Document:

exv10w28

 

Exhibit 10.28 —

			
	 	 	 
	    CHASE
	 	Note Modification Agreement

This agreement is dated as of February 1, 2007 (the “Agreement Date”), by and between U.S.
Global Investors, Inc. (the “Borrower”) and JPMorgan Chase Bank, N.A. (the “Bank”). The
provisions of this agreement are effective on the date that this agreement has been executed by
all of the signers and delivered to the Bank (the “Effective Date”).

WHEREAS, the Borrower executed a Line of Credit Note as evidence of indebtedness in the original
face amount of One Million and 00/100 Dollars ($1,000,000.00), dated June 3, 2005 owing by the
Borrower to the Bank, as same may have been amended or modified from time to time (the “Note”),
which Note has at all times been, and is now, continuously and without interruption outstanding
in favor of the Bank; and,

WHEREAS, the Borrower has requested and the Bank has agreed that the Note be modified to the
limited extent as hereinafter set
forth;

NOW THEREFORE, in mutual consideration of the agreements contained herein and for other good and
valuable consideration, the
parties agree as follows:

	1.	 	ACCURACY OF RECITALS. The Borrower acknowledges the accuracy of
the Recitals stated above.
	 
	2.	 	MODIFICATION OF NOTE.

	 	2.1	 	From and after the Effective Date, the provision in the Note captioned
“Promise to Pay” is hereby amended as follows:
	 
	 	 	 	The date on which the entire balance of unpaid principal plus accrued interest shall
be due and payable immediately is hereby changed
from February 1, 2007 to February 1, 2008.
	 
	 	2.2	 	Each of the Related Documents is modified to provide that it shall be a
default or an event of default thereunder if the
Borrower shall fail to comply with any of the covenants of the Borrower herein or if
any representation or warranty by the Borrower
herein or by any guarantor in any Related Documents is materially incomplete,
incorrect, or misleading as of the date hereof. As used
in this agreement, the “Related Documents” shall include the Note and all loan
agreements, credit agreements, reimbursement
agreements, security agreements, mortgages, deeds of trust, pledge agreements,
assignments, guaranties, or any other instrument or
document executed in connection with the Note or in connection with any other
obligations of the Borrower to the Bank.
	 
	 	2.3	 	Each reference in the Related Documents to any of the Related Documents
shall be a reference to such document as
modified herein.

	3	 	RATIFICATION OF RELATED DOCUMENTS AND COLLATERAL. The Related Documents are ratified and
reaffirmed by the Borrower and shall remain in full force and effect as they may be modified
herein. All real or personal property described as security in the Related Documents shall remain
as security for the Note and the obligations of the Borrower in the Related Documents.
	 
	4.	 	BORROWER REPRESENTATIONS AND WARRANTIES. The Borrower represents and warrants to the Bank that
each of the following representations and warranties made in the Note and Related Documents are
true and will remain true until maturity of the Note, termination of the other Related Documents
and payment and performance in full of all liabilities, obligations and debt evidenced by the
Note and other Related Documents:

	 	4.1	 	No default or event of default under any of the Related Documents as modified hereby, nor any
event, that, with the
giving of notice or the passage of time or both, would be a default or an event of default under
the Related Documents as modified
herein has occurred and is continuing.

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	 	4.2	 	There has been no material adverse change in the business, assets, affairs, prospects or
financial condition of the
Borrower or any Guarantor or any subsidiary of the Borrower.
	 
	 	4.3	 	Each and all representations and warranties of the Borrower in the Related Documents are
accurate on the date hereof.
	 
	 	4.4	 	To the best of its knowledge, the Borrower has no claims, counterclaims, defenses, or setoffs
with respect to the loan
evidenced by die Note or with respect to the Related Documents as modified herein.
	 
	 	4.5	 	The Note and the Related Documents as modified herein are the legal, valid, and binding
obligations of the Borrower,
enforceable against the Borrower in accordance with their terms.
	 
	 	4.6	 	The Borrower, other than any Borrower who is a natural person, is validly existing under the laws of the State of its
formation or organization. The Borrower has the requisite power and authority to execute and
deliver this agreement and to perform
the obligations described in the Related Documents as modified herein. The execution and
delivery of this agreement and the
performance of the obligations described in the Related Documents as modified herein have been
duly authorized by all requisite
action by or on behalf of the Borrower. This agreement has been duly executed and delivered by
or on behalf of the Borrower.

	5.	 	BORROWER COVENANTS. The Borrower covenants with the Bank:

	 	5.1	 	The Borrower shall execute, deliver, and provide to the Bank such additional agreements,
documents, and instruments as
reasonably required by the Bank to effectuate the intent of this agreement.
	 
	 	5.2	 	The Borrower fully, finally, and forever releases and discharges the Bank and its successors,
assigns, directors, officers,
employees, agents, and representatives from any and all
causes of action, claims, debts, demands, and liabilities,
of whatever kind or nature, in law or equity, of the
Borrower, whether now known or unknown to the Borrower, (i)
in respect of the loan evidenced by the Note and the Related
Documents, or of the actions or omissions of the Bank in any
manner related to the loan evidenced by the Note or the
Related Documents and (ii) arising from events occurring
prior to the date of this agreement (“Claims”).
	 
	 	5.3	 	The Borrower shall pay to the Bank:

	 	5.3.1	 	All the internal and external costs and expenses incurred (or charged by internal
allocation) by the Bank in connection with this agreement (including, without limitation, inside
and outside attorneys, appraisal, appraisal review, processing, title, filing, and recording
costs, expenses, and fees).

	6.	 	EXECUTION AND DELIVERY OF AGREEMENT BY THE BANK. The Bank shall not be bound by this
agreement until
(i) the Bank has executed this agreement and (ii) the Borrower performed all of the obligations
of the Borrower under this agreement to be performed contemporaneously with the execution and
delivery of this agreement.
	 
	7.	 	INTEGRATION, ENTIRE AGREEMENT, CHANGE, DISCHARGE, TERMINATION, OR WAIVER. The Note and the
Related Documents as modified herein contain the complete understanding and agreement of the
Borrower and the Bank in respect of the loan and supersede all prior representations,
warranties, agreements, arrangements, understandings, and negotiations. No provision of the Note
or the Related Documents as modified herein may be changed, discharged, supplemented,
terminated, or waived except in a writing signed by the party against whom it is being enforced.
	 
	8.	 	GOVERNING LAW AND VENUE. This agreement shall be governed by and construed in accordance with
the laws of the State of Texas (without giving effect to its laws of conflicts). The Borrower
agrees that any legal action or proceeding with respect to any of its obligations under the Note
or this agreement may be brought by the Bank in any state or federal court located in the State of
Texas, as the Bank in its sole discretion may elect. By the execution and delivery of this
agreement, the Borrower submits to and accepts, for itself and in respect of its property,
generally and unconditionally, the non-exclusive jurisdiction of those courts. The Borrower waives
any claim that the State of Texas is not a convenient forum or the proper venue for any such suit,
action or proceeding. This agreement binds the Borrower and its successors, and benefits the Bank,
its successors and assigns. The Borrower shall not, however, have the right to assign the
Borrower’s rights under this agreement or any interest therein, without the prior written consent
of the Bank.
	 
	9.	 	COUNTERPART EXECUTION. This agreement may be executed in multiple counterparts, each of
which, when so executed,
shall be deemed an original, but all such counterparts, taken together, shall constitute one and
the same agreement.
	 
	10.	 	NOT A NOVATION. This agreement is a modification only and not a novation. In addition to all
amounts hereafter due
under
the Note and the Related Documents as they may be modified herein, all accrued interest
evidenced by the Note being modified by this agreement and all accrued amounts due and payable
under the Related Documents shall continue to be due and payable until paid. Except for the
above-quoted modification(s), the Note, any Related Documents, and all the terms and conditions
thereof, shall be and remain in full force and effect with the changes herein deemed to be
incorporated therein. This 

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	 	 	agreement is to be considered attached to the Note and made a part
thereof. This agreement shall not release or affect the liability of any guarantor, surety or
endorser of the Note or release any owner of collateral securing the Note. The validity,
priority and enforceability of the Note shall not be impaired hereby. References to the Related
Documents and to other agreements shall not affect or impair the absolute and unconditional
obligation of the Borrower to pay the principal and interest on the Note when due. The Bank
reserves all rights against all parties to the Note.

     THIS AGREEMENT AND THE OTHER RELATED DOCUMENTS REPRESENT THE FINAL AGREEMENT
BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS,
OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES.

	 	 	 	 	 	 	 
	Address:  

7900 Callaghan Road

San Antonio, TX 78229 	 	Borrower:

U.S. Global Investors, Inc.

 
	 	 	By:  	
/s/ Frank E. Holmes	 
	 	 	 	Printed Name	Frank E. Holmes     	 
	 	 	 	Title 	Chief Executive Officer

 
	 
	 	 	Date Signed: 	 	 

BANK’S ACCEPTANCE

The foregoing agreement is hereby agreed to and acknowledged.

	 	 	 	 	 
	Bank:

JPMorgan Chase Bank, N.A.

