U S GLOBAL ACCOLADE FUNDS
497, 1997-03-03
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[GRAPHIC:  U.S. GLOBAL INVESTORS, INC. LOGO]

Dear Investor,

As a subscriber to Bottom  Line/Personal,  you know the value of a  professional
investor's  advice.  As  professional  investors  ourselves,  we were  more than
pleased that Bill Donoghue,  publisher of Donoghue's  WealthLetter,  recommended
our BONNEL  GROWTH FUND in Bottom  Line/Personal's  February 15 issue.  Donoghue
picked the Fund as an integral part of "a portfolio that would grow without much
risk"--a  portfolio  he chose  for his  retired  mother.  

After one year of top performance,  many hot funds disappoint. The BONNEL GROWTH
FUND is a different story. With a dynamic and disciplined approach to buying and
selling  stocks,  portfolio  manager Art Bonnel has maintained  consistent  high
performance since we opened the Fund in 1994.

                (LINEAR GRAPH PLOTTED FROM DATA IN TABLE BELOW)

<TABLE>
<CAPTION>
THE BONNEL GROWTH FUND CONSISTENTLY OUTPERFORMS THE S&P 500 

                                    Bonnel Growth                         Total
                                        Fund                S&P 500      Returns
                                    -------------      -------------     -------
<C>                                 <C>                <C>                 <C>  
21-Oct-94 .................         $   10,000.00      $   10,000.00       0.00%
28-Oct-94 .................         $   10,010.00      $   10,000.00       0.10%
31-Oct-94 .................         $   10,010.00      $   10,224.34       0.10%
 4-Nov-94 .................         $   10,010.00      $   10,224.34       0.10%
11-Nov-94 .................         $   10,020.00      $   10,224.34       0.20%
18-Nov-94 .................         $   10,020.00      $   10,224.34       0.20%
25-Nov-94 .................         $   10,030.00      $   10,224.34       0.30%
30-Nov-94 .................         $   10,030.00      $    9,852.45       0.30%
 2-Dec-94 .................         $   10,020.00      $    9,852.45       0.20%
 9-Dec-94 .................         $   10,020.00      $    9,852.45       0.20%
16-Dec-94 .................         $   10,050.00      $    9,852.45       0.50%
23-Dec-94 .................         $   10,060.00      $    9,852.45       0.60%
30-Dec-94 .................         $   10,090.00      $    9,998.40       0.90%
 6-Jan-95 .................         $   10,069.94      $    9,998.40       0.70%
13-Jan-95 .................         $   10,079.97      $    9,998.40       0.80%
20-Jan-95 .................         $   10,059.91      $    9,998.40       0.60%
27-Jan-95 .................         $    9,949.58      $    9,998.40      -0.50%
31-Jan-95 .................         $    9,859.31      $   10,257.51      -1.41%
 3-Feb-95 .................         $   10,140.15      $   10,257.51       1.40%
10-Feb-95 .................         $   10,431.01      $   10,257.51       4.31%
17-Feb-95 .................         $   10,441.04      $   10,257.51       4.41%
24-Feb-95 .................         $   10,461.10      $   10,257.51       4.61%
28-Feb-95 .................         $   10,491.19      $   10,656.87       4.91%
 3-Mar-95 .................         $   10,651.67      $   10,656.87       6.52%
10-Mar-95 .................         $   10,741.94      $   10,656.87       7.42%
17-Mar-95 .................         $   10,932.51      $   10,656.87       9.33%
24-Mar-95 .................         $   11,062.89      $   10,656.87      10.63%
31-Mar-95 .................         $   10,942.54      $   10,970.83       9.43%
 7-Apr-95 .................         $   10,862.30      $   10,970.83       8.62%
14-Apr-95 .................         $   11,193.28      $   10,970.83      11.93%
21-Apr-95 .................         $   11,002.71      $   10,970.83      10.03%
28-Apr-95 .................         $   11,423.97      $   11,293.64      14.24%
 5-May-95 .................         $   11,423.97      $   11,412.12      14.24%
12-May-95 .................         $   11,654.65      $   11,531.49      16.55%
19-May-95 .................         $   11,744.92      $   11,391.94      17.45%
26-May-95 .................         $   11,664.68      $   11,489.80      16.65%
31-May-95 .................         $   11,594.47      $   11,744.34      15.94%
 2-Jun-95 .................         $   11,714.83      $   11,724.53      17.15%
 9-Jun-95 .................         $   11,855.25      $   11,623.91      18.55%
16-Jun-95 .................         $   12,226.35      $   11,885.70      22.26%
23-Jun-95 .................         $   12,707.78      $   12,103.23      27.08%
30-Jun-95 .................         $   12,677.69      $   12,016.66      26.78%
 7-Jul-95 .................         $   13,359.72      $   12,272.67      33.60%
14-Jul-95 .................         $   13,861.21      $   12,350.63      38.61%
21-Jul-95 .................         $   13,510.17      $   12,212.32      35.10%
28-Jul-95 .................         $   14,222.29      $   12,417.69      42.22%
31-Jul-95 .................         $   14,121.99      $   12,414.98      41.22%
 4-Aug-95 .................         $   13,831.12      $   12,346.06      38.31%
11-Aug-95 .................         $   13,931.42      $   12,261.46      39.31%
18-Aug-95 .................         $   14,563.30      $   12,352.03      45.63%
25-Aug-95 .................         $   14,412.85      $   12,371.68      44.13%
31-Aug-95 .................         $   14,252.38      $   12,445.97      42.52%
 1-Sep-95 .................         $   14,242.35      $   12,489.16      42.42%
 8-Sep-95 .................         $   15,034.70      $   12,684.97      50.35%
15-Sep-95 .................         $   14,884.26      $   12,921.54      48.84%
22-Sep-95 .................         $   14,954.46      $   12,885.65      49.54%
29-Sep-95 .................         $   14,874.23      $   12,970.91      48.74%
 6-Oct-95 .................         $   14,051.78      $   12,928.30      40.52%
13-Oct-95 .................         $   14,242.35      $   12,972.91      42.42%
20-Oct-95 .................         $   14,322.58      $   13,038.61      43.23%
