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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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072 U001100 0
072 V001100 0
072 W001100 6
072 X001100 245
072 Y001100 4
072 Z001100 428
072AA001100 1243
072BB001100 0
072CC011100 1659
072CC021100 0
072DD011100 342
072DD021100 0
072EE001100 0
073 A011100 0.3000
073 A021100 0.0000
073 B001100 0.0000
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 14114
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 356
074 K001100 0
074 L001100 175
074 M001100 6
074 N001100 14651
074 O001100 0
074 P001100 16
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 738
074 S001100 0
074 T001100 13897
074 U011100 977
074 U021100 0
074 V011100 14.22
<PAGE> PAGE 42
074 V021100 0.00
074 W001100 0.0000
074 X001100 1597
074 Y001100 0
075 A001100 0
075 B001100 13419
076 001100 0.00
024 001200 Y
025 A001201 PAINE WEBBER
025 B001201 13-2638166
025 C001201 D
025 D001201 1223
025 D001202 0
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 308595
028 A021200 19133
028 A031200 0
028 A041200 140695
028 B011200 689470
028 B021200 20423
028 B031200 0
028 B041200 117537
028 C011200 120076
028 C021200 21801
028 C031200 0
028 C041200 64394
028 D011200 423150
028 D021200 22676
028 D031200 0
028 D041200 678577
028 E011200 354562
028 E021200 21271
028 E031200 0
028 E041200 116616
028 F011200 601184
028 F021200 23517
028 F031200 0
028 F041200 351328
028 G011200 2497037
028 G021200 128821
028 G031200 0
028 G041200 1469147
028 H001200 0
045 001200 Y
046 001200 N
047 001200 Y
<PAGE> PAGE 43
048 001200 0.500
048 A011200 0
048 A021200 0.000
048 B011200 0
048 B021200 0.000
048 C011200 0
048 C021200 0.000
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
048 F021200 0.000
048 G011200 0
048 G021200 0.000
048 H011200 0
048 H021200 0.000
048 I011200 0
048 I021200 0.000
048 J011200 0
048 J021200 0.000
048 K011200 0
048 K021200 0.000
055 A001200 Y
055 B001200 N
056 001200 N
057 001200 N
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 16.6
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 0.0
062 N001200 0.0
062 O001200 81.9
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 4.5
064 A001200 N
064 B001200 N
066 A001200 N
067 001200 N
<PAGE> PAGE 44
068 A001200 N
068 B001200 N
069 001200 N
070 A011200 Y
070 A021200 Y
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 N
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 N
070 K021200 N
070 L011200 N
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 N
070 O011200 N
070 O021200 N
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 5756
071 B001200 5881
071 C001200 5611
071 D001200 103
072 A001200 12
072 B001200 328
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 32
072 G001200 0
072 H001200 0
<PAGE> PAGE 45
072 I001200 12
072 J001200 5
072 K001200 0
072 L001200 2
072 M001200 2
072 N001200 20
072 O001200 0
072 P001200 0
072 Q001200 35
072 R001200 10
072 S001200 1
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 5
072 X001200 124
072 Y001200 98
072 Z001200 302
072AA001200 9
072BB001200 0
072CC011200 52
072CC021200 0
072DD011200 312
072DD021200 0
072EE001200 0
073 A011200 0.4900
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 1
074 B001200 1223
074 C001200 0
074 D001200 6026
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 7
074 L001200 131
074 M001200 5
074 N001200 7393
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 33
074 S001200 0
<PAGE> PAGE 46
074 T001200 7360
074 U011200 702
074 U021200 0
074 V011200 10.49
074 V021200 0.00
074 W001200 0.0000
074 X001200 315
074 Y001200 0
075 A001200 0
075 B001200 6469
076 001200 0.00
024 001400 N
028 A011400 252
028 A021400 15
028 A031400 0
028 A041400 362
028 B011400 76
028 B021400 15
028 B031400 0
028 B041400 38
028 C011400 21
028 C021400 12
028 C031400 0
028 C041400 82
028 D011400 66
028 D021400 15
028 D031400 0
028 D041400 926
028 E011400 0
028 E021400 5
028 E031400 0
028 E041400 1845
028 F011400 0
028 F021400 12
028 F031400 0
028 F041400 75
028 G011400 415
028 G021400 74
028 G031400 0
028 G041400 3328
028 H001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.500
048 A011400 0
048 A021400 0.000
048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
<PAGE> PAGE 47
048 D011400 0
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
055 A001400 Y
055 B001400 N
