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<PAGE> PAGE 12
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<PAGE> PAGE 21
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070 E020400 N
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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 Y
070 N010400 Y
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070 O010400 N
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070 P010400 N
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<PAGE> PAGE 22
072 Q000400 20
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<PAGE> PAGE 23
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SIGNATURE CATHERINE VACCA
TITLE DEPUTY MANAGER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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>1
<NAME> Bonnel Growth Fund
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-START> Nov-01-1998
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 102240704
<INVESTMENTS-AT-VALUE> 110281289
<RECEIVABLES> 14756525
<ASSETS-OTHER> 961256
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 125999070
<PAYABLE-FOR-SECURITIES> 16278725
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 471781
<TOTAL-LIABILITIES> 16750506
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<PAID-IN-CAPITAL-COMMON> 77218060
<SHARES-COMMON-STOCK> 5309530
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<ACCUMULATED-NII-CURRENT> (716145)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 24706064
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<ACCUM-APPREC-OR-DEPREC> 8040585
<NET-ASSETS> 109248564
<DIVIDEND-INCOME> 123359
<INTEREST-INCOME> 79322
<OTHER-INCOME> 30
<EXPENSES-NET> 918856
<NET-INVESTMENT-INCOME> (716145)
<REALIZED-GAINS-CURRENT> 26704590
<APPREC-INCREASE-CURRENT> 1290124
<NET-CHANGE-FROM-OPS> 27278569
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
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<NUMBER-OF-SHARES-SOLD> 20626802
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<SHARES-REINVESTED> 3037219
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<ACCUMULATED-NII-PRIOR> 0
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<GROSS-EXPENSE> 919955
<AVERAGE-NET-ASSETS> 104517968
<PER-SHARE-NAV-BEGIN> 16.18
<PER-SHARE-NII> (0.13)
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 3
<NAME> Global Blue Chip Fund
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-START> Nov-01-1998
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 1288736
<INVESTMENTS-AT-VALUE> 1391149
<RECEIVABLES> 150763
<ASSETS-OTHER> 12895
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1554807
<PAYABLE-FOR-SECURITIES> 171263
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 48097
<TOTAL-LIABILITIES> 219360
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2439804
<SHARES-COMMON-STOCK> 200472
<SHARES-COMMON-PRIOR> 259293
<ACCUMULATED-NII-CURRENT> (101959)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1104810)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 102412
<NET-ASSETS> 1335447
<DIVIDEND-INCOME> 6687
<INTEREST-INCOME> 3552
<OTHER-INCOME> 836
<EXPENSES-NET> 114533
<NET-INVESTMENT-INCOME> (103458)
<REALIZED-GAINS-CURRENT> 45180
<APPREC-INCREASE-CURRENT> 198805
<NET-CHANGE-FROM-OPS> 140527
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 309506
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (237716)
<ACCUMULATED-NII-PRIOR> 1499
<ACCUMULATED-GAINS-PRIOR> (1149990)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 9132
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 114556
<AVERAGE-NET-ASSETS> 1458372
<PER-SHARE-NAV-BEGIN> 6.07
<PER-SHARE-NII> (.51)
<PER-SHARE-GAIN-APPREC> 1.10
<PER-SHARE-DIVIDEND> .00
<PER-SHARE-DISTRIBUTIONS> .00
<RETURNS-OF-CAPITAL> .00
<PER-SHARE-NAV-END> 6.66
<EXPENSE-RATIO> 15.71
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] .00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-START> Nov-01-1998
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 16374775
<INVESTMENTS-AT-VALUE> 19498071
<RECEIVABLES> 1833206
<ASSETS-OTHER> 2712
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 21333989
<PAYABLE-FOR-SECURITIES> 1798678
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72961
<TOTAL-LIABILITIES> 1871639
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 16388359
<SHARES-COMMON-STOCK> 1796988
<SHARES-COMMON-PRIOR> 1827918
<ACCUMULATED-NII-CURRENT> (8395)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (40910)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3123296
<NET-ASSETS> 19462350
<DIVIDEND-INCOME> 147138
<INTEREST-INCOME> 26324
<OTHER-INCOME> 50188
<EXPENSES-NET> 232045
<NET-INVESTMENT-INCOME> (8395)
<REALIZED-GAINS-CURRENT> (38124)
<APPREC-INCREASE-CURRENT> 2657260
<NET-CHANGE-FROM-OPS> 2610741
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3268120)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 776574
<NUMBER-OF-SHARES-REDEEMED> 4583301
<SHARES-REINVESTED> 3186923
<NET-CHANGE-IN-ASSETS> (1277183)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3265334
