AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
AMENDED AND RESTATED
THIS AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT, dated February 28, 2014, 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 “Adviser”)(“Agreement”).
WHEREAS, the Adviser has been appointed the investment advisor of each of the Funds pursuant to an Investment Management Agreement between each Trust, on behalf of the Funds, and the Adviser; and
WHEREAS, each Trust and the Adviser desire to enter into the arrangements described herein relating to certain expenses of the Funds;
NOW, THEREFORE, each Trust and the Adviser hereby agrees as follows:
1. | The Adviser 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 Operation Expenses specified for the class of shares of each Fund listed on Schedule A for the period commencing February 28, 2014 through February 28, 2015, except as provided below. |
2. | The waivers and/or reimbursements described in Section 1 above are not subject to recoupment by the Adviser. |
3. | The Adviser 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 may only be amended or terminated prior to its termination date by action of the applicable Board of Trustees. |
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
THE MAINSTAY FUNDS
By: /s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: President
By: /s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: President
NEW YORK LIFE INVESTMENT MANAGEMENT LLC
By: /s/ Xxxxxxx X. Xxxxxx
Name: Xxxxxxx X. Xxxxxx
Title: Senior Managing Director and Co-President
SCHEDULE A
FUND | Total Annual Operating Expense Limit (as a percent of average daily net asset) |
MainStay California Tax Free Bond Fund |
Class A: 0.75% Class C: The Adviser 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 B: 1.30% Class C: 1.30% Class I: 0.25% Investor Class: 0.55% |
MainStay Cornerstone Growth Fund |
Class A: 1.34% Class I: 1.09% |
MainStay Emerging Markets Opportunities Fund |
Class A: 1.60% Class I: The Adviser 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 Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: The Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Adviser 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 |
Class A: 1.24% Class C: The Adviser 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 Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class C: The Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: The Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Adviser 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 asset) |
MainStay Growth Allocation Fund |
Class A: 0.50% Class B: 1.30% Class C: 1.30% Class I: 0.25% Investor Class: 0.55% |
MainStay High Yield Municipal Bond Fund |
Class A: 0.875% Class C: The Adviser 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 Adviser 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 Global Fund |
Class A: 1.15% Class C: 1.95% Class I: 0.90% Investor Class: 1.20% |
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 Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Class I: The Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Adviser 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 |
Class I: 1.56% |
FUND | Total Annual Operating Expense Limit (as a percent of average daily net asset) |
MainStay Moderate Allocation Fund |
Class A: 0.50% Class B: 1.30% Class C: 1.30% Class I: 0.25% Investor Class: 0.55% |
MainStay Moderate Growth Allocation Fund |
Class A: 0.50% Class B: 1.30% Class C: 1.30% Class I: 0.25% Investor Class: 0.55% |
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 Adviser 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% |
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%. |
FUND | Total Annual Operating Expense Limit (as a percent of average daily net asset) |
MainStay S&P 500 Index Fund |
Class A: 0.60% Class I: The Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Adviser 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 Adviser will apply an equivalent waiver or reimbursement,
in an equal number of basis points waived for Class A Shares. |
MainStay Short Term Bond Fund |
Class A: 0.86% Class I: The Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. Investor Class: The Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
MainStay Tax Free Bond Fund |
Class A: 0.82% Class B: The Adviser will apply an equivalent waiver or reimbursement,
in an equal number of basis points waived for Class A Shares. Investor Class: The Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
Mainstay Total Return Bond Fund (Formerly MainStay Intermediate Term Bond Fund) |
Class I: 0.60% |
MainStay U.S. Equity Opportunities Fund |
Class A: 1.50% Investor Class: The Adviser will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |