<PAGE> 1
AMERICAN ODYSSEY FUNDS, INC. PROSPECTUS
SUPPLEMENT
May 1, 1999
This page supplements the May 1, 1999 prospectus for American Odyssey Funds,
Inc.
1. On the performance bar chart for the Emerging Opportunities Fund on page 6,
the 1994 total return is revised to 9.69%.
2. Under the Fees and Expenses table on the top of page 8, the fees for the
Global High-Yield Bond Fund and the Emerging Opportunities Fund are revised
as follows:
<TABLE>
<CAPTION>
GLOBAL
HIGH-YIELD EMERGING
BOND OPPORTUNITIES
FUND FUND
---- ----
<S> <C> <C>
Management Fees 0.68%(1) 0.77%(2)
Distribution (12b-1) Fees None None
Other Expenses 0.16%(1) 0.14%
----- -----
Total Annual Fund Operating Expenses 0.84%(1) 0.91%(2)
</TABLE>
(1) Fees and expenses for the Global High-Yield Bond Fund
reflect the period 5/1/98-12/31/98. On May 1, 1998, the
Fund adopted its current fee structure and investment
objective and strategy.
(2) Management fees for the Emerging Opportunities Fund
reflect the period 5/1/98-12/31/98. On May 1, 1998, the
Fund adopted its current fee structure.
3. The Fees and Expenses Example table on the bottom of page 8 is revised to
read as follows:
<TABLE>
<CAPTION>
GLOBAL LONG- INTERMEDIATE-
HIGH-YIELD INT'L EMERGING CORE TERM TERM
BOND EQUITY OPPORTUNITIES EQUITY BOND BOND
FUND FUND FUND FUND FUND FUND
---------- ------- ------------- ------ ------- ------------
<S> <C> <C> <C> <C> <C> <C>
1 year.............. $ 85.75 $ 74.56 $ 92.86 $ 66.41 $ 61.32 $ 61.32
3 years............. $ 268.09 $233.38 $ 290.13 $208.03 $192.17 $192.17
5 years............. $ 465.92 $406.01 $ 503.87 $362.24 $334.80 $334.80
10 years............. $ 1,037.16 $906.45 $1,119.56 $810.44 $750.03 $750.03
</TABLE>
4. Note 1 to the chart on page 16 is revised to read as follows:
"The Global High-Yield Bond Fund's fee structure changed effective May 1,
1998, when the Fund converted from the Short-Term Bond Fund. Advisory fees
for the period 5/1/98-12/31/98 equaled 0.68% of average net assets on an
annualized basis."
5. On page 17, the paragraph regarding Diane Damskey is replaced with the
following:
"Leland E. Crabbe serves as Director at CSAM and devises portfolio
strategies for corporate and emerging market debt securities. He joined CSAM
in 1998 from Merrill Lynch, where he traded corporate and emerging market
debt after working in fixed income syndicate and as a corporate bond
strategist. Previously, he was a corporate bond analyst with the Federal
Reserve in Washington. Mr. Crabbe has had responsibility for the Global
High-Yield Bond Fund since 1999."
