<PAGE> 1
Table of Contents
Schedule of Portfolio Investments
1
Statements of Assets and Liabilities
38
Statements of Operations
40
Statements of Changes in Net Assets
42
Notes to the Financial Statements
44
Financial Highlights
50
<PAGE> 2
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
PRIME MONEY MARKET FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------
COMMERCIAL PAPER (42.2%)
AGRICULTURE (0.8%)
California Almond, 5.63%,
04/20/98 1,400,000 $ 1,395,899
------------
AUTO PARTS (1.8%)
Denso International
America, 5.73%,
04/15/98 3,000,000 2,993,408
------------
AUTOMOTIVE (2.9%)
Volkswagen America,
6.18%, 04/01/98 5,000,000 5,000,000
------------
BANKING (2.2%)
Banco BCN Barclays, S.A.,
5.57%, 05/28/98 2,704,000 2,680,461
BBL North America, 5.55%,
05/20/98 500,000 496,277
Caisse D'Amort Dette
Society, 5.63%,
04/27/98 600,000 597,595
------------
3,774,333
------------
BUSINESS SERVICES (1.2%)
Dairy Investment Board,
5.63%, 04/23/98 2,000,000 1,993,217
------------
DRUGS (1.2%)
Glaxo Welcome, 5.61%,
04/09/98 2,000,000 1,997,542
------------
ELECTRIC UTILITY (1.2%)
Dayton Power Light,
5.62%, 04/13/98 2,000,000 1,996,307
------------
FINANCIAL SERVICES
(12.4%)
Abbey National North
America, 5.63%,
04/01/98 1,000,000 1,000,000
Banca Cassa di Risparmio
di Torino's, 5.58%,
04/01/98 475,000 475,000
Block Financial Corp.,
5.62%, 04/30/98 1,000,000 995,537
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
Coop, 5.63%, 04/24/98 2,000,000 $ 1,992,908
Cooper Tractor, 5.60%,
04/17/98 1,500,000 1,496,320
Cooper Tractor, 5.58%,
04/21/98 1,000,000 996,944
Cooper Tractor 'A',
5.60%, 04/03/98 1,000,000 999,693
Deutsche Bank, 5.63%,
04/08/98 500,000 499,460
GE Capital, 5.59%,
05/18/98 500,000 496,403
Goldman, 5.78%, 04/15/98 5,000,000 4,988,917
Merrill Lynch, 5.64%,
04/09/98 1,000,000 998,764
Merrill Lynch, 5.64%,
04/14/98 297,000 296,404
Merrill Lynch, 5.57%,
04/17/98 3,500,000 3,491,460
Merrill Lynch, 5.53%,
06/19/98 237,000 234,166
National Rural, 5.63%,
04/22/98 500,000 498,381
Reliastar, 5.63%,
04/03/98 650,000 649,800
Reliastar, 5.65%,
04/09/98 555,000 554,313
Reliastar, 5.65%,
04/17/98 500,000 498,762
------------
21,163,232
------------
FOOD PRODUCTS & SERVICES (2.4%)
Golden Peanut, 5.78%,
04/07/98 1,100,000 1,098,955
Golden Peanut, 5.77%,
04/13/98 3,000,000 2,994,310
------------
4,093,265
------------
GOVERNMENTS (FOREIGN) (0.5%)
Kingdom of Sweden, 5.63%,
04/02/98 800,000 799,877
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
1
<PAGE> 3
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
INDUSTRIAL GOODS & SERVICES (5.5%)
Avnet Inc., 5.62%,
05/06/98 2,500,000 $ 2,486,535
Avnet, Inc., 5.58%,
04/20/98 1,000,000 997,097
Hoechest, 6.21%, 04/01/98 5,000,000 5,000,000
Panson Fin America,
5.62%, 04/01/98 1,000,000 1,000,000
------------
9,483,632
------------
INSURANCE (5.4%)
ALFA Corp., 5.64%,
04/10/98 1,900,000 1,897,373
APC Funding, 5.58%,
04/07/98 1,000,000 999,083
APC Funding, 5.58%,
04/21/98 1,300,000 1,296,028
Kaiser Foundation, 6.18%,
04/01/98 5,000,000 5,000,000
------------
9,192,485
------------
OFFICE EQUIPMENT & SERVICES (2.9%)
Xerox Credit Corp, 6.13%,
04/01/98 5,000,000 5,000,000
------------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (0.7%)
Dresser Industrial,
5.63%, 04/13/98 1,165,000 1,162,845
------------
PRINTING & PUBLISHING (1.1%)
Pearson, Inc., 5.60%,
04/14/98 1,950,000 1,946,109
- ----------------------------------------------------
TOTAL COMMERCIAL PAPER
(COST $71,992,150) 71,992,150
- ----------------------------------------------------
- ----------------------------------------------------
CORPORATE BONDS (6.2%)
BANKING (2.3%)
American Express
Centurion Bank, 5.63%,
01/14/99 2,000,000 2,000,000
Bank of New York, 5.53%,
02/25/99 2,000,000 1,998,611
------------
3,998,611
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (3.9%)
American Express, 7.38%,
02/01/99 1,960,000 $ 1,987,579
Associates Corp., 6.63%,
05/15/98 200,000 200,156
Associates Corp., 8.80%,
8/01/98 1,150,000 1,160,167
Associates Corp., 6.38%,
08/15/98 244,000 244,212
Avco Financial Services,
5.50%, 05/01/98 100,000 99,962
CIT Group Holdings,
8.75%, 04/15/98 85,000 85,084
Commercial Credit, 5.50%,
05/15/98 110,000 109,942
Ford Motor, 5.63%,
01/15/99 53,000 52,864
Ford Motor Credit, 5.63%,
12/15/98 115,000 114,892
General Motors Acceptance
Corp., 7.75%, 01/15/99 411,000 417,406
Pitney Bowes Credit
Corp., 6.25%, 06/01/98 150,000 150,057
Saloman Smith Barney
Holdings, 5.50%,
01/15/99 2,000,000 1,998,118
------------
6,620,439
- ----------------------------------------------------
TOTAL CORPORATE BONDS
(COST $10,619,050) 10,619,050
- ----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
2
<PAGE> 4
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (5.8%)
Federal National Mortgage
Association, 5.45%,
4/01/98* 5,000,000 $ 4,997,448
Federal National Mortgage
Association, 5.69%,
11/09/98 5,000,000 5,001,138
- ----------------------------------------------------
TOTAL FEDERAL NATIONAL
MORTGAGE ASSOCIATION
(COST $9,998,586) 9,998,586
- ----------------------------------------------------
- ----------------------------------------------------
MEDIUM TERM NOTES (2.9%)
BANKING (0.2%)
Inter Bank of Recon,
9.42%, 12/15/98 400,000 409,460
------------
FINANCIAL (2.7%)
Caterpillar, 8.16%,
01/04/99 1,000,000 1,015,746
CIT Group Holdings,
6.13%, 09/01/98 460,000 460,090
Ford Motor, 5.15%,
02/15/99 1,000,000 996,392
Household Finance, 5.75%,
03/08/99 2,000,000 2,000,001
------------
4,472,229
- ----------------------------------------------------
TOTAL MEDIUM TERM NOTES
(COST $4,881,689) 4,881,689
- ----------------------------------------------------
- ----------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (0.3%)
BUSINESS EQUIPMENT & SERVICE (0.3%)
Small Business
Administration Pool
#501982, 6.50%,
04/01/98* 573,411 583,429
- ----------------------------------------------------
TOTAL U.S. GOVERNMENT
AGENCY MORTGAGES
(COST $583,429) 583,429
- ----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------
YANKEE BONDS (1.3%)
FINANCIAL SERVICES (0.4%)
Ford Capital BV, 9.00%,
8/15/98 671,000 $ 677,956
------------
GOVERNMENT AGENCY (0.9%)
Hydro-Quebec, 7.67%,
11/30/98 1,500,000 1,516,810
- ----------------------------------------------------
TOTAL YANKEE BONDS (COST
$2,194,766) 2,194,766
- ----------------------------------------------------
- ----------------------------------------------------
REPURCHASE AGREEMENTS (34.5%)
UTILITIES (34.5%)
Goldman, 5.57%, 04/01/98
(Collateralized by
$25,796,015, GNMA, 6%,
9/20/27, market value
-- $25,500,000) 25,000,000 25,000,000
Prudential, 5.89%,
04/01/98
(Collateralized by
$34,830,006, GNMA, 5%,
12/20/27, market value
-- $34,712,640) 34,032,000 34,032,000
- ----------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(COST $59,032,000) 59,032,000
- ----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
3
<PAGE> 5
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------
MONEY MARKET FUNDS (7.0%)
MONEY MARKET FUNDS (7.0%)
Bank of New York Cash
Sweep 567 $ 567
Federated Prime Cash
Obligations 6,000,000 6,000,000
Provident Temp Fund 6,000,000 6,000,000
- ----------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $12,000,567) 12,000,567
- ----------------------------------------------------
TOTAL INVESTMENTS (COST
$171,302,237)(a) --
100.2% 171,302,237
LIABILITIES IN EXCESS OF OTHER ASSETS
(0.2)% (346,132)
- ----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $170,956,105
- ----------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $170,956,105.
* Denotes variable rate security. Rate presented represents rate in effect on
March 31, 1998. Maturity date reflects next rate change date.
SEE NOTES TO FINANCIAL STATEMENTS.
4
<PAGE> 6
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. TREASURY OBLIGATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
- ----------------------------------------------------
U.S. TREASURY BILLS (17.8%)
U.S. Treasury Bill, 0%,
4/16/98 14,000,000 $ 13,968,581
- ----------------------------------------------------
TOTAL U.S. TREASURY BILLS (COST
$13,968,581) 13,968,581
====================================================
U.S. TREASURY NOTES (17.8%)
U.S. Treasury Notes,
7.88%, 04/15/98 2,000,000 2,001,769
U.S. Treasury Notes,
4.75%, 08/31/98 8,000,000 7,969,094
U.S. Treasury Notes,
6.13%, 08/31/98 2,000,000 2,004,976
U.S. Treasury Notes,
5.63%, 11/30/98 2,000,000 2,001,913
- ----------------------------------------------------
TOTAL U.S. TREASURY NOTES
(COST $13,977,752) 13,977,752
====================================================
U.S. TREASURY STRIPS (11.3%)
U.S. Treasury STRIP, 0%,
05/15/98 6,000,000 5,960,390
U.S. Treasury STRIP, 0%,
08/15/98 3,000,000 2,939,078
- ----------------------------------------------------
TOTAL U.S. TREASURY STRIPS
(COST $8,899,468) 8,899,468
- ----------------------------------------------------
- ----------------------------------------------------
REPURCHASE AGREEMENTS (45.7%)
Goldman Repurchase
Agreement, 5.75%,
04/01/98
(Collateralized by
16,502,000 U.S.
Treasury Bond, 6.125%,
11/15/27, market value
-- $17,268,601) 16,930,000 16,930,000
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- ----------------------------------------------------
<S> <C> <C>
Prudential Repurchase,
5.86%, 04/01/98
(Collateralized by
$18,490,000 various
U.S. Government
Securities,
4.22%-8.50%, 10/15/98-
03/15/11, market value
-- $19,380,207) 19,000,000 $ 19,000,000
- ----------------------------------------------------
TOTAL REPURCHASE
AGREEMENTS (COST $35,930,000) 35,930,000
- ----------------------------------------------------
- ----------------------------------------------------
MONEY MARKET FUNDS (7.6%)
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 $78,775,801)(A) -- 100.2% 78,775,801
- ----------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS (0.2)% (160,684)
- ----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 78,615,117
- ----------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $78,615,117.
SEE NOTES TO FINANCIAL STATEMENTS.
5
<PAGE> 7
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENT GRADE BOND FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
CORPORATE BONDS (17.3%)
BANKING (2.9%)
Bankamerica Corp.,
6.20%, 02/15/06 500,000 $ 492,500
Chase Manhattan Corp.,
10.13%, 11/01/00 1,000,000 1,095,000
Interamerican
Development Bank,
8.40%, 09/01/09 100,000 119,250
MBNA American Bank,
6.92%, 05/30/00 550,000 557,563
Mellon Bank, 7.63%,
09/15/07 100,000 108,375
Union Planters, 6.25%,
11/01/03 1,100,000 1,093,125
Wells Fargo & Co.,
7.13%, 08/15/06 500,000 520,625
------------
3,986,438
------------
BEVERAGES & TOBACCO (2.0%)
Anheuser Busch Cos.,
8.75%, 12/01/99 1,000,000 1,045,000
Pepsico, Inc., 7.63%,
11/01/98 500,000 504,080
Seagram Co. Ltd.,
8.35%, 11/15/06 1,000,000 1,121,250
------------
2,670,330
------------
COMPUTER HARDWARE (1.4%)
IBM Corp., 7.00%,
10/30/25 1,800,000 1,865,250
------------
CONSUMER GOODS & SERVICES (0.0%)
Maytag Corp., 8.88%,
07/15/99 27,000 27,979
------------
ELECTRIC UTILITY (0.7%)
Consolidated Edison,
6.63%, 02/01/02 500,000 506,875
Philadelphia Electric,
6.63%, 03/01/03 500,000 508,125
------------
1,015,000
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES
(3.9%)
Associates Corp. N.A.,
6.63%, 06/15/05 2,000,000 $ 2,034,999
Ford Motor Credit
Corp., 7.75%,
03/15/05 500,000 536,250
Green Tree, 10.25%,
06/01/02 16,000 18,400
Sunamerica, Inc.,
8.13%, 04/28/23 75,000 84,094
Texaco Capital, 8.50%,
02/15/03 1,300,000 1,431,625
Travelers Group, 6.25%,
12/01/05 1,200,000 1,188,000
------------
5,293,368
------------
HOTELS & LODGING (0.4%)
Hilton Hotels, 7.70%,
07/15/02 500,000 511,250
------------
INDUSTRIAL GOODS & SERVICES (2.3%)
Bowater, Inc., 9.00%,
08/01/09 500,000 595,000
Brunswick Corp., 7.38%,
09/01/23 1,000,000 1,048,750
Harsco Corp., 6.00%,
09/15/03 500,000 493,125
Loral Corp., 7.63%,
06/15/25 500,000 545,000
Tenneco, Inc., 6.70%,
12/15/05 500,000 504,375
------------
3,186,250
------------
OIL & GAS (1.2%)
Columbia Gas Systems,
6.80%, 11/28/05 500,000 511,250
Union Texas Petroleum,
8.38%, 03/15/05 1,000,000 1,100,000
------------
1,611,250
------------
PHARMACEUTICALS (0.4%)
Eli Lilly, 8.38%,
12/01/06 500,000 570,625
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
6
<PAGE> 8
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
RETAIL (0.4%)
Limited, Inc., 7.80%,
05/15/02 500,000 $ 518,750
Wal-Mart Stores, 6.75%,
05/15/02 2,000 2,045
------------
520,795
------------
TELECOMMUNICATIONS (1.4%)
Airtouch
Communications,
7.00%, 10/01/03 665,000 684,118
Bellsouth
Telecommunications,
6.50%, 02/01/00 150,000 151,313
Bellsouth
Telecommunications,
7.00%, 10/01/25 500,000 526,875
Bellsouth
Telecommunications,
5.85%, 11/15/45 500,000 501,875
------------
1,864,181
------------
TRANSPORTATION & SHIPPING (0.3%)
Norfolk Western
Railroad, 8.13%,
11/15/03 250,000 272,188
Union Tank Car, 11.80%,
05/15/00 135,000 146,981
------------
419,169
- --------------------------------------------------
TOTAL CORPORATE BONDS
(COST $23,301,096) 23,541,885
- --------------------------------------------------
- --------------------------------------------------
FOREIGN (4.2%)
GOVERNMENTS (FOREIGN) (4.2%)
Canadian Global Bond,
6.50%, 05/30/00 750,000 760,313
Canadian Global Bond,
6.38%, 07/21/05 1,000,000 1,026,250
China, 6.63%, 01/15/03 500,000 493,750
Province of Ontario,
7.00%, 08/04/05 1,500,000 1,574,999
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
State of Israel, 6.38%,
12/15/05 495,000 $ 493,144
Thailand Kingdom,
8.25%, 03/15/02 1,306,000 1,297,838
- --------------------------------------------------
TOTAL FOREIGN (COST
$5,637,816) 5,646,294
- --------------------------------------------------
- --------------------------------------------------
MEDIUM TERM NOTES (1.9%)
FINANCIAL SERVICES
(0.1%)
Sunamerica, Inc.,
6.59%, 07/14/03 150,000 152,625
------------
OIL & GAS (1.8%)
Ashland Oil, Inc.,
9.20%, 04/24/06 500,000 577,500
Piedmont Natural Gas,
7.40%, 10/03/25 1,700,000 1,791,375
------------
2,368,875
- --------------------------------------------------
TOTAL MEDIUM TERM
NOTES (COST $2,406,853) 2,521,500
- --------------------------------------------------
- --------------------------------------------------
MORTGAGE BACKED SECURITIES (32.0%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (4.3%)
Federal Home Loan
Mortgage Corp.
