<PAGE> 1
[LOGO]
EUREKA
FUNDS
ANNUAL REPORT
September 30, 2000
DISCOVER
DISCIPLINED
INVESTING
<PAGE> 2
<TABLE>
<CAPTION>
TABLE OF CONTENTS
<S> <C>
Chairman's Letter .............................................................2
Investment Management Philosophy ..............................................3
Eureka Equity Fund Commentary .................................................4
Eureka Equity Fund Review .....................................................5
Eureka Global Asset Allocation
Fund Commentary ...............................................................6
Eureka Global Asset Allocation Fund Review ....................................7
Eureka Investment Grade Bond Fund
Commentary ....................................................................8
Eureka Investment Grade Bond Fund Review ......................................9
Eureka Prime Money Market Fund Commentary ....................................10
Eureka U.S. Treasury Obligations Fund
Commentary....................................................................11
Schedules of Portfolio Investments............................................12
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..........................................................53
Report of Independent Auditors................................................63
</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 and ongoing expenses. 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.
MUTUAL FUNDS: ARE NOT FDIC-INSURED - HAVE NO BANK GUARANTEE - MAY LOSE VALUE
1
<PAGE> 3
September 30, 2000
CHAIRMAN'S LETTER
[PHOTO]
LARRY LAYNE
Chairman of the Board of Trustees
The Eureka Funds
Mr. Layne has served as chairman of the board of trustees since the inception of
the Eureka Funds.
As Vice Chairman of Sanwa Bank California, Larry Layne is currently in charge of
the Commercial Banking Group, which is comprised of all 38 commercial and
business banking centers, 12 Pacific Rim branches, and the International
Department, Commercial Product Management Department, Cash Management
Department, Real Estate Industries Department, Asset Based Finance Department,
Syndications Department, Financial Institutions Department and the Group Credit
Administration Department.
Mr. Layne has 37 years experience in the banking industry, all at Sanwa Bank
California. His several key positions include: Executive Vice President for the
Relationship Banking Group, responsible for 107 branches and 13 banking centers;
First Executive Vice President for the North/Central Division, responsible for
44 branches and eight commercial banking centers; Senior Vice President of
Sanwa's Agribusiness Banking Division; and Regional Vice President of Sanwa
Bank, Central Valley Region.
Mr. Layne earned a bachelor of science from California State University of
Fresno.
DEAR SHAREHOLDER
We are pleased to report that the Eureka Funds enjoyed significant growth during
the fiscal year ending September 30, 2000, our third year of operation. Thanks
to the strong performance of the Funds and the new shareholders who joined us
during the past year, total assets grew to over $911 million, a gain of
approximately $124 million above the $793 million invested in the Funds as of
September 30, 1999.
Our quantitative investment philosophy, which minimizes the role of subjective
bias in investment decisions, allowed us to maintain an even keel throughout
this year's market turbulence. All of our Funds performed in line with their
investment objectives, and our Money Market Funds performed significantly better
than their relevant Lipper Fund Averages. The objective of the Eureka Funds is
to achieve consistent returns each year and to perform in the upper echelons of
their respective investment categories, while avoiding undue risk.
The recent volatility in financial markets demonstrates the importance of
remaining focused on the long-term objectives offered through the Eureka family
of mutual funds. Now may be a good time to review your personal financial needs
and portfolio diversification with a qualified investment representative.
Thank you for choosing to invest in the Eureka Funds. We appreciate the trust
and confidence you place in us, and we look forward to assisting you in
achieving your financial objectives.
Sincerely,
/s/ Larry Layne
LARRY LAYNE
Chairman of the Board of Trustees
The Eureka Funds
The views expressed in this report reflect those of the Investment Adviser
through the end of the report period only, as stated on the cover. The managers'
views are subject to change at any time based upon market and other
conditions.
2
<PAGE> 4
September 30, 2000
SANWA BANK CALIFORNIA
QUANTITATIVE APPROACH TO INVESTMENT MANAGEMENT
[PHOTO]
BOB BANNON
Senior Vice President and
Chief Investment Officer
As Chief Investment Officer and head of the Investment Management Department,
Bob Bannon's primary focus is to build upon the existing strengths of the
Investment Management Department and position Sanwa Bank California as a leader
in quantitative investment management.
A highly respected authority on the quantitative investment philosophy and
process, Bob has extensive knowledge and experience in global asset allocation,
equity modeling and fixed-income portfolio management. Before joining Sanwa Bank
California during the first quarter of 2000, he served as Managing Director for
Analytic Investors, Inc., a highly regarded Los Angeles quantitative investment
management firm, where he was responsible for market research and the
development and management of investment products and processes. Prior to
joining Analytic, Bob developed fixed-income trading strategies for I.D.E.A. in
New York and worked for Security Pacific National Bank as a financial economist.
Bob holds a graduate degree in econometrics and financial economics from UCLA
and an undergraduate degree in economics from Villanova University. He is a
Chartered Financial Analyst.
INVESTMENT PHILOSOPHY
At Sanwa Bank California, we are continually striving to find better ways to
meet the diverse needs of our customers. For years, we have been refining the
science of investing and have developed an advanced investment philosophy that
takes the guesswork and confusion out of decisions involving your financial
security.
Backed by the financial strength of one of the world's largest banks, our
professional investment management team has gained valuable expertise in the
global marketplace, enabling us to offer the widest possible range of investment
opportunities. Now, Sanwa's Investment Management Group applies our time-tested
investment philosophy to the Eureka Funds - a mutual fund family that may help
you meet your financial objectives today and into the future.
THE QUANTITATIVE APPROACH TO INVESTMENT MANAGEMENT
At Sanwa Bank California, we employ a disciplined, quantitative approach to
investment management. This unique method, which includes sophisticated
statistical analysis of both historical and contemporary financial data in both
domestic and global markets, is designed to remove the subjective or emotional
component from investment decisions. As we measure changes in long-term
relationships between the returns of different types of assets and apply those
changes to the proprietary forecasting models, we can quickly see where changes
are required in any portfolio. And, because we have a comprehensive picture of
the long-term performance of an asset, we can also see where to avoid making
impulsive decisions as a reaction to short-term fluctuations in a turbulent
market.
As a result, we have an explicit understanding of how the portfolio is
structured and how investment decisions may impact its performance, so we are
extremely meticulous in every phase of the investment process. By utilizing the
most advanced data-based software to apply cutting-edge investment science and
academic research, our approach ensures that your portfolio maintains targeted
risk levels and has the flexibility to respond to market changes when
necessary.
3
<PAGE> 5
September 30, 2000
EUREKA EQUITY FUND
COMMENTARY
OBJECTIVE:
The Eureka Equity Fund seeks long-term capital growth. The Fund intends to
invest in the common stocks of corporations representing a broad cross-section
of the U.S. economy. The Fund expects to have a level of risk commensurate with
that represented by a broadly diversified portfolio of U.S. common stocks, such
as the Standard & Poor's 500 Stock Index. Under normal market conditions, the
Fund will invest at least 65% of its net assets in common stocks.
INCEPTION DATE:
A Shares 02/03/98
Trust Shares 11/01/97
BENCHMARK:
Standard & Poor's
500 Stock Index
INVESTMENT PHILOSOPHY
Long-term capital growth and rigorous risk control are the key objectives of the
Eureka Equity Fund. Structured to have risk characteristics similar to those of
the Standard & Poor's 500 Stock Index, we seek to add value to the portfolio
through short-term security selection. Our quantitative approach avoids
overreaction to momentary news items or earnings reports in favor of fundamental
valuation.
Rather than attempt to time the market, we stay fully invested in a universe of
S&P 500 stocks. We apply multi-dimensional analysis to select the most
attractive stocks in each industry and to construct a portfolio that mirrors the
S&P 500 in size, sector and industry exposure, as well as the proportion of
value vs. growth stocks.
FUND PERFORMANCE
For the fiscal year ended September 30, 2000, the Fund lagged its benchmark by
2.85%, producing a 10.26% total return (Trust Shares)(1), compared to a 13.11%
return for the S&P 500 Index(2). Our strict commitment to such risk controls as
sector neutrality unfortunately limited the Fund's upside participation this
year.
MARKET PERFORMANCE
An exceptionally wide dispersion between the best and worst performing stocks
made this a difficult year for quantitative funds. A handful of aggressive
growth stocks, particularly in the technology sector, produced spectacular
returns to the benefit of less risk-controlled funds that were overweighted in
technology. Such stellar performance can be fleeting, however, and we remain
confident that our disciplined approach will continue to produce solid returns
for our investors.
OUTLOOK
Our short-term, quantitative investment philosophy remains constant, regardless
of market cycle. Going forward, we will do what we have always done -- focus on
tight risk control, use disciplined analysis to seek the winners, and strive to
outperform our benchmark, the S&P 500 Stock Index.
(1) Total return for the Fund's Class A Shares was 10.04% for the one-year
period ended 9/30/00.
(2) The Standard & Poor's 500 Stock Index is an unmanaged index generally
representative of the domestic stock market and cannot be invested in
directly.
4
<PAGE> 6
September 30, 2000
EUREKA EQUITY FUND REVIEW
<TABLE>
<CAPTION>
TOP 10 EQUITY HOLDINGS(3)
-------------------------
<S> <C>
1. General Electric Co. .......... 4.95%
2. Cisco Systems ................. 2.98
3. Oracle Corp ................... 2.92
4. Intel ......................... 2.50
5. Exxon Mobil Corp. ............. 2.21
6. Citigroup Inc. ................ 2.19
7. American International ........ 2.01
8. Pfizer Inc. ................... 2.00
9. Walmart ....................... 1.95
10. SBC Communications, Inc........ 1.79
</TABLE>
<TABLE>
<CAPTION>
SECTOR WEIGHTINGS(3)
-------------------
[PIE CHART]
<S> <C>
Technology .................. 28.9%
Retail ...................... 5.1%
Energy ...................... 5.5%
Other ....................... 5.5%
Capital Goods ............... 7.8%
Utilities ................... 9.7%
Consumer Related ............ 10.7%
Health Care ................. 11.8%
Financial Services .......... 15.0%
</TABLE>
GROWTH OF $10,000
-----------------
Since Inception
[GRAPH]
Class A Shares(4) .............. $16,335
Trust Shares ................... $15,137
Standard & Poor's 500 Index(2) . $15,010
<TABLE>
<S> <C> <C> <C>
11/97 10000 10000 10000
12/97 10555.1 10548.6 10643
3/98 12028.6 11999.8 12128
6/98 12451.6 12416.8 12528
9/98 11007.8 10969.9 11282
12/98 13410 13350.7 13685
3/99 13870.6 13817.1 14367
6/99 14805.4 14734.1 15380
9/99 13728.3 13640 14419
12/99 15550.1 15450.6 16565
3/00 15753.4 15634 16945
6/00 15339.9 15216.7 16494
9/00 15137.2 15009.8 16335
</TABLE>
TOTAL RETURN
------------
<TABLE>
<CAPTION>
Annualized
Year to Date One Year Since Inception
(9/30/00) (9/30/00) (11/1/97 to 9/30/00)
--------- -------- --------------------
<S> <C> <C> <C>
Class A Shares(4) -2.85% 10.04% 14.95%
Trust Shares -2.66% 10.26% 15.28%
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. The investment return and net asset value will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost. The total return set forth may reflect the waiver of a portion of
the Fund's advisory fees for certain periods since inception. In such instances,
and without the waiver of fees, total return would have been lower.
(3) The portfolio holdings are subject to change.
(4) Class A Shares of this Fund were not in existence prior to 02/03/98. Class
A Shares performance calculated for any period prior to 02/03/98 is based
on the performance of Trust Shares since inception 11/01/97. The
performance data for the period 11/01/97 through 02/03/98 was calculated
by adjusting the performance of the Trust Shares to reflect the 12b-1 fee
charged to Class A Shares.
5
<PAGE> 7
September 30, 2000
EUREKA GLOBAL ASSET ALLOCATION FUND
COMMENTARY
OBJECTIVE:
The investment objective of the Eureka Global Asset Allocation Fund is to seek a
balance of income and long-term capital appreciation. Utilizing a disciplined
asset allocation approach, the Fund intends to invest in, and assume a level of
risk commensurate with, a globally diversified portfolio of foreign and domestic
stocks, bonds and cash equivalents. By systematically diversifying across
countries, currencies, and asset classes the Fund pursues its capital
appreciation goals, while seeking to control portfolio risk.
INCEPTION DATE:
A Shares 02/03/98
Trust Shares 11/01/97
BENCHMARK: Blended Salomon Smith
Barney Primary World Index
and
Lehman Brothers U.S. Treasury Index
INVESTMENT PHILOSOPHY
The Eureka Global Asset Allocation Fund is a balanced fund made up of 70% global
equities and 30% domestic bonds. Using a wide range of quantitative
technologies, we seek to enhance returns and outperform our benchmark by varying
the proportion of stocks to bonds and by varying our exposure to the stocks of
different countries and the selection of individual securities within those
countries. We employ a tactical, opportunistic approach to selecting stocks that
we believe have superior short-term characteristics.
FUND PERFORMANCE
The Fund's benchmark prior to and as of September 30, 2000 was a custom blend of
70% Salomon Smith Barney Primary World Index(1) and 30% of the Lehman Brothers
U.S. Treasury Index(2). Going forward, the Salomon Smith Barney World Index(1)
has been replaced by the Morgan Stanley Capital International World Index(4)
because this index is more suited to the actual securities held by the Fund. For
the one-year period ended September 30, 2000, we underperformed the
pre-September 30, 2000 benchmark by 4.07%. The Fund's total return was 7.43%
(Trust Shares)(3), while our custom benchmark returned 11.50%. We underperformed
our new benchmark during the same period by 0.97%. For the one-year period ended
September 30, 2000, our new benchmark returned 8.40%. Stock selection and
mistiming equity vs. fixed income allocations were the primary factors
contributing to the Fund's underperformance this year.
MARKET PERFORMANCE
An exceptionally wide gap between the best and worst performing stocks made this
a difficult year for risk-controlled, sector-neutral funds such as the Eureka
Global Asset Allocation Fund. We were also underweighted in global and U.S.
equities relative to fixed-income securities during the first half of the fiscal
year, when the equity markets were at their strongest. We pulled that
underweight back to benchmark just when the market peaked.
OUTLOOK
Due to heightened turmoil in world commodity markets, surprising weakness in the
technology sector and uncertainty regarding the economic and fiscal policies of
the new Administration, we have pulled most of our exposures back to benchmark
and are concentrating our efforts on individual securities selection. Throughout
the year, we will continue to exploit short-term tactical opportunities as they
arise, as is consistent with our investment philosophy.
International investing involves increased risk and volatility.
(1) The Salomon Smith Barney Primary World Index is an unmanaged index
generally representative of the international and domestic equity
markets.
(2) The Lehman Brothers U.S. Treasury Index is an unmanaged index generally
representative of the domestic Treasury market. These indices cannot be
invested in directly.
(3) Total return for the Fund's Class A Shares was 7.18% for the one-year
period ended 9/30/00.
(4) The Morgan Stanley Capital International World Index is an unmanaged
index generally representative of the world's developed equity markets.
These indices cannot be invested in directly.
6
<PAGE> 8
September 30, 2000
EUREKA GLOBAL ASSET ALLOCATION FUND REVIEW
<TABLE>
<CAPTION>
TOP 10 EQUITY HOLDINGS(4)
-----------------------
<S> <C>
1. General Electric Co. ..........2.89%
2. Cisco Systems .................1.93
3. Exxon Mobil Corp. .............1.63
4. Microsoft Corp. ...............1.61
5. Intel .........................1.52
6. EMC Corp ......................1.44
7. Nokia OY ......................1.35
8. American International ........1.32
9. Vodafone Group. ...............1.22
10. IBM ...........................1.18
</TABLE>
<TABLE>
<CAPTION>
EQUITY COUNTRY WEIGHTINGS(4)
---------------------------
[PIE CHART]
<S> <C>
U.S.A. .......................... 55.9%
Japan. .......................... 10.8%
U.K. ............................ 8.9%
Other ........................... 9.3%
Netherlands ..................... 2.4%
Canada .......................... 2.1%
France .......................... 4.6%
Germany ......................... 3.1%
Switzerland ..................... 2.9%
</TABLE>
GROWTH OF $10,000
------------------
Since Inception
[GRAPH]
Class A Shares(5) ............................ $13,041
Trust Shares ................................. $13,138
Lehman Brothers U.S. Treasury Index(2) ....... $11,777
Salomon Smith Barney Primary World Index(1) .. $14,723
<TABLE>
<S> <C> <C> <C>
10000 10000 10000 10000
10123 10116.5 10158 9802
11145.4 11128.1 10310 11188
11375.9 11358.5 10584 11465
10534 10507.1 11193 10078
11911.9 11882.4 11178 12172
12054.9 12015 10997 12641
12422.7 12371.9 10898 13268
12228.6 12168 10976 13044
13395 13319.2 10894 15143
13523.7 13447.3 11307 15402
13373.5 13287.1 11479 15053
13137.6 13041.5 11777 14723
</TABLE>
<TABLE>
<CAPTION>
TOTAL RETURN
------------ ANNUALIZED
YEAR TO DATE ONE YEAR SINCE INCEPTION
(9/30/00) (9/30/00) (11/1/97 TO 9/30/00
----------- --------- --------------------
<S> <C> <C> <C>
Class A Shares(5) -2.08% 7.18% 9.54%
Trust Shares -1.92% 7.43% 9.81%
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. The investment return and net asset value will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost. The total return set forth may reflect the waiver of a portion of
the Fund's advisory fees for certain periods since inception. In such instances,
and without the waiver of fees, total return would have been lower.
(4) Expressed as a percentage of Common Stock held in the Fund's portfolio.
The portfolio holdings are subject to change.
(5) Class A Shares of this Fund were not in existence prior to 02/03/98. Class
A Shares performance calculated for any period prior to 02/03/98 is based
on the performance of Trust Shares since inception 11/01/97. The
performance data for the period 11/01/97 through 02/03/98 was calculated
by adjusting the performance of the Trust Shares to reflect the 12b-1 fee
charged to Class A Shares.
7
<PAGE> 9
September 30, 2000
EUREKA INVESTMENT GRADE BOND FUND
COMMENTARY
OBJECTIVE:
The Eureka Investment Grade Bond Fund seeks a high level of income, consistent
with preservation of capital. To achieve this objective, the Fund intends to
invest in a range of fixed-income securities, including U.S. Treasury securities
(bonds, notes, and bills), U.S. agency securities, mortgage-related securities,
corporate securities, depository institution obligations, and repurchase
agreements. Under normal market conditions the Fund will invest at least 80% of
its net assets in bonds (i.e., debt securities) which are investment grade
securities, as determined by NRSRO ratings, or if unrated, as determined by
Sanwa Bank California to be of comparable quality.
INCEPTION DATE:
A Shares 02/03/98
Trust Shares 11/01/97
BENCHMARK:
Lehman Brothers
Aggregate Bond Index
INVESTMENT PHILOSOPHY
With a goal of providing a relatively high level of income, while simultaneously
preserving shareholder capital, we use a variety of disciplines to evaluate the
current interest rate environment and credit implications. Our approach is
conservative, yet opportunistic.
Using multi-dimensional evaluative techniques, we select the most attractive
sectors and individual securities of the fixed-income market within the
constraints of our risk management framework. The Fund's overall risk
characteristics - duration, sector allocation and yield level -- are structured
to resemble the Fund's benchmark, the Lehman Brothers Aggregate Bond Index.
FUND PERFORMANCE
During the fiscal year ended September 30, 2000, the Eureka Investment Grade
Bond Fund generated an aggregate total return of 6.48% (Trust Shares)(1). This
outperformed the Lipper Intermediate Investment Grade Bond Funds Average(2) by
0.73% and lagged our benchmark, the Lehman Brothers Aggregate Bond Index(3), by
0.64%. The Lipper Average returned 5.75%, while the Index returned 7.12%.
MARKET PERFORMANCE
Several market conditions contributed to the Fund's positive performance. First,
the Fund was overweighted in GNMA mortgage-backed securities, which performed
exceptionally well. This was due to uncertainty as to whether other agencies,
such as FNMA, might lose their implied guarantee of the U.S. government, whereas
for GNMA securities, the government guarantee is assured.
