April 16, 2004 — Stock picker Arthur Bonnel will step down as manager of the mutual fund that bears his name at the end of May.

Bonnel, who has run US Global Accolade Fds:Bonnel Growth (ACBGX) since its inception nearly ten years ago, said he will be taking time off to attend to “family matters,” and to do research and travel. He said he plans to return to the fund, but could not “say exactly when.”

Bonnel said that he likely will serve as a consultant the the fund in the interim. He added that he does not plan to leave the money management business.

The fund’s investment advisor, U.S. Global Investors Inc., will manage the fund following Bonnel’s departure. A spokesman for the company said the fund will be run by a team, but the members have not yet been named.

The company said in a regulatory filing that in running the fund, it plans to use the same investment approach as Bonnel, and to “complement its methodology by using” its “quantitative modeling resources.”

The $82-million fund has not performed well over in recent years. It gained 0.9% on average for the five years ended in March, versus 3% for its mid-cap growth fund peers. In the first quarter of this year, Bonnel Growth returned 3.2%, versus a rise of 4% for similar funds. The portfolio carries a 2-Star rank from Standard & Poor’s.