056 001400 N
057 001400 N
062 A001400 Y
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 98.5
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
063 A001400 0
063 B001400 0.0
064 A001400 N
064 B001400 N
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 N
070 A021400 N
070 B011400 N
070 B021400 N
<PAGE> PAGE 48
070 C011400 N
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 N
070 J021400 N
070 K011400 N
070 K021400 N
070 L011400 N
070 L021400 N
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 N
070 O021400 N
070 P011400 Y
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 0
071 B001400 2755
071 C001400 2704
071 D001400 0
072 A001400 6
072 B001400 86
072 C001400 0
072 D001400 0
072 E001400 0
072 F001400 7
072 G001400 0
072 H001400 0
072 I001400 9
072 J001400 0
072 K001400 0
072 L001400 1
072 M001400 0
072 N001400 9
072 O001400 0
<PAGE> PAGE 49
072 P001400 0
072 Q001400 14
072 R001400 4
072 S001400 0
072 T001400 0
072 U001400 0
072 V001400 0
072 W001400 3
072 X001400 47
072 Y001400 41
072 Z001400 80
072AA001400 35
072BB001400 0
072CC011400 20
072CC021400 0
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072DD021400 0
072EE001400 0
073 A011400 0.4300
073 A021400 0.0000
073 B001400 0.0000
073 C001400 0.0000
074 A001400 1
074 B001400 0
074 C001400 0
074 D001400 843
074 E001400 0
074 F001400 0
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 0
074 K001400 7
074 L001400 8
074 M001400 4
074 N001400 863
074 O001400 0
074 P001400 0
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 7
074 S001400 0
074 T001400 856
074 U011400 85
074 U021400 0
074 V011400 10.05
074 V021400 0.00
074 W001400 0.0000
074 X001400 529
<PAGE> PAGE 50
074 Y001400 0
075 A001400 0
075 B001400 2837
076 001400 0.00
024 001600 Y
025 A001601 PAINE WEBBER
025 B001601 13-2638166
025 C001601 D
025 D001601 5997
025 D001602 0
025 D001603 0
025 D001604 0
025 D001605 0
025 D001606 0
025 D001607 0
025 D001608 0
028 A011600 3185
028 A021600 0
028 A031600 0
028 A041600 2494
028 B011600 1332
028 B021600 0
028 B031600 0
028 B041600 2082
028 C011600 2169
028 C021600 0
028 C031600 0
028 C041600 1092
028 D011600 4336
028 D021600 0
028 D031600 0
028 D041600 858
028 E011600 4082
028 E021600 0
028 E031600 0
028 E041600 2325
028 F011600 5088
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028 F031600 0
028 F041600 4129
028 G011600 20192
028 G021600 0
028 G031600 0
028 G041600 12980
028 H001600 0
045 001600 Y
046 001600 N
047 001600 Y
048 001600 1.250
048 A011600 0
048 A021600 0.000
<PAGE> PAGE 51
048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
048 D011600 0
048 D021600 0.000
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048 E021600 0.000
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048 H021600 0.000
048 I011600 0
048 I021600 0.000
048 J011600 0
048 J021600 0.000
048 K011600 0
048 K021600 0.000
055 A001600 N
055 B001600 N
056 001600 N
057 001600 N
062 A001600 N
062 B001600 0.0
062 C001600 0.0
062 D001600 0.0
062 E001600 0.0
062 F001600 0.0
062 G001600 0.0
062 H001600 0.0
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062 J001600 0.0
062 K001600 0.0
062 L001600 0.0
062 M001600 0.0
062 N001600 0.0
062 O001600 0.0
062 P001600 0.0
062 Q001600 0.0
062 R001600 0.0
063 A001600 0
063 B001600 0.0
066 A001600 Y
066 B001600 N
066 C001600 Y
066 D001600 N
066 E001600 N
066 F001600 N
066 G001600 N
<PAGE> PAGE 52
067 001600 N
068 A001600 N
068 B001600 Y
069 001600 N
070 A011600 Y
070 A021600 Y
070 B011600 Y
070 B021600 N
070 C011600 N
070 C021600 N
070 D011600 N
070 D021600 N
070 E011600 N
070 E021600 N
070 F011600 N
070 F021600 N
070 G011600 Y
070 G021600 N
070 H011600 N
070 H021600 N
070 I011600 N
070 I021600 N
070 J011600 Y
070 J021600 N
070 K011600 N
070 K021600 N
070 L011600 Y
070 L021600 Y
070 M011600 Y
070 M021600 Y
070 N011600 Y
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070 R011600 N
070 R021600 N
071 A001600 15647
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<PAGE> PAGE 53
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074 N001600 42550
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<PAGE> PAGE 54
074 S001600 0
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SIGNATURE THOMAS D. TAYS
TITLE CHIEF FINANCIAL OFCR
<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>
<SERIES>
<NUMBER> 1
