Filed pursuant to Rule 497(e)
                                                    Registration No. 333-14233

                                 
                          SUPPLEMENT DATED MAY 30, 1997
                    TO THE PROSPECTUS DATED FEBRUARY 3, 1997
                                       OF
                               LIFEUSA FUNDS, INC.


     The  following  language  replaces the  disclosure  found on page 14 in the
section "Dividends, Distribution and Tax Status":


     Principal  Preservation  Portfolio  will declare and pay monthly  dividends
from net investment  income and will  distribute  annually net realized  capital
gains, if any.



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