------------
135,160
------------
PHARMACEUTICALS (0.0%)
Schering, AG 240 25,115
------------
RETAIL (0.0%)
Metro, AG 100 6,958
------------
TELECOMMUNICATIONS (0.1%)
Deutsche Telekom, AG 1,600 49,684
------------
1,479,460
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
19
<PAGE> 21
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
HONG KONG (0.4%)
BANKING (0.0%)
Bank of East Asia* 10,000 $ 14,132
------------
DIVERSIFIED (0.1%)
Hutchison Whampoa 4,000 21,062
Jardine Matheson
Holdings Ltd.* 2,000 4,100
Swire Pacific Ltd.,
Class A 9,500 29,916
------------
55,078
------------
ELECTRIC UTILITY (0.2%)
CLP Holdings, Ltd. 9,000 43,905
Hong Kong Electric
Holdings 14,000 48,151
------------
92,056
------------
OIL & GAS (0.0%)
Hong Kong & China Gas 22,000 26,973
------------
REAL ESTATE (0.1%)
Cheung Kong 6,000 27,799
China Resources
Enterprises 10,000 9,099
Hang Lung Development
Co. 10,000 8,776
Henderson Land
Development Company
Ltd. 2,000 6,840
New World Development 1,000 1,342
Sun Hung Kai Properties 7,000 24,798
------------
78,654
------------
TELECOMMUNICATIONS (0.0%)
Hong Kong Telecom 17,400 34,245
------------
301,138
------------
IRELAND (0.2%)
BANKING (0.1%)
Allied Irish Bank, PLC 1,505 22,042
Bank of Ireland 2,850 50,687
------------
72,729
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FOOD PRODUCTS & SERVICES (0.0%)
Kerry Group, PLC, Class A 1,642 $ 19,141
------------
HEALTH CARE (0.1%)
Elan Corporation, PLC* 654 46,075
------------
MANUFACTURING (0.0%)
CRH, PLC 1,000 11,074
------------
149,019
------------
ITALY (1.1%)
AUTOMOTIVE (0.0%)
Fiat, SPA 11,700 29,879
------------
BANKING (0.2%)
Credito Italiano, SPA 7,000 29,145
Istituto Banc San Paolo
Tori 3,000 37,671
Rolo Banca 1473, SPA 2,000 37,944
------------
104,760
------------
CHEMICALS (0.0%)
Montedison, SPA 10,000 9,549
------------
ELECTRIC UTILITY (0.0%)
Edison, SPA 3,000 22,803
------------
FINANCIAL SERVICES (0.1%)
Istituto Mobiliare
Italiano 3,000 39,578
------------
INSURANCE (0.3%)
Assicurazioni Generali 3,695 120,078
Istituto Nazionale
Delle Assicur 15,000 38,125
Ras Savings, SPA, RNC 2,000 15,734
------------
173,937
------------
OIL & GAS (0.1%)
Ente Nazional
Indrocarburi, SPA 12,100 74,103
------------
TELECOMMUNICATIONS (0.4%)
Telecom Italia Mobile,
SPA 9,000 52,395
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
20
<PAGE> 22
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Telecom Italia Mobile,
SPA-RNC* 13,000 $ 41,774
Telecom Italia, SPA 21,555 148,378
Telecom Italia, SPA-
RNC* 4,000 19,111
------------
261,658
------------
TEXTILE PRODUCTS (0.0%)
Benetton Group, SPA 10,000 15,069
------------
731,336
------------
JAPAN (4.7%)
AUTOMOTIVE (0.6%)
Aisin Seiki Company
Ltd. 3,000 27,505
Autobacs Seven Company
Ltd. 1,000 26,668
Bridgestone Corp. 3,000 60,608
Denso Corp. 3,000 43,748
Honda Motor Company
Ltd. 2,000 60,976
Mazda Motor Corp.* 13,000 47,274
Toyota Motor Corp. 9,000 201,661
------------
468,440
------------
BANKING (0.6%)
77 Bank Ltd. 2,000 16,324
Bank of
Tokyo-Mitsubishi Ltd. 13,000 83,567
Chugoku Bank Ltd. 2,000 25,272
Dai-Ichi Kangyo Bank
Ltd. 12,000 50,338
Fuji Bank Ltd. 8,000 16,162
Gunma Bank 1,000 6,685
Hachijuni Bank 4,000 32,383
Industrial Bank of
Japan 9,000 33,059
Mitsubishi Trust &
Banking Co. 3,000 10,579
Sakura Bank Ltd. 7,000 10,285
Shizuoka Bank 6,000 55,098
Sumitomo Bank Ltd. 8,000 55,834
Sumitomo Trust &
Banking 6,000 11,460
Yamaguchi Bank Ltd. 2,000 18,219
------------
425,265
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
BEVERAGES & TOBACCO (0.1%)
Japan Tobacco, Inc. 2 $ 14,355
Kirin Brewery Company
Ltd. 4,000 32,089
------------
46,444
------------
CHEMICALS (0.2%)
Hitachi Chemical 1,000 5,855
Mitsubishi Chemical
Corp. 19,000 36,571
Shin-Etsu Chemical Co. 2,000 31,810
Takeda Chemical
Industries 2,000 53,629
------------
127,865
------------
CONSTRUCTION (0.1%)
Daiwa House Industry
Company Ltd. 1,000 9,110
Matsushita Electric
Works 4,000 30,472
Nishimatsu Construction 3,000 13,378
Shimizu Corp. 2,000 5,275
------------
58,235
------------
CONSUMER GOODS & SERVICES (0.3%)
KAO Corp. 3,000 48,046
Kuraray Company Ltd. 1,000 9,036
Matsushita Electric
Industrial Co. 7,000 95,393
Nintendo Company Ltd. 200 18,866
Shiseido Company Ltd. 2,000 17,705
Sony Corp. 200 13,944
Toto Ltd. 1,000 5,510
------------
208,500
------------
DISTRIBUTION (0.0%)
Nissho Iwai Corp. 5,000 3,232
------------
ELECTRIC UTILITY (0.3%)
Chubu Electric Power
Company, Inc. 1,000 16,052
Hokkaido Electric Power 2,000 28,945
Hokuriku Electric Power 1,000 14,693
Kansai Electric Power 3,000 51,903
Kyushu Electric Power 1,000 16,272
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
21
<PAGE> 23
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Tohoku Electric Power 300 $ 4,452
Tokyo Electric Power
Co. 2,200 42,183
------------
174,500
------------
ELECTRICAL & ELECTRONIC (0.4%)
Hitachi Ltd. 11,000 48,487
Kyocera Corp. 1,000 43,785
Minebea Company Ltd. 3,000 24,486
Murata Mfg. Company
Ltd. 1,000 33,867
NEC Corp. 5,000 32,508
NGK Insulators Ltd. 1,000 9,514
Nippon Electric Glass
Company Ltd. 1,000 10,498
Nitto Denko Corp. 1,000 11,754
Omron Corp. 1,000 9,954
Sumitomo Electric
Industries 3,000 29,136
------------
253,989
------------
FINANCIAL SERVICES (0.2%)
Acom Company Ltd. 1,000 53,923
Credit Saison Company
Ltd. 1,000 19,395
Nomura Securities
Company Ltd. 6,000 43,197
Tokio Marine & Fire
Insurance 4,000 35,851
------------
152,366
------------
FOOD PRODUCTS & SERVICES (0.1%)
Ajinomoto Company, Inc. 3,000 24,023
Nissin Food Products
Company Ltd. 2,000 31,002
------------
55,025
------------
INDUSTRIAL (0.2%)
Chudenko Corp. 1,000 19,395
Kajima Corp. 2,000 4,849
Mitsubishi Heavy
Industries Ltd. 16,000 54,892
Tostem Corp. 3,000 40,993
------------
120,129
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
MACHINERY & EQUIPMENT (0.1%)
Ebara Corp. 2,000 $ 13,268
Komori Corp. 1,000 17,814
Mori Seiki Company Ltd. 1,000 10,212
Toyoda Automatic Loom
Works, Ltd. 1,000 15,428
------------
56,722
------------
MANUFACTURING (0.2%)
Fuji Photo Film Co. 2,000 69,057
Nikon Corp. 3,000 21,312
Onward Kashiyama
Company Ltd. 2,000 24,640
------------
115,009
------------
MEDIA (0.1%)
Tokyo Broadcasting
System 1,000 9,051
Toppan Printing Company
Ltd. 3,000 30,877
------------
39,928
------------
METALS & MINING (0.0%)
Sumitomo Metal
Industries 30,000 28,210
------------
OFFICE EQUIPMENT & SERVICES (0.1%)
Canon, Inc. 2,000 40,699
Dai Nippon Printing
Company Ltd. 1,000 12,871
Ricoh Company Ltd. 3,000 27,770
------------
81,340
------------
OIL & GAS (0.0%)
Arabian Oil Company
Ltd. 1,300 17,248
Tonen Corp. 2,000 9,550
------------
26,798
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
22
<PAGE> 24
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (0.1%)
Ono Pharmaceutical
Company Ltd. 1,000 $ 24,096
Sankyo Company Ltd. 2,000 44,373
Yamanouchi
Pharmaceutical
Company Ltd. 1,000 21,599
------------
90,068
------------
REAL ESTATE (0.1%)
Mitsubishi Estate
Company Ltd. 4,000 26,241
Mitsui Fudosan Company
Ltd. 4,000 20,541
Sumitome Realty &
Development 6,000 11,020
------------
57,802
------------
RETAIL (0.2%)
Daiei, Inc. 2,000 4,555
Ito-Yokado Company Ltd. 1,000 47,752
Jusco Company Ltd. 2,000 27,990
Marui Company Ltd. 2,000 29,092
Mycal Corp. 1,000 5,730
Takashimaya Company
Ltd. 1,000 6,399
UNY Company Ltd. 1,000 15,721
------------
137,239
------------
TECHNOLOGY (0.2%)
Fujitsu Ltd. 6,000 52,013
TDK Corp. 1,000 68,322
Tokyo Electron Ltd. 1,000 24,464
------------
144,799
------------
TELECOMMUNICATIONS (0.2%)
KDD 300 9,367
Nippon Telegraph &
Telephone Corp. 15 109,646
Nippon Television
Network 100 28,063
------------
147,076
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
TRANSPORTATION & SHIPPING (0.2%)
All Nippon Airways
Company Ltd.* 7,000 $ 22,627
East Japan Railway Co. 6 29,974
Japan Airlines Company
Ltd.* 2,000 4,628
Kinki Nippon Railway
Company Ltd. 10,000 43,417
Mitsubishi Logistics
Corp. 1,000 8,265
Nippon Express Company
Ltd. 3,000 13,003
Seibu Railway Company
Ltd. 1,000 30,782
------------
152,696
------------
WHOLESALE & INTERNATIONAL TRADE (0.1%)
Mitsubishi Corp. 3,000 14,546
Mitsui & Company Ltd. 5,000 20,643
Sumitomo Corp. 2,000 8,008
------------
43,197
------------
3,214,874
------------
MALAYSIA (0.1%)
BANKING (0.1%)
Malayan Banking Berhad 14,400 14,931
Malayan Banking Berhad,
Class A* 14,400 14,627
------------
29,558
------------
CONSUMER GOODS & SERVICES (0.0%)
Kuala Lumpur Kepong
Berhad 9,000 10,090
------------
DIVERSIFIED (0.0%)
Renong Berhad* 9,000 2,285
Sungei Way Holdings
Berhad 5,800 1,313
------------
3,598
------------
ELECTRIC UTILITY (0.0%)
Tenaga Nasional Berhad 4,000 3,853
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
23
<PAGE> 25
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (0.0%)
Hong Leong Credit
Berhad 6,000 $ 3,663
Innovest Berhad* 5,000 691
Sime Darby Berhad 8,700 5,815
------------
10,169
------------
FOOD PRODUCTS & SERVICES (0.0%)
Nestle (Malaysia)
Berhad 1,000 3,579
------------
INDUSTRIAL (0.0%)
UMW Holdings Berhad 2,000 1,000
United Engineers
(Malaysia) 1,000 555
------------
1,555
------------
INDUSTRIAL GOODS & SERVICES (0.0%)
Perusahaan Otomobil
Nasional 1,000 784
------------
OIL & GAS (0.0%)
Petronas Gas Berhad 2,000 3,395
------------
RESORTS & ENTERTAINMENT (0.0%)
Resorts World Berhad 4,000 3,579
------------
TELECOMMUNICATIONS (0.0%)
Telekom Malaysia 3,500 5,526
------------
75,686
------------
NETHERLANDS (1.7%)
BANKING (0.3%)
ABN Amro Holding, NV 3,748 63,823
Ing Groep, NV 2,504 112,775
------------
176,598
------------
BREWERY (0.1%)
Heineken, NV 1,800 86,893
------------
CHEMICALS (0.1%)
Akzo Nobel 1,080 38,386
------------
CONSUMER GOODS & SERVICES (0.2%)
Koninklijke Ahold, NV 1,200 35,839
Polygram, NV 100 5,687
Unilever, NV -- CVA 1,572 98,903
------------
140,429
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
ELECTRICAL & ELECTRONIC (0.1%)
Philips Electronics 1,284 $ 69,136
------------
INSURANCE (0.2%)
Aegon, NV 1,388 109,931
Fortis Amev, NV 510 28,624
------------
138,555
------------
MEDIA (0.1%)
Elsevier 554 8,229
Wolters Kluwer -- CVA 420 80,588
------------
88,817
------------
OIL & GAS (0.6%)
Royal Dutch Petroleum 7,517 372,843
------------
TELECOMMUNICATIONS (0.0%)
Koninklijke KPN, NV 859 26,521
------------
TRANSPORTATION & SHIPPING (0.0%)
TNT Post Group, NV 859 21,873
------------
1,160,051
------------
NEW ZEALAND (0.0%)
AEROSPACE & MILITARY TECHNOLOGY (0.0%)
Air New Zealand Ltd.,
Class B 10,000 7,908
------------
DIVERSIFIED (0.0%)
Brierley Investments
Ltd. 11,700 2,108
------------
FOREST & PAPER PRODUCTS (0.0%)
Fletcher Challenge
Forests 10,000 2,052
------------
TELECOMMUNICATIONS (0.0%)
Telecom Corp. of New
Zealand 5,000 19,144
------------
31,212
------------
NORWAY (0.1%)
BANKING (0.0%)
Norske Bank, ASA 1,000 3,134
Sparebanken Nor-Cap,
CTF 100 1,696
------------
4,830
------------
FOOD PRODUCTS & SERVICES (0.0%)
Orkla, ASA, Class A 600 8,187
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
24
<PAGE> 26
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
INDUSTRIAL (0.1%)
Bergesen D Y ASA, Class A 500 $ 7,093
Kvaerner, ASA 100 1,270
Norsk Hydro, ASA 780 28,399
------------
36,762
------------
INSURANCE (0.0%)
Storebrand, ASA* 1,000 6,890
------------
OIL & GAS (0.0%)
Smedvig, ASA, Class B 1,000 7,431
