ACCOLADE FUNDS
497, 1997-01-31
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            [GRAPHIC: LINEAR GRAPH PLOTTED FROM DATA IN TABLE BELOW]
<TABLE>

DECEMBER  30TH  94 TO  DECEMBER  31  96,  NAV  - NAV  PRICES,  USING  GROSS  ALL
REINVESTMENT, FUNDS ARE BASED IN U.S. DOLLARS, CALCULATION USED INDEXED

<CAPTION>
                                                        MFS
                              Bonnel     Amer Cent   Emerging    AIM:Con-      S&P 500 
                              Growth     20:Vista    Growth/A    stella-     (Composite) 
                             Fund (US)     (US)        (US)      tion (US)      (NX)    
                               85.79      57.19       62.04        57.49       69.09
                             ---------   ---------   --------    --------    -----------
<C>                          <C>         <C>         <C>         <C>         <C>
12/30/94 ...........         100         100         100         100         100
 1/6/95 ............          99.801      96.828      99.577      98.429     100
 1/13/95 ...........          99.901      99.72      100.899     100.814     100
 1/20/95 ...........          99.702      98.134     101.586     100.698     100
 1/27/95 ...........          98.608      95.056     100.423      99.011     100
 1/31/95 ...........          97.714      93.563     100.899      98.08      102.592
 2/3/95 ............         100.497      97.761     103.858     101.163     102.592
 2/10/95 ...........         103.38      101.679     106.184     103.665     102.592
 2/17/95 ...........         103.479      99.907     104.017     102.618     102.592
 2/24/95 ...........         103.678     100         105.127     102.967     102.592
 2/28/95 ...........         103.976     100.56      105.285     103.49      106.586
 3/3/95 ............         105.567     102.612     105.92      104.77      106.586
 3/10/95 ...........         106.461     103.172     106.237     104.945     106.586
 3/17/95 ...........         108.35      104.478     108.457     106.341     106.586
 3/24/95 ...........         109.642     108.489     109.725     108.959     106.586
 3/31/95 ...........         108.449     106.996     110.359     108.261     109.726
 4/7/95 ............         107.654     105.97      108.245     107.388     109.726
 4/14/95 ...........         110.934     110.541     109.355     110.646     109.726
 4/21/95 ...........         109.046     106.53      104.651     108.028     109.726
 4/28/95 ...........         113.221     110.261     106.025     110.762     112.954
 5/5/95 ............         113.221     110.914     105.074     110.006     114.139
 5/12/95 ...........         115.507     113.993     109.408     113.322     115.333
 5/19/95 ...........         116.402     116.045     109.567     114.252     113.938
 5/26/95 ...........         115.606     115.205     110.941     115.3       114.916
 5/31/95 ...........         114.911     112.407     110.201     114.136     117.462
 6/2/95 ............         116.103     115.951     111.681     115.998     117.264
 6/9/95 ............         117.495     118.284     113.953     117.743     116.258
 6/16/95 ...........         121.173     121.735     117.548     121.466     118.876
 6/23/95 ...........         125.944     128.825     120.137     126.003     121.052
 6/30/95 ...........         125.646     126.026     116.913     123.56      120.186
 7/7/95 ............         132.406     134.701     120.666     128.796     122.746
 7/14/95 ...........         137.376     140.765     123.309     132.17      123.526
 7/21/95 ...........         133.897     136.287     121.723     128.214     122.143
 7/28/95 ...........         140.954     144.31      128.33      136.067     124.197
 7/31/95 ...........         139.96      143.004     127.96      135.66      124.17
 8/4/95 ............         137.078     138.34      125.476     131.995     123.48
 8/11/95 ...........         138.072     140.485     126.533     133.741     122.634
 8/18/95 ...........         144.334     147.295     129.651     138.918     123.54
 8/25/95 ...........         142.843     143.75      129.757     137.347     123.737
 8/31/95 ...........         141.252     142.257     129.81      136.591     124.48
 9/1/95 ............         141.153     141.884     129.44      136.649     124.912
 9/8/95 ............         149.006     151.586     135.782     143.688     126.87
 9/15/95 ...........         147.515     147.015     134.989     141.187     129.236
 9/22/95 ...........         148.211     151.399     137.421     142.408     128.877
 9/29/95 ...........         147.416     148.414     134.672     141.478     129.73
10/6/95 ............         139.264     139.552     131.025     134.962     129.304
10/13/95 ...........         141.153     139.739     132.03      135.544     129.75
10/20/95 ...........         141.948     142.724     134.619     137.289     130.407
10/27/95 ...........         141.749     142.071     133.774     136.067     128.684
10/31/95 ...........         143.936     146.735     134.831     137.813     129.266
11/3/95 ............         146.521     153.265     140.803     142.525     131.283
11/10/95 ...........         146.322     150.653     142.495     140.547     131.761
11/17/95 ...........         144.93      147.108     140.486     137.464     133.394
11/24/95 ...........         142.048     142.444     137.156     134.148     133.372
11/30/95 ...........         146.72      149.254     141.596     139.5       134.935
12/1/95 ............         145.626     148.974     140.381     138.22      135.293
12/8/95 ............         146.223     147.015     141.173     137.929     137.634
12/15/95 ...........         143.141     140.672     137.685     131.483     137.38
12/22/95 ...........         142.621     143.833     139.218     134.372     136.401
12/29/95 ...........         145.223     146.135     141.173     135.455     137.534