 	 	 
	By:  	
/s/ John L. Dockendorf II	 	 
	 	Printed Name  	John L. Dockendorf II,  	 	 
	 	Title  	Vice President
 	 	 
	Date Signed: 4/25/07 	 	 

3exv10w30

 

Exhibit 10.30 —

Transfer Agency Agreement

          This Agreement is made as of the 1st day of April, 2007 by and between U.S.
Global Accolade Funds, an unincorporated business trust organized under the laws of the
Commonwealth of Massachusetts, having its principal office and place of business at 7900 Callaghan
Road, San Antonio, Texas 78229 (hereinafter referred to as the “Trust”), and United Shareholder
Services, Inc., a Texas corporation authorized to do business at 7900 Callaghan Road, San Antonio,
Texas 78229 (hereinafter referred to as the “Transfer Agent”).

Witnesseth:

          That for and in consideration of the mutual promises hereinafter set forth, the Trust on
behalf of each Fund and the Transfer Agent agree as follows:

	 	1.	 	Definitions. Whenever used in this Agreement, the following words and phrases,
unless the context otherwise requires, shall have the following meanings:

	 	(a)	 	“Authorized Person” includes the President, any Vice President, the Secretary,
Treasurer, the persons listed in Appendix A hereto, as such Appendix may be amended
from time to time, or any other person, whether or not the person is an Officer or
employee of the Trust, duly authorized to give Oral Instructions and Written
Instructions on behalf of the Trust as indicated in a certification pursuant to Section
7(d) or 7(e) hereof as the Transfer Agent may receive from time to time;
	 
	 	(b)	 	“By-Laws” means the By-Laws that are currently effect for the Trust, as such
may be amended from time to time.
	 
	 	(c)	 	“Certificate” means any notice, instruction, or other instrument in writing,
authorized or required by this Agreement to be given to the Transfer Agent, which the
Transfer Agent actually receives and which any two Officers of the Trust have signed on
its behalf;
	 
	 	(d)	 	“Commission” has the meaning given it in the 1940 Act;
	 
	 	(e)	 	“Custodian” refers to the custodian of all of the securities and other moneys
the Trust owns;
	 
	 	(f)	 	“Declaration of Trust” means the Master Trust Agreement and Declaration of
Trust of the Trust, as it is amended from time to time;
	 
	 	(g)	 	“Fund” means each series of Shares established and designated under or in
accordance with the provisions of the Declaration of Trust, as listed in Appendix D,
which Appendix may be amended from time to time;
	 
	 	(h)	 	“Officer” means the President, Vice President, Secretary, and Treasurer;
	 
	 	(i)	 	“Oral Instructions” means instructions orally communicated to and actually
received by the Transfer Agent from an Authorized Person or from a person the Transfer
Agent reasonably believes to be an Authorized Person;
	 
	 	(j)	 	“Prospectus” means the most current effective prospectus relating to the
particular Fund’s Shares under the Securities Act of 1933, as amended;

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	 	(k)	 	“Shares” refers to the transferable units of interest into which the beneficial
interest in the Trust or any Fund of the Trust (as the context may require) shall be
divided from time to time;
	 
	 	(l)	 	“Shareholder” means a record owner of Shares;
	 
	 	(m)	 	“Trust” refers to the Massachusetts business trust established under the
Declaration of Trust;
	 
	 	(n)	 	“Trustees” or “Board of Trustees” refers to the duly elected Trustees of the
Trust;
	 
	 	(o)	 	“Written Instruction” means a written communication the Transfer Agent actually
receives from an Authorized Person or from a person the Transfer Agent reasonably
believes to be an Authorized Person by telex or any other system whereby the receiver
of a communication is able to verify through codes or otherwise with a reasonable
degree of certainty the authenticity of the sender of the communication; and
	 
	 	(p)	 	The “1940 Act” refers to the Investment Company Act of 1940, as amended and the
regulations thereunder.

	 	2.	 	Representation Of Transfer Agent. The Transfer Agent does hereby represent and
warrant to the Trust that (a) it is duly registered as a transfer agent as provided in
Section 17A(c) of the Securities Exchange Act of 1934, as amended; (b) it is duly organized
and existing and in good standing under the laws of the state of Texas; (c) that it is
empowered under applicable laws and by its organizational documents and By-laws to enter
into and perform this agreement; that all necessary filings with the states will have been
made and will be current during the term of this Agreement; (d) no legal or administrative
proceedings have been instituted or threatened that would impair the Transfer Agent’s
ability to perform its duties and obligations under this Agreement; (e) the various
procedures and systems which the Transfer Agent has implemented with regard to safekeeping
of the blank checks, records, and other data of the Trust from loss or damage attributable
to fire, theft or any other cause and the Transfer Agent’s records, data, equipment,
facilities and other property used in the performance of its obligations hereunder are
reasonably designed to ensure such safekeeping and the Transfer Agent will make such
changes thereto from time to time as are reasonably required for the secure performance of
its obligations hereunder; (f) it has adopted policies and procedures that are reasonably
designed to prevent violation of the federal securities laws with respect to the services
to be provided to the Funds under this Agreement; and (g) this Agreement, when executed and
delivered, will constitute a legal, valid and binding obligation of the Transfer Agent,
enforceable against the Transfer Agent in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application affecting the
rights and remedies of creditors and secured parties.
	 
	 	3.	 	Representations Of The Trust. The Trust represents to the Transfer Agent that,
as of the date hereof, all outstanding Shares are validly issued, fully paid, and
non-assessable by the Trust. The Trust may hereafter issue an unlimited number of Shares of
each Fund presently existing or hereafter created. When Shares are hereafter issued in
accordance with the terms of the Prospectus, the Shares shall be validly issued, fully
paid, and non-assessable by the Trust. The Trust represents that it is validly existing
under the laws of the Commonwealth of Massachusetts; that it is empowered under applicable
laws and by its Declaration of Trust and By-laws to enter
into and perform this Agreement; that it is registered under the 1940 Act; that a
registration statement on Form N-1A has been filed and will be effective during the term of
this Agreement; that all necessary filings with the states (including all registration or
filing fees) will have been

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	 	 	 	made and will be current during the term of this Agreement; and
that no legal or administrative proceedings have been instituted or threatened that would
impair the Fund’s ability to perform its duties and obligations under this Agreement.
	 
	 	4.	 	Appointment Of The Transfer Agent. The Trust hereby appoints and constitutes
the Transfer Agent as transfer agent for all of the Shares of each Fund of the Trust in
existence as of the date hereof, and as shareholder-servicing agent for the Trust and the
Transfer Agent accepts these appointments and agrees to perform the duties in accordance
with the terms of the Agreement. In addition to the services and duties of the Transfer
Agent, the Transfer Agent agrees to perform all services usually and customarily performed
by a Transfer Agent, services incidental to the performance of the services enumerated
herein and such additional services as agreed upon by the Transfer Agent and Trust in
writing from time to time.
	 
	 	5.	 	Compensation.

	 	(a)	 	Each Fund will compensate the Transfer Agent for the services set forth on
Exhibit B rendered under this Agreement in accordance with the fees set forth in the
Fee Schedule annexed hereto and incorporated herein for the existing Funds, except as
provided in paragraph 5(e) of this Agreement. The Fee Schedule may be amended upon
mutual agreement of the parties and by executing a later dated Fee Schedule. The
Transfer Agent shall also be compensated for reasonable and customary out-of-pocket
disbursements (including, but not limited to, telephone toll-free lines, call
transfers, mailing, sorting and postage, stationery, envelopes, development and
programming, service/data conversion, telecommunication charges and equipment
maintenance, 22c-2 connectivity charges, special reports, record retention, literature
fulfillment kits, microfilm, microfiche, proxies, proxy services, lost shareholder
search, escheatment services and reporting, disaster recovery charges, ACH fees, new
and existing shareholder database searches, Fed wire charges, NSCC charges, delivery
charges, and all other out-of-pocket expenses as are reasonably incurred by the
Transfer Agent in performing its duties hereunder. The Transfer Agent shall be
entitled to bill these expenses separately. No Fund shall be liable for any expenses,
debts, or obligations arising under this Agreement of any other Fund.
	 
	 	(b)	 	The parties will agree upon the compensation for acting as Transfer Agent for
any Fund hereafter designated and established at the time that the Transfer Agent
commences serving as transfer agent for that Fund, and this Agreement shall be
reflected in a Fee Schedule for that Fund, dated and signed by an authorized officer of
each party, to be attached to this Agreement.
	 
	 	(c)	 	Any compensation to be paid under this Agreement may be adjusted by attaching
to this Agreement a revised Fee Schedule, approved by the Board of Trustees and dated
and signed by an Officer of each party.
	 
	 	(d)	 	The Transfer Agent will bill the Trust for each Fund as soon as practicable
after the end of each calendar month, and the billings will be detailed in accordance
with the Fee Schedule for each Fund. The Trust promptly will pay the amount of the bill
to the Transfer Agent. If fees begin to accrue in the middle of a month or if this
Agreement terminates before the end of any month, all fees for the period from that
date to the end of that month or from the beginning of that month to the date of
termination, as the case may be, shall be prorated according to the proportion that the
period bears to the full month in which the effectiveness
or termination occurs. Upon the termination of this Agreement with respect to a Fund,
the Fund shall pay to the Transfer Agent such compensation as shall be payable prior to
the effective date of termination.

