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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 38
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<PAGE> PAGE 40
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072 T001000 0
072 U001000 0
072 V001000 0
072 W001000 181
072 X001000 4912
072 Y001000 2442
072 Z001000 38287
072AA001000 22
072BB001000 0
072CC011000 0
072CC021000 0
072DD011000 38311
072DD021000 0
<PAGE> PAGE 41
072EE001000 0
073 A011000 0.0500
073 A021000 0.0000
073 B001000 0.0000
073 C001000 0.0000
074 A001000 257
074 B001000 0
074 C001000 795955
074 D001000 0
074 E001000 0
074 F001000 0
074 G001000 0
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 7899
074 M001000 58
074 N001000 804169
074 O001000 10310
074 P001000 164
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 3547
074 S001000 0
074 T001000 790148
074 U011000 790244
074 U021000 0
074 V011000 1.00
074 V021000 0.00
074 W001000 1.0000
074 X001000 26139
074 Y001000 0
075 A001000 801155
075 B001000 0
076 001000 0.00
008 A001101 U.S. GLOBAL INVESTORS, INC.
008 B001101 A
008 C001101 801-4868
008 D011101 SAN ANTONIO
008 D021101 TX
008 D031101 78229
008 D041101 2327
008 A001102 GOODMAN & COMPANY (NY) LTD.
008 B001102 S
008 C001102 801-49353
008 D011102 TORONTO
008 D051102 CANADA
008 D061102 M5H4A9
<PAGE> PAGE 42
024 001100 Y
025 A001101 DONALDSON, LUFKIN & JENRETTE
025 B001101 13-2741729
025 C001101 D
025 D001101 506
025 D001102 0
025 D001103 0
025 D001104 0
025 D001105 0
025 D001106 0
025 D001107 0
025 D001108 0
028 A011100 198
028 A021100 0
028 A031100 0
028 A041100 506
028 B011100 96
028 B021100 0
028 B031100 0
028 B041100 278
028 C011100 40
028 C021100 0
028 C031100 0
028 C041100 404
028 D011100 450
028 D021100 0
028 D031100 0
028 D041100 799
028 E011100 551
028 E021100 0
028 E031100 0
028 E041100 683
028 F011100 166
028 F021100 0
028 F031100 0
028 F041100 663
028 G011100 1501
028 G021100 0
028 G031100 0
028 G041100 3333
028 H001100 0
045 001100 Y
046 001100 N
047 001100 Y
048 001100 0.000
048 A011100 250000
048 A021100 0.750
048 B011100 0
048 B021100 0.000
048 C011100 0
048 C021100 0.000
<PAGE> PAGE 43
048 D011100 0
048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 250000
048 K021100 0.500
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
062 A001100 N
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 0.0
062 P001100 0.0
062 Q001100 0.0
062 R001100 0.0
063 A001100 0
063 B001100 0.0
066 A001100 Y
066 C001100 Y
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 Y
070 B011100 Y
070 B021100 N
070 C011100 N
<PAGE> PAGE 44
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 N
070 K021100 N
070 L011100 Y
070 L021100 Y
070 M011100 Y
070 M021100 Y
070 N011100 Y
070 N021100 N
070 O011100 Y
070 O021100 Y
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 N
070 R021100 N
071 A001100 3941
071 B001100 5693
071 C001100 7282
071 D001100 54
072 A001100 12
072 B001100 80
072 C001100 321
072 D001100 0
072 E001100 0
072 F001100 65
072 G001100 0
072 H001100 0
072 I001100 53
072 J001100 22
072 K001100 0
072 L001100 15
072 M001100 15
072 N001100 11
072 O001100 0
072 P001100 1
<PAGE> PAGE 45
072 Q001100 43
072 R001100 27
072 S001100 18
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 11
072 X001100 280
072 Y001100 1
072 Z001100 122
072AA001100 0
072BB001100 600
072CC011100 0
072CC021100 528
072DD011100 127
072DD021100 0
072EE001100 2075
073 A011100 0.1700
073 A021100 0.0000
073 B001100 2.9500
073 C001100 0.0000
074 A001100 0
074 B001100 506
074 C001100 0
074 D001100 0
074 E001100 0
074 F001100 6668
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 53
074 M001100 6
074 N001100 7233
074 O001100 0
074 P001100 9
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 154
074 S001100 0
074 T001100 7070
074 U011100 758
074 U021100 0
074 V011100 9.33
074 V021100 0.00
074 W001100 0.0000
074 X001100 1344
074 Y001100 0
<PAGE> PAGE 46
075 A001100 0
075 B001100 8723
076 001100 0.00
008 A001201 U.S. GLOBAL INVESTORS, INC.
008 B001201 A
008 C001201 801-4868
008 D011201 SAN ANTONIO
008 D021201 TX
008 D031201 78229
