# EDGAR Filing Document

**Accession Number:** 0000787441
**File Stem:** 0000787441-25-000006
**Filing Date:** 2025-9
**Character Count:** 484916
**Document Hash:** f28b7dbd44f71a05d3d48905b13fb8cc
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000787441-25-000006.hdr.sgml**: 20250919

**ACCESSION NUMBER**: 0000787441-25-000006

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 45

**FILED AS OF DATE**: 20250919

**DATE AS OF CHANGE**: 20250919

**EFFECTIVENESS DATE**: 20250919

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEW YORK LIFE INVESTMENTS FUNDS
- **CENTRAL INDEX KEY:** 0000787441

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-02610
- **FILM NUMBER:** 251326206

**BUSINESS ADDRESS:**
- **STREET 1:** 51 MADISON AVE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010
- **BUSINESS PHONE:** 2125767000

**MAIL ADDRESS:**
- **STREET 1:** 51 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10010

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MAINSTAY FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MACKAY SHIELDS MAINSTAY SERIES FUND /NY/
- **DATE OF NAME CHANGE:** 19911126

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MACKAY SHIELDS SERIES FUND
- **DATE OF NAME CHANGE:** 19860506

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON SEPTEMBER 19, 2025

FILE NO. 033-02610

FILE NO. 811-04550

<br> UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION <br>WASHINGTON, D.C. 20549

<br> FORM N-1AREGISTRATION STATEMENTUNDERTHE SECURITIES ACT OF 1933Post-Effective Amendment No. 167ANDREGISTRATION STATEMENTUNDERTHE INVESTMENT COMPANY ACT OF 1940Amendment No. 170

**NEW YORK LIFE INVESTMENTS FUNDS**<br>**(exact name of registrant as specified in charter)**<br>

<br> <u>51 MADISON AVENUE<br>NEW YORK, NEW YORK 10010<br>(address of principal executive office) <br>REGISTRANT'S TELEPHONE NUMBER: (212) 576-7000</u>

Copy to:

<br> <u>J. Kevin Gao, Esq. <br>New York Life Investments Funds<br>51 Madison Avenue<br>New York, NY 10010</u> <u>Thomas C. Bogle, Esq. <br>Corey F. Rose, Esq.<br>Dechert LLP 1900 K Street, NW<br>Washington, DC 20006</u>

(NAME AND ADDRESS OF AGENT FOR SERVICE)

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended.

EXPLANATORY NOTE

This Post-Effective Amendment No.167 to the Registration Statement on Form N-1A (File No. 033-02610) is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of adding exhibits to such Registration Statement. Accordingly, this Post-Effective Amendment No. 167 consists only of a facing page, this explanatory note, and Part C of the Registration Statement on Form N-1A. This Post-Effective Amendment No. 167 does not change the form of any prospectus or Statement of Additional Information included in post-effective amendments previously filed with the Securities and Exchange Commission (the "SEC"). As permitted by Rule 462(d), this Post-Effective Amendment No. 167 shall become effective upon filing with the SEC.

![](img_1b7b001b527a4f1.jpg)

------

**ITEM 28. EXHIBITS**

a. Declaration of Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Declaration of Trust dated January 9, 1986, as amended and restated August 28, 2024 — Filed herewith](ex99acharter-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Fifth Amended and Restated Establishment and Designation of Series of Shares of Beneficial Interest, Par Value $.01 Per Share dated October 26, 1992 — Previously filed as Exhibit 1(b) to Post-Effective Amendment No. 16\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Establishment and Designation of Additional Series of Shares of Beneficial Interest, Par Value $.01 Per Share — Previously filed as Exhibit 1(b) to Post-Effective Amendment No. 11\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Form of Establishment and Designation of Additional Series of shares of Beneficial Interest, Par Value $.01 Per Share — Previously filed as Exhibit 1(b) to Post-Effective Amendment No. 23\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Form of Establishment and Designation of Additional Series of Shares of Beneficial Interest, Par Value $.01 Per Share — Previously filed as Exhibit 1(e) to Post-Effective Amendment No. 28\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Form of Establishment and Designation of an Additional Series of Shares of Beneficial Interest, Par Value $.01 Per Share — Previously filed as Exhibit 1(g) to Post-Effective Amendment No. 35 on February 26, 1997\*](http://www.sec.gov/Archives/edgar/data/787441/0000950109-97-001604.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Establishment and Designation of an Additional Series of Shares of Beneficial Interest, Par Value $.01 Per Share — Previously filed as Exhibit 1(h) to Post-Effective Amendment No. 38 on August 8, 1997\*](http://www.sec.gov/Archives/edgar/data/787441/0000950130-97-003503.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Establishment and Designation of an Additional Series of Shares of Beneficial Interest, Par Value $.01 Per Share — Previously filed as Exhibit 1(i) to Post-Effective Amendment No. 46 on May 27, 1998\*](http://www.sec.gov/Archives/edgar/data/787441/0000950130-98-002824.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Establishment and Designations of Class of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a)(10) to Post-Effective Amendment No. 51 on April 30, 1999\*](http://www.sec.gov/Archives/edgar/data/787441/0000950123-99-004005.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. [Establishment and Designations of Additional Series of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a)(11) to Post-Effective Amendment No. 51 on April 30, 1999\*](http://www.sec.gov/Archives/edgar/data/787441/0000950123-99-004005.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [Establishment and Designation of Additional Series of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a)(11) to Post-Effective Amendment No. 55 on March 1, 2001\*](http://www.sec.gov/Archives/edgar/data/787441/000095012301001935/y46061ex99-a_11.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. [Form of Establishment and Designation of Additional Series of Shares of Beneficial Interest, Par Value $0.01 Per Share relating to the Mainstay U.S. Large Cap Equity Fund — Previously filed as Exhibit (a)(12) to Post-Effective Amendment No. 58 on December 20, 2001\*](http://www.sec.gov/Archives/edgar/data/787441/000095012301509437/y55804bex99-a_12.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. [Establishment and Designation of Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a)(13) to Post-Effective Amendment No. 65 on December 31, 2003\*](http://www.sec.gov/Archives/edgar/data/787441/000095012303014304/k90530bexv99waw13.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. [Redesignation of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a)(14) to Post-Effective Amendment No. 65 on December 31, 2003\*](http://www.sec.gov/Archives/edgar/data/787441/000095012303014304/k90530bexv99waw14.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. [Abolition of Series of Shares of Beneficial Interest, Par Value $0.01 per Share — Previously filed as Exhibit (a) (15) to Post-Effective Amendment No. 65 on December 31, 2003\*](http://www.sec.gov/Archives/edgar/data/787441/000095012303014304/k90530bexv99waw15.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. [Establishment and Designation of Additional Series and Classes of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a)(16) to Post-Effective Amendment No. 74 on March 15, 2005\*](http://www.sec.gov/Archives/edgar/data/787441/000095012305003152/y69637b5exv99waw16.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. [Abolition of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a) (17) to Post-Effective Amendment No. 74 on March 15, 2005\*](http://www.sec.gov/Archives/edgar/data/787441/000095012305003152/y69637b5exv99waw17.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. [Abolition of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a) (18) to Post-Effective Amendment No. 74 on March 15, 2005\*](http://www.sec.gov/Archives/edgar/data/787441/000095012305003152/y69637b5exv99waw18.txt)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. [Abolition of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a) (19) to Post-Effective Amendment No. 74 on March 15, 2005\*](http://www.sec.gov/Archives/edgar/data/787441/000095012305003152/y69637b5exv99waw19.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. [Establishment and Designation of Additional Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a)(20) to Post-Effective Amendment No. 80 on April 7, 2006\*](http://www.sec.gov/Archives/edgar/data/787441/000095012306004396/y16919exv99waw20.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. [Establishment and Designation of Additional Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit 1(u) to Registrant's Form N-14 filed with the Commission on August 10, 2007\*](http://www.sec.gov/Archives/edgar/data/787441/000095012307011304/y38105exv99w1wu.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. [Establishment and Designation of Class of Shares of Beneficial Interest, Par Value $0.01 Per Share — Previously filed as Exhibit (a)(22) to Post-Effective Amendment No. 93 on February 22, 2008\*](http://www.sec.gov/Archives/edgar/data/787441/000095012308001998/e45412exv99waw22.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. [Abolition of Series of Shares Of Beneficial Interest, Par Value $0.01 Per Share (Small Cap Value) — Previously filed as Exhibit (a)(23) to Post-Effective Amendment No. 106 on December 17, 2010\*](http://www.sec.gov/Archives/edgar/data/787441/000114420410067187/v205662_ex99-a23.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. [Abolition of Series of Shares Of Beneficial Interest, Par Value $0.01 Per Share (Institutional Bond) — Previously filed as Exhibit (a)(24) to Post-Effective Amendment No. 106 on December 17, 2010\*](http://www.sec.gov/Archives/edgar/data/787441/000114420410067187/v205662_ex99-a24.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. [Abolition of Series of Shares Of Beneficial Interest, Par Value $0.01 Per Share (Value) — Previously filed as Exhibit (a)(25) to Post- Effective Amendment No. 106 on December 17, 2010\*](http://www.sec.gov/Archives/edgar/data/787441/000114420410067187/v205662_ex99-a25.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26. [Abolition of Series of Shares Of Beneficial Interest, Par Value $0.01 Per Share (Mid Cap Growth) —Previously filed as Exhibit (a)(26) to Post-Effective Amendment No. 106 on December 17, 2010\*](http://www.sec.gov/Archives/edgar/data/787441/000114420410067187/v205662_ex99-a26.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27. [Abolition of Series of Shares Of Beneficial Interest, Par Value $0.01 Per Share (Small Cap Growth) — Previously filed as Exhibit (a)(27) to Post-Effective Amendment No. 106 on December 17, 2010\*](http://www.sec.gov/Archives/edgar/data/787441/000114420410067187/v205662_ex99-a27.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28. [Abolition of Series of Shares Of Beneficial Interest, Par Value $0.01 Per Share (Mid Cap Value) — Previously filed as Exhibit (a)(28) to Post-Effective Amendment No. 106 on December 17, 2010\*](http://www.sec.gov/Archives/edgar/data/787441/000114420410067187/v205662_ex99-a28.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29. [Abolition of Series of Shares Of Beneficial Interest, Par Value $0.01 Per Share (Capital Appreciation) — Previously filed as Exhibit (a)(29) to Post-Effective Amendment No. 106 on December 17, 2010\*](http://www.sec.gov/Archives/edgar/data/787441/000114420410067187/v205662_ex99-a29.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30. [Redesignation of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share (Total Return) — Previously filed as Exhibit (a)(30) to Post-Effective Amendment No. 106 on December 17, 2010\*](http://www.sec.gov/Archives/edgar/data/787441/000114420410067187/v205662_ex99-a30.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31. [Redesignation of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share (Flexible Bond Opportunities) — Previously filed as Exhibit (a)(31) to Post-Effective Amendment No. 120 on June 17, 2013\*](http://www.sec.gov/Archives/edgar/data/787441/000114420413035084/v347711_ex99-a31.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32. [Establishment and Designation of Class of Shares of Beneficial Interest, Par Value $0.01 Per Share (Class R3) dated December 2015 — Previously filed as Exhibit (a)(32) to Post-Effective Amendment No. 129 on February 29, 2016\*](http://www.sec.gov/Archives/edgar/data/787441/000119312516483035/d149139dex99a32.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33. [Redesignation of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share (Global High Income and MAP) — Previously filed as Exhibit (a)(34) to Post-Effective Amendment No. 137 on August 10, 2017\*](http://www.sec.gov/Archives/edgar/data/787441/000114420417041944/v472579_ex99-a34.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34. [Establishment and Designation of Class of Shares of Beneficial Interest, Par Value $0.01 Per Share (Class T) — Previously filed as Exhibit (a)(35) to Post-Effective Amendment No. 137 on August 10, 2017\*](http://www.sec.gov/Archives/edgar/data/787441/000114420417041944/v472579_ex99-a35.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35. [Redesignation of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share effective February 28, 2018 — Previously filed as Exhibit (a)(36) to Post-Effective Amendment No. 139 on February 28, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418011320/tv486835_ex99-a36.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36. [Establishment and Designation of Class of Shares of Beneficial Interest, Par Value $0.01 Per Share (SIMPLE Class) – Previously filed as Exhibit (a)(36) to Post-Effective Amendment No. 152 on August 31, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920100366/tm2029491d1_ex99-a36.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37. [Establishment and Designation of Class of Shares of Beneficial Interest, Par Value $0.01 Per Share (Class C2) – Previously filed as Exhibit (a)(37) to Post-Effective Amendment No. 152 on August 31, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920100366/tm2029491d1_ex99-a37.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38. [Redesignation of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share effective February 28, 2020, August 31, 2020 and February 28, 2021 (Large Cap Growth, Infrastructure Bond and Unconstrained Bond) – Previously filed as Exhibit (a)(38) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99acharter-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39. [Redesignation of Series of Shares of Beneficial Interest, Par Value $0.01 Per Share effective March 5, 2021 and April 26, 2021 (Common Stock and MAP Equity) – Previously filed as Exhibit (a)(39) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99acharter-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40. [Establishment and Designation of Class Shares of Beneficial Interest, Par Value $0.01 Per Share effective March 29, 2013 – Previously filed as Exhibit (a)(40) to Post-Effective Amendment No. 161 on March 4, 2022\*](http://www.sec.gov/Archives/edgar/data/787441/000174177322000949/ex99acharter-1.htm)

b. By-Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated By-Laws dated June 4, 2015 – Previously filed as Exhibit (b)(1) to Post-Effective Amendment No. 129 on February 29, 2016\*](http://www.sec.gov/Archives/edgar/data/787441/000119312516483035/d149139dex99b1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Amended and Restated By-Laws dated June 24, 2020 – Previously filed as Exhibit (b)(1) to Post-Effective Amendment No. 151 on June 26, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920077515/tm2023376d1_ex99-b2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Amended and Restated By-Laws dated August 28, 2024 – Filed herewith](ex99bbylaws-1.htm)

c. Instruments Defining Rights of Security Holders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. See the Declaration of Trust, as amended and supplemented from time to time and the Amended and Restated By-Laws dated June 4, 2015 (See above)

