EX-99.D.3.B 4 tv501627_ex99-d3b.htm AMENDMENT TO THE MACKAY SUBADVISORY AGREEMENT

 

Exhibit (d)(3)(b)

 

THE MAINSTAY FUNDS
MAINSTAY FUNDS TRUST

MAINSTAY VP FUNDS TRUST

 

AMENDMENT TO AMENDED AND RESTATED SUBADVISORY AGREEMENT

 

This Amendment to the Amended and Restated Subadvisory Agreement, is made as of the 1st day of May, 2018, between New York Life Investment Management LLC, a Delaware limited liability company (the “Manager”) and MacKay Shields LLC, a Delaware limited liability company (the “Subadvisor”).

 

WHEREAS, the Manager and the Subadvisor are parties to the Amended and Restated Subadvisory Agreement, dated January 1, 2018 (“Agreement”), as amended; and

 

WHEREAS, the parties hereby wish to amend the Subadvisory Agreement to (i) reflect revised subadvisory fees with respect to the MainStay VP Emerging Markets Equity Portfolio and MainStay VP Mid Cap Core Portfolio; and (ii) change the names of certain Portfolios as follows:

 

Former Name

   New Name
MainStay VP Common Stock Portfolio   MainStay VP MacKay Common Stock Portfolio
MainStay VP Convertible Portfolio   MainStay VP MacKay Convertible Portfolio
MainStay VP Cornerstone Growth Portfolio   MainStay VP MacKay Growth Portfolio
MainStay VP Government Portfolio   MainStay VP MacKay Government Portfolio
MainStay VP High Yield Corporate Bond Portfolio   MainStay VP MacKay High Yield Corporate Bond Portfolio
MainStay VP International Equity Portfolio   MainStay VP MacKay International Equity Portfolio
MainStay VP Mid Cap Core Portfolio   MainStay VP MacKay Mid Cap Core Portfolio
MainStay VP S&P 500 Index Portfolio   MainStay VP MacKay S&P 500 Index Portfolio
MainStay VP Small Cap Core Portfolio   MainStay VP MacKay Small Cap Core Portfolio
MainStay VP Unconstrained Bond Portfolio   MainStay VP MacKay Unconstrained Bond Portfolio

 

NOW, THEREFORE, the parties agree as follows:

 

(i)          Effective May 1, 2018, Schedule A is hereby amended by deleting it in its entirety and replacing it with the Schedule attached hereto.

 

  

 

 

IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their duly authorized officers and attested effective as of the date first written above.

 

NEW YORK LIFE INVESTMENT MANAGEMENT LLC

 

Attest: /s/ Thomas Lynch   By: /s/ Yie-Hsin Hung
Name: Thomas Lynch   Name: Yie-Hsin Hung
Title: Director and Associate General Counsel   Title: Chief Executive Officer

 

MACKAY SHIELDS LLC

 

Attest: /s/ Young Lee   By: /s/ Lucille Protas
Name: Young Lee   Name: Lucille Protas
Title: General Counsel   Title: President

 

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SCHEDULE A

 

(As of May 1, 2018)

 

As compensation for services provided by Subadvisor, the Manager will pay the Subadvisor and Subadvisor agrees to accept as full compensation for all services rendered hereunder, at an annual subadvisory fee equal to the following:

 

Fund / Portfolio   Annual Rate on allocated assets
     
The MainStay Funds    
     

MainStay Income Builder Fund (investment sleeve)*

 

  

0.32% on assets up to $500 million;
0.30% on assets from $500 million to $1 billion;

0.2875% on assets from $1 billion to $5 billion; and
0.2825% on assets over $5 billion*

 

MainStay MacKay Common Stock Fund*  

0.275% on assets up to $500 million;
0.2625% on assets from $500 million to $1 billion; and
0.25% on assets over $1 billion

 

MainStay MacKay Convertible Fund*  

0.30% on assets up to $500 million;
0.275% on assets from $500 million to $1 billion; and
0.25% on assets over $1 billion

 

MainStay MacKay Emerging Markets Debt Fund  

0.35% on assets up to $500 million; and

0.325% on assets over $500 million

 

MainStay MacKay Government Fund*  

0.25% on assets up to $500 million;

0.2375% on assets from $500 million to $1 billion; and
0.225% on assets over $1 billion

 

MainStay MacKay High Yield Corporate Bond Fund  

0.30% on assets up to $500 million;
0.275% on assets from $500 million to $5 billion;
0.2625% on assets from $5 billion to $7 billion;

0.25% on assets from $7 billion to $10 billion; and
0.245% on assets from $10 billion to $15 billion; and
0.24% on assets over $15 billion

 

MainStay MacKay International Equity Fund*  

0.445% on assets up to $500 million; and

0.425% on assets over $500 million

 

MainStay MacKay Tax Free Bond Fund*  

0.225% on assets up to $500 million;
0.2125% on assets from $500 million to $1 billion; 0.20% on assets from $1 billion to $5 billion; and
0.195% on assets over $5 billion

  

MainStay MacKay Unconstrained Bond Fund  

0.30% on assets up to $500 million;

0.275% on assets from $500 million to $1 billion;
0.25% on assets from $1 billion to $5 billion; and
0.2375% on assets over $5 billion

 

 

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Fund / Portfolio   Annual Rate on allocated assets
     
MainStay Funds Trust    
     

MainStay Absolute Return Multi-Strategy Fund*
Investment sleeves:

