ACCOLADE FUNDS
497, 1996-05-15
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[FRONT OF POSTCARD]
[THE FOLLOWING CAPTION IS INSIDE ARROW GRAPHIC LOCATED ON LEFT SIDE]

       Look who is talking about Art Bonnel and the Bonnel Growth Fund...

"He's a fund  manager  you  certainly  would  want  to  keep on a short  list of
managers  you would  consider  giving  money  to." DON  PHILLIPS,  PUBLISHER  OF
Morningstar in Investor's Business Daily, Oct. 1994

"When Bonnel speaks,  many people listen.  His track record is one of the finest
in the  business  and he is one of the few  portfolio  managers to  consistently
outperform the S&P 500." WILLIAM DONOGHUE, MAY 1995

"Bonnel,  who came to the  company  after  seven  years as manager of the widely
respected MIM Stock  Appreciation Fund, has one of the best track records in the
business." SMART MONEY, SEPT. 1995

"The financial  world's most  sought-after  free agent in 1994." LOUIS RUKEYSER,
Louis Rukeyser's Mutual Funds, MARCH 1995

ONE OF THE "Top Ten Funds for 1996." Mutual Funds Magazine, DEC. 1995

"Money manager Arthur Bonnel is turning heads on Wall Street, all the way
from his home in Reno, Nevada." INDIVIDUAL INVESTOR, SEPT. 1995

"...Art Bonnel, champion of midcap stocks." LIZ PULLIAM, Orange County Register,
APRIL 1, 1996

[BACK OF POSTCARD]
Thousands of investors and numerous leading  financial  publications  have taken
notice of ART BONNEL and the BONNEL GROWTH FUND.  It's hard not to notice a fund
with performance like this:

                   Average annual total returns as of 4/30/96

                         --------         ---------------
                         ONE YEAR         SINCE INCEPTION
                          54.10%               44.61%
                                              10/17/96 
                         --------         ---------------

Call now for FREE fund guide. 1-800-4-BONNEL  (800-426-6635)

For more information,  including charges and expenses, call 1-800-4-BONNEL (800-
426-6635).  Please read prospectus carefully before investing.  Past performance
is no guarantee of future  results.  Investment  return and principal value will
fluctuate. You may have a gain or a loss when you sell shares.


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