d. Investment Advisory Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Management Agreement dated February 27, 2015 between The MainStay Funds and New York Life Investment Management LLC — Previously filed as Exhibit (d)(1) to Post-Effective Amendment No. 126 on February 27, 2015\*](http://www.sec.gov/Archives/edgar/data/787441/000114420415012689/v401065_ex99-d1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amendment dated February 28, 2017 — Previously filed as Exhibit (d)(1)(a) to Post-Effective Amendment No. 137 on August 10, 2017\*](http://www.sec.gov/Archives/edgar/data/787441/000114420417011635/v460548_ex99-d1a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Amendment dated February 28, 2018 — Previously filed as Exhibit (d)(1)(b) to Post-Effective Amendment No. 139 on February 28, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418011320/tv486835_ex99-d1b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Amendment dated February 28, 2019 — Previously filed as Exhibit (d)(1)(c) to Post-Effective Amendment No. 143 on February 15, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419008659/tv513263_ex99-d1c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Amendment dated June 21, 2019 — Previously filed as Exhibit (d)(1)(d) to Post-Effective Amendment No. 145 on June 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419031795/tv523805_ex-d1d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Amendment dated February 28, 2020 – Previously filed as Exhibit (d)(1)(e) to Post-Effective Amendment No. 149 on February 25, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920024722/tm209685d6_ex-d1e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Amendment dated August 31, 2020 – Previously filed as Exhibit (d)(1)(f) to Post-Effective Amendment No. 152 on August 31, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920100366/tm2029491d1_ex99-d1f.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Amendment dated February 28, 2021 – Previously filed as Exhibit (d)(1)(g) to Post-Effective Amendment No. 154 on February 24, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321000187/ex99dadvsrcontr-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [Amendment dated March 5, 2021 – Previously filed as Exhibit (d)(1)(h) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99dadvsrcontr-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amendment dated April 26, 2021 – Previously filed as Exhibit (d)(1)(i) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99dadvsrcontr-2.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Amendment dated February 28, 2022 – Previously filed Exhibit (d)(1)(j) to Post-Effective Amendment No. 161 on March 4, 2022\*](http://www.sec.gov/Archives/edgar/data/787441/000174177322000949/ex99dadvsrcontr-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) [Amendment dated February 28, 2023 – Previously filed as Exhibit (d)(1)(k) to Post-Effective Amendment No. 162 on February 23, 2023](http://www.sec.gov/Archives/edgar/data/787441/000174177323000227/ex99dadvsrcontr-1k.htm)<u>\*</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Amendment dated September 8, 2023 – Previously filed as Exhibit (d)(1)(l) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99dadvsrcontr-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) [Amendment date February 28, 2024 – Previously filed as Exhibit (d)(1)(m) to Post-Effective Amendment No. 165 on February 26, 2024\*](http://www.sec.gov/Archives/edgar/data/787441/000174177324000324/ex99dadvsrcontr-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Subadvisory Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amended and Restated Sub-Advisory Agreement between New York Life Investment Management LLC and MacKay Shields LLC dated January 1, 2018 — Previously filed as Exhibit (d)(2)(a) to Post-Effective Amendment No. 139 on February 28, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418011320/tv486835_ex99-d2a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. [Amendment dated February 28, 2018 — Previously filed as Exhibit (d)(2)(b) to Post-Effective Amendment No. 139 on February 28, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418011320/tv486835_ex99-d2b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. [Amendment dated May 1, 2018 — Previously filed as Exhibit (d)(2)(a)(ii) to Post-Effective Amendment No. 141 on October 22, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418054719/tv501810_ex99-d2aii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. [Amendment dated May 22, 2018 — Previously filed as Exhibit (d)(2)(a)(iii) to Post-Effective Amendment No. 141 on October 22, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418054719/tv501810_ex99-d2aiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. [Amendment dated November 30, 2018 — Previously filed as Exhibit (d)(2)(a)(iv) to Post-Effective Amendment No. 143 on February 15, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419008659/tv513263_ex99-d2aiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. [Amendment dated February 28, 2019 — Previously filed as Exhibit (d)(2)(a)(v) to Post-Effective Amendment No. 145 on June 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419031795/tv523805_ex-d2av.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. [Amendment dated April 1, 2019 — Previously filed as Exhibit (d)(2)(a)(vi) to Post-Effective Amendment No. 145 on June 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419031795/tv523805_ex-d2avi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. [Amendment dated May 1, 2019 — Previously filed as Exhibit (d)(2)(a)(vii) to Post-Effective Amendment No. 145 on June 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419031795/tv523805_ex-d2avii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. [Amendment dated June 21, 2019 — Previously filed as Exhibit (d)(2)(a)(viii) to Post-Effective Amendment No. 146 on August 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419040937/tv527751_ex99d2aviii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. [Amendment dated June 28, 2019 — Previously filed as Exhibit (d)(2)(a)(ix) to Post-Effective Amendment No. 146 on August 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419040937/tv527751_ex99d2aix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. [Amendment dated February 26, 2020 – Previously filed as Exhibit (d)(2)(a)(x) to Post-Effective Amendment No. 149 on February 25, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920024722/tm209685d6_ex-d2ax.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. [Amendment dated February 28, 2020 – Previously filed as Exhibit (d)(2)(a)(xi) to Post-Effective Amendment No. 149 on February 25, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920024722/tm209685d6_ex-d2axi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. [Amendment dated August 31, 2020 – Previously filed as Exhibit (d)(2)(a)(xii) to Post-Effective Amendment No. 152 on August 31, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920100366/tm2029491d1_ex99-d2axii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. [Amendment dated February 28, 2021 – Previously filed as Exhibit (d)(2)(a)(xiii) to Post-Effective Amendment No. 155 on March 23, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321000715/ex99dadvsrcontr-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. [Amendment dated March 5, 2021 – Previously filed as Exhibit (d)(2)(a)(xiv) to Post-Effective Amendment No. 155 on March 23, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321000715/ex99dadvsrcontr-3.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv. [Amendment dated April 26, 2021 – Previously filed as Exhibit (d)(2)(a)(xv) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99dadvsrcontr-3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi. [Amendment dated May 1, 2021 – Previously filed as Exhibit (d)(2)(a)(xvi) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99dadvsrcontr-4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvii. [Amendment dated August 28, 2021 – Previously filed as Exhibit (d)(2)(a)(xvii) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99dadvsrcontr-5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xviii. [Amendment dated November 30, 2021 – Previously filed as Exhibit (d)(2)(a)(xviii) to Post-Effective Amendment No. 161 on March 4, 2022\*](http://www.sec.gov/Archives/edgar/data/787441/000174177322000949/ex99dadvsrcontr-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xix. [Amendment dated February 28, 2022 –Previously filed as Exhibit (d)(2)(a)(xix) to Post-Effective Amendment No.161 on March 4, 2022\*](http://www.sec.gov/Archives/edgar/data/787441/000174177322000949/ex99dadvsrcontr-3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xx. [Amendment dated May 1, 2022 – Previously filed as Exhibit (d)(2)(a)(xx) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99dadvsrcontr-4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxi. [Amendment dated August 28, 2023 – Previously filed as Exhibit (d)(2)(a)(xxi) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99dadvsrcontr-3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxii. [Amendment dated September 8, 2023 – Previously filed as Exhibit (d)(2)(a)(xxii) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99dadvsrcontr-4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxiii. [Amendment dated February 28, 2024 – Previously filed as Exhibit (d)(2)(a)(xxiii) to Post-Effective Amendment No. 165 on February 26, 2024\*](http://www.sec.gov/Archives/edgar/data/787441/000174177324000324/ex99dadvsrcontr-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxiv. [Amendment dated May 1, 2024 – Previously filed as Exhibit (d)(2)(a)(xxiv) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99dadvsrcontr-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxv. [Amendment dated May 27, 2024 – Previously filed as Exhibit (d)(2)(a)(xxv) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99dadvsrcontr-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxvi. [Amendment dated February 28, 2025 – Previously filed as Exhibit (d)(2)(a)(xxvi) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99dadvsrcontr-3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxvii. [Amendment dated February 28, 2025 – Previously filed as Exhibit (d)(2)(a)(xxvii) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99dadvsrcontr-4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Subadvisory Agreement between New York Life Investment Management LLC and Winslow Capital Management, Inc. dated October 1, 2014 — Previously filed as Exhibit (d)(2)(b) to Post- Effective Amendment No. 126 on February 27, 2015\*](http://www.sec.gov/Archives/edgar/data/787441/000114420415012689/v401065_ex99-d2b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. [Amendment dated February 28, 2016 — Previously filed as Exhibit (d)(2)(b)(i) to Post-Effective Amendment No. 129 on February 29, 2016\*](http://www.sec.gov/Archives/edgar/data/787441/000119312516483035/d149139dex99d2bi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. [Amendment dated February 28, 2020 – Previously filed as Exhibit (d)(2)(b)(ii) to Post-Effective Amendment No. 149 on February 25, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920024722/tm209685d6_ex-d2bii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Subadvisory Agreement between New York Life Investment Management LLC and Epoch Investment Partners, Inc. dated March 31, 2017 — Previously filed as Exhibit (d)(2) to MainStay Funds Trust's Post-Effective Amendment No. 115 on August 10, 2017\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420417041950/v472398_ex99-d2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. [Amendment dated May 8, 2017 — Previously filed as Exhibit (d)(2)(a) to MainStay Funds Trust's Post-Effective Amendment No. 115 on August 10, 2017\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420417041950/v472398_ex99-d2a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. [Amendment dated February 28, 2019 — Previously filed as Exhibit (d)(2)(c)(ii) to Post-Effective Amendment No. 145 on June 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419031795/tv523805_ex-d2cii.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. [Amendment dated April 1, 2019 — Previously filed as Exhibit (d)(2)(c)(iii) to Post-Effective Amendment No. 145 on June 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419031795/tv523805_ex-d2ciii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. [Amendment dated May 1, 2019 — Previously filed as Exhibit (d)(2)(c)(iv) to Post-Effective Amendment No. 145 on June 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419031795/tv523805_ex-d2civ.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. [Amendment dated April 26, 2021 – Previously filed as Exhibit (d)(2)(c)(v) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99dadvsrcontr-5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Subadvisory Agreement dated May 1, 2014 between New York Life Investment Management LLC and NYL Investors LLC —](http://www.sec.gov/Archives/edgar/data/787441/000114420416123571/v444605_ex99-d2h.htm)[Previously filed as Exhibit (d)(2)(h) to Post-Effective Amendment No. 131 on September 12, 2016\*](http://www.sec.gov/Archives/edgar/data/787441/000114420416123571/v444605_ex99-d2h.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. [Amendment dated February 28, 2017 — Previously filed as Exhibit (d)(2)(h)(i) to Post-Effective Amendment No. 137 on August 10, 2017\*](http://www.sec.gov/Archives/edgar/data/787441/000114420417011635/v460548_ex99-d2hi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Amended and Restated Subadvisory Agreement between New York Life Investment Management LLC and Candriam dated July 1, 2022 – Filed herewith](ex99dadvsrcontr-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Subadvisory Agreement between New York Life Investment Management LLC and Wellington Management Company LLC dated March 5, 2021 – Previously filed as Exhibit (d)(2)(g) to Post-Effective Amendment No. 155 on March 23, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321000715/ex99dadvsrcontr-4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. [Amendment dated May 1, 2023 – Previously filed as Exhibit (d)(2)(f)(i) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99dadvsrcontr-7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. [Amendment dated August 12, 2024 – Previously filed as Exhibit (d)(2)(f)(ii) to Post Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99dadvsrcontr-5.htm)

e. Underwriting Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Master Distribution Agreement between the MainStay Funds and NYLIFE Distributors Inc. dated August 1, 2014](http://www.sec.gov/Archives/edgar/data/787441/000114420415012689/v401065_ex99-e1.htm)[— Previously filed as Exhibit (e)(1) to Post-Effective Amendment No. 126 on February 27, 2015\*](http://www.sec.gov/Archives/edgar/data/787441/000114420415012689/v401065_ex99-e1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Form of Soliciting Dealer Agreement — Previously filed as Exhibit (e)(2) to Post-Effective Amendment No. 129 on February 29, 2016\*](http://www.sec.gov/Archives/edgar/data/787441/000119312516483035/d149139dex99e2.htm)

f. Bonus or Profit Sharing Contracts — Inapplicable

g. Custodian Agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Global Custody Agreement with JPMorgan Chase Bank, National Association dated June 22, 2020 – Previously filed as Exhibit (g)(3) to Post-Effective Amendment No. 155 on March 23, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321000715/ex99gcustagreemt-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amendment dated May 1, 2021 – Previously filed as Exhibit (g)(1)(a) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99gcustagreemt-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Amendment dated September 9, 2021 – Previously filed as Exhibit (g)(1)(b) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99gcustagreemt-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Amendment dated March 30, 2023 – Previously filed as Exhibit (g)(1)(c) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99gcustagreemt-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Amendment dated May 16, 2023 – Previously filed as Exhibit (g)(1)(d) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99gcustagreemt-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Amendment dated January 3, 2024 – Previously filed as Exhibit (g)(1)(e) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99gcustagreemt-1.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Amendment dated April 9, 2024 – Previously filed as Exhibit (g)(1)(f) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99gcustagreemt-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Amendment dated July 5, 2024 – Previously filed as Exhibit (g)(1)(g) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99gcustagreemt-3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) [Amendment dated September 5, 2024 – Previously filed as Exhibit (g)(1)(h) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99gcustagreemt-4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Amendment dated December 18, 2024 – Previously filed as Exhibit (g)(1)(i) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99gcustagreemt-5.htm)

h. Other Material Contracts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Transfer Agency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amended and Restated Transfer Agency and Service Agreement dated October 1, 2008 — Previously filed as Exhibit h (1)(a) to Post-Effective Amendment No. 96 on November 25, 2008\*](http://www.sec.gov/Archives/edgar/data/787441/000095012308016348/y64854bexv99whw1wa.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. [Amendment dated April 24, 2009 — Previously filed as Exhibit (h)(1)(a)(i) to Post-Effective Amendment No. 107 on February 28, 2011\*](http://www.sec.gov/Archives/edgar/data/787441/000114420411011352/v209868_exh1ai.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. [Amendment dated October 16, 2009 — Previously filed as Exhibit (h)(1)(a)(ii) to Post-Effective Amendment No. 107 on February 28, 2011\*](http://www.sec.gov/Archives/edgar/data/787441/000114420411011352/v209868_exh1aii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. [Amendment dated October 23, 2009 — Previously filed as Exhibit (h)(1)(a)(iii) to Post-Effective Amendment No. 107 on February 28, 2011\*](http://www.sec.gov/Archives/edgar/data/787441/000114420411011352/v209868_exh1aiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. [Amendment dated October 30, 2009 — Previously filed as Exhibit (h)(1)(a)(iv) to Post-Effective Amendment No. 107 on February 28, 2011\*](http://www.sec.gov/Archives/edgar/data/787441/000114420411011352/v209868_exh1aiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. [Amendment dated November 12, 2009 — Previously filed as Exhibit (h)(1)(a)(i) to MainStay Funds Trust's Post-Effective Amendment No. 9 on February 28, 2011\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420411011350/v209850_exh1ai.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. [Amendment dated November 24, 2009 — Previously filed as Exhibit (h)(1)(a)(ii) to MainStay Funds Trust's Post-Effective Amendment No. 9 on February 28, 2011\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420411011350/v209850_exh1aii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. [Amendment dated February 26, 2010 — Previously filed as Exhibit (h)(1)(a)(iii) to MainStay Funds Trust's Post-Effective Amendment No. 9 on February 28, 2011\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420411011350/v209850_exh1aiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. [Amendment dated March 30, 2010 — Previously filed as Exhibit (h)(1)(a)(iv) to MainStay Funds Trust's Post-Effective Amendment No. 9 on February 28, 2011\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420411011350/v209850_exh1aiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. [Amendment dated January 1, 2011 — Previously filed as Exhibit (h)(1)(a)(v) to MainStay Funds Trust's Post-Effective Amendment No. 9 on February 28, 2011\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420411011350/v209850_exh1av.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. [Amendment dated January 1, 2012 — Previously filed as Exhibit (h)(1)(a)(vi) to MainStay Funds Trust's Post-Effective Amendment No. 40 on February 27, 2013\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420413011726/v336036_ex-h1avi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xi. [Amendment dated January 1, 2013 — Previously filed as Exhibit (h)(1)(a)(x) to Post-Effective Amendment No. 120 on June 17, 2013\*](http://www.sec.gov/Archives/edgar/data/787441/000114420413035084/v347711_ex99-h1ax.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xii. [Amendment dated July 11, 2014 — Previously filed as Exhibit (h)(1)(a)(xii) to Post-Effective Amendment No. 126 on February 27, 2015\*](http://www.sec.gov/Archives/edgar/data/787441/000114420415012689/v401065_ex99-h1axii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiii. [Amendment dated February 29, 2016 — Previously filed as Exhibit (h)(1)(a)(xiii) to Post-Effective Amendment No. 129 on February 29, 2016\*](http://www.sec.gov/Archives/edgar/data/787441/000119312516483035/d149139dex99h1axiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xiv. [Amendment dated June 30, 2016 — Previously filed as Exhibit (h)(1)(a)(xi) to Post-Effective Amendment No. 100 to MainStay Funds Trust's Registration Statement on September 12, 2016\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420416123566/v444209_ex99-h1axi.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xv. [Amendment dated March 13, 2017 — Previously filed as Exhibit (h)(1)(a)(xii) to MainStay Funds Trust's Post-Effective Amendment No. 115 on August 10, 2017\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420417041950/v472398_ex99-h1axii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvi. [Amendment dated April 11, 2017 — Previously filed as Exhibit (h)(1)(a)(xiii) to MainStay Funds Trust's Post-Effective Amendment No. 115 on August 10, 2017\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420417041950/v472398_ex99-h1axiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xvii. [Amendment dated May 8, 2017 — Previously filed as Exhibit (h)(1)(a)(xiv) to MainStay Funds Trust's Post-Effective Amendment No. 115 on August 10, 2017\*](http://www.sec.gov/Archives/edgar/data/1469192/000114420417041950/v472398_ex99-h1axiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xviii. [Amendment dated November 15, 2017 – Previously filed as Exhibit (h)(1)(a)(xviii) to Post-Effective Amendment No. 139 on February 28, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418011320/tv486835_ex99-h1axviii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xix. [Amendment dated February 28, 2018 – Previously filed as Exhibit (h)(1)(a)(xix) to Post-Effective Amendment No. 139 on February 28, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418011320/tv486835_ex99-h1axix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xx. [Amendment dated May 22, 2018 – Previously filed as Exhibit (h)(1)(a)(xx) to Post-Effective Amendment No. 141 on October 22, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418054719/tv501810_ex99-h1axx.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxi. [Amendment dated July 2, 2018 – Previously filed as Exhibit (h)(1)(a)(xxi) to Post-Effective Amendment No. 141 on October 22, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418054719/tv501810_ex99-h1axxi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxii. [Amendment dated November 30, 2018 – Previously filed as Exhibit (h)(1)(a)(xxii) to Post-Effective Amendment No. 143 on February 15, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419008659/tv513263_ex99-h1axxii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxiii. [Amendment dated February 28, 2019 – Previously filed as Exhibit (h)(1)(a)(xxiii) to Post-Effective Amendment No. 143 on February 15, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419008659/tv513263_ex99-h1axxiii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxiv. [Amendment dated April 1, 2019 – Previously filed as Exhibit (h)(1)(a)(xxiv) to Post-Effective Amendment No. 145 on June 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419031795/tv523805_ex-h1axxiv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxv. [Amendment dated June 14, 2019 – Previously filed as Exhibit (h)(1)(a)(xxv) to Post-Effective Amendment No. 145 on June 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419031795/tv523805_ex-h1axxv.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxvi. [Amendment dated November 1, 2019 – Previously filed as Exhibit (h)(1)(a)(xxvi) to Post-Effective Amendment No. 148 on December 18, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000110465919073705/tm1925058d1_ex-h1axxvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxvii. [Amendment dated February 26, 2020 – Previously filed as Exhibit (h)(1)(xxvii) to Post-Effective Amendment No. 149 on February 25, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920024722/tm209685d6_ex-h1xxvii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxviii. [Amendment dated May 1, 2020 – Previously filed as Exhibit (h)(1)(xxviii) to Post-Effective Amendment No. 151 on June 26, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920077515/tm2023376d1_ex99-h1xxviii.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxix. [Amendment dated May 22, 2020 – Previously filed as Exhibit (h)(1)(xxix) to Post-Effective Amendment No. 151 on June 26, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920077515/tm2023376d1_ex99-h1xxix.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxx. [Amendment dated June 30, 2020 – Previously filed as Exhibit (h)(1)(xxx) to Post-Effective Amendment No. 151 on June 26, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920077515/tm2023376d1_ex99-h1xxx.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxi. [Amendment dated September 30, 2020 – Previously filed as Exhibit (h)(1)(xxxi) to Post-Effective Amendment No. 154 on February 24, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321000187/ex99hothmatcont-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxii. [Amendment dated February 28, 2021 – Previously filed as Exhibit (h)(1)(xxxii) to Post-Effective Amendment No. 154 on February 24, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321000187/ex99hothmatcont-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxiii. [Amendment dated September 30, 2021 – Previously filed as Exhibit (h)(1)(xxxiii) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99hothmatcont-1.htm)