 1/5/96 ............         139.393     136.526     137.474     130.28      137.929
 1/12/96 ...........         134.397     133.123     131.607     126.91      134.381
 1/19/96 ...........         136.479     134.824     135.941     130.099     136.618
 1/26/96 ...........         139.81      143.933     140.909     134.011     138.804
 1/31/96 ...........         143.141     143.632     143.129     136.538     142.209
 2/2/96 ............         143.87      146.735     144.609     138.765     142.755
 2/9/96 ............         148.554     147.636     150.053     142.917     146.759
 2/16/96 ...........         146.993     144.533     149.049     141.473     144.883
 2/23/96 ...........         152.302     150.539     152.484     146.828     147.365
 2/29/96 ...........         148.971     146.135     150.634     143.338     143.532
 3/1/96 ............         147.097     142.832     147.939     140.871     144.415
 3/8/96 ............         146.889     141.13      146.67      139.186     141.979
 3/15/96 ...........         154.384     148.437     151.691     143.579     143.756
 3/22/96 ...........         155.842     149.037     150.634     143.819     145.816
 3/29/96 ...........         155.946     148.437     151.11      143.157     144.914
 4/5/96 ............         159.485     151.74      153.647     144.541     147.24
 4/12/96 ...........         157.507     148.237     150.581     141.713     142.941
 4/19/96 ...........         162.712     154.342     156.924     145.685     144.818
 4/26/96 ...........         173.227     162.85      163.002     151.823     146.701
 4/30/96 ...........         174.476     162.55      162.632     151.883     147.049
 5/3/96 ............         175.205     161.749     162.526     150.318     144.23
 5/10/96 ...........         177.911     163.551     165.116     152.906     146.581
 5/17/96 ...........         185.719     172.259     168.71      158.021     150.362
 5/24/96 ...........         189.363     171.658     167.548     158.081     152.52
 5/31/96 ...........         189.155     169.757     167.495     156.697     150.835
 6/7/96 ............         185.303     166.954     164.958     156.396     151.779
 6/14/96 ...........         180.306     163.551     166.015     153.809     150.097
 6/21/96 ...........         172.602     154.843     159.778     149.656     150.321
 6/28/96 ...........         173.956     160.248     161.047     150.679     151.41
 7/5/96 ............         170         155.844     155.973     146.888     148.432
 7/12/96 ...........         161.047     146.235     145.613     139.427     145.892
 7/19/96 ...........         158.028     143.432     142.125     138.223     144.208
 7/26/96 ...........         155.113     142.231     144.45      137.621     143.569
 7/31/96 ...........         155.946     141.931     144.239     137.2       144.724
 8/2/96 ............         163.649     154.743     149.789     144.481     149.821
 8/9/96 ............         163.337     154.743     153.7       145.745     149.733
 8/16/96 ...........         163.025     150.339     152.854     145.564     150.437
 8/23/96 ...........         164.17      151.34      153.277     146.648     150.848
 8/30/96 ...........         164.17      151.74      151.48      145.504     147.781
 9/6/96 ............         164.066     150.539     152.114     145.324     148.618
 9/13/96 ...........         172.706     161.349     162.104     153.207     154.253
 9/20/96 ...........         175.309     165.152     166.596     155.253     155.721
 9/27/96 ...........         177.807     168.956     166.543     156.336     155.533
 9/30/96 ...........         178.536     168.455     166.385     156.155     156.091
10/4/96 ............         183.741     171.258     169.556     159.284     159.305
10/11/96 ...........         182.908     166.654     168.658     157.419     159.123
10/18/96 ...........         182.596     165.453     167.653     157.9       161.431
10/25/96 ...........         179.057     160.748     161.681     154.17      159.182
10/31/96 ...........         177.495     156.945     161.469     153.327     160.395
11/1/96 ............         177.391     156.745     161.205     153.026     160.054
11/8/96 ............         184.99      158.546     167.178     158.683     166.206
11/15/96 ...........         184.158     155.143     167.389     159.044     167.752
11/22/96 ...........         182.388     150.639     168.763     159.284     170.279
11/29/96 ...........         185.792     154.542     169.239     160.969     172.508
12/6/96 ............         185.477     154.442     167.389     159.284     168.539
12/13/96 ...........         182.324     150.339     164.905     156.216     166.041
12/20/96 ...........         184.741     154.154     163.531     157.742     170.651
12/27/96 ...........         186.422     153.829     160.868     157.618     172.456
12/31/96 ...........         185.792     157.187     162.045     157.493     169.091

</TABLE>
                       ------------------------------------
                       Bonnel Growth Fund (US) ...    85.79
                       Amer Cent 20:Vista (US) ...    57.19
                       MFS Emerging Growth/A (US .    62.04
                       AIM:Constellation (US) ....    57.49
                       S&P 500 (Composite) (NX) ..    69.09
                       ------------------------------------

- ----------
Past  performance  is no guarantee  of future  results.  Investment  returns and
principal  value may fluctuate,  and you may have a gain or a loss when you sell
shares.  Average  annual total rate of return for 1 year period ended  12/31/96,
27.93%.  Average  annual  total  rate of return  for life of the Fund  (10/17/94
through 12/31/96), 33.02%. Not a solicitation for any funds listed herein, other
than the Bonnel  Growth  Fund.  Must be  accompanied  or  preceeded by a current
prospectus.


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