<PAGE> PAGE 1
000 B000000 10/31/97
000 C000000 0000902042
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 U.S. GLOBAL ACCOLADE FUNDS
001 B000000 811-7662
001 C000000 2103081234
002 A000000 7900 CALLAGHAN ROAD
002 B000000 SAN ANTONIO
002 C000000 TX
002 D010000 78229
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 BONNEL GROWTH FUND
007 C030100 N
007 C010200 2
007 C020200 MEGATRENDS FUND
007 C030200 N
007 C010300 3
007 C020300 ADRIAN DAY GLOBAL OPPORTUNITY FUND
007 C030300 N
007 C010400 4
007 C020400 REGENT EASTERN EUROPEAN FUND
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
012 A00AA01 UNITED SHAREHOLDER SERVICES, INC.
012 B00AA01 84-01260
012 C01AA01 SAN ANTONIO
012 C02AA01 TX
012 C03AA01 78229
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 SAN ANTONIO
013 B02AA01 TX
013 B03AA01 78205
015 A00AA01 BANKERS TRUST COMPANY
015 B00AA01 C
<PAGE> PAGE 2
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10005
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 15
019 C00AA00 USGLOBALIN
020 A000001 FAHNESTOCK
020 B000001 13-5657518
020 C000001 43
020 A000002 DAKIN
020 B000002 94-3034642
020 C000002 41
020 A000003 OPPENHEIMER
020 B000003 13-2798343
020 C000003 31
020 A000004 FITZGERALD-CANTOR
020 B000004 13-3680184
020 C000004 16
020 A000005 BRIMBERG & CO.
020 B000005 13-5653797
020 C000005 16
020 A000006 A.G. EDWARDS
020 B000006 43-0895447
020 C000006 13
020 A000007 EVEREN
020 B000007 36-3223831
020 C000007 12
020 A000008 FIRST BOSTON
020 B000008 13-5659485
020 C000008 12
020 A000009 BOSWORTH
020 B000009 41-1412694
020 C000009 10
020 A000010 HAMBRECHT & QUIST
020 B000010 94-2856935
020 C000010 6
021 000000 228
022 A000001 LEMAN BROTHERS
022 B000001 13-2518466
022 C000001 390001
022 D000001 0
022 A000002 PAINE WEBBER
022 B000002 13-2638166
022 C000002 167539
022 D000002 0
022 A000003 PRUDENTIAL
022 B000003 22-2347336
022 C000003 115585
022 D000003 0
<PAGE> PAGE 3
022 A000004 MORGAN STANLEY
022 B000004 13-2655998
022 C000004 82094
022 D000004 0
022 A000005 DONALDSON LUFKIN
022 B000005 13-2741729
022 C000005 63524
022 D000005 0
022 A000006 DEAN WITTER
022 B000006 94-1671384
022 C000006 29504
022 D000006 0
022 A000007 FIRST BOSTON
022 B000007 13-5659485
022 C000007 22922
022 D000007 107
022 A000008 FITZGERALD-CANTOR
022 B000008 13-3680184
022 C000008 1909
022 D000008 3438
022 A000009 MERRILL LYNCH
022 B000009 13-5674085
022 C000009 8216
022 D000009 0
022 A000010 OPPENHEIMER
022 B000010 13-2798343
022 C000010 810
022 D000010 832
023 C000000 886707
023 D000000 4835
024 00AA00 Y
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
<PAGE> PAGE 4
036 B00AA00 0
054 A00AA00 Y
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 5000
062 A00AA00 N
062 B00AA00 0.0
062 C00AA00 0.0
062 D00AA00 0.0
062 E00AA00 0.0
062 F00AA00 0.0
062 G00AA00 0.0
062 H00AA00 0.0
062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
062 M00AA00 0.0
062 N00AA00 0.0
062 O00AA00 0.0
062 P00AA00 0.0
062 Q00AA00 0.0
062 R00AA00 0.0
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
<PAGE> PAGE 5
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
077 Q010000 N
077 Q020000 N
077 Q030000 N
080 A00AA00 GULF GROUP LLOYDS
080 C00AA00 1000
081 A00AA00 Y
081 B00AA00 4
082 A00AA00 Y
082 B00AA00 10
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
008 A000101 U.S. GLOBAL INVESTORS, INC.
008 B000101 A
008 C000101 801-4868
008 D010101 SAN ANTONIO
008 D020101 TX
008 D030101 78229
008 A000102 BONNEL, INC.
008 B000102 S
008 C000102 801-46655
008 D010102 RENO
008 D020102 NV
008 D030102 89511
025 A000101 DEAN WITTER
025 B000101 94-1671384
025 C000101 D
025 D000101 22
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 5596
028 A020100 0
028 A030100 0
028 A040100 7117
028 B010100 0
028 B020100 0
028 B030100 0
028 B040100 0
028 C010100 0
<PAGE> PAGE 6
028 C020100 0
028 C030100 0
028 C040100 0
028 D010100 0
028 D020100 0
028 D030100 0
028 D040100 0
028 E010100 0
028 E020100 0
028 E030100 0
028 E040100 0
028 F010100 0
028 F020100 0
028 F030100 0
028 F040100 0
028 G010100 5596
028 G020100 0
028 G030100 0
028 G040100 7117
028 H000100 0
037 000100 Y
038 000100 5
039 000100 Y
040 000100 Y
041 000100 N
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 0
044 000100 9
045 000100 Y
046 000100 N
047 000100 Y
048 000100 1.000
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
<PAGE> PAGE 7