#C00544, 6.50%,
06/01/27 590,404 584,536
Federal Home Loan
Mortgage Corp.
#D77827, 6.50%,
02/01/27 925,956 917,076
Federal Home Loan
Mortgage Corp.
#D81274, 6.50%,
07/01/27 36,020 35,662
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
7
<PAGE> 9
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Federal Home Loan
Mortgage Corp.
#D83661, 6.50%,
11/01/27 970,175 $ 960,492
Federal Home Loan
Mortgage Corp.
#D83833, 6.50%,
11/01/27 924,899 915,668
Federal Home Loan
Mortgage Corp.
#D83835, 6.50%,
11/01/27 568,597 562,922
Federal Home Loan
Mortgage Corp.
#D83900, 6.50%,
11/01/27 611,542 605,439
Federal Home Loan
Mortgage Corp.
#D83967, 6.50%,
11/01/27 53,048 52,519
Federal Home Loan
Mortgage Corp.
#D83991, 6.50%,
11/01/27 840,766 832,375
Federal Home Loan
Mortgage Corp.
#D84075, 6.50%,
11/01/27 395,017 391,075
------------
5,857,764
------------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION (4.4%)
Federal National
Mortgage Association
#251140, 7.00%,
08/01/27 480,328 484,959
Federal National
Mortgage Association
#303585, 7.00%,
10/01/25 643,006 649,133
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Federal National
Mortgage Association
#313644, 7.00%,
08/01/27 237,828 $ 240,121
Federal National
Mortgage Association
#344263, 7.00%,
05/01/26 314,628 317,642
Federal National
Mortgage Association
#364630, 7.00%,
12/01/26 996,112 1,005,745
Federal National
Mortgage Association
#369427, 7.00%,
01/01/27 212,245 214,289
Federal National
Mortgage Association
#373850, 7.00%,
03/01/27 976,483 985,926
Federal National
Mortgage Association
#396535, 7.00%,
11/01/27 574,910 580,470
Federal National
Mortgage Asssociation
#394444, 7.00%,
07/01/27 1,455,957 1,470,020
------------
5,948,305
------------
GOVERNMENT OBLIGATIONS (23.3%)
Government National
Mortgage Association
#410424, 7.00%,
11/15/12 1,976,926 2,020,715
Government National
Mortgage Association
#437447, 7.00%,
11/15/12 1,954,075 1,964,451
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
8
<PAGE> 10
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Government National
Mortgage Association
#437488, 7.00%,
11/15/12 996,134 $ 1,018,198
Government National
Mortgage Association
#458347, 7.00%,
11/15/12 995,763 1,017,819
Government National
Mortgage Association
#780717, 7.00%,
02/15/28 5,940,004 6,019,779
Government National
Mortgage Association
II#2005, 8.00%,
05/20/25 398,057 410,003
Government National
Mortgage Association
II#2036, 8.00%,
07/20/25 226,124 232,955
Government National
Mortgage Association
II#2118, 7.50%,
11/20/25 200,248 204,431
Government National
Mortgage Association
II#2271, 8.50%,
08/20/26 834,673 872,876
Government National
Mortgage Association
II#2362, 8.00%,
01/20/27 141,674 146,033
Government National
Mortgage Association
II#2379, 8.00%,
02/20/27 105,122 108,357
Government National
Mortgage Association
II#2414, 8.00%,
04/20/27 151,880 156,567
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Government National
Mortgage Association
II#2433, 8.00%,
05/20/27 2,330,851 $ 2,402,851
Government National
Mortgage Association
II#2473, 7.50%,
08/20/27 1,742,544 1,779,364
Government National
Mortgage Association
II#2474, 8.00%,
08/20/27 1,750,217 1,804,473
Government National
Mortgage Association
II#2498, 7.50%,
10/20/27 956,143 976,385
Government National
Mortgage Association
II#2511, 7.50%,
11/20/27 2,945,397 3,007,810
Government National
Mortgage Association
II#2512, 8.00%,
11/20/27 468,304 482,873
Government National
Mortgage Association
II#2516, 6.50%,
11/20/12 986,756 986,144
Government National
Mortgage Association
II#80120, 5.50%,
10/20/27 2,846,802 2,871,712
Government National
Mortgage Association
II#80134, 5.50%,
11/20/27 3,160,872 3,188,529
------------
31,672,325
- --------------------------------------------------
TOTAL MORTGAGE BACKED
SECURITIES (COST $43,268,483) 43,478,394
- --------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
9
<PAGE> 11
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT SPONSORED ENTERPRISE/ U.S.
AGENCY DEBENTURES (17.1%)
FEDERAL FARM CREDIT
(0.2%)
Federal Farm Credit,
6.32%, 06/04/01 100,000 $ 101,420
Federal Farm Credit,
9.20%, 08/22/05 100,000 118,810
------------
220,230
------------
FEDERAL HOME LOAN BANK (2.4%)
Federal Home Loan Bank,
5.88%, 02/23/06 1,110,000 1,101,264
Federal Home Loan Bank,
6.75%, 08/16/06 2,000,000 2,096,940
------------
3,198,204
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (2.3%)
Federal Home Loan
Mortgage Corp.,
6.40%, 08/01/00 1,000,000 1,012,370
Federal Home Loan
Mortgage Corp.,
7.13%, 11/18/02 500,000 525,680
Federal Home Loan
Mortgage Corp.,
6.28%, 03/06/06 1,500,000 1,526,115
------------
3,064,165
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (3.3%)
Federal National
Mortgage Association,
8.55%, 08/30/99 500,000 518,565
Federal National
Mortgage Association,
5.50%, 02/02/01 1,500,000 1,487,460
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Federal National
Mortgage Association,
6.80%, 01/10/03 500,000 $ 519,275
Federal National
Mortgage Association,
7.65%, 03/10/05 20,000 21,884
Federal National
Mortgage Association,
6.41%, 03/08/06 2,000,000 2,051,080
------------
4,598,264
------------
GENERAL SERVICES ADMINISTRATION (4.9%)
National Archive,
8.50%, 09/01/19 5,674,567 6,788,200
------------
HOUSING URBAN DEVELOPMENT (0.1%)
HUD Housing Urban
Development, 8.15%,
08/01/00 75,000 78,863
------------
STUDENT LOAN MARKETING
ASSOCIATION (0.8%)
Student Loan Marketing
Association, 8.44%,
12/01/16 450,000 555,912
Student Loan Marketing
Association Global,
7.50%, 03/08/00 500,000 515,140
------------
1,071,052
------------
TENNESSEE VALLEY AUTHORITY (3.1%)
Tennessee Valley
Authority, 0.00%,
05/01/97 1,150,000 1,144,799
Tennessee Valley
Authority, 5.95%,
09/15/98 825,000 825,000
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
10
<PAGE> 12
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Tennessee Valley
Authority, 5.98%,
04/01/36 1,650,000 $ 1,658,250
Tennessee Valley
Authority Global,
6.75%, 11/01/25 500,000 533,750
------------
4,161,799
- --------------------------------------------------
TOTAL U.S. GOVERNMENT SPONSORED
ENTERPRISE/
U.S. AGENCY DEBENTURES
(COST $22,184,558) 23,180,777
- --------------------------------------------------
- --------------------------------------------------
U.S. TREASURY DEBENTURES (26.6%)
U.S. TREASURY BONDS
(8.8%)
U.S. Treasury Bond,
11.75%, 02/15/01 1,139,000 1,322,630
U.S. Treasury Bond,
13.375%, 08/15/01 1,000,000 1,234,370
U.S. Treasury Bond,
15.75%, 11/15/01 1,500,000 1,989,735
U.S. Treasury Bond,
11.875%, 11/15/03 1,600,000 2,065,648
U.S. Treasury Bond,
13.75%, 08/15/04 1,000,000 1,422,330
U.S. Treasury Bond,
11.625%, 11/15/04 500,000 659,825
U.S. Treasury Bond,
12.00%, 05/15/05 160,000 217,534
U.S. Treasury Bond,
11.25%, 02/15/15 1,000,000 1,563,090
U.S. Treasury Bond,
8.875%, 02/15/19 250,000 333,990
U.S. Treasury Bond,
6.75%, 08/15/26 1,000,000 1,100,900
------------
11,910,052
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
U.S. TREASURY NOTES
(11.2%)
U.S. Treasury Note,
9.00%, 05/15/98 500,000 $ 502,202
U.S. Treasury Note,
9.25%, 08/15/98 1,000,000 1,013,700
U.S. Treasury Note,
9.125%, 05/15/99 995,000 1,032,621
U.S. Treasury Note,
6.875%, 03/31/00 2,100,000 2,149,581
U.S. Treasury Note,
5.875%, 06/30/00 1,000,000 1,005,410
U.S. Treasury Note,
5.75%, 10/31/00 500,000 501,150
U.S. Treasury Note,
8.50%, 11/15/00 3,300,000 3,525,853
U.S. Treasury Note,
5.25%, 01/31/01 2,250,000 2,226,532
U.S. Treasury Note,
7.50%, 11/15/01 1,000,000 1,058,400
U.S. Treasury Note,
6.25%, 01/31/02 1,000,000 1,018,590
U.S. Treasury Note,
6.375%, 08/15/02 200,000 205,170
U.S. Treasury Note,
5.75%, 08/15/03 500,000 501,250
U.S. Treasury Note,
5.875%, 11/15/05 500,000 503,760
------------
15,244,219
------------
U.S. TREASURY STRIPS (6.6%)
STRIP PRINC, 0.00%,
05/15/00 1,200,000 1,067,808
U.S. Treasury STRIP,
0.00%, 05/15/99 500,000 470,140
U.S. Treasury STRIP,
0.00%, 11/15/99 500,000 457,355
U.S. Treasury STRIP,
0.00%, 05/15/00 2,100,000 1,867,908
U.S. Treasury STRIP,
0.00%, 08/15/01 500,000 414,340
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
11
<PAGE> 13
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
U.S. Treasury STRIP,
0.00%, 08/15/01 350,000 $ 290,136
U.S. Treasury STRIP,
0.00%, 05/15/02 1,450,000 1,152,779
U.S. Treasury STRIP,
0.00%, 05/15/02 2,000,000 1,589,400
U.S. Treasury STRIP,
0.00%, 02/15/03 500,000 380,880
U.S. Treasury STRIP,
0.00%, 02/15/18 1,250,000 380,300
U.S. Treasury STRIP,
0.00%, 05/15/18 1,250,000 374,650
U.S. Treasury STRIP,
0.00%, 02/15/19 100,000 28,597
U.S. Treasury STRIP,
0.00%, 02/15/20 1,000,000 269,330
U.S. Treasury STRIP,
0.00%, 05/15/20 1,000,000 265,320
------------
9,008,943
- --------------------------------------------------
TOTAL U.S. TREASURY
DEBENTURES (COST $35,514,832) 36,163,214
- --------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
MONEY MARKET FUNDS (0.2%)
MONEY MARKET FUNDS (0.2%)
Bank of New York Cash
Sweep 224,848 $ 224,848
- --------------------------------------------------
TOTAL MONEY MARKET
FUNDS (COST $224,848) 224,848
- --------------------------------------------------
TOTAL INVESTMENTS
(COST $132,538,486) (a) -- 99.3% 134,756,912
- --------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES 0.7% 883,954
- --------------------------------------------------
TOTAL NET ASSETS -- 100.0% $135,640,866
- --------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $135,640,866.
