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<PAGE> PAGE 21
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<PAGE> PAGE 26
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 39
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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 801-0000
008 D011102 TORONTO
008 D051102 CANADA
<PAGE> PAGE 41
008 D061102 M5H4A9
024 001100 N
025 A001101 MORGAN STANLEY, DEAN WITTER & CO.
025 B001101 13-2655998
025 C001101 D
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028 A021100 542
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028 B011100 251
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028 C011100 453
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<PAGE> PAGE 42
048 C021100 0.000
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048 D021100 0.000
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048 E021100 0.000
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048 F021100 0.000
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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
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055 B001100 N
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057 001100 N
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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
<PAGE> PAGE 43
070 C011100 N
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 N
070 M021100 N
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
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071 B001100 17103
071 C001100 13503
071 D001100 95
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072 H001100 0
072 I001100 56
072 J001100 17
072 K001100 0
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072 M001100 9
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<PAGE> PAGE 44
072 P001100 3
072 Q001100 41
072 R001100 15
072 S001100 4
072 T001100 0
072 U001100 0
072 V001100 0
072 W001100 7
072 X001100 290
072 Y001100 6
072 Z001100 296
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072DD011100 407
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074 M001100 9
074 N001100 11556
074 O001100 156
074 P001100 7
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074 S001100 0
074 T001100 11368
074 U011100 831
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<PAGE> PAGE 45
074 Y001100 0
075 A001100 0
075 B001100 14457
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 MORGAN STANLEY, DEAN WITTER & CO.
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028 C011200 192
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028 F021200 72
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<PAGE> PAGE 46
028 H001200 0
045 001200 Y
046 001200 N
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048 F021200 0.000
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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
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056 001200 N
057 001200 N
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062 C001200 0.0
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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 94.7
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
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<PAGE> PAGE 47
064 A001200 N
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 N
070 O021200 Y
070 P011200 Y
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 N
070 R021200 N
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071 B001200 2844
071 C001200 7235
071 D001200 39
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<PAGE> PAGE 48
072 E001200 0
072 F001200 39
072 G001200 0
072 H001200 0
072 I001200 10
072 J001200 14
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072 M001200 7
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072 P001200 0
072 Q001200 38
072 R001200 10
072 S001200 2
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072 U001200 0
072 V001200 0
072 W001200 5
072 X001200 142
072 Y001200 88
072 Z001200 320
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072DD021200 0
072EE001200 0
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073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
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074 C001200 0
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074 E001200 0
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074 L001200 132
074 M001200 6
074 N001200 8079
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074 P001200 0
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<PAGE> PAGE 49
074 R021200 0
074 R031200 0
074 R041200 18
074 S001200 0
074 T001200 8061
074 U011200 757
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074 V011200 10.64
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074 W001200 0.0000
074 X001200 284
074 Y001200 0
075 A001200 0
075 B001200 7767
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
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<PAGE> PAGE 50
028 H001400 0
045 001400 Y
046 001400 N
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048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
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055 A001400 N
055 B001400 N
056 001400 N
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062 D001400 0.0
062 E001400 0.0
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062 G001400 0.0
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<PAGE> PAGE 51
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
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
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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008 A001601 U.S. GLOBAL INVESTORS, INC.
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<PAGE> PAGE 54
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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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SIGNATURE CATHERINE M. VACCA
TITLE DEPUTY MANAGER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<ACCUM-APPREC-OR-DEPREC> (23356733)
<NET-ASSETS> 149759314
<DIVIDEND-INCOME> 1167577
<INTEREST-INCOME> 427577
<OTHER-INCOME> 0
<EXPENSES-NET> 2721406
<NET-INVESTMENT-INCOME> (1126252)
<REALIZED-GAINS-CURRENT> (5618417)
<APPREC-INCREASE-CURRENT> (60561663)
<NET-CHANGE-FROM-OPS> (67306332)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1637556)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 736945226
<NUMBER-OF-SHARES-REDEEMED> (707189284)
<SHARES-REINVESTED> 1481375
<NET-CHANGE-IN-ASSETS> (56154453)
<ACCUMULATED-NII-PRIOR> 500641
<ACCUMULATED-GAINS-PRIOR> (45137574)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1521454
<INTEREST-EXPENSE> 3523
<GROSS-EXPENSE> 2728415
<AVERAGE-NET-ASSETS> 156779393
<PER-SHARE-NAV-BEGIN> 15.95
<PER-SHARE-NII> (.05)
<PER-SHARE-GAIN-APPREC> (5.90)
<PER-SHARE-DIVIDEND> (.14)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.86
<EXPENSE-RATIO> 1.74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Sub-Item 77c: Matters submitted to a vote of security holders
(a) A Special Meeting of shareholders of the U.S. Real Estate
Fund was held December 29, 1997
(b) Not applicable.
