--------------------------------------------
OMB APPROVAL
OMB Number: 3235-0570
Expires: October 31, 2006
Estimated average burden
hours per response. . . . . . .19.3
--------------------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08305
---------------------------------------------
Eureka Funds
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in charter)
3435 Stelzer Road Columbus Ohio 43219
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip code)
BISYS Fund Services, 3435 Stelzer Road, Columbus, Ohio 43219
- --------------------------------------------------------------------------------
(Name and address of agent for service)
Registrant's telephone number, including area code: (888) 890-8121
----------------------------
Date of fiscal year end: September 30, 2004
--------------------------------------
Date of reporting period: March 31, 2004
-------------------------------------
Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form
N-CSR, and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
Include a copy of the report transmitted to stockholders pursuant to
Rule 30e-1 under the Act (17 CFR 270.30e-1).
[EUREKA FUNDS LOGO]
Semi-Annual Report
March 31, 2004
------------------------------
U.S. Treasury Obligations Fund
------------------------------
Prime Money Market Fund
------------------------------
Investment Grade Bond Fund
------------------------------
Global Fund
------------------------------
Equity Fund
------------------------------
Table of Contents
Schedules of Portfolio Investments
3
Statements of Assets and Liabilities
30
Statements of Operations
32
Statements of Changes in Net Assets
34
Financial Highlights
38
Notes to the Financial Statements
44
MUTUAL FUNDS
- - Are not FDIC insured
- - Are not deposits or obligations of, or guaranteed by, Bank of the West, any of
its affiliates or any other financial institution
- - Are subject to investment risks, including possible loss of principal
2
U.S. TREASURY OBLIGATIONS FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL AMORTIZED
AMOUNT COST
- ------------------------------------------------------
U.S. GOVERNMENT GUARANTEED SECURITIES (6.4%)
Israel Aid
1.27%, 05/15/04 (b) $ 490,000 $ 489,241
6.75%, 08/15/04 1,400,000 1,428,729
------------
1,917,970
------------
Private Export Funding
Corp.
6.45%, 09/30/04 6,000,000 6,155,133
- ------------------------------------------------------
TOTAL U.S. GOVERNMENT GUARANTEED
SECURITIES 8,073,103
- ------------------------------------------------------
U.S. TREASURY BONDS (4.0%)
12.38%, 05/15/04 5,000,000 5,068,403
- ------------------------------------------------------
U.S. TREASURY NOTES (21.5%)
3.38%, 04/30/04 15,000,000 15,027,768
3.25%, 05/31/04 10,000,000 10,035,866
2.00%, 11/30/04 2,000,000 2,010,207
- ------------------------------------------------------
TOTAL U.S. TREASURY NOTES 27,073,841
- ------------------------------------------------------
U.S. TREASURY BILLS (15.9%)
0.94%, 04/22/04 (b) 20,000,000 19,989,028
- ------------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (9.1%)
Small Business Administration *
Pool #501910
2.13%, 04/01/04 48,940 48,940
Pool #501967
2.13%, 04/01/04 122,427 122,427
Pool #502221
2.00%, 04/01/04 282,080 282,080
Pool #502610
1.88%, 04/01/04 84,355 84,355
Pool #502988
1.75%, 04/01/04 116,124 116,124
</Table>
<Table>
<Caption>
PRINCIPAL AMORTIZED
AMOUNT COST
- ------------------------------------------------------
Pool #503274
1.50%, 04/01/04 $ 158,270 $ 158,270
Pool #503308
1.50%, 04/01/04 280,836 280,836
Pool #503696
1.50%, 04/01/04 877,264 876,673
Pool #503962
1.75%, 04/01/04 255,904 255,904
Pool #504228
1.50%, 04/01/04 167,524 167,524
Pool #504824
1.63%, 04/01/04 609,372 607,840
Pool #504996
1.75%, 04/01/04 1,552,879 1,552,879
Pool #505026
1.75%, 04/01/04 560,849 560,730
Pool #505128
1.75%, 04/01/04 1,544,859 1,544,498
Pool #505160
1.63%, 04/01/04 71,881 71,811
Pool #505236
1.65%, 04/01/04 1,733,680 1,731,382
Pool #505303
1.55%, 04/01/04 574,545 574,545
Pool #505341
1.45%, 04/01/04 1,684,449 1,684,029
Pool #505344
1.45%, 04/01/04 769,398 769,096
- ------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES 11,489,943
- ------------------------------------------------------
REPURCHASE AGREEMENTS (39.1%)
Goldman Sachs Group, Inc.
0.99%, dated 03/31/04,
due 04/01/04, repurchase
price $24,309,669
(collateralized by U.S.
Treasury Notes) 24,309,000 24,309,000
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
3
U.S. TREASURY OBLIGATIONS FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES
OR
PRINCIPAL AMORTIZED
AMOUNT COST
- ------------------------------------------------------
Prudential, Inc.
1.00%, dated 03/31/04,
due 04/01/04, repurchase
price $25,000,694
(collaterized by U.S.
Treasury Bonds, Interest
Strips, Principal Strips
and Investors Growth
Receipts) $25,000,000 $ 25,000,000
- ------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 49,309,000
- ------------------------------------------------------
INVESTMENT COMPANY (3.4%)
BlackRock Provident
Institutional T-Fund 4,250,000 4,250,000
- ------------------------------------------------------
TOTAL INVESTMENTS (AMORTIZED COST
$125,253,318) (a) -- 99.4% 125,253,318
- ------------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.6% 736,263
- ------------------------------------------------------
NET ASSETS -- 100.0% $125,989,581
- ------------------------------------------------------
</Table>
- ---------------
(a) Cost and value for financial reporting and federal income tax purposes are
the same.
(b) Rate disclosed represents effective yield at March 31, 2004.
* Denotes variable rate security. Rate presented represents rate in effect on
March 31, 2004. Maturity date reflects next rate change date.
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
4
PRIME MONEY MARKET FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL AMORTIZED
AMOUNT COST
- ------------------------------------------------------
COMMERCIAL PAPER (b) (11.4%)
FINANCE & BANKING (9.0%)
Barclays US Funding LLC
1.01%, 04/27/04 $ 4,000,000 $ 3,997,082
RC Willey Home Furnishings
1.02%, 04/12/04 5,000,000 4,998,442
UBS Finance Delaware LLC
1.02%, 04/05/04 6,000,000 5,999,320
Westpac Capital Corp.
1.01%, 05/05/04 6,100,000 6,094,181
------------
21,089,025
------------
INSURANCE (2.4%)
Alfa Corp. 1.04%, 04/20/04 5,504,000 5,500,979
- ------------------------------------------------------
TOTAL COMMERCIAL PAPER 26,590,004
- ------------------------------------------------------
CORPORATE BONDS (7.0%)
COMPUTERS (0.2%)
IBM Corp.
5.63%, 04/12/04 500,000 500,653
------------
FINANCE & BANKING (5.4%)
American Express
6.75%, 06/23/04 250,000 253,118
Associates Corporation of
North America
5.80%, 04/20/04 1,277,000 1,279,995
6.10%, 01/15/05 140,000 145,089
Bank of America Corp.
6.63%, 06/15/04 502,000 507,686
6.13%, 07/15/04 1,911,000 1,937,893
Bear Stearns Companies,
Inc.
6.63%, 10/01/04 66,000 67,736
6.65%, 12/01/04 425,000 439,964
7.63%, 02/01/05 239,000 251,205
Caterpillar Financial
Services Corp.
6.70%, 10/15/04 100,000 102,856
</Table>
<Table>
<Caption>
PRINCIPAL AMORTIZED
AMOUNT COST
- ------------------------------------------------------
Citigroup Global Markets
Holdings, Inc.
6.38%, 10/01/04 $ 445,000 $ 455,622
Commercial Credit Co.
6.50%, 08/01/04 285,000 289,949
General Electric Capital
Corp.
8.09%, 04/01/04 20,000 20,000
5.38%, 04/23/04 557,000 558,385
7.25%, 05/03/04 1,371,000 1,378,344
6.50%, 01/25/05 1,000,000 1,040,233
Merrill Lynch & Company,
Inc.
6.55%, 08/01/04 675,000 686,722
5.55%, 05/21/04 400,000 402,378
Wells Fargo & Co.
6.63%, 07/15/04 785,000 797,206
Wells Fargo Financial,
Inc.
7.20%, 04/01/04 20,000 20,000
5.45%, 05/03/04 1,725,000 1,731,369
6.63%, 07/15/04 80,000 81,208
------------
12,446,958
------------
INSURANCE (0.2%)
Marsh & McLennan
Companies, Inc.
6.63%, 06/15/04 500,000 505,511
------------
RETAIL (0.7%)
Wal-Mart Stores, Inc.
7.50%, 05/15/04 835,000 841,247
6.55%, 08/10/04 804,000 819,038
------------
1,660,285
------------
SERVICES (0.5%)
Pitney Bowes, Inc.
5.50%, 04/15/04 1,220,000 1,221,996
- ------------------------------------------------------
TOTAL CORPORATE BONDS 16,335,403
- ------------------------------------------------------
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
5
PRIME MONEY MARKET FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL AMORTIZED
AMOUNT COST
- ------------------------------------------------------
U.S. GOVERNMENT SPONSORED ENTERPRISE &
AGENCY DEBENTURES (19.4%)
FEDERAL FARM CREDIT BANK (2.7%)
6.88%, 05/06/04 $ 200,000 $ 201,063
5.00%, 05/10/04 4,680,000 4,698,880
5.00%, 07/16/04 125,000 126,343
1.52%, 09/28/04 500,000 500,253
3.88%, 02/01/05 575,000 586,880
5.75%, 02/09/05 250,000 259,550
------------
6,372,969
------------
FEDERAL HOME LOAN BANK (6.7%)
6.75%, 04/05/04 300,000 300,183
4.55%, 04/07/04 1,000,000 1,000,570
5.51%, 04/26/04 500,000 501,416
5.32%, 05/05/04 500,000 501,905
5.33%, 05/05/04 550,000 552,037
1.13%, 05/13/04 500,000 499,899
3.38%, 05/14/04 2,850,000 2,857,138
4.88%, 05/14/04 800,000 803,479
3.38%, 06/15/04 500,000 502,007
5.50%, 06/15/04 300,000 302,569
6.32%, 06/17/04 200,000 202,194
6.20%, 06/23/04 2,000,000 2,022,364
6.00%, 07/07/04 250,000 253,192
7.38%, 08/05/04 10,000 10,204
4.15%, 10/12/04 25,000 25,359
4.13%, 11/15/04 1,200,000 1,221,666
6.50%, 11/15/04 250,000 257,721
6.13%, 12/01/04 250,000 257,995
4.00%, 12/08/04 1,000,000 1,018,434
2.13%, 12/15/04 200,000 201,185
4.05%, 12/17/04 300,000 305,402
1.31%, 04/01/05 2,000,000 2,001,720
------------
15,598,639
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (2.3%)
3.50%, 04/19/04 1,000,000 1,001,127
6.72%, 05/28/04 500,000 504,150
3.00%, 07/15/04 500,000 502,140
</Table>
<Table>
<Caption>
PRINCIPAL AMORTIZED
AMOUNT COST
- ------------------------------------------------------
4.50%, 08/15/04 $ 2,015,000 $ 2,040,245
1.88%, 01/15/05 308,000 309,262
6.88%, 01/15/05 1,024,000 1,069,690
------------
5,426,614
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (5.3%)
6.85%, 04/05/04 2,000,000 2,001,244
0.99%, 05/05/04 (b) 5,000,000 4,995,302
1.00%, 05/19/04 (b) 4,475,000 4,469,034
6.57%, 07/26/04 25,000 25,414
6.50%, 08/15/04 495,000 504,502
6.31%, 11/01/04 250,000 257,027
------------
12,252,523
------------
STUDENT LOAN MARKETING ASSOCIATION (2.4%)
4.75%, 04/23/04 500,000 501,089
1.48%, 04/26/04 5,000,000 5,000,216
------------
5,501,305
- ------------------------------------------------------
TOTAL U.S. GOVERNMENT SPONSORED
ENTERPRISE & AGENCY DEBENTURES 45,152,050
- ------------------------------------------------------
U.S. GOVERNMENT AGENCY MORTGAGES (10.0%)
SMALL BUSINESS ADMINISTRATION *
Pool #501982
2.00%, 04/01/04 188,047 189,131
Pool #502001
2.00%, 04/01/04 669,333 669,333
Pool #502139
2.00%, 04/01/04 203,086 203,086
Pool #502245
2.00%, 04/01/04 793,019 802,415
Pool #502268
2.00%, 04/01/04 346,178 346,178
Pool #502275
1.88%, 04/01/04 127,846 127,846
Pool #504073
1.50%, 04/01/04 379,573 379,573
Pool #504081
1.50%, 04/01/04 235,883 235,883
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
6
PRIME MONEY MARKET FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL AMORTIZED
AMOUNT COST
- ------------------------------------------------------
Pool #504228
1.50%, 04/01/04 $ 358,980 $ 358,980
Pool #504409
1.50%, 04/01/04 241,415 241,313
Pool #504984
1.71%, 04/01/04 171,219 171,219
Pool #505128
1.75%, 04/01/04 1,731,940 1,731,533
Pool #505163
1.75%, 04/01/04 236,683 236,626
Pool #505236
1.65%, 04/01/04 2,405,672 2,402,486
Pool #505241
1.65%, 04/01/04 1,120,557 1,120,557
Pool #505303
1.55%, 04/01/04 718,181 717,798
Pool #505341
1.45%, 04/01/04 2,379,463 2,378,869
Pool #505344
1.45%, 04/01/04 1,538,796 1,538,192
Pool #505559
1.50%, 04/01/04 386,178 386,178
Pool #505716
1.38%, 04/01/04 8,819,932 8,803,618
- ------------------------------------------------------
TOTAL U.S. GOVERNMENT AGENCY MORTGAGES 23,409,078
- ------------------------------------------------------
REPURCHASE AGREEMENTS (40.9%)
Bank of America Corp.
1.02%, dated 03/31/04,
due 04/01/04, repurchase
price $47,001,332
(collateralized by
Government National
Mortgage Association
securities) 47,000,000 47,000,000
</Table>
<Table>
<Caption>
SHARES
OR
PRINCIPAL AMORTIZED
AMOUNT COST
- ------------------------------------------------------
Prudential, Inc.
1.04%, dated 03/31/04,
due 04/01/04, repurchase
price $48,278,395
(collateralized by
Government National
Mortgage Association
securities) $48,277,000 $ 48,277,000
- ------------------------------------------------------
TOTAL REPURCHASE AGREEMENTS 95,277,000
- ------------------------------------------------------
INVESTMENT COMPANIES (5.1%)
BlackRock Provident
Institutional T-Fund 6,000,000 6,000,000
Federated Prime Cash
Obligations Fund 6,000,000 6,000,000
- ------------------------------------------------------
TOTAL INVESTMENT COMPANIES 12,000,000
- ------------------------------------------------------
SAVINGS DEPOSITS (6.9%)
Comerica Bank Money Market
Savings $ 8,000,000 8,000,000
Fifth Third Bank Money
Market Savings 8,000,000 8,000,000
- ------------------------------------------------------
TOTAL SAVINGS DEPOSITS 16,000,000
- ------------------------------------------------------
INVESTMENTS (AMORTIZED COST
$234,763,535) (a) -- 100.7% 234,763,535
- ------------------------------------------------------
LIABILITIES IN EXCESS OF OTHER
ASSETS -- (0.7)% (1,635,642)
- ------------------------------------------------------
NET ASSETS -- 100.0% $233,127,893
- ------------------------------------------------------
</Table>
- ---------------
(a) Cost and value for financial reporting and federal income tax purposes are
the same.
(b) Rate disclosed represents effective yield at March 31, 2004.
* Denotes variable rate security. Rate presented represents rate in effect on
March 31, 2004. Maturity date reflects next rate change date.
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
7
INVESTMENT GRADE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
ASSET BACKED SECURITIES (2.9%)
Daimler Chrysler Auto
Trust, 3.53%, 12/06/07 $1,500,000 $ 1,539,900
MMCA Automobile Trust,
3.57%, 08/17/09 1,000,000 1,021,686
SSB Auto Loan Trust,
2.89%, 02/15/09 2,000,000 2,039,245
WFS Financial Owner Trust,
2.39%, 08/20/07 2,000,000 2,013,746
- ------------------------------------------------------
TOTAL ASSET BACKED
SECURITIES 6,614,577
- ------------------------------------------------------
CORPORATE BONDS (23.6%)
AEROSPACE & MILITARY TECHNOLOGY (0.6%)
Loral Corp., 7.63%,
06/15/25 500,000 613,750
Northrop Grumman Corp.,
7.88%, 03/01/26 500,000 629,375
------------
1,243,125
------------
AUTOMOTIVE (0.8%)
DaimlerChrysler N.A.
Holdings Corp.,
7.20%, 09/01/09 1,000,000 1,140,000
General Motors,
8.25%, 07/15/23 500,000 559,375
------------
1,699,375
------------
BEVERAGES & TOBACCO (0.5%)
Anheuser-Busch Companies,
Inc.,
6.80%, 01/15/31 1,000,000 1,175,000
------------
COMPUTERS (0.7%)
Dell Computer Corp.,
7.10%, 04/15/28 502,000 602,400
IBM Corp., 4.88%, 10/01/06 1,000,000 1,069,061
------------
1,671,461
------------
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
CONSTRUCTION (0.6%)
Centex Corp., 4.75%,
01/15/08 $ 125,000 $ 131,875
Lennar Corp., 5.95%,
03/01/13 250,000 269,375
MDC Holdings, Inc.,
5.50%, 05/15/13 1,000,000 1,028,750
------------
1,430,000
------------
ELECTRIC UTILITY (2.2%)
Allete, Inc., 7.80%,
02/15/08 500,000 573,125
Constellation Energy Group,
Inc.,
7.00%, 04/01/12 500,000 577,500
Florida Power Corp.,
4.80%, 03/01/13 500,000 512,399
PPL Electric Utilities,
5.88%, 08/15/07 3,000,000 3,318,750
------------
4,981,774
------------
FINANCE & BANKING (8.9%)
Amvescap PLC,
5.38%, 02/27/13 500,000 503,125
Bank of America Corp.
