<PAGE>
PROSPECTUS SUPPLEMENT TO
PROSPECTUS
DATED MAY 1, 1997 OF
VAN ECK/CHUBB FUNDS, INC. (FORMERLY CHUBB INVESTMENT FUNDS, INC.)
AMENDMENT TO THE PROSPECTUS--"INVESTMENT OBJECTIVES AND POLICIES"
The Board of Directors of Van Eck/Chubb Funds, Inc. (the "Company") has
determined that it is in the best interests of shareholders to reorganize Van
Eck/Chubb Money Market Fund into Van Eck U.S. Government Money Fund, a series
of Van Eck Funds. The investment administrator of the Company is Van Eck
Associates Corporation and its shares are distributed by Van Eck Securities
Corporation. The investment adviser to Van Eck U.S. Government Money Fund is
Van Eck Associates Corporation. The Board concluded that the reorganization
would reduce investor confusion between the two affiliated money market funds.
The reorganization is expected to occur on or about April 24, 1998.
AMENDMENT TO THE PROSPECTUS--"MANAGEMENT OF THE COMPANY--INVESTMENT MANAGER"
Roger Brookhouse and Emma Fishwick now serve as Co-Portfolio Managers of Van
Eck/Chubb Global Income Fund (the "Fund"), together with Marjorie Raines. Mr.
Brookhouse is Senior Vice-President of Chubb Asset Managers, Inc., the Fund's
investment manager, and has been employed by Chubb Asset Managers since 1995;
he is also President and Chief Investment Officer of Chubb Investment Services
Limited since 1993. From 1990 to 1992, Mr. Brookhouse was managing director,
international institutional investment, at Credit Suisse Asset Management Ltd.
Ms. Fishwick has been employed by Chubb Asset Managers and has been a Director
and Senior Portfolio Manager of Chubb Investment Services Limited since 1997.
Prior to that, Ms. Fishwick has had twelve years experience in investment
management at County Natwest, Lloyds Bank and Credit Suisse.
AMENDMENT TO THE PROSPECTUS--"MANAGEMENT OF THE COMPANY TRANSFER AGENT"
Effective April 6, 1998, the Company's transfer agent will be DST Systems,
Inc., P.O. Box 418407, Kansas City, Missouri 64141. For communications by
overnight courier, the address is DST Systems, Inc., 210 West 10th Street, 8th
Floor, Kansas City, Missouri 64105. The toll-free telephone number for DST is
(800) 544-4653.
AMENDMENT TO THE PROSPECTUS--"PURCHASE OF SHARES"
Effective April 6, 1998, the sales charge imposed on shares of each of the
Funds except Money Market Fund (which is sold without a sales charge) will be
revised to be as follows:
<TABLE>
<CAPTION>
SALES CHARGE AS A DISCOUNT TO
PERCENTAGE OF BROKERS OR AGENTS
------------------- AS A PERCENTAGE
OFFERING NET AMOUNT OF THE
DOLLAR AMOUNT OF PURCHASE PRICE INVESTED OFFERING PRICE*
- ------------------------- -------- ---------- -----------------
<S> <C> <C> <C>
Less than $100,000........................ 4.75% 5.0% 4.00%
$100,000 but less than $250,000........... 3.75% 3.9% 3.15%
$250,000 but less than $500,000........... 2.50% 2.6% 2.00%
$500,000 but less than $1,000,000......... 2.00% 2.0% 1.65%
$1,000,000 and over....................... None**
</TABLE>
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* Brokers or agents who receive substantially all of the sales charge for
shares they sell may be deemed to be statutory underwriters.
** For any single purchase of $1 million or more, Van Eck Securities
Corporation, the distributor of the Company's shares (the "Distributor"),
may pay a finder's fee to parties eligible to receive such a fee. The fee
will be paid during the first two years after any such purchase and is
calculated as a quarterly payment equal to 0.0625% (.25% on an annual
basis) of the average daily net asset value of the shares purchased that
remain outstanding throughout such months. An eligible purchase is a single
purchase for a single client (purchases for other clients cannot be
aggregated for purposes of qualification for the finder's fee). Eligible
purchases registered to a street name or nominee name account must provide
appropriate verification of eligibility and average daily net assets upon
which payment is to be made. Purchases made through a bank trust
department, advisory firm or special program, as determined by the
Distributor, which purchases shares at net asset value do not qualify for
the finder's fee. The finder's fee will be credited to the dealer of record
on the record date (currently, the last calendar day of February, May,
August and November) and will be generally paid on the 20th day of the
following month. Please contact the Distributor to determine eligibility to
receive such fee.
PROSPECTUS SUPPLEMENT DATED MARCH 31, 1998
VEM 803 213
