<PAGE> 1
[EUREKA FUNDS LOGO]
Semi-Annual Report
March 31, 1999
----------------------------------
Equity Fund
----------------------------------
Global Asset Allocation Fund
----------------------------------
Investment Grade Bond Fund
----------------------------------
Prime Money Market Fund
----------------------------------
U.S. Treasury Obligations Fund
----------------------------------
<PAGE> 2
Table of Contents
Schedule of Portfolio Investments
3
Statements of Assets and Liabilities
39
Statements of Operations
41
Statements of Changes in Net Assets
43
Notes to the Financial Statements
48
Financial Highlights
55
MUTUAL FUNDS
- - Are not FDIC insured
- - Are not deposits or obligations of, or guaranteed by, Sanwa Bank California,
any of its affiliates or any other financial institution
- - Are subject to investment risks, including possible loss of principal
2
<PAGE> 3
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
EQUITY FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
COMMON STOCKS (99.4%)
AEROSPACE & MILITARY TECHNOLOGY (1.4%)
Allied Signal, Inc. 18,100 $ 890,294
Goodrich (B.F.) Co. 5,200 178,425
Lockheed Martin Corp. 5,000 188,438
United Technologies
Corp. 12,200 1,652,337
------------
2,909,494
------------
AUTOMOTIVE (1.7%)
Borg-Warner Automotive,
Inc. 7,400 353,813
Ford Motor Co. 32,800 1,861,399
General Motors Corp. 9,200 799,250
Goodyear Tire & Rubber
Co. 2,200 109,588
TRW, Inc. 7,700 350,350
------------
3,474,400
------------
BANKING (6.7%)
Bank One Corp. 8,840 486,753
BankAmerica Corp. 42,500 3,001,562
Charter One Financial,
Inc. 3,465 99,998
Chase Manhattan Corp. 43,296 3,520,505
Comerica, Inc. 4,100 255,994
First Union Corp. 15,800 844,313
Fleet Financial Group,
Inc. 46,600 1,753,324
MBNA Corp. 25,818 616,405
Mellon Bank Corp. 9,900 696,713
PNC Bank Corp. 400 22,225
Suntrust Banks, Inc. 8,600 535,350
Wells Fargo & Co. 46,000 1,612,875
------------
13,446,017
------------
BEVERAGES & TOBACCO (3.8%)
Coca-Cola Co. 45,500 2,792,562
Coca-Cola Enterprises 13,200 399,300
Coors (Adolph), Class B 12,300 664,200
Pepsico, Inc. 20,400 799,425
Philip Morris Companies,
Inc. 53,400 1,879,013
RJR Nabisco Holdings
Corp. 17,900 447,500
Seagram Company Ltd. 12,300 615,000
------------
7,597,000
------------
BIOTECHNOLOGY (0.2%)
Monsanto Co. 10,600 486,938
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
BROADCASTING/CABLE (1.7%)
Comcast Corp., Special
Class A 22,000 $ 1,384,625
Media One Group, Inc.* 14,200 901,700
Viacom, Inc., Class B* 14,480 1,215,415
------------
3,501,740
------------
BUILDING PRODUCTS (0.1%)
Owens Corning Co. 8,500 270,406
------------
CHEMICALS (1.2%)
Dexter Corp. 11,000 346,500
Dow Chemical Co. 12,300 1,146,206
Du Pont (E.I.) De
Nemours 9,200 534,175
Praxair, Inc. 10,300 371,444
Rohm & Haas Co. 1,200 40,275
------------
2,438,600
------------
COMMERCIAL SERVICES (1.1%)
McKesson HBOC, Inc. 24,844 1,639,704
Paychex, Inc. 10,350 490,978
Robert Half
International, Inc.* 1,350 44,297
------------
2,174,979
------------
COMPUTER HARDWARE (6.3%)
Cisco Systems, Inc.* 24,350 2,667,847
Compaq Computer Corp. 28,100 890,419
Dell Computer Corp.* 50,400 2,060,100
Electronic Data Systems
Corp. 12,100 589,119
EMC Corp.* 13,400 1,711,850
Gateway 2000, Inc.* 5,200 356,525
Hewlett-Packard Co. 22,500 1,525,781
IBM Corp. 16,700 2,960,075
Seagate Technology,
Inc.* 1,700 50,256
------------
12,811,972
------------
COMPUTER SOFTWARE & PERIPHERALS (6.7%)
America Online, Inc.* 12,600 1,839,599
Automatic Data
Processing, Inc. 19,000 786,125
BMC Software, Inc.* 9,400 348,388
Compuware Corp.* 25,800 615,975
IMS Health, Inc. 22,600 748,625
Microsoft, Inc.* 97,000 8,693,624
Network Associates,
Inc.* 6,600 202,538
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
3
<PAGE> 4
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Oracle Corp.* 13,650 $ 360,019
------------
13,594,893
------------
CONSTRUCTION (0.4%)
Masco Corp. 14,800 418,100
Vulcan Materials Co. 9,300 384,206
------------
802,306
------------
CONSUMER GOODS & SERVICES (3.7%)
Avon Products, Inc. 4,800 225,900
Ball Corp. 2,500 117,344
Eastman Kodak Co. 7,400 472,675
Fortune Brands, Inc. 22,600 874,338
Gillette Co. 18,700 1,111,481
Kimberly-Clark Corp. 6,700 321,181
Liz Claiborne, Inc. 1,200 39,150
Mattel 15,400 383,075
Maytag Corp. 5,400 326,025
Newell Rubbermaid, Inc. 8,700 413,250
Proctor & Gamble Co. 27,300 2,673,693
Unilever NV, NY Shares 7,300 484,994
------------
7,443,106
------------
ELECTRIC UTILITY (1.7%)
AES Corp.* 9,900 368,775
Cinergy Corp. 19,800 544,500
DTE Energy Co. 2,400 92,250
Entergy Corp. 43,700 1,201,750
Florida Power & Light
Group, Inc. 5,400 287,550
PG&E Corp. 19,700 611,931
Texas Utilities Holding
Co. 6,500 270,969
------------
3,377,725
------------
ELECTRICAL & ELECTRONIC (3.7%)
General Electric Co. 51,200 5,664,000
Honeywell, Inc. 3,900 295,669
Johnson Controls, Inc. 11,100 692,363
Reliant Energy, Inc. 16,100 419,606
Unicom Corp. 10,800 394,875
------------
7,466,513
------------
ENVIROMENTAL SERVICES (0.5%)
Waste Management, Inc. 22,900 1,016,188
------------
FINANCIAL SERVICES (6.0%)
American Express Co. 4,500 528,750
Associates First
Capital, Class A 16,982 764,190
Bear Stearns Companies,
Inc. 7,700 344,094
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Capital One Financial
Corp. 2,800 $ 422,800
Citigroup, Inc. 45,957 2,935,502
Fannie Mae 24,000 1,662,000
Freddie Mac 16,600 948,275
Household International,
Inc. 7,900 360,438
J.P. Morgan & Co. 5,100 629,213
Merrill Lynch & Co. 4,000 353,750
Morgan Stanley Dean
Witter & Co. 16,825 1,681,448
Providian Financial
Corp. 5,400 594,000
Schwab (Charles) Corp. 9,700 932,413
------------
12,156,873
------------
FOOD PRODUCTS & SERVICES (2.8%)
Archer Daniels Midland &
Co. 47,083 691,532
Bob Evans Farms 15,000 300,000
Conagra, Inc. 18,100 462,681
Dean Foods Co. 10,400 370,500
IBP, Inc. 13,300 247,713
Interstate Bakeries 9,900 213,469
Kroger Co.* 3,200 191,600
McDonald's Corp. 24,200 1,096,562
Quaker Oats Co. 400 25,025
Safeway, Inc.* 14,900 764,555
Sara Lee Corp. 20,400 504,900
Supervalu, Inc. 10,600 218,625
SYSCO Corp. 4,700 123,669
Tyson Foods, Inc., Class
A 20,200 417,888
------------
5,628,719
------------
FUNERAL SERVICES (0.0%)
Stewart Enterprises,
Inc., Class A 5,600 89,950
------------
HEALTH CARE (0.7%)
Columbia/HCA Healthcare
Corp. 26,400 499,950
Pacificare Health
Systems, Class B* 4,000 273,000
Tenet Healthcare Corp.* 15,300 289,744
United Healthcare Corp. 7,200 378,900
------------
1,441,594
------------
HOTELS & LODGING (0.2%)
Marriott International,
Class A 9,300 312,713
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
4
<PAGE> 5
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
INDUSTRIAL GOODS & SERVICES (0.1%)
Kaydon Corp. 4,200 $ 121,538
------------
INSURANCE (3.6%)
Aetna, Inc. 5,300 439,900
AFLAC, Inc. 9,100 495,381
Allstate Corp. 37,146 1,376,724
American General Corp. 5,000 352,500
American International
Group, Inc. 14,941 1,802,257
Cigna Corp. 6,000 502,875
Conseco, Inc. 10,100 311,838
Hartford Financial
Services Group, Inc. 6,100 346,556
Jefferson Pilot Corp. 2,300 155,825
Lincoln National Corp. 4,600 454,825
Loews Corp. 6,300 470,138
Progressive Corp. 4,500 645,750
------------
7,354,569
------------
MACHINERY & EQUIPMENT (1.4%)
Carlisle Companies, Inc. 100 4,675
Caterpillar, Inc. 23,500 1,079,531
Deere & Co. 9,200 355,350
Halliburton Co. 17,700 681,450
Ingersoll-Rand Co. 2,900 143,913
McDermott International,
Inc. 11,700 296,156
Pentair, Inc. 7,600 256,500
------------
2,817,575
------------
MANUFACTURING (2.0%)
Brunswick Corp. 18,400 350,750
Crane Co. 4,600 111,263
Illinois Tool Works,
Inc. 1,700 105,188
Mark IV Industries, Inc. 13,900 181,569
Raytheon Co., Class B 7,800 457,275
Tenneco, Inc. 22,800 636,974
Textron, Inc. 4,500 348,188
Tyco International Ltd. 24,600 1,765,049
------------
3,956,256
------------
MEDICAL EQUIPMENT & SUPPLIES (1.6%)
Baxter International,
Inc. 8,100 534,600
Becton Dickinson & Co. 4,200 160,913
Johnson & Johnson 26,100 2,445,243
Omnicare, Inc. 2,800 53,375
------------
3,194,131
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
METALS & MINING (0.3%)
Alcan Aluminum, Ltd. 17,100 $ 441,393
Alcoa, Inc. 1,800 74,138
Barrick Gold Corp. 7,100 121,144
------------
636,675
------------
OFFICE EQUIPMENT & SERVICES (0.5%)
Cad Moore Corporation
Ltd. 13,700 135,288
Xerox Corp. 17,800 950,075
------------
1,085,363
------------
OIL & GAS (5.5%)
Amerada Hess Corp. 6,200 311,938
Ashland, Inc. 1,700 69,594
Baker Hughes, Inc. 19,800 481,388
Chevron Corp. 15,100 1,335,406
Coastal Corp. 37,600 1,240,800
Exxon Corp. 36,700 2,589,643
Mobil Corp. 5,500 484,000
Royal Dutch Petroleum,
NY Shares 30,800 1,601,600
Schlumberger Ltd. 300 18,056
Texaco, Inc. 35,600 2,020,300
USX-Marathon Group 34,400 946,000
------------
11,098,725
------------
PAPER PRODUCTS (0.5%)
Georgia Pacific Corp. 3,400 252,450
Mead Corp. 9,700 298,275
Weyerhaeuser Co. 8,800 488,400
------------
1,039,125
------------
PHARMACEUTICALS (8.3%)
Abbott Laboratories 7,700 360,456
Alza Corp.* 8,100 309,825
American Home Products
Corp. 7,800 508,950
Bergen Brunswig Corp.,
Class A 31,600 632,000
Bristol-Myers Squibb Co. 33,600 2,160,900
Cardinal Health, Inc. 12,375 816,750
Eli Lilly & Co. 19,400 1,646,575
Forest Laboratories,
Inc.* 1,700 95,838
Merck & Company, Inc. 35,800 2,870,713
Mylan Laboratories 13,900 381,381
Pfizer, Inc. 23,136 3,210,119
Schering-Plough Corp. 39,600 2,190,375
Warner-Lambert Co. 24,400 1,614,975
------------
16,798,857
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
5
<PAGE> 6
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
PRINTING & PUBLISHING (0.7%)
Banta Corp. 3,500 $ 66,500
McGraw-Hill Companies,
Inc. 3,600 196,200
Meredith Corp. 2,700 84,881
New York Times Co.,
Class A 16,900 481,650
R.R. Donnelley & Sons
Co. 17,600 566,500
------------
1,395,731
------------
RESORTS & ENTERTAINMENT (0.7%)
Carnival Corp. 18,000 874,125
Walt Disney Co. 18,800 585,150
------------
1,459,275
------------
RETAIL (6.5%)
Dayton Hudson Corp. 22,500 1,499,063
Dollar General 13,526 459,884
Federated Department
Stores, Inc.* 20,000 802,500
GAP, Inc. 16,950 1,140,947
Harcourt General, Inc. 7,200 319,050
Home Depot, Inc. 29,000 1,805,250
Lowe's Companies, Inc. 19,600 1,185,800
Rite Aid Corp. 19,400 485,000
Sears, Roebuck & Co. 7,200 325,350
Staples, Inc.* 18,600 611,475
TJX Companies, Inc. 36,200 1,230,800
V.F. Corp. 8,300 391,656
Wal-Mart Stores, Inc. 31,500 2,903,906
------------
13,160,681
------------
TECHNOLOGY (4.1%)
Applied Materials, Inc.* 6,500 400,969
Computer Sciences Corp.* 3,200 176,600
Intel Corp. 47,300 5,634,612
Sun Microsystems, Inc.* 8,600 1,074,462
Texas Instruments, Inc. 7,600 754,300
UNISYS Corp.* 7,000 193,813
------------
8,234,756
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (11.8%)
Airtouch Communications,
Inc.* 16,200 $ 1,565,325
Ameritech Corp. 15,600 902,850
AT&T Corp. 41,014 3,273,429
Bell Atlantic Corp. 16,548 855,325
BellSouth Corp. 69,200 2,772,325
Century Telephone
Enterprise 10,900 765,725
General Instruments
Corp.* 7,300 221,281
GTE Corp. 21,100 1,276,550
Lucent Technologies,
Inc. 27,644 2,978,641
MCI Worldcom, Inc.* 52,814 4,677,339
Nextel Communications,
Inc., Class A* 17,900 655,588
Northern Telecom Ltd. 21,000 1,304,625
SBC Communications, Inc. 9,498 447,593
Sprint Corp. (PCS
Group)* 26,600 1,178,713
Tellabs, Inc.* 10,300 1,006,825
------------
23,882,134
------------
TRANSPORTATION & SHIPPING (1.0%)
AMR Corp.* 4,200 245,963
Burlington Northern
Santa Fe 26,400 867,900
Delta Air Lines, Inc. 6,800 472,600
FDX Corp.* 1,300 120,656
J.B. Hunt Transportation
Services, Inc. 7,300 153,300
Southwest Airlines 8,425 254,856
------------
2,115,275
------------
UTILITIES (0.2%)
Enron Corp. 5,100 327,675
- --------------------------------------------------
TOTAL COMMON STOCKS
(COST $119,403,393) 201,120,467
- --------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
6
<PAGE> 7
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
MONEY MARKET FUNDS (0.7%)
Eureka Prime Money
Market Fund -- Trust
Class 1,351,777 $ 1,351,777
- --------------------------------------------------
TOTAL MONEY MARKET FUNDS (COST
$1,351,777) 1,351,777
- --------------------------------------------------
- --------------------------------------------------
DAILY SWEEP VEHICLE (0.1%)
Bank of New York Cash
Sweep $ 103,661 103,661
- --------------------------------------------------
TOTAL DAILY SWEEP VEHICLE (COST
$103,661) 103,661
- --------------------------------------------------
TOTAL INVESTMENTS (COST
$120,858,831) (A) -- 100.2% 202,575,905
- --------------------------------------------------
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (0.2)% (405,025)
- --------------------------------------------------
TOTAL NET ASSETS -- 100.0% $202,170,880
- --------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $202,170,880.