4.88%, 01/15/13 1,000,000 1,038,750
8.57%, 11/15/24 1,000,000 1,348,749
Bear Stearns Companies,
Inc., 5.70%, 11/15/14 1,000,000 1,080,000
Block Financial Corp.,
8.50%, 04/15/07 189,000 220,248
Boeing Capital Corp.,
5.65%, 05/15/06 1,000,000 1,071,393
Burlington Resources
Finance Co.,
6.40%, 08/15/11 500,000 567,500
Caterpillar Finance,
3.45%, 01/15/09 1,000,000 1,012,500
Citigroup, Inc.,
5.75%, 05/10/06 1,000,000 1,078,352
Donaldson, Lufkin &
Jenrette, Inc., 6.50%,
04/01/08 500,000 560,625
Fleet National Bank,
5.75%, 01/15/09 500,000 552,328
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
8
INVESTMENT GRADE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
Ford Motor Credit Corp.,
7.75%, 03/15/05 $ 500,000 $ 525,474
General Electric Capital
Corp. 7.88%, 12/01/06 614,000 704,812
6.90%, 09/15/15 125,000 148,594
Goldman Sachs Group, Inc.,
6.60%, 01/15/12 1,000,000 1,147,500
Household Finance Corp.,
6.75%, 05/15/11 500,000 578,125
J.P. Morgan Chase & Co.,
4.00%, 02/01/08 500,000 520,000
Manufacturers & Traders
Trust Co.,
8.00%, 10/01/10 500,000 615,625
MBNA Corp., 5.38%, 01/15/08 500,000 540,000
Mellon Bank, 7.63%,
09/15/07 100,000 117,000
Morgan Stanley,
6.60%, 04/01/12 500,000 575,625
National City Bank,
4.63%, 05/01/13 1,000,000 1,008,750
PNC Funding Corp.,
7.50%, 11/01/09 773,000 926,634
Regions Financial Corp.,
7.75%, 09/15/24 495,000 620,272
SLM Corp., 4.00%, 01/15/09 500,000 514,375
SunAmerica, Inc.,
8.13%, 04/28/23 75,000 97,251
U.S. Bancorp, 6.38%,
08/01/11 725,000 833,519
Washington Mutual, Inc.,
8.25%, 04/01/10 500,000 611,875
Wells Fargo Financial,
6.13%, 04/18/12 1,000,000 1,127,500
------------
20,246,501
------------
FOOD (2.0%)
Albertson's, Inc.,
7.50%, 02/15/11 500,000 587,500
Archer Daniels Co.,
6.63%, 05/01/29 1,000,000 1,143,750
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
ConAgra, Inc., 7.50%,
09/15/05 $ 850,000 $ 918,000
Kellogg Co., 6.60%,
04/01/11 500,000 579,392
McDonalds Corp.,
4.13%, 06/01/13 500,000 491,250
PepsiAmericas, Inc.,
4.50%, 03/15/13 500,000 498,750
Sara Lee Corp.,
6.00%, 01/15/08 100,000 110,750
Wendy's International,
Inc., 6.20%, 06/15/14 135,000 149,850
------------
4,479,242
------------
INSURANCE (0.3%)
Mony Group, Inc.,
8.35%, 03/15/10 500,000 603,750
------------
METALS & MINING (0.5%)
Alcoa, Inc., 6.50%,
06/01/11 1,000,000 1,152,500
------------
MULTIMEDIA (0.7%)
Comcast Corp.,
7.05%, 03/15/33 500,000 557,500
Time Warner, Inc.,
6.13%, 04/15/06 500,000 539,019
Walt Disney Co.,
7.00%, 03/01/32 500,000 559,375
------------
1,655,894
------------
OIL & GAS (1.2%)
Ashland Oil, Inc.,
9.20%, 04/24/06 500,000 562,500
Columbia Energy Group,
6.80%, 11/28/05 500,000 538,464
Praxair, Inc., 6.38%,
04/01/12 1,000,000 1,148,750
USX Corp., 6.85%, 03/01/08 500,000 568,390
------------
2,818,104
------------
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
9
INVESTMENT GRADE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
PHARMACEUTICALS (0.9%)
Merck & Company, Inc.,
4.13%, 01/18/05 $1,000,000 $ 1,022,500
Pfizer, Inc., 4.50%,
02/15/14 1,000,000 1,016,250
------------
2,038,750
------------
RESEARCH & DEVELOPMENT (0.2%)
Science Applications
International Corp.,
6.25%, 07/01/12 305,000 341,981
------------
RETAIL (2.0%)
AutoZone, Inc.,
4.38%, 06/01/13 500,000 482,500
Limited Brands, Inc.,
6.13%, 12/01/12 500,000 555,978
Lowe's Companies, Inc.,
7.11%, 05/15/37 1,000,000 1,271,494
Staples, Inc., 7.13%,
08/15/07 411,000 466,999
Wal-Mart Stores, Inc.,
8.00%, 09/15/06 1,500,000 1,708,124
------------
4,485,095
------------
TELECOMMUNICATIONS (0.7%)
Bellsouth
Telecommunications, Inc.,
7.00%, 10/01/25 500,000 572,500
GTE Hawaiian Telephone,
Series A, 7.00%, 02/01/06 1,000,000 1,085,000
------------
1,657,500
------------
TRAVEL & ENTERTAINMENT (0.8%)
Brunswick Corp.,
7.38%, 09/01/23 1,000,000 1,130,868
Harrah's Operating Company,
Inc.,
8.00%, 02/01/11 500,000 601,250
------------
1,732,118
- ------------------------------------------------------
TOTAL CORPORATE BONDS 53,412,170
- ------------------------------------------------------
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
FOREIGN BONDS (2.2%)
FOREIGN GOVERNMENT
Canadian Global Bond,
6.38%, 07/21/05 $1,000,000 $ 1,065,000
Inter-American Development
Bank
4.00%, 01/18/05 1,000,000 1,022,500
8.40%, 09/01/09 100,000 125,595
Italy, 3.25%, 05/15/09 1,000,000 1,006,250
Quebec Province,
6.13%, 01/22/11 1,000,000 1,147,500
State of Israel, 6.38%,
12/15/05 495,000 510,469
- ------------------------------------------------------
TOTAL FOREIGN BONDS 4,877,314
- ------------------------------------------------------
MORTGAGE BACKED SECURITIES (36.5%)
FEDERAL HOME LOAN MORTGAGE CORPORATION (9.3%)
Pool #A14649
5.00%, 10/01/33 2,966,337 2,983,927
Pool #C00544
6.50%, 06/01/27 58,275 61,389
Pool #C00835
6.50%, 07/01/29 284,107 298,843
Pool #C00896
7.50%, 12/01/29 375,692 404,571
Pool #C01244
6.50%, 10/01/31 1,036,940 1,090,083
Pool #C01649
5.50%, 10/01/33 3,801,260 3,899,827
Pool #C16249
6.50%, 10/01/28 1,695,816 1,785,372
Pool #D77827
6.50%, 02/01/27 89,011 93,766
Pool #D81274
6.50%, 07/01/27 1,875 1,975
Pool #D83661
6.50%, 11/01/27 86,630 91,258
Pool #D83833
6.50%, 11/01/27 109,694 115,555
Pool #D83835
6.50%, 11/01/27 66,878 70,451
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
10
INVESTMENT GRADE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
Pool #D83900
6.50%, 11/01/27 $ 42,885 $ 45,177
Pool #D83967
6.50%, 11/01/27 4,789 5,045
Pool #D83991
6.50%, 11/01/27 34,493 36,336
Pool #D84075
6.50%, 11/01/27 17,147 18,063
Pool #E01071
5.50%, 11/01/16 419,493 437,711
Pool #E01544
4.50%, 01/01/19 3,953,319 4,011,354
Pool #E77808
6.00%, 07/01/14 1,034,482 1,091,699
Pool #E81217
7.00%, 09/01/15 82,403 88,119
Pool #G01035
6.00%, 05/01/29 1,459,568 1,518,856
Pool #G01477
6.00%, 12/01/32 2,027,734 2,108,843
Pool #M90724
5.50%, 05/01/07 652,976 671,540
------------
20,929,760
------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (17.7%)
Pool #250551
7.00%, 05/01/26 608,789 647,788
Pool #251140
7.00%, 08/01/27 41,439 44,067
Pool #255109
5.00%, 03/01/19 5,970,046 6,145,386
Pool #303585
7.00%, 10/01/25 50,846 54,134
Pool #313275
7.50%, 04/01/26 743,595 799,826
Pool #313644
7.00%, 08/01/27 14,067 14,959
Pool #323405
7.50%, 10/01/28 706,656 760,094
Pool #344263
7.00%, 05/01/26 23,573 25,083
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
Pool #346330
7.00%, 05/01/26 $ 250,069 $ 266,088
Pool #369427
7.00%, 01/01/27 14,327 15,245
Pool #381100
5.77%, 01/01/09 928,273 1,022,261
Pool #394444
7.00%, 07/01/27 112,619 119,762
Pool #396535
7.00%, 11/01/27 50,581 53,789
Pool #532574
8.00%, 06/01/15 262,430 282,274
Pool #534157
7.50%, 04/01/30 1,892 2,028
Pool #535469
6.50%, 07/01/30 324,610 341,347
Pool #545691
6.50%, 06/01/32 1,318,693 1,385,854
Pool #547005
7.50%, 07/01/30 1,610 1,726
Pool #550792
7.50%, 10/01/30 8,585 9,205
Pool #552555
7.50%, 09/01/30 1,482 1,589
Pool #556077
7.50%, 11/01/30 36,036 38,637
Pool #556340
6.00%, 07/01/13 739,016 779,891
Pool #561744
8.50%, 12/01/30 948,977 1,026,964
Pool #569582
6.50%, 04/01/31 480,571 505,047
Pool #610107
6.50%, 10/01/31 304,332 319,831
Pool #671779
5.50%, 12/01/32 3,483,829 3,572,439
Pool #683235*
5.17%, 02/01/33 2,911,439 2,978,752
Pool #694370
5.00%, 03/01/33 3,885,457 3,907,293
Pool #729535
5.50%, 07/01/33 5,925,063 6,075,026
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
11
INVESTMENT GRADE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
Pool #734744
5.00%, 10/01/18 $3,803,149 $ 3,914,848
Pool #761834
6.00%, 06/01/33 4,503,671 4,690,843
------------
39,802,076
------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (9.5%)
Series I, Pool #271938,
4.50%, 08/15/18 3,923,961 3,993,847
Series I, Pool #354602,
7.00%, 06/15/23 145,116 155,772
Series I, Pool #437447,
7.00%, 11/15/12 276,920 297,947
Series I, Pool #458347,
7.00%, 11/15/12 91,343 98,279
Series I, Pool #553132,
6.50%, 03/15/33 2,757,312 2,912,411
Series I, Pool #609383,
5.50%, 04/15/33 4,810,510 4,953,287
Series I, Pool #780204,
7.00%, 07/15/25 354,957 380,024
Series I, Pool #780717,
7.00%, 02/15/28 397,035 423,708
Series II, Pool #2118,
7.50%, 11/20/25 16,395 17,634
Series II, Pool #2271,
8.50%, 08/20/26 34,165 37,368
Series II, Pool #2473,
7.50%, 08/20/27 117,207 125,813
Series II, Pool #2474,
8.00%, 08/20/27 143,915 156,461
Series II, Pool #2498,
7.50%, 10/20/27 80,617 86,537
Series II, Pool #2516,
6.50%, 11/20/12 248,394 265,238
Series II, Pool #2562,
6.00%, 03/20/28 27,801 29,103
Series II, Pool #2576,
6.00%, 04/20/28 1,277,197 1,337,059
</Table>
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
Series II, Pool #2657,
6.00%, 10/20/28 $ 232,694 $ 243,595
Series II, Pool #2671,
6.00%, 11/20/28 517,446 541,699
Series II, Pool #2687,
6.00%, 12/20/28 255,455 267,428
Series II, Pool #3323,
7.00%, 12/20/32 1,269,046 1,348,361
Series II, Pool #3414,
5.00%, 07/20/33 3,844,472 3,873,305
------------
21,544,876
- ------------------------------------------------------
TOTAL MORTGAGE BACKED SECURITIES 82,276,712
- ------------------------------------------------------
U.S. GOVERNMENT SPONSORED ENTERPRISE & AGENCY
DEBENTURES (24.3%)
FEDERAL FARM CREDIT BANK (1.6%)
9.20%, 08/22/05 100,000 110,609
6.30%, 12/03/13 3,000,000 3,483,750
------------
3,594,359
------------
FEDERAL HOME LOAN BANK (2.8%)
5.60%, 09/29/04* 750,000 783,750
5.88%, 02/23/06 1,110,000 1,195,548
2.25%, 05/15/06 2,000,000 2,019,756
5.75%, 05/15/12 2,000,000 2,247,444
------------
6,246,498
------------
FEDERAL HOME LOAN MORTGAGE CORPORATION (7.1%)
3.50%, 09/15/07 7,000,000 7,240,926
5.75%, 04/15/08 1,000,000 1,115,946
4.00%, 10/29/08 3,050,000 3,099,563
6.63%, 09/15/09 1,000,000 1,167,500
6.88%, 09/15/10 1,000,000 1,189,453
5.63%, 03/15/11 2,000,000 2,235,188
------------
16,048,576
------------
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
12
INVESTMENT GRADE BOND FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION (10.2%)
2.63%, 11/15/06 $7,000,000 $ 7,096,249
6.60%, 07/16/07 2,000,000 2,031,120
6.00%, 05/15/08 3,000,000 3,376,080
5.25%, 01/15/09 1,000,000 1,099,680
6.38%, 06/15/09 2,000,000 2,307,180
6.63%, 09/15/09 4,000,000 4,671,600
7.13%, 01/15/30 2,000,000 2,521,360
------------
23,103,269
------------
STUDENT LOAN MARKETING ASSOCIATION (0.3%)
8.44%, 12/01/16 450,000 629,280
------------
TENNESSEE VALLEY AUTHORITY (1.1%)
Tennessee Valley Authority,
5.98%, 04/01/36 1,650,000 1,843,875
Tennessee Valley Authority
Global,
6.75%, 11/01/25 500,000 605,000
------------
2,448,875
------------
U.S. GOVERNMENT GUARANTEED SECURITY (1.2%)
El Salvador Aid,
6.30%, 11/01/05 1,614,062 1,719,448
Financing Corp.,
10.35%, 08/03/18 600,000 955,262
Guaranteed Export Trust,
Series 96-A,
6.55%, 06/15/04 105,869 107,020
------------
2,781,730
- ------------------------------------------------------
TOTAL U.S. GOVERNMENT SPONSORED
ENTERPRISE & AGENCY DEBENTURES 54,852,587
- ------------------------------------------------------
U.S. TREASURY DEBENTURES (8.9%)
INTEREST ONLY STRIPPED SECURITIES (0.0%)
U.S. Treasury Strip, 0.00%,
02/15/19 100,000 48,677
------------
</Table>
<Table>
<Caption>
SHARES
OR
PRINCIPAL
AMOUNT VALUE
- ------------------------------------------------------
U.S. TREASURY BONDS (5.5%)
12.00%, 05/15/05 $ 160,000 $ 179,224
8.88%, 02/15/19 500,000 741,133
8.75%, 05/15/20 5,000,000 7,408,790
6.25%, 05/15/30 2,000,000 2,415,220
5.38%, 02/15/31 1,500,000 1,635,465
------------
12,379,832
------------
U.S. TREASURY NOTES (3.4%)
1.88%, 12/31/05 2,000,000 2,015,000
3.38%, 12/15/08 1,000,000 1,030,000
5.00%, 08/15/11 530,000 584,177
4.25%, 08/15/13 1,000,000 1,036,250
4.25%, 11/15/13 3,000,000 3,105,000
------------
7,770,427
- ------------------------------------------------------
TOTAL U.S. TREASURY DEBENTURES 20,198,936
- ------------------------------------------------------
INVESTMENT COMPANY (0.5%)
Eureka Prime Money Market
Fund -- Trust Class 1,214,254 1,214,254
- ------------------------------------------------------
TOTAL INVESTMENTS (COST $215,302,705)
(a) -- 98.9% 223,446,550
- ------------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 1.1% 2,499,533
- ------------------------------------------------------
NET ASSETS -- 100.0% $225,946,083
- ------------------------------------------------------
</Table>
- ---------------
(a) Represents cost for financial reporting purposes, is substantially the same
as cost for federal income tax purposes, and differs from value basis by
unrealized appreciation/depreciation of securities as follows:
<Table>
Unrealized appreciation....... $8,259,036
Unrealized depreciation....... (115,191)
----------
Net unrealized appreciation... $8,143,845
==========
</Table>
* Denotes variable rate security. Rate presented represents rate in effect on
March 31, 2004. Maturity date reflects next rate change date.
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
13
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
COMMON STOCK (98.5%)
ADVERTISING & MARKETING (0.1%)
Publicis Groupe 300 $ 9,095
WPP Group PLC 2,700 27,317
-----------
36,412
-----------
AEROSPACE & MILITARY TECHNOLOGY (0.4%)
British Aerospace PLC 8,917 32,940
European Aeronautic Defence
and Space Co. 700 15,097
Lockheed Martin Corp. 2,400 109,536
Rolls-Royce Group PLC 2,500 10,338
-----------
167,911
-----------
AIRPORTS (0.1%)
BAA PLC 2,800 26,502
-----------
AUTOMOTIVE (3.3%)
Bridgestone Corp. 1,000 15,697
Continental AG 400 15,779
DaimlerChrysler AG 1,774 74,079
Denso Corp. 1,200 27,337
Fiat SPA * 1,100 7,597
General Motors Corp. 6,400 301,440
Honda Motor Company, Ltd. 1,700 78,435
Magna International, Inc.,
Class A 200 15,731
Michelin (CGDE), Class B 300 13,589
Nissan Motors 5,200 58,230
PACCAR, Inc. 6,450 362,747
PSA Peugeot Citroen 420 21,399
Renault SA 370 25,622
Toyota Motor Corp. 5,800 216,312
Volkswagen AG 600 26,249
Volvo AB, Class A 400 12,783
Volvo AB, Class B 300 9,886
-----------
1,282,912
-----------
BEVERAGES & TOBACCO (2.6%)
Altadis SA 800 24,234
Anheuser Busch Companies,
Inc. 800 40,800
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Asahi Breweries, Ltd. 2,000 $ 23,204
British American Tobacco PLC 3,474 52,259
Cadbury Schweppes PLC 5,506 43,411
Coca Cola Amatil, Ltd. 2,900 15,100
Coca-Cola Co. 5,200 261,559
Coca-Cola Enterprises, Inc. 1,300 31,421
Diageo PLC 6,352 82,768
Heineken NV 500 20,031
Imperial Tobacco Group PLC 1,700 37,055
Interbrew 400 11,006
Ito En, Ltd. 200 8,959
Japan Tobacco, Inc. 2 14,630
Kirin Brewery Company, Ltd. 3,000 32,383
LVMH (Louis Vuitton Moet
Hennessy) 520 38,214
PepsiCo, Inc. 4,100 220,784
Pernod-Ricard SA 205 24,941
SABMiller PLC 2,000 23,010
Scottish & Newcastle PLC 1,400 10,691
-----------
1,016,460
-----------
CHEMICALS (1.5%)
Akzo Nobel 580 21,290
Asahi Kasei Corp. 4,000 23,492
BOC Group PLC 1,000 16,550
Ciba Specialty Chemicals AG * 200 13,648
Dow Chemical Co. 1,800 72,504
DSM NV 200 8,929
Henkel KGaA, Vorzug 150 12,314
Hercules, Inc. * 12,400 142,351
Imperial Chemical Industries
PLC 3,700 15,351
International Flavors &
Fragrances, Inc. 400 14,200
Johnson Matthey PLC 600 9,698
L'Air Liquide 206 35,062
Lonza Group AG 214 10,921
Mitsubishi Chemical Corp. 7,000 21,397
Mitsui Chemicals, Inc. 2,000 12,323
NOVA Chemicals Corp. 300 7,515
Potash Corp. of Saskatchewan 200 16,597
Shin-Etsu Chemical Co. 800 33,681
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
14
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Solvay SA 210 $ 16,878
Syngenta AG, Registered 295 21,516
Takeda Chemical Industries 1,800 80,280
-----------
606,497
-----------
COMPUTERS (6.7%)
Adobe Systems, Inc. 400 15,772
Applied Materials, Inc. * 5,200 111,176
ATI Technologies, Inc. * 600 9,738
Cap Gemini SA * 320 12,202
Cisco Systems, Inc. * 8,100 190,512
Citrix Systems, Inc. * 3,100 67,022
Cognos, Inc. * 300 9,352
Computer Associates
International, Inc. 6,300 169,218
CSK Corp. 200 8,901
Dassault Systemes SA 200 8,307
Dell, Inc. * 9,300 312,666
Fujitsu, Ltd. * 5,000 31,960
Gateway, Inc. * 4,300 22,704
Hewlett-Packard Co. 300 6,852
IBM Corp. 4,500 413,280
Intel Corp. 8,300 225,760
Lexmark International, Inc. * 1,400 128,800
LogicaCMG PLC 1,700 8,006
Microsoft Corp. 22,700 566,820
Misys PLC 2,100 7,941
Nomura Research Institute,
Ltd. 100 11,381
NTT Data Corp. 4 16,994
Oracle Corp. * 12,100 145,321
Parametric Technology Corp. * 8,600 38,872
SAP AG 460 72,358
Seagate Technology, Inc.