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	 	(e)	 	If this Agreement is terminated by the Trust, the Trust shall be responsible
for all reasonable and customary out-of-pocket expenses or costs associated with the
movement of records and materials to the successor transfer agent and providing
assistance to any successor person in the establishment of the accounts and records
necessary to carry out the successor’s responsibilities. Additionally, the Transfer
Agent reserves the right to charge for any other reasonable and customary expenses
associated with such termination.

	 	6.	 	Documents. In connection with the appointment of the Transfer Agent, the Trust
shall, on or before the date this Agreement goes into effect, provide copies of the
following documents to the Transfer Agent:

	 	(a)	 	A copy of the Declaration of Trust as then in effect;
	 
	 	(b)	 	A copy of the By-laws of the Trust, as then in effect;
	 
	 	(c)	 	A copy of the resolution of the Trustees authorizing this Agreement;
	 
	 	(d)	 	If applicable, a specimen of the certificate for Shares of each Fund of the
Trust in the form the Trustees approved, with a certificate of the Secretary of the
Trust as to this approval;
	 
	 	(e)	 	All account application forms and other documents relating to Shareholder
accounts or relating to any plan, program or service the Trust offers;
	 
	 	(f)	 	If applicable, a list of Shareholders of the existing Funds with the name,
address, and tax identification number of each Shareholder, and the number of Shares of
the existing Funds each Shareholder holds, certificate numbers and denominations (if
any certificates have been issued), lists of any accounts against which stops have been
placed, together with the reasons for the stops, and the number of Shares the Funds
redeemed; and
	 
	 	(g)	 	A copy of the opinion of counsel for the Trust on the validity of the Shares
and the status of the shares under the Securities Act of 1933, amended.

	 	7.	 	Further Documentation. The Trust will also furnish to the Transfer Agent from
time to time the following documents, and shall promptly furnish the Transfer Agent with
all amendments of or supplements to the following:

	 	(a)	 	Each resolution of the Trustees authorizing the original issue of Shares or
establishing a new Fund;
	 
	 	(b)	 	Each Registration Statement filed with the Commission, and all amendments and
orders pertaining to the Registration Statement, in effect for the sale of Shares of
the Trust;
	 
	 	(c)	 	A copy of each amendment to the Declaration of Trust by the By-laws of the
Trust;
	 
	 	(d)	 	Copies of each vote of the Trustees designating Authorized Persons to give
instructions to the Transfer Agent;
	 
	 	(e)	 	Certificates as to any change in an Officer or Trustee of the Trust;
	 
	 	(f)	 	Specimens of all new certificates for Shares, accompanied by the Trustees’
resolutions approving these forms;

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	 	(g)	 	Any relevant procedures adopted by the Trust with respect to the Funds; and
	 
	 	(h)	 	Any other certificates, documents, or opinions as the Transfer Agent and the
Trust may mutually deem necessary or appropriate for the Transfer Agent in the proper
performance of its duties.

	 	8.	 	Duties Of The Transfer Agent.

	 	(a)	 	The Transfer Agent shall be responsible for administering and/or performing
transfer agent functions, for acting as service agent in connection with dividend and
distribution functions, and for performing shareholder account administrative agent
functions in connection with the issuance, transfer, and redemption or repurchase
(including coordination with the Custodian) of the Trust’s Shares. The details of the
operating standards and procedures to be followed shall be determined from time to time
as the Transfer Agent and the Trust agree.
	 
	 	(b)	 	The Board of Trustees has, in connection with its review of each service
providers policies and procedures under Rule 38a-1 under the 1940 Act, has reviewed a
summary of the Transfer Agent’s policies and procedures (collectively, the
“Procedures”). Further, in connection with this review, the Board has determined that
the Procedures are reasonably designed to prevent violation of the federal securities
laws. It is contemplated that these Procedures will be amended from time to time by
the parties as additional regulations are adopted and/or regulatory guidance is
provided relating to the Trust’s responsibilities.
	 
	 	(c)	 	The Transfer Agent will provide the services listed in Appendix B and Appendix
C subject to the control, direction, and supervision of the Board of Trustees and its
designated agents and in compliance with the purchase, sale, and exchange provisions of
the Trust’s prospectus and statement of additional information as in effect from time
to time.
	 
	 	(d)	 	The Trust hereby delegates to the Transfer Agent and the Transfer Agent accepts
such delegation of the implementation and operation of the Trust’s anti-money
laundering (“AML”) compliance program. The Transfer Agent will carryout the Trust’s
AML Compliance Program in accordance with the Trust’s International Money Laundering
Abatement and Anti-Terrorist Financing Act of 2001 Policies and Procedures and Customer
Identification Program, as such policies and procedures may be amended from time to
time by the Board of Trustees. Except with respect to the Transfer Agent’s duties as
set forth in Appendix C and except as otherwise specifically provided herein, the Trust
assumes all responsibility for ensuring that the Trust complies with all applicable
requirements of the Securities Act, the 1940 Act, the USA PATRIOT Act of 2001 (“USA
PATRIOT Act”) and any other laws, rules and regulations of governmental authorities
with jurisdiction over the Trust.
	 
	 	(e)	 	The Transfer Agent shall record the issuance of shares pursuant to Rule
17Ad-10(e) of the 1934 Act and maintain a record of the total number of Shares of each
Fund which are authorized, based upon data the Trust provides to it, and issued and
outstanding. The Transfer Agent shall provide the Trust and its agent for preparing and
making “blue sky” filings with the states on a regular basis with the total number of
Shares of each Fund which are authorized and issued and outstanding and shall have no
obligation, when recording the issuance of Shares, to monitor the issuance of such
Shares or to take cognizance of any laws
relating to the issue or sale of such Shares, which functions shall be the sole
responsibility of the Trust.

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	 	(f)	 	The Transfer Agent shall create and maintain all records required by applicable
laws, rules, and regulations, including but not limited to records required by Section
31(a) of the 1940 Act and the rules thereunder, as they may be amended from time to
time, pertaining to the various functions the Transfer Agent performs and which are not
otherwise created and maintained by another party pursuant to contract with the Trust.
All such records shall be the property of the Trust at all times and shall be available
for its inspection and use. When applicable, the Transfer Agent shall maintain these
records for the periods and in the places required by Rule 31a-2 under the 1940 Act.
The retention of such records shall be at the expense of the Trust. The Transfer Agent
shall make available during regular business hours all record and other data created
and maintained pursuant to this Agreement for the reasonable audit and inspection by
the Trust, any person the Trust retains, or any regulatory agency having authority over
the Trust at reasonable times.
	 
	 	(g)	 	In addition to the duties set forth herein or as otherwise listed in Appendix B
and Appendix C, the Transfer Agent shall perform other duties and functions and shall
be paid for these services as the Transfer Agent and the Trust may from time to time
agree in writing.

	 	9.	 	Responsibilities Retained by the Trust. The Trust has and retains primary
responsibility for all compliance matters relating to the Fund, including, but not limited
to, compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act
of 2002, the USA Patriot Act, including suspicious activity reporting, OFAC reporting, Rule
22c-2 under the 1940 Act, and the policies and limitations of the Fund relating to its
portfolio investments as set forth in its Prospectus and Statement of Additional
Information. Transfer Agent’s services hereunder shall not relieve the Trust of its
responsibilities for assuring such compliance or the Board of Trustee’s oversight
responsibility with respect thereto.
	 
	 	10.	 	Lost Shareholder Due Diligence Searches and Servicing. The Trust hereby
acknowledges that the Transfer Agent may, at its discretion, perform searches using an
outside vendor database, or arrange with outside vendors to conduct lost shareholder
searches, as and to the extent required by Rule 17Ad-17 under the Securities Exchange Act
of 1934, as amended. Outside vendor costs associated with such searches which will be
passed through to the Trust as an out-of-pocket expense. If the Transfer Agent conducts the
search, the Transfer Agent will charge for its services per the Fee Schedule, in addition
to the outside vendor costs associated with such searches which will be passed through to
the Trust as an out-of-pocket expense.
	 
	 	 	 	If a shareholder remains lost and the shareholder’s account is unresolved after completion
of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes a vendor to enter, at its
discretion, into fee sharing arrangements with the lost shareholder (or such lost
shareholder’s representative or executor) to conduct a more in-depth search in order to
locate the lost shareholder before the shareholder’s assets escheat to the applicable state.
The Trust hereby acknowledges that the Transfer Agent is not a party to these arrangements
and does not receive any revenue sharing or other fees relating to these arrangements.
Furthermore, the Trust hereby acknowledges that vendor may receive up to 35% of the lost
shareholder’s assets as compensation for its efforts in locating the lost shareholder.

