<PAGE>
 
                           PROSPECTUS SUPPLEMENT TO
                        VAN ECK GLOBAL FUNDS PROSPECTUS
                               DATED MAY 1, 1998

                                        


Amendment to the Prospectus

Effective January 1, 1999, Van Eck Associates Corporation will assume the
responsibilities of advising Asia Dynasty Fund (the "Fund") and Van Eck Global
Asset Management (Asia) Limited will no longer act as Investment Adviser to the
Fund. Gary Greenberg and David Semple will continue to serve as Co-Portfolio
Managers of the Fund.



                  PROSPECTUS SUPPLEMENT DATED JANUARY 11, 1999



© 2022 IncJournal is not affiliated with or endorsed by the U.S. Securities and Exchange Commission