TO INVESTMENT ADVISORY AGREEMENT
AMENDMENT NO. 8
TO INVESTMENT ADVISORY AGREEMENT
This AMENDMENT NO. 8 is made as of the 17th day of August 2018, to the Investment Advisory Agreement dated as of August 1, 2006, between USAA MUTUAL FUNDS TRUST (the Trust), a statutory trust organized under the laws of the state of Delaware and having a place of business in San Antonio, Texas, and USAA INVESTMENT MANAGEMENT COMPANY, as transferred to USAA ASSET MANAGEMENT COMPANY (AMCO), a corporation organized under the laws of the state of Delaware and having a place of business in San Antonio, Texas, pursuant to the Transfer and Assumption Agreement dated December 31, 2011.
AMCO and the Trust agree to modify and amend the Investment Advisory Agreement described above (Agreement) as follows:
1.FUND MERGERS AND LIQUIDATIONS. In order to remove references to the USAA First Start Growth Fund, which has been merged into the USAA Cornerstone Moderately Aggressive Fund, to remove references to the USAA Total Return Strategy Fund, USAA Flexible Income Fund and USAA Real Return Fund, which have been closed and liquidated, and to make certain clarifying edits, Schedule A to the Agreement, setting forth the series of the Trust to which AMCO provides advisory services, Schedule B-1 to the Agreement, setting forth the fees payable to AMCO with respect to each of the Trust's series with a performance adjustment, Schedule B-2 to the Agreement, setting forth the performance adjustment rates with respect to each of the Trust's series with a performance adjustment, and Schedule C-1 to the Agreement, setting forth the fees payable to AMCO with respect to each of the Trust's series without a performance adjustment, are hereby replaced in its entirety by the Schedule A, Schedule X-0, Xxxxxxxx X-0, and Schedule C-1 attached hereto.
2.RATIFICATION. Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.
IN WITNESS WHEREOF, AMCO and the Trust have caused this Amendment No. 8 to be executed as of the date first set forth above.
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USAA ASSET MANAGEMENT COMPANY | ||||||||
By: |
/s/ Xxxxxx X. XxXxxxxx |
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By: |
/s/ Xxxxxx Xxxxxxxxxx | |||||
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Xxxxxx X. XxXxxxxx |
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Xxxxxx Xxxxxxxxxx |
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President |
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President | ||||||
Attest: |
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/s/ Xxxxxxx Xxxxxx |
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Attest: |
/s/ Xxx Xxxxxxxx | ||||
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Xxxxxxx Xxxxxx |
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Xxx Xxxxxxxx |
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Assistant Secretary |
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Secretary | ||
SCHEDULE A TO ADVISORY AGREEMENT
LISTING OF FUNDS
NAME OF FUND
Aggressive Growth Fund
Capital Growth Fund
California Bond Fund
Cornerstone Conservative Fund
Cornerstone Moderate Fund
Cornerstone Moderately Conservative Fund
Cornerstone Moderately Aggressive Fund
Cornerstone Aggressive Fund
Cornerstone Equity Fund
Emerging Markets Fund
Global Equity Income Fund
Global Managed Volatility Fund
Government Securities Fund
Growth & Income Fund
Growth and Tax Strategy Fund
Growth Fund
High Income Fund
Income Stock Fund
Income Fund
Intermediate-Term Bond Fund
International Fund
Managed Allocation Fund
Money Market Fund
New York Bond Fund
Precious Metals and Minerals Fund
Science & Technology Fund
Short-Term Bond Fund
Small Cap Stock Fund
Target Managed Allocation Fund
Target Retirement Income Fund
Target Retirement 2020 Fund
Target Retirement 2030 Fund
Target Retirement 2040 Fund
Target Retirement 2050 Fund
Target Retirement 2060 Fund
Tax Exempt Intermediate-Term Fund
Tax Exempt Long-Term Fund
Tax Exempt Money Market Fund
Tax Exempt Short-Term Fund
Treasury Money Market Trust
Ultra Short-Term Bond Fund
Value Fund
Xxxxxxxx Xxxx Fund
World Growth Fund
Schedule B-1 to Advisory Agreement - Listing of Funds
with Performance Adjustment
Name of Fund1 |
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Annual Basic |
Performance Index |
Fee Rate | |
Aggressive Growth Fund |
Lipper Large-Cap Growth Funds Index |
* |
California Bond Fund |
Lipper California Municipal Debt Funds |
** |
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Index |
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Capital Growth Fund |
Lipper Global Funds Index |
.75% |
Emerging Markets Fund |
Lipper Emerging Markets Funds Index |
1.00% |
Global Equity Income Fund |
Lipper Global Equity Income Funds |
.50% |
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Index |
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Government Securities Fund |
Lipper Intermediate U.S. Government |
.125% |
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Funds Index |
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Growth & Income Fund |
Lipper Multi-Cap Core Funds Index |
.60% |
Growth and Tax Strategy Fund |
Composite Consisting of 51% of the |
.30% |
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Lipper General Municipal Bond Funds |
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Index and 49% of the Lipper Large Cap |
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Core Funds Index |
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Growth Fund |
Lipper Large-Cap Growth Funds Index |
.65% |
High Income Fund |
Lipper High Current Yield Index |
.50% |
Income Stock Fund |
Lipper Equity Income Funds Index |
.50% |
Income Fund |
Lipper Corporate Debt Funds A Rated |
.24% |
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Index |
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Intermediate-Term Bond Fund |
Lipper Core Plus Bond Funds Index |
** |
Tax Exempt Intermediate-Term |
Lipper Municipal Debt Funds Index |
.28% |
Fund |
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International Fund |
Lipper International Funds Index |
.75% |
1The Performance Adjustment initially will be determined by reference to the sole outstanding class of shares of each Fund. If, in the future, a Fund offers more than one class of shares, the Performance Adjustment for that Fund will continue to be determined by reference to the initial class of shares, unless the Board determines otherwise.
