<PAGE> 1
[EUREKA FUNDS LOGO]
ANNUAL REPORT
September 30, 1999
Discover Disciplined Investing
<PAGE> 2
<TABLE>
TABLE OF CONTENTS
..................................................................................................................
<S> <C>
CHAIRMAN'S LETTER........................................... 2
MARKET COMMENTARY..................... ..................... 3
EUREKA EQUITY FUND COMMENTARY............... ............... 6
EUREKA EQUITY FUND REVIEW................. ................. 7
EUREKA GLOBAL ASSET ALLOCATION FUND COMMENTARY....... ...... 8
EUREKA GLOBAL ASSET ALLOCATION FUND REVIEW......... ........ 9
EUREKA INVESTMENT GRADE BOND FUND COMMENTARY................ 10
EUREKA INVESTMENT GRADE BOND FUND REVIEW.................... 11
EUREKA PRIME MONEY MARKET FUND COMMENTARY................... 12
EUREKA U.S. TREASURY OBLIGATIONS FUND COMMENTARY............ 13
SCHEDULES OF PORTFOLIO INVESTMENTS.......................... 14
STATEMENTS OF ASSETS AND LIABILITIES........................ 43
STATEMENTS OF OPERATIONS.................................... 45
STATEMENTS OF CHANGES IN NET ASSETS......................... 47
NOTES TO THE FINANCIAL STATEMENTS........................... 52
FINANCIAL HIGHLIGHTS........................................ 58
REPORT OF INDEPENDENT AUDITORS.............................. 68
</TABLE>
This material is authorized for distribution to prospective investors only when
accompanied or preceded by a current prospectus. Please read the prospectus
carefully before investing or sending money.
The Eureka Funds are distributed by BISYS Fund Services. Sanwa Bank California
is the Investment Adviser to the funds and receives fees for those services.
1
<PAGE> 3
September 30, 1999
LETTER FROM THE CHAIRMAN
................................................................................
TO OUR SHAREHOLDERS
LARRY LAYNE
Chairman of the
Board of Trustees
The Eureka Funds
Mr. Layne has served
as chairman of the
board of trustees
since the inception
of the Eureka Funds.
As Vice Chairman of
Sanwa Bank
California, Larry
Layne is currently in
charge of the
Commercial Banking
Group, which is
comprised of all 38
commercial and
business banking
centers, 12 Pacific
Rim branches, and the
International
Department,
Commercial Product
Management
Department, Cash
Management
Department, Real
Estate Industries
Department, Asset
Based Finance
Department,
Syndications
Department, Financial
Institutions
Department and the
Group Credit
Administration
Department.
Mr. Layne has 36
years experience in
the banking industry,
all at Sanwa Bank
California. His
several key positions
include: Executive
Vice President for
the Relationship
Banking Group,
responsible for 107
branches and 13
banking centers;
First Executive Vice
President for the
North/Central
Division, responsible
for 44 branches and
eight commercial
banking centers;
Senior Vice President
of Sanwa's
Agribusiness Banking
Division; and
Regional Vice
President of Sanwa
Bank, Central Valley
Region.
Mr. Layne earned a
Bachelor of Science
from California State
University of Fresno.
I am happy to report that the Eureka Funds enjoyed significant growth during the
fiscal year ending September 30, 1999. Total assets in the Funds grew from $642
million as of September 30, 1998, to almost $793 million as of September 30,
1999, an increase of $151 million.
The reasons for this significant growth are twofold: the performance of the
Funds, as well as the new shareholders who have joined us during the past year.
For those of you new to the Eureka Funds, we extend a warm welcome. Our existing
shareholders who have been with the Eureka Funds since their foundation on
November 1, 1997, can tell you that you've arrived at a special place in the
investment world, one in which we hope you find satisfaction for years to come.
Our quantitative investment philosophy -- designed to minimize the role of
subjective bias in investment decisions -- allowed us to maintain an even keel
throughout these changing times. All of our Funds performed in line with their
investment objectives and our money market funds continued to perform
significantly better than both their relevant Lipper Fund Averages and their
investment benchmarks. The objective of the Eureka Funds is to achieve
consistent returns year in and year out, and to perform in the upper echelons of
their respective investment categories, while avoiding undue risk.
Reaching the end of another successful fiscal year reminds us of the importance
of maintaining long-term investment objectives. If your investment goals have
changed, or if your portfolio needs rebalancing to ensure that it is still in
line with your needs, now would be an excellent time to schedule a consultation
with an investment representative.
Thank you for choosing to invest in the Eureka Funds. We appreciate the trust
you place in us, and we look forward to helping you achieve your financial
objectives -- in the year ahead and for many years to come.
Sincerely,
Larry Layne signature
Larry Layne, Chairman
Board of Trustees
Eureka Funds
September 1999
MUTUAL FUNDS: ARE NOT FDIC INSURED -- HAVE NO BANK GUARANTEE -- MAY LOSE VALUE
The views expressed in this report reflect those of the Investment Adviser
through the end of the report period only, as stated on the cover. The manager's
views are subject to change at any time based upon market and other conditions.
2
<PAGE> 4
September 30, 1999
MARKET COMMENTARY
................................................................................
MESSAGE FROM THE INVESTMENT MANAGER
RICHARD A. WEISS
Executive Vice
President and
Chief Investment
Officer
As Executive Vice
President and Chief
Investment Officer of
Sanwa Investment
Management, Richard
A. Weiss oversees the
investment strategy
and portfolio
management of over $3
billion in managed
assets.
Mr. Weiss has 16
years experience in
the investment
management field, the
most recent five at
Sanwa Bank
California.
Previously, Mr. Weiss
served as Senior Vice
President for Vantage
Global Advisors and
Managing Director and
Senior Investment
Strategist at TSA
Capital Management,
where he developed
innovative global
tactical asset
allocation and
currency management
strategies. Early in
his career, Mr. Weiss
researched and
marketed global
investment strategies
for Paine Webber,
Inc. and served as
the head of
Quantitative Analysis
and Systems for
Mellon Bank.
Mr. Weiss is a
recognized authority
on quantitative
investment analysis
and has spoken at
numerous investment
conferences both in
the U.S. and abroad.
He also has presented
his research on the
interrelationship of
capital market
integration and
global asset
allocation techniques
at numerous academic
conferences in
London, Tokyo, and
San Francisco. His
recent work on Global
Sector RotationSM
strategies has been
published in the
Financial Analysts
Journal.
Mr. Weiss graduated
magna cum laude with
a Master of Business
Administration in
Finance from the
University of
Chicago.
Effective November 5,
1999, Richard A.
Weiss resigned as
Portfolio Manager for
the Eureka Equity and
Global
Asset Allocation
Funds.
The 12 months between October 1, 1998, and September 30, 1999, which comprised
the second fiscal year of operations of the Eureka Funds, exposed investors to
an assortment of investment returns. The overall performance of the domestic
equity market was excellent, as measured by the Standard & Poor's 500, Index
which returned 27.80% for the 12 months ended September 30, 1999(1). The
difference between the top and bottom performing equity sectors, however, was
extreme, with fantastic growth in the technology sector partially offset by
sluggish returns to the utilities sector. Domestic fixed income investments, on
the other hand, were subjected to a series of setbacks that resulted in lower
than expected returns for almost all fixed income categories. Overall, many
investors should have felt, to some degree, the benefits of foreign recovery,
coupled with a continued strong domestic economy, and balanced against the
cooling effect of increased interest rates as the Federal Reserve Board has
taken steps to maintain low levels of inflation.
Below, we examine the performance of various markets and, in particular, where
our asset management strategy stands today. Please remember that our
disciplined, quantitatively driven approach to investing is one of the key
strengths that our investment philosophy brings to the Eureka Funds. We believe
our disciplined approach has been a useful tool throughout the recent bull
market and will continue to provide objective, unbiased guidance for future
direction. Whether the market is up or down, our quantitatively driven
investment philosophy and style does not fall prey to the vagaries of human
emotion.
DOMESTIC ASSET ALLOCATION
For the fiscal year ending September 30, 1999, large capitalization stocks
continued to outpace small cap stocks (S&P 500 Index(1) = 27.80% versus S&P 600
index(2) = 17.32%). "Growth" stocks outperformed "value" stocks among both large
and small capitalization issues, but small cap "value" stocks are closing the
gap with their small cap "growth" rivals.
For the year, fixed income securities were down -0.37%, as measured by the
Lehman Brothers Aggregate Bond Index(3). The high yield security sector led the
fixed income market with a return of 2.87%(4), followed by mortgage-backed,
agency, corporate, and treasury securities, which returned 2.27%, -0.59%, -1.38%
and -1.94% respectively(5), for the twelve months ending September 30, 1999.
(1)The Standard and Poor's 500 Index is an unmanaged index generally
representative of large cap, domestic common stocks.
(2)The Standard and Poor's 600 Index is an unmanaged index generally
representative of small cap domestic common stocks.
(3)The Lehman Brothers Aggregate Bond Index is an unmanaged index generally
representative of the domestic bond market as a whole.
(4)High yield securities are represented by the Lehman Brothers High Yield
Securities Index.
(5)Mortgage-backed, agency, corporate, and treasury securities are represented
by the Lehman Brothers CMBS Index, the Lehman Brothers Agency Index, the Lehman
Brothers Corporate Index, and the Lehman Brothers U.S. Treasury Index,
respectively.
These indices cannot be invested in directly.
3
<PAGE> 5
MARKET COMMENTARY
................................................................................
(continued)
Both our tactical (short-term) and strategic (long-term) allocation models
continue to indicate slightly bearish signals for domestic equities. According
to our models, fixed income instruments are preferred to equities and cash
equivalent securities.
Over both the short- and long-term horizons, we believe equities appear
marginally "overvalued" relative to fixed income yields, while poor performance
in the stock market also continues to favor fixed income securities. Bond
attractiveness is somewhat mitigated by recent higher commodity prices and a
weak Dollar. High real interest rates (interest rates coupled with low
inflation) remain a positive factor supporting both the stock and bond markets.
Our continued view of potential weakness in the domestic equity market leaves us
marginally underweighted in stocks at this time. Fixed income assets should be
viewed as more attractive over stocks and cash equivalents over both the short-
and long-term investment horizons.
INTERNATIONAL ASSET ALLOCATION*
For the fiscal year ending September 30, 1999, Japanese equities have returned
47.74%(6), followed by British and German equities (23.59% and 15.09%,
respectively(7), in local currency). The Salomon Brothers International Equity
(EPAC) Index gained 32.87%(8) for the year (in US Dollar terms). The
international fixed income markets showed mixed results for the year, with
British bonds exhibiting a positive return of 1.27%(9), while Japanese and
German fixed income markets remained negative at -2.90% and -3.15%,
respectively(10)). The J.P. Morgan Global Bond Index returned an almost flat
0.27%(11) for the year, in US Dollar terms.
Relative to their local cash equivalent securities, our international asset
allocation models find Japanese, British, and German equities undervalued, and
therefore attractive. Additionally, Japanese fixed income securities remain
attractive, while German and British fixed income securities appear marginally
expensive vis-a-vis their local cash equivalent alternatives.
*International investing involves increased risk and volatility.
(6)Japanese equities are represented by the TOPIX Index, a
capitalization-weighted index of all the companies listed on the First Section
of the Tokyo Stock Exchange.
(7)British and German equities are represented by the FTSE All Shares, a
capitalization-weighted index of the 100 most highly capitalized companies
traded on the London Stock Exchange, and the DAX, a price-weighted index of the
100 most heavily traded stocks in the German market, respectively.
(8)The Salomon Brothers International Equity Index is representative of combined
European and the Pacific Rim developed nations stock markets.
(9)British fixed income securities are represented by a generic UK Government
bond with a duration of 20 years.
(10)Japanese and German fixed income securities are represented by respective
generic government bonds with a duration of 10 years.
(11)The J.P. Morgan Global Bond Index is representative of a broad range of
non-US fixed income securities.
These indices cannot be invested in directly.
4
<PAGE> 6
MARKET COMMENTARY
................................................................................
(continued)
Our overseas asset allocation forecasting models are currently more favorable
toward international equities (vis-a-vis their local cash equivalent and fixed
income alternatives) than domestic equities. Currently, the major foreign equity
markets all appear under valued, and are therefore considered relatively
attractive.
FOREIGN CURRENCY ALLOCATION
For the fiscal year ending September 30, 1999, the Dollar's performance was
mixed, gaining versus the Euro and the British Pound, but losing over 28.5%
versus the Japanese Yen.
Our foreign currency allocation model is now moderately bearish on the Dollar.
The Dollar is forecasted to weaken versus the British Pound, the Japanese Yen,
and the Canadian Dollar. The greenback remains fairly priced versus the Euro,
the Swiss Franc, and the Australian Dollar.
5
<PAGE> 7
September 30, 1999
EUREKA EQUITY FUND
................................................................................
COMMENTARY
RICHARD A. WEISS
Portfolio Manager
Executive Vice
President and
Chief Investment
Officer
BRIAN L. GARBE
Co-Portfolio Manager
Vice President and
Director of
Research and Strategy
As Director of Sanwa
Investment
Management's
Quantitative Research
Operations, Brian
Garbe oversees the
equity selection
process, global and
domestic asset
allocation and
currency strategies.
Mr. Garbe is also
co-manager for the
Eureka Equity Fund and
the Eureka Global
Asset Allocation Fund.
He also manages the
Sanwa Small Stock Fund
as well as the equity
portfolios of high-
net-worth individuals.
Previously, Mr. Garbe
worked as Assistant
Vice President of
Vantage Global
Advisors, where he
served as a research
analyst and global
derivatives trader. He
also worked as an
Investment Officer
specializing in
research and
performance
measurement at TSA
Capital Management.
Mr. Garbe earned a
Master of Business
Administration from
The Anderson School at
UCLA following a
Bachelor of Science in
applied mathematics
from the University of
California at Los
Angeles.
Effective November 5,
1999, Richard A. Weiss
resigned as portfolio
manager for the Eureka
Equity and Global
Asset Allocation
Funds.
Effective November 12,
1999, Brian L. Garbe
resigned as Portfolio
Manager for the Eureka
Equity and Global
Asset Allocation
Funds.
In pursuing a goal of long-term capital growth, we apply a highly disciplined
approach to stock selection to construct a diversified portfolio of U.S.
equities. We combine a variety of quantitative techniques to analyze the
universe of available securities from a multitude of perspectives. By employing
this broad spectrum of tools, we construct a portfolio with the potential to add
value in virtually any economic environment.
We rigorously manage portfolio risk. The overall risk characteristics of the
Fund, such as industry exposures, dividend yield and price earnings ratios are
expected to be kept in line with the Fund's benchmark the S&P 500 Index. The
Fund attempts to outperform its benchmark by applying our multi-dimensional
analysis to select the most attractive stocks within each industry.
For the fiscal year ending September 30, 1999, the Fund produced a 24.72% total
return (Trust Shares)(1), compared to the S&P 500 Index, which produced a 27.80%
return(2). Stocks with the following characteristics -- high beta, low yield,
high price/earnings ratios, large capitalization, high volume and high growth
prospects -- outperformed all other equities in the S&P 500 Index over this time
period. "Growth" stocks led "value" stocks. Although the portfolio is not
intended to have a value or growth bias, the portfolio exhibits more of a value
tilt, which hindered performance over the last 12-month period.
The technology sector led all other sectors during the 12 months ending
September 30, 1999. The Fund held several stocks in this sector, including Sun
Microsystems (up 273%) and Nextel Communications (up 236%)(3). These companies
significantly boosted the overall Fund performance. By contrast, one of the
worst performing sectors was the healthcare sector. Exposure to stocks like
McKesson HBOC(4) detracted from the Fund's overall performance.
As the Fund does not make sector bets, it will have exposure to all sectors of
the S&P 500 Index, both good and bad. Although our portfolio lagged the S&P 500
Index this year, our quantitative disciplined investment approach remains
intact, and will continue to seek to produce strong risk controlled returns in
the future.
(1)Total Return for the Fund's Class A Shares was 24.34% for the one-year period
ending 9/30/99.
(2)The S&P 500 Index is an unmanaged index generally representative of large-cap
domestic stocks and cannot be invested
in directly.
(3)As of 9/30/99, Sun Microsystems was 0.40% of the portfolio and Nextel
Communications was 0.64%. Portfolio composition is subject to change.
(4)As of 9/30/99, McKesson HBOC was 0.26% of the portfolio. Portfolio
composition is subject to change.
6
<PAGE> 8
September 30, 1999
EUREKA EQUITY FUND REVIEW
OBJECTIVE:
The Eureka Equity
Fund seeks long-term
capital growth. The
Fund intends to
invest in the common
stocks of
corporations
representing a broad
cross section of the
U.S. economy. The
Fund expects to have
a level of risk
commensurate with
that represented by
a broadly
diversified
portfolio of U.S.
common stocks, such
as the Standard &
Poor's 500 Index.
Under normal market
conditions, the Fund
will invest at least
65% of its net
assets in common
stocks.
INCEPTION DATE:
A Shares 2/3/98
Trust Shares 11/1/97
BENCHMARK:
Standard & Poor's 500 Index
PORTFOLIO MANAGERS:
Richard A. Weiss
Portfolio Manager
Executive Vice President
and Chief Investment Officer
Brian Garbe
Co-Portfolio Manager
Vice President and Director
of Research and Strategy
Effective November
5, 1999, Richard A.
Weiss resigned as
Portfolio Manager
for the Eureka
Equity and Global
Asset Allocation
Funds.
Effective November
12, 1999, Brian L.
Garbe resigned as
Portfolio Manager
for the
Eureka Equity and
Global
Asset Allocation
Funds.
<TABLE>
<CAPTION>
TOP 10 HOLDINGS(3)
<C> <S> <C>
1. Microsoft Corp. ............. 3.7%
2. Intel........................ 3.5%
3. General Electric Co. ........ 3.0%
4. IBM.......................... 2.1%
5. Walmart...................... 2.1%
6. Lucent Technologies.......... 1.9%
7. MCI World Com. .............. 1.9%
8. Chase Manhattan.............. 1.7%
9. BellSouth.................... 1.6%
10. Cisco Systems................ 1.4%
</TABLE>
SECTOR WEIGHTINGS(3)
[PIE CHART]
<TABLE>
<CAPTION>
EUREKA EQUITY FUND SECTOR WEIGHTINGS (%)
----------------------------------------
<S> <C>
Capital Goods 5.90
Technology 24.00
Financial Services 14.40
Consumer Related 13.20
Health Care 10.30
Utilities 11.10
Other 8.00
Retail 7.00
Energy 6.10
</TABLE>
GROWTH OF $10,000 CHART(1)
<TABLE>
<CAPTION>
TRUST SHARES CLASS A SHARES (2) S&P 500 INDEX (*)
------------ -------------- -------------
<S> <C> <C> <C>
11/1/97 10000.00 10000.00 10000.00
12/31/97 10555.10 10548.60 10643.00
3/31/98 12029.00 12000.00 12127.70
6/30/98 12452.70 12416.50 12528.30
9/30/98 11009.00 10969.20 11282.70
12/31/98 13410.50 13350.80 13684.60
3/31/99 13871.80 13817.80 14365.80
6/30/99 14806.80 14734.00 15378.20
9/30/99 13729.00 13639.00 14418.00
</TABLE>
* The Standard and Poor's 500 Index is an unmanaged index generally
representative of the domestic stock market and cannot be invested
in directly.
TOTAL RETURN(1)
<TABLE>
ANNUALIZED
SINCE
INCEPTION
YEAR TO DATE ONE YEAR (11/1/97 TO
(9/30/99) (9/30/99) 9/30/99)
<S> <C> <C> <C>
CLASS A SHARES(2) 2.17% 24.34% 17.60%
--------------------------------------------------------------------------------------------
TRUST SHARES 2.37% 24.72% 17.99%
--------------------------------------------------------------------------------------------
</TABLE>
(1)The performance data quoted represents past performance and is not an
indication of future results. The investment return and net asset value
will fluctuate so that an investor's shares, when redeemed, may be worth
more or less than their original cost. The total return set forth may
reflect the waiver of a portion of the Fund's advisory or administrative
fees for certain periods since inception. In such instances, and without
the waiver of fees, total return would have been lower.
(2)Class A Shares of this Fund were not in existence prior to 2/3/98.
Class A Shares performance calculated for any period prior to 2/3/98 is
based on the performance of Trust Shares since inception 11/1/97. The
performance data for the period 11/1/97 through 2/3/98 was calculated by
adjusting the performance of the Trust Shares to reflect the 12b-1 fee
charged to Class A Shares.
(3)The portfolio holdings are subject to change.
7
<PAGE> 9
September 30, 1999
EUREKA GLOBAL ASSET ALLOCATION FUND
................................................................................
COMMENTARY
RICHARD A. WEISS
Portfolio Manager
Executive Vice
President and
Chief Investment
Officer
BRIAN L. GARBE
Co-Portfolio Manager
Vice President and
Director of Research
and Strategy
Effective November 5,
1999, Richard A.
Weiss resigned as
Portfolio Manager for
the Eureka Equity and
Global Asset
Allocation Funds.
Effective November
12, 1999, Brian L.
Garbe resigned as
Portfolio Manager for
the Eureka Equity and
Global Asset
Allocation Funds.
The Eureka Global Asset Allocation Fund uses an innovative, proprietary approach
to global investing which seeks to provide a balance of income and long-term
capital appreciation.
The mix of global and domestic assets is actively managed in an attempt to
enhance the Fund's returns. Using a wide range of quantitative methodologies, we
systematically determine the relative attractiveness of various countries, asset
classes, currencies and global industries. The asset mix of the Fund is then
adjusted to increase exposure to the countries or asset classes with relatively
favorable prospects. This Fund can be used either as a stand-alone global
investment or to add international exposure to a diversified portfolio.
For the fiscal year ending September 30, 1999 the Funds' total return was 16.09%
(Trust Shares)(1), as compared to the Salomon Smith Barney Primary World Index
at 29.43%(2), and the Lehman Brothers U.S. Treasury Index which returned
- -1.94%(3). During this period of time, world equities rebounded from their third
quarter '98 lows. U.S. equities, as measured by the S&P 500 Index, returned
27.80%(4) over this year. International equity markets, on average, performed
marginally better. The strongest returns came from the Asian markets as Japanese
equities produced a total return of 88.50%(5) in U.S. dollar terms. The yield on
10-year treasury bonds rose approximately 150 basis points as investors were
concerned about inflation and a strong U.S. economy.
We currently believe that U.S. bonds are undervalued versus U.S. equities;
therefore, the portfolio is marginally overweighted in U.S. fixed income
securities at the expense of U.S. stocks.
Overall, the Fund's diversification across asset classes, industrial sectors and
countries provides an appropriate balance between investment return and risk
management.
(*)International investing involves increased risk and volatility.
(1)Total return for the Fund's Class A Shares was 15.81% for the one-year period
ending 9/30/99.
(2)The Salomon Smith Barney Primary World Index is an unmanaged index generally
representative of the international and domestic equity markets.
(3)The Lehman Brothers U.S. Treasury Index is an unmanaged index generally
representative of the domestic Treasury market.
(4)The S&P 500 Index is an unmanaged index generally representative of large cap
domestic common stocks.