------------
64,100
------------
SINGAPORE (0.1%)
BANKING (0.1%)
Development Bank of
Singapore* 2,750 11,100
United Overseas Bank --
Foreign * 1,000 2,920
------------
14,020
------------
DIVERSIFIED (0.0%)
Singapore Technologies
Industrial Corp. 2,000 1,959
------------
MANUFACTURING (0.0%)
Sembawang Corporation
Ltd. 6,000 10,008
------------
PRINTING & PUBLISHING (0.0%)
Singapore Press
Holdings 1,276 10,604
------------
REAL ESTATE (0.0%)
Centrepoint Properties 15,000 5,921
DBS Land 3,000 2,083
------------
8,004
------------
TELECOMMUNICATIONS (0.0%)
Singapore
Telecommunications 5,000 8,369
------------
TRANSPORTATION & SHIPPING (0.0%)
Singapore Airlines Ltd. 2,000 10,981
------------
63,945
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
SPAIN (0.7%)
BANKING (0.4%)
Banco Bilbao Vizcaya 11,631 $ 124,443
Banco Central
Hispanoamer, SA 4,200 38,877
Banco Popular Espanol 600 37,800
Banco Santander, SA 1,800 27,811
------------
228,931
------------
ELECTRIC UTILITY (0.1%)
Endesa, SA 500 11,262
Iberdrola, SA 4,906 81,672
------------
92,934
------------
OIL & GAS (0.1%)
Gas Natural SDG-E 200 14,148
Repsol, SA 1,250 52,793
------------
66,941
------------
TELECOMMUNICATIONS (0.1%)
Telefonica de Espana 2,466 89,916
------------
478,722
------------
SWEDEN (0.8%)
AUTOMOTIVE (0.1%)
Volvo, AB, Class A 400 9,496
Volvo, AB, Class B 1,700 41,662
------------
51,158
------------
BANKING (0.1%)
Svenska Handelsbanken,
Class A 1,300 48,784
Svenska Handelsbanken,
Class B 500 17,200
------------
65,984
------------
BASIC MATERIALS (0.0%)
AGA, AB, Class A 700 9,114
Stora Kopparbergs
Bergs, Class A 1,000 9,509
------------
18,623
------------
CONSUMER GOODS & SERVICES (0.0%)
Electrolux, AB, Class B 1,300 17,091
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
25
<PAGE> 27
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITY (0.0%)
Sydkraft, AB, Class A 200 $ 5,897
------------
FINANCIAL SERVICES (0.0%)
Investor, AB, Class A 200 7,697
Investor, AB, Class B 600 23,281
------------
30,978
------------
INDUSTRIAL (0.0%)
ABB, AB, Class A 600 5,437
Skanska, AB, Class B 200 6,599
------------
12,036
------------
INSURANCE (0.0%)
Skandia Forsakrings, AB 2,500 32,548
------------
MACHINERY & EQUIPMENT (0.1%)
Atlas Copco, AB, Class A 1,600 33,697
Sandvik, AB, Class A 850 17,739
Sandvik, AB, Class B 500 10,466
------------
61,902
------------
MEDICAL EQUIPMENT & SUPPLIES (0.0%)
Gambro, AB, Class B 1,000 9,445
------------
PHARMACEUTICALS (0.2%)
Astra, AB, Class A 4,132 70,674
Astra, AB, Class B 2,200 36,224
------------
106,898
------------
REAL ESTATE (0.0%)
Drott, AB, Class B* 200 1,634
Fastighets, AB, Balder* 50 542
------------
2,176
------------
TELECOMMUNICATIONS (0.3%)
Ericsson, LM, Class B 6,000 113,345
------------
528,081
------------
SWITZERLAND (2.1%)
BANKING (0.3%)
Credit Suisse Group,
Registered 880 97,261
Union Bank of
Switzerland, AG,
Registered 588 114,685
------------
211,946
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FOOD PRODUCTS & SERVICES (0.5%)
Nestle, SA, Registered 160 $ 318,310
------------
INSURANCE (0.2%)
Schw
Rueckversicherungs,
Registered 50 99,147
Zurich Allied, AG 90 44,665
------------
143,812
------------
MANUFACTURING (0.1%)
ABB, AG, Bearer 55 55,822
------------
PHARMACEUTICALS (1.0%)
Novartis, AG, Bearer 40 64,176
Novartis, AG,
Registered 178 285,327
Roche Holding, AG,
Bearer 3 51,795
Roche Holding, AG,
Genus 27 290,614
------------
691,912
------------
1,421,802
------------
UNITED KINGDOM (8.0%)
AEROSPACE & MILITARY TECHNOLOGY (0.1%)
British Aerospace, PLC 6,000 36,070
------------
AUTOMOTIVE (0.1%)
GKN, PLC 4,000 40,105
Lucas Varity, PLC 11,000 34,116
------------
74,221
------------
BANKING (1.1%)
Abbey National, PLC 6,000 102,984
Bank of Scotland 4,000 38,271
Barclays, PLC 6,230 101,426
Halifax, PLC 7,000 89,813
HSBC Holdings, PLC 3,400 63,269
HSBC Holdings, PLC 7,000 128,283
Lloyds TSB Group, PLC 14,731 164,097
National Westminster
Bank 7,000 93,739
Royal Bank of Scotland
Group 2,000 22,942
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
26
<PAGE> 28
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Schroders, PLC 750 $ 12,644
Schroders, PLC, Non
Voting Shares 1,500 21,489
Standard Chartered, PLC 2,000 14,139
------------
853,096
------------
BEVERAGES & TOBACCO (0.4%)
Allied Domecq, PLC 1,400 9,802
Bass, PLC 3,791 45,451
British American
Tobacco, PLC 7,374 55,107
Diageo, PLC 14,552 137,251
Imperial Tobacco Group,
PLC 1,000 10,596
Scottish & Newcastle,
PLC 2,000 24,335
------------
282,542
------------
BUILDING PRODUCTS (0.0%)
Wolseley, PLC 1,000 5,064
------------
CHEMICALS (0.1%)
BOC Group, PLC 2,445 30,478
Imperial Chemical
Industries, PLC 2,000 15,770
------------
46,248
------------
CONSUMER GOODS & SERVICES (0.4%)
Boots Company, PLC 4,821 82,748
Coca Cola Beverages,
PLC* 5,100 12,082
Granada Group, PLC 4,000 51,050
Hays, PLC 3,000 45,017
Rank Group, PLC 10,563 41,825
Reckitt & Coleman, PLC 2,750 40,915
Unilever, PLC 4,000 33,988
------------
307,625
------------
DIVERSIFIED (0.4%)
General Electric
Company, PLC 10,070 74,014
Rentokil Initial, PLC 6,000 36,758
Siebe, PLC 12,000 38,950
Smiths Industries, PLC 2,600 29,869
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Tompkins, PLC 4,000 $ 18,744
Williams, PLC 8,030 47,728
------------
246,063
------------
ELECTRIC UTILITY (0.3%)
National Power, PLC 5,000 46,011
Powergen, PLC 3,000 44,584
Scottish Power, PLC 5,000 48,518
Southern Electric, PLC 4,630 51,852
------------
190,965
------------
ENVIRONMENTAL SERVICES (0.1%)
Waste Management
International, PLC* 14,000 80,178
------------
FINANCIAL SERVICES (0.0%)
Group, PLC 1,000 8,556
------------
FOOD PRODUCTS & SERVICES (0.4%)
ASDA Group, PLC 14,000 40,803
Associated British
Foods, PLC 5,000 50,557
Cadbury Schweppes, PLC 5,853 75,445
Sainsbury (J), PLC 1,144 10,926
Tesco, PLC 34,254 98,814
------------
276,545
------------
HEALTH CARE (0.0%)
Nycomed Amersham, PLC 3,630 23,827
------------
INDUSTRIAL (0.1%)
BAA, PLC 2,100 21,359
Blue Circle Industries,
PLC 4,000 18,557
Hanson, PLC 4,937 31,421
------------
71,337
------------
INSURANCE (0.7%)
Allied Zurich, PLC* 7,374 75,188
CGU, PLC 8,044 123,850
Guardian Royal
Exchange, PLC 952 4,154
Legal & General Group,
PLC 4,000 43,845
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
27
<PAGE> 29
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Norwich Union, PLC 6,000 $ 46,547
Prudential Corporation,
PLC 8,000 115,899
Royal & Sun Alliance
Insurance Group 5,000 43,122
------------
452,605
------------
MEDIA (0.2%)
Pearson, PLC 3,463 64,324
Reuters Group, PLC 4,855 41,005
United News & Media,
PLC 1,000 9,457
------------
114,786
------------
METALS & MINING (0.0%)
Rio Tinto, PLC,
Registered 2,216 26,700
------------
MOVIES & ENTERTAINMENT (0.0%)
EMI Group, PLC 1,000 6,160
------------
OIL & GAS (0.8%)
British Petroleum
Company, PLC 20,176 308,070
Burmah Castrol, PLC 2,000 28,210
Enterprise Oil, PLC 5,000 33,776
Lasmo, PLC 11,000 30,751
Shell Transportation &
Trading Company, PLC 25,173 152,400
------------
553,207
------------
PHARMACEUTICALS (1.0%)
Glaxo Wellcome, PLC 12,851 379,126
Smithkline Beecham, PLC 14,708 162,591
Zeneca Group, PLC 4,000 141,050
------------
682,767
------------
REAL ESTATE (0.1%)
Land Securities, PLC 4,282 66,583
------------
RESTAURANTS (0.1%)
Whitbread, PLC 3,700 47,284
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
RETAIL (0.4%)
Dixons Group, PLC 4,850 $ 49,576
Great Universal Stores,
PLC 5,834 65,583
Kingfisher, PLC 6,000 55,927
Marks & Spencer, PLC 8,198 62,728
Next, PLC 3,000 21,489
------------
255,303
------------
TELECOMMUNICATIONS (0.8%)
British Telecom, PLC 24,966 333,690
Cable & Wireless
Communications, PLC* 5,000 33,776
Cable & Wireless, PLC 10,000 98,141
Carlton Communications,
PLC 1,000 6,687
Vodafone Group, PLC 3,925 45,457
------------
517,751
------------
TRANSPORTATION & SHIPPING (0.2%)
British Airways, PLC 3,500 21,472
Peninsular & Orient
Steam Nav 4,250 40,699
Railtrack Group, PLC 2,600 74,495
------------
136,666
------------
UTILITIES (0.2%)
British Gas, PLC 8,911 61,899
United Utilities, PLC 4,000 64,611
------------
126,510
------------
5,488,659
------------
UNITED STATES (38.8%)
AEROSPACE & MILITARY TECHNOLOGY (0.7%)
Boeing Co. 2,600 89,213
General Dynamics Corp. 1,000 50,188
Goodrich (B.F) Co. 4,000 130,750
United Technologies
Corp. 2,400 183,449
------------
453,600
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
28
<PAGE> 30
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
AUTOMOTIVE (0.9%)
Chrysler Corp. 1,900 $ 90,963
Dana Corp. 2,200 82,088
Ford Motor Co. 4,300 201,830
General Motors Corp. 2,200 120,313
Navistar International
Corp.* 400 9,050
TRW, Inc. 1,800 79,875
------------
584,119
------------
BANKING (3.4%)
Ahmanson (H.F.) & Co. 300 16,650
Banc One Corp. 990 42,199
Bankamerica Corp. 5,600 336,699
Bankers Trust New York
Corp. 2,100 123,900
Chase Manhattan Corp. 5,700 246,525
Citicorp 4,600 427,512
Comerica, Inc. 3,450 189,103
First Chicago NBD Corp. 200 13,700
First Union Corp. 2,000 102,375
Fleet Financial Group,
Inc. 2,600 190,938
MBNA Corp. 2,400 68,700
Mellon Bank Corp. 3,100 170,694
Nations Bank 200 10,700
Republic New York Corp. 300 11,850
Southtrust Corp. 1,700 59,394
State Street Corp. 100 5,456
Suntrust Banks, Inc. 2,800 173,600
Wells Fargo & Co. 400 142,000
------------
2,331,995
------------
BEVERAGES & TOBACCO (1.7%)
Anheuser Busch 400 21,600
Coca-Cola Co. 5,400 311,175
Coca-Cola Enterprises 5,200 131,300
Coors (Adolph), Class B 2,000 91,875
Pepsico, Inc. 5,200 153,075
Philip Morris
Companies, Inc. 7,900 363,894
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Seagram Company Ltd. 1,300 $ 37,294
Universal Corp., Va 2,200 78,650
------------
1,188,863
------------
BIOTECHNOLOGY (0.1%)
Pioneer Hi-Bred
International, Inc. 1,500 39,375
------------
BROADCASTING/CABLE (0.2%)
Comcast Corp., Special
Class A 400 18,775
Tele-Communications TCI
Group., Class A* 2,500 97,813
------------
116,588
------------
BUILDING PRODUCTS (0.0%)
Owens Corning Co. 300 9,769
------------
CHEMICALS (0.6%)
Air Products &
Chemical, Inc. 200 5,950
Dow Chemical Co. 1,500 128,156
Du Pont (E.I.) De
Nemours 3,200 179,599
Praxair, Inc. 1,400 45,763
Rohm & Haas Co. 1,800 50,063
------------
409,531
------------
COMMERCIAL SERVICES (0.1%)
Cendant Corp.* 1,500 17,438
Equifax, Inc. 800 28,550
Paychex, Inc. 650 33,515
------------
79,503
------------
COMPUTER HARDWARE (2.3%)
Cisco Systems, Inc.* 5,325 329,151
Compaq Computer Corp. 4,900 154,963
Dell Computer Corp.* 4,000 262,999
EMC Corp.* 2,000 114,375
Gateway 2000, Inc.* 1,700 88,613
Hewlett-Packard Co. 3,700 195,869
IBM Corp. 3,100 396,799
------------
1,542,769
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
29
<PAGE> 31
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE & PERIPHERALS (1.9%)
Automatic Data
Processing, Inc. 2,200 $ 164,450
BMC Software, Inc.* 2,200 132,138
Computer Associates
International, Inc. 2,650 98,050
First Data Corp. 3,500 82,250
Microsoft, Inc.* 6,600 726,412
Network Associates,
Inc.* 100 3,550
Oracle Corp.* 2,600 75,725
------------
1,282,575
------------
CONSTRUCTION (0.2%)
Kaufman & Broad Home
Corp. 1,500 35,156
Masco Corp. 1,600 39,400
Vulcan Materials Co. 700 70,832
------------
145,388
------------
CONSUMER GOODS & SERVICES (1.5%)
Avon Products, Inc. 1,800 50,513