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax reporting of
approximately $185,217. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $84,754,956
Unrealized depreciation (3,223,099)
-----------
Net unrealized appreciation $81,531,857
===========
</TABLE>
* Denotes non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
7
<PAGE> 8
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
- -------------------------------------------------
COMMON STOCKS (68.2%)
AUSTRALIA (0.9%)
BANKING (0.4%)
Australia & New Zealand
Banking Group Ltd. 8,100 $ 58,568
Commonwealth Bank of
Australia 5,400 88,284
National Australia Bank
Ltd. 5,400 97,699
Westpac Banking Corp. 7,200 52,288
-----------
296,839
-----------
BUILDING PRODUCTS (0.0%)
CSR Ltd. 3,300 7,125
-----------
CONSUMER GOODS & SERVICES (0.1%)
Brambles Industries
Ltd. 1,700 43,034
Coca Cola Amatil Ltd. 5,100 22,029
Mayne Nickless Ltd. 1,500 4,926
Woolworths Ltd. 7,000 22,323
-----------
92,312
-----------
DIVERSIFIED (0.1%)
Broken Hill Proprietary
Company Ltd. 7,100 60,305
Smith (Howard) Ltd. 1,000 7,736
-----------
68,041
-----------
ENERGY (0.1%)
Australian Gas & Light
Co. 1,800 12,788
Santos Ltd. 2,700 7,775
Woodside Petroleum Ltd. 8,600 51,816
-----------
72,379
-----------
FINANCIAL SERVICES (0.1%)
Lend Lease Corporation
Ltd. 4,600 58,362
Westfield Holdings Ltd. 2,000 13,388
-----------
71,750
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
INDUSTRIAL (0.0%)
Orica Ltd. 2,300 $ 12,055
Pacfic Dunlop Ltd. 10,600 18,409
-----------
30,464
-----------
MEDIA (0.1%)
News Corporation Ltd.* 8,100 59,704
Publishing and
Brocasting 3,100 17,619
-----------
77,323
-----------
METALS & MINING (0.0%)
Rio Tinto Ltd. 1,400 19,483
WMC Ltd. 2,900 9,193
-----------
28,676
-----------
RETAIL (0.0%)
Coles Myer Ltd. 3,000 16,211
-----------
TELECOMMUNICATIONS (0.0%)
Cable & Wireless Optus
Ltd.* 2,400 5,562
-----------
766,682
-----------
AUSTRIA (0.1%)
ENERGY (0.0%)
EVN-Energie Versorgung
Niedr 100 13,004
-----------
ENGINEERING (0.0%)
VA Technologie, AG 110 7,915
-----------
FINANCIAL SERVICES (0.1%)
Bank Austria, AG 373 22,187
-----------
43,106
-----------
BELGIUM (0.3%)
BANKING (0.1%)
Kredietbank, NV 700 46,665
-----------
DIVERSIFIED (0.0%)
Societe Generale de
Belgique 250 35,626
-----------
ELECTRIC UTILITY (0.1%)
Electrabel, SA 50 17,921
Tractebel 375 59,108
-----------
77,029
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
8
<PAGE> 9
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
ENERGY (0.0%)
Petrofina, SA 40 $ 21,894
-----------
INSURANCE (0.1%)
Fortis, AG, Class B 1,800 66,459
-----------
METALS & MINING (0.0%)
Union Miniere, SA 130 4,499
-----------
PHARMACEUTICALS (0.0%)
UCB, SA 300 13,444
-----------
265,616
-----------
CANADA (1.1%)
AUTOMOTIVE (0.0%)
Canadian Tire Corp.,
Class A 300 7,982
Magna International,
Inc., Class A 200 11,423
-----------
19,405
-----------
BANKING (0.4%)
Bank of Montreal 900 36,053
Bank of Nova Scotia 2,200 46,390
Canadian Imperial Bank
of Commerce 1,700 43,489
National Bank of Canada 2,200 31,558
Royal Bank of Canada 700 33,038
Toronto-Dominion Bank 1,100 50,426
-----------
240,954
-----------
BEVERAGES & TOBACCO (0.0%)
Imasco Ltd. 800 17,451
-----------
CHEMICALS (0.0%)
Potash Corp. of
Saskatchewan 200 10,643
-----------
DIVERSIFIED (0.1%)
Bombardier, Inc., Class
A 3,400 44,950
Bombardier, Inc., Class
B 2,800 36,740
Power Corp. of Canada 1,000 18,939
-----------
100,629
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (0.0%)
Newcourt Credit Group,
Inc. 800 $ 21,549
Power Financial Corp. 400 7,602
-----------
29,151
-----------
FOOD PRODUCTS & SERVICES (0.0%)
Weston (George) Ltd. 300 12,692
-----------
FOREST & PAPER PRODUCTS (0.0%)
Donohue, Inc., Class A 500 10,874
-----------
FUNERAL SERVICES (0.0%)
Loewen Group, Inc. 400 701
-----------
INSURANCE (0.1%)
Great West Lifeco, Inc. 2,800 48,863
-----------
METALS & MINING (0.1%)
Alcan Aluminum Ltd. 1,400 36,092
Barrick Gold Corp. 2,400 40,693
Inco Ltd., Class VBN 2,100 14,437
Noranda, Inc. 1,300 13,449
Rio Algom Ltd. 600 6,346
-----------
111,017
-----------
OIL & GAS (0.3%)
Canadian Hunter
Exploration Ltd.* 325 2,879
Canadian Natural
Resources* 2,600 44,256
Canadian Utilities
Ltd., Class B 700 21,748
Gaz Metropolitan &
Company, LP 2,900 33,260
Imperial Oil Ltd. 2,400 45,372
Nexfor Inc.* 566 2,544
Petro-Canada 2,800 32,946
Westcoast Energy, Inc. 1,500 29,350
-----------
212,355
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
9
<PAGE> 10
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (0.0%)
Biochem Pharmaecutical,
Inc.* 400 $ 8,488
Biovail Corporation
International* 600 23,044
Clinichem Development,
Inc.* 10 66
-----------
31,598
-----------
PRINTING & PUBLISHING (0.0%)
Thomson Corp. 700 19,388
-----------
REAL ESTATE (0.0%)
Trizec Hahn Corp. 2,100 38,591
-----------
TELECOMMUNICATIONS (0.1%)
BCE, Inc. 1,000 44,355
-----------
TRANSPORTATION & SHIPPING (0.0%)
Canadian National
Railway Co. 200 11,039
-----------
959,706
-----------
DENMARK (0.2%)
BANKING (0.1%)
Den Danske Bank 200 21,009
Unidanmark A/S, Class A 300 20,481
-----------
41,490
-----------
COMMERCIAL SERVICES (0.0%)
Ratin A/S, Class B 140 25,216
Sophus Berendsen, Class
B 140 3,986
-----------
29,202
-----------
FOOD PRODUCTS & SERVICES (0.0%)
Danisco A/S 136 6,223
-----------
PHARMACEUTICALS (0.0%)
Novo-Nordisk A/S, Class
B 156 17,448
-----------
TELECOMMUNICATIONS (0.0%)
Tele Danmark A/S, Class
B 230 22,784
-----------
TRANSPORTATION & SHIPPING (0.1%)
D/S 1912, Class B 5 37,403
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
$ 154,550
-----------
FINLAND (0.5%)
BANKING (0.0%)
Merita, PLC, Class A 3,000 16,064
-----------
BASIC MATERIALS (0.0%)
Kemira, OYJ 600 3,757
Metsa Serla, Class B 2,400 17,878
Outokumpu, OYJ 1,000 10,310
-----------
31,945
-----------
DIVERSIFIED (0.0%)
Valmet, OYJ 1,000 11,498
-----------
PHARMACEUTICALS (0.0%)
Orion-Yhtyma, Class A 280 6,272
-----------
TELECOMMUNICATIONS (0.5%)
Nokia, OYJ, Class A 600 96,580
Nokia, OYJ, Class K 1,400 225,201
-----------
321,781
-----------
387,560
-----------
FRANCE (2.0%)
AUTOMOTIVE (0.1%)
Michelin (CGDE), Class
B 710 31,848
PSA Peugeot Citroen 100 14,380
-----------
46,228
-----------
BANKING (0.2%)
Banque Nationale de
Paris 650 56,559
CCF -- Credit Commer
France 550 50,738
Dexia France 250 34,952
Societe Generale, Class
A 400 76,866
-----------
219,115
-----------
BEVERAGES & TOBACCO (0.1%)
LVMH (Moet-Hennessy
Louis Vuitton) 260 64,419
-----------
CHEMICALS (0.1%)
L'Air Liquide 450 67,042
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
10
<PAGE> 11
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
CONSUMER GOODS & SERVICES (0.2%)
Bic 400 $ 21,052
Christian Dior 100 12,836
L'oreal 160 101,222
Vivendi* 327 80,454
-----------
215,564
-----------
FINANCIAL SERVICES (0.2%)
AXA 400 53,029
Compagnie Bancaire, SA 100 15,330
Paribas 600 66,978
-----------
135,337
-----------
FOOD PRODUCTS & SERVICES (0.2%)
Carrefour Supermarche 150 115,623
Groupe Danone 140 35,231
Promodes 20 12,221
-----------
163,075
-----------
HOTELS & LODGING (0.1%)
Accor, SA 200 49,661
-----------
INDUSTRIAL GOODS & SERVICES (0.2%)
Compagnie de Saint-
Gobain 220 34,914
LaFarge 500 45,072
LeGrand 100 20,998
Schneider, SA (Ex Spie
Batig) 300 16,599
Suez Lyonnaise Des Eaux 582 107,692
-----------
225,275
-----------
MEDIA (0.0%)
Canal Plus 90 26,380
-----------
OIL & GAS (0.2%)
Elf Aquitane 900 122,230
Total, SA, Class B 701 86,350
-----------
208,580
-----------
PHARMACEUTICALS (0.2%)
Rhone-Poulenca, Class A 850 38,449
Sanofi, SA 350 58,946
Synthelabo 200 43,507
-----------
140,902
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
TECHNOLOGY (0.1%)
Alcatel Alsthom
(CIE Gen El) 550 $ 63,236
Thompson
Microelectronics* 200 19,854
-----------
83,090
-----------
TELECOMMUNICATIONS (0.1%)
France Telecom, SA 650 52,560
-----------
1,697,228
-----------
GERMANY (2.1%)
AUTOMOTIVE (0.2%)
Bayerische Motoren
Werke* 16 10,209
Bayerische Motoren
Werke, AG 80 52,425
Dailmerchrysler, AG* 874 76,050
Volkswagen, AG 900 59,949
-----------
198,633
-----------
BANKING (0.5%)
Bayerische Vereinsbank,
AG 2,125 127,094
Commerzbank, AG 1,900 56,716
Deutsche Bank, AG 3,250 167,187
Dresdner Bank, AG 1,050 42,055
-----------
393,052
-----------
CHEMICALS (0.3%)
BASF, AG 1,945 71,183
Bayer, AG 3,600 133,890
Hoechst, AG 900 39,011
-----------
244,084
-----------
COMPUTER SOFTWARE & PERIPHERALS (0.1%)
SAP, AG 150 42,994
-----------
ENERGY (0.1%)
RWE, AG 2,150 95,165
-----------
INDUSTRIAL GOODS & SERVICES (0.7%)
Mannesmann, AG 1,750 223,501
Siemens, AG 2,175 145,347
Thyssen Krupp, AG* 2,350 46,428
Veba, AG 2,150 113,038
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
11
<PAGE> 12
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Viag, AG 100 $ 55,156
-----------
583,470
-----------
INSURANCE (0.1%)
Allianz, AG, Registered 180 54,799
Muenchener Rueckver,
AG, Registered 180 36,339
Muenchener Rueckver,
Registered* 180 35,853
-----------
126,991
-----------
PHARMACEUTICALS (0.0%)
Schering, AG 240 27,335
-----------
RETAIL (0.0%)
Metro, AG 100 6,258
-----------
TELECOMMUNICATIONS
(0.1%)
Deutsche Telekom, AG 1,600 65,207
-----------
1,783,189
-----------
HONG KONG (0.5%)
BANKING (0.0%)
Bank of East Asia* 10,000 16,969
-----------
DIVERSIFIED (0.1%)
Hutchison Whampoa 4,000 31,486
Jardine Matheson
Holdings Ltd.* 2,000 6,140
Swire Pacific Ltd.,
Class A 9,500 44,131
-----------
81,757
-----------
ELECTRIC UTILITY (0.1%)
CLP Holdings, Ltd. 9,000 43,202
Hong Kong Electric
Holdings 14,000 42,364
-----------
85,566
-----------
OIL & GAS (0.0%)
Hong Kong & China Gas 22,000 31,086
-----------
REAL ESTATE (0.3%)
Cheung Kong 6,000 45,680
China Resources
Enterprises 10,000 14,581
Hang Lung Development
Co. 10,000 12,130
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Henderson Land
Development Company
Ltd. 2,000 $ 9,781
New World Development 1,000 1,968
Sun Hung Kai Properties 7,000 52,390
-----------
136,530
-----------
TELECOMMUNICATIONS (0.0%)
Hong Kong Telecom 17,400 34,353
-----------
386,261
-----------
IRELAND (0.2%)
BANKING (0.1%)
Allied Irish Bank, PLC 1,505 25,996
Bank of Ireland 2,850 59,690
-----------
85,686
-----------
FOOD PRODUCTS & SERVICES (0.0%)
Kerry Group, PLC, Class
A 1,642 21,893
-----------
HEALTH CARE (0.1%)
Elan Corporation, PLC* 654 46,225
-----------
MANUFACTURING (0.0%)
CRH, PLC 1,000 11,508
-----------
165,312
-----------
ITALY (1.1%)
AUTOMOTIVE (0.0%)
Fiat, SPA 11,700 38,651
-----------
BANKING (0.2%)
Banc San Paolo Torino,
SPA 6,135 99,680
Credito Italiano, SPA 7,000 37,785
Rolo Banca 1473, SPA 2,000 47,826
-----------
185,291
-----------
CHEMICALS (0.0%)
Montedison, SPA 10,000 10,364
-----------
ELECTRIC UTILITY (0.0%)
Edison, SPA 3,000 27,627
-----------
INSURANCE (0.3%)
Assicurazioni Generali 3,695 147,993
Istituto Nazionale
Delle Assicur 15,000 45,343
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
12
<PAGE> 13
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Ras Savings, SPA, RNC 2,000 $ 17,792
Unione Immobiliare,
SPA* 15,000 7,854
-----------
218,982
-----------
OIL & GAS (0.1%)
Ente Nazional
Indrocarburi, SPA 12,100 77,071
-----------
TELECOMMUNICATIONS (0.5%)
Telecom Italia Mobile,
SPA 9,000 60,532
Telecom Italia Mobile,
SPA-RNC 13,000 50,244
Telecom Italia, SPA 21,555 228,981
Telecom Italia,
SPA-RNC 4,000 23,751
-----------
363,508
-----------
TEXTILE PRODUCTS (0.0%)
Benetton Group, SPA 10,000 17,975
-----------
939,469
-----------
JAPAN (5.2%)
AUTOMOTIVE (0.7%)
Aisin Seiki Company
Ltd. 3,000 29,131
Autobacs Seven Company
Ltd. 1,000 40,952
Bridgestone Corp. 3,000 76,501
Denso Corp. 3,000 58,896
Honda Motor Company
Ltd. 2,000 90,349
Mazda Motor Corp. 13,000 50,494
Toyota Motor Corp. 9,000 260,659
-----------
606,982
-----------
BANKING (1.0%)
77 Bank Ltd. 2,000 19,336
Bank of
Tokyo-Mitsubishi Ltd. 13,000 179,144
Chugoku Bank Ltd. 2,000 26,007
Dai-Ichi Kangyo Bank
Ltd. 12,000 80,047
Fuji Bank Ltd. 8,000 47,353
Gunma Bank 1,000 7,878
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Hachijuni Bank 4,000 $ 33,201
Industrial Bank of
Japan 9,000 60,795
Mitsubishi Trust &
Banking Co. 3,000 31,107
Sakura Bank Ltd. 7,000 21,219
Shizuoka Bank 6,000 72,448
Sumitomo Bank Ltd. 8,000 108,283
Sumitomo Trust &
Banking 6,000 25,078
Yamaguchi Bank Ltd. 2,000 21,532
-----------
733,428
-----------
BEVERAGES & TOBACCO (0.1%)
Japan Tobacco, Inc. 2 19,421
Kirin Brewery Company
Ltd. 4,000 46,880
-----------
66,301
-----------
CHEMICALS (0.2%)
Hitachi Chemical 1,000 7,937
Mitsubishi Chemical
Corp. 19,000 53,905
Shin-Etsu Chemical Co. 2,000 52,520
Takeda Chemical
Industries 2,000 77,515
-----------
191,877
-----------
CONSTRUCTION (0.1%)
Daiwa House Industry
Company Ltd. 1,000 11,416
Matsushita Electric
Works 4,000 41,645
Nishimatsu Construction 3,000 15,807
Shimizu Corp. 2,000 8,106
-----------
76,974
-----------
CONSUMER GOODS & SERVICES (0.3%)
KAO Corp. 3,000 66,242
Kuraray Company Ltd. 1,000 10,850
Matsushita Electric
Industrial Co. 7,000 136,536
Nintendo Company Ltd. 200 17,259
Shiseido Company Ltd. 2,000 27,696
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
13
<PAGE> 14
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Sony Corp. 200 $ 18,492
Toto Ltd. 1,000 7,439
-----------
284,514
-----------
DISTRIBUTION (0.0%)
Nissho Iwai Corp.* 5,000 4,391
-----------
ELECTRIC UTILITY (0.2%)
Chubu Electric Power
Company, Inc. 1,000 17,732
Hokkaido Electric Power 2,000 30,229
Hokuriku Electric Power 1,000 15,114
Kansai Electric Power 3,000 60,669
Kyushu Electric Power 1,000 15,621
Tohoku Electric Power 300 4,562
Tokyo Electric Power
Co. 2,200 47,370
-----------
191,297
-----------
ELECTRICAL & ELECTRONIC (0.4%)
Hitachi Ltd. 11,000 81,457
Kyocera Corp. 1,000 53,871
Minebea Company Ltd. 3,000 31,006
Murata Mfg. Company
Ltd. 1,000 53,196
NEC Corp. 5,000 60,162
NGK Insulators Ltd. 1,000 11,298
Nippon Electric Glass
Company Ltd. 1,000 12,396
