<PAGE> 1
[EUREKA FUNDS - LOGO]
SEMI-ANNUAL REPORT
MARCH 31, 2000
------------------------------------
EQUITY FUND
------------------------------------
GLOBAL ASSET ALLOCATION FUND
------------------------------------
INVESTMENT GRADE BOND FUND
------------------------------------
PRIME MONEY MARKET FUND
------------------------------------
U.S. TREASURY OBLIGATIONS FUND
------------------------------------
<PAGE> 2
Table of Contents
Schedule of Portfolio Investments
3
Statements of Assets and Liabilities
37
Statements of Operations
39
Statements of Changes in Net Assets
41
Notes to the Financial Statements
46
Financial Highlights
52
MUTUAL FUNDS
- Are not FDIC insured
- Are not deposits or obligations of, or guaranteed by, Sanwa Bank California,
any of its affiliates or any other financial institution
- Are subject to investment risks, including possible loss of principal
2
<PAGE> 3
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
EQUITY FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
COMMON STOCKS (99.1%)
AEROSPACE & MILITARY TECHNOLOGY (1.1%)
Boeing Co. 36,200 $ 1,373,338
General Dynamics Corp. 9,300 462,675
United Technologies
Corp. 7,200 454,950
------------
2,290,963
------------
APPAREL/SHOES (0.2%)
Jones Apparel Group,
Inc. 14,200 452,625
------------
AUTOMOTIVE (1.7%)
Ford Motor Co. 32,800 1,506,750
General Motors Corp. 17,100 1,416,094
TRW, Inc. 9,300 544,050
------------
3,466,894
------------
BANKING (4.3%)
Bank of America Corp. 24,400 1,279,475
Chase Manhattan Corp. 43,296 3,774,870
Fleet Boston Financial
Corp. 46,600 1,700,900
MBNA Corp. 29,718 757,809
Mellon Financial Corp. 19,800 584,100
Wells Fargo & Co. 18,300 749,156
------------
8,846,310
------------
BEVERAGES & TOBACCO (2.1%)
Coca-Cola Co. 22,500 1,056,094
Coors (Adolph), Class B 12,300 588,094
Pepsico, Inc. 11,500 397,469
Philip Morris Companies,
Inc. 55,300 1,168,212
Seagram Company Ltd. 19,000 1,130,500
------------
4,340,369
------------
BROADCASTING/CABLE (2.4%)
Comcast Corp., Special
Class A 44,000 1,908,500
MediaOne Group, Inc.* 4,200 340,200
Time Warner, Inc. 12,700 1,270,000
Viacom, Inc., Class B* 28,960 1,527,640
------------
5,046,340
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
CHEMICALS (1.2%)
Dow Chemical Co. 12,300 $ 1,402,200
Du Pont (E.I.) De
Nemours 13,800 729,675
Fuller (H.B.) Co. 8,000 319,500
------------
2,451,375
------------
COMPUTER HARDWARE (10.1%)
Cisco Systems, Inc.* 119,000 9,200,187
Dell Computer Corp.* 46,800 2,524,275
EMC Corp.* 26,800 3,350,000
Gateway, Inc. (b) 15,600 826,800
Hewlett-Packard Co. 6,600 874,913
IBM Corp. 35,600 4,200,799
------------
20,976,974
------------
COMPUTER SOFTWARE & PERIPHERALS (8.5%)
Adobe Systems, Inc. 10,300 1,146,519
America Online, Inc.* 48,700 3,275,074
BMC Software, Inc.* 13,000 641,875
Citrix Systems, Inc. 10,000 662,500
Computer Associates
International, Inc. 12,000 710,250
Compuware Corp.* 23,100 486,544
Microsoft, Inc.* 92,200 9,796,249
Yahoo, Inc. 5,100 874,013
------------
17,593,024
------------
CONSTRUCTION (0.2%)
Centex Corp. 9,500 226,219
Kaufman & Broad Home
Corp. 9,300 199,369
------------
425,588
------------
CONSUMER GOODS & SERVICES (2.3%)
Ball Corp. 10,700 369,819
Black & Decker Corp. 9,900 371,869
Eastman Kodak Co. 11,300 613,731
Fortune Brands, Inc. 36,200 905,000
Hasbro, Inc. 46,500 767,250
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
3
<PAGE> 4
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
Proctor & Gamble Co. 23,100 $ 1,299,375
Springs Industries,
Inc., Class A 10,000 380,000
------------
4,707,044
------------
DISTRIBUTION (0.1%)
Costco Wholesale Corp. 2,900 152,431
------------
ELECTRIC UTILITY (0.6%)
AES Corp.* 10,600 834,750
Texas Utilities Holding
Co. 16,200 480,938
------------
1,315,688
------------
ELECTRICAL & ELECTRONIC (5.0%)
General Electric Co. 48,800 7,573,150
Johnson Controls, Inc. 11,100 622,294
Micron Technology, Inc. 9,900 1,247,400
Sensormatic Electronics
Corp.* 26,100 585,619
Unicom Corp. 10,800 394,200
------------
10,422,663
------------
ELECTRICAL EQUIPMENT (0.4%)
Dominion Resources,
Inc./ VA 22,700 872,531
------------
ENERGY (1.6%)
Exxon Mobil Corp. 41,260 3,210,544
------------
FINANCIAL SERVICES (5.8%)
American Express Co. 6,400 953,200
Associates First
Capital, Class A 27,382 587,002
Block H & R, Inc. 10,200 456,450
Citigroup, Inc. 43,835 2,599,962
Fannie Mae 24,000 1,354,500
Household International,
Inc. 18,300 682,819
J.P. Morgan & Co. 3,600 474,300
Morgan Stanley Dean
Witter & Co. 33,650 2,744,577
Schwab (Charles) Corp. 26,200 1,488,488
Washington Mutual, Inc. 24,700 654,550
------------
11,995,848
------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
FOOD PRODUCTS & SERVICES (1.4%)
Dean Foods Co. 30,700 $ 821,225
Great Atlantic & Pacific
Tea Co. 14,800 288,600
International Multifoods
Corp. 30,200 403,925
Interstate Bakeries 32,900 468,825
McDonald's Corp. 5,100 191,569
Supervalu, Inc. 22,000 416,625
Tyson Foods, Inc., Class
A 27,000 300,375
------------
2,891,144
------------
HEALTH CARE (1.2%)
Columbia/HCA Healthcare
Corp. 27,900 706,219
Tenet Healthcare Corp.* 17,100 393,300
United Healthcare Corp. 16,300 971,887
Wellpoint Health
Networks 6,100 426,238
------------
2,497,644
------------
INDUSTRIAL GOODS & SERVICES (0.8%)
Honeywell International,
Inc. 30,600 1,612,238
------------
INSURANCE (3.2%)
Aetna, Inc. 9,900 551,306
AFLAC, Inc. 25,600 1,166,400
Allstate Corp. 37,146 884,539
American General Corp. 700 39,288
American International
Group, Inc. 30,800 3,372,600
Cigna Corp. 8,400 636,300
------------
6,650,433
------------
MANUFACTURING (2.0%)
Brunswick Corp. 12,500 236,719
Illinois Tool Works,
Inc. 7,500 414,375
Mark IV Industries, Inc. 21,800 480,963
Textron, Inc. 8,500 517,438
Tyco International Ltd. 49,200 2,453,849
------------
4,103,344
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
4
<PAGE> 5
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
MEDICAL EQUIPMENT & SUPPLIES (2.1%)
Amgen, Inc.* 18,300 $ 1,123,163
Baxter International,
Inc. 8,100 507,769
Johnson & Johnson 27,300 1,912,706
St Jude Medical, Inc. 31,300 807,931
------------
4,351,569
------------
MEDICAL SUPPLIES (0.1%)
Mallinckrodt, Inc. 7,800 224,250
------------
METALS (0.1%)
Ryerson Tull, Inc. 9,300 144,150
------------
METALS & MINING (0.4%)
Alcoa, Inc. 13,100 920,275
------------
OFFICE EQUIPMENT & SERVICES (0.1%)
Xerox Corp. 11,300 293,800
------------
OIL & GAS (3.7%)
Baker Hughes, Inc. 30,000 907,500
Chevron Corp. 15,500 1,432,781
Coastal Corp. 8,300 381,800
Occidental Petroleums
Corp. 24,100 500,075
Phillips Petroleum Co. 12,300 568,875
Royal Dutch Petroleum,
NY Shares 26,200 1,508,138
Texaco, Inc. 35,600 1,909,050
USX-Marathon Group 13,900 362,269
------------
7,570,488
------------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES
(0.6%)
Apache Corp. 7,000 348,250
Atlantic Richfield Co. 9,600 816,000
------------
1,164,250
------------
PAPER PRODUCTS (0.8%)
Georgia Pacific Corp. 16,000 633,000
Weyerhaeuser Co. 18,500 1,054,500
------------
1,687,500
------------
PHARMACEUTICALS (5.2%)
Biogen, Inc. 10,300 719,713
Bristol-Myers Squibb Co. 44,000 2,540,999
Cardinal Health, Inc. 24,500 1,123,938
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
Forest Laboratories,
Inc.* 9,400 $ 794,300
Merck & Company, Inc. 27,700 1,720,863
Pfizer, Inc. 69,408 2,537,729
Schering-Plough Corp. 34,500 1,267,875
------------
10,705,417
------------
PRINTING & PUBLISHING (0.5%)
Houghton Mifflin Co. 2,600 110,338
Tribune Co. 22,800 833,625
------------
943,963
------------
RESORTS & ENTERTAINMENT (0.5%)
Carnival Corp. 39,100 970,169
------------
RETAIL (5.5%)
Best Buy Co., Inc. 11,800 1,014,800
CVS Corp. 25,500 957,844
GAP, Inc. 9,425 469,483
Home Depot, Inc. 36,450 2,351,025
Lowe's Companies, Inc. 22,600 1,319,275
Staples, Inc.* 28,200 564,000
Wal-Mart Stores, Inc. 85,700 4,756,349
------------
11,432,776
------------
RETIREMENT/AGED CARE (0.8%)
Target Corp. 22,500 1,681,875
------------
SERVICES (0.2%)
Ryder Systems, Inc. 20,000 453,750
------------
STEEL (0.1%)
Carpenter Technology
Corp. 11,600 241,425
------------
TECHNOLOGY (9.6%)
Applied Materials, Inc.* 19,800 1,866,150
Computer Sciences Corp.* 7,800 617,175
Intel Corp. 74,300 9,802,955
Motorola, Inc. 11,900 1,694,263
Sun Microsystems, Inc.* 27,400 2,567,466
Texas Instruments, Inc. 17,600 2,815,999
UNISYS Corp.* 16,600 423,300
------------
19,787,308
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
5
<PAGE> 6
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
EQUITY FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (11.1%)
AT&T Corp. 33,821 $ 1,902,431
Bell Atlantic Corp. 7,200 440,100
BellSouth Corp. 34,500 1,621,500
Global Crossing Ltd. 25,600 1,048,000
Lucent Technologies,
Inc. 63,788 3,875,120
MCI Worldcom, Inc.* 79,221 3,589,702
Nextel Communications,
Inc., Class A* 17,900 2,653,675
Nortel Networks Corp. 16,200 2,041,200
SBC Communications, Inc. 28,627 1,202,334
Sprint Corp. 25,700 1,619,100
Sprint Corp. (PCS
Group)* 26,300 1,717,719
Tellabs, Inc.* 20,600 1,297,478
------------
23,008,359
------------
TRANSPORTATION & SHIPPING (0.7%)
Delta Air Lines, Inc. 6,800 362,100
FedEx Corporation 2,600 101,400
Kansas City Southern
Industries, Inc. 10,500 902,344
------------
1,365,844
------------
UTILITIES (0.8%)
Enron Corp. 22,300 1,669,713
--------------------------------------------------
TOTAL COMMON STOCKS (COST
$123,533,722) 204,938,895
--------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
MONEY MARKET FUNDS (0.5%)
Eureka Prime Money
Market Fund -- Trust
Class 1,026,575 $ 1,026,575
--------------------------------------------------
TOTAL MONEY MARKET FUNDS (COST
$1,026,575) 1,026,575
--------------------------------------------------
TOTAL INVESTMENTS (COST
$124,560,297) (a) -- 99.6% 205,965,470
--------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.4% 918,930
--------------------------------------------------
TOTAL NET ASSETS -- 100.0% $206,884,400
--------------------------------------------------
</TABLE>
---------------
Percentages indicated are based on net assets of $206,884,400.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $89,059,437
Unrealized depreciation (7,654,264)
-----------
Net unrealized appreciation $81,405,173
===========
</TABLE>
* Denotes non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
6
<PAGE> 7
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
COMMON STOCKS (66.5%)
AUSTRALIA (0.8%)
BANKING (0.2%)
Australia & New Zealand
Banking Group Ltd. 8,100 $ 51,133
Commonwealth Bank of
Australia 5,400 73,880
National Australia Bank
Ltd. 5,400 69,423
Westpac Banking Corp. 7,200 45,071
-----------
239,507
-----------
BUILDING PRODUCTS (0.0%)
CSR Ltd. 3,300 6,931
-----------
CONSUMER GOODS & SERVICES (0.1%)
Brambles Industries Ltd. 1,700 43,237
Coca Cola Amatil Ltd. 5,100 12,692
Woolworths Ltd. 7,000 21,712
-----------
77,641
-----------
DIVERSIFIED (0.1%)
Broken Hill Proprietary
Co. Ltd. 7,100 76,893
-----------
ENERGY (0.1%)
Australian Gas & Light
Co. 1,800 8,686
Santos Ltd. 2,700 6,320
Woodside Petroleum Ltd. 8,600 51,679
-----------
66,685
-----------
FINANCIAL SERVICES (0.1%)
Lend Lease Corp. Ltd. 4,600 59,448
Westfield Holdings Ltd. 2,000 11,018
-----------
70,466
-----------
INDUSTRIAL (0.0%)
Orica Ltd. 2,300 9,005
Pacific Dunlop Ltd. 10,600 10,134
-----------
19,139
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
MEDIA (0.2%)
News Corp. Ltd.* 8,100 $ 113,181
Publishing & Brocasting 3,100 26,325
-----------
139,506
-----------
METALS & MINING (0.0%)
Rio Tinto Ltd. 1,400 19,898
WMC Ltd. 2,900 11,340
-----------
31,238
-----------
RETAIL (0.0%)
Coles Myer Ltd. 3,000 11,836
-----------
TELECOMMUNICATIONS (0.0%)
Cable & Wireless Optus
Ltd.* 2,400 9,615
-----------
749,457
-----------
AUSTRIA (0.0%)
ENERGY (0.0%)
EVN-AG 100 10,994
-----------
ENGINEERING (0.0%)
VA Technologie, AG 110 6,947
-----------
FINANCIAL SERVICES (0.0%)
Bank Austria, AG 373 18,166
-----------
36,107
-----------
BELGIUM (0.1%)
BANKING (0.0%)
KBC Bancassurance
Holding 700 25,118
-----------
ELECTRIC UTILITY (0.0%)
Electrabel, SA 50 13,229
-----------
FINANCIAL SERVICES (0.0%)
Dexia Belgium 256 35,520
Dexia Sweep 256 2
-----------
35,522
-----------
INSURANCE (0.1%)
Fortis, AG, Class B 1,800 46,159
-----------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES
(0.0%)
Total Fina SA-Strip 180 2
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
7
<PAGE> 8
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (0.0%)
UCB, SA 300 $ 10,908
-----------
130,938
-----------
CANADA (1.3%)
AUTOMOTIVE (0.0%)
Canadian Tire Corp.,
Class A 300 3,967
Magna Entertainment
Corp. 40 135
Magna International,
Inc., Class A 200 7,763
-----------
11,865
-----------
BANKING (0.4%)
Bank of Montreal 900 31,491
Bank of Nova Scotia 2,200 44,399
Canadian Imperial Bank
of Commerce 1,700 49,062
National Bank of Canada 2,200 32,201
Royal Bank of Canada 1,300 62,009
Toronto-Dominion Bank 2,200 58,720
-----------
277,882
-----------
CHEMICALS (0.0%)
Potash Corp. of
Saskatchewan 200 10,008
-----------
COMPUTER SOFTWARE & PERIPHERALS (0.0%)
Ati Technologies, Inc. 1,200 21,449
-----------
DIVERSIFIED (0.1%)
Bombardier, Inc., Class
B 2,800 70,298
Power Corp. of Canada 1,000 15,153
-----------
85,451
-----------
ENERGY (0.0%)
Ballard Power Systems,
Inc. 300 24,796
-----------
FINANCIAL SERVICES (0.0%)
Power Financial Corp. 400 5,992
-----------
FOOD PRODUCTS & SERVICES (0.0%)
Weston (George) Ltd. 300 10,156
-----------
FOREST & PAPER PRODUCTS (0.0%)
Donohue, Inc., Class A 750 17,822
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
INDUSTRIAL (0.0%)
Canadian Pacific Ltd 1,800 $ 40,294
-----------
INSURANCE (0.1%)
Great West Lifeco, Inc. 1,600 19,947
Manulife Financial Corp. 2,900 42,347
-----------
62,294
-----------
METALS & MINING (0.1%)
Alcan Aluminum Ltd. 1,400 47,444
Barrick Gold Corp. 2,400 37,608
Inco Ltd., Class VBN 2,100 10,125
Noranda, Inc. 1,300 13,297
-----------
108,474
-----------
OIL & GAS (0.3%)
Canadian Natural
Resources* 1,600 42,705
Canadian Utilities Ltd.,
Class B 700 16,104
Gaz Metropolitan & Co.,
LP 2,900 28,764
Imperial Oil Ltd. 2,400 49,592
Petro-Canada 2,800 46,672
Westcoast Energy, Inc. 1,500 25,675
-----------
209,512
-----------
PHARMACEUTICALS (0.0%)
Biochem Pharmaecutical,
Inc.* 400 8,775
-----------
PRINTING & PUBLISHING (0.0%)
Quebecor Printing, Inc. 800 14,602
Thomson Corp. 700 22,155
