AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Exhibit h 5 e
AMENDED AND RESTATED
THIS AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT, dated March 25, 2016, between The MainStay Funds and MainStay Funds Trust (each a “Trust” and collectively, the “Trusts”), on behalf of each series of the Trusts asset 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 agrees 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 March 1, 2017, 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. |
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
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/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: President
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SCHEDULE A
| FUND | Total Annual Operating Expense Limit (as a percent of average daily net assets) (as of February 29, 2016 unless otherwise noted below) |
| MainStay Absolute Return Multi-Strategy Fund |
Expense Limitation until August 29, 2017: Class A: 1.80% Class C: The Manager will apply an equivalent waiver or reimbursement,
in an equal number of basis points waived for Class A Shares. |
| MainStay California Tax Free Bond 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. |
| MainStay Conservative Allocation Fund |
Class A: 0.50% Class R3: 0.85% |
| MainStay Cornerstone Growth Fund |
Class A: 1.34% Class I: 1.09% |
| MainStay Xxxxxxx Energy Income Fund (name change effective May 30, 2016) |
For the period March 31, 2016 until April 1, 2017, the Manager hereby agrees to waive fees and/or reimburse Fund expenses (excluding taxes, deferred income tax expenses, 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 as specified below: Class A: 1.45% 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. |
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| MainStay Xxxxxxx Renaissance Advantage Fund |
Expense Limitation from March 31, 2016 until April 1, 2017: Class A: 1.61% 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 Emerging Markets Opportunities Fund |
Class A: 1.60% Class I: The Manager will apply an equivalent waiver or reimbursement,
in an equal number of basis points waived for Class A Shares. |
| MainStay Epoch International Small Cap Fund |
Class A: 1.65% 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 Epoch U.S. Equity Yield Fund |
Expense Limitation from March 25, 2016 until April 1, 2017: Class A: 1.14% Class C: The Manager will apply an equivalent waiver or reimbursement,
in an equal number of basis points waived for Class A Shares. |
| MainStay Government Fund | Class A: 1.00% 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. |
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| MainStay Growth Allocation Fund |
Class A: 0.50% Class R3: 0.85% |
| MainStay 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. |
| MainStay High Yield Opportunities Fund |
Class A: 1.30% Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
| MainStay ICAP Equity Fund | Class I: 0.90% |
| MainStay ICAP International Fund | Class I: 0.95% |
| MainStay ICAP Select Equity Fund | Class A: 1.18% Class I: 0.90% |
| MainStay Indexed Bond Fund |
Class A: 0.82% Class I: 0.40% |
| MainStay International Opportunities Fund |
Class A: 1.60% 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 Large Cap Growth Fund |
Class I: 0.88% |
|
MainStay Marketfield Fund |
Expense Limitation until May 1, 2017: Class I: 1.56%
|
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| MainStay Moderate Allocation Fund |
Class A: 0.50% Class R3: 0.85% |
| MainStay Moderate Growth Allocation Fund |
Class A: 0.50% Class R3: 0.85% |
| MainStay Money Market Fund | Class A: 0.70% Class B: 0.80% Class C: 0.80% Investor Class: 0.80% |
| MainStay 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. |
| MainStay Retirement 2010 Fund | Class A: 0.375% Class I: 0.125% Investor Class: 0.475% Class R1: 0.225% Class R2: 0.475% Class R3: 0.725% |
| MainStay Retirement 2020 Fund | Class A: 0.375% Class I: 0.125% Investor Class: 0.475% Class R1: 0.225% Class R2: 0.475% Class R3: 0.725% |
| MainStay Retirement 2030 Fund | Class A: 0.375% Class I: 0.125% Investor Class: 0.475% Class R1: 0.225% Class R2: 0.475% Class R3: 0.725% |
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| MainStay Retirement 2040 Fund | Class A: 0.375% Class I: 0.125% Investor Class: 0.475% Class R1: 0.225% Class R2: 0.475% Class R3: 0.725% |
| MainStay Retirement 2050 Fund |
Class A: 0.375% Class R3: 0.725% |
| MainStay Retirement 2060 Fund |
Class A: 0.375% Class R3: 0.725% |
| MainStay 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 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 R3: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
| MainStay Tax Advantaged Short Term Bond Fund |
Expense Limitation until August 29, 2017: Class A: 0.80% |
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| Mainstay 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. Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.
|
| Mainstay Total Return Bond Fund |
Class A: 0.92% Class B: 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 U.S. Equity Opportunities Fund |
Class A: 1.50% Investor Class: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
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