(c) The Meeting was held to vote on approval of the
sub-advisory agreement among the Trust, U.S. Global Investors,
Inc. and Goodman & Company (NY) Ltd. with respect to the
management of the U.S. Real Estate Fund's portfolio:
Affirmative Votes: 467,639
Opposition or Abstained Votes: 63,938
(d) Not applicable.
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 complaint, in general,
states that the action is brought for fraud, breach of
contract, promissory estoppel and unjust enrichment in
connection with a purchase by Capital Ventures International of
shares of the China Region Opportunity Fund, one of the series
of U.S. Global Investors Funds. The action has been removed to
Federal court. Capital Ventures, International v. U.S. Global
Investors Funds, Civil Action Number 98-29666 (United States
District Court of the Eastern District of Pennsylvania). A
preliminary motion challenging jurisdiction is currently being
considered. U.S. Global Investors Funds is aggressively
defending the action and believes that the complaint is devoid
of merit.
(d) Not applicable.
Sub-Item 77Q1: Exhibits (a) Copy of amendment to registrant's
First Amended and Restated Master Trust Agreement
U.S. GLOBAL INVESTORS FUNDS
(ORGANIZED AS: UNITED SERVICES FUNDS)
AMENDMENT NO. 2 TO THE
FIRST AMENDED AND RESTATED MASTER TRUST AGREEMENT
AMENDMENT No. 2 to the Amended and Restated Master Trust
Agreement of U.S. GLOBAL INVESTORS FUNDS, dated May 19, 1995,
made at San Antonio, Texas, this 9th day of June 1998 by the
Trustees hereunder.
WITNESSETH
WHEREAS, Section 7.3 of the Amended and Restated Master Trust
Agreement dated May 19, 1995, (the "Agreement") of United
Services Funds (the "Trust") provides that the Agreement may be
amended at any time, so long as such amendment does not
adversely affect the rights of any shareholder with respect to
which such amendment is or purports to be applicable and so
long as such amendment is not in contravention of applicable
law, including the Investment Company Act of 1940, by an
instrument in writing, signed by an officer of the Trust
pursuant to a vote of a majority of the Trustees of the Trust;
and
WHEREAS, a majority of the Trustees of the Trust desire to amend
the Agreement to change the names of sub-trusts and amend the
number of sub-trusts referenced in the first paragraph of
Section 4.2 of the Agreement; and
WHEREAS, a majority of the Trustees of the Trust have duly
adopted the amendment to the Agreement shown below on January
21, 1998, and authorized the same to be filed with the Secretary
of State of the Commonwealth of Massachusetts;
1. NOW, THEREFORE, the undersigned Frank E. Holmes, the duly
elected and serving President of the Trust, pursuant to the
authorization described above, hereby amends Section 4.2 of the
Amended and Restated Master Trust Agreement, as heretofore in
effect, to read as follows:
Section 4.2 Establishment and Designation of Sub-Trusts and
Classes. Without limiting the authority of the Trustees set
forth in Section 4.1 to establish and designate any further
Sub-Trusts, the Trustees hereby establish and designate eleven
Sub-Trusts: Gold Shares Fund, Global Resources Fund, World Gold
Fund, China Region Opportunity Fund, All American Equity Fund,
Income Fund, Real Estate Fund, Tax-Free Fund, Near-Term
Tax-Free Fund, U.S. Government Securities Cash Fund and U.S.
