U S GLOBAL ACCOLADE FUNDS, 497, 2000-09-21

U S GLOBAL ACCOLADE FUNDS
497, 2000-09-21

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                           U.S. GLOBAL ACCOLADE FUNDS

                          REGENT EASTERN EUROPEAN FUND

                     SUPPLEMENT DATED SEPTEMBER 21, 2000, TO
                         PROSPECTUS DATED MARCH 1, 2000

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PORTFOLIO MANAGER - PAGES 12 and 13

Delete the paragraph under  "Portfolio  Manager" on pages 12 and 13, and replace
with the following:

     The  portfolio  management  team meets  regularly to review  portfolio
     holdings and to discuss  purchase and sale activity.  Mr. Andrew Wiles
     is the team leader for the Fund.  Mr. Wiles has worked for Regent Fund
     Management (UK) Ltd. for five years and heads the fund management team
     responsible   for   public   equity    investments   in   Russia   and
     Eastern/Central  Europe.  Before  joining  Regent,  he was employed by
     Buchanan Partners,  a London-based global emerging markets hedge fund,
     where he was responsible for the GDR trading  program.  Mr. Wiles is a
     member of the Institute of Investment Management and Research.