(5)Japanese equities are represented by the TOPIX Index, a
capitalization-weighted index of all the companies listed on the First Section
of the Tokyo Stock Exchange.
These indices cannot be invested in directly.
8
<PAGE> 10
September 30, 1999
EUREKA GLOBAL ASSET ALLOCATION FUND REVIEW
OBJECTIVE:
The investment
objective of the
Eureka Global Asset
Allocation Fund is
to seek a balance of
income and long-term
capital
appreciation.
Utilizing a
disciplined asset
allocation approach,
the Fund intends to
invest in, and
assume a level of
risk commensurate
with, a globally
diversified
portfolio of foreign
and domestic stocks,
bonds and cash
equivalents. By
systematically
diversifying across
countries,
currencies, and
asset classes the
Fund pursues its
capital appreciation
goals while seeking
to control portfolio
risk. Under normal
market conditions,
the Fund will invest
at least 25% of its
net assets in fixed
income securities.
INCEPTION DATE:
A Shares 2/3/98
Trust Shares 11/1/97
BENCHMARKS:
Salomon Smith Barney
Primary World Index
Lehman Brothers
U.S. Treasury Index
PORTFOLIO MANAGERS:
Richard A. Weiss
Portfolio Manager
Executive Vice President
and Chief Investment Officer
Brian Garbe
Co-Portfolio Manager
Vice President and Director of
Research and Strategy
Effective November 5, 1999,
Richard A. Weiss resigned
as Portfolio Manager for the
Eureka Equity and Global
Asset Allocation Funds.
Effective November 12, 1999,
Brian L. Garbe resigned
as Portfolio Manager for the
Eureka Equity and Global
Asset Allocation Funds.
<TABLE>
<CAPTION>
TOP 10 EQUITY
HOLDINGS(3)
<C> <S> <C>
1. Microsoft Corp. ............ 2.4%
2. General Electric Co. ....... 2.1%
3. Intel....................... 1.4%
4. BP Amoco.................... 1.3%
5. Cisco Systems............... 1.3%
6. IBM......................... 1.2%
7. Lucent Technologies......... 1.2%
8. Vodafone Airtouch........... 1.1%
9. Royal Dutch................. 1.0%
10. Walmart..................... 0.9%
</TABLE>
EQUITY COUNTRY
WEIGHTINGS(3)
[PIE CHART]
<TABLE>
<CAPTION>
EUREKA GLOBAL ASSET ALLOCATION FUND COUNTRY
WEIGHTINGS (%)
-------------------------------------------
<S> <C>
U.S.A. 53.70
U.K. 11.80
Japan 10.60
Germany 3.90
France 3.30
Other 8.50
Netherlands 2.70
Switzerland 3.10
Canada 2.40
</TABLE>
GROWTH OF $10,000 CHART(1)
<TABLE>
<CAPTION>
SALOMON SMITH BARNEY LEHMAN BROTHERS US
TRUST SHARES CLASS A SHARES (2) PRIMARY WORLD INDEX (*) TREASURY INDEX (*)
------------ -------------- -------------------- ------------------
<S> <C> <C> <C> <C>
11/1/97 10000 10000 10000 10000
12/31/97 10123 10116.5 9802 10334
3/31/98 11145 11128 11188 10489
6/30/98 11375.6 11359.4 11465.5 10768
9/30/98 10534.6 10508 10078.1 11387.2
12/31/98 11912.8 11883.9 12172.4 11371.2
3/31/99 12057.1 12015.9 12641 11188.2
6/30/99 12426 12372.6 13268 11087.5
9/30/99 12232 12168 13044 11166
</TABLE>
* The Salomon Smith Barney Primary World Index is representative of
the international and domestic stock market and the Lehman
Brothers Treasury Index is representative of the domestic Treasury
market and cannot be invested in directly.
TOTAL RETURN(1)
<TABLE>
ANNUALIZED
SINCE
INCEPTION
YEAR TO DATE ONE YEAR (11/1/97 TO
(9/30/99) (9/30/99) 9/30/99)
<S> <C> <C> <C>
CLASS A SHARES(2) 2.40% 15.81% 10.79%
--------------------------------------------------------------------------------------------
TRUST SHARES 2.66% 16.09% 11.08%
--------------------------------------------------------------------------------------------
</TABLE>
(1)The performance data quoted represents past performance and is not an
indication of future results. The investment return and net asset value
will fluctuate so that an investor's shares, when redeemed, may be worth
more or less than their original cost. The total return set forth may
reflect the waiver of a portion of the Fund's advisory or administrative
fees for certain periods since inception. In such instances, and without
the waiver of fees, total return would have been lower.
(2)Class A Shares of this Fund were not in existence prior to 2/3/98.
Class A Shares performance calculated for any period prior to 2/3/98 is
based on the performance of Trust Shares since inception 11/1/97. The
performance data for the period 11/1/97 through 2/3/98 was calculated by
adjusting the performance of the Trust Shares to reflect the 12b-1 fee
charged to Class A Shares.
(3)The portfolio holdings are subject to change.
9
<PAGE> 11
September 30, 1999
EUREKA INVESTMENT GRADE BOND FUND
................................................................................
COMMENTARY
DAVID S. LAMPERT
Portfolio Manager
Vice President and
Senior Portfolio
Manager
David Lampert handles
investment management
and client relations
for personal and
institutional trust
and agency accounts
for Sanwa Investment
Management. Mr.
Lampert is also the
manager of the Eureka
Investment Grade Bond
Fund and co-manager
of both the Eureka
Prime Money Market
Fund and the Eureka
U.S. Treasury
Obligations Fund.
Mr. Lampert has 14
years of experience
in the investment
industry, all at
Sanwa Bank
California. Mr.
Lampert has held
several positions
within Sanwa Bank
California. Before
joining the
investment management
department, he served
as Deputy Treasurer,
managing investment
and derivative sales,
trading and funding.
He also served as
Fixed Income Section
Manager, managing a
bond portfolio of
$700 million and a
money market
portfolio of $1.2
billion.
Mr. Lampert earned a
Bachelor of Arts in
Business/Economics
from the University
of California at Los
Angeles. He is also a
graduate from the
Pacific Coast Banking
School.
With a goal of providing a relatively high level of income while simultaneously
preserving shareholder capital, we use a variety of disciplines to evaluate the
current interest rate environment and credit implications. The approach is
conservative, yet opportunistic.
Using fundamental valuation measures, macroeconomic analysis and other
evaluative techniques, we gauge the attractiveness of different sectors and/or
individual securities of the fixed income market. Then, within the constraints
of our risk management framework, we invest in the most attractive sectors or
issues. The Fund's overall risk characteristics -- duration, sector allocation
and yield level -- are structured to resemble the Lehman Brothers Aggregate Bond
Index, the Funds benchmark, a recognized, broadly diversified domestic bond
index.
For the fiscal year ending September 30, 1999, the Fund produced a -1.35% total
return (Trust Shares)(1), compared to the Lehman Brothers Aggregate Bond Index,
which also suffered a loss at -0.71%(2). The performance of both the Fund and
its benchmark reflect one of the worst bond markets in decades. Rising interest
rates coupled with inflation and Y2K concerns considerably depressed the value
of bonds during this period of time. Overall, the fixed income marketplace saw a
flight to quality in the form of increased demand for U.S. Treasury issues,
which greatly outperformed other sectors of the bond market.
The Fund's performance compared to the benchmark was the result of several
market conditions. First, the Fund was underweighted in mortgage-backed issues,
which may have provided some additional buoyancy in the overall down market.
Second, the Fund was overweighted in U.S. government agencies, which were eroded
in part by rising interest rates and by the increased desirability of U.S.
Treasury issues.
During the coming year we expect a slow but steady increase in interest rates,
plus a brief period of abnormal volatility as investment managers seek to
optimize their portfolios for the Y2K transition. As always, we will continue
the strategy of seeking out and taking advantage of those fixed income sectors
that are most likely to add value to the Fund, while maintaining a rigorous and
disciplined approach to risk management.
(1)Total return for the Fund's Class A Shares was -1.59% for the one-year period
ending 9/30/99.
(2)The Lehman Brothers Aggregate Bond Index is an unmanaged index generally
representative of the domestic bond market as a whole and cannot be invested in
directly.
10
<PAGE> 12
September 30, 1999
EUREKA INVESTMENT GRADE BOND FUND REVIEW
OBJECTIVE:
The Eureka
Investment Grade
Bond Fund seeks a
high level of
income, consistent
with preservation of
capital. To achieve
this objective, the
Fund intends to
invest in a range of
fixed income
securities including
U.S. Treasury
securities (bonds,
notes, and bills),
U.S. agency
securities,
mortgage-related
securities,
corporate
securities,
depository
institution
obligations, and
repurchase
agreements. Under
normal market
conditions the Fund
will invest at least
80% of its net
assets in bonds
(i.e., debt
securities) which
are investment grade
securities, as
determined by NRSRO
ratings, or if
unrated, as
determined by Sanwa
Bank California to
be of comparable
quality.
INCEPTION DATE:
A Shares 2/3/98
Trust Shares 11/1/97
BENCHMARK:
Lehman Brothers Aggregate
Bond Index
PORTFOLIO MANAGER:
David S. Lampert
Vice President
Senior Portfolio Manager
<TABLE>
<CAPTION>
FUND INFORMATION(3)
<S> <C>
30-Day SEC Yield (A Shares).... 5.67%
30-Day SEC Yield (Trust
Shares)...................... 5.91%
Average Maturity............... 9.02 Yrs.
Average Quality................ Aaa
Effective Duration............. 4.94 Yrs.
Number of Issues............... 150
</TABLE>
<TABLE>
<CAPTION>
CREDIT QUALITY(3)
<S> <C>
U.S Treasury/Agency.......... 73.4%
AAA.......................... 4.5%
AA........................... 4.7%
A............................ 11.5%
Baa.......................... 5.0%
Cash......................... 0.9%
</TABLE>
SECTOR WEIGHTINGS(3)
[PIE CHART]
<TABLE>
<CAPTION>
EUREKA INVESTMENT GRADE BOND FUND SECTOR
WEIGHTINGS (%)
----------------------------------------
<S> <C>
Mortgage Related 34.8
Agency 21.5
Treasury 17.1
Industrial 9.3
Finance 6.8
Municipals 3
International 2.2
Utilities 2
Telephone 1.8
Cash 0.9
Asset Backed 0.6
</TABLE>
GROWTH OF $10,000 CHART(1)
<TABLE>
<CAPTION>
LEHMAN BROTHERS AGGREGATE
TRUST SHARES CLASS A SHARES(2) BOND INDEX(*)
------------------------ ------------------------ -------------------------
<S> <C> <C> <C>
11/1/97 10000.00 10000.00 10000.00
12/31/97 10123.70 10119.80 10147.50
3/31/98 10283.00 10305.00 10304.00
6/30/98 10517.10 10534.30 10544.90
9/30/98 10930.10 10939.60 10990.60
12/31/98 10958.30 10972.30 11027.60
3/31/99 10883.10 10879.60 10971.60
6/30/99 10731.00 10721.10 10874.90
9/30/99 10784.00 10767.00 10949.00
</TABLE>
* The Lehman Brothers Aggregate Bond Index is an unmanaged index
generally representative of the domestic bond market and cannot be
invested in directly.
TOTAL RETURN(1)
<TABLE>
ANNUALIZED
SINCE
INCEPTION
YEAR TO DATE ONE YEAR (11/1/97 TO
(9/30/99) (9/30/99) 9/30/99)
<S> <C> <C> <C>
CLASS A SHARES(2) -1.88% -1.59% 3.93%
--------------------------------------------------------------------------------------------
TRUST SHARES -1.60% -1.35% 4.02%
--------------------------------------------------------------------------------------------
</TABLE>
(1)The performance data quoted represents past performance and is not an
indication of future results. The investment return and net asset value
will fluctuate so that an investor's shares, when redeemed, may be worth
more or less than their original cost. The total return set forth may
reflect the waiver of a portion of the Fund's advisory or administrative
fees for certain periods since inception. In such instances, and without
the waiver of fees, total return would have been lower.
(2)Class A Shares of this Fund were not in existence prior to 2/3/98.
Class A Shares performance calculated for any period prior to 2/3/98 is
based on the performance of Trust Shares since inception 11/1/97. The
performance data for the period 11/1/97 through 2/3/98 was calculated by
adjusting the performance of the Trust Shares to reflect the 12b-1 fee
charged to Class A Shares.
(3)The portfolio holdings are subject to change.
11
<PAGE> 13
September 30, 1999
EUREKA PRIME MONEY MARKET FUND
................................................................................
COMMENTARY
DONALD R. SILVA
Co-Portfolio Manager
Vice President and
Head Trader
DAVID S. LAMPERT
Vice President, and
Senior Portfolio
Manager and
Co-Portfolio Manager
Donald R. Silva
co-manages the Eureka
Money Market Funds
and Sanwa Investment
Management's
tax-exempt common
trust funds as well
as high-net-worth
client accounts.
Mr. Silva has 35
years experience
within the trust
investment management
industry, with seven
years at Sanwa
Investment
Management.
Previously, Mr. Silva
managed
high-net-worth client
accounts and all bank
funds for TSA Capital
Management. He also
served as manger of
insurance reserved
portfolios for TICOR.
Before that, Mr.
Silva worked as the
southern division
manager of Bank of
America's
institutional trust
services.
Pursuing as high a level of current income as is consistent with the ability to
maintain liquidity and stability of principal, the relatively low-risk,
high-liquidity character of the Eureka Prime Money Market Fund makes it a useful
primary investment vehicle for conservative, risk-averse investors. For others,
the Fund could serve as a temporary investment, complementing a more long-term,
diversified strategy.
Though similar in its objective to the Eureka U.S. Treasury Obligations Fund,
the Eureka Prime Money Market Fund has a broader range of possible investments.
In addition to securities backed by the full faith and credit of the U.S.
government or selected U.S. government agencies, the Fund may also invest in
certificates of deposit, bankers' acceptances, commercial paper, repurchase
agreements, reverse repurchase agreements, and other short-term corporate, state
and municipal obligations of a specified quality.
The total return for the Eureka Prime Money Market Fund for the fiscal year
ending September 30, 1999, was 4.74% (Trust Shares)(1), which was significantly
better than the Lipper Money Market Funds Average (4.41%)(2). This Fund
performed well based primarily on the success of our conservative yet
opportunistic approach to security selection. Going forward, we will continue to
seek out the highest returns possible consistent with the high standards of risk
management and liquidity control that the Fund has been managed with to date.
<TABLE>
7-DAY YIELD 30-DAY YIELD
(9/30/99) (9/30/99)
<S> <C> <C>
CLASS A SHARES 4.71% 4.64%
-------------------------------------------------------------------------------------
TRUST SHARES 4.96% 4.89%
-------------------------------------------------------------------------------------
</TABLE>
An investment in the Fund is not insured or
guaranteed by the FDIC or any other government
agency. Although the Fund seeks to preserve the value
of your investment at $1.00 per share, it is possible
to lose money by investing in the Fund. The yield
information set forth may reflect the waiver of a
portion of the Fund's advisory or administrative fees
for certain periods since inception. In such
instances, and without waiver of fees, the yield
would have been lower.
The 7-day yield is a more accurate reflection of the
Funds current performance than the total return.
(1)Total return for the Fund's Class A Shares was
4.48% for the one-year period ending 9/30/99.
(2)The Lipper Money Market Funds Average is based on
an arithmetic average of general money market funds.
Lipper is an independent mutual fund performance
monitor whose results are based on total return,
including reinvested dividends, and do not reflect a
sales charge.
12
<PAGE> 14
September 30, 1999
EUREKA U.S. TREASURY OBLIGATIONS FUND
................................................................................
COMMENTARY
DONALD R. SILVA
Co-Portfolio Manager
Vice President and
Head Trader
DAVID S. LAMPERT
Vice President, and
Senior Portfolio
Manager and
Co-Portfolio Manager
Seeking to provide current income consistent with maintaining liquidity and
stability of principal, the U.S. Treasury Obligations Fund invests exclusively
in short-term obligations issued or guaranteed by the U.S. Treasury, and in
repurchase agreements fully collateralized by U.S. Treasury securities.
The Fund is designed for investors who seek stability, capital preservation and
low risk above all other considerations. The Fund should also prove useful to
those who desire a temporary investment vehicle with a competitive return for
funds which are awaiting more permanent investments in other areas.
The U.S. Treasury Obligations Fund can be a versatile, efficient investment
vehicle for both individual and institutional investors.
The total return for the Eureka U.S. Treasury Obligations Fund for the fiscal
year ending September 30, 1999, was 4.52% (Trust Shares)(1), which was
significantly better than the Lipper U.S. Treasury Money Market Funds Average
(4.17%)(2). We believe the Fund performed better than both of these benchmarks
due in large part to the success of our money market security selection process.
In the coming year, the Fund will continue to seek out those investments that
offer the highest current income possible while remaining within the strict risk
management boundaries that define the Fund.
<TABLE>
7-DAY YIELD 30-DAY YIELD
(9/30/99) (9/30/99)
<S> <C> <C>
CLASS A SHARES 4.47% 4.47%
------------------------------------------------------------------------------------
TRUST SHARES 4.72% 4.72%
------------------------------------------------------------------------------------
</TABLE>
An investment in the Fund is not insured or
guaranteed by the FDIC or any other government
agency. Although the Fund seeks to preserve the value
of your investment at $1.00 per share, it is possible
to lose money by investing in the Fund. The yield
information set forth may reflect the waiver of a
portion of the Fund's advisory or administrative fees
for certain periods since inception. In such
instances, and without waiver of fees, the yield
would have been lower.
The 7-day yield is a more accurate reflection of the
Funds current performance than the total return.
(1)Total return for the Fund's Class A Shares was
4.26% for the one-year period ending 9/30/99.
(2)The Lipper U.S. Treasury Money Market Funds
Average is based on an arithmetic average of U.S.
Treasury money market funds. Lipper is an independent
mutual fund performance monitor whose results are
based on total return, including reinvested
dividends, and do not reflect a sales charge.