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxiv. [Amendment dated October 26, 2021 – Previously filed as Exhibit (h)(1)(xxxiv) to Post-Effective Amendment No. 156 on November 4, 2021\*](http://www.sec.gov/Archives/edgar/data/787441/000174177321003683/ex99hothmatcont-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxv. [Amendment dated February 28, 2022 – Previously filed as Exhibit (h)(1)(xxxv) to Post-Effective Amendment No. 161 on March 4, 2022\*](http://www.sec.gov/Archives/edgar/data/787441/000174177322000949/ex99hothmatcont-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxvi. [Amendment dated January 1, 2023 – Previously filed as Exhibit (h)(1(xxxvi) to Post-Effective Amendment No. 162 on February 23, 2023](http://www.sec.gov/Archives/edgar/data/787441/000174177323000227/ex99hothmatcont-1axxxvi.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxvii. [Amendment dated July 24, 2023 – Previously filed as Exhibit (h)(1)(xxxvii) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99hothmatcont-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxviii. [Amendment dated August 28, 2023 – Previously filed as Exhibit (h)(1)(xxxviii) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99hothmatcont-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xxxix. [Amendment dated February 28, 2024 – Previously filed as Exhibit (h)(1)(xxxix) to Post-Effective Amendment No. 165 on February 26, 2024\*](http://www.sec.gov/Archives/edgar/data/787441/000174177324000324/ex99hothmatcont-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xl. [Amendment dated July 1, 2024 – Previously filed as Exhibit (h)(1)(xl) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99hothmatcont-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xli. [Amendment dated July 22, 2024 – Previously filed as Exhibit (h)(1)(xli) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99hothmatcont-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;xlii. [Amendment dated July 1, 2025 – Filed herewith](ex99hothmatcont-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Amended and Restated Service Agreement with New York Life Benefit Services, Inc. — Previously filed as Exhibit (h)(3) to Post- Effective Amendment No. 80 on April 7, 2006\*](http://www.sec.gov/Archives/edgar/data/787441/000095012306004396/y16919exv99whw3.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Amended and Restated Shareholder Services Plan for Class R1 Shares dated June 4, 2024 — Previously filed as Exhibit (h)(1)(3) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99hothmatcont-3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Amended and Restated Shareholder Services Plan for Class R2 Shares dated June 4, 2024 — Previously filed as Exhibit (h)(1)(4) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99hothmatcont-4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Amended and Restated Shareholder Services Plan for Class R3 Shares dated June 4, 2024 — Previously filed as Exhibit (h)(1)(5) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99hothmatcont-5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Form of Indemnification Agreement — Previously filed as Exhibit (h)(10) to Post-Effective Amendment No. 80 on April 7, 2006\*](http://www.sec.gov/Archives/edgar/data/787441/000095012306004396/y16919exv99whw10.txt)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Expense Limitation Agreements and Fee Waivers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Notice of Fee Waiver (Contractual — Winslow Large Cap Growth Fund) dated February 29, 2020 – Previously filed as Exhibit (h)(7)(b) to Post-Effective Amendment No. 149 on February 25, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920024722/tm209685d6_ex-h7b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Notice of Voluntary Expense Limitation Agreement dated February 28, 2024 – Previously filed as Exhibit (h)(7)(b) to Post-Effective Amendment No. 165 on February 26, 2024\*](http://www.sec.gov/Archives/edgar/data/787441/000174177324000324/ex99hothmatcont-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [Amended and Restated Expense Limitation Agreement (Transfer Agency) dated May 27, 2024 – Previously filed as Exhibit (h)(7)(c) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99hothmatcont-6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Amended and Restated Expense Limitation Agreement dated August 28, 2025 – Filed herewith](ex99hothmatcont-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Regulatory Filing Support Services Agreement dated December 22, 2017 — Previously filed as Exhibit (h)(8) to Post-Effective Amendment No. 139 on February 28, 2018\*](http://www.sec.gov/Archives/edgar/data/787441/000114420418011320/tv486835_ex99-h8.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [Form of MainStay Funds 12d1-4 Agreement – Previously filed as Exhibit (h)(9) to Post-Effective Amendment No. 161 on March 4, 2022\*](http://www.sec.gov/Archives/edgar/data/787441/000174177322000949/ex99hothmatcont-5.htm)

------

i. Legal Opinion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Opinion and consent of counsel – Not applicable

j. Other Opinions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Consent of Independent Registered Public Accounting Firm – Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Powers of Attorney — Previously filed as Exhibits to Post-Effective Amendment No. 106 on December 17, 2010\*](http://www.sec.gov/Archives/edgar/data/787441/000114420410067187/v205662_ex99.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Powers of Attorney (Blunt, Chow and Perold) — Previously filed as Exhibits to Post-Effective Amendment No. 129 on February 29, 2016\*](http://www.sec.gov/Archives/edgar/data/787441/000119312516483035/d149139dex992.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Power of Attorney (Hung) — Previously filed as an Exhibit to Post-Effective Amendment No. 135 on February 28, 2017\*](http://www.sec.gov/Archives/edgar/data/787441/000114420417011635/v460548_ex99-other.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Power of Attorney (Lehneis) —Previously filed as an Exhibit to Post-Effective Amendment No. 138 on December 22, 2017\*](http://www.sec.gov/Archives/edgar/data/787441/000114420417064846/tv481858_ex99-4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Power of Attorney (Hammond) – Previously filed as an Exhibit to Post-Effective Amendment No. 157 on January 10, 2022<sup></sup>](http://www.sec.gov/Archives/edgar/data/787441/000174177322000051/ex99jotheropinin-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Power of Attorney (Abou-Jaoudé) – Previously filed as Exhibit (j)(7) to Post-Effective Amendment No. 164 on October 25, 2023\*](http://www.sec.gov/Archives/edgar/data/787441/000174177323003547/ex99jotheropinin-1.htm)

k. Omitted Financial Statements — Inapplicable

l. Initial Capital Agreements — Inapplicable

m. Rule 12b-1 Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Plan of Distribution pursuant to Rule 12b-1 (Class A shares) — Previously filed as Exhibit (m)(1) to Post-Effective Amendment No. 146 on August 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419040937/tv527751_ex99m1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Amended and Restated Plan of Distribution pursuant to Rule 12b-1 (Class B shares) — Previously filed as Exhibit (m)(2) to Post-Effective Amendment No. 146 on August 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419040937/tv527751_ex99m2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Amended and Restated Plan of Distribution pursuant to Rule 12b-1 (Class C shares) — Previously filed as Exhibit (m)(3) to Post-Effective Amendment No. 146 on August 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419040937/tv527751_ex99m3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Plan of Distribution pursuant to Rule 12b-1 (Class R2 shares) — Previously filed as Exhibit (m)(4) to Post-Effective Amendment No. 146 on August 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419040937/tv527751_ex99m4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Plan of Distribution pursuant to Rule 12b-1 (Class R3 shares) — Previously filed as Exhibit (m)(5) to Post-Effective Amendment No. 146 on August 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419040937/tv527751_ex99m5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. [Plan of Distribution pursuant to Rule 12b-1 (Investor Class shares) — Previously filed as Exhibit (m)(6) to Post-Effective Amendment No. 146 on August 21, 2019\*](http://www.sec.gov/Archives/edgar/data/787441/000114420419040937/tv527751_ex99m6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Plan of Distribution Pursuant to Rule 12b-1 (Class C2 shares) dated June 24, 2020 – Filed herewith](ex99m12b1plan-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [Plan of Distribution Pursuant to Rule 12b-1 (SIMPLE Class shares) dated June 24, 2020 – Previously filed as Exhibit (m)(8) to Post-Effective Amendment No. 152 on August 31, 2020\*](http://www.sec.gov/Archives/edgar/data/787441/000110465920100366/tm2029491d1_ex99-m8.htm)

n. Rule 18f-3 Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 dated March 4, 2024 – Previously filed as Exhibit (n)(1) to Post-Effective Amendment No. 166 on February 25, 2025\*](http://www.sec.gov/Archives/edgar/data/787441/000174177325000663/ex99n18f3plan-1.htm)

o. Reserved

------

p. Codes of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. [Code of Ethics of New York Life Investments dated December 2024 – Filed herewith](ex99pcodeeth-1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Code of Ethics of Candriam dated October 2024 – Filed herewith](ex99pcodeeth-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. [Code of Ethics of Nuveen Investments Inc. dated February 2023 – Previously filed as Exhibit (p)(4) to Post-Effective Amendment No. 165 on February 26, 2024\*](http://www.sec.gov/Archives/edgar/data/787441/000174177324000324/ex99pcodeeth-2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. [Code of Ethics of Epoch Investment Partners, Inc. dated October 2024 – Filed herewith](ex99pcodeeth-3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. [Code of Ethics of Wellington Management Company LLC dated December 2023 – Previously filed as Exhibit (p)(6) to Post-Effective Amendment No. 165 on February 26, 2024](http://www.sec.gov/Archives/edgar/data/787441/000174177324000324/ex99pcodeeth-4.htm)

______________________

\* Incorporated herein by reference.

ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT

None.

ITEM 30. INDEMNIFICATION

The New York Life Investments Group of Funds, which includes New York Life Investments Funds Trust, New York Life Investments VP Funds Trust and New York Life Investments Funds, maintains a joint directors and officers/errors and omissions ("D&O/E&O") liability insurance policy and joint independent directors liability ("IDL") insurance policy. The D&O/E&O liability insurance policy covers all of the directors and officers of the New York Life Investments Group of Funds and the IDL insurance policy covers the independent directors only. Subject to the terms, conditions and retentions of the policies, insured persons are covered for claims made against them while acting in their official capacities with the New York Life Investments Group of Funds.

Article IV of New York Life Investments Funds' ("Registrant's") Declaration of Trust states as follows: Section 4.3. <u>Mandatory</u> <u>I</u>ndemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the exceptions and limitations contained in paragraph (b) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) every person who is, or has been, a Trustee or officer of the Trust shall be indemnified by the Trust, or by one or more Series thereof if the claim arises from his or her conduct with respect to only such Series, to the fullest extent permitted by law against all liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Trustee or officer and against amounts paid or incurred by him in the settlement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, or other, including appeals), actual or threatened; and the words "liability" and "expenses" shall include, without limitation, attorneys ' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No indemnification shall be provided hereunder to a Trustee or officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) against any liability to the Trust or a Series thereof or the Shareholders by reason of a final adjudication by a court or other body before which a proceeding was brought that he engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or a Series thereof:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(i) or (b)

(ii) resulting in a payment by a Trustee or officer, unless there has been a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by the court or other body approving the settlement or other disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) based upon a review of readily available facts (as opposed to a full trial-type inquiry) by (x) vote of a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees then in office act on the matter) or (y) written opinion of independent legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustee or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such Trustee or officer and shall inure to the benefit of the heirs, executors, administrators and assigns of such a person. Nothing contained herein shall affect any rights to indemnification to which personnel of the Trust other than Trustees and officers may be entitled by contract or otherwise under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expenses of preparation and presentation of a defense to any claim, actions suit or proceeding of the character described in paragraph (a) of this Section 4.3 may be advanced by the Trust or a Series thereof prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Section 4.3, provided that either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such undertaking is secured by a surety bond or some other appropriate security provided by the recipient, or the Trust or Series thereof shall be insured against losses arising out of any such advances; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees act on the matter) or an independent legal counsel in a written opinion shall determine, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification.

As used in this Section 4.3, a "Non-interested Trustee" is one who is not (i) an "Interested Person" of the Trust (including anyone who has been exempted from being an "Interested Person" by any rule, regulation or order of the Commission), or (ii) involved in the claim, action, suit or proceeding.

In addition, each Trustee has entered into a written agreement with the Trust pursuant to which the Trust is contractually obligated to indemnify the Trustees to the fullest extent permitted by law and by the Declaration of Trust and Bylaws of the Trust.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

ITEM 31. BUSINESS OR OTHER CONNECTIONS OF INVESTMENT ADVISOR

New York Life Investment Management LLC ("New York Life Investments") acts as the investment adviser for each series of the following open- end registered management investment companies: New York Life Investments Funds Trust, New York Life Investments VP Funds Trust and New York Life Investments Funds.

The list of officers and directors of New York Life Investments, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by New York Life Investments (SEC File No: 801-57396).

------

***CANDRIAM***

Candriam acts as the subadvisor for certain series of the Registrant.

The list of officers and directors of Candriam, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Epoch (SEC File No: 801-80510).

***EPOCH INVESTMENT PARTNERS, INC.***

Epoch Investment Partners, Inc. ("Epoch") acts as the subadvisor for certain series of the Registrant.

The list of officers and directors of Epoch, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Epoch (SEC File No: 801-63118).

***MACKAY SHIELDS LLC***

MacKay Shields LLC ("MacKay Shields") acts as the subadvisor for certain series of the Registrant.

The list of officers and directors of MacKay Shields, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by MacKay Shields (SEC File No: 801-5594).

***NYL INVESTORS LLC***

NYL Investors LLC ("NYL Investors ") acts as the subadvisor for certain series of the Registrant.

The list of officers and directors of NYL Investors, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by NYL Investors (SEC File No: 801-78759).

#### WELLINGTON MANAGEMENT COMPANY LLC
Wellington Management Company LLC ("Wellington") acts as the subadvisor for certain series of the Registrant.

The list of officers and directors of Wellington, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Wellington (SEC File No: 801-15908).

***WINSLOW CAPITAL MANAGEMENT INC.***

Winslow Capital Management Inc. ("Winslow Capital") acts as the subadvisor for certain series of the Registrant.

The list of officers and directors of Winslow Capital, together with information as to their other business, profession, vocation or employment of a substantial nature during the past two years, is incorporated by reference to Schedules A and D of Form ADV filed by Winslow Capital (SEC File No: 801-41316) .

ITEM 32. PRINCIPAL UNDERWRITERS

a. Inapplicable

b. Inapplicable

c. Inapplicable

ITEM 33. LOCATION OF ACCOUNTS AND RECORDS.

Certain accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules promulgated thereunder are maintained at the offices of New York Life Insurance Company, 51 Madison Avenue, New York, NY 10010; New York Life Investment Management LLC, 30 Hudson Street, Jersey City, NJ 07302; Candriam (formerly Candriam Luxembourg S.C.A.), 19-21 route d'Arlon L-8009 Strassen Luxembourg; Epoch Investment Partners, Inc., 1 Vanderbilt Avenue, New York, NY 10017; MacKay Shields LLC, 299 Park Avenue, 32<sup>nd</sup> Floor, New York, NY 10171; Wellington Management Company LLC, 280 Congress Street, Boston, MA 02210; and Winslow Capital Management, LLC, 4400 IDS Center, 80 South Eighth Street, Minneapolis,

------

Minnesota 55402. Records relating to the duties of the custodian for each series of New York Life Investments Funds are maintained by JPMorgan Chase Bank, N.A., 383 Madison Avenue, New York, New York 10179. Records relating to the duties of the transfer agent of New York Life Investments Funds are maintained by DST Asset Manager Solutions, Inc., 200 Crown Colony Drive, Quincy, MA 02169.

ITEM 34. MANAGEMENT SERVICES.

Inapplicable.

ITEM 35. UNDERTAKINGS.

Inapplicable.

------

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement under Rule 485(b) and that has duly caused this Post-Effective Amendment No. 167 to its Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York in the State of New York, on the 19<sup>th</sup> day of September, 2025.

---

| | |
|:---|:---|
| **NEW YORK LIFE INVESTMENTS FUNDS** | **NEW YORK LIFE INVESTMENTS FUNDS** |
| By: | <u>/s/ Kirk C. Lehneis</u> |
|  | Kirk C. Lehneis |
|  | President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, this Post-Effective Amendment No. 167 to the Registration Statement has been signed below by the following persons in the capacities indicated on September 19, 2025.

---

| | | |
|:---|:---|:---|
| <u>SIGNATURE</u> | <u>SIGNATURE</u> | <u>TITLE</u> |
| <u>/s/ Kirk C. Lehneis</u> | <u>/s/ Kirk C. Lehneis</u> | President and Principal Executive Officer |
| Kirk C. Lehneis | Kirk C. Lehneis |  |
| <u>/s/ Naïm Abou-Jaoudé</u>\* | <u>/s/ Naïm Abou-Jaoudé</u>\* | Trustee |
| Naïm Abou-Jaoudé | Naïm Abou-Jaoudé |  |
| <u>/s/ Susan B. Kerley</u>\* | <u>/s/ Susan B. Kerley</u>\* | Trustee |
| Susan B. Kerley | Susan B. Kerley |  |
| <u>/s/ David H. Chow</u>\* | <u>/s/ David H. Chow</u>\* | Trustee |
| David H. Chow | David H. Chow |  |
| <u>/s/ Karen Hammond</u>\* | <u>/s/ Karen Hammond</u>\* | Trustee |
| Karen Hammond | Karen Hammond |  |
| <u>/s/ Alan R. Latshaw</u>\* | <u>/s/ Alan R. Latshaw</u>\* | Trustee |
| Alan R. Latshaw | Alan R. Latshaw |  |
| <u>/s/ Jacques P. Perold</u>\* | <u>/s/ Jacques P. Perold</u>\* | Trustee and Chairman of the Board |
| Jacques P. Perold | Jacques P. Perold |  |
| <u>/s/ Richard S. Trutanic</u>\* | <u>/s/ Richard S. Trutanic</u>\* | Trustee |
| Richard S. Trutanic | Richard S. Trutanic |  |
| <u>/s/ Jack R. Benintende</u> | <u>/s/ Jack R. Benintende</u> | Treasurer and Principal Financial and Accounting Officer |
| Jack R. Benintende | Jack R. Benintende |  |
| By:  | <u>/s/ J. Kevin Gao</u> |  |
|  | J. Kevin Gao | Secretary |
|  | As Attorney-in-Fact |  |
| \* Pursuant to Powers of Attorney previously filed | \* Pursuant to Powers of Attorney previously filed |  |

---

------

#### Exhibit Index
<u>Exhibit</u>

(a)(1) Declaration of Trust dated January 9, 1986, as amended and restated August 28, 2024

(b)(3) Amended and Restated By-Laws dated August 28, 2024

(d)(2)(e) Amended and Restated Subadvisory Agreement between New York Life Investment Management LLC and Candriam dated July 1, 2022

(h)(1)(a)(xlii) Amendment dated July 1, 2025, to the Transfer Agency Agreement

(h)(7(d) Amended and Restated Expense Limitation Agreement dated August 28, 2025

(m)(7) Plan of Distribution Pursuant to Rule 12b-1 dated June 24, 2020 for Class C2 Shares

(p)(1) Code of Ethics of New York Life Investments dated December 2024

(p)(2) Code of Ethics of Candriam dated October 2024

(p)(4) Code of Ethics of Epoch Investment Partners, Inc. dated October 2024

------

## Ex-99.A

NEW YORK LIFE INVESTMENTS FUNDS

DECLARATION OF TRUST

DATED JANUARY 9, 1986

AS AMENDED AND RESTATED

AUGUST 30, 1991

AS AMENDED AND RESTATED

DECEMBER 31, 1994

AS AMENDED AND RESTATED

June 4, 2015

AS AMENDED AND RESTATED

August 19, 2016

AS AMENDED AND RESTATED

August 28, 2024

------

ARTICLE I. NAME AND DEFINITIONS 4

Section 1.1. Name 4

Section 1.2. Definitions 4

ARTICLE II. TRUSTEES 6

Section 2.1. General Powers 6

Section 2.2. Investments 6

Section 2.3. Legal Title 7

Section 2.4. Issuance and Repurchase of Securities. The 7

Section 2.5. Delegation; Committees. 7

Section 2.6. Collection and Payment. 8

Section 2.7. Expenses 8

Section 2.8. Manner of Acting; By-laws. 8

Section 2.9. Miscellaneous Powers. 8

Section 2.10. Principal Transactions 8

Section 2.11. Number of Trustees. 9

Section 2.12. Election and Term. 9

Section 2.13. Resignation and Removal 9

Section 2.14. Vacancies 9

Section 2.15. Delegation of Power to Other Trustees 9

Section 2.16. Additional Provisions 9

ARTICLE III. CONTRACTS 10

Section 3.1. Underwriting Contract 10

Section 3.2. Advisory or Management Contract 10

Section 3.3. Administration Agreement 10

Section 3.4. Affiliations of Trustees or Officers, Etc 10

Section 3.5. Compliance with 1940 Act 11

ARTICLE IV. LIMITATIONS OF LIABILITY OF SHAREHOLDERS, TRUSTEEES AND OTHERS 11

Section 4.1. No Personal Liability of Shareholders Trustees, Etc. 11

Section 4.2. Non-Liability of Trustees, Etc 11

Section 4.3. Mandatory Indemnification 11

Section 4.4. No Bond Required of Trustees 12

Section 4.5. No Duty of Investigation; Notice in Trust Instruments, Etc 13

------

Section 4.6. Reliance on Experts, Etc 13

ARTICLE V. SHARES OF BENEFICIAL INTEREST 13

Section 5.1. Beneficial Interest 13

Section 5.2. Rights of Shareholders 13

Section 5.3. Trust Only 13

Section 5.4. Issuance of Shares 14

Section 5.5. Register of Shares 14

Section 5.6. Transfer of Shares 14

Section 5.7. Notices 14

Section 5.8. Treasury Shares 15

Section 5.9. Voting Powers 15

Section 5.10. Meetings of Shareholders 15

Section 5.11. Series Designation 15

Section 5.12. Class Designation 17

ARTICLE VI. REDEMPTION AND REPURCHASE OF SHARES 17

Section 6.1. Redemption of Shares 17

Section 6.2. Price 18

Section 6.3. Payment 18

Section 6.4. Effect of Suspension of Determination of Net Asset Value 18

Section 6.5. Repurchase by Agreement 18

Section 6.6. Redemption of Shareholder's Interest 18

Section 6.7. Redemption of Shares in order to Qualify as Regulated Investment Company; Disclosure of Holding 18