(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 $13,944,621
Unrealized depreciation (11,726,195)
-----------
Net unrealized
appreciation $ 2,218,426
===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
12
<PAGE> 14
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
COMMON STOCKS (69.4%)
AUSTRALIA (0.9%)
BANKING (0.3%)
Australia & New Zealand
Banking Group Ltd. 8,100 $ 54,253
Commonwealth Bank of
Australia 5,400 64,326
National Australia Bank
Ltd. 5,400 77,029
------------
195,608
------------
BUILDING PRODUCTS
(0.0%)
CSR Ltd. 3,300 11,489
------------
CONSUMER GOODS & SERVICES (0.2%)
Brambles Industries
Ltd. 1,700 35,456
Coca Cola Amatil Ltd. 5,100 40,077
Mayne Nickless Ltd. 1,500 7,759
Woolworths Ltd. 7,000 26,228
------------
109,520
------------
DIVERSIFIED (0.1%)
Broken Hill Proprietary
Company Ltd. 7,100 72,698
Smith (Howard) Ltd. 1,000 7,825
------------
80,523
------------
ENERGY (0.0%)
Australian Gas & Light
Co. 1,800 14,622
Santos Ltd. 2,700 10,134
Woodside Petroleum Ltd. 1,000 6,632
------------
31,388
------------
FINANCIAL SERVICES
(0.1%)
Lend Lease Corporation
Ltd. 2,300 53,689
Westfield Holdings Ltd. 2,000 10,014
------------
63,703
------------
INDUSTRIAL (0.1%)
Orica Ltd. 2,300 16,030
Pacific Dunlop Ltd. 10,600 20,316
------------
36,346
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
MEDIA (0.1%)
News Corporation Ltd.* 8,100 $ 53,554
Publishing and
Broadcasting 3,100 16,138
------------
69,692
------------
METALS & MINING (0.0%)
Rio Tinto Ltd. 1,400 18,429
WMC Ltd. 2,900 9,962
------------
28,391
------------
RETAIL (0.0%)
Coles Myer Ltd. 3,000 15,020
------------
641,680
------------
AUSTRIA (0.1%)
ENERGY (0.0%)
EVN-Energie Versorgung
Niedr 100 14,726
------------
ENGINEERING (0.0%)
VA Technologie, AG 110 17,332
------------
FINANCIAL SERVICES (0.1%)
Bank Austria, AG 210 14,220
Creditanstalt, AG 122 10,605
------------
24,825
------------
56,883
------------
BELGIUM (0.3%)
BANKING (0.1%)
Kredietbank, NV 70 37,616
------------
DIVERSIFIED (0.0%)
Ste Generale de
Belgique 250 31,194
------------
ELECTRIC UTILITY (0.1%)
Electrabel, SA 50 12,740
Tractebel 375 39,418
------------
52,158
------------
ENERGY (0.0%)
Petrofina, SA 40 14,443
------------
INSURANCE (0.1%)
Fortis, AG 200 55,572
Royale Belge 25 8,765
------------
64,337
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
13
<PAGE> 15
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
METALS & MINING (0.0%)
Union Miniere, SA* 130 $ 9,064
------------
PHARMACEUTICALS (0.0%)
UCB, SA 3 12,543
------------
221,355
------------
CANADA (1.4%)
AUTOMOTIVE (0.0%)
Canadian Tire Corp.,
Class A 300 7,626
Magna International,
Inc., Class A 200 15,505
------------
23,131
------------
BANKING (0.4%)
Bank of Montreal 900 48,318
Bank of Nova Scotia 2,200 59,405
Canadian Imperial Bank
of Commerce 1,700 59,172
National Bank of Canada 2,200 41,150
Royal Bank of Canada 100 5,917
Toronto-Dominion Bank 1,100 47,337
------------
261,299
------------
BEVERAGES & TOBACCO (0.0%)
Imasco Ltd. 400 16,032
------------
CHEMICALS (0.0%)
Potash Corp. of
Saskatchewan 200 18,128
------------
DIVERSIFIED (0.1%)
Bombardier, Inc., Class
B 1,400 34,505
Power Corp. of Canada 500 19,337
------------
53,842
------------
FINANCIAL SERVICES (0.1%)
Newcourt Credit Group,
Inc. 800 39,883
Power Financial Corp. 200 7,672
------------
47,555
------------
FOOD PRODUCTS & SERVICES (0.0%)
Weston (George) Ltd. 100 9,352
------------
FOREST & PAPER PRODUCTS (0.0%)
Donohue, Inc., Class A 500 11,637
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FUNERAL SERVICES (0.0%)
Loewen Group, Inc. 400 $ 9,985
------------
METALS & MINING (0.2%)
Alcan Aluminum Ltd. 1,400 43,561
Barrick Gold Corp. 300 6,940
Inco Ltd., Class VBN 2,100 24,365
Noranda, Inc. 1,300 25,687
Rio Algom Ltd. 600 11,265
------------
111,818
------------
OIL & GAS (0.3%)
Canadian Natural
Resources* 2,600 53,934
Canadian Utilities
Ltd., Class B 700 23,577
Gaz Metropolitan &
Company, LP 2,900 37,521
Imperial Oil Ltd. 800 44,722
Petro-Canada 400 7,116
Westcoast Energy, Inc. 1,500 36,547
------------
203,417
------------
PHARMACEUTICALS (0.1%)
Biochem Pharma, Inc.* 400 9,648
Biovail Corporation
International* 600 28,689
------------
38,337
------------
PRINTING & PUBLISHING (0.0%)
Southam, Inc. 400 8,002
Thomson Corp. 700 21,855
------------
29,857
------------
REAL ESTATE (0.1%)
Trizec Hahn Corp. 2,100 49,394
------------
TELECOMMUNICATIONS (0.1%)
BCE, Inc. 1,000 41,698
------------
TRANSPORTATION & SHIPPING (0.0%)
Canadian National
Railway Co. 200 12,727
------------
938,209
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
14
<PAGE> 16
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
DENMARK (0.3%)
BANKING (0.2%)
Den Danske Bank 200 $ 26,140
Unidanmark A/S, Class A 300 23,831
------------
49,971
------------
COMMERCIAL SERVICES (0.0%)
Ratin A/S, Class B* 140 24,824
Sophus Berendsen, Class
B* 140 5,441
------------
30,265
------------
FOOD PRODUCTS & SERVICES (0.0%)
Danisco A/S 136 8,932
------------
PHARMACEUTICALS (0.0%)
Novo-Nordisk A/S, Class
B 156 26,555
------------
TELECOMMUNICATIONS (0.0%)
Tele Danmark A/S, Class
B 230 20,881
------------
TRANSPORTATION & SHIPPING (0.1%)
D/S 1912, Class B 1 46,811
------------
183,415
------------
FINLAND (0.3%)
BANKING (0.0%)
Merita, PLC, Class A 3,000 18,067
------------
BASIC MATERIALS (0.1%)
Kemira, OYJ 600 6,254
Metsa Serla, Class B 2,400 21,381
Outokumpu, OYJ 1,000 12,597
------------
40,232
------------
DIVERSIFIED (0.0%)
Valmet, OYJ 1,000 16,036
------------
PHARMACEUTICALS (0.0%)
Orion-Yhtyma, Class A 280 8,581
------------
TELECOMMUNICATIONS (0.2%)
Nokia, OYJ, Class A 300 32,205
Nokia, OYJ, Class K 700 75,306
------------
107,511
------------
190,427
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FRANCE (2.1%)
AUTOMOTIVE (0.1%)
Michelin (CGDE), Class
B 710 $ 42,389
PSA Peugeot Citroen 100 17,238
------------
59,627
------------
BANKING (0.3%)
Banque Nationale de
Paris 650 50,515
CCF -- Credit Commer
France 200 16,431
Dexia France 250 33,491
Societe Generale, Class
A 400 80,055
------------
180,492
------------
BEVERAGES & TOBACCO (0.1%)
LVMH (Moet-Hennessy
Louis Vuitton) 260 55,142
------------
CHEMICALS (0.1%)
L'Air Liquide 400 67,789
------------
CONSUMER GOODS & SERVICES (0.3%)
Bic 400 30,460
Christian Dior 100 13,300
CIE General des Eaux 327 53,095
L'oreal 160 74,374
------------
171,229
------------
FINANCIAL SERVICES (0.1%)
AXA 100 10,297
CIE Financiere de
Paribas, Class A 600 60,720
Compagnie Bancaire, SA 100 17,286
------------
88,303
------------
FOOD PRODUCTS & SERVICES (0.2%)
Carrefour Supermarche 150 88,368
Groupe Danone 140 33,804
Promodes 20 9,616
------------
131,788
------------
HOTELS & LODGING (0.1%)
Accor, SA 200 51,326
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
15
<PAGE> 17
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
INDUSTRIAL GOODS & SERVICES (0.2%)
Compagnie de Saint-
Gobain 220 $ 36,219
LaFarge 500 42,530
LeGrand 100 26,938
Schneider, SA (Ex Spie
Batig) 300 23,097
Suez Lyonnaise Des Eaux 582 84,073
------------
212,857
------------
MEDIA (0.0%)
Canal Plus 90 16,879
------------
OIL & GAS (0.3%)
Elf Aquitane 900 117,953
Total, SA, Class B 701 84,179
------------
202,132
------------
PHARMACEUTICALS (0.1%)
Rhone-Poulenca, Class A 850 43,202
Synthelabo 200 27,761
------------
70,963
------------
TECHNOLOGY (0.2%)
Alcatel Alsthom
(CIE Gen El) 550 103,242
Thompson
Microelectronics* 200 15,717
------------
118,959
------------
1,427,486
------------
GERMANY (2.3%)
AUTOMOTIVE (0.4%)
Bayerische Motoren
Werke, AG 80 90,064
Daimler-Benz, AG 870 80,069
Volkswagen, AG 90 70,469
------------
240,602
------------
BANKING (0.5%)
Bayer Hypotheken &
Wechsel Bank 1,100 59,064
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Bayerische Vereinsbank,
AG 1,300 $ 92,860
Deutsche Bank, AG 2,350 176,187
Dresdner Bank, AG 250 11,409
------------
339,520
------------
CHEMICALS (0.3%)
BASF, AG 700 30,962
Bayer, AG 3,600 163,810
Hoechst, AG 600 23,376
------------
218,148
------------
COMPUTER SOFTWARE & PERIPHERALS (0.1%)
SAP, AG 150 59,697
------------
ENERGY (0.1%)
RWE AG 650 35,060
------------
INDUSTRIAL GOODS & SERVICES (0.7%)
Mannesmann, AG 175 126,613
Siemens, AG 1,650 110,010
Thyssen, AG 235 50,842
Veba, AG 2,150 153,286
Viag, AG 100 54,993
------------
495,744
------------
INSURANCE (0.2%)
Allianz, AG, Registered 180 54,068
Muenchener Rueckver,
AG, Registered 180 77,671
------------
131,739
------------
PHARMACEUTICALS (0.0%)
Schering, AG 240 28,032
------------
RETAIL (0.0%)
Metro, AG 100 4,412
------------
TELECOMMUNICATIONS (0.0%)
Deutsche Telekom, AG 1,050 22,966
------------
1,575,920
------------
HONG KONG (0.8%)
BANKING (0.3%)
Bank of East Asia* 10,000 20,779
HSBC Holdings, PLC 7,000 214,118
------------
234,897
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
16
<PAGE> 18
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
DIVERSIFIED (0.1%)
Hutchison Whampoa 4,000 $ 28,136
Jardine Matheson
Holdings Ltd. 2,000 9,080
Swire Pacific Ltd.,
Class A 9,500 50,271
------------
87,487
------------
ELECTRIC UTILITY (0.1%)
CLP Holdings, Ltd. 9,000 45,186
------------
OIL & GAS (0.0%)
Hong Kong & China Gas 20,000 33,557
------------
REAL ESTATE (0.2%)
Cheung Kong 6,000 42,591
China Resources
Enterprises 10,000 20,263
Hang Lung Development
Co. 10,000 14,520
Henderson Land
Development Company
Ltd. 2,000 10,093
New World Development 1,000 3,523
Sun Hung Kai Properties 7,000 47,657
------------
138,647
------------
TELECOMMUNICATIONS (0.1%)
Hong Kong Telecom 17,400 35,932
------------
575,706
------------
IRELAND (0.2%)
BANKING (0.1%)
Allied Irish Bank* 1,505 18,466
Bank of Ireland* 2,850 56,348
------------
74,814
------------
FOOD PRODUCTS & SERVICES (0.0%)
Kerry Group, PLC* 1,642 21,865
------------
HEALTH CARE (0.1%)
Elan Corp.* 654 42,665
------------
MANUFACTURING (0.0%)
CRH ORD* 1,000 15,028
------------
154,372
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
ITALY (1.1%)
AUTOMOTIVE (0.1%)
Fiat, SPA* 11,700 $ 48,812
------------
BANKING (0.2%)
Credito Italiano, SPA 7,000 34,580
Istituto Banc San Paolo
Tori 3,000 42,049
Rolo Banca 1473, SPA 2,000 44,874
------------
121,503
------------
CHEMICALS (0.0%)
Montedison, SPA 10,000 14,730
------------
ELECTRIC UTILITY (0.0%)
Edison, SPA 3,000 25,254
------------
FINANCIAL SERVICES (0.1%)
Istituto Mobiliare
Italiano 3,000 48,714
Telecom Italia Mobile,
SPA 9,000 48,361
------------
97,075
------------
INSURANCE (0.2%)
Assicurazioni Generali 3,695 113,919
Ras Savings, SPA, RNC 2,000 22,437
------------
136,356
------------
OIL & GAS (0.1%)
Ente Nazional
Indrocarburi, SPA 12,100 82,442
------------
TELECOMMUNICATIONS (0.4%)
Telecom Italia, SPA 21,555 169,863
Telecom Italia, SPA-
RNC* 4,000 24,511
------------
194,374
------------
TEXTILE PRODUCTS (0.0%)
Benetton Group, SPA 1,000 21,011
------------
741,557
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
17
<PAGE> 19
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
JAPAN (5.6%)
AUTOMOTIVE (0.7%)
Aisin Seiki Company
Ltd. 3,000 $ 31,046
Autobacs Seven Company
Ltd. 1,000 35,770
Bridgestone Corp. 3,000 67,941
Denso Corp. 3,000 56,243
Honda Motor Company
Ltd. 2,000 71,990
Toyota Motor Corp. 9,000 239,592
------------
502,582
------------
BANKING (1.1%)
77 Bank Ltd. 2,000 17,098
Bank of
Tokyo-Mitsubishi Ltd. 13,000 157,928
Chugoku Bank Ltd. 2,000 26,846
Dai-Ichi Kangyo Bank
Ltd. 12,000 87,287
Fuji Bank Ltd. 8,000 47,994
Gunma Bank 1,000 7,237
Hachijuni Bank 4,000 33,296
Industrial Bank of
Japan 9,000 61,417
Mitsubishi Trust &
Banking Co. 3,000 29,471
Sakura Bank Ltd. 7,000 24,829
Shizuoka Bank 6,000 67,041
Sumitomo Bank Ltd. 8,000 81,589
Sumitomo Trust &
Banking 6,000 38,740
Yamaguchi Bank Ltd. 2,000 24,747
------------
705,520
------------
BEVERAGES & TOBACCO (0.1%)
Japan Tobacco, Inc. 2 14,938
Kirin Brewery Company
Ltd. 4,000 35,695
------------
50,633
------------
CHEMICALS (0.2%)
Hitachi Chemical 1,000 6,104
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Mitsubishi Chemical
Corp. 19,000 $ 34,908
Shin-Etsu Chemical Co. 2,000 39,595
Takeda Chemical
Industries 2,000 50,843
------------
131,450
------------
CONSTRUCTION (0.1%)
Daiwa House Industry
Company Ltd. 1,000 7,312
Matsushita Electirc
Works 4,000 39,295
Nishimatsu Construction 3,000 14,353
Shimizu Corp. 2,000 6,509
------------
67,469
------------
CONSUMER GOODS & SERVICES (0.3%)
Kuraray Company Ltd. 1,000 8,774
Matsushita Electric
Industrial Co. 7,000 112,334
Nintendo Company Ltd. 200 17,248
Shiseido Company Ltd. 2,000 22,947
Sony Corp. 200 16,948
Toto Ltd. 1,000 7,312
------------
185,563
------------
DISTRIBUTION (0.1%)
Nissho Iwai Corp. 5,000 13,686
Sumitomo Corp. 3,000 38,695
------------
52,381
------------
ELECTRIC UTILITY (0.2%)
Chubu Electric Power
Company, Inc. 1,000 14,923
Hokkaido Electric Power 2,000 28,346
Hokuriku Electric Power 1,000 13,648
Kansai Electric Power 3,000 50,394
Kyushu Electric Power 1,000 14,623
Tohoku Electric Power 300 4,499
Tokyo Electric Power
Co. 2,200 41,575
------------
168,008
------------
ELECTRICAL & ELECTRONIC (0.4%)
Hitachi Ltd. 11,000 80,015
Kyocera Corp. 1,000 52,493
Minebea Company Ltd. 3,000 32,846
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
18
<PAGE> 20
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Murata Mfg. Company
Ltd. 1,000 $ 27,596
NEC Corp. 5,000 50,243
NGK Insulators Ltd. 1,000 8,924
Nippon Electric Glass
Company Ltd. 1,000 11,473
Nitto Denko Corp. 1,000 14,548
Omron Corp. 1,000 15,148
------------
293,286
------------
FINANCIAL SERVICES (0.2%)
Credit Saison Company
Ltd. 1,000 22,122