Tax Exempt Long-Term Fund |
Lipper General Municipal Debt Funds |
.28% |
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Index |
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New York Bond Fund |
Lipper New York Municipal Debt Funds |
** |
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Index |
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Precious Metals and Minerals |
Lipper Gold Funds Index |
.75% |
Fund |
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Science & Technology Fund |
Lipper Science & Technology Funds |
.75% |
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Index |
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Short-Term Bond Fund |
Lipper Short Investment Grade Debt |
.20% |
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Funds Index |
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Tax Exempt Short-Term Fund |
Lipper Short Municipal Debt Funds Index |
.28% |
Small Cap Stock Fund |
Lipper Small-Cap Core Funds Index |
.75% |
Ultra Short-Term Bond Fund |
Lipper Ultra Short Funds Index |
.24% |
Value Fund |
Lipper Multi-Cap Value Funds Index |
.65% |
Xxxxxxxx Xxxx Fund |
Lipper Virginia Municipal Debt Funds |
** |
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Index |
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World Growth Fund |
Lipper Global Funds Index |
.75% |
*The fee is computed at one-half of one percent (.50%) of the first $750 million of average net assets, two-fifths of one percent (.40%) of the portion of average net assets over $750 million but not over $1.5 billion, and one-third of one percent (.33%) of the portion of average net assets over $1.5 billion.
**The fee is computed at one-half of one percent (.50%) of the first $50 million of average net assets, two-fifths of one percent (.40%) of the portion of average net assets over $50 million but not over $100 million, and three-tenths of one percent (.30%) of the portion of average net assets over $100 million.
Schedule B-2 to Advisory Agreement - Performance Adjustment Rate
EQUITY FUNDS | |
Aggressive Growth Fund |
International Fund |
Capital Growth Fund |
Precious Metals and Minerals Fund |
Emerging Markets Fund |
Science & Technology Fund |
Growth & Income Fund |
Small Cap Stock Fund |
Growth Fund |
Value Fund |
Global Equity Income Fund |
World Growth Fund |
Income Stock Fund |
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Over/Under Performance Relative |
Performance Adjustment Rate |
to Index (in basis points) |
(in basis points as a percentage |
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of average net assets) |
+/- 100 to 400 |
+/- 4 |
+/- 401 to 700 |
x/- 0 |
x/- 000 xxx xxxxxxx |
x/- 0 |
FIXED INCOME FUNDS | |
California Bond Fund |
Tax Exempt Intermediate-Term Fund |
Government Securities Fund |
Tax Exempt Long-Term Fund |
Growth and Tax Strategy Fund |
New York Bond Fund |
High Income Fund |
Short-Term Bond Fund |
Income Fund |
Tax Exempt Short-Term Fund |
Intermediate-Term Bond Fund |
Ultra Short-Term Bond Fund |
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Xxxxxxxx Xxxx Fund |
Over/Under Performance Relative |
Performance Adjustment Rate |
to Index (in basis points) |
(in basis points as a percentage |
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of average net assets) |
+/- 20 to 50 |
+/- 4 |
+/- 51 to 100 |
x/- 0 |
x/- 000 xxx xxxxxxx |
x/- 0 |
Schedule C-1 to Advisory Agreement - Listing of Funds
And Fee Rates
Name of Fund |
Fee Rate |
Money Market Fund |
.24% |
Tax Exempt Money Market Fund |
.28% |
Treasury Money Market Trust |
.125% |
Global Managed Volatility Fund |
.60% |
Managed Allocation Fund |
.60% |
Cornerstone Moderately Conservative Fund |
.50% |
Cornerstone Aggressive Fund |
.60% |
Cornerstone Conservative Fund |
.00% |
Cornerstone Equity Fund |
.00% |
Cornerstone Moderate Fund |
.59% |
Cornerstone Moderately Aggressive Fund |
.59% |
Target Managed Allocation Fund |
.50% |
Target Retirement Income Fund |
.00% |
Target Retirement 2020 Fund |
.00% |
Target Retirement 2030 Fund |
.00% |
Target Retirement 2040 Fund |
.00% |
Target Retirement 2050 Fund |
.00% |
Target Retirement 2060 Fund |
.00% |