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
055 A000100 N
055 B000100 N
056 000100 N
057 000100 N
066 A000100 Y
066 B000100 N
066 C000100 N
066 D000100 Y
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 Y
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 Y
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 N
<PAGE> PAGE 8
070 K020100 N
070 L010100 Y
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 57109
071 B000100 58929
071 C000100 109910
071 D000100 52
072 A000100 1
072 B000100 5
072 C000100 23
072 D000100 0
072 E000100 0
072 F000100 95
072 G000100 0
072 H000100 0
072 I000100 21
072 J000100 2
072 K000100 0
072 L000100 1
072 M000100 1
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 6
072 R000100 4
072 S000100 6
072 T000100 26
072 U000100 0
072 V000100 0
072 W000100 2
072 X000100 164
072 Y000100 0
072 Z000100 -136
072AA000100 5716
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 0
072DD020100 0
<PAGE> PAGE 9
072EE000100 0
073 A010100 0.0000
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 3
074 B000100 22
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 104389
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 5291
074 K000100 0
074 L000100 347
074 M000100 8
074 N000100 110060
074 O000100 5114
074 P000100 122
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 181
074 S000100 0
074 T000100 104643
074 U010100 5316
074 U020100 0
074 V010100 19.68
074 V020100 0.00
074 W000100 0.0000
074 X000100 7820
074 Y000100 0
075 A000100 0
075 B000100 114252
076 000100 0.00
008 A000201 U.S. GLOBAL INVESTORS, INC.
008 B000201 A
008 C000201 801-4868
008 D010201 SAN ANTONIO
008 D020201 TX
008 D030201 78229
008 A000202 MONEY GROWTH INSTITUTE
008 B000202 S
008 C000202 801-4565
008 D010202 NEW YORK
008 D020202 NY
008 D030202 10111
025 A000201 DEAN WITTER
<PAGE> PAGE 10
025 B000201 94-1671384
025 C000201 D
025 D000201 3686
025 D000202 0
025 D000203 0
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 186
028 A020200 0
028 A030200 0
028 A040200 809
028 B010200 215
028 B020200 0
028 B030200 0
028 B040200 515
028 C010200 551
028 C020200 0
028 C030200 0
028 C040200 541
028 D010200 433
028 D020200 0
028 D030200 0
028 D040200 498
028 E010200 0
028 E020200 0
028 E030200 0
028 E040200 0
028 F010200 0
028 F020200 0
028 F030200 0
028 F040200 0
028 G010200 1385
028 G020200 0
028 G030200 0
028 G040200 2363
028 H000200 0
037 000200 Y
038 000200 2
039 000200 Y
040 000200 Y
041 000200 Y
042 A000200 0
042 B000200 99
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 0
<PAGE> PAGE 11
042 H000200 1
043 000200 0
044 000200 22
045 000200 Y
046 000200 N
047 000200 Y
048 000200 1.000
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 N
055 A000200 N
055 B000200 N
056 000200 Y
057 000200 N
066 A000200 Y
066 B000200 N
066 C000200 N
066 D000200 Y
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
070 A020200 Y
<PAGE> PAGE 12
070 B010200 Y
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 Y
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 Y
070 R020200 N
071 A000200 3013
071 B000200 3976
071 C000200 22863
071 D000200 13
072 A000200 4
072 B000200 65
072 C000200 111
072 D000200 0
072 E000200 0
072 F000200 88
072 G000200 0
072 H000200 0
072 I000200 18
072 J000200 3
072 K000200 0
072 L000200 2
072 M000200 2
<PAGE> PAGE 13
072 N000200 4
072 O000200 0
072 P000200 0
072 Q000200 12
072 R000200 10
072 S000200 -7
072 T000200 23
072 U000200 0
072 V000200 0
072 W000200 1
072 X000200 156
072 Y000200 0
072 Z000200 20
072AA000200 968
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 0
072DD020200 0
072EE000200 0
073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 1
074 B000200 3686
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 22461
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 73
074 M000200 1
074 N000200 26222
074 O000200 690
074 P000200 4
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 36
074 S000200 0
074 T000200 25492
074 U010200 1834
074 U020200 0
074 V010200 13.90
074 V020200 0.00
<PAGE> PAGE 14
074 W000200 0.0000
074 X000200 2060
074 Y000200 0
075 A000200 0
075 B000200 26417
076 000200 0.00
008 A000301 U.S. GLOBAL INVESTORS, INC.
008 B000301 A
008 C000301 801-4868
008 D010301 SAN ANTONIO
008 D020301 TX
008 D030301 78229
008 A000302 GLOBAL STRATEGIC MANAGEMENT, INC.
008 B000302 S
008 C000302 801-39145
008 D010302 ANNAPOLIS
008 D020302 MD
008 D030302 21401