Nitto Denko Corp. 1,000 17,605
Omron Corp. 1,000 12,497
Sumitomo Electric
Industries 3,000 35,565
-----------
369,053
-----------
FINANCIAL SERVICES
(0.2%)
Acom Company Ltd. 1,000 70,675
Credit Saison Company
Ltd. 1,000 21,954
Nomura Securities
Company Ltd. 6,000 62,822
Tokio Marine & Fire
Insurance 4,000 45,630
-----------
201,081
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
FOOD PRODUCTS & SERVICES (0.1%)
Ajinomoto Company, Inc. 3,000 $ 35,717
Nissin Food Products
Company Ltd. 2,000 44,415
-----------
80,132
-----------
INDUSTRIAL (0.2%)
Chudenko Corp. 1,030 20,525
Kajima Corp. 2,000 6,080
Mitsubishi Heavy
Industries Ltd. 16,000 72,278
Tostem Corp. 3,000 55,476
-----------
154,359
-----------
MACHINERY & EQUIPMENT (0.1%)
Ebara Corp. 2,000 22,089
Komori Corp. 1,000 18,534
Mori Seiki Company Ltd. 1,000 11,475
Toyoda Automatic Loom
Works Ltd. 1,000 18,281
-----------
70,379
-----------
MANUFACTURING (0.2%)
Fuji Photo Film Co. 2,000 75,657
Nikon Corp. 3,000 36,477
Onward Kashiyama
Company Ltd. 2,000 23,727
-----------
135,861
-----------
MEDIA (0.1%)
Tokyo Broadcasting
System 1,000 12,708
Toppan Printing Company
Ltd. 3,000 39,289
-----------
51,997
-----------
METALS & MINING (0.0%)
Sumitomo Metal
Industries* 30,000 36,224
-----------
OFFICE EQUIPMENT & SERVICES (0.1%)
Canon, Inc. 2,000 49,481
Dai Nippon Printing
Company Ltd. 1,000 15,199
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
14
<PAGE> 15
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Ricoh Company Ltd. 3,000 $ 31,335
-----------
96,015
-----------
OIL & GAS (0.0%)
Arabian Oil Company
Ltd. 1,300 22,064
Tonen Corp. 2,000 11,281
-----------
33,345
-----------
PHARMACEUTICALS (0.1%)
Ono Pharmaceutical
Company Ltd. 1,000 40,361
Sankyo Company Ltd. 2,000 42,895
Yamanouchi
Pharmaceutical
Company Ltd. 1,000 31,664
-----------
114,920
-----------
REAL ESTATE (0.1%)
Mitsubishi Estate
Company Ltd. 4,000 40,699
Mitsui Fudosan Company
Ltd. 4,000 36,038
Sumitomo Realty &
Development 6,000 22,748
-----------
99,485
-----------
RETAIL (0.2%)
Daiei, Inc.* 2,000 5,759
Ito-Yokado Company Ltd. 1,000 64,342
Jusco Company Ltd. 2,000 34,788
Marui Company Ltd. 2,000 34,029
Mycal Corp. 1,000 6,172
Takashimaya Company
Ltd. 1,000 9,162
UNY Company Ltd. 1,000 18,154
-----------
172,406
-----------
TECHNOLOGY (0.3%)
Fujitsu Ltd. 6,000 96,360
TDK Corp. 1,000 80,976
Tokyo Electron Ltd. 1,000 51,761
-----------
229,097
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (0.2%)
KDD 300 $ 14,439
Nippon Telegraph &
Telephone Corp. 15 146,922
Nippon Television
Network 100 38,504
-----------
199,865
-----------
TRANSPORTATION & SHIPPING (0.2%)
All Nippon Airways
Company Ltd.* 7,000 23,229
East Japan Railway Co. 6 35,667
Japan Airlines Company
Ltd. 2,000 6,536
Kinki Nippon Railway
Company Ltd. 10,000 53,533
Mitsubishi Logistics
Corp. 1,000 11,509
Nippon Express Company
Ltd. 3,000 17,757
Seibu Railway Company
Ltd. 1,000 23,220
-----------
171,451
-----------
WHOLESALE & INTERNATIONAL TRADE (0.1%)
Mitsubishi Corp. 3,000 19,632
Mitsui & Company Ltd. 5,000 33,817
Sumitomo Corp. 2,000 13,122
-----------
66,571
-----------
4,438,005
-----------
MALAYSIA (0.1%)
BANKING (0.1%)
Malayan Banking Berhad 28,800 43,048
-----------
CONSUMER GOODS & SERVICES (0.0%)
Kuala Lumpur Kepong
Berhad 9,000 9,019
-----------
DIVERSIFIED (0.0%)
Renong Berhad* 9,000 1,156
Sungei Way Holdings
Berhad* 5,800 1,172
-----------
2,328
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
15
<PAGE> 16
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITY (0.0%)
Tenaga Nasional Berhad 4,000 $ 4,716
-----------
FINANCIAL SERVICES
(0.0%)
Hong Leong Credit
Berhad 6,000 3,221
Innovest Berhad* 5,000 516
Sime Darby Berhad 8,700 6,337
-----------
10,074
-----------
FOOD PRODUCTS & SERVICES (0.0%)
Nestle (Malaysia)
Berhad 1,000 2,800
-----------
INDUSTRIAL (0.0%)
UMW Holdings Berhad 2,000 1,701
United Engineers
(Malaysia)* 1,000 362
-----------
2,063
-----------
INDUSTRIAL GOODS & SERVICES (0.0%)
Perusahaan Otomobil
Nasional 1,000 1,063
-----------
OIL & GAS (0.0%)
Petronas Gas Berhad 2,000 3,242
-----------
RESORTS & ENTERTAINMENT (0.0%)
Resorts World Berhad 4,000 3,941
-----------
TELECOMMUNICATIONS (0.0%)
Telekom Malaysia 3,500 5,637
-----------
87,931
-----------
NETHERLANDS (1.6%)
BANKING (0.3%)
ABN Amro Holding, NV 3,748 78,093
Ing Groep, NV 2,504 138,003
-----------
216,096
-----------
BREWERY (0.1%)
Heineken, NV 1,800 90,750
-----------
CHEMICALS (0.0%)
Akzo Nobel 1,080 39,992
-----------
CONSUMER GOODS & SERVICES (0.2%)
Koninklijke Ahold, NV 1,200 45,990
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Unilever, NV -- CVA 1,572 $ 109,209
-----------
155,199
-----------
ELECTRICAL & ELECTRONIC (0.1%)
Philips Electronics 1,284 104,588
-----------
INSURANCE (0.2%)
Aegon, NV 1,388 126,695
Fortis, NV 1,020 39,147
-----------
165,842
-----------
MEDIA (0.1%)
Elsevier 554 8,254
Wolters Kluwer -- CVA 420 76,175
-----------
84,429
-----------
OIL & GAS (0.6%)
Royal Dutch Petroleum 7,517 399,675
-----------
TELECOMMUNICATIONS (0.0%)
Koninklijke KPN, NV 859 34,173
-----------
TRANSPORTATION & SHIPPING (0.0%)
TNT Post Group, NV 859 25,873
-----------
1,316,617
-----------
NEW ZEALAND (0.1%)
AEROSPACE & MILITARY TECHNOLOGY (0.0%)
Air New Zealand Ltd.,
Class B 10,000 17,332
-----------
DIVERSIFIED (0.0%)
Brierley Investments
Ltd.* 11,700 2,870
-----------
FOREST & PAPER PRODUCTS (0.0%)
Fletcher Challenge
Forests* 10,000 3,893
-----------
TELECOMMUNICATIONS (0.1%)
Telecom Corp. of New
Zealand 5,000 24,319
-----------
48,414
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
16
<PAGE> 17
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
NORWAY (0.1%)
BANKING (0.0%)
Norske Bank, ASA 1,000 $ 3,661
Sparebanken Nor-Cap,
CTF 100 1,941
-----------
5,602
-----------
FOOD PRODUCTS & SERVICES (0.0%)
Orkla, ASA, Class A 600 9,199
-----------
INDUSTRIAL (0.1%)
Bergesen D Y ASA, Class
A 500 6,858
Kvaerner, ASA 100 1,779
Norsk Hydro, ASA 780 31,791
-----------
40,428
-----------
INSURANCE (0.0%)
Storebrand, ASA* 1,000 7,375
-----------
OIL & GAS (0.0%)
Smedvig, ASA, Class B 1,000 9,704
-----------
72,308
-----------
SINGAPORE (0.1%)
BANKING (0.1%)
Development Bank of
Singapore* 2,750 20,841
United Overseas Bank --
Foreign* 1,000 6,133
-----------
26,974
-----------
INDUSTRIAL (0.0%)
Sembcorp Industries
Ltd.* 18,209 19,910
-----------
PRINTING & PUBLISHING (0.0%)
Singapore Press
Holdings 1,148 12,686
-----------
REAL ESTATE (0.0%)
Centrepoint Properties 15,000 11,281
DBS Land 3,000 4,426
-----------
15,707
-----------
TELECOMMUNICATIONS (0.0%)
Singapore
Telecommunications 5,000 7,116
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
TRANSPORTATION & SHIPPING (0.0%)
Singapore Airlines Ltd. 2,000 $ 14,464
-----------
96,857
-----------
SPAIN (0.7%)
BANKING (0.4%)
Banco Bilbao Vizcaya 11,631 173,281
Banco Central
Hispanoamer, SA 4,200 52,643
Banco Popular Espanol 600 38,606
Banco Santander, SA 1,800 36,922
-----------
301,452
-----------
ELECTRIC UTILITY (0.1%)
Endesa, SA 500 12,620
Iberdrola, SA 4,906 72,667
-----------
85,287
-----------
OIL & GAS (0.1%)
Gas Natural SDG-E 200 18,461
Repsol, SA 1,250 64,370
-----------
82,831
-----------
TELECOMMUNICATIONS (0.1%)
Telefonica de Espana 2,466 104,600
-----------
574,170
-----------
SWEDEN (0.7%)
AUTOMOTIVE (0.1%)
Volvo, AB, Class A 400 10,337
Volvo, AB, Class B 1,700 44,552
-----------
54,889
-----------
BANKING (0.1%)
Svenska Handelsbanken,
Class A 1,300 45,293
Svenska Handelsbanken,
Class B 500 16,053
-----------
61,346
-----------
BASIC MATERIALS (0.0%)
AGA, AB, Class A 700 8,768
-----------
CONSUMER GOODS & SERVICES (0.0%)
Electrolux, AB, Class B 1,300 25,769
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
17
<PAGE> 18
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITY (0.0%)
Sydkraft, AB, Class A 200 $ 5,448
-----------
FINANCIAL SERVICES (0.0%)
Investor, AB, Class A 200 8,610
Investor, AB, Class B 600 26,268
-----------
34,878
-----------
INDUSTRIAL (0.0%)
ABB, AB, Class A 600 7,443
Skanska, AB, Class B 200 6,810
-----------
14,253
-----------
INSURANCE (0.1%)
Skandia Forsakrings, AB 2,500 46,516
-----------
MACHINERY & EQUIPMENT (0.1%)
Atlas Copco, AB, Class
A 1,600 43,391
Sandvik, AB, Class A 850 16,952
Sandvik, AB, Class B 500 9,972
-----------
70,315
-----------
MEDICAL EQUIPMENT & SUPPLIES (0.0%)
Gambro, AB, Class B 1,000 9,729
-----------
PHARMACEUTICALS (0.2%)
Astra, AB, Class A 4,132 94,719
Astra, AB, Class B 2,200 49,897
-----------
144,616
-----------
REAL ESTATE (0.0%)
Drott, AB, Class B* 200 1,763
Fastighets, AB, Balder 50 535
-----------
2,298
-----------
TELECOMMUNICATIONS (0.1%)
Ericsson, LM, Class B 6,000 145,932
-----------
624,757
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
SWITZERLAND (2.1%)
BANKING (0.5%)
Credit Suisse Group,
Registered 880 $ 164,092
Union Bank of
Switzerland, AG,
Registered 838 263,264
-----------
427,356
-----------
FOOD PRODUCTS & SERVICES (0.3%)
Nestle, SA, Registered 160 290,674
-----------
INSURANCE (0.2%)
Schw Rueckversicherungs,
Registered 50 110,631
Zurich Allied, AG 150 95,970
-----------
206,601
-----------
MANUFACTURING (0.1%)
ABB, AG, Bearer 55 72,756
-----------
PHARMACEUTICALS (1.0%)
Novartis, AG, Bearer 40 65,129
Novartis, AG,
Registered 223 361,738
Roche Holding,
AG, Bearer 3 53,508
Roche Holding,
AG, Genus 27 329,258
-----------
809,633
-----------
1,807,020
-----------
UNITED KINGDOM (7.9%)
AEROSPACE & MILITARY TECHNOLOGY (0.0%)
British Aerospace, PLC 6,000 40,099
-----------
AUTOMOTIVE (0.1%)
GKN, PLC 1,000 15,118
Lucas Varity, PLC 11,000 50,875
-----------
65,993
-----------
BANKING (1.6%)
Abbey National, PLC 6,000 123,688
Alliance & Leicester,
PLC 2,500 34,929
Bank of Scotland 4,000 53,111
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
18
<PAGE> 19
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Barclays, PLC 6,918 $ 199,456
Halifax, PLC 7,000 85,711
HSBC Holdings, PLC 3,400 109,718
HSBC Holdings, PLC 7,000 219,497
Lloyds TSB Group, PLC 20,731 313,409
National Westminster
Bank 7,000 160,010
Royal Bank of Scotland
Group 2,000 43,489
Schroders, PLC 750 17,507
Schroders, PLC, Non
Voting Shares 1,500 29,300
Standard Chartered, PLC 2,000 28,266
-----------
1,418,091
-----------
BEVERAGES & TOBACCO (0.4%)
Allied Domecq, PLC 1,400 10,430
Bass, PLC 3,791 51,345
British American
Tobacco, PLC 7,374 61,543
Diageo, PLC 14,552 163,500
Scottish & Newcastle,
PLC 2,000 21,648
-----------
308,466
-----------
BUILDING PRODUCTS (0.0%)
Wolseley, PLC 1,000 8,209
-----------
CHEMICALS (0.1%)
BOC Group, PLC 2,445 34,378
Imperial Chemical
Industries, PLC 2,000 17,903
-----------
52,281
-----------
CONSUMER GOODS & SERVICES (0.4%)
Boots Company, PLC 2,919 42,127
Granada Group, PLC 4,000 80,973
Hays, PLC 6,000 60,149
Rank Group, PLC 10,563 38,495
Reckitt & Coleman, PLC 2,750 29,832
Unilever, PLC 9,000 83,177
-----------
334,753
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
DIVERSIFIED (0.3%)
General Electric
Company, PLC 10,070 $ 90,790
Rentokil Initial, PLC 6,000 36,903
Siebe, PLC 12,000 52,933
Smiths Industries, PLC 2,600 38,026
Tompkins, PLC 4,000 14,755
Williams, PLC 8,030 51,819
-----------
285,226
-----------
ELECTRIC UTILITY (0.2%)
National Power, PLC 12,000 92,160
Powergen, PLC 3,000 33,029
Scottish & Southern
Energy 4,630 41,781
Scottish Power, PLC 5,000 43,546
-----------
210,516
-----------
FINANCIAL SERVICES
(0.0%)
3i Group, PLC 1,000 10,106
-----------
FOOD PRODUCTS & SERVICES (0.3%)
ASDA Group, PLC 14,000 34,070
Associated British
Foods, PLC 5,000 35,071
Cadbury Schweppes, PLC 5,853 84,470
Sainsbury (J), PLC 1,144 7,073
Tesco, PLC 34,254 90,823
-----------
251,507
-----------
INDUSTRIAL (0.1%)
BAA, PLC 2,100 23,425
Blue Circle Industries,
PLC 4,000 22,891
-----------
46,316
-----------
INSURANCE (0.5%)
Allied Zurich, PLC* 7,374 99,457
CGU, PLC 7,044 110,244
Guardian Royal
Exchange, PLC 952 5,625
Legal & General Group,
PLC 4,000 47,331
Norwich Union, PLC 6,000 41,237
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
19
<PAGE> 20
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Prudential Corporation,
PLC 8,000 $ 104,348
Royal & Sun Alliance
Insurance Group 5,000 47,178
-----------
455,420
-----------
MEDIA (0.3%)
British Sky
Broadcasting, PLC 8,000 68,769
Pearson, PLC 3,463 78,879
Reuters Group, PLC 4,855 71,321
United News & Media,
PLC 1,000 9,468
-----------
228,437
-----------
METALS & MINING (0.0%)
Rio Tinto, PLC,
Registered 2,216 30,532
-----------
MOVIES & ENTERTAINMENT (0.1%)
EMI Group, PLC 7,000 50,031
-----------
OIL & GAS (0.7%)
BP Amoco, PLC 20,176 340,847
Burmah Castrol, PLC 2,000 30,591
Enterprise Oil, PLC 5,000 28,936
Lasmo, PLC 11,000 22,419
Shell Transportation &
Trading Company, PLC 25,473 171,269
-----------
594,062
-----------
PHARMACEUTICALS (1.0%)
Glaxo Wellcome, PLC 14,451 484,761
Smithkline Beecham, PLC 15,708 226,696
Zeneca Group, PLC 4,000 189,390
-----------
900,847
-----------
REAL ESTATE (0.1%)
Land Securities, PLC 4,282 56,509
-----------
RESTAURANTS (0.1%)
Whitbread, PLC 3,700 57,250
-----------
RETAIL (0.3%)
Great Universal Stores,
PLC 5,834 62,440
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Kingfisher, PLC 6,000 $ 75,549
Marks & Spencer, PLC 8,198 53,863
Next, PLC 3,000 34,409
-----------
226,261
-----------
TELECOMMUNICATIONS (0.9%)
British Telecom, PLC 24,966 407,461
Cable & Wireless
Communications, PLC* 5,000 56,662
Cable & Wireless, PLC 10,000 125,108
Carlton Communications,
PLC 1,000 9,871
Orange, PLC* 4,000 55,984
Vodafone Group, PLC 9,225 171,108
-----------
826,194
-----------
TRANSPORTATION & SHIPPING (0.2%)
British Airways, PLC 3,500 24,281
Peninsular & Orient
Steam 4,250 61,747
Railtrack Group, PLC 2,600 59,516
-----------
145,544
-----------
UTILITIES (0.2%)
British Gas, PLC 13,911 81,629
United Utilities, PLC 4,000 47,945
-----------
129,574
-----------
6,732,224
-----------
UNITED STATES (40.6%)
AEROSPACE & MILITARY TECHNOLOGY (0.8%)
Allied Signal, Inc. 1,400 68,863
Boeing Co. 1,700 58,013
General Dynamics Corp. 1,000 64,250
Goodrich (B.F) Co. 4,900 168,131
Lockheed Martin Corp. 100 3,769
United Technologies
Corp. 2,400 325,049
-----------
688,075
-----------
AUTOMOTIVE (1.0%)
Daimlerchrysler, AG* 1,184 101,602
Dana Corp. 2,200 83,600
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
20
<PAGE> 21
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Ford Motor Co. 5,000 $ 283,750
General Motors Corp. 3,100 269,313
Navistar International
Corp.* 400 16,075
TRW, Inc. 1,800 81,900
-----------
836,240
-----------
BANKING (2.8%)
Bank One Corp. 2,214 121,908
BankAmerica Corp. 6,536 461,604
Chase Manhattan Corp. 5,700 463,480
Comerica, Inc. 2,650 165,459
First Union Corp. 2,800 149,625
Fleet Financial Group,
Inc. 5,500 206,938
MBNA Corp. 3,600 85,950
Mellon Bank Corp. 3,100 218,163
PNC Bank Corp. 1,300 72,231
Republic New York Corp. 1,700 78,413
Southtrust Corp. 200 7,463
State Street Corp. 100 8,219
Suntrust Banks, Inc. 2,800 174,300
Wells Fargo & Co. 6,300 220,894
-----------
2,434,647
-----------
BEVERAGES & TOBACCO (1.7%)
Anheuser Busch 400 30,475
Coca-Cola Co. 5,400 331,425
Coca-Cola Enterprises 3,700 111,925
Coors (Adolph), Class B 2,000 108,000
Pepsico, Inc. 5,200 203,775
Philip Morris
Companies, Inc. 10,600 372,988
RJR Nabisco Holdings
Corp. 4,000 100,000
Seagram Company Ltd. 2,900 145,000
Universal Corp., Va 800 20,450
-----------
1,424,038
-----------
BIOTECHNOLOGY (0.1%)
Pioneer Hi-Bred
International, Inc. 1,500 56,438
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
BROADCASTING/CABLE (0.2%)
Comcast Corp.,
Special Class A 2,100 $ 132,169
Media One Group, Inc.* 300 19,050
-----------
151,219
-----------
BUILDING PRODUCTS
(0.1%)
Owens Corning Co. 1,800 57,263
-----------
CHEMICALS (0.4%)
Air Products &
Chemical, Inc. 200 6,850
Dow Chemical Co. 1,100 102,506
Du Pont (E.I.) De
Nemours 2,200 127,737
Praxair, Inc. 1,400 50,488
Rohm & Haas Co. 1,800 60,413
-----------
347,994
-----------
COMMERCIAL SERVICES (0.5%)
Kelly Services, Inc.,
Class A 3,900 108,225
McKesson HBOC, Inc. 3,740 246,840
Paychex, Inc. 1,650 78,272
Robert Half
International, Inc.* 300 9,844
-----------
443,181
-----------
COMPUTER HARDWARE (2.6%)
Cisco Systems, Inc.* 4,825 528,639
Compaq Computer Corp. 6,800 215,475
Dell Computer Corp.* 6,700 273,863
EMC Corp.* 2,000 255,500
Gateway 2000, Inc.* 1,700 116,556
Hewlett-Packard Co. 3,700 250,906
IBM Corp. 3,100 549,474
-----------
2,190,413
-----------
COMPUTER SOFTWARE & PERIPHERALS (2.3%)
America Online, Inc.* 1,400 204,400
Automatic Data
Processing, Inc. 4,400 182,050
BMC Software, Inc.* 2,200 81,538
Computer Associates
International, Inc. 3,350 119,134
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
21
<PAGE> 22
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Compuware Corp.* 3,600 $ 85,950
First Data Corp. 1,300 55,575
Microsoft, Inc.* 13,200 1,183,049
Oracle Corp.* 1,500 39,563
-----------
1,951,259
-----------
CONSTRUCTION (0.2%)
Masco Corp. 1,600 45,200
Vulcan Materials Co. 2,100 86,756
-----------
131,956
-----------
CONSUMER GOODS & SERVICES (1.5%)
Avon Products, Inc. 600 28,238
Colgate Palmolive Co. 600 55,200
Eastman Kodak Co. 1,100 70,263
Enesco Group, Inc. 700 12,644
Fortune Brands, Inc. 3,900 150,880
Fruit of the Loom Inc.,
Class A* 600 6,225
Gillette Co. 3,000 178,312
Hasbro, Inc. 3,150 91,153
Interpublic Group
Companies, Inc. 600 46,725
Liz Claiborne, Inc. 500 16,313
Mattel 4,300 106,963
Maytag Corp. 700 42,263
Proctor & Gamble Co. 4,800 470,099
-----------
1,275,278
-----------
CONTAINERS & PACKAGING (0.1%)
Ball Corp. 1,000 46,938
Owens-Illinois, Inc.* 2,000 50,000
-----------
96,938
-----------
ELECTRIC UTILITY (0.7%)
Cinergy Corp. 900 24,750
DTE Energy Co. 1,400 53,813
Entergy Corp. 6,800 187,000
Florida Power & Light
Group, Inc. 200 10,650
PECO Energy Co. 1,100 50,875
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
PG&E Corp. 6,000 $ 186,375
Texas Utilities Holding
Co. 2,800 116,725
-----------
630,188
-----------
ELECTRICAL & ELECTRONIC (1.8%)
Emerson Electric Co. 500 26,469
Firstenergy Corp. 1,700 47,494
General Electric Co. 8,400 929,249
Honeywell, Inc. 2,300 174,369
Johnson Controls, Inc. 2,100 130,988
Reliant Energy, Inc. 5,300 138,131
Tecumseh Products Co.,
Class A 1,100 56,031
-----------
1,502,731
-----------
ENVIRONMENTAL SERVICES (0.1%)
Waste Management, Inc. 2,700 119,813
-----------
FINANCIAL SERVICES
(2.7%)
American Express Co. 1,800 211,500
Associates First
Capital, Class A 2,882 129,690
Bear Stearns Companies,
Inc. 1,000 44,688
Capital One Financial
Corp. 300 45,300
Charter One Financial,
Inc. 3,900 112,552
Citigroup, Inc. 8,750 558,905
Fannie Mae 3,200 221,600
Franklin Resources,
Inc. 100 2,813
Golden West Financial
Corp. 700 66,850
Household
International, Inc. 1,100 50,188
J.P. Morgan & Co. 1,400 172,725
Lehman Brothers
Holdings, Inc. 1,000 59,750
Merrill Lynch & Co. 800 70,750
Morgan Stanley Dean
Witter & Co. 4,000 399,749
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
22
<PAGE> 23
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Paine Webber Group,
Inc. 1,200 $ 47,850
Washington Mutual, Inc. 1,454 59,432
-----------
2,254,342
-----------
FOOD PRODUCTS & SERVICES (1.1%)
Archer Daniels Midland
& Co. 7,665 112,580
Bob Evans Farms 2,600 52,000
Conagra, Inc. 2,400 61,350
Dean Foods Co. 2,100 74,813
International
Multifoods Corp. 700 16,319
Interstate Bakeries 2,800 60,375
Kroger Co.* 800 47,900
McDonald's Corp. 3,200 144,999
Safeway, Inc.* 2,800 143,674
Sara Lee Corp. 2,200 54,450
Starbucks Corp.* 2,200 61,738
Supervalu, Inc. 3,900 80,438
Tyson Foods, Inc.,
Class A 2,800 57,925
-----------
968,561
-----------
FUNERAL SERVICES (0.1%)
Services Corporation
International 2,200 31,350
Stewart Enterprises,
Inc., Class A 3,300 53,006
-----------
84,356
-----------
HEALTH CARE (0.5%)
Columbia/HCA Healthcare
Corp. 5,600 106,050
Hillenbrand Industries,
Inc. 1,400 64,663
Humana, Inc.* 1,700 29,325
Tenet Healthcare Corp.* 400 7,575
United Healthcare Corp. 4,300 226,287
-----------
433,900
-----------
HOTELS & LODGING (0.1%)
Marriott International,
Class A 1,800 60,525
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
INDUSTRIAL GOODS & SERVICES (0.0%)
Kaydon Corp. 500 $ 14,469
-----------
INSURANCE (1.9%)
Aetna, Inc. 1,500 124,500
AFLAC, Inc. 1,300 70,769
Allstate Corp. 5,400 200,138
American General Corp. 800 56,400
American International
Group, Inc. 2,684 323,757
Aon Corp. 1,000 63,250
Cigna Corp. 1,300 108,956
Conseco, Inc. 3,000 92,625
Hartford Financial
Services Group, Inc. 1,600 90,900
Jefferson Pilot Corp. 500 33,875
Lincoln National Corp. 400 39,550
Loews Corp. 800 59,700
Marsh & McLennan Cos. 1,000 74,188
Progressive Corp. 1,100 157,850
Provident Companies,
Inc. 1,300 44,931
St. Paul Cos. 1,200 37,275
Transamerica Corp. 100 7,100
-----------
1,585,764
-----------
MACHINERY & EQUIPMENT (0.4%)
Caterpillar, Inc. 1,800 82,688
Deere & Co. 800 30,900
Halliburton Co. 2,700 103,950
Ingersoll-Rand Co. 2,100 104,212
-----------
321,750
-----------
MANUFACTURING (1.0%)
Hon Industries, Inc. 800 17,550
Illinois Tool Works,
Inc. 600 37,125
Mark IV Industries,
Inc. 5,000 65,313
Parker Hannifin Corp. 200 6,850
Pentair, Inc. 600 20,250
Raychem Corp. 500 11,281
Raytheon Co., Class B 100 5,863
Tenneco, Inc. 4,600 128,513
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
23
<PAGE> 24
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Textron, Inc. 2,500 $ 193,437
Tyco International Ltd. 4,800 344,399
-----------
830,581
-----------
MEDICAL EQUIPMENT & SUPPLIES (1.0%)
Amgen, Inc.* 2,200 164,725
Baxter International,
Inc. 900 59,400
Becton Dickinson & Co. 2,000 76,625
Boston Scientic Corp.* 1,200 48,675
Guidant Corp. 200 12,100
Johnson & Johnson 4,800 449,700
-----------
811,225
-----------
METALS & MINING (0.1%)
Carpenter Technology
Corp. 1,400 36,313
Reynolds Metals Co. 1,400 67,637
-----------
103,950
-----------
OFFICE EQUIPMENT & SERVICES (0.2%)
Xerox Corp. 3,800 202,825
-----------
OIL & GAS (2.5%)
Amerada Hess Corp. 600 30,188
Ashland, Inc. 600 24,563
Baker Hughes, Inc. 5,200 126,425
BP Amoco, PLC, ADR 2,977 300,491
Chevron Corp. 1,300 114,969
Coastal Corp. 4,500 148,500
Exxon Corp. 7,800 550,387
Mobil Corp. 3,900 343,199
Royal Dutch Petroleum,
NY Shares 1,900 98,800
Texaco, Inc. 3,900 221,325
USX-Marathon Group 6,500 178,750
-----------
2,137,597
-----------
PAPER PRODUCTS (0.3%)
Fort James Corp. 1,300 41,194
Georgia Pacific Corp. 1,200 89,100
International Paper Co. 1,300 54,844
Mead Corp. 1,000 30,750
Westvaco Corp. 2,200 46,200
Weyerhaeuser Co. 500 27,750
-----------
289,838
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (3.7%)
Abbott Laboratories 1,700 $ 79,581
Alza Corp.* 300 11,475
American Home Products
Corp. 2,500 163,125
Bergen Brunswig Corp.,
Class A 6,400 128,000
Bristol-Myers Squibb
Co. 4,800 308,700
Cardinal Health, Inc. 3,000 198,000
Eli Lilly & Co. 2,800 237,650
Merck & Company, Inc. 7,900 633,481
Mylan Laboratories 1,400 38,413
Pfizer, Inc. 4,900 679,874
Schering-Plough Corp. 7,800 431,438
Warner-Lambert Co. 4,800 317,700
-----------
3,227,437
-----------
PRINTING & PUBLISHING (0.6%)
New York Times Co.,
Class A 2,700 76,950
R.R. Donnelley & Sons
Co. 3,800 122,313
Time Warner, Inc. 800 56,850
Viacom, Inc., Class B* 2,800 235,025
-----------
491,138
-----------
RESORTS & ENTERTAINMENT (0.3%)
Carnival Corp. 1,400 67,988
Walt Disney Co. 5,100 158,737
-----------
226,725
-----------
RETAIL (2.3%)
Dayton Hudson Corp. 4,200 279,824
Federated Department
Stores, Inc.* 600 24,075
GAP, Inc. 3,375 227,180
Heilig-Meyers Co. 11,400 59,138
Home Depot, Inc. 4,600 286,349
J.C. Penney Company,
Inc. 200 8,100
K Mart Corp.* 5,800 97,513
Lowe's Companies, Inc. 1,600 96,800
Rite Aid Corp. 3,100 77,500
Sears, Roebuck & Co. 1,700 76,819
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
24
<PAGE> 25
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
Staples, Inc.* 2,700 $ 88,763
Tiffany & Co. 900 67,275
TJX Companies, Inc. 5,900 200,600
V.F. Corp. 600 28,313
Wal-Mart Stores, Inc. 3,800 350,312
-----------
1,968,561
-----------
TECHNOLOGY (1.9%)
Applied Materials,
Inc.* 1,300 80,194
Computer Sciences
Corp.* 1,500 82,781
Intel Corp. 6,600 786,224
Linear Technology Corp. 1,000 51,250
Motorola, Inc. 3,200 234,400
Sun Microsystems, Inc.* 1,400 174,913
Texas Instruments, Inc. 1,700 168,725
UNISYS Corp.* 1,300 35,994
-----------
1,614,481
-----------
TELECOMMUNICATIONS (2.6%)
AT&T Corp. 4,639 370,250
BellSouth Corp. 8,000 320,500
General Instrument
Corp.* 1,400 42,438
Lucent Technologies,
Inc. 5,200 560,299
MCI Worldcom, Inc.* 4,700 416,243
Nextel Communications,
Inc., Class A* 800 29,300
Northern Telecom Ltd. 2,100 130,463
Tellabs, Inc.* 3,100 303,025
-----------
2,172,518
-----------
TIRE & RUBBER (0.0%)
Goodyear Tire & Rubber
Co. 200 9,963
-----------
TRANSPORTATION & SHIPPING (0.3%)
AMR Corp.* 900 52,706
Burlington Northern
Santa Fe 2,700 88,763
CSX Corp. 1,100 42,831
Laidlaw, Inc. 1,000 5,813
Southwest Airlines 2,100 63,525
-----------
253,638
-----------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
UTILITIES (0.1%)
Enron Corp. 1,200 $ 77,100
-----------
34,478,915
- -------------------------------------------------
TOTAL COMMON STOCKS (COST $47,581,275) 57,825,897
- -------------------------------------------------
PREFERRED STOCKS (0.1%)
GERMANY (0.1%)
COMPUTER SOFTWARE & PERIPHERALS (0.1%)
SAP, AG 190 61,126
-----------
RETAIL (0.0%)
Metro, AG 240 8,097
-----------
69,223
-----------
NETHERLANDS (0.0%)
BANKING (0.0%)
ABN Amro Holding 6,000 16,582
- -------------------------------------------------
TOTAL PREFERRED STOCKS
(COST $68,577) 85,805
- -------------------------------------------------
U.S. TREASURY BONDS (4.6%)
UNITED STATES (4.6%)
U.S. TREASURY BONDS (5.1%)
U.S. Treasury Bond,
8.50%, 02/15/20 $1,180,000 1,542,933
U.S. Treasury Bond,
7.875%, 02/15/21 550,000 681,318
U.S. Treasury Bond,
6.00%, 02/15/26 1,650,000 1,677,637
-----------
3,901,888
- -------------------------------------------------
TOTAL U.S. TREASURY BONDS
(COST $3,926,979) 3,901,888
- -------------------------------------------------
U.S. TREASURY NOTES (24.2%)
UNITED STATES (24.2%)
U.S. TREASURY NOTES (24.2%)
U.S. Treasury Note,
8.50%, 02/15/00 950,000 979,203
U.S. Treasury Note,
8.50%, 11/15/01 1,300,000 1,375,543
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
25
<PAGE> 26
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- -------------------------------------------------
<S> <C> <C>
U.S. Treasury Note,
5.875%, 09/30/02 $8,940,000 $ 9,139,273
U.S. Treasury Note,
6.625%, 05/15/07 1,800,000 1,940,922
U.S. Treasury Note,
6.125%, 08/15/07 4,435,000 4,643,179
U.S. Treasury Note,
8.875%, 02/15/19 1,800,000 2,417,922
- -------------------------------------------------
20,496,042
- -------------------------------------------------
TOTAL U.S. TREASURY NOTES
(COST $20,23,382) 20,496,042
- -------------------------------------------------
MONEY MARKET FUNDS (1.7%)
UNITED STATES (1.7%)
Eureka Prime Money
Market Fund --
Trust Class 1,402,955 1,402,955
- -------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $1,402,955) 1,402,955
- -------------------------------------------------
- -------------------------------------------------
DAILY SWEEP VEHICLE (0.7%)
UNITED STATES (0.7%)
Bank of New York Cash
Sweep 610,426 610,426
- -------------------------------------------------
TOTAL DAILY SWEEP VEHICLE
(COST $610,426) 610,426
- -------------------------------------------------
TOTAL INVESTMENTS
(COST $73,713,594) (a) -- 99.5% 84,323,013
- -------------------------------------------------
OTHER ASSETS IN EXCESS OF LIABILITIES 0.5%438,349
- -------------------------------------------------
TOTAL NET ASSETS -- 100.0% $84,761,362
- -------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $84,761,362.
(a) Represents cost for financial reporting purposes and differs from cost basis
for federal income tax purposes by the amount of losses recognized for
financial reporting purposes in excess of federal income tax reporting of
approximately $97,015. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 14,111,500
Unrealized depreciation (3,599,096)
------------
Net unrealized
appreciation $ 10,512,404
============
</TABLE>
* Denotes non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
26
<PAGE> 27
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENT GRADE BOND FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
- --------------------------------------------------
CORPORATE BONDS (20.7%)
BANKING (2.7%)
BankBoston N.A.,
6.375%, 04/15/08 $1,000,000 $ 992,500
Chase Manhattan Corp.,
10.125%, 11/01/00 1,000,000 1,065,000
Interamerican
Development Bank,
8.40%, 09/01/09 100,000 118,625
MBNA American Bank,
6.92%, 05/30/00 550,000 556,875
Mellon Bank, 7.625%,
09/15/07 100,000 108,000
Union Planters, 6.25%,
11/01/03 1,200,000 1,189,500
------------
4,030,500
------------
BEVERAGES & TOBACCO (1.4%)
Anheuser Busch Cos.,
8.75%, 12/01/99 1,000,000 1,021,250
Seagram Co. Ltd.,
8.35%, 11/15/06 1,000,000 1,082,500
------------
2,103,750
------------
COMPUTER HARDWARE (0.6%)
IBM Corp., 7.00%,
10/30/25 800,000 835,000
------------
CONSUMER GOODS & SERVICES (0.0%)
Maytag Corp., 8.875%,
07/15/99 27,000 27,236
------------
ELECTRIC UTILITY (0.7%)
Consolidated Edison,
6.625%, 02/01/02 500,000 511,875
Philadelphia Electric,
6.625%, 03/01/03 500,000 512,500
------------
1,024,375
------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (6.3%)
Associates Corp. N.A.,
6.625%, 06/15/05 $2,000,000 $ 2,054,999
BankAmerica Corp.,
8.57%, 11/15/24 1,000,000 1,181,250
Citigroup, Inc., 6.25%,
12/01/05 1,200,000 1,188,000
Ford Motor Credit
Corp., 7.75%,
03/15/05 500,000 538,125
Regions Financial
Corp., 7.75%,
09/15/24 2,495,000 2,716,430
Sunamerica, Inc.,
6.59%, 07/14/03 150,000 154,313
Sunamerica, Inc.,
8.125%, 04/28/23 75,000 86,438
Texaco Capital, 8.50%,
02/15/03 1,300,000 1,420,250
------------
9,339,805
------------
HOTELS & LODGING (0.3%)
Hilton Hotels, 7.70%,
07/15/02 500,000 508,125
------------
INDUSTRIAL GOODS & SERVICES (3.7%)
Bowater, Inc., 9.00%,
08/01/09 500,000 565,625
Brunswick Corp.,
7.375%, 09/01/23 1,000,000 941,250
General Motors, 7.40%,
09/01/25 1,230,000 1,311,488
Harsco Corp., 6.00%,
09/15/03 500,000 495,625
Lockheed Martin Corp.,
7.625%, 06/15/25 500,000 536,250
Lowes Companies, Inc.,
7.11%, 05/15/37 1,000,000 1,046,250
Tenneco, Inc., 6.70%,
12/15/05 500,000 488,125
------------
5,384,613
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
27
<PAGE> 28
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
OIL & GAS (2.7%)
Ashland Oil, Inc.,
9.20%, 04/24/06 $ 500,000 $ 565,000
Atlantic Richfield,
8.375%, 03/15/05 1,000,000 1,100,000
Columbia Energy Group,
6.80%, 11/28/05 500,000 510,000
Piedmont Natural Gas
Company, Inc., 7.40%,
10/03/25 1,700,000 1,795,625
------------
3,970,625
------------
PHARMACEUTICALS (0.4%)
Eli Lilly, 8.375%,
12/01/06 500,000 576,250
------------
RETAIL (0.4%)
Limited, Inc., 7.80%,
05/15/02 500,000 520,625
Wal-Mart Stores, Inc.,
6.75%, 05/15/02 2,000 2,063
------------
522,688
------------
TELECOMMUNICATIONS (1.3%)
Airtouch
Communications,
7.00%, 10/01/03 665,000 688,275
Bellsouth
Telecommunications,
6.50%, 02/01/00 150,000 151,313
Bellsouth
Telecommunications,
7.00%, 10/01/25 500,000 523,125
Bellsouth
Telecommunications,
5.85%, 11/15/45 500,000 504,375
------------
1,867,088
------------
TRANSPORTATION & SHIPPING (0.2%)
Norfolk Southern Corp.,
8.125%, 11/15/03 250,000 272,813
Union Tank Car, 11.80%,
05/15/00 89,000 94,006
------------
366,819
------------
TOTAL CORPORATE BONDS
(COST $30,551,842) 30,556,874
- --------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FOREIGN (2.9%)
FOREIGN GOVERNMENTS (2.9%)
Canadian Global Bond,
6.50%, 05/30/00 $ 750,000 $ 759,375
Canadian Global Bond,
6.375%, 07/21/05 1,000,000 1,028,750
China, 6.625%, 01/15/03 500,000 496,875
Province of Ontario,
7.00%, 08/04/05 1,500,000 1,590,000
State of Israel,
6.375%, 12/15/05 495,000 465,300
- --------------------------------------------------
TOTAL FOREIGN
(COST $4,324,049) 4,340,300
- --------------------------------------------------
MORTGAGE BACKED SECURITIES (30.5%)
FANNIE MAE (5.9%)
Fannie Mae #251140,
7.00%, 08/01/27 391,664 396,810
Fannie Mae #303585,
7.00%, 10/01/25 449,397 455,185
Fannie Mae #313644,
7.00%, 08/01/27 173,853 176,118
Fannie Mae #344263,
7.00%, 05/01/26 230,769 233,763
Fannie Mae #369427,
7.00%, 01/01/27 143,391 145,248
Fannie Mae #375422,
6.90%, 10/01/07 1,702,553 1,775,391
Fannie Mae #380721,
6.22%, 10/01/08 2,788,321 2,803,992
Fannie Mae #381100,
5.77%, 01/01/09 998,049 975,447
Fannie Mae #394444,
7.00%, 07/01/27 1,103,973 1,118,424
Fannie Mae #396535,
7.00%, 11/01/27 521,867 528,807
------------
8,609,185
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
28
<PAGE> 29
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
FREDDIE MAC (3.6%)
Freddie Mac #C00544,
6.50%, 06/01/27 $ 513,338 $ 511,300
Freddie Mac #D77827,
6.50%, 02/01/27 892,217 888,559
Freddie Mac #D81274,
6.50%, 07/01/27 35,364 35,211
Freddie Mac #D83661,
6.50%, 11/01/27 862,537 859,044
Freddie Mac #D83833,
6.50%, 11/01/27 856,774 853,209
Freddie Mac #D83835,
6.50%, 11/01/27 535,367 533,118
Freddie Mac #D83900,
6.50%, 11/01/27 566,208 563,858
Freddie Mac #D83967,
6.50%, 11/01/27 50,988 50,771
Freddie Mac #D83991,
6.50%, 11/01/27 700,983 698,256
Freddie Mac #D84075,
6.50%, 11/01/27 335,094 333,777
------------
5,327,103
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (21.0%)
Government National
Mortgage Association
#410424, 7.00%,
11/15/12 1,794,576 1,841,738
Government National
Mortgage Association
#437447, 7.00%,
11/15/12 1,772,368 1,818,946
Government National
Mortgage Association
#437448, 7.00%,
11/15/12 815,976 837,232
Government National
Mortgage Association
#458347, 7.00%,
11/15/12 843,382 865,411
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Government National
Mortgage Association
#780717, 7.00%,
02/15/28 $5,130,277 $ 5,209,283
Government National
Mortgage Association
II #2005, 8.00%,
05/20/25 223,381 230,422
Government National
Mortgage Association
II #2036, 8.00%,
07/20/25 125,929 129,912
Government National
Mortgage Association
II #2118, 7.50%,
11/20/25 128,804 132,024
Government National
Mortgage Association
II #2271, 8.50%,
08/20/26 371,059 386,881
Government National
Mortgage Association
II #2362, 8.00%,
01/20/27 80,569 83,288
Government National
Mortgage Association
II #2379, 8.00%,
02/20/27 61,482 63,452
Government National
Mortgage Association
II #2414, 8.00%,
04/20/27 92,280 95,249
Government National
Mortgage Association
II #2433, 8.00%,
05/20/27 1,404,848 1,450,042
Government National
Mortgage Association
II #2473, 7.50%,
08/20/27 1,147,172 1,174,762
Government National
Mortgage Association
II #2474, 8.00%,
08/20/27 1,068,238 1,102,710
Government National
Mortgage Association
II #2498, 7.50%,
10/20/27 692,911 709,707
Government National
Mortgage Association
II #2511, 7.50%,
11/20/27 2,082,278 2,132,690
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
29
<PAGE> 30
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Government National
Mortgage Association
II #2512, 8.00%,
11/20/27 $ 305,298 $ 315,211
Government National
Mortgage Association
II #2516, 6.50%,
11/20/12 849,453 854,414
Government National
Mortgage Association
II #2562, 6.00%,
03/20/28 119,186 115,158
Government National
Mortgage Association
II #2576, 6.00%,
04/20/28 5,787,176 5,592,899
Government National
Mortgage Association
II #2657, 6.00%,
10/20/28 902,928 872,047
Government National
Mortgage Association
II #2671, 6.00%,
11/20/28 1,996,242 1,927,612
Government National
Mortgage Association
II #2687, 6.00%,
12/20/28 2,997,551 2,894,825
------------
30,835,915
- --------------------------------------------------
TOTAL MORTGAGE BACKED SECURITIES
(COST $44,695,174) 44,772,203
- --------------------------------------------------
U.S. GOVERNMENT SPONSORED ENTERPRISE/
U.S. AGENCY DEBENTURES (24.0%)
FANNIE MAE (6.7%)
Fannie Mae, 6.02%,
09/17/99 1,500,000 1,507,515
Fannie Mae, 6.80%,
01/10/03 2,600,000 2,713,516
Fannie Mae, 5.125%,
02/13/04 800,000 786,280
Fannie Mae, 6.00%,
03/12/04 1,000,000 1,004,500
Fannie Mae, 7.40%,
07/01/04 3,500,000 3,784,339
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Fannie Mae, 7.65%,
03/10/05 $ 20,000 $ 21,994
------------
9,818,144
------------
FEDERAL FARM CREDIT BANK (2.2%)
Federal Farm Credit
Bank, 6.32%, 06/04/01 100,000 102,121
Federal Farm Credit
Bank, 9.20%, 08/22/05 100,000 118,814
Federal Farm Credit
Bank, 6.30%, 12/03/13 3,000,000 3,056,250
------------
3,277,185
------------
FEDERAL HOME LOAN BANK (4.2%)
Federal Home Loan Bank,
7.40%, 10/20/99 1,000,000 1,013,370
Federal Home Loan Bank,
5.875%, 02/23/06 1,110,000 1,117,093
Federal Home Loan Bank,
5.575%, 02/17/09 3,000,000 2,918,820
Federal Home Loan Bank,
6.005%, 07/28/28 1,200,000 1,157,448
------------
6,206,731
------------
FREDDIE MAC (4.1%)
Freddie Mac, 6.40%,
08/01/00 1,000,000 1,015,940
Freddie Mac, 7.125%,
11/18/02 500,000 529,055
Freddie Mac, 8.28%,
09/21/09 4,500,000 4,560,660
------------
6,105,655
------------
GENERAL SERVICES ADMINISTRATION (4.5%)
National Archive,
8.50%, 09/01/19 5,575,810 6,670,062
------------
HOUSING URBAN DEVELOPMENT (0.1%)
HUD, 8.15%, 08/01/00 75,000 77,774
------------
STUDENT LOAN MARKETING ASSOCIATION (0.7%)
Student Loan Marketing
Association, 8.44%,
12/01/16 450,000 556,673
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
30
<PAGE> 31
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
Student Loan Marketing
Association Global,
7.50%, 03/08/00 $ 500,000 $ 510,625
------------
1,067,298
------------
TENNESSEE VALLEY AUTHORITY (1.5%)
Tennessee Valley
Authority, 5.98%,
04/01/36 1,650,000 1,676,813
Tennessee Valley
Authority Global,
6.75%, 11/01/25 500,000 530,000
------------
2,206,813
- --------------------------------------------------
TOTAL U.S. GOVERNMENT SPONSORED
ENTERPRISE/
U.S. AGENCY DEBENTURES
(COST $34,917,349) 35,429,662
- --------------------------------------------------
U.S. TREASURY DEBENTURES (20.0%)
U.S. TREASURY BONDS (10.1%)
U.S. Treasury Bond,
11.75%, 02/15/01 1,139,000 1,275,316
U.S. Treasury Bond,
13.125%, 05/15/01 1,000,000 1,161,270
U.S. Treasury Bond,
13.375%, 08/15/01 1,000,000 1,184,030
U.S. Treasury Bond,
15.75%, 11/15/01 1,500,000 1,887,120
U.S. Treasury Bond,
14.25%, 02/15/02 1,000,000 1,241,110
U.S. Treasury Bond,
11.875%, 11/15/03 1,600,000 2,025,007
U.S. Treasury Bond,
13.75%, 08/15/04 1,000,000 1,388,870
U.S. Treasury Bond,
12.00%, 05/15/05 160,000 214,402
U.S. Treasury Bond,
8.875%, 02/15/19 2,250,000 3,022,402
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
U.S. Treasury Bond,
6.25%, 08/15/23 $1,400,000 $ 1,463,770
------------
14,863,297
------------
U.S. TREASURY NOTES (9.4%)
U.S. Treasury Note,
6.875%, 03/31/00 200,000 203,798
U.S. Treasury Note,
5.875%, 06/30/00 1,000,000 1,010,850
U.S. Treasury Note,
5.375%, 07/31/00 2,700,000 2,713,743
U.S. Treasury Note,
5.75%, 10/31/00 500,000 505,530
U.S. Treasury Note,
8.50%, 11/15/00 4,800,000 5,058,096
U.S. Treasury Note,
5.25%, 01/31/01 250,000 251,063
U.S. Treasury Note,
7.50%, 11/15/01 1,000,000 1,058,110
U.S. Treasury Note,
6.375%, 08/15/02 200,000 207,362
U.S. Treasury Note,
4.25%, 11/15/03 1,500,000 1,444,080
U.S. Treasury Note,
4.75%, 11/15/08 1,400,000 1,347,710
------------
13,800,342
------------
PRINCIPAL ONLY STRIPPED SECURITIES (0.2%)
U.S. Treasury, 6.31%,
08/15/01 350,000 310,965
------------
INTEREST ONLY STRIPPED SECURITIES (0.3%)
U.S. Treasury, 6.21%,
08/15/01 500,000 444,030
U.S. Treasury, 7.20%,
02/15/19 100,000 30,291
------------
474,321
- --------------------------------------------------
TOTAL U.S. TREASURY
DEBENTURES
(COST $29,191,935) 29,448,925
- --------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
31
<PAGE> 32
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
- --------------------------------------------------
<S> <C> <C>
MONEY MARKET FUNDS (0.7%)
Eureka Prime Money
Market Fund --
Trust Class 1,100,885 $ 1,100,885
- --------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $1,100,885) 1,100,885
- --------------------------------------------------
DAILY SWEEP VEHICLE (0.0%)
Bank of New York Cash
Sweep $ 35,140 35,140
- --------------------------------------------------
TOTAL DAILY SWEEP VEHICLE
(COST $35,140) 35,140
- --------------------------------------------------
TOTAL INVESTMENTS
(COST $144,816,374) (A) -- 98.8% 145,683,989
- --------------------------------------------------
OTHER ASSETS IN EXCESS
OF LIABILITIES --1.2% 1,730,804
- --------------------------------------------------
TOTAL NET ASSETS -- 100.0% $147,414,793
- --------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $147,414,793.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $1,754,948
Unrealized depreciation (887,333)
----------
Net unrealized
appreciation $ 867,615
==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
32
<PAGE> 33
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
PRIME MONEY MARKET FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
BANK NOTES (2.6%)
BANKING (2.6%)
Nationsbank, 4.96%,
07/01/99 $ 5,000,000 $ 4,999,674
- --------------------------------------------------
TOTAL BANK NOTES
(AMORTIZED COST $4,999,674) 4,999,674
- --------------------------------------------------
COMMERCIAL PAPER (33.4%)
BANKING (0.5%)
Banca CRT Financial,
4.99%, 05/10/99 1,000,000 994,670
------------
ELECTRIC UTILITY
(3.7%)
Central Illinois
Light, 4.90%,
04/09/99 1,050,000 1,048,873
Central Illinois
Light, 4.97%,
04/13/99 900,000 898,530
Central Illinois
Light, 4.94%,
04/19/99 2,150,000 2,144,765
Cleco Corp., 4.93%,
05/04/99 3,000,000 2,986,635
------------
7,078,803
------------
FINANCIAL SERVICES (17.6%)
Alfa Corp., 4.94%,
04/14/99 2,886,000 2,880,925
American Honda
Financial, 4.95%,
04/09/99 1,000,000 998,916
American Honda
Financial, 4.90%,
04/27/99 2,000,000 1,993,023
American Honda
Financial, 4.95%,
05/03/99 2,000,000 1,991,324
Cooperative
Association of
Tractor Dealers,
4.97%, 04/06/99 500,000 499,660
Fleet Funding Corp.,
4.92%, 04/15/99 (a) 3,000,000 2,994,342
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
Fleet Funding Corp.,
4.90%, 04/16/99 (a) $ 1,000,000 $ 997,988
Franklin Resources,
Inc., 4.91%,
04/14/99 (a) 1,000,000 998,252
Franklin Resources,
Inc., 4.94%,
04/26/99 (a) 2,000,000 1,993,236
General Electric
Capital Corp.,
4.94%, 04/29/99 1,100,000 1,095,833
General Electric
Capital Corp.,
4.92%, 05/05/99 1,700,000 1,692,213
Greenwich Financial
Corp., 4.93%,
04/14/99 (a) 4,471,000 4,463,142
Mont Blanc Capital
Corp., 4.99%,
04/08/99 (a) 1,000,000 999,043
Mont Blanc Capital
Corp., 4.95%,
04/28/99 (a) 1,000,000 996,340
Receivables Capital
Corp., 4.96%,
04/07/99 (a) 1,000,000 999,185
Receivables Capital
Corp., 4.91%,
04/08/99 (a) 1,000,000 999,059
Receivables Capital
Corp., 4.96%,
04/23/99 (a) 1,000,000 997,012
Sunbelt Dixie, Inc.,
4.90%, 04/06/99 (a) 1,500,000 1,498,994
Sunbelt Dixie, Inc.,
4.99%, 04/29/99 (a) 2,000,000 1,992,347
Toyota Motor Credit
Corp., 4.93%,
05/05/99 2,000,000 1,990,820
------------
33,071,654
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
33
<PAGE> 34
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
OIL & GAS (9.1%)
BP America, 5.12%,
04/01/99 $ 5,000,000 $ 5,000,000
Koch Industries,
5.09%, 04/01/99 (a) 5,000,000 5,000,000
Vattenfall, 4.93%,
04/28/99 7,300,000 7,273,403
------------
17,273,403
------------
RETAIL (2.5%)
Southland Corp,
4.94%, 05/25/99 2,210,000 2,193,856
Southland Corp.,
4.90%, 04/01/99 2,500,000 2,500,000
------------
4,693,856
- --------------------------------------------------
TOTAL COMMERCIAL PAPER
(AMORTIZED COST $63,112,386) 63,112,386
- --------------------------------------------------
CORPORATE BONDS (15.9%)
BANKING (2.9%)
Citicorp, 4.345%,
04/15/99 2,000,000 1,999,533
Citigroup, 5.371%,
10/25/99 505,000 505,480
Wells Fargo & Co.,
5.31%, 03/31/00 3,000,000 2,998,938
------------
5,503,951
------------
CONSUMER GOODS & SERVICES (0.2%)
Eastman Kodak, 7.25%,
07/01/99 300,000 301,059
------------
FINANCIAL SERVICES (12.8%)
Associates Corp.,
7.50%, 05/15/99 1,000,000 1,001,911
Associates Corp.,
9.125%, 04/01/00 180,000 186,110
Commercial Credit,
9.60%, 05/15/99 1,000,000 1,004,398
Ford Motor Credit,
7.47%, 07/29/99 1,000,000 1,007,749
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
Ford Motor Credit,
7.75%, 10/01/99 $ 2,080,000 $ 2,106,448
GMAC, 7.00%, 03/01/00 3,500,000 3,551,358
GMAC, 9.375%,
04/01/00 1,000,000 1,038,105
Goldman Sachs Group,
5.31%, 02/25/00 2,000,000 2,000,000
Household Finance
Corp., 4.43%,
06/02/99 5,000,000 4,989,906
John Deere Capital
Corp., 6.30%,
06/01/99 1,500,000 1,503,253
Merrill Lynch & Co.,
8.375%, 02/09/00 500,000 512,340
Salomon Smith Barney
Holdings, 4.306%,
04/05/99 1,000,000 999,845
Salomon Smith Barney
Holdings, 4.526%,
04/05/99 2,000,000 1,999,874
Salomon Smith Barney
Holdings, 5.09%,
06/24/99 500,000 498,502
Travelers Property &
Casualty, 6.75%,
09/01/99 1,780,000 1,788,230
------------
24,188,029
- --------------------------------------------------
TOTAL CORPORATE BONDS
(AMORTIZED COST $29,993,039) 29,993,039
- --------------------------------------------------
FANNIE MAE (0.5%)
Fannie Mae, 6.60%,
06/24/99 1,000,000 1,002,000
- --------------------------------------------------
TOTAL FANNIE MAE
(AMORTIZED COST $1,002,000) 1,002,000
- --------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
34
<PAGE> 35
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
FEDERAL HOME LOAN BANK (1.7%)
Federal Home Loan
Bank, 5.63%,
04/09/99 $ 150,000 $ 149,997
Federal Home Loan
Bank, 8.60%,
06/25/99 1,000,000 1,006,481
Federal Home Loan
Bank, 5.16%,
03/08/00 2,000,000 1,998,741
- --------------------------------------------------
TOTAL FEDERAL HOME LOAN BANK
(AMORTIZED COST $3,155,219) 3,155,219
- --------------------------------------------------
STUDENT LOAN MARKETING ASSOCIATION (2.1%)
Student Loan
Marketing
Association,
5.252%, 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 (4.4%)
Small Business
Administration Pool
#501982, 5.75%,
04/01/99* 509,969 518,422
Small Business
Administration Pool
#502001, 5.75%,
04/01/99* 1,854,808 1,886,101
Small Business
Administration Pool
#502105, 5.75%,
04/01/99* 743,330 756,833
Small Business
Administration Pool
#502139, 5.75%,
04/01/99* 777,231 790,702
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
Small Business
Administration Pool
#502245, 5.75%,
04/01/99* $ 1,684,000 $ 1,718,100
Small Business
Administration Pool
#502268, 5.75%,
04/01/99* 829,326 844,408
Small Business
Administration Pool
#502275, 5.625%,
04/01/99* 181,043 182,740
Small Business
Administration Pool
#502401, 5.50%,
04/01/99* 298,702 300,805
Small Business
Administration Pool
#504073, 5.25%,
04/01/99* 1,256,812 1,260,215
- --------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
MORTGAGES
(AMORTIZED COST $8,258,326) 8,258,326
- --------------------------------------------------
REPURCHASE AGREEMENTS (33.1%)
Goldman Sachs
Repurchase
Agreement, 4.95%,
04/01/99 34,570,000 34,570,000
(Collateralized by
$76,438,854, GNMA,
4.00% - 8.50%,
02/15/14 -
03/15/29, market
value --
$35,261,400)
Prudential Term
Repurchase
Agreement, 4.84%,
04/06/99 28,000,000 28,000,000
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
35
<PAGE> 36
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- --------------------------------------------------
<S> <C> <C>
(Collateralized by
$29,134,000 U.S.
Treasury Bill,
0.00%, 09/09/99,
market
value -- $28,560,410)
- --------------------------------------------------
TOTAL REPURCHASE
AGREEMENTS
(AMORTIZED COST $62,570,000) $ 62,570,000
- --------------------------------------------------
MONEY MARKET FUNDS (6.4%)
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 $ 451 451
- --------------------------------------------------
TOTAL DAILY SWEEP VEHICLE
(AMORTIZED COST $451) 451
- --------------------------------------------------
TOTAL INVESTMENTS
(AMORTIZED COST
$189,091,095) (a) -- 100.1% 189,091,095
- --------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.1)% $ (253,071)
- --------------------------------------------------
TOTAL NET ASSETS -- 100.0% $188,838,024
- --------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $188,838,024.
* Denotes variable rate security. Rate presented represents rate in effect on
March 31, 1999. Maturity date reflects next rate change date.
(a) Represents a restricted security purchase under Rule 144A or 4(2) which is
exempt from registration under the Securities Act of 1933, as amended. These
securities have been determined to be liquid.
SEE NOTES TO FINANCIAL STATEMENTS.
36
<PAGE> 37
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. TREASURY OBLIGATIONS FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- ----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT GUARANTEED SECURITY (15.2%)
Government Agency (15.2%)
Israel Aid, Series 8-A,
6.125%, 08/15/99 $ 6,679,000 $ 6,708,248
Israel Aid, Series A,
7.125%, 08/15/99 5,000,000 5,038,231
Israel Aid, Series 5-F,
4.416%, 11/15/99 300,000 298,288
Private Export Funding Co.,
Series DD, 9.45%,
12/31/99 6,000,000 6,198,981
- ----------------------------------------------------
TOTAL U.S. GOVERNMENT GUARANTEED
SECURITY
(COST $18,243,748) 18,243,748
- ----------------------------------------------------
U.S. TREASURY BILLS (29.1%)
U.S. Treasury Bills,
4.73%, 04/22/99 35,000,000 34,903,853
- ----------------------------------------------------
TOTAL U.S. TREASURY BILLS
(COST $34,903,853) 34,903,853
- ----------------------------------------------------
U.S. TREASURY NOTES (8.4%)
U.S. Treasury Notes,
5.875%, 08/31/99 5,000,000 5,024,891
U.S. Treasury Notes,
7.125%, 09/30/99 5,000,000 5,057,392
- ----------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST
$10,082,283) 10,082,283
- ----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- ----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCY MORTGAGES (3.8%)
Small Business
Administration Pool
#502014, 5.875%,
04/01/99* $ 888,618 $ 895,831
Small Business
Administration Pool
#502185, 5.75%,
04/01/99* 537,075 539,516
Small Business
Administration Pool
#502203, 5.75%,
04/01/99* 984,858 996,543
Small Business
Administration Pool
#502221, 5.75%,
04/01/99* 1,256,178 1,267,929
Small Business
Administration Pool
#502240, 5.75%,
04/01/99* 496,815 498,918
Small Business
Administration Pool
#502283, 5.875%,
04/01/99* 253,625 253,866
Small Business
Administration Pool
#502293, 6.50%,
04/01/99* 114,988 116,772
- ----------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
MORTGAGES (COST $4,569,375) 4,569,375
- ----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
37
<PAGE> 38
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
U.S. TREASURY OBLIGATIONS FUND MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- ----------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS (38.5%)
Goldman Sachs Repurchase
Agreement, 4.86%,
04/01/99 $23,000,000 $ 23,000,000
(Collateralized by
$11,057,000 U.S.
Treasury Bill, 0.00%,
05/20/99, and
$11,852,000 U.S.
Treasury Note, 5.875%,
11/15/05, market
value -- $23,460,444)
Prudential Repurchase
Agreement, 4.80%,
04/01/99 23,030,000 23,030,000
(Collateralized by
$21,617,000 U.S.
Treasury Note, 7.50%,
11/15/01, market
value -- $23,491,125)
- ----------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(COST $46,030,000) 46,030,000
- ----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
- ----------------------------------------------------
<S> <C> <C>
MONEY MARKET FUNDS (5.0%)
Federated Treasury
Obligations Fund 3,000,000 $ 3,000,000
Provident T-Fund 3,000,000 3,000,000
- ----------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $6,000,000) 6,000,000
- ----------------------------------------------------
TOTAL INVESTMENTS
(COST $119,829,259) (a) -- 100.0% 119,829,259
- ----------------------------------------------------
LIABILITIES IN EXCESS OF OTHER ASSETS
-- 0.0% (39,747)
- ----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $119,789,512
- ----------------------------------------------------
</TABLE>
- ---------------
Percentages indicated are based on net assets of $119,789,512.
* Denotes variable rate security. Rate presented represents rate in effect on
March 31, 1999. Maturity date reflects next rate change date.
SEE NOTES TO FINANCIAL STATEMENTS.