<NAME> U.S. GOLD SHARES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (159892)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (33484)
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<REALIZED-GAINS-CURRENT> (43691)
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<NET-CHANGE-FROM-OPS> (67280)
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<NUMBER-OF-SHARES-SOLD> 2897103
<NUMBER-OF-SHARES-REDEEMED> 2900034
<SHARES-REINVESTED> 4126
<NET-CHANGE-IN-ASSETS> 74317
<ACCUMULATED-NII-PRIOR> 1803
<ACCUMULATED-GAINS-PRIOR> (150985)
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<PER-SHARE-NAV-BEGIN> 1.84
<PER-SHARE-NII> .04
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<EXPENSE-RATIO> 1.79
<AVG-DEBT-OUTSTANDING> 0
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</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>
<SERIES>
<NUMBER> 2
<NAME> U.S. ALL AMERICAN EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
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<ACCUMULATED-NII-CURRENT> (1)
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<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8929
<NET-ASSETS> 25478
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<OTHER-INCOME> 0
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<NET-INVESTMENT-INCOME> 270
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<APPREC-INCREASE-CURRENT> 4872
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> 511
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<NUMBER-OF-SHARES-SOLD> 596
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<SHARES-REINVESTED> 29
<NET-CHANGE-IN-ASSETS> 10258
<ACCUMULATED-NII-PRIOR> 47
<ACCUMULATED-GAINS-PRIOR> 348
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 134
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 119
<AVERAGE-NET-ASSETS> 17847
<PER-SHARE-NAV-BEGIN> 24.55
<PER-SHARE-NII> .38
<PER-SHARE-GAIN-APPREC> 7.64
<PER-SHARE-DIVIDEND> (.43)
<PER-SHARE-DISTRIBUTIONS> (.80)
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<PER-SHARE-NAV-END> 31.34
<EXPENSE-RATIO> .67
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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>
<SERIES>
<NUMBER> 3
<NAME> U.S. GLOBAL RESOURCES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
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<ASSETS-OTHER> 13
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<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 1200
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 24220
<SHARES-COMMON-STOCK> 4088
<SHARES-COMMON-PRIOR> 4107
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4)
<ACCUMULATED-NET-GAINS> 594
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 5169
<NET-ASSETS> 29983
<DIVIDEND-INCOME> 352
<INTEREST-INCOME> 79
<OTHER-INCOME> 0
<EXPENSES-NET> 645
<NET-INVESTMENT-INCOME> (214)
<REALIZED-GAINS-CURRENT> 924
<APPREC-INCREASE-CURRENT> 3709
<NET-CHANGE-FROM-OPS> 4419
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 146
<DISTRIBUTIONS-OF-GAINS> 3293
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3747
<NUMBER-OF-SHARES-REDEEMED> 3609
<SHARES-REINVESTED> 436
<NET-CHANGE-IN-ASSETS> 5449
<ACCUMULATED-NII-PRIOR> 142
<ACCUMULATED-GAINS-PRIOR> 3182
<OVERDISTRIB-NII-PRIOR> (34)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 281
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 659
<AVERAGE-NET-ASSETS> 28024
<PER-SHARE-NAV-BEGIN> 6.98
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> 1.34
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (.90)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 7.33
<EXPENSE-RATIO> 2.34
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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>
<SERIES>
<NUMBER> 5
<NAME> U.S. TREASURY SECURITIES CASH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
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<ACCUMULATED-NII-CURRENT> 52
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<DIVIDEND-INCOME> 0
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<NET-INVESTMENT-INCOME> 6980
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<NET-CHANGE-IN-ASSETS> 43039
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 826
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<GROSS-EXPENSE> 1719
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<PER-SHARE-NAV-BEGIN> 1.
