IMPORTANT ADDITIONAL INFORMATION FOR SHAREHOLDERS OF
UNITED SERVICES FUNDS
U.S. ALL AMERICAN EQUITY FUND
JULY 29, 1996 SUPPLEMENT TO
PROSPECTUS DATED NOVEMBER 1, 1995
AS AMENDED MAY 31, 1996
EXTENSION OF TIME LIMITATIONS ON EXPENSE CAPS--P. 3, P. 4, P. 23
The Advisor has guaranteed that Total Fund Operating Expenses (as a percentage
of net assets) will not exceed 0.70% on an annualized basis through June 30,
1997 and until such later date as the Advisor determines.
HOW TO SPEED REDEMPTIONS--P. 15
To redeem your Fund shares by telephone, you may call the Fund and direct an
exchange out of the Fund into an identically registered account in a United
Services treasury money market fund ($1,000 minimum initial investment). You may
then write a check against your treasury money market fund account. See "How to
Exchange Shares" in the prospectus for a description of exchanges, including the
$5 exchange fee. Call 1-800-426-6635 for more information concerning telephone
redemption and a treasury money market fund prospectus.
INVESTMENT OBJECTIVES AND CONSIDERATIONS--P. 1
Each investor is responsible for determining whether or not an investment in the
Fund is appropriate for his or her needs.
TRADER'S FEE PAID TO THE FUND--P. 17
A Trader's fee of 10 basis points or 0.10% of the value of shares redeemed or
exchanged will be assessed to shareholders who redeem or exchange shares of the
Fund held less than fourteen (14) calendar days. The Trader's Fee will be paid
to the Fund to benefit remaining shareholders by protecting them against
expenses due to excessive trading. Excessive short-term trading has an adverse
impact on effective portfolio management as well as upon Fund expenses. The Fund
has reserved the right to refuse investments from shareholders who engage in
short-term trading that may be disruptive to the Fund.
