<PAGE>
ORBITEX GROUP OF FUNDS
SUPPLEMENT DATED MAY 1, 2000
TO PROSPECTUS DATED JANUARY 19, 2000
Effective for shares purchased on or after May 1, 2000, Class B Shares will
automatically convert to Class A Shares eight years after you purchase them.
This conversion relieves Class B shareholders who have held their shares for
more than eight years of the higher asset-based distribution charge that
applies to Class B Shares under the 12b-1 Plan described in the section
entitled "Rule 12b-1 Plans in Detail." The references to this conversion
feature and the "Contingent Deferred Sales Charge" table on pages 41, 44 and
49 of the Prospectus are modified accordingly.
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
CONTINGENT DEFERRED SALES
YEARS AFTER PURCHASE CHARGE ON SHARES BEING SOLD
- --------------------------------------------------------------------------------
<S> <C>
1st Year 5.00%
- --------------------------------------------------------------------------------
2nd Year 4.00%
- --------------------------------------------------------------------------------
3rd Year 3.00%
- --------------------------------------------------------------------------------
4th Year 3.00%
- --------------------------------------------------------------------------------
5th Year 2.00%
- --------------------------------------------------------------------------------
6th Year 1.00%
- --------------------------------------------------------------------------------
7th Year None
- --------------------------------------------------------------------------------
8th Year None
- --------------------------------------------------------------------------------
After 8th Year None
- --------------------------------------------------------------------------------
</TABLE>