Escrow Shares * 1,700 0
TietoEnator Oyj 300 9,139
Unisys Corp. * 500 7,140
-----------
2,628,194
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
CONSTRUCTION (1.4%)
Acciona SA 200 $ 12,301
Actividades de Construccion y
Servicios SA 314 15,358
Autostrade SPA * 700 12,508
Barratt Developments PLC 800 9,145
Berkeley Group PLC 500 9,667
Bouygues SA 600 20,646
Centex Corp. 1,400 75,683
Compagnie de Saint-Gobain 680 34,353
Compagnie Francaise d'Etudes
et de Construction SA
(Technip) 70 9,463
Daiwa House Industry Company,
Ltd. 2,000 25,529
Fomento de Construcciones y
Contratas SA 300 10,902
Geberit AG, Registered 20 10,988
Grupo Ferrovial SA 300 12,185
Hanson PLC 2,500 19,206
Imerys 40 9,522
KB HOME 1,900 153,519
Obayashi Corp. 3,000 16,408
Persimmon PLC 800 10,160
Rinker Group, Ltd. 3,300 17,510
Sekisui House, Ltd. 1,000 11,275
Skanska AB, Class B 1,800 15,276
Vinci SA 240 23,034
-----------
534,638
-----------
CONSUMER GOODS & SERVICES (4.6%)
Adidas-Salomon AG 130 15,065
Avon Products, Inc. 1,700 128,979
Black & Decker Corp. 600 34,164
Eastman Kodak Co. 4,600 120,382
Electrolux AB, Class B 600 12,253
Essilor International SA 400 24,327
Gillette Co. 5,800 226,780
Givaudan SA, Registered 30 15,321
KAO Corp. 1,000 22,877
L'Oreal SA 690 52,827
Luxottica Group SPA 600 9,438
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
15
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Matsushita Electric Industrial
Co. 4,576 $ 70,728
Mattel, Inc. 15,400 283,976
Nintendo Company, Ltd. 200 20,205
Procter & Gamble Co. 4,100 430,008
Reckitt Benckiser PLC 1,300 32,135
Secom Company, Ltd. 500 21,820
Securitas AB, Class B 600 8,672
Shiseido Company, Ltd. 1,000 13,034
Snap-on, Inc. 1,100 35,574
Societe BIC SA 300 12,719
Sony Corp. 2,000 83,818
Unilever NV -- CVA 1,283 88,530
Unilever PLC 5,735 56,758
-----------
1,820,390
-----------
CONTAINERS (0.2%)
Amcor, Ltd. 1,600 9,772
Ball Corp. 600 40,669
Rexam PLC 1,300 10,524
-----------
60,965
-----------
DIVERSIFIED (2.5%)
3M Co. 400 32,748
BASF AG 1,145 58,183
Bayer AG 1,400 34,323
Bombardier, Inc., Class B 3,300 14,739
Brambles Industries PLC 3,300 13,024
Brambles Industries, Ltd. 5,008 21,449
Brascan Corp., Class A 300 11,938
Broken Hill Proprietary
Company, Ltd. 8,062 75,460
Bunzl PLC 1,400 11,623
Compagnie Financiere Richemont
AG, Class A 1,300 34,941
General Electric Co. 12,300 375,397
Groupe Bruxelles Lambert SA 250 15,100
Hutchison Whampoa 3,400 24,438
Mitsubishi Corp. 2,000 23,646
Mitsui & Company, Ltd. 3,000 26,933
Nippon Unipac Holding 2 10,669
Power Corp. of Canada 400 16,374
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Preussag AG 500 $ 11,429
Reed International PLC 3,100 27,433
Rentokil Initial PLC 6,258 20,961
Smiths Industries PLC 1,300 15,315
Sumitomo Corp. 3,000 27,020
Swire Pacific, Ltd., Class A 3,500 23,697
Wesfarmers, Ltd. 900 19,926
Wharf Holdings, Ltd. 5,700 17,120
-----------
963,886
-----------
E-COMMERCE (0.5%)
Amazon.com, Inc. * 2,500 108,200
InterActiveCorp * 1,400 44,226
VeriSign, Inc. * 3,000 49,770
Wanadoo * 1,000 10,495
-----------
212,691
-----------
ELECTRICAL & ELECTRONIC (3.6%)
Advantest Corp. 200 16,398
Altera Corp. * 2,000 40,900
Applied Micro Circuits Corp. * 15,100 86,825
ASML Holding NV * 1,000 18,323
Casio Computer Company, Ltd. 1,000 11,900
Celestica, Inc. * 500 8,123
Electrocomponents PLC 1,300 8,159
Emerson Electric Co. 200 11,984
Fanuc, Ltd. 400 25,107
Hirose Electric Company, Ltd. 60 6,673
Hitachi, Ltd. 8,000 62,056
Infineon Technologies AG * 1,400 20,508
Johnson Electric Holdings,
Ltd. 8,000 8,677
Keyence Corp. 80 19,501
Kyocera Corp. 400 33,604
Micron Technology, Inc. * 4,800 80,208
Mitsubishi Electric Corp. 6,000 34,027
Murata Manufacturing Company,
Ltd. 500 31,768
NEC Corp. 4,000 32,912
Nitto Denko Corp. 400 21,993
Novellus Systems, Inc. * 4,600 146,234
Omron Corp. 700 17,595
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
16
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Philips Electronics NV 2,882 $ 83,336
Pioneer Corp. 400 11,842
Power-One, Inc. * 500 5,530
Rockwell Automation, Inc. 4,300 149,081
Rohm Company, Ltd. 200 25,895
Sagem SA 83 9,231
Sanyo Electric Company, Ltd. 5,000 24,895
Sharp Corp. 2,000 35,738
Siemens AG 1,797 132,721
STMicroelectronics NV 1,300 30,641
Sumitomo Electric Industries,
Ltd. 2,000 18,205
Taiyo Yuden Company, Ltd. 1,000 16,706
TDK Corp. 300 22,925
Thales SA 200 7,654
Tokyo Electron, Ltd. 400 26,722
Toshiba Corp. 8,000 36,295
Yokogawa Electric Corp. 1,000 14,841
-----------
1,395,733
-----------
FINANCE & BANKING (19.2%)
3i Group PLC 1,500 17,340
77 Bank, Ltd. 4,000 24,992
ABN Amro Holding NV 3,548 79,136
Acom Company, Ltd. 190 13,880
Aiful Corp. 100 10,256
Allied Irish Bank PLC 2,200 32,821
Alpha Bank A.E 500 15,398
Amvescap PLC 1,700 12,513
Australia & New Zealand
Banking Group, Ltd. 3,900 56,453
Banca Antonveneta SPA 900 16,668
Banca Fideuram SPA 1,600 8,848
Banca Intesa SPA * 11,917 39,395
Banche Popolari Unite Scrl * 1,400 22,796
Banco Bilbao Vizcaya 6,531 86,439
Banco Comercial Portugues SA,
Registered * 4,900 12,103
Banco Espirito Santo SA,
Registered 900 15,539
Banco Popolare di Verona e
Novara Scrl 1,400 22,779
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Banco Popular Espanol SA 400 $ 23,408
Banco Santander Central
Hispano SA 9,840 107,018
Bank of America Corp. 1,936 156,777
Bank of East Asia 7,600 22,972
Bank of Ireland 2,400 29,936
Bank of Montreal 1,000 41,263
Bank of Nova Scotia 1,050 56,565
Bank of Yokohama, Ltd. 4,000 23,531
Barclays PLC 14,100 124,191
Bayerische Hypo-und
Vereinsbank AG * 973 19,108
Bear Stearns Companies, Inc. 2,900 254,272
Canadian Imperial Bank of
Commerce 800 41,636
Citigroup, Inc. 6,600 341,220
Close Brothers Group PLC 600 8,822
Commerzbank AG 1,200 20,321
Commonwealth Bank of Australia 2,500 63,557
Countrywide Credit Industries,
Inc. 766 73,459
Credit Agricole SA 1,400 36,560
Credit Saison Company, Ltd. 500 15,043
Credit Suisse Group 2,600 90,097
Daiwa Securities Group, Inc. * 3,000 24,511
Danske Bank A/S 1,300 29,398
DBS Group Holdings, Ltd. 3,198 27,473
Deutsche Bank AG 1,130 93,804
Dexia 1,300 22,574
Dexia-Strip VVPR * 2,560 31
Euronext NV 300 8,940
Fannie Mae 4,600 342,010
Fortis 2,020 42,945
Freddie Mac 8,000 472,481
Golden West Financial Corp. 800 89,560
Hang Seng Bank, Ltd. 1,200 15,325
HBOS PLC 8,275 112,237
HSBC Holdings PLC 23,100 343,456
Hypo Real Estate Holding AG * 343 9,610
ING Groep NV 3,608 79,278
Irish Life & Permanent PLC 700 11,475
J.P. Morgan Chase & Co. 7,900 331,405
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
17
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Jafco Company, Ltd. * 100 $ 9,776
KBC Bancassurance Holding 300 17,549
Lehman Brothers Holdings,
Inc. 2,800 232,036
Lend Lease Corporation, Ltd. 2,700 21,087
Lloyds TSB Group PLC 12,576 95,571
M&T Bank Corp. 700 62,895
Macquarie Bank, Ltd. 500 13,666
Man Group PLC 600 19,286
Mediobanca SPA 1,300 15,001
Mellon Financial Corp. 600 18,774
Merrill Lynch & Co. 4,800 285,888
Mitsubishi Tokyo Financial
Group, Inc. (MTFG) 10 99,005
Mizuho Financial Group, Inc. 15 64,594
National Australia Bank, Ltd. 3,200 75,734
National Bank of Canada 600 20,914
National Bank of Greece SA 1,270 33,805
National City Corp. 15,100 537,259
Nikko Securities Company,
Ltd. 2,000 13,265
Nomura Securities Company,
Ltd. 4,000 72,860
Nordea AB 6,000 40,974
Orix Corp. 200 22,127
Oversea-Chinese Banking
Corporation, Ltd. 3,000 22,013
Power Financial Corp. 200 8,446
Promise Company, Ltd. 250 17,182
Provident Financial PLC 900 12,091
Royal Bank of Canada 1,300 61,872
Royal Bank of Scotland Group
PLC 6,200 188,924
San Paolo-IMI SPA 2,835 32,296
Shizuoka Bank 2,000 17,244
Skandiaviska Enskilda Banken 1,500 21,979
SLM Corp. 8,600 359,910
Societe Generale, Class A 760 64,910
Softbank Corp. * 500 23,406
Sumitomo Mitsui Financial
Group, Inc. 9 66,612
Sumitomo Trust & Banking 3,000 19,984
Sun Life Financial Services of
Canada, Inc. 1,200 32,140
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Suncorp-Metway, Ltd. 1,400 $ 15,156
Svenska Handelsbanken, Class A 900 17,006
Svenska Handelsbanken, Class B 600 11,258
Takefuji Corp. 140 9,756
UBS AG, Registered 2,438 181,092
UFJ Holdings, Inc. 8 50,906
Unicredito Italiano SPA 10,300 49,112
United Overseas Bank, Ltd. 3,256 26,029
Wachovia Corp. 600 28,200
Washington Mutual, Inc. 6,300 269,073
Westfield Holdings, Ltd. 2,000 20,338
Westpac Banking Corp. 6,100 81,731
-----------
7,574,357
-----------
FOOD (2.4%)
Ajinomoto Company, Inc. 2,000 23,838
Autogrill SPA * 1,000 14,415
Carrefour SA 1,180 58,207
Compass Group PLC 5,637 37,140
Danisco A/S 200 9,623
Delhaize Group 200 9,266
Etablissements Economiques du
Casino Guichard-Perrachon SA 90 8,632
Groupe Danone 270 44,263
H.J. Heinz Co. 1,900 70,851
Katokichi Company, Ltd. 600 11,396
Kellogg Co. 5,100 200,124
Kerry Group PLC, Class A 700 13,377
Koninklijke Ahold NV * 2,000 16,369
Koninklijke Numico NV -- CVA * 400 11,797
Loblaw Companies, Ltd. 200 9,526
Nestle SA, Registered 855 217,994
Nissin Food Products Company,
Ltd. 500 12,760
Orkla ASA, Class A 1,000 28,693
Sainsbury (J) PLC 4,344 20,817
Sodexho Alliance SA 300 9,132
Tesco PLC 16,348 73,836
Weston (George), Ltd. 100 7,466
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
18
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Whitbread PLC 900 $ 12,009
William Morrison Supermarkets
PLC 2,500 11,498
-----------
933,029
-----------
FORESTRY (0.9%)
Weyerhaeuser Co. 5,500 360,250
-----------
HEALTH CARE (2.4%)
Amersham PLC 1,600 23,554
Amgen, Inc. * 2,100 122,157
Baxter International, Inc. 1,200 37,068
Becton, Dickinson and Co. 2,200 106,656
Fresenius Medical Care AG 120 7,890
Johnson & Johnson 7,904 400,890
McKesson, Inc. 1,400 42,126
Medtronic, Inc. 2,200 105,050
Nobel Biocare Holding AG 80 10,948
Smith & Nephew PLC 2,400 23,620
Stryker Corp. 400 35,412
Synthes-Stratec, Inc. 15 15,381
Terumo Corp. 600 13,034
-----------
943,786
-----------
INSURANCE (4.0%)
Aegon NV 2,891 36,949
Aetna, Inc. 2,900 260,189
AFLAC, Inc. 200 8,028
Alleanza Assicurazioni SPA 1,300 14,714
Allianz AG, Registered 625 68,212
AMP, Ltd. 3,700 15,903
Assicurazioni Generali 2,170 55,361
Axa 3,000 62,600
CGU PLC 4,724 45,841
Corporacion Mapfre SA 1,000 12,019
Daido Life Insurance Company,
Ltd. 3 12,255
Great-West Lifeco, Inc. 274 10,581
Legal & General Group PLC 17,000 29,603
Lincoln National Corp. 2,800 132,496
Manulife Financial Corp. 1,000 36,949
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Marsh & McLennan Companies,
Inc. 2,000 $ 92,600
Mediolanum SPA 1,200 7,388
Millea Holdings, Inc. 3 46,715
Mitsui Sumitomo Insurance
Company, Ltd. 4,000 42,601
Muenchener Rueckver. AG,
Registered 330 36,579
Progressive Corp. 600 52,560
Prudential PLC 4,200 34,542
QBE Insurance Group, Ltd. 1,500 12,803
RAS SPA 800 14,304
Royal & Sun Alliance Insurance
Group PLC 4,545 6,849
SAFECO Corp. 5,800 250,387
Sampo Oyj, A Shares 1,200 14,009
Skandia Forsakrings AB 3,400 13,435
Sompo Japan Insurance, Inc. 1,000 10,727
Swiss Re, Registered 730 50,305
Travelers Property Casualty
Corp., Class B 1,300 22,451
Zurich Financial Services AG 331 52,190
-----------
1,562,145
-----------
MANUFACTURING (4.2%)
Abitibi-Consolidated, Inc. 1,384 9,825
Acerinox SA 400 19,579
Arcelor 900 16,325
Asahi Glass Company, Ltd. 2,000 21,608
Atlas Copco AB, Class A 400 14,215
Boehler-Uddeholm AG 380 30,938
BPB PLC 1,400 9,147
Canon, Inc. 2,000 103,619
Caterpillar, Inc. 800 63,256
CRH PLC 1,100 22,372
Deere & Co. 4,700 325,756
Dofasco, Inc. 600 15,522
Fuji Photo Film Co. 1,000 31,816
GKN PLC 3,300 14,601
Holcim, Ltd., Registered 375 20,055
Hoya Corp. 200 19,513
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
19
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
JFE Holdings, Inc. 1,150 $ 31,449
JSR Corp. 500 10,718
Komatsu, Ltd. 2,000 12,688
Konica Minolta Holdings, Inc. 1,000 14,303
Kubota Corp. 4,000 19,071
LaFarge 350 28,323
Linde AG 300 15,853
Linear Technology Corp. 6,300 233,225
MAN AG 300 10,691
Mitsubishi Heavy Industries,
Ltd. 9,000 29,240
Nidec Corp. 100 10,400
Nikon Corp. 1,000 13,313
Norsk Hydro ASA 540 33,977
Norske Skogsindustrier ASA 700 13,560
Olympus Optical Company, Ltd. 1,000 21,531
Orica, Ltd. 1,700 18,534
Ricoh Company, Ltd. 1,000 20,570
RMC Group PLC 1,000 11,569
Sandvik AB 450 14,351
Sapa AB 500 11,967
Schneider Electric SA 500 32,566
Sembcorp Industries, Ltd. 18,209 16,729
Shimano, Inc. 500 11,727
SKF AB, B Shares 200 7,240
SMC Corp. 200 23,857
Svenska Cellulosa AB, Class B 300 11,994
ThyssenKrupp AG 950 17,640
Titan Cement Co. SA 300 13,265
Tostem Corp. 1,000 22,108
Toyoda Automatic Loom Works,
Ltd. 800 19,032
UPM-Kymmene Oyj 1,200 21,973
Ushio, Inc. 1,000 18,503
Valeo SA 200 8,298
Veba AG 1,350 89,089
Voestalpine AG 300 13,641
-----------
1,641,142
-----------
METALS & MINING (0.8%)
Alcan, Inc. 700 31,047
Barrick Gold Corp. 1,200 28,305
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
BHP Billiton PLC 5,266 $ 48,004
Inco, Ltd. * 500 17,169
Newcrest Mining, Ltd. 1,100 10,808
Noranda, Inc. 800 14,390
Placer Dome, Inc. 1,000 17,949
Rio Tinto PLC, Registered 2,416 59,589
Rio Tinto, Ltd. 800 21,016
Teck Cominco, Ltd., Class B 500 9,309
Umicore SA 200 12,191
WMC Resources, Ltd. 4,200 16,417
WMC, Ltd. 4,200 17,187
-----------
303,381
-----------
MULTIMEDIA (2.3%)
British Sky Broadcasting PLC 2,800 34,915
Comcast Corp., Class A * 200 5,748
EMAP PLC 700 11,154
ITV PLC * 8,037 19,682
Lagardere S.C.A. 300 17,080
McGraw-Hill Companies, Inc. 1,000 76,140
Mediaset SPA 1,800 19,975
Meredith Corp. 3,300 166,849
News Corporation, Ltd. 3,500 31,477
Pearson PLC 1,863 21,177
Publishing & Broadcasting 1,200 10,810
Reuters Group PLC 3,155 22,440
Shaw Communications, Inc.,
Class B 600 9,838
Societe Television Francaise 1 400 12,702
Thomson 700 12,912
Toho Company, Ltd. 1,200 19,724
Toppan Printing Company, Ltd. 2,000 25,780
Univision Communications,
Inc., Class A * 3,200 105,632
Viacom, Inc., Class B 2,300 90,183
Vivendi Universal SA * 2,001 53,041
Walt Disney Co. 4,800 119,952
Yamaha Corp. 500 9,348
-----------
896,559
-----------