Treasury Securities Cash Fund. Each such Sub-Trust shall consist
of one class of Shares. The Shares of each such Sub-Trust and
class thereof and any Shares of any further Sub-Trusts or
classes thereof that may from time to time be established and
designated by the Trustees shall (unless the Trustees otherwise
determine with respect to some further Sub-Trust or class
thereof at the time of establishing and designating the same)
have the following relative rights and preferences:
WITNESS my hand and seal this 9th day of June 1998
/s/ Frank E. Holmes.
Frank E. Holmes, President
STATE OF TEXAS
COUNTY OF BEXAR
Then personally appeared the above-name Frank E. Holmes and
acknowledged this instrument to be his free act and deed this
9th day of June 1998.
/s/ June L. Falks
Notary Public
My Commission expires: February 14, 2000
Sub-Item 77Q1: Exhibits (e) Copy of investment sub-advisory
contract among U.S. Global Investors, Inc., U.S. Global
Investors Funds and Goodman & Company N.Y. Ltd.
SUB-ADVISORY AGREEMENT
AGREEMENT made as of the 24th day of April, 1998, among U.S.
GLOBAL INVESTORS, INC., a corporation organized under the laws
of the State of Texas (the "Adviser"), U.S. GLOBAL INVESTORS
FUNDS, a Massachusetts business trust having its principal
place of business in San Antonio, Texas (the "Trust"), on
behalf of the U.S. REAL ESTATE FUND (the "Fund"), a series of
shares of the Trust, and GOODMAN & COMPANY N.Y. LTD. (the
"Sub-Adviser"), a corporation organized under the laws of Canada.
WHEREAS, the Adviser is engaged in the business of rendering
investment management services to the Trust; and
WHEREAS, the Trust is an open-end management investment company
and is so registered under the Investment Company Act of 1940
(the "1940 Act"); and
WHEREAS, the Trust is operated as a "series company" within the
meaning of Rule 18f-2 under the 1940 Act and has four separate
series of shares of beneficial interest, one of which series is
the Fund.
NOW, THEREFORE, WITNESSETH: That it is hereby agreed between
the parties hereto as follows:
APPOINTMENT OF SUB-ADVISER
The Sub-Adviser is hereby appointed to provide investment
advisory services to the Fund for the period and on the terms
herein set forth. The Sub-Adviser accepts such appointment and
agrees to render the services herein set forth, for the
compensation herein provided. To enable Sub-Adviser to exercise
fully its discretion and authority as provided in this Section
1, the Trust hereby constitutes and appoints Sub-Adviser as the
Trust's agent and attorney-in-fact with full power and
authority for the Trust and on the Trust's behalf to buy, sell
and otherwise deal in securities and contracts relating to same
for the Fund.
DUTIES OF SUB-ADVISER
(a) The Sub-Adviser is hereby authorized and directed and hereby
agrees, subject to the stated investment objectives and
policies of the Fund as set forth in the Fund's Prospectus (as
defined below) and subject to the supervision of the Adviser
and the Board of Trustees of the Trust, (i) to develop,
recommend and implement such investment program and strategy
for the Fund as may from time to time under the circumstances
appears most appropriate to the achievement of the investment
objective of the Fund as stated in the aforesaid Prospectus,
(ii) to provide research and analysis relative to the investment
program and investments of the Fund, (iii) to determine which
securities should be purchased and sold and what portion of the
assets of the Fund should be held in cash or cash equivalents,
and (iv) to monitor on a continuing basis the performance of
the portfolio securities of the Fund. The Sub-Adviser will
advise the Trust's custodian and the Adviser on a prompt basis
of each purchase and sale of a portfolio security specifying the
name of the issuer, the description and amount or number of
shares of the security purchased, the market price, commission
and gross or net price, trade date, settlement date and
identity of the effecting broker or dealer; and will review the
accuracy of the pricing of portfolio securities in accordance
with Trust procedures. From time to time, as the Trustees of
the Trust or the Adviser may reasonably request, the Sub-Adviser
will furnish to the Trust's officers and to each of its
Trustees reports on portfolio transactions and reports on issues
of securities held in the portfolio, all in such detail as the
Trust or the Adviser may reasonably request. The Sub-Adviser
will also inform the Trust's officers and Trustees on a current
basis of changes in investment strategy or tactics. The
Sub-Adviser will make its officers and employees available to
meet with the Trust's officers and Trustees on due notice to
review the investments and investment program of the Fund in the
light of current and prospective economic and market
conditions.