Nomura Securities
Company Ltd. 6,000 70,641
Tokio Marine & Fire
Insurance 4,000 44,694
------------
137,457
------------
FOOD PRODUCTS & SERVICES (0.1%)
Ajinomoto Company, Inc. 3,000 26,097
Nissin Food Products
Company Ltd. 2,000 40,494
------------
66,591
------------
INDUSTRIAL (0.2%)
Chudenko Corp. 1,000 25,197
Kajima Corp. 2,000 6,749
Mitsubishi Heavy
Industries Ltd. 16,000 60,831
Tostem Corp. 3,000 33,746
------------
126,523
------------
MACHINERY & EQUIPMENT (0.1%)
Ebara Corp. 2,000 20,846
Komori Corp. 1,000 15,898
Mori Seiki Company Ltd. 1,000 11,249
Toyota Automatic Loom
Works 1,000 17,098
------------
65,091
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
MANUFACTURING (0.2%)
Fuji Photo Film Co. 2,000 $ 74,390
Nikon Corp. 3,000 27,446
Onward Kashiyama
Company Ltd. 2,000 24,747
------------
126,583
------------
MEDIA (0.1%)
Tokyo Broadcasting
System 1,000 11,473
Toppan Printing Company
Ltd. 3,000 36,896
------------
48,369
------------
METALS & MINING (0.1%)
Sumitomo Metal
Industries 30,000 49,718
------------
OFFICE EQUIPMENT & SERVICES (0.1%)
Canon, Inc. 2,000 45,144
Dai Nippon Printing
Company Ltd. 1,000 16,498
Ricoh Company Ltd. 3,000 30,146
------------
91,788
------------
OIL & GAS (0.1%)
Arabian Oil Company
Ltd. 1,300 25,152
Tonen Corp. 2,000 11,863
------------
37,015
------------
PHARMACEUTICALS (0.1%)
Ono Pharmaceutical
Company Ltd. 1,000 21,672
Sankyo Company Ltd. 2,000 55,493
Yamanouchi
Pharmaceutical
Company Ltd. 1,000 22,947
------------
100,112
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
19
<PAGE> 21
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
REAL ESTATE (0.2%)
Mitsubishi Estate
Company Ltd. 4,000 $ 38,995
Mitsui Fudosan Company
Ltd. 4,000 38,095
Sumitome Realty &
Development 6,000 35,365
------------
112,455
------------
RETAIL (0.2%)
Daiei, Inc. 2,000 7,199
Ito-Yokado Company Ltd. 1,000 54,142
Jusco Company Ltd. 2,000 35,845
Marui Company Ltd. 2,000 30,746
Mycal Corp. 1,000 6,749
Takashimaya Company
Ltd. 1,000 7,132
UNY Company Ltd. 1,000 16,348
------------
158,161
------------
TECHNOLOGY (0.1%)
Fujitsu Ltd. 6,000 62,541
Tokyo Electron Ltd. 1,000 33,671
------------
96,212
------------
TELECOMMUNICATIONS (0.2%)
KDD 300 11,878
Nippon Telegraph &
Telephone Corp. 15 124,859
Nippon Television
Network 100 29,621
------------
166,358
------------
TRANSPORTATION & SHIPPING (0.3%)
All Nippon Airways
Company Ltd. 7,000 37,218
East Japan Railway Co. 6 27,806
Japan Airlines Company
Ltd.* 2,000 6,299
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Kinki Nippon Railway
Company Ltd. 10,000 $ 54,594
Mitsubishi Logistics
Corp. 1,000 11,623
Nippon Express Company
Ltd. 3,000 19,122
Seibu Railway Company
Ltd. 1,000 37,570
------------
194,232
------------
WHOLESALE & INTERNATIONAL TRADE (0.1%)
Mitsubishi Corp. 3,000 24,522
Mitsui & Company Ltd. 5,000 31,796
Sumitomo Corp. 2,000 13,003
------------
69,321
------------
3,802,878
------------
MALAYSIA (0.2%)
BANKING (0.2%)
Malayan Banking Berhad 14,400 55,385
------------
CONSUMER GOODS & SERVICES (0.0%)
Kuala Lumpur Kepong
Berhad 9,000 21,635
------------
DIVERSIFIED (0.0%)
Renong Berhad* 9,000 3,561
Sungei Way Holdings
Berhad 5,800 2,167
------------
5,728
------------
ELECTRIC UTILITY (0.0%)
Tenaga Nasional Berhad 4,000 10,110
------------
FINANCIAL SERVICES (0.0%)
Hong Leong Credit
Berhad 6,000 5,802
Innovest Berhad 5,000 1,662
Sime Darby Berhad 8,700 9,752
------------
17,216
------------
FOOD PRODUCTS & SERVICES (0.0%)
Nestle (Malaysia)
Berhad 1,000 5,550
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
20
<PAGE> 22
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
INDUSTRIAL (0.0%)
UMW Holdings Berhad 2,000 $ 2,165
United Engineers
(Malaysia) 1,000 1,170
------------
3,335
------------
INDUSTRIAL GOODS & SERVICES (0.0%)
Perusahaan Otomobil
Nasional 1,000 1,745
------------
OIL & GAS (0.0%)
Petronas Gas Berhad 2,000 5,330
------------
RESORTS & ENTERTAINMENT (0.0%)
Resorts World Berhad 4,000 8,846
------------
TELECOMMUNICATIONS (0.0%)
Telekom Malaysia 3,500 12,116
------------
146,996
------------
NETHERLANDS (1.8%)
BANKING (0.3%)
ABN Amro Holding, NV 3,748 86,478
Ing Groep, NV 2,504 142,096
------------
228,574
------------
BREWERY (0.1%)
Heineken, NV 288 65,484
------------
CHEMICALS (0.1%)
Akzo Nobel 270 54,850
------------
CONSUMER GOODS & SERVICES (0.2%)
Koninklijke Ahold, NV 1,200 38,740
Polygram, NV 100 4,581
Unilever, NV -- CVA 1,572 106,023
------------
149,344
------------
ELECTRICAL & ELECTRONIC (0.1%)
Philips Electronics 1,284 94,236
------------
INSURANCE (0.2%)
Aegon, NV 694 84,392
Fortis Amev, NV 510 30,091
------------
114,483
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
MEDIA (0.1%)
Elsevier 554 $ 9,115
Wolters Kluwer -- CVA 420 60,038
------------
69,153
------------
OIL & GAS (0.6%)
Royal Dutch Petroleum 7,517 425,488
------------
TELECOMMUNICATIONS (0.1%)
Koninklijke PTT
Nederland, NV 859 44,502
------------
1,246,114
------------
NEW ZEALAND (0.1%)
AEROSPACE & MILITARY TECHNOLOGY (0.0%)
Air New Zealand Ltd.,
Class B 10,000 13,821
------------
DIVERSIFIED (0.0%)
Brierley Investments
Ltd. 11,700 6,727
------------
FOREST & PAPER PRODUCTS (0.0%)
Fletcher Challenge
Forests* 10,000 6,966
------------
TELECOMMUNICATIONS (0.1%)
Telecom Corp. of New
Zealand 5,000 23,829
------------
51,343
------------
NORWAY (0.2%)
BANKING (0.0%)
Norske Bank, ASA 1,000 5,443
Sparebanken Nor-Cap,
CTF 100 3,109
------------
8,552
------------
FOOD PRODUCTS & SERVICES (0.0%)
Orkla, ASA, Class A 150 15,346
------------
INDUSTRIAL (0.2%)
Bergesen D Y ASA, Class
A 500 10,624
Kvaerner, ASA 100 4,512
Norsk Hydro, ASA 780 38,673
------------
53,809
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
21
<PAGE> 23
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
INSURANCE (0.0%)
Storebrand, ASA* 1,000 $ 8,329
------------
OIL & GAS (0.0%)
Smedvig, ASA, Class B 1,000 20,068
------------
106,104
------------
SINGAPORE (0.1%)
BANKING (0.1%)
Development Bank of
Singapore* 2,750 20,093
United Overseas Bank --
Foreign * 1,000 5,542
------------
25,635
------------
DIVERSIFIED (0.0%)
Singapore Technologies
Industrial Corp. 2,000 2,316
------------
MANUFACTURING (0.0%)
Sembawang Corporation
Ltd. 6,000 13,375
------------
PRINTING & PUBLISHING (0.0%)
Singapore Press
Holdings 1,276 14,617
------------
REAL ESTATE (0.0%)
Centrepoint Properties 15,000 11,146
DBS Land 3,000 5,071
------------
16,217
------------
TELECOMMUNICATIONS (0.0%)
Singapore
Telecommunications 5,000 8,793
------------
TRANSPORTATION & SHIPPING (0.0%)
Singapore Airlines Ltd. 2,000 14,242
------------
95,195
------------
SPAIN (0.8%)
BANKING (0.4%)
Banco Bilbao Vizcaya 3,877 181,986
Banco Popular Espanol 600 58,238
Banco Santander, SA 400 19,922
------------
260,146
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITY (0.1%)
Endesa, SA 500 $ 12,022
Iberdrola, SA 4,906 74,522
------------
86,544
------------
OIL & GAS (0.1%)
Gas Natural SDG-E 200 12,483
Repsol, SA 1,250 63,770
------------
76,253
------------
TELECOMMUNICATIONS (0.2%)
Telefonica de Espana 2,466 108,685
------------
531,628
------------
SWEDEN (0.9%)
AUTOMOTIVE (0.1%)
Volvo, AB, Class A 400 12,609
Volvo, AB, Class B 1,700 54,120
------------
66,729
------------
BANKING (0.1%)
Svenska Handelsbanken,
Class A 1,300 60,168
Svenska Handelsbanken,
Class B 500 21,922
------------
82,090
------------
BASIC MATERIALS (0.0%)
AGA, AB, Class A 700 10,245
Stora Kopparbergs
Bergs, Class A 1,000 15,386
------------
25,631
------------
CONSUMER GOODS & SERVICES (0.0%)
Electrolux, AB, Class B 260 21,465
------------
ELECTRIC UTILITY (0.0%)
Sydkraft, AB, Class A 200 5,504
------------
FINANCIAL SERVICES (0.2%)
Incentive, AB, Class B 200 19,639
Investor, AB, Class A 200 10,683
Investor, AB, Class B 600 32,198
Skandia Forsakrings, AB 500 32,586
------------
95,106
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
22
<PAGE> 24
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
INDUSTRIAL (0.0%)
ABB, AB, Class A 600 $ 8,594
Skanska, AB, Class B 200 9,006
------------
17,600
------------
MACHINERY & EQUIPMENT (0.1%)
Atlas Copco, AB, Class
A 1,600 46,734
Sandvik, AB, Class A 850 24,242
Sandvik, AB, Class B 500 14,229
------------
85,205
------------
PHARMACEUTICALS (0.1%)
Astra, AB, Class A 4,132 85,284
------------
TELECOMMUNICATIONS (0.3%)
Ericsson, LM, Class B 3,000 142,602
------------
627,216
------------
SWITZERLAND (2.4%)
BANKING (0.5%)
Credit Suisse Group,
Registered 880 176,060
Schweizerischer
Bankverein,
Registered* 175 61,529
Union Bank of
Switzerland, Bearer 80 130,667
------------
368,256
------------
FOOD PRODUCTS & SERVICES (0.4%)
Nestle, SA, Registered 160 305,730
------------
INSURANCE (0.2%)
Schw
Rueckversicherungs,
Registered 50 109,841
Zuerich Versicherungs,
Registered 50 29,026
------------
138,867
------------
MANUFACTURING (0.1%)
ABB, AG, Bearer 55 82,185
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (1.2%)
Novartis, AG, Bearer 40 $ 71,106
Novartis, AG,
Registered 178 315,021
Roche Holding, AG,
Bearer 3 51,263
Roche Holding, AG,
Genus 27 292,230
------------
729,620
------------
1,624,658
------------
UNITED KINGDOM (8.5%)
AEROSPACE & MILITARY TECHNOLOGY (0.1%)
British Aerospace, PLC 1,500 49,409
------------
AUTOMOTIVE (0.1%)
GKN, PLC 2,000 54,224
------------
BANKING (1.5%)
Abbey National, PLC 6,000 115,949
Bank of Scotland 2,000 23,679
Barclays, PLC 6,230 186,747
Halifax, PLC 7,000 108,430
HSBC Holdings, PLC 3,400 111,083
Lloyds TSB Group, PLC 14,731 229,417
National Westminster
Bank 7,000 128,241
Royal Bank of Scotland
Group 2,000 31,064
Schroders, PLC 500 19,919
Schroders, PLC, Non
Voting Shares 1,000 35,033
Standard Chartered, PLC 2,000 29,004
------------
1,018,566
------------
BEVERAGES & TOBACCO (0.7%)
Allied Domecq, PLC 1,400 13,738
B.A.T. Industries, PLC 14,748 150,158
Bass, PLC 3,791 72,753
Diageo, PLC 14,552 171,556
Imperial Tobacco Group,
PLC 1,000 7,360
Scottish & Newcastle,
PLC 2,000 31,600
------------
447,165
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
23
<PAGE> 25
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
BUILDING PRODUCTS (0.0%)
Wolseley, PLC 1,000 $ 7,695
------------
CHEMICALS (0.1%)
BOC Group, PLC 2,445 39,061
Imperial Chemical
Industries, PLC 2,000 35,602
------------
74,663
------------
CONSUMER GOODS & SERVICES (0.5%)
Boots Company, PLC 4,821 77,302
Granada Group, PLC 4,000 72,108
Hays, PLC 3,000 53,905
Rank Group, PLC 10,563 71,419
Reckitt & Coleman, PLC 2,750 51,025
Unilever, PLC 1,000 9,453
------------
335,212
------------
DIVERSIFIED (0.4%)
General Electric
Company, PLC 10,070 79,806
Siebe, PLC 3,000 65,510
Smiths Industries, PLC 2,600 38,206
Tompkins, PLC 4,000 24,399
Williams, PLC 8,700 69,640
------------
277,561
------------
ELECTRIC UTILITY (0.3%)
Energy Group, PLC 2,950 41,571
National Power, PLC 5,000 51,201
Powergen, PLC 3,000 42,074
Scottish Power, PLC 5,000 47,098
Southern Electric, PLC 4,630 42,179
------------
224,123
------------
FINANCIAL SERVICES (0.0%)
Group, PLC 1,000 10,014
------------
FOOD PRODUCTS & SERVICES (0.4%)
Associated British
Foods, PLC 5,000 51,578
Cadbury Schweppes, PLC 5,853 81,156
Sainsbury (J), PLC 1,144 9,852
Tesco, PLC 11,418 114,436
------------
257,022
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
HEALTH CARE (0.0%)
Nycomed Amersham, PLC 325 $ 12,158
Nycomed Amersham, PLC,
Non Voting Shares 390 14,042
------------
26,200
------------
INDUSTRIAL (0.2%)
BAA, PLC 2,100 20,502
Blue Circle Industries,
PLC 4,000 24,550
Hanson, PLC 4,937 29,887
Waste Management
International, PLC* 14,000 53,336
------------
128,275
------------
INSURANCE (0.5%)
Commercial Union, PLC 4,469 87,336
General Accident, PLC 2,900 71,534
Guardian Royal
Exchange, PLC 1,000 7,163
Legal & General Group,
PLC 1,000 12,317
Norwich Union, PLC* 1,000 7,783
Prudential Corporation,
PLC 8,000 117,557
Royal & Sun Alliance
Insurance Group 5,000 63,760
------------
367,450
------------
MEDIA (0.2%)
Pearson, PLC 3,463 56,251
Reuters Group, PLC 4,855 52,399
United News & Media,
PLC 1,000 13,707
------------
122,357
------------
METALS & MINING (0.0%)
Rio Tinto, PLC,
Registered 2,216 29,799
------------
MOVIES & ENTERTAINMENT (0.0%)
EMI Group, PLC 1,000 8,314
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
24
<PAGE> 26
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
OIL & GAS (0.8%)
British Petroleum
Company, PLC 20,176 $ 291,241
Burmah Castrol, PLC 2,000 40,827
Enterprise Oil, PLC 5,000 45,172
Shell Transportation &
Trading Company, PLC 25,173 185,059
------------
562,299
------------
PHARMACEUTICALS (1.0%)
Glaxo Wellcome, PLC 12,851 345,616
Smithkline Beecham, PLC 14,708 185,710
Zeneca Group, PLC 4,000 172,350
------------
703,676
------------
REAL ESTATE (0.1%)
Land Securities, PLC 4,282 76,869
------------
RESTAURANTS (0.1%)
Whitbread, PLC 3,700 70,077
------------
RETAIL (0.4%)
Great Universal Stores,
PLC 5,834 72,491
Kingfisher, PLC 3,000 56,267
Marks & Spencer, PLC 8,198 81,271
Next, PLC 3,000 29,038
------------
239,067
------------
TELECOMMUNICATIONS (0.7%)
British Telecom, PLC 24,966 271,962
Cable & Wireless, PLC 10,000 125,009
Carlton Communications,
PLC 1,000 7,954
Vodafone Group, PLC 3,925 41,047
------------
445,972
------------
TRANSPORTATION & SHIPPING (0.2%)
British Airways, PLC 3,500 35,606
Peninsular & Orient
Steam Nav 4,250 63,449
Railtrack Group, PLC 2,600 42,669
------------
141,724
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
UTILITIES (0.2%)
British Gas, PLC 8,911 $ 46,782
United Utilities, PLC 4,000 59,348
------------
106,130
------------
5,783,863
------------
UNITED STATES (39.0%)