Black & Decker Corp. 1,700 70,763
Colgate Palmolive Co. 600 41,100
Eastman Kodak Co. 1,100 85,043
Enesco Group, Inc. 700 17,369
Fortune Brands, Inc. 2,800 82,950
Fruit Of the Loom,
Inc., Class A* 600 9,038
Gillette Co. 3,000 114,749
Hasbro, Inc. 2,100 61,950
Interpublic Group
Companies, Inc. 600 32,363
Kimberly-Clark Corp. 900 36,450
Liz Claiborne, Inc. 500 13,094
Mattel 1,600 44,800
Maytag Corp. 700 33,425
Procter & Gamble Co. 4,200 297,937
Robert Half
International, Inc.* 300 12,956
------------
1,004,500
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
CONTAINERS & PACKAGING (0.1%)
Ball Corp. 1,000 $ 35,250
Owens-Illinois, Inc.* 2,000 50,000
------------
85,250
------------
ELECTRIC UTILITY (1.2%)
Cinergy Corp. 300 11,475
DTE Energy Co. 2,400 108,450
Entergy Corp. 8,400 258,299
Florida Power & Light
Group, Inc. 2,600 181,188
PECO Energy Co. 1,100 40,219
PG&E Corp. 6,000 191,625
------------
791,256
------------
ELECTRICAL & ELECTRONIC (1.4%)
Emerson Electric Co. 500 31,125
Firstenergy Corp. 1,700 52,806
General Electric Co. 7,100 564,893
Honeywell, Inc. 2,300 147,344
Houston Industries,
Inc. 700 21,788
Johnson Controls, Inc. 2,100 97,650
Pacificorp 2,200 42,213
Sci Systems, Inc.* 500 13,469
------------
971,288
------------
ENVIRONMENTAL SERVICES (0.2%)
Waste Management, Inc. 2,200 105,738
------------
FINANCIAL SERVICES (1.4%)
American Express Co. 1,200 93,150
Associates First
Capital, Class A 1,441 94,025
Bear Stearns Companies,
Inc. 500 15,469
Capital One Financial
Corp. 300 31,050
Fannie Mae 3,200 205,600
Freddie Mac 3,100 153,256
Golden West Financial
Corp. 100 8,181
Household
International, Inc. 1,100 41,250
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
30
<PAGE> 32
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
J.P. Morgan 100 $ 8,463
Merrill Lynch & Co. 800 37,900
Morgan Stanley Dean
Witter, Discover &
Co. 4,000 172,250
Washington Mutual, Inc. 2,550 86,063
------------
946,657
------------
FOOD PRODUCTS & SERVICES (1.2%)
American Stores Co. 2,900 93,344
Archer Daniels Midland
& Co. 7,665 128,388
Bob Evans Farms 2,600 51,838
Campbell Soup Co. 300 15,056
Conagra, Inc. 2,400 64,650
Cracker Barrel Old
Country Store 1,000 22,750
Dean Foods Co. 2,100 92,400
International
Multifoods Corp. 700 11,506
Interstate Bakeries 2,800 86,800
Kroger Co.* 800 40,000
McDonald's Corp. 1,600 95,500
Sara Lee, Inc. 1,100 59,400
Supervalu, Inc. 1,200 27,975
Sysco Corp. 2,200 51,838
------------
841,445
------------
FUNERAL SERVICES (0.1%)
Services Corporation
International 2,200 70,125
------------
HEALTH CARE (0.2%)
Columbia/HCA Healthcare
Corp. 800 16,050
Healthsouth Corp.* 2,200 23,238
Humana, Inc.* 1,700 27,838
Tenet Healthcare Corp.* 400 11,500
United Healthcare Corp. 1,400 48,999
------------
127,625
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
HOTELS & LODGING (0.1%)
Hilton Hotels Corp. 1,300 $ 22,181
Marriott International,
Class A 1,800 42,975
------------
65,156
------------
INDUSTRIAL GOODS & SERVICES (0.0%)
Kaydon Corp. 500 13,156
------------
INSURANCE (2.1%)
Aetna, Inc. 900 62,550
Allstate Corp. 5,400 225,113
American International
Group, Inc. 2,700 207,900
Aon Corp. 1,000 64,500
Cigna Corp. 600 39,675
Conseco, Inc. 500 15,281
Hartford Financial
Services 1,600 75,900
Jefferson Pilot Corp. 1,200 72,600
Loews Corp. 800 67,500
MBIA, Inc. 300 16,106
MGIC Investment Corp. 1,000 36,875
Progressive Corp. 1,100 124,025
St. Paul Cos 1,200 39,000
Sunamerica, Inc. 800 48,800
Transamerica Corp. 1,100 116,600
Travelers Group, Inc. 5,850 219,375
------------
1,431,800
------------
MACHINERY & EQUIPMENT (0.4%)
Caterpillar, Inc. 1,800 80,212
Deere & Co. 800 24,200
Dover Corp. 2,500 77,188
Halliburton Co. 2,700 77,119
Ingersoll-Rand Co. 900 34,144
------------
292,863
------------
MANUFACTURING (1.2%)
Brunswick Corp. 2,100 27,169
Cooper Industries, Inc. 700 28,525
Corning, Inc. 600 17,663
Hon Industries 800 18,900
Illinois Tool Works 600 32,700
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
31
<PAGE> 33
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Mark IV Industries,
Inc. 5,000 $ 72,813
Parker Hannifin Corp. 200 5,938
Pentair, Inc. 600 19,350
Raychem Corp. 500 12,188
Raytheon Co., Class B 100 5,394
Tenneco, Inc. 4,600 151,224
Textron, Inc. 2,500 151,562
Tyco International Ltd. 4,800 265,199
------------
808,625
------------
MEDIA (0.1%)
Media One Group, Inc.* 2,300 102,206
------------
MEDICAL EQUIPMENT & SUPPLIES (1.1%)
Amgen, Inc.* 1,100 83,119
Baxter International,
Inc. 900 53,550
Becton Dickinson & Co. 2,000 82,250
Boston Scientic Corp.* 600 30,825
Guidant Corp. 2,000 148,500
Johnson & Johnson 4,800 375,600
------------
773,844
------------
METALS & MINING (0.1%)
Aluminum Company of
America 700 49,700
Asarco, Inc. 1,000 19,125
------------
68,825
------------
OFFICE EQUIPMENT & SERVICES (0.2%)
Xerox Corp. 1,900 161,025
------------
OIL & GAS (2.8%)
Amoco Corp. 4,500 242,437
Ashland Inc. 600 27,750
Baker Hughes, Inc. 2,200 46,063
Chevron Corp. 1,300 109,281
Coastal Corp. 3,400 114,750
Consolidated Natural
Gas Co. 200 10,900
Exxon Corp. 7,800 547,462
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Mobil Corp. 4,400 $ 334,124
Royal Dutch Petroleum,
NY Shares 1,900 90,488
Schlumberger Ltd. 1,700 85,531
Texaco, Inc. 2,400 150,450
USX-Marathon Group 5,000 177,188
------------
1,936,424
------------
PAPER PRODUCTS (0.4%)
Fort James Corp. 4,100 134,530
Georgia Pacific Corp. 600 27,375
International Paper Co. 1,300 60,613
Mead Corp. 1,000 29,438
Weyerhaeuser Co. 500 21,094
------------
273,050
------------
PHARMACEUTICALS (4.4%)
Abbott Laboratories 500 21,719
Alza Corp.* 300 13,013
American Home Products
Corp. 2,500 130,938
Bergen Brunswig Corp.,
Class A 3,200 161,800
Bristol-Myers Squibb
Co. 2,400 249,300
Cardinal Health, Inc. 2,000 206,500
Eli Lilly & Co. 2,800 219,275
ICN Pharmaceuticals,
Inc. 1,700 29,750
McKesson Corp. 3,000 274,875
Merck & Company, Inc. 4,300 557,118
Mylan Laboratories 3,900 115,050
Pfizer, Inc. 4,800 508,499
Schering-Plough Corp. 1,900 196,769
Warner-Lambert Co. 4,800 362,399
------------
3,047,005
------------
PRINTING & PUBLISHING (0.5%)
New York Times Co.,
Class A 2,700 74,250
R.R. Donnelley Co. 3,800 133,713
Viacom, Inc., Class B* 2,800 162,400
------------
370,363
------------
RESORTS & ENTERTAINMENT (0.2%)
Walt Disney Co. 6,600 167,063
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
32
<PAGE> 34
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
RETAIL (2.0%)
Dayton Hudson Corp. 4,200 $ 150,150
Dollar General 2,250 59,906
Federated Department
Stores* 1,600 58,200
GAP, Inc. 2,250 118,688
Home Depot, Inc. 6,100 240,949
J.C. Penney Company,
Inc. 200 8,988
K Mart Corp.* 5,800 69,238
Limited, Inc. 3,000 65,813
Lowe's Cos 1,600 50,900
Office Depot, Inc.* 1,600 35,900
Rite Aid Corp. 4,300 152,650
Sears, Roebuck & Co. 1,700 75,119
Staples* 1,800 52,875
TJX Companies, Inc. 1,400 24,938
V.F. Corp. 600 22,275
Wal-Mart Stores, Inc. 3,800 207,574
------------
1,394,163
------------
STEEL (0.0%)
Bethlehem Steel Corp.* 3,600 29,700
------------
TECHNOLOGY (1.5%)
HBO & Co. 2,000 57,750
Intel Corp. 6,600 565,950
Motorola, Inc. 3,200 136,600
Rockwell International
Corp. 600 21,675
Sun Microsystems, Inc.* 1,700 84,681
Tektronix, Inc. 2,600 40,300
Texas Instruments, Inc. 1,700 89,675
------------
996,631
------------
TELECOMMUNICATIONS (1.9%)
Airtouch
Communications, Inc.* 1,400 79,800
AT&T Corp. 2,700 157,781
BellSouth Corp. 3,500 263,375
Lucent Technologies,
Inc. 5,200 359,124
MCI Worldcom, Inc.* 4,700 229,713
Nextel Communications,
Inc., Class A* 800 16,150
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Northern Telecom Ltd. 1,300 $ 41,600
Tellabs, Inc.* 3,800 151,288
------------
1,298,831
------------
TIRE & RUBBER (0.0%)
Goodyear Tire & Rubber
Co. 200 10,275
------------
TRANSPORTATION & SHIPPING (0.3%)
Burlington Northern
Santa Fe 2,700 86,399
CSX Corp. 1,100 46,269
FDX Corp.* 700 31,588
Laidlaw, Inc. 1,000 9,438
Southwest Airlines 2,100 42,000
------------
215,694
------------
UTILITIES (0.1%)
Enron Corp. 1,200 63,375
------------
26,648,033
- --------------------------------------------------
TOTAL COMMON STOCKS
(COST $45,780,182) 45,342,182
- --------------------------------------------------
- --------------------------------------------------
PREFERRED STOCKS (0.2%)
GERMANY (0.2%)
COMPUTER SOFTWARE & PERIPHERALS (0.2%)
SAP, AG 190 90,149
------------
RETAIL (0.0%)
Metro, AG 240 9,908
------------
100,057
------------
NETHERLANDS (0.0%)
BANKING (0.0%)
ABN Amro Holding 6,000 17,665
- --------------------------------------------------
TOTAL PREFERRED STOCKS
(COST $68,577) 117,722
- --------------------------------------------------
- --------------------------------------------------
RIGHTS-FOREIGN SECURITIES (0.0%)
NETHERLANDS (0.0%)
BANKING (0.0%)
Ing Groep, NV 2,504 1,727
------------
TELECOMMUNICATIONS (0.0%)
Koninklijke Ahold, NV 1,200 356
------------
2,083
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
33
<PAGE> 35
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
NORWAY (0.0%)
BANKING (0.0%)
Sparebanken Nor-Cap,
CTF @ 100 100 $ 277
- --------------------------------------------------
TOTAL RIGHTS-FOREIGN SECURITIES
(COST $0) 2,360
- --------------------------------------------------
- --------------------------------------------------
WARRANTS-FOREIGN SECURITIES (0.0%)
HONG KONG (0.0%)
OIL & GAS (0.0%)
Hong Kong & China Gas @
13.50 1,000 45
------------
UNITED KINGDOM (0.0%)
ELECTRICAL & ELECTRONIC (0.0%)
General Electric @ 5.67 201 436
- --------------------------------------------------
TOTAL WARRANTS-FOREIGN SECURITIES
(COST $0) 481
- --------------------------------------------------
- --------------------------------------------------
U.S. TREASURY BONDS (5.1%)
UNITED STATES (5.1%)
U.S. TREASURY BONDS
(5.1%)
U.S. Treasury Bond,
8.50%, 02/15/20 $1,180,000 1,679,942
U.S. Treasury Bond,
6.00%, 02/15/26 1,650,000 1,843,001
------------
3,522,943
- --------------------------------------------------
TOTAL U.S. TREASURY BONDS
(COST $3,210,507) 3,522,943
- --------------------------------------------------
- --------------------------------------------------
U.S. TREASURY NOTES (25.5%)
UNITED STATES (25.5%)
U.S. TREASURY NOTES (25.5%)
U.S. Treasury Note,
8.50%, 02/15/00 950,000 1,000,198
U.S. Treasury Note,
5.88%, 09/30/02 8,940,000 9,426,246
U.S. Treasury Note,
6.63%, 05/15/07 1,800,000 2,070,990
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
U.S. Treasury Note,
6.13%, 08/15/07 $4,435,000 $ 4,961,213
------------
17,458,647
- --------------------------------------------------
TOTAL U.S. TREASURY NOTES
(COST $16,303,659) 17,458,647
- --------------------------------------------------
- --------------------------------------------------
DAILY SWEEP VEHICLE (2.6%)
United States (2.6%)
Bank of New York Cash
Sweep 1,799,460 1,799,460
- --------------------------------------------------
TOTAL DAILY SWEEP VEHICLE
(COST $1,799,460) 1,799,460
- --------------------------------------------------
TOTAL INVESTMENTS
(COST $67,162,385) (A) -- 99.5% 68,243,795
- --------------------------------------------------
OTHER ASSETS IN EXCESS OF LIABILITIES 0.5% 323,474
- --------------------------------------------------
TOTAL NET ASSETS -- 100.0% $68,567,269
- --------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $68,567,269.