27-Oct-95 .................         $   14,302.53      $   12,866.38      43.03%
31-Oct-95 .................         $   14,523.18      $   12,924.57      45.23%
 3-Nov-95 .................         $   14,783.96      $   13,126.16      47.84%
10-Nov-95 .................         $   14,763.90      $   13,173.95      47.64%
17-Nov-95 .................         $   14,623.48      $   13,337.31      46.23%
24-Nov-95 .................         $   14,332.61      $   13,335.09      43.33%
30-Nov-95 .................         $   14,804.02      $   13,491.29      48.04%
 1-Dec-95 .................         $   14,693.69      $   13,527.18      46.94%
 8-Dec-95 .................         $   14,753.87      $   13,761.18      47.54%
15-Dec-95 .................         $   14,442.94      $   13,735.77      44.43%
22-Dec-95 .................         $   14,390.42      $   13,637.94      43.90%
29-Dec-95 .................         $   14,653.02      $   13,751.17      46.53%
 5-Jan-96 .................         $   14,064.80      $   13,790.69      40.65%
12-Jan-96 .................         $   13,560.61      $   13,435.93      35.61%
19-Jan-96 .................         $   13,770.69      $   13,659.64      37.71%
26-Jan-96 .................         $   14,106.82      $   13,878.21      41.07%
31-Jan-96 .................         $   14,442.94      $   14,218.65      44.43%
 2-Feb-96 .................         $   14,516.47      $   14,273.20      45.16%
 9-Feb-96 .................         $   14,989.15      $   14,673.59      49.89%
16-Feb-96 .................         $   14,831.59      $   14,486.03      48.32%
23-Feb-96 .................         $   15,367.29      $   14,734.18      53.67%
29-Feb-96 .................         $   15,031.16      $   14,350.93      50.31%
 1-Mar-96 .................         $   14,842.09      $   14,439.22      48.42%
 8-Mar-96 .................         $   14,821.08      $   14,195.64      48.21%
15-Mar-96 .................         $   15,577.37      $   14,373.34      55.77%
22-Mar-96 .................         $   15,724.43      $   14,579.27      57.24%
29-Mar-96 .................         $   15,734.93      $   14,489.10      57.35%
 5-Apr-96 .................         $   16,092.06      $   14,721.65      60.92%
12-Apr-96 .................         $   15,892.49      $   14,291.80      58.92%
19-Apr-96 .................         $   16,417.69      $   14,479.45      64.18%
26-Apr-96 .................         $   17,478.59      $   14,667.77      74.79%
30-Apr-96 .................         $   17,604.63      $   14,702.52      76.05%
 3-May-96 .................         $   17,678.16      $   14,420.68      76.78%
10-May-96 .................         $   17,951.26      $   14,655.77      79.51%
17-May-96 .................         $   18,739.06      $   15,033.80      87.39%
24-May-96 .................         $   19,106.70      $   15,249.56      91.07%
31-May-96 .................         $   19,085.69      $   15,081.05      90.86%
 7-Jun-96 .................         $   18,697.05      $   15,175.48      86.97%
14-Jun-96 .................         $   18,192.86      $   15,007.34      81.93%
21-Jun-96 .................         $   17,415.56      $   15,029.66      74.16%
28-Jun-96 .................         $   17,552.11      $   15,138.54      75.52%
 5-Jul-96 .................         $   17,152.96      $   14,840.80      71.53%
12-Jul-96 .................         $   16,249.62      $   14,586.84      62.50%
19-Jul-96 .................         $   15,945.01      $   14,418.44      59.45%
26-Jul-96 .................         $   15,650.90      $   14,354.56      56.51%
31-Jul-96 .................         $   15,734.93      $   14,470.09      57.35%
 2-Aug-96 .................         $   16,512.22      $   14,979.75      65.12%
 9-Aug-96 .................         $   16,480.71      $   14,970.93      64.81%
16-Aug-96 .................         $   16,449.20      $   15,041.25      64.49%
23-Aug-96 .................         $   16,564.74      $   15,082.41      65.65%
30-Aug-96 .................         $   16,564.74      $   14,775.77      65.65%
 6-Sep-96 .................         $   16,554.24      $   14,859.40      65.54%
13-Sep-96 .................         $   17,426.07      $   15,422.79      74.26%
20-Sep-96 .................         $   17,688.67      $   15,569.65      76.89%
27-Sep-96 .................         $   17,940.76      $   15,550.84      79.41%
30-Sep-96 .................         $   18,014.29      $   15,606.65      80.14%
 4-Oct-96 .................         $   18,539.49      $   15,927.96      85.39%
11-Oct-96 .................         $   18,455.45      $   15,909.79      84.55%
18-Oct-96 .................         $   18,423.94      $   16,140.49      84.24%
25-Oct-96 .................         $   18,066.81      $   15,915.69      80.67%
31-Oct-96 .................         $   17,909.25      $   16,036.93      79.09%
 1-Nov-96 .................         $   17,898.75      $   16,002.82      78.99%
 8-Nov-96 .................         $   18,665.53      $   16,617.90      86.66%
15-Nov-96 .................         $   18,581.50      $   16,772.52      85.82%
22-Nov-96 .................         $   18,402.94      $   17,025.15      84.03%
29-Nov-96 .................         $   18,746.40      $   17,248.06      87.46%
 6-Dec-96 .................         $   18,714.59      $   16,851.16      87.15%
13-Dec-96 .................         $   18,396.49      $   16,601.44      83.96%
20-Dec-96 .................         $   18,640.37      $   17,062.37      86.40%
27-Dec-96 .................         $   18,810.02      $   17,242.82      88.10%
31-Dec-96 .................         $   18,746.40      $   16,906.39      87.46%
 3-Jan-97 .................         $   18,693.38      $   17,072.77      86.93%
10-Jan-97 .................         $   18,926.65      $   17,334.56      89.27%
17-Jan-97 .................         $   18,735.79      $   17,715.03      87.36%
24-Jan-97 .................         $   18,661.57      $   17,586.07      86.62%
31-Jan-97 .................         $   18,884.24      $   17,962.05      88.84%
</TABLE>