AEROSPACE & MILITARY TECHNOLOGY (0.3%)
Boeing Co. 2,600 135,524
General Dynamics Corp. 500 43,063
Litton Industries* 200 11,538
Lockheed Martin Corp. 400 45,000
------------
235,125
------------
AUTOMOTIVE (1.0%)
Chrysler Corp. 1,600 66,500
Dana Corp. 900 52,369
Echlin, Inc. 800 41,950
Ford Motor Co. 5,500 356,468
General Motors Corp. 1,800 121,388
Navistar International
Corp.* 1,100 38,500
TRW, Inc. 700 38,588
------------
715,763
------------
BANKING (3.8%)
Ahmanson (H.F.) & Co. 300 23,250
Banc One Corp. 2,090 132,193
Bankamerica Corp. 5,600 462,699
Bankers Trust New York
Corp. 2,500 300,781
Chase Manhattan Corp. 900 121,388
Citicorp 4,600 653,199
Comerica, Inc. 2,500 264,531
Fleet Financial Group,
Inc. 500 42,531
MBNA Corp. 2,400 85,950
Southtrust Corp. 5,100 213,563
State Street Corp. 3,800 258,638
Wells Fargo & Co. 400 132,500
------------
2,691,223
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
25
<PAGE> 27
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
BEVERAGES & TOBACCO (1.9%)
Anheuser Busch 400 $ 18,525
Coca-Cola Co. 5,400 418,162
Coca-Cola Enterprises 7,300 267,819
Coors (Adolph), Class B 2,000 70,000
Pepsico, Inc. 2,800 119,525
Philip Morris
Companies, Inc. 7,000 291,812
Seagram Company Ltd. 1,300 49,644
U.S.T., Inc. 900 29,025
Universal Corp., Va. 900 39,656
------------
1,304,168
------------
BIOTECHNOLOGY (0.1%)
Pioneer Hi-Bred
International, Inc. 500 48,781
------------
BROADCASTING/CABLE (0.3%)
Comcast Corp., Class A 900 31,219
Comcast Corp., Special
Class A 400 14,125
Tele-Communications TCI
Group., Class A* 1,700 52,859
U.S. West Media Group* 2,800 97,300
------------
195,503
------------
BUILDING PRODUCTS (0.0%)
Armstrong World
Industries, Inc. 200 17,313
Owens Corning Co. 300 10,781
------------
28,094
------------
CHEMICALS (0.9%)
Air Products &
Chemical, Inc. 500 41,438
Dow Chemical Co. 1,500 145,875
Du Pont (E.I.) De
Nemours 4,500 305,999
Praxair, Inc. 1,400 72,013
Rohm & Haas Co. 400 41,325
Union Carbide Corp. 800 40,100
------------
646,750
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
COMMERCIAL SERVICES (0.2%)
Cendant Corp.* 1,500 $ 59,438
Equifax, Inc. 800 29,200
Paychex, Inc. 300 17,306
------------
105,944
------------
COMPUTER HARDWARE (1.7%)
3COM Corp.* 1,200 43,125
Bay Networks, Inc.* 700 18,988
Cisco Systems, Inc.* 3,750 256,406
Compaq Computer Corp. 6,200 160,425
Dell Computer Corp.* 1,600 108,400
EMC Corp.* 2,000 75,625
Hewlett-Packard Co. 3,700 234,488
IBM Corp. 2,700 280,462
------------
1,177,919
------------
COMPUTER SOFTWARE & PERIPHERALS (1.5%)
Automatic Data
Processing, Inc. 2,000 136,125
BMC Software, Inc.* 500 41,906
Computer Associates
International, Inc. 1,350 77,963
First Data Corp. 3,500 113,750
Microsoft, Inc.* 6,400 572,799
Oracle Corp.* 2,400 75,750
Parametric Technology
Corp.* 600 19,988
------------
1,038,281
------------
CONSTRUCTION (0.1%)
Clayton Homes, Inc. 400 8,100
Vulcan Materials Co. 700 76,650
------------
84,750
------------
CONSUMER GOODS & SERVICES (1.8%)
Avon Products, Inc. 900 70,200
Black & Decker Corp. 1,400 74,288
Colgate Palmolive Co. 600 51,975
Eastman Kodak Co. 700 45,413
Fortune Brands, Inc. 1,900 75,762
Gillette Co. 1,500 178,030
Hasbro, Inc. 2,100 74,156
Interpublic Group
Companies, Inc. 3,700 229,862
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
26
<PAGE> 28
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Kimberly-Clark Corp. 900 $ 45,113
Mattel 900 35,663
Maytag Corp. 300 14,344
Polaroid 800 35,200
Procter & Gamble Co. 3,900 329,062
------------
1,259,068
------------
CONTAINERS & PACKAGING (0.1%)
Bemis Co. 200 9,025
Owens-Illinois, Inc.* 1,400 60,550
------------
69,575
------------
ELECTRIC UTILITY (1.1%)
Cinergy Corp. 300 11,100
Duke Energy Corp. 2,600 154,863
Entergy Corp. 8,400 249,900
Florida Power & Light
Group, Inc. 2,600 167,050
PG&E Corp. 4,500 148,500
------------
731,413
------------
ELECTRICAL & ELECTRONIC (1.2%)
Emerson Electric Co. 1,300 84,744
Firstenergy Corp. 1,700 52,381
General Electric Co. 5,800 499,887
Honeywell, Inc. 1,000 82,688
Johnson Controls, Inc. 700 42,481
Pacificorp 2,200 54,175
------------
816,356
------------
ENVIRONMENTAL SERVICES (0.1%)
Browning-Ferris
Industries, Inc. 1,600 52,200
------------
FINANCIAL SERVICES (1.6%)
American Express Co. 1,300 119,356
Countrywide Credit,
Inc. 300 15,956
Edwards (A.G.), Inc. 4,400 192,500
Federal National
Mortgage Assoc. 3,200 202,400
Household
International, Inc. 600 82,650
Merrill Lynch & Co. 600 49,800
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Morgan Stanley Dean
Witter, Discover &
Co. 4,000 $ 291,500
Schwab (Charles) Corp. 500 19,000
Washington Mutual, Inc. 1,700 121,922
------------
1,095,084
------------
FOOD PRODUCTS & SERVICES (1.2%)
American Stores Co. 2,900 75,400
Archer Daniels Midland
& Co. 7,300 160,143
Campbell Soup Co. 1,300 73,775
Conagra, Inc. 3,300 106,013
Interstate Bakeries 500 16,156
Kroger Co.* 800 36,950
McDonald's Corp. 2,000 120,000
Sara Lee, Inc. 2,100 129,413
Supervalu, Inc. 600 27,975
Sysco Corp. 2,200 56,375
Vlasic Foods
International* 130 3,323
------------
805,523
------------
FUNERAL SERVICES (0.1%)
Services Corporation
International 2,200 93,363
------------
HEALTH CARE (0.4%)
Columbia/HCA Healthcare
Corp. 800 25,800
Humana, Inc.* 2,600 64,513
Tenet Healthcare Corp.* 400 14,525
United Healthcare Corp. 2,100 135,975
------------
240,813
------------
HOTELS & LODGING (0.2%)
Hilton Hotels Corp. 1,300 41,437
Marriott International,
Class A* 900 32,231
Marriott International,
Inc.* 900 33,469
Sodexho Marriott
Services 225 5,977
------------
113,114
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
27
<PAGE> 29
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
INDUSTRIAL GOODS & SERVICES (0.4%)
Kaydon Corp 500 $ 20,438
United Technologies
Corp. 2,400 221,550
------------
241,988
------------
INSURANCE (2.1%)
Aetna, Inc. 500 41,719
Allstate Corp. 2,700 248,230
American International
Group, Inc. 1,800 226,687
Aon Corp. 1,300 84,175
Cigna Corp. 200 41,000
Hartford Financial
Services 800 86,800
Loews Corp. 1,000 104,250
MBIA, Inc. 300 23,250
Progressive Corp. 1,100 148,156
St. Paul Cos. 600 53,475
Sunamerica, Inc. 900 43,088
Transamerica Corp. 1,300 151,450
Travelers Group, Inc. 3,450 207,000
------------
1,459,280
------------
MACHINERY & EQUIPMENT (0.6%)
Carlisle Companies,
Inc. 500 24,563
Caterpillar, Inc. 1,800 99,113
Deere & Co. 400 24,775
Dover Corp. 3,800 144,399
Halliburton Co. 1,200 60,225
Ingersoll-Rand Co. 900 43,144
------------
396,219
------------
MANUFACTURING (1.5%)
Brunswick Corp. 2,100 73,238
Cooper Industries, Inc. 3,100 184,256
Corning, Inc. 2,300 101,775
Crane Co. 200 10,600
Crown Cork & Seal
Company, Inc. 400 21,400
FMC Corp.* 500 39,250
Hon Industries 800 29,400
Illinois Tool Works 600 38,850
Nike, Inc., Class B 900 39,825
Parker Hannifin Corp. 1,200 61,500
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Raychem Corp. 500 $ 20,781
Raytheon Co., Class A 63 3,583
Raytheon Co., Class B 100 5,838
Tenneco, Inc. 900 38,419
Textron, Inc. 1,300 100,100
Tyco International Ltd. 4,800 262,199
------------
1,031,014
------------
MEDICAL EQUIPMENT & SUPPLIES (1.2%)
Amgen, Inc.* 3,500 213,063
Baxter International,
Inc. 900 49,613
Becton Dickinson & Co. 1,000 68,063
Boston Scientic Corp.* 600 40,500
Johnson & Johnson 5,300 388,555
Medtronic, Inc. 900 46,688
Perkin-Elmer Corp. 100 7,231
Sybron International
Corp.* 1,200 31,350
------------
845,063
------------
METALS & MINING (0.1%)
Aluminium Company of
America 700 48,168
Phelps Dodge Corp. 600 38,738
------------
86,906
------------
OFFICE EQUIPMENT & SERVICES (0.4%)
Standard Register Co. 1,200 40,725
Xerox Corp. 1,900 202,231
------------
242,956
------------
OIL & GAS (2.8%)
Amoco Corp. 3,200 276,399
Atlantic Richfield Co. 1,600 125,800
Baker Hughes, Inc. 1,300 52,325
Chevron Corp. 1,300 104,406
Coastal Corp. 1,100 71,638
Consolidated Natural
Gas Co. 200 11,538
Exxon Corp. 7,800 527,474
Mobil Corp. 4,400 337,149
Pennzoil Co. 1,500 96,938
Phillips Petroleum Co. 2,200 109,863
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
28
<PAGE> 30
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Schlumberger Ltd. 1,700 $ 128,775
Texaco, Inc. 800 48,200
USX-Marathon Group 700 26,338
------------
1,916,843
------------
PAPER PRODUCTS (0.6%)
Champion International
Corp. 1,400 76,038
Fort James Corp. 5,100 233,644
Georgia Pacific Corp. 600 38,850
International Paper Co. 1,700 79,581
Westvaco Corp. 200 6,150
------------
434,263
------------
PHARMACEUTICALS (3.5%)
Abbott Laboratories 1,700 128,031
American Home Products
Corp. 1,800 171,675
Bergen Brunswig Corp.,
Class A 900 38,363
Bristol-Myers Squibb
Co. 2,400 250,350
Cardinal Health, Inc. 1,400 123,463
Eli Lilly & Co. 2,800 166,950
McKesson Corp. 1,400 80,850
Merck & Company, Inc. 4,300 552,012
Pfizer, Inc. 4,400 438,624
Schering-Plough Corp. 1,900 155,206
Warner-Lambert Co. 1,600 272,500
------------
2,378,024
------------
PRINTING & PUBLISHING (0.3%)
McGraw-Hill Companies,
Inc. 700 53,244
New York Times Co.,
Class A 700 49,000
Viacom, Inc., Class B* 2,000 107,500
------------
209,744
------------
RESORTS & ENTERTAINMENT (0.4%)
Mirage Resorts* 200 4,863
Walt Disney Co. 2,200 234,850
------------
239,713
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
RESTAURANTS (0.1%)
Tricon Global
Restaurants* 1,400 $ 42,088
------------
RETAIL (1.8%)
CVS Corp. 200 15,100
Dayton Hudson Corp. 2,100 184,800
Federated Department
Stores* 1,600 82,900
GAP, Inc. 2,250 101,250
Home Depot, Inc. 3,800 256,262
J.C. Penney Company,
Inc. 200 15,138
Lowe's Cos. 400 28,075
Rite Aid Corp. 2,700 92,475
Sears, Roebuck & Co. 2,700 155,081
TJX Companies, Inc. 400 18,100
V.F. Corp. 600 31,538
Wal-Mart Stores, Inc. 4,700 238,818
Walgreen Co. 800 28,150
------------
1,247,687
------------
STEEL (0.1%)
Bethlehem Steel Corp.* 3,600 48,825
------------
TECHNOLOGY (1.5%)
Applied Materials,
Inc.* 1,200 42,375
HBO & Co. 1,000 60,375
Intel Corp. 6,400 499,599
Motorola, Inc. 3,700 224,313
Rockwell International
Corp. 600 34,425
Sun Microsystems, Inc.* 1,200 50,063
Texas Instruments, Inc. 1,700 92,013
------------
1,003,163
------------
TELECOMMUNICATIONS (1.5%)
Airtouch
Communications, Inc.* 1,400 68,513
Ameritech Corp. 200 9,888
AT&T Corp. 2,000 131,250
Bell Atlantic Corp. 600 61,500
BellSouth Corp. 3,500 236,469
Lucent Technologies,
Inc. 2,600 332,474
Northern Telecom Ltd. 1,300 84,013
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
29
<PAGE> 31
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
SBC Communications,
Inc. 600 $ 26,175
Tellabs, Inc.* 600 40,275
Worldcom, Inc.* 100 4,306
------------
994,863
------------
TIRE & RUBBER (0.0%)
Goodyear Tire & Rubber
Co. 200 15,150
------------
TRANSPORTATION & SHIPPING (0.4%)
Burlington Northern
Santa Fe 900 93,600
CNF Transportation,
Inc. 300 10,781
CSX Corp. 1,100 65,450
FDX Corp.* 700 49,788
GATX Corp. 200 15,600
Laidlaw, Inc. 1,000 15,875
------------
251,094
------------
UTILITIES (0.1%)
Enron Corp. 1,700 78,838
------------
26,712,531
- --------------------------------------------------
TOTAL COMMON STOCKS
(COST $41,552,541) 47,435,536
==================================================
PREFERRED STOCKS (0.2%)
GERMANY (0.2%)
COMPUTER SOFTWARE & PERIPHERALS (0.2%)
SAP, AG 190 81,061
------------
RETAIL (0.0%)
Metro, AG 240 7,787
------------
88,848
------------
NETHERLANDS (0.0%)
BANKING (0.0%)
ABN Amro Holding 6,000 16,693
- --------------------------------------------------
TOTAL PREFERRED STOCKS
(COST $68,577) 105,541
- --------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
RIGHTS (0.0%)
FRANCE (0.0%)
BUILDING PRODUCTS (0.0%)
LaFarge Rights @ 410 500 $ 654
------------
GERMANY (0.0%)
AUTOMOTIVE (0.0%)
Volkswagen Rights @
1010 90 1,635
------------
SINGAPORE (0.0%)
BANKING (0.0%)
Development Bank of
Singapore Rights @
8.50 500 1,022
- --------------------------------------------------
TOTAL RIGHTS (COST $0) 3,311
- --------------------------------------------------
- --------------------------------------------------
U.S. TREASURY BONDS (2.3%)
UNITED STATES (2.3%)
U.S. TREASURY BONDS (2.3%)
U.S. Treasury Bond,
8.50%, 02/15/20 430,000 558,407
U.S. Treasury Bond,
6.00%, 02/15/26 1,000,000 999,290
------------
1,557,697
- --------------------------------------------------
TOTAL U.S. TREASURY BONDS
(COST $1,569,042) 1,557,697
- --------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
30
<PAGE> 32
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
U.S. TREASURY NOTES (24.4%)
UNITED STATES (24.4%)
U.S. TREASURY NOTES (24.4%)
U.S. Treasury Note,
8.50%, 02/15/00 530,000 $ 556,701
U.S. Treasury Note,
5.88%, 09/30/02 9,590,000 9,653,486
U.S. Treasury Note,
6.63%, 05/15/07 1,800,000 1,909,278
U.S. Treasury Note,
6.13%, 08/15/07 4,435,000 4,557,539
------------
16,677,004
- --------------------------------------------------
TOTAL U.S. TREASURY NOTES
(COST $16,524,629) 16,677,004
- --------------------------------------------------
- --------------------------------------------------
MONEY MARKET FUNDS (3.2%)
UNITED STATES (3.2%)
MONEY MARKET FUNDS (3.2%)
Bank of New York
Cash Sweep 2,180,260 2,180,260
- --------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $2,180,260) 2,180,260
- --------------------------------------------------
TOTAL INVESTMENTS
(COST $61,895,049) (a) -- 99.5% 67,959,349
- --------------------------------------------------
OTHER ASSETS IN EXCESS
OF LIABILITIES 0.5% 341,809
- --------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 68,301,158
- --------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $68,301,158.