-----------
36,757
-----------
REAL ESTATE (0.0%)
Trizec Hahn Corp. 900 13,731
-----------
TELECOMMUNICATIONS (0.3%)
BCE, Inc. 1,000 125,428
Bct. Telus
Communications, Inc. 500 14,551
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
8
<PAGE> 9
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
Cad Rogers
Communication, Inc. 1,300 $ 38,503
Shaw Communications,
Inc. Cl. B 1,100 29,625
-----------
208,107
-----------
TRANSPORTATION & SHIPPING (0.0%)
Canadian National
Railway Co. 1,100 29,094
-----------
1,182,459
-----------
DENMARK (0.2%)
BANKING (0.0%)
Den Danske Bank 200 20,950
Unidanmark A/S, Class A 300 19,240
-----------
40,190
-----------
COMMERCIAL SERVICES (0.0%)
Ratin A/S, Class B 140 12,290
-----------
FOOD PRODUCTS & SERVICES (0.0%)
Danisco A/S 136 4,352
-----------
PHARMACEUTICALS (0.0%)
Novo-Nordisk A/S, Class
B 156 21,053
-----------
TELECOMMUNICATIONS -- SERVICES AND EQUIPMENT
(0.0%)
Tele Danmark A/S 460 41,385
-----------
TRANSPORTATION & SHIPPING (0.2%)
D/S 1912, Class B 5 57,001
-----------
176,271
-----------
FINLAND (1.1%)
FINANCIAL SERVICES (0.0%)
Fnm Nordbanken Holdings 3,060 16,104
-----------
TELECOMMUNICATIONS (1.1%)
Nokia, OYJ 4,700 993,906
-----------
1,010,010
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
FRANCE (2.3%)
AUTOMOTIVE (0.0%)
Michelin (CGDE), Class B 710 $ 22,787
PSA Peugeot Citroen 100 21,625
-----------
44,412
-----------
BANKING (0.3%)
Banque Nationale de
Paris 1,520 119,992
Credit Commercial de
France 550 68,680
Societe Generale, Class
A 400 79,765
-----------
268,437
-----------
BEVERAGES & TOBACCO (0.1%)
LVMH (Moet-Hennessy
Louis Vuitton) 260 108,770
-----------
BROADCASTING/CABLE (0.1%)
Canal Plus 360 79,229
-----------
CHEMICALS (0.1%)
L'Air Liquide 450 62,479
-----------
CONSUMER GOODS & SERVICES (0.1%)
L'oreal 160 103,342
-----------
FINANCIAL SERVICES (0.1%)
AXA 400 56,685
-----------
FOOD PRODUCTS & SERVICES (0.0%)
Groupe Danone 140 30,945
-----------
INDUSTRIAL GOODS & SERVICES (0.4%)
Compagnie de Saint-
Gobain 220 28,103
LaFarge 500 42,629
Schneider Electric, SA 300 19,147
Suez Lyonnaise Des Eaux 582 100,019
Vivendi 981 113,113
-----------
303,011
-----------
LEISURE (0.0%)
Accor Sa 1,000 39,232
-----------
MANUFACTURING -- CAPITAL GOODS (0.1%)
STMicroelectronics NV 400 73,488
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
9
<PAGE> 10
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
MERCHANDISING (0.1%)
Carrefour 1,020 $ 130,688
-----------
OIL & GAS (0.5%)
Total Fina, SA, Class B 2,192 328,255
-----------
PHARMACEUTICALS (0.2%)
Rhone-Poulenca, Class A 1,525 83,468
Sanofi Synthelabo SA 2,440 93,041
-----------
176,509
-----------
TECHNOLOGY (0.1%)
Alcatel 550 120,676
-----------
TELECOMMUNICATIONS (0.1%)
France Telecom, SA 650 111,954
-----------
2,038,112
-----------
GERMANY (2.2%)
AUTOMOTIVE (0.2%)
Bayerische Motoren Werke
AG 2,496 78,696
Daimlerchrysler, AG* 874 57,204
Volkswagen, AG 900 39,356
-----------
175,256
-----------
BANKING (0.3%)
Commerzbank, AG 1,900 71,813
Deutsche Bank AG 3,250 215,979
Dresdner Bank AG 1,050 42,701
-----------
330,493
-----------
CHEMICALS (0.3%)
BASF, AG 1,945 92,312
Bayer, AG 3,600 161,558
-----------
253,870
-----------
COMPUTER SOFTWARE & PERIPHERALS (0.2%)
SAP, AG 190 136,809
-----------
CONGLOMERATES (0.1%)
Viag AG NPV 2,600 52,743
-----------
ELECTRICAL & ELECTRONIC (0.3%)
Siemens AG 2,175 313,221
-----------
ENERGY (0.1%)
RWE, AG 2,150 76,942
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
INDUSTRIAL GOODS & SERVICES (0.2%)
Thyssen Krupp, AG* 2,350 $ 57,903
Veba, AG 2,150 109,859
-----------
167,762
-----------
INSURANCE (0.2%)
Allianz, AG, Registered 180 73,287
Muenchener Rueckver, AG,
Registered 360 115,744
-----------
189,031
-----------
RETAIL (0.0%)
Metro, AG 100 4,000
Metro, AG - Non Voting 240 5,557
-----------
9,557
-----------
TELECOMMUNICATIONS -- SERVICES AND EQUIPMENT
(0.3%)
Eur (Dem) Deutsche
Telekom Ords 3,250 261,849
-----------
1,967,533
-----------
HONG KONG (0.8%)
BANKING (0.4%)
Bank of East Asia* 10,000 22,218
HSBC Holdings PLC 19,000 222,051
-----------
244,269
-----------
DIVERSIFIED (0.1%)
Hutchison Whampoa 4,000 72,177
Jardine Matheson
Holdings Ltd.* 2,000 7,760
Swire Pacific Ltd.,
Class A 9,500 49,046
-----------
128,983
-----------
ELECTRIC UTILITY (0.1%)
CLP Holdings, Ltd. 9,000 40,339
Hong Kong Electric
Holdings 14,000 42,253
-----------
82,592
-----------
OIL & GAS (0.0%)
Hong Kong & China Gas 24,200 30,302
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
10
<PAGE> 11
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
REAL ESTATE (0.2%)
Cheung Kong 6,000 $ 89,771
China Resources
Enterprises 10,000 13,742
Hang Lung Development
Co. 10,000 8,219
Henderson Land
Development Co., Ltd 2,000 9,427
New World Development 1,000 1,393
Sun Hung Kai Properties 7,000 60,682
-----------
183,234
-----------
669,380
-----------
IRELAND (0.2%)
BANKING (0.1%)
Allied Irish Bank, PLC 3,005 29,185
Bank of Ireland 5,700 40,362
-----------
69,547
-----------
HEALTH CARE (0.1%)
Elan Corp. PLC* 1,308 63,506
-----------
MANUFACTURING (0.0%)
CRH, PLC 1,000 17,941
-----------
150,994
-----------
ITALY (1.2%)
AUTOMOTIVE (0.0%)
Fiat, SPA 1,170 30,843
-----------
BANKING (0.2%)
Rolo Banca 1473, SPA 2,000 30,677
San Paolo -- IMI SPA 6,135 84,006
Unicredito Italiano, SPA 7,000 27,864
-----------
142,547
-----------
ELECTRIC UTILITY (0.0%)
Edison, SPA 3,000 31,290
-----------
INDUSTRIAL GOODS & SERVICES (0.0%)
Montedison SPA 5,200 9,081
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
INSURANCE (0.2%)
Assicurazioni Generali 4,745 $ 131,580
Riunione Adriatica di
Sicurta SpA 2,000 18,525
-----------
150,105
-----------
OIL & GAS (0.1%)
Ente Nazional
Indrocarburi, SPA 12,100 60,554
-----------
TELECOMMUNICATIONS (0.7%)
Telecom Italia Mobile,
SPA 14,000 171,740
Telecom Italia Mobile,
SPA-RNC 13,000 62,197
Telecom Italia, SPA 21,555 321,757
Telecom Italia, SPA-RNC 13,000 88,568
-----------
644,262
-----------
TEXTILE PRODUCTS (0.0%)
Benetton Group, SPA 10,000 20,573
-----------
1,089,255
-----------
JAPAN (7.7%)
AUTOMOTIVE (0.8%)
Aisin Seiki Company Ltd. 3,000 40,072
Bridgestone Corp. 3,000 66,251
Denso Corp. 3,000 71,516
Mazda Motor Corp. 13,000 44,362
Mitsubishi Motors 6,000 22,815
Nissan Motors 9,000 36,855
Toyota Motor Corp. 9,000 471,212
-----------
753,083
-----------
BANKING (0.9%)
77 Bank Ltd. 2,000 14,293
Bank of Tokyo-Mitsubishi
Ltd. 13,000 185,940
Dai-Ichi Kangyo Bank
Ltd. 12,000 111,851
Fuji Bank Ltd. 8,000 75,269
Gunma Bank 1,000 5,479
Hachijuni Bank 4,000 22,776
Industrial Bank of Japan 9,000 82,309
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
11
<PAGE> 12
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
Mitsubishi Trust &
Banking Co. 3,000 $ 27,846
Nikko Securities Co.,
Ltd. 6,000 90,908
Sakura Bank Ltd. 7,000 53,303
Shizuoka Bank 6,000 50,895
Sumitomo Bank Ltd. 8,000 119,339
Sumitomo Trust & Banking 6,000 47,268
Yamaguchi Bank Ltd. 2,000 13,806
-----------
901,282
-----------
BEVERAGES & TOBACCO (0.1%)
Japan Tobacco, Inc. 2 14,332
Kirin Brewery Company
Ltd. 4,000 48,984
-----------
63,316
-----------
CHEMICALS (0.4%)
Mitsubishi Chemical
Corp. 19,000 75,767
Shin-Etsu Chemical Co. 2,000 121,484
Takeda Chemical
Industries 2,000 142,348
-----------
339,599
-----------
COMPUTER SERVICES (0.1%)
Yen Hikari Tsushin, Inc. 100 76,829
-----------
CONSTRUCTION (0.1%)
Daiwa House Industry
Company Ltd. 1,000 6,854
Matsushita Electric
Works 4,000 41,691
Shimizu Corp. 2,000 5,596
-----------
54,141
-----------
CONSUMER GOODS & SERVICES (0.5%)
KAO Corp. 3,000 91,844
Kuraray Company Ltd. 1,000 9,145
Matsushita Electric
Industrial Co. 7,000 209,527
Nintendo Company Ltd. 200 35,197
Shiseido Company Ltd. 2,000 27,202
Sony Corp. 400 56,549
Toto Ltd. 1,000 5,148
-----------
434,612
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
ELECTRIC UTILITY (0.2%)
Chubu Electric Power
Company, Inc. 1,000 $ 15,551
Hokkaido Electric Power
Company, Inc. 2,000 24,589
Hokuriku Electric Power 1,000 12,733
Kansai Electric Power 3,000 44,869
Kyushu Electric Power 1,000 12,431
Tohoku Electric Power 300 3,846
Tokyo Electric Power Co. 2,200 48,263
-----------
162,282
-----------
ELECTRICAL & ELECTRONIC (0.8%)
Hitachi Ltd. 11,000 130,737
Kyocera Corp. 1,000 167,308
Murata Mfg. Company Ltd. 1,000 243,261
NEC Corp. 5,000 147,711
NGK Insulators Ltd. 1,000 8,677
Nitto Denko Corp. 1,000 39,975
Omron Corp. 1,000 28,470
Sumitomo Electric
Industies 3,000 42,324
-----------
808,463
-----------
FINANCIAL SERVICES (0.4%)
Credit Saison Company
Ltd. 1,000 16,575
Daiwa Securities GRP 6,000 112,904
Nomura Securities
Company Ltd. 6,000 195,973
Tokio Marine & Fire
Insurance 4,000 41,145
-----------
366,597
-----------
FOOD PRODUCTS & SERVICES (0.1%)
Ajinomoto Company, Inc. 3,000 36,562
Nissin Food Products
Company Ltd. 2,000 45,142
-----------
81,704
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
12
<PAGE> 13
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
INDUSTRIAL (0.1%)
Kajima Corp. 2,000 $ 5,538
Mitsubishi Heavy
Industries Ltd. 16,000 50,387
Tostem Corp. 3,000 48,555
-----------
104,480
-----------
MACHINERY & EQUIPMENT (0.1%)
Ebara Corp. 2,000 26,129
Toyoda Automatic Loom
Works Ltd. 1,000 19,315
-----------
45,444
-----------
MANUFACTURING (0.3%)
Fuji Photo Film Co. 2,000 88,139
Nikon Corp. 3,000 115,244
Onward Kashiyama Company
Ltd. 2,000 24,180
-----------
227,563
-----------
MEDIA (0.1%)
Tokyo Broadcasting
System 1,000 39,487
Toppan Printing Company
Ltd. 3,000 33,637
-----------
73,124
-----------
METALS & MINING (0.0%)
Sumitomo Metal
Industries* 30,000 23,400
-----------
OFFICE EQUIPMENT & SERVICES (0.2%)
Canon, Inc. 2,000 86,775
Dai Nippon Printing
Company Ltd. 1,000 16,243
Ricoh Company Ltd. 3,000 64,349
-----------
167,367
-----------
OIL & GAS (0.0%)
Tonen Corp. 2,000 11,700
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (0.2%)
Ono Pharmaceutical
Company Ltd. 1,000 $ 35,392
Sankyo Company Ltd. 2,000 50,407
Yamanouchi
Pharmaceutical Company
Ltd. 1,000 54,795
-----------
140,594
-----------
REAL ESTATE (0.1%)
Mitsubishi Estate
Company Ltd. 4,000 43,406
Mitsui Fudosan Company
Ltd. 4,000 38,220
-----------
81,626
-----------
RETAIL (0.2%)
Daiei, Inc.* 2,000 7,156
Ito-Yokado Company Ltd. 1,000 71,565
Jusco Company Ltd. 2,000 29,952
Marui Company Ltd. 2,000 36,212
Mycal Corp. 1,000 3,656
Takashimaya Company Ltd. 1,000 8,170
UNY Company Ltd. 1,000 8,765
-----------
165,476
-----------
TECHNOLOGY (0.5%)
Fujitsu Ltd. 6,000 184,273
TDK Corp. 1,000 136,304
Tokyo Electron Ltd. 1,000 151,124
-----------
471,701
-----------
TELECOMMUNICATIONS (0.6%)
Japan Telecom Co. Ltd 2 84,824
KDD 300 25,272
Nippon Telegraph &
Telephone Corp. 15 238,385
Nippon Television
Network 200 142,154
-----------
490,635
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
13
<PAGE> 14
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- SERVICES AND EQUIPMENT
(0.6%)
NTT Mobile
Communications 13 $ 533,613
-----------
TRANSPORTATION & SHIPPING (0.2%)
All Nippon Airways
Company Ltd.* 7,000 20,338
East Japan Railway Co. 6 31,122
Japan Airlines Company
Ltd. 2,000 5,362
Kinki Nippon Railway
Company Ltd. 10,000 40,853
Nippon Express Company
Ltd. 3,000 22,318
Seibu Railway Company
Ltd. 1,000 14,254
-----------
134,247
-----------
WHOLESALE & INTERNATIONAL TRADE (0.1%)
Mitsubishi Corp. 3,000 27,232
Mitsui & Company Ltd. 5,000 40,461
Sumitomo Corp. 2,000 24,258
-----------
91,951
-----------
6,804,829
-----------
NETHERLANDS (1.7%)
APPLIANCES & HOUSEHOLD PRODUCTS (0.2%)
Koninklijke Philips
Electronics NV 1,181 198,440
-----------
BANKING (0.3%)
ABN Amro Holding 6,000 13,779
ABN Amro Holding, NV 3,748 83,526
Ing Groep, NV 2,504 135,615
-----------
232,920
-----------
BREWERY (0.1%)
Heineken, NV 1,800 96,195
-----------
CHEMICALS (0.1%)
Akzo Nobel 1,080 46,091
-----------
CONSUMER GOODS & SERVICES (0.0%)
Koninklijke Ahold, NV 1,200 31,221
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
INSURANCE (0.2%)
Aegon, NV 1,388 $ 110,900
Fortis, NV 1,020 26,108
-----------
137,008
-----------
MACHINERY & EQUIPMENT (0.1%)
Unilever NV 1,403 69,206
-----------
OIL & GAS (0.5%)
Royal Dutch Petroleum 7,517 438,834
-----------
PRINTING & PUBLISHING (0.0%)
Wolters Kluwer 1,680 38,581
-----------
TELECOMMUNICATIONS (0.2%)
Koninklijke KPN, NV 1,479 169,331
-----------
TRANSPORTATION & SHIPPING (0.0%)
TNT Post Group, NV 859 19,291
-----------
1,477,118
-----------
NEW ZEALAND (0.0%)
AEROSPACE & MILITARY TECHNOLOGY (0.0%)
Air New Zealand Ltd.,
Class B 10,000 11,573
-----------
DIVERSIFIED (0.0%)
Brierley Investments
Ltd.* 11,700 2,266
-----------
FOREST & PAPER PRODUCTS (0.0%)
Fletcher Challenge
Forests* 10,000 2,633
-----------
TELECOMMUNICATIONS (0.0%)
Telecom Corp. of New
Zealand 5,000 22,625
-----------
39,097
-----------
NORWAY (0.1%)
BANKING (0.0%)
Den Norske Bank, ASA 1,000 3,839
Sparebanken Nor-Cap, CTF 100 1,884
-----------
5,723
-----------
FOOD PRODUCTS & SERVICES (0.0%)
Orkla, ASA, Class A 600 9,171
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
14
<PAGE> 15
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
INDUSTRIAL (0.1%)
Bergesen D Y ASA, Class
A 500 $ 9,065
Kvaerner, ASA 100 1,493
Norsk Hydro, ASA 780 29,531
-----------
40,089
-----------
INSURANCE (0.0%)
Storebrand, ASA* 1,000 6,102
-----------
OIL & GAS (0.0%)
Smedvig, ASA, Class B 1,000 13,508
-----------
74,593
-----------
SINGAPORE (0.1%)
BANKING (0.1%)
DBS Group Holdings Ltd. 3,198 42,253
Sgd United O/S Bank --
Foreign 1,056 6,482
-----------
48,735
-----------
INDUSTRIAL (0.0%)
Sembcorp Industries
Ltd.* 18,209 18,523
-----------
PRINTING & PUBLISHING (0.0%)
Singapore Press Holdings 1,148 18,322
-----------
REAL ESTATE (0.0%)
Centrepoint Properties 15,000 14,908
DBS Land 3,000 3,911
-----------
18,819
-----------
TELECOMMUNICATIONS (0.0%)
Singapore
Telecommunications 5,000 7,132
-----------
TRANSPORTATION & SHIPPING (0.0%)
Singapore Airlines Ltd. 2,000 18,708
-----------
130,239
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
SPAIN (0.7%)
BANKING (0.3%)
Banco Bilbao Vizcaya 11,631 $ 170,947
Banco Popular Espanol Sa 1,200 36,744
Banco Santander Central
Hispano SA 8,640 92,843
-----------
300,534
-----------
ELECTRIC UTILITY (0.1%)
Endesa, SA 500 11,468
Iberdrola, SA 4,906 63,985
-----------
75,453
-----------
GAS & ELECTRIC UTILITY (0.1%)
Gas Natural SDG-E 600 11,706
Repsol, SA 3,750 82,208
-----------
93,914
-----------