13
<PAGE> 15
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
EQUITY FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
COMMON STOCKS (98.8%)
AEROSPACE & MILITARY TECHNOLOGY (2.2%)
Allied Signal, Inc. 16,300 $ 976,981
Boeing Co. 25,400 1,082,675
General Dynamics Corp. 9,300 580,669
Goodrich (B.F.) Co. 5,200 150,800
United Technologies Corp. 24,400 1,447,225
------------
4,238,350
------------
AUTOMOTIVE (2.0%)
Borg-Warner Automotive,
Inc. 4,500 193,500
Delphi Automotive Systems 32,630 524,119
Ford Motor Co. 32,800 1,646,151
General Motors Corp. 17,100 1,076,231
TRW, Inc. 9,300 462,675
------------
3,902,676
------------
BANKING (6.0%)
Bank of America Corp. 42,500 2,366,718
Chase Manhattan Corp. 43,296 3,263,435
Firstar Corp. 15,900 407,438
Fleet Financial Group, Inc. 46,600 1,706,725
MBNA Corp. 26,418 602,661
Mellon Bank Corp. 19,800 668,250
Suntrust Banks, Inc. 8,600 565,450
Wells Fargo & Co. 46,300 1,834,637
------------
11,415,314
------------
BEVERAGES & TOBACCO (2.7%)
(Adolph) Coors, Class B 12,300 665,738
Coca-Cola Co. 27,300 1,312,106
Pepsico, Inc. 20,400 617,100
Philip Morris Companies,
Inc. 52,000 1,777,749
Seagram Company, Ltd. 15,800 718,900
Universal Corp. 4,500 117,563
------------
5,209,156
------------
BREWERY (0.2%)
Anheuser Busch 6,100 427,381
------------
BROADCASTING/CABLE (2.3%)
Comcast Corp., Special
Class A 44,000 1,754,500
Media One Group, Inc.* 20,300 1,386,744
Viacom, Inc., Class B* 28,960 1,223,560
------------
4,364,804
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
CHEMICALS (1.1%)
Dow Chemical Co. 12,300 $ 1,397,588
Du Pont (E.I.) De Nemours 3,800 231,325
Praxair, Inc. 11,100 510,600
------------
2,139,513
------------
COMMERCIAL SERVICES (0.7%)
Dun & Bradstreet Corp. 14,200 424,225
McKesson HBOC, Inc. 17,400 504,600
Ogden Corp. 39,200 392,000
Paychex, Inc. 2,525 86,166
------------
1,406,991
------------
COMPUTER HARDWARE (7.2%)
Cisco Systems, Inc.* 40,400 2,769,925
Dell Computer Corp.* 50,400 2,107,350
Electronic Data Systems
Corp. 5,100 269,981
EMC Corp.* 26,800 1,914,525
Gateway, Inc. 15,600 693,225
Hewlett-Packard Co. 18,700 1,720,400
IBM Corp. 33,400 4,053,924
------------
13,529,330
------------
COMPUTER SOFTWARE & PERIPHERALS (7.4%)
Adobe Systems, Inc. 5,700 646,950
America Online, Inc.* 22,900 2,381,599
Automatic Data Processing,
Inc. 19,000 847,875
BMC Software, Inc.* 9,400 672,688
Computer Associates
International, Inc. 14,100 863,625
Compuware Corp.* 25,800 672,413
Microsoft, Inc.* 79,500 7,199,718
Oracle Corp.* 13,650 621,075
------------
13,905,943
------------
CONSTRUCTION (0.2%)
Masco Corp. 14,800 458,800
------------
CONSUMER GOODS & SERVICES (3.2%)
Ball Corp. 7,000 308,438
Eastman Kodak Co. 11,000 829,812
Fortune Brands, Inc. 22,600 728,850
Gillette Co. 18,700 634,631
Hasbro, Inc. 19,800 424,463
Jostens, Inc. 20,900 399,713
Mattel 15,400 292,600
Proctor & Gamble Co. 26,700 2,503,124
------------
6,121,631
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
14
<PAGE> 16
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITY (1.2%)
DTE Energy Co. 4,900 $ 177,013
Entergy Corp. 36,400 1,053,324
PG&E Corp. 19,700 509,738
Texas Utilities Holding Co. 15,200 567,150
------------
2,307,225
------------
ELECTRICAL & ELECTRONIC
(4.1%)
General Electric Co. 48,800 5,785,849
Johnson Controls, Inc. 11,100 736,069
Reliant Energy, Inc. 28,200 763,163
Sensormatic Electronics
Corp.* 13,000 164,938
Unicom Corp. 10,800 398,925
------------
7,848,944
------------
ENERGY (0.2%)
Firstenergy Corp. 17,800 453,900
------------
FINANCIAL SERVICES (5.4%)
Associates First Capital,
Class A 22,782 820,152
Capital One Financial Corp. 8,400 327,600
Citigroup, Inc. 61,735 2,716,339
Fannie Mae 24,000 1,504,500
Freddie Mac 16,600 863,200
J.P. Morgan & Co. 5,100 582,675
Merrill Lynch & Co. 10,200 685,313
Morgan Stanley Dean Witter
& Co. 16,825 1,500,580
Providian Financial Corp. 7,000 554,313
Schwab (Charles) Corp. 24,800 835,450
------------
10,390,122
------------
FOOD & HOUSEHOLD PRODUCTS (0.3%)
Albertsons, Inc. 16,200 640,913
------------
FOOD PRODUCTS & SERVICES (1.4%)
Bob Evans Farms 15,000 305,625
Conagra, Inc. 24,500 552,781
Dean Foods Co. 10,400 453,050
International Multifoods
Corp. 4,000 92,000
McDonald's Corp. 5,100 219,300
Sara Lee Corp. 20,400 478,125
Supervalu, Inc. 21,000 458,063
SYSCO Corp. 4,700 164,794
------------
2,723,738
------------
GAS & ELECTRIC UTILITY (0.2%)
USD Peco Energy Co. 7,800 292,500
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
HEALTH CARE (0.7%)
Allergan 2,300 $ 253,000
Columbia/HCA Healthcare
Corp. 27,900 591,131
United Healthcare Corp. 9,400 457,663
------------
1,301,794
------------
HOTELS & LODGING (0.2%)
Marriott International,
Class A 9,300 303,994
------------
INSURANCE (3.0%)
Aetna, Inc. 7,800 384,150
Allstate Corp. 37,146 926,328
American General Corp. 7,000 442,313
American International
Group, Inc. 30,800 2,677,675
Cigna Corp. 8,100 629,775
Hartford Financial Services
Group, Inc. 7,200 294,300
Lincoln National Corp. 11,100 416,944
------------
5,771,485
------------
MACHINERY & EQUIPMENT (0.8%)
Caterpillar, Inc. 18,700 1,024,994
Ingersoll-Rand Co. 2,900 159,319
Pentair, Inc. 7,600 304,950
------------
1,489,263
------------
MANUFACTURING (2.2%)
Brunswick Corp. 9,400 233,825
Cooper Industries, Inc. 4,200 196,350
Mark IV Industries, Inc. 13,900 274,525
Parker Hannifin Corp. 9,200 412,275
Textron, Inc. 7,600 588,050
Tyco International Ltd. 24,600 2,539,950
------------
4,244,975
------------
MANUFACTURING-CAPITAL GOODS (0.2%)
Beckman Coulter, Inc. 7,000 315,875
------------
MANUFACTURING-CONSUMER GOODS (0.5%)
Nabisco Group Holdings 29,600 444,000
Nike, Inc., Class B 8,700 494,813
------------
938,813
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
15
<PAGE> 17
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
MEDICAL EQUIPMENT & SUPPLIES (2.4%)
Amgen, Inc.* 13,600 $ 1,108,400
Baxter International, Inc. 8,100 488,025
Boston Scientific Corp.* 22,800 562,875
Johnson & Johnson 27,300 2,508,188
------------
4,667,488
------------
MEDICAL SUPPLIES (0.1%)
Mallinckrodt, Inc. 7,800 235,463
------------
METALS (0.2%)
Olin Corp. 25,900 352,888
------------
METALS & MINING (0.6%)
Alcan Aluminum, Ltd. 7,800 243,750
Alcoa, Inc. 12,600 781,988
Barrick Gold Corp. 7,100 154,425
------------
1,180,163
------------
OFFICE EQUIPMENT & SERVICES (0.2%)
Xerox Corp. 11,300 473,894
------------
OIL & GAS (5.5%)
Ashland, Inc. 6,100 205,113
Baker Hughes, Inc. 7,600 220,400
Chevron Corp. 15,500 1,375,625
Coastal Corp. 8,300 339,781
Exxon Corp. 35,400 2,688,187
Mobil Corp. 5,500 554,125
Royal Dutch Petroleum, NY
Shares 30,800 1,819,125
Texaco, Inc. 35,600 2,247,250
USX-Marathon Group 34,400 1,006,200
------------
10,455,806
------------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (0.6%)
Atlantic Richfield Co. 7,500 664,687
Helmerich & Payne 16,200 410,063
------------
1,074,750
------------
OIL REFINING & MARKETING (0.1%)
Ultramar Diamond Shamrock
Corp. 8,800 224,400
------------
PAPER PRODUCTS (0.6%)
Georgia Pacific Corp. 16,000 648,000
Weyerhaeuser Co. 10,200 587,775
------------
1,235,775
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (6.2%)
Bergen Brunswig Corp.,
Class A 37,700 $ 391,138
Bristol-Myers Squibb Co. 25,700 1,734,749
Cardinal Health, Inc. 14,075 767,088
Eli Lilly & Co. 19,400 1,241,600
Merck & Company, Inc. 35,800 2,320,287
Mylan Laboratories 13,900 255,413
Pfizer, Inc. 69,408 2,494,349
Schering-Plough Corp. 34,500 1,505,062
Warner-Lambert Co. 18,300 1,214,663
------------
11,924,349
------------
PRINTING & PUBLISHING
(0.5%)
Houghton Mifflin Co. 4,700 190,938
New York Times Co., Class A 16,900 633,750
Tribune Co. 2,400 119,400
------------
944,088
------------
RESORTS & ENTERTAINMENT (0.4%)
Carnival Corp. 19,300 839,550
------------
RESTAURANTS (0.3%)
Tricon Global Restaurants* 12,000 491,250
------------
RETAIL (6.5%)
Dayton Hudson Corp. 22,500 1,351,405
Dollar General 11,607 358,366
Federated Department
Stores, Inc.* 12,200 532,988
GAP, Inc. 26,525 848,800
Home Depot, Inc. 29,000 1,990,124
J.C. Penney Company, Inc. 15,400 529,375
Lowe's Companies, Inc. 19,600 955,500
Staples, Inc.* 25,800 562,763
TJX Companies, Inc. 36,200 1,015,863
Wal-Mart Stores, Inc. 84,600 4,023,787
------------
12,168,971
------------
STEEL (0.1%)
Carpenter Technology Corp. 11,600 284,200
------------
TECHNOLOGY (5.0%)
Applied Materials, Inc.* 8,200 638,575
Intel Corp. 90,300 6,710,419
Sun Microsystems, Inc.* 8,300 771,900
Texas Instruments, Inc. 15,200 1,250,200
UNISYS Corp.* 3,600 162,450
------------
9,533,544
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
16
<PAGE> 18
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (12.1%)
Ameritech Corp. 15,600 $ 1,048,125
AT&T Corp. 37,821 1,645,214
Bell Atlantic Corp. 16,548 1,113,887
BellSouth Corp. 69,200 3,113,999
Centurytel, Inc. 16,350 664,219
General Instruments Corp.* 7,300 351,313
GTE Corp. 21,100 1,622,063
Lucent Technologies, Inc. 58,488 3,794,408
MCI Worldcom, Inc.* 52,814 3,796,005
Nextel Communications,
Inc., Class A* 17,900 1,213,844
Nortel Networks Corp. 42,000 2,142,000
SBC Communications, Inc. 12,198 622,860
Sprint Corp. 12,200 661,850
Tellabs, Inc.* 20,600 1,172,913
------------
22,962,700
------------
TELECOMMUNICATIONS-SERVICES & EQUIPMENT (0.4%)
Qualcomm, Inc. 4,100 775,669
------------
TRANSPORTATION & SHIPPING (0.9%)
Delta Air Lines, Inc. 6,800 329,800
FDX Corp.* 2,600 100,750
Kansas City Southern
Industries, Inc. 8,400 390,075
Southwest Airlines 21,037 319,499
Union Pacific Corp. 11,800 567,138
------------
1,707,262
------------
UTILITIES (0.5%)
Enron Corp. 21,700 895,125
- -----------------------------------------------------
TOTAL COMMON STOCKS (COST
$118,955,721) 188,570,765
- -----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
MONEY MARKET FUNDS (1.0%)
Eureka Prime Money Market
Fund-Trust Class 1,931,784 1,931,784
- -----------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $1,931,784) 1,931,784
- -----------------------------------------------------
DAILY SWEEP VEHICLE (0.2%)
Bank of New York Cash Sweep 300,746 $ 300,746
- -----------------------------------------------------
TOTAL DAILY SWEEP VEHICLE
(COST $300,746) 300,746
- -----------------------------------------------------
TOTAL INVESTMENTS
(COST $121,188,251)(A) -- 100.0% 190,803,295
- -----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.0% 59,083
- -----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $190,862,378
- -----------------------------------------------------
</TABLE>
Percentages indicated are based on net assets of $190,862,378.
(a) Represents cost for financial reporting purposes and differs for federal
income tax purposes by the amount of losses recognized for financial
reporting purposes in excess of federal income tax reporting of
approximately $177,672. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 73,524,992
Unrealized depreciation (4,087,620)
------------
Net unrealized
appreciation $ 69,437,372
============
</TABLE>
* Denotes non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
17
<PAGE> 19
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
COMMON STOCKS (63.6%)
AUSTRALIA (0.9%)
BANKING (0.4%)
Australia & New Zealand
Banking Group Ltd. 8,100 $ 54,184
Commonwealth Bank of
Australia 5,400 85,108
National Australia Bank
Ltd. 5,400 79,051
Westpac Banking Corp. 7,200 44,419
------------
262,762
------------
BUILDING PRODUCTS (0.0%)
CSR Ltd. 3,300 8,337
------------
CONSUMER GOODS & SERVICES (0.1%)
Brambles Industries Ltd. 1,700 49,226
Coca Cola Amatil Ltd. 5,100 17,907
Woolworths Ltd. 7,000 24,441
------------
91,574
------------
DIVERSIFIED (0.1%)
Broken Hill Proprietary Co.
Ltd. 7,100 81,784
------------
ENERGY (0.1%)
Australian Gas & Light Co. 1,800 10,643
Santos Ltd. 2,700 7,554
Woodside Petroleum Ltd. 8,600 59,701
------------
77,898
------------
FINANCIAL SERVICES (0.1%)
Lend Lease Corp. Ltd. 4,600 56,142
Westfield Holdings Ltd. 2,000 11,421
------------
67,563
------------
INDUSTRIAL (0.0%)
Orica Ltd. 2,300 12,384
Pacfic Dunlop Ltd. 10,600 15,911
------------
28,295
------------
MEDIA (0.1%)
News Corp. Ltd.* 8,100 56,838
Publishing & Brocasting 3,100 18,512
------------
75,350
------------
METALS & MINING (0.0%)
Rio Tinto Ltd. 1,400 23,743
WMC Ltd. 2,900 14,762
------------
38,505
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
RETAIL (0.0%)
Coles Myer Ltd. 3,000 $ 15,679
------------
TELECOMMUNICATIONS (0.0%)
Cable & Wireless Optus
Ltd.* 2,400 5,169
------------
752,916
------------
AUSTRIA (0.0%)
ENERGY (0.0%)
EVN-AG 100 12,777
------------
ENGINEERING (0.0%)
VA Technologie, AG 110 8,838
------------
FINANCIAL SERVICES (0.0%)
Bank Austria, AG 373 18,570
------------
40,185
------------
BELGIUM (0.1%)
BANKING (0.0%)
KBC Bancassurance Holding 700 35,597
------------
ELECTRIC UTILITY (0.0%)
Electrabel, SA 50 17,327
------------
INSURANCE (0.1%)
Fortis, AG, Class B 1,800 58,660
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (0.0%)
Total Fina SA-Strip 180 2
------------
PHARMACEUTICALS (0.0%)
UCB, SA 300 12,125
------------
123,711
------------
CANADA (1.1%)
AUTOMOTIVE (0.0%)
Canadian Tire Corp., Class
A 300 7,237
Magna International, Inc.,
Class A 200 9,874
------------
17,111
------------
BANKING (0.3%)
Bank of Montreal 900 31,358
Bank of Nova Scotia 2,200 47,009
Canadian Imperial Bank of
Commerce 1,700 32,739
National Bank of Canada 2,200 26,200
Royal Bank of Canada 700 29,010
Toronto-Dominion Bank 2,200 42,743
------------
209,059
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
18
<PAGE> 20
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
BEVERAGES & TOBACCO (0.0%)
Imasco Ltd. 800 $ 20,851
------------
CHEMICALS (0.0%)
Potash Corp. of
Saskatchewan 200 10,303
------------
DIVERSIFIED (0.1%)
Bombardier, Inc., Class A 3,400 56,686
Bombardier, Inc., Class B 2,800 46,397
Power Corp. of Canada 1,000 16,775
------------
119,858
------------
FINANCIAL SERVICES (0.0%)
Newcourt Credit Group, Inc. 800 10,398
Power Financial Corp. 400 6,533
------------
16,931
------------
FOOD PRODUCTS & SERVICES (0.0%)
Weston (George) Ltd. 300 11,014
------------
FOREST & PAPER PRODUCTS (0.0%)
Donohue, Inc., Class A 750 12,147
------------
INSURANCE (0.0%)
Great West Lifeco, Inc. 2,800 37,632
------------
METALS & MINING (0.2%)
Alcan Aluminum Ltd. 1,400 43,777
Barrick Gold Corp. 2,400 52,508
Inco Ltd., Class VBN 2,100 16,649
Noranda, Inc. 1,300 17,737
------------
130,671
------------
OIL & GAS (0.4%)
Canadian Natural Resources* 2,600 60,865
Canadian Utilities Ltd.,
Class B 700 19,054
Gaz Metropolitan & Co., LP 2,900 32,661
Imperial Oil Ltd. 2,400 50,222
Petro-Canada 2,800 42,396
Westcoast Energy, Inc. 1,500 28,020
------------
233,218
------------
PHARMACEUTICALS (0.0%)
Biochem Pharmaecutical,
Inc.* 400 9,636
------------
PRINTING & PUBLISHING (0.0%)
Thomson Corp. 700 19,650
------------
REAL ESTATE (0.0%)
Trizec Hahn Corp. 2,100 39,585
------------
TELECOMMUNICATIONS (0.1%)
BCE, Inc. 1,000 49,643
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
TRANSPORTATION & SHIPPING (0.0%)
Canadian National Railway
Co. 400 $ 12,127
------------
949,436
------------
DENMARK (0.2%)
BANKING (0.0%)
Den Danske Bank 200 22,780
Unidanmark A/S, Class A 300 20,329
------------
43,109
------------
COMMERCIAL SERVICES (0.0%)
Ratin A/S, Class B 140 15,384
------------
FOOD PRODUCTS & SERVICES (0.0%)
Danisco A/S 136 5,689
------------
PHARMACEUTICALS (0.0%)
Novo-Nordisk A/S, Class B 156 18,550
------------
TELECOMMUNICATIONS-SERVICES AND EQUIPMENT (0.0%)
Tele Danmark A/S 460 27,415
------------
TRANSPORTATION & SHIPPING (0.2%)
D/S 1912, Class B 5 51,433
------------
161,580
------------
FINLAND (0.5%)
BANKING (0.0%)
Merita, PLC, Class A 3,000 16,869
------------
TELECOMMUNICATIONS (0.5%)
Nokia, OYJ 4,700 420,959
------------
437,828
------------
FRANCE (2.1%)
AUTOMOTIVE (0.1%)
Michelin (CGDE), Class B 710 33,512
PSA Peugeot Citroen 100 20,043
------------
53,555
------------
BANKING (0.3%)
Banque Nationale de Paris 650 51,884
Credit Commercial de France 550 69,352
Dexia France 250 37,275
Societe Generale, Class A 400 82,430
------------
240,941
------------
BEVERAGES & TOBACCO (0.1%)
LVMH (Moet-Hennessy Louis
Vuitton) 260 77,947
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
19
<PAGE> 21
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
BROADCASTING/CABLE (0.0%)
Canal Plus 360 $ 21,509
------------
CHEMICALS (0.1%)
L'Air Liquide 450 71,408
------------
CONSUMER GOODS & SERVICES (0.2%)
BIC 400 19,519
Christian Dior 100 16,294
L'oreal 160 102,154
------------
137,967
------------
FINANCIAL SERVICES (0.1%)
AXA 400 50,608
Paribas 600 66,711
------------
117,319
------------
FOOD PRODUCTS & SERVICES (0.1%)
Groupe Danone 140 34,070
Promodes 20 17,689
------------
51,759
------------
HOTELS & LODGING (0.1%)
Accor, SA 200 46,625
------------
INDUSTRIAL GOODS & SERVICES (0.2%)
Compagnie de Saint-Gobain 220 41,002
LaFarge 500 55,273
LeGrand 100 22,471
Schneider Electric, SA 300 21,949
Suez Lyonnaise Des Eaux 582 94,213
Vivendi 981 68,902
------------
303,810
------------
MANUFACTURING-CAPITAL GOODS (0.0%)
STMicroelectronics NV 400 31,183
------------
MERCHANDISING (0.2%)
Carrefour 900 144,061
------------
OIL & GAS (0.2%)
Elf Aquitane 900 157,193
Total Fina, SA, Class B 881 110,714
------------
267,907
------------
PHARMACEUTICALS (0.2%)
Rhone-Poulenca, Class A 850 43,904
Sanofi Synthelabo, SA 2,440 103,943
------------
147,847
------------
TECHNOLOGY (0.1%)
Alcatel 550 75,795
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (0.1%)
France Telecom, SA 650 $ 57,041
------------
1,846,674
------------
GERMANY (2.3%)
AUTOMOTIVE (0.2%)
Bayerische Motoren Werke,
AG 2,496 70,442
Daimlerchrysler, AG* 874 60,223
Volkswagen, AG 900 50,225
------------
180,890
------------
BANKING (0.5%)
Bayerische Vereinsbank, AG 2,125 124,018
Commerzbank, AG 1,900 71,935
Deutsche Bank AG 3,250 217,537
Dresdner Bank, AG 1,050 49,426
------------
462,916
------------
CHEMICALS (0.3%)
BASF, AG 1,945 82,856
Bayer, AG 3,600 142,816
Hoechst, AG 900 39,202
------------
264,874
------------
COMPUTER SOFTWARE & PERIPHERALS (0.1%)
SAP, AG 150 57,829
------------
CONGLOMERATES (0.1%)
Viag, AG NPV 2,600 49,288
------------
ELECTRICAL & ELECTRONIC (0.2%)
Siemens, AG 2,175 179,633
------------
ENERGY (0.1%)
RWE, AG 2,150 89,185
------------
ENGINEERING (0.3%)
Mannesmann, AG 1,750 279,560
------------
INDUSTRIAL GOODS & SERVICES (0.2%)
Thyssen Krupp, AG* 2,350 47,176
Veba, AG 2,150 117,807
------------
164,983
------------
INSURANCE (0.1%)
Allianz, AG, Registered 180 51,874
Muenchener Rueckver, AG,
Registered 360 72,730
------------
124,604
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
20
<PAGE> 22
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
RETAIL (0.0%)
Metro, AG 100 $ 5,208
------------
TELECOMMUNICATIONS (0.2%)
Deutsche Telekom, AG 3,250 133,257
------------
1,992,227
------------
HONG KONG (0.7%)
BANKING (0.3%)
Bank of East Asia* 10,000 21,693
HSBC Holdings PLC 21,000 240,616
------------
262,309
------------
DIVERSIFIED (0.1%)
Hutchison Whampoa 4,000 37,206
Jardine Matheson Holdings
Ltd.* 2,000 8,170
Swire Pacific Ltd., Class A 9,500 45,008
------------
90,384
------------
ELECTRIC UTILITY (0.1%)
CLP Holdings, Ltd. 9,000 42,291
Hong Kong Electric Holdings 14,000 43,437
------------
85,728
------------
OIL & GAS (0.0%)
Hong Kong & China Gas 24,200 32,557
------------
REAL ESTATE (0.2%)
Cheung Kong 6,000 50,016
China Resources Enterprises 10,000 13,582
Hang Lung Development Co. 10,000 11,329
Henderson Land Development
Co., Ltd 2,000 9,244
New World Development 1,000 2,195
Sun Hung Kai Properties 7,000 53,395
------------
139,761
------------
TELECOMMUNICATIONS (0.0%)
Cable & Wireless HKT, Ltd. 17,400 38,193
------------
648,932
------------
IRELAND (0.2%)
BANKING (0.1%)
Allied Irish Bank, PLC 3,005 36,067
Bank of Ireland 5,700 46,439
------------
82,506
------------
HEALTH CARE (0.1%)
Elan Corp. PLC* 1,308 44,325
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
MANUFACTURING (0.0%)
CRH, PLC 1,000 $ 19,149
------------
145,980
------------
ITALY (1.0%)
AUTOMOTIVE (0.0%)
Fiat, SPA 1,170 39,001
------------
BANKING (0.2%)
Rolo Banca 1473, SPA 2,000 41,918
San Paolo E IMI, SPA 6,135 79,711
Unicredito Italiano, SPA 7,000 34,218
------------
155,847
------------
ELECTRIC UTILITY (0.0%)
Edison, SPA 3,000 26,390
------------
INDUSTRIAL GOODS & SERVICES (0.0%)
Montedison SPA 5,200 10,190
------------
INSURANCE (0.2%)