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
20
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
OIL & GAS (7.4%)
Australian Gas Light Company,
Ltd. 1,800 $ 15,941
BG Group PLC 9,765 58,371
BJ Services Co. * 600 25,962
BP Amoco PLC 45,952 385,106
Burlington Resources, Inc. 200 12,726
Canadian Natural Resources,
Ltd. 300 16,595
Devon Energy Corp. 3,800 220,970
Dynergy, Inc., Class A * 8,800 34,848
ENI SPA 5,300 106,555
EOG Resources, Inc. 3,500 160,615
Exxon Mobil Corp. 6,184 257,193
Hong Kong & China Gas 18,210 31,436
Husky Energy, Inc. 500 9,968
IHC Caland NV 170 8,760
Imperial Oil, Ltd. 400 17,917
Kerr-McGee Corp. 4,900 252,350
Kinder Morgan, Inc. 5,100 321,402
Nexen, Inc. 400 15,553
Nippon Oil Corp. 3,000 17,187
OMV AG 50 9,463
Osaka Gas Company, Ltd. 6,000 17,936
PanCanadian Energy Corp. 956 41,237
Penn West Petroleum, Ltd. 200 9,329
Petro-Canada 500 21,921
Precision Drilling Corp. * 200 9,329
Royal Dutch Petroleum 4,417 209,794
Santos, Ltd. 2,700 12,574
Shell Canada, Ltd. 300 14,164
Shell Transportation & Trading
Co. PLC 19,673 128,535
Suncor Energy, Inc. 1,000 27,369
Talisman Energy, Inc. 300 17,631
Tokyo Gas Company, Ltd. 9,000 34,085
TonenGeneral Sekiyu K.K 1,000 8,737
Total SA, Class B 1,317 241,798
Total SA-Strip VVPR * 180 2
TransCanada Corp. 800 17,214
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Unocal Corp. 3,100 $ 115,568
Woodside Petroleum, Ltd. 1,900 22,774
-----------
2,928,915
-----------
PAPER PRODUCTS (0.7%)
MeadWestvaco Corp. 2,900 82,041
Oji Paper Company, Ltd. 2,000 13,899
Temple-Inland, Inc. 2,900 183,686
-----------
279,626
-----------
PHARMACEUTICALS (7.3%)
Abbott Laboratories 3,800 156,180
Altana AG 180 11,188
AmerisourceBergen Corp. 1,200 65,616
Astrazeneca Group PLC 3,750 173,884
Aventis SA 1,455 111,842
Bristol-Myers Squibb Co. 1,600 38,768
Chugai Pharmaceutical Company,
Ltd. 700 11,142
CSL, Ltd. 800 12,814
Daiichi Pharmaceutical
Company, Ltd. 700 13,592
Eisai Company, Ltd. 600 16,264
Elan Corp. PLC * 900 18,470
Eli Lilly and Co. 1,100 73,590
Fujisawa Pharmaceutical
Company, Ltd. 700 16,821
Genentech, Inc. * 2,800 296,296
Gilead Sciences, Inc. * 300 16,731
GlaxoSmithKline PLC 12,518 245,706
MedImmune, Inc. * 8,100 186,948
Merck & Company, Inc. 9,800 433,063
Merck KGaA 200 9,389
Novartis AG, Registered 4,960 210,639
Novo Nordisk A/S, Class B 580 26,902
Pfizer, Inc. 8,850 310,194
Roche Holding AG, Bearer 100 13,399
Roche Holding AG, Genusschein 1,420 138,710
Sankyo Company, Ltd. 900 19,594
Sanofi Synthelabo SA 720 47,028
Schering AG 400 19,023
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
21
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Serono SA, Class B 20 $ 12,346
Shionogi & Company, Ltd. 1,000 17,667
UCB SA 300 11,528
Wyeth 3,500 131,425
Yamanouchi Pharmaceutical
Company, Ltd. 700 24,088
-----------
2,890,847
-----------
PRINTING & PUBLISHING (0.3%)
Daily Mail and General Trust
NV, Class A 800 9,674
Elsevier NV 1,800 23,757
Stora Enso Oyj, Registered
Shares 1,600 20,134
Thomson Corp. 500 15,427
Tribune Co. 400 20,176
United Business Media PLC 1,100 10,007
VNU NV 500 14,317
Wolters Kluwer 880 15,043
-----------
128,535
-----------
REAL ESTATE (0.8%)
Apartment Investment &
Management Co., Class A 1,200 37,308
British Land Co. PLC 1,200 14,390
Brookfield Properties Corp. 300 9,263
Canary Wharf Group PLC * 3,300 17,619
Cheung Kong Holdings, Ltd. 4,000 33,628
Hammerson PLC 800 9,998
Henderson Land Development
Company, Ltd. 3,000 14,363
Land Securities Group PLC 875 17,529
Metrovacesa SA 258 9,664
Mitsubishi Estate Company,
Ltd. 3,000 40,687
Mitsui Fudosan Company, Ltd. 2,000 25,165
Sumitomo Realty & Development
Company, Ltd. 1,000 13,005
Sun Hung Kai Properties 4,000 36,580
Union du Credit-Bail
Immobilier (Unibail) 220 22,994
Wereldhave NV 200 16,258
-----------
318,451
-----------
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
RETAIL (3.3%)
AutoZone, Inc. * 1,100 $ 94,567
Bed Bath & Beyond, Inc. * 2,100 87,696
Benetton Group SPA 900 9,567
Boots Group PLC 2,219 25,264
Coles Myer, Ltd. 3,000 18,598
Dixons Group PLC 6,600 18,680
Dollar General Corp. 4,600 88,320
Douglas Holding AG 500 14,378
Enterprise Inns PLC 800 8,991
Fast Retailing Company, Ltd. 100 8,180
Gap, Inc. 6,400 140,289
Great Universal Stores PLC 2,234 30,752
Hennes & Mauritz AB, Class B 1,000 26,918
Hermes International 50 10,200
Home Depot, Inc. 1,300 48,568
Industria de Diseno Textil SA
(Inditex) 500 11,552
Ito-Yokado Company, Ltd. 1,000 45,562
Jusco Company, Ltd. 500 21,579
Kingfisher PLC 5,647 29,942
Marks & Spencer Group PLC 6,403 32,773
Marui Company, Ltd. 1,400 22,029
Metro AG 400 17,106
Next PLC 700 18,397
Pinault-Printemps-Redoute SA 190 19,858
Puma AG Rudolf Dassler Sport 60 13,198
Seven-Eleven Japan Company,
Ltd. 1,000 36,526
Swatch Group AG, Registered 600 15,700
V.F. Corp. 900 42,030
Wal-Mart Stores, Inc. 5,000 298,451
Woolworths, Ltd. 3,700 33,473
Yamada Denki Company, Ltd. 300 11,736
-----------
1,300,880
-----------
SERVICES (2.9%)
ABB, Ltd. * 3,664 21,605
Adecco SA, Registered 350 19,339
Atos Origin SA * 140 9,127
Capita Group PLC 2,200 12,615
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
22
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Dai Nippon Printing Company,
Ltd. 2,000 $ 33,085
Deluxe Corp. 3,100 124,310
Deutsche Boerse AG 200 11,355
Deutsche Post AG, Registered 800 17,922
Equifax, Inc. 12,900 333,079
Fiserv, Inc. * 1,900 67,963
Hays PLC 5,700 13,042
Itochu Corp. 4,000 17,994
Kurita Water Industries, Ltd. 800 10,573
Medco Health Solutions, Inc. * 800 27,200
Moody's Corp. 3,200 226,561
Pitney Bowes, Inc. 2,900 123,569
Sage Group PLC 3,400 11,263
Severn Trent PLC 900 12,587
SGS Societe Generale de
Surveillance Holding SA,
Registered 20 11,098
Wolseley PLC 1,500 23,281
-----------
1,127,568
-----------
TELECOMMUNICATIONS (7.2%)
ADC Telecommunications, Inc. * 19,300 55,970
Alcatel * 2,850 44,970
Avaya, Inc. * 3,100 49,228
BCE, Inc. 600 12,596
BellSouth Corp. 7,900 218,752
BT Group PLC 20,666 67,226
Cable & Wireless PLC * 4,100 9,777
CIENA Corp. * 4,700 23,359
Comverse Technology, Inc. * 700 12,698
Deutsche Telecom AG,
Registered * 5,450 98,051
Elisa Oyj, A Shares * 550 9,260
Ericsson LM AB, Class B * 33,000 91,456
France Telecom SA * 2,450 62,685
Hellenic Telecommunication
Organization SA 600 8,465
JDS Uniphase Corp. * 21,800 88,726
Koninklijke KPN NV * 4,604 35,927
Lucent Technologies, Inc. * 31,500 129,465
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Mobistar SA * 150 $ 9,843
Nippon Telegraph & Telephone
Corp. 12 68,054
Nokia Oyj 10,150 208,056
Nortel Networks Corp. * 9,128 53,549
NTL, Inc. * 900 53,505
NTT DoCoMo, Inc. 39 86,221
Portugal Telecom SGPS SA 2,500 27,957
Qwest Communications
International, Inc. * 35,100 151,281
Rogers Communications, Inc.,
Class B 500 9,321
SBC Communications, Inc. 8,400 206,137
Singapore Telecommunications 11,900 16,541
Sprint Corp. (PCS Group) * 4,700 43,240
Swisscom AG, Registered 73 23,971
Tele Danmark A/S 410 14,956
Tele2 AB, Class B * 300 13,804
Telecom Corp. of New Zealand 2,700 10,444
Telecom Italia Mobile SPA 9,250 52,290
Telecom Italia SPA * 15,800 49,512
Telefonica SA 10,398 157,298
Telia AB 3,977 17,192
Telstra Corporation, Ltd. 8,500 29,462
Verizon Communications, Inc. 4,400 160,776
Vodafone Group PLC 141,127 333,940
-----------
2,815,961
-----------
TRANSPORTATION & SHIPPING (1.0%)
British Airways PLC * 2,600 13,212
Canadian National Railway Co. 730 28,461
Central Japan Railway Co. 2 17,802
Compagnie Maritime Belge SA 100 10,630
CP Railway, Ltd. 800 19,174
CP Ships, Ltd. 500 8,518
D/S Svendborg, Class B 3 21,392
Deutsche Lufthansa AG,
Registered 600 9,807
East Japan Railway Co. 7 36,805
Exel PLC 900 11,645
Kinki Nippon Railway Company,
Ltd. 10,300 37,622
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
23
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Nippon Express Company, Ltd. 3,000 $ 18,628
Patrick Corporation, Ltd. 2,700 10,471
Peninsular and Oriental Steam
Navigation Co. 4,250 17,496
Swissair Group * 90 0
TNT Post Group NV 959 20,176
Union Pacific Corp. 1,300 77,767
West Japan Railway Co. 3 12,025
Yamato Transport Company,
Ltd. 1,000 16,802
-----------
388,433
-----------
TRAVEL & ENTERTAINMENT (0.8%)
Accor SA 600 24,310
Carnival PLC 400 18,739
Cathay Pacific Airways, Ltd. 5,000 10,204
Delta Air Lines, Inc. 10,900 86,329
Fairmont Hotels & Resorts,
Inc. 400 10,056
Four Seasons Hotels, Inc. 200 10,611
Hilton Group PLC 6,400 26,700
InterContinental Hotels Group
PLC 2,052 18,743
Oriental Land Company, Ltd. 200 14,226
Southwest Airlines Co. 5,900 83,839
Tokyu Corp. 4,000 25,068
-----------
328,825
-----------
UTILITIES (3.1%)
CenterPoint Energy, Inc. 23,700 270,890
Centrica PLC 12,000 50,339
Chubu Electric Power Company,
Inc. 900 19,854
CLP Holdings, Ltd. 6,300 35,013
DTE Energy Co. 4,400 181,059
EDP -- Electricidade de
Portugal SA 4,900 13,850
Electrabel SA 50 16,283
Endesa SA 1,900 34,557
Enel SPA 5,000 40,431
Gas Natural SDG SA 600 14,961
Hong Kong Electric Holdings 3,000 13,207
Iberdrola SA 2,106 43,479
International Power PLC * 4,000 10,807
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Kansai Electric Power Company,
Inc. 1,400 $ 26,497
Kyushu Electric Power Company,
Inc. 1,000 18,436
National Grid Group PLC 7,074 55,904
Repsol SA 2,050 42,474
RWE AG 950 42,612
Scottish and Southern Energy
PLC 1,900 24,007
Scottish Power PLC 5,400 37,787
Southern Co. 3,000 91,500
Suez SA 1,760 35,947
Tohoku Electric Power Company,
Inc. 900 15,745
Tokyo Electric Power Company,
Inc. 2,000 45,273
Union Electrica Fenosa SA 600 12,579
United Utilities PLC 2,100 20,031
Veolia Environnement 600 16,738
-----------
1,230,260
- -----------------------------------------------------
TOTAL COMMON STOCK 38,706,141
- -----------------------------------------------------
PREFERRED STOCK (0.1%)
AUTOMOTIVE (0.0%)
Porsche AG 20 12,043
-----------
MULTIMEDIA (0.1%)
News Corporation, Ltd.,
Ordinary Shares 4,900 38,868
- -----------------------------------------------------
TOTAL PREFERRED STOCK 50,911
- -----------------------------------------------------
RIGHTS (0.0%)
CHEMICALS (0.0%)
Yara International ASA * 540 3,917
-----------
FINANCE & BANKING (0.0%)
Bayerische Hypo- und
Vereinsbank AG (HVB Group) * 373 335
-----------
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
24
GLOBAL FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
INSURANCE (0.0%)
Corporacion Mapfre SA * 1,000 $ 393
- -----------------------------------------------------
TOTAL RIGHTS 4,645
- -----------------------------------------------------
WARRANT (0.0%)
METALS & MINING
Inco, Ltd. 945 13,446
- -----------------------------------------------------
INVESTMENT COMPANY (0.3%)
Eureka Prime Money Market
Fund -- Trust Class 101,038 101,038
- -----------------------------------------------------
TOTAL INVESTMENTS (COST $36,307,642)
(a) -- 98.9% 38,876,181
- -----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 1.1% 424,541
- -----------------------------------------------------
NET ASSETS -- 100.0% $39,300,722
- -----------------------------------------------------
</Table>
- ---------------
(a) Represents cost for financial reporting purposes, is substantially the same
as cost for federal income tax purposes, and differs from value by
unrealized appreciation/ depreciation of securities as follows:
<Table>
Unrealized appreciation....... $4,680,441
Unrealized depreciation....... (2,111,902)
----------
Net unrealized appreciation... $2,568,539
==========
</Table>
* Represents non-income producing securities.
CVA Share Certificates.
The Global Fund's investment concentration based on percentage of market value,
by country, as of March 31, 2004, was as follows:
<Table>
<Caption>
PERCENTAGE OF
COUNTRY OF RISK MARKET VALUE
--------------- -------------
United States of America.... 54.53%
United Kingdom.............. 10.75%
Japan....................... 9.97%
France...................... 4.04%
Switzerland................. 3.09%
Germany..................... 2.81%
Canada...................... 2.57%
Australia................... 2.20%
Netherlands................. 2.08%
Spain....................... 1.67%
Italy....................... 1.60%
Sweden...................... 0.99%
Hong Kong................... 0.74%
Finland..................... 0.73%
Belgium..................... 0.50%
Ireland..................... 0.33%
Greece...................... 0.30%
Singapore................... 0.28%
Denmark..................... 0.26%
Norway...................... 0.21%
Portugal.................... 0.18%
Austria..................... 0.14%
New Zealand................. 0.03%
-----
100.0%
=====
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
25
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
COMMON STOCK (99.6%)
AEROSPACE & MILITARY TECHNOLOGY (1.1%)
Lockheed Martin Corp. 28,300 $ 1,291,612
Raytheon Co. 15,800 495,172
------------
1,786,784
------------
AUTOMOTIVE (1.8%)
General Motors Corp. 27,800 1,309,380
PACCAR, Inc. 30,150 1,695,636
------------
3,005,016
------------
BEVERAGES & TOBACCO (3.2%)
Anheuser-Busch Companies,
Inc. 2,400 122,400
Coca-Cola Co. 44,795 2,253,189
Coca-Cola Enterprises, Inc. 37,100 896,707
Pepsi Bottling Group, Inc. 10,200 303,450
PepsiCo, Inc. 31,400 1,690,890
------------
5,266,636
------------
CHEMICALS (1.2%)
Dow Chemical Co. 25,800 1,039,224
Hercules, Inc. * 64,800 743,904
PPG Industries, Inc. 4,300 250,690
------------
2,033,818
------------
COMPUTERS (12.3%)
Applied Materials, Inc. * 30,000 641,400
Cisco Systems, Inc. * 85,624 2,013,876
Citrix Systems, Inc. * 17,200 371,864
Computer Associates
International, Inc. 43,400 1,165,724
Dell, Inc. * 26,800 901,016
EMC Corp. * 16,530 224,973
Gateway, Inc. * 113,300 598,224
Hewlett-Packard Co. 29,400 671,496
IBM Corp. 32,216 2,958,717
Intel Corp. 85,874 2,335,773
Lexmark International, Inc. * 12,400 1,140,800
Microsoft Corp. 217,288 5,425,682
NVIDIA Corp. * 2,600 68,874
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Oracle Corp. * 80,560 $ 967,526
Parametric Technology Corp. * 73,000 329,960
Seagate Technology, Inc.