TELECOMMUNICATIONS -- SERVICES AND EQUIPMENT
(0.2%)
Telefonica SA 7,398 186,885
-----------
656,786
-----------
SWEDEN (1.2%)
AUTOMOTIVE (0.1%)
Volvo, AB, Class A 400 10,394
Volvo, AB, Class B 1,700 45,844
-----------
56,238
-----------
BANKING (0.3%)
Astrazeneca Pld Ords 3,193 128,976
Investor AB Class A 800 12,454
Investor AB Class B 2,400 37,500
Svenska Handelsbanken,
Class A 3,900 48,073
Svenska Handelsbanken,
Class B 1,500 17,274
-----------
244,277
-----------
CONSUMER GOODS & SERVICES (0.0%)
Electrolux, AB, Class B 1,300 24,601
-----------
INDUSTRIAL (0.0%)
Skanska, AB, Class B 200 6,782
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
15
<PAGE> 16
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
INSURANCE (0.1%)
Skandia Forsakrings, AB 2,500 $ 118,345
-----------
MACHINERY & EQUIPMENT (0.1%)
Atlas Copco, AB, Class A 1,600 38,889
Sandvik, AB, Class A 850 21,840
Sandvik, AB, Class B 500 12,963
-----------
73,692
-----------
MEDICAL EQUIPMENT & SUPPLIES (0.0%)
Gambro, AB, Class B 1,000 6,655
-----------
TELECOMMUNICATIONS (0.6%)
Ericsson, LM, Class B 6,000 527,084
-----------
TRANSPORTATION & SHIPPING (0.0%)
Abb Ltd. 95 11,193
-----------
1,068,867
-----------
SWITZERLAND (1.8%)
BANKING (0.4%)
Credit Suisse Group,
Registered 880 175,185
Union Bank of
Switzerland, AG,
Registered 838 220,249
-----------
395,434
-----------
ENERGY (0.1%)
Abb Ltd. 891 102,352
-----------
FOOD PRODUCTS & SERVICES (0.3%)
Nestle, SA, Registered 160 286,763
-----------
INSURANCE (0.2%)
Swiss Reinsurance Co.,
Registered 50 86,637
Zurich Allied, AG 150 75,600
-----------
162,237
-----------
PHARMACEUTICALS (0.8%)
Novartis, AG, Registered 263 359,694
Roche Holding, AG,
Bearer 3 36,988
Roche Holding, AG, Genus 27 293,271
-----------
689,953
-----------
1,636,739
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (7.6%)
AEROSPACE & MILITARY TECHNOLOGY (0.1%)
British Aerospace, PLC 10,317 $ 58,264
-----------
AUTOMOTIVE (0.0%)
GKN, PLC 1,000 12,467
-----------
BANKING (1.0%)
Abbey National, PLC 6,000 78,967
Alliance & Leicester,
PLC 5,500 57,734
Bank of Scotland 8,000 90,613
Barclays, PLC 6,918 183,423
HSBC Holdings, PLC 10,200 120,576
Lloyds TSB Group, PLC 21,676 228,917
Royal Bank of Scotland
Group 5,000 73,623
Standard Chartered, PLC 2,000 27,264
-----------
861,117
-----------
BEVERAGES & TOBACCO (0.3%)
Bass, PLC 3,894 49,013
British American
Tobacco, PLC 7,374 40,614
Cadbury Schweppes, PLC 11,706 78,667
Diageo, PLC 10,552 79,287
Scottish & Newcastle,
PLC 2,000 13,967
-----------
261,548
-----------
CHEMICALS (0.1%)
BOC Group, PLC 2,445 47,859
Imperial Chemical
Industries, PLC 2,000 16,727
-----------
64,586
-----------
CONSUMER GOODS & SERVICES (0.2%)
Boots Company, PLC 2,919 25,018
Granada Group, PLC 8,000 85,827
Hays, PLC 8,000 52,358
Unilever 8,035 51,497
-----------
214,700
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
16
<PAGE> 17
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
DIVERSIFIED (0.1%)
Invensys, PLC 12,000 $ 53,315
Rentokil Initial, PLC 6,000 15,650
-----------
68,965
-----------
ELECTRIC UTILITY (0.1%)
National Power, PLC 12,000 60,159
Scottish & Southern
Energy 1,630 13,340
-----------
73,499
-----------
FINANCIAL SERVICES (0.1%)
3i Group, PLC 1,000 21,026
Halifax, PLC 6,475 69,053
-----------
90,079
-----------
FOOD PRODUCTS & SERVICES (0.2%)
(J) Sainsbury, PLC 1,144 5,165
Allied Domecq, PLC 1,400 7,365
Associated British
Foods, PLC 4,400 29,376
Compass Group, PLC 2,000 26,099
Tesco, PLC 34,254 114,072
-----------
182,077
-----------
GAS & ELECTRIC UTILITY (0.0%)
Scot Power 5,000 40,501
-----------
INDUSTRIAL (0.0%)
BAA, PLC 2,100 12,756
-----------
INSURANCE (0.5%)
Allied Zurich, PLC* 7,374 80,993
CGU, PLC 7,044 98,326
Legal & General Group,
PLC 16,000 41,542
Norwich Union, PLC 6,000 40,249
Prudential Corporation,
PLC 8,000 120,797
Royal & Sun Alliance
Insurance Group, PLC 4,545 28,568
Sun Life 231 1,624
-----------
412,099
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
MEDIA (0.3%)
British Sky
Broadcasting, PLC 3,000 $ 79,446
Pearson, PLC 3,463 120,490
Reuters Group, PLC 4,855 98,519
-----------
298,455
-----------
METALS & MINING (0.0%)
Rio Tinto, PLC,
Registered 2,216 37,208
-----------
NEW JERSEY (0.1%)
British Gas Ord Group 12,365 69,682
-----------
OIL & GAS (0.3%)
Shell Transportation &
Trading Company, PLC 32,473 269,382
-----------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES
(0.4%)
BP Amoco, PLC 40,352 369,182
-----------
PHARMACEUTICALS (0.9%)
Astrazeneca Group, PLC 4,000 162,019
Glaxo Wellcome, PLC 14,451 413,814
Smithkline Beecham, PLC 15,708 207,488
-----------
783,321
-----------
RESTAURANTS (0.0%)
Whitbread, PLC 3,700 35,814
-----------
RETAIL (0.1%)
Great Universal Stores,
PLC 5,834 35,483
Kingfisher, PLC 6,000 49,295
Marks & Spencer, PLC 8,198 32,761
-----------
117,539
-----------
TELECOMMUNICATIONS (2.4%)
British Telecom, PLC 26,066 488,602
Cable & Wireless
Communications, PLC* 5,000 84,551
Cable & Wireless, PLC 10,000 187,926
Vodafone Airtouch, ADR 1,250 69,453
Vodafone, PLC 220,427 1,225,490
-----------
2,056,022
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
17
<PAGE> 18
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS -- SERVICES AND EQUIPMENT
(0.2%)
Colt Telecom Group PLC 2,000 $ 95,239
Marconi PLC 10,070 120,325
-----------
215,564
-----------
TRANSPORTATION & SHIPPING (0.1%)
British Airways, PLC 3,500 18,398
Peninsular & Orient
Steam Navigation Co. 4,250 44,172
Railtrack Group, PLC 2,600 30,424
-----------
92,994
-----------
UTILITIES (0.1%)
Centrica, PLC 12,000 45,849
United Utilities, PLC 4,000 41,797
-----------
87,646
-----------
6,785,467
-----------
UNITED STATES (35.4%)
AEROSPACE & MILITARY TECHNOLOGY (0.7%)
Boeing Co. 5,300 201,069
General Dynamics Corp. 2,100 104,475
Honeywell International,
Inc. 4,212 221,919
United Technologies
Corp. 1,000 63,188
-----------
590,651
-----------
AUTOMOTIVE (0.6%)
Daimlerchrysler, AG* 1,184 77,478
Ford Motor Co. 5,200 238,875
General Motors Corp. 2,600 215,313
-----------
531,666
-----------
BANKING (1.6%)
BankAmerica Corp. 6,536 342,731
Chase Manhattan Corp. 3,500 305,156
Fleetboston Financial
Corp. 9,053 330,435
MBNA Corp. 6,100 155,550
PNC Bank Corp. 2,600 117,163
Wells Fargo & Co. 5,300 216,969
-----------
1,468,004
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
BEVERAGES & TOBACCO (0.8%)
(Adolph) Coors, Class B 1,700 $ 81,281
Coca-Cola Co. 3,500 164,281
Pepsico, Inc. 5,000 172,813
Philip Morris Companies,
Inc. 10,600 223,925
Seagram Company Ltd. 1,500 89,250
-----------
731,550
-----------
BROADCASTING/CABLE (0.4%)
Comcast Corp., Special
Class A 4,600 199,525
Media One Group, Inc.* 2,400 194,400
-----------
393,925
-----------
CHEMICALS (0.3%)
Dow Chemical Co. 1,400 159,600
Du Pont (E.I.) De
Nemours 2,700 142,763
-----------
302,363
-----------
COMMERCIAL SERVICES (0.1%)
Paychex, Inc. 1,200 62,850
-----------
COMPUTER HARDWARE (3.8%)
Apple Computer, Inc 1,000 135,813
Cisco Systems, Inc.* 17,500 1,352,968
Compaq Computer Corp. 1,400 37,275
Dell Computer Corp.* 9,100 490,831
EMC Corp.* 4,100 512,500
Gateway, Inc. 300 15,900
Hewlett-Packard Co. 1,000 132,563
IBM Corp. 5,900 696,199
-----------
3,374,049
-----------
COMPUTER SOFTWARE & PERIPHERALS (2.9%)
Adobe Systems, Inc. 1,000 111,313
America Online, Inc.* 8,200 551,449
BMC Software, Inc.* 2,900 143,188
Compuware Corp.* 1,100 23,169
Microsoft, Inc.* 15,000 1,593,749
Network Appliance, Inc. 400 33,100
Novell, Inc. 3,000 85,875
-----------
2,541,843
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
18
<PAGE> 19
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
CONSUMER GOODS & SERVICES (0.7%)
Eastman Kodak Co. 2,400 $ 130,350
Fortune Brands, Inc. 5,300 132,500
Hasbro, Inc. 4,050 66,825
Proctor & Gamble Co. 4,600 258,750
-----------
588,425
-----------
CONTAINERS & PACKAGING (0.1%)
Ball Corp. 1,900 65,669
-----------
COSMETICS/PERSONAL CARE (0.2%)
Yahoo!, Inc. 1,000 171,375
-----------
ELECTRIC UTILITY (0.4%)
Aes Corp. 2,100 165,375
Entergy Corp. 3,000 60,563
Texas Utilities Holding
Co. 3,600 106,875
-----------
332,813
-----------
ELECTRICAL & ELECTRONIC (1.7%)
General Electric Co. 9,100 1,412,206
Tecumseh Products Co.,
Class A 1,800 79,200
-----------
1,491,406
-----------
ELECTRICAL EQUIPMENT (0.1%)
Dominion Resources, Inc. 2,700 103,781
-----------
FINANCIAL SERVICES (2.5%)
American Express Co. 700 104,256
Associates First
Capital, Class A 5,182 111,089
Charles Schwab Corp. 4,800 272,700
Citigroup, Inc. 11,425 677,644
Fannie Mae 4,200 237,038
Golden West Financial
Corp. 2,100 65,494
Household International,
Inc. 1,100 41,044
Morgan Stanley Dean
Witter & Co. 5,200 424,124
Providian Financial 1,300 112,613
Washington Mutual, Inc. 5,254 139,231
-----------
2,185,233
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
FOOD PRODUCTS & SERVICES (0.5%)
Dean Foods Co. 2,700 $ 72,225
International Multifoods
Corp. 1,300 17,388
Interstate Bakeries 5,800 82,650
McDonald's Corp. 2,800 105,174
Safeway, Inc.* 700 31,675
Supervalu, Inc. 4,700 89,006
Tyson Foods, Inc., Class
A 5,100 56,738
-----------
454,856
-----------
HEALTH CARE (0.4%)
Columbia/HCA Healthcare
Corp. 6,600 167,062
Healthsouth Corp.* 7,000 38,938
Tenet Healthcare Corp.* 400 9,200
United Healthcare Corp. 2,400 143,100
-----------
358,300
-----------
INSURANCE (1.3%)
Aetna, Inc. 2,200 122,513
AFLAC, Inc. 1,500 68,344
Allstate Corp. 5,400 128,588
American International
Group, Inc. 5,180 567,209
Cigna Corp. 1,700 128,775
Lincoln National Corp. 2,200 73,700
Loews Corp. 800 40,000
-----------
1,129,129
-----------
MANUFACTURING (0.9%)
Brunswick Corp. 3,500 66,281
Corning, Inc. 500 97,000
Illinois Tool Works,
Inc. 2,100 116,025
Mark IV Industries, Inc. 400 8,825
Textron, Inc. 1,600 97,400
Tyco International Ltd. 7,700 384,038
-----------
769,569
-----------
MANUFACTURING -- CONSUMER GOODS (0.1%)
Nabisco Group Holdings 400 4,800
Springs Industries 2,000 76,000
-----------
80,800
-----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
19
<PAGE> 20
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
MEDICAL EQUIPMENT & SUPPLIES (0.8%)
Amgen, Inc.* 5,000 $ 306,875
Johnson & Johnson 4,700 329,294
St Jude Medical, Inc. 3,500 90,344
-----------
726,513
-----------
MEDICAL SUPPLIES (0.2%)
Mallinckrodt
Incorporation 5,100 146,625
-----------
MERCHANDISING (0.2%)
Target Corp. 2,900 216,775
-----------
METALS (0.2%)
Alcoa, Inc. 2,600 182,650
-----------
OFFICE EQUIPMENT & SERVICES (0.2%)
Xerox Corp. 5,800 150,800
-----------
OIL & GAS (1.2%)
Atlantic Richfield Co. 1,500 127,500
Baker Hughes, Inc. 1,100 33,275
BP Amoco, PLC, ADR 5,954 315,934
Chevron Corp. 1,200 110,925
Royal Dutch Petroleum,
NY Shares 1,900 109,369
Texaco, Inc. 3,900 209,138
USX-Marathon Group 6,500 169,406
-----------
1,075,547
-----------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES
(1.0%)
Exxon Mobil Corp. 10,292 800,846
Occidental Petroleums
Corp. 2,900 60,175
-----------
861,021
-----------
PAPER PRODUCTS (0.3%)
International Paper Co. 1,800 76,950
Weyerhaeuser Co. 2,200 125,400
Williamette Industries,
Inc. 2,300 92,288
-----------
294,638
-----------
PHARMACEUTICALS (2.0%)
Bergen Brunswig Corp.,
Class A 1,000 6,750
Biogen 1,400 97,825
Bristol-Myers Squibb Co. 7,100 410,025
</TABLE>
<TABLE>
<CAPTION>
MARKET
SECURITY DESCRIPTION SHARES VALUE
--------------------------------------------------
<S> <C> <C>
Cardinal Health, Inc. 2,900 $ 133,038
Eli Lilly & Co. 3,000 189,000
Merck & Company, Inc. 4,200 260,925
Pfizer, Inc. 13,200 482,624
Schering-Plough Corp. 5,900 216,825
-----------
1,797,012
-----------
PRINTING & PUBLISHING (0.4%)
Time Warner, Inc. 800 80,000
Tribune Co. 2,700 98,719
Viacom, Inc., Class B* 3,200 168,800
-----------
347,519
-----------
RESORTS & ENTERTAINMENT (0.1%)
Carnival Corp. 4,700 116,619
-----------
RETAIL (1.6%)
Best Buy Co., Inc. 2,100 180,600
Federated Department
Stores, Inc.* 2,700 112,725
GAP, Inc. 5,062 252,151
Great Atlantic & Pacific
Tea Co. 5,300 103,350
Heilig-Meyers Co. 14,200 55,913
Lowe's Companies, Inc. 3,100 180,963
Staples, Inc.* 6,100 122,000
Wal-Mart Stores, Inc. 7,900 438,449
-----------
1,446,151
-----------
RETAIL -- SPECIAL LINE (0.1%)
Costco Wholesale Corp. 2,200 115,638
-----------
SERVICES (0.2%)
Ryder Systems, Inc. 6,100 138,394
-----------
TECHNOLOGY (3.8%)
Applied Materials, Inc.* 3,000 282,750
Intel Corp. 10,300 1,358,955
Kla-Tencor Corp. 1,400 117,950
Micron Technology 2,300 289,800
Motorola, Inc. 2,700 384,413
Sensormatic Electronics
Corp. 6,400 143,600
Sun Microsystems, Inc.* 4,600 431,034
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
20
<PAGE> 21
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
Texas Instruments, Inc. 2,500 $ 400,000
UNISYS Corp.* 1,200 30,600
-----------
3,439,102
-----------
TELECOMMUNICATIONS (2.4%)
Global Crossing Ltd. 4,900 200,594
Lucent Technologies,
Inc. 9,790 594,742
MCI Worldcom, Inc.* 9,450 428,203
Nextel Communications,
Inc., Class A* 2,000 296,500
Nortel Networks Corp. 3,600 453,599
Tellabs, Inc.* 2,700 170,058
-----------
2,143,696
-----------
TELECOMMUNICATIONS -- SERVICES AND EQUIPMENT
(0.3%)
Qualcomm, Inc. 300 44,794
Sprint Corp 1,900 119,700
Sprint Corp. (Pcs Group) 1,200 78,375
-----------
242,869
-----------
TRANSPORTATION & SHIPPING (0.1%)
Kansas City Southern
Industries, Inc. 1,500 128,906
-----------
UTILITIES (0.2%)
Enron Corp. 2,600 194,675
-----------
31,493,407
--------------------------------------------------
TOTAL COMMON STOCKS (COST
$43,185,564) 59,367,658
--------------------------------------------------
U.S. TREASURY BONDS (11.4%)
UNITED STATES (11.4%)
U.S. Treasury Bond,
11.625%, 11/15/04 $ 600,000 722,580
U.S. Treasury Bond,
8.88%, 02/15/19 1,800,000 2,325,060
U.S. Treasury Bond,
8.50%, 02/15/20 1,710,000 2,154,480
U.S. Treasury Bond,
7.875%, 02/15/21 2,200,000 2,632,322
</TABLE>
<TABLE>
<CAPTION>
SHARES/
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
U.S. Treasury Bond,
6.00%, 02/15/26 $1,650,000 $ 1,627,478
U.S. Treasury Bond,
5.25%, 02/15/29 775,000 694,183
-----------
10,156,103
--------------------------------------------------
TOTAL U.S. TREASURY BONDS (COST
$10,375,735) 10,156,103
--------------------------------------------------
U.S. TREASURY NOTES (19.6%)
UNITED STATES (19.6%)
U.S. Treasury Note,
7.50%, 11/15/01 3,200,000 3,247,488
U.S. Treasury Note,
5.88%, 09/30/02 8,440,000 8,324,119
U.S. Treasury Note,
6.63%, 05/15/07 1,800,000 1,832,850
