U S GLOBAL ACCOLADE FUNDS
497, 1999-04-16
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                           U.S. Global Accolade Funds


                               Bonnel Growth Fund

                     Supplement dated April 16, 1999, to the
                         prospectus dated March 1, 1999


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Page 16 - Redemptions by the Fund of Certain Accounts

Delete  the first  paragraph  on page 16,  "Redemptions  by the Fund of  Certain
Accounts," and replace with the following:

         Account Minimums

         To reduce its expenses,  the Fund may redeem the shares in your account
         if your balance drops below $5000 for any reason other than share value
         decline.  The Fund also may deduct a monthly $1 minimum balance fee (or
         the value of the  account if less than $1) from such  accounts.  Active
         ABC  Investment  Plan(R)  accounts,  retirement  accounts and custodial
         accounts  for minors are not subject to these  involuntary  redemptions
         and balance fee policies.

         You will receive a 30-day written notice before the Fund undertakes any
         involuntary  redemption.  During that time,  you may buy more shares to
         bring your account above the minimum.



<PAGE>

                             U.S. Global Accolade Funds


                            Regent Eastern European Fund

                       Supplement dated April 16, 1999, to the
                            prospectus dated March 1, 1999


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Page 26 - Redemptions by the Fund of Certain Accounts

Delete  the first  paragraph  on page 26,  "Redemptions  by the Fund of  Certain
Accounts," and replace with the following:

         Account Minimums

         To reduce its expenses,  the Fund may redeem the shares in your account
         if your balance drops below $5000 for any reason other than share value
         decline.  The Fund also may deduct a monthly $1 minimum balance fee (or
         the value of the  account if less than $1) from such  accounts.  Active
         ABC  Investment  Plan(R)  accounts,  retirement  accounts and custodial
         accounts  for minors are not subject to these  involuntary  redemptions
         and balance fee policies.

         You will receive a 30-day written notice before the Fund undertakes any
         involuntary  redemption.  During that time,  you may buy more shares to
         bring your account above the minimum.



<PAGE>

                           U.S. Global Accolade Funds


                             Global Blue Chip Fund

                   Supplement dated April 16, 1999, to the
                       prospectus dated March 1, 1999


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Page 18 - Redemptions by the Fund of Certain Accounts

Delete  the first  paragraph  on page 18,  "Redemptions  by the Fund of  Certain
Accounts," and replace with the following:

         Account Minimums

         To reduce its expenses,  the Fund may redeem the shares in your account
         if your balance drops below $5000 for any reason other than share value
         decline.  The Fund also may deduct a monthly $1 minimum balance fee (or
         the value of the  account if less than $1) from such  accounts.  Active
         ABC  Investment  Plan(R)  accounts,  retirement  accounts and custodial
         accounts  for minors are not subject to these  involuntary  redemptions
         and balance fee policies.

         You will receive a 30-day written notice before the Fund undertakes any
         involuntary  redemption.  During that time,  you may buy more shares to
         bring your account above the minimum.



<PAGE>



                            U.S. Global Accolade Funds


                                  MegaTrends Fund

                      Supplement dated April 16, 1999, to the
                          prospectus dated March 1, 1999


- --------------------------------------------------------------------------------



Page 18 - Redemptions by the Fund of Certain Accounts

Delete  the first  paragraph  on page 18,  "Redemptions  by the Fund of  Certain
Accounts," and replace with the following:

         Account Minimums

         To reduce its expenses,  the Fund may redeem the shares in your account
         if your balance drops below $5000 for any reason other than share value
         decline.  The Fund also may deduct a monthly $1 minimum balance fee (or
         the value of the  account if less than $1) from such  accounts.  Active
         ABC  Investment  Plan(R)  accounts,  retirement  accounts and custodial
         accounts  for minors are not subject to these  involuntary  redemptions
         and balance fee policies.

         You will receive a 30-day written notice before the Fund undertakes any
         involuntary  redemption.  During that time,  you may buy more shares to
         bring your account above the minimum.



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