SUB-ITEM 77C: MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
(a) A special meeting of shareholders of the Bonnel Growth Fund (Bonnel,
MegaTrends Fund, and Regent Eastern European Fund (Regent) was held August
16, 2000.
(b) J. Michael Belz, Frank E. Holmes, Richard E. Hughs, and Clark R. Mandigo
were elected as directors of U.S. Global Accolade Funds. No other directors
are now in office.
(c) Matters voted on and the percentage of affirmative and negative votes cast
on each matter.
PERCENT
---------------------
AFFIRMATIVE NEGATIVE
----------- --------
(1) Adopt an amended and restated 60.8 0.8
master trust agreement
(2) Ratify the selection of the
independent auditors 52.8 1.8
BONNEL MEGATRENDS REGENT
---------- ---------- ----------
(*) (**) (*) (**) (*) (**)
---- ---- ---- ---- ---- ----
(3) To reclassify or amend certain
fundamental investment restric-
tions
A. Isuance of senior
securities 52.4 2.2 51.4 3.3 51.9 4.0
B. Diversification of
investments 53.3 1.5 52.6 2.3 52.9 2.7
C. Margin purchases and short
sales 51.3 3.6 50.3 4.5 50.3 5.8
D. Borrowing 51.6 3.4 50.4 4.4 51.2 4.9
E. Investments in real estate 52.8 2.2 51.3 3.5 52.6 2.6
F. Concentration of
investments in a
particular industry 52.2 2.2 49.9 3.8 52.4 3.0
G. Underwriting 52.4 2.2 49.9 3.5 51.7 3.6
H. Lending of assets 51.7 3.0 49.2 4.4 50.7 4.7
I. Investments in other
investment companies 52.1 2.5 49.2 4.6 51.7 3.0
J. Investments in illiquid
securities (Bonnel Growth
Fund and MegaTrends Fund
only voting) 51.3 3.3 49.0 5.1 -- --
K. Purchase or sale of
commodities or commodity
futures contracts (Bonnel
Growth Fund and the Regent
Eastern European only
voting) 51.9 2.9 -- -- 52.5 3.2
(MegaTrends Fund only
voting on L through N)
L Investments in oil, gas,
or other mineral leases -- -- 50.4 3.8 -- --
M. Investments in warrants -- -- 50.5 3.5 -- --
N. Investment in any one -- -- 49.7 4.2 -- --
issuer
(*) AFFIRMATIVE
(**) NEGATIVE
(d) Not applicable.