<PER-SHARE-NII> .04
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<PER-SHARE-DIVIDEND> .04
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<PER-SHARE-NAV-END> 1.
<EXPENSE-RATIO> 1.04
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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>
<SERIES>
<NUMBER> 6
<NAME> U.S. INCOME FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
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<ACCUMULATED-NET-GAINS> 1341
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1103
<NET-ASSETS> 9615
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<INTEREST-INCOME> 33
<OTHER-INCOME> 0
<EXPENSES-NET> 204
<NET-INVESTMENT-INCOME> 203
<REALIZED-GAINS-CURRENT> 1753
<APPREC-INCREASE-CURRENT> (593)
<NET-CHANGE-FROM-OPS> 1363
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 173
<DISTRIBUTIONS-OF-GAINS> 1401
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<NUMBER-OF-SHARES-SOLD> 204
<NUMBER-OF-SHARES-REDEEMED> 300
<SHARES-REINVESTED> 110
<NET-CHANGE-IN-ASSETS> (83)
<ACCUMULATED-NII-PRIOR> 28
<ACCUMULATED-GAINS-PRIOR> 304
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<GROSS-EXPENSE> 206
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<PER-SHARE-NAV-BEGIN> 14.94
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.49
<EXPENSE-RATIO> 2.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
REFERENCES TO SUCH ANNUAL REPORT ON FORM N-SAR.
</LEGEND>
<SERIES>
<NUMBER> 7
<NAME> U.S. TAX FREE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 18181
<INVESTMENTS-AT-VALUE> 18528
<RECEIVABLES> 344
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<OTHER-ITEMS-ASSETS> 3
<TOTAL-ASSETS> 18882
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<PAID-IN-CAPITAL-COMMON> 18127
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<ACCUMULATED-NET-GAINS> (185)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 348
<NET-ASSETS> 18327
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1017
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<EXPENSES-NET> 75
<NET-INVESTMENT-INCOME> 942
<REALIZED-GAINS-CURRENT> (39)
<APPREC-INCREASE-CURRENT> 535
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<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 939
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 769
<NUMBER-OF-SHARES-REDEEMED> 1015
<SHARES-REINVESTED> 65
<NET-CHANGE-IN-ASSETS> (1622)
<ACCUMULATED-NII-PRIOR> 34
<ACCUMULATED-GAINS-PRIOR> (146)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 141
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 276
<AVERAGE-NET-ASSETS> 18831
<PER-SHARE-NAV-BEGIN> 11.78
<PER-SHARE-NII> .59
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<PER-SHARE-DIVIDEND> (.59)
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<PER-SHARE-NAV-END> 11.89
<EXPENSE-RATIO> .40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS 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 FILED ON FORM N-SAR.
</LEGEND>
<SERIES>
<NUMBER> 9
<NAME> U.S. WORLD GOLD FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 156765
<INVESTMENTS-AT-VALUE> 193971
<RECEIVABLES> 1521
<ASSETS-OTHER> 30
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<TOTAL-ASSETS> 195522
<PAYABLE-FOR-SECURITIES> 6087
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1969
<TOTAL-LIABILITIES> 8056
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<PAID-IN-CAPITAL-COMMON> 194898
<SHARES-COMMON-STOCK> 11750
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<ACCUMULATED-NII-CURRENT> 501
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (45138)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 37205
<NET-ASSETS> 187466
<DIVIDEND-INCOME> 1474
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<OTHER-INCOME> 0
<EXPENSES-NET> 3677
<NET-INVESTMENT-INCOME> (1435)
<REALIZED-GAINS-CURRENT> 9541
<APPREC-INCREASE-CURRENT> (58479)
<NET-CHANGE-FROM-OPS> (48938)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (13061)
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<NUMBER-OF-SHARES-SOLD> 26739
<NUMBER-OF-SHARES-REDEEMED> 27394
<SHARES-REINVESTED> 628
<NET-CHANGE-IN-ASSETS> (61316)
<ACCUMULATED-NII-PRIOR> 192784
<ACCUMULATED-GAINS-PRIOR> (53162)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2381
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 3722
<AVERAGE-NET-ASSETS> 240702
<PER-SHARE-NAV-BEGIN> 21.12
<PER-SHARE-NII> (.12)
<PER-SHARE-GAIN-APPREC> (3.94)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.11)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 15.95
<EXPENSE-RATIO> 1.54
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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
REFERENCES TO SUCH ANNUAL REPORT ON FORM N-SAR.