                          ----------------------------
                            Cumulative Total Returns
                          ----------------------------
                                    +88.84%
                               Over Life of Fund
                          ----------------------------

                          ----------------------------
                          Average Annual Total Returns
                          ----------------------------
                                    +32.04%
                            Since Inception 10/17/94

                                    +30.75%
                                    One Year
                          ----------------------------

An investment of $10,000 in the Bonnel Growth Fund on 10/17/94  would have grown
to $18,884 by 1/31/97.  The same  $10,000  invested in the stocks of the S&P 500
would have earned only $17,962 over that time period.  All  performance  figures
include reinvestment of dividends.

Bonnel invests in fast-growing mid-cap stocks which he believes have the highest
potential  for  future  growth.  All  stocks  must  meet his  strict  investment
criteria.  If they fail to meet his  standards,  even for one quarter,  he sells
them to find his shareholders better  opportunities  elsewhere.  And Bonnel puts
his money  where his mouth  is.  He and his wife  have  retirement  and  regular
accounts in the Fund.

Inspired to superior performance,  Art Bonnel and U.S. Global Investors can give
you excellent  growth  potential in a  diversified,  no-load  mutual fund.  Call
1-800-426-6635  today or return the tear-off card below to discover the benefits
of  investing  with  specialists  in the mid-cap  growth  stock  market.  Please
remember:  the Fund is intended for the  high-performance,  growth  portion of a
diversified  portfolio.  Call now to learn how our other  no-load funds can help
you  build a solid  investment  strategy  for  reaching  your  financial  goals.


Sincerely yours, 


/s/Frank Holmes

Frank Holmes 
Chairman & CEO 

P.S.  You can  also  take  advantage  of the  low  minimum  initial  investments
available   through  the  ABC  Investment   Plan(R).   Call   1-800-4-BONNEL  or
1-800-426-6635  to discover  how regular  monthly  investments  can maximize the
accumulation of your wealth.

- --------------------------------------------------------------------------------
YES! I NEED TO LEARN MORE ABOUT THE BONNEL  GROWTH  FUND.  PLEASE RUSH ME A FREE
INVESTMENT  GUIDE TODAY.  

Name ............................   [ ]Bonnel Growth Fund

Address .........................   [ ]Please enclose a free IRA investment kit.

City, State, Zip ................   For    immediate    response   call
                                    1-800-4-BONNEL  now or  visit us on
Daytime Phone....................   the Web at www.usfunds.com. BL062  
                                    
For  more   complete   information,
including   charges  and  expenses,
call  1-800-4-BONNEL.  Please  read
the  prospectus   carefully  before
investing.  Past  performance is no
guarantee   of   future    results.
Investment return and principal may
fluctuate.  You may  have a gain or
loss when you sell shares.  The S&P
500  is  an  unmanaged   index  and
considered  representative  of  the
stock market.
- --------------------------------------------------------------------------------


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