OUTLOOK
Going forward, we will continue to capitalize on the strength of GNMA issues by
maintaining our overweighted position. We also plan to underweight U.S.
Treasuries in favor of U.S. agencies, which provide significantly higher yields
with very little additional credit risk. Now that the economy has apparently
peaked, concern for credit quality is growing. Accordingly, we plan to
underweight the lowest-rated corporate bonds in our portfolio and concentrate on
higher-rated securities. As always, we will maintain a rigorous and disciplined
approach to risk management.
(1) Total return for the Fund's Class A Shares was 6.20% for the one-year
period ended 9/30/00.
(2) The Lipper Intermediate Investment Grade Bond Funds Average represents the
average of domestic bond mutual funds as tracked by Lipper, Inc.
(3) The Lehman Brothers Aggregate Bond Index is an unmanaged index generally
representative of the domestic bond market as a whole and cannot be
invested in directly.
8
<PAGE> 10
September 30, 2000
EUREKA INVESTMENT GRADE BOND FUND REVIEW
<TABLE>
<CAPTION>
FUND INFORMATION(4)
--------------------
<S> <C>
30-Day SEC Yield: (A Shares) ... 5.95%
30-Day SEC Yield: (Trust) ...... 6.08%
Average Maturity: .............. 8.89 Years
Average Quality: (Moody's) ..... Aaa
Effective Duration: ............ 4.77 Years
Number of Issues: .............. 119
</TABLE>
<TABLE>
<CAPTION>
CREDIT QUALITY(4)
-----------------
<S> <C>
U.S.Treasury/Agency ........... 73.1%
Aaa ........................... 4.8
Aa ............................ 5.0
A ............................. 10.4
Baa ........................... 5.2
Cash .......................... 1.5
</TABLE>
<TABLE>
<CAPTION>
SECTOR WEIGHTINGS(4)
--------------------
[PIE CHART]
<S> <C>
Treasury ...................... 10.9%
Mortgage Related .............. 35.0%
Agency ........................ 27.2%
Industrial .................... 9.4%
International ................. 1.2%
Finance ....................... 7.0%
Utilities ..................... 1.1%
Telephone ..................... 2.0%
Cash .......................... 1.5%
Municipals .................... 2.3%
Asset Backed .................. 2.4%
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF $10,000
------------------
Since Inception
[GRAPH]
<S> <C>
Class A Shares(5)............................. $11,434
Trust Shares.................................. $11,483
Lehman Brothers Aggregate Index............... $11,714
</TABLE>
<TABLE>
<S> <C> <C>
10000 10000 10000
10119.8 10123.7 10147
10304.9 10283.2 10304
10534.5 10517.9 10545
10940.5 10930.9 10991
10972.3 10959.1 11028
10879 10883.4 10972
10720.6 10731.3 10875
10766 10783.8 10949
10721.1 10745.4 10936
10953.2 10985.3 11177
11097.5 11137.3 11371
11433.8 11482.6 11714
</TABLE>
TOTAL RETURN
-------------
<TABLE>
<CAPTION>
ANNUALIZED
YEAR TO DATE ONE YEAR SINCE INCEPTION
(9/30/00) (9/30/00) (11/1/97 TO 9/30/00)
------------ ---------- ------------------
<S> <C> <C> <C>
Class A Shares(5) 6.65% 6.20% 4.70%
Trust Shares 6.86% 6.48% 4.86%
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. The investment return and net asset value will fluctuate so
that an investor's shares, when redeemed, may be worth more or less than their
original cost. The total return set forth may reflect the waiver of a portion of
the Fund's advisory fees for certain periods since inception. In such instances,
and without the waiver of fees, total return would have been lower.
(4) The portfolio holdings are subject to change.
(5) Class A Shares of this Fund were not in existence prior to 02/03/98. Class
A Shares performance calculated for any period prior to 02/03/98 is based
on the performance of Trust Shares since inception 11/01/97. The
performance data for the period 11/01/97 through 02/03/98 was calculated
by adjusting the performance of the Trust Shares to reflect the 12b-1 fee
charged to Class A Shares.
9
<PAGE> 11
September 30, 2000
EUREKA PRIME MONEY MARKET FUND
COMMENTARY
INVESTMENT PHILOSOPHY
The Eureka Prime Money Market Fund pursues a high level of current income,
consistent with the ability to maintain liquidity and stability of principal.
The Fund may invest in repurchase agreements, commercial paper, corporate notes,
U.S. government securities and other money market instruments for liquidity. The
low-risk, high-liquidity character of the Fund makes it a useful primary
investment vehicle for conservative, risk-averse investors and, for others, as a
temporary investment complementing a longer-term, more diversified strategy.
FUND PERFORMANCE
For the fiscal year ended September 30, 2000, the Fund outperformed its
benchmark, the Lipper Money Market Funds Average(1) by 0.39% and the iMoneyNet
First Tier Money Market Average(2) by 0.29%. The Fund's 12-month total return
was 5.82% (Trust Shares)(3), compared to 5.43% for its benchmark and 5.53% for
the iMoneyNet Average. Security selection was key to achieving these results. We
focused primarily on the purchase of commercial paper.
MARKET PERFORMANCE
Short-term interest rates continued to rise during the reporting period. The
Fund benefited from this trend by keeping the weighted average maturity
relatively short.
OUTLOOK
We have slightly extended the weighted average maturity through calendar year
2000. We do not expect the Federal Reserve to take further action on interest
rates until the new Administration is in place. The purchase of variable-rate
products will provide a hedge against uncertainty regarding the new
Administration's economic policies.
<TABLE>
<CAPTION>
7-DAY YIELD 30-DAY YIELD
(9/30/00) (9/30/00)
----------- -------------
<S> <C> <C>
Class A Shares 6.06% 6.00%
Trust Shares 6.31% 6.25%
</TABLE>
(1) The Lipper Money Market Funds Average represents the average of general
money market funds as reported by Lipper, Inc.
(2) The iMoneyNet First Tier Money Market Average represents the average of
general money market funds as reported by iMoneyNet.
(3) Total return for the Fund's Class A Shares was 5.56% for the one-year
period ended 9/30/00.
(4) The 7-day yield is a more accurate reflection of the Fund's current
performance than the total return. The yield information set forth may
reflect the waiver of a portion of the Fund's advisory fees for certain
periods. In such instances, and without waiver of fees, the yield would
have been lower.
An investment in the Fund is not insured or guaranteed by the FDIC or any other
government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Fund.
10
<PAGE> 12
September 30, 2000
EUREKA U.S. TREASURY OBLIGATIONS FUND
COMMENTARY
INVESTMENT PHILOSOPHY
The Eureka U.S. Treasury Obligations Fund seeks to provide current income
consistent with maintaining liquidity and stability of principal. The Fund
invests exclusively in short-term obligations issued or guaranteed by the U.S.
Treasury, and in repurchase agreements fully collateralized by U.S. Treasury
securities.
The Fund is designed for individual or institutional investors whose primary
considerations are stability, capital preservation and low risk. It can also
serve as a temporary investment for funds awaiting a more permanent investment
in other areas.
FUND PERFORMANCE
For the fiscal year ended September 30, 2000, the Fund outperformed its
benchmark, the Lipper U.S. Treasury Money Market Funds Average(1) by 0.38%, and
the iMoneyNet Money Market U.S. Treasury & Repurchase Average(2), by 0.28%. The
Fund's total return was 5.53% (Trust Shares)(3), compared to 5.15% for its
benchmark and 5.25% for the iMoneyNet Average.
MARKET PERFORMANCE
We attribute our success to our security selection, which focused on relatively
short maturities and variable-rate products. This strategy worked well in the
rising-rate environment that characterized the reporting period.
OUTLOOK
We plan to employ this same strategy in the year ahead. We will continue to seek
a yield advantage through repurchase agreements and variable-rate products,
while remaining within the strict risk management boundaries that define the
Fund.
<TABLE>
<CAPTION>
7-DAY YIELD 30-DAY YIELD
(9/30/00) (9/30/00)
----------- ------------
<S> <C> <C>
Class A Shares 5.79% 5.83%
Trust Shares 6.04% 6.08%
</TABLE>
(1) The Lipper U.S. Treasury Money Market Funds Average represents the
average of U.S. Treasury money market funds as tracked by Lipper, Inc.
(2) The iMoneyNet Money Market U.S. Treasury & Repurchase Average
represents the average of U.S. Treasury money market funds as reported
by iMoneyNet.
(3) Total return for the Fund's Class A Shares was 5.26% for the one-year
period ended 9/30/00.
(4) The 7-day yield is a more accurate reflection of the Fund's current
performance than the total return. The yield information set forth may
reflect the waiver of a portion of the Fund's advisory fees for certain
periods. In such instances, and without waiver of fees, the yield would
have been lower.
An investment in the Fund is not insured or guaranteed by the FDIC or any other
government agency. Although the Fund seeks to preserve the value of your
investment at $1.00 per share, it is possible to lose money by investing in the
Fund.
11
<PAGE> 13
12
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
EQUITY FUND SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
COMMON STOCKS (98.4%)
AEROSPACE & MILITARY TECHNOLOGY (0.9%)
Boeing Co. 24,500 $ 1,543,500
General Dynamics Corp. 3,700 232,406
Raytheon Co., Class B 7,159 203,584
------------
1,979,490
------------
AUTOMOTIVE (0.7%)
Delphi Automotive Systems 32,100 485,512
Ford Motor Co. 17,500 442,969
General Motors Corp. 6,835 444,275
Navistar International
Corp. 3,400 101,788
------------
1,474,544
------------
BANKING (4.9%)
AmSouth Bancorporation 25,000 312,500
Bank of America Corp. 24,400 1,277,949
Bank One Corp. 15,700 606,413
Chase Manhattan Corp. 23,184 1,070,810
Fifth Third Bancorp 17,850 961,669
First Union Corp. 31,800 1,023,563
Firstar Corp. 33,000 738,375
FleetBoston Financial Corp. 4,596 179,244
KeyCorp 32,800 830,250
MBNA Corp. 16,407 631,670
Mellon Financial Corp. 19,800 918,225
National City Corp. 34,000 752,250
State Street Corp. 2,000 260,000
Wachovia Corp. 3,111 176,355
Wells Fargo & Co. 11,900 546,656
------------
10,285,929
------------
BEVERAGES & TOBACCO (2.5%)
(Adolph) Coors Co., Class B 2,487 157,147
Brown-Forman Corp., Class B 2,900 158,775
Coca-Cola Co. 48,995 2,700,849
Coca-Cola Enterprises, Inc. 7,000 111,563
PepsiCo, Inc. 11,500 529,000
Philip Morris Companies,
Inc. 29,618 871,880
Seagram Company, Ltd. 13,344 766,446
------------
5,295,660
------------
BUSINESS SERVICES (1.1%)
Convergys Corp.* 7,000 272,125
Paychex, Inc. 16,361 858,953
Quintiles Transnational
Corp.* 67,737 1,079,558
------------
2,210,636
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
CHEMICALS (1.0%)
Dow Chemical Co. 29,000 $ 723,187
Du Pont (E.I.) De Nemours 13,800 571,838
Eastman Chemical Co. 8,174 301,927
Engelhard Corp. 7,500 121,875
Hercules, Inc. 14,300 201,988
Union Carbide Corp. 6,200 234,050
------------
2,154,865
------------
COMPUTER HARDWARE (13.0%)
Advanced Micro Devices,
Inc.* 26,200 618,975
Applied Materials, Inc.* 10,146 601,785
Cisco Systems, Inc.* 113,424 6,266,676
Compaq Computer Corp. 7,947 219,178
Dell Computer Corp.* 44,700 1,377,319
EMC Corp.* 34,330 3,402,961
Hewlett-Packard Co. 21,600 2,095,200
IBM Corp. 21,716 2,443,050
Intel Corp. 126,374 5,260,318
Micron Technology, Inc. 6,896 317,216
Seagate Technology, Inc.* 19,223 1,326,387
Sun Microsystems, Inc.* 22,100 2,580,175
Texas Instruments, Inc. 18,684 881,651
------------
27,390,891
------------
COMPUTER SOFTWARE & PERIPHERALS (7.0%)
Cabletron Systems* 11,692 343,453
Ceridian Corporation 10,440 292,973
Computer Sciences Corp.* 500 37,125
First Data Corp. 34,900 1,363,281
Mercury Interactive Corp.* 2,200 344,850
Microsoft, Inc.* 59,444 3,581,501
Oracle Corp.* 77,980 6,140,924
Siebel Systems, Inc. 5,910 657,857
Teradyne, Inc. 2,200 77,000
VERITAS Software Corp.* 12,600 1,789,200
------------
14,628,164
------------
CONSUMER GOODS & SERVICES (2.5%)
Avon Products, Inc. 13,817 564,770
Colgate-Palmolive Co. 15,673 739,765
Eastman Kodak Co. 7,000 286,125
Gillette Co. 19,200 592,800
Kimberly-Clark Corp. 3,300 184,181
Mattel 47,219 528,263
Procter & Gamble Co. 21,500 1,440,499
Reebok International, Ltd.* 18,071 339,961
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 14
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 2000
13
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
Sherwin-Williams Co. 20,500 $ 438,188
Springs Industries, Inc.,
Class A 900 25,369
The Clorox Co. 3,625 143,414
------------
5,283,335
------------
CONTAINERS & PACKAGING (0.1%)
Pactiv Corp.* 15,100 168,931
------------
ELECTRIC UTILITY (1.9%)
AES Corp.* 3,900 267,150
American Power Conversion
Corp.* 1,100 21,106
Dominion Resources, Inc. 22,700 1,318,019
Niagara Mohawk Holdings,
Inc. 92,201 1,452,165
PG&E Corp. 6,900 166,894
Reliant Energy, Inc. 3,545 164,843
TXU Corp. 16,200 641,925
------------
4,032,102
------------
ELECTRICAL & ELECTRONIC (5.4%)
Agilent Technologies, Inc.* 8,238 403,147
General Electric Co. 180,613 10,419,113
Molex, Inc. 8,000 435,500
------------
11,257,760
------------
ENVIRONMENTAL SERVICES (0.2%)
Waste Management, Inc. 25,405 443,000
------------
FINANCIAL SERVICES (6.6%)
American Express Co. 45,100 2,739,824
Associates First Capital, Class A7,982 303,316
Charles Schwab Corp. 39,300 1,395,150
Citigroup, Inc. 85,246 4,608,611
Fannie Mae 9,087 649,721
Freddie Mac 5,160 278,963
Household International,
Inc. 4,752 269,082
J.P. Morgan & Co. 3,600 588,150
Merrill Lynch & Co. 6,800 448,800
Morgan Stanley Dean Witter
& Co. 14,475 1,323,558
Stilwell Financial, Inc.* 11,004 478,674
T. Rowe Price Associates,
Inc. 4,800 225,300
Washington Mutual, Inc. 14,600 581,263
------------
13,890,412
------------
FOOD PRODUCTS & SERVICES (1.8%)
Campbell Soup Co. 23,400 605,474
General Mills, Inc. 16,600 589,300
Kellogg Co. 2,118 51,229
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
McDonald's Corp. 25,200 $ 760,724
Nabisco Group Holdings
Corp. 17,585 501,173
Quaker Oats Co. 7,100 561,788
Safeway, Inc.* 3,700 172,744
SYSCO Corp. 13,000 602,063
------------
3,844,495
------------
HEALTH CARE (0.4%)
HCA-The Healthcare Company 3,058 113,528
Humana, Inc.* 32,745 352,009
Tenet Healthcare Corp.* 8,753 318,390
------------
783,927
------------
HOTELS & LODGING (0.0%)
Marriott International,
Class A 500 18,219
------------
INDUSTRIAL GOODS & SERVICES (1.0%)
Deere & Co. 20,000 665,000
Millipore Corp. 3,200 155,000
PE Corp-PE Biosystems Group 7,145 832,392
W.W. Grainger, Inc. 14,840 390,478
------------
2,042,870
------------
INSURANCE (3.6%)
Aetna, Inc. 6,000 348,375
AFLAC, Inc. 9,480 607,313
Allstate Corp. 36,746 1,276,923
American General Corp. 835 65,130
American International
Group, Inc. 44,100 4,219,818
Cigna Corp. 584 60,970
Cincinnati Financial Corp. 5,600 198,800
Marsh & McLennan Companies,
Inc. 5,500 730,125
------------
7,507,454
------------
INTERNET SERVICES (2.0%)
America Online, Inc.* 35,082 1,885,657
Network Appliance, Inc.* 13,207 1,682,242
Yahoo!, Inc.* 8,135 742,827
------------
4,310,726
------------
MANUFACTURING (1.5%)
Fluor Corp. 10,200 306,000
Illinois Tool Works, Inc. 7,500 419,063
Parker Hannifin Corp. 9,100 307,125
Tyco International, Ltd. 39,921 2,070,901
------------
3,103,089
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 15
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 2000
14
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
MEDICAL EQUIPMENT & SUPPLIES (2.7%)
Amgen, Inc.* 18,300 $ 1,277,855
Bausch & Lomb, Inc. 7,900 307,606
Baxter International, Inc. 8,100 646,481
Guidant Corp.* 4,700 332,231
Johnson & Johnson 20,143 1,892,184
Medtronic, Inc. 17,200 891,175
St. Jude Medical, Inc. 7,232 368,832
------------
5,716,364
------------
METALS & MINING (0.3%)
Alcoa, Inc. 16,600 420,187
Homestake Mining Co. 13,300 68,994
Newmont Mining Corp. 8,300 141,100
Phelps Dodge Corp. 2,300 96,025
------------
726,306
------------
MULTIMEDIA (2.6%)
Clear Channel
Communications, Inc.* 5,180 292,670
Gannett, Inc. 1,000 53,000
McGraw-Hill Companies, Inc. 3,800 241,538
Time Warner, Inc. 22,600 1,768,450
Viacom, Inc., Class B* 22,077 1,291,505
Walt Disney Co. 48,700 1,862,774
------------
5,509,937
------------
OIL & GAS (6.0%)
Baker Hughes, Inc. 4,900 181,913
Burlington Resources, Inc. 4,955 182,406
Chevron Corp. 15,500 1,321,375
Columbia Energy Group 14,900 1,057,900
Devon Energy Corp. 11,200 673,680
Exxon Mobil Corp. 52,160 4,648,759
Halliburton Co. 10,300 504,056
Phillips Petroleum Co. 1,700 106,675
Royal Dutch Petroleum NY
Shares 27,800 1,666,263
Schlumberger, Ltd. 7,400 609,113
Texaco, Inc. 30,648 1,609,020
------------
12,561,160
------------
PAPER PRODUCTS (0.4%)
International Paper Co. 12,800 367,200
Westvaco Corp. 20,800 555,100
------------
922,300
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (7.8%)
Abbott Laboratories 13,100 $ 623,069
ALZA Corp.* 2,200 190,300
American Home Products
Corp. 10,600 599,563
Bristol-Myers Squibb Co. 44,000 2,513,500
Cardinal Health, Inc. 3,900 343,931
Eli Lilly & Co. 18,372 1,490,429
Merck & Company, Inc. 38,300 2,850,956
Pfizer, Inc. 93,454 4,199,589
Pharmacia Corp. 33,297 2,004,063
Schering-Plough Corp. 33,794 1,571,421
------------
16,386,821
------------
PRINTING & PUBLISHING (0.6%)
Dow Jones & Company, Inc. 8,300 502,150
Tribune Co. 17,820 777,398
------------
1,279,548
------------
RETAIL (4.7%)
Albertson's, Inc. 3,500 73,500
Circuit City Stores-Circuit
City Group 13,000 299,000
Costco Wholesale Corp.* 2,900 101,319
CVS Corp. 19,400 898,463
Dollar General 5,375 90,031
GAP, Inc. 15,425 310,428
Home Depot, Inc. 38,650 2,050,866
J.C. Penney Company, Inc. 27,800 328,388
Kohl's Corp. * 4,400 253,825
Limited, Inc. 13,300 293,431
Staples, Inc.* 1,048 14,869
Target Corp. 6,600 169,125
V.F. Corp. 6,700 165,406
Wal-Mart Stores, Inc. 85,368 4,108,334
Walgreen Co. 7,900 299,706
Winn-Dixie Stores, Inc. 27,800 399,625
------------
9,856,316
------------
TECHNOLOGY (1.9%)
Analog Devices, Inc.* 8,870 732,329
Broadcom Corp., Class A* 550 134,063
Maxim Integrated Products,
Inc.* 9,914 797,457
Palm, Inc.* 19,226 1,017,776
Rockwell International
Corp. 10,900 329,725
Xilinx, Inc. 10,700 916,188
------------
3,927,538
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 16
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND SEPTEMBER 30, 2000
15
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (9.6%)
ADC Telecommunications,
Inc.* 33,508 $ 901,051
AT&T Corp. 32,580 957,038
BellSouth Corp. 43,400 1,746,850
Centurytel, Inc. 8,790 239,528
Global Crossing, Ltd.* 8,811 273,141
Lucent Technologies, Inc. 66,306 2,026,477
Motorola, Inc. 31,540 891,005
Nextel Communications, Inc.
