AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENT Between
AMENDMENT TO
INVESTMENT MANAGEMENT AGREEMENT
Between
X. XXXX PRICE U.S. TREASURY FUNDS, INC.
and
X. XXXX PRICE ASSOCIATES, INC.
This Amendment (the “Amendment”) to the Investment Management Agreement is made as of the 30th day of July, 2020, by and between X. XXXX PRICE U.S. TREASURY FUNDS, INC., a Maryland corporation (the “Corporation”), on behalf of the U.S. Treasury Long-Term Fund (to be renamed X. Xxxx Price U.S. Treasury Long-Term Index Fund) (the “Fund”), a separate series of the Corporation, and X. XXXX PRICE ASSOCIATES, INC., a corporation organized and existing under the laws of the State of Maryland (hereinafter called the “Manager”).
W I T N E S S E T H:
WHEREAS, the parties hereto entered into an Investment Management Agreement dated as of July 1, 1990 (the “Agreement”);
WHEREAS, the Fund’s Board of Directors, including a majority of the directors who are not interested persons of the Fund, has approved, effective October 1, 2020, to restructure the Fund’s management fee and to amend the Agreement, and has determined that such actions would be in the best interest of the Fund and its shareholders;
WHEREAS, as set forth in the Agreement, the Manager receives a fee from the Fund that consists of two components: a Group Management Fee (“Group Fee”) and an Individual Fund Fee (“Individual Fund Fee”);
WHEREAS, the Corporation’s Board of Directors, including a majority of the Directors who are not interested persons of the Corporation, has approved the restructuring of the Fund’s fee by eliminating the Group Fee and Individual Fund Fee and replacing it with a new management fee rate; and
WHEREAS, the parties hereto desire to amend the Agreement to make the changes set out below;
NOW, THEREFORE, in consideration of the premises and the mutual promises hereinafter set forth, the parties hereto agree as follows:
1. Paragraphs 3, 3.A., and 3.B. of the Agreement are amended to read as follows:
3. Management Fee. The Fund shall pay the Manager a fee computed as follows, based on the value of the net assets of the Fund:
A. Fee Rate. The fee shall be at the annual rate of 0.06% of the average daily net assets of the Fund.
B. Method of Computation. The fee shall be accrued for each calendar day and the sum of the daily fee accruals shall be paid monthly to the Manager. The daily fee accruals will be computed by multiplying the fraction of one over the number of calendar days in the year by the applicable annual rate described in subparagraph (A) of this Paragraph 3, and multiplying this product by the net assets of the Fund as determined in accordance with the Fund’s prospectus as of the close of business on the previous business day on which the Fund was open for business.
2. All other terms and conditions of the Agreement remain in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be signed by their respective officers thereunto duly authorized and their respective seals to be hereunto affixed, as of the day and year first above written.
Attest: | X. XXXX PRICE U.S. TREASURY FUNDS, INC. |
/s/Xxxxxxx Xxxxxx Xxxxxx ___________________________________ |
/s/Xxxxx Xxxxxxxxxxx By:___________________________________ |
Attest: | X. XXXX PRICE ASSOCIATES, INC. |
/s/Xxxxxxx X. Xxxxxx ____________________________________ | /s/Xxxx Xxxxxxx-Xxxx By:___________________________________ |
CAPS\Documents\Agreements\Investment Management Agreements\USLAmended Investment Management Agreement.docx
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