Exhibit
(h)(5)(e)
AMENDED AND RESTATED
EXPENSE LIMITATION AGREEMENT
THIS
AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT, is hereby made as of July 31, 2020, between The MainStay
Funds and MainStay 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 August 31, 2021, 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.
| | | |
MAINSTAY FUNDS TRUST |
| | |
By: | /s/
Xxxx X. Xxxxxxxxxx |
Name: | Xxxx X. Xxxxxxxxxx |
Title: | Treasurer and Principal Financial and |
| | Accounting Officer |
| | |
THE MAINSTAY 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 and Chief Operating Officer |
| | |
SCHEDULE
A
| | |
FUND | Total
Annual Operating Expense Limit (as a percent of average daily net assets) |
ALL FUNDS (except MainStay CBRE Global Infrastructure Fund, MainStay CBRE
Real Estate Fund, MainStay Epoch Global Equity Yield Fund, MainStay MacKay Infrastructure Bond Fund,
MainStay MacKay Intermediate Tax Free Bond Fund and MainStay MacKay International 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. |
MainStay 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: 1.15%
Investor Class: The Manager will apply an equivalent
waiver or reimbursement, in an equal number of basis points waived for Class A Shares.
|
MainStay Candriam Emerging Markets Debt Fund | Class A:
1.17%
Class
B: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points
waived for Class A Shares.
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. |
MainStay CBRE Global Infrastructure
Fund | Expense
Limitation from December 18, 2019 until February 28, 2022 Class A:
1.33%
Class
C: 2.08%
Investor Class: 1.45%
Class I: 0.97%
Class R6:
0.95% |
MainStay CBRE Real Estate Fund | Expense Limitation from December 18, 2019 until
February 28, 2022 Class A: 1.18%
Class C:
1.93%
Investor
Class: 1.35%
Class I: 0.83%
Class R3: 1.43%
Class R6:
0.74% |
| | |
FUND | Total
Annual Operating Expense Limit (as a percent of average daily net assets) |
MainStay Conservative Allocation Fund | Class A: 0.50%
Class B:
1.30%
Class
C: 1.30%
Class I: 0.25%
Investor Class: 0.55%
Class
R1: 0.35%
Class R2: 0.60%
Class R3: 0.85% |
MainStay Conservative ETF Allocation Fund | Expense Limitation from June
30, 2020 until February 28, 2022 Class A: 0.80%
Class C:
1.55%
Class I: 0.55%
Class R3: 1.15% |
MainStay Defensive ETF Allocation Fund | Expense Limitation from June
30, 2020 until February 28, 2022 Class A: 0.80%
Class C:
1.55%
Class I: 0.55%
Class R3: 1.15% |
MainStay Epoch Capital Growth Fund | Class A: 1.15%
Class
C:
None
Class I: 0.90%
Investor Class: None
|
MainStay Epoch Global Equity Yield Fund | Class A: 1.09%
Class C:
1.84%
Class I: 0.84%
Class R6: 0.74% |
MainStay Epoch International Choice Fund | Class I:
0.95% |
MainStay Epoch U.S. Equity Yield Fund | Class I:
0.73 |
MainStay Equity Allocation Fund | Class A: 0.50%
Class
B:
1.30%
Class C: 1.30%
Class I: 0.25%
Investor Class: 0.55%
Class R1: 0.35%
Class
R2:
0.60%
Class R3: 0.85%
|
| | |
FUND | Total
Annual Operating Expense Limit (as a percent of average daily net assets) |
MainStay Equity ETF Allocation Fund | Expense Limitation from June 30, 2020 until February 28, 2022 Class A: 0.80%
Class C: 1.55%
Class I:
0.55%
Class
R3: 1.15% |
MainStay Growth Allocation Fund | Class A: 0.50%
Class
B:
1.30%
Class C: 1.30%
Class I: 0.25%
Investor Class: 0.55%
Class R1: 0.35%
Class R2: 0.60%
Class
R3:
0.85%
|
MainStay Growth ETF Allocation Fund | Expense Limitation from June
30, 2020 until February 28, 2022 Class A: 0.80%
Class C:
1.55%
Class I: 0.55%
Class R3: 1.15% |
MainStay Xxxxxxx Large Cap Growth Fund | Class I:
0.88% |
MainStay MacKay California Tax Free Opportunities
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 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. |
MainStay MacKay Convertible
Fund | Class
I: 0.61% |
MainStay MacKay Growth Fund | Class I: 1.09% |
MainStay MacKay High Yield Municipal 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. |
| | |
FUND | Total
Annual Operating Expense Limit (as a percent of average daily net assets) |
MainStay MacKay Infrastructure Bond Fund | Class A: 0.85%
Class B:
The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived
for Class A Shares.