Section 6.8. Reductions in Number of Outstanding Shares Pursuant to Net Asset Value Formula 19

Section 6.9. Suspension of Right of Redemption 19

ARTICLE VII. DETERMINATION OF NET ASSET VALUE, NET INCOME AND DISTRIBUTIONS 19

Section 7.1. Net Asset Value 19

Section 7.2. Distributions to Shareholders 19

Section 7.3. Determination of Net Income; Constant Net Asset Value; Reduction of Outstanding Shares 20

Section 7.4. Power to Modify Foregoing Procedures 20

------

ARTICLE VIII. DURATION; TERMINATION OF TRUST OR A SERIES, AMENDMENT, MERGERS, ETC 21

Section 8.1. Duration 21

Section 8.2. Termination of the Trust or a Series 21

Section 8.3. Amendment Procedure 21

Section 8.4. Merger, Consolidation and Sale of Assets 22

Section 8.5. Incorporation 22

ARTICLE IX. REPORTS TO SHAREHOLDERS 22

ARTICLE X. MISCELLANEOUS 22

Section 10.1. Filing 22

Section 10.2. Governing Law 23

Section 10.3. Counterparts 23

Section 10.4. Reliance by Third Parties 23

Section 10.5. Provisions in Conflict with Law or Regulations 23

------

DECLARATION OF TRUST

OF

NEW YORK LIFE INVESTMENTS FUNDS

DATED JANUARY 9, 1986

AS AMENDED AND RESTATED

AUGUST 30, 1991

AS AMENDED AND RESTATED

DECEMBER 31, 1994

AS AMENDED AND RESTATED

June 4, 2015

AS AMENDED AND RESTATED

August 19, 2016

AMENDED AND RESTATED DECLARATION OF TRUST made on this 28<sup>th</sup> day of

August, 2024 by Richard S. Trutanic, Susan B. Kerley, Alan R. Latshaw, David H. Chow,

Jacques P. Perold, Karen Hammond and Naïm Abou-Jaoudé (the "Trustees");

WHEREAS, there has heretofore been established a trust for the investment and reinvestment of funds contributed thereto;

WHEREAS, there was originally filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston a Declaration of Trust, dated January 9, 1986, creating this trust under the name "MacKay-Shields Series Fund" and an instrument, dated January 9, 1986, establishing and designating six series of Shares of beneficial interest, "MacKay-Shields Capital Appreciation Fund," "MacKay-Shields Value Fund," "MacKay-Shields Convertible Fund," "MacKay-Shields High Yield Corporate Bond Fund," "MacKay-Shields High Yield Government Securities Fund," and "MacKay-Shields Money Market Fund":

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an amendment, dated March 10, 1986, changing the name of the trust to "MacKay-Shields Mainstay Series Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an amended and restated instrument, dated April 18, 1986, deleting the original instrument establishing and designating series of Shares, and establishing and designating six series of Shares, "MacKay-Shields Capital Appreciation Fund," "MacKay-Shields Value Fund," "MacKay-Shields Convertible Fund," "MacKay-Shields High Yield Corporate Bond Fund," "MacKay-Shields Government Plus Fund," and "MacKay-Shields Money Market Fund," and an amended and restated instrument, dated April 28, 1986, deleting the amended and restated instrument dated April 18, 1986, and establishing and designating the same six series of Shares;

------

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an amended and restated Declaration of Trust, dated April 30, 1986;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an amended and restated instrument, dated January 26, 1987, establishing and designating, in addition to the six previously established series of Shares, two new series of Shares, "MacKay-Shields Global Fund" and "MacKay-Shields Tax Free Bond Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an amended and restated instrument, dated October 26, 1987, establishing and designating, in addition to the eight previously established series of Shares, two new series of Shares, "MacKay-Shields Total Return Fund" and "MacKay-Shields Gold and Precious Metals Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated October 22, 1990, establishing and designating a new series of Shares, "Equity Index Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated July 10, 1991, establishing and designating two new series of Shares, "California Tax-Free Fund" and "New York Tax-Free Fund";

WHEREAS, at a special meeting of Trust Shareholders held on August 30, 1991, the Shareholders of the Trust approved certain amendments to the Declaration of Trust, including an amendment changing the name of the Trust to "The Mainstay Funds";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an amended and restated Declaration of Trust, dated August 30, 1991;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated July 25, 1994 establishing and designating two new series of Shares, "MainStay International Bond Fund" and "Mainstay International Equity Fund";

WHEREAS, at a special meeting of Trust Shareholders held on December 28, 1994, the Shareholders of the Trust approved certain amendments to the Declaration of Trust;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated December 31, 1994, amending the Declaration of Trust;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated January 29, 1997, establishing and designating one new series of Shares, "MainStay Strategic Income Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated July 28, 1997, establishing and designating one new series of Shares, "MainStay Strategic Value Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated April 27, 1998, establishing and designating new

------

series of Shares, "MainStay Blue Chip Growth Fund"; "MainStay California Tax Free Fund"; "MainStay Capital Appreciation Fund"; "MainStay Convertible Fund"; "MainStay Equity Income Fund"; "MainStay Equity Index Fund"; "MainStay Global High Yield Fund"; "MainStay Government Fund"; "MainStay Growth Opportunities Fund"; "MainStay High Yield Corporate Bond Fund"; "MainStay International Bond Fund"; "MainStay International Equity Fund"; "MainStay Money Market Fund"; "MainStay New York Tax Free Fund"; "MainStay Research Value Fund"; "MainStay Small Cap Growth Fund"; "MainStay Small Cap Value Fund"; "MainStay Strategic Income Fund"; "MainStay Strategic Value Fund"; MainStay Tax Free Bond Fund"; "MainStay Total Return Fund"; and "MainStay Value Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated March 15, 1999, establishing and designating one new series of Shares, "MainStay MAP Equity Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated March 15, 1999, dividing the authorized and unissued shares of beneficial interest of the series of the Trust designated as the "Mainstay Map Equity Fund" into Class A, Class, B, Class C, and Class I;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated December 11, 2000, establishing and designating two new series of Shares, "MainStay Select 20 Equity Fund" and "MainStay Mid Cap Growth Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated December 10, 2001, establishing and designating one new series of Shares, "MainStay U.S. Large Cap Equity Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated December 8, 2003, dividing the authorized and unissued shares of beneficial interest of the series of the Trust designated as the "MainStay Blue Chip Growth Fund," "MainStay Capital Appreciation Fund," "MainStay Mid Cap Growth Fund," "MainStay Small Cap Growth Fund," "MainStay Small Cap Value Fund," "MainStay U.S. Large Cap Equity Fund," "MainStay Convertible Fund," "MainStay Equity Income Fund," "MainStay Growth Opportunities Fund," "MainStay MAP Fund," MainStay Research Value Fund," "MainStay Strategic Value Fund," "MainStay Total Return Fund," "MainStay Value Fund," "MainStay Government Fund," "MainStay High Yield Corporate Bond Fund," "MainStay Money Market Fund," "MainStay Strategic Income Fund," "MainStay Tax Free Bond Fund," "MainStay Global High Yield Fund," "MainStay International Bond Fund," and "MainStay International Equity Fund" into three additional classes, Class I, Class R1, and Class R2;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated December 29, 2003, redesignating the "MainStay Equity Income Fund" as "MainStay Mid Cap Value Fund," the "MainStay Global High Yield Fund" as "MainStay Global High Income Fund," the "MainStay Growth Opportunities Fund" as "MainStay Common Stock Fund," and the "MainStay Strategic Income Fund" as "MainStay Diversified Income Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated December 10, 2004, establishing and designating one new series of Shares, "MainStay Large Cap Growth Fund";

------

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated February 11, 2005, abolishing one series of Shares, "MainStay Strategic Value Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated February 4, 2005, abolishing one series of Shares, "MainStay Research Value Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated February 4, 2005, abolishing one series of Shares, "MainStay International Bond Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated June 7, 2007, establishing and designating two new series of Shares, "MainStay Institutional Bond Fund" and "MainStay Principal Preservation Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated October 1, 2009, abolishing one series of Shares, "MainStay Mid Cap Growth Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated October 1, 2009, abolishing one series of Shares, "MainStay Small Cap Growth Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated October 1, 2009, abolishing one series of Shares, "MainStay Mid Cap Value Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated October 1, 2009, abolishing one series of Shares, "MainStay Capital Appreciation Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated October 1, 2009, redesignating the "MainStay Total Return Fund" as "MainStay Income Builder Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated February 25, 2013, redesignating the "MainStay Flexible Bond Opportunities Fund" as "MainStay Unconstrained Bond Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an amended and restated Declaration of Trust, dated August 19, 2016;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated February 28, 2017, redesignating the "MainStay Global High Income Fund" as "MainStay Emerging Markets Debt Fund" and "MainStay MAP Fund" as "MainStay MAP Equity Fund";

------

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated February 28, 2017, dividing the authorized and unissued shares of beneficial interest of the series of the Trust designated as the "MainStay Common Stock Fund," "MainStay Convertible Fund," "MainStay Government Fund," "MainStay Emerging Markets Debt Fund," "MainStay High Yield Corporate Bond Fund," "MainStay Income Builder Fund," "MainStay International Equity Fund," "MainStay Large Cap Growth Fund," "MainStay MAP Equity Fund," "MainStay Money Market Fund," MainStay Tax Free Bond Fund," and "MainStay Unconstrained Bond Fund," into one additional class, Class T;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated December 13, 2017, redesignating the "MainStay Common Stock Fund" as "MainStay MacKay Common Stock Fund," the "MainStay Convertible Fund" as "MainStay MacKay Convertible Fund," the "MainStay Emerging Markets Debt Fund" as "MainStay MacKay Emerging Markets Debt Fund," and the "MainStay Government Fund" as "MainStay MacKay Government Fund"; the "MainStay High Yield Corporate Bond Fund" as "MainStay MacKay High Yield Corporate Bond Fund"; the "MainStay International Equity Fund" as "MainStay MacKay International Equity Fund"; the "MainStay Tax Free Bond Fund" as "MainStay MacKay Tax Free Bond Fund"' and the "MainStay Unconstrained Bond Fund" as "MainStay MacKay Unconstrained Bond Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated March 13, 2019, redesignating the "MainStay MacKay Government Fund" as "MainStay MacKay Infrastructure Bond Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated June 21, 2019, redesignating the "MainStay MacKay Emerging Markets Debt Fund" as "MainStay Candriam Emerging Markets Debt Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated August 31, 2020, dividing the authorized and unissued shares of beneficial interest of the series of the Trust designated as the "MainStay MacKay Tax Free Bond Fund" into one additional class, Class C2;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated August 31, 2020, dividing the authorized and unissued shares of beneficial interest of the series of the Trust designated as the "MainStay Candriam Emerging Markets Debt Fund," "MainStay Income Builder Fund," "MainStay MacKay Common Stock Fund," "MainStay Convertible Fund," "MainStay High Yield Corporate Bond Fund," "MainStay U.S. Infrastructure Bond Fund," "MainStay MacKay International Equity Fund," "MainStay MacKay Tax Free Bond Fund," "MainStay MacKay Unconstrained Bond Fund," "MainStay MAP Equity Fund," "MainStay Money Market Fund," and "MainStay Winslow Large Cap Growth Fund," into one additional class, SIMPLE Class;

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated March 24, 2021, redesignating the "MainStay MacKay Common Stock Fund" as "MainStay WMC Enduring Capital Fund" and "MainStay MAP Equity Fund" as "MainStay WMC Value Fund";

------

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated March 24, 2021, redesignating the "MainStay MacKay Common Stock Fund" as "MainStay WMC Enduring Capital Fund" and "MainStay MAP Equity Fund" as "MainStay WMC Value Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated August 4, 2021, redesignating the "MainStay Large Cap Growth Fund" as "MainStay Winslow Large Cap Growth Fund"; "MainStay MacKay Infrastructure Bond Fund" as "MainStay MacKay U.S. Infrastructure Bond Fund" and "MainStay MacKay Unconstrained Bond Fund" as "MainStay MacKay Fund";

WHEREAS, there was filed with the Secretary of State of the Commonwealth of Massachusetts and with the Clerk of the City of Boston an instrument, dated September 18, 2023, abolishing one series of Shares, "MainStay Strategic Value Fund";

WHEREAS, the Trustees desire to amend and restate such amended and restated Declaration of Trust to reflect these changes; and

WHEREAS, pursuant to Section 8.3 of the amended and restated Declaration of Trust, the amendment and restatement of such Declaration has been duly approved as herein provided;

NOW, THEREFORE, the Trustees declare that the Declaration of Trust of this trust be amended and restated as follows:

All money and property contributed to the trust established hereunder shall be held and managed in trust for the benefit of the holders, from time to time, of the Shares of beneficial interest issued hereunder and subject to the provisions hereof.

<br>NAME AND DEFINITIONS

<u>NAME</u>. The name of the trust created hereby is "New York Life Investments Funds" (the "Trust").

<u>DEFINITIONS</u>. Wherever they are used herein, the following terms have the following respective meanings:

"<u>Administrator</u>" means the party, other than the Trust, to the contract described in Section 3.3 hereof.

"<u>By-laws</u>" means the By-laws referred to in Section 2.8 hereof, as from time to time amended.

"<u>Class</u>" means the two or more classes as may be established and designated from time to time by the Trustees pursuant to Section 5.12 hereof.

The terms "Commission" and "Interested Person," have the meanings given them in the 1940 Act. Except as otherwise defined by the Trustees in conjunction with the establishment of any Series of

------

Shares, the term "<u>vote of a majority of the Shares outstanding and entitled to vote</u>" shall have the same meaning as the term "<u>vote of a majority of the outstanding voting securities</u>" given it in the 1940 Act.

"<u>Custodian</u>" means any Person other than the Trust who has custody of any Trust property as required by Section 17 (f) of the 1940 Act, but does not include a system for the central handling of securities described in said Section 17(f).

"<u>Declaration</u>" means this Declaration of Trust as amended from time to time. Reference in this Declaration of Trust to "Declaration," "hereof," "herein," and "hereunder" shall be deemed to refer to this Declaration rather than exclusively to the article or section in which such words appear.

"<u>Distributor</u>" means the party, other than the Trust, to the contract described in Section 3.1 hereof.

The "<u>1940 Act</u>" means the Investment Company Act of 1940, as amended from time to time.

"<u>Fund</u>" or "<u>Funds</u>" individually or collectively means the separate Series of Shares of New York Life Investments Funds, together with the assets and liabilities assigned thereto.

"<u>His</u>" shall include the feminine and neuter, as well as the masculine, genders.

"<u>Investment Adviser</u>" means the party, other than the Trust, to the contract described in Section 3.2 hereof.

"<u>Person</u>" means and includes individuals, corporations, partnerships, trusts, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

"<u>Series</u>" individually or collectively means the separate Series of New York Life Investments Funds as may be established and designated from time to time by the Trustees pursuant to Section 5.11 hereof. Unless the context otherwise requires, the term "Series" shall include Classes into which shares of the Trust, or of a Series, may be divided from time to time.

"<u>Shareholder</u>" means record owner of Outstanding Shares.

"<u>Shares</u>" means the equal proportionate units of interest into which the beneficial interest in the Trust shall be divided from time to time, including the Shares of any and all Series and Classes which may be established by the Trustees, and includes fractions of Shares as well as whole Shares. "Outstanding" Shares means those Shares shown from time to time on the books of the Trust or its Transfer Agent as then issued and outstanding, but shall not include Shares which have been redeemed or repurchased by the Trust and which are at the time held in the Treasury of the Trust.

"<u>Transfer Agent</u>" means any Person other than the Trust who maintains the Shareholder records of the Trust such as the list of Shareholders, the number of Shares credited to each account, and the like.

"<u>Trust</u>" means New York Life Investments Funds.

------

"<u>Trust Property</u>" means any and all property, real or personal tangible or intangible, which is owned or held by or for the account of the Trust or the Trustees.

The "<u>Trustees</u>" means the person who has signed this Declaration, so long as he shall continue in office in accordance with the terms hereof, and all other persons who may from time to time be duly elected, qualified and serving as Trustees in accordance with the provisions of Article II hereof, and reference herein to a Trustee or the Trustees shall refer to such person or persons in this capacity or their capacities as trustees hereunder.

<br>TRUSTEES

<u>General Powers</u>. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees shall have power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the Commonwealth of Massachusetts, in any and all states of the United States of America, in the District of Columbia and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust, although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees.

The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

<u>Investments</u>. The Trustees shall have the power:

To operate as and carry on the business of an investment company, and exercise all the powers necessary and appropriate to the conduct of such operations.

To invest in, hold for investment, or reinvest in, securities, including common and preferred stocks; warrants; bonds, debentures, bills, time notes and all other evidences of indebtedness; negotiable or non-negotiable instruments; government securities, including securities of any state, municipality or other political subdivision thereof, or any governmental or quasi-governmental agency or instrumentality; and money market instruments including bank certificates of deposit, finance paper, commercial paper, bankers' acceptances and all kinds of repurchase agreements, of any corporation, company, trust, association, firm or other business organization however established, and of any country, state, municipality or other political subdivision, or any governmental or quasi-governmental agency or instrumentality.