 

Equity Market Neutral

 

Credit Long/Short or Non-Traditional Fixed Income

  

 

 

 

0.625%

 

0.375%

 

MainStay Balanced Fund (investment sleeve)  

0.35% on assets up to $1 billion;

0.325% on assets from $1 billion to $2 billion; and

0.30% on assets over $2 billion

 

MainStay MacKay California Tax Free Opportunities Fund*  

0.25% on all assets

 

MainStay MacKay Emerging Markets Equity Fund*

 

  

0.50% on assets up to $1 billion; and
0.4875% on assets over $1 billion

 

MainStay MacKay Growth Fund*  

0.35% on assets up to $500 million;

0.325% on assets from $500 million to $1 billion;

0.3125% on assets from $1 billion to $2 billion; and

0.30% on assets over $2 billion

 

MainStay MacKay High Yield Municipal Bond Fund*  

0.275% on assets up to $1 billion;

0.27% on assets from $1 billion to $3 billion;

0.265% on assets from $3 billion to $5 billion; and
0.26% on assets over $5 billion

 

MainStay MacKay International Opportunities Fund*  

0.55% on all assets

 

MainStay MacKay New York Tax Free Opportunities Fund*  

0.25% on all assets

 

MainStay MacKay S&P 500 Index Fund*  

0.08% on assets up to $2.5 billion; and
0.075% on assets over $2.5 billion

 

MainStay MacKay Short Duration High Yield Fund*  

0.325% on all assets

 

MainStay MacKay Tax Advantaged Short Term Bond Fund*  

0.225% on all assets

 

MainStay MacKay Total Return Bond Fund*  

0.25% up to $1 billion;

0.2375% from $1 billion to $3 billion; and

0.2325% over $3 billion

 

MainStay MacKay U.S. Equity Opportunities Fund*   0.50% on assets up to $1 billion; and
0.4875% on assets over $1 billion

 

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Fund / Portfolio   Annual Rate on allocated assets
     
MainStay VP Funds Trust    
     

MainStay VP Absolute Return Multi-Strategy Portfolio*
Investment sleeves:

 

Equity Market Neutral

 

Credit Long/Short or Non-Traditional Fixed Income

  

 

 

 

0.625%

 

 

0.375%

 

MainStay VP Balanced Portfolio (investment sleeve)  

0.35% on assets up to $1 billion;
0.325% on assets from $1 billion to $2 billion; and
0.30% on assets over $2 billion

 

MainStay VP Emerging Markets Equity Portfolio (investment sleeve)*  

0.50% on assets up to $1 billion;

0.4875% on assets over $1 billion

 

MainStay VP Income Builder Portfolio (investment sleeve)  

0.285% on assets up to $1 billion; and

0.275% on assets over $1 billion

 

MainStay VP MacKay Common Stock Portfolio  

0.275% on assets up to $500 million;

0.2625% on assets from $500 million to $1 billion; and

0.25% on assets over $1 billion

 

MainStay VP MacKay Convertible  

0.30% on assets up to $500 million;

0.275% on assets from $500 million to $1 billion

0.25% on assets over $1 billion

 

MainStay VP MacKay Government Portfolio  

0.25% on assets up to $500 million;
0.2375% on assets from $500 million to $1 billion; and
0.225% on assets over $1 billion

 

MainStay VP MacKay Growth Portfolio  

0.35% on assets up to $500 million;

0.325% on assets from $500 million to $1 billion;

0.3125% on assets from $1 billion to $2 billion;

0.30% on assets over $2 billion

 

MainStay VP MacKay High Yield Corporate Bond Portfolio  

0.285% on assets up to $1 billion;
0.275% on assets from $1 billion to $5 billion; and

0.2625% on assets over $5 billion

 

MainStay VP MacKay International Equity Portfolio  

0.445% on assets up to $500 million; and

0.425% on assets over $500 million

 

MainStay VP MacKay Mid Cap Core Portfolio*  

0.425% on assets up to $1 billion;
0.40% on assets from $1 billion to $2 billion; and
0.3875% on assets over $2 billion

 

MainStay VP MacKay S&P 500 Index Portfolio*  

0.08% on assets up to $2.5 billion; and
0.075% on assets over $2.5 billion

 

MainStay VP MacKay Small Cap Core Portfolio*  

0.425% on assets up to $1 billion; and

0.40% on assets over $1 billion

 

MainStay VP MacKay Unconstrained Bond Portfolio  

0.30% on assets up to $500 million;

0.275% on assets from $500 million to $1 billion;

0.25% on assets from $1 billion to $5 billion; and

0.2375% on assets over $5 billion

 

The portion of the fee based upon the average daily net assets of the respective Allocated Assets shall be accrued daily at the rate of l/(number of days in calendar year) of the annual rate applied to the daily net assets of the Allocated Assets. Payment will be made to the Subadvisor on a monthly basis.

 

* The Manager has agreed to waive a portion of the Fund’s/Portfolio’s management fee or reimburse the expenses of the appropriate class of the Fund/Portfolio so that the class total ordinary operating expenses do not exceed certain amounts. These waivers or expense limitations may be changed with Board approval. To the extent the Manager has agreed to waive its management fee or reimburse expenses, the Subadvisor, upon reasonable prior notice from the Manager, has voluntarily agreed to waive or reimburse its fee in proportion to the percentage of the total subadvisory fee that the Subadvisor earns.

 

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