Class A* 882 41,234
Nortel Networks Corp. 50,649 3,016,780
Qwest Communications
International, Inc.* 35,047 1,684,446
SBC Communications, Inc. 75,427 3,771,349
Sprint Corp. 28,357 831,215
Sprint Corp. (PCS Group)* 31,324 1,098,298
Tellabs, Inc.* 2,569 122,670
Verizon Communications 47,502 2,300,878
WorldCom, Inc.* 6,479 196,800
------------
20,098,760
------------
TELECOMMUNICATIONS EQUIPMENT (2.4%)
Andrew Corp.* 4,800 125,700
Comverse Technology, Inc.* 2,600 280,800
Corning, Inc. 6,100 1,811,699
JDS Uniphase Corp.* 15,795 1,495,589
Qualcomm, Inc. 16,099 1,147,054
Scientific-Atlanta, Inc. 2,900 184,513
------------
5,045,355
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
TRANSPORTATION & SHIPPING (0.4%)
Delta Air Lines, Inc. 9,739 $ 432,168
FedEx Corp.* 2,600 115,284
Norfolk Southern Corp. 19,694 288,025
------------
835,477
------------
UTILITIES (0.9%)
Enron Corp. 22,600 1,980,325
-----------------------------------------------------
TOTAL COMMON STOCKS (COST
$162,363,114) 206,952,706
-----------------------------------------------------
MONEY MARKET FUNDS (1.2%)
Eureka Prime Money Market
Fund -- Trust Class 2,515,098 2,515,098
-----------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $2,515,098) 2,515,098
-----------------------------------------------------
TOTAL INVESTMENTS
(COST $164,878,212) -- 99.6% 209,467,804
-----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.4% 847,889
-----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $210,315,693
-----------------------------------------------------
</TABLE>
---------------
Percentages indicated are based on net assets of $210,315,693.
* Represents non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 17
16
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
COMMON STOCKS (68.9%)
AUSTRALIA (0.9%)
BANKING (0.3%)
Australia & New Zealand
Banking Group, Ltd. 8,100 $ 58,254
Commonwealth Bank of
Australia 5,400 80,713
National Australia Bank,
Ltd. 5,400 74,593
Westpac Banking Corp. 7,200 49,715
------------
263,275
------------
BUILDING PRODUCTS (0.0%)
CSR, Ltd. 3,300 7,250
------------
CONSUMER GOODS & SERVICES (0.1%)
Brambles Industries, Ltd. 1,700 44,429
Coca Cola Amatil, Ltd. 5,100 10,357
Woolworths, Ltd. 7,000 25,566
------------
80,352
------------
DIVERSIFIED (0.1%)
Broken Hill Proprietary
Co., Ltd. 7,100 73,633
------------
ENERGY (0.1%)
Australian Gas & Light Co. 1,800 9,972
Santos, Ltd. 2,700 9,212
Woodside Petroleum, Ltd. 8,600 63,783
------------
82,967
------------
FINANCIAL SERVICES (0.1%)
Lend Lease Corporation,
Ltd. 4,600 51,816
Westfield Holdings, Ltd. 2,000 13,376
------------
65,192
------------
INDUSTRIAL (0.0%)
Orica, Ltd. 2,300 7,142
Pacific Dunlop, Ltd. 10,600 8,806
------------
15,948
------------
MEDIA (0.2%)
News Corporation, Ltd. 8,100 114,052
Publishing & Broadcasting 3,100 22,496
------------
136,548
------------
METALS & MINING (0.0%)
Rio Tinto, Ltd. 1,400 18,765
WMC, Ltd. 2,900 11,970
------------
30,735
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
RETAIL (0.0%)
Coles Myer, Ltd. 3,000 $ 11,605
------------
TELECOMMUNICATIONS (0.0%)
Cable & Wireless Optus,
Ltd.* 2,400 5,207
------------
772,712
------------
AUSTRIA (0.0%)
ENERGY (0.0%)
EVN-AG 300 8,471
------------
ENGINEERING (0.0%)
VA Technologie AG 110 5,533
------------
FINANCIAL SERVICES (0.0%)
Bank Austria AG 373 20,259
------------
34,263
------------
BELGIUM (0.2%)
BANKING (0.0%)
KBC Bancassurance Holding 700 29,341
------------
ELECTRICAL & ELECTRONIC (0.0%)
Lernout & Hauspie Speech
Products NV* 700 8,890
------------
FINANCIAL SERVICES (0.0%)
Dexia-Belgium 256 38,155
Dexia-Strip* 256 2
------------
38,157
------------
INSURANCE (0.2%)
Fortis AG, Class B 1,800 55,353
------------
INVESTMENT COMPANY (0.0%)
Group Bruxelles Lambert SA 100 24,275
------------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES (0.0%)
Total Fina SA-Strip 180 2
------------
PHARMACEUTICALS (0.0%)
UCB SA 300 10,428
------------
166,446
------------
CANADA (1.4%)
AUTOMOTIVE (0.0%)
Canadian Tire Corp., Class
A 300 3,808
Magna International, Inc.
Class A 200 8,706
------------
12,514
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 18
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
17
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
BANKING (0.4%)
Bank of Montreal 900 $ 40,854
Bank of Nova Scotia 2,200 63,969
Canadian Imperial Bank of
Commerce 1,700 55,927
National Bank of Canada 2,200 34,799
Toronto-Dominion Bank 2,200 64,627
------------
260,176
------------
CHEMICALS (0.0%)
Potash Corp. of
Saskatchewan 200 10,434
------------
COMPUTER SOFTWARE & PERIPHERALS (0.0%)
ATI Technologies, Inc.* 1,200 9,770
Cognos, Inc.* 200 8,161
------------
17,931
------------
DIVERSIFIED (0.1%)
Bombardier, Inc., Class B 4,000 69,120
Power Corp. of Canada 1,000 21,932
------------
91,052
------------
ENERGY (0.0%)
Ballard Power Systems,
Inc.* 300 32,908
------------
FINANCIAL SERVICES (0.0%)
Power Financial Corp. 400 7,896
------------
FOOD PRODUCTS & SERVICES (0.0%)
Weston (George), Ltd. 300 15,203
------------
HOTELS & LODGING (0.0%)
Four Seasons Hotels, Inc. 100 7,430
------------
INDUSTRIAL (0.1%)
Canadian Pacific, Ltd. 1,800 46,776
------------
INSURANCE (0.0%)
Manulife Financial Corp. 1,500 31,503
------------
METALS & MINING (0.1%)
Barrick Gold Corp. 2,400 36,527
Inco, Ltd., Class VBN 2,100 14,655
Noranda, Inc. 1,300 12,312
------------
63,494
------------
MULTIMEDIA (0.1%)
Seagram Company, Ltd. 1,100 63,384
Shaw Communications, Inc.
Class B 1,100 25,222
------------
88,606
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
OIL & GAS (0.3%)
Canadian Utilities, Ltd.
Class B 700 $ 19,074
Gaz Metropolitan & Co., LP 2,900 30,067
Imperial Oil, Ltd. 1,300 33,696
Petro-Canada 2,800 62,341
Westcoast Energy, Inc. 1,500 28,562
------------
173,740
------------
PAPER PRODUCTS (0.0%)
Abitibi-Consolidated, Inc. 1,384 12,924
------------
PHARMACEUTICALS (0.0%)
Biochem Pharmaceutical,
Inc.* 400 8,813
QLT, Inc.* 200 14,482
------------
23,295
------------
PRINTING & PUBLISHING (0.0%)
Thomson Corp. 700 27,681
------------
REAL ESTATE (0.0%)
Trizec Hahn Corp. 900 15,193
------------
TELECOMMUNICATIONS (0.3%)
BCE, Inc. 400 9,318
Nortel Networks Corp. 2,428 145,797
Rogers Communications,
Inc. Class B 1,300 30,802
TELUS Corporation 500 12,993
------------
198,910
------------
TRANSPORTATION & SHIPPING (0.0%)
Canadian National Railway
Co. 1,100 32,314
------------
1,169,980
------------
DENMARK (0.2%)
BANKING (0.0%)
Danske Bank A/S* 100 12,704
------------
FOOD PRODUCTS & SERVICES (0.0%)
Danisco A/S 136 4,906
------------
PHARMACEUTICALS (0.0%)
Novo-Nordisk A/S, Class B 156 34,598
------------
TELECOMMUNICATIONS-SERVICES AND EQUIPMENT (0.0%)
Tele Danmark A/S 460 25,301
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 19
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
18
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
TRANSPORTATION & SHIPPING (0.2%)
D/S 1912, Class B 5 $ 53,819
D/S Svendborg, Class B 4 57,770
------------
111,589
------------
189,098
------------
FINLAND (0.9%)
TELECOMMUNICATIONS (0.9%)
Nokia Oyj 18,800 761,792
------------
FRANCE (3.2%)
ADVERTISING & MARKETING (0.0%)
Publicis Groupe 1,000 30,532
------------
AUTOMOTIVE (0.2%)
Michelin (CGDE), Class B 710 19,735
PSA Peugeot Citroen 100 17,763
Renault SA 2,700 115,792
------------
153,290
------------
BANKING (0.3%)
Banque Nationale de Paris 1,520 133,994
Credit Commercial de
France 250 33,091
Societe Generale, Class A 1,600 89,442
------------
256,527
------------
BEVERAGES & TOBACCO (0.1%)
LVMH (Louis Vuitton Moet
Hennessy) 1,300 98,139
------------
BROADCASTING/CABLE (0.1%)
Canal Plus 360 53,909
------------
CHEMICALS (0.1%)
L'Air Liquide 495 58,051
------------
COMPUTER SOFTWARE & PERIPHERALS (0.1%)
Cap Gemini SA 400 75,182
Dassault Systemes SA 400 32,526
------------
107,708
------------
CONSTRUCTION (0.1%)
Bouygues SA 500 25,193
Groupe GTM 100 11,648
Imerys 100 10,218
------------
47,059
------------
COSMETICS & TOILETRIES (0.2%)
L'Oreal SA 1,600 124,175
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
ELECTRICAL & ELECTRONIC (0.1%)
STMicroelectronics NV 1,700 $ 83,332
------------
FINANCIAL SERVICES (0.1%)
AXA 400 52,239
------------
FOOD PRODUCTS & SERVICES (0.1%)
Groupe Danone 280 38,445
Sodexho Alliance SA 100 15,892
------------
54,337
------------
HOTELS & LODGING (0.0%)
Accor SA 1,000 37,115
------------
INDUSTRIAL GOODS & SERVICES (0.4%)
Compagnie de Saint-Gobain 420 52,813
LaFarge 500 34,415
Schneider Electric SA 300 18,902
Suez Lyonnaise Des Eaux 582 90,234
Vivendi 1,681 124,898
------------
321,262
------------
MERCHANDISING (0.2%)
Carrefour 2,040 150,672
Pinault-Printemps-Redoute
SA 200 35,209
------------
185,881
------------
MULTIMEDIA (0.0%)
Lagardere S.C.A 100 6,058
------------
OIL & GAS (0.3%)
Total Fina SA, Class B 1,492 218,288
------------
PHARMACEUTICALS (0.3%)
Aventis SA 1,525 114,384
Sanofi Synthelabo SA 2,440 131,125
------------
245,509
------------
TELECOMMUNICATIONS (0.5%)
Alcatel 2,750 175,933
France Telecom SA 2,650 283,885
------------
459,818
------------
2,593,229
------------
GERMANY (2.2%)
AUTOMOTIVE (0.3%)
Bayerische Motoren Werke
AG 2,496 85,238
DaimlerChrysler AG 2,474 110,313
Volkswagen AG 900 41,297
------------
236,848
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 20
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
19
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
BANKING (0.3%)
Commerzbank AG 1,900 $ 56,518
Deutsche Bank AG 2,650 219,812
Dresdner Bank AG 1,050 45,725
------------
322,055
------------
CHEMICALS (0.3%)
BASF AG 1,945 68,738
Bayer AG 3,600 133,105
SGL Carbon AG* 100 6,353
------------
208,196
------------
COMPUTER SOFTWARE & PERIPHERALS (0.1%)
SAP AG 250 48,092
------------
ELECTRICAL & ELECTRONIC (0.4%)
Infineon Technologies AG* 350 16,817
Siemens AG 2,175 279,734
------------
296,551
------------
ENERGY (0.1%)
RWE AG 2,150 75,509
------------
INDUSTRIAL GOODS & SERVICES (0.2%)
ThyssenKrupp AG 2,350 31,582
Veba AG 1,890 97,398
------------
128,980
------------
INSURANCE (0.2%)
Allianz AG, Registered 280 91,790
Muenchener Rueckver AG
Registered 360 107,056
------------
198,846
------------
MEDIA (0.0%)
EM. TV & Merchandising AG 200 10,448
------------
RETAIL (0.0%)
Metro AG 900 36,850
------------
TELECOMMUNICATIONS (0.3%)
Deutsche Telecom AG
Registered 6,050 207,674
------------
1,770,049
------------
HONG KONG (0.6%)
BANKING (0.0%)
Bank of East Asia 10,000 22,445
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
DIVERSIFIED (0.2%)
Hutchison Whampoa 4,400 $ 58,408
Jardine Matheson Holdings,
Ltd. 4,000 23,400
Swire Pacific, Ltd., Class
A 9,500 59,216
------------
141,024
------------
ELECTRIC UTILITY (0.1%)
CLP Holdings, Ltd. 9,000 40,401
Hong Kong Electric
Holdings 14,000 43,274
------------
83,675
------------
OIL & GAS (0.0%)
Hong Kong & China Gas 26,620 33,288
------------
REAL ESTATE (0.3%)
Cheung Kong 6,000 72,528
China Resources
Enterprises 10,000 11,928
Hang Lung Development Co. 10,000 10,068
Henderson Land Development
Company, Ltd. 2,000 10,312
Sun Hung Kai Properties 7,000 65,988
------------
170,824
------------
TELECOMMUNICATIONS (0.0%)
Pacific Century
CyberWorks, Ltd.* 7,000 7,901
------------
459,157
------------
IRELAND (0.1%)
BANKING (0.1%)
Allied Irish Bank PLC 3,005 32,404
Bank of Ireland 5,700 45,569
------------
77,973
------------
HEALTH CARE (0.0%)
Elan Corp. PLC* 408 22,862
------------
MANUFACTURING (0.0%)
CRH PLC 1,000 15,919
------------
116,754
------------
ITALY (1.4%)
AUTOMOTIVE (0.0%)
Fiat SPA 1,170 27,277
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 21
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
20
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
BANKING (0.2%)
Rolo Banca 1473 SPA 2,000 $ 35,473
San Paolo-IMI SPA 6,135 99,720
Unicredito Italiano SPA 7,000 36,506
------------
171,699
------------
COMPUTER SOFTWARE & PERIPHERALS (0.0%)
Tecnost SPA* 13,000 39,347
------------
ELECTRIC UTILITY (0.0%)
Edison SPA 3,000 29,517
------------
FINANCIAL SERVICES (0.1%)
Banca Fideuram SPA 6,000 99,431
------------
INSURANCE (0.3%)
Assicurazioni Generali 4,745 152,620
RAS SPA 2,400 31,555
------------
184,175
------------
OIL & GAS (0.1%)
Ente Nazional Indrocarburi
SPA 12,100 64,064
------------
TELECOMMUNICATIONS (0.7%)
Telecom Italia Mobile SPA 14,000 113,162
Telecom Italia Mobile
SPA-RNC 13,000 61,143
Telecom Italia SPA 21,555 229,009
Telecom Italia SPA-RNC 13,000 70,894
------------
474,208
------------
TEXTILE PRODUCTS (0.0%)
Benetton Group SPA 10,000 17,825
------------
1,107,543
------------
JAPAN (7.6%)
AUTOMOTIVE (0.7%)
Aisin Seiki Company, Ltd. 3,000 47,751
Bridgestone Corp. 3,000 36,091
Denso Corp. 3,000 69,822
Mazda Motor Corp. 13,000 25,264
Mitsubishi Motors 6,000 18,434
Nissan Motors 9,000 51,638
Toyota Motor Corp. 9,000 355,636
------------
604,636
------------
BANKING (1.0%)
77 Bank, Ltd. 2,000 14,955
Bank of Tokyo-Mitsubishi,
Ltd. 13,000 153,628
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
Gunma Bank 1,000 $ 5,423
Hachijuni Bank 4,000 24,024
Mitsubishi Trust & Banking
Co. 3,000 24,681
Mizuho Holdings, Inc. 30 247,085
Nikko Securities Co., Ltd. 6,000 53,304
Sakura Bank, Ltd. 7,000 52,212
Shizuoka Bank 6,000 51,083
Sumitomo Bank, Ltd. 8,000 101,425
Sumitomo Trust & Banking 6,000 40,644
Yamaguchi Bank, Ltd. 2,000 12,586
------------
781,050
------------
BEVERAGES & TOBACCO (0.1%)
Japan Tobacco, Inc. 2 15,695
Kirin Brewery Company,
Ltd. 4,000 41,088
------------
56,783
------------
CHEMICALS (0.3%)
Mitsui Chemicals, Inc. 7,000 31,159
Shin-Etsu Chemical Co. 2,000 84,212
Takeda Chemical Industries 2,000 132,149
------------
247,520
------------
COMPUTER SOFTWARE & PERIPHERALS (0.0%)
Konami Company, Ltd. 300 24,764
Trans Cosmos, Inc. 100 11,373
------------
36,137
------------
CONSTRUCTION (0.1%)
Daiwa House Industry
Company, Ltd. 1,000 6,987
Matsushita Electric Works 4,000 46,011
Shimizu Corp. 2,000 5,886
------------
58,884
------------
CONSUMER GOODS & SERVICES (0.7%)
KAO Corp. 3,000 81,899
Kuraray Company, Ltd. 1,000 9,680
Matsushita Electric
Industrial Co. 7,000 183,324
Nintendo Company, Ltd. 300 54,775
Shiseido Company, Ltd. 2,000 24,838
Sony Corp. 1,700 172,423
Toto, Ltd. 1,000 8,144
------------
535,083
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 22
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
21
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITY (0.2%)
Chubu Electric Power
Company, Inc. 1,000 $ 16,195
Hokkaido Electric Power
Company, Inc. 2,000 28,281
Hokuriku Electric Power 1,000 14,705
Kansai Electric Power 3,000 48,862
Kyushu Electric Power 1,000 15,575
Tohoku Electric Power 300 4,198
Tokyo Electric Power Co. 2,200 51,814
------------
179,630
------------
ELECTRICAL & ELECTRONIC (1.1%)
Advantest Corp. 200 31,427
Fanuc, Ltd. 400 44,235
Hitachi, Ltd. 11,000 127,651
Kyocera Corp. 1,000 152,693
Murata Mfg. Company, Ltd. 1,000 137,886
NEC Corp. 5,000 113,594
NGK Insulators, Ltd. 1,000 14,344
Nitto Denko Corp. 1,000 37,479
Omron Corp. 1,000 26,328
Rohm Company, Ltd. 200 54,803
Sumitomo Electric
Industries, Ltd. 3,000 51,777
------------
792,217
------------
FINANCIAL SERVICES (0.6%)
Credit Saison Company,
Ltd. 1,000 21,747
Daiwa Securities GRP 6,000 70,350
Nomura Securities Company,
Ltd. 6,000 130,483
Softbank Corp. 900 84,120
Takefuji Corp. 1,000 110,124
Tokio Marine & Fire
Insurance 4,000 39,978
------------
456,802
------------
FOOD PRODUCTS & SERVICES (0.1%)
Ajinomoto Company, Inc. 3,000 33,592
Nissin Food Products
Company, Ltd. 2,000 49,417
------------
83,009
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
INDUSTRIAL (0.1%)
Kajima Corp. 2,000 $ 5,238
Mitsubishi Heavy
Industries, Ltd. 16,000 63,372
Tostem Corp. 3,000 41,921
------------
110,531
------------
MACHINERY & EQUIPMENT (0.1%)
Ebara Corp. 2,000 30,539
SMC Corporation 200 33,592
Toyoda Automatic Loom
Works, Ltd. 1,000 20,128
------------
84,259
------------
MANUFACTURING (0.2%)
Fuji Electric Company,
Ltd. 9,000 32,149
Fuji Photo Film Co. 2,000 67,000
Nikon Corp. 3,000 60,522
Onward Kashiyama Company,
Ltd. 2,000 18,878
------------
178,549
------------
MEDIA (0.1%)
Tokyo Broadcasting System 1,000 40,255
Toppan Printing Company,
Ltd. 3,000 29,012
------------
69,267
------------
METALS & MINING (0.1%)
Sumitomo Metal Industries* 30,000 17,490
Sumitomo Metal Mining
Company, Ltd. 19,000 104,969
------------
122,459
------------
OFFICE EQUIPMENT & SERVICES (0.2%)
Canon, Inc. 2,000 88,654
Dai Nippon Printing
Company, Ltd. 1,000 14,853
Ricoh Company, Ltd. 3,000 54,553
------------
158,060
------------
OIL & GAS (0.0%)
TonenGeneral Sekiyu K.K. 2,000 11,068
------------
PHARMACEUTICALS (0.2%)
Ono Pharmaceutical
Company, Ltd. 1,000 41,088
Sankyo Company, Ltd. 2,000 44,512
Yamanouchi Pharmaceutical
Company, Ltd. 1,000 48,121
------------
133,721
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 23
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
22
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
REAL ESTATE (0.1%)
Mitsubishi Estate Company,
Ltd. 4,000 $ 41,681
Mitsui Fudosan Company,
Ltd. 4,000 50,120
------------
91,801
------------
RETAIL (0.2%)
Daiei, Inc.* 2,000 5,367
Ito-Yokado Company, Ltd. 1,000 52,101
Jusco Company, Ltd. 2,000 36,831
Marui Company, Ltd. 2,000 31,038
Mycal Corp. 1,000 2,823
Shimamura Company, Ltd.* 100 7,709
Takashimaya Company, Ltd. 1,000 6,968
UNY Company, Ltd. 1,000 10,411
------------
153,248
------------
TECHNOLOGY (0.4%)
Fujitsu, Ltd. 6,000 139,367
TDK Corp. 1,000 126,781
Tokyo Electron, Ltd. 1,000 90,690
------------
356,838
------------
TELECOMMUNICATIONS (0.6%)
DDI Corp. 7 45,993
KDD 300 21,266
Nippon Telegraph &
Telephone Corp. 34 333,518
Nippon Television Network 200 114,936
------------
515,713
------------
TRANSPORTATION & SHIPPING (0.3%)
All Nippon Airways
Company, Ltd.* 7,000 23,320
Central Japan Railway Co. 6 35,147
East Japan Railway Co. 13 72,302
Japan Airlines Company,
Ltd. 2,000 7,570
Kinki Nippon Railway
Company, Ltd. 10,000 46,271
Nippon Express Company,
Ltd. 3,000 16,019
Seibu Railway Company,
Ltd. 1,000 14,390
------------
215,019
------------
WHOLESALE & INTERNATIONAL TRADE (0.1%)
Mitsubishi Corp. 3,000 24,153
Mitsui & Company, Ltd. 5,000 31,233
Sumitomo Corp. 2,000 17,361
------------
72,747
------------
6,105,031
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
NETHERLANDS (1.6%)
BANKING (0.3%)
ABN Amro Holding NV 3,748 $ 87,313
Ing Groep NV 2,504 166,780
------------
254,093
------------
BREWERY (0.1%)
Heineken Holding NV, Class A 589 20,868
Heineken NV 1,800 100,067
------------
120,935
------------
CHEMICALS (0.1%)
Akzo Nobel 1,080 45,554
------------
COMPUTER SYSTEMS (0.0%)
ASM Lithography Holding
NV* 200 6,636
------------
CONSUMER GOODS & SERVICES (0.0%)
Koninklijke Ahold NV 1,200 34,023
------------
ELECTRICAL & ELECTRONIC (0.2%)
Philips Electronics NV 4,582 197,190
------------
INSURANCE (0.2%)
Aegon NV 2,776 104,721
Fortis NV 1,020 31,232
------------
135,953
------------
MACHINERY & EQUIPMENT (0.1%)
Unilever NV 1,403 68,092
------------
OIL & GAS (0.6%)
Royal Dutch Petroleum 6,517 393,869
------------
PRINTING & PUBLISHING (0.0%)
Wolters Kluwer 1,680 34,097
------------
TELECOMMUNICATIONS (0.0%)
Koninklijke KPN NV 704 15,332
------------
TRANSPORTATION & SHIPPING (0.0%)
TNT Post Group NV 859 19,973
------------
1,325,747
------------
NEW ZEALAND (0.0%)
AEROSPACE & MILITARY TECHNOLOGY (0.0%)
Air New Zealand, Ltd.