	 	11.	 	Escheatment of Lost Shareholder Accounts. The Trust hereby acknowledges that
the Transfer Agent may, at its discretion, perform escheatment services using outside
vendor services, or arrange with outside vendors to perform escheatment services as and to
the extent required by applicable state law. Outside vendor costs associated with such
services will be passed through to the Trust as an out-of-pocket expense. If the Transfer Agent provides the
escheatment services, the Transfer Agent will charge for its services per the Fee Schedule,
in

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	 	 	 	addition to the outside vendor costs associated with such services which will be passed
through to the Trust as an out-of-pocket expense.
	 
	 	12.	 	Right To Seek Assurances. The Transfer Agent reserves the right to refuse to
transfer or redeem Shares until it is satisfied that the requested transfer or redemption
is legally authorized, and it shall incur no liability for the refusal, in good faith, to
make transfers or redemptions that the Transfer Agent, in its judgment, deems improper or
unauthorized, or until it is satisfied that there is no basis for any claim adverse to the
transfer or redemption. The Transfer Agent may, in effecting transfers, rely upon the
provisions of the Uniform Act for the Simplification of Fiduciary Security Transfers or the
Uniform Commercial Code, as these may be amended from time to time, which in the opinion of
legal counsel for the Trust or of its own legal counsel, protect it in not requiring
certain documents in connection with the transfer or redemption of Shares of any Fund. The
Trust shall indemnify the Transfer Agent for any act it does or omits to do in reliance
upon these laws or opinions of counsel of the Trust or its own counsel.
	 
	 	13.	 	Reliance By Transfer Agent; Instructions.

	 	(a)	 	The Transfer Agent shall be protected in acting upon any paper or document it
believes to be genuine and to have been signed by an Authorized Person and shall not be
held to have any notice of any change of authority of any person until receipt of
written certification thereof from the Trust. It shall also be protected in processing
Share certificates that it reasonably believes to bear the proper manual or facsimile
signatures.
	 
	 	(b)	 	At any time, the Transfer Agent may apply to any Authorized Person of the Trust
for Written Instructions, and at the expense of the Trust, may seek advice from legal
counsel for the Trust or its own legal counsel, for any matter arising in connection
with this Agreement, and it shall not be liable for any action it takes or does not
take or suffers in good faith in accordance with these Written Instructions or with the
opinion of counsel. In addition, the Transfer Agent, its officers, agents, or employees
shall accept instructions or requests from any person representing or acting on behalf
of the Trust only if the Transfer Agent, its officers, agents, or employees knows the
representative to be an Authorized Person. The Transfer Agent shall have no duty or
obligation to inquire into, nor shall the Transfer Agent be responsible for, the
legality of any act it does upon the request or direction of Authorized Persons of the
Trust.
	 
	 	(c)	 	Notwithstanding any of the foregoing provisions of this Agreement, the Transfer
Agent shall be under no duty or obligation to inquire into, and shall not be liable
for: (i) the legality of the issue or sale of any Shares of the Trust, or the
sufficiency of the amount to be received therefore; (ii) the legality of the redemption
of any Shares of the Trust, or the propriety of the amount to be paid therefore; (iii)
the legality of the Trust’s declaration of any dividend, or the legality of the issue
of any Shares of the Trust in payment of any stock dividend; or (iv) the legality of
any recapitalization or readjustment of the Shares of the Trust.

	 	14.	 	Standard Of Care And Indemnification. The Transfer Agent shall not be
responsible for, and the Trust shall indemnify and hold the Transfer Agent harmless from
and against, any and all losses, damages, costs, charges, reasonable counsel fees
(including the defense of any law suit in which the Transfer Agent or affiliate is a named
party), payments, expenses and liability arising out of or attributable to:

	 	(a)	 	All actions of the Transfer Agent or its agents or subcontractors required to be taken
pursuant to this Agreement, provided that such actions are taken in good faith and without
negligence, reckless disregard or willful misconduct;

7

 

	 	(b)	 	The lack of good faith, negligence or willful misconduct of the Trust;
	 
	 	(c)	 	The reliance upon, and any subsequent use of or action taken or omitted, by the Transfer
Agent, or its agents or subcontractors on: (i) any information, records, documents, data,
stock certificates or services, which are received by the Transfer Agent or its agents or
subcontractors by machine readable input, facsimile, CRT data entry, electronic instructions
or other similar means authorized by the Trust, and which have been prepared, maintained or
performed by the Trust or any other person or firm on behalf of the Trust; (ii) any
instructions or requests of the Trust or any of its officers; (iii) any instructions or
opinions of legal counsel to the Trust with respect to any matter arising in connection with
the services to be performed by the Transfer Agent under this Agreement which are provided
to the Transfer Agent after consultation with such legal counsel; or (iv) any paper or
document, reasonably believed to be genuine, authentic, or signed by the proper person or
persons;
	 
	 	(d)	 	The offer or sale of Shares in violation of federal or state securities laws or
regulations requiring that such Shares be registered or in violation of any stop order or
other determination or ruling by any federal or any state agency with respect to the offer
or sale of such Shares;
	 
	 	(e)	 	The processing of any checks or wires, including without limitation for deposit into the
Trust’s demand deposit account maintained by the Transfer Agent; or
	 
	 	(f)	 	The breach of any representation or warranty set forth in Section 3 above.

The Trust shall not be responsible for, and the Transfer Agent shall indemnify and hold the
Trust, its Board, officers, employees and agents, harmless from and against any losses,
damages, costs, charges, reasonable counsel fees, payments, expenses and liability arising
directly out of or attributable to any action or failure of the Transfer Agent to act as a
result of the Transfer Agent’s lack of good faith, negligence or willful misconduct in the
performance of its services hereunder or the breach of any representation or warranty set
forth in Section 2 above.

In order that the indemnification provisions contained in this Section 11 shall apply, upon
the assertion of an indemnification claim, the party seeking the indemnification shall
promptly notify the other party of such assertion, and shall keep the other party advised
with respect to all developments concerning such claim. The Trust shall have the option to
participate with the Transfer Agent in the defense of such claim or to defend against said
claim in its own name or that of the Transfer Agent. The party seeking indemnification
shall in no case confess any claim or make any compromise in any case in which the other
party may be required to indemnify it except with the indemnifying party’s written consent,
which consent shall not be unreasonably withheld.

Notwithstanding the above, the Transfer Agent reserves the right to reprocess and correct
administrative errors at its own expense.

	 	15.	 	Taxes. The Transfer Agent shall not be liable for any taxes, assessments or
governmental charges that may be levied or assessed on any basis whatsoever in connection
with the Trust or any shareholder or any purchase of shares, excluding taxes assessed
against the Transfer Agent for compensation received by it under this Agreement.
	 
	 	16.	 	Data Necessary to Perform Services. Trust or its agent shall furnish to
Transfer Agent the data necessary to perform the services described herein at such times
and in such form as mutually agreed upon by the parties.

8

 

	 	17.	 	Consequential Damages. No party to this Agreement shall be liable to the
other party for special, indirect or consequential damages under any provision of this
Agreement or for any special, indirect or consequential damages arising out of any act or
failure to act hereunder.
	 
	 	18.	 	Proprietary Information; Confidentiality. The Trust acknowledges that the
databases, computer programs, screen formats, report formats, interactive design techniques, and
documentation manuals maintained by the Transfer Agent on databases under the control and
ownership of the Transfer Agent or a third party constitute copyrighted, trade secret, or other
proprietary information (collectively, “Proprietary Information”) of substantial value to the
Transfer Agent or the third party. The Trust agrees to treat all Proprietary Information as
proprietary to the Transfer Agent and further agrees that it shall not divulge any Proprietary
Information to any person or organization except as may be provided under this Agreement.
	 
	 	 	 	The Transfer Agent acknowledges that the shareholder lists and all information related to
shareholders of the Funds that is furnished to the Transfer Agent by the Funds or a
shareholder in connection with this Agreement shall constitute proprietary information of
substantial value to the Fund. The Transfer Agent agrees on behalf of itself and its
employees to treat confidentially all records and other information relative to the Trust
and its shareholders received by the Transfer Agent in connection with this Agreement,
including any non-public personal information as defined by Regulation S-P, and that it
shall not use or disclose any such information except for the purpose of carrying out the
terms of this Agreement; provided, however, that the Transfer Agent may disclose such
information as required by law or in connection with any requested disclosure to a
regulatory authority with appropriate jurisdiction after prior notification to, and approval
of the Trust.
	 
	 	 	 	Upon termination of this Agreement, each party shall return to the other party all copies of
confidential or Proprietary Information received from such other party hereunder, other than
materials or information required to be retained by such party under applicable laws or
regulations. Each party hereby agrees to dispose of any “consumer report information,” as
such term is defined in Regulation S-P.
	 
	 	19.	 	Affiliation Between Trust And Transfer Agent. It is understood that the Trustees,
officers, employees, agents, and Shareholders of the Trust are or may be interested in the
Transfer Agent as directors, officers, employees, agents, stockholders, or otherwise, and that
the directors, officers, employees, agents, or stockholders of the Transfer Agent may be
interested in the Trust as Trustees, officers, employees, agents, Shareholders, or otherwise.
The fact that the officers, Trustees, employees, agents, or Shareholders of the Trust are or may
be affiliated persons (as defined in the 1940 Act) of the Transfer Agent shall not affect the
validity of this Agreement.
	 