</LEGEND>
<SERIES>
<NUMBER> 10
<NAME> U.S. GOVERNMENT SECURITIES SAVINGS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 693154
<INVESTMENTS-AT-VALUE> 693154
<RECEIVABLES> 21810
<ASSETS-OTHER> 63
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<TOTAL-ASSETS> 715027
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 23258
<TOTAL-LIABILITIES> 23258
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 691875
<SHARES-COMMON-STOCK> 691821
<SHARES-COMMON-PRIOR> 649083
<ACCUMULATED-NII-CURRENT> 1667
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1773)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 691769
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 34981
<OTHER-INCOME> 0
<EXPENSES-NET> 1846
<NET-INVESTMENT-INCOME> 33135
<REALIZED-GAINS-CURRENT> 9
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 33145
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 33135
<DISTRIBUTIONS-OF-GAINS> 9
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 649752
<NUMBER-OF-SHARES-REDEEMED> 579522
<SHARES-REINVESTED> 33130
<NET-CHANGE-IN-ASSETS> 103361
<ACCUMULATED-NII-PRIOR> 1640
<ACCUMULATED-GAINS-PRIOR> 2155
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2734
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 4505
<AVERAGE-NET-ASSETS> 645452
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .70
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</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.
</LEGEND>
<SERIES>
<NUMBER> 11
<NAME> U.S. REAL ESTATE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 11955
<INVESTMENTS-AT-VALUE> 14113
<RECEIVABLES> 532
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 14651
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 755
<TOTAL-LIABILITIES> 755
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 11607
<SHARES-COMMON-STOCK> 977
<SHARES-COMMON-PRIOR> 1572
<ACCUMULATED-NII-CURRENT> 105
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 26
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2159
<NET-ASSETS> 13897
<DIVIDEND-INCOME> 625
<INTEREST-INCOME> 44
<OTHER-INCOME> 0
<EXPENSES-NET> 241
<NET-INVESTMENT-INCOME> 428
<REALIZED-GAINS-CURRENT> 1243
<APPREC-INCREASE-CURRENT> 1659
<NET-CHANGE-FROM-OPS> 3330
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 342
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2315
<NUMBER-OF-SHARES-REDEEMED> 2110
<SHARES-REINVESTED> 23
<NET-CHANGE-IN-ASSETS> 5677
<ACCUMULATED-NII-PRIOR> (29)
<ACCUMULATED-GAINS-PRIOR> (1167)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 101
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 245
<AVERAGE-NET-ASSETS> 13419
<PER-SHARE-NAV-BEGIN> 10.97
<PER-SHARE-NII> .40
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<PER-SHARE-DIVIDEND> (.30)
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.22
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
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</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>
<SERIES>
<NUMBER> 12
<NAME> UNITED SERVICES NEAR-TERM TAX FREE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 7230
<INVESTMENTS-AT-VALUE> 7249
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<ACCUMULATED-NII-CURRENT> 33
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<ACCUMULATED-NET-GAINS> (230)
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<ACCUM-APPREC-OR-DEPREC> 19
<NET-ASSETS> 7360
<DIVIDEND-INCOME> 0
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<REALIZED-GAINS-CURRENT> 9
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<DISTRIBUTIONS-OF-INCOME> (301)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 409
<NUMBER-OF-SHARES-REDEEMED> 361
<SHARES-REINVESTED> 23
<NET-CHANGE-IN-ASSETS> 815
<ACCUMULATED-NII-PRIOR> 33
<ACCUMULATED-GAINS-PRIOR> (240)
<OVERDISTRIB-NII-PRIOR> (5)
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<GROSS-EXPENSE> 124
<AVERAGE-NET-ASSETS> 6469
<PER-SHARE-NAV-BEGIN> 10.38
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<EXPENSE-RATIO> 1.92
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS DINANCIAL 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>
<SERIES>
<NUMBER> 14
<NAME> UNITED SERVICES INTERMEDIATE TREASURY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
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<ACCUM-APPREC-OR-DEPREC> 0
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</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>
<SERIES>
<NUMBER> 16
<NAME> CHINA REGION OPPORTUNITY FUND
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<S> <C>
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<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<INVESTMENTS-AT-COST> 36174
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<ACCUMULATED-NET-GAINS> (4685)
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<ACCUM-APPREC-OR-DEPREC> 6000
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<NET-CHANGE-FROM-OPS> 8169
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 93
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4591
<NUMBER-OF-SHARES-REDEEMED> 2967
<SHARES-REINVESTED> 14
<NET-CHANGE-IN-ASSETS> 21132
<ACCUMULATED-NII-PRIOR> 78
<ACCUMULATED-GAINS-PRIOR> (5358)
<OVERDISTRIB-NII-PRIOR> (68)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 351
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 621
<AVERAGE-NET-ASSETS> 27995
<PER-SHARE-NAV-BEGIN> 6.43
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 2.15
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.60
<EXPENSE-RATIO> 2.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
AUGUST 13, 1997
TO THE SHAREHOLDERS AND TRUSTEES OF
U. S. GLOBAL INVESTORS FUNDS
IN PLANNING AND PERFORMING OUR AUDIT OF THE FINANCIAL STATEMENTS OF THE U.S.