Class B 10,000 11,544
------------
FOREST & PAPER PRODUCTS (0.0%)
Fletcher Challenge Forests 10,000 3,293
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 24
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
23
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (0.0%)
Telecom Corp. of New
Zealand 5,000 $ 12,439
------------
27,276
------------
NORWAY (0.1%)
BANKING (0.0%)
Den Norske Bank ASA 1,000 4,351
------------
COMPUTER SOFTWARE & PERIPHERALS (0.0%)
Merkantildata ASA 1,000 5,563
------------
FOOD PRODUCTS & SERVICES (0.0%)
Orkla ASA, Class A 600 11,632
------------
INDUSTRIAL (0.1%)
Bergesen D Y ASA, Class A 500 10,519
Norsk Hydro ASA 780 32,648
------------
43,167
------------
INSURANCE (0.0%)
Storebrand ASA 1,000 7,105
------------
OIL & GAS (0.0%)
Smedvig ASA, Class B 1,000 17,845
------------
89,663
------------
SINGAPORE (0.2%)
BANKING (0.2%)
DBS Group Holdings, Ltd. 3,198 35,283
United Overseas Bank, Ltd. 1,056 7,585
------------
42,868
------------
CONSUMER GOODS & SERVICES (0.0%)
Jardine Strategic
Holdings, Ltd. 6,000 17,520
------------
INDUSTRIAL (0.0%)
Sembcorp Industries, Ltd. 18,209 16,951
------------
PRINTING & PUBLISHING (0.0%)
Singapore Press Holdings 1,148 17,217
------------
REAL ESTATE (0.0%)
Centrepoint Properties 15,000 14,394
DBS Land 3,000 4,585
------------
18,979
------------
TELECOMMUNICATIONS (0.0%)
Singapore
Telecommunications 5,000 7,815
------------
TRANSPORTATION & SHIPPING (0.0%)
Singapore Airlines, Ltd. 2,000 18,963
------------
140,313
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
SPAIN (0.7%)
BANKING (0.3%)
Banco Bilbao Vizcaya 11,631 $ 175,712
Banco Popular Espanol SA 1,200 36,797
Banco Santander Central
Hispano SA 8,640 94,844
------------
307,353
------------
ELECTRIC UTILITY (0.1%)
Endesa SA 500 9,398
Iberdrola SA 4,906 62,340
------------
71,738
------------
GAS & ELECTRIC UTILITY (0.1%)
Gas Natural SDG SA 600 10,001
Repsol SA 3,750 68,994
------------
78,995
------------
TELECOMMUNICATIONS-SERVICES AND EQUIPMENT (0.2%)
Telefonica SA 7,398 146,557
------------
604,643
------------
SWEDEN (0.9%)
AUTOMOTIVE (0.0%)
Volvo AB, Class A 400 6,353
Volvo AB, Class B 1,700 27,442
------------
33,795
------------
BANKING (0.2%)
Investor AB, Class A 800 11,295
Investor AB, Class B 2,400 34,008
Skandiaviska Enskilda
Banken 1,900 22,978
Svenska Handelsbanken
Class A 3,900 62,753
Svenska Handelsbanken
Class B 1,500 24,136
------------
155,170
------------
CONSUMER GOODS & SERVICES (0.0%)
Electrolux AB, Class B 1,300 16,329
------------
FINANCIAL SERVICES (0.0%)
Nordic Baltic Holding
(FDR) 3,060 21,656
------------
INDUSTRIAL (0.0%)
Skanska AB, Class B 200 6,862
------------
INSURANCE (0.1%)
Skandia Forsakrings AB 5,000 99,138
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 25
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
24
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
MACHINERY & EQUIPMENT (0.1%)
Atlas Copco AB, Class A 1,600 $ 27,489
Sandvik AB 1,350 27,118
------------
54,607
------------
MEDICAL EQUIPMENT & SUPPLIES (0.0%)
Gambro AB, Class B 1,000 7,734
------------
TELECOMMUNICATIONS (0.5%)
Ericsson LM AB, Class B 24,000 364,995
------------
760,286
------------
SWITZERLAND (2.0%)
BANKING (0.3%)
Credit Suisse Group
Registered 600 112,124
UBS AG, Registered 976 129,874
------------
241,998
------------
COMMERCIAL SERVICES (0.1%)
Adecco SA, Registered 100 64,798
SGS Societe Generale de
Surveillance Holding SA
Class B 18 24,994
------------
89,792
------------
CONSUMER GOODS & SERVICES (0.0%)
Givaudan, Registered* 30 7,767
------------
ENERGY (0.1%)
Abb, Ltd. 891 86,603
------------
FOOD PRODUCTS & SERVICES (0.4%)
Nestle SA, Registered 160 333,248
------------
INDUSTRIAL (0.0%)
Holderbank Financiere
Glarus AG, Class B 36 37,511
------------
INSURANCE (0.2%)
Swiss Reinsurance Co.
Registered 50 95,462
Zurich Allied AG 150 69,340
------------
164,802
------------
PHARMACEUTICALS (0.9%)
Novartis AG, Registered 263 403,226
Roche Holding AG, Bearer 3 29,671
Roche Holding AG, Genus 27 237,440
------------
670,337
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (0.0%)
Swisscom AG, Registered 100 $ 24,502
------------
1,656,560
------------
UNITED KINGDOM (6.1%)
AEROSPACE & MILITARY TECHNOLOGY (0.1%)
British Aerospace PLC 10,317 55,676
------------
AUTOMOTIVE (0.0%)
GKN PLC 1,000 9,972
------------
BANKING (0.5%)
Alliance & Leicester PLC 5,500 46,839
Bank of Scotland 8,000 70,377
HSBC Holdings PLC 7,500 106,674
Lloyds TSB Group PLC 21,676 202,223
------------
426,113
------------
BEVERAGES & TOBACCO (0.3%)
Bass PLC 3,894 38,286
British American Tobacco
PLC 7,374 47,644
Cadbury Schweppes PLC 11,706 69,229
Diageo PLC 10,552 94,309
Scottish & Newcastle PLC 2,000 12,190
------------
261,658
------------
CHEMICALS (0.1%)
BOC Group PLC 2,445 32,354
Imperial Chemical
Industries PLC 2,000 11,384
------------
43,738
------------
CONSUMER GOODS & SERVICES (0.2%)
Boots Company PLC 2,919 22,097
Granada Compass PLC* 8,037 75,218
Hays PLC 8,000 46,543
Unilever PLC 8,035 52,033
------------
195,891
------------
DIVERSIFIED (0.1%)
Invensys PLC 12,000 26,214
Rentokil Initial PLC 10,858 24,361
------------
50,575
------------
ELECTRIC UTILITY (0.1%)
National Power PLC 12,000 83,387
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 26
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
25
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (0.1%)
3i Group PLC 1,000 $ 24,883
Halifax PLC 6,475 55,238
------------
80,121
------------
FOOD PRODUCTS & SERVICES (0.1%)
(J) Sainsbury PLC 1,144 6,309
Allied Domecq PLC 1,400 6,976
Associated British Foods
PLC 4,400 23,094
Tesco PLC 8,248 30,304
------------
66,683
------------
GAS & ELECTRIC UTILITY (0.0%)
Scottish Power PLC 5,000 38,811
------------
INDUSTRIAL (0.0%)
BAA PLC 2,100 16,611
------------
INSURANCE (0.4%)
Allied Zurich PLC 7,374 83,840
CGU PLC 4,924 69,889
Legal & General Group PLC 16,000 38,796
Prudential Corporation PLC 8,000 109,172
Royal & Sun Alliance
Insurance Group PLC 4,545 30,373
------------
332,070
------------
MEDIA (0.3%)
British Sky Broadcasting
PLC 3,000 46,174
Pearson PLC 3,463 96,206
Reuters Group PLC 4,855 92,023
------------
234,403
------------
METALS (0.0%)
Rio Tinto PLC, Registered 2,216 32,141
------------
OIL & GAS (0.8%)
BG Group PLC 12,365 78,565
BP Amoco PLC 51,352 457,062
Shell Transportation &
Trading Company PLC 17,373 141,530
------------
677,157
------------
PHARMACEUTICALS (1.0%)
Astrazeneca Group PLC 2,500 130,995
Glaxo Wellcome PLC 10,351 313,425
Smithkline Beecham PLC 28,708 393,251
------------
837,671
------------
RESTAURANTS (0.0%)
Whitbread PLC 3,700 23,837
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
RETAIL (0.1%)
Great Universal Stores PLC 5,834 $ 37,090
Kingfisher PLC 6,000 39,210
Marks & Spencer PLC 8,198 24,605
------------
100,905
------------
TELECOMMUNICATIONS (1.7%)
British Telecommunications PLC 26,066 274,009
Cable & Wireless PLC 10,000 142,675
COLT Telecom Group PLC* 2,000 57,366
Marconi PLC 8,370 114,469
Vodafone Group PLC 184,427 688,506
------------
1,277,025
------------
TRANSPORTATION & SHIPPING (0.1%)
British Airways PLC 3,500 14,787
Peninsular & Oriental
Steam Navigation Co. 4,250 37,388
Railtrack Group PLC 2,600 42,631
------------
94,806
------------
UTILITIES (0.1%)
Centrica PLC 12,000 38,545
United Utilities PLC 4,000 40,629
------------
79,174
------------
5,018,425
------------
UNITED STATES (38.6%)
ADVERTISING & MARKETING (0.0%)
Omnicom Group, Inc. 500 36,469
------------
AEROSPACE & MILITARY TECHNOLOGY (0.6%)
Boeing Co. 5,900 371,700
General Dynamics Corp. 2,100 131,906
------------
503,606
------------
AUTOMOTIVE (0.4%)
DaimlerChrysler AG 1,184 52,558
Ford Motor Co. 5,200 131,625
General Motors Corp. 2,400 156,000
Visteon Corp. 680 10,285
------------
350,468
------------
BANKING (2.0%)
BankAmerica Corp. 6,536 342,323
Chase Manhattan Corp. 5,550 256,341
FleetBoston Financial
Corp. 9,053 353,067
MBNA Corp. 7,300 281,050
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 27
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
26
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
PNC Bank Corp. 2,600 $ 169,000
Wells Fargo & Co. 5,300 243,469
------------
1,645,250
------------
BEVERAGES & TOBACCO (1.1%)
(Adolph) Coors, Class B 1,700 107,419
Coca-Cola Co. 3,500 192,938
PepsiCo, Inc. 5,000 230,000
Philip Morris Companies,
Inc. 10,600 312,038
Seagram Company, Ltd. 400 22,975
------------
865,370
------------
BROADCASTING/CABLE (0.3%)
AT&T Corp. -- Liberty
Media Corp., Class A* 2,700 48,600
Comcast Corp., Special
Class A 5,600 229,250
------------
277,850
------------
CHEMICALS (0.3%)
Dow Chemical Co. 300 7,481
E. I. du Pont de Nemours and Co. 5,000 207,188
------------
214,669
------------
COMMERCIAL SERVICES (0.1%)
McKesson HBOC, Inc. 700 21,394
Paychex, Inc. 1,800 94,500
------------
115,894
------------
COMPUTER HARDWARE (5.5%)
Apple Computer, Inc* 400 10,275
Applied Materials, Inc.* 1,900 112,694
Cisco Systems, Inc.* 19,700 1,088,424
Dell Computer Corp.* 9,100 280,394
EMC Corp.* 8,200 812,824
Hewlett-Packard Co. 3,700 358,900
IBM Corp. 5,900 663,749
Intel Corp. 20,600 857,474
Micron Technology, Inc. 1,400 64,400
Texas Instruments, Inc. 4,400 207,625
------------
4,456,759
------------
COMPUTER SOFTWARE & PERIPHERALS (4.1%)
America Online, Inc.* 7,400 397,749
Ceridian Corp.* 7,000 196,438
Electronic Data Systems
Corp. 1,500 62,250
First Data Corp. 2,400 93,750
Microsoft, Inc.* 15,100 909,774
Network Appliance, Inc.* 400 50,950
Novell, Inc.* 3,800 37,763
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
Oracle Corp.* 8,200 $ 645,749
Parametric Technology
Corp.* 36,200 395,937
PE Corp-PE Biosystems
Group 2,300 267,950
PeopleSoft, Inc.* 6,300 176,006
------------
3,234,316
------------
CONSUMER GOODS & SERVICES (1.6%)
Avon Products, Inc. 4,100 167,588
Brunswick Corp. 2,600 47,450
Clorox Co. 2,900 114,731
Eastman Kodak Co. 2,400 98,100
Fortune Brands, Inc. 5,300 140,450
Gillette Co. 5,800 179,075
Kimberly-Clark Corp. 3,300 184,181
Mattel 2,900 32,444
Nabisco Group Holdings
Corp. 400 11,400
Procter & Gamble Co. 4,600 308,200
------------
1,283,619
------------
ELECTRIC UTILITY (0.6%)
AES Corp.* 1,500 102,750
Dominion Resources, Inc. 2,700 156,769
Entergy Corp. 3,000 111,750
TXU Corp. 3,600 142,650
------------
513,919
------------
ELECTRICAL & ELECTRONIC (2.4%)
Agilent Technologies,
Inc.* 381 18,645
General Electric Co. 28,200 1,626,787
Johnson Controls, Inc. 800 42,550
Reliant Energy, Inc. 6,000 279,000
------------
1,966,982
------------
ENVIRONMENTAL SERVICES (0.1%)
Waste Management, Inc. 3,000 52,313
------------
FINANCIAL SERVICES (2.2%)
American Express Co. 6,300 382,725
Associates First Capital
Class A 2,682 101,916
Charles Schwab Corp. 7,200 255,600
Citigroup, Inc. 11,366 614,473
Golden West Financial
Corp. 2,100 112,613
Household International,
Inc. 1,100 62,288
Morgan Stanley Dean Witter
& Co. 1,300 118,869
Stilwell Financial, Inc.* 3,000 130,500
------------
1,778,984
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 28
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
27
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
FOOD PRODUCTS & SERVICES (1.0%)
Albertson's, Inc. 2,500 $ 52,500
Campbell Soup Co. 5,500 142,313
Great Atlantic & Pacific
Tea Co. 5,300 58,631
Kroger Co.* 8,600 194,038
McDonald's Corp. 2,800 84,525
Safeway, Inc.* 700 32,681
Sara Lee Corp. 6,300 127,969
SUPERVALU, Inc. 7,200 108,450
SYSCO Corp. 500 23,156
------------
824,263
------------
HEALTH CARE (0.4%)
HCA-The Healthcare Company 5,300 196,763
Tenet Healthcare Corp.* 400 14,550
UnitedHealth Group, Inc. 800 79,000
------------
290,313
------------
INDUSTRIAL GOODS & SERVICES (0.0%)
W.W. Grainger, Inc. 900 23,681
------------
INSURANCE (1.8%)
AFLAC, Inc. 1,500 96,094
Allstate Corp. 5,400 187,650
American General Corp. 3,000 234,000
American International
Group, Inc. 7,770 743,491
Cigna Corp. 1,000 104,400
Lincoln National Corp. 1,700 81,813
Loews Corp. 200 16,675
------------
1,464,123
------------
INTERNET SERVICE (0.1%)
Yahoo!, Inc.* 700 63,919
------------
MANUFACTURING (0.5%)
Honeywell International,
Inc. 4,212 150,053
Textron, Inc. 900 41,513
Tyco International, Ltd. 3,700 191,938
------------
383,504
------------
MEDICAL EQUIPMENT & SUPPLIES (1.4%)
Amgen, Inc.* 2,900 202,502
Johnson & Johnson 5,300 497,868
Mallinckrodt, Inc. 2,600 118,625
Medtronic, Inc. 1,100 56,994
St. Jude Medical, Inc.* 5,300 270,300
------------
1,146,289
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
METALS (0.2%)
Alcoa, Inc. 5,200 $ 131,625
------------
MULTIMEDIA (0.9%)
Gannett Company, Inc. 600 31,800
McGraw-Hill Companies,
Inc. 800 50,850
Time Warner, Inc. 2,600 203,450
Viacom, Inc., Class B* 5,900 345,150
Walt Disney Co. 3,000 114,750
------------
746,000
------------
OFFICE EQUIPMENT & SERVICES (0.0%)
Xerox Corp. 600 9,038
------------
OIL & GAS (1.9%)
Baker Hughes, Inc. 1,100 40,838
BP Amoco PLC (ADR) 4,514 239,242
Chevron Corp. 1,200 102,300
Exxon Mobil Corp. 10,292 917,274
Royal Dutch Petroleum NY
Shares 1,900 113,881
Schlumberger, Ltd. 1,300 107,006
Texaco, Inc. 1,100 57,750
------------
1,578,291
------------
PAPER PRODUCTS (0.1%)
International Paper Co. 1,800 51,638
Weyerhaeuser Co. 600 24,225
------------
75,863
------------
PHARMACEUTICALS (3.0%)
American Home Products
Corp. 600 33,938
Bergen Brunswig Corp.
