AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
THIS AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT, is hereby
made as of August 28, 2024, between New York Life Investments Funds and New York Life Investments Funds Trust (each a “Trust” and collectively, the “Trusts”), on behalf of each series of the Trusts as set forth on Schedule A (each a “Fund” and collectively, “Funds”), and New York Life Investment Management LLC (the “Manager”) (“Agreement”).
WHEREAS, the Manager has been appointed the manager of each of the Funds pursuant to an Agreement between each Trust, on behalf of the Funds, and the Manager; and
WHEREAS, each Trust and the Manager desire to enter into the arrangements described herein relating to certain expenses of the Funds;
NOW, THEREFORE, each Trust and the Manager hereby agree as follows:
1. The Manager hereby agrees to waive fees and/or reimburse Fund expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses), to the extent necessary to maintain Total Annual Operating Expenses specified for the class of shares of each Fund listed on Schedule A through February 28, 2025, except as provided below.
2. The waivers and/or reimbursements described in Section 1 above are not subject to recoupment by the Manager.
3. The Manager understand and intends that the Funds will rely on this Agreement (1) in preparing and filing amendments to the registration statements for the Trusts on Form N-1A with the Securities and Exchange Commission, (2) in accruing each Fund’s expenses for purposes of calculating its net asset value per share and (3) for certain other purposes and expressly permits the Funds to do so.
4. This agreement shall renew automatically for one-year terms unless the Manager provides written notice of termination prior to the start of the next term or upon approval of the Board of Trustees of the Fund.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
NEW YORK LIFE INVESTMENTS FUNDS TRUST
By /s/ Xxxx X. Xxxxxxxxxx Name: Xxxx X. Xxxxxxxxxx
Title: Treasurer and Principal Financial and Accounting Officer
NEW YORK LIFE INVESTMENTS FUNDS
By:/s/ Xxxx X. Xxxxxxxxxx Name: Xxxx X. Xxxxxxxxxx
Title: Treasurer and Principal Financial and Accounting Officer
NEW YORK LIFE INVESTMENT MANAGEMENT LLC
By:/s/ Xxxx X. Xxxxxxx
Name: Xxxx X. Xxxxxxx
Title: Senior Managing Director
SCHEDULE A
FUND | Total Annual Operating Expense Limit (as a percent of average daily net assets) |
ALL FUNDS (except NYLI CBRE Global Infrastructure Fund, NYLI CBRE Real Estate Fund, NYLI Epoch Global Equity Yield Fund, NYLI Fiera XXXX Growth Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay U.S. Infrastructure Bond Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund) CLASS R6 SHARES | New York Life Investments has contractually agreed to waive fees and/or reimburse expenses so that Total Annual Fund Operating Expenses (excluding taxes, interest, litigation, extraordinary expenses, brokerage and other transaction expenses relating to the purchase or sale of portfolio investments, and acquired (underlying) fund fees and expenses) of Class R6 do not exceed those of Class I. |
NYLI Candriam Emerging Markets Equity Fund | Class A: 1.50% Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: 1.01% Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
NYLI Candriam Emerging Markets Debt Fund | Class A: 1.15% Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: 0.85% Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
NYLI CBRE Global Infrastructure Fund | Expense Limitation until August 31, 2025 Class A: 1.33% Class C: 2.08% Investor Class: 1.45% Class I: 0.97% Class R6: 0.95% |
FUND | Total Annual Operating Expense Limit (as a percent of average daily net assets) |
NYLI CBRE Real Estate Fund | Expense Limitation until August 31, 2025 Class A: 1.18% Class C: 1.93% Investor Class: 1.35% Class I: 0.83% Class R6: 0.74% |
NYLI Conservative Allocation Fund | Class A: 0.50% Class B: 1.30% Class C: 1.30% Class I: 0.25% Investor Class: 0.55% SIMPLE Class: 0.80% |
NYLI Conservative ETF Allocation Fund | Expense Limitation until August 31, 2025 Class A: 0.80% Class C: 1.55% Class I: 0.55% Class R3: 1.15% SIMPLE Class: 1.05% |
NYLI Epoch Capital Growth Fund | Class A: 1.15% Class I: 0.90% |
NYLI Epoch Global Equity Yield Fund | Class A: 1.09% Class C: 1.84% Class I: 0.84% Class R6: 0.74% |
NYLI Epoch International Choice Fund | Class I: 0.95% |
NYLI Epoch U.S. Equity Yield Fund | Class I: 0.73% |
NYLI Equity Allocation Fund | Class A: 0.50% Class B: 1.30% Class C: 1.30% Class I: 0.25% Investor Class: 0.55% SIMPLE Class: 0.80% |
