<PAGE> PAGE 1
000 B000000 06/30/97
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 1
007 C010100 1
007 C010200 2
007 C020200 MEGATRENDS FUND
007 C030200 N
007 C010300 3
007 C010400 4
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
015 C01AA01 NEW YORK
015 C02AA01 NY
015 C03AA01 10005
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
<PAGE> PAGE 2
019 B00AA00 15
019 C00AA00 USGLOBALIN
020 A000001 BRIMBERG & CO
020 B000001 13-5653797
020 C000001 88
020 C000002 0
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020 C000006 0
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021 000000 88
022 A000001 FIFTH THIRD SECURITIES
022 B000001 31-0961761
022 C000001 341788
022 D000001 0
022 A000002 LEHMAN BROTHERS
022 B000002 13-2518466
022 C000002 231428
022 D000002 0
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022 B000003 13-2638166
022 C000003 92335
022 D000003 0
022 A000004 DONALDSON LUFKIN
022 B000004 13-2741729
022 C000004 48425
022 D000004 0
022 A000005 MORGAN STANLEY
022 B000005 13-2655998
022 C000005 16646
022 D000005 0
022 A000006 PRUDENTIAL
022 C000006 14372
022 D000006 0
022 A000007 DEAN WITTER
022 B000007 94-1671384
022 C000007 10392
022 D000007 0
022 A000008 MERRILL LYNCH
022 B000008 13-5674085
022 C000008 3773
022 D000008 0
022 A000009 FIRST BOSTON
022 C000009 3593
022 D000009 0
022 A000010 WERTHEIM SCHRODER
022 B000010 13-2697272
<PAGE> PAGE 3
022 C000010 544
022 D000010 685
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<PAGE> PAGE 4
052 00AA00 N
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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
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062 C00AA00 0.0
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062 G00AA00 0.0
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062 I00AA00 0.0
062 J00AA00 0.0
062 K00AA00 0.0
062 L00AA00 0.0
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062 O00AA00 0.0
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066 B00AA00 N
066 C00AA00 N
066 D00AA00 Y
066 E00AA00 N
066 F00AA00 N
066 G00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
<PAGE> PAGE 5
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 Y
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 Y
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 Y
070 F02AA00 N
070 G01AA00 Y
070 G02AA00 N
070 H01AA00 Y
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
070 J01AA00 Y
070 J02AA00 N
070 K01AA00 Y
070 K02AA00 Y
070 L01AA00 Y
070 L02AA00 Y
070 M01AA00 Y
070 M02AA00 N
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070 N02AA00 N
070 O01AA00 Y
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 Y
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077 A000000 Y
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077 D000000 N
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<PAGE> PAGE 6
077 O000000 N
077 P000000 N
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084 B000100 0
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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 PAINE WEBBER
025 B000201 13-2638166
025 C000201 D
025 D000201 2885
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<PAGE> PAGE 7
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038 000200 2
039 000200 Y
040 000200 Y
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043 000200 38
044 000200 8
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<PAGE> PAGE 8
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<PAGE> PAGE 9
074 Y000200 0
075 A000200 0
075 B000200 25250
076 000200 0.00
080 A000200 GULF GROUP LLOYDS
080 C000200 1000
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081 B000200 4
082 A000200 Y
082 B000200 10
083 A000200 N
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084 A000200 N
084 B000200 0
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<PAGE> PAGE 10
042 G000300 0
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044 000300 55
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057 000300 N
071 A000300 587
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073 A010300 0.0000
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<PAGE> PAGE 11
074 C000300 1615
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076 000300 0.00
028 A010400 773
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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SIGNATURE THOMAS D. TAYS
TITLE CHIEF FINANC'L OFFCR
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS FINANCIAL DATA SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
FROM THE ANNUAL REPORT FILED ON FORM N-SAR AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH ANNUAL REPORT ON FORM N-SAR.