Assicurazioni Generali 3,695 122,777
Istituto Nazionale delle
Assicur 15,000 48,883
Ras Savings, SPA, RNC 2,000 15,655
------------
187,315
------------
OIL & GAS (0.1%)
Ente Nazional Indrocarburi,
SPA 12,100 75,901
------------
TELECOMMUNICATIONS (0.5%)
Telecom Italia Mobile, SPA 14,000 87,074
Telecom Italia Mobile, SPA-
RNC 13,000 47,903
Telecom Italia, SPA 21,555 187,320
Telecom Italia, SPA-RNC 13,000 65,348
------------
387,645
------------
TEXTILE PRODUCTS (0.0%)
Benetton Group, SPA 10,000 21,779
------------
904,068
------------
JAPAN (6.7%)
AUTOMOTIVE (0.8%)
Aisin Seiki Company, Ltd. 3,000 46,916
Bridgestone Corp. 3,000 83,970
Denso Corp. 3,000 63,541
Honda Motor Company 2,000 83,782
Mazda Motor Corp. 13,000 65,203
Mitsubishi Motors 6,000 32,574
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
21
<PAGE> 23
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
Nissan Motors 9,000 $ 54,524
Toyota Motor Corp. 9,000 286,568
------------
717,078
------------
BANKING (1.1%)
77 Bank Ltd. 2,000 20,870
Bank of Tokyo-Mitsubishi
Ltd. 13,000 199,641
Dai-Ichi Kangyo Bank Ltd. 12,000 149,681
Fuji Bank Ltd. 8,000 97,232
Gunma Bank 1,000 6,810
Hachijuni Bank 4,000 27,426
Industrial Bank of Japan 9,000 110,654
Mitsubishi Trust & Banking
Co. 3,000 36,631
Nikko Securities Co., Ltd. 6,000 50,720
Sakura Bank Ltd. 7,000 52,599
Shizuoka Bank 6,000 72,079
Sumitomo Bank Ltd. 8,000 120,225
Sumitomo Trust & Banking 6,000 47,508
Yamaguchi Bank Ltd. 2,000 15,817
------------
1,007,893
------------
BEVERAGES & TOBACCO (0.1%)
Japan Tobacco, Inc. 2 24,796
Kirin Brewery Company, Ltd. 4,000 47,903
------------
72,699
------------
CHEMICALS (0.3%)
Mitsubishi Chemical Corp. 19,000 72,633
Shin-Etsu Chemical Co. 2,000 83,406
Takeda Chemical Industries 2,000 108,015
------------
264,054
------------
CONSTRUCTION (0.1%)
Daiwa House Industry
Company Ltd. 1,000 9,890
Matsushita Electric Works 4,000 41,741
Shimizu Corp. 2,000 8,848
------------
60,479
------------
CONSUMER GOODS & SERVICES (0.4%)
KAO Corp. 3,000 84,815
Kuraray Company Ltd. 1,000 11,722
Matsushita Electric
Industrial Co. 7,000 148,921
Nintendo Company Ltd. 200 31,897
Shiseido Company Ltd. 2,000 29,868
Sony Corp. 200 29,887
Toto Ltd. 1,000 7,786
------------
344,896
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITY (0.2%)
Chubu Electric Power
Company, Inc. 1,000 $ 18,175
Hokkaido Electric Power
Company, Inc. 2,000 29,775
Hokuriku Electric Power 1,000 15,864
Kansai Electric Power 3,000 58,045
Kyushu Electric Power 1,000 15,310
Tohoku Electric Power 300 4,678
Tokyo Electric Power Co. 2,200 50,833
------------
192,680
------------
ELECTRICAL & ELECTRONIC (0.6%)
Hitachi Ltd. 11,000 121,915
Kyocera Corp. 1,000 76,080
Minebea Company, Ltd. 3,000 38,181
Murata Mfg. Company, Ltd. 1,000 100,501
NEC Corp. 5,000 100,736
NGK Insulators Ltd. 1,000 9,703
Nitto Denko Corp. 1,000 31,747
Omron Corp. 1,000 19,771
Sumitomo Electric Industies 3,000 41,140
------------
539,774
------------
FINANCIAL SERVICES (0.4%)
Acom Company, Ltd. 1,000 131,214
Credit Saison Company, Ltd. 1,000 23,294
Daiwa Securities GRP 6,000 54,665
Nomura Securities Company,
Ltd. 6,000 92,987
Tokio Marine & Fire
Insurance 4,000 47,339
------------
349,499
------------
FOOD PRODUCTS & SERVICES (0.1%)
Ajinomoto Company, Inc. 3,000 35,081
Nissin Food Products
Company, Ltd. 2,000 54,477
------------
89,558
------------
INDUSTRIAL (0.2%)
Chudenko Corp. 1,000 17,743
Kajima Corp. 2,000 8,003
Mitsubishi Heavy Industries
Ltd. 16,000 61,615
Tostem Corp. 3,000 70,162
------------
157,523
------------
MACHINERY & EQUIPMENT (0.1%)
Ebara Corp. 2,000 25,980
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
22
<PAGE> 24
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
Toyoda Automatic Loom Works
Ltd. 1,000 $ 18,372
------------
44,352
------------
MANUFACTURING (0.2%)
Fuji Photo Film Co. 2,000 68,566
Nikon Corp. 3,000 57,765
Onward Kashiyama Company,
Ltd. 2,000 30,432
------------
156,763
------------
MEDIA (0.1%)
Tokyo Broadcasting System 1,000 20,147
Toppan Printing Company
Ltd. 3,000 37,758
------------
57,905
------------
METALS & MINING (0.0%)
Sumitomo Metal Industries* 30,000 33,813
------------
OFFICE EQUIPMENT & SERVICES (0.1%)
Canon, Inc. 2,000 58,234
Dai Nippon Printing
Company, Ltd. 1,000 18,588
Ricoh Company Ltd. 3,000 52,129
------------
128,951
------------
OIL & GAS (0.0%)
Tonen Corp. 2,000 15,667
------------
PHARMACEUTICALS (0.2%)
Ono Pharmaceutical Company,
Ltd. 1,000 37,101
Sankyo Company, Ltd. 2,000 60,113
Yamanouchi Pharmaceutical
Company, Ltd. 1,000 46,869
------------
144,083
------------
REAL ESTATE (0.1%)
Mitsubishi Estate Company,
Ltd. 4,000 40,614
Mitsui Fudosan Company,
Ltd. 4,000 32,085
------------
72,699
------------
RETAIL (0.2%)
Daiei, Inc.* 2,000 7,965
Ito-Yokado Company, Ltd. 1,000 82,656
Jusco Company, Ltd. 2,000 37,664
Marui Company, Ltd. 2,000 37,345
Mycal Corp. 1,000 6,246
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
Takashimaya Company, Ltd. 1,000 $ 10,238
UNY Company, Ltd. 1,000 14,652
------------
196,766
------------
TECHNOLOGY (0.4%)
Fujitsu Ltd. 6,000 187,100
TDK Corp. 1,000 115,811
Tokyo Electron Ltd. 1,000 86,882
------------
389,793
------------
TELECOMMUNICATIONS (0.4%)
Japan Telecom Co., Ltd 2 46,963
KDD 300 31,024
Nippon Telegraph &
Telephone Corp. 15 184,564
Nippon Television Network 100 71,384
------------
333,935
------------
TELECOMMUNICATIONS-SERVICES AND EQUIPMENT (0.3%)
NTT Mobile Communications 13 256,418
------------
TRANSPORTATION & SHIPPING (0.2%)
All Nippon Airways Company,
Ltd.* 7,000 24,721
East Japan Railway Co. 6 38,209
Japan Airlines Company,
Ltd. 2,000 7,702
Kinki Nippon Railway
Company, Ltd. 10,000 53,351
Nippon Express Company,
Ltd. 3,000 20,119
Seibu Railway Company, Ltd. 1,000 16,756
------------
160,858
------------
WHOLESALE & INTERNATIONAL TRADE (0.1%)
Mitsubishi Corp. 3,000 24,796
Mitsui & Company, Ltd. 5,000 37,852
Sumitomo Corp. 2,000 14,709
------------
77,357
------------
5,865,493
------------
MALAYSIA (0.2%)
BANKING (0.2%)
Malayan Banking Berhad 28,800 89,432
------------
CONSUMER GOODS & SERVICES (0.0%)
Kuala Lumpur Kepong Berhad 9,000 10,895
------------
DIVERSIFIED (0.0%)
Renong Berhad* 9,000 4,287
Sungei Way Holdings Berhad* 5,800 2,976
------------
7,263
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
23
<PAGE> 25
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITY (0.0%)
Tenaga Nasional Berhad 4,000 $ 8,211
------------
FINANCIAL SERVICES (0.0%)
Hong Leong Credit Berhad 6,000 6,158
Innovest Berhad* 5,000 1,000
Sime Darby Berhad 8,700 10,074
------------
17,232
------------
FOOD PRODUCTS & SERVICES (0.0%)
Nestle (Malaysia) Berhad 1,000 3,500
------------
INDUSTRIAL (0.0%)
UMW Holdings Berhad 2,000 3,184
United Engineers
(Malaysia)* 1,000 1,487
------------
4,671
------------
INDUSTRIAL GOODS & SERVICES (0.0%)
Perusahaan Otomobil
Nasional 1,000 1,566
------------
OIL & GAS (0.0%)
Petronas Gas Berhad 2,000 4,211
------------
RESORTS & ENTERTAINMENT (0.0%)
Resorts World Berhad 4,000 9,158
------------
TELECOMMUNICATIONS (0.0%)
Telekom Malaysia 3,500 9,073
------------
165,212
------------
NETHERLANDS (1.5%)
APPLIANCES & HOUSEHOLD PRODUCTS (0.1%)
Koninklijke Philips
Electronics, NV 1,181 118,858
------------
BANKING (0.3%)
ABN Amro Holding, NV 3,748 84,222
Ing Groep, NV 2,504 136,004
------------
220,226
------------
BREWERY (0.1%)
Heineken, NV 1,800 89,523
------------
CHEMICALS (0.1%)
Akzo Nobel 1,080 45,778
------------
CONSUMER GOODS & SERVICES (0.0%)
Koninklijke Ahold, NV 1,200 0
Koninklijke Ahold, NV 1,200 39,490
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
INSURANCE (0.2%)
Aegon, NV 1,388 $ 119,439
Fortis, NV 1,020 32,969
------------
152,408
------------
MACHINERY & EQUIPMENT (0.1%)
Unilever, NV 1,403 95,478
------------
OIL & GAS (0.4%)
Royal Dutch Petroleum 7,517 436,301
------------
PRINTING & PUBLISHING (0.1%)
Wolters Kluwer 1,680 57,612
------------
TELECOMMUNICATIONS (0.1%)
Koninklijke KPN, NV 1,479 64,816
------------
TRANSPORTATION & SHIPPING (0.0%)
TNT Post Group, NV 859 21,864
------------
1,342,354
------------
NEW ZEALAND (0.0%)
AEROSPACE & MILITARY TECHNOLOGY (0.0%)
Air New Zealand Ltd., Class
B 10,000 16,009
------------
DIVERSIFIED (0.0%)
Brierley Investments Ltd.* 11,700 2,719
------------
FOREST & PAPER PRODUCTS (0.0%)
Fletcher Challenge Forests* 10,000 4,286
------------
TELECOMMUNICATIONS (0.0%)
Telecom Corp. of New
Zealand 5,000 19,701
------------
42,715
------------
NORWAY (0.1%)
BANKING (0.0%)
Den Norske Bank, ASA 1,000 3,948
Sparebanken Nor-Cap, CTF 100 2,186
------------
6,134
------------
FOOD PRODUCTS & SERVICES (0.0%)
Orkla, ASA, Class A 600 9,094
------------
INDUSTRIAL (0.1%)
Bergesen D Y ASA, Class A 500 8,127
Kvaerner, ASA 100 1,999
Norsk Hydro, ASA 780 33,001
------------
43,127
------------
INSURANCE (0.0%)
Storebrand, ASA* 1,000 7,482
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
24
<PAGE> 26
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
OIL & GAS (0.0%)
Smedvig, ASA, Class B 1,000 $ 9,417
------------
75,254
------------
SINGAPORE (0.2%)
BANKING (0.1%)
DBS Group Holdings Ltd. 3,198 35,733
United Overseas Bank --
Foreign* 1,000 7,586
------------
43,319
------------
INDUSTRIAL (0.0%)
Sembcorp Industries Ltd.* 18,209 20,988
------------
PRINTING & PUBLISHING (0.0%)
Singapore Press Holdings 1,148 18,093
------------
REAL ESTATE (0.1%)
Centrepoint Properties 15,000 15,878
DBS Land 3,000 5,575
------------
21,453
------------
TELECOMMUNICATIONS (0.0%)
Singapore
Telecommunications 5,000 9,115
------------
TRANSPORTATION & SHIPPING (0.0%)
Singapore Airlines Ltd. 2,000 19,524
------------
132,492
------------
SPAIN (0.7%)
BANKING (0.4%)
Banco Bilbao Vizcaya 11,631 153,350
Banco Popular Espanol 600 41,439
Banco Santander Central
Hispano SA 8,640 89,347
------------
284,136
------------
ELECTRIC UTILITY (0.1%)
Endesa, SA 500 9,500
------------
Iberdrola, SA 4,906 72,729
------------
82,229
------------
GAS & ELECTRIC UTILITY (0.1%)
Gas Natural SDG-E 600 12,831
Repsol, SA 3,750 73,444
------------
86,275
------------
TELECOMMUNICATIONS-SERVICES AND EQUIPMENT (0.1%)
Telefonica, SA 7,398 118,418
------------
571,058
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
SWEDEN (0.8%)
AUTOMOTIVE (0.1%)
Volvo, AB, Class A 400 $ 11,271
Volvo, AB, Class B 1,700 48,007
------------
59,278
------------
BANKING (0.3%)
Astrazeneca Pld Ords 3,193 133,014
Investor AB Class A 800 9,368
Investor AB Class B 2,400 28,398
Svenska Handelsbanken,
Class A 3,900 54,472
Svenska Handelsbanken,
Class B 1,500 19,396
------------
244,648
------------
BASIC MATERIALS (0.0%)
AGA, AB, Class A 700 11,954
------------
CONSUMER GOODS & SERVICES (0.0%)
Electrolux, AB, Class B 1,300 24,263
------------
INDUSTRIAL (0.0%)
Skanska, AB, Class B 200 7,441
------------
INSURANCE (0.1%)
Skandia Forsakrings, AB 2,500 52,148
------------
MACHINERY & EQUIPMENT (0.1%)
Atlas Copco, AB, Class A 1,600 44,891
Sandvik, AB, Class A 850 23,070
Sandvik, AB, Class B 500 13,662
------------
81,623
------------
MEDICAL EQUIPMENT & SUPPLIES (0.0%)
Gambro, AB, Class B 1,000 9,576
------------
TELECOMMUNICATIONS (0.2%)
Ericsson, LM, Class B 6,000 185,904
------------
TRANSPORTATION & SHIPPING (0.0%)
Abb Ltd. 95 9,746
------------
686,581
------------
SWITZERLAND (2.0%)
BANKING (0.5%)
Credit Suisse Group,
Registered 880 161,271
Union Bank of Switzerland,
AG, Registered 838 236,226
------------
397,497
------------
ENERGY (0.1%)
Abb Ltd. 891 92,035
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
25
<PAGE> 27
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
FOOD PRODUCTS & SERVICES (0.3%)
Nestle, SA, Registered 160 $ 300,685
------------
INSURANCE (0.2%)
Swiss Reinsurance Co.,
Registered 50 99,795
Zurich Allied, AG 150 83,668
------------
183,463
------------
PHARMACEUTICALS (0.9%)
Novartis, AG, Registered 263 390,141
Roche Holding, AG, Bearer 3 55,589
Roche Holding, AG, Genus 27 312,450
------------
758,180
------------
1,731,860
------------
UNITED KINGDOM (7.0%)
AEROSPACE & MILITARY TECHNOLOGY (0.0%)
British Aerospace, PLC 6,000 39,550
------------
AUTOMOTIVE (0.0%)
GKN, PLC 1,000 15,967
------------
BANKING (1.2%)
Abbey National, PLC 6,000 106,522
Alliance & Leicester, PLC 2,500 34,729
Bank of Scotland 4,000 47,727
Barclays, PLC 6,918 203,142
HSBC Holdings, PLC 10,200 116,917
Lloyds TSB Group, PLC 20,731 257,770
National Westminster Bank 7,000 163,241
Royal Bank of Scotland
Group 2,000 42,918
Standard Chartered, PLC 2,000 28,920
------------
1,001,886
------------
BEVERAGES & TOBACCO (0.4%)
Bass, PLC 3,791 45,733
British American Tobacco,
PLC 7,374 63,272
Cadbury Schweppes, PLC 11,706 81,308
Diageo, PLC 14,552 148,706
Scottish & Newcastle, PLC 2,000 19,878
------------
358,897
------------
CHEMICALS (0.1%)
BOC Group, PLC 2,445 50,977
Imperial Chemical
Industries, PLC 2,000 22,184
------------
73,161
------------
CONSUMER GOODS & SERVICES (0.3%)
Boots Company, PLC 2,919 32,521
Granada Group, PLC 8,000 68,511
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
Hays, PLC 6,000 $ 64,921
Unilever 8,035 75,626
------------
241,579
------------
DIVERSIFIED (0.2%)
General Electric Company,
PLC 10,070 96,686
Invensys, PLC 12,000 58,498
Rentokil Initial, PLC 6,000 21,245
------------
176,429
------------
ELECTRIC UTILITY (0.1%)
National Power, PLC 12,000 93,577
Scottish & Southern Energy 1,630 15,207
------------
108,784
------------
FINANCIAL SERVICES (0.1%)
3i Group, PLC 1,000 12,549
Halifax, PLC 6,475 81,418
------------
93,967
------------
FOOD PRODUCTS & SERVICES (0.2%)
(J) Sainsbury, PLC 1,144 7,141
Allied Domecq, PLC 1,400 7,989
Associated British Foods,
PLC 4,400 28,786
Tesco, PLC 34,254 107,043
------------
150,959
------------
GAS & ELECTRIC UTILITY (0.1%)
Scot Power 5,000 45,949
------------
INDUSTRIAL (0.0%)
BAA, PLC 2,100 21,270
------------
INSURANCE (0.5%)
Allied Zurich, PLC* 7,374 86,588
CGU, PLC 7,044 108,757
Legal & General Group, PLC 16,000 45,389
Norwich Union, PLC 6,000 43,404
Prudential Corporation, PLC 8,000 122,925
Royal & Sun Alliance
Insurance Group, PLC 4,545 35,854
Sun Life 231 1,817
------------
444,734
------------
MEDIA (0.2%)
British Sky Broadcasting,
PLC 8,000 77,404
Pearson, PLC 3,463 74,313
Reuters Group, PLC 4,855 54,811
------------
206,528
------------
METALS & MINING (0.0%)
Rio Tinto, PLC, Registered 2,216 38,430
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
26
<PAGE> 28
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
OIL & GAS (0.6%)
BP Amoco, PLC 20,176 $ 368,497
Shell Transportation &
Trading Company, PLC 25,473 190,460
------------
558,957
------------
PHARMACEUTICALS (0.8%)
Astrazeneca Group, PLC 4,000 167,786
Glaxo Wellcome, PLC 14,451 376,982
Smithkline Beecham, PLC 15,708 180,699
------------
725,467
------------
REAL ESTATE (0.1%)
Land Securities, PLC 4,282 57,686
------------
RESTAURANTS (0.1%)
Whitbread, PLC 3,700 46,646
------------
RETAIL (0.2%)
Great Universal Stores, PLC 5,834 44,005
Kingfisher, PLC 6,000 64,327
Marks & Spencer, PLC 8,198 42,597
------------
150,929
------------
TELECOMMUNICATIONS (1.5%)
British Telecom, PLC 26,066 394,724
Cable & Wireless
Communications, PLC* 5,000 51,095
Cable & Wireless, PLC 11,000 119,746
Orange, PLC* 4,000 78,656
Vodafone Airtouch, ADR 250 59,438
Vodafone Group, PLC 23,225 550,024
------------
1,253,683
------------
TRANSPORTATION & SHIPPING (0.2%)
British Airways, PLC 3,500 19,656
Peninsular & Orient Steam
Navigation Co. 4,250 64,114
Railtrack Group, PLC 2,600 54,723
------------
138,493
------------
UTILITIES (0.1%)
British Gas, PLC 13,911 79,956
United Utilities, PLC 4,000 43,775
------------
123,731
------------
6,073,682
------------
UNITED STATES (35.3%)
AEROSPACE & MILITARY TECHNOLOGY (0.8%)
Allied Signal, Inc. 2,900 173,819
Boeing Co. 4,800 204,600
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
General Dynamics Corp. 2,100 $ 131,119
United Technologies Corp. 2,800 166,075
------------
675,613
------------
AUTOMOTIVE (0.6%)
Daimlerchrysler, AG* 1,184 82,214
Dana Corp. 300 11,138
Delphi Automotive Systems 2,166 34,791
Ford Motor Co. 5,200 260,974
General Motors Corp. 600 37,763
TRW, Inc. 1,800 89,550
------------
516,430
------------
BANKING (2.3%)
Bank One Corp. 5,814 202,400
BankAmerica Corp. 6,536 363,973
Bankboston Corp. 3,000 130,125
Chase Manhattan Corp. 3,500 263,812
Comerica, Inc. 2,650 134,156
Firstar Corp. 6,800 174,250
Fleet Financial Group, Inc. 5,500 201,438
MBNA Corp. 6,100 139,156
PNC Bank Corp. 2,600 136,988
Wells Fargo & Co. 7,700 305,112
------------
2,051,410
------------
BEVERAGES & TOBACCO (1.2%)
(Adolph) Coors, Class B 1,700 92,013
Coca-Cola Co. 5,400 259,538
Pepsico, Inc. 5,200 157,300
Philip Morris Companies,
Inc. 10,600 362,387
Seagram Company, Ltd. 2,900 131,950
------------
1,003,188
------------
BROADCASTING/CABLE (0.4%)
Comcast Corp., Special
Class A 4,600 183,425
Media One Group, Inc.* 2,400 163,950
------------
347,375
------------
BUILDING PRODUCTS (0.1%)
York International Corp. 2,100 75,469
------------
CHEMICALS (0.4%)
Dow Chemical Co. 1,400 159,075
Praxair, Inc. 2,500 115,000
Rohm & Haas Co. 2,900 104,763
------------
378,838
------------
COMMERCIAL SERVICES (0.3%)
Dun & Bradstreet Corp. 3,200 95,600
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
27
<PAGE> 29
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
McKesson HBOC, Inc. 3,940 $ 114,260
Paychex, Inc. 600 20,475
------------
230,335
------------
COMPUTER HARDWARE (3.1%)
Cisco Systems, Inc.* 10,250 702,765
Compaq Computer Corp. 8,600 197,263
Dell Computer Corp.* 8,900 372,130
EMC Corp.* 4,100 292,894
Gateway, Inc. 3,400 151,088
Hewlett-Packard Co. 3,700 340,400
IBM Corp. 5,700 691,837
------------
2,748,377
------------
COMPUTER SOFTWARE & PERIPHERALS (2.2%)
America Online, Inc.* 4,100 426,400
Automatic Data Processing,
Inc. 200 8,925
Compuware Corp.* 4,000 104,250
Microsoft, Inc.* 14,900 1,349,381
------------
1,888,956
------------
CONSTRUCTION (0.1%)
Masco Corp. 1,600 49,600
------------
CONSUMER GOODS & SERVICES (1.4%)
Black & Decker Corp. 2,100 95,944
Eastman Kodak Co. 1,800 135,788
Fortune Brands, Inc. 3,900 125,775
Gillette Co. 3,000 101,813
Hasbro, Inc. 4,050 86,822
Mattel 4,300 81,700
Maytag Corp. 1,100 36,644
Newell Rubbermaid, Inc. 2,900 82,831
Proctor & Gamble Co. 4,600 431,249
------------
1,178,566
------------
ELECTRIC UTILITY (0.5%)
DTE Energy Co. 1,400 50,575
Entergy Corp. 4,800 138,900
PG&E Corp. 6,000 155,250
Texas Utilities Holding Co. 3,000 111,938
------------
456,663
------------
ELECTRICAL & ELECTRONIC (1.7%)
Firstenergy Corp. 1,700 43,350
General Electric Co. 9,800 1,161,913
Reliant Energy, Inc. 5,300 143,431
Tecumseh Products Co.,
Class A 1,800 90,225
Unicom Corp. 1,300 48,019
------------
1,486,938
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
ENVIROMENTAL SERVICES (0.1%)
Waste Management, Inc. 5,400 $ 103,950
------------
FINANCIAL SERVICES (2.2%)
Associates First Capital,
Class A 4,482 161,352
Capital One Financial Corp. 900 35,100
Charles Schwab Corp. 4,800 161,700
Citigroup, Inc. 11,425 502,699
Fannie Mae 4,200 263,287
Freddie Mac 1,600 83,200
Golden West Financial Corp. 700 68,775
Household International,
Inc. 1,100 44,138
J.P. Morgan & Co. 400 45,700
Lehman Brothers Holdings,
Inc. 1,000 58,313
Merrill Lynch & Co. 2,400 161,250
Morgan Stanley Dean Witter
& Co. 2,600 231,887
Paine Webber Group, Inc. 1,200 43,500
Washington Mutual, Inc. 4,754 139,055
------------
1,999,956
------------
FOOD PRODUCTS & SERVICES (0.5%)
Archer Daniels Midland &
Co. 8,678 105,763
Conagra, Inc. 3,100 69,944
International Multifoods
Corp. 1,300 29,900
Safeway, Inc.* 3,500 133,218
Sara Lee Corp. 2,200 51,563
Tyson Foods, Inc., Class A 5,100 83,831
------------
474,219
------------
HEALTH CARE (0.3%)
Columbia/HCA Healthcare
Corp. 5,600 118,649
Healthsouth Corp.* 7,000 42,438
Tenet Healthcare Corp.* 400 7,025
United Healthcare Corp. 2,100 102,244
------------
270,356
------------
HOTELS & LODGING (0.0%)
Marriott International,
Class A 100 3,269
------------
INSURANCE (1.5%)
Aetna, Inc. 1,700 83,725
AFLAC, Inc. 2,700 113,063
Allstate Corp. 3,300 82,294
American General Corp. 800 50,550
American International
Group, Inc. 5,180 450,335
Cigna Corp. 1,600 124,400
Conseco, Inc. 3,000 57,938
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
28
<PAGE> 30
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
Hartford Financial Services
Group, Inc. 1,600 $ 65,400
Lincoln National Corp. 2,300 86,394
Loews Corp. 800 56,150
Progressive Corp. 1,100 89,856