	 	20.	 	Limitation Of Liability Of Trustees. The Transfer Agent acknowledges that the
Funds’ obligations hereunder are binding only on the assets and property belonging to the Funds.
It is expressly agreed that obligations of the Trust hereunder shall not be binding upon any
Trustee, Shareholder, nominees, officers, agents, or employees of the Trust, personally, but
bind only the assets and property of the Trust, as provided in the Declaration of Trust. The
execution and delivery of this Agreement have been authorized by the Trustees and signed by an
authorized officer of the Trust, acting as such, and neither this authorization nor this
execution and delivery 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
the Declaration of Trust.

9

 

	 	21.	 	Services Not Exclusive. The services of the Transfer Agent rendered to the Trust
hereunder are not to be deemed to be exclusive. The Transfer Agent is free to render such
services to others and to have other businesses and interests.
	 
	 	22.	 	Term.

	 	(a)	 	This Agreement shall become effective on the date hereof (the “Effective Date”)
and shall continue so long as the continuance is specifically approved at least
annually by either a majority of the Trustees or the vote of a majority of the
outstanding voting securities (as defined in the 1940 Act).
	 
	 	 	 	Any approval of this Agreement by the holders of a majority of the outstanding shares
(as defined in the 1940 Act) of any Fund shall be effective to continue this Agreement
for any Fund notwithstanding: (i) that this Agreement has not been approved by the
holders of a majority of the outstanding shares of any other Fund affected thereby, and
(ii) that this Agreement has not been approved by the vote of a majority of the
outstanding shares of the Trust, unless this approval shall be required by any other
applicable law or otherwise.
	 
	 	(b)	 	This Agreement may be terminated at any time without payment of any penalty by
vote of the Trustees of the Trust or by the Transfer Agent on sixty (60) day written
notice to the other party. In the event the Trust gives notice, notice shall be
accompanied by a resolution of the Board of Trustees, certified by the Secretary,
electing to terminate this Agreement and designating a successor transfer agent.

	 	23.	 	Entire Agreement. This Agreement constitutes the entire agreement between the
parties hereto and supersedes all prior agreements, understandings and arrangements with respect
to the subject matter hereof.
	 
	 	24.	 	Amendment. This Agreement may not be amended or modified in any manner except by a
written agreement executed by both parties with the formality of this Agreement and authorized
or approved by a resolution of the Board of Trustees.
	 
	 	25.	 	Subcontracting. The Trust agrees that the Transfer Agent may, in its discretion,
subcontract for certain of the services to be provided hereunder. The Transfer Agent shall be
liable for the actions taken by its agents as if they were performed by the Transfer Agent.
	 
	 	26.	 	Security. The Transfer Agent represents and warrants that, to the best of its
knowledge, the various procedures and systems which the Transfer Agent has implemented for
safeguarding from loss or damage attributable to fire, theft, or any other cause (including
provision for twenty-four hours a day restricted access) the Trust’s blank checks, records, and
other data and the Transfer Agent’s records, data, equipment, facilities, and other property
used in the performance of its obligations hereunder are adequate and that it will make changes
therein from time to time as in its judgment are required for the secure performance of its
obligations hereunder. The parties shall periodically review these systems and procedures.
	 
	 	27.	 	Additional Funds. In the event that the Board of Trustees establishes one or more
series of Shares, in addition to those listed on the attached Appendix A, with respect to which
it desires to have the Transfer Agent render services as transfer agent under the terms hereof,
it shall so notify the Transfer Agent and such series of Shares shall become a Fund hereunder
upon an amendment to Appendix D hereto. In the event that new affiliated funds and their portfolios become
parties to this Agreement, the fees and expenses set forth on Exhibit B shall apply to such
funds for their applicable initial term or renewal term, provided that the requirements of such
funds and

10

 

	 	 	 	portfolios are generally consistent with the services then being provided by the
Transfer Agent under this Agreement to the Fund.
	 
	 	28.	 	Force Majeure. In the event either party is unable to perform its obligations
under the terms of this Agreement because of acts of God, acts of war or terrorism, strikes,
equipment or transmission failure or damage reasonably beyond its control, or other causes
reasonably beyond its control, such party shall not be liable for damages to the other for any
damages resulting from such failure to perform or otherwise from such causes; provided, however,
that this provision shall not imply that the Transfer Agent is excused from maintaining
reasonable business continuity plans to address potential service outages.
	 
	 	 	 	In the event of a mechanical breakdown or failure of communication or power supplies beyond
its control, the Transfer Agent shall take all reasonable steps to minimize service
interruptions for any period that such interruption continues. Transfer Agent will make
every reasonable effort to restore any lost or damaged data and correct any errors resulting
from such a breakdown. Transfer Agent agrees that it shall, at all times, have reasonable
contingency plans with appropriate parties, making reasonable provision for emergency use of
electrical data processing equipment to the extent appropriate equipment is available.
Representatives of the Trust shall be entitled to inspect Transfer Agent’s premises and
operating capabilities at any time during regular business hours of Transfer Agent, upon
reasonable notice to Transfer Agent. Moreover, Transfer Agent shall provide the Trust, at
such times as the Trust may reasonably require, copies of reports rendered by independent
accountants on the internal controls and procedures of Transfer Agent relating to the
services provided by Transfer Agent under this Agreement.
	 
	 	 	 	The Trust shall be responsible for all costs and expenses due to events that require the
Transfer Agent to invoke emergency contingency plans due to mechanical breakdowns, failure
of communication or power supplies beyond its reasonable control, or other events beyond its
reasonable control where the Transfer Agent cannot perform its duties as defined in this
Agreement. This includes, but is not limited to, use of appropriate parties to perform those
customary Transfer Agent services and duties defined herein, including but not limited to
out of pocket expenses. The Trustees authorize the Transfer Agent to, on behalf of the
Trust, contract with appropriate parties to provide such duties and services. The Trust
acknowledges that the costs and expenses may be higher or lower than the Trust or Fund
current costs and expenses under the terms of this Agreement.
	 
	 	29.	 	Notices. Any notice or other instrument in writing, authorized or required by this
Agreement to be given to the Trust or the Transfer Agent, shall be sufficiently given if
addressed to that party and mailed or delivered to it at its office set forth below or at
another place as it may from time to time designate in writing.

	 	 	 	 	 
	 

	 	To the Trust:
	 	To the Transfer Agent:
	 

	 	U.S. Global Accolade Funds
	 	United Shareholder Services, Inc.
	 

	 	7900 Callaghan Road
	 	7900 Callaghan Road
	 

	 	San Antonio, Texas 78229
	 	San Antonio, Texas 78229
	 

	 	Attention: President
	 	Attention: President

	 	30.	 	Assignment; Third Party Beneficiaries. Neither party may assign this Agreement nor
any rights or obligations hereunder without the written consent of the other party. Any attempt
to do so in violation of this provision shall be void. Unless specifically stated to the
contrary in any written consent to an assignment, no assignment will release or discharge the assignor from
any duty or responsibility under this Agreement. For avoidance of doubt, a transaction involving
a merger or sale of substantially all of the assets of a Fund shall not require the written
consent of

11

 

	 	 	 	the Transfer Agent. Except as explicitly stated elsewhere in this Agreement, nothing
under this Agreement shall be construed to give any rights or benefits in this Agreement to
anyone other than the Transfer agent and the Fund, and the duties and responsibilities
undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the
Transfer Agent and the Fund. This Agreement shall inure to the benefit of and be binding upon
the parties and their permitted successors and assigns.
	 
	 	31.	 	Governing Law. This Agreement shall be construed in accordance with the laws of
the State of Texas.
	 
	 	32.	 	Execution in Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original; but the counterparts shall,
together, constitute only one instrument.
	 
	 	33.	 	Severability. If any term or condition of this Agreement shall be invalid or
unenforceable to any extent or in any application, then the remainder of this Agreement
(including the term or condition to the extent possible) shall not be affected thereby, and each
and every term and condition of this Agreement shall be valid and enforceable to the fullest
extent and in the broadest application permitted by law.
	 
	 	34.	 	Waiver. The failure of a party to insist upon strict adherence to any term of
this Agreement on any occasion shall not be considered a waiver nor shall it deprive the party
of the right thereafter to insist upon strict adherence to that term or any term of this
Agreement. Any waiver must be in writing signed by the waiving party.
	 
	 	35.	 	Headings.  All Section headings contained in this Agreement are for convenience
of reference only, do not form a part of this Agreement and will not affect in any way the
meaning or interpretation of this Agreement. Words used herein, regardless of the number and
gender specifically used, will be deemed and construed to include any other number, singular or
plural, and any other gender, masculine, feminine, or neuter, as the contract requires.