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax reporting of
approximately $97,015. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 7,657,906
Unrealized depreciation (6,673,511)
------------
Net unrealized
appreciation $ 984,395
============
</TABLE>
* Denotes non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
34
<PAGE> 36
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
CORPORATE BONDS (21.2%)
BANKING (2.5%)
Chase Manhattan Corp.,
10.13%, 11/01/00 $1,000,000 $ 1,095,000
Interamerican
Development Bank,
8.40%, 09/01/09 100,000 127,125
MBNA American Bank,
6.92%, 05/30/00 550,000 565,125
Mellon Bank, 7.63%,
09/15/07 100,000 113,750
Union Planters, 6.25%,
11/01/03 1,100,000 1,141,250
Wells Fargo & Co.,
7.13%, 08/15/06 500,000 553,750
------------
3,596,000
------------
BEVERAGES & TOBACCO (1.9%)
Anheuser Busch Cos.,
8.75%, 12/01/99 1,000,000 1,038,750
Pepsico, Inc., 7.63%,
11/01/98 500,000 500,637
Seagram Co. Ltd.,
8.35%, 11/15/06 1,000,000 1,173,750
------------
2,713,137
------------
COMPUTER HARDWARE (0.6%)
IBM Corp., 7.00%,
10/30/25 800,000 892,000
------------
CONSUMER GOODS & SERVICES (0.0%)
Maytag Corp., 8.88%,
07/15/99 27,000 27,743
------------
ELECTRIC UTILITY (0.7%)
Consolidated Edison,
6.63%, 02/01/02 500,000 525,625
Philadelphia Electric,
6.63%, 03/01/03 500,000 530,625
------------
1,056,250
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (6.8%)
Associates Corp. N.A.,
6.63%, 06/15/05 $2,000,000 $ 2,152,499
Ford Motor Credit
Corp., 7.75%,
03/15/05 500,000 560,625
Green Tree, 10.25%,
06/01/02 16,000 18,300
Nationsbank Corp.,
8.57%, 11/15/24 1,000,000 1,240,000
Regions Financial
Corp., 7.75%, 9/15/24 2,495,000 3,096,918
Sunamerica, Inc.,
6.59%, 07/14/03 150,000 159,563
Sunamerica, Inc.,
8.13%, 04/28/23 75,000 89,625
Texaco Capital, 8.50%,
02/15/03 1,300,000 1,478,750
Travelers Group, 6.25%,
12/01/05 1,200,000 1,261,500
------------
10,057,780
------------
HOTELS & LODGING (0.4%)
Hilton Hotels, 7.70%,
07/15/02 500,000 515,000
------------
INDUSTRIAL GOODS & SERVICES (3.1%)
Bowater, Inc., 9.00%,
08/01/09 500,000 642,500
Brunswick Corp., 7.38%,
09/01/23 1,000,000 1,116,250
Harsco Corp., 6.00%,
09/15/03 500,000 519,375
Loral Corp., 7.63%,
06/15/25 500,000 584,375
Lowes Companies, Inc.,
7.11%, 05/15/37 1,000,000 1,157,500
Tenneco, Inc., 6.70%,
12/15/05 500,000 513,125
------------
4,533,125
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
35
<PAGE> 37
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
OIL & GAS (2.8%)
Ashland Oil, Inc.,
9.20%, 04/24/06 $ 500,000 $ 600,000
Columbia Gas Systems,
6.80%, 11/28/05 500,000 540,000
Piedmont Natural Gas,
7.40%, 10/03/25 1,700,000 1,863,625
Union Texas Petroleum,
8.38%, 03/15/05 1,000,000 1,152,500
------------
4,156,125
------------
PHARMACEUTICALS (0.4%)
Eli Lilly, 8.38%,
12/01/06 500,000 607,500
------------
RETAIL (0.4%)
Limited, Inc., 7.80%,
05/15/02 500,000 536,875
Wal-Mart Stores, 6.75%,
05/15/02 2,000 2,123
------------
538,998
------------
TELECOMMUNICATIONS (1.3%)
Airtouch
Communications,
7.00%, 10/01/03 665,000 718,200
Bellsouth
Telecommunications,
6.50%, 02/01/00 150,000 152,625
Bellsouth
Telecommunications,
7.00%, 10/01/25 500,000 560,625
Bellsouth
Telecommunications,
5.85%, 11/15/45 500,000 509,375
------------
1,940,825
------------
TRANSPORTATION & SHIPPING (0.3%)
Norfolk Western
Railroad, 8.13%,
11/15/03 250,000 284,688
Union Tank Car, 11.80%,
05/15/00 89,000 96,676
------------
381,364
- --------------------------------------------------
TOTAL CORPORATE BONDS
(COST $29,216,738) 31,015,847
- --------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
FOREIGN (3.9%)
FOREIGN GOVERNMENTS (3.9%)
Canadian Global Bond,
6.50%, 05/30/00 $ 750,000 $ 770,625
Canadian Global Bond,
6.38%, 07/21/05 1,000,000 1,082,499
China, 6.63%, 01/15/03 500,000 498,125
Province of Ontario,
7.00%, 08/04/05 1,500,000 1,650,000
State of Israel, 6.38%,
12/15/05 495,000 503,044
Thailand Kingdom,
8.25%, 03/15/02 1,306,000 1,186,828
- --------------------------------------------------
TOTAL FOREIGN
(COST $5,633,019) 5,691,121
- --------------------------------------------------
- --------------------------------------------------
MORTGAGE BACKED SECURITIES (27.8%)
FANNIE MAE (3.8%)
Fannie Mae #251140,
7.00%, 08/01/27 455,117 467,236
Fannie Mae #303585,
7.00%, 10/01/25 570,975 585,928
Fannie Mae #313644,
7.00%, 08/01/27 216,519 222,261
Fannie Mae #344263,
7.00%, 05/01/26 272,697 279,861
Fannie Mae #364630,
7.00%, 12/01/26 937,023 962,023
Fannie Mae #369427,
7.00%, 01/01/27 182,270 187,075
Fannie Mae #373820,
7.00%, 03/01/27 908,151 932,353
Fannie Mae #394444,
7.00%, 07/01/27 1,350,122 1,386,076
Fannie Mae #396535,
7.00%, 11/01/27 561,241 576,271
------------
5,599,084
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
36
<PAGE> 38
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FREDDIE MAC (4.0%)
Freddie Mac #C00544,
6.50%, 06/01/27 $ 585,441 $ 595,850
Freddie Mac #D77827,
6.50%, 02/01/27 919,615 935,884
Freddie Mac #D81274,
6.50%, 07/01/27 35,732 36,367
Freddie Mac #D83661,
6.50%, 11/01/27 924,889 941,279
Freddie Mac #D83833,
6.50%, 11/01/27 885,349 901,046
Freddie Mac #D83835,
6.50%, 11/01/27 564,419 574,460
Freddie Mac #D83900,
6.50%, 11/01/27 598,264 608,889
Freddie Mac #D83967,
6.50%, 11/01/27 52,723 53,660
Freddie Mac #D83991,
6.50%, 11/01/27 802,391 816,609
Freddie Mac #D84075,
6.50%, 11/01/27 364,665 371,105
------------
5,835,149
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (20.0%)
Government National
Mortgage Association
#410424, 7.00%,
11/15/12 1,935,701 1,998,379
Government National
Mortgage Association
#437447, 7.00%,
11/15/12 1,913,892 1,975,883
Government National
Mortgage Association
#437488, 7.00%,
11/15/12 975,917 1,007,527
Government National
Mortgage Association
#458347, 7.00%,
11/15/12 25,436 955,253
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Government National
Mortgage Association
#780717, 7.00%,
02/15/28 $5,786,623 $ 5,988,577
Government National
Mortgage Association
II #2005, 8.00%,
05/20/25 307,798 318,632
Government National
Mortgage Association
II #2036, 8.00%,
07/20/25 174,010 180,167
Government National
Mortgage Association
II #2118, 7.50%,
11/20/25 169,184 174,683
Government National
Mortgage Association
II #2271, 8.50%,
08/20/26 533,447 557,436
Government National
Mortgage Association
II #2362, 8.00%,
01/20/27 11,665 115,680
Government National
Mortgage Association
II #2379, 8.00%,
02/20/27 82,573 85,541
Government National
Mortgage Association
II #2414, 8.00%,
04/20/27 121,435 125,815
Government National
Mortgage Association
II #2433, 8.00%,
05/20/27 1,859,269 1,926,370
Government National
Mortgage Association
II #2473, 7.50%,
08/20/27 1,502,126 1,550,044
Government National
Mortgage Association
II #2474, 8.00%,
08/20/27 1,425,334 1,477,002
Government National
Mortgage Association
II #2498, 7.50%,
10/20/27 859,001 886,541
Government National
Mortgage Association
II #2511, 7.50%,
11/20/27 2,615,899 2,699,738
Government National
Mortgage Association
II #2512, 8.00%,
11/20/27 398,454 412,993
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
37
<PAGE> 39
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Government National
Mortgage Association
II #2516, 6.50%,
11/20/12 $ 918,016 $ 933,944
Government National
Mortgage Association
II #2576, 6.00%,
4/20/28 5,944,712 5,942,810
------------
29,313,015
- --------------------------------------------------
TOTAL MORTGAGE BACKED SECURITIES
(COST $39,836,130) 40,747,248
- --------------------------------------------------
U.S. GOVERNMENT SPONSORED ENTERPRISE/
U.S. AGENCY DEBENTURES (23.9%)
FANNIE MAE (6.3%)
Fannie Mae, 6.06%,
06/21/99 1,000,000 1,007,320
Fannie Mae, 6.03%,
07/07/99 800,000 805,672
Fannie Mae, 5.48%,
07/09/99 2,500,000 2,507,624
Fannie Mae, 5.26%,
08/09/99 1,000,000 959,440
Fannie Mae, 8.55%,
08/30/99 500,000 515,265
Fannie Mae, 6.02%,
09/17/99 1,500,000 1,513,545
Fannie Mae, 5.50%,
02/02/01 1,500,000 1,525,695
Fannie Mae, 6.80%,
01/10/03 500,000 539,185
Fannie Mae, 7.65%,
03/10/05 20,000 23,006
------------
9,396,752
------------
FEDERAL FARM CREDIT BANK (2.6%)
Federal Farm Credit
Bank, 5.50%, 09/01/99 2,000,000 2,007,860
Federal Farm Credit
Bank, 6.32%, 06/04/01 100,000 103,968
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Federal Farm Credit
Bank, 9.20%, 08/22/05 $ 100,000 $ 124,884
Federal Farm Credit
Bank, 6.20%, 11/30/09 1,410,000 1,554,567
------------
3,791,279
------------
FEDERAL HOME LOAN BANK (5.8%)
Federal Home Loan Bank,
6.085%, 09/09/99 3,000,000 3,028,260
Federal Home Loan Bank,
7.40%, 10/20/99 1,000,000 1,023,750
Federal Home Loan Bank,
5.815%, 11/26/99 1,000,000 1,008,380
Federal Home Loan Bank,
5.825%, 11/26/99 1,000,000 1,008,490
Federal Home Loan Bank,
5.88%, 02/23/06 1,110,000 1,174,269
Federal Home Loan Bank,
5.92%, 07/08/08 1,195,000 1,280,956
------------
8,524,105
------------
FREDDIE MAC (1.8%)
Freddie Mac, 7.125%,
07/21/99 1,000,000 1,015,990
Freddie Mac, 6.40%,
08/01/00 1,000,000 1,029,620
Freddie Mac, 7.13%,
11/18/02 500,000 544,610
------------
2,590,220
------------
GENERAL SERVICES ADMINISTRATION (5.0%)
National Archive,
8.50%, 09/01/19 5,626,215 7,250,785
------------
HOUSING URBAN DEVELOPMENT (0.1%)
HUD, 8.15%, 08/01/00 75,000 79,500
------------
STUDENT LOAN MARKETING ASSOCIATION (0.8%)
Student Loan Marketing
Association, 8.44%,
12/01/16 450,000 596,966
Student Loan Marketing
Association Global,
7.50%, 03/08/00 500,000 519,835
------------
1,116,801
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
38
<PAGE> 40
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
TENNESSEE VALLEY AUTHORITY (1.5%)
Tennessee Valley
Authority, 5.98%,
04/01/36 $1,650,000 $ 1,689,188
Tennessee Valley
Authority, 6.75%,
11/01/25 500,000 573,125
------------
2,262,313
- --------------------------------------------------
TOTAL U.S. GOVERNMENT SPONSORED
ENTERPRISE/
U.S. AGENCY DEBENTURES
(COST $33,346,180) 35,011,755
- --------------------------------------------------
- --------------------------------------------------
U.S. TREASURY DEBENTURES (22.0%)
U.S. TREASURY BONDS (10.2%)
U.S. Treasury Bond,
11.75%, 02/15/01 1,139,000 1,327,470
U.S. Treasury Bond,
13.125%, 05/15/01 1,000,000 1,215,120
U.S. Treasury Bond,