The Sub-Adviser shall place all orders for the purchase and sale
of portfolio securities for the account of the Fund with
brokers or dealers selected by the Sub-Adviser, although the
Trust will pay the actual brokerage commissions and any
transfer taxes with respect to transactions in the portfolio
securities of the Trust. The Sub-Adviser is authorized to
submit any such order collectively with orders on behalf of
other accounts under its management, provided that the
Sub-Adviser shall have determined that such action is in the
best interest of the Fund and is in accordance with applicable
law, including, without limitation, Rule 17d-1 under the 1940
Act. In executing portfolio transactions and selecting brokers
or dealers, the Sub-Adviser will use its best efforts to seek
on behalf of the Fund the best overall terms available. In
assessing the best overall terms available for any transaction,
the Sub-Adviser shall consider all factors it deems relevant,
including the breadth of the market in the security, the price
of the security, the financial condition and execution
capability of the broker or dealer, and the reasonableness of
the commission, if any (for the specific transaction and on a
continuing basis). In evaluating the best overall terms
available, and in selecting the broker or dealer to execute a
particular transaction, the Sub-Adviser may also consider the
brokerage and research services [as those terms are defined in
Section 28(e) of the Securities Exchange Act of 1934] provided
to the Fund and/or other accounts over which the Sub-Adviser or
an affiliate of the Sub-Adviser exercises investment discretion.
The Sub-Adviser is authorized to pay to a broker or dealer who
provides such brokerage and research services a commission for
executing a portfolio transaction for the Fund which is in
excess of the amount of commission another broker or dealer
would have charged for effecting that transaction if, but only
if, the Sub-Adviser determines in good faith that such
commission was reasonable in relation to the value of the
brokerage and research services provided by such broker or
dealer, viewed in terms of that particular transaction or in
terms of all of the accounts over which investment discretion is
so exercised. An affiliated person of the Sub-Adviser may
provide brokerage services to the Fund provided that the
Sub-Adviser shall have determined that such action is
consistent with its obligation to seek the best overall terms
available and is in accordance with applicable law, including,
without limitation, Section 17(e) of the 1940 Act. The
foregoing shall not be deemed to authorize an affiliated person
of the Sub-Adviser to enter into transactions with the Fund as
principal
In the performance of its duties hereunder, the Sub-Adviser is
and shall be an independent contractor and unless otherwise
expressly provided or authorized shall have no authority to act
for or represent the Trust in any way or otherwise be deemed to
be an agent of the Trust or of the Adviser.
(b) Delivery of Documents. The Adviser will furnish upon
request or has previously furnished the Sub-Adviser with true
copies of each of the following:
(i) The Trust's Master Trust Agreement dated April 15, 1993 as
filed with the Secretary of State of the Commonwealth of
Massachusetts and all amendments thereto (such Master Trust
Agreement, as presently in effect and as it shall from time to
time be amended, is herein called the "Master Trust
Agreement");
(ii) The Trust's By-Laws and amendments thereto (such By-Laws,
as presently in effect and as it shall from time to time be
amended, are herein called the "By-Laws");
(iii) Resolutions of the Trust's Board of Trustees authorizing
the appointment of the Adviser and Sub-Adviser and approving
the Advisory Agreement and this Agreement;
(iv) The most recent Post-Effective Amendment to the Trust's
Registration Statement on Form N-1A under the Securities Act of
1933 as amended ("1933 Act") and the 1940 Act as filed with the
Securities and Exchange Commission;
(v) The Fund's most recent prospectus (such prospectus, as
presently in effect and all amendments and supplements thereto
being referred to herein as the "Prospectus"); and
(vi) All resolutions of the Board of Trustees of the Trust
pertaining to the management of the assets of the Fund.
During the term of this Agreement, the Trust shall not implement
any amendment or supplement to the Fund's prospectus or
statement of additional information relating to the investment
objectives and policies of the Fund without at least five (5)
days' prior notice to the Sub-Adviser.