12

 

     In Witness Whereof, the parties hereto have caused this Agreement to be executed by
their respective officers thereunder duly authorized and their respective seals to be hereunto
affixed, as of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	U.S. Global Accolade Funds	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Martha Kay Kimsey	 	 	 	 	 	By:	 	/s/ Frank E. Holmes	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Frank E. Holmes	 	 
	 	 	 	 	 	 	 	 	 	 	President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	SEAL	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	United Shareholder Services, Inc.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Attest:	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Martha Kay Kimsey	 	 	 	 	 	By:	 	/s/ Shannon F. Neill	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Shannon F. Neill	 	 
	 	 	 	 	 	 	 	 	 	 	President	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	SEAL	 	 	 	 	 	 	 	 	 	 

13

 

Fee Schedule

to the

Transfer Agency and Services Agreement

between

U.S. Global Accolade Funds (the “Trust”) and

United Shareholder Services, Inc. (the “Transfer Agent”)

Dated as of April 1, 2007

Annual Fee

$15.00 per open account — Equity

$15.00 per open account — Income

$21.00 per open account — Money Market

$2.50 per closed account

$10,000 per fund/year

$13,500 per fund complex  — email services

	 	 	 
	Activity Charges
	 	 
	Shareholder & Intermediary Servicing Transactions
	 	2.00 / 1st 25,000; $0.75 thereafter
	Correspondence or email
	 	$4.00 / item
	Shareholder Telephone Calls
	 	$2.50 / call
	Telephone System
	 	$0.35 / call received
	Lost Shareholder Searches
	 	$6.00 / account
	Escheatment Filings
	 	(included in lost shareholder costs)
	ACH Shareholder Services
	 	 
	$125.00 month per fund
	 	 
	$0.50 per ACH or IDR (Check Imaging) per item
	 	 
	 
	 	 
	Physical Certificate Processing — Services to handle processing of physical certified
shares for a fund family.
	Set up
	 	$750 per fund group
	Certificate Transaction
	 	$10.00 each
	 
	 	 
	Mailing Operations
	 	 
	Materials Warehousing
	 	— Monthly Base Fee$1,200.00
	Operations Base Fee
	 	— Monthly Base Fee$3,900.00
	Handling Charges
	 	 
	Daily, Monthly, Quarterly Statements
	 	$0.08 per mailed package
	Tax Forms
	 	$0.08 per mailed package
	Other Required Regulatory Mailings
	 	$0.08 per mailed package
	Printing
	 	$0.21 per image
	New Account Kits (prospectus, etc.)
	 	$3.00 per mailed package
	 
	 	 
	Non-NSCC Accounts
	 	 
	Anti-Money Laundering
	 	 
	Base Fee
	 	 

14

 

	 	 	 
	0 — 999 accounts
	 	$1,000 per fund, per year
	1,000 — 4,999 accounts
	 	$2,000 per fund, per year
	5,000 — 9,999 accounts
	 	$3,500 per fund, per year
	10,000 — + accounts
	 	$6,500 per fund, per year
	Name Search
	 	$1.00 per legal owner
	Name Search
	 	$1.00 per authorized trader
	 
	 	 
	NSCC Account Monitoring Charges
	 	 
	Redemption Fee
	 	$2.00 per account, per year
	Excessive Trader
	 	$2.00 per account, per year
	 
	 	 
	Out-of-Pocket Expenses, including but not limited to:
	 	 
	Telephone — toll free lines
	 	 
	Telephone — long distance calls
	 	 
	Retention of records
	 	 
	Postage
	 	 
	Microfilm/fiche/CD/other electronic media records
	 	 
	Programming/enhancements
	 	 
	Special reports
	 	 
	Disaster recovery site — including equipment, hardware, and other customary items

	Stationery/envelopes
	 	 
	Confirmations
	 	 
	Monthly statements
	 	 
	Quarterly statements
	 	 
	Annual statements
	 	 
	Transcripts
	 	 
	NSCC charges
	 	 
	Proxies
	 	 
	Freight
	 	 
	Computer, printer, devices hardware/configuration and maintenance contracts,

	Telecommunications hardware/configuration and maintenance contracts

	Network hardware/configuration and maintenance contracts
	 	 
	Data warehousing, access, security, storage, recording, retrieval, reproduction

	Support, consulting, management
	 	 
	Regulatory searches — OFAC, FinCEN, etc.
	 	 
	 
	 	 
	All other out-of-pocket expenses incurred on the Fund’s behalf, in addition to the following:
	 
	 	 
	These fees are subject to change as determined by the provider.
	 
	 	 
	TA2000
	 	 
	 
	 	 
	     Short-Term Trader — Software application used to track and/or assess transaction
(redemption) fees determined to be short-term trades.

15

 

	 	 	 
	90 days or less
	 	$0.08 per open account
	91 — 180 days
	 	$0.14 per open account
	181 — 270 days
	 	$0.20 per open account
	 
	 	 
	Excessive Trader — Software application used to track the number of trades (exchanges
or redemptions) that meet fund criteria.
	Set up per fund
	 	$1,500
	Per account, per year
	 	$0.12
	 
	 	 
	Disaster Recovery Fee — This fee supports four-hour recovery and is a pro-rata portion
of the service provider cost for the service.
	Per open account, per year
	 	$0.20
	 
	 	 
	NSCC Communication Charge — This fee is pro-rata portion of service to support circuits
and equipment to connect to the DTCC, and maintenance and support of the NSCC
interfaces.
	Per CUSIP, per month
	 	$100.00
	 
	 	 
	Average Cost Tracking — This fee allows the system to track shareholder financial
transactions and provide average cost basis information.
	Per account, per year
	 	$0.25
	 
	 	 
	Average Cost Holding Period Identification — This fee is based on the history records
kept, see Average Cost Tracking.
	Per thousand history records
	 	$3.50

16

 

	 	 	 
	Web Site
Out-of-Pocket Charges

	 
	 	 
	These fees are subject to change as determined by the provider.
	 
	 	 
	Fan Web Services — These fees provide shareholders access to accounts via the internet.
	 
	 	 
	Set up Fees
	 	 
	Initial Web Site
	 	N/A already established
	Each Additional Web Site
	 	$5,000
	Each Plan Sponsor Web Site
	 	$10,000
	 
	 	 
	Monthly Base Access and Support Charge
	 	$3,000 per month 
	Transaction Fees
	 	 
	Inquiry
	 	$0.15 per event
	Maintenance
	 	$0.25 per event
	Financial
	 	$0.50 per event

Data Processing & Telecommunication

Out-of-Pocket Charges

Support of electronic communications such as: data processing, data and voice
recordings, data warehousing, data security, data access, data feeds, data recovery,
statement and tax data, email, voicemail, printers, hardware, software, maintenance,
support, consulting, storage, and lease or license fees of said charges, and etc.

     For example:

3rd party data feeds; web feeds; data processing and communications equipment, software, and
maintenance, communication circuits, telephone lines, modems, etc. (including hardware,
software, maintenance, management, support, etc.); Desktops (PC),Servers, Printers,
Scanners, and Other Devices, Etc. (including hardware, software, maintenance, management,
support, etc.); and Data Warehousing, Data Security, Data Access, Recording Devices, Email,
Voice, devices, etc.)

     Billed at cost.

17

 

Computer/Technical Personnel

Out-of-Pocket Charges

     These fees are subject to change.

	 	 	 
	Computer/Technical Personnel
	 	 
	Business Analyst Tester
	 	 
	Dedicated
	 	$102,000 per year
	Hourly
	 	$81.00 per hour
	 
	 	 
	COBOL Programmer
	 	 
	Dedicated
	 	$163,000 per year
	Hourly
	 	$135.00 per hour
	 
	 	 
	Workstation Programmer
	 	 
	Dedicated
	 	$199,000 per year
	Hourly
	 	$163.00 per hour
	 
	 	 
	Web Programmer
	 	 
	Dedicated
	 	$235,000 per year
	Hourly
	 	$194.00 per hour
	 
	 	 
	Other Technical
	 	Billed as incurred

NSCC

Out-of-Pocket Charges

     These fees are subject to change.