13.375%, 08/15/01 1,000,000 1,240,170
U.S. Treasury Bond,
15.75%, 11/15/01 1,500,000 1,991,925
U.S. Treasury Bond,
14.25%, 02/15/02 1,000,000 1,305,450
U.S. Treasury Bond,
11.875%, 11/15/03 1,600,000 2,137,633
U.S. Treasury Bond,
13.75%, 08/15/04 1,000,000 1,475,860
U.S. Treasury Bond,
11.625%, 11/15/04 500,000 690,045
U.S. Treasury Bond,
12.00%, 05/15/05 160,000 228,398
U.S. Treasury Bond,
11.25%, 02/15/15 1,000,000 1,700,410
U.S. Treasury Bond,
8.875%, 02/15/19 250,000 365,230
U.S. Treasury Bond,
6.75%, 08/15/26 1,000,000 1,226,090
------------
14,903,801
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
U.S. TREASURY NOTES (8.5%)
U.S. Treasury Note,
9.125%, 05/15/99 $ 995,000 $ 1,021,596
U.S. Treasury Note,
6.875%, 03/31/00 2,100,000 2,172,051
U.S. Treasury Note,
5.875%, 06/30/00 1,000,000 1,024,120
U.S. Treasury Note,
5.75%, 10/31/00 500,000 513,465
U.S. Treasury Note,
8.50%, 11/15/00 4,800,000 5,194,224
U.S. Treasury Note,
5.25%, 01/31/01 250,000 254,868
U.S. Treasury Note,
7.50%, 11/15/01 1,000,000 1,089,740
U.S. Treasury Note,
6.375%, 08/15/02 200,000 213,910
U.S. Treasury Notes,
5.50%, 5/31/00 1,000,000 1,017,070
------------
12,501,044
------------
PRINCIPAL ONLY STRIPPED SECURITIES (3.3%)
U.S. Treasury 6.04%,
05/15/00 1,200,000 1,118,364
U.S. Treasury, 6.03%,
05/15/99 500,000 485,600
U.S. Treasury, 5.86%,
11/15/99 500,000 474,960
U.S. Treasury , 6.04%,
05/15/00 2,100,000 1,956,528
U.S. Treasury, 5.84%,
08/15/01 350,000 309,218
U.S. Treasury, 5.76%,
08/15/01 500,000 441,860
------------
4,786,530
------------
INTEREST ONLY STRIPPED SECURITY (0.0%)
U.S. Treasury, 4.92%,
02/15/19 100,000 33,772
- --------------------------------------------------
TOTAL U.S. TREASURY
DEBENTURES
(COST $30,661,208) 32,225,147
- --------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
39
<PAGE> 41
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
DAILY SWEEP VEHICLE (0.5%)
Bank of New York Cash
Sweep $ 710,188 $ 710,188
- --------------------------------------------------
TOTAL DAILY SWEEP VEHICLE
(COST $710,188) 710,188
- --------------------------------------------------
TOTAL INVESTMENTS
(COST $139,403,463) (a) -- 99.3% 145,401,306
- --------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES 0.7% 1,065,283
- --------------------------------------------------
TOTAL NET ASSETS -- 100.0% $146,466,589
- --------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $146,466,589.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 6,119,170
Unrealized depreciation (121,327)
-----------
Net unrealized
appreciation $ 5,997,843
===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
40
<PAGE> 42
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
PRIME MONEY MARKET FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
COMMERCIAL PAPER (27.7%)
BANKING (0.6%)
Banca CRT Financial
Corp., 5.63%.,
10/26/98 $ 400,000 $ 398,458
Banca CRT Financial
Corp., 5.61%,
10/30/98 500,000 497,773
------------
896,231
------------
BUSINESS SERVICES (1.1%)
Corporate One Credit
Union, 5.62%,
10/13/98 1,700,000 1,696,861
------------
FINANCIAL SERVICES (19.3%)
Bank One Funding,
5.63%, 10/16/98 (a) 2,000,000 1,995,375
Cooperative
Association of
Tractors Dealers A,
5.62%, 10/13/98 500,000 499,077
Cooperative
Association of
Tractors Dealers A,
5.64%, 10/20/98 2,100,000 2,093,838
Cooperative
Association of
Tractors Dealers B,
5.65%, 10/09/98 175,000 174,783
Cooperative
Association of
Tractors Dealers B,
5.65%, 10/14/98 2,000,000 1,995,977
CSW Credit, Inc.,
5.61%, 10/13/98 2,000,000 1,996,313
Eastern Corp. Credit
Union, 5.63%,
10/22/98 2,000,000 1,993,525
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
Fleet Funding Corp.,
5.61%, 10/20/98 (a) $ 3,000,000 $ 2,991,243
Ford Motor Credit
Co., 5.63%,
10/06/98 750,000 749,422
Fuji Photo Film
Finance USA, 5.63%,
10/14/98 490,000 489,018
General Re
Corporation, 5.63%,
10/13/98 100,000 99,815
GMAC, 5.65%, 10/23/98 1,100,000 1,096,256
JHM Funding, 5.63%,
10/23/98 (a) 3,000,000 2,989,825
JMG Funding, 5.63%,
10/30/98 1,500,000 1,493,294
Mid-States Corporate
Federal Credit,
5.65%, 10/16/98 1,213,000 1,210,185
Mid-States Corporate
Federal Credit,
5.39%, 10/26/98 2,280,000 2,271,577
Receivables Capital
Corp., 5.62%,
10/14/98 267,000 266,466
St. Michael Finance
Ltd., 5.61%,
10/15/98 2,250,000 2,245,161
Toyota Motor Credit
Corp., 5.60%,
10/23/98 1,000,000 996,627
Wisconsin Corporate
Central Credit,
5.61%, 10/16/98 2,000,000 1,995,392
------------
29,643,169
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
41
<PAGE> 43
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
FOREIGN BANKING (0.7%)
Banque Generale Du
Luxembourg, 5.63%,
10/13/98 $ 1,000,000 $ 998,150
------------
FOREIGN GOVERNMENT AGENCY (1.8%)
Australia Wheat
Board, 5.60%,
10/16/98 2,800,000 2,793,560
------------
OIL & GAS (4.2%)
American Petrofina
Holding, 5.59%,
10/22/98 (a) 2,000,000 1,993,572
Bayshore Fuel Co.,
5.61%, 10/16/98 418,000 417,037
Shell Oil Co., TR,
5.63%, 10/02/98 (a) 4,000,000 3,999,383
------------
6,409,992
- --------------------------------------------------
TOTAL COMMERCIAL PAPER
(COST $42,437,963) 42,437,963
- --------------------------------------------------
- --------------------------------------------------
CORPORATE BONDS (13.2%)
BANKING (1.6%)
Bank of New York,
5.53%, 02/25/99 2,000,000 1,999,381
International Bank
for Reconstruction
and Development,
9.42%, 12/15/98 400,000 402,750
------------
2,402,131
------------
CONSUMER GOODS & SERVICES (0.2%)
Eastman Kodak, 7.25%,
07/01/99 300,000 303,178
------------
FINANCIAL SERVICES (10.4%)
American Express Co.,
5.63%, 01/14/99 (a) 2,000,000 2,000,000
American Express Co.,
7.375%, 02/01/99
(a) 3,660,000 3,679,595
Associates Corp.,
7.50%, 05/15/99 1,000,000 1,009,816
Caterpillar, 8.16%,
01/04/99 1,000,000 1,005,381
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
Commercial Credit,
9.60%, 05/15/99 $ 1,000,000 $ 1,022,592
Ford Motor, 5.63%,
01/15/99 53,000 52,950
Ford Motor, 5.15%,
02/15/99 1,000,000 998,456
Ford Motor Credit,
5.63%, 12/15/98 115,000 114,968
GMAC, 7.75%, 01/15/99 411,000 413,350
Household Finance,
5.75%, 03/08/99 2,000,000 2,000,000
Salomon Smith Barney
Holdings, 5.50%,
01/15/99 2,000,000 1,999,310
Travelers, 6.75%,
09/01/99 1,780,000 1,798,021
------------
16,094,439
------------
FOREIGN GOVERNMENT AGENCY (1.0%)
Hydro-Quebec, 7.67%,
11/30/98 1,500,000 1,504,150
- --------------------------------------------------
TOTAL CORPORATE BONDS
(COST $20,303,898) 20,303,898
- --------------------------------------------------
- --------------------------------------------------
FANNIE MAE (4.3%)
Fannie Mae, 5.04%,
11/09/98* 5,000,000 5,000,200
Fannie Mae, 5.20%,
01/25/99 600,000 598,918
Fannie Mae, 6.60%,
06/24/99 1,000,000 1,006,334
- --------------------------------------------------
TOTAL FANNIE MAE
(COST $6,605,452) 6,605,452
- --------------------------------------------------
- --------------------------------------------------
FEDERAL HOME LOAN BANK (2.2%)
Federal Home Loan
Bank, 4.89%,
12/24/98* 2,000,000 2,000,000
Federal Home Loan
Bank, 5.63%,
04/09/99 150,000 149,923
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
42
<PAGE> 44
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
Federal Home Loan
Bank, 8.60%,
06/25/99 $ 1,000,000 $ 1,020,359
Federal Home Loan
Bank, 5.516%,
08/27/99 250,000 249,592
- --------------------------------------------------
TOTAL FEDERAL HOME LOAN BANK
(COST $3,419,874) 3,419,874
- --------------------------------------------------
- --------------------------------------------------
FREDDIE MAC (0.2%)
Freddie Mac, 5.29%,
02/12/99 250,000 249,714
- --------------------------------------------------
TOTAL FREDDIE MAC
(COST $249,714) 249,714
- --------------------------------------------------
- --------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (6.9%)
Small Business
Administration Pool
#501982, 6.50%,
10/01/98* 548,872 558,215
Small Business
Administration Pool
#502001, 6.50%,
10/01/98* 2,234,094 2,272,791
Small Business
Administration Pool
#502105, 6.50%,
10/01/98* 1,278,957 1,302,809
Small Business
Administration Pool
#502139, 6.50%,
10/01/98* 1,003,378 1,021,225
Small Business
Administration Pool
#502245, 6.50%,
10/01/98* 1,862,317 1,901,014
Small Business
Administration Pool
#502268, 6.50%,
10/01/98* 998,765 1,017,401
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
Small Business
Administration Pool
#502275, 6.375%,
10/01/98* $ 318,671 $ 321,763
Small Business
Administration Pool
#502401, 6.25%,
10/01/98* 694,009 699,064
Small Business
Administration Pool
#504073, 6.00%,
10/01/98* 1,444,982 1,448,976
- --------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
MORTGAGES
(COST $10,543,258) 10,543,258
- --------------------------------------------------
- --------------------------------------------------
REPURCHASE AGREEMENTS (37.9%)
Goldman Sachs
Repurchase
Agreement, 5.61%,
10/01/98 27,077,000 27,077,000
(Collateralized by
$28,894,934, GNMA,
6.50%, 10/15/27,
market value --
$27,617,608)
Goldman Sachs Term
Repurchase
Agreement, 5.29%,
10/07/98 31,000,000 31,000,000
(Collateralized by
$33,081,321, GNMA,
6.50%, 10/15/27,
market value --
$31,618,933)
- --------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(COST $58,077,000) 58,077,000
- --------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
43
<PAGE> 45
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
MONEY MARKET FUNDS (7.8%)
MONEY MARKET FUNDS (7.8%)
Federated Prime Cash
Obligations 6,000,000 $ 6,000,000
Provident Temp Fund 6,000,000 6,000,000
- --------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $12,000,000) 12,000,000
- --------------------------------------------------
- --------------------------------------------------
DAILY SWEEP VEHICLE (0.0%)
Bank of New York Cash
Sweep $ 732 732
- --------------------------------------------------
TOTAL DAILY SWEEP VEHICLE
(COST $732) 732
- --------------------------------------------------
TOTAL INVESTMENTS
(COST $153,637,891) -- 100.2% 153,637,891
- --------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS (0.2)% (317,893)
- --------------------------------------------------
TOTAL NET ASSETS -- 100.0% $153,319,998
- --------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $153,319,998.
