<PAGE>
ORBITEX GROUP OF FUNDS
SUPPLEMENT DATED MARCH 15, 2000,
TO PROSPECTUS DATED JANUARY 19, 2000
The Orbitex Group of Funds now offers Class C Shares of the Growth Fund, in
addition to offering Class C for the Orbitex Info-Tech & Communications Fund and
the Orbitex Health & Biotechnology Fund. Accordingly, the Prospectus is amended
as follows:
Under the Heading "FUNDS AT A GLANCE -- Orbitex Growth Fund," the Investor
Expense Table and the Expense Example on pages 8 and 9 are revised to provide
the following information:
INVESTOR EXPENSES
This table describes the fees and expenses that you may pay if you buy and hold
Class A, Class B, or Class C Shares of the Orbitex Growth Fund. Please note that
the following information does not include fees that other financial
institutions may charge you for their services.
<TABLE>
<CAPTION>
CLASS A CLASS B CLASS C
SHARES SHARES SHARES
------- ------- -------
<S> <C> <C> <C>
SHAREHOLDER FEES (FEES PAID DIRECTLY FROM YOUR
INVESTMENT)
Maximum Sales Charge (Load) Imposed on Purchase (as a % of offering 5.75%(1) None None
price)
Maximum Deferred Sales Charge (Load) (as a % of lower of original
purchase price or redemption proceeds) None(2) 5.00%(3) 1.00%(4)
Maximum Sales Charge (Load) Imposed on Reinvested Dividends
Distributions None None None
Redemption Fee (as a % of amount redeemed, if applicable) None None None
Exchange Fee None None None
ANNUAL FUND OPERATING EXPENSES (EXPENSES THAT ARE
DEDUCTED FROM FUND ASSETS)
Management Fees 0.75% 0.75% 0.75%
Distribution and/or Service (12b-1) Fees 0.40% 1.00%(5) 1.00%(5)
Other Expenses 16.88% 16.88% 16.88%(6)
------ ------ ------
Total Annual Operating Expenses 18.03% 18.63% 18.63%
Fee Waiver and Expense Reimbursement 16.03%(6) 16.03%(6) 16.03%(6)
------ ------ ------
Net Expenses 2.00% 2.60% 2.60%
------ ------ ------
------ ------ ------
</TABLE>
(1) Reduced for purchases of $50,000 or more by certain investors. See
"Your Account - Classes in Detail - Class A - Reduced Sales Charge."
(2) Purchases of Class A Shares of $1 million or more by certain investors
are not subject to any sales load at the time of purchase, but a 1.00%
contingent deferred sales charge ("CDSC") applies on amounts redeemed
within one year of purchase. See "Your Account - Classes in Detail - Class
A - Reduced Sales Charge."
(3) The CDSC payable upon redemption of Class B shares declines over time.
(4) The CDSC applies to redemptions of Class C shares within eighteen
months of purchase.
(5) Including a 0.25% shareholder servicing fee.
<PAGE>
(6) Orbitex Management has agreed contractually to waive its management
fee and to reimburse expenses, other than extraordinary or non-recurring
expenses, so that the expense ratio of Class A Shares does not exceed 2.00%
and the expense ratios of Class B and Class C Shares do not exceed 2.60%.
This arrangement will remain in effect until at least April 30, 2000. The
information contained in the table above and the example below reflects the
expenses of each class of the Fund taking into account any applicable fee
waivers and or reimbursements.
EXAMPLE
This example is intended to help you compare the cost of investing in the
Orbitex Growth Fund with the cost of investing in other mutual funds. The
example assumes that you invest $10,000 in the Fund for the time periods
indicated and then redeem all of your shares at the end of those periods. The
example also assumes that your investment has a 5% return each year, that you
reinvest all dividends and distributions, and that the Fund's operating expenses
remain the same. Although your actual costs and the return on your investment
may be higher or lower, based on these assumptions your costs would be:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
YEAR CLASS A CLASS B CLASS C
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
1 $ 766 $ 763 $ 363
- -------------------------------------------------------------------------------------------------------------
3 $3,826 $3,876 $3,576
- -------------------------------------------------------------------------------------------------------------
5 $6,140 $6,248 $6,048
- -------------------------------------------------------------------------------------------------------------
10 $9,749 $9,761 $9,817
- -------------------------------------------------------------------------------------------------------------
</TABLE>
You would pay the following expenses if you did not redeem your shares:
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------
YEAR CLASS A CLASS B CLASS C
- -------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
- -------------------------------------------------------------------------------------------------------------
1 $ 766 $ 263 $ 263
- -------------------------------------------------------------------------------------------------------------
3 $3,826 $3,576 $3,576
- -------------------------------------------------------------------------------------------------------------
5 $6,140 $6,048 $6,048
- -------------------------------------------------------------------------------------------------------------
10 $9,749 $9,761 $9,817
- -------------------------------------------------------------------------------------------------------------
</TABLE>
In addition, on page 45 of the Prospectus, the following language replaces the
second paragraph under the heading Class C -- Level Load:
Class C Shares are only being made available for the Info-Tech & Communications
Fund, the Health & Biotechnology Fund and the Growth Fund.
* * * * * * * * * *
Funds Distributor, Inc. continues to serve as the distributor of the Funds.
Accordingly, the references to Orbitex Funds Distributor, Inc. on pages 46 and
55 should read:
Funds Distributor, Inc.
60 State Street
Boston, Massachusetts 02109
* * * * * * * * * *
The paragraph following the heading "Portfolio Manager" on page 34 of the
Prospectus is replaced in its entirety with the following paragraph:
Kenneth Hoffman, CFA is the portfolio manager for the Strategic Natural
Resources Fund. Mr. Hoffman joined Orbitex Management, Inc. in February
2000, bringing with him more
<PAGE>
than seven years experience as an analyst covering non-ferrous, precious
metals and the steel industry. Prior to joining Orbitex, Mr. Hoffman had
been an analyst with Prudential Securities Equity Research since 1993.