Escrow Shares * 13,223 0
Sun Microsystems, Inc. * 17,800 74,048
Symbol Technologies, Inc. 7,300 100,740
Texas Instruments, Inc. 3,084 90,114
------------
20,080,807
------------
CONSTRUCTION (1.2%)
Centex Corp. 10,800 583,848
KB HOME 16,100 1,300,880
------------
1,884,728
------------
CONSUMER GOODS & SERVICES (6.0%)
Black & Decker Corp. 10,900 620,646
Clorox Co. 600 29,346
Colgate-Palmolive Co. 10,700 589,570
Eastman Kodak Co. 25,700 672,569
Gillette Co. 17,600 688,160
Hasbro, Inc. 24,900 541,575
Kimberly-Clark Corp. 7,700 485,870
Mattel, Inc. 68,400 1,261,296
Newell Rubbermaid, Inc. 6,100 141,520
Procter & Gamble Co. 29,300 3,072,984
Snap-on, Inc. 27,100 876,414
Tupperware Corp. 19,100 340,171
Whirlpool Corp. 7,600 523,412
------------
9,843,533
------------
CONTAINERS (0.8%)
Ball Corp. 20,400 1,382,712
------------
DIVERSIFIED (2.4%)
General Electric Co. 126,213 3,852,021
------------
E-COMMERCE (0.4%)
eBay, Inc. * 5,000 346,650
Yahoo!, Inc. * 6,600 320,694
------------
667,344
------------
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
26
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
ELECTRICAL & ELECTRONIC (1.9%)
Altera Corp. * 20,000 $ 409,000
Applied Micro Circuits Corp. * 91,400 525,550
Micron Technology, Inc. * 43,800 731,898
Novellus Systems, Inc. * 16,400 521,356
Power-One, Inc. * 44,100 487,746
Progress Energy, Inc. CVO * 9,000 0
Tektronix, Inc. 10,500 343,455
Teradyne, Inc. * 3,400 81,022
------------
3,100,027
------------
FINANCE & BANKING (17.5%)
AmSouth Bancorp 7,200 169,272
Bank of America Corp. 20,400 1,651,992
Bear Stearns Companies, Inc. 17,000 1,490,560
Citigroup, Inc. 84,099 4,347,918
Countrywide Credit
Industries, Inc. 5,066 485,829
Fannie Mae 20,687 1,538,078
First Tennessee National
Corp. 5,100 243,270
Freddie Mac 32,760 1,934,806
Golden West Financial Corp. 17,800 1,992,710
Goldman Sachs Group, Inc. 6,400 667,840
J.P. Morgan Chase & Co. 68,500 2,873,575
Janus Capital Group, Inc. 10,000 163,800
Lehman Brothers Holdings,
Inc. 22,500 1,864,575
M&T Bank Corp. 6,900 619,965
MBNA Corp. 3,400 93,942
Mellon Financial Corp. 21,300 666,477
Merrill Lynch & Co. 13,900 827,884
Morgan Stanley Dean Witter &
Co. 2,675 153,278
National City Corp. 67,500 2,401,650
Northern Trust Corp. 16,400 764,076
SLM Corp. 55,600 2,326,860
Wachovia Corp. 11,700 549,900
Washington Mutual, Inc. 14,700 627,837
------------
28,456,094
------------
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
FOOD (2.1%)
Darden Restaurants, Inc. 14,100 $ 349,539
General Mills, Inc. 1,900 88,692
H.J. Heinz Co. 1,600 59,664
Hershey Foods Corp. 1,200 99,420
Kellogg Co. 65,818 2,582,698
McDonald's Corp. 9,600 274,272
------------
3,454,285
------------
FORESTRY (1.1%)
Weyerhaeuser Co. 26,800 1,755,400
------------
HEALTH CARE (5.1%)
Amgen, Inc. * 27,100 1,576,407
Baxter International, Inc. 20,300 627,067
Becton, Dickinson and Co. 25,900 1,255,632
C.R. Bard, Inc. 2,700 263,628
Johnson & Johnson 52,784 2,677,204
McKesson Corp. 19,400 583,746
Medtronic, Inc. 18,300 873,825
WellPoint Health Networks,
Inc. * 4,300 488,996
------------
8,346,505
------------
INSTRUMENTS (0.4%)
PerkinElmer, Inc. 30,200 624,838
------------
INSURANCE (4.3%)
Aetna, Inc. 14,100 1,265,052
AFLAC, Inc. 5,600 224,784
Allstate Corp. 13,900 631,894
American International Group,
Inc. 15,626 1,114,915
Anthem, Inc. * 1,900 172,216
Lincoln National Corp. 13,700 648,284
Marsh & McLennan Companies,
Inc. 18,600 861,180
Progressive Corp. 6,400 560,640
SAFECO Corp. 34,500 1,489,365
------------
6,968,330
------------
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
27
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
MANUFACTURING (3.1%)
Cummins, Inc. 12,200 $ 713,090
Deere & Co. 26,300 1,822,853
Eaton Corp. 9,400 528,186
ITT Industries, Inc. 1,900 145,027
Linear Technology Corp. 30,300 1,121,706
Millipore Corp. * 14,400 739,872
------------
5,070,734
------------
METALS & MINING (0.2%)
Freeport-McMoRan Copper &
Gold, Inc., Class B 7,200 281,448
------------
MULTIMEDIA (2.8%)
Comcast Corp., Class A * 16,196 465,473
McGraw-Hill Companies, Inc. 15,100 1,149,714
Meredith Corp. 19,200 970,752
Time Warner, Inc. * 26,700 450,162
Univision Communications,
Inc., Class A * 2,200 72,622
Viacom, Inc., Class B 29,277 1,147,951
Walt Disney Co. 10,700 267,393
------------
4,524,067
------------
OIL & GAS (6.1%)
BJ Services Co. * 4,800 207,696
Burlington Resources, Inc. 5,100 324,513
ChevronTexaco Corp. 15,715 1,379,463
ConocoPhillips 10,560 737,194
Devon Energy Corp. 19,300 1,122,295
EOG Resources, Inc. 17,400 798,486
Exxon Mobil Corp. 74,020 3,078,491
Kerr-McGee Corp. 15,200 782,800
KeySpan Corp. 8,900 340,158
Kinder Morgan, Inc. 19,600 1,235,192
------------
10,006,288
------------
PAPER PRODUCTS (0.8%)
MeadWestvaco Corp. 8,600 243,294
Temple-Inland, Inc. 16,100 1,019,774
------------
1,263,068
------------
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
PHARMACEUTICALS (6.5%)
Abbott Laboratories 21,400 $ 879,540
AmerisourceBergen Corp. 2,700 147,636
Bristol-Myers Squibb Co. 37,800 915,894
Cardinal Health, Inc. 7,300 502,970
Eli Lilly & Co. 4,872 325,937
MedImmune, Inc. * 44,300 1,022,444
Merck & Company, Inc. 71,400 3,155,166
Pfizer, Inc. 79,274 2,778,554
Wyeth 21,300 799,815
------------
10,527,956
------------
PRINTING & PUBLISHING (0.1%)
Tribune Co. 2,300 116,012
------------
REAL ESTATE (0.1%)
Apartment Investment &
Management Co., Class A 3,400 105,706
Simon Property Group, Inc. 1,800 105,192
------------
210,898
------------
RETAIL (5.1%)
AutoZone, Inc. * 2,700 232,119
Bed Bath & Beyond, Inc. * 11,800 492,768
Big Lots, Inc. * 11,600 168,200
Dollar General Corp. 20,400 391,680
Gap, Inc. 18,200 398,944
Home Depot, Inc. 33,450 1,249,692
Limited Brands 3,800 76,000
Liz Claiborne, Inc. 6,300 231,147
Lowe's Companies, Inc. 7,500 420,975
V.F. Corp. 21,500 1,004,050
Wal-Mart Stores, Inc. 60,468 3,609,335
------------
8,274,910
------------
SERVICES (2.7%)
Deluxe Corp. 8,300 332,830
Equifax, Inc. 65,000 1,678,300
First Data Corp. 7,200 303,552
Fiserv, Inc. * 12,200 436,394
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
28
EQUITY FUND
SCHEDULE OF PORTFOLIO INVESTMENTS -- continued
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
Moody's Corp. 21,900 $ 1,550,520
Xerox Corp. * 11,500 167,555
------------
4,469,151
------------
TELECOMMUNICATIONS (5.7%)
ADC Telecommunications, Inc.
* 172,300 499,670
Avaya, Inc. * 39,700 630,436
BellSouth Corp. 30,900 855,621
CenturyTel, Inc. 37,900 1,041,871
CIENA Corp. * 9,800 48,706
Citizens Communications Co. * 47,000 608,180
Corning, Inc. * 15,000 167,700
JDS Uniphase Corp. * 129,800 528,286
Lucent Technologies, Inc. * 174,500 717,195
Motorola, Inc. 840 14,784
Qwest Communications
International, Inc. * 83,300 359,023
SBC Communications, Inc. 69,527 1,706,193
Sprint Corp (PCS Group) * 17,200 158,240
Verizon Communications, Inc. 53,302 1,947,655
------------
9,283,560
------------
TRANSPORTATION & SHIPPING (0.1%)
United Parcel Service, Inc.,
Class B 1,600 111,744
------------
TRAVEL & ENTERTAINMENT (0.7%)
Delta Air Lines, Inc. 114,000 902,880
Southwest Airlines Co. 20,100 285,621
------------
1,188,501
------------
UTILITIES (2.8%)
AES Corp. * 6,600 56,298
CenterPoint Energy, Inc. 98,700 1,128,141
</Table>
<Table>
<Caption>
SHARES VALUE
- -----------------------------------------------------
DTE Energy Co. 34,100 $ 1,403,215
Dynegy, Inc., Class A * 103,100 408,276
NiSource, Inc. -- Sails * 9,098 23,109
PPL Corp. 7,500 342,000
Southern Co. 31,100 948,550
TXU Corp. 8,900 255,074
------------
4,564,663
- -----------------------------------------------------
TOTAL COMMON STOCK 162,401,878
- -----------------------------------------------------
INVESTMENT COMPANY (0.2%)
Eureka Prime Money Market
Fund -- Trust Class 253,104 253,104
- -----------------------------------------------------
TOTAL INVESTMENTS
(COST $153,783,888) (a) -- 99.8% 162,654,982
- -----------------------------------------------------
OTHER ASSETS IN EXCESS OF
LIABILITIES -- 0.2% 332,577
- -----------------------------------------------------
NET ASSETS -- 100.0% $162,987,559
- -----------------------------------------------------
</Table>
- ---------------
(a) Represents cost for financial reporting purposes, is substantially the same
as cost for federal income tax purposes, and differs from value by
unrealized appreciation/ depreciation of securities as follows:
<Table>
Unrealized appreciation...... $17,509,513
Unrealized depreciation...... (8,638,419)
-----------
Net unrealized
appreciation............... $ 8,871,094
===========
</Table>
* Represents non-income producing securities.
CVO Contingent Value Obligation.
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
29
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
U.S. TREASURY PRIME
OBLIGATIONS MONEY MARKET
FUND FUND
------------- ------------
ASSETS:
Investments, at amortized cost............................ $ 75,944,318 $139,486,535
Repurchase agreements, at cost............................ 49,309,000 95,277,000
------------ ------------
Total Investments......................................... 125,253,318 234,763,535
Cash...................................................... 780 52
Interest and dividends receivable......................... 619,501 912,738
Receivable from the Administrator......................... -- 278,238
Receivable for investments sold........................... 229,103 391,959
Prepaid expenses.......................................... 7,108 15,904
------------ ------------
Total Assets............................................ 126,109,810 236,362,426
------------ ------------
LIABILITIES:
Dividends payable......................................... 28,905 51,485
Payable for investments purchased......................... -- 3,024,282
Investment advisory fees payable.......................... 21,442 54,901
Administration fees payable............................... 4,082 --
Distribution fees payable................................. 23,608 35,952
Other..................................................... 42,192 67,913
------------ ------------
Total Liabilities....................................... 120,229 3,234,533
------------ ------------
NET ASSETS.................................................. $125,989,581 $233,127,893
============ ============
NET ASSETS CONSIST OF:
Capital................................................... $126,022,929 $233,267,764
Undistributed net investment income....................... 977 138,804
Accumulated net realized losses on investments............ (34,325) (278,675)
------------ ------------
NET ASSETS.................................................. $125,989,581 $233,127,893
============ ============
TRUST SHARES:
Net Assets................................................ $ 14,026,317 $ 42,512,708
Shares Outstanding........................................ 14,037,776 42,471,433
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
CLASS A SHARES:
Net Assets................................................ $111,952,981 $190,604,883
Shares Outstanding........................................ 111,975,237 190,639,192
------------ ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 1.00 $ 1.00
============ ============
CLASS B SHARES:
Net Assets................................................ $ 10,283 $ 10,302
Shares Outstanding........................................ 10,283 10,295
------------ ------------
Net Asset Value (offering and redemption price (a) per
share).................................................. $ 1.00 $ 1.00
============ ============
</Table>
- ---------------
(a) Redemption price per share varies by length of time the shares are held.
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
30
STATEMENTS OF ASSETS AND LIABILITIES
MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
INVESTMENT
GRADE
BOND FUND GLOBAL FUND EQUITY FUND
------------ ----------- ------------
ASSETS:
Investments, at value (cost $215,302,705 ; $36,307,642;
and $153,783,888, respectively)......................... $223,446,550 $38,876,181 $162,654,982
Foreign currency, at value (cost $0 ; $9,690; and $0,
respectively)........................................... -- 9,711 --
Cash...................................................... 1,252,693 385,174 346,813
Interest and dividends receivable......................... 2,142,614 87,293 155,369
Receivable for capital shares issued...................... -- -- 100
Reclaims receivable....................................... -- 16,811 --
Prepaid expenses.......................................... 10,642 4,790 10,063
------------ ----------- ------------
Total Assets............................................ 226,852,499 39,379,960 163,167,327
------------ ----------- ------------
LIABILITIES:
Dividends payable......................................... 711,309 -- 20,204
Payable for capital shares redeemed....................... 7,980 -- --
Investment advisory fees payable.......................... 115,395 29,116 103,455
Administration fees payable............................... 7,221 1,238 5,147
Distribution fees payable................................. 765 164 400
Other..................................................... 63,746 48,720 50,562
------------ ----------- ------------
Total Liabilities....................................... 906,416 79,238 179,768
------------ ----------- ------------
NET ASSETS.................................................. $225,946,083 $39,300,722 $162,987,559
============ =========== ============
NET ASSETS CONSIST OF:
Capital................................................... $217,962,950 $44,720,955 $163,106,946
Undistributed (distributions in excess of) net investment
income.................................................. (208,413) (117,298) 1,309
Accumulated undistributed net realized gains (losses) on
investments and foreign currency transactions........... 47,701 (7,874,429) (8,991,790)
Net unrealized appreciation (depreciation) of investments
and foreign currency transactions....................... 8,143,845 2,571,494 8,871,094
------------ ----------- ------------
NET ASSETS.................................................. $225,946,083 $39,300,722 $162,987,559
============ =========== ============
TRUST SHARES:
Net Assets................................................ $223,612,585 $38,768,232 $161,872,079
Shares Outstanding........................................ 21,530,755 3,640,938 24,586,878
------------ ----------- ------------
Net Asset Value (offering and redemption price per
share).................................................. $ 10.39 $ 10.65 $ 6.58
============ =========== ============
CLASS A SHARES:
Net Assets................................................ $ 1,902,085 $ 455,784 $ 852,249
Shares Outstanding........................................ 182,738 43,011 130,859
------------ ----------- ------------
Net Asset Value (redemption price per share).............. $ 10.41 $ 10.60 $ 6.51
============ =========== ============
Maximum Sales Charge...................................... 3.50% 5.00% 5.00%
============ =========== ============
Maximum Offering Price per Share (100%/(100% - Maximum
Sales Charge) of Net Asset Value adjusted to the nearest
cent)................................................... $ 10.79 $ 11.16 $ 6.85
============ =========== ============
CLASS B SHARES:
Net Assets................................................ $ 431,413 $ 76,706 $ 263,231
Shares Outstanding........................................ 41,498 7,380 40,994
------------ ----------- ------------
Net Asset Value (offering and redemption price (a) per
share).................................................. $ 10.40 $ 10.39 $ 6.42
============ =========== ============
</Table>
- ---------------
(a) Redemption price per share varies by length of time shares are held.
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
31
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
U.S. TREASURY PRIME
OBLIGATIONS MONEY MARKET
FUND FUND
------------- ------------
INVESTMENT INCOME:
Interest.................................................. $605,586 $1,178,012
Dividends................................................. 18,071 161,498
-------- ----------
Total Investment Income................................. 623,657 1,339,510
-------- ----------
EXPENSES:
Investment advisory fees.................................. 116,271 346,541
Administration fees....................................... 113,694 225,919
Distribution fees -- Class A.............................. 123,312 220,601
Distribution fees -- Class B.............................. 51 51
Shareholder service fees -- Class A....................... 123,312 220,601
Fund accounting fees...................................... 21,206 37,937
Transfer agent fees....................................... 28,420 42,927
Other..................................................... 53,007 95,539
-------- ----------
Total expenses before waivers........................... 579,273 1,190,116
Less expenses waived by the Administrator and its
affiliates............................................. (123,340) (220,628)
-------- ----------
Net Expenses............................................ 455,933 969,488
-------- ----------
NET INVESTMENT INCOME....................................... 167,724 370,022
-------- ----------
REALIZED GAINS ON INVESTMENT TRANSACTIONS:
Net realized gains on investment transactions............. 72 4,932
-------- ----------
NET REALIZED GAINS ON INVESTMENT TRANSACTIONS............... 72 4,932
-------- ----------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS.............. $167,796 $ 374,954
======== ==========
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
32
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED MARCH 31, 2004
(Unaudited)
<Table>
<Caption>
INVESTMENT
GRADE
BOND FUND GLOBAL FUND EQUITY FUND
---------- ----------- -----------
INVESTMENT INCOME:
Interest.................................................. $4,281,033 $ 33 $ 471
Dividends (net of foreign withholding tax of $0; $14,945;
and $0, respectively)................................... 10,377 281,076 1,404,052
---------- ---------- -----------
Total Investment Income................................. 4,291,410 281,109 1,404,523
---------- ---------- -----------
EXPENSES:
Investment advisory fees.................................. 566,871 153,879 620,320
Administration fees....................................... 184,728 33,434 161,746
Distribution fees -- Class A.............................. 2,030 610 986
Distribution fees -- Class B.............................. 2,024 305 1,174
Shareholder service fees -- Class A....................... 2,030 610 986
Fund accounting fees...................................... 41,060 74,275 32,062
Custodian fees............................................ 13,984 10,083 14,165
Transfer agent fees....................................... 38,303 33,435 36,671
Other..................................................... 65,783 25,680 55,140