008 D041201 2327
024 001200 Y
025 A001201 DONALDSON, LUFKIN & JENRETTE
025 B001201 13-2741729
025 C001201 D
025 D001201 172
025 D001202 0
025 D001203 0
025 D001204 0
025 D001205 0
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 64
028 A021200 23
028 A031200 0
028 A041200 591
028 B011200 177
028 B021200 20
028 B031200 0
028 B041200 366
028 C011200 98
028 C021200 20
028 C031200 0
028 C041200 42
028 D011200 179
028 D021200 23
028 D031200 0
028 D041200 82
028 E011200 484
028 E021200 21
028 E031200 0
028 E041200 64
028 F011200 42
028 F021200 19
028 F031200 0
028 F041200 109
028 G011200 1044
028 G021200 126
028 G031200 0
028 G041200 1254
028 H001200 0
<PAGE> PAGE 47
045 001200 Y
046 001200 N
047 001200 Y
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 N
055 B001200 N
056 001200 N
057 001200 N
062 A001200 Y
062 B001200 0.0
062 C001200 0.0
062 D001200 2.3
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 96.3
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 0
063 B001200 4.3
064 A001200 N
<PAGE> PAGE 48
064 B001200 N
066 A001200 N
067 001200 N
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 Y
070 O021200 Y
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
071 A001200 2743
071 B001200 2864
071 C001200 7144
071 D001200 38
072 A001200 12
072 B001200 351
072 C001200 0
072 D001200 0
072 E001200 0
<PAGE> PAGE 49
072 F001200 38
072 G001200 0
072 H001200 0
072 I001200 11
072 J001200 12
072 K001200 0
072 L001200 3
072 M001200 15
072 N001200 10
072 O001200 0
072 P001200 0
072 Q001200 45
072 R001200 21
072 S001200 9
072 T001200 0
072 U001200 0
072 V001200 0
072 W001200 7
072 X001200 171
072 Y001200 118
072 Z001200 298
072AA001200 10
072BB001200 0
072CC011200 0
072CC021200 130
072DD011200 297
072DD021200 0
072EE001200 0
073 A011200 0.4200
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 0
074 B001200 172
074 C001200 0
074 D001200 7134
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 12
074 L001200 132
074 M001200 4
074 N001200 7454
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
<PAGE> PAGE 50
074 R031200 0
074 R041200 43
074 S001200 0
074 T001200 7411
074 U011200 708
074 U021200 0
074 V011200 10.47
074 V021200 0.00
074 W001200 0.0000
074 X001200 294
074 Y001200 0
075 A001200 0
075 B001200 7577
076 001200 0.00
008 A001401 U.S. GLOBAL INVESTORS, INC.
008 B001401 A
008 C001401 801-4868
008 D011401 SAN ANTONIO
008 D021401 TX
008 D031401 78229
008 D041401 2327
024 001400 N
028 A011400 0
028 A021400 0
028 A031400 0
028 A041400 0
028 B011400 0
028 B021400 0
028 B031400 0
028 B041400 0
028 C011400 0
028 C021400 0
028 C031400 0
028 C041400 0
028 D011400 0
028 D021400 0
028 D031400 0
028 D041400 0
028 E011400 0
028 E021400 0
028 E031400 0
028 E041400 0
028 F011400 0
028 F021400 0
028 F031400 0
028 F041400 0
028 G011400 0
028 G021400 0
028 G031400 0
028 G041400 0
028 H001400 0
<PAGE> PAGE 51
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
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 N
055 B001400 N
056 001400 N
057 001400 N
062 A001400 N
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 0.0
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
<PAGE> PAGE 52
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
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 0
071 C001400 0
071 D001400 0
072 A001400 1
072 B001400 0
072 C001400 0
072 D001400 0
072 E001400 0
<PAGE> PAGE 53
072 F001400 0
072 G001400 0
072 H001400 0
072 I001400 0
072 J001400 0
072 K001400 0
072 L001400 0
072 M001400 0
072 N001400 0
072 O001400 0
072 P001400 0
072 Q001400 0
072 R001400 0
072 S001400 0
072 T001400 0
072 U001400 0
072 V001400 0
072 W001400 0
072 X001400 0
072 Y001400 0
072 Z001400 0
072AA001400 0
072BB001400 0
072CC011400 0
072CC021400 0
072DD011400 0
072DD021400 0
072EE001400 0
073 A011400 0.0000
073 A021400 0.0000
073 B001400 0.0000
073 C001400 0.0000
074 A001400 0
074 B001400 0
074 C001400 0
074 D001400 0
074 E001400 0
074 F001400 0
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 0
074 K001400 0
074 L001400 0
074 M001400 0
074 N001400 0
074 O001400 0
074 P001400 0
074 Q001400 0
074 R011400 0
