ACCOLADE FUNDS
497, 1996-11-26
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[FRONT OF INSERT]

[GRAPHIC:  EXPLODING FIREWORKS IN BACKGROUND]

                                   The Bonnel
                                  Growth Fund
                               celebrated its 2nd
                                  birthday on
                                October 17,1996.

If you had invested  $10,000 in the Bonnel  Growth Fund when we launched it just
over two years ago, your  investment  would be worth more than $17,996 today. 

To give your  portfolio  growth  potential,  call for a free  investor's  guide.

                                 1-800-US-FUNDS
                                (1-800-873-8637)

[GRAPHIC:  U.S. FAMILY OF FUNDS LOGO]

- ----------
Past  performance  does not guarantee  future  results.  Investment  returns and
principal  value  will  fluctuate.  You may have a gain or a loss  when you sell
shares.   For  more   information,   including   charges  and   expenses,   call
1-800-4-BONNEL.  Please read the prospectus  carefully before investing.  BONSTU

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[GRAPHIC:  EXPLODING FIREWORKS IN BACKGROUND]

                                HAPPY BIRTHDAY,
                                 BONNEL GROWTH
                                     FUND!

                     -------------------------------------
                                    +86.66%
                            CUMULATIVE TOTAL RETURNS
                     -------------------------------------

                     -------------------------------------
                                    +35.43%
                      COMPOUNDED SINCE INCEPTION 10/17/94
                     -------------------------------------

                     AVERAGE ANNUAL RETURNS AS OF 11/08/96

                     -------------------------------------
                                    +28.79%
                                    ONE YEAR
                     -------------------------------------

[GRAPHIC:  U.S. FAMILY OF FUNDS LOGO]

- ----------
Past  performance  does not guarantee  future  results.  Investment  returns and
principal  value  will  fluctuate.  You may have a gain or a loss  when you sell
shares.   For  more   information,   including   charges  and   expenses,   call
1-800-4-BONNEL. Please read the prospectus carefully before investing.



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