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SUPPLEMENT DATED DECEMBER 8, 1998
TO PROSPECTUS DATED AUGUST 31, 1998
ORBITEX STRATEGIC NATURAL RESOURCES FUND,
ORBITEX INFO-TECH & COMMUNICATIONS FUND,
ORBITEX GROWTH FUND AND ORBITEX ASIAN HIGH YIELD FUND (THE "FUNDS")
The following information supplements the Prospectus dated August 31, 1998.
CLASS A SHARES
The paragraph entitled "Other Circumstances" under the section "HOW TO
PURCHASE SHARES" in the Prospectus is hereby supplemented as follows:
(13) purchases by individuals or entities who reinvest the proceeds of
redemptions from Orbitex Funds within 60 days of redemption; (14) purchases
of shares issued in plans of reorganizations, such as mergers, asset
acquisitions and exchange offers, to which a Fund is a party; and
(15) purchases made through a broker, dealer or other financial intermediary
which maintains a net asset value purchase program that enables the Funds to
realize certain economies of scale.
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SUPPLEMENT DATED DECEMBER 8, 1998
TO STATEMENT OF ADDITIONAL INFORMATION DATED AUGUST 31, 1998
ORBITEX STRATEGIC NATURAL RESOURCES FUND,
ORBITEX INFO-TECH & COMMUNICATIONS FUND,
ORBITEX GROWTH FUND AND ORBITEX ASIAN HIGH YIELD FUND (THE "FUNDS")
The following paragraph replaces the similar paragraph on page B-44.
In-Kind. Each Fund intends to pay all redemptions of its shares in cash.
However, each Fund may make full or partial payment of any redemption request
by the payment to shareholders of portfolio securities of the applicable Fund
(i.e., by redemption-in-kind), at the value of such securities used in
determining the redemption price. The securities to be paid in-kind to any
shareholders will be readily marketable securities selected in such manner as
the Board of Trustees of the Trust deems fair and equitable. If shareholders
were to receive redemptions-in-kind, they would incur brokerage costs should
they wish to liquidate the portfolio securities received in such payment of
their redemption request. The Trust does not anticipate making
redemptions-in-kind.
