<PAGE>
- --------------------------------------------------------------------------------
ORBITEX GROUP OF FUNDS
SUPPLEMENT DATED MAY 22, 2000,
TO PROSPECTUS DATED JANUARY 19, 2000
The paragraph following the heading "Portfolio Manager" on page 33 of the
Prospectus is replaced in its entirety with the following paragraph:
Glen H. Frey manages the Info-Tech and Communications Fund. Mr. Frey
joined Orbitex Management, Inc. in May 2000, bringing with him more than
five years experience as a technology manager and analyst. Before coming
to Orbitex, Mr. Frey had been a portfolio manager with Morgan Stanley
Dean Witter Advisors since 1999.
Prospectus - 1