38
<PAGE> 39
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT
GLOBAL ASSET GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
------------ --------------- ------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost $120,858,831;
$73,713,594; $144,816,374, respectively)........ $202,575,905 $84,323,013 $145,683,989
Foreign currency at value (cost $0; $26,458; $0,
respectively)................................... -- 26,284 --
Interest and dividends receivable................. 218,708 388,966 1,890,280
Receivable for capital shares sold................ 13,452 67,879 599,653
Reclaim receivable................................ -- 48,079 --
Deferred organization costs....................... 26,565 26,565 26,565
------------ ----------- ------------
Total Assets.................................... $202,834,630 $84,880,786 $148,200,487
------------ ----------- ------------
LIABILITIES:
Dividends payable................................. 57,156 -- 665,614
Payable for capital shares redeemed............... 413,083 4,000 3,500
Investment advisory fees payable.................. 112,453 56,550 62,003
Administration fees payable....................... 5,457 2,261 3,923
12b-1 fees -- Class A shares...................... 618 875 848
Other payables and accrued expenses............... 74,983 55,738 49,806
------------ ----------- ------------
Total Liabilities............................... 663,750 119,424 785,694
------------ ----------- ------------
NET ASSETS.......................................... $202,170,880 $84,761,362 $147,414,793
============ =========== ============
NET ASSETS CONSIST OF:
Capital........................................... $104,076,078 $73,651,261 $146,520,369
Accumulated undistributed net investment income... 41,030 246,690 556
Accumulated undistributed net realized gains on
investments..................................... 16,336,698 252,197 26,253
Net unrealized appreciation of investments and
foreign currency transactions................... 81,717,074 10,611,214 867,615
------------ ----------- ------------
NET ASSETS.......................................... $202,170,880 $84,761,362 $147,414,793
============ =========== ============
TRUST SHARES:
Net Assets........................................ $199,559,981 $80,457,921 $143,220,557
Shares of Capital Stock Outstanding............... 16,377,789 6,817,280 14,542,548
------------ ----------- ------------
Net Asset Value (offering and redemption price per
share).......................................... $ 12.18 $ 11.80 $ 9.85
============ =========== ============
CLASS A SHARES:
Net Assets........................................ $ 2,610,899 $ 4,303,441 $ 4,194,236
Shares of Capital Stock Outstanding............... 214,795 365,368 424,835
------------ ----------- ------------
Net Asset Value (offering and redemption price per
share).......................................... $ 12.16 $ 11.78 $ 9.87
============ =========== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
39
<PAGE> 40
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------ -------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost............................ $126,521,095 $ 73,799,259
Repurchase agreements, at cost............................ 62,570,000 46,030,000
------------ ------------
Total Investments......................................... 189,091,095 119,829,259
Cash...................................................... -- 540
Interest and dividends receivable......................... 661,762 362,992
Receivable for investments sold........................... 38,192 52,209
Receivable for capital shares sold........................ 5,794 8,244
Deferred organizational costs............................. 26,565 26,565
------------ ------------
Total Assets............................................ $189,823,408 $120,279,809
------------ ------------
LIABILITIES:
Dividend payable.......................................... 694,549 449,010
Payable for capital shares redeemed....................... 177,930 1,515
Investment advisory fees payable.......................... 31,015 10,347
Administration fees payable............................... 3,334 3,382
12b-1 fees -- Class A shares.............................. 2,370 257
Other payables and accrued expenses....................... 76,186 25,786
------------ ------------
Total Liabilities....................................... 985,384 490,297
------------ ------------
NET ASSETS.................................................. $188,838,024 $119,789,512
============ ============
NET ASSETS CONSIST OF:
Capital................................................... $188,873,400 $119,798,129
Accumulated undistributed net investment income........... 517 367
Accumulated undistributed net realized loss on
investments............................................. (35,893) (8,984)
------------ ------------
NET ASSETS.................................................. $188,838,024 $119,789,512
============ ============
TRUST SHARES:
Net Assets................................................ $177,277,094 $118,579,556
Shares of Capital Stock Outstanding....................... 177,310,995 118,588,505
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
CLASS A SHARES:
Net Assets................................................ $ 11,560,930 $ 1,209,956
Shares of Capital Stock Outstanding....................... 11,562,922 1,209,991
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
40
<PAGE> 41
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT
GLOBAL ASSET GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
----------- ---------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest......................................... $ -- $ 641,579 $ 4,318,374
Dividends (net of foreign withholding tax of
$2,251; $27,584; $0, respectively)............. 1,258,962 345,646 10,613
----------- ----------- -----------
Total Income................................... 1,258,962 987,225 4,328,987
----------- ----------- -----------
EXPENSES:
Investment advisory fees......................... 735,942 351,468 423,394
Administration fees.............................. 197,489 82,642 143,620
Fund accounting fees............................. 30,268 66,409 29,617
Transfer agent fees.............................. 36,352 27,102 29,607
12b-1 fees -- Class A shares..................... 2,562 3,529 2,787
Service plan fees -- Class A shares.............. 2,562 3,529 2,787
Custody fees..................................... 21,981 18,203 17,861
Other............................................ 61,582 29,110 49,597
----------- ----------- -----------
Total expenses before waivers/
reimbursements............................... 1,088,738 581,992 699,270
Less expenses waived/ reimbursed............... (100,687) (42,581) (73,351)
----------- ----------- -----------
Net expenses................................... 988,051 539,411 625,919
----------- ----------- -----------
NET INVESTMENT INCOME.............................. 270,911 447,814 3,703,068
----------- ----------- -----------
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS:
Net realized gains on investment transactions.... 10,437,210 264,704 749,615
Net realized loss on foreign currency
transactions................................... -- (4,108) --
Net change in unrealized appreciation
(depreciation) of investment transactions and
foreign currency transactions.................. 33,992,394 9,524,962 (5,130,228)
----------- ----------- -----------
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS...................................... 44,429,604 9,785,558 (4,380,613)
----------- ----------- -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM
OPERATIONS....................................... $44,700,515 $10,233,372 $ (677,545)
=========== =========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
41
<PAGE> 42
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 1999
(Unaudited)
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------ -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest.................................................. $4,764,401 $2,866,624
Dividend.................................................. 3,688 --
---------- ----------
Total Income............................................ 4,768,089 2,866,624
---------- ----------
EXPENSES:
Investment advisory fees.................................. 274,353 117,284
Administration fees....................................... 184,426 119,664
Fund accounting fees...................................... 26,060 15,685
12b-1 fees -- Class A shares.............................. 12,340 926
Service plan fees -- Class A shares....................... 12,340 926
Legal fees................................................ 22,673 12,774
Transfer agent fees....................................... 39,124 24,267
Custody fees.............................................. 41,286 12,514
Other..................................................... 43,488 28,714
---------- ----------
Total expenses before waivers/ reimbursements........... 656,090 332,754
Less expenses waived/ reimbursed........................ (158,659) (60,006)
---------- ----------
Net expenses............................................ 497,431 272,748
---------- ----------
NET INVESTMENT INCOME....................................... 4,270,658 2,593,876
---------- ----------
REALIZED AND UNREALIZED LOSSES ON INVESTMENTS:
Net realized losses on investment transactions............ (31,941) (5,692)
---------- ----------
NET REALIZED AND UNREALIZED LOSSES ON INVESTMENTS........... (31,941) (5,692)
---------- ----------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ $4,238,717 $2,588,184
========== ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
42
<PAGE> 43
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
EQUITY FUND
<TABLE>
<CAPTION>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED FROM NOVEMBER 1,
MARCH 31, 1999 1997* THROUGH
(UNAUDITED) SEPTEMBER 30, 1998
-------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 270,911 $ 833,825
Net realized gains on investment transactions............. 10,437,210 29,703,758
Net change in unrealized appreciation (depreciation) of
investment transactions................................. 33,992,394 (10,740,524)
------------ -----------
Net increase in net assets resulting from operations...... 44,700,515 19,797,059
DISTRIBUTIONS TO TRUST SHAREHOLDERS FROM:
Net investment income..................................... (235,682) (826,303)
Net realized gains on investments......................... (23,606,596) --
------------ -----------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (530) (1,191)
Net realized gains on investments......................... (197,674) --
------------ -----------
Total distributions to shareholders....................... (24,040,482) (827,494)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued............................... 16,496,541 18,802,020
Proceeds from shares issued in connection with common
trust fund conversion................................... -- 189,903,596
Dividends reinvested...................................... 15,174,557 467,101
Cost of shares redeemed................................... (22,098,759) (56,223,774)
------------ -----------
Net increase in net assets from capital share
transactions............................................ 9,572,339 152,948,943
------------ -----------
Total increase in net assets.............................. 30,232,372 171,918,508
NET ASSETS:
Beginning of period....................................... 171,938,508 20,000
------------ -----------
End of period............................................. $202,170,880 $171,938,508
============ ===========
</TABLE>
- ---------------
*Commencement of operations.
SEE NOTES TO FINANCIAL STATEMENTS.
43
<PAGE> 44
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED FROM NOVEMBER 1,
MARCH 31, 1999 1997* THROUGH
(UNAUDITED) SEPTEMBER 30, 1998
-------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 447,814 $ 891,265
Net realized gains on investment transactions............. 264,704 516,628
Net realized loss on foreign currency transactions........ (4,108)
Net change in unrealized appreciation of investment
transactions and foreign currency transactions.......... 9,524,962 1,116,219
------------ -----------
Net increase in net assets resulting from operations...... 10,233,372 2,524,112
DISTRIBUTIONS TO TRUST CLASS SHAREHOLDERS FROM:
Net investment income..................................... (982,065) (102,392)
Net realized gains on investments......................... (486,049) --
------------ -----------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (32,796) --
Net realized gains on investments......................... (14,438) --
------------ -----------
Total distributions to shareholders....................... (1,515,348) (102,392)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued............................... 10,741,474 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................................... (4,320,194) (10,182,723)
------------ -----------
Net increase in net assets from capital share
transactions............................................ 7,476,069 66,125,549
------------ -----------
Total increase in net assets.............................. 16,194,093 68,547,269
NET ASSETS:
Beginning of period....................................... 68,567,269 20,000
------------ -----------
End of period............................................. $ 84,761,362 $68,567,269
============ ===========
</TABLE>
- ---------------
*Commencement of operations.
SEE NOTES TO FINANCIAL STATEMENTS.
44
<PAGE> 45
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED FROM NOVEMBER 1,
MARCH 31, 1999 1997* THROUGH
(UNAUDITED) SEPTEMBER 30, 1998
-------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 3,703,068 $ 6,945,403
Net realized gains on investment transactions............. 749,615 2,547,648
Net change in unrealized appreciation of investment
transactions............................................ (5,130,228) 3,118,907
------------ ------------
Net increase (decrease) in net assets resulting from
operations.............................................. (677,545) 12,611,958
DISTRIBUTIONS TO TRUST CLASS SHAREHOLDERS FROM:
Net investment income..................................... (3,647,380) (6,925,071)
Net realized gains on investments......................... (3,235,554) --
------------ ------------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (55,688) (20,332)
Net realized gains on investments......................... (35,374) --
------------ ------------
Total distributions to shareholders....................... (6,973,996) (6,945,403)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued............................... 21,836,950 24,361,964
Proceeds from shares issued in connection with common
trust fund conversion................................... -- 136,486,180
Dividends reinvested...................................... 3,945,705 3,529,054
Cost of shares redeemed................................... (17,182,910) (23,597,164)
------------ ------------
Net increase in net assets from capital share
transactions............................................ 8,599,745 140,780,034
------------ ------------
Total increase in net assets.............................. 948,204 146,446,589
NET ASSETS:
Beginning of period....................................... 146,466,589 20,000
------------ ------------
End of period............................................. $147,414,793 $146,466,589
============ ============
</TABLE>
- ---------------
*Commencement of operations.
SEE NOTES TO FINANCIAL STATEMENTS.
45
<PAGE> 46
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED FROM NOVEMBER 1,
MARCH 31, 1999 1997* THROUGH
(UNAUDITED) SEPTEMBER 30, 1998
-------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 4,270,658 $ 7,736,211
Net realized losses on investment transactions............ (31,941) (3,952)
------------- -------------
Net increase in net assets resulting from operations...... 4,238,717 7,732,259
DISTRIBUTIONS TO TRUST CLASS SHAREHOLDERS FROM:
Net investment income..................................... (4,052,129) (7,520,680)
------------- -------------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (218,529) (215,531)
------------- -------------
Total distributions to shareholders....................... (4,270,658) (7,736,211)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued............................... 288,187,877 490,270,762
Proceeds from shares issued in connection of common trust
fund conversion......................................... 45,525,166
Dividends reinvested...................................... 565,781 756,014
Cost of shares redeemed................................... (253,203,691) (383,247,992)
------------- -------------
Net increase in net assets from capital share
transactions............................................ 35,549,967 153,303,950
------------- -------------
Total increase in net assets.............................. 35,518,026 153,299,998
NET ASSETS:
Beginning of period....................................... 153,319,998 20,000
------------- -------------
End of period............................................. $ 188,838,024 $ 153,319,998
============= =============
</TABLE>
- ---------------
*Commencement of operations.
SEE NOTES TO FINANCIAL STATEMENTS.
46
<PAGE> 47
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
FOR THE SIX FOR THE PERIOD
MONTHS ENDED FROM NOVEMBER 3,
MARCH 31, 1999 1997* THROUGH
(UNAUDITED) SEPTEMBER 30, 1998
-------------- ------------------
<S> <C> <C>
INCREASE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 2,593,876 $ 4,167,103
Net realized losses on investment transactions............ (5,692) (3,292)
------------- -------------
Net increase in net assets resulting from operations...... 2,588,184 4,163,811
DISTRIBUTIONS TO TRUST CLASS SHAREHOLDERS FROM:
Net investment income..................................... (2,578,443) (4,154,783)
------------- -------------
DISTRIBUTIONS TO CLASS A SHAREHOLDERS FROM:
Net investment income..................................... (15,433) (12,320)
------------- -------------
Total distributions to shareholders....................... (2,593,876) (4,167,103)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares issued............................... 173,256,188 413,136,933
Dividends reinvested...................................... 15,300 10,570
Cost of shares redeemed................................... (155,495,543) (311,144,952)
------------- -------------
Net increase in net assets from capital share
transactions............................................ 17,775,945 102,002,551
------------- -------------
Total increase in net assets.............................. 17,770,253 101,999,259
NET ASSETS:
Beginning of period....................................... 102,019,259 20,000
------------- -------------
End of period............................................. $ 119,789,512 $ 102,019,259
============= =============
</TABLE>
- ---------------
*Commencement of operations.
SEE NOTES TO FINANCIAL STATEMENTS.
47
<PAGE> 48
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 -- ORGANIZATION
The Eureka Funds (the "Trust") was organized as a Massachusetts business
trust on April 7, 1997 and is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as a diversified open-end management
investment company. 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") and (each a "Fund", and
collectively, the "Funds"). The Funds, except for the U.S. Treasury Fund,
commenced operations on November 1, 1997. The U.S. Treasury Fund commenced
operations on November 3, 1997. BISYS deposited $20,000 into the account of each
Fund prior to each Fund's commencement of operations.
The Funds' investment objectives are as follows:
<TABLE>
<CAPTION>
FUND OBJECTIVE
- ---- ---------
<S> <C>
Equity Fund Seeks long-term capital
growth.
Global Fund Seeks a balance of income and
long-term capital
appreciation.
Bond Fund Seeks a high level of income,
consistent with preservation
of capital.
Prime Fund Seeks as high level of
current income as is
consistent with maintaining
liquidity and stability of
principal.
U.S. Treasury Fund Seeks current income
consistent with liquidity and
stability of principal.
</TABLE>
NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by
the Funds in the preparation of their financial statements. The policies are in
conformity with generally accepted accounting principles. The preparation of
financial statements requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates. The financial statements reflect all normal recurring
adjustments, which are, in the opinion of management, necessary to a fair
statement of the results for the period presented.
SECURITIES VALUATION: Securities of the Prime and U.S. Treasury Funds (the
"Money Market Funds") are valued utilizing the amortized cost method permitted
in accordance with Rule 2a-7 under the 1940 Act. Under the amortized cost
method, discount or premium is amortized on a constant basis to the maturity of
the security. Equity securities held by a Fund are valued at the last reported
sales price on the securities exchange or in the principal over-the-counter
market in which such securities are traded, as of the close of business on the
day the securities are being valued or, the mean between their bid and ask
price. Debt securities held by a Fund generally are valued based on quoted bid
prices. Short-term debt investments having maturities of 60 days or less are
valued at amortized cost, which approximates market value. Investments in
securities of other mutual funds are valued at the redemption price. Securities
for which market quotations are not readily available are valued at fair value
determined in good faith by or under the direction of the Trust's Board of
Trustees. Securities may be valued by independent pricing services, approved by
the Trust's Board of Trustees, which use prices provided by market-makers or
estimates of market value obtained from yield data relating to instruments or
securities with similar characteristics.
STRIPPED SECURITIES: Stripped securities represent the right to receive future
interest payments (interest only stripped securities) or principal payments
(principal only stripped securities). The value of variable rate interest only
stripped securities varies directly with changes in interest rates, while the
value of fixed rate
48
<PAGE> 49
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
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.
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
49
<PAGE> 50
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
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.
During the six months ended March 31, 1999, the following Funds paid long
term capital gain distributions as follows:
<TABLE>
<CAPTION>
FUND AMOUNT
- ---- -----------
<S> <C>
Equity Fund....................... $23,804,270
Global Fund....................... $ 500,487
Bond Fund......................... $ 3,270,928
</TABLE>
These distributions are reflected as a portion of distributions to
shareholders from net realized gains on investments in the accompanying
statements of changes in net assets.
FEDERAL INCOME TAXES: It is the Funds' policy to comply with the requirements
of the Internal Revenue Code applicable to regulated investment companies and to
distribute timely, all of their net investment company taxable income and net
capital gains to shareholders. Therefore, no federal income tax provision is
required.
NOTE 3 -- RELATED PARTY TRANSACTIONS
The Trust has entered into an investment advisory agreement (the "Investment
Advisory Agreement") with SBCL. Under the terms of the Investment Advisory
Agreement, SBCL is entitled to receive a fee that is calculated daily and paid
monthly based on a percentage of the average net assets of each Fund as follows:
<TABLE>
<CAPTION>
FUND ANNUAL RATE
- ---- -----------
<S> <C>
Equity Fund....................... 0.75%
Global Fund....................... 0.90%
Bond Fund......................... 0.60%
Prime Fund........................ 0.30%
U.S. Treasury Fund................ 0.20%
</TABLE>
SBCL has agreed to voluntarily reduce the amount of its investment advisory
fee through the end of the Funds' initial fiscal year. For the six months
50
<PAGE> 51
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
ended March 31, 1999, SBCL waived fees in the following amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
- ---- -----------
<S> <C>
Equity Fund....................... $98,125
Global Fund....................... $39,052
Bond Fund......................... $70,564
Prime Fund........................ $91,450
U.S. Treasury Fund................ $58,641
</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 six months ended March 31, 1999,
BISYS waived the following amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
- ---- -----------
<S> <C>
Prime Fund........................ $54,869
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 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 six months ended March 31, 1999, BISYS waived the following amounts:
<TABLE>
<CAPTION>
SERVICE PLAN
FEES
FUND WAIVED
- ---- ------------
<S> <C>
Equity Fund....................... $ 2,562
Global Fund....................... $ 3,529
Bond Fund......................... $ 2,787
Prime Fund........................ $12,340
U.S. Treasury Fund................ $ 926
</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, which are disclosed in the Statement of
Operations.