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% |
MainStay MacKay Intermediate Tax Free Bond Fund | Expense Limitation until August 31, 2021: 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 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% |
MainStay MacKay International Equity Fund | Class A: The Manager will apply
an equivalent waiver or reimbursement, in an equal number of basis points waived for Class R6 Shares.
Class
B: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points
waived for Class R6 Shares.
Class C: The Manager will apply an equivalent
waiver or reimbursement, in an equal number of basis points waived for Class R6 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 R6 Shares.
Class R1: The Manager will
apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class R6 Shares.
Class
R2: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis
points waived for Class R6 Shares.
Class R3: The Manager will apply an equivalent
waiver or reimbursement, in an equal number of basis points waived for Class R6 Shares.
Class R6:
0.83% |
MainStay MacKay International Opportunities
Fund | Class
A: 1.85%
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. |
| | |
FUND | Total
Annual Operating Expense Limit (as a percent of average daily net assets) |
MainStay MacKay New York Tax Free Opportunities 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 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. |
MainStay MacKay 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. |
MainStay MacKay Short Duration High Yield 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.
Class R2: The Manager will apply an equivalent waiver or reimbursement,
in an equal number of basis points waived for Class A Shares.
Class R3: The Manager will
apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
MainStay MacKay Short Term Municipal Fund | Expense Limitation until August 31, 2021: Class A: 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. |
MainStay MacKay Tax Free Bond Fund | Class A:
0.82%
Class
B: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points
waived for Class A Shares.
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. |
| | |
FUND | Total
Annual Operating Expense Limit (as a percent of average daily net assets) |
MainStay MacKay Total Return Bond Fund | Class A: 0.88%
Class B: The Manager will apply an equivalent
waiver or reimbursement, in an equal number of basis points waived for Class A Shares.
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: 0.60%
Investor Class: The Manager will apply an equivalent
waiver or reimbursement, in an equal number of basis points waived for Class A Shares.
Class
R1:
The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived
for Class A Shares.
Class R2: The Manager will apply an equivalent waiver or reimbursement,
in an equal number of basis points waived for Class A Shares.
Class R3: The Manager will apply an equivalent
waiver or reimbursement, in an equal number of basis points waived for Class A Shares.
|
MainStay MacKay U.S. Equity Opportunities 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: 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. |
MainStay Moderate Allocation Fund | Class A:
0.50%
Class
B: 1.30%
Class C: 1.30%
Class I: 0.25%
Investor Class:
0.55%
Class
R1: 0.35%
Class R2: 0.60%
Class R3: 0.85% |
MainStay Moderate ETF Allocation Fund | Expense Limitation from June
30, 2020 until February 28, 2022 Class A: 0.80%
Class C:
1.55%
Class I: 0.55%
Class R3: 1.15% |
MainStay Money Market Fund | Class A: 0.70%
Class B:
0.80%
Class
C: 0.80%
Investor Class: 0.80% |
MainStay Short Term Bond Fund | Class A: 0.82%
Class I:
0.40%
Investor
Class: 0.92% |