To acquire (by purchase, subscription or otherwise), to hold, to trade in and deal in, to acquire any rights or options to purchase or sell, to sell or otherwise dispose of, to lend, to pledge any such securities and repurchase agreements, and to enter into futures contracts and options on futures contracts of all descriptions.

------

To exercise all rights, powers and privileges of ownership or interest in all securities and repurchase agreements included in the Trust Property, including the right to vote thereon and otherwise act with respect thereto and to do all acts for the preservation, protection, improvement and enhancement in value of all such securities and repurchase agreements.

To acquire (by purchase, lease or otherwise) and to hold, use, maintain, develop and dispose of (by sale or otherwise) any property, real or personal, including cash, and any interest therein.

To borrow money and in this connection issue notes or other evidence of indebtedness; to secure borrowings by mortgaging, pledging or otherwise subjecting as security the Trust Property; to endorse, guarantee, or undertake the performance of any obligation or engagement of any other Person and to lend Trust Property.

To aid by further investment any corporation, company, trust, association or firm, any obligation of or interest in which is included in the Trust Property or in the affairs of which the Trustees have any direct or indirect interest; to do all acts and things designed to protect, preserve, improve or enhance the value of such obligation or interest; to guarantee or become surety on any or all of the contracts, stocks, bonds, notes, debentures and other obligations of any such corporation, company, trust, association or firm.

To enter into a plan or distribution and any related agreements whereby the Trust may finance directly or indirectly any activity which is primarily intended to result in the sale of Shares.

In general to carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power hereinbefore set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid business or purposes, objects or powers.

The foregoing clauses shall be construed both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Trustees.

The Trustees shall not be limited to investing in obligations maturing before the possible termination of the Trust, nor shall the Trustees be limited by any law limiting the investments which may be made by fiduciaries.

<u>Legal Title</u>. Legal title to all the Trust Property shall be vested in the Trustees as joint tenants except that the Trustees shall have power to cause legal title to any Trust

Property to be held by or in the name of one or more of the Trustees, or in the name of the Trust or any Series of the Trust, or in the name of any other Person as nominee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is deemed appropriately protected. The right, title and interest of the Trustees in the Trust Property shall vest automatically in each Person who may hereafter become a Trustee. Upon the termination of the term of office, resignation, removal or death of a Trustee he shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

------

<u>Issuance and Repurchase of Securities</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in Shares and, subject to the provisions set forth in Articles VI and VII and Section 5.11 hereof, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property of the Trust, whether capital or surplus or otherwise, to the full extent now or hereafter permitted by the laws of the Commonwealth of Massachusetts governing business corporations.

<u>Delegation; Committees</u>. The Trustees shall have power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things and the execution of such instruments either in the name of the Trust or any Series of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient, to the same extent as such delegation is permitted by the 1940 Act.

<u>Collection and Payment</u>. Subject to Section 5.11 hereof, the Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property; to prosecute, defend, compromise or abandon any claims relating to the Trust Property; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

<u>Expenses</u>. Subject to Section 5.11 hereof, the Trustees shall have the power to incur and pay any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees.

<u>Manner of Acting; By-laws</u>. Except as otherwise provided herein or in the By-laws, any action to be taken by the Trustees may be taken by a majority of the Trustees present at a meeting of Trustees (a quorum being present), including any meeting held by means of a conference telephone circuit or similar communications equipment by means of which all persons participating in the meeting can hear each other, or by written consents of the entire number of Trustees then in office. The Trustees may adopt By-laws not inconsistent with this Declaration to provide for the conduct of the business of the Trust and may amend or repeal such By-laws to the extent such power is not reserved to the Shareholders.

Notwithstanding the foregoing provisions of this Section 2.8 and in addition to such provisions or any other provision of this Declaration or of the By-laws, the Trustees may by resolution appoint a committee consisting of less than the whole number of Trustees then in office, which committee may be empowered to act for and bind the Trustees and the Trust, as if the acts of such committee were the acts of all the Trustees then in office, with respect to the institution, prosecution, dismissal, settlement, review or investigation of any actions suit or proceeding which shall be pending or threatened to be brought before any court, administrative agency or other adjudicatory body.

<u>Miscellaneous Powers</u>. Subject to Section 5.11 hereof, the Trustees shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust or any Series thereof; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) remove Trustees or fill vacancies in or add to their number, elect and remove such officers and appoint and terminate such agents or employees as they consider appropriate, and appoint from their own number, and terminate, any one or more committees which may exercise some or all of the power and authority of the Trustees as the Trustees may determine; (d) purchase, and pay for out of Trust Property or the Property of the appropriate Series of the Trust, insurance policies insuring the Shareholders, Trustees,

------

officers, employees, agents, investment advisers, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (e) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (f) to the extent permitted by law, indemnify any person with whom the Trust or any series thereof has dealings, including the Investment Adviser, Distributor, Transfer Agent and selected dealers, to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; (h) determine and change the fiscal year of the Trust or any Series thereof and the method by which its accounts shall be kept; and (i) adopt a seal for the Trust but the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.

<u>Principal Transactions</u>. Except in transactions not permitted by the 1940 Act or rules and regulations adopted by the Commission, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to, or lend any assets of the Trust or any Series thereof to, any Trustee or officer of the Trust or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with the Investment Adviser, Distributor or Transfer Agent or with any Interested Person of such Person; and the Trust or a Series thereof may employ any such Person, or firm or company in which such Person is an Interested Person, as broker, legal counsel, registrar, transfer agent, dividend disbursing agent or custodian upon customary terms.

<u>Number of Trustees</u>. The number of Trustees shall initially be one (1), and thereafter shall be such number as shall be fixed from time to time by a written instrument signed by a majority of the Trustees, provided, however, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15).

<u>Election and Term</u>. Except for the Trustees named herein or appointed to fill vacancies pursuant to Section 2.14 hereof, the Trustees shall be elected by the Shareholders owning of record a plurality of the Shares voting at a meeting of Shareholders on a date fixed by the Trustees. Except in the event of resignation or removals pursuant to Section 2.13 hereof, each Trustee shall hold office until such time as less than a majority of the Trustees holding office have been elected by Shareholders. In such event the Trustees then in office will call a Shareholders' meeting for the election of Trustees. Except for the foregoing circumstances, the Trustees shall continue to hold office and may appoint successor Trustees.

<u>Resignation and Removal</u>. Any Trustee may resign his trust (without need for prior or subsequent accounting) by an instrument in writing signed by him and delivered to the other Trustees and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than one) with cause, by the action of two-thirds of the remaining Trustees. Any Trustee may be removed at any meeting of Shareholders by vote of two thirds of the Outstanding Shares. The Trustees shall promptly call a meeting of the shareholders for the purpose of voting upon the question of removal of any such Trustee or Trustees when requested in writing so to do by the holders of not less than ten percent of the Outstanding Shares and, in that connection, the Trustees will assist shareholder communications to the extent provided for in Section 16(c) under the 1940 Act. Upon the resignation or removal of a Trustee, or his otherwise ceasing to be a Trustee, he shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of the resigning or removed Trustee. Upon the incapacity or death of any

------

Trustee, his legal representative shall execute and deliver on his behalf such documents as the remaining Trustees shall require as provided in the preceding sentence.

<u>Vacancies</u>. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of his death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee. No such vacancy shall operate to annul the Declaration or to revoke any existing agency created pursuant to the terms of the Declaration. In the case of an existing vacancy, including a vacancy existing by reason of an increase in the number of Trustees, subject (but only after the Trust's initial registration statement under the Securities Act of 1933 shall have become effective) to the provisions of Section 16(a) of the 1940 Act, the remaining Trustees shall fill such vacancy by the appointment of such other person as they in their discretion shall see fit, made by a written instrument signed by a majority of the Trustees then in office. Any such appointment shall not become effective, however, until the person named in the written instrument of appointment shall have accepted in writing such appointment and agreed in writing to be bound by the terms of the Declaration. An appointment of a Trustee may be made in anticipation of a vacancy to occur at a later date by reason of retirement, resignation or increase in the number of Trustees, provided that such appointment shall not become effective prior to such retirement, resignation or increase in the number of Trustees. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as provided in this Section 2.14, the Trustees in office, regardless of their numbers shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by the Declaration. A written instrument certifying the existence of such vacancy signed by a majority of the Trustees in office shall be conclusive evidence of the existence of such vacancy.

<u>Delegation of Power to Other Trustees</u>. Any Trustee may, by power of attorney, delegate his power for a period not exceeding six (6) months at any one time to any other Trustee or Trustees; provided that in no case shall fewer than two (2) Trustees personally exercise the powers granted to the Trustees under this Declaration except as herein otherwise expressly provided.

<u>Additional Provisions.</u> The By-Laws may include further provisions with regard to the establishment of an advisory board of the Trust, the appointment of advisory board members, and such advisory board members' rights, responsibilities, compensation, liability, indemnification, insurance and any other related matters as the Trustees in their sole discretion may determine.

<br>CONTRACTS

<u>Underwriting Contract</u>. The Trustees may in their discretion from time to time enter into an exclusive or non-exclusive underwriting contract or contracts providing for the sale of the Shares to net the Trust or the applicable Series of the Trust not less than the amount provided for in Section 7.1 of Article VII hereof, whereby the Trustees may either agree to sell the Shares to the other party to the contract or appoint such other party their sales agent for the Shares, and in either case on such terms and conditions as may be prescribed in the By-laws, if any, and such further terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article III or of the By-laws; and such contract may also provide for the repurchase of the Shares by such other party as agent of the Trustees.

<u>Advisory or Management Contract</u>. The Trustees may in their discretion from time to time enter into an investment advisory contract or, if the Trustees establish multiple series, separate investment

------

advisory contracts with respect to each Series, whereby the other party, to such contract or contracts shall undertake to manage the investment operations of one or more Series of the Trust and the compositions of the portfolios of such Series, including the purchase, retention and disposition thereof, in accordance with the investment objectives, policies and restrictions and all upon such terms and conditions as the Trustees may in their discretion determine, including the grant of authority to such other party to determine what securities shall be purchased or sold by the Trust or the applicable Series of the Trust and what portion of its assets shall be uninvested, which authority shall include the power to make changes in the Trust's investments.

<u>Administration Agreement</u>. The Trustees may in their discretion from time to time enter into an administration contract or, if the Trustees establish multiple series, separate administration contracts with respect to each Series, whereby the other party to such contract shall undertake to manage the business affairs of the Trust or a Series of the Trust and furnish the Trust or a Series thereof office facilities, and shall be responsible for the financial and accounting records to be maintained by the Trust or a Series thereof (including those being maintained by the Trust's custodian) other than those being maintained by the Investment Adviser of the Trust or a Series thereof, and ordinary clerical, bookkeeping and record keeping services at such office facilities, and other facilities and services, if any, and all upon such terms and conditions as the Trustees may in their discretion determine.

<u>Affiliations of Trustees or Officers, Etc</u>. The fact that:

any of the Shareholders, Trustees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, adviser or distributor of or for any partnership, corporation, trust, association or other organization or of or for any parent or affiliate of any organization, with which a contract of the character described in Sections 3.1, 3.2 or 3.3 above or for services as Custodian, Transfer Agent or disbursing agent or for related services may have been or may hereafter be made, or that any such organization, or any parent or affiliate thereof, is a Shareholder of or has an interest in the Trust, or that

any partnership, corporation, trust, association or other organization with which a contract of the character described in Sections 3.1, 3.2 or 3.3 above or for services as Custodian, Transfer Agent or disbursing agent or for related services may have been or may hereafter be made also has any one or more of such contracts with one or more other partnerships, corporations, trusts, associations or other organizations, or has other business or interests shall not affect the validity of any such contract or disqualify any Shareholder, Trustee or officer of the Trust from voting upon or executing the same or create any liability or accountability to this Trust or its Shareholders.

<u>Compliance with 1940 Act</u>. Any contract entered into pursuant to Sections 3.1 or 3.2 shall be consistent with and subject to the requirements of Section 15 of the 1940 Act with respect to its continuance in effect, its termination and the method of authorization and approval of such contract or renewal thereof.

<br>LIMITATIONS OF LIABILITY OF SHAREHOLDERS,

<u>TRUSTEES AND OTHERS</u>

No Personal Liability of Shareholders Trustees, Etc. No Shareholder shall be subject to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. No Trustee, officer, employee or agent of the Trust shall be subject to any personal liability

------

whatsoever to any Person, other than to the Trust or its Shareholders, in connection with Trust Property or the affairs of the Trust, save only that arising from bad faith, willful misfeasance, gross negligence or reckless disregard of his duties with respect to such Person; and all such Persons shall look solely to the Trust Property, or to Property of one or more specific Series of the Trust if the claim arises from the conduct of such Trustee, officer, employee or agent with respect to only such Series, for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee, officer, employee, or agent, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability of the Trust, he shall not, on account thereof, be held to any personal liability. The Trust shall indemnify and hold each Shareholder harmless from and against all claims and liabilities, to which such Shareholder may become subject by reason of his being or having been a Shareholder, and shall reimburse such Shareholder out of the Trust Property for all legal and other expenses reasonably incurred by him in connection with any such claim or liability. Indemnification and reimbursement required by the preceding sentence shall be made only out of assets of the one or more Series whose shares were held by said Shareholder at the time the act or event occurred which gave rise to the claim against or liability of said Shareholder. The rights accruing to a Shareholder under this Section 4.1 shall not exclude any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein.

<u>Non-Liability of Trustees, Etc</u>. No Trustee, officer, employee or agent of the Trust shall be liable to the Trust, its Shareholders, or to any Shareholder, Trustee, officer, employee, or agent thereof for any action or failure to act (including without limitation the failure to compel in any way any former or acting Trustee to redress any breach of trust) except for his own bad faith, willful misfeasance, gross negligence or reckless disregard of the duties involved in the conduct of his office.

<u>Mandatory Indemnification</u>. (a) Subject to the exceptions and limitations contained in paragraph (b) below:

every person who is, or has been, a Trustee or officer of the Trust shall be indemnified by the Trust, or by one or more Series thereof if the claim arises from his or her conduct with respect to only such Series, to the fullest extent permitted by law against all liability and against all expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding in which he becomes involved as a party or otherwise by virtue of his being or having been a Trustee or officer and against amounts paid or incurred by him in the settlement thereof;

the words "claim," "action," "suit," or "proceeding" shall apply to all claims, actions, suits or proceedings (civil, criminal, or other, including appeals), actual or threatened; and the words "liability" and "expenses" shall include, without limitation, attorneys ' fees, costs, judgments, amounts paid in settlement, fines, penalties and other liabilities.

No indemnification shall be provided hereunder to a Trustee or officer:

against any liability to the Trust or a Series thereof or the Shareholders by reason of a final adjudication by a court or other body before which a proceeding was brought that he engaged in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office:

------

with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or a Series thereof:

in the event of a settlement or other disposition not involving a final adjudication as provided in paragraph (b)(i) or (b) (ii) resulting in a payment by a Trustee or officer, unless there has been a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) by the court or other body approving the settlement or other disposition; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) based upon a review of readily available facts (as opposed to a full trial-type inquiry) by (x) vote of a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees then in office act on the matter) or (y) written opinion of independent legal counsel.

The rights of indemnification herein provided may be insured against by policies maintained by the Trust, shall be severable, shall not affect any other rights to which any Trustee or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such Trustee or officer and shall inure to the benefit of the heirs, executors, administrators and assigns of such a person. Nothing contained herein shall affect any rights to indemnification to which personnel of the Trust other than Trustees and officers may be entitled by contract or otherwise under law.

Expenses of preparation and presentation of a defense to any claim, actions suit or proceeding of the character described in paragraph (a) of this Section 4.3 may be advanced by the Trust or a Series thereof prior to final disposition thereof upon receipt of an undertaking by or on behalf of the recipient to repay such amount if it is ultimately determined that he is not entitled to indemnification under this Section 4.3, provided that either:

such undertaking is secured by a surety bond or some other appropriate security provided by the recipient, or the Trust or Series thereof shall be insured against losses arising out of any such advances; or

a majority of the Non-interested Trustees acting on the matter (provided that a majority of the Non-interested Trustees act on the matter) or an independent legal counsel in a written opinion shall determine, based upon a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification.

As used in this Section 4.3, a "Non-interested Trustee" is one who is not (i) an "Interested Person" of the Trust (including anyone who has been exempted from being an "Interested Person" by any rule, regulation or order of the Commission), or (ii) involved in the claim, action, suit or proceeding.

<u>No Bond Required of Trustees</u>. No Trustee shall be obligated to give any bond or other security for the performance of any of his duties hereunder.

<u>No Duty of Investigation; Notice in Trust Instruments, Etc</u>. No purchaser, lender, transfer agent or other Person dealing with the Trustees or any officer, employee or agent of the Trust or a Series thereof

------

shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, instrument, certificate, Share, other security of the Trust or a Series thereof or undertaking, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively presumed to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust or a Series thereof. Every written obligation, contract, instrument, certificate, Share, other security of the Trust or a Series thereof or undertaking made or issued by the Trustees may recite that the same is executed or made by them not individually, but as Trustees under the Declaration, and that the obligations of the Trust or a Series thereof under any such instrument are not binding upon any of the Trustees or Shareholders individually, but bind only the Trust Property or the Trust Property of the applicable Series, and may contain any further recital which they or he may deem appropriate, but the omission of such recital shall not operate to bind the Trustees individually. The Trustees shall at all times maintain insurance for the protection of the Trust Property or the Trust Property of the applicable Series, its Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable.

<u>Reliance on Experts, Etc.</u> Each Trustee and officer of the Trust or employee of the Trust or a Series thereof shall, in the performance of his duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust or a Series thereof, upon an opinion of counsel, or upon reports made to the Trust or a Series thereof by any of its officers or employees or by the Investment Adviser, the Administrator, the Distributor, Transfer Agent, selected dealers, accountants, appraisers or other experts or consultants selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.

<br>SHARES OF BENEFICIAL INTEREST

<u>Beneficial Interest.</u> The interest of the beneficiaries hereunder shall be divided into transferable shares of beneficial interest, all of one class, except as provided in Section 5.11 and Section 5.12 hereof, par value $.01 per share. The number of shares of beneficial interest authorized hereunder is unlimited. All Shares issued hereunder including, without limitation, Shares issued in connection with a dividend in Shares or a split of Shares, shall be fully paid and non-assessable.

<u>Rights of Shareholders</u>. The ownership of the Trust Property of every description and the right to conduct any business hereinbefore described are vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights, except as the Trustees may determine with respect to any Series of Shares.