* Denotes variable rate security. Rate presented represents rate in effect on
September 30, 1998. Maturity date reflects next rate change date.
(a) Represents a restricted security purchase under Rule 144A or 4(2) which is
exempt from registration under the Securities Act of 1933, as amended. These
securities have been determined to be liquid.
SEE NOTES TO FINANCIAL STATEMENTS.
44
<PAGE> 46
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. TREASURY OBLIGATIONS FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------
U.S. GOVERNMENT GUARANTEED SECURITY (5.0%)
Government Agency (5.0%)
Israel Aid, 7.125%,
08/15/99 $5,000,000 $ 5,089,392
- ----------------------------------------------------
TOTAL U.S. GOVERNMENT GUARANTEED
SECURITY
(COST $5,089,392) 5,089,392
- ----------------------------------------------------
- ----------------------------------------------------
U.S. TREASURY NOTES (45.1%)
U.S. Treasury Notes,
7.125%, 10/15/98 29,000,000 29,029,399
U.S. Treasury Notes,
5.63%, 11/30/98 2,000,000 2,000,472
U.S. Treasury Notes,
6.375%, 01/15/99 15,000,000 15,036,776
- ----------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST
$46,066,647) 46,066,647
- ----------------------------------------------------
- ----------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (6.0%)
Small Business
Administration Pool
#502014, 6.625%,
10/01/98* 970,448 979,165
Small Business
Administration Pool
#502185, 6.50%,
10/01/98* 610,196 613,077
Small Business
Administration Pool
#502203, 6.50%,
10/01/98* 1,474,289 1,492,401
Small Business
Administration Pool
#502221, 6.50%,
10/01/98* 1,390,776 1,404,380
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
Small Business
Administration Pool
#502240, 6.50%,
10/01/98* $ 627,021 $ 629,993
Small Business
Administration Pool
#502283, 6.625%,
10/01/98* 344,323 344,719
Small Business
Administration Pool
#502293, 7.25%,
10/01/98* 705,315 717,186
- ----------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
MORTGAGES (COST $6,180,921) 6,180,921
- ----------------------------------------------------
- ----------------------------------------------------
REPURCHASE AGREEMENTS (36.9%)
Prudential Repurchase
Agreement, 5.44%,
10/01/98 16,769,000 16,769,000
(Collateralized by
$14,608,000 U.S.
Treasury Note, 6.875%,
05/15/06, market value
-- $17,104,686)
Prudential Term
Repurchase Agreement,
5.22%, 10/07/98 21,000,000 21,000,000
(Collateralized by
$18,294,000 U.S.
Treasury Note, 6.875%,
05/15/06, market value
-- $21,420,669)
- ----------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(COST $37,769,000) 37,769,000
- ----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
45
<PAGE> 47
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
U.S. TREASURY OBLIGATIONS FUND SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------
MONEY MARKET FUNDS (5.8%)
Federated Treasury
Obligations Fund 3,000,000 $ 3,000,000
Provident Fund 3,000,000 3,000,000
- ----------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $6,000,000) 6,000,000
- ----------------------------------------------------
TOTAL INVESTMENTS
(COST $101,105,960) -- 99.1% 101,105,960
- ----------------------------------------------------
OTHER ASSETS IN EXCESS OF LIABILITIES
0.9% 913,299
- ----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $102,019,259
- ----------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $102,019,259.
* Denotes variable rate security. Rate presented represents rate in effect on
September 30, 1998. Maturity date reflects next rate change date.
SEE NOTES TO FINANCIAL STATEMENTS.
46
<PAGE> 48
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
GLOBAL ASSET INVESTMENT GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
------------ --------------- ----------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost $124,179,325;
$67,162,385; $139,403,463, respectively)...... $171,904,005 $68,243,795 $145,401,306
Foreign currency at value (cost $0; $37,164, $0,
respectively)................................. -- 38,371 --
Interest and dividends receivable............... 216,599 227,091 1,832,136
Receivable for capital shares sold.............. 26,778 65,969 14,871
Reclaim receivable.............................. -- 58,251 --
Deferred organization costs..................... 30,258 30,258 30,258
------------ ----------- ------------
Total Assets.................................. $172,177,640 $68,663,735 $147,278,571
------------ ----------- ------------
LIABILITIES:
Dividends payable............................... 65,859 -- 631,947
Payable for capital shares redeemed............. 200 -- 48,757
Investment advisory fees payable................ 91,724 45,379 60,071
Administration fees payable..................... 5,201 1,773 4,004
12b-1 fees -- Class A shares.................... 234 427 161
Other payables and accrued expenses............. 75,914 48,887 67,042
------------ ----------- ------------
Total Liabilities............................. 239,132 96,466 811,982
------------ ----------- ------------
NET ASSETS........................................ $171,938,508 $68,567,269 $146,466,589
============ =========== ============
NET ASSETS CONSIST OF:
Capital......................................... $ 94,503,739 $66,175,192 $137,920,624
Accumulated undistributed net investment
income........................................ 6,331 813,737 556
Accumulated undistributed net realized gains on
investments................................... 29,703,758 492,088 2,547,566
Net unrealized appreciation of investments and
foreign currency transactions................. 47,724,680 1,086,252 5,997,843
------------ ----------- ------------
NET ASSETS........................................ $171,938,508 $68,567,269 $146,466,589
============ =========== ============
TRUST SHARES:
Net Assets...................................... $170,651,925 $66,792,536 $145,194,263
Shares of Capital Stock Outstanding............. 15,569,690 6,357,195 13,960,652
------------ ----------- ------------
Net Asset Value (offering and redemption price
per share).................................... $ 10.96 $ 10.51 $ 10.40
============ =========== ============
CLASS A SHARES:
Net Assets...................................... $ 1,286,583 $ 1,774,733 $ 1,272,326
Shares of Capital Stock Outstanding............. 117,649 169,216 122,050
------------ ----------- ------------
Net Asset Value (offering and redemption price
per share).................................... $ 10.94 $ 10.49 $ 10.42
============ =========== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
47
<PAGE> 49
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------ -------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost............................ $95,560,891 $ 63,336,960
Repurchase agreements, at cost............................ 58,077,000 37,769,000
------------ ------------
Total Investments......................................... 153,637,891 101,105,960
Cash...................................................... -- 681
Interest and dividends receivable......................... 610,122 1,345,374
Receivable for capital shares sold........................ 2,279 6,134
Deferred organizational costs............................. 30,258 30,258
------------ ------------
Total Assets............................................ $154,280,550 $102,488,407
------------ ------------
LIABILITIES:
Dividend payable.......................................... 658,287 409,936
Payable for capital shares redeemed....................... 197,326 10,928
Investment advisory fees payable.......................... 26,006 8,159
Administration fees payable............................... 3,580 2,324
12B-1 fees -- Class A shares.............................. 1,609 140
Other payables and accrued expenses....................... 73,744 37,661
------------ ------------
Total Liabilities....................................... 960,552 469,148
------------ ------------
NET ASSETS.................................................. $153,319,998 $102,019,259
============ ============
NET ASSETS CONSIST OF:
Capital................................................... $153,323,433 $102,022,184
Accumulated undistributed net investment income........... 517 367
Accumulated undistributed net realized loss on
investments............................................. (3,952) (3,292)
------------ ------------
NET ASSETS.................................................. $153,319,998 $102,019,259
============ ============
TRUST SHARES:
Net Assets................................................ $144,806,245 $101,299,737
Shares of Capital Stock Outstanding....................... 144,809,999 101,303,007
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
CLASS A SHARES:
Net Assets................................................ $ 8,513,753 $ 719,522
Shares of Capital Stock Outstanding....................... 8,513,951 719,544
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
48
<PAGE> 50
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 1998*
<TABLE>
<CAPTION>
INVESTMENT
GLOBAL ASSET GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
----------- ---------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest......................................... $ -- $ 912,321 $ 8,065,441
Dividends (net of foreign withholding tax of
$2,752; $25,748; $0, respectively)............. 2,663,987 820,816 25,163
----------- ---------- -----------
Total Income................................... 2,663,987 1,733,137 8,090,604
----------- ---------- -----------
EXPENSES:
Investment advisory fees......................... 1,337,561 523,064 762,969
Administration fees.............................. 357,113 120,879 256,175
Fund accounting fees............................. 59,486 93,803 50,894
Transfer agent fees.............................. 42,748 36,138 34,431
12b-1 and service plan fees -- Class A shares.... 2,493 3,082 2,020
Legal fees....................................... 61,604 20,083 40,352
Registration and filing fees..................... 29,780 20,633 39,866
Printing fees.................................... 43,952 15,009 31,353
Custody fees..................................... 30,517 50,204 22,549
Other............................................ 44,495 18,636 32,762
----------- ---------- -----------
Total expenses before waivers/
reimbursements............................... 2,009,749 901,531 1,273,371
Less expenses waived/ reimbursed............... (179,587) (59,659) (128,170)
----------- ---------- -----------
Net expenses................................... 1,830,162 841,872 1,145,201
----------- ---------- -----------
NET INVESTMENT INCOME.............................. 833,825 891,265 6,945,403
----------- ---------- -----------
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS:
Net realized gains on investment transactions.... 29,703,758 492,088 2,547,648
Net realized gain on foreign currency
transactions................................... -- 24,540 --
Net change in unrealized appreciation
(depreciation) of investment transactions and
foreign currency transactions.................. (10,740,524) 1,116,219 3,118,907
----------- ---------- -----------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS... 18,963,234 1,632,847 5,666,555
----------- ---------- -----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS... $19,797,059 $2,524,112 $12,611,958
=========== ========== ===========
</TABLE>
- ---------------
* Commencement of operations was November 1, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
49
<PAGE> 51
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED SEPTEMBER 30, 1998*
<TABLE>
<CAPTION>
U.S. TREASURY
PRIME MONEY OBLIGATIONS
MARKET FUND FUND
------------ -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest.................................................. $8,486,764 $4,551,339
---------- ----------
Total Income............................................ 8,486,764 4,551,339
---------- ----------
EXPENSES:
Investment advisory fees.................................. 449,583 164,609
Administration fees....................................... 300,800 167,730
Fund accounting fees...................................... 42,076 25,037
12b-1 and service plan fees -- Class A shares............. 22,072 1,281
Legal fees................................................ 48,436 24,648
Registration and filing fees.............................. 44,486 28,277
Transfer agent fees....................................... 41,389 31,435
Printing fees............................................. 36,432 18,967
Custody fees.............................................. 35,889 16,617
Other..................................................... 38,109 21,891
---------- ----------
Total expenses before waivers/ reimbursements........... 1,059,272 500,492
Less expenses waived/ reimbursed........................ (308,719) (116,256)
---------- ----------
Net expenses............................................ 750,553 384,236
---------- ----------
NET INVESTMENT INCOME....................................... 7,736,211 4,167,103
---------- ----------
REALIZED AND UNREALIZED LOSSES ON INVESTMENTS:
Net realized losses on investment transactions............ (3,952) (3,292)
---------- ----------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS........... (3,952) (3,292)
---------- ----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ $7,732,259 $4,163,811
========== ==========
</TABLE>
- ---------------
* Commencement of operations for the Prime Money Market Fund was November 1,
1997 and November 3, 1997 for the U.S. Treasury Obligations Fund.
SEE NOTES TO FINANCIAL STATEMENTS.