---------- ---------- -----------
Total expenses before waivers........................... 916,813 332,311 923,250
Less expenses waived by the Administrator............... (2,030) (610) (986)
---------- ---------- -----------
Net Expenses............................................ 914,783 331,701 922,264
---------- ---------- -----------
NET INVESTMENT INCOME (LOSS)................................ 3,376,627 (50,592) 482,259
---------- ---------- -----------
REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS:
Net realized gains on investments and
foreign currency transactions........................... 76,511 1,634,150 12,443,404
Change in unrealized appreciation/depreciation of
investments and foreign currency transactions........... 1,657,335 3,475,219 9,033,801
---------- ---------- -----------
NET REALIZED AND UNREALIZED GAINS ON INVESTMENTS AND
FOREIGN CURRENCY TRANSACTIONS............................. 1,733,846 5,109,369 21,477,205
---------- ---------- -----------
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS.............. $5,110,473 $5,058,777 $21,959,464
========== ========== ===========
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
33
STATEMENTS OF CHANGES IN NET ASSETS
<Table>
<Caption>
U.S. TREASURY OBLIGATIONS FUND PRIME MONEY MARKET FUND
------------------------------- -----------------------------
PERIOD PERIOD
ENDED YEAR ENDED ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30,
2004 2003 2004 2003
------------- -------------- ------------ -------------
(Unaudited) (Unaudited)
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income (loss).......... $ 167,724 $ 714,859 $ 370,022 $ 2,474,369
Net realized gains (losses) on
investments and foreign currency
transactions........................ 72 (140) 4,932 52,653
Change in unrealized
appreciation/depreciation of
investments and foreign currency
transactions........................ -- -- -- --
------------ ------------ ------------ ------------
Change in net assets from
operations.......................... 167,796 714,719 374,954 2,527,022
DIVIDENDS TO TRUST SHAREHOLDERS:
From net investment income............ (44,085) (234,798) (138,062) (792,052)
From net realized gain on
investments......................... -- -- -- --
DIVIDENDS TO CLASS A SHAREHOLDERS:
From net investment income............ (123,027) (480,010) (225,875) (1,401,278)
From net realized gain on
investment.......................... -- -- -- --
DIVIDENDS TO CLASS B SHAREHOLDERS:
From net investment income............ (3) (17) (3) (15)
From net realized gains on
investments......................... -- -- -- --
------------ ------------ ------------ ------------
Total dividends to shareholders....... (167,115) (714,825) (363,940) (2,193,345)
CAPITAL TRANSACTIONS:
Change in net assets from capital
transactions........................ 25,141,433 (7,318,684) (30,735,965) (77,607,533)
------------ ------------ ------------ ------------
Change in net assets.................. 25,142,114 (7,318,790) (30,724,951) (77,273,856)
NET ASSETS:
Beginning of period................... 100,847,467 108,166,257 263,852,844 341,126,700
------------ ------------ ------------ ------------
End of period......................... $125,989,581 $100,847,467 $233,127,893 $263,852,844
============ ============ ============ ============
Undistributed (distributions in excess
of) net investment income............. $ 977 $ 368 $ 138,804 $ 138,722
============ ============ ============ ============
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
34
<Table>
<Caption>
INVESTMENT GRADE BOND FUND GLOBAL FUND EQUITY FUND
---------------------------- --------------------------- ----------------------------
PERIOD PERIOD PERIOD
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30,
2004 2003 2004 2003 2004 2003
------------ ------------- ----------- ------------- ------------ -------------
(Unaudited) (Unaudited) (Unaudited)
CHANGE IN NET ASSETS:
OPERATIONS:
Net investment income (loss)........... $3,376,627 $ 5,752,738 $ (50,592) $ 1,491 $ 482,259 $ 956,165
Net realized gains (losses) on
investments and foreign currency
transactions.......................... 76,511 1,447,206 1,634,150 (2,464,791) 12,443,404 (3,223,100)
Change in unrealized
appreciation/depreciation of
investments and foreign currency
transactions.......................... 1,657,335 (848,784) 3,475,219 9,750,787 9,033,801 32,179,481
---------- ------------ ---------- ------------ ----------- ------------
Change in net assets from operations... 5,110,473 6,351,160 5,058,777 7,287,487 21,959,464 29,912,546
DIVIDENDS TO TRUST SHAREHOLDERS:
From net investment income............. (3,552,599) (6,195,519) -- -- (469,368) (953,717)
From net realized gains on
investments........................... (675,362) -- -- (64,070) -- --
DIVIDENDS TO CLASS A SHAREHOLDERS:
From net investment income............. (28,745) (46,847) -- -- (1,400) (2,757)
From net realized gains on
investments........................... (6,272) -- -- (908) -- --
DIVIDENDS TO CLASS B SHAREHOLDERS:
From net investment income............. (5,655) (6,287) -- -- (6) (33)
From net realized gains on
investments........................... (1,604) -- -- (9) -- --
---------- ------------ ---------- ------------ ----------- ------------
Total dividends to shareholders....... (4,270,237) (6,248,653) -- (64,987) (470,774) (956,507)
CAPITAL TRANSACTIONS:
Change in net assets from capital
transactions.......................... 67,832,666 23,128,991 (4,517,626) (787,009) (12,751,495) (10,123,484)
---------- ------------ ---------- ------------ ----------- ------------
Change in net assets................... 68,672,902 23,231,498 541,151 6,435,491 8,737,195 18,832,555
</Table>
36
<Table>
<Caption>
INVESTMENT GRADE BOND FUND GLOBAL FUND EQUITY FUND
---------------------------- --------------------------- ----------------------------
PERIOD PERIOD PERIOD
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30,
2004 2003 2004 2003 2004 2003
------------ ------------- ----------- ------------- ------------ -------------
(Unaudited) (Unaudited) (Unaudited)
NET ASSETS:
Beginning of period................. 157,273,181 134,041,683 38,759,571 32,324,080 154,250,364 135,417,809
------------ ------------ ----------- ------------ ----------- ------------
End of period...................... $225,946,083 $157,273,181 $39,300,722 $ 38,759,571 $162,987,559 $154,250,364
============ ============ ========== ============ ============ ============
Undistributed (distributions in excess
of) net investment income........... $ (208,413) $ 1,959 $ (117,298) $ (66,706) $ 1,309 $ (10,176)
============ ============ ========== ============ ============ ============
</Table>
35
STATEMENTS OF CHANGES IN NET ASSETS -- continued
<Table>
<Caption>
U.S. TREASURY OBLIGATIONS FUND PRIME MONEY MARKET FUND
------------------------------ ------------------------------
PERIOD PERIOD
ENDED YEAR ENDED ENDED YEAR ENDED
MARCH 31, SEPTEMBER 30, MARCH 31, SEPTEMBER 30,
2004 2003 2004 2003
------------- ------------- ------------- -------------
(Unaudited) (Unaudited)
CAPITAL TRANSACTIONS:
TRUST SHARES:
Proceeds from shares issued........... $ 16,196,415 $ 79,016,967 $ 204,833,553 $ 638,790,815
Dividends reinvested.................. 502 2,504 116,083 365,594
Cost of shares redeemed............... (26,996,186) (86,259,126) (252,875,833) (628,090,889)
------------- ------------- ------------- -------------
Changes in net assets from Trust
capital transactions................ $ (10,799,269) $ (7,239,655) $ (47,926,197) $ 11,065,520
============= ============= ============= =============
CLASS A SHARES:
Proceeds from shares issued........... $ 269,143,331 $ 441,640,054 $ 404,528,699 $ 706,846,682
Dividends reinvested.................. 162 3,616 30,150 79,271
Cost of shares redeemed............... (233,202,794) (441,722,717) (387,368,619) (795,599,024)
------------- ------------- ------------- -------------
Changes in net assets from Class A
capital transactions................ $ 35,940,699 $ (79,047) $ 17,190,230 $ (88,673,071)
============= ============= ============= =============
CLASS B SHARES:
Proceeds from shares issued........... $ -- $ -- $ -- $ --
Dividends reinvested.................. 3 18 2 18
Cost of shares redeemed............... -- -- -- --
------------- ------------- ------------- -------------
Changes in net assets from Class B
capital transactions................ $ 3 $ 18 $ 2 $ 18
============= ============= ============= =============
Change in net assets from capital
transactions........................ $ 25,141,433 $ (7,318,684) $ (30,735,965) $ (77,607,533)
============= ============= ============= =============
SHARE TRANSACTIONS:
TRUST SHARES:
Issued................................ 16,196,415 79,016,967 204,833,553 638,790,815
Reinvested............................ 502 2,504 116,083 365,594
Redeemed.............................. (26,996,186) (86,259,126) (252,875,833) (628,090,889)
------------- ------------- ------------- -------------
Change in Trust Shares................ (10,799,269) (7,239,655) (47,926,197) 11,065,520
============= ============= ============= =============
CLASS A SHARES:
Issued................................ 269,143,332 441,640,054 404,528,699 706,846,682
Reinvested............................ 162 3,616 30,150 79,272
Redeemed.............................. (233,202,793) (441,722,717) (387,368,619) (795,599,024)
------------- ------------- ------------- -------------
Change in Class A Shares.............. 35,940,701 (79,047) 17,190,230 (88,673,070)
============= ============= ============= =============
CLASS B SHARES:
Issued................................ -- -- -- --
Reinvested............................ 3 18 2 18
Redeemed.............................. -- -- -- --
------------- ------------- ------------- -------------
Change in Class B Shares.............. 3 18 2 18
============= ============= ============= =============
Change in share transactions.......... 25,141,435 (7,318,684) (30,735,965) (77,607,532)
============= ============= ============= =============
</Table>
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
36
<Table>
<Caption>
INVESTMENT GRADE BOND FUND GLOBAL FUND
---------------------------- ------------
PERIOD PERIOD
ENDED YEAR ENDED ENDED
MARCH 31, SEPTEMBER 30, MARCH 31,
2004 2003 2004
------------ ------------- ------------
(Unaudited) (Unaudited)
CAPITAL TRANSACTIONS:
TRUST SHARES:
Proceeds from shares issued............ $ 79,994,927 $ 49,103,550 $ 5,661,847
Dividends reinvested................... 2,273,605 3,066,580 --
Cost of shares redeemed................ (14,864,450) (30,007,607) (10,164,830)
------------ ------------ ------------
Changes in net assets from Trust
capital transactions.................. $ 67,404,082 $ 22,162,523 $ (4,502,983)
============ ============ ============
CLASS A SHARES:
Proceeds from shares issued............ $ 571,799 $ 1,255,556 $ 50,900
Dividends reinvested................... 29,682 37,916 --
Cost of shares redeemed................ (175,124) (741,762) (100,987)
------------ ------------ ------------
Changes in net assets from Class A
capital transactions.................. $ 426,357 $ 551,710 $ (50,087)
============ ============ ============
CLASS B SHARES:
Proceeds from shares issued............ $ 82,622 $ 431,298 $ 35,444
Dividends reinvested................... 6,990 4,882 --
Cost of shares redeemed................ (87,385) (21,422) --
------------ ------------ ------------
Changes in net assets from Class B
capital transactions.................. $ 2,227 $ 414,758 $ 35,444
============ ============ ============
Change in net assets from
capital transactions.................. $ 67,832,666 $ 23,128,991 $ (4,517,626)
============ ============ ============
SHARE TRANSACTIONS:
TRUST SHARES:
Issued................................. 7,792,621 4,744,102 527,084
Reinvested............................. 221,271 295,754 --
Redeemed............................... (1,444,998) (2,890,550) (1,091,016)
------------ ------------ ------------
Change in Trust Shares................. 6,568,894 2,149,306 (563,932)
============ ============ ============
CLASS A SHARES:
Issued................................. 55,365 120,798 5,088
Reinvested............................. 2,883 3,650 --
Redeemed............................... (17,001) (71,739) (9,575)
------------ ------------ ------------
Change in Class A Shares............... 41,247 52,709 (4,487)
============ ============ ============
CLASS B SHARES:
Issued................................. 8,002 41,622 3,601
Reinvested............................. 679 471 --
Redeemed............................... (8,474) (2,092) --
------------ ------------ ------------
Change in Class B Shares............... 207 40,001 3,601
============ ============ ============
Change in share transactions........... 6,610,348 2,242,016 (564,818)
============ ============ ============
<Caption>
GLOBAL FUND EQUITY FUND
------------- ----------------------------
PERIOD
YEAR ENDED ENDED YEAR ENDED
SEPTEMBER 30, MARCH 31, SEPTEMBER 30,
2003 2004 2003
------------- ------------ -------------
(Unaudited)
CAPITAL TRANSACTIONS:
TRUST SHARES:
Proceeds from shares issued............ $ 15,262,256 $ 9,053,959 $ 29,058,224
Dividends reinvested................... 63,887 314,112 568,991
Cost of shares redeemed................ (16,044,736) (22,257,616) (39,835,840)
------------ ------------ ------------
Changes in net assets from Trust
capital transactions.................. $ (718,593) $(12,889,545) $(10,208,625)
============ ============ ============
CLASS A SHARES:
Proceeds from shares issued............ $ 77,175 $ 121,758 $ 166,823
Dividends reinvested................... 839 1,470 2,285
Cost of shares redeemed................ (174,519) (37,557) (245,869)
------------ ------------ ------------
Changes in net assets from Class A
capital transactions.................. $ (96,505) $ 85,671 $ (76,761)
============ ============ ============
CLASS B SHARES:
Proceeds from shares issued............ $ 28,080 $ 55,723 $ 161,869
Dividends reinvested................... 9 6 33
Cost of shares redeemed................ -- (3,350) --
------------ ------------ ------------
Changes in net assets from Class B
capital transactions.................. $ 28,089 $ 52,379 $ 161,902
============ ============ ============
Change in net assets from
capital transactions.................. $ (787,009) $(12,751,495) $(10,123,484)
============ ============ ============
SHARE TRANSACTIONS:
TRUST SHARES:
Issued................................. 1,853,838 1,469,598 5,603,118
Reinvested............................. 7,996 50,148 108,080
Redeemed............................... (1,927,037) (3,447,663) (7,529,904)
------------ ------------ ------------
Change in Trust Shares................. (65,203) (1,927,917) (1,818,706)
============ ============ ============
CLASS A SHARES:
Issued................................. 9,957 19,391 31,853
Reinvested............................. 105 237 436
Redeemed............................... (22,081) (5,851) (46,074)
------------ ------------ ------------
Change in Class A Shares............... (12,019) 13,777 (13,785)
============ ============ ============
CLASS B SHARES:
Issued................................. 3,184 9,082 29,355
Reinvested............................. 1 1 6
Redeemed............................... -- (554) --
------------ ------------ ------------
Change in Class B Shares............... 3,185 8,529 29,361
============ ============ ============
Change in share transactions........... (74,037) (1,905,611) (1,803,130)
============ ============ ============
</Table>
37
FINANCIAL HIGHLIGHTS
TRUST SHARES
<Table>
<Caption>
INVESTMENT ACTIVITIES LESS DIVIDENDS FROM:
------------------------------------------- ---------------------------------
NET REALIZED
NET ASSET AND UNREALIZED TOTAL
VALUE, NET GAINS FROM NET NET
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT INVESTMENT REALIZED TOTAL
OF PERIOD INCOME (LOSS) INVESTMENTS ACTIVITIES INCOME GAINS DIVIDENDS
- ---------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS FUND
Period Ended March 31, 2004*...... $ 1.00 --(e) -- --(e) --(e) -- --(e)
Year Ended September 30, 2003..... $ 1.00 0.01 -- 0.01 (0.01) -- (0.01)
Year Ended September 30, 2002..... $ 1.00 0.02 -- 0.02 (0.02) -- (0.02)
Year Ended September 30, 2001..... $ 1.00 0.05 -- 0.05 (0.05) -- (0.05)
Year Ended September 30, 2000..... $ 1.00 0.05 -- 0.05 (0.05) -- (0.05)
Year Ended September 30, 1999..... $ 1.00 0.04 -- 0.04 (0.04) -- (0.04)
PRIME MONEY MARKET FUND
Period Ended March 31, 2004*...... $ 1.00 --(e) -- --(e) --(e) -- --(e)
Year Ended September 30, 2003..... $ 1.00 0.01 0.01 (0.01) -- (0.01)
Year Ended September 30, 2002..... $ 1.00 0.02 -- 0.02 (0.02) -- (0.02)
Year Ended September 30, 2001..... $ 1.00 0.05 -- 0.05 (0.05) -- (0.05)
Year Ended September 30, 2000..... $ 1.00 0.06 -- 0.06 (0.06) -- (0.06)
Year Ended September 30, 1999..... $ 1.00 0.05 -- 0.05 (0.05) -- (0.05)
INVESTMENT GRADE BOND FUND
Period Ended March 31, 2004*...... $10.38 0.19 0.06 0.25 (0.20) (0.04) (0.24)
Year Ended September 30, 2003..... $10.39 0.40 0.02 0.42 (0.43) -- (0.43)
Year Ended September 30, 2002..... $10.16 0.49 0.24 0.73 (0.50) -- (0.50)
Year Ended September 30, 2001..... $ 9.53 0.54 0.63 1.17 (0.54) -- (0.54)
Year Ended September 30, 2000..... $ 9.49 0.55 0.04 0.59 (0.55) -- (0.55)
Year Ended September 30, 1999..... $10.40 0.53 (0.67) (0.14) (0.53) (0.24) (0.77)
GLOBAL FUND
Period Ended March 31, 2004*...... $ 9.11 -- (e)(f) 1.54 1.54 -- -- --
Year Ended September 30, 2003..... $ 7.46 -- (e)(f) 1.66 1.66 -- (0.01) (0.01)
Year Ended September 30, 2002..... $ 9.57 (0.01)(f) (1.93) (1.94) (0.15) (0.02) (0.17)
Year Ended September 30, 2001..... $12.25 0.13 (2.17) (2.04) (0.17) (0.47) (0.64)
Year Ended September 30, 2000..... $11.97 0.20 0.69 0.89 (0.20) (0.41) (0.61)
Year Ended September 30, 1999..... $10.51 0.17 1.51 1.68 (0.15) (0.07) (0.22)
EQUITY FUND
Period Ended March 31, 2004*...... $ 5.79 0.02(f) 0.79 0.81 (0.02) -- (0.02)
Year Ended September 30, 2003..... $ 4.76 0.04 1.03 1.07 (0.04) -- (0.04)
Year Ended September 30, 2002..... $ 6.10 0.02 (1.22) (1.20) (0.02) (0.12) (0.14)
Year Ended September 30, 2001..... $11.53 0.02 (2.58) (2.56) (0.02) (2.85) (2.87)
Year Ended September 30, 2000..... $12.03 0.02 1.20 1.22 (0.02) (1.70) (1.72)
Year Ended September 30, 1999..... $10.96 0.04 2.56 2.60 (0.04) (1.49) (1.53)
</Table>
- ---------------
* Unaudited.
(a) Not annualized for periods less than one year.
(b) Annualized for periods less than one year.
(c) During the period, certain fees were voluntarily waived. If such voluntary
waivers had not occurred, the ratio would have been as indicated.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between the classes of shares issued.
(e) Amount less than $0.005.
(f) Per share net investment income (loss) has been calculated using the daily
average shares method.