074 R021400 0
<PAGE> PAGE 54
074 R031400 0
074 R041400 0
074 S001400 0
074 T001400 0
074 U011400 0
074 U021400 0
074 V011400 0.00
074 V021400 0.00
074 W001400 0.0000
074 X001400 0
074 Y001400 0
075 A001400 0
075 B001400 0
076 001400 0.00
008 A001601 U.S. GLOBAL INVESTORS, INC.
008 B001601 A
008 C001601 801-4868
008 D011601 SAN ANTONIO
008 D021601 TX
008 D031601 78229
008 D041601 2327
024 001600 Y
025 A001601 DONALDSON, LUFKIN & JENRETTE
025 B001601 13-2741729
025 C001601 D
025 D001601 5244
025 D001602 0
025 D001603 0
025 D001604 0
025 D001605 0
025 D001606 0
025 D001607 0
025 D001608 0
028 A011600 1300
028 A021600 118
028 A031600 0
028 A041600 1504
028 B011600 653
028 B021600 0
028 B031600 0
028 B041600 1249
028 C011600 1753
028 C021600 0
028 C031600 0
028 C041600 1129
028 D011600 2008
028 D021600 0
028 D031600 0
028 D041600 1386
028 E011600 963
028 E021600 0
<PAGE> PAGE 55
028 E031600 0
028 E041600 2051
028 F011600 8277
028 F021600 0
028 F031600 0
028 F041600 1464
028 G011600 14954
028 G021600 118
028 G031600 0
028 G041600 8783
028 H001600 0
045 001600 Y
046 001600 N
047 001600 Y
048 001600 1.250
048 A011600 0
048 A021600 0.000
048 B011600 0
048 B021600 0.000
048 C011600 0
048 C021600 0.000
048 D011600 0
048 D021600 0.000
048 E011600 0
048 E021600 0.000
048 F011600 0
048 F021600 0.000
048 G011600 0
048 G021600 0.000
048 H011600 0
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 Y
055 B001600 N
056 001600 N
057 001600 N
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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
<PAGE> PAGE 56
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
067 001600 N
068 A001600 N
068 B001600 Y
069 001600 N
070 A011600 Y
070 A021600 Y
070 B011600 Y
070 B021600 Y
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
070 N021600 N
070 O011600 Y
070 O021600 Y
<PAGE> PAGE 57
070 P011600 Y
070 P021600 N
070 Q011600 N
070 Q021600 N
070 R011600 N
070 R021600 N
071 A001600 2060
071 B001600 3081
071 C001600 15494
071 D001600 13
072 A001600 12
072 B001600 33
072 C001600 485
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072 E001600 0
072 F001600 200
072 G001600 0
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072 I001600 170
072 J001600 44
072 K001600 0
072 L001600 44
072 M001600 15
072 N001600 14
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072 Q001600 46
072 R001600 43
072 S001600 109
072 T001600 0
072 U001600 0
072 V001600 0
072 W001600 22
072 X001600 707
072 Y001600 0
072 Z001600 -189
072AA001600 0
072BB001600 5973
072CC011600 12407
072CC021600 0
072DD011600 122
072DD021600 0
072EE001600 0
073 A011600 0.0300
073 A021600 0.0000
073 B001600 0.0000
073 C001600 0.0000
074 A001600 0
074 B001600 5244
074 C001600 0
074 D001600 0
<PAGE> PAGE 58
074 E001600 0
074 F001600 22639
074 G001600 0
074 H001600 0
074 I001600 0
074 J001600 0
074 K001600 0
074 L001600 1344
074 M001600 19
074 N001600 29246
074 O001600 0
074 P001600 35
074 Q001600 0
074 R011600 0
074 R021600 0
074 R031600 0
074 R041600 55
074 S001600 0
074 T001600 29156
074 U011600 5225
074 U021600 0
074 V011600 5.58
074 V021600 0.00
074 W001600 0.0000
074 X001600 4829
074 Y001600 0
075 A001600 0
075 B001600 16030
076 001600 0.00
SIGNATURE CATHERINE M. VACCA
TITLE DEPUTY MANAGER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 02
<NAME> ALL AMERICAN EQUITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 31434472
<INVESTMENTS-AT-VALUE> 53189480
<RECEIVABLES> 114351
<ASSETS-OTHER> 23796
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 53327627
<PAYABLE-FOR-SECURITIES> 40809
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 84633
<TOTAL-LIABILITIES> 125442
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30878269
<SHARES-COMMON-STOCK> 1188052
<SHARES-COMMON-PRIOR> 893573
<ACCUMULATED-NII-CURRENT> (14031)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 582939
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 21755008
<NET-ASSETS> 53202185
<DIVIDEND-INCOME> 466238
<INTEREST-INCOME> 264808
<OTHER-INCOME> 0
<EXPENSES-NET> 440804
<NET-INVESTMENT-INCOME> 290242
<REALIZED-GAINS-CURRENT> 1005069