Class A 1,000 11,688
Bristol-Myers Squibb Co. 7,200 411,299
Cardinal Health, Inc. 2,900 255,744
Eli Lilly & Co. 3,000 243,375
Merck & Company, Inc. 4,200 312,638
Pfizer, Inc. 13,650 613,396
Pharmacia Corp. 5,600 337,050
Schering-Plough Corp. 5,900 274,350
------------
2,493,478
------------
PRINTING & PUBLISHING (0.1%)
Readers Digest Assoc., Class A 2,000 70,625
------------
RESORTS & ENTERTAINMENT (0.2%)
Carnival Corp. 7,100 174,838
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 29
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
28
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
RETAIL (1.6%)
Best Buy Company, Inc.* 100 $ 6,363
CVS Corp. 4,300 199,144
Home Depot, Inc. 5,100 270,619
Lowe's Companies, Inc. 1,500 67,313
Target Corp. 5,800 148,625
Wal-Mart Stores, Inc. 10,600 510,124
Walgreen Co. 3,500 132,781
------------
1,334,969
------------
TELECOMMUNICATIONS (3.6%)
AT&T Corp. 12,049 353,939
BellSouth Corp. 3,700 148,925
Corning, Inc. 500 148,500
Lucent Technologies, Inc. 10,390 317,544
Motorola, Inc. 8,400 237,300
Nortel Networks Corp. 4,800 285,900
Qualcomm, Inc. 2,700 192,375
Qwest Communications
International, Inc.* 7,100 341,244
SBC Communications, Inc. 8,500 424,999
Sprint Corp. (PCS Group)* 1,200 42,075
Tellabs, Inc.* 100 4,775
Verizon Communications 3,000 145,313
Vodafone Group PLC-SP ADR 1,250 46,250
WorldCom, Inc.* 9,550 290,081
------------
2,979,220
------------
TRANSPORTATION & SHIPPING (0.2%)
CSX Corp. 3,200 69,800
Kansas City Southern
Industries, Inc. 750 6,516
Ryder Systems, Inc. 6,100 112,469
------------
188,785
------------
UTILITIES (0.3%)
Enron Corp. 2,600 227,825
------------
31,503,117
-----------------------------------------------------
TOTAL COMMON STOCK (COST $46,507,316)
56,372,084
-----------------------------------------------------
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
-----------------------------------------------------
<S> <C> <C>
PREFERRED STOCK (0.2%)
GERMANY (0.2%)
COMPUTER SOFTWARE & PERIPHERALS (0.2%)
SAP AG 670 $ 164,360
------------
RETAIL (0.0%)
Metro AG 240 7,328
-----------------------------------------------------
TOTAL PREFERRED STOCK (COST $75,720)
171,688
-----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
U.S. TREASURY BONDS (9.8%)
UNITED STATES (9.8%)
U.S. Treasury Bonds
11.625%, 11/15/04 $ 600,000 722,808
8.88%, 02/15/19 1,800,000 2,339,424
7.875%, 02/15/21 2,200,000 2,645,500
6.00%, 02/15/26 1,650,000 1,634,523
5.25%, 02/15/29 775,000 696,043
------------
8,038,298
-----------------------------------------------------
TOTAL U.S. TREASURY BONDS (COST
$8,169,963) 8,038,298
-----------------------------------------------------
U.S. TREASURY NOTES (18.8%)
UNITED STATES (18.8%)
U.S. Treasury Notes
7.50%, 11/15/01 1,000,000 1,013,120
5.88%, 09/30/02 8,440,000 8,418,899
6.63%, 05/15/07 1,800,000 1,865,808
6.13%, 08/15/07 3,435,000 3,471,480
5.50%, 05/15/09 675,000 655,594
------------
15,424,901
-----------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST
$15,475,983) 15,424,901
-----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 30
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND SEPTEMBER 30, 2000
29
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
-----------------------------------------------------
<S> <C> <C>
MONEY MARKET FUNDS (1.5%)
UNITED STATES (1.5%)
Eureka Prime Money Market
Fund -- Trust Class 1,230,348 $ 1,230,348
-----------------------------------------------------
TOTAL MONEY MARKET FUNDS (COST
$1,230,348) 1,230,348
-----------------------------------------------------
TOTAL INVESTMENTS (COST
$71,459,330)(a) -- 99.2% 81,237,319
-----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.8% 632,817
-----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $ 81,870,136
-----------------------------------------------------
</TABLE>
---------------
Percentages indicated are based on net assets of $81,870,136.
(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 $49,783. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $14,153,494
Unrealized depreciation (4,425,288)
-----------
Net unrealized depreciation $ 9,728,206
===========
</TABLE>
* Represents non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 31
30
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
-----------------------------------------------------
<S> <C> <C>
ASSET BACKED SECURITIES (2.2%)
GMAC Mortgage Corporation
Loan Trust, 7.52%,
11/25/29 $ 813,527 $ 805,400
Honda Auto Lease Trust
6.65%, 07/15/05 1,100,000 1,096,546
Onyx Acceptance Auto Trust
7.00%, 11/15/04 1,000,000 1,002,800
-----------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(COST $2,916,159) 2,904,746
-----------------------------------------------------
CORPORATE BONDS (19.5%)
AUTOMOTIVE (0.9%)
General Motors
7.40%, 09/01/25 1,230,000 1,160,813
------------
BEVERAGES & TOBACCO (0.8%)
Seagram Company Ltd.
8.35%, 11/15/06 1,000,000 1,053,750
------------
ELECTRIC UTILITY (0.8%)
Consolidated Edison
6.63%, 02/01/02 500,000 498,125
Philadelphia Electric
6.63%, 03/01/03 500,000 493,750
------------
991,875
------------
FINANCIAL SERVICES (7.9%)
Ford Motor Credit Corp.
7.75%, 03/15/05 500,000 508,125
Heller Finance
6.50%, 11/01/01 1,000,000 996,250
Inter-American Development
Bank, 8.40%, 09/01/09 100,000 110,750
Liberty Financial Co.
6.75%, 11/15/08 1,500,000 1,381,874
Mellon Bank, 7.63%,
09/15/07 100,000 101,875
NationsBank, 8.57%,
11/15/24 1,000,000 1,072,500
Regions Financial Corp.
7.75%, 09/15/24 2,495,000 2,526,187
Sunamerica, Inc.
6.59%, 07/14/03 150,000 149,250
8.13%, 04/28/23 75,000 78,563
Texaco Capital
8.50%, 02/15/03 1,300,000 1,348,750
Union Planters
6.25%, 11/01/03 1,200,000 1,156,500
Wells Fargo & Co.
6.625%, 04/15/13 1,000,000 918,750
------------
10,349,374
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
-----------------------------------------------------
<S> <C> <C>
FOOD PRODUCTS & SERVICES (0.7%)
Archer Daniels
6.63%, 05/01/29 $1,000,000 $ 841,250
------------
HOTELS & LODGING (0.4%)
Hilton Hotels
7.70%, 07/15/02 500,000 498,750
------------
INDUSTRIAL GOODS & SERVICES (2.6%)
Bowater, Inc., 9.00%,
08/01/09 500,000 520,625
Brunswick Corp.
7.38%, 09/01/23 1,000,000 905,000
Harsco Corp., 6.00%,
09/15/03 500,000 483,125
Lockheed Martin Corp.
7.625%, 06/15/25 500,000 461,875
Lowe's Companies, Inc.
7.11%, 05/15/37 1,000,000 982,500
------------
3,353,125
------------
MANUFACTURING--CONSUMER GOODS (0.4%)
Tenneco Packaging
7.20%, 12/15/05 500,000 468,125
------------
OIL & GAS (0.8%)
Ashland Oil, Inc.
9.20%, 04/24/06 500,000 530,000
Columbia Energy Group
6.80%, 11/28/05 500,000 481,875
------------
1,011,875
------------
PHARMACEUTICALS (0.4%)
Eli Lilly, 8.38%, 12/01/06 500,000 536,250
------------
RETAIL (1.6%)
Limited, Inc., 7.80%,
05/15/02 500,000 504,375
Wal-Mart Stores, Inc.
6.75%, 05/15/02 2,000 2,003
8.00%, 09/15/06 1,500,000 1,584,375
------------
2,090,753
------------
TELECOMMUNICATIONS (2.0%)
Airtouch Communications,
Inc.
7.00%, 10/01/03 665,000 661,675
Bellsouth
Telecommunications
7.00%, 10/01/25 500,000 459,375
5.85%, 11/15/45 500,000 498,750
GTE Hawaiian Telephone
Series A, 7.00%,
02/01/06 1,000,000 983,750
------------
2,603,550
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 32
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 2000
31
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
-----------------------------------------------------
<S> <C> <C>
TRANSPORTATION & SHIPPING (0.2%)
Norfolk Southern Corp.
8.13%, 11/15/03 $ 250,000 $ 257,500
-----------------------------------------------------
TOTAL CORPORATE BONDS (COST
$26,596,878) 25,216,990
-----------------------------------------------------
FOREIGN BONDS (1.5%)
FOREIGN GOVERNMENT (1.5%)
Canadian Global Bond
6.38%, 07/21/05 1,000,000 991,250
People's Republic of China
6.63%, 01/15/03 500,000 496,250
State of Israel
6.38%, 12/15/05 495,000 464,681
-----------------------------------------------------
TOTAL FOREIGN BONDS (COST
$2,003,936) 1,952,181
-----------------------------------------------------
MORTGAGE BACKED SECURITIES (35.1%)
FANNIE MAE (11.1%)
Fannie Mae
Pool #251140
7.00%, 08/01/27 326,289 319,965
Pool #303585
7.00%, 10/01/25 342,908 336,263
Pool #313644
7.00%, 08/01/27 138,645 135,958
Pool #344263
7.00%, 05/01/26 185,035 181,449
Pool #369427
7.00%, 01/01/27 114,536 112,316
Pool #380721
6.22%, 10/01/08 2,743,364 2,583,041
Pool #381100
5.77%, 01/01/09 978,577 915,933
Pool #390313
8.00%, 06/01/27 1,575,340 1,597,490
Pool #394444
7.00%, 07/01/27 946,069 927,734
Pool #396535
7.00%, 11/01/27 451,973 443,214
Pool #532574
8.00%, 06/01/15 1,978,316 2,014,777
Pool #535469
6.50%, 07/01/30 4,971,520 4,777,282
------------
14,345,422
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
-----------------------------------------------------
<S> <C> <C>
FREDDIE MAC (10.0%)
Freddie Mac
Pool #C00544
6.50%, 06/01/27 $ 443,585 $ 426,671
Pool #C00835
6.50%, 07/01/29 1,896,714 1,824,392
Pool #C00896
7.50%, 12/01/29 4,947,314 4,945,731
Pool #D77827
6.50%, 02/01/27 820,587 789,298
Pool #D81274
6.50%, 07/01/27 31,514 30,312
Pool #D83661
6.50%, 11/01/27 692,378 665,978
Pool #D83833
6.50%, 11/01/27 691,000 664,652
Pool #D83835
6.50%, 11/01/27 383,541 368,916
Pool #D83900
6.50%, 11/01/27 457,596 440,148
Pool #D83967
6.50%, 11/01/27 47,954 46,126
Pool #D83991
6.50%, 11/01/27 604,200 581,162
Pool #D84075
6.50%, 11/01/27 229,342 220,597
Pool #E81217
7.00%, 09/01/15 1,993,805 1,985,690
------------
12,989,673
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (14.0%)
GNMA
Pool #437447
7.00%, 11/15/12 1,310,460 1,313,736
Pool #458347
7.00%, 11/15/12 730,018 731,843
Pool #780717
7.00%, 02/15/28 2,395,559 2,363,363
Series I, Pool #354602
7.00%, 06/15/23 812,241 800,813
Series I, Pool #780204
7.00%, 07/15/25 1,598,647 1,577,161
Series II, Pool #2118
7.50%, 11/20/25 93,129 93,070
Series II, Pool #2271
8.50%, 08/20/26 207,335 212,129
Series II, Pool #2473
7.50%, 08/20/27 832,050 831,526
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 33
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 2000
32
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
-----------------------------------------------------
<S> <C> <C>
Series II, Pool #2474
8.00%, 08/20/27 $ 693,596 $ 702,911
Series II, Pool #2498
7.50%, 10/20/27 521,530 521,202
Series II, Pool #2516
6.50%, 11/20/12 731,373 714,683
Series II, Pool #2562
6.00%, 03/20/28 106,312 99,368
Series II, Pool #2576
6.00%, 04/20/28 5,152,226 4,815,684
Series II, Pool #2657
6.00%, 10/20/28 830,969 776,690
Series II, Pool #2671
6.00%, 11/20/28 1,838,566 1,718,471
Series II, Pool #2687
6.00%, 12/20/28 921,921 861,701
------------
18,134,351
-----------------------------------------------------
TOTAL MORTGAGE BACKED SECURITIES
(COST $46,303,273) 45,469,446
-----------------------------------------------------
MUNICIPAL BONDS (2.3%)
REVENUE BONDS (1.0%)
Philadelphia Retirement
System
6.35%, 04/15/28 1,500,000 1,299,375
SPECIAL PURPOSE (1.3%)
Toll Road Part II, 0.00%
02/15/09, Callable(b) 3,000,000 1,653,750
-----------------------------------------------------
TOTAL MUNICIPAL BONDS (COST
$3,115,522) 2,953,125
-----------------------------------------------------
U.S. GOVERNMENT SPONSORED ENTERPRISE/ U.S. AGENCY
DEBENTURES (26.7%)
FANNIE MAE (9.8%)
Fannie Mae
4.63%, 10/15/01 2,000,000 1,963,480
5.27%, 11/30/01 2,150,000 2,119,900
6.80%, 01/10/03 2,600,000 2,617,289
6.34%, 05/19/03 2,000,000 1,981,540
6.00%, 03/12/04 1,000,000 980,050
7.125%, 03/15/07 1,000,000 1,026,550
6.60%, 07/16/07 2,000,000 1,966,620
------------
12,655,429
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
-----------------------------------------------------
<S> <C> <C>
FEDERAL FARM CREDIT BANK (2.3%)
Federal Farm Credit Bank
6.32%, 06/04/01 $ 100,000 $ 99,855
9.20%, 08/22/05 100,000 110,820
6.30%, 12/03/13 3,000,000 2,823,750
------------
3,034,425
------------
FEDERAL HOME LOAN BANK (1.6%)
Federal Home Loan Bank
5.44%, 10/15/03 1,000,000 971,280
5.88%, 02/23/06 1,110,000 1,073,115
------------
2,044,395
------------
FREDDIE MAC (6.3%)
Freddie Mac
6.00%, 08/15/02 2,000,000 1,983,840
7.13%, 11/18/02 500,000 506,360
7.375%, 05/15/03 3,500,000 3,574,374
7.00%, 03/15/10 2,000,000 2,033,620
------------
8,098,194
------------
GENERAL SERVICES ADMINISTRATION (4.7%)
National Archive
8.50%, 09/01/19 5,411,356 6,101,304
------------
STUDENT LOAN MARKETING ASSOCIATION (0.4%)
Student Loan Marketing
Association
8.44%, 12/01/16 450,000 506,543
------------
TENNESSEE VALLEY AUTHORITY (1.6%)
Tennessee Valley Authority
5.98%, 04/01/36 1,650,000 1,606,688
Tennessee Valley Authority
Global
6.75%, 11/01/25 500,000 478,750
------------
2,085,438
-----------------------------------------------------
TOTAL U.S. GOVERNMENT SPONSORED
ENTERPRISE/ U.S. AGENCY DEBENTURES
(COST $34,746,873) 34,525,728
-----------------------------------------------------
U.S. TREASURY DEBENTURES (10.8%)
INTEREST ONLY STRIPPED SECURITIES (0.0%)
U.S. Treasury
6.54%, 02/15/19 100,000 32,633
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 34
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND SEPTEMBER 30, 2000
33
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
-----------------------------------------------------
<S> <C> <C>
U.S. TREASURY BONDS (9.7%)
U.S. Treasury Bond
15.75%, 11/15/01 $1,500,000 $ 1,652,805
14.25%, 02/15/02 1,000,000 1,105,620
11.88%, 11/15/03 1,600,000 1,864,496
13.75%, 08/15/04 1,000,000 1,266,250
12.00%, 05/15/05 160,000 198,650
8.88%, 02/15/19 3,400,000 4,419,999
6.125%, 11/15/27 2,000,000 2,016,860
------------
12,524,680
------------
U.S. TREASURY NOTES (1.1%)
U.S. Treasury Note
6.25%, 07/31/02 685,000 687,569
6.38%, 08/15/02 200,000 201,250
4.25%, 11/15/03 500,000 476,090
------------
1,364,909
-----------------------------------------------------
TOTAL U.S. TREASURY DEBENTURES
(COST $13,922,529) 13,922,222
-----------------------------------------------------
MONEY MARKET FUNDS (1.5%)
Eureka Prime Money Market
Fund -- Trust Class 1,938,306 1,938,306
-----------------------------------------------------
TOTAL MONEY MARKET FUNDS (COST
$1,938,306) 1,938,306
-----------------------------------------------------
TOTAL INVESTMENTS (COST
$131,543,476)(a) -- 99.6% 128,882,744
-----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.4% 539,796
-----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $129,422,540
-----------------------------------------------------
</TABLE>
---------------
Percentages indicated are based on net assets of $129,422,540.
(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 $47,551. Cost for federal income tax purposes differs from
value by net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 545,220
Unrealized depreciation (3,253,503)
-----------
Net unrealized depreciation $(2,708,283)
===========
</TABLE>
(b) Represents a restricted security purchase under Rule 144A or 4(2) which is
exempt from registration under the Securities Act of 1933, as amended.
* Represents non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 35
34
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
PRIME MONEY MARKET FUND SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
-----------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER (48.8%)
CONSUMER GOODS & SERVICES (1.4%)
7-Eleven, Inc.
6.52%, 10/10/00 $ 409,000 $ 408,333
6.53%, 10/11/00 1,500,000 1,497,279
6.50%, 11/01/00 3,000,000 2,983,209
------------
4,888,821
------------
ELECTRIC UTILITY (3.7%)
Edison Asset Securitization(b)
6.50%, 10/03/00 3,200,000 3,198,844
6.50%, 11/09/00 5,000,000 4,964,793
National Rural Utilities
6.55%, 10/12/00 512,000 510,975
6.47%, 10/13/00 4,000,000 3,991,373
6.47%, 11/17/00 400,000 396,621
------------
13,062,606
------------
FINANCIAL SERVICES (27.9%)
Abbey National North
America
6.53%, 10/11/00 500,000 499,093
AIG Funding
6.47%,10/11/00 2,900,000 2,894,788
American Honda Finance
Corp.
