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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 21
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 N
070 C020400 N
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 Y
070 K010400 Y
070 K020400 Y
070 L010400 Y
070 L020400 Y
070 M010400 Y
070 M020400 Y
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 Y
070 Q020400 N
070 R010400 Y
070 R020400 N
071 A000400 1884
071 B000400 1269
071 C000400 4426
071 D000400 29
072 A000400 12
072 B000400 65
072 C000400 49
072 D000400 0
072 E000400 1
072 F000400 73
072 G000400 36
072 H000400 0
072 I000400 30
072 J000400 37
072 K000400 0
<PAGE> PAGE 22
072 L000400 10
072 M000400 18
072 N000400 16
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 0
072 S000400 8
072 T000400 14
072 U000400 0
072 V000400 0
072 W000400 12
072 X000400 254
072 Y000400 1
072 Z000400 -138
072AA000400 0
072BB000400 284
072CC010400 850
072CC020400 0
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 266
074 C000400 0
074 D000400 0
074 E000400 69
074 F000400 4891
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 6
074 L000400 4
074 M000400 1
074 N000400 5237
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 27
074 S000400 0
074 T000400 5210
074 U010400 601
074 U020400 0
<PAGE> PAGE 23
074 V010400 8.66
074 V020400 0.00
074 W000400 0.0000
074 X000400 977
074 Y000400 0
075 A000400 0
075 B000400 5804
076 000400 0.00
SIGNATURE CATHERINE M. VACCA
TITLE MANAGER
<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>
<CIK> 0000902042
<NAME> U.S. GLOBAL ACCOLADE FUNDS
<SERIES>
<NAME> BONNEL GROWTH FUND
<NUMBER> 1
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 102640500
<INVESTMENTS-AT-VALUE> 134556020
<RECEIVABLES> 3278715
<ASSETS-OTHER> 11343
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 137846078
<PAYABLE-FOR-SECURITIES> 3529382
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 367725
<TOTAL-LIABILITIES> 3897107
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77542858
<SHARES-COMMON-STOCK> 5321114
<SHARES-COMMON-PRIOR> 5424122
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24490593
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31915520
<NET-ASSETS> 133948971
<DIVIDEND-INCOME> 272573
<INTEREST-INCOME> 122704
<OTHER-INCOME> 32
<EXPENSES-NET> 1966890
<NET-INVESTMENT-INCOME> (1571581)
<REALIZED-GAINS-CURRENT> 28060703
<APPREC-INCREASE-CURRENT> 25165059
<NET-CHANGE-FROM-OPS> 51654181
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3150077)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1786758
<NUMBER-OF-SHARES-REDEEMED> 2067277
<SHARES-REINVESTED> 177511
<NET-CHANGE-IN-ASSETS> 46197995
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1151551
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1112866
<INTEREST-EXPENSE> 1195
<GROSS-EXPENSE> 1969092
<AVERAGE-NET-ASSETS> 111290487
<PER-SHARE-NAV-BEGIN> 16.18
<PER-SHARE-NII> (0.30)
<PER-SHARE-GAIN-APPREC> 9.87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (0.58)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 25.17
<EXPENSE-RATIO> 1.77
</TABLE>
<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>
<CIK> 0000902042
<NAME> U.S. GLOBAL ACCOLADE FUNDS
<SERIES>
<NAME> MEGATRENDS FUND
<NUMBER> 2
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 16069190
<INVESTMENTS-AT-VALUE> 17381712
<RECEIVABLES> 120807
<ASSETS-OTHER> 2010
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17504529
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 51797
<TOTAL-LIABILITIES> 51797
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14483065
<SHARES-COMMON-STOCK> 1621528
<SHARES-COMMON-PRIOR> 1827918
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1657145
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1312522
<NET-ASSETS> 17452732
<DIVIDEND-INCOME> 215345
<INTEREST-INCOME> 142514
<OTHER-INCOME> 55177
<EXPENSES-NET> 422510
<NET-INVESTMENT-INCOME> (9474)
<REALIZED-GAINS-CURRENT> 1669405
<APPREC-INCREASE-CURRENT> 846486
<NET-CHANGE-FROM-OPS> 2506417
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3268120)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 107017
<NUMBER-OF-SHARES-REDEEMED> 642295
<SHARES-REINVESTED> 328888
<NET-CHANGE-IN-ASSETS> (3286801)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3265334
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 194271
<INTEREST-EXPENSE> 10
<GROSS-EXPENSE> 422510
<AVERAGE-NET-ASSETS> 19427118
<PER-SHARE-NAV-BEGIN> 11.35
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> 1.27
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.85)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.76
<EXPENSE-RATIO> 2.17
</TABLE>
<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>
<CIK> 0000902042
<NAME> U.S. GLOBAL ACCOLADE FUNDS
<SERIES>
<NAME> REGENT EASTERN EUROPEAN FUND
<NUMBER> 4
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> OCT-31-1999
<PERIOD-START> NOV-01-1998
<PERIOD-END> OCT-31-1999
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 6795284
<INVESTMENTS-AT-VALUE> 5226446
<RECEIVABLES> 10432
<ASSETS-OTHER> 495
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 5237373
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 27151
<TOTAL-LIABILITIES> 27151
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7462182
<SHARES-COMMON-STOCK> 601482
<SHARES-COMMON-PRIOR> 707854
<ACCUMULATED-NII-CURRENT> (24748)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (658375)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1568837)
<NET-ASSETS> 5210222
<DIVIDEND-INCOME> 48541
<INTEREST-INCOME> 65234
<OTHER-INCOME> 677
<EXPENSES-NET> 252574
<NET-INVESTMENT-INCOME> (138122)
<REALIZED-GAINS-CURRENT> (284318)
<APPREC-INCREASE-CURRENT> 849932
<NET-CHANGE-FROM-OPS> 427492
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 177873
<NUMBER-OF-SHARES-REDEEMED> 284245
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (465901)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (374861)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 72549
<INTEREST-EXPENSE> 4
<GROSS-EXPENSE> 253429
<AVERAGE-NET-ASSETS> 5803947
<PER-SHARE-NAV-BEGIN> 8.02
<PER-SHARE-NII> (0.23)
<PER-SHARE-GAIN-APPREC> 0.87
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.66
<EXPENSE-RATIO> 4.35
</TABLE>
Sub-Item 77c: Matters submitted to a vote of security holders
(a) A Special Meeting of Shareholders of the Global Blue Chip Fund
was held July 16, 1999.
(b) Not applicable.
(c) The meeting was held to vote on approval of the termination of
the Global Blue Chip Fund, which liquidation was to occur as soon as
practicable following shareholder approval.
Affirmative Votes: 43,974
Opposition or Abstained Votes: 39,017
(d) Not applicable.
Report of Independent Auditors
To the Board of Directors of
U.S. Global Investors
In planning and performing our audits of the financial
statements of the Bonnel Growth Fund, MegaTrends Fund, and
Regent Eastern European Fund (the funds comprising the U.S.
Global Accolade Funds) for the year ended October 31, 1999,
we considered their 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 U.S. Global Accolade Funds 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 controls. Generally, controls 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 controls include the safeguarding
of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or
fraud 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 one or more of the
internal control components does not reduce to a relatively low
level the risk that misstatements caused by errors or fraud 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 and its operation, including controls
for safeguarding securities, that we consider to be material
weaknesses as defined above at October 31, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of the U.S. Global Accolade
Funds and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than
these specified parties.
Boston, Massachusetts
December 10, 1999