025 A000301 DEAN WITTER
025 B000301 94-1671384
025 C000301 D
025 D000301 854
025 A000302 PRUDENTIAL
025 B000302 22-2347336
025 C000302 D
025 D000302 821
025 D000303 0
025 D000304 0
025 D000305 0
025 D000306 0
025 D000307 0
025 D000308 0
028 A010300 520
028 A020300 0
028 A030300 0
028 A040300 28
028 B010300 643
028 B020300 0
028 B030300 0
028 B040300 32
028 C010300 200
028 C020300 0
028 C030300 0
028 C040300 164
028 D010300 424
028 D020300 0
028 D030300 0
028 D040300 51
028 E010300 176
028 E020300 0
028 E030300 0
<PAGE> PAGE 15
028 E040300 127
028 F010300 156
028 F020300 0
028 F030300 0
028 F040300 168
028 G010300 2119
028 G020300 0
028 G030300 0
028 G040300 570
028 H000300 0
037 000300 Y
038 000300 0
039 000300 Y
040 000300 Y
041 000300 Y
042 A000300 0
042 B000300 100
042 C000300 0
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 1
044 000300 101
045 000300 Y
046 000300 N
047 000300 Y
048 000300 1.250
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
<PAGE> PAGE 16
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
055 A000300 Y
055 B000300 N
056 000300 y
057 000300 N
066 A000300 Y
066 B000300 N
066 C000300 N
066 D000300 Y
066 E000300 N
066 F000300 N
066 G000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 Y
070 B010300 Y
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 Y
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 Y
070 M010300 Y
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
<PAGE> PAGE 17
070 O020300 N
070 P010300 N
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 Y
070 R020300 N
071 A000300 2345
071 B000300 122
071 C000300 907
071 D000300 13
072 A000300 8
072 B000300 66
072 C000300 12
072 D000300 0
072 E000300 0
072 F000300 23
072 G000300 0
072 H000300 0
072 I000300 7
072 J000300 9
072 K000300 0
072 L000300 4
072 M000300 1
072 N000300 18
072 O000300 0
072 P000300 0
072 Q000300 25
072 R000300 11
072 S000300 1
072 T000300 5
072 U000300 0
072 V000300 0
072 W000300 0
072 X000300 104
072 Y000300 58
072 Z000300 32
072AA000300 3
072BB000300 0
072CC010300 0
072CC020300 342
072DD010300 0
072DD020300 0
072EE000300 0
073 A010300 0.0000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 1675
074 C000300 0
<PAGE> PAGE 18
074 D000300 0
074 E000300 0
074 F000300 1881
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 7
074 L000300 5
074 M000300 9
074 N000300 3577
074 O000300 133
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 18
074 S000300 0
074 T000300 3426
074 U010300 382
074 U020300 0
074 V010300 8.96
074 V020300 0.00
074 W000300 0.0000
074 X000300 531
074 Y000300 0
075 A000300 0
075 B000300 2696
076 000300 0.00
008 A000401 U.S. GLOBAL INVESTORS, INC.
008 B000401 A
008 C000401 801-4868
008 D010401 SAN ANTONIO
008 D020401 TX
008 D030401 78229
008 A000402 REGENT FUND MANAGEMENT LIMITED
008 B000402 S
008 C000402 801-40699
008 D010402 DOUGLAS
008 D050402 ISLE OF MAN
025 A000401 DEAN WITTER
025 B000401 94-1671384
025 C000401 D
025 D000401 2152
025 A000402 PRUDENTIAL
025 B000402 22-2347336
025 C000402 D
025 D000402 504
025 D000403 0
025 D000404 0
<PAGE> PAGE 19
025 D000405 0
025 D000406 0
025 D000407 0
025 D000408 0
028 A010400 434
028 A020400 0
028 A030400 0
028 A040400 17
028 B010400 815
028 B020400 0
028 B030400 0
028 B040400 12
028 C010400 1966
028 C020400 0
028 C030400 0
028 C040400 507
028 D010400 1127
028 D020400 0
028 D030400 0
028 D040400 196
028 E010400 3120
028 E020400 0
028 E030400 0
028 E040400 129
028 F010400 1988
028 F020400 0
028 F030400 0
028 F040400 584
028 G010400 9450
028 G020400 0
028 G030400 0
028 G040400 1445
028 H000400 0
037 000400 Y
038 000400 27
039 000400 Y
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 94
042 C000400 0
042 D000400 0
042 E000400 0
042 F000400 0
042 G000400 0
042 H000400 6
043 000400 1
044 000400 87
045 000400 Y
046 000400 N
047 000400 Y
<PAGE> PAGE 20
048 000400 1.250
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 y
057 000400 N
066 A000400 Y
066 B000400 N
066 C000400 N
066 D000400 Y
066 E000400 N
066 F000400 N
066 G000400 N
067 000400 N
068 A000400 N
068 B000400 Y
069 000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
<PAGE> PAGE 21
070 D010400 Y
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 Y
070 Q020400 N
071 A000400 7633
071 B000400 298
071 C000400 2742
071 D000400 11
072 A000400 7
072 B000400 57
072 C000400 9
072 D000400 0
072 E000400 0
072 F000400 30
072 G000400 0
072 H000400 0
