MAY 28, 1996 SUPPLEMENT TO "ACCOLADE FUNDS, BONNEL GROWTH FUND," DATED
JANUARY 15, 1996
DISTRIBUTION PLAN
The second paragraph,
"The total amount expended pursuant to the Distribution Plan may not
exceed 0.25% of the Fund's net assets on an annual basis. For the
period from October 17, 1994 (initial public offering) through
September 30, 1995, the Fund paid a total of $21,821 in distribution
fees. No excess distribution expenses shall be carried over from one
year to be reimbursed in future years."
is replaced with:
"The total amount expended pursuant to the Distribution Plan may not
exceed 0.25% of the Fund's net assets on an annual basis. For the
period from October 17, 1994 (initial public offering) through
September 30, 1995, the Fund paid a total of $21,821 in distribution
fees. Distribution expenses paid by the Advisor or other third parties
in prior periods that exceeded 0.25% of net assets may be paid by the
Fund with distribution expenses accrued pursuant to the 12b-1 plan in
the current or future periods, so long as the 0.25% limitation is never
exceeded."