6.51%, 10/12/00 2,000,000 1,996,022
6.48%, 11/17/00 4,000,000 3,966,160
Caterpillar Financial
Service Corp.
6.55%, 10/05/00 710,000 709,483
CDC Commercial Paper,
Inc.
6.50%, 11/29/00 2,400,000 2,374,433
Ford Motor Credit
6.51%, 10/05/00 2,700,000 2,698,047
6.50%, 10/06/00 1,250,000 1,248,872
6.50%, 10/20/00 1,500,000 1,494,854
Fuji Photo Finance
6.53%, 10/26/00 2,300,000 2,289,570
6.50%, 11/15/00 1,000,000 991,875
General Electric Capital
Corp.
6.50%, 10/11/00 5,950,000 5,939,256
6.49%, 11/02/00 150,000 149,135
Goldman Sachs Group
6.51%, 01/02/01 6,000,000 5,899,095
6.51%, 01/05/01 2,000,000 1,965,280
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
-----------------------------------------------------
<S> <C> <C>
Halifax PLC
6.50%, 10/10/00 $ 3,700,000 $ 3,693,988
6.54%, 01/03/01 5,000,000 4,914,617
Household Finance Corp.
6.50%, 10/10/00 5,000,000 4,991,875
Hyundai Motor Finance
6.58%, 10/05/00 3,450,000 3,447,478
KFW International Finance
6.47%, 10/12/00 3,000,000 2,994,069
6.49%, 10/30/00 900,000 895,295
Merrill Lynch & Co.
6.65%, 10/02/00 10,000,000 9,998,152
Panasonic Finance(b)
6.52%, 10/11/00 4,000,000 3,992,756
Receivables Capital
Corp.(b)
6.53%, 10/04/00 8,819,000 8,814,200
6.52%, 10/18/00 372,000 370,855
Salomon Smith Barney
Holdings
6.49%, 10/23/00 2,000,000 1,992,068
6.50%, 11/10/00 5,000,000 4,963,889
Teco Finance(b)
6.50%, 10/17/00 7,000,000 6,979,772
6.50%, 10/24/00 1,000,000 995,847
Toyota Motors Credit
Corp. 6.47%, 10/02/00 4,414,000 4,413,207
------------
98,574,031
------------
INDUSTRIAL (2.3%)
Parker Hannifin Corp.(b)
6.50%, 10/13/00 5,000,000 4,989,167
6.50%, 10/16/00 3,000,000 2,991,875
------------
7,981,042
------------
INSURANCE (5.0%)
Alfa Corp.
6.54%, 10/02/00 3,000,000 2,999,455
6.49%, 10/03/00 5,000,000 4,998,198
JHM Funding(b)
6.53%, 10/11/00 4,000,000 3,992,744
John Hancock(b)
6.48%, 10/13/00 4,617,000 4,607,027
USAA Capital Corp.
6.50%, 10/26/00 1,285,000 1,279,200
------------
17,876,624
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 36
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND SEPTEMBER 30, 2000
35
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
-----------------------------------------------------
<S> <C> <C>
LEASING (1.4%)
Fleet Funding(b)
6.49%, 11/13/00 $ 2,795,000 $ 2,773,318
International Lease
6.52%, 10/06/00 2,250,000 2,247,963
------------
5,021,281
------------
PAPER PRODUCTS (4.3%)
Avery Dennison(b)
6.65%, 10/02/00 10,000,000 9,998,153
Bemis Co., Inc.
6.49%, 10/02/00 4,000,000 3,999,279
6.50%, 10/16/00 1,350,000 1,346,344
------------
15,343,776
------------
PRINTING & PUBLISHING (0.8%)
Washington Post(b)
6.49%, 10/02/00 3,000,000 2,999,461
------------
TELECOMMUNICATIONS (2.0%)
AT&T Corp.
6.51%, 01/05/01 3,500,000 3,439,240
British
Telecommunications
6.50%, 10/19/00 415,000 413,651
6.50%, 11/20/00 815,000 807,642
6.50%, 11/29/00 2,600,000 2,572,303
------------
7,232,836
-----------------------------------------------------
TOTAL COMMERCIAL PAPER (AMORTIZED COST
$172,980,478) 172,980,478
-----------------------------------------------------
CORPORATE BONDS (7.2%)
AUTOMOTIVE (0.7%)
Ford Motor Co.
6.375%, 10/06/00 2,550,000 2,549,951
------------
BANKING (0.5%)
Bank of America Corp.
9.625%, 02/13/01 120,000 121,127
Citicorp, 5.70%, 01/25/01 300,000 298,589
NationsBank Corp.
5.75%, 01/17/01 534,000 531,839
5.70%, 02/12/01 250,000 248,433
Security Pacific Corp.
11.50%, 11/15/00 300,000 301,635
11.00%, 03/01/01 100,000 101,616
------------
1,603,239
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
-----------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (5.4%)
American Express
0.00%, 12/12/00 $ 1,425,000 $ 1,405,198
American Express Credit
6.75%, 06/01/01 127,000 126,523
Beneficial, 6.33%,
12/18/00 575,000 574,444
Boeing Capital Corp.(b)
5.56%, 02/05/01 100,000 99,506
Caterpillar Financial
Service Corp., 5.83%,
11/16/00 500,000 499,154
Chrysler Finance
5.25%, 10/19/00 2,500,000 2,497,964
CIT Group, Inc.
6.20%, 10/20/00 3,000,000 2,999,136
5.625%, 02/02/01 130,000 129,393
Ford Motor Credit
6.25%, 11/08/00 100,000 99,956
6.57%, 03/19/01 125,000 124,595
GMAC
6.25%, 01/16/01 1,000,000 998,308
6.60%, 01/17/01 1,200,000 1,199,669
5.80%, 02/23/01 2,500,000 2,485,448
6.875%, 07/15/01 100,000 99,838
Household Finance Corp.
6.45%, 03/15/01 100,000 99,756
6.06%, 05/14/01 175,000 173,659
John Deere Capital Corp.
6.08%, 12/18/00 500,000 498,914
KFW International Finance
5.75%, 12/01/00 1,000,000 998,354
Merrill Lynch & Co.
6.375%, 10/17/00 600,000 599,896
6.05%, 03/06/01 100,000 99,601
Norwest Corp.
6.125%, 10/15/00 250,000 249,948
5.625%, 02/05/01 2,000,000 1,992,599
Salomon Smith Barney
Holdings
6.625%, 11/30/00 750,000 750,219
6.375%, 02/06/01 150,000 149,819
6.59%, 02/21/01 310,000 308,942
Toyota Motor Credit Corp.
5.50%, 09/17/01 100,000 98,574
------------
19,359,413
------------
INSURANCE (0.1%)
Travelers Property
Casualty
6.75%, 04/15/01 400,000 398,860
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 37
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND SEPTEMBER 30, 2000
36
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
-----------------------------------------------------
<S> <C> <C>
OIL & GAS (0.0%)
BP America, Inc.
9.375%, 11/01/00 $ 100,000 $ 100,204
------------
RETAIL (0.2%)
Wal-Mart Stores, Inc.
8.625%, 04/01/01 675,000 679,546
UTILITIES (0.3%)
National Rural Utilities
6.10%, 12/22/00 1,010,000 1,008,549
-----------------------------------------------------
TOTAL CORPORATE BONDS (AMORTIZED COST
$25,699,762) 25,699,762
-----------------------------------------------------
FANNIE MAE (3.0%)
4.89%, 10/13/00 650,000 649,638
5.30%, 01/19/01 5,000,000 4,982,491
5.375%, 03/27/01 500,000 495,847
5.43%, 03/29/01 500,000 495,923
6.11%, 10/01/00* 4,000,000 4,000,000
-----------------------------------------------------
TOTAL FANNIE MAE (AMORTIZED COST
$10,623,899) 10,623,899
-----------------------------------------------------
FEDERAL FARM CREDIT BANK (1.4%)
6.57%, 10/01/00* 5,000,000 5,000,000
-----------------------------------------------------
TOTAL FEDERAL FARM CREDIT BANK
(AMORTIZED COST $5,000,000) 5,000,000
-----------------------------------------------------
FEDERAL HOME LOAN BANK (5.2%)
5.97%, 10/06/00 1,000,000 999,891
5.01%, 11/16/00 200,000 199,758
6.43%, 10/01/00* 2,000,000 2,000,000
6.325%, 10/01/00* 3,100,000 3,099,833
7.00%, 08/17/01 5,000,000 5,000,000
6.75%, 10/16/01 2,000,000 2,000,000
6.11%, 10/01/00* 5,000,000 5,000,000
-----------------------------------------------------
TOTAL FEDERAL HOME LOAN BANK
(AMORTIZED COST $18,299,482) 18,299,482
-----------------------------------------------------
FREDDIE MAC (2.3%)
5.25%, 02/16/01 625,000 621,135
6.75%, 04/27/01 2,000,000 2,000,000
7.125%, 07/13/01 3,000,000 3,000,000
6.57%, 10/01/00* 2,600,000 2,598,418
-----------------------------------------------------
TOTAL FREDDIE MAC (AMORTIZED COST
$8,219,553) 8,219,553
-----------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
-----------------------------------------------------
<S> <C> <C>
STUDENT LOAN MARKETING ASSOCIATION (6.3%)
6.77%, 10/01/00* $ 5,000,000 $ 5,000,000
6.34%, 10/01/00* 2,000,000 1,995,490
6.633%, 10/01/00* 5,000,000 4,997,944
6.57%, 10/01/00* 2,500,000 2,502,030
6.52%, 10/01/00* 5,000,000 5,000,000
6.57%, 10/01/00* 3,000,000 2,999,717
-----------------------------------------------------
TOTAL STUDENT LOAN MARKETING ASSOCIATION
(AMORTIZED COST $22,495,181) 22,495,181
-----------------------------------------------------
TENNESSEE VALLEY AUTHORITY (0.8%)
6.00%, 11/01/00 750,000 749,612
5.00%, 01/19/01 2,090,000 2,081,018
-----------------------------------------------------
TOTAL TENNESSEE VALLEY AUTHORITY
(AMORTIZED COST $2,830,630) 2,830,630
-----------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (6.5%)
Small Business Administration
Pool #501982
7.50%, 10/01/00* 420,430 426,361
Pool #502001
7.50%, 10/01/00* 1,274,369 1,288,994
Pool #502105
7.50%, 10/01/00* 687,344 698,484
Pool #502139
7.50%, 10/01/00* 442,968 448,275
Pool #502245
7.50%, 10/01/00* 1,616,067 1,645,335
Pool #502268
7.50%, 10/01/00* 587,761 595,140
Pool #502275
7.375%, 10/01/00* 168,969 169,822
Pool #502401
7.25%, 10/01/00* 279,531 281,218
Pool #504073
7.00%, 10/01/00* 873,246 875,033
Pool #505026
7.25%, 10/01/00* 6,000,000 5,997,079
Pool #505071
7.25%, 10/01/00* 5,755,095 5,752,254
Pool #505098
7.50%, 10/01/00* 5,000,000 4,997,502
-----------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES
(AMORTIZED COST $23,175,497) 23,175,497
-----------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 38
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND SEPTEMBER 30, 2000
37
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
-----------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS (15.7%)
Bank of America,
6.65%, 10/2/00,
dated 9/29/00
(Collateralized by
FNMAs, 6.00% - 7.50%,
due 09/01/28 - 09/01/30
with a value of
$56,650,800) $55,540,000 $ 55,540,000
-----------------------------------------------------
TOTAL REPURCHASE AGREEMENTS (AMORTIZED
COST $55,540,000) 55,540,000
-----------------------------------------------------
MONEY MARKET FUNDS (3.4%)
Federated Prime Cash
Obligation Fund 6,000,000 6,000,000
Provident TempFund 6,000,000 6,000,000
-----------------------------------------------------
TOTAL MONEY MARKET FUNDS (AMORTIZED
COST $12,000,000) 12,000,000
-----------------------------------------------------
TOTAL INVESTMENTS (AMORTIZED COST $356,864,482)(a) --
100.6% 356,864,482
-----------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.6)% (2,302,220)
-----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $354,562,262
-----------------------------------------------------
</TABLE>
---------------
Percentages indicated are based on net assets of $354,562,262.
* Denotes variable rate security. Rate presented represents rate in effect on
September 30, 2000. Maturity date reflects next rate change date.
(a) Cost and value for financial reporting and federal income tax purposes are
the same.
(b) Represents a restricted security purchase under Rule 144A or 4(2) which is
exempt from registration under the Securities Act of 1933, as amended.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 39
38
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. TREASURY OBLIGATIONS FUND SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
-----------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT GUARANTEED SECURITY (14.6%)
Israel Aid, Series 7-A
5.45%, 02/15/01 $ 3,975,000 $ 3,954,166
Israel Aid, Series 8-B
6.375%, 08/15/01 1,785,000 1,782,843
Private Export Funding
Corp.
Series HH, 8.35%,
01/31/01 5,725,000 5,752,650
Private Export Funding
Corp.
Series II, 8.40%,
07/31/01 1,175,000 1,192,398
Private Export Funding
Corp. Series XX, 5.50%,
03/15/01 7,952,000 7,909,583
-----------------------------------------------------
TOTAL U.S. GOVERNMENT GUARANTEED
SECURITY
(AMORTIZED COST $20,591,640) 20,591,640
-----------------------------------------------------
U.S. TREASURY BILL (14.9%)
U.S. Treasury Bill
5.99%, 10/12/00 21,000,000 20,962,624
-----------------------------------------------------
TOTAL U.S. TREASURY BILL (AMORTIZED
COST $20,962,624) 20,962,624
-----------------------------------------------------
U.S. TREASURY NOTE (10.6%)
U.S. Treasury Note
4.50%, 01/31/01 15,000,000 14,908,818
-----------------------------------------------------
TOTAL U.S. TREASURY NOTE
(AMORTIZED COST $14,908,818) 14,908,818
-----------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (6.5%)
Small Business Administration
Pool #502014
7.625%, 10/01/00* 524,805 527,316
Pool #502185
7.50%, 10/01/00* 140,760 141,033
Pool #502203
7.50%, 10/01/00* 920,008 928,831
Pool #502221
7.50%, 10/01/00* 429,361 432,390
Pool #502240
7.50%, 10/01/00* 158,969 159,177
Pool #502283
7.625%, 10/01/00* 95,867 95,872
Pool #502610
7.375%, 10/01/00* 232,580 232,580
Pool #502988
7.25%, 10/01/00* 228,180 228,180
Pool #503308
7.00%, 10/01/00* 471,530 469,658
Pool #504824
7.125%, 10/01/00* 987,510 983,428
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
-----------------------------------------------------
<S> <C> <C>
Pool #504996
7.25%, 10/01/00* $ 3,970,154 $ 3,970,155
Pool #505026
7.25%, 10/01/00* 1,000,000 999,513
-----------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES
(AMORTIZED COST $9,168,133) 9,168,133
-----------------------------------------------------
REPURCHASE AGREEMENTS (47.6%)
Goldman Sachs Repurchase Agreement
6.48%, 10/02/00,
dated 09/29/00
(Collateralized by U.S.
Treasury Note, 5.75%,
due 04/30/03 with a
value of $34,159,224) 33,489,000 33,489,000
Prudential Repurchase Agreement
6.47%, 10/02/00,
dated 09/29/00
(Collateralized by U.S.
Treasury Principal
Strip, 0.00%, due
02/15/25 with a value
of $33,787,811 and U.S.
Treasury Bill, 0.00%,
due 03/08/01 with a
value of $370,781) 33,488,000 33,488,000
-----------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(AMORTIZED COST $66,977,000) 66,977,000
-----------------------------------------------------
MONEY MARKET FUNDS (6.0%)
Federated Treasury
Obligations Fund 4,250,000 4,250,000
Provident T-Fund 4,250,000 4,250,000
-----------------------------------------------------
TOTAL MONEY MARKET FUNDS (AMORTIZED
COST $8,500,000) 8,500,000
-----------------------------------------------------
TOTAL INVESTMENTS (AMORTIZED COST
$141,108,215)(a) -- 100.2% 141,108,215
-----------------------------------------------------
LIABILITIES IN EXCESS OF
OTHER ASSETS -- (0.2)% (272,235)
-----------------------------------------------------
TOTAL NET ASSETS -- 100.0% $140,835,980
-----------------------------------------------------
</TABLE>
---------------
Percentages indicated are based on net assets of $140,835,980.
* Denotes variable rate security. Rate presented represents rate in effect on
September 30, 2000. Maturity date reflects next rate change date.