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
38
<Table>
<Caption>
RATIOS/SUPPLEMENTAL DATA
-------------------------
CHANGE IN NET ASSET NET
NET ASSET VALUE, NET ASSETS, INVESTMENT
VALUE END OF TOTAL END OF PERIOD NET INCOME
PER SHARE PERIOD RETURN (a) (000'S) EXPENSES (b) (LOSS) (b)
------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS FUND
Period Ended March 31, 2004*.. -- $ 1.00 0.25% $ 14,026 0.57% 0.50%
Year Ended September 30, 2003. -- $ 1.00 0.87% $ 24,825 0.55% 0.88%
Year Ended September 30, 2002. -- $ 1.00 1.55% $ 32,065 0.50% 1.54%
Year Ended September 30, 2001. -- $ 1.00 4.77% $ 24,642 0.51% 4.59%
Year Ended September 30, 2000. -- $ 1.00 5.53% $ 17,948 0.45% 5.15%
Year Ended September 30, 1999. -- $ 1.00 4.52% $104,553 0.46% 4.42%
PRIME MONEY MARKET FUND
Period Ended March 31, 2004*.. -- $ 1.00 0.25% $ 42,513 0.65% 0.51%
Year Ended September 30, 2003. -- $ 1.00 0.87% $ 90,433 0.50% 0.96%
Year Ended September 30, 2002. -- $ 1.00 1.66% $ 79,252 0.58% 1.66%
Year Ended September 30, 2001. -- $ 1.00 4.83% $102,119 0.57% 4.75%
Year Ended September 30, 2000. -- $ 1.00 5.82% $ 74,350 0.46% 5.56%
Year Ended September 30, 1999. -- $ 1.00 4.74% $221,565 0.51% 4.64%
INVESTMENT GRADE BOND FUND
Period Ended March 31, 2004*.. 0.01 $10.39 2.45% $223,613 0.96% 3.58%
Year Ended September 30, 2003. (0.01) $10.38 4.16% $155,372 0.95% 3.85%
Year Ended September 30, 2002. 0.23 $10.39 7.46% $133,104 0.99% 4.87%
Year Ended September 30, 2001. 0.63 $10.16 12.62% $127,346 0.91% 5.53%
Year Ended September 30, 2000. 0.04 $ 9.53 6.48% $127,599 0.84% 5.86%
Year Ended September 30, 1999. (0.91) $ 9.49 (1.36)% $152,106 0.87% 5.43%
GLOBAL FUND
Period Ended March 31, 2004*.. 1.54 $10.65 16.90% $ 38,768 1.93% (0.29)%
Year Ended September 30, 2003. 1.65 $ 9.11 22.34% $ 38,295 2.01% 0.01%
Year Ended September 30, 2002. (2.11) $ 7.46 (20.74)% $ 31,876 1.78% (0.11)%
Year Ended September 30, 2001. (2.68) $ 9.57 (17.44)% $ 75,895 1.42% 1.30%
Year Ended September 30, 2000. 0.28 $12.25 7.43% $ 79,801 1.24% 1.60%
Year Ended September 30, 1999. 1.46 $11.97 16.09% $ 83,111 1.30% 1.51%
EQUITY FUND
Period Ended March 31, 2004*.. 0.79 $ 6.58 13.97% $161,872 1.11% 0.58%
Year Ended September 30, 2003. 1.03 $ 5.79 22.40% $153,397 1.10% 0.63%
Year Ended September 30, 2002. (1.34) $ 4.76 (20.23)% $134,786 1.13% 0.31%
Year Ended September 30, 2001. (5.43) $ 6.10 (27.86)% $149,831 1.05% 0.20%
Year Ended September 30, 2000. (0.50) $11.53 10.26% $208,379 0.96% 0.20%
Year Ended September 30, 1999. 1.07 $12.03 24.72% $188,259 0.99% 0.32%
<Caption>
RATIOS/SUPPLEMENTAL DATA
---------------------------
PORTFOLIO
TURNOVER
EXPENSES (b)(c) RATE (d)
---------------------------
U.S. TREASURY OBLIGATIONS FUND
Period Ended March 31, 2004*.. 0.57% N/A
Year Ended September 30, 2003. 0.55% N/A
Year Ended September 30, 2002. 0.57% N/A
Year Ended September 30, 2001. 0.54% N/A
Year Ended September 30, 2000. 0.55% N/A
Year Ended September 30, 1999. 0.56% N/A
PRIME MONEY MARKET FUND
Period Ended March 31, 2004*.. 0.65% N/A
Year Ended September 30, 2003. 0.60% N/A
Year Ended September 30, 2002. 0.63% N/A
Year Ended September 30, 2001. 0.62% N/A
Year Ended September 30, 2000. 0.63% N/A
Year Ended September 30, 1999. 0.67% N/A
INVESTMENT GRADE BOND FUND
Period Ended March 31, 2004*.. 0.96% 22%
Year Ended September 30, 2003. 0.95% 53%
Year Ended September 30, 2002. 0.99% 77%
Year Ended September 30, 2001. 0.95% 61%
Year Ended September 30, 2000. 0.94% 58%
Year Ended September 30, 1999. 0.97% 52%
GLOBAL FUND
Period Ended March 31, 2004*.. 1.93% 40%
Year Ended September 30, 2003. 2.01% 87%
Year Ended September 30, 2002. 1.78% 104%
Year Ended September 30, 2001. 1.46% 72%
Year Ended September 30, 2000. 1.34% 28%
Year Ended September 30, 1999. 1.40% 29%
EQUITY FUND
Period Ended March 31, 2004*.. 1.11% 49%
Year Ended September 30, 2003. 1.10% 102%
Year Ended September 30, 2002. 1.13% 109%
Year Ended September 30, 2001. 1.08% 116%
Year Ended September 30, 2000. 1.06% 84%
Year Ended September 30, 1999. 1.09% 46%
</Table>
39
FINANCIAL HIGHLIGHTS
CLASS A SHARES
<Table>
<Caption>
INVESTMENT ACTIVITIES LESS DIVIDENDS FROM
------------------------------------------- ---------------------------------
NET REALIZED
NET ASSET AND UNREALIZED TOTAL
VALUE, NET GAINS FROM NET NET
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT INVESTMENT REALIZED TOTAL
OF PERIOD INCOME (LOSS) INVESTMENTS ACTIVITIES INCOME GAINS DIVIDENDS
- ------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS FUND
Period Ended March 31, 2004*... $ 1.00 --(f) -- --(f) --(f) -- --(f)
Year Ended September 30,
2003......................... $ 1.00 0.01 -- 0.01 (0.01) -- (0.01)
Year Ended September 30,
2002......................... $ 1.00 0.01 -- 0.01 (0.01) -- (0.01)
Year Ended September 30,
2001......................... $ 1.00 0.04 -- 0.04 (0.04) -- (0.04)
Year Ended September 30,
2000......................... $ 1.00 0.05 -- 0.05 (0.05) -- (0.05)
Year Ended September 30,
1999......................... $ 1.00 0.04 -- 0.04 (0.04) -- (0.04)
PRIME MONEY MARKET FUND
Period Ended March 31, 2004*... $ 1.00 --(f) -- --(f) --(f) -- --(f)
Year Ended September 30,
2003......................... $ 1.00 0.01 0.01 (0.01) (0.01)
Year Ended September 30,
2002......................... $ 1.00 0.01 -- 0.01 (0.01) -- (0.01)
Year Ended September 30,
2001......................... $ 1.00 0.04 -- 0.04 (0.04) -- (0.04)
Year Ended September 30,
2000......................... $ 1.00 0.05 -- 0.05 (0.05) -- (0.05)
Year Ended September 30,
1999......................... $ 1.00 0.04 -- 0.04 (0.04) -- (0.04)
INVESTMENT GRADE BOND FUND
Period Ended March 31, 2004*... $10.41 0.17 0.05 0.22 (0.18) (0.04) (0.22)
Year Ended September 30,
2003......................... $10.41 0.38 0.03 0.41 (0.41) -- (0.41)
Year Ended September 30,
2002......................... $10.18 0.46 0.24 0.70 (0.47) -- (0.47)
Year Ended September 30,
2001......................... $ 9.55 0.52 0.63 1.15 (0.52) -- (0.52)
Year Ended September 30,
2000......................... $ 9.51 0.53 0.04 0.57 (0.53) -- (0.53)
Year Ended September 30,
1999......................... $10.42 0.51 (0.67) (0.16) (0.51) (0.24) (0.75)
GLOBAL FUND
Period Ended March 31, 2004*... $ 9.07 (0.03)(g) 1.56 1.53 -- -- --
Year Ended September 30,
2003......................... $ 7.46 (0.02)(g) 1.64 1.62 -- (0.01) (0.01)
Year Ended September 30,
2002......................... $ 9.54 (0.04)(g) (1.91) (1.95) (0.11) (0.02) (0.13)
Year Ended September 30,
2001......................... $12.21 0.12 (2.19) (2.07) (0.13) (0.47) (0.60)
Year Ended September 30,
2000......................... $11.93 0.17 0.69 0.86 (0.17) (0.41) (0.58)
Year Ended September 30,
1999......................... $10.49 0.14 1.51 1.65 (0.14) (0.07) (0.21)
EQUITY FUND
Period Ended March 31, 2004*... $ 5.72 0.01(g) 0.79 0.80 (0.01) -- (0.01)
Year Ended September 30,
2003......................... $ 4.72 0.01 1.01 1.02 (0.02) -- (0.02)
Year Ended September 30,
2002......................... $ 6.06 --(f) (1.21) (1.21) (0.01) (0.12) (0.13)
Year Ended September 30,
2001......................... $11.48 (0.01) (2.55) (2.56) (0.01) (2.85) (2.86)
Year Ended September 30,
2000......................... $11.99 (0.01) 1.21 1.20 (0.01) (1.70) (1.71)
Year Ended September 30,
1999......................... $10.94 0.01 2.55 2.56 (0.02) (1.49) (1.51)
</Table>
- ---------------
* Unaudited.
(a) Total return excludes sales charge.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) During the period, certain fees were voluntarily waived. If such voluntary
waivers had not occurred, the ratio would have been as indicated.
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing between the classes of shares issued.
(f) Amount less than $0.005.
(g) Per share net investment income (loss) has been calculated using the daily
average shares method.
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
40
<Table>
<Caption>
RATIOS/SUPPLEMENTAL DATA
-------------------------
CHANGE IN NET ASSET NET
NET ASSET VALUE, NET ASSETS, INVESTMENT
VALUE END OF TOTAL END OF PERIOD NET INCOME
PER SHARE PERIOD RETURN (a)(b) (000'S) EXPENSES (c) (LOSS) (c)
---------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS FUND
Period Ended March 31, 2004*... -- $ 1.00 0.13% $111,953 0.82% 0.25%
Year Ended September 30, 2003.. -- $ 1.00 0.62% $ 76,012 0.80% 0.63%
Year Ended September 30, 2002.. -- $ 1.00 1.30% $ 76,091 0.75% 1.29%
Year Ended September 30, 2001.. -- $ 1.00 4.51% $134,279 0.76% 4.43%
Year Ended September 30, 2000.. -- $ 1.00 5.26% $122,888 0.70% 5.24%
Year Ended September 30, 1999.. -- $ 1.00 4.26% $ 3,906 0.70% 4.25%
PRIME MONEY MARKET FUND
Period Ended March 31, 2004*... -- $ 1.00 0.13% $190,605 0.90% 0.26%
Year Ended September 30, 2003.. $ 1.00 0.62% $173,409 0.75% 0.71%
Year Ended September 30, 2002.. -- $ 1.00 1.41% $261,865 0.83% 1.41%
Year Ended September 30, 2001.. -- $ 1.00 4.57% $302,993 0.82% 4.42%
Year Ended September 30, 2000.. -- $ 1.00 5.56% $280,212 0.71% 5.54%
Year Ended September 30, 1999.. -- $ 1.00 4.48% $ 29,246 0.76% 4.42%
INVESTMENT GRADE BOND FUND
Period Ended March 31, 2004*... -- $10.41 2.22% $ 1,902 1.21% 3.33%
Year Ended September 30, 2003.. -- $10.41 3.99% $ 1,472 1.20% 3.60%
Year Ended September 30, 2002.. 0.23 $10.41 7.17% $ 924 1.24% 4.62%
Year Ended September 30, 2001.. 0.63 $10.18 12.32% $ 1,139 1.16% 5.30%
Year Ended September 30, 2000.. 0.04 $ 9.55 6.20% $ 1,824 1.09% 5.61%
Year Ended September 30, 1999.. (0.91) $ 9.51 (1.58)% $ 3,670 1.10% 5.18%
GLOBAL FUND
Period Ended March 31, 2004*... 1.53 $10.60 16.87% $ 456 2.18% (0.54)%
Year Ended September 30, 2003.. 1.61 $ 9.07 21.80% $ 431 2.26% (0.24)%
Year Ended September 30, 2002.. (2.08) $ 7.46 (20.80)% $ 444 2.03% (0.36)%
Year Ended September 30, 2001.. (2.67) $ 9.54 (17.70)% $ 962 1.67% 1.05%
Year Ended September 30, 2000.. 0.28 $12.21 7.18% $ 2,069 1.49% 1.35%
Year Ended September 30, 1999.. 1.44 $11.93 15.81% $ 3,810 1.53% 1.33%
EQUITY FUND
Period Ended March 31, 2004*... 0.79 $ 6.51 14.01% $ 852 1.36% 0.33%
Year Ended September 30, 2003.. 1.00 $ 5.72 21.68% $ 670 1.35% 0.38%
Year Ended September 30, 2002.. (1.34) $ 4.72 (20.47)% $ 617 1.38% 0.06%
Year Ended September 30, 2001.. (5.42) $ 6.06 (27.98)% $ 864 1.30% (0.06)%
Year Ended September 30, 2000.. (0.51) $11.48 10.04% $ 1,937 1.21% (0.05)%
Year Ended September 30, 1999.. 1.05 $11.99 24.34% $ 2,604 1.23% 0.08%
<Caption>
RATIOS/SUPPLEMENTAL DATA
---------------------------
PORTFOLIO
TURNOVER
EXPENSES (c)(d) RATE (e)
---------------------------
U.S. TREASURY OBLIGATIONS FUND
Period Ended March 31, 2004*... 1.07% N/A
Year Ended September 30, 2003.. 1.05% N/A
Year Ended September 30, 2002.. 1.07% N/A
Year Ended September 30, 2001.. 1.05% N/A
Year Ended September 30, 2000.. 1.05% N/A
Year Ended September 30, 1999.. 1.06% N/A
PRIME MONEY MARKET FUND
Period Ended March 31, 2004*... 1.15% N/A
Year Ended September 30, 2003.. 1.10% N/A
Year Ended September 30, 2002.. 1.13% N/A
Year Ended September 30, 2001.. 1.12% N/A
Year Ended September 30, 2000.. 1.13% N/A
Year Ended September 30, 1999.. 1.17% N/A
INVESTMENT GRADE BOND FUND
Period Ended March 31, 2004*... 1.46% 22%
Year Ended September 30, 2003.. 1.45% 53%
Year Ended September 30, 2002.. 1.49% 77%
Year Ended September 30, 2001.. 1.45% 61%
Year Ended September 30, 2000.. 1.44% 58%
Year Ended September 30, 1999.. 1.45% 52%
GLOBAL FUND
Period Ended March 31, 2004*... 2.43% 40%
Year Ended September 30, 2003.. 2.51% 87%
Year Ended September 30, 2002.. 2.28% 104%
Year Ended September 30, 2001.. 1.96% 72%
Year Ended September 30, 2000.. 1.84% 28%
Year Ended September 30, 1999.. 1.88% 29%
EQUITY FUND
Period Ended March 31, 2004*... 1.61% 49%
Year Ended September 30, 2003.. 1.60% 102%
Year Ended September 30, 2002.. 1.63% 109%
Year Ended September 30, 2001.. 1.59% 116%
Year Ended September 30, 2000.. 1.56% 84%
Year Ended September 30, 1999.. 1.58% 46%
</Table>
41
FINANCIAL HIGHLIGHTS
CLASS B SHARES
<Table>
<Caption>
INVESTMENT ACTIVITIES LESS DIVIDENDS FROM
------------------------------------------- ---------------------------------
NET REALIZED
NET ASSET AND UNREALIZED TOTAL
VALUE, NET GAINS FROM NET NET
BEGINNING INVESTMENT (LOSSES) ON INVESTMENT INVESTMENT REALIZED TOTAL
OF PERIOD INCOME (LOSS) INVESTMENTS ACTIVITIES INCOME GAINS DIVIDENDS
- ---------------------------------------------------------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS FUND
Period Ended March 31, 2004*...... $ 1.00 --(f) -- --(f) --(f) -- --(f)
Year Ended September 30, 2003..... $ 1.00 --(f) -- --(f) --(f) -- --(f)
Year Ended September 30, 2002..... $ 1.00 0.01 -- 0.01 (0.01) -- (0.01)
Year Ended September 30, 2001**... $ 1.00 0.02 -- 0.02 (0.02) -- (0.02)
PRIME MONEY MARKET FUND
Period Ended March 31, 2004*...... $ 1.00 --(f) -- --(f) --(f) -- --(f)
Year Ended September 30, 2003..... $ 1.00 --(f) -- --(f) --(f) -- --(f)
Year Ended September 30, 2002..... $ 1.00 0.01 -- 0.01 (0.01) -- (0.01)
Year Ended September 30, 2001**... $ 1.00 0.02 -- 0.02 (0.02) -- (0.02)
INVESTMENT GRADE BOND FUND
Period Ended March 31, 2004*...... $10.39 0.13 0.06 0.19 (0.14) (0.04) (0.18)
Year Ended September 30, 2003..... $10.41 0.31 --(f) 0.31 (0.33) -- (0.33)
Year Ended September 30, 2002..... $10.18 0.39 0.24 0.63 (0.40) -- (0.40)
Period Ended September 30,
2001***......................... $ 9.90 0.29 0.28 0.57 (0.29) -- (0.29)
GLOBAL FUND
Period Ended March 31, 2004*...... $ 8.93 (0.06)(g) 1.52 1.46 -- -- --
Year Ended September 30, 2003..... $ 7.40 (0.08)(g) 1.62 1.54 -- (0.01) (0.01)
Year Ended September 30, 2002..... $ 9.54 (0.09)(g) (1.90) (1.99) (0.13) (0.02) (0.15)
Period Ended September 30,
2001***......................... $11.35 -- (1.81) (1.81) -- -- --
EQUITY FUND
Period Ended March 31, 2004*...... $ 5.66 (0.01)(g) 0.77 0.76 --(f) -- --(f)
Year Ended September 30, 2003..... $ 4.67 (0.02)(g) 1.01 0.99 --(f) -- --(f)
Year Ended September 30, 2002..... $ 6.04 (0.04) (1.21) (1.25) -- (0.12) (0.12)
Period Ended September 30,
2001***......................... $ 7.93 (0.03) (1.86) (1.89) --(f) -- --(f)
</Table>
- ---------------
* Unaudited.
** From commencement of operations on February 1, 2001.
*** From commencement of operations on February 2, 2001.
(a) Total return excludes sales charge.
(b) Not annualized for periods less than one year.
(c) Annualized for periods less than one year.
(d) During the period, certain fees were voluntarily waived. If such voluntary
waivers had not occurred, the ratio would have been as indicated.
(e) Portfolio turnover is calculated on the basis of the Fund as a whole
without distinguishing between the classes of shares issued.
(f) Amount less than $0.005.
(g) Per share net investment loss has been calculated using the daily average
shares method.
SEE ACCOMPANYING NOTES TO THE FINANCIAL STATEMENTS.
42
<Table>
<Caption>
RATIOS/SUPPLEMENTAL DATA
-------------------------
CHANGE IN NET ASSET NET
NET ASSET VALUE, NET ASSETS, INVESTMENT
VALUE END OF TOTAL END OF PERIOD NET INCOME
PER SHARE PERIOD RETURN (a)(b) (000'S) EXPENSES (c) (LOSS) (c)
---------------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS FUND
Period Ended March 31,
2004*..................... -- $ 1.00 0.03% $ 10 1.02% 0.05%
Year Ended September 30,
2003...................... -- $ 1.00 0.16% $ 10 1.26% 0.17%
Year Ended September 30,
2002...................... -- $ 1.00 0.54% $ 10 1.50% 0.54%
Year Ended September 30,
2001**.................... -- $ 1.00 2.01% $ 10 1.55% 3.00%
PRIME MONEY MARKET FUND
Period Ended March 31,
2004*..................... -- $ 1.00 0.02% $ 10 1.11% 0.05%
Year Ended September 30,
2003...................... -- $ 1.00 0.15% $ 10 1.20% 0.26%
Year Ended September 30,
2002...................... -- $ 1.00 0.65% $ 10 1.58% 0.66%
Year Ended September 30,
2001**.................... -- $ 1.00 2.03% $ 10 1.62% 3.03%
INVESTMENT GRADE BOND FUND
Period Ended March 31,
2004*..................... 0.01 $10.40 1.94% $431 1.96% 2.58%
Year Ended September 30,
2003...................... (0.02) $10.39 3.01% $429 1.92% 2.65%
Year Ended September 30,
2002...................... 0.23 $10.41 6.37% $ 13 1.99% 3.87%
Period Ended September 30,
2001***................... 0.28 $10.18 5.85% $ 13 1.94% 4.39%
GLOBAL FUND
Period Ended March 31,
2004*..................... 1.46 $10.39 16.35% $ 77 2.93% (1.29)%
Year Ended September 30,
2003...................... 1.53 $ 8.93 20.90% $ 34 3.01% (0.99)%
Year Ended September 30,
2002...................... (2.14) $ 7.40 (21.27)% $ 4 2.78% (1.11)%
Period Ended September 30,
2001***................... (1.81) $ 9.54 (15.95)% $ 1 2.54% 0.16%
EQUITY FUND
Period Ended March 31,
2004*..................... 0.76 $ 6.42 13.43% $263 2.11% (0.42)%
Year Ended September 30,
2003...................... 0.99 $ 5.66 21.27% $184 2.10% (0.37)%
Year Ended September 30,
2002...................... (1.37) $ 4.67 (21.20)% $ 14 2.13% (0.69)%
Period Ended September 30,
2001***................... (1.89) $ 6.04 (23.82)% $ 18 2.09% (0.75)%
<Caption>
RATIOS/SUPPLEMENTAL DATA
---------------------------
PORTFOLIO
TURNOVER
EXPENSES (c)(d) RATE (e)
---------------------------
U.S. TREASURY OBLIGATIONS FUND
Period Ended March 31,
2004*..................... 1.57% N/A
Year Ended September 30,
2003...................... 1.55% N/A
Year Ended September 30,
2002...................... 1.57% N/A
Year Ended September 30,
2001**.................... 1.55% N/A
PRIME MONEY MARKET FUND
Period Ended March 31,
2004*..................... 1.65% N/A
Year Ended September 30,
2003...................... 1.60% N/A
Year Ended September 30,
2002...................... 1.63% N/A
Year Ended September 30,
2001**.................... 1.62% N/A
INVESTMENT GRADE BOND FUND
Period Ended March 31,
2004*..................... 1.96% 22%
Year Ended September 30,
2003...................... 1.92% 53%
Year Ended September 30,
2002...................... 1.99% 77%
Period Ended September 30,
2001***................... 1.62% 61%
GLOBAL FUND
Period Ended March 31,
2004*..................... 2.93% 40%
Year Ended September 30,
2003...................... 3.01% 87%
Year Ended September 30,
2002...................... 2.78% 104%
Period Ended September 30,
2001***................... 2.54% 72%
EQUITY FUND
Period Ended March 31,
2004*..................... 2.11% 49%
Year Ended September 30,
2003...................... 2.10% 102%
Year Ended September 30,
2002...................... 2.13% 109%
Period Ended September 30,
2001***................... 2.09% 116%
</Table>
43
NOTES TO THE FINANCIAL STATEMENTS
(Unaudited)
NOTE 1 -- ORGANIZATION
Eureka Funds (the "Trust") was organized as a Massachusetts Business Trust on
April 7, 1997 and is registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), as a diversified open-end management investment
company. The Trust offers five managed investment portfolios for sale to the
public. The accompanying financial statements and financial highlights are those
of Eureka U.S. Treasury Obligations Fund (the "U.S. Treasury Fund"), Eureka
Prime Money Market Fund (the "Prime Fund"), Eureka Investment Grade Bond Fund
(the "Bond Fund"), Eureka Global Fund (the "Global Fund"), and Eureka Equity
Fund (the "Equity Fund") (each a "Fund", and collectively, the "Funds"). The
Funds are authorized to issue an unlimited number of shares of beneficial
interest with no par value. Each Fund offers three classes of shares: Trust
Shares, Class A Shares and Class B Shares. Each class of shares in the Funds has
identical rights and privileges except with respect to fees paid under
shareholder servicing or distribution plans, voting rights on matters affecting
a single class of shares and the exchange privilege of each class of shares.