3. ADVISORY FEE.
(a) For the services to be provided to the Fund by the
Sub-Adviser as provided in Paragraph 2 hereof, the Adviser will
pay the Sub-Adviser in accordance with the following:
(i) The Adviser will pay to the Sub-Adviser 50 percent of the
Management Fee, net of all mutually agreed upon fee waivers and
reimbursements and reimbursements required by applicable law.
(ii) The Fund is not responsible for paying any portion of the
Sub-Adviser fees.
(iii) The fee is payable in monthly installments in arrears.
The term "Management Fee" means the management fee paid by the
Trust to the Adviser under the Advisory Agreement, dated as of
October 27, 1989, between the Trust and the Adviser with
respect to the management of the Fund.
(iv) Further, the Adviser and the Sub-Adviser will share
expenses associated with marketing the Fund's shares equally.
(b) In the case of termination of the Agreement during any
calendar month, the fee with respect to that month shall be
reduced proportionately based upon the number of calendar days
during which it is in effect and the fee shall be computed upon
the average net assets of the Fund for the days during which it
is so in effect.
4 EXPENSES.
During the term of this Agreement, the Sub-Adviser will bear all
expenses incurred by it in the performance of its duties
hereunder which are not reimbursable by the Fund under the
current advisory agreement with the Fund.
5. FUND TRANSACTIONS.
The Sub-Adviser agrees that neither it nor any of its employees,
officers or directors will take any short-term position in the
shares of the Fund for trading purposes; provided, however, that
such prohibition shall not prevent the purchase of shares of
the Fund by any of the persons above described for their account
and for investment at the price at which such shares are
available to the public at the time of purchase.
6. REPRESENTATION AND WARRANTY.
The Sub-Adviser hereby represents and warrants to the Adviser
that it is duly registered as an investment Adviser, or is
exempt from registration, under the Investment Adviser's Act of
1940, as amended, and that it shall maintain such registration
or exemption at all times during which this Agreement is in
effect.
7. LIABILITY OF SUB-ADVISER.
In the performance of its duties under this Agreement, the
Sub-Adviser shall act in conformity with and in compliance with
the investment objectives and policies of the Fund, and the
requirements of the 1940 Act and all other applicable U.S.
Federal and state laws and regulations and shall not cause the
Fund to take any action that would require the Fund or any
affiliated person thereof to register as a commodity pool
operator under the terms of the U.S. Commodity Exchange Act, as
amended (it being understood by the Sub-Adviser that a notice
of eligibility may be filed on behalf of the Trust pursuant to
Rule 4.5 promulgated under said Act). The Sub-Adviser shall be
responsible for maintaining such procedures as may be reasonably
necessary to ensure that the investment and reinvestment of the
Fund's assets are made in compliance with its investment
objectives and policies and with all applicable statutes and
regulations and that the Fund qualifies as a regulated
investment company under Subchapter M of the Internal Revenue
Code. No provision of this Agreement shall be deemed to
protect the Sub-Adviser against any liability to the Trust or
its shareholders to which it might otherwise be subject by
reason of any willful misfeasance, bad faith or ordinary
negligence in the performance of its duties or the reckless
disregard of its obligations and duties under this Agreement.
8. REPORTS.
The Sub-Adviser shall render to the Board of Trustees of the
Trust such periodic and special reports as the Board of
Trustees may reasonably request with respect to matters relating
to duties of the Sub-Adviser set forth herein.
9. DURATION AND TERMINATION OF THIS AGREEMENT.
(a) Duration. With respect to the Trust, this Agreement shall
become effective upon the date hereof and shall continue in
full force and effect for two years from the date of shareholder
approval and from year to year thereafter so long as such
continuance is approved at least annually (i) by either the
Trustees of the Trust or by vote of a majority of the
outstanding voting securities (as defined in the 1940 Act) of
the Fund, and (ii) in either event by the vote of a majority of
the Trustees of the Trust who are not parties to this Agreement
or "interested persons" (as defined in the 1940 Act) of any such
party, cast in person at a meeting called for the purpose of
voting on such approval.
