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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 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 39
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
070 I011100 N
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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008 A001401 U.S. GLOBAL INVESTORS, INC.
008 B001401 A
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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008 A001601 U.S. GLOBAL INVESTORS, INC.
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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SIGNATURE CATHERINE M. VACCA
TITLE DEPUTY MANAGER
Ex 99
77.C
MATTERS SUBMITTED TO VOTE OF SECURITY HOLDERS
SUB-ITEM 77C: MATTERS SUBMITTED TO A VOTE OF SECURITY
HOLDERS
(a) A Special Meeting of shareholders of the World Gold
and Gold Shares Funds was held December 17, 1998.
(b) Not applicable.
(c) The Meeting was held to vote on approval of a proposal
to change each Fund's classification under the Investment
Company Act of 1940, as amended, from
diversified to non-diversified and to eliminate each
Fund's fundamental investment restriction.
Shareholders of the World Gold Fund voted as follows:
Affirmative votes, 5,941,447; votes in opposition or
abstained votes, 510,214.
Shareholders of the Gold Shares Fund voted as follows:
Affirmative votes, 4,588,781; votes in opposition or
abstained votes, 707,245.
(d) Not applicable.
EX-99.77.E
SUB-ITEM 77E: LEGAL PROCEEDINGS
(a) On April 29, 1998, Capital Ventures International, a
Cayman Islands Company, filed a complaint naming U.S.
Global Investors Funds in the Court of Common
Pleas, Montgomery County, Pennsylvania (Case Number 98-
08383). The case was dismissed on November 17, 1998.
SUB-ITEM 77Q1: EXHIBITS
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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