</LEGEND>
<SERIES>
<NUMBER> 2
<NAME> MEGATRENDS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 20610
<INVESTMENTS-AT-VALUE> 25473
<RECEIVABLES> 212
<ASSETS-OTHER> 1
<OTHER-ITEMS-ASSETS> 4
<TOTAL-ASSETS> 25690
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 80
<TOTAL-LIABILITIES> 80
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18146
<SHARES-COMMON-STOCK> 1904
<SHARES-COMMON-PRIOR> 2479
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2601
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4862
<NET-ASSETS> 25610
<DIVIDEND-INCOME> 336
<INTEREST-INCOME> 161
<OTHER-INCOME> 0
<EXPENSES-NET> 475
<NET-INVESTMENT-INCOME> 22
<REALIZED-GAINS-CURRENT> 3047
<APPREC-INCREASE-CURRENT> 1777
<NET-CHANGE-FROM-OPS> 4846
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 22
<DISTRIBUTIONS-OF-GAINS> 427
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 158
<NUMBER-OF-SHARES-REDEEMED> 770
<SHARES-REINVESTED> 36
<NET-CHANGE-IN-ASSETS> (2335)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 19
<GROSS-ADVISORY-FEES> 253
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 496
<AVERAGE-NET-ASSETS> 25250
<PER-SHARE-NAV-BEGIN> 1127
<PER-SHARE-NII> .01
<PER-SHARE-GAIN-APPREC> 2.39
<PER-SHARE-DIVIDEND> .01
<PER-SHARE-DISTRIBUTIONS> .22
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.45
<EXPENSE-RATIO> 1.88
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
AUGUST 20, 1997
TO THE SHAREHOLDERS AND TRUSTEES OF
U. S. GLOBAL ACCOLADE FUNDS
IN PLANNING AND PERFORMING OUR AUDIT OF THE FINANCIAL STATEMENTS OF THE
MEGATRENDS FUND FOR THE YEAR ENDED JUNE 30, 1997, WE CONSIDERED ITS INTERNAL
CONTROL, INCLUDING CONTROL ACTIVITIES FOR SAFEGUARDING SECURITIES, IN ORDER TO
DETERMINE OUR AUDITING PROCEDURES FOR THE PURPOSES 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. THESE 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 COMPONENT 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 JUNE 30, 1997.
<PAGE>
AUGUST 20, 1997
TO THE SHAREHOLDERS AND TRUSTEES OF
U. S. GLOBAL ACCOLADE FUNDS
PAGE 2
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.
PRICE WATERHOUSE LLP
U.S. GLOBAL ACCOLADE FUNDS
AMENDMENT NO. 3 TO THE
FIRST AMENDED AND RESTATED MASTER TRUST AGREEMENT
AMENDMENT NO. 3 to the First Amended and Restated Master Trust Agreement of U.S.
Global Accolade Funds dated May 22, 1996, made at San Antonio, Texas, this ___
day of April, 1997, by the Trustee hereunder.
WITNESSETH:
WHEREAS, Section 7.3 of the Amended and Restated Master Trust Agreement dated
May 22, 1996, (the "Agreement") of U.S. Global Accolade Funds (the "Trust")
provides that the Agreement may be amended at any time, so long as such
amendment does not adversely affect the rights of any shareholder with respect
to which such amendment is or purports to be applicable and so long as such
amendment is not in contravention of applicable law, including the Investment
Company Act of 1940, by an instrument in writing, signed by an officer of the
Trust pursuant to a vote of a majority of the Trustees of the Trust; and
WHEREAS, a majority of the Trustees of the Trust desire to amend the Agreement
to modify terms of the Trustees of the Trust pursuant to Section 3.1(d) of the
Agreement to conform with Section 16 of the Investment Company Act of 1940; and
WHEREAS, a majority of the Trustees of the Trust have duly adopted the amendment
to the Agreement shown below on February 28, 1997, and authorized the same to be
filed with the Secretary of State of the Commonwealth of Massachusetts;
NOW, THEREFORE, the undersigned Frank E. Holmes, the duly elected and serving
President of the Trust, pursuant to the authorization described above, hereby
amends Section 3.1(d) of the Amended and Restated Master Trust Agreement, as
heretofore in effect, to read as follows:
"Section 3.1(d) TERM. Whether named above, appointed or elected
pursuant to the terms of this Agreement, a Trustee shall serve as a
trustee of the Trust and each Sub-Trust for a period of six years or
until termination of the Trust or the Trustee's death, resignation or
removal, whichever occurs first. This provision shall not be construed
to preclude reelection of a Trustee whose term is expiring."
WITNESS my hand and seal this 10th day of April , 1997.
/s/ Frank E. Holmes, President
-----------------------------------
FRANK E. HOLMES, PRESIDENT
STATE OF TEXAS )
)ss
COUNTY OF BEXAR )
Then personally appeared the above-name Frank E. Holmes and acknowledged this
instrument to be his free act and deed this 10th day of April, 1997.
/s/ Cynthia L. Neathery
-----------------------------------
Notary Public, State of Texas
My Commission expires: July 21, 1998