U.S. Treasury Note,
6.13%, 08/15/07 3,435,000 3,403,467
U.S. Treasury Note,
5.50%, 05/15/09 675,000 642,897
-----------
17,450,821
--------------------------------------------------
TOTAL U.S. TREASURY NOTES (COST
$17,771,510) 17,450,821
--------------------------------------------------
MONEY MARKET FUNDS (1.6%)
UNITED STATES (1.6%)
Eureka Prime Money
Market Fund -- Trust
Class 1,396,468 1,396,468
--------------------------------------------------
TOTAL MONEY MARKET FUNDS (COST
$1,396,468) 1,396,468
--------------------------------------------------
TOTAL INVESTMENTS (COST $72,729,277)
(a) -- 99.1% 88,371,050
--------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.9% 777,166
--------------------------------------------------
TOTAL NET ASSETS -- 100.0% $89,148,216
--------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
21
<PAGE> 22
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
GLOBAL ASSET ALLOCATION FUND MARCH 31, 2000
(Unaudited)
---------------
Percentages indicated are based on net assets of $89,148,216.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $20,053,774
Unrealized depreciation (4,415,234)
-----------
Net unrealized appreciation $15,638,540
===========
</TABLE>
* Denotes non-income producing securities.
SEE NOTES TO FINANCIAL STATEMENTS.
22
<PAGE> 23
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
INVESTMENT GRADE BOND FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
ASSET BACKED SECURITIES (2.0%)
General Motors
Acceptance Corp,
7.52%, 11/25/29 $1,000,000 $ 988,125
Honda Auto Lease,
6.65%, 7/15/05 1,100,000 1,087,317
Onyx Acceptance Owner
Trust, 7.00%,
11/15/04 1,000,000 993,655
--------------------------------------------------
TOTAL ASSET BACKED SECURITIES
(COST $3,102,835) 3,069,097
--------------------------------------------------
COMMERCIAL PAPER (1.6%)
Merrill Lynch, 6.03%,
04/13/00 2,400,000 2,394,843
--------------------------------------------------
TOTAL COMMERCIAL PAPER
(COST $2,395,240) 2,394,843
--------------------------------------------------
CORPORATE BONDS (19.3%)
AUTOMOTIVE (2.1%)
General Motors, 9.125%,
07/15/01 1,000,000 1,023,750
General Motors, 7.40%,
09/01/25 1,230,000 1,196,175
Hertz Corp., 7.00%,
05/01/02 1,000,000 993,750
------------
3,213,675
------------
BANKING (2.6%)
BankAmerica Corp.,
8.57%, 11/15/24 1,000,000 1,106,250
Chase Manhattan Corp.,
10.13%, 11/01/00 1,000,000 1,017,500
Interamerican
Development Bank,
8.40%, 09/01/09 100,000 111,125
MBNA American Bank,
6.92%, 05/30/00 550,000 550,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
Mellon Bank, 7.63%,
09/15/07 $ 100,000 $ 101,500
Union Planters, 6.25%,
11/01/03 1,200,000 1,146,000
------------
4,032,375
------------
BEVERAGES & TOBACCO (0.7%)
Seagram Co. Ltd.,
8.35%, 11/15/06 1,000,000 1,051,250
------------
ELECTRIC UTILITY (0.6%)
Consolidated Edison,
6.63%, 02/01/02 500,000 494,375
Philadelphia Electric,
6.63%, 03/01/03 500,000 491,250
------------
985,625
------------
FINANCIAL SERVICES (5.1%)
Citigroup, Inc., 6.25%,
12/01/05 1,200,000 1,146,000
Ford Motor Credit
Corp., 7.75%,
03/15/05 500,000 504,375
Heller Finance, 6.5%,
11/01/01 1,000,000 987,500
Lehman Brothers, 6.00%,
02/26/01 1,000,000 991,250
Regions Financial
Corp., 7.75%,
09/15/24 2,495,000 2,501,237
Sunamerica, Inc.,
6.59%, 07/14/03 150,000 147,938
Sunamerica, Inc.,
8.13%, 04/28/23 75,000 79,500
Texaco Capital, 8.50%,
02/15/03 1,300,000 1,342,249
------------
7,700,049
------------
FOOD PRODUCTS & SERVICES (0.6%)
Archer Daniels, 6.63%,
05/01/29 1,000,000 871,250
------------
HOTELS & LODGING (0.3%)
Hilton Hotels, 7.70%,
07/15/02 500,000 491,875
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
23
<PAGE> 24
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
INDUSTRIAL GOODS & SERVICES (2.2%)
Bowater, Inc., 9.00%,
08/01/09 $ 500,000 $ 535,625
Brunswick Corp., 7.38%,
09/01/23 1,000,000 902,500
Harsco Corp., 6.00%,
09/15/03 500,000 473,750
Lockheed Martin Corp.,
7.625%, 06/15/25 500,000 458,750
Lowes Companies, Inc.,
7.11%, 05/15/37 1,000,000 1,003,750
------------
3,374,375
------------
MANUFACTURING -- CONSUMER GOODS (0.3%)
Tenneco Packaging,
7.20%, 12/15/05 500,000 475,625
------------
OIL & GAS (1.3%)
Ashland Oil, Inc.,
9.20%, 04/24/06 500,000 530,000
Atlantic Richfield,
8.38%, 03/15/05 1,000,000 1,038,750
Columbia Energy Group,
6.80%, 11/28/05 500,000 478,750
------------
2,047,500
------------
PHARMACEUTICALS (0.3%)
Eli Lilly, 8.38%,
12/01/06 500,000 528,125
------------
RETAIL (1.3%)
Limited, Inc., 7.80%,
05/15/02 500,000 500,625
Wal-Mart Stores, Inc.,
6.75%, 05/15/02 2,000 1,988
Wal-Mart Stores, Inc.,
8.00%, 09/15/06 1,500,000 1,565,625
------------
2,068,238
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (1.7%)
Airtouch
Communications, Inc.,
7.00%, 10/01/03 $ 665,000 $ 658,350
Bellsouth
Telecommunications,
Inc., 7.00%, 10/01/25 500,000 464,375
Bellsouth
Telecommunications,
Inc., 5.85%, 11/15/45 500,000 496,875
GTE Hawaiian Telephone,
Series A, 7.00%,
02/01/06 1,000,000 978,750
------------
2,598,350
------------
TRANSPORTATION & SHIPPING (0.2%)
Norfolk Southern Corp.,
8.13%, 11/15/03 250,000 258,438
Union Tank Car, 11.80%,
05/15/00 38,000 38,175
------------
296,613
--------------------------------------------------
TOTAL CORPORATE BONDS
(COST $31,310,368) 29,734,925
--------------------------------------------------
FOREIGN BONDS (1.7%)
Canadian Global Bond,
6.50%, 05/30/00 750,000 750,000
Canadian Global Bond,
6.38%, 07/21/05 1,000,000 971,250
People's Republic of
China, 6.63%,
01/15/03 500,000 493,125
State of Israel, 6.38%,
12/15/05 495,000 458,494
--------------------------------------------------
TOTAL FOREIGN
(COST $2,754,607) 2,672,869
--------------------------------------------------
MORTGAGE BACKED SECURITIES (31.5%)
FANNIE MAE (6.0%)
Fannie Mae #251140,
7.00%, 08/01/27 340,456 327,474
Fannie Mae #303585,
7.00%, 10/01/25 369,409 355,323
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
24
<PAGE> 25
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
Fannie Mae #313644,
7.00%, 08/01/27 $ 147,001 $ 141,396
Fannie Mae #344263,
7.00%, 05/01/26 190,759 183,485
Fannie Mae #369427,
7.00%, 01/01/27 123,526 118,816
Fannie Mae #375422,
6.90%, 10/01/07 1,685,193 1,640,535
Fannie Mae #380721,
6.22%, 10/01/08 2,758,873 2,545,917
Fannie Mae #381100,
5.77%, 01/01/09 984,926 894,096
Fannie Mae #394444,
7.00%, 07/01/27 976,141 938,920
Fannie Mae #396535,
7.00%, 11/01/27 486,328 467,784
Fannie Mae #390313,
8.00%, 06/01/27 1,719,377 1,724,208
------------
9,337,954
------------
FREDDIE MAC (4.0%)
Freddie Mac #C00544,
6.50%, 06/01/27 454,885 427,305
Freddie Mac #C00835,
6.50%, 07/01/29 1,957,840 1,839,136
Freddie Mac #D77827,
6.50%, 02/01/27 827,527 777,353
Freddie Mac #D81274,
6.50%, 07/01/27 31,841 29,911
Freddie Mac #D83661,
6.50%, 11/01/27 749,295 703,865
Freddie Mac #D83833,
6.50%, 11/01/27 749,454 704,015
Freddie Mac #D83835,
6.50%, 11/01/27 420,490 394,996
Freddie Mac #D83900,
6.50%, 11/01/27 486,211 456,732
Freddie Mac #D83967,
6.50%, 11/01/27 50,203 47,159
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
Freddie Mac #D83991,
6.50%, 11/01/27 $ 633,119 $ 594,733
Freddie Mac #D84075,
6.50%, 11/01/27 276,685 259,910
------------
6,235,115
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (21.5%)
GNMA #410424, 7.00%,
11/15/12 1,660,376 1,637,546
GNMA #437447, 7.00%,
11/15/12 1,524,351 1,503,391
GNMA #437448, 7.00%,
11/15/12 711,838 702,050
GNMA #458347, 7.00%,
11/15/12 750,249 739,933
GNMA #780717, 7.00%,
02/15/28 4,549,147 4,415,493
GNMA I #354602, 7.00%,
6/15/23 872,212 846,045
GNMA I #362222, 7.50%,
2/15/24 1,189,552 1,179,881
GNMA I #426359, 8.00%,
12/15/27 1,845,229 1,867,132
GNMA I #439428, 8.00%,
10/15/26 1,131,006 1,144,431
GNMA I #780204, 7.00%,
07/15/25 1,706,268 1,656,138
GNMA II #2005, 8.00%,
05/20/25 157,863 158,553
GNMA II #2036, 8.00%,
07/20/25 854,707 858,442
GNMA II #2118, 7.50%,
11/20/25 101,031 99,768
GNMA II #2271, 8.50%,
08/20/26 227,459 230,942
GNMA II #2362, 8.00%,
01/20/27 58,062 58,316
GNMA II #2379, 8.00%,
02/20/27 43,467 43,657
GNMA II #2414, 8.00%,
04/20/27 61,498 61,766
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
25
<PAGE> 26
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
GNMA II #2433, 8.00%,
05/20/27 $1,013,963 $ 1,018,394
GNMA II #2473, 7.50%,
08/20/27 904,655 893,346
GNMA II #2474, 8.00%,
08/20/27 760,490 763,813
GNMA II #2498, 7.50%,
10/20/27 561,791 554,769
GNMA II #2511, 7.50%,
11/20/27 1,682,949 1,661,912
GNMA II #2512, 8.00%,
11/20/27 231,895 232,908
GNMA II #2516, 6.50%,
11/20/12 772,985 741,099
GNMA II #2562, 6.00%,
03/20/28 112,098 102,079
GNMA II #2576, 6.00%,
04/20/28 5,391,468 4,909,579
GNMA II #2657, 6.00%,
10/20/28 861,668 784,652
GNMA II #2671, 6.00%,
11/20/28 1,909,922 1,739,214
GNMA II #2687, 6.00%,
12/20/28 2,853,452 2,598,410
------------
33,203,659
--------------------------------------------------
TOTAL MORTGAGE BACKED SECURITIES
(COST $51,054,899) 48,776,728
--------------------------------------------------
MUNICIPAL BONDS (3.0%)
REVENUE BONDS (2.0%)
Alameda Corridor
Transportation
Authority Revenue
Bond, 6.50%, 10/01/19 2,000,000 1,805,000
Philadelphia Retirement
System Municipal
Bond, 6.35%, 04/15/28
(b) 1,500,000 1,306,875
------------
3,111,875
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
SPECIAL PURPOSE (1.0%)
Toll Road Part II,
0.00%, 2/15/09,
Callable $3,000,000 $ 1,563,750
--------------------------------------------------
TOTAL MUNICIPAL BONDS
(COST $4,999,243) 4,675,625
--------------------------------------------------
U.S. GOVERNMENT SPONSORED ENTERPRISE/
U.S. AGENCY DEBENTURES (23.7%)
FANNIE MAE (11.7%)
Fannie Mae, 4.63%,
10/15/01 2,000,000 1,935,680
Fannie Mae, 5.27%,
11/30/01 2,150,000 2,097,863
Fannie Mae, 6.80%,
01/10/03 2,600,000 2,583,386
Fannie Mae, 6.34%,
05/19/03 2,000,000 1,955,220
Fannie Mae, 5.13%,
02/13/04 4,712,000 4,404,211
Fannie Mae, 6.00%,
03/12/04 1,000,000 961,170
Fannie Mae, 6.60%,
7/16/07 2,000,000 1,924,020
Fannie Mae, 8.5%,
04/13/30 1,935,000 1,973,700
------------
17,835,250
------------
FEDERAL FARM CREDIT BANK (1.9%)
Federal Farm Credit
Bank, 6.32%, 06/04/01 100,000 99,543
Federal Farm Credit
Bank, 9.20%, 08/22/05 100,000 109,405
Federal Farm Credit
Bank, 6.30%, 12/03/13 3,000,000 2,778,750
------------
2,987,698
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
26
<PAGE> 27
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
FEDERAL HOME LOAN BANK (3.0%)
Federal Home Loan Bank,
5.44%, 10/15/03 $1,000,000 $ 949,430
Federal Home Loan Bank,
5.88%, 02/23/06 1,110,000 1,046,641
Federal Home Loan Bank,
5.58%, 02/17/09 3,000,000 2,684,820
------------
4,680,891
------------
FREDDIE MAC (1.6%)
Freddie Mac, 6.00%,
08/15/02 2,000,000 1,956,400
Freddie Mac, 7.13%,
11/18/02 500,000 501,020
------------
2,457,420
------------
GENERAL SERVICES ADMINISTRATION (3.9%)
National Archive,
8.50%, 09/01/19 5,468,466 6,090,504
------------
HOUSING URBAN DEVELOPMENT (0.0%)
HUD, 8.15%, 08/01/00 75,000 75,489
------------
STUDENT LOAN MARKETING ASSOCIATION (0.3%)
Student Loan Marketing
Association, 8.44%,
12/01/16 450,000 507,384
------------
TENNESSEE VALLEY AUTHORITY (1.3%)
Tennessee Valley
Authority, 5.98%,
04/01/36 1,650,000 1,561,313
Tennessee Valley
Authority Global,
6.75%, 11/01/25 500,000 486,250
------------
2,047,563
--------------------------------------------------
TOTAL U.S. GOVERNMENT SPONSORED
ENTERPRISE/ U.S. AGENCY DEBENTURES
(COST $37,890,711) 36,682,199
--------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
U.S. TREASURY DEBENTURES (16.5%)
U.S. TREASURY BONDS (13.0%)
U.S. Treasury Bond,
11.75%, 02/15/01 $1,139,000 $ 1,191,337
U.S. Treasury Bond,
13.13%, 05/15/01 1,000,000 1,071,890
U.S. Treasury Bond,
13.38%, 08/15/01 1,000,000 1,089,240
U.S. Treasury Bond,
15.75%, 11/15/01 1,500,000 1,709,715
U.S. Treasury Bond,
14.25%, 02/15/02 1,000,000 1,133,880
U.S. Treasury Bond,
11.88%, 11/15/03 1,600,000 1,871,216
U.S. Treasury Bond,
13.75%, 08/15/04 1,000,000 1,272,990
U.S. Treasury Bond,
12.00%, 05/15/05 160,000 198,461
U.S. Treasury Bond,
8.88%, 02/15/19 3,750,000 4,846,237
U.S. Treasury Bond,
8.50%, 02/15/20 1,000,000 1,260,560
U.S. Treasury Bond,
6.25%, 08/15/23 1,400,000 1,418,844
U.S. Treasury Bond,
5.25%, 11/15/28 1,000,000 895,450
U.S. Treasury Bond,
6.12%, 8/15/29 2,000,000 2,036,920
------------
19,996,740
------------
U.S. TREASURY NOTES (3.0%)
U.S. Treasury Note,
5.25%, 01/31/01 250,000 247,775
U.S. Treasury Note,
6.25%, 6/30/02 1,800,000 1,791,990
U.S. Treasury Note,
6.38%, 08/15/02 200,000 199,612
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
27
<PAGE> 28
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
INVESTMENT GRADE BOND FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
U.S. Treasury Note,
4.25%, 11/15/03 $1,500,000 $ 1,399,095
U.S. Treasury Note,
5.875%, 11/15/04 1,000,000 982,340
------------
4,620,812
------------
PRINCIPAL ONLY STRIPPED SECURITIES (0.2%)
U.S. Treasury, 5.80%,
08/15/01 350,000 320,744
------------
INTEREST ONLY STRIPPED SECURITIES (0.3%)
U.S. Treasury, 5.78%,
08/15/01 500,000 459,195
U.S. Treasury, 6.54%,
02/15/19 100,000 31,819
------------
491,014
--------------------------------------------------
TOTAL U.S. TREASURY DEBENTURES
(COST $25,777,817) 25,429,310
--------------------------------------------------
MONEY MARKET FUNDS (1.1%)
Eureka Prime Money
Market Fund -- Trust
Class 1,660,855 1,660,855
--------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $1,660,855) 1,660,855
--------------------------------------------------
TOTAL INVESTMENTS
(COST $160,946,575) (a) -- 100.4% 155,096,451
--------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.4%) (688,265)
--------------------------------------------------
TOTAL NET ASSETS -- 100.0% $154,408,186
--------------------------------------------------
</TABLE>
---------------
Percentages indicated are based on net assets of $154,408,186.
(a) Represents cost for federal income tax purposes and differs from value by
net unrealized depreciation of securities as follows:
<TABLE>
<S> <C>
Unrealized appreciation $ 211,169
Unrealized depreciation (6,061,293)
-----------
Net unrealized depreciation $(5,850,124)
===========
</TABLE>
(b) Represents a restricted security purchase under Rule 144A or 4(2) which is
exempt from registration under the Securities Act of 1933, as amended.
SEE NOTES TO FINANCIAL STATEMENTS.
28
<PAGE> 29
