U S GLOBAL ACCOLADE FUNDS
497, 1997-09-22
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                    BEHIND THE OLD IRON CURTAIN

                   HIDDEN TREASURES FOR CAPITALISTS



- -----------------------------------
                                      Introducing the 
(GRAPHICS: Picture of the cover
of the prospectus shown on top                   Regent Eastern
of a picture of a building)            
                                                        European 
                                                            
                                                                 Fund
- -----------------------------------
             Investing in the Fastest Growing Markets in the World

The Regent Eastern  European Fund was mentioned in the October issue  --"VOICES"
Bloomberg Personal Magazine.

(X) MASS  PRIVATIZATION  throughout Eastern Europe and Russia has given way to a
    free market economy.

(X) LOW VALUATIONS along with continuing economic reform is producing capitalism
    in these countries not seen since America's wild west frontier.

(X) PROVEN SPECIALISTS in emerging  markets  money  management  by  Regent  Fund
    Management, Inc.

(X) NO-LOAD  investing in a broad  spectrum of equity  securities  in the former
    Eastern Bloc countries, the Fund seeks long-term capital appreciation.

(GRAPHICS: Picture of a star shaded in background with the following text)
 -----------------------                               -------------------------
   PORTFOLIO DIRECT                                          PERFORMANCE
   Listen to Monthly                                        Year-to-date
 Updates 24 Hours a Day,                                    total return  
  Toll-Free Simply Call                                     as of 9/10/97

    1-800-US-FUNDS,                                             22.60%
                                                            Since Inception
    Press Option 6                                             3/31/97
- ------------------------                               -------------------------

NOW AVAILABLE FROM U.S. GLOBAL INVESTORS                    (One Source/Charles
                                                             Schwab Logo)
           Please Call
                                                      Charles Schwab & Co., Inc.
      1-800-557-2297, ext. 221                        (Member SIPC/NYSE) 
                                                      provides recordkeeping  
   Today for a Current Prospectus                     and shareholder services
                                                      for shares purchased  
     website: www.usfunds.com                         through Mutual Fund 
                                                      One Source.  

(Regent Logo)                                               (Company Logo)

Total  return  represents  past  performance  and is not  predictive  of  future
results.  Investment  return and principal value will fluctuate.  You may have a
gain or loss when you sell shares. Investing in emerging markets carries special
risks which are described in the Regent Eastern European Fund prospectus. Please
read the prospectus carefully before you invest or send money.
U.S. stands for United Services.                                          REE348



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