Under the Trust's organizational documents, its Officers and Trustees are
indemnified against certain liabilities arising out of the performance of their
duties to the Trust. In addition, in the normal course of business, the Trust
enters into contracts with their vendors and others that provide for general
indemnifications. The Trust's maximum exposure under these arrangements is
unknown, as this would involve future claims that may be made against the Trust.
However, based on experience, the Trust expects the risk of loss to be remote.
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 accounting principles generally accepted in the United States of
America (U.S.). The preparation of financial statements requires management to
make certain estimates and assumptions that effect the reported amounts of
assets and liabilities and disclosure of contingent assets and liabilities at
the date of the financial statements and the reported amounts of income and
expenses for the period. Actual results could differ from those estimates.
SECURITIES VALUATION: Securities of the U.S. Treasury and Prime Funds (the
"Money Market Funds") are valued utilizing the amortized cost method, which
approximates fair market value. Under the amortized cost method, discount or
premium is amortized on a constant basis to the maturity of the security.
Portfolio securities for which the principal market is a securities exchange
will be valued at the closing sales price on that exchange on the day of
computation, or, if there have been no sales during such day, at their latest
bid quotations. If no such bid price is available, then the securities will be
valued using good faith at their respective fair market values using methods
determined by or under the supervision of the Board of Trustees of the Eureka
Funds; provided however, that before any such securities are purchased for the
Bond Fund, the Global Fund or the Equity Fund, the Board of Trustees of the
Trust (the "Board") shall be notified and given the opportunity to establish
appropriate methods of determining the fair market value of such securities.
Bonds and other fixed-income securities (other than short-term obligations, but
including listed securities) will be valued at the mean between their latest bid
and ask quotations in such principal market. If no such bid and ask prices are
available, then the securities will be valued in good faith at their fair market
values using methods determined by or under the supervision of the Board. Short-
term debt investments having maturities of 60 days or less are valued at
amortized cost, which approximates market value. Investments in securities of
other mutual funds are valued at the redemption price. Securities for which
market quotations are not readily available are valued at fair value determined
in good faith under the general supervision of the Board.
STRIPPED SECURITIES: Stripped securities represent the right to receive future
interest payments (interest only stripped securities) or principal payments
(principal only stripped securities). The value of variable rate interest only
stripped securities varies directly with changes in interest rates, while the
value of fixed rate interest only stripped securities and the value of principal
only stripped securities vary inversely with changes in interest rates.
REPURCHASE AGREEMENTS: The Funds may purchase instruments from financial
institutions, such as banks and broker-dealers, subject to the seller's
agreement to
44
NOTES TO THE FINANCIAL STATEMENTS -- continued
(Unaudited)
repurchase them at an agreed upon time and price ("repurchase agreements"). The
seller under a repurchase agreement is required to maintain the value of the
securities subject to the agreement at not less than the repurchase price.
Default by the seller would, however, expose the relevant Funds to possible loss
because of adverse market action or delay in connection with the disposition of
the underlying obligations.
FOREIGN CURRENCY TRANSLATION: The Funds, other than the U.S. Treasury Fund, may
invest in certain obligations or securities denominated in foreign currencies.
The accounting records of the Trust are maintained in U.S. dollars. Investment
securities and other assets and liabilities of the Prime Fund, Bond Fund, Global
Fund and Equity Fund 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. The Funds do not isolate that portion of
the results of operations resulting from changes in foreign exchange rates on
investments from the fluctuations arising from change in market prices of
securities held. Such fluctuations are included with the net realized and
unrealized gain or loss from investments.
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 enter into forward foreign
currency exchange contracts in connection with planned purchases or sales of
securities or to hedge the U.S. dollar value of portfolio securities denominated
in a particular currency. The Global Fund may be exposed to risks if the
counter-parties to the contracts are unable to meet the terms of their contracts
and from unanticipated movements in the value of a foreign currency relative to
the U.S. dollar. The forward foreign currency exchange contracts are adjusted by
the daily exchange rate of the underlying currency and any gains or losses are
recorded for financial statement purposes as unrealized gains or losses until
the contract settlement date.
SECURITIES TRANSACTIONS AND INVESTMENT INCOME: Securities transactions are
accounted for no later than one day after trade date. However, for financial
reporting purposes, security transactions are accounted for on 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 AND ALLOCATIONS: 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. Expenses directly attributable to a class of shares
are charged directly to that class.
The investment income, expenses (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, expenses are accrued, or realized and unrealized gains and losses
have been incurred.
DIVIDENDS TO SHAREHOLDERS: Dividends from the Money Market Funds' and the Bond
Fund's net investment income, if any, are declared daily and paid monthly.
Dividends from the Global Fund's net investment income, if any, are declared and
paid annually. Dividends from the Equity Fund's net investment income, if any,
are declared 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.
NOTE 3 -- RELATED PARTY TRANSACTIONS
The Trust has entered into an investment advisory agreement (the "Advisory
Agreement") with Eureka Investment Advisors, Inc. (the "Advisor"), a wholly
owned subsidiary of Bank of the West. Under the terms of the Advisory Agreement,
the Advisor is entitled to receive a fee
45
NOTES TO THE FINANCIAL STATEMENTS -- continued
(Unaudited)
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
---- -----------
U.S. Treasury Fund.................. 0.20%
Prime Fund.......................... 0.30%
Bond Fund........................... 0.60%
Global Fund......................... 0.90%
Equity Fund......................... 0.75%
</Table>
BISYS Fund Services Limited Partnership d/b/a BISYS Fund Services ("BISYS"), a
wholly owned subsidiary of The BISYS Group, Inc., serves as the administrator
for the Trust pursuant to an administration agreement (the "Administration
Agreement"). Under the Administration Agreement, BISYS is entitled to a fee
computed at an annual rate, subject to a $75,000 per fund annual minimum, of
0.20% of the Trust's average daily net assets up to $500 million, 0.185% of the
next $500 million, and 0.175% for amounts in excess of $1 billion. BISYS may use
its fees to pay advertising and marketing expenses for the benefit of the Trust.
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 respect to Class A Shares and Class B 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, and an annual rate
equal to 1.00% of the average daily net assets of Class B Shares of each Fund.
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 Fund Services, Inc., and BISYS Fund Services Ohio, also a wholly-owned
subsidiary of The BISYS Group, Inc. serve as fund accountant and transfer and
dividend disbursing agent, respectively, of the Funds. Under the Fund Accounting
Agreement, BISYS Fund Services, Inc. receives a fee from the Trust at the annual
rate of 0.03% of the Trust's average daily net assets up to $500 million, 0.02%
of the Trust's average daily net assets in excess of $500 million up to $1
billion, and 0.01% of the Trust's average daily net assets in excess of $1
billion, subject to a minimum annual fee. Under the Transfer Agency Agreement,
BISYS Fund Services, Ohio Inc. receives a fee from each class of each Fund at
the annual rate of $15,000 in addition to various annual per account fees.
NOTE 4 -- INVESTMENT TRANSACTIONS
Purchases and sales of securities (excluding short-term securities) for the
period ended March 31, 2004 were as follows:
<Table>
<Caption>
FUND PURCHASES SALES
---- --------- -----
Bond Fund................................................... $96,647,354 $32,170,395
Global Fund................................................. $16,651,648 $13,319,542
Equity Fund................................................. $80,925,684 $88,047,696
</Table>
NOTE 5 -- FEDERAL INCOME TAX INFORMATION
As of the latest tax year end of September 30, 2003, unless noted otherwise, the
following Funds had net capital loss carryforwards, which are available to
offset future realized gains:
<Table>
<Caption>
EXPIRES
-----------------------------------------------------
FUND 2007 2008 2009 2010 2011
---- ---- ---- ---- ---- ----
U. S. Treasury Fund............................... $2,256 $ 9,612 $ 33 $ 21,846 $ 330
Prime Fund........................................ -- 21,456 13,445 -- 248,706
Bond Fund......................................... -- -- -- -- --
Global Fund....................................... -- -- -- -- 6,461,234
Equity Fund (a)................................... -- -- -- 17,219,554 578,792
</Table>
- ---------------
(a) Information reflected as of the Fund's tax year end of October 31, 2003.
46
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INVESTMENT ADVISOR
Eureka Investment Advisors, Inc.
300 South Grand Avenue, 7(th) Floor
Los Angeles, California 90071
ADMINISTRATOR AND DISTRIBUTOR
BISYS Fund Services
3435 Stelzer Road
Columbus, Ohio 43219
LEGAL COUNSEL
Wilmer, Cutler & Pickering
2445 M Street, N.W.
Washington, D.C. 20037
TRANSFER AGENT
BISYS Fund Services Ohio, Inc.
3435 Stelzer Road
Columbus, Ohio 43219
AUDITORS
Ernst & Young, LLP
1100 Huntington Center
41 South High Street
Columbus, Ohio 43215
CUSTODIAN
The Bank of New York
100 Church Street
New York, NY 10286
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. Eureka Investment
Advisors, Inc. is the investment adviser to the Funds and receives fees for
those services.
EUR-0034-3/04 5-04
ITEM 2. CODE OF ETHICS.
Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal
accounting officer or controller, or persons performing similar functions,
regardless of whether these individuals are employed by the registrant or a
third party. If the registrant has not adopted such a code of ethics,
explain why it has not done so.
NOT APPLICABLE - only for annual reports.
The registrant must briefly describe the nature of any amendment, during
the period covered by the report, to a provision of its code of ethics that
applies to the registrant's principal executive officer, principal
financial officer, principal accounting officer or controller, or persons
performing similar functions, regardless of whether these individuals are
employed by the registrant or a third party, and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of
this Item. The registrant must file a copy of any such amendment as an
exhibit pursuant to Item 11(a)(1), unless the registrant has elected to
satisfy paragraph (f) of this Item by posting its code of ethics on its
website pursuant to paragraph (f)(2) of this Item, or by undertaking to
provide its code of ethics to any person without charge, upon request,
pursuant to paragraph (f)(3) of this Item.
If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of
ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller, or
persons performing similar functions, regardless of whether these
individuals are employed by the registrant or a third party, that relates
to one or more items set forth in paragraph (b) of this Item, the
registrant must briefly describe the nature of the waiver, the name of the
person to whom the waiver was granted, and the date of the waiver.
DURING THE PERIOD COVERED BY THE REPORT, WITH RESPECT TO THE REGISTRANT'S
CODE OF ETHICS THAT APPLIES TO ITS PRINCIPAL EXECUTIVE OFFICER, PRINCIPAL
FINANCIAL OFFICER, PRINCIPAL ACCOUNTING OFFICER OR CONTROLLER, OR PERSONS
PERFORMING SIMILAR FUNCTIONS; THERE HAVE BEEN NO AMENDMENTS TO, NOR ANY
WAIVERS GRANTED FROM, A PROVISION THAT RELATES TO ANY ELEMENT OF THE CODE
OF ETHICS DEFINITION ENUMERATED IN PARAGRAPH (B) OF THIS ITEM 2.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of directors has
determined that the registrant either:
(i) Has at least one audit committee financial expert serving
on its audit committee; or
(ii) Does not have an audit committee financial expert serving
on its audit committee.
(2) If the registrant provides the disclosure required by
paragraph (a)(1)(i) of this Item, it must disclose the name of the
audit committee financial expert and whether that person is
"independent." In order to be considered "independent" for
purposes of this Item, a member of an audit committee may not,
other than in his or her capacity as a member of the audit
committee, the board of directors, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory,
or other compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as
defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-
2(a)(19)).
(3) If the registrant provides the disclosure required by
paragraph (a)(1)(ii) of this Item, it must explain why it does
not have an audit committee financial expert.
NOT APPLICABLE - only for annual reports.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption Audit Fees, the aggregate fees billed
for each of the last two fiscal years for professional services rendered by the
principal accountant for the audit of the registrant's annual financial
statements or services that are normally provided by the accountant in
connection with statutory and regulatory filings or engagements for those fiscal
years.
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees
billed in each of the last two fiscal years for assurance and related services
by the principal accountant that are reasonably related to the performance of
the audit of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in
each of the last two fiscal years for professional services rendered by the
principal accountant for tax compliance, tax advice, and tax planning.
Registrants shall describe the nature of the services comprising the fees
disclosed under this category.
(d) Disclose, under the caption All Other Fees, the aggregate fees
billed in each of the last two fiscal years for products and services provided
by the principal accountant, other than the services reported in paragraphs (a)
through (c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
(e) (1) Disclose the audit committee's pre-approval policies and
procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
(2) Disclose the percentage of services described in each of
paragraphs (b) through (d) of this Item that were approved by the audit
committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) If greater than 50 percent, disclose the percentage of hours
expended on the principal accountant's engagement to audit the registrant's
financial statements for the most recent fiscal year that were attributed to
work performed by persons other than the principal accountant's full-time,
permanent employees.
(g) Disclose the aggregate non-audit fees billed by the registrant's
accountant for services rendered to the registrant, and rendered to the
registrant's investment adviser (not including any sub-adviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the adviser that provides ongoing services to the registrant for
each of the last two fiscal years of the registrant.
(h) Disclose whether the registrant's audit committee of the board of
directors has considered whether the provision of nonaudit services that were
rendered to the registrant's investment adviser (not including any subadviser
whose role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser), and any entity controlling, controlled
by, or under common control with the investment adviser that provides ongoing
services to the registrant that were not pre-approved pursuant to paragraph
(c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the
principal accountant's independence.
NOT APPLICABLE - only for annual reports.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17CFR 240.10A-3), state whether or not the
registrant has a separately-designated standing audit committee
established in accordance with Section 3(a)(58)(A) of the Exchange
Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a
committee, however designated, identify each committee member. If
the entire board of directors is acting as the registrant's audit
committee as specified in Section 3(a)(58)(B) of the Exchange Act
(15 U.S.C. 78c(a)(58)(B)), so state.
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption
from the listing standards for all audit committees.
NOT APPLICABLE.
ITEM 6. SCHEDULE OF INVESTMENTS.
File Schedule I - Investments in securities of unaffiliated issuers as of the
close of the reporting period as set forth in ss. 210.12-12 of Regulation S-X,
unless the schedule is included as part of the report to shareholders filed
under Item 1 of this Form.
NOT APPLICABLE.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual
report on this Form N-CSR must, unless it invests exclusively in non-voting
securities, describe the policies and procedures that it uses to determine how
to vote proxies relating to portfolio securities, including the procedures that
the company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
NOT APPLICABLE.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
If the registrant is a closed-end management investment company, provide the
information specified in paragraph (b) of this Item with respect to any purchase
made by or on behalf of the registrant or any "affiliated purchaser," as defined
in Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of shares
or other units of any class of the registrant's equity securities that is
registered by the registrant pursuant to Section 12 of the Exchange Act (15
U.S.C. 781).
NOT APPLICABLE.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Describe any material changes to the procedures by which shareholders may
recommend nominees to the registrant's board of directors, where those changes
were implemented after the registrant last provided disclosure in response to
the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or
this Item.
DURING THE PERIOD COVERED BY THE REPORT, WITH RESPECT TO THE PROCEDURES BY WHICH
SHAREHOLDERS MAY RECOMMEND NOMINEES TO THE REGISTRANT'S BOARD OF DIRECTORS,
THERE WERE NO MATERIAL CHANGES THAT RELATE TO ANY ELEMENTS OF ITEM
7(D)(2(II)(G) OF SCHEDULE 14A OR THIS ITEM 9.
ITEM 10. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive
and principal financial officers, or persons performing similar functions,
regarding the effectiveness of the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as
of a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph, based on the evaluation of these controls
and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and
Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or
240.15d-15(b)).
THE REGISTRANT'S PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL FINANCIAL OFFICER
HAVE CONCLUDED, BASED ON THEIR EVALUATION OF THE REGISTRANT'S DISCLOSURE
CONTROLS AND PROCEDURES AS CONDUCTED WITHIN 90 DAYS OF THE FILING DATE OF THIS
REPORT, THAT THESE DISCLOSURE CONTROLS AND PROCEDURES ARE ADEQUATELY DESIGNED
AND ARE OPERATING EFFECTIVELY TO ENSURE THAT INFORMATION REQUIRED TO BE
DISCLOSED BY THE REGISTRANT ON FORM N-CSR IS (i) ACCUMULATED AND COMMUNICATED TO
THE INVESTMENT COMPANY'S MANAGEMENT, INCLUDING ITS CERTIFYING OFFICERS, TO ALLOW
TIMELY DECISIONS REGARDING REQUIRED DISCLOSURE; AND (ii) RECORDED, PROCESSED,
SUMMARIZED AND REPORTED WITHIN THE TIME PERIODS SPECIFIED IN THE SECURITIES AND
EXCHANGE COMMISSION'S RULES AND FORMS.
(b) Disclose any change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that
occurred during the registrant's last fiscal half-year (the registrant's second
fiscal half-year in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant's internal control
over financial reporting.
THERE WERE NO CHANGES IN THE REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL
REPORTING THAT OCCURRED DURING THE REGISTRANT'S MOST RECENT FISCAL HALF-YEAR
(THE REGISTRANT'S SECOND FISCAL HALF-YEAR IN THE CASE OF AN ANNUAL REPORT) THAT
HAVE MATERIALLY AFFECTED OR ARE REASONABLY LIKELY TO MATERIALLY AFFECT, THE
REGISTRANT'S INTERNAL CONTROL OVER FINANCIAL REPORTING.
ITEM 11. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or
number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of
the disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit. NOT APPLICABLE.
(a)(2) A separate certification for each principal executive officer
and principal financial officer of the registrant as required by Rule 30a-2(a)
under the Act (17 CFR 270.30a-2). CERTIFICATIONS PURSUANT TO RULE 30a-2(a) ARE
ATTACHED HERETO.
(a)(3) Any written solicitation to purchase securities under Rule 23c-1
under the Act (17 CFR 270.23c-1) sent or given during the period covered by the
report by or on behalf of the registrant to 10 or more persons. NOT APPLICABLE.
(b) If the report is filed under Section 13(a) or 15(d) of the Exchange
Act, provide the certifications required by rule 30a-2(b) under the Act as an
exhibit. A certification furnished pursuant to this paragraph will not be deemed
"filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to
the liability of that section. Such certification will not be deemed to be
incorporated by reference into any filing under the Securities Act of 1933 or
the Exchange Act, except to the extent that the registrant incorporates it by
reference. CERTIFICATIONS PURSUANT TO RULE 30a-2(b) ARE FURNISHED HEREWITH.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, the registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Eureka Funds
--------------------------------------------------------------------
By (Signature and Title)* /s/ Irimga McKay, President
-------------------------------------------------------
Date June 10, 2004
----------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and
the Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ Irimga McKay, President
-------------------------------------------------------
Date June 10, 2004
----------------------------
By (Signature and Title)* /s/ Troy A. Sheets, Treasurer
-------------------------------------------------------
Date June 10, 2004
----------------------------
* Print the name and title of each signing officer under his or her signature.