EUREKA FUNDS
497, 1999-11-24
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<PAGE>   1
                                  EUREKA FUNDS
                                 CLASS A SHARES
     SUPPLEMENT DATED NOVEMBER 24, 1999 TO PROSPECTUS DATED FEBRUARY 1, 1999

Capitalized terms used in this Supplement that are not defined have the meaning
assigned to them in the Prospectus.

Richard Weiss and Brian Garbe have resigned from their positions at Sanwa Bank
California. Effective immediately, Cecilia Chen, Vice President and Director of
Equities, is the manager of the Eureka Global Asset Allocation Fund and the
Eureka Equity Fund.

As director of Sanwa Investment Management's quantitative research operations,
Cecilia Chen oversees the equity selection process, and the global and domestic
asset allocation and currency strategies. Ms. Chen also manages the Sanwa Small
Stock Fund and the equity portfolios of high-net-worth individuals.

Ms. Chen has more than seven years of experience in the investment management
field, with more than five years at Sanwa. Prior to joining Sanwa, Ms. Chen
worked as a business/programmer analyst responsible for selecting, planning,
and implementing a comprehensive trading and portfolio management and accounting
system. Ms. Chen is a Chartered Financial Analyst and holds a Masters of
Business Administration from the University of California at Irvine and a
Bachelor of Science in math and computer science from the University of
California at Los Angeles.

<PAGE>   2
                                  EUREKA FUNDS
                                  TRUST SHARES
     SUPPLEMENT DATED NOVEMBER 24, 1999 TO PROSPECTUS DATED FEBRUARY 1, 1999

Capitalized terms used in this Supplement that are not defined have the meaning
assigned to them in the Prospectus.

Richard Weiss and Brian Garbe have resigned from their positions at Sanwa Bank
California. Effective immediately, Cecilia Chen, Vice President and Director of
Equities, is the manager of the Eureka Global Asset Allocation Fund and the
Eureka Equity Fund.

As director of Sanwa Investment Management's quantitative research operations,
Cecilia Chen oversees the equity selection process, and the global and domestic
asset allocation and currency strategies. Ms. Chen also manages the Sanwa Small
Stock Fund and the equity portfolios of high-net-worth individuals.

Ms. Chen has more than seven years of experience in the investment management
field, with more than five years at Sanwa. Prior to joining Sanwa, Ms. Chen
worked as a business/programmer analyst responsible for selecting, planning,
and implementing a comprehensive trading and portfolio management and accounting
system. Ms. Chen is a Chartered Financial Analyst and holds a Masters of
Business Administration from the University of California at Irvine and a
Bachelor of Science in math and computer science from the University of
California at Los Angeles.


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