------

<u>Trust Only.</u> It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

<u>Issuance of Shares</u>. The Trustees in their discretion may, from time to time without vote of the Shareholders, issue Shares, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times and on such terms as the Trustees may deem best, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. In connection with any issuance of Shares, the Trustees may issue fractional Shares and Shares held in the treasury. The Trustees may from time to time divide or combine the Shares of the Trust or, if the Shares be divided into Series, of any series of the Trust, into a greater or lesser number without thereby changing the proportionate beneficial interests in the Trust or in the Trust Property allocated or belonging to such Series. Contributions to the Trust or Series thereof may be accepted for, and Shares shall be redeemed as, whole Shares and/or 1/1,000ths of a Share or integral multiples thereof.

<u>Register of Shares</u>. A register shall be kept at the principal office of the Trust or an office of the Transfer Agent which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Such register shall be conclusive as to who are the holders of the Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein or in the By- laws provided, until he has given his address to the Transfer Agent or such other officer or agent of the Trustees as shall keep the said register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate rules and regulations as to their use.

<u>Transfer of Shares</u>. Shares shall be transferable on the records of the Trust only by the record holder thereof or by his agent thereunto duly authorized in writing, upon delivery to the Trustees or the Transfer Agent of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters as may reasonably be required. Upon such delivery the transfer shall be recorded on the register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereunder and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or the Transfer Agent, but until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereunder and neither the Trustees nor any Transfer Agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

------

<u>Notices</u>. Any and all notices to which any Shareholder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the register of the Trust.

A notice of a meeting, an annual report and any other communication to Shareholders need not be sent to a Shareholder (i) if an annual report and a proxy statement for two consecutive Shareholder meetings have been mailed to such Shareholder 's address and have been returned as undeliverable, (ii) if all, and at least two, checks (if sent by first class mail) in payment of dividends on Shares during a twelve-month period have been mailed to such Shareholder 's address and have been returned as undeliverable or (iii) in any other case in which a proxy statement concerning a meeting of security holders is not required to be given pursuant to the Commission 's proxy rules as from time to time in effect under the Securities Exchange Act of 1934, provided in all cases that such notice of meeting, annual report or other communication is not required to be sent or delivered to the Shareholder pursuant to any other provision of the federal securities laws. However, delivery of such proxy statements, annual reports and other communications shall resume if and when the Shareholder delivers or causes to be delivered to the Trust written notice setting forth such Shareholder's then-current address.

<u>Treasury Shares</u>. Shares held in the treasury shall, until resold pursuant to Section 5.4, not confer any voting rights on the Trustees, nor shall such Shares be entitled to any dividends or other distributions declared with respect to the Shares.

<u>Voting Powers</u>. The Shareholders shall have power to vote only (i) for the election and removal of Trustees as provided in Sections 2.12 and 2.13; (ii) with respect to any investment advisory contract entered into pursuant to Section 3.2; (iii) with respect to termination of the Trust or a Series thereof as provided in Section 8.2; (iv) with respect to any amendment of this Declaration to the extent and as provided in Section 8.3; (v) with respect to any merger, consolidation or sale of assets as provided in Section 8.4; (vi) with respect to incorporation of the Trust to the extent and as provided in Section 8.5; (vii) to the same extent as the stockholders of a Massachusetts business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or a Series or Class thereof or the Shareholders thereof (provided, however, that a Shareholder of a particular Series or Class shall not be entitled to bring or maintain a derivative or class action on behalf of any other Series or Class); (viii) with respect to any plan adopted pursuant to Rule 12b-1 (or any successor rule) under the 1940 Act, and related matters; (ix) with respect to such additional matters relating to the Trust as may be required by this Declaration, the By-laws or any registration of the Trust as an investment company under the 1940 Act with the Commission (or any successor agency) or as the Trustees may consider necessary or desirable. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote, except that the Trustees may, in connection with the establishment of any Series or Class of Shares, establish or reserve the right to establish conditions under which the several Series or Classes shall have separate voting rights or, if a Series or Class would not, in the sole judgment of the Trustees, be materially affected by a proposal, no voting rights. If separate Series of Shares are established, Shares shall be voted by individual Series on any matter submitted to a vote of Shareholders of the Trust except as provided in Section 5.11(f) hereof. There shall be no cumulative voting in the election of Trustees. Until Shares are issued, the Trustees may exercise all rights of Shareholders and may take any action required by law, this Declaration or the By-laws to be taken by Shareholders. The By-laws may include further provisions for Shareholders' votes and meetings and related matters.

------

<u>Meetings of Shareholders</u>. Meetings of the Shareholders of the Trust may be called at any time by the President, and shall be called by the President or the Secretary at the request, in writing or by resolution, of a majority of the Trustees, or at the written request of the holder or holders of ten percent (10%) or more of the total number of Shares then issued and outstanding of the Trust entitled to vote at such meeting. Meetings of the Shareholders of any Series of the Trust shall be called by the President or the Secretary at the written request of the holder or holders of ten percent (10%) or more of the total number of Shares then issued and outstanding of such Series of the Trust entitled to vote at such meeting. Any such request shall state the purpose of the proposed meeting.

<u>Series Designation</u>. The Trustees, in their discretion, may authorize the division of Shares into two or more Series, and the different Series shall be established and designated and the variations in the relative rights and preferences as between the different Series shall be fixed and determined, by the Trustees; provided, that all Shares shall be identical except that there may be variations so fixed and determined between different Series as to investment objective, purchase price, right of redemption, special and relative rights as to dividends and on liquidation, conversion rights, and conditions under which the several Series shall have separate voting rights, all of which are subject to the limitations set forth below. All references to Shares in this Declaration shall be deemed to be shares of any or all Series as the context may require.

If the Trustees shall divide the Shares of the Trust into two or more Series, the following provisions shall be applicable:

The number of authorized Shares and the number of Shares of each Series that may be issued shall be unlimited. The Trustees may classify or reclassify any unissued Shares or any Shares previously issued and reacquired of any Series into one or more Series that may be established and designated from time to time. The Trustees may hold as treasury shares (of the same or some other Series), reissue for such consideration and on such terms as they may determine, or cancel any Shares of any Series reacquired by the Trust at their discretion from time to time.

All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof, including any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably belong to that Series for all purposes, subject only to the rights of creditors of such Series and except as may otherwise be required by applicable tax laws, and shall be so recorded upon the books of account of the Trust. In the event that there are any assets, income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable as belonging to any particular Series, the Trustees shall allocate them among any one or more of the Series established and designated from time to time in such manner and on such basis as they, in their sole discretion, deem fair and equitable. Each such allocation by the Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes. No holder of Shares of any Series shall have any claim on or right to any assets allocated or belonging to any other Series.

The assets belonging to each particular Series shall be charged with the liabilities of the Trust in respect of that Series and all expenses, costs, charges and reserves attributable to that Series, and any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as belonging to any particular Series shall be allocated and charged by the Trustees to and among any one or more of the Series established and designated from time to time in such manner and on such basis as the Trustees in their sole discretion deem fair and equitable. Each allocation of liabilities, expenses, costs,

------

charges and reserves by the Trustees shall be conclusive and binding upon the holders of all Series for all purposes. The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items are capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders. The assets of a particular Series of the Trust shall, under no circumstances, be charged with liabilities attributable to any other Series of the Trust. All persons extending credit to, or contracting with or having any claim against a particular Series of the Trust shall look only to the assets of that particular Series for payment of such credit, contract or claim.

The power of the Trustees to pay dividends and make distributions shall be governed by Section 7.2 of this Declaration with respect to any one or more Series or classes which represents the interests in the assets of the Trust immediately prior to the establishment of two or more Series or classes. With respect to any other Series or class, dividends and distributions on Shares of a particular Series or class may be paid with such frequency as the Trustees may determine, which may be daily or otherwise, pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Trustees may determine, to the holders of Shares of that Series or class, from such of the income and capital gains, accrued or realized, from the assets belonging to that Series or class, as the Trustees may determine, after providing for actual and accrued liabilities belonging to that Series or class. All dividends and distributions on Shares of a particular Series or class shall be distributed pro rata to the Shareholders of that Series or class in proportion to the number of Shares of that Series or class held by such Shareholders at the time of record established for the payment of such dividends or distribution.

Each Share of a Series of the Trust shall represent a beneficial interest in the net assets of such Series. Each holder of Shares of a Series shall be entitled to receive his pro rata share of distributions of income and capital gains made with respect to such Series. Upon redemption of his Shares or indemnification for liabilities incurred by reason of his being or having been a Shareholder of a Series, such Shareholder shall be paid solely out of the funds and property of such Series of the Trust. Upon liquidation or termination of a Series of the Trust, Shareholders of such Series shall be entitled to receive a pro rata share of the net assets of such Series. A Shareholder of a particular series of the Trust shall not be entitled to participate in a derivative or class action on behalf of any other Series or the Shareholders of any other Series of the Trust.

Notwithstanding any other provision hereof, on any matter submitted to a vote of Shareholders of the Trust, all Shares then entitled to vote shall be voted by individual Series, except for the election of Trustees and except to the extent the 1940 Act or Rule 18f-2 or any successor rule thereunder requires that Shares be voted in the aggregate and not by individual Series. Except as otherwise provided in this Article V, the Trustees shall have the power to determine the designations, preferences, privileges, limitations and rights, including voting and dividend rights, of each class and Series of Shares.

The establishment and designation of any Series of Shares shall be effective upon the execution by a majority of the then Trustees of an instrument setting forth such establishment and designation and the relative rights and preferences of such Series, or as otherwise provided in such instrument. Each instrument referred to in this section shall have the status of an amendment to this Declaration.

<u>Class Designation</u>. The Trustees, in their discretion, may authorize the division of the Shares of the Trust, or, if any Series be established, the Shares of any Series, into two or more Classes, and the different Classes shall be established and designated, and the variations in the relative rights and preferences as between the different Classes shall be fixed and determined, by the Trustees; provided, that all Shares of the Trust or of any Series shall be identical to all other Shares of the Trust or the same Series, as the case may

------

be, except that there may be variations between different classes as to allocation of expenses, right of redemption, special and relative rights as to dividends and on liquidation, conversion rights and conditions under which the several classes shall have separate voting rights. All references to Shares in this Declaration shall be deemed to be Shares of any or all Classes as the context may require.

If the Trustees shall divide the Shares of the Trust or any Series into two or more Classes, the following provisions shall be applicable:

All provisions herein relating to the Trust, or any Series of the Trust, shall apply equally to each Class of Shares of the Trust or of any Series of the Trust, except as the context requires otherwise.

The number of Shares of each Class that may be issued shall be unlimited. The Trustees may classify or reclassify any unissued Shares of the Trust or any Series or any Shares previously issued and reacquired of any Class of the Trust or of any Series into one or more Classes that may be established and designated from time to time. The Trustees may hold as treasury Shares (of the same or some other Class), reissue for such consideration and on such terms as they may determine, or cancel any Shares of any Class reacquired by the Trust at their discretion from time to time.

Liabilities, expenses, costs, charges and reserves related to the distribution of, and other identified expenses that should properly be allocated to, the Shares of a particular Class may be charged to and borne solely by such Class and the bearing of expenses solely by a Class of Shares may be appropriately reflected (in a manner determined by the Trustees) and cause differences in the net asset value attributable to, and the dividend, redemption and liquidation rights of, the Shares of different Classes. Each allocation of liabilities, expenses, costs, charges and reserves by the Trustees shall be conclusive and binding upon the Shareholders of all Classes for all purposes.

The establishment and designation of any Class of Shares shall be effective upon the execution of a majority of the then Trustees of an instrument setting forth such establishment and designation and the relative rights and preferences of such Class, or as otherwise provided in such instrument. The Trustees, may, by an instrument executed by a majority of their number, abolish any Class and the establishment and designation thereof. Each instrument referred to in this paragraph shall have the status of an amendment to this Declaration.

<br>REDEMPTION AND REPURCHASE OF SHARES

<u>Redemption of Shares</u>. All Shares of the Trust shall be redeemable, at the redemption price determined in the manner set out in this Declaration. Redeemed or repurchased Shares may be resold by the Trust.

The Trust shall redeem the Shares of the Trust or any Series thereof at the price determined as hereinafter set forth, upon the appropriately verified written application of the record holder thereof (or upon such other form of request as the Trustees may determine) at such office or agency as may be designated from time to time for that purpose by the Trustees. The Trustees may from time to time specify additional conditions, not inconsistent with the 1940 Act, regarding the redemption of Shares in the Trust's then effective prospectus under the Securities Act of 1933.

------

<u>Price</u>. Shares shall be redeemed at their net asset value determined as set forth in Section 7.1 hereof as of such time as the Trustees shall have theretofore prescribed by resolution. In the absence of such resolution, the redemption price of Shares deposited shall be the net asset value of such Shares next determined as set forth in Section 7.1 hereof after receipt of such application.

<u>Payment</u>. Payment of the redemption price of Shares of the Trust or any Series thereof shall be made in cash or in property to the Shareholder at such time and in the manner, not inconsistent with the 1940 Act or other applicable laws, as may be specified from time to time in the Trust's then effective prospectus under the Securities Act of 1933, subject to the provisions of Section 6.4 hereof.

<u>Effect of Suspension of Determination of Net Asset Value</u>. If, pursuant to Section 6.9 hereof, the Trustees shall declare a suspension of the determination of net asset value with respect to Shares of the Trust or any Series thereof, the rights of Shareholders (including those who shall have applied for redemption pursuant to Section 6.1 hereof but who shall not yet have received payment) to have Shares redeemed and paid for by the Trust or a Series thereof shall be suspended until the termination of such suspension is declared. Any record holder who shall have his redemption right so suspended may, during the period of such suspension, by appropriate written notice of revocation at the office or agency where application was made, revoke any application for redemption not honored and withdraw any certificates on deposit. The redemption price of Shares for which redemption applications have not been revoked shall be the net asset value of such Shares next determined as set forth in Section 7.1 after the termination of such suspension, and payment shall be made within seven (7) days after the date upon which the application was made plus the period after such application during which the determination of net asset value was suspended.

<u>Repurchase by Agreement</u>. The Trust may repurchase Shares directly, or through the Distributor or another agent designated for the purpose, by agreement with the owner thereof at a price not exceeding the net asset value per share determined as of the time when the purchase or contract of purchase is made or the net asset value as of any time which may be later determined pursuant to Section 7.1 hereof, provided payment is not made for the Shares prior to the time as of which such net asset value is determined.

<u>Redemption of Shareholder's Interest</u>. The Trust shall have the right at any time without prior notice to the Shareholder to redeem Shares of any Shareholder for their then current net asset value per Share if at such time the Shareholder owns Shares of any Series having an aggregate net asset value per Series of less than $1,000 subject to such terms and conditions as the Trustees may approve, and subject to the Trust's giving general notice to all Shareholders of its intention to avail itself of such right, either by publication in the Trust 's prospectus, if any, or by such other means as the Trustees may determine. The Trust shall have the right at any time, with or without prior notice to the Shareholder, to redeem Shares of any Shareholder for their then current net asset value per Share as the Trustees may deem necessary or appropriate to comply with federal laws or regulations that may be applicable to the Trust or a Series or the Shares thereof.

<u>Redemption of Shares in order to Qualify as Regulated Investment Company</u>; Disclosure of Holding. If the Trustees shall, at any time and in good faith, be of the opinion that direct or indirect ownership of Shares or other securities of the Trust has or may become concentrated in any Person to an extent which would disqualify the Trust or any Series of the Trust as a regulated investment company under the Internal Revenue Code, then the Trustees shall have the power by lot or other means deemed equitable by them (i) to call for redemption by any such Person a number, or principal amount, of Shares or other securities of the Trust or any Series of the Trust sufficient to maintain or bring the direct or indirect

------

ownership of Shares or other securities of the Trust or any Series of the Trust into conformity with the requirements for such qualification and (ii) to refuse to transfer or issue Shares or other securities of the Trust or any Series of the Trust to any Person whose acquisition of the Shares or other securities of the Trust or any Series of the Trust in question would result in such disqualification. The redemption shall be effected at the redemption price and in the manner provided in Section 6.1.

The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Internal Revenue Code, or to comply with the requirements of any other taxing authority.

<u>Reductions in Number of Outstanding Shares Pursuant to Net Asset Value Formula</u>. The Trust may also reduce the number of outstanding Shares of the Trust or of any Series of the Trust pursuant to the provisions of Section 7.3.

<u>Suspension of Right of Redemption</u>. The Trust may declare a suspension of the right of redemption or postpone the date of payment or redemption for the whole or any part of any period (i) during which the New York Stock Exchange is closed other than customary weekend and holiday closings, (ii) during which trading on the New York Stock Exchange is restricted, (iii) during which an emergency exists as a result of which disposal by the Trust or a Series thereof of securities owned by it is not reasonably practicable or it is not reasonably practicable for the Trust or a Series thereof fairly to determine the value of its net assets, or (iv) during any other period when the Commission may for the protection of security holders of the Trust by order permit suspension of the right of redemption or postponement of the date of payment or redemption; provided that applicable rules and regulations of the Commission shall govern as to whether the conditions prescribed in (ii), (iii), or (iv) exist. Such suspension shall take effect at such time as the Trust shall specify but not later than the close of business on the business day next following the declaration of suspension, and thereafter there shall be no right of redemption or payment on redemption until the Trust shall declare the suspension at an end, except that the suspension shall terminate in any event on the first day on which said stock exchange shall have reopened or the period specified in (ii) or (iii) shall have expired (as to which in the absence of an official ruling by the Commission, the determination of the Trust shall be conclusive). In the case of a suspension of the right of redemption, a Shareholder may either withdraw his request for redemption or receive payment based on the net asset value existing after the termination of the suspension.

<br>DETERMINATION OF NET ASSET VALUE, NET INCOME AND DISTRIBUTIONS

<u>Net Asset Value</u>. The value of the assets of the Trust or of any Series of the Trust may be determined on the basis of the amortized cost of such securities, by appraisal of the securities owned by the Trust or of any Series of the Trust, or by such other method as shall be deemed to reflect the fair value thereof, determined in good faith by or under the direction of the Trustees. From the total value of said assets, there shall be deducted all indebtedness, interest, taxes, payable or accrued, including estimated taxes on unrealized book profits, expenses and management charges accrued to the appraisal date, net income determined and declared as a distribution and all other items in the nature of liabilities which shall be deemed appropriate, as incurred by or allocated to any Series or Class thereof of the Trust. The resulting amount which shall represent the total net assets of the Trust or Series or Class thereof shall be divided by the number of Shares of the Trust or Series or Class thereof outstanding at the time and the quotient so obtained shall be deemed to be the net asset value of the Shares of the Trust or Series or Class thereof. The

------

net asset value of the Shares shall be determined at least once on each business day, as of the close of trading on the New York Stock Exchange or as of such other time or times as the Trustees shall determine. The power and duty to make the daily calculations may be delegated by the Trustees to the Investment Adviser, the Administrator, the Custodian, the Transfer Agent or such other Person as the Trustees by resolution may determine. The Trustees may suspend the daily determination of net asset value to the extent permitted by the 1940 Act.