* Denotes non-income producing securities.
(a) Represents cost for federal income tax purposes and differs from the value
by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 43,344,505
Unrealized depreciation $(37,281,990)
------------
Net unrealized
appreciation $ 6,062,515
============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
31
<PAGE> 33
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
EQUITY FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
COMMON STOCKS (99.0%)
AEROSPACE & MILITARY TECHNOLOGY (1.0%)
Boeing Co. 25,796 $ 1,344,616
General Dynamics Corp. 400 34,450
Goodrich (B.F) Co. 9,500 485,094
Thiokol Corp. 4,200 202,912
------------
2,067,072
------------
AUTOMOTIVE (2.0%)
Borg-Warner Automotive,
Inc. 2,400 153,900
Chrysler Corp. 20,500 852,031
Dana Corp. 500 29,094
Ford Motor Co. 32,400 2,099,925
General Motors Corp. 9,000 606,937
TRW, Inc. 6,200 341,775
------------
4,083,662
------------
BANKING (8.3%)
Ahmanson (H.F.) & Co. 4,500 348,750
Bankamerica Corp. 34,200 2,825,775
Bankers Trust New York
Corp. 3,600 433,125
Chase Manhattan Corp. 25,648 3,459,274
Citicorp 22,700 3,223,400
Comerica, Inc. 1,400 148,137
Fleet Financial Group,
Inc. 23,300 1,981,956
MBNA Corp. 16,712 598,498
Mellon Bank Corp. 2,200 139,700
Nationsbank Corp. 9,300 678,319
Norwest Corp. 17,000 706,562
Republic New York Corp. 5,900 786,912
Suntrust Banks, Inc. 2,200 165,825
U.S. Bancorp 7,300 910,675
Wells Fargo & Co. 1,800 596,250
------------
17,003,158
------------
BEVERAGES & TOBACCO (4.7%)
Coca-Cola Co. 51,700 4,003,519
Coca-Cola Enterprises 17,600 645,700
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Coors (Adolph), Class B 3,500 $ 122,500
Pepsico, Inc. 18,600 793,987
Philip Morris
Companies, Inc. 57,600 2,401,200
Seagram Company Ltd. 32,900 1,256,369
USD Universal Corp.,
Va. 7,000 308,438
------------
9,531,713
------------
BIOTECHNOLOGY (0.3%)
Pioneer Hi-Bred
International, Inc. 5,500 536,594
------------
BROADCASTING/CABLE (1.6%)
Comcast Corp., Special
Class A 25,100 886,344
Tele-Communications TCI
Group, Class A* 22,400 696,500
U.S. West Media Group* 44,300 1,539,425
Viacom, Inc., Class B* 2,080 111,800
------------
3,234,069
------------
CAPITAL GOODS (0.0%)
CBS Corp. 400 13,575
------------
COMMERCIAL SERVICES (0.5%)
Cognizant Corp. 10,200 585,225
Gibson Greetings, Inc.* 11,600 320,450
Robert Half
International, Inc.* 1,350 64,800
------------
970,475
------------
COMPUTER HARDWARE (4.2%)
Cisco Systems, Inc.* 30,000 2,051,250
Compaq Computer Corp. 38,000 983,250
Dell Computer Corp.* 16,600 1,124,650
EMC Corp.* 17,100 646,594
Hewlett-Packard Co. 22,500 1,425,938
IBM Corp. 22,900 2,378,737
------------
8,610,419
------------
COMPUTER SOFTWARE & PERIPHERALS (3.8%)
Automatic Data
Processing, Inc. 9,500 646,594
BMC Software, Inc.* 300 25,144
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
32
<PAGE> 34
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Computer Associates
International, Inc. 19,775 $ 1,142,006
First Data Corp. 11,200 364,000
Microsoft, Inc.* 61,200 5,477,400
------------
7,655,144
------------
CONSTRUCTION (0.7%)
Centex Corp. 3,800 144,875
Kaufman & Broad Home
Corp. 2,800 91,175
Masco Corp. 8,800 523,600
Pulte Corp. 100 4,650
Vulcan Materials Co. 3,100 339,450
York International
Corp. 7,900 355,500
------------
1,459,250
------------
CONSUMER GOODS & SERVICES (3.2%)
Avon Products, Inc. 2,400 187,200
Ball Corp. 2,500 81,875
Black & Decker Corp. 4,000 212,250
Eastman Kodak Co. 7,400 480,075
Gillette Co. 13,400 1,590,412
Liz Claiborne, Inc. 5,700 284,288
Mattel 11,700 463,613
Maytag Corp. 3,200 153,000
Proctor & Gamble Co. 35,600 3,003,750
Whirlpool Corp. 200 13,712
------------
6,470,175
------------
CONTAINERS & PACKAGING (0.4%)
Owens-Illinois, Inc.* 18,200 787,150
------------
DATA PROCESSING & REPRODUCTION (0.1%)
Fiserv, Inc.* 1,700 107,737
Reynolds & Reynolds,
Class A 3,100 67,812
------------
175,549
------------
ELECTRIC UTILITY (2.1%)
Cinergy Corp. 38,500 1,424,500
Entergy Corp. 69,100 2,055,725
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Florida Power & Light
Group, Inc. 10,000 $ 642,500
PG&E Corp. 2,800 92,400
------------
4,215,125
------------
ELECTRICAL & ELECTRONIC (3.2%)
General Electric Co. 53,400 4,602,412
Johnson Controls, Inc. 16,100 977,069
Molex, Inc. 11,400 313,500
Unicom Corp. 18,000 630,000
------------
6,522,981
------------
ENVIRONMENTAL SERVICES (0.2%)
Browning-Ferris
Industries, Inc. 6,400 208,800
Safety-Kleen Corp. 3,600 102,150
------------
310,950
------------
FINANCIAL SERVICES (3.7%)
American Express Co. 1,700 156,081
Bear Stearns Companies,
Inc. 8,700 446,962
Federal Home Loan
Mortgage Corp. 16,600 787,462
Federal National
Mortgage Assoc. 17,200 1,087,900
Franklin Resources,
Inc. 8,500 450,500
Golden West Financial
Corp. 100 9,581
Household
International, Inc. 5,600 771,400
J.P. Morgan & Co. 3,000 402,937
Merrill Lynch & Co. 10,600 879,800
Morgan Stanley Dean
Witter, Discover &
Co. 11,325 825,309
Schwab (Charles) Corp. 15,250 579,500
Washington Mutual, Inc. 16,120 1,156,106
------------
7,553,538
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
33
<PAGE> 35
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FOOD PROCESSING (0.2%)
Hershey Foods Corp. 4,800 $ 343,800
Quaker Oates Co. 400 22,900
Wrigley (WM.) JR Co. 1,700 138,975
------------
505,675
------------
FOOD PRODUCTS & SERVICES (2.9%)
American Stores Co. 9,200 239,200
Archer Daniels Midland
& Co. 19,441 426,487
Bestfoods 100 11,687
Bob Evans Farms 3,200 67,800
Campbell Soup Co. 5,700 323,475
Conagra, Inc. 8,400 269,850
Dean Foods Co. 10,400 523,250
General Mills, Inc. 1,400 106,400
Hannaford Brothers Co. 500 22,219
IBP Inc. 13,300 298,419
International
Multifoods Corp. 18,800 562,825
Interstate Bakeries 18,000 581,625
Kroger Co.* 3,200 147,800
McDonald's Corp. 16,300 978,000
Sara Lee, Inc. 10,200 628,575
Sysco Corp. 30,600 784,125
Vlasic Foods
International* 570 14,571
------------
5,986,308
------------
FUNERAL SERVICES (0.3%)
Services Corporation
International 15,000 636,562
------------
HEALTH CARE (0.7%)
Foundation Health
Systems, Class A* 1,200 33,075
Healthsouth Corp.* 6,300 176,794
Manor Care, Inc. 5,500 203,500
Tenet Healthcare Corp.* 13,800 501,113
United Healthcare Corp. 7,200 466,200
------------
1,380,682
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
HOTELS & LODGING (0.4%)
Hilton Hotels Corp. 9,100 $ 290,062
Marriott International,
Class A* 5,400 193,387
Marriott International,
Inc.* 5,400 200,812
Sedexho Marriott
Services 1,350 35,859
------------
720,120
------------
INDUSTRIAL GOODS & SERVICES (2.9%)
Air Products &
Chemical, Inc. 3,300 273,487
Brunswick Corp. 13,100 456,862
Crompton & Knowles
Corp. 3,100 89,706
Dow Chemical Co. 3,900 379,275
Du Pont (E.I.) De
Nemours 33,500 2,278,000
Kaydon Corp 4,200 171,675
Praxair, Inc. 10,400 534,950
Rohm & Haas Co. 3,700 382,256
Union Carbide Corp. 4,500 225,562
United Technologies
Corp. 12,200 1,126,213
------------
5,917,986
------------
INSURANCE (5.4%)
Allstate Corp. 18,573 1,707,555
American General Corp. 3,700 239,344
American International
Group, Inc. 17,475 2,200,758
Conseco, Inc. 21,500 1,217,437
Hartford Financial
Services 5,500 596,750
Lincoln National Corp. 700 59,412
Loews Corp. 9,100 948,675
MGIC Investment Corp. 2,100 137,944
Progressive Corp. 4,500 606,094
Safeco Corp. 1,000 54,656
St. Paul Cos. 5,200 463,450
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
34
<PAGE> 36
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Sunamerica, Inc. 12,900 $ 617,587
Travelers Group, Inc. 36,307 2,178,420
------------
11,028,082
------------
MACHINERY & EQUIPMENT (1.4%)
Carlisle Companies,
Inc. 100 4,912
Case Corp. 2,100 143,062
Caterpillar, Inc. 20,800 1,145,300
Deere & Co. 7,000 433,563
Dresser Industries,
Inc. 300 14,419
Halliburton Co. 12,700 637,381
Ingersoll-Rand Co. 4,200 201,337
Kennametal, Inc. 1,000 52,625
Pentair, Inc. 6,700 299,825
------------
2,932,424
------------
MANUFACTURING (3.1%)
Corning, Inc. 18,800 831,900
Crane Co. 10,500 556,500
Crown Cork & Seal
Company, Inc. 4,200 224,700
Eaton Corp. 4,400 418,825
Lancaster Colony Corp. 3,900 165,506
Parker Hannifin Corp. 12,300 630,375
Tenneco, Inc. 13,900 593,356
Textron, Inc. 7,800 600,600
Tyco International Ltd. 43,500 2,376,187
------------
6,397,949
------------
MEDICAL EQUIPMENT & SUPPLIES (2.4%)
Amgen, Inc.* 4,300 261,763
Baxter International,
Inc. 10,300 567,787
Boston Scientic Corp.* 3,900 263,250
Diagnostics Products
Corp. 6,700 186,763
Guidant Corp. 8,100 594,338
Johnson & Johnson 32,000 2,346,000
Medtronic, Inc. 4,300 223,063
Sybron International
Corp.* 14,800 386,650
U.S. Surgical Corp. 4,700 155,100
------------
4,984,714
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
METALS & MINING (0.5%)
Aluminum Company of
America 6,900 $ 474,806
Barrick Gold Corp. 7,100 153,538
Cyprus Amax Minerals
Co. 10,500 174,563
Phelps Dodge Corp. 2,900 187,231
------------
990,138
------------
NATURAL RESOURCES (0.1%)
Amerada Hess Corp. 4,700 274,069
------------
OFFICE EQUIPMENT & SERVICES (0.7%)
Pitney Bowes, Inc. 600 30,113
Wallace Computers
Services, Inc. 5,800 200,825
Xerox Corp. 11,400 1,213,388
------------
1,444,326
------------
OIL & GAS (7.6%)
Amoco Corp. 6,900 595,988
Baker Hughes, Inc. 13,200 531,300
Burlington Resources,
Inc. 6,800 325,975
Chevron Corp. 23,400 1,879,313
Coastal Corp. 9,000 586,125
Consolidated Natural
Gas Co. 4,000 230,750
Exxon Corp. 64,500 4,361,813
Mobil Corp. 5,500 421,438
Occidental Petroleums
Corp. 10,300 301,919
Pennzoil Co. 4,400 284,350
Phillips Petroleum Co. 13,200 659,175
Royal Dutch Petroleum,
NY Shares 16,000 909,000
Schlumberger Ltd. 11,200 848,400
Texaco, Inc. 38,900 2,343,725
Transocean Offshore,
Inc. 800 41,150
USX-Marathon Group 14,800 556,850
Williams Companies,
Inc. 19,900 636,800
------------
15,514,071
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
35
<PAGE> 37
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
PAPER PRODUCTS (0.9%)
Champion International
Corp. 14,700 $ 798,394
Fort James Corp. 14,600 668,862
Georgia Pacific Corp. 1,600 103,600
Westvaco Corp. 3,300 101,475
Weyerhaeuser Co. 2,100 118,650
------------
1,790,981
------------
PHARMACEUTICALS (8.1%)
Abbott Laboratories 10,600 798,312
American Home Products
Corp. 3,900 371,963
Bergen Brunswig Corp.,
Class A 13,500 575,437
Bristol-Myers Squibb
Co. 22,000 2,294,875
Cardinal Health, Inc. 7,550 665,816
Eli Lilly & Co. 18,700 1,114,988
McKesson Corp. 11,100 641,025
Merck & Company, Inc. 28,800 3,697,200
Mylan Laboratories 11,200 257,600
Pfizer, Inc. 31,736 3,163,683
Schering-Plough Corp. 19,800 1,617,413
Warner-Lambert Co. 7,400 1,260,313
------------
16,458,625
------------
PRINTING & PUBLISHING (0.7%)
Houghton Mifflin Co. 3,300 105,188
McGraw-Hill Companies,
Inc. 3,400 258,613
New York Times Co.,
Class A 12,900 903,000
Tribune Co. 2,000 141,000
------------
1,407,801
------------
RESORTS & ENTERTAINMENT (0.9%)
Walt Disney Co. 18,000 1,921,500
------------
RESTAURANTS (0.0%)
Tricon Global
Restaurants* 480 14,430
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
RETAIL (5.3%)
Barnes & Noble, Inc.* 3,700 $ 144,300
CVS Corp. 2,800 211,400
Dayton Hudson Corp. 16,900 1,487,200
Dollar General 7,221 279,362
Federated Department
Stores* 14,900 772,006
GAP, Inc. 15,000 675,000
Home Depot, Inc. 19,450 1,311,659
J.C. Penney Company,
Inc. 6,400 484,400
K Mart Corp.* 26,900 448,894
Limited, Inc. 5,200 149,175
Lowe's Cos. 9,800 687,838
Nordstrom, Inc. 5,900 376,494
Rite Aid Corp. 22,300 763,775
TJX Companies, Inc. 18,100 819,025
V.F. Corp. 12,100 636,006
Wal-Mart Stores, Inc. 27,700 1,407,506
Walgreen Co. 5,700 200,569
------------
10,854,609
------------
SERVICES (0.1%)
Ryder Systems, Inc 5,300 201,400
------------
STEEL (0.2%)
Carpenter Technology
Corp. 100 5,400
Nucor Corp. 7,400 402,838
Precision Castparts
Corp. 400 23,675
------------
431,913
------------
TECHNOLOGY (3.5%)
Applied Materials,
Inc.* 13,100 462,594
Computer Sciences
Corp.* 400 22,000
HBO & Co. 10,600 639,975
Intel Corp. 50,200 3,918,738
Motorola, Inc. 11,600 703,250
Rockwell International
Corp. 9,600 550,800
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
36
<PAGE> 38
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Sun Microsystems, Inc.* 8,500 $ 354,609
Texas Instruments, Inc. 9,400 508,775
------------
7,160,741
------------
TELECOMMUNICATIONS (8.8%)
Airtouch
Communications, Inc.* 20,400 998,325
Ameritech Corp. 39,600 1,957,725
AT&T Corp. 30,300 1,988,438
Bell Atlantic Corp. 24,524 2,513,710
BellSouth Corp. 28,700 1,939,044
GTE Corp. 24,100 1,442,988
Lucent Technologies,
Inc. 15,872 2,029,632
MCI Communications 8,300 410,850
Northern Telecom Ltd. 16,800 1,085,700
SBC Communications,
Inc. 20,298 885,500
Sprint Corp. 3,700 250,444
Telephone & Data
Systems, Inc. 7,100 337,250
Tellabs, Inc.* 8,700 583,988
U.S. West
Communications Group 900 49,275
Worldcom, Inc.* 39,500 1,700,969
------------
18,173,838
------------
TIRE & RUBBER (0.2%)
Goodyear Tire & Rubber
Co. 4,500 340,875
------------
TRANSPORTATION & SHIPPING (1.6%)
AMR Corp./Del* 700 100,231
Burlington Northern
Santa Fe 6,700 696,800
CNF Transportation,
Inc. 1,000 35,938
Delta Air Lines, Inc. 3,400 402,050
FDX Corp.* 8,600 611,675
Laidlaw, Inc. 41,200 654,050
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Southwest Airlines 750 $ 22,172
Union Pacific Corp. 12,000 674,250
US Airways Group, Inc.* 600 44,475
------------
3,241,641
------------
UTILITIES (0.1%)
Enron Corp. 2,300 106,663
- --------------------------------------------------
TOTAL COMMON STOCKS
(COST $123,142,637) 202,018,722
- --------------------------------------------------
- --------------------------------------------------
MONEY MARKET FUNDS (1.0%)
Bank of New York Cash
Sweep 2,027,722 2,027,722
- --------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $2,027,722) 2,027,722
- --------------------------------------------------
TOTAL INVESTMENTS
(COST $125,170,359) (a) -- 100.0% 204,046,444
- --------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES 0.0% 42,851
- --------------------------------------------------
TOTAL NET ASSETS -- 100.0% $204,089,295
