[GRAPHIC: ACCOLADE FUNDS LOGO]
ACCOLADE FUNDS
Bonnel Growth Fund
MegaTrends Fund
▇▇▇▇▇▇ ▇▇▇ Global Opportunity Fund
November ..............., 1996
U.S. Global Investors, Inc.
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▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇
Gentlemen:
Pursuant to Section 1(b) of the Advisory Agreement dated September 21, 1994
between Accolade Funds (the "Trust") and U.S. Global Investors, Inc. (the
"Advisor"), please be advised that the Trust has established one new series of
its shares, namely, the ▇▇▇▇▇▇ ▇▇▇ Global Opportunity Fund, and please be
further advised that the Trust desires to retain the Advisor to render
management and investment advisory services under the Advisory Agreement to this
Fund at the fees stated below:
▇▇▇▇▇▇ ▇▇▇ GLOBAL OPPORTUNITY FUND
Monthly Average Net Assets 1/12 of 1.25%
Please state below whether you are willing to render such services at the fees
stated above.
ACCOLADE FUNDS
Attest: By:
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Secretary Executive Vice President
Date:
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We are willing to render management and investment advisory services to the
▇▇▇▇▇▇ ▇▇▇ Global Opportunity Fund at the fee stated above.
U.S. GLOBAL INVESTORS, INC.
Attest: By:
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Secretary President
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Mail Address: P.O. Box 781234, San Antonio, TX 78278-1234
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