072 I000400 9
072 J000400 9
072 K000400 0
072 L000400 6
072 M000400 1
072 N000400 16
072 O000400 0
072 P000400 0
072 Q000400 26
072 R000400 14
072 S000400 2
<PAGE> PAGE 22
072 T000400 6
072 U000400 0
072 V000400 0
072 W000400 1
072 X000400 120
072 Y000400 42
072 Z000400 -12
072AA000400 49
072BB000400 0
072CC010400 0
072CC020400 476
072DD010400 0
072DD020400 0
072EE000400 0
073 A010400 0.0000
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 2656
074 C000400 0
074 D000400 0
074 E000400 0
074 F000400 6906
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 162
074 K000400 0
074 L000400 80
074 M000400 12
074 N000400 9816
074 O000400 994
074 P000400 14
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 30
074 S000400 0
074 T000400 8778
074 U010400 784
074 U020400 0
074 V010400 11.19
074 V020400 0.00
074 W000400 0.0000
074 X000400 1079
074 Y000400 0
075 A000400 0
075 B000400 4191
076 000400 0.00
<PAGE> PAGE 23
SIGNATURE SUSAN B. MC GEE
TITLE EXECUTIVE VICE PRES.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This financial data schedule contains summary financial information extracted
from the Annual Report to Shareholders for the fiscal year ended October 31,
1997, and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 1
<NAME> BONNEL GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-1-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 98218
<INVESTMENTS-AT-VALUE> 104411
<RECEIVABLES> 5638
<ASSETS-OTHER> 8
<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 110060
<PAYABLE-FOR-SECURITIES> 5114
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 303
<TOTAL-LIABILITIES> 5417
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78715
<SHARES-COMMON-STOCK> 5316
<SHARES-COMMON-PRIOR> 5393
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 19735
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6193
<NET-ASSETS> 104643
<DIVIDEND-INCOME> 23
<INTEREST-INCOME> 5
<OTHER-INCOME> 0
<EXPENSES-NET> 164
<NET-INVESTMENT-INCOME> (136)
<REALIZED-GAINS-CURRENT> 5716
<APPREC-INCREASE-CURRENT> (17312)
<NET-CHANGE-FROM-OPS> (11732)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 266
<NUMBER-OF-SHARES-REDEEMED> 343
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (13248)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 14155
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 165
<AVERAGE-NET-ASSETS> 114252
<PER-SHARE-NAV-BEGIN> 21.86
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> (2.15)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 19.68
<EXPENSE-RATIO> 1.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This financial data schedule contains summary financial information extracted
from the Annual Report to Shareholders for the fiscal year ended October 31,
1997, and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> MEGATRENDS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> JUL-1-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 21416
<INVESTMENTS-AT-VALUE> 26147
<RECEIVABLES> 73
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 1
<TOTAL-ASSETS> 26222
<PAYABLE-FOR-SECURITIES> 690
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 40
<TOTAL-LIABILITIES> 730
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17172
<SHARES-COMMON-STOCK> 1834
<SHARES-COMMON-PRIOR> 1904
<ACCUMULATED-NII-CURRENT> 20
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3569
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4731
<NET-ASSETS> 25492
<DIVIDEND-INCOME> 111
<INTEREST-INCOME> 65
<OTHER-INCOME> 0
<EXPENSES-NET> 156
<NET-INVESTMENT-INCOME> 20
<REALIZED-GAINS-CURRENT> 968
<APPREC-INCREASE-CURRENT> (131)
<NET-CHANGE-FROM-OPS> 857
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 97
<NUMBER-OF-SHARES-REDEEMED> 166
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (118)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2601
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 88
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 156
<AVERAGE-NET-ASSETS> 26417
<PER-SHARE-NAV-BEGIN> 13.45
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> .44
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.90
<EXPENSE-RATIO> 1.76
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This financial data schedule contains summary financial information extracted
from the Annual Report to Shareholders for the fiscal year ended October 31,