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
PRIME MONEY MARKET FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
COMMERCIAL PAPER (57.2%)
AGRICULTURE (1.5%)
Cargill Global Funding,
5.80%, 04/06/00 $5,000,000 $ 4,995,972
------------
CAPITAL GOODS (1.2%)
General Dynamic, 5.85%,
04/10/00 2,000,000 1,997,075
General Dynamic, 5.85%,
04/14/00 2,000,000 1,995,775
------------
3,992,850
------------
CONSUMER GOODS & SERVICES (2.1%)
Gillette Co., 6.23%,
4/3/00 7,000,000 6,997,577
------------
ELECTRIC UTILITY (2.2%)
Cleco Utility, 6.05%,
4/11/00 1,500,000 1,497,479
Edison Assets, 5.84%,
04/03/00 2,000,000 1,999,350
Edison Assets, 5.85%,
04/19/00 1,000,000 997,075
Natural Rural
Utilities, 5.85%,
04/10/00 1,700,000 1,697,514
Natural Rural
Utilities, 5.83%,
04/11/00 1,000,000 998,381
------------
7,189,799
------------
ELECTRICAL & ELECTRONIC (0.9%)
Vattenfall Treasury,
5.90%, 05/10/00 3,000,000 2,980,825
------------
FINANCIAL SERVICES (26.7%)
American Honda Finance,
5.82%, 04/10/00 1,591,000 1,588,685
American Honda Finance,
5.85%, 04/18/00 3,000,000 2,991,713
American Honda Finance,
5.88%, 05/01/00 2,000,000 1,990,200
American Honda Finance,
5.89%, 05/09/00 1,000,000 993,783
American Honda Finance,
6.04%, 05/22/00 1,000,000 991,443
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
Daimlerchrysler, 5.83%,
04/10/00 $1,300,000 $ 1,298,105
Ford Motor Credit,
5.85%, 04/10/00 2,000,000 1,997,075
Ford Motor Credit,
6.04%, 05/26/00 2,600,000 2,576,008
Fuji Photo Finance,
5.85%, 04/17/00 5,000,000 4,987,000
Fuji Photo Finance,
6.04%, 04/25/00 3,800,000 3,784,703
GE Capital, 5.88%,
04/10/00 1,450,000 1,447,869
General Motors
Acceptance Corp,
5.87%, 04/6/00 1,000,000 999,185
General Motors
Acceptance Corp,
5.88%, 04/17/00 3,000,000 2,992,160
Goldman Sachs, 5.85%,
04/03/00 2,000,000 1,999,350
Goldman Sachs, 5.86%,
04/05/00 2,000,000 1,998,698
Goldman Sachs, 5.85%,
04/17/00 2,000,000 1,994,800
Halifax, 5.83%,
04/03/00 8,000,000 7,997,408
Hyundai Motor Finance,
5.92%, 4/10/00 2,000,000 1,997,040
Hyundai Motor Finance,
6.09%, 4/14/00 1,000,000 997,801
Hyundai Motor Finance,
6.08%, 4/18/00 1,451,000 1,446,834
International Lease,
6.05%, 4/12/00 1,131,000 1,128,909
Jhm Funding, 5.85%,
04/03/00 8,000,000 7,997,400
Kfw International
Finance, 5.87%,
04/07/00 1,900,000 1,898,141
Merrill Lynch Corp,
5.83%, 04/03/00 1,000,000 999,676
Merrill Lynch Corp,
5.84%, 04/10/00 5,000,000 4,992,700
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
29
<PAGE> 30
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
Merrill Lynch Corp,
5.95%, 04/24/00 $2,954,000 $ 2,942,769
National Co-Op
Services, 5.92%,
05/01/00 3,031,000 3,016,047
Salomon Smith Barney,
5.85%, 04/07/00 3,000,000 2,997,075
Toyota Motor Credit,
5.83%, 04/03/00 1,000,000 999,676
Toyota Motor Credit,
5.82%, 04/17/00 5,000,000 4,987,067
Ubs Finance, 6.25%,
4/03/00 8,000,000 7,997,222
------------
87,026,542
------------
INSURANCE (6.0%)
Aegon Funding, 6.04%,
05/23/00 5,000,000 4,956,378
Alfa Corp, 5.88%,
04/03/00 4,000,000 3,998,693
Alfa Corp, 5.93%,
04/10/00 2,000,000 1,997,035
Marsh USA, 5.83%,
04/24/00 3,574,000 3,560,681
Metlife Funding, 6.04%,
04/14/00 2,041,000 2,036,548
USAA Capital Corp,
5.82%, 04/28/99 3,000,000 2,986,905
------------
19,536,240
------------
LEASING (1.6%)
Fleet Funding, 5.83%,
04/03/00 1,000,000 999,676
Fleet Funding, 5.85%,
04/10/00 2,019,000 2,016,047
Fleet Funding, 5.90%,
04/17/00 1,093,000 1,090,134
Fleet Funding, 6.06%,
05/08/00 1,000,000 993,772
------------
5,099,629
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
MACHINERY & EQUIPMENT (1.1%)
Grainger, 6.08%,
04/18/00 $ 850,000 $ 847,560
Grainger, 6.08%,
04/24/00 680,000 677,359
Grainger, 6.03%,
05/24/00 2,000,000 1,982,244
------------
3,507,163
------------
OIL & GAS EXPLORATION, PRODUCTION & SERVICES
(3.5%)
Exportfinan, 5.83%,
04/24/00 2,300,000 2,291,433
Total Fina, 5.87%,
4/14/00 9,000,000 8,980,937
------------
11,272,370
------------
PAPER PRODUCTS (1.8%)
Bemis Co, 5.84%,
04/04/00 2,000,000 1,999,027
Bemis Co, 5.87%,
04/07/00 1,000,000 999,022
Bemis Co, 6.02%,
04/26/00 3,000,000 2,987,458
------------
5,985,507
------------
PRINTING & PUBLISHING (1.2%)
Washington Post, 5.88%,
04/6/00 3,000,000 2,997,550
Washington Post, 5.82%,
04/20/00 1,000,000 996,928
------------
3,994,478
------------
RETAIL STORES/CATALOG (2.2%)
7-Eleven Inc, 5.85%,
04/11/00 1,000,000 998,375
7-Eleven Inc, 5.87%,
04/12/00 2,000,000 1,996,412
7-Eleven Inc, 5.90%,
05/01/00 1,500,000 1,492,625
7-Eleven Inc, 5.92%,
05/3/00 2,000,000 1,989,476
7-Eleven Inc., 5.87%,
04/20/00 800,000 797,522
------------
7,274,410
------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
30
<PAGE> 31
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
SERVICES (2.5%)
Shell Deer Park, 5.89%,
04/04/00 $8,000,000 $ 7,996,073
------------
TELECOMMUNICATIONS (2.7%)
British
Telecommunication,
5.84%, 04/20/00 1,000,000 996,918
British
Telecommunication,
5.84%, 04/26/00 3,835,000 3,819,446
British
Telecommunication,
6.04%, 05/08/00 1,000,000 993,792
British
Telecommunication,
6.03%, 05/26/00 3,000,000 2,972,363
------------
8,782,519
--------------------------------------------------
TOTAL COMMERCIAL PAPER
(AMORTIZED COST $186,631,954) 186,631,954
--------------------------------------------------
CORPORATE BONDS (10.7%)
AUTOMOTIVE (0.8%)
Ford Motor Corp,
6.375%, 10/06/00 2,450,000 2,448,586
------------
BANKING (0.6%)
Bank of America, 6.00%,
05/01/00 500,000 499,878
Bank of America,
9.625%, 02/13/01 120,000 122,656
Wells Fargo, 5.225%,
04/10/00 1,350,000 1,349,701
------------
1,972,235
------------
BEVERAGES & TOBACCO (0.1%)
Pepsico, Inc, 5.875%,
06/01/00 200,000 199,783
------------
COMPUTER HARDWARE (0.5%)
International Business
Machines, 6.38%,
06/15/00 1,474,000 1,474,792
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (7.7%)
American Express,
6.50%, 08/01/00 $1,500,000 $ 1,500,018
American General
Finance, 6.52%,
06/23/00 400,000 400,123
American General
Finance, 5.875%,
07/01/00 100,000 99,830
Associates Corp, 9.13%,
04/01/00 180,000 180,000
Associates Corp, 6.00%,
06/15/00 500,000 499,538
Associates Corp,
6.375%, 08/15/00 2,875,000 2,873,563
Beneficial, 6.70%,
06/16/00 500,000 501,267
Beneficial, 6.33%,
12/18/00 400,000 399,002
Chrysler Finance,
5.25%, 10/19/00 500,000 496,418
Chrysler Finance Inc,
6.51%, 06/19/00 300,000 300,140
Cit Group Inc, 6.70%,
06/02/00 110,000 110,022
Cit Group Inc, 5.80%,
07/20/00 492,000 491,137
Cit Group Inc, 6.20%,
10/20/00 2,000,000 1,995,005
Citifinancial, 6.75%,
05/15/2000 1,350,000 1,350,642
Commercial Credit,
5.75%, 07/15/00 2,000,000 2,000,510
Ford Motor Credit,
6.85%, 08/15/00 200,000 200,330
Ford Motor Credit,
6.25%, 11/08/00 100,000 99,746
General Electric
Capital Corp, 5.625%,
04/10/00 200,000 199,971
General Motors
Acceptance Corp,
9.38%, 04/01/00 1,000,000 1,000,000
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
31
<PAGE> 32
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
General Motors
Acceptance Corp,
6.63%, 04/17/00 $2,000,000 $ 2,000,808
General Motors
Acceptance Corp,
9.625%, 05/15/00 100,000 100,389
General Motors
Acceptance Corp,
6.60% 01/17/01 1,200,000 1,199,108
Goldman Sachs Group,
5.15%, 04/19/00 2,000,000 2,000,000
Household Finance Corp,
6.00% 05/08/00 1,000,000 1,000,645
Kfw Finance, 5.875%,
06/28/00 150,000 149,865
Norwest Corp, 5.125%,
04/15/00 245,000 244,902
Norwest Corp, 6.125%,
10/15/00 250,000 249,265
Norwest Corp, 5.625,
02/05/01 2,000,000 1,981,934
Salomon Smith Barney
Inc, 6.625%, 11/30/00 500,000 501,344
Salomon Smith Barney
Inc, 6.375%, 02/06/01 150,000 149,561
Transamerica, 6.36%,
06/26/00 1,000,000 1,000,137
------------
25,275,220
------------
LEASING (0.0%)
International Lease
Finance Corp, 7.00%,
05/15/00 125,000 125,092
------------
PRINTING & PUBLISHING (0.0%)
Gannett, 5.85%,
05/01/00 100,000 99,962
------------
RETAIL -- GENERAL MERCHANDISE (0.1%)
Wal Mart Stores, 5.85%,
06/01/00 200,000 199,788
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (0.9%)
AT & T Corp, 5.99%,
04/13/00* $3,000,000 $ 2,999,661
--------------------------------------------------
TOTAL CORPORATE BONDS
(AMORTIZED COST $34,795,119) 34,795,119
--------------------------------------------------
FANNIE MAE (2.4%)
Fannie Mae, 9.055%,
04/10/00 3,450,000 3,452,439
Fannie Mae, 5.58%,
04/24/00 500,000 499,732
Fannie Mae, 6.41%,
05/22/00 250,000 250,062
Fannie Mae, 8.90%,
06/12/00 2,500,000 2,511,500
Fannie Mae, 6.36%,
08/16/00 310,000 310,123
Fannie Mae, 4.89%,
10/13/00 650,000 644,115
--------------------------------------------------
TOTAL FANNIE MAE
(AMORTIZED COST $7,667,971) 7,667,971
--------------------------------------------------
FEDERAL FARM CREDIT BANK (2.4%)
Federal Farm Credit
Bank, 5.883%,
04/03/00* 2,000,000 2,000,000
Federal Farm Credit
Bank, 9.50%, 05/09/00 250,000 250,958
Federal Farm Credit
Bank, 6.00%, 07/05/00 500,000 499,590
Federal Farm Credit
Bank, 6.365%,
04/04/00* 5,000,000 5,000,000
--------------------------------------------------
TOTAL FEDERAL FARM CREDIT BANK
(AMORTIZED COST $7,750,548) 7,750,548
--------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
32
<PAGE> 33
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
FEDERAL HOME LOAN BANK (0.8%)
Federal Home Loan Bank,
5.00%, 04/28/00 $1,500,000 $ 1,498,954
Federal Home Loan Bank,
5.10%, 05/11/00 1,000,000 998,954
Federal Home Loan Bank,
5.01%, 11/16/00 200,000 198,793
--------------------------------------------------
TOTAL FEDERAL HOME LOAN BANK
(AMORTIZED COST $2,696,701) 2,696,701
--------------------------------------------------
FREDDIE MAC (0.6%)
Freddie Mac, 6.385%,
04/04/00* 2,000,000 2,000,000
--------------------------------------------------
TOTAL FREDDIE MAC
(AMORTIZED COST $2,000,000) 2,000,000
--------------------------------------------------
STUDENT LOAN MARKETING ASSOCIATION (3.1%)
Student Loan Marketing
Association, 6.05%,
09/14/00 500,000 500,230
Student Loan Marketing
Association, 6.585%,
04/04/00* 5,000,000 4,999,999
Student Loan Marketing
Association, 6.145%,
04/04/00* 2,000,000 1,990,233
Student Loan Marketing
Association, 6.385%,
04/04/00* 2,500,000 2,503,202
--------------------------------------------------
TOTAL STUDENT LOAN MARKETING
ASSOCIATION
(AMORTIZED COST $9,993,664) 9,993,664
--------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
TENNESSEE VALLEY AUTHORITY (0.2%)
Tennessee Valley
Authority, 6.00%,
11/01/00 $ 750,000 $ 747,319
--------------------------------------------------
TOTAL TENNESSEE VALLEY AUTHORITY
(AMORTIZED COST $747,319) 747,319
--------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (2.1%)
Small Business
Administration Pool
#501982, 6.50%,
04/03/00* 456,909 463,899
Small Business
Administration Pool
#502001, 6.50%,
04/03/00* 1,422,827 1,443,603
Small Business
Administration Pool
#502105, 6.50%,
04/03/00* 697,407 709,280
Small Business
Administration Pool
#502139, 6.50%,
04/03/00* 567,974 576,537
Small Business
Administration Pool
#502245, 6.50%,
04/03/00* 1,639,263 1,670,406
Small Business
Administration Pool
#502268, 6.50%,
04/03/00* 621,196 631,022
Small Business
Administration Pool
#502275, 6.375%,
04/03/00* 173,156 174,469
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
33
<PAGE> 34
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
PRIME MONEY MARKET FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
Small Business
Administration Pool
#502401, 6.25%,
04/03/00* $ 286,187 $ 288,036
Small Business
Administration Pool
#504073, 6.00%,
04/03/00* 944,950 947,243
--------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
MORTGAGES
(AMORTIZED COST $6,904,495) 6,904,495
--------------------------------------------------
REPURCHASE AGREEMENTS (18.8%)
Bank America Repurchase
Agreement, 6.12%,
04/03/00 33,483,000 33,483,000
(Collateralized by
$39,049,620, GNMAs,
6.50% - 8.00%,
03/15/14 - 03/15/30,
market value --
$33,949,051)
Prudential Repurchase
Agreement, 6.07%,
04/03/00 28,000,000 28,000,000
(Collateralized by
$19,505,000 U.S.
Treasury Note, 0.00%,
11/15/04 and
$22,623,468 GNMAs,
4.50% - 11.00%,
09/20/00 03/20/30,
market value --
$28,483,068)
--------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(AMORTIZED COST $61,483,000) 61,483,000
--------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL AMORTIZED
SECURITY DESCRIPTION AMOUNT COST
--------------------------------------------------
<S> <C> <C>
MONEY MARKET FUNDS (3.7%)
Federated Prime Cash
Obligations Fund $6,000,000 $ 6,000,000
Provident Fund 6,000,000 6,000,000
--------------------------------------------------
TOTAL MONEY MARKET FUNDS
(AMORTIZED COST $12,000,000) 12,000,000
--------------------------------------------------
TOTAL INVESTMENTS
(AMORTIZED COST $332,670,771)
(A) -- 102.0% 332,670,771
--------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (2.0%) (6,474,929)
--------------------------------------------------
TOTAL NET ASSETS -- 100.0% $326,195,842
--------------------------------------------------
</TABLE>
---------------
Percentages indicated are based on net assets of $326,195,842.
* Denotes variable rate security. Rate presented represents rate in effect on
March 31, 2000. Maturity date reflects next rate change date.
SEE NOTES TO FINANCIAL STATEMENTS.
34
<PAGE> 35
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS
U.S. TREASURY OBLIGATIONS FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT GUARANTEED SECURITY (5.3%)
Government Agency (5.3%)
Isreal Aid, 5.25%,
09/15/00 $ 6,500,000 $ 6,481,698
--------------------------------------------------
TOTAL U.S. GOVERNMENT GUARANTEED
SECURITY
(COST $6,481,698) 6,481,698
--------------------------------------------------
U.S. TREASURY BILLS (20.6%)
Treasury Bill, 5.96%,
4/20/00 25,000,000 24,921,229
--------------------------------------------------
TOTAL U.S. TREASURY BILLS
(COST $24,921,229) 24,921,229
--------------------------------------------------
U.S. TREASURY NOTES (33.8%)
U.S. Treasury Note,
6.25%, 05/31/00 6,000,000 6,006,618
U.S. Treasury Note,
5.375%, 06/30/00 10,000,000 9,987,869
U.S. Treasury Note,
5.375%, 07/31/00 10,000,000 9,981,488
U.S. Treasury Note,
6.125%, 07/31/00 15,000,000 15,002,324
--------------------------------------------------
TOTAL U.S. TREASURY NOTES
(COST $40,978,299) 40,978,299
--------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (4.1%)
Small Business
Administration Pool
#502014, 6.625%,