Unum Provident Corporation 949 27,936
------------
1,288,041
------------
MACHINERY & EQUIPMENT (0.2%)
Caterpillar, Inc. 1,800 98,663
Halliburton Co. 1,300 53,300
------------
151,963
------------
MANUFACTURING (0.8%)
Mark IV Industries, Inc. 4,800 94,800
Nike, Inc., Class B 2,100 119,438
Raytheon Co., Class B 100 4,963
Textron, Inc. 1,600 123,800
Tyco International Ltd. 3,200 330,399
------------
673,400
------------
MANUFACTURING-CAPITAL GOODS (0.1%)
Beckman Coulter, Inc. 700 31,588
Eaton Corp. 800 69,050
------------
100,638
------------
MANUFACTURING-CONSUMER GOODS (0.1%)
Nabisco Group Holdings 6,000 90,000
------------
MEDICAL EQUIPMENT & SUPPLIES (0.9%)
Amgen, Inc.* 2,500 203,750
Becton Dickinson & Co. 2,000 56,125
Boston Scientic Corp.* 3,400 83,938
Johnson & Johnson 4,700 431,812
------------
775,625
------------
METALS (0.2%)
Alcoa, Inc. 2,500 155,156
------------
OIL & GAS (2.1%)
BP Amoco, PLC, ADR 2,977 329,889
Chevron Corp. 2,800 248,500
Exxon Corp. 6,200 470,812
Mobil Corp. 3,100 312,325
Royal Dutch Petroleum, NY
Shares 1,900 112,219
Texaco, Inc. 3,900 246,188
USX-Marathon Group 6,500 190,125
------------
1,910,058
------------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (0.1%)
Occidental Petroleums Corp. 2,900 67,063
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
PAPER PRODUCTS (0.3%)
Fort James Corp. 1,300 $ 34,694
Weyerhaeuser Co. 2,100 121,012
Williamette Industries,
Inc. 2,300 99,188
------------
254,894
------------
PHARMACEUTICALS (2.6%)
Abbott Laboratories 6,300 231,525
American Home Products
Corp. 5,600 232,400
Bergen Brunswig Corp.,
Class A 1,000 10,375
Bristol-Myers Squibb Co. 6,700 452,249
Cardinal Health, Inc. 2,500 136,250
Eli Lilly & Co. 4,300 275,200
Forest Laboratories 2,300 96,888
Merck & Company, Inc. 2,500 162,031
Pfizer, Inc. 13,200 474,374
Schering-Plough Corp. 5,900 257,388
------------
2,328,680
------------
PRINTING & PUBLISHING (0.4%)
New York Times Co., Class A 2,700 101,250
Time Warner, Inc. 800 48,600
Viacom, Inc., Class B* 4,000 169,000
------------
318,850
------------
RESORTS & ENTERTAINMENT (0.2%)
Carnival Corp. 3,700 160,950
------------
RESTAURANTS (0.1%)
Tricon Global Restaurants* 1,700 69,594
------------
RETAIL (2.1%)
Cintas Corp. 1,200 69,375
Dayton Hudson Corp. 2,900 174,181
Federated Department
Stores, Inc.* 2,600 113,588
GAP, Inc. 5,062 161,984
Home Depot, Inc. 5,500 377,437
J.C. Penney Company, Inc. 3,300 113,438
Lowe's Companies, Inc. 3,100 151,125
Rite Aid Corp. 4,500 62,156
Staples, Inc.* 2,700 58,894
Wal-Mart Stores, Inc. 10,600 504,162
------------
1,786,340
------------
RETAIL-SPECIAL LINE (0.2%)
Costco Wholesale Corp. 2,000 144,000
------------
TECHNOLOGY (2.2%)
Applied Materials, Inc.* 400 31,150
Computer Sciences Corp.* 1,500 105,469
Intel Corp. 10,200 757,988
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
29
<PAGE> 31
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
<S> <C> <C>
Linear Technology Corp. 1,800 $ 105,806
Motorola, Inc. 2,700 237,600
Sensormatic Electronics
Corp. 6,400 81,200
Sun Microsystems, Inc.* 2,000 186,000
Texas Instruments, Inc. 3,200 263,200
UNISYS Corp.* 2,800 126,350
------------
1,894,763
------------
TELECOMMUNICATIONS (1.9%)
Ameritech Corp. 800 53,750
Centurytel, Inc. 2,100 85,313
Lucent Technologies, Inc. 9,790 635,126
MCI Worldcom, Inc.* 6,200 445,625
Nortel Networks Corp. 4,200 214,200
SBC Communications, Inc. 700 35,744
Tellabs, Inc.* 2,700 153,731
------------
1,623,489
------------
TELECOMMUNICATIONS-SERVICES AND EQUIPMENT (0.5%)
Qualcomm, Inc. 900 170,269
Sprint Corp. 4,200 227,850
------------
398,119
------------
TRANSPORTATION & SHIPPING (0.4%)
Burlington Northern Santa
Fe 2,700 74,250
CSX Corp. 1,100 46,613
Kansas City Southern
Industries, Inc. 700 32,506
Laidlaw, Inc. 1,000 6,750
Southwest Airlines 3,150 47,841
Union Pacific Corp. 2,500 120,156
------------
328,116
------------
UTILITIES (0.2%)
Enron Corp. 4,300 177,375
------------
30,636,622
- -----------------------------------------------------
TOTAL COMMON STOCKS (COST $46,387,219)
55,326,860
- -----------------------------------------------------
PREFERRED STOCKS (0.1%)
GERMANY (0.1%)
COMPUTER SOFTWARE & PERIPHERALS (0.1%)
SAP, AG 190 85,188
------------
RETAIL (0.0%)
Metro, AG 240 6,620
------------
91,808
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
- -----------------------------------------------------
NETHERLANDS (0.0%)
BANKING (0.0%)
ABN Amro Holding 6,000 $ 15,336
- -----------------------------------------------------
TOTAL PREFERRED STOCKS (COST $68,577)
107,144
- -----------------------------------------------------
U.S. TREASURY BONDS (9.8%)
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
<S> <C> <C>
UNITED STATES (9.8%)
U.S. TREASURY BONDS (9.8%)
U.S. Treasury Bond, 8.88%,
02/15/19 1,800,000 2,275,164
U.S. Treasury Bond, 8.50%,
02/15/20 1,710,000 2,100,821
U.S. Treasury Bond, 7.875%,
02/15/21 2,200,000 2,559,237
U.S. Treasury Bond, 6.00%,
02/15/26 1,650,000 1,573,325
------------
8,508,547
- -----------------------------------------------------
TOTAL U.S. TREASURY BONDS (COST
$9,042,723) 8,508,547
- -----------------------------------------------------
U.S. TREASURY NOTES (23.2%)
UNITED STATES (23.2%)
U.S. TREASURY NOTES (23.2%)
U.S. Treasury Note, 8.50%,
02/15/00 950,000 961,638
U.S. Treasury Note, 7.50%,
11/15/01 3,200,000 3,313,952
U.S. Treasury Note, 5.88%,
09/30/02 8,940,000 8,970,306
U.S. Treasury Note, 6.63%,
05/15/07 1,800,000 1,855,620
U.S. Treasury Note, 6.13%,
08/15/07 4,435,000 4,438,637
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
30
<PAGE> 32
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
U.S. Treasury Note, 5.50%,
05/15/09 675,000 $ 652,988
------------
20,193,141
- -----------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST
$20,266,111) 20,193,141
- -----------------------------------------------------
MONEY MARKET FUNDS (2.4%)
UNITED STATES (2.4%)
Eureka Prime Money Market
Fund -- Trust Class 2,074,807 2,074,807
- -----------------------------------------------------
TOTAL MONEY MARKET FUNDS (COST
$2,074,807) 2,074,807
- -----------------------------------------------------
DAILY SWEEP VEHICLE (0.4%)
UNITED STATES (0.4%)
MONEY MARKET FUNDS (0.4%)
Bank of New York Cash Sweep 310,608 310,608
- -----------------------------------------------------
TOTAL DAILY SWEEP VEHICLE (COST
$310,608) 310,608
- -----------------------------------------------------
TOTAL INVESTMENTS (COST
$78,150,045)(A) -- 99.5% 86,521,107
- -----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.5% 399,602
- -----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 86,920,709
- -----------------------------------------------------
</TABLE>
Percentages indicated are based on net assets of $86,920,709.
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax reporting of
approximately $153,304. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $12,441,452
Unrealized depreciation (4,223,695)
-----------
Net unrealized appreciation $ 8,217,757
===========
</TABLE>
* Denotes non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
31
<PAGE> 33
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
CORPORATE BONDS (21.1%)
AUTOMOTIVE (2.0%)
General Motors, 9.13%,
07/15/01 1,000,000 $ 1,043,750
Hertz Corp., 7.00%,
05/01/02 1,000,000 1,008,750
Honda Auto Lease, 6.65%,
7/15/05 1,000,000 995,700
------------
3,048,200
------------
BANKING (1.9%)
Chase Manhattan Corp.,
10.13%, 11/01/00 1,000,000 1,038,750
Interamerican Development
Bank, 8.40%, 09/01/09 100,000 110,625
MBNA American Bank, 6.92%,
05/30/00 550,000 552,750
Mellon Bank, 7.63%,
09/15/07 100,000 102,750
Union Planters, 6.25%,
11/01/03 1,200,000 1,162,500
------------
2,967,375
------------
BEVERAGES & TOBACCO (0.7%)
Seagram Co. Ltd., 8.35%,
11/15/06 1,000,000 1,036,250
------------
ELECTRIC UTILITY (0.6%)
Consolidated Edison, 6.63%,
02/01/02 500,000 500,625
Philadelphia Electric,
6.63%, 03/01/03 500,000 495,625
------------
996,250
------------
FINANCIAL SERVICES (5.7%)
BankAmerica Corp., 8.57%,
11/15/24 1,000,000 1,090,000
Citigroup, Inc., 6.25%,
12/01/05 1,200,000 1,153,500
Ford Motor Credit Corp.,
7.75%, 03/15/05 500,000 518,125
Heller Finance, 6.5%,
11/01/01 1,000,000 998,750
Lehman Brothers, 6.00%,
02/26/01 1,000,000 990,000
Regions Financial Corp.,
7.75%, 09/15/24 2,495,000 2,535,543
Sunamerica, Inc., 6.59%,
07/14/03 150,000 150,375
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
Sunamerica, Inc., 8.13%,
04/28/23 75,000 $ 80,344
Texaco Capital, 8.50%,
02/15/03 1,300,000 1,376,375
------------
8,893,012
------------
FOOD PRODUCTS & SERVICES (0.6%)
Archer Daniels, 6.63%,
05/01/29 1,000,000 891,250
------------
HOTELS & LODGING (0.3%)
Hilton Hotels, 7.70%,
07/15/02 500,000 504,375
------------
INDUSTRIAL GOODS & SERVICES (3.3%)
Bowater, Inc., 9.00%,
08/01/09 500,000 546,875
Brunswick Corp., 7.38%,
09/01/23 1,000,000 883,750
General Motors, 7.40%,
09/01/25 1,230,000 1,188,487
Harsco Corp., 6.00%,
09/15/03 500,000 485,625
Lockheed Martin Corp.,
7.625%, 06/15/25 500,000 480,625
Lowes Companies, Inc.,
7.11%, 05/15/37 1,000,000 1,020,000
Tenneco, Inc., 6.70%,
12/15/05 500,000 480,625
------------
5,085,987
------------
OIL & GAS (2.4%)
Ashland Oil, Inc., 9.20%,
04/24/06 500,000 538,750
Atlantic Richfield, 8.38%,
03/15/05 1,000,000 1,057,500
Columbia Energy Group,
6.80%, 11/28/05 500,000 488,750
Piedmont Natural Gas
Company, Inc., 7.40%,
10/03/25 1,700,000 1,623,500
------------
3,708,500
------------
PHARMACEUTICALS (0.3%)
Eli Lilly, 8.38%, 12/01/06 500,000 538,125
------------
RETAIL (1.3%)
Limited, Inc., 7.80%,
05/15/02 500,000 509,375
Wal-Mart Stores, Inc.,
6.75%, 05/15/02 2,000 2,018
Wal-Mart Stores, Inc.,
8.00%, 09/15/06 1,500,000 1,582,500
------------
2,093,893
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
32
<PAGE> 34
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (1.8%)
Airtouch Communications,
Inc., 7.00%, 10/01/03 665,000 $ 667,494
Bellsouth
Telecommunications, Inc.,
6.50%, 02/01/00 150,000 150,375
Bellsouth
Telecommunications, Inc.,
7.00%, 10/01/25 500,000 471,250
Bellsouth
Telecommunications, Inc.,
5.85%, 11/15/45 500,000 499,375
GTE Hawaiian Telephone,
Series A, 7.00%, 02/01/06 1,000,000 980,000
------------
2,768,494
------------
TRANSPORTATION & SHIPPING (0.2%)
Norfolk Southern Corp.,
8.13%, 11/15/03 250,000 264,063
Union Tank Car, 11.80%,
05/15/00 38,000 39,140
------------
303,203
- -----------------------------------------------------
TOTAL CORPORATE BONDS (COST
$34,260,934) 32,834,914
- -----------------------------------------------------
FOREIGN (1.7%)
FOREIGN GOVERNMENT (1.7%)
Canadian Global Bond,
6.50%, 05/30/00 750,000 753,750
Canadian Global Bond,
6.38%, 07/21/05 1,000,000 992,500
People's Republic of China,
6.63%, 01/15/03 500,000 495,000
State of Israel, 6.38%,
12/15/05 495,000 460,350
- -----------------------------------------------------
TOTAL FOREIGN (COST
$2,755,330) 2,701,600
- -----------------------------------------------------
MORTGAGE BACKED SECURITIES (32.1%)
FANNIE MAE (5.2%)
Fannie Mae #251140, 7.00%,
08/01/27 358,699 353,602
Fannie Mae #303585, 7.00%,
10/01/25 393,525 388,870
Fannie Mae #313644, 7.00%,
08/01/27 154,781 152,753
Fannie Mae #344263, 7.00%,
05/01/26 204,598 202,014
Fannie Mae #369427, 7.00%,
01/01/27 127,817 126,223
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
Fannie Mae #375422, 6.90%,
10/01/07 1,694,037 $ 1,702,033
Fannie Mae #380721, 6.22%,
10/01/08 2,773,853 2,712,690
Fannie Mae #381100, 5.77%,
01/01/09 991,084 926,786
Fannie Mae #394444, 7.00%,
07/01/27 993,819 980,253
Fannie Mae #396535, 7.00%,
11/01/27 492,310 484,561
------------
8,029,785
------------
FREDDIE MAC (4.2%)
Freddie Mac #C00544, 6.50%,
06/01/27 474,345 457,700
Freddie Mac #C00835, 6.50%,
07/01/29 1,994,069 1,913,210
Freddie Mac #D77827, 6.50%,
02/01/27 834,391 803,986
Freddie Mac #D81274, 6.50%,
07/01/27 33,594 32,299
Freddie Mac #D83661, 6.50%,
11/01/27 754,453 728,401
Freddie Mac #D83833, 6.50%,
11/01/27 809,311 779,237
Freddie Mac #D83835, 6.50%,
11/01/27 423,863 409,596
Freddie Mac #D83900, 6.50%,
11/01/27 506,482 488,305
Freddie Mac #D83967, 6.50%,
11/01/27 50,592 48,605
Freddie Mac #D83991, 6.50%,
11/01/27 648,068 625,813
Freddie Mac #D84075, 6.50%,
11/01/27 281,120 271,916
------------
6,559,068
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (22.7%)
Government National
Mortgage Assoc. I
#354602, 7.00%, 6/15/23 933,154 920,584
Government National
Mortgage Assoc. I
#362222, 7.50%, 2/15/24 1,232,889 1,236,563
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
33
<PAGE> 35
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
Government National
Mortgage Assoc. I #426359,
8.00%, 12/15/27 1,975,048 $ 2,017,452
Government National
Mortgage Assoc. I
#439428, 8.00%, 10/15/26 1,186,238 1,211,375
Government National
Mortgage Assoc. I
#780204, 7.00%, 07/15/25 1,800,879 1,776,927
Government National
Mortgage Association
#410424, 7.00%, 11/15/12 1,701,553 1,702,064
Government National
Mortgage Association
#437447, 7.00%, 11/15/12 1,616,568 1,617,053
Government National
Mortgage Association
#437448, 7.00%, 11/15/12 765,591 765,821
Government National
Mortgage Association
#458347, 7.00%, 11/15/12 769,443 769,674
Government National
Mortgage Association
#780717, 7.00%, 02/15/28 4,774,716 4,699,561
Government National
Mortgage Association II
#2005, 8.00%, 05/20/25 177,337 179,700
Government National
Mortgage Association II
#2036, 8.00%, 07/20/25 952,481 965,206
Government National
Mortgage Association II
#2118, 7.50%, 11/20/25 108,451 108,315
Government National
Mortgage Association II
#2271, 8.50%, 08/20/26 266,605 273,888
Government National
Mortgage Association II
#2362, 8.00%, 01/20/27 64,896 65,829
Government National
Mortgage Association II
#2379, 8.00%, 02/20/27 48,551 49,206
Government National
Mortgage Association II
#2414, 8.00%, 04/20/27 70,794 71,751
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
Government National
Mortgage Association II
#2433, 8.00%, 05/20/27 1,120,523 $ 1,135,695
Government National
Mortgage Association II
#2473, 7.50%, 08/20/27 965,545 964,715
Government National
Mortgage Association II
#2474, 8.00%, 08/20/27 848,090 859,598
Government National
Mortgage Association II
#2498, 7.50%, 10/20/27 598,205 597,649
Government National
Mortgage Association II
#2511, 7.50%, 11/20/27 1,812,238 1,810,571
Government National
Mortgage Association II
#2512, 8.00%, 11/20/27 253,211 256,675
Government National
Mortgage Association II
#2516, 6.50%, 11/20/12 796,709 778,862
Government National
Mortgage Association II
#2562, 6.00%, 03/20/28 115,835 107,104
Government National
Mortgage Association II
#2576, 6.00%, 04/20/28 5,572,350 5,157,655
Government National
Mortgage Association II
#2657, 6.00%, 10/20/28 882,395 814,856
Government National
Mortgage Association II
#2671, 6.00%, 11/20/28 1,957,188 1,804,273
Government National
Mortgage Association II
#2687, 6.00%, 12/20/28 2,932,337 2,707,251
------------
35,425,873
- -----------------------------------------------------
TOTAL MORTGAGE BACKED
SECURITIES (COST
$51,443,009) 50,014,726
- -----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
34
<PAGE> 36
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
MUNICIPAL BONDS (2.9%)
REVENUE BONDS (1.9%)
Alameda Corridor
Transportation Authority
Revenue Bond, 2,000,000 $ 1,782,500
6.50%, 10/01/19
Philadelphia Retirement
System Muni Bond, 6.35%,
04/15/28 1,500,000 1,282,500
------------
3,065,000
------------
SPECIAL PURPOSE (1.0%)
Toll Road Part II, 0.00%,
2/15/09, Callable(b) 3,000,000 1,507,500
- -----------------------------------------------------
TOTAL MUNICIPAL BONDS (COST
$4,943,231) 4,572,500
- -----------------------------------------------------
U.S. GOVERNMENT SPONSORED ENTERPRISE/
U.S. AGENCY DEBENTURES (23.6%)
FANNIE MAE (10.2)
Fannie Mae, 4.63%, 10/15/01 2,000,000 1,947,520
Fannie Mae, 6.80%, 01/10/03 2,600,000 2,626,884
Fannie Mae, 6.34%, 05/19/03 2,000,000 1,983,860
Fannie Mae, 5.13%, 02/13/04 4,712,000 4,489,310
Fannie Mae, 6.00%, 03/12/04 1,000,000 979,400
Fannie Mae, 8.50%, 12/01/26 2,104,399 2,173,865
Fannie Mae, 8.00%, 06/01/27 1,829,316 1,865,573
------------
16,066,412
------------
FEDERAL FARM CREDIT BANK (2.0%)
Federal Farm Credit Bank,
6.32%, 06/04/01 100,000 100,460
Federal Farm Credit Bank,
9.20%, 08/22/05 100,000 112,770
Federal Farm Credit Bank,
6.30%, 12/03/13 3,000,000 2,857,500
------------
3,070,730
------------
FEDERAL HOME LOAN BANK (3.1%)
Federal Home Loan Bank,
5.44%, 10/15/03 1,000,000 965,580
Federal Home Loan Bank,
5.88%, 02/23/06 1,110,000 1,067,354
Federal Home Loan Bank,
5.58%, 02/17/09 3,000,000 2,753,820
------------
4,786,754
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
FREDDIE MAC (2.3%)
Freddie Mac, 6.40%,
08/01/00 1,000,000 $ 1,004,870
Freddie Mac, 6.00%,
08/15/02 2,000,000 1,988,400
Freddie Mac, 7.13%,
11/18/02 500,000 513,780
------------
3,507,050
------------
GENERAL SERVICES ADMINISTRATION (4.0%)
National Archive, 8.50%,
09/01/19 5,523,247 6,206,749
------------
HOUSING URBAN DEVELOPMENT (0.0%)
HUD, 8.15%, 08/01/00 75,000 76,403
------------
STUDENT LOAN MARKETING ASSOCIATION (0.7%)
Student Loan Marketing
Association, 8.44%,
12/01/16 450,000 521,510
Student Loan Marketing
Association Global,
7.50%, 03/08/00 500,000 503,965
------------
1,025,475
------------
TENNESSEE VALLEY AUTHORITY (1.3%)
Tennessee Valley Authority,
5.98%, 04/01/36 1,650,000 1,598,438
Tennessee Valley Authority
Global, 6.75%, 11/01/25 500,000 485,625
------------
2,084,063
- -----------------------------------------------------
TOTAL U.S. GOVERNMENT
SPONSORED ENTERPRISE/
U.S. AGENCY DEBENTURES
(COST $37,480,422) 36,823,636
- -----------------------------------------------------
U.S. TREASURY DEBENTURES (17.0%)
U.S. TREASURY BONDS (11.7%)
U.S. Treasury Bond, 11.75%,
02/15/01 1,139,000 1,230,746
U.S. Treasury Bond, 13.13%,
05/15/01 1,000,000 1,114,330
U.S. Treasury Bond, 13.38%,
08/15/01 1,000,000 1,135,260
U.S. Treasury Bond, 15.75%,
11/15/01 1,500,000 1,798,395
U.S. Treasury Bond, 14.25%,
02/15/02 1,000,000 1,187,530
U.S. Treasury Bond, 11.88%,
11/15/03 1,600,000 1,940,816
U.S. Treasury Bond, 13.75%,
08/15/04 1,000,000 1,321,940
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
35
<PAGE> 37
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
U.S. Treasury Bond, 12.00%,
05/15/05 160,000 $ 204,765
U.S. Treasury Bond, 8.88%,
02/15/19 3,750,000 4,739,925
U.S. Treasury Bond, 8.50%,
02/15/20 1,000,000 1,228,550
U.S. Treasury Bond, 6.25%,
08/15/23 1,400,000 1,376,830
U.S. Treasury Bond, 5.25%,
11/15/28 1,000,000 865,940
------------
18,145,027
------------
U.S. TREASURY NOTES (4.8%)
U.S. Treasury Note, 6.88%,
03/31/00 200,000 201,700
U.S. Treasury Note, 5.88%,
06/30/00 1,000,000 1,003,910
U.S. Treasury Note, 5.75%,
10/31/00 500,000 501,370
U.S. Treasury Note, 8.50%,
11/15/00 1,000,000 1,032,770
U.S. Treasury Note, 5.25%,
01/31/01 250,000 249,060
U.S. Treasury Note, 7.50%,
11/15/01 1,000,000 1,035,610
U.S. Treasury Note, 6.25%,
6/30/02 1,800,000 1,823,724
U.S. Treasury Note, 6.38%,
08/15/02 200,000 203,354
U.S. Treasury Note, 4.25%,
11/15/03 1,500,000 1,414,785
------------
7,466,283
------------
PRINCIPAL ONLY STRIPPED SECURITIES (0.2%)
U.S. Treasury, 5.65%,
08/15/01 350,000 315,154
------------
INTEREST ONLY STRIPPED SECURITIES (0.3%)
U.S. Treasury, 5.68%,
08/15/01 500,000 450,140
U.S. Treasury, 6.60%,
02/15/19 100,000 28,477
------------
478,617
- -----------------------------------------------------
TOTAL U.S. TREASURY
DEBENTURES (COST
$26,812,783) 26,405,081
- -----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -----------------------------------------------------
<S> <C> <C>
MONEY MARKET FUNDS (0.6%)
Eureka Prime Money Market
Fund-Trust Class 896,999 $ 896,999
- -----------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $896,999) 896,999
- -----------------------------------------------------
DAILY SWEEP VEHICLE (0.3%)
Bank of New York Cash Sweep 416,936 416,936
- -----------------------------------------------------
TOTAL DAILY SWEEP VEHICLE
(COST $416,936) 416,936
- -----------------------------------------------------
TOTAL INVESTMENTS
(COST $159,009,644)(a) -- 99.3% 154,666,392
- -----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.7% 1,110,138
- -----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $155,776,530
- -----------------------------------------------------
</TABLE>
Percentages indicated are based on net assets of $155,776,530.
