U. S. Securities and Exchange Commission
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
1. Name and address of issuer:
Accolade Funds
7900 Callaghan Road
San Antonio, Texas 78229
2. Name of each series or class of funds for which this notice is filed:
Bonnel Growth Fund
3. Investment Company Act File Number: 811-7662
Securities Act File Number: 33-61542
4. Last day of fiscal year for which this notice is filed:
September 30, 1996
5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration:
/ /
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A.6):
Not applicable
7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning of
the fiscal year:
None
<PAGE>
8. Number and amount of securities registered during the fiscal year other than
pursuant to rule 24f-2.
None
9. Number and aggregate sale price of securities sold during the fiscal year:
Number of Shares -- 7,483,138
Aggregate Sales Price -- $116,765,133
10. Number and aggregate sale price of securities sold during the fiscal year in
reliance upon registration pursuant to rule 24f-2.
Number of Shares --7,483,138
Aggregate Sales Price --$116,765,133
11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
Number of Shares -- 104,558
Aggregate Sales Price -- $1,437,680
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on rule
24f-2 (from Item 10):
$116,765,133.00
(ii) Aggregate price of shares issued in
connection with dividend reinvestment plans
(from Item 11, if applicable):
+ 1,437,680.00
(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year (if
applicable):
- 60,501,758.00
(iv) Aggregate price of shares redeemed or
repurchased and previously applied as a
reduction to filing fees pursuant to rule
24e-2 (if applicable):
+ 0
<PAGE>
(v) Net aggregate price of securities sold and
issued during the fiscal year in reliance
on rule 24f-2 [line (i), plus line (ii),
less line (iii), plus line (iv)] (if
applicable):
$57,701,055.00
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(vi) Multiplier prescribed by Section 6(b) of
the Securities Act of 1933 or other
applicable law or regulation (see
Instruction C.6):
x 1/2900
(vii) Fee due [line (i) or line (v) multiplied by
line (vi)]:
$19,896.92
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INSTRUCTION: Issuers should complete lines (ii), (iii), (iv), and (v) only if
the form is being filed within 60 days after the close of the issuer's fiscal
year. See Instruction C.3.
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13. Check box if fees are being remitted to the Commission's lockbox depository
as described in section 3a of the Commission's Rules of
Informal and Other Procedures (17CFR 202.3a).
/ X /
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:
November 21, 1996
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SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By: /s/ Kevin C. White
-------------------------------
KEVIN C. WHITE
Chief Accounting Officer,
Date: November 20, 1996
[GRAPHIC: ACCOLADE FUNDS LOGO]
ACCOLADE FUNDS
BONNEL GROWTH FUND
MegaTrends Fund
November 20, 1996
Securities and Exchange Commission
Judiciary Plaza
450 Fifth Street, N.W.
Washington, D.C. 20549
Re: Rule 24f-2 Notice for Accolade Funds--File No. 811-7662
Gentlemen:
As counsel to Accolade Funds (the "Trust"), a Massachusetts business trust, I
have been asked to render this opinion in connection with the filing by the
Trust of a Rule 24f-2 Notice (the "Notice") with respect to its fiscal year
ended September 30, 1996.
Reference is made to paragraph 9 of the Notice, wherein the Trust reports the
number and amount of shares of the Trust (the "Shares") representing interests
in the Bonnel Growth Fund sold during the fiscal year ended September 30, 1996
in reliance upon Rule 24f-2 under the Investment Company Act of 1940, as
amended. I have examined the First Amended and Restated Master Trust Agreement
and By-Laws of the Trust, the Notice, the records of certain meetings and
written consents of the Trustees of the Trust, and such other documents as I
deemed necessary for the purposes of this opinion.
Based on the foregoing, and assuming that all of the Shares were sold, issued
and paid for in accordance with the terms of the Trust's Prospectus and
Statement of Additional Information as contained in the Trust's Registration
Statement on Form N-1A in effect at the time of sale, in my opinion, the Shares
were legally issued and are fully paid and non-assessable by the Trust.
I am licensed to practice law in the State of Oklahoma and not in any other
jurisdiction. I do not claim special expertise in the laws of any other
jurisdiction.
Sincerely,
/s/ Thomas D. Tays
Thomas D. Tays, Esq.
TDT:kle