<APPREC-INCREASE-CURRENT> 7258310
<NET-CHANGE-FROM-OPS> 8553621
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (288062)
<DISTRIBUTIONS-OF-GAINS> (1212356)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 820839
<NUMBER-OF-SHARES-REDEEMED> (561919)
<SHARES-REINVESTED> 39559
<NET-CHANGE-IN-ASSETS> 18531211
<ACCUMULATED-NII-PRIOR> (16211)
<ACCUMULATED-GAINS-PRIOR> 790226
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 330562
<INTEREST-EXPENSE> 0
<GROSS-EXPENSES> 688615
<AVERAGE-NET-ASSETS> 44073467
<PER-SHARE-NAV-BEGIN> 38.80
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 7.10
<PER-SHARE-DIVIDEND> (0.26)
<PER-SHARE-DISTRIBUTIONS> (1.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 44.78
<EXPENSE-RATIO> 1.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 16
<NAME> CHINA REGION OPPORTUNITY FUND
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<INVESTMENTS-AT-COST> 29422451
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<DIVIDEND-INCOME> 484840
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<NET-INVESTMENT-INCOME> (189176)
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<NUMBER-OF-SHARES-SOLD> 22272330
<NUMBER-OF-SHARES-REDEEMED> (18816595)
<SHARES-REINVESTED> 117943
<NET-CHANGE-IN-ASSETS> 9696368
<ACCUMULATED-NII-PRIOR> 119508
<ACCUMULATED-GAINS-PRIOR> (5041984)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 200343
<INTEREST-EXPENSE> 0
<GROSS-EXPENSES> 707508
<AVERAGE-NET-ASSETS> 16030027
<PER-SHARE-NAV-BEGIN> 4.09
<PER-SHARE-NII> (0.03)
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<PER-SHARE-NAV-END> 5.58
<EXPENSE-RATIO> 4.41
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 03
<NAME> GLOBAL RESOURCES FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<ACCUMULATED-NET-GAINS> (9676783)
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<NET-INVESTMENT-INCOME> (291122)
<REALIZED-GAINS-CURRENT> (5093996)
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<NUMBER-OF-SHARES-SOLD> 2135644
<NUMBER-OF-SHARES-REDEEMED> (2406976)
<SHARES-REINVESTED> 257507
<NET-CHANGE-IN-ASSETS> (1994191)
<ACCUMULATED-NII-PRIOR> (50365)
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<GROSS-ADVISORY-FEES> 159064
<INTEREST-EXPENSE> 0
<GROSS-EXPENSES> 691068
<AVERAGE-NET-ASSETS> 15906085
<PER-SHARE-NAV-BEGIN> 4.47
<PER-SHARE-NII> (0.07)
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<PER-SHARE-DISTRIBUTIONS> (0.24)
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<PER-SHARE-NAV-END> 4.01
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[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 01
<NAME> GOLD SHARES FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<INVESTMENTS-AT-COST> 37974391
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<ACCUM-APPREC-OR-DEPREC> (4297592)
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<EXPENSES-NET> 2193203
<NET-INVESTMENT-INCOME> (1203899)
<REALIZED-GAINS-CURRENT> (10568253)
<APPREC-INCREASE-CURRENT> 10563743
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<NUMBER-OF-SHARES-SOLD> 241479468
<NUMBER-OF-SHARES-REDEEMED> (242511961)
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<NET-CHANGE-IN-ASSETS> (7964903)
<ACCUMULATED-NII-PRIOR> (177162)
<ACCUMULATED-GAINS-PRIOR> (193216313)
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<GROSS-ADVISORY-FEES> 314052
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<GROSS-EXPENSES> 2341524
<AVERAGE-NET-ASSETS> 41873584
<PER-SHARE-NAV-BEGIN> 3.79
<PER-SHARE-NII> (0.11)
<PER-SHARE-GAIN-APPREC> (0.26)
<PER-SHARE-DIVIDEND> 0.00
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<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 3.42
<EXPENSE-RATIO> 5.24
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 10
<NAME> U.S. GOVERNMENT SECURITIES SAVINGS FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<INVESTMENTS-AT-COST> 795955317
<INVESTMENTS-AT-VALUE> 795955317
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<TOTAL-ASSETS> 804169475
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 3712017