(a) Cost and value for financial reporting and federal income tax purposes are
the same.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 40
39
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
INVESTMENT
GLOBAL ASSET GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
------------ --------------- ------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost $164,878,212; $71,459,330;
and $131,543,476, respectively)...................... $209,467,804 $81,237,319 $128,882,744
Foreign currency, at value (cost $0; $1,078; $0,
respectively)........................................ -- 1,080 --
Cash................................................... 618,677 93,077 21,104
Interest and dividends receivable...................... 177,456 531,509 1,647,068
Receivable for capital shares sold..................... 223,934 37,943 1,545
Reclaims receivable.................................... -- 31,423 --
Deferred organization costs............................ 15,438 15,438 15,483
Prepaid expenses and other assets...................... 5,979 2,684 4,718
------------ ----------- ------------
Total Assets.................................... 210,509,288 81,950,473 130,572,662
------------ ----------- ------------
LIABILITIES:
Dividends payable...................................... -- -- 670,519
Payable for capital shares redeemed.................... -- -- 361,345
Investment advisory fees payable....................... 112,049 54,855 55,433
Administration fees payable............................ 6,669 2,599 4,114
Distribution fees payable.............................. 376 451 465
Other payables and accrued expenses.................... 74,501 22,432 58,246
------------ ----------- ------------
Total Liabilities............................... 193,595 80,337 1,150,122
------------ ----------- ------------
NET ASSETS............................................... $210,315,693 $81,870,136 $129,422,540
============ =========== ============
NET ASSETS CONSIST OF:
Capital................................................ $122,292,029 $67,543,797 $134,353,354
Accumulated undistributed (distributions in excess of)
net investment income................................ 1,290 975,129 569
Accumulated undistributed (distributions in excess of)
net realized gains on investments.................... 43,432,782 3,577,020 (2,270,651)
Net unrealized appreciation (depreciation) of
investments and foreign currency transactions........ 44,589,592 9,774,190 (2,660,732)
------------ ----------- ------------
NET ASSETS............................................... $210,315,693 $81,870,136 $129,422,540
============ =========== ============
TRUST SHARES:
Net Assets............................................. $208,379,141 $79,800,572 $127,599,058
Shares of Capital Stock Outstanding.................... 18,066,805 6,515,002 13,396,049
------------ ----------- ------------
Net Asset Value (offering and redemption price per
share)............................................... $ 11.53 $ 12.25 $ 9.53
============ =========== ============
CLASS A SHARES:
Net Assets............................................. $ 1,936,552 $ 2,069,564 $ 1,823,482
Shares of Capital Stock Outstanding.................... 168,692 169,528 191,027
------------ ----------- ------------
Net Asset Value (offering and redemption price per
share)............................................... $ 11.48 $ 12.21 $ 9.55
============ =========== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 41
40
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------------ -------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost............................ $301,324,482 $ 74,131,215
Repurchase agreements, at cost............................ 55,540,000 66,977,000
------------ ------------
Total Investments......................................... 356,864,482 141,108,215
Cash...................................................... 554 494
Interest and dividends receivable......................... 1,605,599 463,037
Receivable for capital shares sold........................ 3,180 6,730
Deferred organization cost................................ 15,483 15,483
Prepaid expenses and other assets......................... 7,373 3,411
------------ ------------
Total Assets............................................ 358,496,671 141,597,370
------------ ------------
LIABILITIES:
Dividends payable......................................... 1,596,389 669,805
Payable for investments purchased......................... 2,129,393 --
Payable for capital shares redeemed....................... 4,380 6,861
Investment advisory fees payable.......................... 51,651 11,399
Administration fees payable............................... 7,094 4,364
Distribution fees payable................................. 50,439 24,704
Other payables and accrued expenses....................... 95,063 44,257
------------ ------------
Total Liabilities....................................... 3,934,409 761,390
------------ ------------
NET ASSETS.................................................. $354,562,262 $140,835,980
============ ============
NET ASSETS CONSIST OF:
Capital................................................... $354,621,474 $140,847,666
Accumulated undistributed net investment income........... 518 367
Accumulated undistributed net realized loss on
investments............................................. (59,730) (12,053)
------------ ------------
NET ASSETS.................................................. $354,562,262 $140,835,980
============ ============
TRUST SHARES:
Net Assets................................................ $ 74,350,148 $ 17,948,349
Shares of Capital Stock Outstanding....................... 74,379,303 17,955,918
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
CLASS A SHARES:
Net Assets................................................ $280,212,114 $122,887,631
Shares of Capital Stock Outstanding....................... 280,242,696 122,892,115
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 42
41
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
INVESTMENT
GLOBAL ASSET GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
----------- --------------- ----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................. $ 3,634 $ 1,560,207 $ 9,621,250
Dividends (net of foreign withholding tax of $3,419;
$56,963; $0, respectively)......................... 2,391,458 896,726 82,915
----------- ----------- ------------
Total Income....................................... 2,395,092 2,456,933 9,704,165
----------- ----------- ------------
EXPENSES:
Investment advisory fees............................. 1,548,649 777,575 868,205
Administration fees.................................. 400,610 167,634 280,767
12b-1 fees - Class A................................. 5,885 7,388 7,026
Shareholder service fees - Class A................... 5,885 7,388 7,026
Fund accounting fees................................. 61,077 98,118 56,998
Transfer agent fees.................................. 49,915 36,967 40,835
Organization costs................................... 7,414 7,414 7,414
Other................................................ 130,802 69,716 108,069
----------- ----------- ------------
Total expenses before waivers/reimbursements....... 2,210,237 1,172,200 1,376,340
Less expenses waived/reimbursed.................... (212,369) (93,784) (151,725)
----------- ----------- ------------
Net expenses....................................... 1,997,868 1,078,416 1,224,615
----------- ----------- ------------
NET INVESTMENT INCOME.................................. 397,224 1,378,517 8,479,550
----------- ----------- ------------
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gains (losses) on investments and
foreign currency transactions...................... 44,008,880 3,633,191 (1,838,281)
Net change in unrealized appreciation (depreciation)
of investments and foreign currency transactions... (25,025,452) 1,403,237 1,682,520
----------- ----------- ------------
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS.......................................... 18,983,428 5,036,428 (155,761)
----------- ----------- ------------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS......... $19,380,652 $ 6,414,945 $ 8,323,789
=========== =========== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 43
42
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------ -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest.................................................. $17,115,853 $6,790,072
Dividends................................................. 718,643 482,356
----------- ----------
Total Income............................................ 17,834,496 7,272,428
----------- ----------
EXPENSES:
Investment advisory fees.................................. 859,710 248,667
Administration fees....................................... 560,851 241,216
12b-1 fees - Class A...................................... 461,978 226,272
Shareholder service fees - Class A........................ 461,978 226,272
Fund accounting fees...................................... 78,777 32,735
Transfer agent fees....................................... 73,017 36,596
Organization costs........................................ 7,414 7,414
Other..................................................... 219,737 111,247
----------- ----------
Total expenses before waivers/reimbursements............ 2,723,462 1,130,419
Less expenses waived/reimbursed......................... (924,531) (350,603)
----------- ----------
Net expenses............................................ 1,798,931 779,816
----------- ----------
NET INVESTMENT INCOME....................................... 16,035,565 6,492,612
----------- ----------
REALIZED LOSSES ON INVESTMENTS:
Net realized losses on investment transactions............ (13,782) (969)
----------- ----------
NET REALIZED LOSSES ON INVESTMENTS.......................... (13,782) (969)
----------- ----------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS.............. $16,021,783 $6,491,643
=========== ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 44
43
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
EQUITY FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
YEAR ENDED YEAR ENDED
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 397,224 $ 628,499
Net realized gains on investment transactions............. 44,008,880 20,512,340
Net change in unrealized appreciation (depreciation) of
investments............................................. (25,025,452) 21,890,364
------------ ------------
Change in net assets from operations...................... 19,380,652 43,031,203
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (395,812) (632,977)
In excess of net investment income........................ (17,642) (3,887)
From net realized gains on investment..................... (26,609,055) (23,606,596)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (1,412) (1,853)
In excess of net investment income........................ (63) (1,583)
From net realized gains on investment..................... (354,406) (197,674)
------------ ------------
Total distributions to shareholders....................... (27,378,390) (24,444,570)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 67,864,034 27,923,428
Dividends reinvested...................................... 16,877,777 15,418,403
Cost of shares redeemed................................... (57,290,758) (43,004,594)
------------ ------------
Change in net assets from share transactions.............. 27,451,053 337,237
------------ ------------
Change in net assets...................................... 19,453,315 18,923,870
NET ASSETS:
Beginning of period....................................... 190,862,378 171,938,508
------------ ------------
End of period............................................. $210,315,693 $190,862,378
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 45
44
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
YEAR ENDED YEAR ENDED
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 1,378,517 $ 1,245,345
Net realized gains on investment transactions and foreign
currency................................................ 3,633,191 2,915,479
Net change in unrealized appreciation of investments and
foreign currency transactions........................... 1,403,237 7,284,701
------------ ------------
Change in net assets from operations...................... 6,414,945 11,445,525
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (1,421,498) (982,067)
From net realized gains on investment..................... (2,829,905) (486,049)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (47,531) (32,796)
From net realized gains on investment..................... (111,924) (14,438)
------------ ------------
Total distributions to shareholders....................... (4,410,858) (1,515,350)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 8,303,666 17,189,959
Dividends reinvested...................................... 2,976,697 1,054,789
Cost of shares redeemed................................... (18,335,023) (9,821,483)
------------ ------------
Change in net assets from share transactions.............. (7,054,660) 8,423,265
------------ ------------
Change in net assets...................................... (5,050,573) 18,353,440
NET ASSETS:
Beginning of period....................................... 86,920,709 68,567,269
------------ ------------
End of period............................................. $ 81,870,136 $ 86,920,709
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 46
45
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
YEAR ENDED YEAR ENDED
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 8,479,550 $ 8,013,107
Net realized gains (losses) on investment transactions.... (1,838,281) 290,992
Net change in unrealized appreciation (depreciation) of
investments............................................. 1,682,520 (10,341,095)
------------- -------------
Change in net assets from operations...................... 8,323,789 (2,036,996)
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (8,321,599) (7,853,038)
From net realized gains on investment..................... -- (2,834,049)
In excess of net realized gains on investment
transactions............................................ -- (401,505)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (157,938) (160,069)
From net realized gains on investment..................... -- (4,509)
In excess of net realized gains on investment
transactions............................................ -- (30,865)
------------- -------------
Total distributions to shareholders....................... (8,479,537) (11,284,035)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 50,748,192 43,412,303
Dividends reinvested...................................... 4,992,798 6,517,529
Cost of shares redeemed................................... (81,939,232) (27,298,860)
------------- -------------
Change in net assets from share transactions.............. (26,198,242) 22,630,972
------------- -------------
Change in net assets...................................... (26,353,990) 9,309,941
NET ASSETS:
Beginning of period....................................... 155,776,530 146,466,589
------------- -------------
End of period............................................. $ 129,422,540 $ 155,776,530
============= =============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 47
46
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
YEAR ENDED YEAR ENDED
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 16,035,565 $ 9,240,393
Net realized losses on investment transactions............ (13,782) (41,996)
--------------- -------------
Change in net assets from operations...................... 16,021,783 9,198,397
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (5,794,697) (8,692,115)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (10,240,867) (548,278)
--------------- -------------
Total distributions to shareholders....................... (16,035,564) (9,240,393)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 1,425,941,553 666,674,947
Dividends reinvested...................................... 1,887,556 1,304,423
Cost of shares redeemed................................... (1,324,064,410) (570,446,028)
--------------- -------------
Change in net assets from share transactions.............. 103,764,699 97,533,342
--------------- -------------
Change in net assets...................................... 103,750,918 97,491,346
NET ASSETS:
Beginning of period....................................... 250,811,344 153,319,998
--------------- -------------
End of period............................................. $ 354,562,262 $ 250,811,344
=============== =============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 48
47
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
YEAR ENDED YEAR ENDED
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999
------------------ ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 6,492,612 $ 4,928,913
Net realized losses on investment transactions............ (969) (7,792)
------------- -------------
Change in net assets from operations...................... 6,491,643 4,921,121
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (1,742,323) (4,874,915)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (4,750,289) (53,998)
------------- -------------
Total distributions to shareholders....................... (6,492,612) (4,928,913)
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 500,367,058 350,138,476
Dividends reinvested...................................... 69,411 52,940
Cost of shares redeemed................................... (468,058,529) (343,743,874)
------------- -------------
Change in net assets from share transactions.............. 32,377,940 6,447,542
------------- -------------
Change in net assets...................................... 32,376,971 6,439,750
NET ASSETS:
Beginning of period....................................... 108,459,009 102,019,259
------------- -------------
End of period............................................. $ 140,835,980 $ 108,459,009
============= =============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 49
48
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS
NOTE 1 -- ORGANIZATION
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 ("Sanwa"), 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 Eureka
Equity Fund (the "Equity Fund"), Eureka Global Asset Allocation Fund (the
"Global Fund"), Eureka Investment Grade Bond Fund (the "Bond Fund"), Eureka
Prime Money Market Fund (the "Prime Fund"), Eureka U.S. Treasury Obligations
Fund (the "U.S. Treasury Fund") (each a "Fund", and collectively, the "Funds").
BISYS deposited $20,000 into the account of each Fund prior to each Fund's
commencement of operations.
The Funds' investment objectives are as follows:
<TABLE>
<CAPTION>
FUND OBJECTIVE
---- ---------
<S> <C>
Equity Fund Seeks long-term capital growth.
Global Fund Seeks a balance of income and
long-term capital appreciation.
Bond Fund Seeks a high level of income
consistent with preservation of
capital.
Prime Fund Seeks a high level of current
income as is consistent with
maintaining liquidity and
stability of principal.
U.S. Treasury Fund Seeks current income consistent
with liquidity and stability of
principal.
</TABLE>
NOTE 2 -- SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the
Funds in the preparation of their financial statements. The policies are in
conformity with generally accepted accounting principles. The preparation of
financial statements requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ from
those estimates. The financial statements reflect all normal recurring
adjustments, which are, in the opinion of management, necessary to a fair
statement of the results for the period presented.
SECURITIES VALUATION: Securities of the Prime and U.S. Treasury Funds (the
"Money Market Funds") are valued utilizing the amortized cost method permitted
in accordance with Rule 2a-7 under the 1940 Act. Under the amortized cost
method, discount or premium is amortized on a constant basis to the maturity of
the security. Portfolio securities for which the principal market is a
securities exchange will be valued at the closing sales price on that exchange
on the day of computation, or, if there have been no sales during such day, at
their latest bid quotations. If no such bid and asked prices are available, then
the securities will be valued in good faith at their respective fair market
values using methods determined by or under the supervision of the Board of
Trustees of the Eureka Funds; provided however, that before any such securities
are purchased for the Equity Fund, the Global Fund or the Bond Fund, the
Trustees of the Eureka Funds shall be notified and given the opportunity to
establish appropriate methods of determining the fair market value of such
securities.
Portfolio securities for which there is not a securities exchange will be valued
at the mean between their latest bid and asked quotations in such principal
market. If no such bid and asked prices are available, then the securities will
be valued in good faith at their respective fair market values using methods
determined by or under the supervision of the Board of Trustees of the Eureka
Funds. Short-term debt investments having maturities of 60 days or less are
valued at amortized cost which approximates market value. Investments in
securities of other mutual funds are valued at the redemption price. Securities
for which market quotations are not readily available are valued at fair value
determined in good faith under the general supervision of the Board of Trustees
of the Eureka Funds.
STRIPPED SECURITIES: Stripped securities represent the right to receive future
interest payments (interest only stripped securities) or principal payments
(principal only stripped securities). The value of variable rate interest only
stripped securities varies directly with changes in interest rates, while the
value of fixed rate interest only stripped securities and the value of principal
only stripped securities vary inversely with changes in interest rates.
REPURCHASE AGREEMENTS: The Funds may purchase instruments from financial
institutions, such as banks and broker-dealers, subject to the seller's
agreement to repurchase them at an agreed upon time and price ("repurchase
agreements"). The seller under a repurchase agreement is required to maintain
the value of the securities subject to the agreement at not less than the
repurchase price. Default by the seller would, however, expose the relevant
Funds to possible loss because of adverse market action or delay in connection
with the disposition of the underlying obligations.
FOREIGN CURRENCY TRANSLATION: The Funds, other than 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 Fund, Global Fund,
Bond Fund and Prime Fund
<PAGE> 50
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
49
denominated in a foreign currency are translated into U.S. dollars at the
current exchange rate. Purchases and sales of securities, income receipts and
expense payments are translated into U.S. dollars at the exchange rate on the
dates of the transactions.
Realized foreign exchange gains or losses arise from sales and maturities of
securities, sales of foreign currencies, currency exchange fluctuations between
the trade and settlement dates of securities transactions, and the difference
between the amount of assets and liabilities recorded and the U.S. dollar
equivalent of the amounts actually received or paid. Net unrealized foreign
exchange gains and losses arise from changes in the value of assets and
liabilities, including investments in securities, resulting from changes in
currency exchange rates.
FORWARD CURRENCY CONTRACTS: The Global Fund may use forward foreign currency
exchange contracts. A forward currency contract ("forward") is an agreement
between two parties to buy and sell a currency at a set price on a future date.
The market value of the forward fluctuates with changes in currency exchange
rates. The forward is marked-to-market daily and the change in market value is
recorded by the Fund as unrealized appreciation or depreciation. When the
forward is closed, the Fund records a realized gain or loss equal to the
fluctuation in value during the period the forward was open. The Fund could be
exposed to risk if a counterparty is unable to meet the terms of a forward or if
the value of the currency changes unfavorably.
Forward foreign exchange contracts may involve market or credit risk in excess
of the amounts reflected on the Fund's statement of assets and liabilities. The
gain or loss from the difference between the cost of original contracts and the
amount realized upon the closing of such contracts is included in net realized
gain on foreign currency transactions.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
recorded on the trade date. Net realized gains and losses on investments sold
and on foreign currency transactions are recorded on the basis of identified
cost. Interest income is recorded on the accrual basis and includes, where
applicable, the amortization of premiums or accretion of discounts. Dividend
income is recorded on the ex-dividend date. Dividends from foreign securities
are recorded on the ex-dividend date, or as soon as the information is
available.
EXPENSES: Expenses directly attributable to a Fund are charged to the Fund,
while expenses which are attributable to more than one Fund of the Trust are
allocated among the respective Funds based upon relative net assets or another
appropriate basis. In addition, investors in Trust Shares will pay the expenses
directly attributable to the Trust Shares as a class, and investors in Class A
Shares will pay the expenses directly attributable to the Class A Shares as a
class.
The investment income and expenses of a Fund (other than class specific
expenses) and realized and unrealized gains and losses on investments of a Fund
are allocated to each class of shares based upon their relative net assets on
the date income is earned or expenses are realized and unrealized gains and
losses are incurred.
ORGANIZATION COSTS: Costs incurred in connection with the organization and
initial registration of the Funds have been deferred and are being amortized
over a sixty-month period, beginning with each Fund's commencement of
operations. In the event that any of the initial shares are redeemed during such
period by any holder thereof, the related fund will be reimbursed by such holder
for any unamortized organization costs in the proportion as the number of
initial shares being redeemed bears to the number of initial shares outstanding
at the time of redemption.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions from the Equity Fund's net
investment income, if any, are declared and paid monthly. Distributions from the
Global Fund's net investment income, if any, are declared and paid annually.
Distributions from the Bond Funds' 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 year ended September 30, 2000, the following Funds paid long-term
capital gain distributions as follows:
<TABLE>
<CAPTION>
FUND AMOUNT
---- -----------
<S> <C>
Equity Fund......................... $26,963,461
Global Fund......................... $ 2,323,240
</TABLE>
<PAGE> 51
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
50
These distributions are reflected as a portion of distributions to shareholders
from net realized gains on investments in the accompanying Statement of Changes
in Net Assets.
NOTE 3 -- RELATED PARTY TRANSACTIONS
The Trust has entered into an investment advisory agreement (the "Investment
Advisory Agreement") with Sanwa. Under the terms of the Investment Advisory
Agreement, Sanwa 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>
Sanwa has agreed to voluntarily reduce the amount of its investment advisory
fee. For the period ended September 30, 2000, Sanwa waived fees in the following
amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
---- -----------
<S> <C>
Equity Fund.......................... $206,484
Global Fund.......................... $ 86,396
Bond Fund............................ $144,699
Prime Fund........................... $289,097
U.S. Treasury Fund................... $124,331
</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 period ended September 30, 2000, BISYS waived the following
amounts:
<TABLE>
<CAPTION>
FUND FEES WAIVED
---- -----------
<S> <C>
Prime Fund........................... $173,456
</TABLE>
BISYS serves as the Trust's principal underwriter and distributor (the
"Distributor"). The Funds have adopted a Distribution and Shareholder Services
Plan (the "Plan") with the Trust with respect to Class A Shares. This Plan is in
accordance with Rule 12b-1 under the 1940 Act. Under the Plan, the Funds will
pay a monthly fee to the Distributor in an annual rate equal to 0.25% of the
average daily net assets of Class A Shares of each Fund. The Distributor may
voluntarily choose to waive all or a portion of its fee. The Trust has also
entered into a Service Plan with BISYS with respect to Class A Shares. Pursuant
to the Service Plan, the Funds will pay to BISYS a fee at an annual rate not to
exceed 0.25% of the average daily net assets of Class A Shares of each Fund.
BISYS may periodically waive all or a portion of the fee with respect to a Fund.
For the period ended September 30, 2000, BISYS waived the following amounts:
<TABLE>
<CAPTION>
SERVICE PLAN
FUND FEES WAIVED
---- ------------
<S> <C>
Equity Fund.......................... $ 5,885
Global Fund.......................... $ 7,388
Bond Fund............................ $ 7,026
Prime Fund........................... $461,978
U.S. Treasury Fund................... $226,272
</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.