50
<PAGE> 52
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED SEPTEMBER 30, 1998*
<TABLE>
<CAPTION>
GLOBAL ASSET INVESTMENT GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
------------ --------------- ----------------
<S> <C> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income........................... $ 833,825 $ 891,265 $ 6,945,403
Net realized gains on investment transactions... 29,703,758 516,628 2,547,648
Net change in unrealized appreciation
(depreciation) of investments and foreign
currency transactions......................... (10,740,524) 1,116,219 3,118,907
------------ ----------- ------------
Net increase in net assets resulting from
operations.................................... 19,797,059 2,524,112 12,611,958
DISTRIBUTIONS TO TRUST CLASS SHAREHOLDERS FROM:
Net investment income........................... (826,303) (102,392) (6,925,071)
------------ ----------- ------------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income........................... (1,191) -- (20,332)
------------ ----------- ------------
Total distributions to shareholders............. (827,494) (102,392) (6,945,403)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued..................... 18,802,020 30,835,072 24,361,964
Proceeds from shares issued in connection with
common trust fund conversion.................. 189,903,596 45,400,639 136,486,180
Dividends reinvested............................ 467,101 72,561 3,529,054
Cost of shares redeemed......................... (56,223,774) (10,182,723) (23,597,164)
------------ ----------- ------------
Net increase in net assets from capital share
transactions.................................. 152,948,943 66,125,549 140,780,034
------------ ----------- ------------
Total increase in net assets.................... 171,918,508 68,547,269 146,446,589
NET ASSETS:
Beginning of period............................. 20,000 20,000 20,000
------------ ----------- ------------
End of period................................... $171,938,508 $68,567,269 $146,466,589
============ =========== ============
</TABLE>
- ---------------
*Commencement of operations was November 1, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
51
<PAGE> 53
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED SEPTEMBER 30, 1998*
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------- --------------
<S> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 7,736,211 $ 4,167,103
Net realized losses on investment transactions............ (3,952) (3,292)
------------- --------------
Net increase in net assets resulting from operations...... 7,732,259 4,163,811
DISTRIBUTIONS TO TRUST CLASS SHAREHOLDERS FROM:
Net investment income..................................... (7,520,680) (4,154,783)
------------- --------------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (215,531) (12,320)
------------- --------------
Total distributions to shareholders....................... (7,736,211) (4,167,103)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued............................... 490,270,762 413,136,933
Proceeds from shares issued in connection of common trust
fund conversion......................................... 45,525,166 --
Dividends reinvested...................................... 756,014 10,570
Cost of shares redeemed................................... (383,247,992) (311,144,952)
------------- --------------
Net increase in net assets from capital share
transactions............................................ 153,303,950 102,002,551
------------- --------------
Total increase in net assets.............................. 153,299,998 101,999,259
NET ASSETS:
Beginning of period....................................... 20,000 20,000
------------- --------------
End of period............................................. $ 153,319,998 $ 102,019,259
============= ==============
</TABLE>
- ---------------
*Commencement of operations for the Prime Money Market Fund was November 1, 1997
and November 3, 1997 for the U.S. Treasury Obligations Fund.
SEE NOTES TO FINANCIAL STATEMENTS.
52
<PAGE> 54
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 -- ORGANIZATION
The Eureka Funds (the "Trust") was organized as a Massachusetts business
trust on April 7, 1997 and is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as a diversified open-end management
investment company. Sanwa Bank California ("SBCL"), a wholly-owned subsidiary of
The Sanwa Bank Limited, of Japan, acts as the Trust's investment advisor. BISYS
Fund Services Limited Partnership ("BISYS"), a wholly-owned subsidiary of The
BISYS Group, Inc., acts as the Trust's administrator and distributor. As of the
date of this report, the Trust offered five managed investment portfolios. The
accompanying financial statements and financial highlights are those of The
Eureka Equity Fund (the "Equity Fund"), The Eureka Global Asset Allocation Fund
(the "Global Fund"), The Eureka Investment Grade Bond Fund (the "Bond Fund"),
The Eureka Prime Money Market Fund (the "Prime Fund"), and The Eureka U.S.
Treasury Obligations Fund (the "U.S. Treasury Fund") (each a "Fund", and
collectively, the "Funds"), The Funds, except for the U.S. Treasury Fund,
commenced operations on November 1, 1997. The U.S. Treasury Fund commenced
operations on November 3, 1997. BISYS deposited $20,000 into the account of each
Fund prior to each Fund's commencement of operations.
The Funds' investment objectives are as follows:
<TABLE>
<CAPTION>
FUND OBJECTIVE
---- ---------
<S> <C>
Equity Fund Seeks long-term capital
growth.
Global Fund Seeks a balance of income and
long-term capital
appreciation.
Bond Fund Seeks a high level of income,
consistent with preservation
of capital.
Prime Fund Seeks as high level of
current income as is
consistent with maintaining
liquidity and stability of
principal.
U.S. Treasury Fund Seeks current income
consistent with liquidity and
stability of principal.
</TABLE>
NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. The policies are in
conformity with generally accepted accounting principles. The preparation of
financial statements requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates. The financial statements reflect all normal recurring
adjustments, which are, in the opinion of management, necessary to a fair
statement of the results for the period presented.
SECURITIES VALUATION: Securities of the Prime and U.S. Treasury Funds (the
"Money Market Funds") are valued utilizing the amortized cost method permitted
in accordance with Rule 2a-7 under the 1940 Act. Under the amortized cost
method, discount or premium is amortized on a constant basis to the maturity of
the security. Equity securities held by a Fund are valued at the last reported
sales price on the securities exchange or in the principal over-the-counter
market in which such securities are traded, as of the close of business on the
day the securities are being valued or, the mean between their bid and ask
price. Debt securities held by a Fund generally are valued based on quoted bid
prices. Short-term debt investments having maturities of 60 days or less are
valued at amortized cost, which approximates market value. Investments in
securities of other mutual funds are valued at the redemption price. Securities
for which market quotations are not readily available are valued at fair value
determined in good faith by or under the direction of the Trust's Board of
Trustees. Securities may be valued by independent pricing services, approved by
the Trust's Board of Trustees, which use prices provided by market-makers or
estimates of market value obtained from yield data relating to instruments or
securities with similar characteristics.
STRIPPED SECURITIES: Stripped securities represent the right to receive future
interest payments (interest only stripped securities) or principal payments
(principal only stripped securities). The value of variable rate interest only
stripped securities varies directly with changes in interest rates, while the
value of fixed rate interest only stripped securities and the value of princi-
53
<PAGE> 55
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
pal only stripped securities vary inversely with changes in interest rates.
REPURCHASE AGREEMENTS: The Funds may purchase instruments from financial
institutions, such as banks and broker-dealers, subject to the seller's
agreement to repurchase them at an agreed upon time and price ("repurchase
agreements"). The seller under a repurchase agreement is required to maintain
the value of the securities subject to the agreement at not less than the
repurchase price. Default by the seller would, however, expose the relevant
Funds to possible loss because of adverse market action or delay in connection
with the disposition of the underlying obligations.
FOREIGN CURRENCY TRANSLATION: The Funds, other than the Prime Fund and the U.S.
Treasury Fund, may invest in certain obligations or securities denominated in
foreign currencies. The accounting records of the Trust are maintained in U.S.
dollars. Investment securities and other assets and liabilities of the Equity,
Global and Bond Funds (the "Variable Net Asset Value Funds") denominated in a
foreign currency are translated into U.S. dollars at the current exchange rate.
Purchases and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the exchange rate on the dates of the
transactions.
Realized foreign exchange gains or losses arise from sales and maturities of
securities, sales of foreign currencies, currency exchange fluctuations between
the trade and settlement dates of securities transactions, and the difference
between the amount of assets and liabilities recorded and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities, including investments in securities, resulting from changes in
currency exchange rates.
FORWARD CURRENCY CONTRACTS: The Global Fund may use forward foreign currency
exchange contracts. A forward currency contract ("forward") is an agreement
between two parties to buy and sell a currency at a set price on a future date.
The market value of the forward fluctuates with changes in currency exchange
rates. The forward is marked-to-market daily and the change in market value is
recorded by the Fund as unrealized appreciation or depreciation. When the
forward is closed, the Fund records a realized gain or loss equal to the
fluctuation in value during the period the forward was open. The Fund could be
exposed to risk if a counterparty is unable to meet the terms of a forward or if
the value of the currency changes unfavorably.
Forward foreign exchange contracts may involve market or credit risk in
excess of the amounts reflected on the Fund's statement of assets and
liabilities. The gain or loss from the difference between the cost of original
contracts and the amount realized upon the closing of such contracts is included
in net realized gain on foreign currency transactions.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on the trade date. Net realized gains and losses on investments sold
and on foreign currency transactions are recorded on the basis of identified
cost. Interest income is recorded on the accrual basis and includes, where
applicable, the amortization of premiums or accretion of discounts. Dividend
income is recorded on the ex-dividend date. Dividends from foreign securities
are recorded on the ex-dividend date, or as soon as the information is
available.
EXPENSES: Expenses directly attributable to a Fund are charged to the Fund,
while expenses which are attributable to more than one Fund of the Trust are
allocated among the respective Funds based upon relative net assets or another
appropriate basis. In addition, investors in Trust Shares will pay the expenses
directly attributable to the Trust Shares as a class, and investors in Class A
Shares will pay the expenses directly attributable to the Class A Shares as a
class.
The investment income and expenses of a Fund (other than class specific
expenses) and realized and unrealized gains and losses on investments of a Fund
are allocated to each class of shares based upon their relative net assets on
the date income is earned or expenses are realized and unrealized gains and
losses are incurred.
ORGANIZATION COSTS: Costs incurred in connection with the organization and
initial registration of the Funds have been deferred and are being amortized
over a sixty-month period, beginning with each Fund's commencement of
operations. In the event that any of the initial shares are redeemed during such
period by any
54
<PAGE> 56
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
holder thereof, the related fund will be reimbursed by such holder for any
unamortized organization costs in the proportion as the number of initial shares
being redeemed bears to the number of initial shares outstanding at the time of
redemption.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions from the Equity Fund's net
investment income, if any, are declared and paid monthly. Distributions from the
Global Fund's net investment income, if any, are declared and paid annually.
Distributions from the Bond Fund's and the Money Market Funds' net investment
income, if any, are declared daily and paid monthly. Net realized gains on
portfolio securities, if any, are distributed at least annually by the Funds.
However, to the extent net realized gains can be offset by capital loss
carryovers, such gains will not be distributed. Distributions are recorded by
the Funds on the ex-dividend date.
The amount of distributions from net investment income and net realized
gains are determined in accordance with federal income tax regulations which may
differ from generally accepted accounting principles. These "book/tax"
differences are either considered temporary or permanent in nature. To the
extent these differences are permanent in nature, such amounts are reclassified
within the composition of net assets based on their federal tax-basis treatment;
temporary differences do not require a reclassification. Distributions which
exceed net investment income and net realized capital gains for financial
reporting purposes but not for tax purposes are reported as distributions in
excess of net investment income or net realized gains. To the extent they exceed
net investment income and net realized capital gains for tax purposes, they are
reported as distributions of capital.
As of September 30, 1998, the following reclassifications have been made to
increase (decrease) such accounts with offsetting adjustments made to paid-in-
capital:
<TABLE>
<CAPTION>
ACCUMULATED
ACCUMULATED NET REALIZED
UNDISTRIBUTED NET GAIN/(LOSS) ON
INVESTMENT INCOME INVESTMENTS
----------------- ---------------
<S> <C> <C>
Global Fund.......... $24,864 $(24,540)
Bond Fund............ $ 556 $ (82)
Prime Fund........... $ 517 $ --
U.S. Treasury Fund... $ 367 $ --
</TABLE>
FEDERAL INCOME TAXES: It is the Funds' policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment companies and to
distribute timely, all of their net investment company taxable income and net
capital gains to shareholders. Therefore, no federal income tax provision is
required.
Capital losses incurred within the Funds' fiscal year, but after October 31,
are deemed to arise on the first business day of the following fiscal year for
tax purposes. The following Funds have incurred and will elect to defer capital
losses as follows:
<TABLE>
<S> <C>
Prime Fund......................... $3,952
U.S. Treasury Fund................. $3,292
</TABLE>
NOTE 3 -- RELATED PARTY TRANSACTIONS
The Trust has entered into an investment advisory agreement (the "Investment
Advisory Agreement") with SBCL. Under the terms of the Investment Advisory
Agreement, SBCL is entitled to receive a fee that is calculated daily and paid
monthly based on a percentage of the average net assets of each Fund as follows:
<TABLE>
<CAPTION>
FUND ANNUAL RATE
---- -----------
<S> <C>
Equity Fund........................ 0.75%
Global Fund........................ 0.90%
Bond Fund.......................... 0.60%
Prime Fund......................... 0.30%
U.S. Treasury Fund................. 0.20%
</TABLE>
SBCL has agreed to voluntarily reduce the amount of its investment advisory
fee through the end of the Funds' initial fiscal year. For the period ended
September 30, 1998, SBCL waived fees in the following amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
---- -----------
<S> <C>
Equity Fund...................... $178,340
Global Fund...................... $ 58,118
Bond Fund........................ $127,160
Prime Fund....................... $149,859
U.S. Treasury Fund............... $ 82,303
</TABLE>
BISYS serves as the administrator for the Trust pursuant to an
administration agreement (the "Administration Agreement"). Under the
Administration Agreement, BISYS is entitled to a fee computed at an
55
<PAGE> 57
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
annual rate, subject to a $75,000 per Fund annual minimum, of 0.20% of the
Trust's average daily net assets up to $500 million, 0.185% of the next $500
million, and 0.175% for amounts in excess of $1 billion. For the period ended
September 30, 1998, BISYS waived the following amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
---- -----------
<S> <C>
Prime Fund....................... $147,824
U.S. Treasury Fund............... $ 33,312
</TABLE>
BISYS serves as the Trust's principal underwriter and distributor (the
"Distributor"). The Funds have adopted a Distribution and Shareholder Services
Plan (the "Plan") with the Trust with respect to Class A Shares. This Plan is in
accordance with Rule 12b-1 under the 1940 Act. Under the Plan, the Funds will
pay a monthly fee to the Distributor in an annual rate equal to 0.25% of the
average daily net assets of Class A Shares of each Fund. The Distributor may
voluntarily choose to waive all or a portion of its fee. The Trust has also
entered into a Service Plan with BISYS with respect to Class A Shares. Pursuant
to the Service Plan, the Funds will pay to BISYS a fee at an annual rate not to
exceed 0.25% of the average daily net assets of Class A Shares of each Fund.