<u>Distributions to Shareholders</u>. The Trustees shall from time to time distribute ratably among the Shareholders of the Trust or of a Series thereof such proportion of the net profits, surplus (including paid-in surplus), capital, or assets of the Trust or such Series held by the Trustees as they may deem proper. Such distributions may be made in cash or property (including without limitation any type of obligations of the Trust or Series or any assets thereof), and the Trustees may distribute ratably among the Shareholders of the Trust or Series thereof additional Shares of the Trust or Series thereof issuable hereunder in such manner, at such times, and on such terms as the Trustees may deem proper. Such distributions may be among the Shareholders of the Trust or Series thereof at the time of declaring a distribution or among the Shareholders of the Trust or Series thereof at such other date or time or dates or times as the Trustees shall determine. The Trustees may in their discretion determine that, solely for the purposes of such distributions, Outstanding Shares shall exclude Shares for which orders have been placed subsequent to a specified time on the date the distribution is declared or on the next preceding day if the distribution is declared as of a day on which Boston banks are not open for business, all as described in the then effective prospectus under the Securities Act of 1933. The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or a Series thereof or to meet obligations of the Trust or a Series thereof, or as they may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business. The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or related plans as the Trustees shall deem appropriate.

Inasmuch as the computation of net income and gains for federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust or a Series thereof to avoid or reduce liability for taxes.

<u>Determination of Net Income; Constant Net Asset Value; Reduction of Outstanding Shares</u>. Subject to Section 5.11 hereof, the net income of the Series of the Trust shall be determined in the manner the Trustees shall provide by resolution. Expenses of the Trust or of a Series thereof, including the advisory or management fee shall be accrued each day. Such net income may be determined by or under the direction of the Trustees as of the close of trading on the New York Stock Exchange on each day on which such market is open or as of such other time or times as the Trustees shall determine, and, except as provided herein, all the net income of any Series of the Trust, so determined, may be declared as a dividend on the Outstanding Shares of those Series. If, for any reason, the net income of any Series of the Trust determined at any time is a negative amount, the Trustees shall have the power with respect to such Series (i) to offset each Shareholder 's pro rata share of such negative amount from the accrued dividend account of such Shareholder, or (ii) to reduce the number of Outstanding Shares of such Series by reducing the number of Shares in the account of such Shareholder by that number of full and fractional Shares which represents the amount of such excess negative net incomes or (iii) to cause to be recorded on the books of the Trust an asset account in the amount of such negative net income, which account may be reduced by the amount,

------

provided that the same shall thereupon become the property of the Trust with respect to such Series and shall not be paid to any Shareholder, of dividends declared thereafter upon the Outstanding Shares of such Series on the day such negative net income is experienced, until such asset account is reduced to zero; or (iv) to combine the methods described in clauses (i) and (ii) and (iii) of this sentence, in order to cause the net asset value per Share of such Series to remain at a constant amount per Outstanding Share immediately after each such determination and declaration. The Trustees shall also have the power to fail to declare a dividend out of net income for the purpose of causing the net asset value per share to be increased to a constant amount. The Trustees shall have full discretion to determine whether any cash or property received shall be treated as income or as principal and whether any item of expense shall be charged to the income or the principal account, and their determination made in good faith shall be conclusive upon the Shareholders. In the case of stock dividends received, the Trustees shall have full discretion to determine, in the light of the particular circumstances, how much if any of the value thereof shall be treated as income, the balance, if any, to be treated as principal. The Trustees shall not be required to adopt, but may at any time adopt, discontinue or amend the practice of maintaining the net asset value per Share of a Series at a constant amount.

<u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article VII, but subject to Section 5.11 hereof, the Trustees may prescribe, in their absolute discretion, such other bases and times for determining the per Share net asset value of the Shares of the Trust or a Series thereof or net income of the Trust or a Series thereof, or the declaration and payment of dividends and distributions as they may deem necessary or desirable. Without limiting the generality of the foregoing, the Trustees may establish several Series of Shares in accordance with Section 5.11, and declare dividends thereon in accordance with Section 5.11(d).

<br>DURATION; TERMINATION OF TRUST OR A SERIES, AMENDMENT, MERGERS, ETC.

<u>Duration</u>. The Trust shall continue without limitation of time but subject to the provisions of this Article VIII.

<u>Termination of the Trust or a Series</u>. (a) The Trust or any Series thereof may be terminated by an instrument in writing signed by a majority of the Trustees, or by the affirmative vote of the holders of a majority of the Shares of the Trust or Series outstanding and entitled to vote, at any meeting of Shareholders. Upon the termination of the Trust or the Series,

The Trust or the Series shall carry on no business except for the purpose of winding up its affairs.

The Trustees shall proceed to wind up the affairs of the Trust or the Series and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust or the Series, collect its assets, sell, convey, assign, exchange, transfer or otherwise dispose of all or any part of the remaining Trust Property or Trust Property allocated or belonging to such Series to one or more persons at public or private sale for consideration which may consist in whole or in part of cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, transfer or other disposition of all or substantially all the Trust

------

Property or Trust Property allocated or belonging to such Series shall require Shareholder approval in accordance with Section 8.4 hereof.

After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property or the remaining property of the terminated Series, in cash or in kind or partly each, among the Shareholders of the Trust or the Series according to their respective rights.

After termination of the Trust or the Series and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust and file with the Office of the Secretary of the Commonwealth of Massachusetts an instrument in writing setting forth the fact of such termination, and the Trustees shall thereupon be discharged from all further liabilities and duties with respect to the Trust or the terminated Series, and the rights and interests of all Shareholders of the Trust or the terminated Series shall thereupon cease.

<u>Amendment Procedure</u>. i) This Declaration may be amended by a vote of the holders of a majority of the Shares outstanding and entitled to vote or by any instrument in writing, without a meeting, signed by a majority of the Trustees and consented to by the holders of a majority of the Shares outstanding and entitled to vote. The Trustees may also amend this Declaration without the vote or consent of Shareholders if they deem it necessary to conform this Declaration to the requirements of applicable federal laws or regulations or the requirements of the regulated investment company provisions of the Internal Revenue Code but the Trustees shall not be liable for failing so to do. The Trustees may also amend this Declaration without the vote or consent of Shareholders if they deem it necessary or desirable to change the name of the Trust or to make any other changes in the Declaration which do not materially adversely affect the rights of Shareholders hereunder.

No amendment may be made under this Section 8.3 which would change any rights with respect to any Shares of the Trust or Series thereof by reducing the amount payable thereon upon liquidation of the Trust or Series thereof or by diminishing or eliminating any voting rights pertaining thereto, except with the vote or consent of the holders of two-thirds of the Shares of the Trust or such Series outstanding and entitled to vote. Nothing contained in this Declaration shall permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or to permit assessments upon Shareholders.

A certificate signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Shareholders or by the Trustees as aforesaid or a copy of the Declarations as amended, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust.

<u>Merger, Consolidation and Sale of Assets</u>. The Trust or any Series thereof may merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of the Trust Property or the property of any Series, including its good will, upon such terms and conditions and for such consideration when and as authorized at any meeting of Shareholders of the Trust or Series called for the purpose by the affirmative vote of the holders of a majority of the Shares of the Trust or Series.

------

<u>Incorporation</u>. With the approval of the holders of a majority of the Shares of the Trust or a Series thereof outstanding and entitled to vote, the Trustees may cause to be organized or assist in organizing a corporation or corporations under the laws of any jurisdiction or any other trust, partnership, association or other organization to take over all of the Trust Property or the Trust Property allocated or belonging to such Series or to carry on any business in which the Trust shall directly or indirectly have any interest, and to sell, convey and transfer the Trust Property or the Trust Property allocated or belonging to such Series to any such corporation, trust, association or organization in exchange for the shares or securities thereof or otherwise, and to lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, partnership, association or organization, or any corporation, partnership, trust, association or organization in which the Trust or such Series holds or is about to acquire shares or any other interest. The Trustees may also cause a merger or consolidation between the Trust or any successor thereto and any such corporation, trust, partnership, association or other organization if and to the extent permitted by law, as provided under the law then in effect. Nothing contained herein shall be construed as requiring approval of Shareholders for the Trustees to organize or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations and selling, conveying or transferring a portion of the Trust Property to such organization or entities.

<br>REPORTS TO SHAREHOLDERS

The Trustees shall at least semiannually submit to the Shareholders a written financial report of the transactions of the Trust, including financial statements which shall at least annually be certified by independent public accountants.

<br>MISCELLANEOUS

<u>Filing</u>. This Declaration and any amendment hereto shall be filed in the office of the Secretary of the Commonwealth of Massachusetts and in such other places as may be required under the laws of Massachusetts and may also be filed or recorded in such other places as the Trustees deem appropriate. Each amendment so filed shall be accompanied by a certificate signed and acknowledged by a Trustee stating that such action was duly taken in a manner provided herein, and unless such amendment or such certificate sets forth some later time for the effectiveness of such amendment, such amendment shall be effective upon its filing. A restated Declaration, integrating into a single instrument all of the provisions of the Declaration which are then in effect and operative, may be executed from time to time by a majority of the Trustees and shall, upon filing with the Secretary of the Commonwealth of Massachusetts, be conclusive evidence of all amendments contained therein and may hereafter be referred to in lieu of the original Declaration and the various amendments thereto.

<u>Governing Law</u>. This Declaration is executed by the Trustees and delivered in the Commonwealth of Massachusetts and with reference to the laws thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to the laws of said State.

------

<u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

<u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust appears to be a Trustee hereunder, certifying: (a) the number or identity of Trustees or Shareholders, (b) the due authorization of the execution of any instrument or writing, (c) the form of any vote passed at a meeting of Trustees or Shareholders, (d) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (e) the form of any By-laws adopted by or the identity of any officers elected by the Trustees, or (f) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any Person dealing with the Trustees and their successors.

<u>Provisions in Conflict with Law or Regulations</u>. i) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provisions in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

------

**IN WITNESS WHEREOF**, the Trustees named below, being the Trustees of New York Life Investments Funds, have executed this Amended and Restated Declaration of Trust as of the 28<sup>th</sup> day of August, 2024.

---

| | |
|:---|:---|
|  | /s/ Richard S. Trutanic |
| Naïm Abou-Jaoudé<br>as Trustee and not individually | Richard S. Trutanic<br>as Trustee and not individually |
| /s/ Susan B. Kerley  | /s/ Alan R. Latshaw |
| Susan B. Kerley<br>as Trustee and not individually | Alan R. Latshaw<br>as Trustee and not individually |
| /s/ David H. Chow | /s/ Karen Hammond |
| David H. Chow<br>as Trustee and not individually | Karen Hammond<br>as Trustee and not individually |
| /s/ Jacques P. Perold |  |
| Jacques P. Perold<br>as Trustee and not individually |  |

---

------

## Ex-99.B

#### BY-LAWS

#### OF

#### NEW YORK LIFE INVESTMENTS FUNDS

#### Dated December 31, 1994

#### Amended and Restated June 24, 2020

#### Amended and Restated August 28, 2024

#### **TABLE OF CONTENTS** Page
ARTICLE I DEFINITIONS 1

ARTICLE II OFFICES 1

Section 1. Principal Office 1

Section 2. Other Offices 1

ARTICLE III SHAREHOLDERS 1

Section 1. Meetings 1

Section 2. Notice of Meetings 1

Section 3. Record Date for Meetings and Other Purposes 2

Section 4. Proxies 2

Section 5. Inspection of Records 2

Section 6. Action without Meeting 2

ARTICLE IV TRUSTEES 3

Section 1. Meetings of the Trustees 3

Section 2. Quorum and Manner of Acting 3

ARTICLE V COMMITTEES 3

Section 1. Executive and Other Committees 3

Section 2. Meetings, Quorum and Manner of Acting 3

ARTICLE VI OFFICERS 4

Section 1. General Provisions 4

Section 2. Term of Office and Qualifications 4

Section 3. Removal 4

Section 4. Powers and Duties of the Chairman 4

Section 5. Powers and Duties of the President 4

Section 6. Powers and Duties of Vice Presidents 4

Section 7. Powers and Duties of the Chief Financial Officer 4

Section 8. Powers and Duties of the Secretary 4

Section 9. Powers and Duties of Assistant Officers 5

Section 10. Powers and Duties of Assistant Secretaries 5

Section 11. Compensation of Officers and Trustees and Members of an Advisory Board 5

Section 12. Advisory Board 5

------

ARTICLE VII FISCAL YEAR 5

ARTICLE VIII SEAL 5

ARTICLE IX SUFFICIENCY AND WAIVERS OF NOTICE 5

ARTICLE X CUSTODY OF SECURITIES 6

Section 1. Employment of a Custodian 6

Section 2. Action Upon Termination of Custodian Agreement 6

Section 3. Provisions of Custodian Contract 6

Section 4. Central Certificate System 6

Section 5. Acceptance of Receipts in Lieu of Certificates 6

ARTICLE XI AMENDMENTS 7

ARTICLE XII MISCELLANEOUS 7

------

#### AMENDED AND RESTATED BY-LAWS <br> OF <br> NEW YORK LIFE INVESTMENTS FUNDS
<br>DEFINITIONS

The terms "<u>Administrator</u>," "<u>By-laws</u>," "<u>Class</u>," "<u>Commission</u>," "<u>Custodian</u>," "<u>Declaration</u>," "<u>Distributor</u>," "<u>Fund</u>" or "<u>Funds</u>," "<u>His</u>," "<u>Interested Person</u>," "<u>Investment Adviser</u>," "<u>1940 Act</u>," "<u>Person</u>," "<u>Series</u>," "<u>Shareholder</u>," "<u>Shares</u>," "<u>Transfer Agent</u>," "<u>Trust</u>," "<u>Trust Property</u>," "<u>Trustees</u>," and "vote of a majority of the Shares outstanding and entitled to vote," have the respective meanings given them in the Declaration of Trust of New York Life Investments Funds dated January 9, 1986, as amended and restated from time to time.

<br>OFFICES

<u>Principal Office</u>. Until changed by the Trustees, the principal office of the Trust shall be in the City and State of New York.

<u>Other Offices</u>. The Trust may have offices in such other places without as well as within the Commonwealth of Massachusetts as the Trustees may from time to time determine.

<br>SHAREHOLDERS

<u>Meetings.</u> Meetings of the Shareholders of the Trust or a Series thereof shall be held as provided in the Declaration at such place within or without the Commonwealth of Massachusetts as the Trustees shall designate. Except when a larger quorum is required by applicable law, by these By-laws, or by the Declaration, thirty-three and one-third percent (33-1/3%) of the Shares entitled to vote shall constitute a quorum at a Shareholders' meeting. When any one or more Series (or Classes) is to vote separately from any other Shares, thirty-three and one-third percent (33-1/3%) of the Shares of each such Series (or Class) entitled to vote shall constitute a quorum at a Shareholders' meeting of that Series (or Class). Except when a larger vote is required by any provision of the Declaration or these By-laws or by applicable law, when a quorum is present at any meeting, a majority of the Shares voted shall decide any questions and a plurality of the Shares voted shall elect a Trustee, provided that where any provision of law or of the Declaration requires that the holders of any Series shall vote as a Series (or that holders of a Class shall vote as a Class), then a majority of the Shares of that Series (or Class) voted on the matter (or a plurality with respect to the election of a Trustee) shall decide that matter insofar as that Series (or Class) is concerned.

<u>Notice of Meetings</u>. All notices of meetings of Shareholders shall be sent or otherwise given to Shareholders not less than ten (10) nor more than ninety (90) calendar days before the date of the meeting. The notice shall specify (i) the place, date and hour of the meeting, and (ii) the general nature of the business to be transacted. Notice of any meeting of Shareholders shall be (i) given either by hand delivery, first-class mail, telegraphic or other written or electronic communication, charges prepaid, and (ii) addressed to the Shareholder at the address of that Shareholder appearing on the books of the Trust or its transfer agent or given by the Shareholder to the Trust for the purpose of notice. If no such address appears on the Trust's books or is not given to the Trust, notice shall be deemed to have been given if sent to that Shareholder by first-class mail or telegraphic or other written or electronic communication to the Trust's principal executive office, or if published at least once in a newspaper of general circulation in the county where that office is located. Notice shall be deemed to have been given at the time when delivered personally or deposited in the mail or sent by telegram or other means of written communication or, where notice is given by publication, on the date of publication.

If any notice addressed to a Shareholder at the address of that Shareholder appearing on the books of the Trust is returned to the Trust by the United States Postal Service marked to indicate that the Postal Service is unable to deliver the notice to the Shareholder at that address, all future notices or reports shall be deemed to have been duly given without further mailing if such future notices or reports shall be kept available to the Shareholder, upon written demand of the Shareholder, at the principal executive office of the Trust for a period of one year from the date of the giving of the notice.

------

An affidavit of the mailing or other means of giving any notice of any meeting of Shareholders shall be filed and maintained in the minute book of the Trust.

<u>Record Date for Meetings and Other Purposes</u>.

For purposes of determining the Shareholders entitled to vote or act at any meeting or adjournment or postponement thereof, the Trustees may fix in advance a record date which shall not be more than ninety (90) calendar days nor less than ten (10) calendar days before the date on which any such meeting originally was scheduled to occur. Unless otherwise required by law, the Trustees are not required to fix a new record date for an adjourned meeting. Without fixing a record date for a meeting, the Trustees may for voting and notice purposes close the register or transfer books for one or more Series (or Classes) for all or any part of the period between the earliest date on which a record date for such meeting could be set in accordance herewith and the date of such meeting. If the Trustees do not so fix a record date or close the register or transfer books of the affected Series or Classes, the record date for determining Shareholders entitled to notice of or to vote at a meeting of Shareholders shall be the close of business on the business day next preceding the day on which notice is given or, if notice is waived, at the close of business on the business day next preceding the day on which the meeting is held.

The record date for determining Shareholders entitled to give consent to action in writing without a meeting, (a) when no prior action of the Trustees has been taken, shall be the day on which the first written consent is given, or (b) when prior action of the Trustees has been taken, shall be (i) such date as determined for that purpose by the Trustees, which record date shall not precede the date upon which a resolution relating to that action is adopted by the Trustees and shall not be more than twenty (20) calendar days after the date of such resolution, or (ii) if no record date is fixed by the Trustees, the record date shall be the close of business on the day on which the Trustees adopt the resolution relating to that action.