04/03/00* 753,335 758,035
Small Business
Administration Pool
#502185, 6.50%,
04/03/00* 324,257 325,306
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
Small Business
Administration Pool
#502203, 6.50%,
04/03/00* $ 942,580 $ 952,644
Small Business
Administration Pool
#502221, 6.50%,
04/03/00* 445,277 448,907
Small Business
Administration Pool
#502240, 6.50%,
04/03/00* 257,142 257,847
Small Business
Administration Pool
#502283, 6.625%,
04/03/00* 145,615 145,681
Small Business
Administration Pool
#502610, 6.375%,
04/03/00* 253,818 253,818
Small Business
Administration Pool
#502988, 6.25%,
04/03/00* 342,082 342,082
Small Business
Administration Pool
#503308, 6.25%,
04/03/00* 475,940 473,565
Small Business
Administration Pool
#504824, 6.375%,
04/03/00* 998,566 994,207
--------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY
MORTGAGES
(COST $4,952,092) 4,952,092
--------------------------------------------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
35
<PAGE> 36
EUREKA FUNDS SCHEDULE OF PORTFOLIO INVESTMENTS--continued
U.S. TREASURY OBLIGATIONS FUND MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENTS (29.2%)
Goldman Repurchase
Agreement, 6.00%,
04/03/00 $15,000,000 $ 15,000,000
(Collateralized by
$14,440,000, U.S.
Treasury Note,
6.25%, 05/15/30,
market
value -- $15,109,075)
Prudential Repurchase
Agreement, 6.02%,
04/03/00 20,353,000 20,353,000
(Collateralized by
$21,967,000, U.S.
Treasury Bill,
0.00%, 03/31/01,
market
value -- $20,760,946)
--------------------------------------------------
TOTAL REPURCHASE AGREEMENTS
(COST $35,353,000) 35,353,000
--------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MARKET
SECURITY DESCRIPTION AMOUNT VALUE
--------------------------------------------------
<S> <C> <C>
MONEY MARKET FUNDS (7.0%)
Federated Treasury
Obligations Fund $ 4,250,000 $ 4,250,000
Provident Fund 4,250,000 4,250,000
--------------------------------------------------
TOTAL MONEY MARKET FUNDS
(COST $8,500,000) 8,500,000
--------------------------------------------------
TOTAL INVESTMENTS
(COST $121,186,318) (a) -- 100.0% 121,186,318
--------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.0% 6,944
--------------------------------------------------
TOTAL NET ASSETS -- 100.0% $121,193,262
--------------------------------------------------
</TABLE>
---------------
Percentages indicated are based on net assets of $121,193,262.
* Denotes variable rate security. Rate presented represents rate in effect on
March 31, 2000. Maturity date reflects next rate change date.
SEE NOTES TO FINANCIAL STATEMENTS.
36
<PAGE> 37
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT
GLOBAL ASSET GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
------------ --------------- ------------
<S> <C> <C> <C>
ASSETS:
Investments, at value (cost $124,560,297;
$72,729,277; $160,946,575, respectively)....... $205,965,470 $88,371,050 $155,096,451
Cash............................................. 175,311 399,389 215,594
Foreign currency, at value (cost $0; $8,655; $0,
respectively).................................. -- 5,422 --
Interest and dividends receivable................ 169,096 387,322 1,949,752
Receivable for capital shares sold............... 15,000 18,750 18,750
Receivable for investments sold.................. 748,834 -- --
Deferred organization costs...................... 19,139 19,139 19,139
Receivable for reclaim........................... -- 32,175 --
------------ ----------- ------------
Total Assets................................... 207,092,850 89,233,247 157,299,686
------------ ----------- ------------
LIABILITIES:
Dividends payable................................ 36,080 -- 763,633
Payable for investments purchased................ -- -- 1,984,020
Payable for capital shares redeemed.............. -- 5,353 15,159
Investment advisory fees......................... 109,546 59,240 65,231
Administration fees.............................. 2,190 -- 740
Distribution fees................................ 523 634 586
Other payables and accrued expenses.............. 60,111 19,804 62,131
------------ ----------- ------------
Total Liabilities.............................. 208,450 85,031 2,891,500
------------ ----------- ------------
NET ASSETS......................................... $206,884,400 $89,148,216 $154,408,186
============ =========== ============
NET ASSETS CONSIST OF:
Capital.......................................... 110,424,888 72,297,355 160,804,185
Accumulated undistributed (distributions in
excess of) net investment income............... (30,454) 253,920 556
Accumulated undistributed (distributions in
excess of) net realized gains on investments... 15,084,793 958,401 (546,431)
Net unrealized appreciation (depreciation) of
investments and foreign currency
transactions................................... 81,405,173 15,638,540 (5,850,124)
------------ ----------- ------------
NET ASSETS......................................... $206,884,400 $89,148,216 $154,408,186
============ =========== ============
TRUST SHARES
Net Assets....................................... $204,372,234 $86,184,190 $151,778,373
Shares of Capital Stock Outstanding.............. 17,023,491 6,833,963 16,163,776
------------ ----------- ------------
Net Asset Value (offering and redemption price
per share)..................................... $ 12.01 $ 12.61 $ 9.39
============ =========== ============
CLASS A SHARES
Net Assets....................................... $ 2,512,166 $ 2,964,026 $ 2,629,813
Shares of Capital Stock Outstanding.............. 210,108 235,513 279,441
------------ ----------- ------------
Net Asset Value (offering and redemption price
per share)..................................... $ 11.96 $ 12.59 $ 9.41
============ =========== ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
37
<PAGE> 38
EUREKA FUNDS STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------ -------------
<S> <C> <C>
ASSETS:
Investments, at amortized cost............................ $271,187,771 $ 85,833,318
Repurchase agreements, at cost............................ 61,483,000 35,353,000
------------ ------------
Total Investments, (cost)............................... 332,670,771 121,186,318
------------ ------------
Cash...................................................... 461 273
Interest and dividends receivable......................... 1,332,664 616,141
Deferred organization costs............................... 19,139 19,139
------------ ------------
Total Assets............................................ 334,023,035 121,821,871
------------ ------------
LIABILITIES:
Dividends payable......................................... 1,277,248 549,351
Payable for investments purchased......................... 6,314,969 --
Payable for capital shares redeemed....................... 33,547 9,357
Investment advisory fees.................................. 48,872 10,825
Administration fees....................................... 2,664 7
Distribution fees......................................... 37,044 20,593
Other payables and accrued expenses....................... 112,849 38,476
------------ ------------
Total Liabilities....................................... 7,827,193 628,609
------------ ------------
NET ASSETS.................................................. $326,195,842 $121,193,262
============ ============
NET ASSETS CONSIST OF:
Capital................................................... 326,249,415 121,206,066
Accumulated undistributed net investment income........... 517 367
Accumulated net realized loss on investments.............. (54,090) (13,171)
------------ ------------
NET ASSETS.................................................. $326,195,842 $121,193,262
============ ============
TRUST SHARES
Net Assets................................................ $ 98,211,341 $ 33,741,000
Shares of Capital Stock Outstanding....................... 98,238,950 33,748,767
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
CLASS A SHARES
Net Assets................................................ $227,984,501 $ 87,452,262
Shares of Capital Stock Outstanding....................... 228,010,989 87,457,667
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
38
<PAGE> 39
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
INVESTMENT
GLOBAL ASSET GRADE
EQUITY FUND ALLOCATION FUND BOND FUND
----------- --------------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest........................................... $ 3,620 $ 853,787 $ 5,110,661
Dividends (net of foreign withholding tax of $567;
$15,005; $0, respectively)....................... 1,159,402 376,638 42,664
----------- ---------- -----------
Total Income..................................... 1,163,022 1,230,425 5,153,325
----------- ---------- -----------
EXPENSES:
Investment advisory fees........................... 746,769 399,706 462,930
Administration fees................................ 193,454 86,288 149,904
12b-1 Class A...................................... 3,292 4,241 4,031
Shareholder Service Class A........................ 3,292 4,241 4,031
Accounting fees.................................... 25,932 19,998 20,095
Other fees......................................... 89,649 80,839 96,373
----------- ---------- -----------
Total expenses before voluntary fee reductions... 1,062,388 595,313 737,364
----------- ---------- -----------
Expenses voluntarily reduced..................... (102,859) (48,652) (81,185)
----------- ---------- -----------
Net Expenses..................................... 959,529 546,661 656,179
----------- ---------- -----------
NET INVESTMENT INCOME................................ 203,493 683,764 4,497,146
----------- ---------- -----------
REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS:
Net realized gains/(losses) on investments and
foreign transactions............................. 15,636,427 988,117 (114,061)
Net change in unrealized
appreciation/(depreciation) of investments and
foreign currency transactions.................... 11,790,129 7,267,587 (1,506,872)
----------- ---------- -----------
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON
INVESTMENTS........................................ 27,426,556 8,255,704 (1,620,933)
----------- ---------- -----------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS....... $27,630,049 $8,939,468 $ 2,876,213
=========== ========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
39
<PAGE> 40
EUREKA FUNDS STATEMENTS OF OPERATIONS
FOR THE SIX MONTHS ENDED MARCH 31, 2000
(Unaudited)
<TABLE>
<CAPTION>
PRIME U.S. TREASURY
MONEY MARKET OBLIGATIONS
FUND FUND
------------ -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest.................................................. $7,659,387 $3,126,219
Dividends................................................. 167,640 222,256
---------- ----------
Total Income............................................ 7,827,027 3,348,475
---------- ----------
EXPENSES:
Investment advisory fees.................................. 407,409 123,738
Administration fees....................................... 263,837 120,195
12b-1 Class A............................................. 179,953 95,234
Shareholder Service Class A............................... 179,953 95,234
Accounting fees........................................... 35,360 16,109
Other fees................................................ 166,885 77,319
---------- ----------
Total expenses before voluntary fee reductions.......... 1,233,397 527,829
Expenses voluntarily reduced............................ (397,233) (157,102)
---------- ----------
Net Expenses............................................ 836,164 370,727
---------- ----------
NET INVESTMENT INCOME....................................... 6,990,863 2,977,748
---------- ----------
REALIZED LOSSES ON INVESTMENTS
Realized losses on investment transactions................ (8,142) (2,087)
---------- ----------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS.............. $6,982,721 $2,975,661
========== ==========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
40
<PAGE> 41
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
EQUITY FUND
<TABLE>
<CAPTION>
FOR THE
SIX MONTHS ENDED FOR THE
MARCH 31, 2000 YEAR ENDED
(UNAUDITED) SEPTEMBER 30, 1999
---------------- ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 203,493 $ 628,499
Realized gains on investment transactions................. 15,636,427 20,512,340
Net change in unrealized appreciation on investment
transactions............................................ 11,790,129 21,890,364
------------ ------------
Change in net assets from operations...................... 27,630,049 43,031,203
------------ ------------
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (227,424) (632,977)
In excess of net investment income........................ -- (3,887)
From net realized gain on investment...................... (26,609,056) (23,606,596)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (1,053) (1,853)
In excess of net investment income........................ -- (1,583)
From net realized gain on investment...................... (354,406) (197,674)
------------ ------------
Change in net assets from shareholder distributions....... (27,191,939) (24,444,570)
------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 11,173,548 27,923,428
Dividends reinvested...................................... 16,735,888 15,418,403
Cost of shares redeemed................................... (12,325,524) (43,004,594)
------------ ------------
Change in net assets from share transactions.............. 15,583,912 337,237
------------ ------------
Change in net assets...................................... 16,022,022 18,923,870
NET ASSETS:
Beginning of period....................................... 190,862,378 171,938,508
------------ ------------
End of period............................................. $206,884,400 $190,862,378
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
41
<PAGE> 42
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 2000 SEPTEMBER 30,
(UNAUDITED) 1999
---------------- ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 683,764 $ 1,245,345
Realized gains on investment transactions................. 988,117 2,915,479
Net change in unrealized appreciation on investment
transactions............................................ 7,267,587 7,284,701