- --------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $204,089,295.
(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 $218,588,921
Unrealized depreciation (139,712,836)
------------
Net unrealized
appreciation $ 78,876,085
============
</TABLE>
* Denotes non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
37
<PAGE> 39
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET MONEY MARKET
FUND FUND
------------ -------------
<S> <C> <C>
ASSETS:
Investments, at value (cost $112,270,237, $42,845,801,
respectively)........................................... $112,270,237 $42,845,801
Repurchase agreements, at cost............................ 59,032,000 35,930,000
------------ -----------
Total Investments, at value (cost $171,302,237,
$78,775,801, respectively).............................. 171,302,237 78,775,801
Cash...................................................... -- 966
Interest and dividends receivable......................... 362,601 187,292
Receivable for capital shares sold........................ 36,945 146
Deferred organizational costs............................. 33,971 33,971
------------ -----------
Total Assets............................................ $171,735,754 $78,998,176
------------ -----------
LIABILITIES:
Income payable............................................ 694,718 343,028
Payable for capital shares redeemed....................... 99 53
Investment advisory fees payable.......................... 27,032 6,769
Administration fees payable............................... 14,740 11,792
Fund accounting fees payable.............................. 4,173 4,050
Transfer agent fees payable............................... 6,633 5,169
12b-1 fees -- Class A shares.............................. 749 4
Other payables and accrued expenses....................... 31,505 12,194
------------ -----------
Total Liabilities....................................... 779,649 383,059
------------ -----------
NET ASSETS.................................................. $170,956,105 $78,615,117
============ ===========
NET ASSETS CONSIST OF:
Capital................................................... 170,956,105 78,615,365
Accumulated undistributed net realized gains on
investments............................................. -- (248)
------------ -----------
NET ASSETS.................................................. $170,956,105 $78,615,117
============ ===========
TRUST SHARES:
Net Assets................................................ $163,216,197 $78,593,608
Shares of Capital Stock Outstanding....................... 163,216,206 78,593,856
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ===========
CLASS A SHARES:
Net Assets................................................ $ 7,739,908 $ 21,509
Shares of Capital Stock Outstanding....................... 7,739,908 21,509
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
38
<PAGE> 40
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT GRADE GLOBAL ASSET
BOND FUND ALLOCATION FUND EQUITY FUND
---------------- --------------- ------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost $132,538,486;
$61,895,049; $125,170,359, respectively)...... $134,756,912 $67,959,349 $204,046,444
Foreign currency at value ($0; $59,087; $0,
respectively)................................. -- 59,333 --
Interest and dividends receivable............... 1,591,698 209,994 218,518
Receivable for capital shares sold.............. 17,335 49,913 35,880
Reclaim receivable.............................. -- 41,155 --
Prepaid expenses................................ -- 5,309 --
Deferred organizational costs................... 33,971 33,971 33,971
------------ ----------- ------------
Total Assets.................................. $136,399,916 $68,359,024 $204,334,813
------------ ----------- ------------
LIABILITIES:
Dividends payable............................... 637,391 -- 51,746
Payable for capital shares redeemed............. 603 894 2,452
Investment advisory fees payable................ 57,578 45,454 110,057
Administration fees payable..................... 23,031 11,364 33,864
Fund accounting fees payable.................... 6,576 -- 7,383
Transfer agent fees payable..................... 6,976 -- 7,301
12b-1 fees -- Class A shares.................... 27 41 29
Other payables and accrued expenses............. 26,868 113 32,686
------------ ----------- ------------
Total Liabilities............................. 759,050 57,866 245,518
------------ ----------- ------------
NET ASSETS........................................ $135,640,866 $68,301,158 $204,089,295
============ =========== ============
NET ASSETS CONSIST OF:
Capital......................................... 132,021,638 61,855,781 110,474,651
Accumulated undistributed net investment
income........................................ -- 237,953 (5,483)
Accumulated undistributed net realized gains on
investments and foreign currency
transactions.................................. 1,400,802 144,909 14,744,042
Net unrealized appreciation (depreciation) of
investments and foreign currency
transactions.................................. 2,218,426 6,062,515 78,876,085
------------ ----------- ------------
NET ASSETS........................................ $135,640,866 $68,301,158 $204,089,295
============ =========== ============
TRUST SHARES:
Net Assets...................................... $135,459,349 $67,911,367 $203,801,621
Shares of Capital Stock Outstanding............. 13,477,944 6,109,315 16,989,143
Net Asset Value (offering and redemption price
per share).................................... $ 10.05 $ 11.12 $ 12.00
============ =========== ============
CLASS A SHARES:
Net Assets...................................... $ 181,517 $ 389,791 $ 287,674
Shares of Capital Stock Outstanding............. 18,027 35,086 24,021
Net Asset Value (offering and redemption price
per share).................................... $ 10.07 $ 11.11 $ 11.98
============ =========== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
39
<PAGE> 41
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 1998*
(Unaudited)
<TABLE>
<CAPTION>
U.S. TREASURY
PRIME MONEY MONEY MARKET
MARKET FUND FUND
------------ -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest.................................................. $3,644,616 $1,842,746
---------- ----------
Total Income............................................ $3,644,616 $1,842,746
---------- ----------
EXPENSES:
Investment advisory fees.................................. 191,743 66,596
Administration fees....................................... 128,983 68,443
Fund accounting fees...................................... 18,233 11,845
Transfer agent fees....................................... 16,260 15,118
12b-1 and service plan fees -- Class A shares............. 1,498 8
Custody fees.............................................. 16,938 7,264
Registration and filing fees.............................. 21,487 10,406
Other..................................................... 41,480 20,666
---------- ----------
Total expenses before waivers/reimbursements............ 436,622 200,346
Less expenses waived/reimbursed......................... (127,892) (47,012)
---------- ----------
Net expenses............................................ 308,730 153,334
---------- ----------
NET INVESTMENT INCOME....................................... 3,335,886 1,689,412
---------- ----------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investment transactions.... -- (248)
---------- ----------
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS... -- (248)
---------- ----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ $3,335,886 $1,689,164
========== ==========
</TABLE>
- ---------------
*Commencement of operations was November 1, 1997 and November 3, 1997 for the
Prime Money Market Fund and U.S. Treasury Money Market Fund, respectively.
SEE NOTES TO FINANCIAL STATEMENTS.
40
<PAGE> 42
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 1998*
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT
GRADE GLOBAL ASSET
BOND FUND ALLOCATION FUND EQUITY FUND
----------- ---------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest......................................... $ 3,640,890 $ 276,406 $ --
Dividends (net of foreign withholding tax of $0;
$2,419, $1,553, respectively).................. 12,979 365,900 1,276,857
----------- ---------- -----------
Total Income................................... $ 3,653,869 $ 642,306 $ 1,276,857
----------- ---------- -----------
EXPENSES:
Investment advisory fees......................... 340,001 200,245 602,540
Administration fees.............................. 114,774 45,925 161,513
Fund accounting fees............................. 23,564 25,162 28,479
Transfer agent fees.............................. 17,123 11,820 18,807
12b-1 and service plan fees -- Class A shares.... 54 82 58
Custody fees..................................... 10,682 22,431 14,511
Registration and filing fees..................... 18,422 5,799 16,312
Other............................................ 36,478 12,787 52,884
----------- ---------- -----------
Total expenses before waivers/reimbursements... 561,098 324,251 895,104
Less expenses waived/reimbursed................ (56,693) (22,290) (80,367)
----------- ---------- -----------
Net expenses................................... 504,405 301,961 814,737
----------- ---------- -----------
NET INVESTMENT INCOME.............................. 3,149,464 340,345 462,120
----------- ---------- -----------
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS:
Net realized gains on investment transactions.... 1,400,802 117,037 14,744,042
Net realized gain on foreign currency
transactions................................... -- 27,872 --
Net change in unrealized appreciation
(depreciation) of investment transactions and
foreign currency transactions.................. (660,510) 6,092,482 20,410,881
----------- ---------- -----------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS... 740,292 6,237,391 35,154,923
----------- ---------- -----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS... $ 3,889,756 $6,577,736 $35,617,043
=========== ========== ===========
</TABLE>
- ---------------
*Commencement of operations was November 1, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
41
<PAGE> 43
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED MARCH 31, 1998*
(Unaudited)
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET MONEY MARKET
FUND FUND
------------- --------------
<S> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 3,335,886 $ 1,689,412
Net realized gains (losses) on investment................. -- (248)
------------- --------------
Net increase in net assets resulting from operations...... 3,335,886 1,689,164
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income..................................... (3,335,886) (1,689,412)
------------- --------------
Total distributions to shareholders....................... (3,335,886) (1,689,412)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued............................... 294,842,033 211,879,142
Proceeds from shares issued in connection of common trust
fund conversion......................................... 45,545,166 20,000
Dividends reinvested...................................... 221,249 349
Cost of shares redeemed................................... (169,652,343) (133,284,126)
------------- --------------
Net increase in net assets from capital share
transactions............................................ 170,956,105 78,615,365
------------- --------------
Total increase in net assets.............................. 170,956,105 78,615,117
NET ASSETS:
Beginning of period....................................... -- --
------------- --------------
End of period............................................. $ 170,956,105 $ 78,615,117
============= ==============
</TABLE>
- ---------------
*Commencement of operations was November 1, 1997 and November 3, 1997 for the
Prime Money Market Fund and U.S. Treasury Money Market Fund, respectively.
SEE NOTES TO FINANCIAL STATEMENTS.
42
<PAGE> 44
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDED MARCH 31, 1998*
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT GRADE GLOBAL ASSET
BOND FUND ALLOCATION FUND EQUITY FUND
---------------- --------------- ------------
<S> <C> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income........................... $ 3,149,464 $ 340,345 $ 462,120
Net realized gains on investment and foreign
currency transactions......................... 1,400,802 144,909 14,744,042
Net change in unrealized appreciation
(depreciation) of investments and foreign
currency transactions......................... (660,510) 6,092,482 20,410,881
------------ ----------- ------------
Net increase in net assets resulting from
operations.................................... 3,889,756 6,577,736 35,617,043
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income........................... (3,149,464) (102,392) (467,603)
------------ ----------- ------------
Total distributions to shareholders............. (3,149,464) (102,392) (467,603)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued..................... 8,325,673 21,732,780 7,529,732
Proceeds from shares issued in connection with
common trust fund conversion.................. 136,506,180 45,420,639 189,923,596
Dividends reinvested............................ 1,383,751 72,561 256,391
Cost of shares redeemed......................... (11,315,030) (5,400,166) (28,769,864)
------------ ----------- ------------
Net increase in net assets from capital share
transactions.................................. 134,900,574 61,825,814 168,939,855
------------ ----------- ------------
Total increase in net assets.................... 135,640,866 68,301,158 204,089,295
NET ASSETS:
Beginning of period............................. -- -- --
------------ ----------- ------------
End of period................................... $135,640,866 $68,301,158 $204,089,295
============ =========== ============
</TABLE>
- ---------------
*Commencement of operations was November 1, 1997.
