Exhibit h 5 f
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000
Xxxxxxxxxx Xxxxxx
Xxxxxxxxxx,
XX 00000
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xxx.xxxxxxxxxxxxx.xxx
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AMENDED
AND RESTATED
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As of
February 26, 2010, as Amended August 1, 2010
Board of
Trustees
00
Xxxxxxx Xxxxxx
Xxx Xxxx,
XX 00000
Dear
Board of Trustees:
(1) This
letter will confirm New York Life Investment Management LLC’s (“New York Life
Investments”) intent that in the event the annualized ratio of total ordinary
fund operating expenses (excluding taxes, interest, litigation, extraordinary
expenses, brokerage and other transaction expenses relating to the purchase or
sale of portfolio investments and the fees and expenses of any other funds in
which the Funds invest) to average daily net assets of the Class A shares of
each series of MainStay Funds Trust listed below (each a “Fund” and
collectively, the “Funds”), calculated daily in accordance with generally
accepted accounting principles consistently applied, exceeds the percentages set
forth below, New York Life Investments will assume a portion of the applicable
Fund’s operating expenses in the amount of such excess. An equivalent reduction
will apply to the other Classes of the Fund.
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FUNDS
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EXPENSE LIMIT
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MainStay
130/30 Core Fund
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1.50 | % | ||
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MainStay
130/30 Growth Fund
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1.50 | % | ||
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MainStay
130/30 International Fund
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1.60 | % | ||
New York
Life Investments authorizes the Funds and the administrator to reduce our
monthly management fees or reimburse the monthly expenses of the appropriate
Classes of a Fund to the extent necessary to effectuate the limitations stated
in this Section (1), consistent with the method set forth in Section (4) below.
New York Life Investments authorizes the Funds and their administrator to
request funds from us as necessary to implement the limitations stated in this
Section (1). New York Life Investments will pay to the Fund or Classes any such
amounts, consistent with the method set forth in Section (4) below, promptly
after receipt of such request.
(2) The
expense caps set forth in this Agreement are effective from February 26, 2010
through February 28, 2011.
(3) The
foregoing expense limitations supersede any prior agreement regarding expense
limitations with respect to the specific Fund and Classes herein. Each expense
limitation is an annual, not monthly, expense limitation, and is based on the
fiscal year of the respective Fund. Consequently, if the amount of expenses
accrued by a Fund during a month is less than the Fund’s expense limitation, the
following shall apply: (i) New York Life Investments shall be reimbursed by the
respective Class(es) of the Fund in an amount equal to such difference,
consistent with the method set forth in Section (4) below, but not in an amount
in excess of any deductions and/or payments previously made during the year; and
(ii) to the extent reimbursements are not made pursuant to Sub-Section 3(i), the
Fund and/or Class(es) shall establish a credit to be used in reducing deductions
and/or payments which would otherwise be made in subsequent months of the fiscal
year of the relevant Fund. During the term of this Agreement, New York Life
Investments may recoup the amount of management fee waivers or expense
reimbursements from a Fund or Class pursuant to this arrangement consistent with
the method set forth in Section (4) below, if such action does not cause the
Fund or Class to exceed existing expense limitations, and such action is taken
during the fiscal year of the Fund in which New York Life Investments incurred
the expense.
(4) Any
amount of fees or expenses waived, paid or reimbursed pursuant to the terms of
this Agreement shall be allocated among the Classes of shares of a Fund in
accordance with the terms of that Fund’s multiple class plan pursuant to Rule
18f-3 under the Investment Company Act of 1940, as amended (the “18f-3 Plan”).
To this end, the benefit of any waiver or reimbursement of any management fee
and any other “Fund Expense,” as such term is defined in the 18f-3 Plan, shall
be allocated to all shares of the Fund based on net asset value, regardless of
Class.
This
Agreement shall in all cases be interpreted in a manner consistent with the
requirements of Revenue Procedure 96-47, 1996-2 CB 338, and Revenue Procedure
99-40, I.R.B. 1999-46, 565 so as to avoid any possibility that a Fund is deemed
to have paid a preferential dividend. In the event of any conflict between any
other term of this Agreement and this Section (4), this Section (4) shall
control.
* * *
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NEW
YORK LIFE INVESTMENT MANAGEMENT LLC
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By:
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/s/ Xxxxxxx X. Xxxxxx
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Name:
Xxxxxxx X. Xxxxxx
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Title:
Senior Managing Director
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ACKNOWLEDGED:
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By:
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/s/ Xxxx X. Xxxxxxxxxx
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Name:
Xxxx X. Xxxxxxxxxx
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Title:
Treasurer
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