	 	 	 
	 NSCC
Interfaces 
	 	 
	 Set Up
	 	 
	Fund/SERV, Networking
	 	N/A already established
	ACATS, Exchanges *
	 	$5,000 set-up (one time)
	DCCS, TORA Commission Settlement *
	 	$5,000 set-up (one time)
	* 3rd party estimate
	 	 
	Processing Fee Types, for example
	 	 
	Fund/SERV
	 	Determined by the DTCC
	Networking
	 	Determined by the DTCC
	CPU Access
	 	Determined by the DTCC
	Fund/SERV Transactions
	 	Determined by the DTCC
	Networking — per item
	 	Determined by the DTCC
	Additional as Determined by the DTCC
	 	 
	 
	Mutual Fund Services

Out-of-Pocket Expense Items

	Forms Costs
	 	 
	Statement Paper
	 	At cost
	#9, #10 Envelopes
	 	At cost
	Check/Statement Paper
	 	At cost
	Certificate
	 	At cost

18

 

	 	 	 
	Fulfillment Envelope
	 	At cost
	Presort
	 	At cost
	Printing & Mail Costs
	 	 
	Postage
	 	At cost
	Statement, Images
	 	At cost

19

 

APPENDIX A

to the

Transfer Agency and Services Agreement

between

U.S. Global Accolade Funds (the “Trust”) and

United Shareholder Services, Inc. (the “Transfer Agent”)

Dated as of April 1, 2007

Authorized Persons

          I, Frank E. Holmes, President, and I, Susan B. McGee, Secretary, of U.S. Global Accolade
Funds, a Massachusetts business trust (the “Trust”), do hereby certify that:

          The Board of Trustees of the Trust has duly authorized the following individuals in conformity
with the Trust’s Declaration of Trust and By-Laws to give Oral Instructions and Written
Instructions on behalf of the Trust, and the signatures set forth opposite their respective names
are their true and correct signatures:

	 	 	 	 	 
	Name	 	Position	 	Signature
	 
	 	 	 	 
	Frank E. Holmes

	 	President

Chief Executive Officer	 	/s/ Frank E. Holmes
	 

	 	 	 	 
	Susan B. McGee

	 	Executive Vice President

Secretary	 	/s/ Susan B. McGee
	 

	 	 	 	 

A-1

 

APPENDIX B

to the

Transfer Agency and Services Agreement

between

U.S. Global Accolade Funds (the “Trust”) and

United Shareholder Services, Inc. (the “Transfer Agent”)

Dated as of April 1, 2007

Duties of the Transfer Agent

	 	 	 	The following is a general description of the transfer agency services the Transfer Agent
shall provide to each Fund.
	 
	 	A.	 	Shareholder Record Keeping. Maintain shareholder and stock transfer records as
required by the rules of the Securities and Exchange Commission, including records for each
shareholder showing: (i) name, address, appropriate tax certification, and tax identifying
number; (ii) number of shares of each Fund, portfolio, or class; (iii) historical
information including, but not limited to, dividends paid, date and price of all
transactions including individual purchases and redemptions, based upon appropriate
supporting documents; (iv) any capital gain or dividend reinvestment order, application,
specific address, payment and processing instructions and correspondence relating to the
current maintenance of the account; (v) any stop or restraining order placed against a
Shareholder’s account; (vi) certificate numbers, denominations, and the name of the holder
of record for any Shareholders holding certificates; (vii) any information required in
order for the Transfer Agent to perform the calculations this Agreement contemplates or
requires; and (viii) any other information and data as applicable law may require.
	 
	 	B.	 	Share Issuance. Record the issuance of Shares of each Fund. Except as
specifically agreed in writing between the Transfer Agent and the Trust, the Transfer Agent
shall have no obligation when countersigning and issuing and/or crediting Shares to take
cognizance of any other laws relating to the issue and sale of Shares except insofar as
policies and procedures of the Stock Transfer Association recognize these laws.
	 
	 	C.	 	Purchase, Exchange, Transfer, and Redemption Orders. Process all orders for
the purchase, exchange, transfer, and redemption of shares of the Trust in accordance with
the Trust’s current prospectus and customary transfer agency policies and procedures,
including electronic transmissions which the Trust acknowledges it has authorized, or in
accordance with any instructions of the Trust or its agents which the Transfer Agent
reasonably believes to be authorized.

	 	1.	 	Purchases. Upon the sale of any Shares of a Fund, the Trust shall transmit, or
cause to be transmitted, the following information to the Transfer Agent via a mutually
acceptable means of communication, specifying: (i) the name of the Fund whose Shares
were sold; (ii) the number of Shares sold, trade date, and price; (iii) the amount of
money to be delivered to the Custodian for the sale of the Shares and specifically
allocated to the Fund; and (iv) in the case of a new account, a new account application
or sufficient information to establish an account.

	 	(a)	 	The Transfer Agent will, upon its receipt of a check or other payment
it identifies as an investment in Shares of a Fund and drawn or endorsed to the
Transfer Agent as agent for, or identified as being for the account of, a Fund,
promptly deposit the check or other payment to the appropriate account and make
such postings as are necessary to reflect the

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	 	 	 	investment. The Transfer Agent will notify the Trust, or its designee, and the
Custodian of all purchases and related account adjustments.

	 	(b)	 	Under procedures as the Trust and Transfer Agent establish, the
Transfer Agent shall issue to the purchaser or his authorized agent the Shares he
is entitled to receive, based on the appropriate net asset value of the Fund’s
Shares, determined in accordance with the Trust’s pricing procedures, as approved
by the Board of Trustees. In issuing Shares to a purchaser or his authorized agent,
the Transfer Agent shall be entitled to rely upon the latest directions, if any,
the Transfer Agent previously received from the purchaser or his authorized agent
concerning the delivery of the Shares.
	 
	 	(c)	 	The Transfer Agent shall not be required to issue any Shares of the
Trust when it has received a Written Instruction from the Trust or written
notification from any appropriate Federal or state authority that the sale of the
Shares of the Fund in question has been suspended or discontinued, and the Transfer
Agent shall be entitled to rely upon the Written Instruction or written
notification.
	 
	 	(d)	 	Upon the issuance of any Shares of any Fund in accordance with the
foregoing provision of this Section, the Transfer Agent shall not be responsible
for the payment of any original issue or other taxes the Trust is required to pay
in connection with the issuance.
	 
	 	(e)	 	The Transfer Agent may establish additional policies and practices
governing the transfer or registration of Shares as it may deem advisable and
consistent with those transfer agents generally adopt.

	 	2.	 	Exchanges, Transfers, and Redemptions. The Transfer Agent is authorized to
review and process transfers of Shares of each Fund, exchanges between Funds on the
records of the Funds the Transfer Agent maintains, exchanges between the Trust and
other funds as the Trust’s prospectus may permit, and redemptions of Shares of a Fund.
If Shares to be transferred, exchanged, or redeemed are represented by outstanding
certificates, the Transfer Agent will, upon surrender to it of the certificates in
proper form for transfer, and upon cancellation thereof, in the case of exchanges and
transfers, countersign and issue new certificates for a like number of Shares and
deliver the same or, in the case of a redemption, cause redemption proceeds to be paid
to the shareholder. If the Shares to be exchanged, transferred, or redeemed are not
represented by outstanding certificates, the Transfer Agent will, upon receipt of an
order therefore by or on behalf of the registered holder thereof in proper form, credit
the same to the transferee on its books or process the redemption request. If Shares
are to be exchanged for shares of another fund, the Transfer Agent will process the
exchange in the same manner as a redemption of sale of Shares, except that it may in
its discretion waive requirements for information and documentation.

	 	D.	 	Shareholder Communications. The Transfer Agent will transmit all
communications by the Trust to its shareholders promptly following the Trust’s delivery to
the Transfer Agent of the material to be transmitted by mail, telephone, courier service,
or electronically.
	 
	 	E.	 	Proxy Materials. In connection with special meetings of Shareholders, the
Transfer Agent will prepare Shareholder lists, assist with the mailing or transmission of
proxy materials, process and tabulate returned proxy cards, report on proxies voted prior
to meetings, act as teller at meetings, and certify Shares voted at meetings.
	 
	 	F.	 	Returned Checks. If any check or other order for the transfer of money is
returned unpaid for any reason, the Transfer Agent will take any steps as it may, in its
discretion, deem appropriate to

B-2

 

	 	 	 	protect the Trust from financial loss or as the Trust or its designee may instruct, and
notify the Fund of the steps taken. If the Transfer Agent adheres to standard procedures, as
the Trust and Transfer Agent agree upon from time to time, regarding purchases and
redemptions of shares, the Transfer Agent shall not be liable for any loss the Fund suffers
as a result of returned or unpaid purchase or redemption transactions. Legal or other
expenses incurred to collect amounts owed to a Fund as a consequence of returned or unpaid
purchase or redemption transaction shall be an expense of that Fund. A Fund may, at its
option, purchase insurance to reduce its potential losses from collection activities.

	 	G.	 	Shareholder and Broker-Dealer Correspondence. The Transfer Agent will
investigate all Shareholder inquiries relating to Shareholder accounts and will answer all
correspondence from Shareholders, securities brokers, and others relating to its duties
hereunder and other correspondence as may from time to time be mutually agreed upon between
the Transfer Agent and the Trust.
	 
	 	H.	 	Tax Reporting. The Transfer Agent shall file appropriate information returns
concerning the payment of dividends and capital gain distributions with the proper Federal,
State and local authorities as the Trust is required by law to file and shall withhold any
sums required to be withheld by applicable law.
	 
	 	I.	 	Dividend Disbursing. The Transfer Agent will prepare and mail checks, place
wire transfers, or credit income and capital gain payments to shareholders. The Trust will
advise the Transfer Agent of the declaration of any dividend or distribution and the record
and payable date thereof at least five (5) days prior to the record date. The Trust shall
furnish to the Transfer Agent a resolution of the Board of Trustees of the Trust certified
by the Secretary: (i) authorizing the declaration of dividends on a specified period basis
and authorizing the Transfer Agent to rely on Oral Instructions or a Certificate specifying
the date of the declaration of the dividend or distribution, the date of payment thereof,
the record date as of which Shareholders entitled to payment shall be determined and the
amount payable per share to Shareholders of record as of that date and the total amount
payable to the Transfer Agent of the Trust on the payment date; or (ii) setting forth the
date of the declaration of any dividend or distribution by a Fund, the date of payment
thereof, the record date as of which Shareholders entitled to payment shall be determined,
and the amount payable per share to the Shareholders of record as of that date and the
total amount payable to the Transfer Agent on the payment date.
	 