----------- -----------
Change in net assets from operations...................... 8,939,468 11,445,525
----------- -----------
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (1,421,499) (982,067)
From net realized gain on investment...................... (2,829,905) (486,049)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (47,531) (32,796)
From net realized gain on investment...................... (111,924) (14,438)
----------- -----------
Change in net assets from shareholder distributions....... (4,410,859) (1,515,350)
----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 3,992,141 17,189,959
Dividends reinvested...................................... 2,976,697 1,054,789
Cost of shares redeemed................................... (9,269,940) (9,821,483)
----------- -----------
Change in net assets from share transactions.............. (2,301,102) 8,423,265
----------- -----------
Change in net assets...................................... 2,227,507 18,353,440
NET ASSETS:
Beginning of period....................................... 86,920,709 68,567,269
----------- -----------
End of period............................................. $89,148,216 $86,920,709
=========== ===========
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
42
<PAGE> 43
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 2000 SEPTEMBER 30,
(UNAUDITED) 1999
---------------- ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 4,497,146 $ 8,013,107
Realized gains/(losses) on investment transactions........ (114,061) 290,992
Net change in unrealized depreciation on investment
transactions............................................ (1,506,872) (10,341,095)
------------ ------------
Change in net assets from operations...................... 2,876,213 (2,036,996)
------------ ------------
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (4,407,211) (7,853,038)
From net realized gain on investment...................... -- (2,834,049)
In excess of net realized gain on investment
transactions............................................ -- (401,505)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (89,935) (160,069)
From net realized gain on investment...................... -- (4,509)
In excess of net realized gain on investment
transactions............................................ -- (30,865)
------------ ------------
Change in net assets from shareholder distributions....... (4,497,146) (11,284,035)
------------ ------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 7,082,352 43,412,303
Dividends reinvested...................................... 2,707,949 6,517,529
Cost of shares redeemed................................... (9,537,712) (27,298,860)
------------ ------------
Change in net assets from share transactions.............. 252,589 22,630,972
------------ ------------
Change in net assets...................................... (1,368,344) 9,309,941
NET ASSETS:
Beginning of period....................................... 155,776,530 146,466,589
------------ ------------
End of period............................................. $154,408,186 $155,776,530
============ ============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
43
<PAGE> 44
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 2000 SEPTEMBER 30,
(UNAUDITED) 1999
---------------- ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 6,990,863 $ 9,240,393
Realized losses on investment transactions................ (8,142) (41,996)
------------- -------------
Change in net assets from operations...................... 6,982,721 9,198,397
------------- -------------
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (3,340,678) (8,692,115)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (3,650,185) (548,278)
------------- -------------
Change in net assets from shareholder distributions....... (6,990,863) (9,240,393)
------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 691,892,212 666,674,947
Dividends reinvested...................................... 915,198 1,304,423
Cost of shares redeemed................................... (617,414,770) (570,446,028)
------------- -------------
Change in net assets from share transactions.............. 75,392,640 97,533,342
------------- -------------
Change in net assets...................................... 75,384,498 97,491,346
NET ASSETS:
Beginning of period....................................... 250,811,344 153,319,998
------------- -------------
End of period............................................. $ 326,195,842 $ 250,811,344
============= =============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
44
<PAGE> 45
EUREKA FUNDS STATEMENTS OF CHANGES IN NET ASSETS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED
MARCH 31, 2000 SEPTEMBER 30,
(UNAUDITED) 1999
---------------- ------------------
<S> <C> <C>
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income..................................... $ 2,977,748 $ 4,928,913
Realized losses on investment transactions................ (2,087) (7,792)
------------- -------------
Change in net assets from operations...................... 2,975,661 4,921,121
------------- -------------
DISTRIBUTIONS TO TRUST SHAREHOLDERS:
From net investment income................................ (1,161,314) (4,874,915)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income................................ (1,816,434) (53,998)
------------- -------------
Change in net assets from shareholder distributions....... (2,977,748) (4,928,913)
------------- -------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................... 288,112,016 350,138,476
Dividends reinvested...................................... 43,743 52,940
Cost of shares redeemed................................... (275,419,419) (343,743,874)
------------- -------------
Change in net assets from share transactions.............. 12,736,340 6,447,542
------------- -------------
Change in net assets...................................... 12,734,253 6,439,750
NET ASSETS:
Beginning of period....................................... 108,459,009 102,019,259
------------- -------------
End of period............................................. $ 121,193,262 $ 108,459,009
============= =============
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
45
<PAGE> 46
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 -- ORGANIZATION
The Eureka Funds (the "Trust") was organized as a Massachusetts business
trust on April 7, 1997 and is registered under the Investment Company Act of
1940, as amended (the "1940 Act"), as a diversified open-end management
investment company. Sanwa Bank California ("SBCL"), a wholly-owned subsidiary of
The Sanwa Bank Limited, of Japan, acts as the Trust's investment adviser. BISYS
Fund Services Limited Partnership ("BISYS"), a wholly-owned subsidiary of The
BISYS Group, Inc., acts as the Trust's administrator and distributor. As of the
date of this report, the Trust offered five managed investment portfolios. The
accompanying financial statements and financial highlights are those of The
Eureka Equity Fund (the "Equity Fund"), The Eureka Global Asset Allocation Fund
(the "Global Fund"), The Eureka Investment Grade Bond Fund (the "Bond Fund"),
The Eureka Prime Money Market Fund (the "Prime Fund"), The Eureka U.S. Treasury
Obligations Fund (the "U.S. Treasury Fund") (each a "Fund", and collectively,
the "Funds"). The Funds, except for the U.S. Treasury Fund, commenced operations
on November 1, 1997. The U.S. Treasury Fund commenced operations on November 3,
1997.
The Funds' investment objectives are as follows:
<TABLE>
<CAPTION>
FUND OBJECTIVE
---- ---------
<S> <C>
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 Fund and U.S. Treasury Fund (the
"Money Market Funds") are valued utilizing the amortized cost method permitted
in accordance with Rule 2a-7 under the 1940 Act. Under the amortized cost
method, discount or premium is amortized on a constant basis to the maturity of
the security. Equity securities held by a Fund are valued at the last reported
sales price on the securities exchange or in the principal over-the-counter
market in which such securities are traded, as of the close of business on the
day the securities are being valued, or the mean between their bid and ask
price. Debt securities held by a Fund generally are valued based on quoted bid
prices. Short-term debt investments having maturities of 60 days or less are
valued at amortized cost, which approximates market value. Investments in
securities of other mutual funds are valued at the redemption price. Securities
for which market quotations are not readily available are valued at fair value
determined in good faith by or under the direction of the Trust's Board of
Trustees. Securities may be valued by independent pricing services, approved by
the Trust's Board of Trustees, which use prices provided by market-makers or
estimates of market value obtained from yield data relating to instruments or
securities with similar characteristics.
STRIPPED SECURITIES: Stripped securities represent the right to receive future
interest payments (interest only stripped securities) or principal payments
(principal only stripped securities). The value of variable rate interest only
stripped securities varies directly with changes in interest rates, while the
value of fixed rate
46
<PAGE> 47
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
interest only stripped securities and the value of principal only stripped
securities vary inversely with changes in interest rates.
REPURCHASE AGREEMENTS: The Funds may purchase instruments from financial
institutions, such as banks and broker-dealers, subject to the seller's
agreement to repurchase them at an agreed upon time and price ("repurchase
agreements"). The seller under a repurchase agreement is required to maintain
the value of the securities subject to the agreement at not less than the
repurchase price. Default by the seller would, however, expose the relevant
Funds to possible loss because of adverse market action or delay in connection
with the disposition of the underlying obligations.
FOREIGN CURRENCY TRANSLATION: The Funds, other than the Prime Fund and the U.S.
Treasury Fund, may invest in certain obligations or securities denominated in
foreign currencies. The accounting records of the Trust are maintained in U.S.
dollars. Investment securities and other assets and liabilities of the Equity,
Global and Bond Funds 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
47
<PAGE> 48
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
have been deferred and are being amortized over a sixty-month period, beginning
with each Fund's commencement of operations. In the event that any of the
initial shares are redeemed during such period by any holder thereof, the
related fund will be reimbursed by such holder for any unamortized organization
costs in the proportion as the number of initial shares being redeemed bears to
the number of initial shares outstanding at the time of redemption.
DISTRIBUTIONS TO SHAREHOLDERS: Distributions from the Equity Fund's net
investment income, if any, are declared and paid monthly. Distributions from the
Global Fund's net investment income, if any, are declared and paid annually.
Distributions from the Bond Fund's and the Money Market Funds' net investment
income, if any, are declared daily and paid monthly. Net realized gains on
portfolio securities, if any, are distributed at least annually by the Funds.
However, to the extent net realized gains can be offset by capital loss
carryovers, such gains will not be distributed. Distributions are recorded by
the Funds on the ex-dividend date.
FEDERAL INCOME TAXES: It is the Funds' policy to comply with the requirements of
the Internal Revenue Code applicable to regulated investment companies and to
distribute timely, all of their net investment company taxable income and net
capital gains to shareholders. Therefore, no federal income tax provision is
required.
NOTE 3 -- RELATED PARTY TRANSACTIONS
The Trust has entered into an investment advisory agreement (the "Investment
Advisory Agreement") with SBCL. Under the terms of the Investment Advisory
Agreement, SBCL is entitled to receive a fee that is calculated daily and paid
monthly based on a percentage of the average net assets of each Fund as follows:
<TABLE>
<CAPTION>
FUND ANNUAL RATE
---- -----------
<S> <C>
Equity Fund....................... 0.75%
Global Fund....................... 0.90%
Bond Fund......................... 0.60%
Prime Fund........................ 0.30%
U.S. Treasury Fund................ 0.20%
</TABLE>
SBCL has agreed to voluntarily reduce the amount of its investment advisory
fee through the end of the Funds' initial fiscal year. For the period ended
March 31, 2000, SBCL waived fees in the following amounts:
<TABLE>
<CAPTION>
FUND ANNUAL RATE
---- -----------
<S> <C>
Equity Fund...................... $ 99,567
Global Fund...................... $ 44,411
Bond Fund........................ $ 77,154
Prime Fund....................... $135,800
U.S. Treasury Fund............... $ 61,868
</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 an annual minimum. For the six months ended March 31, 2000, BISYS
waived the following amounts:
<TABLE>
FUND FEES WAIVED
---------------------------------- -------
<S> <C>
Prime Fund........................ $81,480
</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
48
<PAGE> 49
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
Fund. For the six months ended March 31, 2000, BISYS waived the following
amounts:
<TABLE>
<CAPTION>
SERVICE PLAN
FEES
FUND WAIVED
---- ------------
<S> <C>
Equity Fund....................... $ 3,292
Global Fund....................... $ 4,241
Bond Fund......................... $ 4,031
Prime Fund........................ $179,953
U.S. Treasury Fund................ $ 95,234
</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.
49
<PAGE> 50
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
NOTE 4 -- SHARES OF BENEFICIAL INTEREST
Each Fund offers two classes of shares: Trust Shares and Class A Shares.
Each share represents an equal proportionate interest in a Fund with other
shares of the same series and class, and is entitled to such dividends and
distributions out of the income earned on the assets belonging to that Fund.