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax reporting of
approximately $7,544. Cost for federal income tax purposes differs from
value by net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 361,542
Unrealized depreciation (4,712,338)
-----------
Net unrealized depreciation $(4,350,796)
===========
</TABLE>
(b) Represents a restricted security purchase under Rule 144A or 4(2) which is
exempt from registration under the Securities Act of 1933, as amended.
SEE NOTES TO FINANCIAL STATEMENTS.
36
<PAGE> 38
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
PRIME MONEY MARKET FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER (50.4%)
AGRICULTURE (0.8%)
Cargill Inc, 5.68%,
01/13/00 2,000,000 $ 1,967,182
CONSUMER GOODS & SERVICES (8.7%)
7-Eleven Inc., 5.33%,
10/14/99 2,741,000 2,735,728
7-Eleven Inc., 5.32%,
10/20/99 1,000,000 997,192
7-Eleven Inc., 5.35%,
12/07/99 1,000,000 990,043
Albertsons, Inc., 5.30%,
10/15/99(a) acquisition
date 9/24/99 (cost
$1,993,817) 2,000,000 1,995,878
Anheuser Busch, 5.50%,
Discount Note, 10/01/99 6,000,000 6,000,001
Fluor Corp., 5.30%,
10/05/99 4,000,000 3,997,644
Procter & Gamble, 5.28%,
10/18/99 5,000,000 4,987,533
------------
21,704,019
------------
ELECTRIC UTILITY (2.4%)
National Cooperation
Service Corp., 5.33%,
12/01/99(a) acquisition
date 9/8/99 (cost
$1,975,127) 2,000,000 1,981,937
Natural Rural Utilities,
5.28%, 10/01/99 4,000,000 4,000,000
------------
5,981,937
------------
ELECTRICAL & ELECTRONIC (1.2%)
Grainger, 5.33%, 10/05/99 3,000,000 2,998,223
------------
FINANCIAL SERVICES (18.9%)
Abbey National North
America, 5.31%, Discount
Note, 11/22/99 2,248,000 2,230,758
Abbey National North
America, 5.33%, Discount
Note, 12/06/99 2,000,000 1,980,457
American Honda Financial,
5.30%, 10/06/99 2,000,000 1,998,528
BBL North America, 5.30%,
10/13/99(a) acquisition
date 8/25/99 (cost
$2,978,358) 3,000,000 2,994,700
BBL North America, 5.33%,
11/08/99(a) acquisition
date 9/9/99 (cost
$991,167) 1,000,000 994,374
Caterpillar Financial
Services, 5.30%, 10/22/99 1,000,000 996,908
Caterpillar Financial
Services, 5.30%, 11/08/99 3,000,000 2,983,217
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
Fuji Photo, 5.35%, 11/18/99 3,353,000 $ 3,329,082
General Electric Capital
Corp., 5.28%, 10/01/99 2,000,000 2,000,000
General Electric Capital
Corp., 5.12%, 10/04/99 2,000,000 1,999,147
General Electric Capital
Corp., 5.30%, 10/07/99 950,000 949,161
General Electric Capital
Corp., 5.32%, 10/08/99 1,000,000 998,966
Halifax PLC, 5.34%,
11/09/99 1,000,000 994,215
Halifax PLC, 5.71%,
01/10/00 5,000,000 4,919,901
KFW International
Financial, 5.30%,
12/01/99 4,000,000 3,964,078
Shell Deer Park, 5.36%,
10/04/99(a) acquisition
date 9/3/99 (cost
$2,998,659) 3,000,000 2,998,659
Toyota Motors Credit Corp.,
5.30%, 10/05/99 4,000,000 3,997,644
UBS Finance, 5.34%,
10/18/99 5,885,000 5,870,172
UBS Finance, 5.73%,
01/21/00 1,000,000 982,173
------------
47,182,140
------------
INDUSTRIAL (2.4%)
Koch Industries, 5.55%,
10/01/99(a) acquisition
date 9/30/99 (cost
$5,999,075) 6,000,000 6,000,000
------------
INSURANCE (6.5%)
Alfa Corp., 5.33%, 10/04/99 1,000,000 999,556
Alfa Corp., 5.33%, 10/14/99 2,000,000 1,996,147
JHM Funding, 5.35%,
10/04/99(a) acquisition
date 9/15/99 (cost
$997,176) 1,000,000 999,554
JHM Funding, 5.37%,
11/05/99(a) acquisition
date 9/2/99 (cost
$4,230,735) 4,272,000 4,249,697
Liberty Mutual Capital,
5.31%, 10/18/99(a)
acquisition date 9/24/99
(cost $1,693,982) 1,700,000 1,695,737
Marsh USA, Inc., 5.32%,
10/06/99(a) acquisition
date 9/2/99 (cost
$1,989,951) 2,000,000 1,998,522
Metlife, 5.31%, 10/20/99 1,494,000 1,489,813
USAA Capital Corp., 5.29%,
10/12/99 2,000,000 1,996,767
USAA Capital Corp., 5.76%,
01/18/00 1,000,000 982,560
------------
16,408,353
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
37
<PAGE> 39
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
LEASING (0.4%)
Fleet Funding, 5.33%,
10/05/99(a) acquisition
date 9/3/99 (cost
$995,262) 1,000,000 $ 999,408
------------
OIL & GAS UTILITY (1.2%)
Pacific Gas & Electric,
5.73%, 01/25/00(a)
acquisition date 9/7/99
(cost $2,933,150) 3,000,000 2,944,610
------------
PAPER PRODUCTS (0.8%)
Bemis Co., Inc., 5.70%,
01/18/00 2,000,000 1,965,483
------------
PRINTING & PUBLISHING (2.4%)
Washington Post, 5.63%,
10/01/99(a) acquisition
date 9/30/99 (cost
$5,999,062) 6,000,000 6,000,000
------------
RETAIL (0.8%)
Wal-Mart Stores, Inc.,
5.28%, 10/05/99(a)
acquisition date 9/03/99
(cost $1,990,613) 2,000,000 1,998,827
------------
TELECOMMUNICATIONS (3.9%)
Bellsouth
Telecommunications,
5.63%, 01/19/00 2,000,000 1,965,594
Lucent Technologies, Inc.,
5.27%, 10/19/99 1,000,000 997,365
Lucent Technologies, Inc.,
5.30%, 12/15/99 4,000,000 3,955,833
Telstra, 5.32%, 12/02/99 1,000,000 990,838
Telstra, 5.40%, 12/06/99 1,000,000 990,100
Vodafone Airtouch, 5.31%,
12/21/99(a) acquisition
date 9/22/99 (cost
$986,725) 1,000,000 988,053
------------
9,887,783
- -----------------------------------------------------
TOTAL COMMERCIAL PAPER (AMORTIZED COST
$126,037,965) 126,037,965
- -----------------------------------------------------
CORPORATE BONDS (14.3%)
AUTOMOTIVE (1.0%)
Ford Holding Inc., 9.25%,
03/01/00 2,000,000 2,032,397
Ford Motor Company, 7.50%,
11/15/99 500,000 501,017
------------
2,533,414
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
BANKING (1.4%)
Citicorp, 5.52%, 10/25/99* 505,000 $ 505,056
Wells Fargo & Co., 5.31%,
03/31/00 3,000,000 2,999,470
------------
3,504,526
------------
COMPUTER HARDWARE (0.2%)
IBM Corporate Bond, 6.38%,
06/15/00 450,000 453,061
------------
FINANCIAL SERVICES (8.7%)
Associates Corp. N.A.,
8.25% 12/01/99 810,000 813,304
Associates Corp. N.A.,
9.13%, 04/01/00 180,000 183,055
Beneficial, 6.70%, 06/16/00 500,000 504,318
Commercial Credit, 5.75%,
07/15/00 2,000,000 2,001,398
Dean Witter Discovery,
6.25%, 03/15/00 1,000,000 1,002,077
Ford Motor Credit, 7.75%,
10/01/99 2,080,000 2,080,001
GMAC, 7.00%, 03/01/00 3,500,000 3,523,304
GMAC, 9.38%, 04/01/00 1,000,000 1,019,053
GMAC, 6.63%, 04/17/00 2,000,000 2,010,047
Goldman Sachs Group, 5.28%,
02/24/00 1,500,000 1,498,383
Goldman Sachs Group, 5.31%,
02/25/00(a) acquisition
date 2/24/99 (cost
$2,000,000) 2,000,000 2,000,000
Goldman Sachs Group, 5.15%,
04/19/00(a) acquisition
date 4/14/99 (cost
$2,000,000) 2,000,000 2,000,000
Household Finance Corp.,
6.00% 05/08/00 1,000,000 1,003,837
Merrill Lynch & Co., 6.12%,
10/05/99 500,000 500,021
Merrill Lynch & Co., 8.38%,
02/09/00 500,000 505,148
Saloman Smith Barney
Holdings, 7.98%, 03/01/00 750,000 756,686
Salomon Smith Barney
Holdings, 6.60%, 01/28/00 500,000 501,010
------------
21,901,642
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
38
<PAGE> 40
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
LEASING (1.8%)
International Lease Finance
Corp., 6.30%, 11/01/99 2,000,000 $ 2,001,334
International Lease Finance
Corp., 6.38%, 01/18/00 1,000,000 1,001,239
International Lease Finance
Corp., 6.89%, 01/18/00 1,500,000 1,504,237
------------
4,506,810
------------
TELECOMMUNICATIONS (1.2%)
AT & T Corp., Floating Rate
Note, 5.27% 10/13/99(a)
acquisition date 714/99
(cost $2,998,800) 3,000,000 2,999,060
- -----------------------------------------------------
TOTAL CORPORATE BONDS (AMORTIZED COST
$35,898,513) 35,898,513
- -----------------------------------------------------
FANNIE MAE (3.4%)
Fannie Mae, 5.81%, 10/01/99 1,000,000 1,000,000
Fannie Mae, 8.35%, 11/10/99 1,575,000 1,579,488
Fannie Mae, 5.81%, 11/12/99 1,000,000 1,000,000
Fannie Mae, Discount Note,
5.25% 12/15/99 1,600,000 1,582,467
Fannie Mae, 5.25%, 12/23/99 2,500,000 2,469,740
Fannie Mae, 7.06%, 03/28/00 1,000,000 1,008,553
- -----------------------------------------------------
TOTAL FANNIE MAE (AMORTIZED COST $8,640,248)8,640,248
- -----------------------------------------------------
FEDERAL FARM CREDIT BANK (1.3%)
Federal Farm Credit Bank,
Discount Note, 5.22%,
11/03/99 200,000 199,019
Federal Farm Credit Bank,
Discount Note, 5.36%,
12/02/99 325,000 321,978
Federal Farm Credit Bank,
5.37%, 12/06/99 490,000 485,149
Federal Farm Credit Bank,
5.31%, 04/03/00 2,000,000 2,000,000
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
Federal Farm Credit Bank,
9.50%, 05/09/00 250,000 $ 255,571
- -----------------------------------------------------
TOTAL FEDERAL FARM CREDIT (AMORTIZED COST
$3,261,717) 3,261,717
- -----------------------------------------------------
FEDERAL HOME LOAN BANK (2.9%)
Federal Home Loan Bank,
Discount Note, 5.24%,
12/23/99 1,250,000 1,234,899
Federal Home Loan Bank,
5.60%, 03/03/00 3,000,000 2,999,999
Federal Home Loan Bank,
5.16%, 03/08/00 2,000,000 1,999,415
Federal Home Loan Bank,
5.10%, 05/11/00 1,000,000 994,170
- -----------------------------------------------------
TOTAL FEDERAL HOME LOAN BANK (AMORTIZED COST
$7,228,483) 7,228,483
- -----------------------------------------------------
FREDDIE MAC (4.0%)
Freddie Mac, 6.60%,
11/12/99 300,000 300,272
Freddie Mac, Discount Note,
5.24%, 12/15/99 5,000,000 4,945,312
Freddie Mac, Discount Note,
5.25%, 12/17/99 2,000,000 1,977,499
Freddie Mac, Discount Note,
5.26%, 12/21/99 599,000 591,911
Freddie Mac, 5.00%,
12/22/99* 250,000 249,205
Freddie Mac, 5.39%,
04/14/00 2,000,000 2,000,000
- -----------------------------------------------------
TOTAL FREDDIE MAC (AMORTIZED COST
$10,064,199) 10,064,199
- -----------------------------------------------------
STUDENT LOAN MARKETING ASSOCIATION (1.6%)
Student Loan Marketing
Association, 5.63%,
11/12/99 4,000,000 4,000,000
- -----------------------------------------------------
TOTAL STUDENT LOAN
MARKETING ASSOCIATION (AMORTIZED
COST $4,000,000) 4,000,000
- -----------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (3.0%)
Small Business
Administration Pool
#501982, 5.75%, 10/01/99* 464,033 471,515
Small Business
Administration Pool
#502001, 5.75%, 10/01/99* 1,603,518 1,629,844
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
39
<PAGE> 41
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
Small Business
Administration Pool
#502105, 5.75%, 10/01/99* 732,934 $ 745,893
Small Business
Administration Pool
#502139, 5.75%, 10/01/99* 746,708 759,309
Small Business
Administration Pool
#502245, 5.75%, 10/01/99* 1,663,476 1,696,275
Small Business
Administration Pool
#502268, 5.75%, 10/01/99* 646,408 657,856
Small Business
Administration Pool
#502275, 5.625%,
10/01/99* 177,438 179,041
Small Business
Administration Pool
#502401, 5.50%, 10/01/99* 292,995 294,987
Small Business
Administration Pool
#504073, 5.25%, 10/01/99* 1,172,282 1,175,390
- -----------------------------------------------------
TOTAL U.S. GOVERNMENT
AGENCY MORTGAGES
(AMORTIZED COST $7,610,110) 7,610,110
- -----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS (14.4%)
Goldman Sachs Repurchase
Agreement, 5.37%,
10/01/99 36,213,000 $ 36,213,000
(Collateralized by GNMAs,
6.5000%-6.625%, due
8/20/24-3/20/29 with a
value of $36,937,261)
- -----------------------------------------------------
TOTAL REPURCHASE AGREEMENTS (AMORTIZED
COST $36,213,000) 36,213,000
- -----------------------------------------------------
MONEY MARKET FUNDS (4.8%)
Federated Prime Cash
Obligations Fund 6,000,000 6,000,000
Provident Temp Fund 6,000,000 6,000,000
- -----------------------------------------------------
TOTAL MONEY MARKET FUNDS (AMORTIZED
COST $12,000,000) 12,000,000
- -----------------------------------------------------
DAILY SWEEP VEHICLE (0.0%)
Bank of New York Cash Sweep 205 205
- -----------------------------------------------------
TOTAL DAILY SWEEP VEHICLE (AMORTIZED
COST $205) 205
- -----------------------------------------------------
TOTAL INVESTMENTS (AMORTIZED COST
$250,954,440)(B) -- 100.1% 250,954,440
- -----------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.1)% (143,096)
- -----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $250,811,344
- -----------------------------------------------------
</TABLE>
Percentages indicated are based on net assets of $250,811,344.
* Denotes variable rate security. Rate presented represents rate in effect on
September 30, 1999. Maturity date reflects next rate change date.
(a) Represents a restricted security purchased under Rule 144A or 4(2) which is
exempt from registration under the Securities Act of 1933, as amended. These
securities may be resold in transactions exempt from registration, normally
to qualified institutional buyers. The aggregate value of the restricted
securities is $45,839,016, which is 18.3% of the total net assets.
(b) Cost and value for financial reporting and federal income tax purposes are
the same.
SEE NOTES TO FINANCIAL STATEMENTS.
40
<PAGE> 42
EURKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. TREASURY OBLIGATIONS FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT GUARANTEED SECURITY (12.1%)
GOVERNMENT AGENCY (12.1%)
Israel Aid, Series 5-F,
4.98%, 10/05/99* 300,000 $ 299,662
Israel Aid, 7.75%, 11/15/99 500,000 501,547
Israel Aid, 5.75%, 03/15/00 1,500,000 1,504,844
Israel Aid, 5.25%, 9/15/00 4,500,000 4,474,309
Private Export Funding
Corp., Series DD, 9.45%,
12/31/99 6,000,000 6,066,085
Private Export Funding
Corp., 7.90%, 3/31/00 250,000 252,433
- -----------------------------------------------------
TOTAL U.S. GOVERNMENT
GUARANTEED SECURITY
(COST $13,098,880) 13,098,880
- -----------------------------------------------------
U.S. TREASURY BILL (13.8%)
- -----------------------------------------------------
U.S. TREASURY BILL (13.8%)
US Treasury Bill, 3.88%,
10/14/99 15,000,000 14,975,517
- -----------------------------------------------------
TOTAL U.S. TREASURY BILL
(COST $14,975,517) 14,975,517
- -----------------------------------------------------
U.S. TREASURY NOTE (18.6%)
U.S. TREASURY NOTE (18.6%)
U.S. Treasury Note, 7.75%,
01/31/00 20,000,000 20,160,458
- -----------------------------------------------------
TOTAL U.S. TREASURY NOTE
(COST $20,160,458) 20,160,458
- -----------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (3.8%)
U.S. GOVERNMENT AGENCY MORTGAGES (3.8%)
Small Business
Administration Pool
#502014, 6.13%, 10/01/99* 827,723 833,804
Small Business
Administration Pool
#502185, 6.25%, 10/01/99* 440,451 442,221
Small Business
Administration Pool
#502203, 6.00%, 10/01/99* 965,601 976,650
Small Business
Administration Pool
#502221, 6.00%, 10/01/99* 1,221,012 1,231,908
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
Small Business
Administration Pool
#502240, 6.00%, 10/01/99* 370,799 $ 372,179
Small Business
Administration Pool
#502283, 6.13%, 10/01/99* 193,976 194,122
Small Business
Administration Pool
#502293, 6.75%, 10/01/99* 108,147 109,683
- -----------------------------------------------------
TOTAL U.S. GOVERNMENT
AGENCY MORTGAGES (COST
$4,160,567) 4,160,567
- -----------------------------------------------------
REPURCHASE AGREEMENTS (43.9%)
REPURCHASE AGREEMENTS (43.9%)
Goldman Repurchase
Agreement, 5.15%,
10/01/99 23,756,000 23,756,000
(Collateralized by U.S.
Treasury Bond, 6.13%, due
11/15/27 with a value of
$24,232,030)
Prudential Repurchase
Agreement, 5.24%,
10/01/99 23,756,000 23,756,000
------------
(Collateralized by TINTs,
0.00%-0.00%, due 9/30/01-
5/15/20 with a value of
$2,328,290, U.S. Treasury
Notes, 5.25%-7.25%, due
10/31/99-10.15/06 with a
value of $8,900,055,
TPRN, 0.00%, due 11/15/15
with a value of
$7,033,904, U.S. Treasury
Bills, 0.00%-0.00%, due
2/17/00-5/25/00 with a
value of $4,520,799 and
U.S. Treasury Bonds,
7.50%-10.00%, due
2/15/07-11/15/15, with a
value of $1,448,679)
- -----------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(COST $47,512,000) 47,512,000
- -----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
41
<PAGE> 43
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
U.S. TREASURY OBLIGATIONS FUND SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- -----------------------------------------------------
<S> <C> <C>
MONEY MARKET FUNDS (7.8%)
MONEY MARKET FUNDS (7.8%)
Federated Treasury
Obligations Fund 4,250,000 $ 4,250,000
Provident Fund 4,250,000 4,250,000
- -----------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $8,500,000) 8,500,000
- -----------------------------------------------------
TOTAL INVESTMENTS (COST
$108,407,422)(A) -- 100.0% 108,407,422
- -----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.0% 51,587
- -----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $108,459,009
- -----------------------------------------------------
</TABLE>
Percentages indicated are based on net assets of $108,459,009.
* Denotes variable rate security. Rate presented represents rate in effect on
September 30, 1999. Maturity date reflects next rate change date.
(a) Cost and value for financial reporting and federal income tax purposes are
the same.
TINT --Treasury Strips
TPRN --Treasury Principal Strips
SEE NOTES TO FINANCIAL STATEMENTS.