	 	 	 	The Transfer Agent will, on or before the payment date of any dividend or distribution,
notify the Trust’s Custodian of the estimated amount required to pay any portion of the
dividend or distribution payable in cash, and on or before the payment date of the
distribution, the Trust will instruct its Custodian to make available to the Transfer Agent
sufficient funds for the cash amount to be paid out. If the Transfer Agent does not receive
from the Custodian sufficient cash to pay all shareholders of the Trust as of the record
date, the Transfer Agent shall, upon notifying the Trust, withhold payment to all
Shareholders of record as of the record date until it receives sufficient cash for this
purpose.
	 
	 	 	 	If a shareholder is entitled to receive additional shares by virtue of any distribution or
dividend, appropriate credits will be made to each shareholder’s account. The Transfer Agent
will calculate, prepare, and mail checks to, or (where appropriate) credit the dividend or
distribution to the account of, Fund Shareholders, and maintain and safeguard all underlying
records. The Transfer Agent will replace lost checks at its discretion and in conformity
with regular business practices. The Transfer Agent will maintain all records necessary to
reflect the crediting of dividends that are reinvested in Shares of the Trust, including
without limitation daily dividends. The Transfer

B-3

 

	 	 	 	Agent shall not be liable for any improper payments made in accordance with a resolution of
the Board of Trustees of the Trust.

	 	J.	 	Escheatment. The Transfer Agent shall provide escheatment services abandoned
accounts and returned checks under applicable law and report such actions to the Trust.
	 
	 	K.	 	Telephone Services. The Transfer Agent will provide staff coverage, training,
and supervision in connection with the Trust’s telephone line for shareholder inquiries,
and will respond to inquiries concerning shareholder records, transactions the Transfer
Agent processes, procedures to effect the shareholder records, and inquiries of a general
nature relative to shareholder services.
	 
	 	L.	 	12b-1. The Transfer Agent will calculate and process, or will cause to be
processed, all 12b-1 payments in accordance with each Fund’s current prospectus.
	 
	 	M.	 	Commission Payments. The Transfer Agent will calculate and process all
commission payments in accordance with each Fund’s current prospectus.
	 
	 	N.	 	Requests for Information. The Transfer Agent will provide all required
information in a timely fashion in support of regulatory filings.
	 
	 	O.	 	SAS 70. The Transfer Agent will make available to the Trust any independent
auditor reports in compliance with SAS 70, if applicable.
	 
	 	P.	 	Regulatory Changes. The Transfer Agent will assist with the analysis and
implementation of any changes required by regulatory bodies.
	 
	 	Q.	 	The Transfer Agent will:

	 	1.	 	Provide office facilities for the provision of the services contemplated herein
(which may be in the offices of the Transfer Agent or its corporate affiliate);
	 
	 	2.	 	Provide or otherwise obtain personnel sufficient for provision of the services
contemplated herein;
	 
	 	3.	 	Furnish equipment and other materials necessary or desirable for provision of
the services contemplated herein; and
	 
	 	4.	 	Keep records relating to the services provided hereunder in the form and manner
as the Transfer Agent may deem appropriate or advisable. To the extent required by
Section 31 of the 1940 Act and the rules thereunder, the Transfer Agent agrees that all
records it prepares or maintains relating to the services provided hereunder are the
property of the Funds and will be preserved for the periods prescribed under Rule 31a-2
under the 1940 Act, maintained at the Funds’ expense, and made available in accordance
with Section 31 and the rules thereunder. The Transfer Agent will make available during
regular business hours all records and other data created and maintained pursuant to
this Agreement for reasonable audit and inspection by the Trust, or any person the
Trust retains. Upon reasonable notice by the Trust, the Transfer Agent shall make
available during regular business hours its facilities and premises employed in
connection with its performance of this Agreement for reasonable visitation by the
Trust or any person the Trust retains. The Transfer Agent may, at its option at any
time, and shall forthwith upon the Trust’s demand, turn over to the Trust and cease to
retain in the Transfer Agent’s files, records and documents it created and maintained in

B-4

 

	 	 	 	performance of its services or for its protection. At the end of the six-year retention
period, these records and documents either will be turned over to the Trust, or
destroyed in accordance with the Trust’s authorization.

	 	R.	 	The Transfer Agent shall furnish the Trust any state notice filing reports, any
periodic and special reports as the Trust may reasonably request, and other information,
including Shareholder lists and statistical information concerning accounts, as the Trust
and the Transfer Agent may agree upon.

B-5

 

APPENDIX C

to the

Transfer Agency and Services Agreement

between

U.S. Global Accolade Funds (the “Trust”) and

United Shareholder Services, Inc. (the “Transfer Agent”)

Dated as of April 1, 2007

AML DELEGATION

	1.	 	Delegation.

	 	1.1	 	Subject to the terms and conditions set forth in this Agreement, the Trust hereby
delegates to the Transfer Agent those aspects of the Trust’s Anti-Money Laundering Program (the
“AML Program”) that are required to implement the International Money Laundering Abatement and
Anti-Terrorist Financing Act Of 2001 Policies and Procedures and Customer Identification
Program, as such policies and procedures may be amended from time to time (the “Delegated
Duties”). The Delegated Duties may be further amended, from time to time, by mutual agreement of
the Trust and the Transfer Agent upon the execution by such parties of a revised Appendix C
bearing a later date than the date hereof.
	 
	 	1.2	 	The Transfer Agent agrees to perform such Delegated Duties, with respect to the Fund
shareholders for which the Transfer Agent maintains the applicable shareholder information,
subject to and in accordance with the terms and conditions of this Agreement.

	2.	 	Consent to Examination. In connection with the performance by the Transfer Agent of
the Delegated Duties, the Transfer Agent understands and acknowledges that the Trust remains
responsible for assuring compliance with the USA PATRIOT Act of 2001 (“USA PATRIOT Act”) and
the laws implementing the USA PATRIOT Act and that the records the Transfer Agent maintains
for the Trust relating to the AML Program may be subject, from time to time, to examination
and/or inspection by federal regulators in order that the regulators may evaluate such
compliance. The Transfer Agent hereby consents to such examination and/or inspection and
agrees to cooperate with such federal regulators in connection with their review. For
purposes of such examination and/or inspection, the Transfer Agent will use its best efforts
to make available, during normal business hours and on reasonable notice, all required records
and information for review by such regulators.
	 
	3.	 	Limitation on Delegation. The Trust acknowledges and agrees that in accepting the
delegation hereunder, the Transfer Agent is agreeing to perform only the Delegated Duties, as
may be amended from time to time, and is not undertaking and shall not be responsible for any
other aspect of the AML Program or for the overall compliance by the Trust with the USA
PATRIOT Act or for any other matters that have not been delegated hereunder. Additionally, the
parties acknowledge and agree that the Transfer Agent shall only be responsible for performing
the Delegated Duties with respect to the accounts for which the Transfer Agent maintains the
applicable shareholder information.
	 
	4.	 	AML Reporting to the Trust

C-1

 

	 	4.1	 	On a quarterly basis, the Transfer Agent shall provide a report to the Trust on its
performance of the AML Delegated Duties, among other compliance items, which report shall
include information regarding the number of: (i) potential incidents involving cash and
cash equivalents or unusual or suspicious activity, (ii) any required reports or forms that
have been filed on behalf of the Fund, (iii) outstanding customer verification items, (iv)
potential and confirmed matches against the known offender and OFAC databases and (v)
potential and confirmed matches in connection with FinCen requests. Notwithstanding anything
in this Section 4.1(a) to the contrary, the Transfer Agent reserves the right to amend and
update the form of its AML reporting from time to time to comply with new or amended
requirements of applicable law.
	 
	 	4.2	 	At least annually, the Transfer Agent, in conjunction with the internal auditor of
U.S. Global Investors, Inc., will arrange for an audit of the AML services it provides to
its clients on an organization-wide basis, as required by applicable regulation. The
Transfer Agent will provide the Board of Trustees with the results of the audit and testing,
including any material deficiencies or weaknesses identified and any remedial steps that
will be taken or have been taken by the Transfer Agent to address such material deficiencies
or weaknesses.
	 
	 	4.3	 	On a periodic basis, but no less frequently than annually, the Transfer Agent will
provide the Trust with a written certification that, among other things, it has implemented
its AML Program and has performed the Delegated Duties.

C-2

 

APPENDIX D

to the

Transfer Agency and Services Agreement

between

U.S. Global Accolade Funds (the “Trust”) and

United Shareholder Services, Inc. (the “Transfer Agent”)

Dated as of April 1, 2007

Funds of the Trust

Eastern European Fund

Global Emerging Markets Fund

Holmes Growth Fund

MegaTrends Fund

D-1

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