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<PAID-IN-CAPITAL-COMMON> 791094620
<SHARES-COMMON-STOCK> 790244449
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<ACCUMULATED-NII-CURRENT> 682533
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<ACCUMULATED-NET-GAINS> (1629392)
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<NET-ASSETS> 790147761
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<NET-INVESTMENT-INCOME> 38287207
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<DISTRIBUTIONS-OF-INCOME> (38310800)
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<NUMBER-OF-SHARES-SOLD> 819242776
<NUMBER-OF-SHARES-REDEEMED> (825588463)
<SHARES-REINVESTED> 34977709
<NET-CHANGE-IN-ASSETS> 28630183
<ACCUMULATED-NII-PRIOR> 1650857
<ACCUMULATED-GAINS-PRIOR> (1770340)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 3316843
<INTEREST-EXPENSE> 706
<GROSS-EXPENSES> 4912217
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<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.31
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 06
<NAME> INCOME FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<INVESTMENTS-AT-COST> 8800648
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<TOTAL-ASSETS> 10345617
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<OTHER-ITEMS-LIABILITIES> 42211
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<PAID-IN-CAPITAL-COMMON> 7348360
<SHARES-COMMON-STOCK> 680796
<SHARES-COMMON-PRIOR> 726866
<ACCUMULATED-NII-CURRENT> (5289)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1182520
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1407479
<NET-ASSETS> 9933070
<DIVIDEND-INCOME> 301365
<INTEREST-INCOME> 84949
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<EXPENSES-NET> 266648
<NET-INVESTMENT-INCOME> 119666
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<DISTRIBUTIONS-OF-INCOME> (122719)
<DISTRIBUTIONS-OF-GAINS> (1026461)
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<NUMBER-OF-SHARES-SOLD> 2157731
<NUMBER-OF-SHARES-REDEEMED> (3931604)
<SHARES-REINVESTED> 1090457
<NET-CHANGE-IN-ASSETS> (1203751)
<ACCUMULATED-NII-PRIOR> (2236)
<ACCUMULATED-GAINS-PRIOR> 720836
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<PER-SHARE-NAV-BEGIN> 15.32
<PER-SHARE-NII> 0.17
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<PER-SHARE-DIVIDEND> (0.17)
<PER-SHARE-DISTRIBUTIONS> (1.45)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.59
<EXPENSE-RATIO> 2.56
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 12
<NAME> NEAR-TERM TAX FREE FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<INVESTMENTS-AT-COST> 7304767
<INVESTMENTS-AT-VALUE> 7305582
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<TOTAL-ASSETS> 7453703
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 42736
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<PAID-IN-CAPITAL-COMMON> 7603823
<SHARES-COMMON-STOCK> 708147
<SHARES-COMMON-PRIOR> 757416
<ACCUMULATED-NII-CURRENT> 6840
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (200511)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 815
<NET-ASSETS> 7410967
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 351406
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<EXPENSES-NET> 53575
<NET-INVESTMENT-INCOME> 297831
<REALIZED-GAINS-CURRENT> 9766
<APPREC-INCREASE-CURRENT> (129794)
<NET-CHANGE-FROM-OPS> 177803
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<DISTRIBUTIONS-OF-INCOME> (196765)
<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 154848
<NUMBER-OF-SHARES-REDEEMED> (226989)
<SHARES-REINVESTED> 22872
<NET-CHANGE-IN-ASSETS> (650492)
<ACCUMULATED-NII-PRIOR> 5774
<ACCUMULATED-GAINS-PRIOR> (210277)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 37879
<INTEREST-EXPENSE> 0
<GROSS-EXPENSES> 171157
<AVERAGE-NET-ASSETS> 7577144
<PER-SHARE-NAV-BEGIN> 10.64
<PER-SHARE-NII> 0.42
<PER-SHARE-GAIN-APPREC> (0.17)
<PER-SHARE-DIVIDEND> (0.42)
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.47
<EXPENSE-RATIO> 0.70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 11