42
<PAGE> 44
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
INVESTMENT
GLOBAL ASSET GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
------------ --------------- ------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost $121,188,251; $78,150,045;
$159,009,644, respectively).......................... $190,803,295 $86,521,107 $154,666,392
Foreign currency, at value (cost $0; $12,232; $0,
respectively)........................................ -- 12,393 --
Interest and dividends receivable...................... 210,236 370,279 2,006,060
Receivable for capital shares sold..................... 79,786 49,641 --
Receivable for investments sold........................ -- 5,879 --
Deferred organization costs............................ 22,852 22,852 22,852
Prepaid expenses and other assets...................... -- 44,550 --
------------ ----------- ------------
Total Assets.................................... 191,116,169 87,026,701 156,695,304
------------ ----------- ------------
LIABILITIES:
Dividends payable...................................... 65,452 -- 734,237
Payable for capital shares redeemed.................... 1,203 2,004 49,575
Investment advisory fees payable....................... 105,390 58,222 63,978
Administration fees payable............................ 2,384 189 1,658
Distribution fees payable.............................. 531 808 806
Other payables and accrued expenses.................... 78,831 44,769 68,520
------------ ----------- ------------
Total Liabilities............................... 253,791 105,992 918,774
------------ ----------- ------------
NET ASSETS............................................... $190,862,378 $86,920,709 $155,776,530
============ =========== ============
NET ASSETS CONSIST OF:
Capital................................................ 94,840,976 74,598,457 160,551,596
Accumulated undistributed (distributions in excess of)
net investment income................................ (5,470) 1,039,186 556
Accumulated undistributed (distributions in excess of)
net realized gains on investments.................... 26,411,828 2,912,113 (432,370)
Net unrealized appreciation (depreciation) of
investments and foreign currency transactions........ 69,615,044 8,370,953 (4,343,252)
------------ ----------- ------------
NET ASSETS............................................... $190,862,378 $86,920,709 $155,776,530
============ =========== ============
TRUST SHARES:
Net Assets............................................. $188,258,857 $83,111,026 $152,106,269
Shares of Capital Stock Outstanding.................... 15,651,952 6,941,470 16,029,028
------------ ----------- ------------
Net Asset Value (offering and redemption price per
share)............................................... $ 12.03 $ 11.97 $ 9.49
============ =========== ============
CLASS A SHARES:
Net Assets............................................. $ 2,603,521 $ 3,809,683 $ 3,670,261
Shares of Capital Stock Outstanding.................... 217,159 319,246 385,892
------------ ----------- ------------
Net Asset Value (offering and redemption price per
share)............................................... $ 11.99 $ 11.93 $ 9.51
============ =========== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
43
<PAGE> 45
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------------ -------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost............................ $214,741,440 $ 60,895,422
Repurchase agreements, at cost............................ 36,213,000 47,512,000
------------ ------------
Total Investments......................................... 250,954,440 108,407,422
Cash...................................................... 515,103 259
Interest and dividends receivable......................... 969,914 520,192
Receivable for capital shares sold........................ 828 2,078
Deferred organization costs............................... 22,852 22,852
------------ ------------
Total Assets............................................ 252,463,137 108,952,803
------------ ------------
LIABILITIES:
Dividends payable......................................... 972,245 435,227
Payable for investments purchased......................... 515,103 --
Payable for capital shares redeemed....................... 2,375 14,639
Investment advisory fees payable.......................... 41,342 9,250
Administration fees payable............................... 2,484 731
Distribution fees payable................................. 5,625 981
Other payables and accrued expenses....................... 112,619 32,966
------------ ------------
Total Liabilities....................................... 1,651,793 493,794
------------ ------------
NET ASSETS.................................................. $250,811,344 $108,459,009
============ ============
NET ASSETS CONSIST OF:
Capital................................................... 250,856,775 108,469,726
Accumulated undistributed net investment income........... 517 367
Accumulated undistributed net realized loss on
investments............................................. (45,948) (11,084)
------------ ------------
NET ASSETS.................................................. $250,811,344 $108,459,009
============ ============
TRUST SHARES:
Net Assets................................................ $221,565,434 $104,553,152
Shares of Capital Stock Outstanding....................... 221,608,741 104,564,157
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
CLASS A SHARES:
Net Assets................................................ $ 29,245,910 $ 3,905,857
Shares of Capital Stock Outstanding....................... 29,248,559 3,905,936
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
44
<PAGE> 46
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
GLOBAL ASSET INVESTMENT GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
----------- --------------- ----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................. $ 41,655 $ 1,393,198 $ 9,240,393
Dividends (net of foreign withholding tax of $13,415;
$80,060; $0, respectively)......................... 2,560,699 934,393 64,660
----------- ----------- ------------
Total Income....................................... 2,602,354 2,327,591 9,305,053
----------- ----------- ------------
EXPENSES:
Investment advisory fees............................. 1,494,460 745,002 886,525
Administration fees.................................. 389,186 161,661 288,577
12b-1 Class A........................................ 5,644 8,397 7,718
Shareholder Service Class A.......................... 5,644 8,397 7,718
Fund accounting fees................................. 53,553 39,996 39,705
Fund accounting out-of-pocket expenses............... 7,014 106,955 19,214
Other................................................ 223,258 103,013 197,959
----------- ----------- ------------
Total expenses before waivers/reimbursements....... 2,178,759 1,173,421 1,447,416
Less expenses waived/reimbursed.................... (204,904) (91,175) (155,470)
----------- ----------- ------------
Net expenses....................................... 1,973,855 1,082,246 1,291,946
----------- ----------- ------------
NET INVESTMENT INCOME.................................. 628,499 1,245,345 8,013,107
----------- ----------- ------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains on investments and foreign
currency transactions.............................. 20,512,340 2,915,479 290,992
Net change in unrealized appreciation (depreciation)
of investments and foreign currency transactions... 21,890,364 7,284,701 (10,341,095)
----------- ----------- ------------
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS.......................................... 42,402,704 10,200,180 (10,050,103)
----------- ----------- ------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS......... $43,031,203 $11,445,525 $ (2,036,996)
=========== =========== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
45
<PAGE> 47
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------ -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest.................................................. $10,292,134 $5,442,585
Dividends................................................. 4,956 --
----------- ----------
Total Income............................................ 10,297,090 5,442,585
----------- ----------
EXPENSES:
Investment advisory fees.................................. 599,264 222,981
Administration fees....................................... 390,092 217,786
12b-1 Class A............................................. 31,086 3,182
Shareholder Service Class A............................... 31,086 3,182
Fund accounting fees...................................... 53,648 27,873
Transfer agent fees....................................... 73,073 43,847
Other..................................................... 229,136 109,931
----------- ----------
Total expenses before waivers/reimbursements............ 1,407,385 628,782
Less expenses waived/reimbursed......................... (350,688) (115,110)
----------- ----------
Net expenses............................................ 1,056,697 513,672
----------- ----------
NET INVESTMENT INCOME....................................... 9,240,393 4,928,913
----------- ----------
REALIZED LOSSES ON INVESTMENTS:
Net realized losses on investment transactions............ (41,996) (7,792)
----------- ----------
NET REALIZED LOSSES ON INVESTMENTS.......................... (41,996) (7,792)
----------- ----------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS.............. $ 9,198,397 $4,921,121
=========== ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
46
<PAGE> 48
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
EQUITY FUND
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FROM NOVEMBER 1,
YEAR ENDED 1997* THROUGH
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 628,499 $ 833,825
Net realized gains on investment transactions............. 20,512,340 29,703,758
Net change in unrealized appreciation (depreciation) of
investments............................................. 21,890,364 (10,740,524)
------------ ------------
Change in net assets from operations...................... 43,031,203 19,797,059
DISTRIBUTIONS TO TRUST SHAREHOLDERS FROM:
Net investment income..................................... (632,977) (826,303)
In excess of net investment income........................ (3,887) --
Net realized gains on investment.......................... (23,606,596) --
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (1,853) (1,191)
In excess of net investment income........................ (1,583) --
Net realized gains on investment.......................... (197,674) --
------------ ------------
Total distributions to shareholders....................... (24,444,570) (827,494)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 27,923,428 18,802,020
Proceeds from shares issued in connection with common
trust fund conversion................................... -- 189,903,596
Dividends reinvested...................................... 15,418,403 467,101
Cost of shares redeemed................................... (43,004,594) (56,223,774)
------------ ------------
Change in net assets from share transactions.............. 337,237 152,948,943
------------ ------------
Change in net assets...................................... 18,923,870 171,918,508
NET ASSETS:
Beginning of period....................................... 171,938,508 20,000
------------ ------------
End of period............................................. $190,862,378 $171,938,508
============ ============
</TABLE>
- ---------------
*Commencement of operations
SEE NOTES TO FINANCIAL STATEMENTS.
47
<PAGE> 49
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FROM NOVEMBER 1,
YEAR ENDED 1997* THROUGH
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 1,245,345 $ 891,265
Net realized gains on investments and foreign currency
transactions............................................ 2,915,479 516,628
Net change in unrealized appreciation of investments and
foreign currency transactions........................... 7,284,701 1,116,219
------------ ------------
Change in net assets from operations...................... 11,445,525 2,524,112
DISTRIBUTIONS TO TRUST SHAREHOLDERS FROM:
Net investment income..................................... (982,067) (102,392)
Net realized gains on investment.......................... (486,049) --
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (32,796) --
Net realized gains on investment.......................... (14,438) --
------------ ------------
Total distributions to shareholders....................... (1,515,350) (102,392)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 17,189,959 30,835,072
Proceeds from shares issued in connection with common
trust fund conversion................................... -- 45,400,639
Dividends reinvested...................................... 1,054,789 72,561
Cost of shares redeemed................................... (9,821,483) (10,182,723)
------------ ------------
Change in net assets from share transactions.............. 8,423,265 66,125,549
------------ ------------
Change in net assets...................................... 18,353,440 68,547,269
NET ASSETS:
Beginning of period....................................... 68,567,269 20,000
------------ ------------
End of period............................................. $ 86,920,709 $ 68,567,269
============ ============
</TABLE>
- ---------------
*Commencement of operations
SEE NOTES TO FINANCIAL STATEMENTS.
48
<PAGE> 50
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FROM NOVEMBER 1,
YEAR ENDED 1997* THROUGH
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 8,013,107 $ 6,945,403
Net realized gains on investment transactions............. 290,992 2,547,648
Net change in unrealized appreciation (depreciation) of
investments............................................. (10,341,095) 3,118,907
------------- -------------
Change in net assets from operations...................... (2,036,996) 12,611,958
DISTRIBUTIONS TO TRUST SHAREHOLDERS FROM:
Net investment income..................................... (7,853,038) (6,925,071)
Net realized gains on investment.......................... (2,834,049) --
In excess of net realized gains on investment
transactions............................................ (401,505) --
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (160,069) (20,332)
Net realized gains on investment.......................... (4,509) --
In excess of net realized gains on investment
transactions............................................ (30,865) --
------------- -------------
Total distributions to shareholders....................... (11,284,035) (6,945,403)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 43,412,303 24,361,964
Proceeds from shares issued in connection with common
trust fund conversion................................... -- 136,486,180
Dividends reinvested...................................... 6,517,529 3,529,054
Cost of shares redeemed................................... (27,298,860) (23,597,164)
------------- -------------
Change in net assets from share transactions.............. 22,630,972 140,780,034
------------- -------------
Change in net assets...................................... 9,309,941 146,446,589
NET ASSETS:
Beginning of period....................................... 146,466,589 20,000
------------- -------------
End of period............................................. $ 155,776,530 $ 146,466,589
============= =============
</TABLE>
- ---------------
*Commencement of operations
SEE NOTES TO FINANCIAL STATEMENTS.
49
<PAGE> 51
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FROM NOVEMBER 1,
YEAR ENDED 1997* THROUGH
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 9,240,393 $ 7,736,211
Net realized losses on investment transactions............ (41,996) (3,952)
------------- -------------
Change in net assets from operations...................... 9,198,397 7,732,259
DISTRIBUTIONS TO TRUST SHAREHOLDERS FROM:
Net investment income..................................... (8,692,115) (7,520,680)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (548,278) (215,531)
------------- -------------
Total distributions to shareholders....................... (9,240,393) (7,736,211)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 666,674,947 490,270,762
Proceeds from shares issued in connection with common
trust fund conversion................................... -- 45,525,166
Dividends reinvested...................................... 1,304,423 756,014
Cost of shares redeemed................................... (570,446,028) (383,247,992)
------------- -------------
Change in net assets from share transactions.............. 97,533,342 153,303,950
------------- -------------
Change in net assets...................................... 97,491,346 153,299,998
NET ASSETS:
Beginning of period....................................... 153,319,998 20,000
------------- -------------
End of period............................................. $ 250,811,344 $ 153,319,998
============= =============
</TABLE>
- ---------------
*Commencement of operations
SEE NOTES TO FINANCIAL STATEMENTS.
50
<PAGE> 52
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
FOR THE PERIOD
FOR THE FROM NOVEMBER 3,
YEAR ENDED 1997* THROUGH
SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 4,928,913 $ 4,167,103
Net realized losses on investment transactions............ (7,792) (3,292)
------------- -------------
Change in net assets from operations...................... 4,921,121 4,163,811
DISTRIBUTIONS TO TRUST SHAREHOLDERS FROM:
Net investment income..................................... (4,874,915) (4,154,783)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (53,998) (12,320)
------------- -------------
Total distributions to shareholders....................... (4,928,913) (4,167,103)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 350,138,476 413,136,933
Dividends reinvested...................................... 52,940 10,570
Cost of shares redeemed................................... (343,743,874) (311,144,952)
------------- -------------
Change in net assets from share transactions.............. 6,447,542 102,002,551
------------- -------------
Change in net assets...................................... 6,439,750 101,999,259
NET ASSETS:
Beginning of period....................................... 102,019,259 20,000
------------- -------------
End of period............................................. $ 108,459,009 $ 102,019,259
============= =============
</TABLE>
- ---------------
*Commencement of operations
SEE NOTES TO FINANCIAL STATEMENTS.
51
<PAGE> 53
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 -- ORGANIZATION
The Eureka Funds (the "Trust") was organized as a Massachusetts business
trust on April 7, 1997 and is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as a diversified open-end management
investment company. Sanwa Bank California ("SBCL"), a wholly-owned subsidiary of
The Sanwa Bank Limited, of Japan, acts as the Trust's investment adviser. BISYS
Fund Services Limited Partnership ("BISYS"), a wholly-owned subsidiary of The
BISYS Group, Inc., acts as the Trust's administrator and distributor. As of the
date of this report, the Trust offered five managed investment portfolios. The
accompanying financial statements and financial highlights are those of The
Eureka Equity Fund (the "Equity Fund"), The Eureka Global Asset Allocation Fund
(the "Global Fund"), The Eureka Investment Grade Bond Fund (the "Bond Fund"),
The Eureka Prime Money Market Fund (the "Prime Fund"), The Eureka U.S. Treasury
Obligations Fund (the "U.S. Treasury Fund") (each a "Fund", and collectively,
the "Funds"). The Funds, except for the U.S. Treasury Fund, commenced operations
on November 1, 1997. The U.S. Treasury Fund commenced operations on November 3,
1997. BISYS deposited $20,000 into the account of each Fund prior to each Fund's
commencement of operations.
The Funds' investment objectives are as follows:
<TABLE>
<CAPTION>
FUND OBJECTIVE
- ---- ---------
<S> <C>
Equity Fund Seeks long-term capital growth.
Global Fund Seeks a balance of income and
long-term capital appreciation.
Bond Fund Seeks a high level of income,
consistent with preservation of
capital.
Prime Fund Seeks a high level of current
income as is consistent with
maintaining liquidity and
stability of principal.
U.S. Treasury Fund Seeks current income consistent
with liquidity and stability of
principal.
</TABLE>
NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. The policies are in
conformity with generally accepted accounting principles. The preparation of
financial statements requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates. The financial statements reflect all normal recurring
adjustments, which are, in the opinion of management, necessary to a fair
statement of the results for the period presented.
SECURITIES VALUATION: Securities of the Prime and U.S. Treasury Funds (the
"Money Market Funds") are valued utilizing the amortized cost method permitted
in accordance with Rule 2a-7 under the 1940 Act. Under the amortized cost
method, discount or premium is amortized on a constant basis to the maturity of
the security. Portfolio securities for which the principal market is a
securities exchange will be valued at the closing sales price on that exchange
on the day of computation, or, if there have been no sales during such day, at
their latest bid quotations. If no such bid and asked prices are available, then
the securities will be valued in good faith at their respective fair market
values using methods determined by or under the supervision of the Board of
Trustees of the Eureka Funds; provided however, that before any such securities
are purchased for any Variable NAV Fund, the Trustees of the Eureka Funds shall
be notified and given the opportunity to establish appropriate methods of
determining the fair market value of such securities.
Portfolio securities for which there is not a securities exchange will be valued
at the mean between their latest bid and asked quotations in such principal
market. If no such bid and asked prices are available, then the securities will
be valued in good faith at their respective fair market values using methods
determined by or under the supervision of the Board of Trustees of the Eureka
Funds. Short-term debt investments having maturities of 60 days or less are
valued at amortized cost, which approximates market value. Investments in
securities of other mutual funds are valued at the redemption price. Securities
for which market quotations are not readily available are valued at fair value
determined in good faith under the general supervision of the Board of Trustees
of the Eureka Funds.
STRIPPED SECURITIES: Stripped securities represent the right to receive future
interest payments (interest only stripped securities) or principal payments
(principal only stripped securities). The value of variable rate interest only
stripped securities varies directly with changes in interest rates, while the
value of fixed rate interest only stripped securities and the value of principal
only stripped securities vary inversely with changes in interest rates.
REPURCHASE AGREEMENTS: The Funds may purchase instruments from financial
institutions, such as banks and broker-dealers, subject to the seller's
agreement to repurchase them at an agreed upon time and price ("repurchase
agreements"). The seller under a repurchase agreement is required to maintain
the value of the securities subject to the agreement at not less than the
repurchase price. Default by the seller would, however, expose the relevant
Funds to possible loss because of adverse market action or delay in connection
with the disposition of the underlying obligations.
52
<PAGE> 54
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
FOREIGN CURRENCY TRANSLATION: The Funds, other than the Prime Fund and the U.S.
Treasury Fund, may invest in certain obligations or securities denominated in
foreign currencies. The accounting records of the Trust are maintained in U.S.
dollars. Investment securities and other assets and liabilities of the Equity,
Global and Bond Funds (the "Variable Net Asset Value Funds") denominated in a
foreign currency are translated into U.S. dollars at the current exchange rate.
Purchases and sales of securities, income receipts and expense payments are
translated into U.S. dollars at the exchange rate on the dates of the
transactions.
Realized foreign exchange gains or losses arise from sales and maturities of
securities, sales of foreign currencies, currency exchange fluctuations between
the trade and settlement dates of securities transactions, and the difference
between the amount of assets and liabilities recorded and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities, including investments in securities, resulting from changes in
currency exchange rates.
FORWARD CURRENCY CONTRACTS: The Global Fund may use forward foreign currency
exchange contracts. A forward currency contract ("forward") is an agreement
between two parties to buy and sell a currency at a set price on a future date.
The market value of the forward fluctuates with changes in currency exchange
rates. The forward is marked-to-market daily and the change in market value is
recorded by the Fund as unrealized appreciation or depreciation. When the
forward is closed, the Fund records a realized gain or loss equal to the
fluctuation in value during the period the forward was open. The Fund could be
exposed to risk if a counterparty is unable to meet the terms of a forward or if
the value of the currency changes unfavorably.
Forward foreign exchange contracts may involve market or credit risk in
excess of the amounts reflected on the Fund's statement of assets and
liabilities. The gain or loss from the difference between the cost of original
contracts and the amount realized upon the closing of such contracts is included
in net realized gain on foreign currency transactions.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on the trade date. Net realized gains and losses on investments sold
and on foreign currency transactions are recorded on the basis of identified
cost. Interest income is recorded on the accrual basis and includes, where
applicable, the amortization of premiums or accretion of discounts. Dividend
income is recorded on the ex-dividend date. Dividends from foreign securities
are recorded on the ex-dividend date, or as soon as the information is
available.
EXPENSES: Expenses directly attributable to a Fund are charged to the Fund,
while expenses which are attributable to more than one Fund of the Trust are
allocated among the respective Funds based upon relative net assets or another
appropriate basis. In addition, investors in Trust Shares will pay the expenses
directly attributable to the Trust Shares as a class, and investors in Class A
Shares will pay the expenses directly attributable to the Class A Shares as a
class.
The investment income and expenses of a Fund (other than class specific
expenses) and realized and unrealized gains and losses on investments of a Fund
are allocated to each class of shares based upon their relative net assets on
the date income is earned or expenses are realized and unrealized gains and
losses are incurred.
ORGANIZATION COSTS: Costs incurred in connection with the organization and
initial registration of the Funds have been deferred and are being amortized
over a sixty-month period, beginning with each Fund's commencement of
operations. In the event that any of the initial shares are redeemed during such
period by any holder thereof, the related fund will be reimbursed by such holder
for any unamortized organization costs in the proportion as the number of
initial shares being redeemed bears to the number of initial shares outstanding
at the time of redemption.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions from the Equity Fund's net
investment income, if any, are declared and paid monthly. Distributions from the
Global Fund's net investment income, if any, are declared and paid annually.
Distributions from the Bond Fund's and the Money Market Funds' net investment
income, if any, are declared daily and paid monthly. Net realized gains on
portfolio securities, if any, are distributed at least annually by the Funds.
However, to the extent net realized gains can be offset by capital loss
carryovers, such gains will not be distributed. Distributions are recorded by
the Funds on the ex-dividend date.
The amount of distributions from net investment income and net realized
gains are determined in accordance with federal income tax regulations which may
differ from generally accepted accounting principles. These "book/tax"
differences are either considered temporary or permanent in nature. To the
extent these differences are permanent in nature, such amounts are reclassified
within the composition of net assets based on their federal tax-basis treatment;
temporary differences do not require a reclassification. Distributions which
exceed net investment income and net realized capital gains for financial
reporting purposes but not for tax purposes are reported as distributions in
excess of net investment income or net realized gains. To the extent they exceed
net investment income and net realized capital gains for tax purposes, they are
reported as distributions of capital.
As of September 30, 1999 the following reclassifications have been made to
increase (decrease) such accounts with offsetting adjustments made to paid-in
capital.
53
<PAGE> 55
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
<TABLE>
<CAPTION>
ACCUMULATED ACCUMULATED
UNDISTRIBUTED NET NET REALIZED
INVESTMENT GAIN/(LOSS) ON
INCOME INVESTMENTS
----------------- --------------
<S> <C> <C>
Equity Fund.......... 24,265 (24,265)
Global Fund.......... (5.033) 5.033
</TABLE>
During the year ended September 30, 1999, the following Funds paid long term
capital gain distributions as follows:
<TABLE>
<CAPTION>
FUND AMOUNT
- ---- -----------
<S> <C>
Equity Fund......................... $23,828,735
Global Fund......................... $ 2,071
Bond Fund........................... $ 2,066,402
</TABLE>
These distributions are reflected as a portion of distributions to
shareholders from net realized gains on investments in the accompanying
Statement of Changes in Net Assets.
FEDERAL INCOME TAXES (UNAUDITED): It is the Funds' policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute timely, all of their net investment company taxable
income and net capital gains to shareholders. Therefore, no federal income tax
provision is required.
