Report of Independent Auditors
To the Shareholders and Board of Trustees of
Eureka Funds
In planning and performing our audit of the financial
statements of Eureka Funds for the year ended
September 30, 2000, we considered its internal control,
including control activities for safeguarding securities,
in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Eureka Funds is responsible for
establishing and maintaining internal control. In
fulfilling this responsibility, estimates and judgments
by management are required to assess the expected
benefits and related costs of controls. Generally,
controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity
with generally accepted accounting principles. Those
controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control,
error or fraud may occur and not be detected. Also,
projection of any evaluation of internal control to
future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not
necessarily disclose all matters in internal control
that might be material weaknesses under standards
established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which
the design or operation of one or more of the internal
control components does not reduce to a relatively low
level the risk that misstatements caused by error or
fraud in amounts that would be material in relation to
the financial statements being audited may occur and
not be detected within a timely period by employees in
the normal course of performing their assigned functions.
However, we noted no matters involving internal control
and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses
as defined above at September 30, 2000.
This report is intended solely for the information and
use of management, the Board of Trustees of Eureka Funds,
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.
/s/Ernst & Young
Columbus, Ohio
November 10, 2000