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 101919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 232045
<AVERAGE-NET-ASSETS> 20336535
<PER-SHARE-NAV-BEGIN> 11.35
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> 1.33
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.85)
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.83
<EXPENSE-RATIO> 2.28
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<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>4
<NAME> Regent Eastern European Fund
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Oct-31-1999
<PERIOD-START> Nov-01-1998
<PERIOD-END> Apr-30-1999
<INVESTMENTS-AT-COST> 7255267
<INVESTMENTS-AT-VALUE> 5721090
<RECEIVABLES> 1873909
<ASSETS-OTHER> 294805
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 7889804
<PAYABLE-FOR-SECURITIES> 2146145
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 59873
<TOTAL-LIABILITIES> 2206018
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7911788
<SHARES-COMMON-STOCK> 640358
<SHARES-COMMON-PRIOR> 707854
<ACCUMULATED-NII-CURRENT> (99792)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (594376)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1533834)
<NET-ASSETS> 5683786
<DIVIDEND-INCOME> 2301
<INTEREST-INCOME> 41559
<OTHER-INCOME> 677
<EXPENSES-NET> 144329
<NET-INVESTMENT-INCOME> (99792)
<REALIZED-GAINS-CURRENT> (219515)
<APPREC-INCREASE-CURRENT> 884935
<NET-CHANGE-FROM-OPS> 565628
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 851745
<NUMBER-OF-SHARES-REDEEMED> 1409710
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 7663
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (374861)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 35190
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 144665
<AVERAGE-NET-ASSETS> 5614869
<PER-SHARE-NAV-BEGIN> 8.02
<PER-SHARE-NII> (.16)
<PER-SHARE-GAIN-APPREC> 1.02
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.88
<EXPENSE-RATIO> 5.14
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
SUB-ITEM 77K: CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
(a)(1) Previous independent accountant
(i) See Sub-Item 77Q1(f)
(ii) See Sub-Item 77Q1(f)
(iii) See Sub-Item 77Q1(f)
(iv) See Sub-Item 77Q1(f)
(v) See Sub-Item 77Q1(f)
(a)(3) See Sub-Item 77Q1(f)
(b) New independent accountant
(i) The Registrant engaged Ernst & Young LLP as its new independent
accountant on December 18, 1998.
SUB-ITEM 77Q1: EXHIBITS
(f) LETTERS FROM THE REGISTRANT AND THE INDEPENDENT ACCOUNTANT FURNISHED
PURSUANT TO SUB-ITEM 77K
[U.S. GLOBAL INVESTORS, INC. LOGO]
June 18, 1999
Ms. Sherry Davis
PricewaterhouseCoopers LLP
160 Federal Street
Boston, MA 02110
Dear Ms. Davis:
This is to provide written confirmation that on December 18, 1998, the U.S.
Global Accolade Funds Board of Trustees selected another accounting firm to
serve as the independent public accountant to perform audit services through the
fiscal year ending October 31, 1999.
U.S. Global Accolade Funds confirms the following:
* The reports of PricewaterhouseCoopers LLP on the financial statements for
the past two fiscal years ended October 31, 1998, and October 31, 1997,
contained no adverse opinion or disclaimer of opinion and were not
qualified or modified as to uncertainty, audit scope, or accounting
principle.
* The U.S. Global Accolade Funds Audit Committee participated in and
approved the decision to change independent accountants.
* In connection with its audits for the two most recent fiscal years ended
October 31, 1998, and October 31, 1997, and through June 18, 1999, there
were no disagreements with PricewaterhouseCoopers LLP on any matter of
accounting principles or practices, financial statement disclosure, or
auditing scope or procedure, which disagreements, if not resolved to the
satisfaction of PricewaterhouseCoopers LLP, would have caused them to make
reference thereto in their report on the financial statements for such
years.
* During the two most recent fiscal years ended October 31, 1998, and
October 31, 1997, and through June 18, 1999, there were no reportable
events (as defined in Regulation S-K Item 304(a)(1)(v)).
Please call me if you have any questions about this matter.
Sincerely,
/s/ Susan B. McGee
Susan B. McGee
Executive Vice President
U.S. Global Accolade Funds
SBM:dgb
via Federal Express
cc: Bill Donahue, via fax only
Tracy Peterson
7900 Callaghan Road
........................
MAIL ADDRESS:
P.O. Box 781234
San Antonio, Texas
78278-1234
........................
Tel 210-308-1234
........................
1-800-US-FUNDS
........................
Fax 210-308-1223
| PricewaterhouseCoopers LLP
| 160 Federal Street
| Boston, MA 02110
| Telephone (617) 439-4390
June 21, 1999
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549
Dear Sirs:
We have read the statements made by Susan McGee, Executive Vice President of US
Global Accolades Funds, in the letter to our firm dated June 18, 1999, which we
understand will be filed in response to Sub-Item 77k of Form N-SAR and agree
with the statements concerning our firm contained therein.
Very truly yours,
/s/ PricewaterhouseCoopers LLP
