<PAGE>
SUPPLEMENT DATED NOVEMBER 2, 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.
LIQUIDATION OF ORBITEX ASIAN HIGH YIELD FUND
The Board of Trustees (the "Board") has decided to liquidate the Orbitex
Asian High Yield Fund (the "Fund"). The Fund will not engage in any further
business activities except for the purpose of winding up its business and
affairs, preserving the value of its assets and distributing its assets to
shareholders. The Board has established November 30, 1998 as the date on
which the Fund will mail to each shareholder, who has not already redeemed or
exchanged their shares, a liquidating distribution equal to the shareholder's
proportionate interest in the remaining assets of the Fund. Prior to the
liquidation, shareholders of the Fund may exchange their shares for shares of
other Orbitex Funds at their then current net asset value. Requests for the
redemption or exchange of Fund shares will continue to be honored up to and
including 4:00 p.m. Eastern Time on November 27, 1998. You may call
1-888-ORBITEX for additional information.
CLASS B SHARES
The paragraph entitled "Class B Shares" under the section "HOW TO
PURCHASE SHARES" in the Prospectus is hereby supplemented as follows:
Purchases of Class B shares by any single investor are limited to
$250,000. Additionally, purchases of Class B Shares are restricted to United
States citizens and residents.
EURO DISCLOSURE
The following shall become a new paragraph under the section "HOW THE
TRUST IS MANAGED" in the Prospectus.
THE EURO. In January 1999, the new European common currency, called the
Euro, will begin circulation. The nations that use the Euro will have the
same monetary policy regardless of their domestic economy, which could have
adverse effects on those economies. The Euro could prove unworkable as a
common currency, prompting those nations to return to their original
currencies, which could increase the cost of trade, decrease corporate
profits and have other adverse effects. In addition, the issuers of
securities in which the Funds invest may have Euro conversion problems which
could impact the Funds.
<PAGE>
SUPPLEMENT DATED NOVEMBER 2, 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 table replaces the current table on page B-37 of the
Statement of Additional Information dated August 31, 1998.
COMPENSATION TABLE*
<TABLE>
<CAPTION>
TOTAL
PENSION OR COMPENSATION
RETIREMENT FROM
AGGREGATE BENEFITS ESTIMATED REGISTRANT AND
COMPENSATION ACCRUED AS ANNUAL FUND COMPLEX
FROM PART OF BENEFITS UPON PAID
NAME OF PERSON REGISTRANT FUND EXPENSES RETIREMENT TO TRUSTEES
- ---------------- ------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
Ronald S. Altbach $3,750 N/A N/A $3,750
Thomas T. Bachmann** $0 N/A N/A $0
Otto J. Felber** $0 N/A N/A $0
James L. Nelson** $0 N/A N/A $0
Robert F. Raucci $3,750 N/A N/A $3,750
</TABLE>
- ----------------------
* The compensation table covers the period May 13, 1997 (date of the of the
Trust's organizational meeting) through April 30, 1998.
** Interested trustees are compensated by Orbitex.