NOTE 4 -- SHARES OF BENEFICIAL INTEREST
Each Fund offers two classes of shares: Trust Shares and Class A Shares.
Each share represents an equal proportionate interest in a Fund with other
shares of the same series and class, and is entitled to such dividends and
distributions out of the income earned on the assets belonging to that Fund.
Each class of shares is substantially the same, except that Class A Shares bear
the fees that are payable under the Trust's Distribution and Shareholder
Services Plan and the Service Plan, which relate only to the Class A Shares. The
following is a summary of transactions in Fund shares for the six months ending
March 31, 1999 and for the period ending September 30, 1998:
51
<PAGE> 52
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
FOR THE SIX MONTHS ENDED MARCH 31, 1999 (Unaudited):
<TABLE>
<CAPTION>
EQUITY FUND GLOBAL FUND
-------------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ -------- -----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued............................ 1,198,403 $ 14,002,892 616,664 $ 6,979,517
Dividends reinvested..................... 1,331,848 14,976,251 86,788 1,007,894
Shares redeemed.......................... (1,722,152) (20,543,857) (243,367) (2,794,238)
---------- ------------ -------- -----------
Net increase........................... 808,099 $ 8,435,286 460,085 $ 5,193,173
========== ============ ======== ===========
CLASS A SHARES:
Shares issued............................ 208,912 $ 2,493,649 325,351 $ 3,761,957
Dividends reinvested..................... 17,688 198,306 4,043 46,895
Shares redeemed.......................... (129,454) (1,554,902) (133,242) (1,525,956)
---------- ------------ -------- -----------
Net increase........................... 97,146 $ 1,137,053 196,152 $ 2,282,896
========== ============ ======== ===========
</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...... 1,722,632 $ 17,260,012 276,736,459 $276,736,459 171,408,343 $ 171,408,343
Dividends
reinvested....... 382,044 3,868,852 360,455 360,455 1,214 1,214
Shares redeemed.... (1,522,780) (15,563,270) (244,595,918) (244,595,918) (154,124,059) (154,124,059)
---------- ------------ ------------ ------------ ------------ -------------
Net increase..... 581,896 $ 5,565,594 32,500,996 $ 32,500,996 17,285,498 $ 17,285,498
========== ============ ============ ============ ============ =============
CLASS A SHARES:
Shares issued...... 456,219 $ 4,576,938 11,451,418 $ 11,451,418 1,847,845 $ 1,847,845
Dividends
reinvested....... 7,599 76,853 205,326 205,326 14,086 14,086
Shares redeemed.... (161,033) (1,619,640) (8,607,773) (8,607,773) (1,371,484) (1,371,484)
---------- ------------ ------------ ------------ ------------ -------------
Net increase..... 302,785 $ 3,034,151 3,048,971 $ 3,048,971 490,447 $ 490,447
========== ============ ============ ============ ============ =============
</TABLE>
52
<PAGE> 53
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
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 4,540,067 45,400,639
Dividends reinvested.................... 42,087 466,148 7,184 72,561
Shares redeemed......................... (4,954,608) (55,759,422) (924,078) (9,804,751)
---------- ------------ --------- -----------
Net increase.......................... 15,567,690 $151,547,890 6,355,195 $64,247,584
========== ============ ========= ===========
CLASS A SHARES:
Shares issued........................... 158,858 $ 1,864,452 203,331 $ 2,255,937
Dividends reinvested.................... 85 953 -- --
Shares redeemed......................... (39,294) (464,352) (34,115) (377,972)
---------- ------------ --------- -----------
Net increase.......................... 117,649 $ 1,401,053 169,216 $ 1,877,965
========== ============ ========= ===========
</TABLE>
<TABLE>
<CAPTION>
BOND FUND PRIME FUND U.S. TREASURY FUND
------------------------- ---------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
---------- ------------ ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued...... 2,257,664 $ 22,786,968 471,737,870 $ 471,737,870 412,274,679 $ 412,274,679
Shares issued in
connection with
common trust fund
conversion....... 13,648,618 136,486,180 45,525,166 45,525,166 -- --
Dividends
reinvested....... 348,424 3,513,600 569,005 569,005 901 901
Shares redeemed.... (2,296,054) (23,241,391) (373,042,042) (373,042,042) (310,992,573) (310,992,573)
---------- ------------ ------------ ------------- ------------ -------------
Net increase..... 13,958,652 $139,545,357 144,789,999 $ 144,789,999 101,283,007 $ 101,283,007
========== ============ ============ ============= ============ =============
CLASS A SHARES:
Shares issued...... 155,330 $ 1,574,996 18,532,892 $ 18,532,892 862,254 $ 862,254
Dividends
reinvested....... 1,522 15,454 187,009 187,009 9,669 9,669
Shares redeemed.... (34,802) (355,773) (10,205,950) (10,205,950) (152,379) (152,379)
---------- ------------ ------------ ------------- ------------ -------------
Net increase..... 122,050 $ 1,234,677 8,513,951 $ 8,513,951 719,544 $ 719,544
========== ============ ============ ============= ============ =============
</TABLE>
53
<PAGE> 54
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
NOTE 5 -- INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the
six months ended March 31, 1999 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C>
Equity Fund................................................. $44,242,904 $57,685,962
Global Fund................................................. $12,287,353 $ 6,189,728
Bond Fund................................................... $57,372,914 $34,642,445
</TABLE>
NOTE 6 -- CONVERSION OF COMMON TRUST FUNDS
On October 31, 1997, the Funds issued Trust Shares to acquire all of the
assets and liabilities of certain common trust funds of SBCL in a tax-free
exchange. The following is a summary of shares issued, net assets converted, net
asset values per share, and unrealized appreciation (depreciation) as of the
conversion date:
<TABLE>
<CAPTION>
UNREALIZED
NET ASSETS NET ASSET VALUE APPRECIATION/
SHARES ISSUED CONVERTED PER SHARE ISSUED (DEPRECIATION)
------------- ------------ ---------------- --------------
<S> <C> <C> <C> <C>
Equity Fund............................. 18,990,360 $189,903,596 $10.00 $58,465,204
Global Fund............................. 4,540,064 $ 45,400,639 $10.00 $ (29,967)
Bond Fund............................... 13,648,618 $136,486,180 $10.00 $ 2,878,936
Prime Fund.............................. 45,525,166 $ 45,525,166 $ 1.00 $ --
</TABLE>
54
<PAGE> 55
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
<TABLE>
<CAPTION>
TRUST SHARES
-------------- TRUST SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 NOVEMBER 1, 1997*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 10.96 $ 10.00
-------- --------
Net investment income.................................. 0.02 0.05
Net realized and unrealized gain....................... 2.70 0.96
-------- --------
Total income from investment operations.................. 2.72 1.01
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. (0.01) (0.05)
Net realized gains on investments...................... (1.49) --
-------- --------
Total distributions.................................. (1.50) (0.05)
-------- --------
Net change in net asset value per share.................. 1.22 0.96
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 12.18 $ 10.96
======== ========
TOTAL RETURN............................................. 26.01%(a) 10.08%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)................. $199,560 $170,652
Ratios to average net assets:
Expenses............................................... 1.00%(b) 1.03%(b)
Net investment income.................................. 0.28%(b) 0.47%(b)
Expenses**............................................. 1.10%(b) 1.13%(b)
Portfolio Turnover Rate.................................. 23%(a) 57%(a)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
55
<PAGE> 56
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
<TABLE>
<CAPTION>
CLASS A SHARES
-------------- CLASS A SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 FEBRUARY 3, 1998*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 10.94 $ 10.87
-------- --------
Net investment income.................................. 0.01 0.02
Net realized and unrealized gain....................... 2.70 0.07
-------- --------
Total income from investment operations.................. 2.71 0.09
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. -- (0.02)
Net realized gains on investments...................... (1.49) --
-------- --------
Total distributions.................................. (1.49) (0.02)
-------- --------
Net change in net asset value per share.................. 1.22 0.07
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 12.16 $ 10.94
======== ========
TOTAL RETURN............................................. 25.96%(a) 0.83%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)................. $ 2,611 $ 1,287
Ratios to average net assets:
Expenses............................................... 1.25%(b) 1.28%(b)
Net investment income.................................. 0.05%(b) 0.13%(b)
Expenses**............................................. 1.60%(b) 1.63%(b)
Portfolio Turnover Rate.................................. 23%(a) 57%(a)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
56
<PAGE> 57
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
TRUST SHARES
-------------- TRUST SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 NOVEMBER 1, 1997*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 10.51 $ 10.00
-------- --------
Net investment income.................................. 0.11 0.15
Net realized and unrealized gain....................... 1.41 0.38
-------- --------
Total income from investment operations.................. 1.52 0.53
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. (0.16) (0.02)
Net realized gains on investments...................... (0.07) --
-------- --------
Total distributions.................................. (0.23) (0.02)
-------- --------
Net change in net asset value per share.................. 1.29 0.51
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 11.80 $ 10.51
======== ========
TOTAL RETURN............................................. 14.44%(a) 5.34%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)................. $ 80,458 $ 66,793
Ratios to average net assets:
Expenses............................................... 1.37%(b) 1.44%(b)
Net investment income.................................. 1.15%(b) 1.53%(b)
Expenses**............................................. 1.47%(b) 1.54%(b)
Portfolio Turnover Rate.................................. 8%(a) 35%(a)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
57
<PAGE> 58
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
CLASS A SHARES
-------------- CLASS A SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 FEBRUARY 3, 1998*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 10.49 $ 10.31
-------- --------
Net investment income.................................. 0.02 0.05
Net realized and unrealized gain....................... 1.48 0.13
-------- --------
Total income from investment operations.................. 1.50 0.18
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. (0.14) --
Net realized gains on investments...................... (0.07) --
-------- --------
Total distributions.................................. (0.21) --
-------- --------
Net change in net asset value per share.................. 1.29 0.18
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 11.78 $ 10.49
======== ========
TOTAL RETURN............................................. 14.35%(a) 1.75%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period(in thousands).................. $ 4,303 $ 1,775
Ratios to average net assets:
Expenses............................................... 1.61%(b) 1.73%(b)
Net investment income.................................. 0.98%(b) 1.27%(b)
Expenses**............................................. 1.96%(b) 2.08%(b)
Portfolio Turnover Rate.................................. 8%(a) 35%(a)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
58
<PAGE> 59
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
TRUST SHARES
-------------- TRUST SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 NOVEMBER 1, 1997*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 10.40 $ 10.00
-------- --------
Net investment income.................................. 0.26 0.50
Net realized and unrealized gain....................... (0.31) 0.40
-------- --------
Total income from investment operations.................. (0.05) 0.90
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. (0.26) (0.50)
Net realized gains on investments...................... (0.24) --
-------- --------
Total distributions.................................. (0.50) (0.50)
-------- --------
Net change in net asset value per share.................. (0.55) 0.40
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 9.85 $ 10.40
======== ========
TOTAL RETURN............................................. (0.44)%(a) 9.31%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)................. $143,221 $145,194
Ratios to average net assets:
Expenses............................................... 0.88%(b) 0.90%(b)
Net investment income.................................. 5.25%(b) 5.46%(b)
Expenses**............................................. 0.98%(b) 1.00%(b)
Portfolio Turnover Rate.................................. 26%(a) 54%(a)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
59
<PAGE> 60
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
CLASS A SHARES
-------------- CLASS A SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 FEBRUARY 3, 1998*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 10.42 $ 10.10
-------- --------
Net investment income.................................. 0.25 0.36
Net realized and unrealized gain....................... (0.31) 0.32
-------- --------
Total income from investment operations.................. (0.06) 0.68
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. (0.25) (0.36)
Net realized gains on investments...................... (0.24) --
-------- --------
Total distributions.................................. (0.49) (0.36)
-------- --------
Net change in net asset value per share.................. (0.55) 0.32
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 9.87 $ 10.42
======== ========
TOTAL RETURN............................................. (0.56)%(a) 6.89%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)................. $ 4,194 $ 1,272
Ratios to average net assets:
Expenses............................................... 1.12%(b) 1.14%(b)
Net investment income.................................. 5.00%(b) 4.99%(b)
Expenses**............................................. 1.47%(b) 1.49%(b)
Portfolio Turnover Rate.................................. 26%(a) 54%(a)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
60
<PAGE> 61
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
TRUST SHARES
-------------- TRUST SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 NOVEMBER 1, 1997*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 1.00 $ 1.00
-------- --------
Net investment income.................................. 0.02 0.05
Net realized loss...................................... -- --
-------- --------
Total income from investment operations.................. 0.02 0.05
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. (0.02) (0.05)
-------- --------
Total distributions.................................. (0.02) (0.05)
-------- --------
Net change in net asset value per share.................. -- --
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 1.00 1.00
======== ========
TOTAL RETURN............................................. 2.36%(a) 4.84%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)................. $177,277 $144,806
Ratios to average net assets:
Expenses............................................... 0.53%(b) 0.49%(b)
Net investment income.................................. 4.69%(b) 5.17%(b)
Expenses**............................................. 0.69%(b) 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.
61
<PAGE> 62
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
CLASS A SHARES
-------------- CLASS A SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 FEBRUARY 3, 1998*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 1.00 $ 1.00
-------- --------
Net investment income.................................. 0.02 0.03
Net realized loss...................................... -- --
-------- --------
Total income from investment operations.................. 0.02 0.03
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. (0.02) (0.03)
-------- --------
Total distributions.................................. (0.02) (0.03)
-------- --------
Net change in net asset value per share.................. -- --
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 1.00 1.00
======== ========
TOTAL RETURN............................................. 2.23%(a) 2.93%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)................. $ 11,561 $ 8,514
Ratios to average net assets:
Expenses............................................... 0.78%(b) 0.75%(b)
Net investment income.................................. 4.42%(b) 4.88%(b)
Expenses**............................................. 1.19%(b) 1.20%(b)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/ or reimbursed.
If such voluntary fee reductions and/ or reimbursements had not occurred,
the ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
62
<PAGE> 63
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
TRUST SHARES
-------------- TRUST SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 NOVEMBER 3, 1997*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 1.00 $ 1.00
-------- --------
Net investment income.................................. 0.02 0.05
Net realized loss...................................... -- --
-------- --------
Total income from investment operations.................. 0.02 0.05
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. (0.02) (0.05)
-------- --------
Total distributions.................................. (0.02) (0.05)
-------- --------
Net change in net asset value per share.................. -- --
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 1.00 $ 1.00
======== ========
TOTAL RETURN............................................. 2.23%(a) 4.70%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)................. $118,580 $101,300
Ratios to average net assets:
Expenses............................................... 0.46%(b) 0.47%(b)
Net investment income.................................. 4.43%(b) 5.08%(b)
Expenses**............................................. 0.56%(b) 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.
63
<PAGE> 64
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
CLASS A SHARES
-------------- CLASS A SHARES
FOR THE SIX --------------------------
MONTHS ENDED FOR THE PERIOD FROM
MARCH 31, 1999 FEBRUARY 3, 1998*
(UNAUDITED) THROUGH SEPTEMBER 30, 1998
-------------- --------------------------
<S> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 1.00 $ 1.00
-------- --------
Net investment income.................................. 0.02 0.03
Net realized loss...................................... -- --
-------- --------
Total income from investment operations.................. 0.02 0.03
-------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................................. (0.02) (0.03)
-------- --------
Total distributions.................................. (0.02) (0.03)
-------- --------
Net change in net asset value per share.................. -- --
-------- --------
NET ASSET VALUE, END OF PERIOD........................... $ 1.00 $ 1.00
======== ========
TOTAL RETURN............................................. 2.10%(a) 3.02%(a)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (in thousands)................. $ 1,210 $ 720
Ratios to average net assets:
Expenses............................................... 0.71%(b) 0.72%(b)
Net investment income.................................. 4.15%(b) 4.76%(b)
Expenses**............................................. 1.06%(b) 1.10%(b)
</TABLE>
- ---------------
* Commencement of operations.
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratio would have been as indicated.
(a) Not annualized.
(b) Annualized.
SEE NOTES TO FINANCIAL STATEMENTS.
64
<PAGE> 65
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 66
<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 90 Washington Street
New York, NY 10286
</TABLE>
This material is authorized for distribution to prospective investors only when
accompanied or preceded by a current prospectus. Please call 1-888-890-8121 for
a prospectus which contains more complete information on the Eureka Funds
including fees, expenses and sales charges. Please read the prospectus carefully
before investing or sending money.
The Eureka Funds are distributed by BISYS Fund Services. Sanwa Bank California
is the investment adviser to the Funds and receives fees for those services.
<PAGE> 67
EUR-0034