Capital losses incurred within the Funds' fiscal year, but after October 31,
are deemed to arise on the first business day of the following fiscal year for
tax purposes. The following Funds have incurred and will elect to defer capital
losses as follows:
<TABLE>
<S> <C>
Bond Fund.............................. $495,368
Prime Fund............................. $ 35,276
U.S. Treasury Fund..................... $ 7,550
</TABLE>
For corporate shareholders the following percentage of the total ordinary
income distributions paid during the fiscal year ended September 30, 1999
qualify for the corporate dividends received deduction for the following funds:
<TABLE>
<CAPTION>
PERCENTAGE
----------
<S> <C>
Equity Fund........................... 100%
Global Fund........................... 18.2%
</TABLE>
As of September 30, 1999, for federal income purposes, the following Funds
have capital loss carryforwards available to offset future capital gains, if any
(amounts in thousands):
<TABLE>
<CAPTION>
AMOUNT EXPIRES
------ -------
<S> <C> <C>
Prime Fund............... $8,176 2007
U.S. Treasury Fund....... 2,256 2007
</TABLE>
The Funds hereby make the following designations regarding its fiscal year
ended September 30, 1999:
<TABLE>
<CAPTION>
LONG TERM DIVIDENDS RECEIVED
CAPITAL GAIN DEDUCTION (% OF
(PER SHARE) INCOME DIVIDENDS)
------------ ------------------
<S> <C> <C>
Equity Fund.......... 1.49 100.0%
Bond Fund............ 0.15 0.0%
Global Fund.......... 0.00 18.2%
</TABLE>
Shareholders should not use the above information to prepare their tax
returns. The information necessary to complete your income tax returns will be
included with your Form 1099 DIV which will be sent to you separately in January
2000.
In addition, the Funds may elect to pass through foreign taxes paid by the
Funds to its shareholders under Code 853 of the Internal Revenue Code. The total
amount of foreign taxes that may be passed through to the shareholders for the
fiscal year ended September 30, 1999 is $13,415 and $80,060 for the Equity Fund
and Global Asset Allocation Fund, respectively.
NOTE 3 -- RELATED PARTY TRANSACTIONS
The Trust has entered into an investment advisory agreement (the "Investment
Advisory Agreement") with SBCL. Under the terms of the Investment Advisory
Agreement, SBCL is entitled to receive a fee that is calculated daily and paid
monthly based on a percentage of the average net assets of each Fund as follows:
<TABLE>
<CAPTION>
FUND ANNUAL RATE
- ---- -----------
<S> <C>
Equity Fund.......................... 0.75%
Global Fund.......................... 0.90%
Bond Fund............................ 0.60%
Prime Fund........................... 0.30%
U.S. Treasury Fund................... 0.20%
</TABLE>
For the period ended September 30, 1999, SBCL waived fees in the following
amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
- ---- -----------
<S> <C>
Equity Fund.......................... $199,260
Global Fund.......................... $ 82,778
Bond Fund............................ $147,752
Prime Fund........................... $199,752
U.S. Treasury Fund................... $111,489
</TABLE>
BISYS serves as the administrator for the Trust pursuant to an
administration agreement (the "Administration Agreement"). Under the
Administration Agreement, BISYS is entitled to a fee computed at an 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 year ended September 30, 1999,
BISYS waived the following amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
- ---- -----------
<S> <C>
Prime Fund........................... $119,850
U.S. Treasury Fund................... $ 439
</TABLE>
BISYS serves as the Trust's principal underwriter and distributor (the
"Distributor"). The Funds have adopted a Distribution and Shareholder Services
Plan (the "Plan") with the Trust with respect to Class A Shares. This Plan is in
accordance with Rule 12b-1 under the 1940 Act. Under the Plan, the Funds will
pay a monthly fee to the Distributor in an annual rate equal to 0.25% of the
average daily net assets of
54
<PAGE> 56
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
Class A Shares of each Fund. The Distributor may voluntarily choose to waive all
or a portion of its fee. The Trust has also entered into a Service Plan with
BISYS with respect to Class A Shares. Pursuant to the Service Plan, the Funds
will pay to BISYS a fee at an annual rate not to exceed 0.25% of the average
daily net assets of Class A Shares of each Fund. BISYS may periodically waive
all or a portion of the fee with respect to a Fund. For the year ended September
30, 1999, BISYS waived the following amounts:
<TABLE>
<CAPTION>
SERVICE PLAN
FUND FEES WAIVED
- ---- ------------
<S> <C>
Equity Fund.......................... $ 5,644
Global Fund.......................... $ 8,398
Bond Fund............................ $ 7,718
Prime Fund........................... $31,086
U.S. Treasury Fund................... $ 3,182
</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 fees.
NOTE 4 -- SHARES OF BENEFICIAL INTEREST
Each Fund offers two classes of shares: Trust Shares and Class A Shares.
Each share represents an equal proportionate interest in a Fund with other
shares of the same series and class, and is entitled to such dividends and
distributions out of the income earned on the assets belonging to that Fund.
Each class of shares is substantially the same, except that Class A Shares bear
the fees that are payable under the Trust's Distribution and Shareholder
Services Plan and the Service Plan, which relate only to the Class A Shares. The
following is a summary of transactions in Fund shares for the year ended
September 30, 1999:
FOR THE YEAR ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
EQUITY FUND GLOBAL FUND
------------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ --------- -----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued...................................... 2,001,431 $ 24,130,016 1,012,691 $11,766,258
Dividends reinvested............................... 1,351,306 15,217,642 86,788 1,007,894
Shares redeemed.................................... (3,270,475) (40,173,550) (515,204) (6,071,729)
---------- ------------ --------- -----------
Net change....................................... 82,262 $ (825,892) 584,275 $ 6,702,423
========== ============ ========= ===========
CLASS A SHARES:
Shares issued...................................... 312,295 $ 3,793,412 462,947 $ 5,423,701
Dividends reinvested............................... 17,887 200,761 4,043 46,895
Shares redeemed.................................... (230,672) (2,831,044) (316,960) (3,749,754)
---------- ------------ --------- -----------
Net change....................................... 99,510 $ 1,163,129 150,030 $ 1,720,842
========== ============ ========= ===========
</TABLE>
<TABLE>
<CAPTION>
BOND FUND PRIME FUND U.S. TREASURY FUND
------------------------- ---------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
---------- ------------ ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued.......... 3,761,058 $ 36,946,811 616,665,403 $ 616,665,403 335,418,495 $ 335,418,495
Dividends reinvested... 639,164 6,344,430 851,117 851,113 13,422 13,422
Shares redeemed........ (2,331,846) (23,307,984) (540,717,778) (540,717,778) (332,170,767) (332,170,767)
---------- ------------ ------------ ------------- ------------ -------------
Net change........... 2,068,376 $ 19,983,257 76,798,742 $ 76,798,738 3,261,150 $ 3,261,150
========== ============ ============ ============= ============ =============
CLASS A SHARES:
Shares issued.......... 651,678 $ 6,465,492 50,009,544 $ 50,009,544 14,719,981 $ 14,719,981
Dividends reinvested... 17,581 173,099 453,314 453,310 39,518 39,518
Shares redeemed........ (405,417) (3,990,876) (29,728,250) (29,728,250) (11,573,107) (11,573,107)
---------- ------------ ------------ ------------- ------------ -------------
Net change........... 263,842 $ 2,647,715 20,734,608 $ 20,734,604 3,186,392 $ 3,186,392
========== ============ ============ ============= ============ =============
</TABLE>
55
<PAGE> 57
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
FOR THE PERIOD ENDED SEPTEMBER 30, 1998
<TABLE>
<CAPTION>
EQUITY FUND GLOBAL FUND
------------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ --------- -----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued...................................... 1,489,851 $ 16,937,568 2,732,025 $28,579,135
Shares issued in connection with common trust fund
conversion....................................... 18,990,360 189,903,596 4,540,064 45,400,639
Dividends reinvested............................... 42,087 466,148 7,184 72,561
Shares redeemed.................................... (4,954,608) (55,759,422) (924,078) (9,804,751)
---------- ------------ --------- -----------
Net change....................................... 15,567,690 $151,547,890 6,355,195 $64,247,584
========== ============ ========= ===========
CLASS A SHARES:
Shares issued...................................... 156,858 $ 1,864,452 203,331 $ 2,255,937
Dividends reinvested............................... 85 953 -- --
Shares redeemed.................................... (39,294) (464,352) (34,115) (377,972)
---------- ------------ --------- -----------
Net change....................................... 117,649 $ 1,401,053 169,216 $ 1,877,965
========== ============ ========= ===========
</TABLE>
<TABLE>
<CAPTION>
BOND FUND PRIME FUND U.S. TREASURY FUND
------------------------- --------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
---------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued......... 2,257,664 $ 22,786,968 471,737,870 $471,737,870 412,274,679 $412,274,679
Shares issued in
connection with
common trust fund
conversion.......... 13,648,618 136,486,180 45,525,166 45,525,166 -- --
Dividends
reinvested.......... 348,424 3,513,600 569,005 569,005 901 901
Shares redeemed....... (2,296,054) (23,241,391) (373,042,042) (373,042,042) (310,992,573) (310,992,573)
---------- ------------ ------------ ------------ ------------ ------------
Net change.......... 13,958,652 $139,545,357 144,789,999 $144,789,999 101,283,007 $101,283,007
========== ============ ============ ============ ============ ============
CLASS A SHARES:
Shares issued......... 155,330 $ 1,574,996 18,532,892 $ 18,532,892 862,254 $ 862,254
Dividends
reinvested.......... 1,522 15,454 187,009 187,009 9,669 9,669
Shares redeemed....... (34,802) (355,773) (10,205,950) (10,205,950) (152,379) (152,379)
---------- ------------ ------------ ------------ ------------ ------------
Net change.......... 122,050 $ 1,234,677 8,513,951 $ 8,513,951 719,544 $ 719,544
========== ============ ============ ============ ============ ============
</TABLE>
NOTE 5 -- INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the
year ended September 30, 1999 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ ------------
<S> <C> <C>
Equity Fund................................................. $ 90,213,222 $114,179,082
Global Fund................................................. $ 30,515,887 $ 22,891,534
Bond Fund................................................... $111,936,830 $ 72,896,061
</TABLE>
56
<PAGE> 58
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
NOTE 6 -- CONVERSION OF COMMON TRUST FUNDS
On October 31, 1997, the Funds issued Trust Shares to acquire all of the
assets and liabilities of certain common trust funds of SBCL in a tax-free
exchange. The following is a summary of shares issued, net assets converted, net
asset values per share, and unrealized appreciation (depreciation) as of the
conversion date.
<TABLE>
<CAPTION>
UNREALIZED
NET ASSETS NET ASSET VALUE APPRECIATION
SHARES ISSUED CONVERTED PER SHARE ISSUED (DEPRECIATION)
------------- ------------ ---------------- --------------
<S> <C> <C> <C> <C>
Equity Fund..................... 18,990,360 $189,903,596 $10.00 $58,465,204
Global Fund..................... 4,540,064 $ 45,400,639 $10.00 $ (29,967)
Bond Fund....................... 13,648,618 $136,486,180 $10.00 $ 2,878,936
Prime Fund...................... 45,525,166 $ 45,525,166 $ 1.00 $ --
</TABLE>
57
<PAGE> 59
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES
------------------ --------------------------
FOR THE YEAR FOR THE PERIOD FROM
ENDED NOVEMBER 1, 1997*
SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 10.96 $ 10.00
-------- --------
Net investment income.................................... 0.04 0.05
Net realized and unrealized gain on investments.......... 2.56 0.96
-------- --------
Total from Investment Activities........................... 2.60 1.01
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.04) (0.05)
Net realized gains....................................... (1.49) --
-------- --------
Total distributions.................................... (1.53) (0.05)
-------- --------
Net change in net asset value per share.................... 1.07 0.96
-------- --------
NET ASSET VALUE, END OF PERIOD............................. $ 12.03 $ 10.96
======== ========
TOTAL RETURN............................................... 24.72% 10.08%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $188,259 $170,652
Ratios to average net assets:
Expenses................................................. 0.99% 1.03%(b)
Net investment income.................................... 0.32% 0.47%(b)
Expenses**............................................... 1.09% 1.13%(b)
Portfolio Turnover Rate(c)................................. 46% 57%
</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.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
58
<PAGE> 60
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES
------------------ --------------------------
FOR THE YEAR FOR THE PERIOD FROM
ENDED FEBRUARY 3, 1998*
SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 10.94 $ 10.87
-------- --------
Investment Activities:
Net investment income.................................... 0.01 0.02
Net realized and unrealized gain on investments.......... 2.55 0.07
-------- --------
Total from Investment Activities........................... 2.56 0.09
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.01) (0.02)
In excess of net investment income....................... (0.01) --
Net realized gains....................................... (1.49) --
-------- --------
Total distributions.................................... (1.51) (0.02)
-------- --------
Net change in net asset value per share.................... 1.05 0.07
-------- --------
NET ASSET VALUE, END OF PERIOD............................. $ 11.99 $ 10.94
======== ========
TOTAL RETURN............................................... 24.34% 0.83%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $ 2,604 $ 1,287
Ratios to average net assets:
Expenses................................................. 1.23% 1.28%(b)
Net investment income.................................... 0.08% 0.13%(b)
Expenses**............................................... 1.58% 1.63%(b)
Portfolio Turnover Rate(c)................................. 46% 57%
</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.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
59
<PAGE> 61
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES
------------------ --------------------------
FOR THE YEAR FOR THE PERIOD FROM
ENDED NOVEMBER 1, 1997*
SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 10.51 $ 10.00
-------- --------
Net investment income.................................... 0.17 0.15
Net realized and unrealized gain on investments.......... 1.51 0.38
-------- --------
Total from Investment Activities........................... 1.68 0.53
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.15) (0.02)
Net realized gains....................................... (0.07) --
-------- --------
Total distributions.................................... (0.22) (0.02)
-------- --------
Net change in net asset value per share.................... 1.46 0.51
-------- --------
NET ASSET VALUE, END OF PERIOD............................. $ 11.97 $ 10.51
======== ========
TOTAL RETURN............................................... 16.09% 5.34%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $ 83,111 $ 66,793
Ratios to average net assets:
Expenses................................................. 1.30% 1.44%(b)
Net investment income.................................... 1.51% 1.53%(b)
Expenses**............................................... 1.40% 1.54%(b)
Portfolio Turnover Rate(c)................................. 29% 35%
</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.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
60
<PAGE> 62
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES
------------------ --------------------------
FOR THE PERIOD FOR THE PERIOD FROM
ENDED FEBRUARY 3, 1998*
SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 10.49 $ 10.31
------- -------
Investment Activities:
Net investment income.................................... 0.14 0.05
Net realized and unrealized gain on investments.......... 1.51 0.13
------- -------
Total from Investment Activities........................... 1.65 0.18
------- -------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.14) --
Net realized gains....................................... (0.07) --
------- -------
Total distributions.................................... (0.21) --
------- -------
Net change in net asset value per share.................... 1.44 0.18
------- -------
NET ASSET VALUE, END OF PERIOD............................. $ 11.93 $ 10.49
======= =======
TOTAL RETURN............................................... 15.81% 1.75%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $ 3,810 $ 1,775
Ratios to average net assets:
Expenses................................................. 1.53% 1.73%(b)
Net investment income.................................... 1.33% 1.27%(b)
Expenses**............................................... 1.88% 2.08%(b)
Portfolio Turnover Rate(c)................................. 29% 35%
</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.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
61
<PAGE> 63
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES
------------------ --------------------------
FOR THE YEAR FOR THE PERIOD FROM
ENDED NOVEMBER 1, 1997*
SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 10.40 $ 10.00
-------- --------
Net investment income.................................... 0.53 0.50
Net realized and unrealized gain (loss) on investments... (0.67) 0.40
-------- --------
Total from Investment Activities........................... (0.14) 0.90
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.53) (0.50)
Net realized gains....................................... (0.21) --
In excess of net realized gains.......................... (0.03) --
-------- --------
Total distributions.................................... (0.77) (0.50)
-------- --------
Net change in net asset value per share.................... (0.91) 0.40
-------- --------
NET ASSET VALUE, END OF PERIOD............................. $ 9.49 $ 10.40
======== ========
TOTAL RETURN............................................... (1.36)% 9.31%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $152,106 $145,194
Ratios to average net assets:
Expenses................................................. 0.87% 0.90%(b)
Net investment income.................................... 5.43% 5.46%(b)
Expenses**............................................... 0.97% 1.00%(b)
Portfolio Turnover Rate(c)................................. 52% 54%
</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.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
62
<PAGE> 64
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES
------------------ --------------------------
FOR THE YEAR FOR THE PERIOD FROM
ENDED FEBRUARY 3, 1998*
SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 10.42 $ 10.10
------- -------
Investment Activities:
Net investment income.................................... 0.51 0.36
Net realized and unrealized gain (loss) on investments... (0.67) 0.32
------- -------
Total from Investment Activities........................... (0.16) 0.68
------- -------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.51) (0.36)
Net realized gains....................................... (0.03) --
In excess of net realized gains.......................... (0.21) --
------- -------
Total distributions.................................... (0.75) (0.36)
------- -------
Net change in net asset value per share.................... (0.91) 0.32
------- -------
NET ASSET VALUE, END OF PERIOD............................. $ 9.51 $ 10.42
======= =======
TOTAL RETURN............................................... (1.58)% 6.89%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $ 3,670 $ 1,272
Ratios to average net assets:
Expenses................................................. 1.10% 1.14%(b)
Net investment income.................................... 5.18% 4.99%(b)
Expenses**............................................... 1.45% 1.49%(b)
Portfolio Turnover Rate (c)................................ 52% 54%
</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.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
63
<PAGE> 65
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES
------------------ --------------------------
FOR THE YEAR FOR THE PERIOD FROM
ENDED NOVEMBER 1, 1997*
SEPTEMBER 30,1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 1.00 $ 1.00
-------- --------
Net investment income.................................... 0.05 0.05
-------- --------
Total from Investment Activities........................... 0.05 0.05
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.05) (0.05)
-------- --------
Total distributions.................................... (0.05) (0.05)
-------- --------
Net change in net asset value per share.................... -- --
-------- --------
NET ASSET VALUE, END OF PERIOD............................. $ 1.00 $ 1.00
======== ========
TOTAL RETURN............................................... 4.74% 4.84%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $221,565 $144,806
Ratios to average net assets:
Expenses................................................. 0.51% 0.49%(b)
Net investment income.................................... 4.64% 5.17%(b)
Expenses**............................................... 0.67% 0.69%(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.
SEE NOTES TO FINANCIAL STATEMENTS.
64
<PAGE> 66
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES
------------------ --------------------------
FOR THE YEAR FOR THE PERIOD FROM
ENDED FEBRUARY 3, 1998*
SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 1.00 $ 1.00
------- --------
Investment Activities:
Net investment income.................................... 0.04 0.03
------- --------
Total from Investment Activities........................... 0.04 0.03
------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.04) (0.03)
------- --------
Total distributions.................................... (0.04) (0.03)
------- --------
Net change in net asset value per share.................... -- --
------- --------
NET ASSET VALUE, END OF PERIOD............................. $ 1.00 $ 1.00
======= ========
TOTAL RETURN............................................... 4.48% 2.93%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $29,246 $ 8,514
Ratios to average net assets:
Expenses................................................. 0.76% 0.75%(b)
Net investment income.................................... 4.42% 4.88%(b)
Expenses**............................................... 1.17% 1.20%(b)
</TABLE>
- ---------------
* Commencement of operations
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
65
<PAGE> 67
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES
------------------ --------------------------
FOR THE YEAR FOR THE PERIOD FROM
ENDED NOVEMBER 1, 1997*
SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 1.00 $ 1.00
-------- --------
Net investment income.................................... 0.04 0.05
-------- --------
Total from Investment Activities........................... 0.04 0.05
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.04) (0.05)
-------- --------
Total distributions.................................... (0.04) (0.05)
-------- --------
Net change in net asset value per share.................... -- --
-------- --------
NET ASSET VALUE, END OF PERIOD............................. $ 1.00 $ 1.00
======== ========
TOTAL RETURN............................................... 4.52% 4.70%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $104,553 $101,300
Ratios to average net assets:
Expenses................................................. 0.46% 0.47%(b)
Net investment income.................................... 4.42% 5.08%(b)
Expenses**............................................... 0.56% 0.61%(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.
SEE NOTES TO FINANCIAL STATEMENTS.
66
<PAGE> 68
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES
------------------ --------------------------
FOR THE YEAR FOR THE PERIOD FROM
ENDED FEBRUARY 3, 1998*
SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
------------------ --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD....................... $ 1.00 $ 1.00
------ --------
Investment Activities:
Net investment income.................................... 0.04 0.03
------ --------
Total from Investment Activities........................... 0.04 0.03
------ --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................... (0.04) (0.03)
------ --------
Total distributions.................................... (0.04) (0.03)
------ --------
Net change in net asset value per share.................... -- --
------ --------
NET ASSET VALUE, END OF PERIOD............................. $ 1.00 $ 1.00
====== ========
TOTAL RETURN............................................... 4.26% 3.02%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in thousands)................... $3,906 $ 720
Ratios to average net assets:
Expenses................................................. 0.70% 0.72%(b)
Net investment income.................................... 4.25% 4.76%(b)
Expenses**............................................... 1.06% 1.10%(b)
</TABLE>
- ---------------
* Commencement of operations
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
67
<PAGE> 69
REPORT OF INDEPENDENT AUDITORS
The Board of Trustees and Shareholders
Eureka Funds
We have audited the accompanying statements of assets and liabilities, including
the schedules of portfolio investments, of Eureka Funds (comprised of Equity
Fund, Global Asset Allocation Fund, Investment Grade Bond Fund, Prime Money
Market Fund, and U.S. Treasury Obligations Fund) (collectively, the "Funds") as
of September 30, 1999, the related statements of operations for the year then
ended, and the statements of changes in net assets and financial highlights for
each of the periods indicated therein. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of September 30, 1999, by correspondence with the custodian.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the Funds as of September 30, 1999, the results of their operations for the
year then ended, and the changes in their net assets and their financial
highlights for each of the indicated periods, in conformity with generally
accepted accounting principles.
/s/ Ernst & Young LLP
Columbus, Ohio
November 24, 1999
68
<PAGE> 70
<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
Kazuyoshi Kuwahata
Trustee ADMINISTRATOR AND DISTRIBUTOR
BISYS Fund Services
Walter F. Beran 3435 Stelzer Road
Trustee Columbus, Ohio 43219
David L. Buell LEGAL COUNSEL
Trustee Ropes & 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
Martin R. Dean AUDITORS
Secretary Ernst & Young, LLP
10 West Broad Street
Alaina V. Metz Columbus, Ohio 43215
Assistant Secretary
CUSTODIAN
Joel B. Engle The Bank of New York
Treasurer 100 Church Street
New York, NY 10286
</TABLE>
This material is authorized for distribution to prospective investors only when
accompanied or preceded by a current prospectus. Please read the prospectus
carefully before investing or sending money.
The Eureka Funds are distributed by BISYS Fund Services. Sanwa Bank California
is the investment adviser to the Funds and receives fees for those services.
EUR-0034-999
69
