<PAGE> PAGE 1
000 A000000 12/31/96
000 C000000 0000902042
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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SIGNATURE KEVIN C. WHITE
TITLE PRINCIPAL ACTNG OFCR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This financial data schedule contains summary financial information extracted
from the semi-annual report filed on Form N-SAR and is qualified in its entirety
by reference to such semi-annual report on Form N-SAR.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> MEGATRENDS FUND
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 20282
<INVESTMENTS-AT-VALUE> 24833
<RECEIVABLES> 32
<ASSETS-OTHER> 3
<OTHER-ITEMS-ASSETS> 11
<TOTAL-ASSETS> 24879
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 62
<TOTAL-LIABILITIES> 62
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20161
<SHARES-COMMON-STOCK> 2066
<SHARES-COMMON-PRIOR> 2479
<ACCUMULATED-NII-CURRENT> (18)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 123
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4551
<NET-ASSETS> 24817
<DIVIDEND-INCOME> 162
<INTEREST-INCOME> 86
<OTHER-INCOME> 0
<EXPENSES-NET> 206
<NET-INVESTMENT-INCOME> 43
<REALIZED-GAINS-CURRENT> 527
<APPREC-INCREASE-CURRENT> 1466
<NET-CHANGE-FROM-OPS> 2036
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 61
<DISTRIBUTIONS-OF-GAINS> 386
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 381
<NUMBER-OF-SHARES-REDEEMED> 5533
<SHARES-REINVESTED> 435
<NET-CHANGE-IN-ASSETS> (3128)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 19
<GROSS-ADVISORY-FEES> 109
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 227
<AVERAGE-NET-ASSETS> 25811
<PER-SHARE-NAV-BEGIN> 11.27
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .94
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (.19)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.01
<EXPENSE-RATIO> 1.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For the Period Ending December 31, 1996
File Number 811-7662
CIK Number 0000902042
SUB-ITEM 77C: MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
SUB-ITEM 77H: CHANGES IN CONTROL OF REGISTRANT
SUB-ITEM 77M: MERGERS
The following answers the questions identified above.
At a special meeting of the shareholders of the Leeb Personal Finance Trust/Leeb
Personal Finance Fund on November 15, 1996, shareholders approved the
reorganization of the Leeb Personal Finance Fund into the MegaTrends Fund, a new
series of the U.S. Global Accolade Funds. The reorganization provided for:
(a) the transfer of all Leeb Personal Finance Fund assets to the
newly-created series of U.S. Global Accolade Funds named
MegaTrends Fund in exchange for shares of the MegaTrends Fund;
(b) the prorated distribution of MegaTrends Fund shares to
shareholders of the Leeb Personal Finance Fund; and
(c) the dissolution and deregistration of the Leeb Personal Finance
Fund as an investment company.
The vote in favor of items (a) through (c) authorized:
(a) approval of an advisory agreement between the MegaTrends Fund and
U.S. Global Investors, Inc. (the "Advisor") and a Sub-Advisory
Agreement among the Fund, the Advisor and Money Growth Institute,
Inc. (the "Sub-Advisor");
(b) approval of a proposed distribution plan for the shares of the
MegaTrends Fund; and
(c) selection of Price Waterhouse LLP as independent accountant of
the MegaTrends Fund.
The shareholders approved the plan of reorganization on November 15, 1996, with
shares voted as follows: in favor of the proposal, 90.8 percent; in opposition,
7.1 percent; abstaining, 2.1 percent.
The consolidation was effected after shareholder approval on November 15, 1996.
