AMERICAN ODYSSEY FUNDS INC /MD/
497, 1999-08-26
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<PAGE>   1
American Odyssey Funds, Inc.                                          Prospectus
                                                                      Supplement
                                                                 August 26, 1999

This information revises the May 1, 1999 prospectus and prospectus supplement
for American Odyssey Funds, Inc.

Item 5 of the prospectus supplement, the paragraph regarding Leland Crabbe, is
deleted. On page 17 of the prospectus, the paragraph regarding Diane Damskey,
is replaced with the following:

        "Maryam Ettehadieh serves as Vice President and is a Portfolio Manager
        at CSAM.  She specializes in emerging markets.  She joined CSAM in 1993
        as a research analyst with primary research responsibilities for Spain,
        Denmark, Belgium and Austria.  She became a portfolio manager in 1994.
        She currently has overall responsibility for the London and New York
        emerging market teams.  Ms. Ettehadieh has had responsibility for the
        Global High-Yield Bond Fund since 1999."





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