<PAGE>
PROSPECTUS SUPPLEMENT TO
VAN ECK GLOBAL FUNDS PROSPECTUS
DATED APRIL 30, 1997
AMENDMENT TO THE PROSPECTUS--"MANAGEMENT--INVESTMENT ADVISER, MANAGER AND
ADMINISTRATOR"
Charles Cameron and Gregory Krenzer now serve as Co-Portfolio Managers of Van
Eck Global Income Fund, replacing Madis Senner. Messrs. Cameron and Krenzer
are jointly responsible for managing this Fund's portfolio of investments and
also serve as Co-Portfolio Managers of Worldwide Bond Fund. Mr. Cameron is
Chief Trader for the investment adviser, Van Eck Associates Corporation (the
"Adviser"), and an officer of Van Eck Funds (the "Trust") and another mutual
fund advised by the Adviser. Prior to joining Van Eck, Mr. Cameron was a
trader in both the Eurobond and emerging markets for Standard Chartered Bank.
Mr. Krenzer is portfolio manager of U.S. Government Money Fund and a research
analyst for the Adviser specializing in global fixed income securities.
Kevin L. Reid now serves as Co-Portfolio Manager of Van Eck Global Hard Assets
Fund with Derek van Eck. Messrs. van Eck and Reid are jointly responsible for
managing this Fund's portfolio of investments. Mr. Reid also serves as
Portfolio Manager of Van Eck Global Real Estate Fund, Worldwide Real Estate
Fund and as Co-Portfolio Manager of Worldwide Hard Assets Fund. He is an
officer of the Trust and another mutual fund advised by the Adviser. Mr. Reid
was previously employed by Trammell Crow Co. and Merrill Lynch and Co. and was
a principal in a private contracting firm.
Prospectus Supplement Dated December 26, 1997
VEM 712 292
<PAGE>
PROSPECTUS SUPPLEMENT TO
VAN ECK GOLD AND MONEY FUNDS PROSPECTUS
DATED APRIL 30, 1997
AMENDMENT TO THE PROSPECTUS--"MANAGEMENT--INVESTMENT ADVISER"
Kevin L. Reid now serves as Co-Portfolio Manager of Van Eck Global Hard Assets
Fund with Derek van Eck. Messrs. van Eck and Reid are jointly responsible for
managing this Fund's portfolio of investments. Mr. Reid also serves as
Portfolio Manager of Van Eck Global Real Estate Fund, Worldwide Real Estate
Fund and as Co-Portfolio Manager of Worldwide Hard Assets Fund. He is an
officer of Van Eck Funds and another mutual fund advised by Van Eck Associates
Corporation. Mr. Reid was previously employed by Trammell Crow Co. and Merrill
Lynch and Co. and was a principal in a private contracting firm.
Prospectus Supplement Dated December 26, 1997
VEM 712 357
