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SIGNATURE THOMAS D. TAYS
TITLE CHIEF FINAN. OFFICER
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This financial data schedule contains summary financial information extracted
from the Bonnel Growth Fund Annual Report to Shareholders 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>
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<PERIOD-END> SEP-30-1997
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<TOTAL-ASSETS> 118393
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<PAID-IN-CAPITAL-COMMON> 80231
<SHARES-COMMON-STOCK> 5393
<SHARES-COMMON-PRIOR> 5288
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> 14155
<OVERDISTRIBUTION-GAINS> 0
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<NET-INVESTMENT-INCOME> (1150)
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</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 Logo]
November 5, 1997
To the Shareholders and
Trustees of U.S. Global Accolade Funds
In planning and performing our audit of the financial statements of Bonnel
Growth Fund (the "Fund") for the year ended September 30, 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 Fund 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 September 30, 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