1997, and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 3
<NAME> ADRIAN DAY GLOBAL OPPORTUNITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> FEB-20-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 3897
<INVESTMENTS-AT-VALUE> 3556
<RECEIVABLES> 12
<ASSETS-OTHER> 9
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 3577
<PAYABLE-FOR-SECURITIES> 133
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18
<TOTAL-LIABILITIES> 151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 3733
<SHARES-COMMON-STOCK> 382
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 35
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (342)
<NET-ASSETS> 3426
<DIVIDEND-INCOME> 12
<INTEREST-INCOME> 66
<OTHER-INCOME> 0
<EXPENSES-NET> 46
<NET-INVESTMENT-INCOME> 32
<REALIZED-GAINS-CURRENT> 3
<APPREC-INCREASE-CURRENT> (342)
<NET-CHANGE-FROM-OPS> (307)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 463
<NUMBER-OF-SHARES-REDEEMED> 81
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3426
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 23
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 104
<AVERAGE-NET-ASSETS> 2696
<PER-SHARE-NAV-BEGIN> 10
<PER-SHARE-NII> .08
<PER-SHARE-GAIN-APPREC> (1.12)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.96
<EXPENSE-RATIO> 2.5
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This financial data schedule contains summary financial information extracted
from the Annual Report to Shareholders for the fiscal year ended October 31,
1997, and is qualified in its entirety by reference to such financial
statements.
</LEGEND>
<SERIES>
<NUMBER> 4
<NAME> REGENT EASTERN EUROPEAN FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> MAR-31-1997
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 10046
<INVESTMENTS-AT-VALUE> 9562
<RECEIVABLES> 242
<ASSETS-OTHER> 12
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9816
<PAYABLE-FOR-SECURITIES> 994
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 44
<TOTAL-LIABILITIES> 1038
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9217
<SHARES-COMMON-STOCK> 784
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> (3)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 40
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (476)
<NET-ASSETS> 8778
<DIVIDEND-INCOME> 9
<INTEREST-INCOME> 57
<OTHER-INCOME> 0
<EXPENSES-NET> 78
<NET-INVESTMENT-INCOME> (12)
<REALIZED-GAINS-CURRENT> 49
<APPREC-INCREASE-CURRENT> (476)
<NET-CHANGE-FROM-OPS> (439)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 906
<NUMBER-OF-SHARES-REDEEMED> 122
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 8778
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 30
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 120
<AVERAGE-NET-ASSETS> 4191
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 1.20
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.19
<EXPENSE-RATIO> 3.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
700 N. St. Mary's, Suite 900 Telephone 210 226 7700
San Antonio, TX 78205 Facsimile 210-226-7412
................................................................................
Price Waterhouse LLP [GRAPHIC: Price Waterhouse LLP Logo]
December 17, 1997
To the Shareholders and
Trustees of U. S. Global Accolade Funds
In planning and performing our audits of the financial statements of Bonnel
Growth, MegaTrends, Adrian Day Global Opportunity and Regent Eastern European
Funds, comprising the separate funds of U.S. Global Accolade Funds (the Trust)
for the fiscal years ended October 31, 1997, we considered its internal control,
including control activities for safeguarding securities, in order to determine
our auditing procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
in internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of any
specific internal control components does not reduce to a relatively low level
the risk that errors or irregularities in amounts that would be material in
relation to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing their
assigned functions. However, we noted no matters involving internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1997.
This report is intended solely for the information and use of management and the
Trustees of U. S. Global Accolade Funds and the Securities and Exchange
Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