<NAME> REAL ESTATE FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<INVESTMENTS-AT-VALUE> 7174426
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<TOTAL-ASSETS> 7233213
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 163143
<TOTAL-LIABILITIES> 163143
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 8413139
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<SHARES-COMMON-PRIOR> 831027
<ACCUMULATED-NII-CURRENT> (13248)
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<ACCUMULATED-NET-GAINS> (602202)
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<ACCUM-APPREC-OR-DEPREC> (727619)
<NET-ASSETS> 7070070
<DIVIDEND-INCOME> 321243
<INTEREST-INCOME> 79911
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<EXPENSES-NET> 278920
<NET-INVESTMENT-INCOME> 122234
<REALIZED-GAINS-CURRENT> (600208)
<APPREC-INCREASE-CURRENT> (528000)
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<DISTRIBUTIONS-OF-INCOME> (126921)
<DISTRIBUTIONS-OF-GAINS> (2074643)
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<NUMBER-OF-SHARES-SOLD> 237613
<NUMBER-OF-SHARES-REDEEMED> (528888)
<SHARES-REINVESTED> 218102
<NET-CHANGE-IN-ASSETS> (4298225)
<ACCUMULATED-NII-PRIOR> (10555)
<ACCUMULATED-GAINS-PRIOR> 2074643
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<GROSS-ADVISORY-FEES> 65427
<INTEREST-EXPENSE> 1067
<GROSS-EXPENSES> 280337
<AVERAGE-NET-ASSETS> 8722660
<PER-SHARE-NAV-BEGIN> 13.68
<PER-SHARE-NII> 0.16
<PER-SHARE-GAIN-APPREC> (1.39)
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<PER-SHARE-DISTRIBUTIONS> (2.95)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.33
<EXPENSE-RATIO> 3.20
<AVG-DEBT-OUTSTANDING 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 07
<NAME> TAX FREE FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
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<INVESTMENTS-AT-COST> 24093183
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<OTHER-ITEMS-LIABILITIES> 168139
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<SHARES-COMMON-STOCK> 2037942
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<ACCUMULATED-NII-CURRENT> 6566
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65469
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (253519)
<NET-ASSETS> 24041781
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<EXPENSES-NET> 163598
<NET-INVESTMENT-INCOME> 1045989
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<APPREC-INCREASE-CURRENT> (1008256)
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<DISTRIBUTIONS-OF-INCOME> (1043518)
<DISTRIBUTIONS-OF-GAINS> (47637)
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<NUMBER-OF-SHARES-SOLD> 988731
<NUMBER-OF-SHARES-REDEEMED> (768823)
<SHARES-REINVESTED> 64403
<NET-CHANGE-IN-ASSETS> 2642138
<ACCUMULATED-NII-PRIOR> 4095
<ACCUMULATED-GAINS-PRIOR> (67031)
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<GROSS-ADVISORY-FEES> 172836
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<GROSS-EXPENSES> 336795
<AVERAGE-NET-ASSETS> 23044829
<PER-SHARE-NAV-BEGIN> 12.20
<PER-SHARE-NII> 0.55
<PER-SHARE-GAIN-APPREC> (0.37)
<PER-SHARE-DIVIDEND> (0.55)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.80
<EXPENSE-RATIO> 0.70
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 05
<NAME> U.S. TREASURY SECURITIES CASH FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000101507
<NAME> U.S. GLOBAL INVESTORS FUNDS
<SERIES>
<NUMBER> 09
<NAME> WORLD GOLD FUND
<MULTIPLIER> 1
<CURRENCY> US DOLLARS
<S> <C>
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</TABLE>
SUB-ITEM 77C: MATTERS SUBMITTED TO A VOTE OF SECURITY HOLDERS
(a) A Special Meeting of shareholders of the Global Resources Fund was held
April 23, 1999.
(b) Not applicable.
(c) The Meeting was held to vote on approval of a proposal to change the fund's
classification under the Investment Company Act of 1940, as amended, from
diversified to non-diversified and to eliminate the Fund's fundamental
investment restriction.
Shareholders of the Global Resources Fund voted as follows: Affirmative votes,
1,618,658; votes in opposition or abstained votes, 526,129.
(d) Not applicable.
