U S GLOBAL ACCOLADE FUNDS, 497, 1997-02-24

U S GLOBAL ACCOLADE FUNDS
497, 1997-02-24

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                           U.S. GLOBAL ACCOLADE FUNDS

                                 MEGATRENDS FUND

                        FEBRUARY 24, 1997, SUPPLEMENT TO
                        PROSPECTUS DATED OCTOBER 15, 1996


                                   NAME CHANGE

To symbolize  more  exactly our funds'  participation  in world wide  economies,
Accolade Funds has changed its name to U.S. GLOBAL ACCOLADE FUNDS.

We will  continue our  tradition of excellent  service and maxi mum earnings for
our shareholders.  THE FUNDS THEMSELVES WILL NOT CHANGE  INVESTMENT  OBJECTIVES,
PORTFOLIO  MANAGERS OR NAME -- the name of the trust,  however,  now illustrates
our best qualities and potential for profit.