<PAGE> 52
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
51
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 period ending September 30, 2000:
FOR THE YEAR ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
GLOBAL ASSET
EQUITY FUND ALLOCATION FUND
------------------------- -------------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ ---------- ------------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued..................................... 5,692,679 $ 66,873,307 595,231 $ 7,356,896
Dividends reinvested.............................. 1,438,087 16,521,647 227,580 2,817,458
Shares redeemed................................... (4,715,913) (55,373,446) (1,249,279) (15,390,211)
---------- ------------ ---------- ------------
Net change...................................... 2,414,853 $ 28,021,508 (426,468) $ (5,215,857)
========== ============ ========== ============
CLASS A SHARES:
Shares issued..................................... 84,517 $ 990,727 77,148 $ 946,770
Dividends reinvested.............................. 31,119 356,130 12,912 159,239
Shares redeemed................................... (164,103) (1,917,312) (239,778) (2,944,812)
---------- ------------ ---------- ------------
Net change...................................... (48,467) $ (570,455) (149,718) $ (1,838,803)
========== ============ ========== ============
</TABLE>
FOR THE YEAR ENDED SEPTEMBER 30, 2000
<TABLE>
<CAPTION>
INVESTMENT PRIME U.S. TREASURY
GRADE MONEY MARKET OBLIGATIONS
BOND FUND FUND FUND
------------------------- ------------------------------ ----------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
---------- ------------ ------------- -------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued......... 5,266,085 $ 49,592,314 333,765,473 $ 333,765,473 99,421,666 $ 99,421,666
Dividends
reinvested.......... 515,746 4,832,441 1,236,124 1,236,124 25,700 25,700
Shares redeemed....... (8,414,810) (78,789,508) (482,231,035) (482,231,035) (186,055,605) (186,055,605)
---------- ------------ ------------- -------------- ------------ -------------
Net change.......... (2,632,979) $(24,364,753) (147,229,438) $ (147,229,438) (86,608,239) $ (86,608,239)
========== ============ ============= ============== ============ =============
CLASS A SHARES:
Shares issued......... 123,365 $ 1,155,878 1,092,176,080 $1,092,176,080 400,945,392 $ 400,945,392
Dividends
reinvested.......... 17,072 160,357 651,432 651,432 43,711 43,711
Shares redeemed....... (335,302) (3,149,724) (841,833,375) (841,833,375) (282,002,924) (282,002,924)
---------- ------------ ------------- -------------- ------------ -------------
Net change.......... (194,865) $ (1,833,489) 250,994,137 $ 250,994,137 118,986,179 $ 118,986,179
========== ============ ============= ============== ============ =============
</TABLE>
FOR THE YEAR ENDED SEPTEMBER 30, 1999
<TABLE>
<CAPTION>
GLOBAL ASSET
EQUITY FUND ALLOCATION FUND
------------------------- -----------------------
SHARES AMOUNT SHARES AMOUNT
---------- ------------ --------- -----------
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued...................................... 2,001,431 $ 24,130,016 1,012,691 $11,766,258
Dividends reinvested............................... 1,351,306 15,217,642 86,788 1,007,894
Shares redeemed.................................... (3,270,475) (40,173,550) (515,204) (6,071,729)
---------- ------------ --------- -----------
Net change....................................... 82,262 $ (825,892) 584,275 $ 6,702,423
========== ============ ========= ===========
CLASS A SHARES:
Shares issued...................................... 312,295 $ 3,793,412 462,947 $ 5,423,701
Dividends reinvested............................... 17,887 200,761 4,043 46,895
Shares redeemed.................................... (230,672) (2,831,044) (316,960) (3,749,754)
---------- ------------ --------- -----------
Net change....................................... 99,510 $ 1,163,129 150,030 $ 1,720,842
========== ============ ========= ===========
</TABLE>
<PAGE> 53
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
52
<TABLE>
<CAPTION>
INVESTMENT PRIME U.S. TREASURY
GRADE MONEY MARKET OBLIGATIONS
BOND FUND FUND FUND
------------------------- ---------------------------- ----------------------------
SHARES AMOUNT SHARES AMOUNT SHARES AMOUNT
---------- ------------ ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST SHARES:
Shares issued.......... 3,761,058 $ 36,946,811 616,665,403 $ 616,665,403 335,418,495 $ 335,418,495
Dividends reinvested... 639,164 6,344,430 851,117 851,113 13,422 13,422
Shares redeemed........ (2,331,846) (23,307,984) (540,717,778) (540,717,778) (332,170,767) (332,170,767)
---------- ------------ ------------ ------------- ------------ -------------
Net change........... 2,068,376 $ 19,983,257 76,798,742 $ 76,798,738 3,261,150 $ 3,261,150
========== ============ ============ ============= ============ =============
CLASS A SHARES:
Shares issued.......... 651,678 $ 6,465,492 50,009,544 $ 50,009,544 14,719,981 $ 14,719,981
Dividends reinvested... 17,581 173,099 453,314 453,310 39,518 39,518
Shares redeemed........ (405,417) (3,990,876) (29,728,250) (29,728,250) (11,573,107) (11,573,107)
---------- ------------ ------------ ------------- ------------ -------------
Net change........... 263,842 $ 2,647,715 20,734,608 $ 20,734,604 3,186,392 $ 3,186,392
========== ============ ============ ============= ============ =============
</TABLE>
NOTE 5 -- INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the
period ended September 30, 2000 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
------------ ------------
<S> <C> <C>
Equity Fund............. $171,978,891 $172,580,378
Global Fund............. $ 23,631,847 $ 32,722,793
Bond Fund............... $ 82,377,359 $108,131,682
</TABLE>
FEDERAL INCOME TAXES (UNAUDITED): It is the Funds' policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies and to distribute timely, all of their net investment company taxable
income and net capital gains to shareholders. Therefore, no federal income tax
provision is required.
Capital losses incurred within the Funds' fiscal year, but after October 31, are
deemed to arise on the first business day of the following fiscal year for tax
purposes. The following Funds have incurred and will elect to defer capital
losses as follows:
<TABLE>
<S> <C>
Bond Fund............................ $1,790,038
Prime Fund........................... 13,160
U.S. Treasury Fund................... 184
</TABLE>
For corporate shareholders the following percentage of the total ordinary income
distributions paid during the fiscal year ended September 30, 2000 qualify for
the corporate dividends received deduction for the following funds:
<TABLE>
<CAPTION>
PERCENTAGE
----------
<S> <C>
Equity Fund............................ 100.0%
Global Fund............................ 22.0%
</TABLE>
As of September 30, 2000, for federal income purposes, the following Funds have
capital loss carryforwards available to offset future capital gains, if any:
<TABLE>
<CAPTION>
AMOUNT EXPIRES
-------- -------
<S> <C> <C>
Bond Fund..................... $433,061 2008
Prime Fund.................... $ 8,176 2007
38,392 2008
--------
$ 46,568
U.S. Treasury Fund............ $ 2,256 2007
9,612 2008
--------
$ 11,868
</TABLE>
The Funds hereby make the following designations regarding its fiscal year ended
September 30, 2000:
<TABLE>
<CAPTION>
LONG TERM DIVIDENDS RECEIVED
CAPITAL GAIN DEDUCTION (% OF
(PER SHARE) INCOME DIVIDENDS
------------ ------------------
<S> <C> <C>
Equity Fund.......... 1.70 100.0%
Global Fund.......... 0.32 22.0%
</TABLE>
Shareholders should not use the above information to prepare their tax returns.
The information necessary to complete your income tax returns will be included
with your Form 1999 DIV which will be sent to you separately in January 2001.
In addition, the Funds may elect to pass through foreign taxes paid by the Funds
to its shareholders under Code 853 or the Internal Revenue Code. The total
amount of foreign taxes that may be passed through to the shareholders for the
fiscal year ended September 30, 2000 is $3,419 for the Equity Fund and $56,963
for the Global Fund.
<PAGE> 54
53
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES TRUST SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR NOVEMBER 1, 1997*
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $ 12.03 $ 10.96 $ 10.00
-------- -------- --------
INVESTMENT ACTIVITIES:
Net investment income................ 0.02 0.04 0.05
Net realized and unrealized gain on
investments........................ 1.20 2.56 0.96
-------- -------- --------
Total from Investment Activities....... 1.22 2.60 1.01
-------- -------- --------
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.02) (0.04) (0.05)
From net realized gains.............. (1.70) (1.49) --
-------- -------- --------
Total Distributions................ (1.72) (1.53) (0.05)
-------- -------- --------
Net change in net asset value per
share................................ (0.50) 1.07 0.96
-------- -------- --------
NET ASSET VALUE, END OF PERIOD......... $ 11.53 $ 12.03 $ 10.96
======== ======== ========
TOTAL RETURN........................... 10.26% 24.72% 10.08%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $208,379 $188,259 $170,652
Ratios to average net assets:
Expenses............................. 0.96% 0.99% 1.03%(b)
Net investment income................ 0.20% 0.32% 0.47%(b)
Expenses(c).......................... 1.06% 1.09% 1.13%(b)
Portfolio Turnover Rate(d)............. 84% 46% 57%
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 55
54
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES CLASS A SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR FEBRUARY 3, 1998*
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $11.99 $10.94 $10.87
------ ------ ------
INVESTMENT ACTIVITIES:
Net investment income (loss)......... (0.01) 0.01 0.02
Net realized and unrealized gain on
investments........................ 1.21 2.55 0.07
------ ------ ------
Total from Investment Activities....... 1.20 2.56 0.09
------ ------ ------
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.01) (0.01) (0.02)
In excess of net investment income... -- (0.01) --
From net realized gains.............. (1.70) (1.49) --
------ ------ ------
Total Distributions................ (1.71) (1.51) (0.02)
------ ------ ------
Net change in net asset value per
share................................ (0.51) 1.05 0.07
------ ------ ------
NET ASSET VALUE, END OF PERIOD......... $11.48 $11.99 $10.94
====== ====== ======
TOTAL RETURN........................... 10.04% 24.34% 0.83%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $1,937 $2,604 $1,287
Ratios to average net assets:
Expenses............................. 1.21% 1.23% 1.28%(b)
Net investment income................ (0.05)% 0.08% 0.13%(b)
Expenses(c).......................... 1.56% 1.58% 1.63%(b)
Portfolio Turnover Rate(d)............. 84% 46% 57%
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 56
55
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES TRUST SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR NOVEMBER 1, 1997*
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $ 11.97 $ 10.51 $ 10.00
------- ------- -------
INVESTMENT ACTIVITIES:
Net investment income................ 0.20 0.17 0.15
Net realized and unrealized gain on
investments........................ 0.69 1.51 0.38
------- ------- -------
Total from Investment Activities....... 0.89 1.68 0.53
------- ------- -------
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.20) (0.15) (0.02)
From net realized gains.............. (0.41) (0.07) --
------- ------- -------
Total Distributions................ (0.61) (0.22) (0.02)
------- ------- -------
Net change in net asset value per
share................................ 0.28 1.46 0.51
------- ------- -------
NET ASSET VALUE, END OF PERIOD......... $ 12.25 $ 11.97 $ 10.51
======= ======= =======
TOTAL RETURN........................... 7.43% 16.09% 5.34%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $79,801 $83,111 $66,793
Ratios to average net assets:
Expenses............................. 1.24% 1.30% 1.44%(b)
Net investment income................ 1.60% 1.51% 1.53%(b)
Expenses(c).......................... 1.34% 1.40% 1.54%(b)
Portfolio Turnover Rate(d)............. 28% 29% 35%
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 57
56
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES CLASS A SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR NOVEMBER 1, 1997*
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $11.93 $10.49 $10.31
------ ------ ------
INVESTMENT ACTIVITIES:
Net investment income................ 0.17 0.14 0.05
Net realized and unrealized gain on
investments........................ 0.69 1.51 0.13
------ ------ ------
Total from Investment Activities....... 0.86 1.65 0.18
------ ------ ------
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.17) (0.14) --
From net realized gains.............. (0.41) (0.07) --
------ ------ ------
Total Distributions................ (0.58) (0.21) --
------ ------ ------
Net change in net asset value per
share................................ 0.28 1.44 0.18
------ ------ ------
NET ASSET VALUE, END OF PERIOD......... $12.21 $11.93 $10.49
====== ====== ======
TOTAL RETURN........................... 7.18% 15.81% 1.75%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $2,069 $3,810 $1,775
Ratios to average net assets:
Expenses............................. 1.49% 1.53% 1.73%(b)
Net investment income................ 1.35% 1.33% 1.27%(b)
Expenses(c).......................... 1.84% 1.88% 2.08%(b)
Portfolio Turnover Rate(d)............. 28% 29% 35%
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 58
57
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES TRUST SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR NOVEMBER 1, 1997*
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $ 9.49 $ 10.40 $ 10.00
-------- -------- --------
INVESTMENT ACTIVITIES:
Net investment income................ 0.55 0.53 0.50
Net realized and unrealized gain
(loss) on investments.............. 0.04 (0.67) 0.40
-------- -------- --------
Total from Investment Activities....... 0.59 (0.14) 0.90
-------- -------- --------
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.55) (0.53) (0.50)
From net realized gains.............. -- (0.21) --
In excess of net realized gains...... -- (0.03) --
-------- -------- --------
Total Distributions................ (0.55) (0.77) (0.50)
-------- -------- --------
Net change in net asset value per
share................................ 0.04 (0.91) 0.40
-------- -------- --------
NET ASSET VALUE, END OF PERIOD......... $ 9.53 $ 9.49 $ 10.40
======== ======== ========
TOTAL RETURN........................... 6.48% (1.36)% 9.31%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $127,599 $152,106 $145,194
Ratios to average net assets:
Expenses............................. 0.84% 0.87% 0.90%(b)
Net investment income................ 5.86% 5.43% 5.46%(b)
Expenses(c).......................... 0.94% 0.97% 1.00%(b)
Portfolio Turnover Rate(d)............. 58% 52% 54%
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 59
58
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES CLASS A SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR FEBRUARY 3, 1998*
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $ 9.51 $10.42 $10.10
------ ------ ------
INVESTMENT ACTIVITIES:
Net investment income................ 0.53 0.51 0.36
Net realized and unrealized gain
(loss) on investments.............. 0.04 (0.67) 0.32
------ ------ ------
Total from Investment Activities....... 0.57 (0.16) 0.68
------ ------ ------
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.53) (0.51) (0.36)
From net realized gains.............. -- (0.03) --
In excess of net realized gains...... -- (0.21) --
------ ------ ------
Total Distributions................ (0.53) (0.75) (0.36)
------ ------ ------
Net change in net asset value per
share................................ 0.04 (0.91) 0.32
------ ------ ------
NET ASSET VALUE, END OF PERIOD......... $ 9.55 $ 9.51 $10.42
====== ====== ======
TOTAL RETURN........................... 6.20% (1.58)% 6.89%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $1,824 $3,670 $1,272
Ratios to average net assets:
Expenses............................. 1.09% 1.10% 1.14%(b)
Net investment income................ 5.61% 5.18% 4.99%(b)
Expenses(c).......................... 1.44% 1.45% 1.49%(b)
Portfolio Turnover Rate(d)............. 58% 52% 54%
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 60
59
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES TRUST SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR NOVEMBER 1, 1997*
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30,1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $ 1.00 $ 1.00 $ 1.00
------- -------- --------
INVESTMENT ACTIVITIES:
Net investment income................ 0.06 0.05 0.05
------- -------- --------
Total from Investment Activities....... 0.06 0.05 0.05
------- -------- --------
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.06) (0.05) (0.05)
------- -------- --------
Total Distributions................ (0.06) (0.05) (0.05)
------- -------- --------
Net change in net asset value per
share................................ -- -- --
------- -------- --------
NET ASSET VALUE, END OF PERIOD......... $ 1.00 $ 1.00 $ 1.00
======= ======== ========
TOTAL RETURN........................... 5.82% 4.74% 4.84%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $74,350 $221,565 $144,806
Ratios to average net assets:
Expenses............................. 0.46% 0.51% 0.49%(b)
Net investment income................ 5.56% 4.64% 5.17%(b)
Expenses(c).......................... 0.63% 0.67% 0.69%(b)
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 61
60
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES CLASS A SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR FEBRUARY 3, 1998*
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $ 1.00 $ 1.00 $ 1.00
-------- ------- ------
INVESTMENT ACTIVITIES:
Net investment income................ 0.05 0.04 0.03
-------- ------- ------
Total from Investment Activities....... 0.05 0.04 0.03
-------- ------- ------
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.05) (0.04) (0.03)
-------- ------- ------
Total Distributions................ (0.05) (0.04) (0.03)
-------- ------- ------
Net change in net asset value per
share................................ -- -- --
-------- ------- ------
NET ASSET VALUE, END OF PERIOD......... $ 1.00 $ 1.00 $ 1.00
======== ======= ======
TOTAL RETURN........................... 5.56% 4.48% 2.93%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $280,212 $29,246 $8,514
Ratios to average net assets:
Expenses............................. 0.71% 0.76% 0.75%(b)
Net investment income................ 5.54% 4.42% 4.88%(b)
Expenses(c).......................... 1.13% 1.17% 1.20%(b)
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 62
61
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
TRUST SHARES TRUST SHARES TRUST SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR NOVEMBER 1, 1997*
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $ 1.00 $ 1.00 $ 1.00
------- -------- --------
INVESTMENT ACTIVITIES:
Net investment income................ 0.05 0.04 0.05
------- -------- --------
Total from Investment Activities....... 0.05 0.04 0.05
------- -------- --------
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.05) (0.04) (0.05)
------- -------- --------
Total Distributions................ (0.05) (0.04) (0.05)
------- -------- --------
Net change in net asset value per
share................................ -- -- --
------- -------- --------
NET ASSET VALUE, END OF PERIOD......... $ 1.00 $ 1.00 $ 1.00
======= ======== ========
TOTAL RETURN........................... 5.53% 4.52% 4.70%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $17,948 $104,553 $101,300
Ratios to average net assets:
Expenses............................. 0.45% 0.46% 0.47%(b)
Net investment income................ 5.15% 4.42% 5.08%(b)
Expenses(c).......................... 0.55% 0.56% 0.61%(b)
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 63
62
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
CLASS A SHARES CLASS A SHARES CLASS A SHARES
------------------ ------------------ --------------------------
FOR THE YEAR FOR THE YEAR FEBRUARY 3, 1998
ENDED ENDED THROUGH
SEPTEMBER 30, 2000 SEPTEMBER 30, 1999 SEPTEMBER 30, 1998
------------------ ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD... $ 1.00 $ 1.00 $1.00
-------- ------ -----
INVESTMENT ACTIVITIES:
Net investment income................ 0.05 0.04 0.03
-------- ------ -----
Total from Investment Activities....... 0.05 0.04 0.03
-------- ------ -----
LESS DISTRIBUTIONS FROM:
From net investment income........... (0.05) (0.04) (0.03)
-------- ------ -----
Total Distributions................ (0.05) (0.04) (0.03)
-------- ------ -----
Net change in net asset value per
share................................ -- -- --
-------- ------ -----
NET ASSET VALUE, END OF PERIOD......... $ 1.00 $ 1.00 $1.00
======== ====== =====
TOTAL RETURN........................... 5.26% 4.26% 3.02%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)........................... $122,888 $3,906 $ 720
Ratios to average net assets:
Expenses............................. 0.70% 0.70% 0.72%(b)
Net investment income................ 5.24% 4.25% 4.76%(b)
Expenses(c).......................... 1.05% 1.06% 1.10%(b)
</TABLE>
---------------
* Commencement of operations.
(a) Not annualized.
(b) Annualized.
(c) 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.
SEE NOTES TO FINANCIAL STATEMENTS.
<PAGE> 64
63
REPORT OF INDEPENDENT AUDITORS
The Board of Trustees and Shareholders
Eureka Funds
We have audited the accompanying statements of assets and liabilities, including
the schedules of portfolio investments, of Eureka Funds (comprised of Equity
Fund, Global Asset Allocation Fund, Investment Grade Bond Fund, Prime Money
Market Fund, and U.S. Treasury Obligations Fund) (the Funds) as of September 30,
2000, the related statements of operations for the year then ended, the
statements of changes in net assets for each of the two years in the period then
ended and the financial highlights for each of the periods indicated therein.
These financial statements and financial highlights are the responsibility of
the Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of September 30, 2000, by correspondence
with the custodian and others. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of each
of the respective portfolios comprising Eureka Funds at September 30, 2000, the
results of their operations for the year then ended, the changes in their net
assets for each of the two years in the period then ended and their financial
highlights for each of the indicated periods, in conformity with accounting
principles generally accepted in the United States.
/s/ Ernst & Young LLP
Columbus, Ohio
November 10, 2000
<PAGE> 65
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 66
<TABLE>
<S> <C>
TRUSTEES AND OFFICERS INVESTMENT ADVISER
Larry Layne Sanwa Bank California
Chairman of the Board Investment Management Department
Takashi Muraoka 601 S. Figueroa Street
Trustee Los Angeles, California 90017
Walter F. Beran
Trustee ADMINISTRATOR AND DISTRIBUTOR
David L. Buell BISYS Fund Services
Trustee 3435 Stelzer Road
Donald H. Livingstone Columbus, Ohio 43219
Trustee LEGAL COUNSEL
Irimga McKay Ropes & Gray
President One Franklin Square
Greg Maddox 1301 K Street, N.W.
Vice President Suite 800 East
Sandra Souter Washington, DC 20005
Vice President
Martin R. Dean TRANSFER AGENT
Secretary BISYS Fund Services, Inc.
Alaina V. Metz 3435 Stelzer Road
Assistant Secretary Columbus, Ohio 43219
Frank M. Deutchki AUDITORS
Treasurer Ernst & Young, LLP
1100 Huntington Center
41 South High Street
Columbus, Ohio 43215
CUSTODIAN
The Bank of New York
100 Church Street
New York, NY 10286
</TABLE>
This material is authorized for distribution to prospective investors only when
accompanied or preceded by a current prospectus. Please read the prospectus
carefully before investing or sending money.
The Eureka Funds are distributed by BISYS Fund Services. Sanwa Bank California
is the investment adviser to the Funds and receives fees for those services.
EUR-0038-900