SEE NOTES TO FINANCIAL STATEMENTS.
43
<PAGE> 45
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
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. 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 Prime Money Market Fund (the "Prime
Fund"), The Eureka U.S. Treasury Obligations Fund (the "U.S. Treasury Fund"),
The Eureka Investment Grade Bond Fund (the "Bond Fund"), The Eureka Global Asset
Allocation Fund (the "Global Fund"), and The Eureka Equity Fund (the "Equity
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.
The Funds' investment objectives are as follows:
<TABLE>
<CAPTION>
FUND OBJECTIVE
---- ---------
<S> <C>
Prime Money Market Seeks a high level of current
Fund income as is consistent with
maintaining liquidity and
stability of principal.
U.S. Treasury Seeks a high level of current
Obligations Fund income consistent with
liquidity and stability of
principal.
Investment Grade Seeks a high level of income,
Bond Fund consistent with preservation
of capital.
Global Asset Seeks a balance of income and
Allocation Fund long-term capital
appreciation.
Equity Fund Seeks long-term capital
growth.
</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. 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.
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
44
<PAGE> 46
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
Trust are maintained in U.S. dollars. Investment securities and other assets and
liabilities of the Bond, Global and Equity 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. Fluctuations in the value
of forward contracts held at March 31, 1998 are recorded for financial reporting
purposes as unrealized gains and losses by the Funds.
FUTURES CONTRACTS: The Variable Net Asset Value Funds may enter into futures
contracts for the delayed delivery of securities at a fixed price at some future
date or for the change in the value of a specified financial index over a
predetermined time period. Cash or securities are deposited with brokers in
order to maintain a position. Subsequent payments made or received by the Fund
based on the daily change in the market value of the position are recorded as
unrealized appreciation or depreciation until the contract is closed out, at
which time the appreciation or depreciation is realized.
The use of futures contracts involves, to varying degrees, elements of
market risk. Risks arise from the possible imperfect correlation in movements in
the price of futures contracts, interest rates and the underlying hedged assets,
and the possible inability of counterparties to meet the terms of their
contracts. However, the Fund's activities in futures contracts are conducted
through regulated exchanges which minimize counterparty credit risks.
OPTIONS CONTRACTS: In order to hedge investment positions and facilitate buying
and selling securities, the Variable Net Asset Value Funds may purchase call and
put options and may write covered call options on individual securities and
futures contracts. By writing call options, the Variable Net Asset Value Funds
receive a premium and become obligated during the term of the option to sell
securities at a set price if the option is exercised. The Variable Net Asset
Value Funds will write only covered call options, thereby owning the underlying
securities in the case of call options. To cover put options, the Variable Net
Asset Value Funds will segregate cash or securities with a value at least equal
to the exercise price. The risk in writing options is that the market value of
the underlying securities could move in the opposite direction from what is
anticipated. The Variable Net Asset Value Funds also have the additional risk of
not being able to enter into a closing transaction if a liquid secondary market
does not exist.
The asset or liability is marked-to-market each day to reflect the current
value of the option, resulting in unrealized appreciation or depreciation. The
Variable Net Asset Value Funds will realize a gain or loss
45
<PAGE> 47
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
upon expiration or closing of the option transaction. When an option is
exercised, the premium amount is added to the proceeds from selling call options
or subtracted from the cost of purchasing put options.
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.
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 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 Money Market Funds' and
the Bond Fund's net investment income, if any, are declared daily and paid
monthly. 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. 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.
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 its net investment company taxable income and net
capital gains to shareholders. Therefore, no federal income tax provision is
required.
46
<PAGE> 48
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
NOTE 3 -- RELATED PARTY TRANSACTIONS
The Trust has entered into an investment advisory agreement (the "Investment
Advisory Agreement") with Sanwa Bank California ("SBCL"). SBCL is a wholly-owned
subsidiary of The Sanwa Bank Limited, of Japan. 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>
Prime Fund......................... 0.30%
U.S. Treasury Fund................. 0.20%
Bond Fund.......................... 0.60%
Global Fund........................ 0.90%
Equity Fund........................ 0.75%
</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
March 31, 1998, SBCL waived fees in the following amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
---- -----------
<S> <C>
Prime Fund......................... $63,914
U.S. Treasury Fund................. $33,298
Bond Fund.......................... $56,666
Global Fund........................ $22,249
Equity Fund........................ $80,338
</TABLE>
BISYS Fund Services Limited Partnership, ("BISYS"), a wholly-owned
subsidiary of The BISYS Group, Inc., 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 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 March 31,
1998, BISYS waived the following amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
---- -----------
<S> <C>
Prime Fund......................... $63,229
U.S. Treasury Fund................. $13,710
</TABLE>
BISYS serves as the Trust's principal distributor (the "Distributor") and
has entered into 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 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 March 31, 1998,
the BISYS waived the following amounts:
<TABLE>
<CAPTION>
SERVICE PLAN
FEES
FUND WAIVED
---- ------------
<S> <C>
Prime Fund......................... $749
U.S. Treasury Fund................. $ 4
Bond Fund.......................... $ 27
Global Fund........................ $ 41
Equity Fund........................ $ 29
</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.
47
<PAGE> 49
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
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 which relates only to the Class A Shares. The following is a
summary of transactions in Fund shares for the period ending March 31, 1998:
<TABLE>
<CAPTION>
PRIME FUND U.S. TREASURY FUND
---------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued....................... 286,572,047 286,572,047 211,857,588 211,857,588
Shares issued in connection with
common trust fund conversion...... 45,545,166 45,545,166 20,000 20,000
Shares reinvested................... 221,237 221,229 341 341
Shares redeemed..................... (169,122,244) (169,122,244) (133,284,073) (133,284,073)
------------ ------------ ------------ ------------
Net increase...................... 163,216,206 163,216,198 78,593,856 78,593,856
============ ============ ============ ============
CLASS A SHARES:
Shares issued....................... 8,269,986 8,269,986 21,554 21,554
Shares reinvested................... 20 20 8 8
Shares redeemed..................... (530,099) (530,099) (53) (53)
------------ ------------ ------------ ------------
Net increase...................... 7,739,907 7,739,907 21,509 21,509
============ ============ ============ ============
</TABLE>
48
<PAGE> 50
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
<TABLE>
<CAPTION>
BOND FUND GLOBAL FUND EQUITY FUND
------------------------- ----------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
---------- ----------- --------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANS-
ACTIONS:
TRUST SHARES:
Shares issued...... 810,769 8,143,358 2,081,840 21,347,520 661,091 7,246,830
Shares issued in
connection with
common trust fund
conversion....... 13,650,618 136,506,180 4,542,064 45,420,639 18,992,360 189,923,596
Shares
reinvested....... 137,724 1,383,682 7,184 72,561 23,876 256,367
Shares redeemed.... (1,121,167) (11,314,427) (521,773) (5,399,023) (2,688,184) (28,767,412)
---------- ----------- --------- ---------- ---------- -----------
Net increase..... 13,477,944 134,718,793 6,109,315 61,441,697 16,989,143 168,659,381
========== =========== ========= ========== ========== ===========
CLASS A SHARES:
Shares issued...... 18,080 182,315 35,190 385,260 24,225 282,902
Shares
reinvested....... 7 69 -- -- 2 24
Shares redeemed.... (60) (603) (104) (1,143) (206) (2,452)
---------- ----------- --------- ---------- ---------- -----------
Net increase..... 18,027 181,781 35,086 384,117 24,021 280,474
========== =========== ========= ========== ========== ===========
</TABLE>
NOTE 5 -- INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the
period ended March 31, 1998 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ -----------
<S> <C> <C>
Bond Fund................................................... $182,216,186 $55,477,211
Global Fund................................................. $ 74,822,759 $15,076,202
Equity Fund................................................. $165,059,815 $56,661,220
</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 and certain common trust funds of Sanwa Bank California.
The following is a summary of shares issued, net assets converted, net asset
values per share, and unrealized appreciation as of the conversion date:
<TABLE>
<CAPTION>
NET ASSETS NET ASSET VALUE UNREALIZED
SHARES ISSUED CONVERTED PER SHARE ISSUED APPRECIATION
------------- ------------ ---------------- ------------
<S> <C> <C> <C> <C>
Prime Fund............................ 45,545,166 $ 45,545,166 $ 1.00 $ --
U.S. Treasury Fund.................... 20,000 $ 20,000 $ 1.00 $ --
Bond Fund............................. 13,650,618 $136,506,180 $10.00 $ 2,878,936
Global Fund........................... 4,542,064 $ 45,420,639 $10.00 $ (29,967)
Equity Fund........................... 18,992,360 $189,923,596 $10.00 $58,465,204
</TABLE>
49
<PAGE> 51
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
(Unaudited)
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
---------------------- ----------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 1, 1997* FEBRUARY 3, 1998*
THROUGH MARCH 31, 1998 THROUGH MARCH 31, 1998
---------------------- ----------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................. $ 1.00 $ 1.00
-------- --------
Net investment income.............................. 0.02 --
-------- --------
Total income from investment operations.............. 0.02 0.00
-------- --------
LESS DISTRIBUTION FROM:
Net investment income.............................. (0.02) --
-------- --------
Total distributions.............................. (0.02) --
-------- --------
Net change in net asset value per share.............. -- --
-------- --------
NET ASSET VALUE, END OF PERIOD....................... $ 1.00 $ 1.00
======== ========
TOTAL RETURN......................................... 2.18%(a) 0.45%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands) $163,216 $ 7,740
Ratios to average net assets:
Expenses........................................... 0.48%(b) 0.75%(b)
Net investment income.............................. 5.22%(b) 4.96%(b)
Expenses**......................................... 0.68%(b) 1.20%(b)
Net investment income**............................ 5.02%(b) 4.51%(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.
50
<PAGE> 52
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY MONEY MARKET FUND
(Unaudited)
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
---------------------- ----------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 3, 1997* FEBRUARY 3, 1998*
THROUGH MARCH 31, 1998 THROUGH MARCH 31, 1998
---------------------- ----------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................. $ 1.00 $ 1.00
-------- --------
Net investment income.............................. 0.02 0.01
-------- --------
Total income from investment operations.............. 0.02 0.01
-------- --------
LESS DISTRIBUTION FROM:
Net investment income.............................. (0.02) (0.01)
-------- --------
Total distributions.............................. (0.02) (0.01)
-------- --------
Net change in net asset value per share.............. -- --
-------- --------
NET ASSET VALUE, END OF PERIOD....................... $ 1.00 $ 1.00
======== ========
TOTAL RETURN......................................... 2.09%(a) 0.57%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)............. $ 78,594 $ 22
Ratios to average net assets:
Expenses........................................... 0.46%(b) 0.71%(b)
Net investment income.............................. 5.11%(b) 4.82%(b)
Expenses**......................................... 0.61%(b) 1.10%(b)
Net investment income**............................ 4.96%(b) 4.43%(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.
51
<PAGE> 53
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
(Unaudited)
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
---------------------- ----------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 1, 1997* FEBRUARY 3, 1998*
THROUGH MARCH 31, 1998 THROUGH MARCH 31, 1998
---------------------- ----------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................. $ 10.00 $ 10.10
-------- --------
Net investment income.............................. 0.23 0.10
Net realized and unrealized gain................... 0.05 (0.03)
-------- --------
Total income from investment operations.............. 0.28 0.07
-------- --------
LESS DISTRIBUTION FROM:
Net investment income.............................. (0.23) (0.10)
-------- --------
Total distributions.............................. (0.23) (0.10)
-------- --------
Net change in net asset value per share.............. 0.05 (0.03)
-------- --------
NET ASSET VALUE, END OF PERIOD....................... $ 10.05 $ 10.07
======== ========
TOTAL RETURN......................................... 2.83%(a) 0.68%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)............. $135,459 $ 182
Ratios to average net assets:
Expenses........................................... 0.89%(b) 1.10%(b)
Net investment income.............................. 5.56%(b) 5.32%(b)
Expenses**......................................... 0.99%(b) 1.44%(b)
Net investment income**............................ 5.46%(b) 4.98%(b)
Portfolio Turnover Rate.............................. 42%(a) 42%(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.
52
<PAGE> 54
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
(Unaudited)
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
---------------------- ----------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 1, 1997* FEBRUARY 3, 1998*
THROUGH MARCH 31, 1998 THROUGH MARCH 31, 1998
---------------------- ----------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................. $ 10.00 $ 10.31
-------- --------
Net investment income.............................. 0.06 --
Net realized and unrealized gain................... 1.08 0.80
-------- --------
Total income from investment operations.............. 1.14 0.80
-------- --------
LESS DISTRIBUTION FROM:
Net investment income.............................. (0.02) --
-------- --------
Total distributions.............................. (0.02) --
-------- --------
Net change in net asset value per share.............. 1.12 0.80
-------- --------
NET ASSET VALUE, END OF PERIOD....................... $ 11.12 $ 11.11
======== ========
TOTAL RETURN......................................... 11.45%(a) 7.76%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)............. $ 67,911 $ 390
Ratios to average net assets:
Expenses........................................... 1.35%(b) 1.59%(b)
Net investment income.............................. 1.53%(b) 1.88%(b)
Expenses**......................................... 1.45%(b) 1.92%(b)
Net investment income**............................ 1.43%(b) 1.55%(b)
Portfolio Turnover Rate.............................. 29%(a) 29%(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.
53
<PAGE> 55
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
(Unaudited)
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES
---------------------- ----------------------
FOR THE PERIOD FROM FOR THE PERIOD FROM
NOVEMBER 1, 1997* FEBRUARY 3, 1998*
THROUGH MARCH 31, 1998 THROUGH MARCH 31, 1998
---------------------- ----------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................. $ 10.00 $ 10.87
-------- --------
Net investment income.............................. 0.03 0.01
Net realized and unrealized gain................... 2.00 1.11
-------- --------
Total income from investment operations.............. 2.03 1.12
-------- --------
LESS DISTRIBUTION FROM:
Net investment income.............................. (0.03) (0.01)
-------- --------
Total distributions.............................. (0.03) (0.01)
-------- --------
Net change in net asset value per share.............. 2.00 1.11
-------- --------
NET ASSET VALUE, END OF PERIOD....................... $ 12.00 $ 11.98
======== ========
TOTAL RETURN......................................... 20.29%(a) 10.30%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of year (in thousands)............. $203,802 $ 288
Ratios to average net assets:
Expenses........................................... 1.01%(b) 1.19%(b)
Net investment income.............................. 0.57%(b) 0.07%(b)
Expenses**......................................... 1.11%(b) 1.52%(b)
Net investment income**............................ 0.47%(b) -0.26%(b)
Portfolio Turnover Rate.............................. 29%(a) 29%(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.
54
<PAGE> 56
<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>
<PAGE> 57
[LOGO EUREKA(SM) FUNDS]
Semi-Annual Report
March 31, 1998
------------------------------
PRIME MONEY MARKET FUND
------------------------------
U.S. TREASURY OBLIGATIONS FUND
------------------------------
INVESTMENT GRADE BOND FUND
------------------------------
GLOBAL ASSET ALLOCATION FUND
------------------------------
EQUITY FUND
------------------------------
EUR-0034