(b) Termination. With respect to the Trust, this Agreement may
be terminated at any time, without payment of any penalty (i)
by vote of the Trustees of the Trust or by vote of a majority of
the outstanding voting securities of the Fund (as defined in
the 1940 Act) on sixty (60) days' written notice to the other
parties, (ii) by the Adviser on sixty (60) days' written notice
to the other parties or (iii) by the Sub-Adviser on ninety (90)
days' written notice to the other parties.
(c) Automatic Termination. With respect to the Trust, this
Agreement shall automaticlaly and immediately terminate in the
event of its assignment (within the meaning of the 1940 Act) or
upon expiration of the Advisory Agreement now or hereafter in
effect between the Adviser and the Trust with respect to the
Fund.
10. SERVICES NOT EXCLUSIVE.
The services of the Sub-Adviser of the Fund hereunder are not to
be deemed exclusive, and the Sub-Adviser shall be free to
render similar services to others.
11. LIMITATION OF LIABILITY.
(a) The Trust. The term "U.S. Global Investors Funds" means and
refers to the Trustees from time to time serving under the
Master Trust Agreement. It is expressly agreed that the
obligations of the Trust hereunder shall not be binding upon
any of the Trustees, shareholders, nominees, officers, agents or
employees of the Trust, personally, but bind only the assets
and property of the Trust, as provided in the Master Trust
Agreement. The execution and delivery of the Agreement have
been authorized by the Trustees and shareholders of the Trust
and signed by an authorized officer of the Trust, acting as
such, and neither such authorization by such Trustees and
shareholders nor such execution and delivery by such officer
shall be deemed to have been made by any of them individually or
to impose any liability on any of them personally, but shall
bind only the assets and property of the Trust as provided in
its Master Trust Agreement.
(b) The Adviser and Sub-Adviser. It is expressly agreed that
the obligations of the Adviser and Sub-Adviser hereunder shall
not be binding upon any of the shareholders, nominees, officers,
agents or employees of the Adviser or Sub-Adviser, personally,
but bind only the assets and property of the Adviser and
Sub-Adviser, respectively. The execution and delivery of the
Agreement have been authorized by the directors and officers of
the Adviser and Sub-Adviser and signed by an authorized officer
of the Adviser and Sub-Adviser, acting as such, and neither such
authorization by such directors and officers nor such execution
and delivery by such officer shall be deemed to have been made
by any of them individually or to impose any liability on any
of them personally, but shall bind only the assets and property
of the Adviser and Sub-Adviser, respectively.
12. MISCELLANEOUS.
(a) Notice. Any notice under this Agreement shall be in
writing, addressed and delivered or mailed, postage prepaid, to
the other parties at such address as such other parties may
designate in writing for the receipt of such notices.
(b) Severability. If any provision of this Agreement shall be
held or made invalid by a court decision, statute, rule or
otherwise, the remainder shall not be thereby affected.
(c) Applicable Law. This Agreement shall be construed in
accordance with and governed by the laws of the State of Texas
(d) This Agreement constitutes the entire agreement of the
parties and supersedes all prior or contemporaneous written or
oral negotiations, correspondence, agreements and
understandings, regarding the subject matter hereof.
13. STANDARD OF CARE.
To the extent permitted under applicable law (including section
36 of the 1940 Act), the Sub-Adviser will not be liable to the
Trust or the Adviser for any losses incurred by the Trust, the
Fund or the Adviser that arise out of or are in any way
connected with any recommendation or other act or failure to act
of the Sub-Adviser under this Agreement, including, but not
limited to, any error in judgment with respect to the Fund, so
long as such recommendation or other act or failure to act does
not constitute a breach of the Sub-Adviser's duty to the Trust,
the Fund or the Adviser under this Agreement. Anything in this
section 13 or otherwise in this Agreement to the contrary
notwithstanding, however, nothing herein shall constitute a
waiver or limitation of any rights that the Trust, the Adviser
or the Fund may have under any Federal or state securities laws.
IN WITNESS WHEREOF, the Adviser, the Trust and the Sub-Adviser
have caused this Agreement to be executed on the day and year
first above written.
GOODMAN & COMPANY N.Y. LTD.
By: /s/ Donald K. Charter
U.S. GLOBAL INVESTORS, INC.
By: /s/ Susan B. McGee
U.S. GLOBAL INVESTORS FUNDS
By: /s/ Susan B. McGee
