AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Exhibit (h)(5)(d)
AMENDED AND RESTATED
THIS AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT, is hereby made as of February 28, 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 February 28, 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.
| 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 |
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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) (through March 31, 2021 for the MainStay Xxxxxxx Energy Income Fund and MainStay Xxxxxxx Renaissance Advantage 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.
|
| MainStay Candriam Emerging Markets Debt Fund | Class A: 1.17% |
| 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%
|
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| FUND | Total Annual Operating Expense Limit (as a percent of average daily net assets)
|
| 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%
|
| MainStay Conservative Allocation Fund | Class
A: 0.50% Class R1: 0.35% Class R2: 0.60% Class R3: 0.85%
|
| MainStay Xxxxxxx Energy Income Fund | Through March 31, 2021, 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.
|
| MainStay Xxxxxxx Renaissance Advantage Fund | Through March 31, 2021:
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 Epoch Capital Growth Fund | Class
A: 1.15%
|
| MainStay Epoch Global Equity Yield Fund | Class
A: 1.09%
|
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| FUND |
Total Annual Operating Expense Limit (as a percent of average daily net assets)
|
| MainStay Epoch International Choice Fund | Class I: 0.95% |
| MainStay Epoch U.S. Equity Yield Fund | Class I: 0.73 |
| MainStay Growth Allocation Fund |
Class A: 0.50% Class R1: 0.35% Class R2: 0.60% Class R3: 0.85%
|
| 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.
|
| 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.
|
| MainStay MacKay Infrastructure Bond Fund |
Class A: 0.85%
|
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| FUND |
Total Annual Operating Expense Limit (as a percent of average daily net assets)
|
| MainStay MacKay Intermediate Tax Free Bond Fund |
Expense Limitation until August 31, 2021:
Class A: 0.77%
|
| 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.
|
| MainStay MacKay International Opportunities Fund | Class A: 1.85%
|
| 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.
|
| MainStay MacKay S&P 500 Index Fund | Class A: 0.60%
|
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| FUND |
Total Annual Operating Expense Limit (as a percent of average daily net assets)
|
| 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 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%
|
| 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.
|
| 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. 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.
|
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| FUND |
Total Annual Operating Expense Limit (as a percent of average daily net assets)
|
| MainStay MacKay 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.
|
| MainStay Moderate Allocation Fund |
Class A: 0.50% Class R1: 0.35% Class R2: 0.60% Class R3: 0.85%
|
| MainStay Moderate Growth Allocation Fund |
Class A: 0.50% Class R1: 0.35% Class R2: 0.60% Class R3: 0.85%
|
| MainStay Money Market Fund | Class A: 0.70%
|
| MainStay Short Term Bond Fund |
Class A: 0.82% Class I: 0.40%
|
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