Each class of shares is substantially the same, except that Class A Shares bear
the fees that are payable under the Trust's Distribution and Shareholder
Services Plan 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
March 31, 2000:
<TABLE>
<CAPTION>
BOND FUND PRIME FUND U.S. TREASURY FUND
-------------------------------- -------------------------------- --------------------------------
FOR THE FOR THE FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30,
2000 1999 2000 1999 2000 1999
---------------- ------------- ---------------- ------------- ---------------- -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
TRUST
Proceeds from
shares issued.... $ 6,364,789 $ 36,946,811 $ 185,058,238 $ 616,665,403 $ 75,436,059 $ 335,418,495
Dividends
reinvested....... 2,615,480 6,344,430 587,224 851,113 16,159 13,422
Cost of shares
redeemed......... (7,732,222) (23,307,984) (309,015,253) (540,717,778) (146,267,608) (332,170,767)
----------- ------------ ------------- ------------- ------------- -------------
Trust share
transactions... $ 1,248,047 $ 19,983,257 $(123,369,791) $ 76,798,738 $ (70,815,390) $ 3,261,150
=========== ============ ============= ============= ============= =============
CLASS A
Proceeds from
shares issued.... $ 717,562 $ 6,465,492 $ 506,833,974 $ 50,009,544 $ 212,675,957 $ 14,719,981
Dividends
reinvested....... 92,470 173,099 327,974 453,310 27,584 39,518
Cost of shares
redeemed......... (1,805,490) (3,990,876) (308,399,517) (29,728,250) (129,151,811) (11,573,107)
----------- ------------ ------------- ------------- ------------- -------------
Class A share
transactions... $ (995,458) $ 2,647,715 $ 198,762,431 $ 20,734,604 $ 83,551,730 $ 3,186,392
=========== ============ ============= ============= ============= =============
Total net increase
from capital
transactions....... $ 252,589 $ 22,630,972 $ 75,392,640 $ 97,533,342 $ 12,736,340 $ 6,447,542
=========== ============ ============= ============= ============= =============
SHARE TRANSACTIONS:
TRUST
Issued............. 682,547 3,761,058 185,058,238 616,665,403 75,436,059 335,418,495
Reinvested......... 279,188 639,164 587,224 851,117 16,159 13,422
Redeemed........... (826,987) (2,331,846) (309,015,253) (540,717,778) (146,267,608) (332,170,767)
----------- ------------ ------------- ------------- ------------- -------------
Trust share
transactions... 134,748 2,068,376 (123,369,791) 76,798,742 (70,815,390) 3,261,150
=========== ============ ============= ============= ============= =============
CLASS A
Issued............. 76,613 651,678 506,833,973 50,009,544 212,675,957 14,719,981
Reinvested......... 9,841 17,581 327,974 453,314 27,584 39,518
Redeemed........... (192,905) (405,417) (308,399,517) (29,728,250) (129,151,811) (11,573,107)
----------- ------------ ------------- ------------- ------------- -------------
Class A share
transactions... (106,451) 263,842 198,762,430 20,734,608 83,551,730 3,186,392
=========== ============ ============= ============= ============= =============
Total net increase
from share
transactions....... 28,297 2,332,218 75,392,639 97,533,350 12,736,340 6,447,542
=========== ============ ============= ============= ============= =============
</TABLE>
50
<PAGE> 51
EUREKA FUNDS NOTES TO THE FINANCIAL STATEMENTS--continued
(Unaudited)
<TABLE>
<CAPTION>
EQUITY FUND GLOBAL FUND
------------------------------------- -------------------------------------
FOR THE FOR THE FOR THE FOR THE
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
MARCH 31, 2000 SEPTEMBER 30, 1999 MARCH 31, 2000 SEPTEMBER 30, 1999
---------------- ------------------ ---------------- ------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS
TRUST
Proceeds from shares issued... $ 10,564,168 $ 24,130,016 $ 3,221,133 $11,766,258
Dividends reinvested.......... 16,380,145 15,217,642 2,817,458 1,007,894
Cost of shares redeemed....... (11,267,531) (40,173,550) (7,318,150) (6,071,729)
------------ ------------ ----------- -----------
Trust share transactions.... $ 15,676,782 $ (825,892) $(1,279,559) $ 6,702,423
============ ============ =========== ===========
CLASS A
Proceeds from shares issued... $ 609,381 $ 3,793,412 $ 771,008 $ 5,423,701
Dividends reinvested.......... 355,742 200,761 159,239 46,895
Cost of shares redeemed....... (1,057,993) (2,831,044) (1,951,790) (3,749,754)
------------ ------------ ----------- -----------
Class A share
transactions.............. $ (92,870) $ 1,163,129 $(1,021,543) $ 1,720,842
============ ============ =========== ===========
Total net increase from capital
transactions.................. $ 15,583,912 $ 337,237 $(2,301,102) $ 8,423,265
============ ============ =========== ===========
SHARE TRANSACTIONS:
TRUST
Issued........................ 902,482 2,001,431 263,061 1,012,691
Reinvested.................... 1,426,060 1,351,306 227,580 86,788
Redeemed...................... (957,003) (3,270,475) (598,148) (515,204)
------------ ------------ ----------- -----------
Trust share transactions.... 1,371,539 82,262 (107,507) 584,275
============ ============ =========== ===========
CLASS A
Issued........................ 51,639 312,295 62,784 462,947
Reinvested.................... 31,086 17,887 12,912 4,043
Redeemed...................... (89,776) (230,672) (159,429) (316,960)
------------ ------------ ----------- -----------
Class A share
transactions.............. (7,051) 99,510 (83,733) 150,030
============ ============ =========== ===========
Total net increase from share
transactions.................. 1,364,488 181,772 (191,240) 734,305
============ ============ =========== ===========
</TABLE>
NOTE 5 -- INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the
period ended March 31, 2000 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------- -----------
<S> <C> <C>
Equity Fund................................................. $52,981,849 $64,040,274
Global Fund................................................. $ 9,393,302 $14,745,147
Bond Fund................................................... $13,026,384 $13,416,746
</TABLE>
51
<PAGE> 52
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
<TABLE>
<CAPTION>
TRUST SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED NOVEMBER 1, 1997*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 12.03 $ 10.96 $ 10.00
-------- -------- --------
Investment activities:
Net investment income.................. 0.01 0.04 0.05
Net realized and unrealized gain on
investments.......................... 1.68 2.56 0.96
-------- -------- --------
Total from investment activities......... 1.69 2.60 1.01
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. (0.01) (0.04) (0.05)
Net realized gains..................... (1.70) (1.49) --
-------- -------- --------
Total distributions.................. (1.71) (1.53) (0.05)
-------- -------- --------
Net change in net asset value per
share.................................. (0.02) 1.07 0.96
-------- -------- --------
NET ASSET VALUE, END OF PERIOD........... $ 12.01 $ 12.03 $ 10.96
======== ======== ========
TOTAL RETURN............................. 14.75%(a) 24.72% 10.08%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $204,372 $188,259 $170,652
Ratio of expenses to average net
assets................................. 0.96%(b) 0.99% 1.03%(b)
Ratio of net investment income to average
net assets............................. 0.21%(b) 0.32% 0.47%(b)
Ratio of expenses to average net
assets**............................... 1.06%(b) 1.09% 1.13%(b)
Portfolio turnover(c).................... 27% 46% 57%
</TABLE>
---------------
* Commencement of Operation
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
52
<PAGE> 53
EUREKA FUNDS FINANCIAL HIGHLIGHTS
EQUITY FUND
<TABLE>
<CAPTION>
CLASS A SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED FEBRUARY 3, 1998*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 11.99 $ 10.94 $ 10.87
-------- -------- --------
Investment activities:
Net investment income.................. -- 0.01 0.02
Net realized and unrealized gain on
investments.......................... 1.67 2.55 0.07
-------- -------- --------
Total from investment activities......... 1.67 2.56 0.09
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. -- (0.01) (0.02)
In excess of net investment income..... -- (0.01) --
Net realized gains..................... (1.70) (1.49) --
-------- -------- --------
Total distributions.................. (1.70) (1.51) (0.02)
-------- -------- --------
Net change in net asset value per
share.................................. (0.03) 1.05 0.07
-------- -------- --------
NET ASSET VALUE, END OF PERIOD........... $ 11.96 $ 11.99 $ 10.94
======== ======== ========
TOTAL RETURN............................. 14.62%(a) 24.34% 0.83%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $ 2,512 $ 2,604 $ 1,287
Ratio of expenses to average net
assets................................. 1.21%(b) 1.23% 1.28%(b)
Ratio of net investment income (loss) to
average net assets..................... (0.04)%(b) 0.08% 0.13%(b)
Ratio of expenses to average net
assets**............................... 1.56%(b) 1.58% 1.63%(b)
Portfolio turnover(c).................... 27% 46% 57%
</TABLE>
---------------
* Commencement of Operation
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
53
<PAGE> 54
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
TRUST SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED NOVEMBER 1, 1997*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 11.97 $ 10.51 $ 10.00
-------- -------- --------
Investment activities:
Net investment income.................. 0.07 0.17 0.15
Net realized and unrealized gain on
investments.......................... 1.18 1.51 0.38
-------- -------- --------
Total from investment activities......... 1.25 1.68 0.53
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. (0.20) (0.15) (0.02)
Net realized gains..................... (0.41) (0.07) --
-------- -------- --------
Total distributions.................. (0.61) (0.22) (0.02)
-------- -------- --------
Net change in net asset value per
share.................................. 0.64 1.46 0.51
-------- -------- --------
NET ASSET VALUE, END OF PERIOD........... $ 12.61 $ 11.97 $ 10.51
======== ======== ========
TOTAL RETURN............................. 10.59%(a) 16.09% 5.34%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $ 86,184 $ 83,111 $ 66,793
Ratio of expenses to average net
assets................................. 1.22%(b) 1.30% 1.44%(b)
Ratio of net investment income to average
net assets............................. 1.55%(b) 1.51% 1.53%(b)
Ratio of expenses to average net
assets**............................... 1.32%(b) 1.40% 1.54%(b)
Portfolio turnover(c).................... 11% 29% 35%
</TABLE>
---------------
* Commencement of Operation
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
54
<PAGE> 55
EUREKA FUNDS FINANCIAL HIGHLIGHTS
GLOBAL ASSET ALLOCATION FUND
<TABLE>
<CAPTION>
CLASS A SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED FEBRUARY 3, 1998*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 11.93 $ 10.49 $ 10.31
-------- -------- --------
Investment activities:
Net investment income (loss)........... 0.06 0.14 0.05
Net realized and unrealized gain on
investments.......................... 1.18 1.51 0.13
-------- -------- --------
Total from investment activities......... 1.24 1.65 0.18
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. (0.17) (0.14) --
Net realized gains..................... (0.41) (0.07) --
-------- -------- --------
Total distributions.................. (0.58) (0.21) --
-------- -------- --------
Net change in net asset value per
share.................................. 0.66 1.44 0.18
-------- -------- --------
NET ASSET VALUE, END OF PERIOD........... $ 12.59 $ 11.93 $ 10.49
======== ======== ========
TOTAL RETURN............................. 10.51%(a) 15.81% 1.75%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $ 2,964 $ 3,810 $ 1,775
Ratio of expenses to average net
assets................................. 1.47%(b) 1.53% 1.73%(b)
Ratio of net investment income to average
net assets............................. 1.29%(b) 1.33% 1.27%(b)
Ratio of expenses to average net
assets**............................... 1.82%(b) 1.88% 2.08%(b)
Portfolio turnover(c).................... 11% 29% 35%
</TABLE>
---------------
* Commencement of Operation
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
55
<PAGE> 56
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
TRUST SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED NOVEMBER 1, 1997*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 9.49 $ 10.40 $ 10.00
-------- -------- --------
Investment activities:
Net investment income.................. 0.27 0.53 0.50
Net realized and unrealized gain (loss)
on investments....................... (0.10) (0.67) 0.40
-------- -------- --------
Total from investment activities......... 0.17 (0.14) 0.90
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. (0.27) (0.53) (0.50)
Net realized gains..................... -- (0.21) --
In excess of net realized gains........ -- (0.03) --
-------- -------- --------
Total distributions.................. (0.27) (0.77) (0.50)
-------- -------- --------
Net change in net asset value per
share.................................. (0.10) (0.91) 0.40
-------- -------- --------
NET ASSET VALUE, END OF PERIOD........... $ 9.39 $ 9.49 $ 10.40
======== ======== ========
TOTAL RETURN............................. 1.87%(a) (1.36)% 9.31%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $151,778 $152,106 $145,194
Ratio of expenses to average net
assets................................. 0.85%(b) 0.87% 0.90%(b)
Ratio of net investment income to average
net assets............................. 5.83%(b) 5.43% 5.46%(b)
Ratio of expenses to average net
assets**............................... 0.95%(b) 0.97% 1.00%(b)
Portfolio turnover(c).................... 9% 52% 54%
</TABLE>
---------------
* Commencement of Operation
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
56
<PAGE> 57
EUREKA FUNDS FINANCIAL HIGHLIGHTS
INVESTMENT GRADE BOND FUND
<TABLE>
<CAPTION>
CLASS A SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED FEBRUARY 3, 1998*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 9.51 $ 10.42 $ 10.10
-------- -------- --------
Investment activities:
Net investment income.................. 0.26 0.51 0.36
Net realized and unrealized gain (loss)
on investments....................... (0.10) (0.67) 0.32
-------- -------- --------
Total from investment activities......... 0.16 (0.16) 0.68
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. (0.26) (0.51) (0.36)
Net realized gains..................... -- (0.03) --
In excess of net realized gains........ -- (0.21) --
-------- -------- --------
Total distributions.................. (0.26) (0.75) (0.36)
-------- -------- --------
Net change in net asset value per
share.................................. (0.10) (0.91) 0.32
-------- -------- --------
NET ASSET VALUE, END OF PERIOD........... $ 9.41 $ 9.51 $ 10.42
======== ======== ========
TOTAL RETURN............................. 1.74%(a) (1.58)% 6.89%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $ 2,630 $ 3,670 $ 1,272
Ratio of expenses to average net
assets................................. 1.10%(b) 1.10% 1.14%(b)
Ratio of net investment income to average
net assets............................. 5.59%(b) 5.18% 4.99%(b)
Ratio of expenses to average net
assets**............................... 1.45%(b) 1.45% 1.49%(b)
Portfolio turnover(c).................... 9% 52% 54%
</TABLE>
---------------
* Commencement of operations
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
57
<PAGE> 58
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
TRUST SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED NOVEMBER 1, 1997*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Investment activities:
Net investment income.................. 0.03 0.05 0.05
Total from investment activities......... 0.03 0.05 0.05
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. (0.03) (0.05) (0.05)
-------- -------- --------
Total distributions.................. (0.03) (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............................. 2.67%(a) 4.74% 4.84%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $ 98,211 $221,565 $144,806
Ratio of expenses to average net
assets................................. 0.48%(b) 0.51% 0.49%(b)
Ratio of net investment income to average
net assets............................. 5.24%(b) 4.64% 5.17%(b)
Ratio of expenses to average net
assets**............................... 0.64%(b) 0.67% 0.69%(b)
</TABLE>
---------------
* Commencement of operations
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
58
<PAGE> 59
EUREKA FUNDS FINANCIAL HIGHLIGHTS
PRIME MONEY MARKET FUND
<TABLE>
<CAPTION>
CLASS A SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED FEBRUARY 3, 1998*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Investment activities:
Net investment income.................. 0.02 0.04 0.03
-------- -------- --------
Total from investment activities......... 0.02 0.04 0.03
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. (0.02) (0.04) (0.03)
-------- -------- --------
Total distributions.................. (0.02) (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............................. 2.54%(a) 4.48% 2.93%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $227,985 $ 29,246 $ 8,514
Ratio of expenses to average net
assets................................. 0.73%(b) 0.76% 0.75%(b)
Ratio of net investment income to average
net assets............................. 5.07%(b) 4.42% 4.88%(b)
Ratio of expenses to average net
assets**............................... 1.14%(b) 1.17% 1.20%(b)
</TABLE>
---------------
* Commencement of Operation
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
59
<PAGE> 60
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
TRUST SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED NOVEMBER 1, 1997*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Investment activities:
Net investment income.................. 0.02 0.04 0.05
-------- -------- --------
Total from investment activities......... 0.02 0.04 0.05
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. (0.02) (0.04) (0.05)
-------- -------- --------
Total distributions.................. (0.02) (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............................. 2.51%(a) 4.52% 4.70%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $ 33,741 $104,553 $101,300
Ratio of expenses to average net
assets................................. 0.45%(b) 0.46% 0.47%(b)
Ratio of net investment income to average
net assets............................. 4.89%(b) 4.42% 5.08%(b)
Ratio of expenses to average net
assets**............................... 0.55%(b) 0.56% 0.61%(b)
</TABLE>
---------------
* Commencement of Operation
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
60
<PAGE> 61
EUREKA FUNDS FINANCIAL HIGHLIGHTS
U.S. TREASURY OBLIGATIONS FUND
<TABLE>
<CAPTION>
CLASS A SHARES
------------------------------------------------------------------
FOR THE
SIX MONTHS ENDED FOR THE YEAR FOR THE PERIOD FROM
MARCH 31, 2000 ENDED FEBRUARY 3, 1998*
(UNAUDITED) SEPTEMBER 30, 1999 THROUGH SEPTEMBER 30, 1998
---------------- ------------------ --------------------------
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 1.00 $ 1.00 $ 1.00
-------- -------- --------
Investment activities:
Net investment income.................. 0.02 0.04 0.03
-------- -------- --------
Total from investment activities......... 0.02 0.04 0.03
-------- -------- --------
LESS DISTRIBUTIONS FROM:
Net investment income.................. (0.02) (0.04) (0.03)
-------- -------- --------
Total distributions.................. (0.02) (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............................. 2.38%(a) 4.26% 3.02%(a)
RATIOS/SUPPLEMENTARY DATA:
Net assets, end of period (in
thousands)............................. $ 87,452 $ 3,906 $ 720
Ratio of expenses to average net
assets................................. 0.69%(b) 0.70% 0.72%(b)
Ratio of net investment income to average
net assets............................. 4.77%(b) 4.25% 4.76%(b)
Ratio of expenses to average net
assets**............................... 1.04%(b) 1.06% 1.10%(b)
</TABLE>
---------------
* Commencement of Operation
** During the period, certain fees were voluntarily reduced and/or reimbursed.
If such voluntary fee reductions and/or reimbursements had not occurred, the
ratios would have been as indicated.
(a) Not annualized
(b) Annualized
(c) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between classes of shares issued.
SEE NOTES TO FINANCIAL STATEMENTS.
61
<PAGE> 62
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE> 63
<TABLE>
<S> <C>
TRUSTEES AND OFFICERS INVESTMENT ADVISER
Sanwa Bank California
Larry Layne Investment Management Department
Chairman of the Board 601 S. Figueroa Street
Los Angeles, California 90017
Takashi Muraoka
Trustee ADMINISTRATOR AND DISTRIBUTOR
BISYS Fund Services
Walter F. Beran 3435 Stelzer Road
Trustee Columbus, Ohio 43219
David L. Buell LEGAL COUNSEL
Trustee Ropes & Gray
One Franklin Square
Donald H. Livingstone 1301 K Street, N.W.
Trustee Suite 800 East
Washington, DC 20005
Irimga McKay
President TRANSFER AGENT
BISYS Fund Services, Inc.
Sandra Souter 3435 Stelzer Road
Vice President Columbus, Ohio 43219
Martin R. Dean AUDITORS
Secretary Ernst & Young, LLP
10 West Broad Street
Alaina V. Metz Columbus, Ohio 43215
Assistant Secretary
CUSTODIAN
Frank M. Deutchki The Bank of New York
Treasurer 100 Church Street
New York, NY 10286
</TABLE>
This material is authorized for distribution to prospective investors only when
accompanied or preceded by a current prospectus. Please read the prospectus
carefully before investing or sending money.
The Eureka Funds are distributed by BISYS Fund Services. Sanwa Bank California
is the investment adviser to the Funds and receives fees for those services.
<PAGE> 64
EUR-0034-300