BISYS may periodically waive all or a portion of the fee with respect to a Fund.
For the period ended September 30, 1998, BISYS waived the following amounts:
<TABLE>
<CAPTION>
SERVICE PLAN
FEES
FUND WAIVED
---- ------------
<S> <C>
Equity Fund........................ $ 1,247
Global Fund........................ $ 1,541
Bond Fund.......................... $ 1,010
Prime Fund......................... $11,036
U.S. Treasury Fund................. $ 641
</TABLE>
BISYS Fund Services, Inc., also a wholly-owned subsidiary of The BISYS
Group, Inc. serves as fund accountant and transfer and dividend disbursing agent
of the Funds for which it receives a fee, which is disclosed in the Statements
of Operations.
NOTE 4 -- SHARES OF BENEFICIAL INTEREST
Each Fund offers two classes of shares: Trust Shares and Class A Shares.
Each share represents an equal proportionate interest in a Fund with other
shares of the same series and class, and is entitled to such dividends and
distributions out of the income earned on the assets belonging to that Fund.
Each class of shares is substantially the same, except that Class A Shares bear
the fees that are payable under the Trust's Distribution and Shareholder
Services Plan and the Service Plan, which relates only to the Class A Shares.
The following is a summary of transactions in Fund shares for the period ending
September 30, 1998:
<TABLE>
<CAPTION>
EQUITY FUND GLOBAL FUND
-------------------------- --------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued......................... 1,489,851 $ 16,937,568 2,732,025 $ 28,579,135
Shares issued in connection with
common trust fund conversion........ 18,990,360 189,903,596 4,540,064 45,400,639
Dividends reinvested.................. 42,087 466,148 7,184 72,561
Shares redeemed....................... (4,954,608) (55,759,422) (924,078) (9,804,751)
---------- ------------ ---------- ------------
Net increase........................ 15,567,690 $151,547,890 6,355,195 $ 64,247,584
========== ============ ========== ============
CLASS A SHARES:
Shares issued......................... 156,858 $ 1,864,452 203,331 $ 2,255,937
Dividends reinvested.................. 85 953 -- --
Shares redeemed....................... (39,294) (464,352) (34,115) (377,972)
---------- ------------ ---------- ------------
Net increase........................ 117,649 $ 1,401,053 169,216 $ 1,877,965
========== ============ ========== ============
</TABLE>
56
<PAGE> 58
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
<TABLE>
<CAPTION>
BOND FUND PRIME FUND U.S. TREASURY FUND
------------------------- --------------------------- ---------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
---------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued...... 2,257,664 $ 22,786,968 471,737,870 $471,737,870 412,274,679 $412,274,679
Shares issued in
connection with
common trust fund
conversion....... 13,648,618 136,486,180 45,525,166 45,525,166 -- --
Dividends
reinvested....... 348,424 3,513,600 569,005 569,005 901 901
Shares redeemed.... (2,296,054) (23,241,391) (373,042,042) (373,042,042) (310,992,573) (310,992,573)
---------- ------------ ------------ ------------ ------------ ------------
Net increase..... 13,958,652 $139,545,357 144,789,999 $144,789,999 101,283,007 $101,283,007
========== ============ ============ ============ ============ ============
CLASS A SHARES:
Shares issued...... 155,330 $ 1,574,996 18,532,892 $ 18,532,892 862,254 $ 862,254
Dividends
reinvested....... 1,522 15,454 187,009 187,009 9,669 9,669
Shares redeemed.... (34,802) (355,773) (10,205,950) (10,205,950) (152,379) (152,379)
---------- ------------ ------------ ------------ ------------ ------------
Net increase..... 122,050 $ 1,234,677 8,513,951 $ 8,513,951 719,544 $ 719,544
========== ============ ============ ============ ============ ============
</TABLE>
NOTE 5 -- INVESTMENT TRANSACTIONS
Purchases (excluding securities acquired in common trust fund conversions
described in Note 6 and excluding short-term securities) and sales of securities
(excluding short-term securities) for the period ended September 30, 1998 were
as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- ------------
<S> <C> <C>
Equity Fund................................................. $72,446,309 $108,231,954
Global Fund................................................. $41,729,097 $ 20,822,448
Bond Fund................................................... $80,707,564 $ 72,125,934
</TABLE>
NOTE 6 -- CONVERSION OF COMMON TRUST FUNDS
On October 31, 1997, the Funds issued Trust Shares to acquire all of the
assets and liabilities of certain common trust funds of SBCL in a tax-free
exchange. The following is a summary of shares issued, net assets converted, net
asset values per share, and unrealized appreciation (depreciation) as of the
conversion date:
<TABLE>
<CAPTION>
UNREALIZED
NET ASSETS NET ASSET VALUE APPRECIATION
SHARES ISSUED CONVERTED PER SHARE ISSUED (DEPRECIATION)
------------- ------------ ---------------- --------------
<S> <C> <C> <C> <C>
Equity Fund......................... 18,990,360 $189,903,596 $10.00 $58,465,204
Global Fund......................... 4,540,064 $ 45,400,639 $10.00 $ (29,967)
Bond Fund........................... 13,648,618 $136,486,180 $10.00 $ 2,878,936
Prime Fund.......................... 45,525,166 $ 45,525,166 $ 1.00 $ --
</TABLE>
57
<PAGE> 59
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
-------------------------- --------------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 1, 1997* FEBRUARY 3, 1998*
THROUGH SEPTEMBER 30, 1998 THROUGH SEPTEMBER 30, 1998
-------------------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........... $ 10.00 $ 10.87
-------- --------
Net investment income........................ 0.05 0.02
Net realized and unrealized gain............. 0.96 0.07
-------- --------
Total income from investment operations........ 1.01 0.09
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income........................ (0.05) (0.02)
-------- --------
Total distributions........................ (0.05) (0.02)
-------- --------
Net change in net asset value per share........ 0.96 0.07
-------- --------
NET ASSET VALUE, END OF PERIOD................. $ 10.96 $ 10.94
======== ========
TOTAL RETURN................................... 10.08%(a) 0.83%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)..... $170,652 $ 1,287
Ratios to average net assets:
Expenses..................................... 1.03%(b) 1.28%(b)
Net investment income........................ 0.47%(b) 0.13%(b)
Expenses**................................... 1.13%(b) 1.63%(b)
Portfolio Turnover Rate........................ 57%(a) 57%(a)
</TABLE>
- ---------------
* Commencement of operations
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
58
<PAGE> 60
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
-------------------------- --------------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 1, 1997* FEBRUARY 3, 1998*
THROUGH SEPTEMBER 30, 1998 THROUGH SEPTEMBER 30, 1998
-------------------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........... $ 10.00 $ 10.31
-------- --------
Net investment income........................ 0.15 0.05
Net realized and unrealized gain............. 0.38 0.13
-------- --------
Total income from investment operations........ 0.53 0.18
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income........................ (0.02) --
-------- --------
Total distributions........................ (0.02) --
-------- --------
Net change in net asset value per share........ 0.51 0.18
-------- --------
NET ASSET VALUE, END OF PERIOD................. $ 10.51 $ 10.49
======== ========
TOTAL RETURN................................... 5.34%(a) 1.75%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)..... $ 66,793 $ 1,775
Ratios to average net assets:
Expenses..................................... 1.44%(b) 1.73%(b)
Net investment income........................ 1.53%(b) 1.27%(b)
Expenses**................................... 1.54%(b) 2.08%(b)
Portfolio Turnover Rate........................ 35%(a) 35%(a)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
59
<PAGE> 61
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
-------------------------- --------------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 1, 1997* FEBRUARY 3, 1998*
THROUGH SEPTEMBER 30, 1998 THROUGH SEPTEMBER 30, 1998
-------------------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........... $ 10.00 $ 10.10
-------- --------
Net investment income........................ 0.50 0.36
Net realized and unrealized gain............. 0.40 0.32
-------- --------
Total income from investment operations........ 0.90 0.68
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income........................ (0.50) (0.36)
-------- --------
Total distributions........................ (0.50) (0.36)
-------- --------
Net change in net asset value per share........ 0.40 0.32
-------- --------
NET ASSET VALUE, END OF PERIOD................. $ 10.40 $ 10.42
======== ========
TOTAL RETURN................................... 9.31%(a) 6.89%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)..... $145,194 $ 1,272
Ratios to average net assets:
Expenses..................................... 0.90%(b) 1.14%(b)
Net investment income........................ 5.46%(b) 4.99%(b)
Expenses**................................... 1.00%(b) 1.49%(b)
Portfolio Turnover Rate........................ 54%(a) 54%(a)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
60
<PAGE> 62
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
-------------------------- --------------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 1, 1997* FEBRUARY 3, 1998*
THROUGH SEPTEMBER 30, 1998 THROUGH SEPTEMBER 30, 1998
-------------------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........... $ 1.00 $ 1.00
-------- --------
Net investment income........................ 0.05 0.03
Net realized loss............................ -- --
-------- --------
Total income from investment operations........ 0.05 0.03
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income........................ (0.05) (0.03)
-------- --------
Total dividends and distributions.......... (0.05) (0.03)
-------- --------
Net change in net asset value per share........ -- --
-------- --------
NET ASSET VALUE, END OF PERIOD................. $ 1.00 $ 1.00
======== ========
TOTAL RETURN................................... 4.84%(a) 2.93%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)..... $144,806 $ 8,514
Ratios to average net assets:
Expenses..................................... 0.49%(b) 0.75%(b)
Net investment income........................ 5.17%(b) 4.88%(b)
Expenses**................................... 0.69%(b) 1.20%(b)
</TABLE>
- ---------------
* Commencement of operations
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
61
<PAGE> 63
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
-------------------------- --------------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 3, 1997* FEBRUARY 3, 1998*
THROUGH SEPTEMBER 30, 1998 THROUGH SEPTEMBER 30, 1998
-------------------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........... $ 1.00 $ 1.00
-------- --------
Net investment income........................ 0.05 0.03
Net realized loss............................ -- --
-------- --------
Total income from investment operations........ 0.05 0.03
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income........................ (0.05) (0.03)
-------- --------
Total dividends and distributions.......... (0.05) (0.03)
-------- --------
Net change in net asset value per share........ 0.00 0.00
-------- --------
NET ASSET VALUE, END OF PERIOD................. $ 1.00 $ 1.00
======== ========
TOTAL RETURN................................... 4.70%(a) 3.02%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)..... $101,300 $ 720
Ratios to average net assets:
Expenses..................................... 0.47%(b) 0.72%(b)
Net investment income........................ 5.08%(b) 4.76%(b)
Expenses**................................... 0.61%(b) 1.10%(b)
</TABLE>
- ---------------
* Commencement of operations
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
62
<PAGE> 64
REPORT OF INDEPENDENT AUDITORS
The Board of Trustees and Shareholders
Eureka Funds
We have audited the accompanying statements of assets and liabilities, including
the schedules of portfolio investments, of Eureka Funds (comprised of The Eureka
Equity Fund, The Eureka Global Asset Allocation Fund, The Eureka Investment
Grade Bond Fund, The Eureka Prime Money Market Fund, and The Eureka U.S.
Treasury Obligations Fund) (collectively, the "Funds") as of September 30, 1998,
and the related statements of operations, statements of changes in net assets,
and financial highlights for the period then ended. These financial statements
and financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of September 30, 1998, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the Funds as of September 30, 1998, the results of their operations, changes
in their net assets, and their financial highlights for the period then ended,
in conformity with generally accepted accounting principles.
/s/ Ernst & Young LLP
Columbus, Ohio
November 10, 1998
63
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<TABLE>
<S> <C>
TRUSTEES AND OFFICERS INVESTMENT ADVISER
Sanwa Bank California
Larry Layne Investment Management Department
Chairman of the Board 601 S. Figueroa Street
Los Angeles, California 90017
Masaki Horioka
Trustee ADMINISTRATOR AND DISTRIBUTOR
BISYS Fund Services
Walter F. Beran 3435 Stelzer Road
Trustee Columbus, Ohio 43219
David L. Buell LEGAL COUNSEL
Trustee Ropes and Gray
One Franklin Square
Donald H. Livingstone 1301 K Street, N.W.
Trustee Suite 800 East
Washington, DC 20005
Irimga McKay
President TRANSFER AGENT
BISYS Fund Services, Inc.
Greg Maddox 3435 Stelzer Road
Vice President Columbus, Ohio 43219
Paul Kane AUDITORS
Vice President Ernst & Young, LLP
10 West Broad Street
Alaina V. Metz Columbus, Ohio 43219
Assistant Secretary
CUSTODIAN
Martin R. Dean The Bank of New York
Treasurer 90 Washington Street
New York, NY 10286
</TABLE>
This material is authorized for distribution to prospective investors only when
accompanied or preceded by a current prospectus. Please call 1-888-890-8121 for
a prospectus which contains more complete information on the Eureka Funds
including fees, expenses and sales charges. Please read the prospectus carefully
before investing or sending money.
The Eureka Funds are distributed by BISYS Fund Services. Sanwa Bank California
is the investment advisor to the Funds and receives fees for those services.
<PAGE> 67
EUREKA FUNDS LOGO
ANNUAL REPORT
SEPTEMBER 30, 1998
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EQUITY FUND
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GOBAL ASSET ALLOCATION FUND
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INVESTMENT GRADE BOND FUND
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PRIME MONEY MARKET FUND
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U.S. TREASURY OBLIGATIONS FUND
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