NYLI Equity ETF Allocation Fund | Expense Limitation until August 31, 2025 Class A: 0.80% Class C: 1.55% Class I: 0.55% Class R3: 1.15% SIMPLE Class: 1.05% |
FUND | Total Annual Operating Expense Limit (as a percent of average daily net assets) |
NYLI Fiera XXXX Growth Fund | Expense Limitation until February 28, 2026 Class A: 1.15% Class C: 2.05% Class I: 0.85% Class R6: 0.84% |
NYLI Floating Rate Fund | Class A: 1.05% Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. SIMPLE Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
NYLI Growth Allocation Fund | Class A: 0.50% Class B: 1.30% Class C: 1.30% Class I: 0.25% Investor Class: 0.55% SIMPLE Class: 0.80% |
NYLI Growth ETF Allocation Fund | Expense Limitation until August 31, 2025 Class A: 0.80% Class C: 1.55% Class I: 0.55% Class R3: 1.15% SIMPLE Class: 1.05% |
NYLI MacKay Arizona Muni Fund | Expense Limitation until February 28, 2027 Class A: 0.80% Class C: 1.10% Class I: 0.55% Class Z: 0.74% |
FUND | Total Annual Operating Expense Limit (as a percent of average daily net assets) |
NYLI MacKay California Muni Fund | Class A: 0.75% Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class C2: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
NYLI MacKay Colorado Muni Fund | Expense Limitation until February 28, 2027 Class A: 0.80% Class C: 1.10% Class I: 0.55% Class Z: 0.785% |
NYLI MacKay Convertible Fund | Class I: 0.61% |
XXXX XxxXxx High Yield Muni Bond Fund | Class A: 0.875% Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
XXXX XxxXxx New York Muni Fund | Class A: 0.75% Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class C2: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
FUND | Total Annual Operating Expense Limit (as a percent of average daily net assets) |
NYLI MacKay Oregon Muni Fund | Expense Limitation until February 28, 2027 Class A: 0.80% Class C: 1.10% Class I: 0.55% Class Z: 0.71% |
NYLI MacKay Short Duration High Income Fund | Class A: 1.02% Class C: 1.88% Class I: 0.78% Investor Class: 1.13% |
NYLI MacKay Short Term Muni Fund | Class A: 0.70% Class A2: 0.70% Class I: 0.40% Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
NYLI MacKay Strategic Bond Fund | Class I: 0.70% |
XXXX XxxXxx Strategic Muni Allocation Fund | Expense Limitation until February 28, 2027 Class A: 0.77% Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class C2: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class R6: 0.50% Class Z: 0.79% |
XXXX XxxXxx Total Return Bond Fund | Class A: 0.88% Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: 0.45% Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. SIMPLE Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
FUND | Total Annual Operating Expense Limit (as a percent of average daily net assets) |
NYLI MacKay Utah Muni Fund | Expense Limitation until February 28, 2027 Class A: 0.80% Class C: 1.10% Class I: 0.55% Class Z: 0.90% |
XXXX XxxXxx U.S. Infrastructure Bond Fund | Class A: 0.85% Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class R6: 0.53% |
NYLI Moderate Allocation Fund | Class A: 0.50% Class B: 1.30% Class C: 1.30% Class I: 0.25% Investor Class: 0.55% SIMPLE Class: 0.80% |
NYLI Moderate ETF Allocation Fund | Expense Limitation until August 31, 2025 Class A: 0.80% Class C: 1.55% Class I: 0.55% Class R3: 1.15% SIMPLE Class: 1.05% |
NYLI Money Market Fund | Class A: 0.70% Class B: 0.80% Class C: 0.80% Investor Class: 0.80% SIMPLE Class: 0.80% |
NYLI PineStone Global Equity Fund | Expense Limitation until February 28, 2026 Class A: 1.10% Class C: 2.00% Class I: 0.85% Class R6: 0.84% Class P: 0.85% |
FUND | Total Annual Operating Expense Limit (as a percent of average daily net assets) |
NYLI PineStone International Equity Fund | Expense Limitation until February 28, 2028 Class A: 1.20% Class C: 2.29% Class I: 0.85% Investor Class: 1.54% Class R6: 0.80% Class P: 0.85% |
NYLI PineStone U.S. Equity Fund | Expense Limitation until February 28, 2026 Class A: 0.99% Class C: 1.89% Class I: 0.74% Class R6: 0.73% Class P: 0.74% |
NYLI Short Term Bond Fund | Class A: 0.82% Class I: 0.40% Investor Class: 0.92% SIMPLE Class: 1.17% |
NYLI S&P 500 Index Fund | Class A: 0.60% Class I: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. SIMPLE Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
XXXX Xxxxxxx Large Cap Growth Fund | Class I: 0.88% |
NYLI WMC Growth Fund | Class I: 0.75% |
NYLI WMC International Research Equity Fund | Class A: 1.18% Class I: 0.86% |
NYLI WMC Value Fund | Class I: 0.70% |
