U.S. GLOBAL ACCOLADE FUNDS
REGENT EASTERN EUROPEAN FUND
MARCH 19, 1997, SUPPLEMENT TO
PROSPECTUS DATED MARCH 11, 1996
PAGE 2, SHAREHOLDER TRANSACTION EXPENSES
Trader's Fee (shares held less than 180 days) ........................$2.00%
PAGE 20, ADDITIONAL INFORMATION ABOUT EXCHANGES
(4) Exchanges out of the Regent Eastern European Fund of shares held
less than 180 days are subject to a trader's fee.
PAGE 23, TRADER'S FEE PAID TO THE FUND
A trader's fee of 2.00% of the value of shares redeemed or exchanged
will be assessed to shareholders who redeem or exchange shares of the
Fund held less than 180 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 on 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.