GOLD SHARES, U.S. GLOBAL RESOURCES, U.S. WORLD GOLD, U.S. TREASURY SECURITIES
CASH, U.S. ALL AMERICAN EQUITY, U.S. INCOME, U.S. TAX FREE, U.S. GOVERNMENT
SECURITIES SAVINGS, U.S. REAL ESTATE, UNITED SERVICES NEAR-TERM TAX FREE, AND
CHINA REGION OPPORTUNITY FUNDS, COMPRISING THE SEPARATE FUNDS OF U. S. GLOBAL
INVESTORS FUNDS (THE TRUST), FOR THE YEAR ENDED JUNE 30, 1997, WE CONSIDERED ITS
INTERNAL CONTROL, INCLUDING CONTROL ACTIVITIES FOR SAFEGUARDING SECURITIES, IN
ORDER TO DETERMINE OUR AUDITING PROCEDURES FOR THE PURPOSES 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 TRUST 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
CONTROL ACTIVITIES. GENERALLY, CONTROL ACTIVITIES 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. THESE CONTROL ACTIVITIES INCLUDE THE SAFEGUARDING OF
ASSETS AGAINST UNAUTHORIZED ACQUISITION, USE OR DISPOSITION.
BECAUSE OF INHERENT LIMITATIONS IN INTERNAL CONTROL, ERRORS OR IRREGULARITIES
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 ANY
SPECIFIC INTERNAL CONTROL COMPONENT DOES NOT REDUCE TO A RELATIVELY LOW LEVEL
THE RISK THAT ERRORS OR IRREGULARITIES 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,
INCLUDING CONTROL ACTIVITIES FOR SAFEGUARDING SECURITIES, THAT WE CONSIDER TO BE
MATERIAL WEAKNESSES AS DEFINED ABOVE AS OF JUNE 30, 1997.
<PAGE>
AUGUST 13, 1997
TO THE SHAREHOLDERS AND TRUSTEES OF
U. S. GLOBAL INVESTORS FUNDS
PAGE 2
THIS REPORT IS INTENDED SOLELY FOR THE INFORMATION AND USE OF MANAGEMENT AND THE
TRUSTEES OF U. S. GLOBAL INVESTORS FUNDS AND THE SECURITIES AND EXCHANGE
COMMISSION.
PRICE WATERHOUSE LLP
SUB-ITEM 77C: MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
(a) A Special Meeting of shareholders of the United Services Intermediate
Treasury Fund was held May 12, 1997
(b) The Meeting did not involve the election of directors.
(c) The Meeting was held to approve liquidation of the United Services
Intermediate Treasury Fund.
Affirmative Votes: 30,395 (51.8%)
Negative Votes: 0 (0.0%)
Total outstanding shares 58,659 (100.0%)
(d) No settlement was reached between the registrant and any other participant
terminating any soliciation.
Exhibit 99-77C
Matters submitted to vote of security holders
(a) Special meeting held May 12, 1997
(b) Not applicable
(c) Approval of liquidation of the United Services Intermediate Treasury Fund
(d) Not applicable