Nothing in this Section shall be construed as precluding the Trustees from setting different record dates for different Series or Classes. Only Shareholders of record on the record date as herein determined shall have any right to vote or to act at any meeting or give consent to any action relating to such record date, notwithstanding any transfer of Shares on the books of the Trust after such record date.

<u>Proxies</u>. At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Proxies may be solicited in the name of one or more Trustees or one or more of the officers of the Trust. Only Shareholders of record shall be entitled to vote. Each whole Share shall be entitled to one vote as to any matter on which it is entitled by the Declaration to vote, and each fractional Share shall be entitled to a proportionate fractional vote. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

<u>Inspection of Records</u>. The records of the Trust shall be open to inspection by Shareholders to the same extent as is permitted shareholders of a Massachusetts business corporation.

<u>Action without Meeting</u>. Any action which may be taken by Shareholders may be taken without a meeting if a majority of Shareholders entitled to vote on the matter (or such larger proportion thereof as shall be required by law, the Declaration or these By-laws for approval of such matter) consent to the action in writing and the written consents are filed with the records of the meetings of Shareholders. Such consents shall be treated for all purposes as a vote taken at a meeting of Shareholders.

<br>TRUSTEES

------

<u>Meetings of the Trustees</u>. The Trustees may in their discretion provide for regular or stated meetings of the Trustees. Notice of regular or stated meetings need not be given. Meetings of the Trustees other than regular or stated meetings shall be held whenever called by the President, or by any one of the Trustees, at the time being in office. Notice of the time and place of each meeting other than regular or stated meetings shall be given by the Secretary or an Assistant Secretary or by the officer or Trustee calling the meeting and shall be mailed to each Trustee at least two (2) days before the meeting, or shall be telegraphed, cabled, or wirelessed to each Trustee at his business address, or personally delivered to him at least one (1) day before the meeting. Such notice may, however, be waived by any Trustee. Notice of a meeting need not be given to any Trustee if a written waiver of notice, executed by him before or after the meeting, is filed with the records of the meeting, or to any Trustee who attends the meeting without protesting prior thereto or at its commencement the lack of notice to him. A notice or waiver of notice need not specify the purpose of any meeting. The Trustees may meet by means of a telephone conference circuit or similar communications equipment by means of which all persons participating in the meeting can hear each other at the same time and participation by such means shall be deemed to have been held at a place designated by the Trustees at the meeting. Participation in a telephone conference meeting shall constitute presence in person at such meeting. Any action required or permitted to be taken at any meeting of the Trustees may be taken by the Trustees without a meeting if all the Trustees consent to the action in writing and the written consents are filed with the records of the Trustees' meetings. Such consents shall be treated as a vote for all purposes.

<u>Quorum and Manner of Acting</u>. A majority of the Trustees shall be present in person at any regular or special meeting of the Trustees in order to constitute a quorum for the transaction of business at such meeting and (except as otherwise required by law, the Declaration or these By-laws) the act of a majority of the Trustees present at any such meeting, at which a quorum is present, shall be the act of the Trustees. In the absence of a quorum, a majority of the Trustees present may adjourn the meeting from time to time until a quorum shall be present. Notice of an adjourned meeting need not be given.

<br>COMMITTEES

<u>Executive and Other Committees</u>. The Trustees by vote of a majority of all the Trustees may elect from their own number an Executive Committee to consist of not less than three (3) members to hold office at the pleasure of the Trustees, which shall have the power to conduct the current and ordinary business of the Trust while the Trustees are not in session, including the purchase and sale of securities and the designation of securities to be delivered upon redemption of Shares of the Trust or a Series thereof, and such other powers of the Trustees as the Trustees may, from time to time, delegate to them except those powers which by law, the Declaration or these By-laws they are prohibited from delegating. The Trustees may also elect from their own number and officers of the Trust other Committees from time to time, the number composing such Committees, the powers conferred upon the same (subject to the same limitations as with respect to the Executive Committee) and the term of membership on such Committees to be determined by the Trustees. The Trustees may designate a chairman of any such Committee. In the absence of such designation the Committee may elect its own Chairman.

<u>Meetings, Quorum and Manner of Acting</u>. The Trustees may (1) provide for stated meetings of any Committee, (2) specify the manner of calling and notice required for special meetings of any Committee, (3) specify the number of members of a Committee required to constitute a quorum and the number of members of a Committee required to exercise specified powers delegated to such Committee, (4) authorize the making of decisions to exercise specified powers by written assent of the requisite number of members of a Committee without a meeting, and (5) authorize the members of a Committee to meet by means of a telephone conference circuit.

The Executive Committee shall keep regular minutes of its meetings and records of decisions taken without a meeting and cause them to be recorded in a book designated for that purpose and kept in the office of the Trust.

<br>OFFICERS

<u>General Provisions</u>. The officers of the Trust shall be a President, a Chief Financial Officer and a Secretary, who shall be elected by the Trustees. The Trustees may elect or appoint such other officers or agents as the business of the Trust may require, including one or more Vice Presidents, a Treasurer, a Chief Legal Officer, one or more Assistant Secretaries, and one or more Assistant Treasurers. The Trustees may delegate to any officer or committee the power to appoint any subordinate officers or agents.

------

<u>Term of Office and Qualifications</u>. Except as otherwise provided by law, the Declaration or these By-laws, the President, the Chief Financial Officer and the Secretary shall each hold office until his successor shall have been duly elected and qualified, and all other officers shall hold office at the pleasure of the Trustees. The Secretary and the Chief Financial Officer may be the same person. A Vice President and the Chief Financial Officer or a Vice President and the Secretary may be the same person, but the offices of Vice President, Secretary and Chief Financial Officer or Treasurer shall not be held by the same person. The President shall hold no other office. Except as above provided, any two offices may be held by the same person. Any officer may be but none need be a Trustee or Shareholder.

<u>Removal</u>. The Trustees, at any regular or special meeting of the Trustees, may remove any officer without cause, by a vote of a majority of the Trustees then in office. Any officer or agent appointed by an officer or Committee may be removed with or without cause by such appointing officer or Committee.

<u>Powers and Duties of the Chairman</u>*.* The Trustees may, but need not, appoint from among their number a Chairman. When present he shall preside at the meetings of the Shareholders and of the Trustees. He may call meetings of the Trustees and of any Committee thereof whenever he deems it necessary. He shall be an executive officer of the Trust and shall have, with the President, general supervision over the business and policies of the Trust, subject to the limitations imposed upon the President, as provided in Section 5 of this Article VI.

<u>Powers and Duties of the President</u>. In the absence of the Chairman, the President may call meetings of the Trustees and of any Committee thereof when he deems it necessary and shall preside at all meetings of the Shareholders. Subject to the control of the Trustees and to the control of any Committees of the Trustees, within their respective spheres, as provided by the Trustees, he shall at all times exercise a general supervision and direction over the affairs of the Trust. He shall have the power to employ attorneys and counsel for the Trust or any Series thereof and to employ such subordinate officers, agents, clerks and employees as he may find necessary to transact the business of the Trust or any Series thereof. He shall also have the power to grant, issue, execute or sign such powers of attorney, proxies or other documents as may be deemed advisable or necessary in furtherance of the interests of the Trust or any Series thereof. The President shall have such other powers and duties, as from time to time may be conferred upon or assigned to him by the Trustees.

<u>Powers and Duties of Vice Presidents</u>. In the absence or disability of the President, the Vice President or, if there be more than one Vice President, any Vice President designated by the Trustees shall perform all the duties and may exercise any of the powers of the President, subject to the control of the Trustees. Each Vice President shall perform such other duties as may be assigned to him from time to time by the Trustees and the President.

<u>Powers and Duties of the Chief Financial Officer</u>. The Chief Financial Officer shall be the principal financial and accounting officer of the Trust. He shall deliver all funds of the Trust or any Series thereof which may come into his hands to such Custodian as the Trustees may employ pursuant to Article X of these By-laws. He shall render a statement of condition of the finances of the Trust or any Series thereof to the Trustees as often as they shall require the same and he shall in general perform all the duties incident to the office of a Chief Financial Officer and such other duties as from time to time may be assigned to him by the Trustees. The Chief Financial Officer shall give a bond for the faithful discharge of his duties, if required so to do by the Trustees, in such sum and with such surety or sureties as the Trustees shall require.

<u>Powers and Duties of the Secretary</u>. The Secretary shall keep the minutes of all meetings of the Trustees and of the Shareholders in proper books provided for that purpose; he shall have custody of the seal of the Trust; he shall have charge of the Share transfer books, lists and records unless the same are in the charge of the Transfer Agent. He shall attend to the giving and serving of all notices by the Trust in accordance with the provisions of these By-laws and as required by law; and subject to these By-laws, he shall in general perform all duties incident to the office of Secretary and such other duties as from time to time may be assigned to him by the Trustees.

<u>Powers and Duties of Assistant Officers</u>. In the absence or disability of the Chief Financial Officer, any officer designated by the Trustees shall perform all the duties, and may exercise any of the powers, of the Chief Financial Officer. Each officer shall perform such other duties as from time to time may be assigned to him by the Trustees. Each officer performing the duties and exercising the powers of the Chief Financial Officer and the Treasurer, if any, and any Assistant Treasurer, shall give a bond for the faithful discharge of his duties, if required so to do by the Trustees, in such sum and with such surety or sureties as the Trustees shall require.

------

<u>Powers and Duties of Assistant Secretaries</u>. In the absence or disability of the Secretary, any Assistant Secretary designated by the Trustees shall perform all the duties, and may exercise any of the powers, of the Secretary. Each Assistant Secretary shall perform such other duties as from time to time may be assigned to him by the Trustees.

<u>Compensation of Officers and Trustees and Members of an Advisory Board</u>. Subject to the provisions of the Declaration of Trust, Trustees, members of an advisory board, and members of committees may receive such compensation, if any, for their services and such reimbursement of expenses as may be fixed or determined by resolution of the Trustees. This Section 11 of Article VI shall not be construed to preclude any Trustee from serving the Trust in any other capacity as an officer, agent, employee, or otherwise and receiving compensation for those services.

<u>Advisory Board</u>. The Trustees may by resolution establish an advisory board and appoint members thereto. The members of an advisory board shall in no event be fewer than one nor more than five. Members of an advisory board shall serve at the pleasure of the Trustees. The Trustees may abolish an advisory board at any time in their sole discretion. Advisory board members need not be Shareholders and shall not be Trustees. No member of an advisory board shall have any legal power or authority to act on behalf of the Trust, such advisory board being intended merely to act in an advisory capacity. In their sole discretion, the Trustees may by resolution provide for insurance coverage, indemnification, and liability protection to be afforded to advisory board members.

<br>FISCAL YEAR

The fiscal year of the Trust shall begin on the first day of January in each year and shall end on the last day of December in each year, provided, however, that the Trustees may from time to time change the fiscal year. The fiscal year of the Trust shall be the taxable year of each Series of the Trust.

<br>SEAL

The Trustees may adopt a seal which shall be in such form and shall have such inscription thereon as the Trustees may from time to time prescribe.

<br>SUFFICIENCY AND WAIVERS OF NOTICE

Whenever any notice whatever is required to be given by law, the Declaration or these By-laws, a waiver thereof in writing, signed by the person or persons entitled to said notice, whether before or after the time stated therein, shall be deemed equivalent thereto. A notice shall be deemed to have been telegraphed, cabled or wirelessed for the purposes of these By-laws when it has been delivered to a representative of any telegraph, cable or wireless company with instructions that it be telegraphed, cabled or wirelessed.

<br>CUSTODY OF SECURITIES

<u>Employment of a Custodian</u>. The Trust shall place and at all times maintain in the custody of one or more Custodians (including any sub-custodian for the Custodian) all funds, securities and similar investments included in the Trust Property or the Trust Property allocated or belonging to a Series thereof. The Custodian (and any sub-custodian) shall be a bank having not less than $2,000,000 aggregate capital, surplus and undivided profits and shall be appointed from time to time by the Trustees, who shall fix its remuneration.

<u>Action Upon Termination of Custodian Agreement</u>. Upon termination of a Custodian Agreement or inability of the Custodian to continue to serve, the Trustees shall promptly appoint a successor custodian, but in the event that no successor custodian can be found who has the required qualifications and is willing to serve, the Trustees shall call as promptly as possible a special meeting of the Shareholders of the Trust or a Series thereof to determine whether the Trust or Series thereof shall function without a custodian or shall be liquidated. If so directed by vote of the holders of a majority of the outstanding voting securities, the Custodian shall deliver and pay over all Trust Property or the Trust Property allocated or belonging to a Series thereof held by it as specified in such vote.

------

<u>Provisions of Custodian Contract</u>. The following provisions shall apply to the employment of a Custodian and to any contract entered into with the Custodian so employed:

The Trustees shall cause to be delivered to the Custodian all securities included in the Trust Property or the Trust Property allocated or belonging to a Series thereof or to which the Trust or such Series may become entitled, and shall order the same to be delivered by the Custodian only in completion of a sale, exchange, transfer, pledge, loan of securities to another person, or other disposition thereof, all as the Trustees may generally or from time to time require or approve or to a successor Custodian; and the Trustees shall cause all funds included in the Trust Property or the Trust Property allocated or belonging to a Series thereof or to which it may become entitled to be paid to the Custodian, and shall order the same disbursed only for investment against delivery of the securities acquired, or the return of cash held as collateral for loans of fund securities, or in payment of expenses, including management compensation, and liabilities of the Trust or Series thereof, including distributions to Shareholders, or for other proper Trust purposes, or to a successor Custodian. Notwithstanding anything to the contrary in these By-laws, upon receipt of proper instructions, which may be standing instructions, the Custodian may deliver funds in the following cases: In connection with repurchase agreements, the Custodian shall transmit, prior to receipt on behalf of the Trust or Series thereof of any securities or other property, funds from the custodian account of the Trust or Series thereof to a special custodian approved by the Trustees of the Trust, which funds shall be used to pay for securities to be purchased by the Trust or Series thereof subject to the obligation of the Trust or Series thereof to sell and the seller's obligation to repurchase such securities. In such case, the securities shall be held in the custody of the special custodian. In connection with the purchase or sale of financial futures contracts, the Custodian shall transmit, prior to receipt on behalf of the Trust of any securities or other property, funds from the custodian account of the Trust or Series thereof in order to furnish to and maintain funds with brokers as margin to guarantee the performance of the futures obligations of the Trust or Series thereof in accordance with the applicable requirements of commodities exchanges and brokers.

<u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the Custodian to deposit all or any part of the securities owned by the Trust or Series thereof in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class or series of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust or Series thereof.

<u>Acceptance of Receipts in Lieu of Certificates</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the Custodian to accept written receipts or other written evidences indicating purchases of securities held in book-entry form in the Federal Reserve System in accordance with regulations promulgated by the Board of Governors of the Federal Reserve System and the local Federal Reserve Banks in lieu of receipt of certificates representing such securities.

<br>AMENDMENTS

These By-laws, or any of them, may be altered, amended or repealed, or new By-laws may be adopted by (a) vote of a majority of the Shares outstanding and entitled to vote or (b) by the Trustees, provided, however, that no By-law may be amended, adopted or repealed by the Trustees if such amendment, adoption or repeal requires, pursuant to law, the Declaration or these By-laws, a vote of the Shareholders.

<br>MISCELLANEOUS

Neither the Trust nor any Series thereof shall lend assets of the Trust or of such Series to any officer or Trustee of the Trust or Series, or to any partner, officer, director or shareholder of, or person financially interested in, the Investment Adviser of the Trust or Series or the underwriter of the Trust, or to the Investment Adviser of the Trust or Series or to the underwriter of the Trust.

------

The Trust shall not impose any restrictions upon the transfer of the Shares of the Trust or any Series thereof except as provided in the Declaration or as may be required to comply with federal or state securities laws, but this requirement shall not prevent the charging of customary transfer agent fees.

The Trust shall not permit any officer or Trustee of the Trust, or any partner, officer or director of the Investment Adviser or Administrator of the Trust or any Series thereof or underwriter of the Trust to deal for or on behalf of the Trust or a Series thereof with himself as principal or agent, or with any partnership, association or corporation in which he has a financial interest; provided that the foregoing provisions shall not prevent (a) officers and Trustees of the Trust or partners, officers or directors of the Investment Adviser or Administrator of the Trust or any Series thereof or underwriter of the Trust from buying, holding or selling Shares in the Trust or a Series thereof, or from being partners, officers or directors or otherwise financially interested in the Investment Adviser or Administrator of the Trust or any Series thereof or any underwriter of the Trust; (b) purchases or sales of securities or other property by the Trust or a Series thereof from or to an affiliated person or to the Investment Adviser or Administrator of the Trust or any Series thereof or underwriter of the Trust if such transaction is not prohibited by or is exempt from the applicable provisions of the 1940 Act; (c) purchases of investments by the Series of the Trust or sales of investments owned by the Trust or a Series thereof through a security dealer who is, or one or more of whose partners, shareholders, officers or directors is, an officer or Trustee of the Trust, or a partner, officer or director of the Investment Adviser or Administrator of the Trust or any Series thereof or underwriter of the Trust, if such transactions are handled in the capacity of broker only and commissions charged do not exceed customary brokerage charges for such services; (d) employment of legal counsel, registrar, Transfer Agent, dividend disbursing agent or Custodian who is, or has a partner, shareholder, officer, or director who is, an officer or Trustee of the Trust, or a partner, officer or director of the Investment Adviser or Administrator of the Trust or any Series thereof or underwriter of the Trust, if only customary fees are charged for services to the Trust or Series thereof; (e) sharing statistical research, legal and management expenses and office hire and expenses with any other investment company in which an officer or Trustee of the Trust, or a partner, officer or director of the Investment Adviser or Administrator of the Trust or a Series thereof or underwriter of the Trust, is an officer or director or otherwise financially interested.

Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share of the Trust (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, (i) irrevocably agrees that except for any claims, suits, actions or proceedings arising under the Securities Act of 1933, any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Declaration or these By-laws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Declaration or these By-laws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) the laws of the Commonwealth of Massachusetts pertaining to trusts, or (E) any other instrument, document, agreement or certificate contemplated by the Declaration or these By-laws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) found in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Business Litigation Section of the Superior Court of the Commonwealth of Massachusetts or, if such court does not have subject matter jurisdiction thereof, any other court in the Commonwealth of Massachusetts with subject matter jurisdiction, (ii) irrevocably agrees that any claims, suits, actions or proceedings arising under the Securities Act of 1933 shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Notwithstanding anything to the contrary in this Section, the Trust may, at its sole discretion, select and/or consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.

------

END OF BY-LAWS

------

## Ex-99.D

#### THE MAINSTAY FUNDS

#### AMENDED AND RESTATED SUBADVISORY AGREEMENT
This Amended and Restated Subadvisory Agreement is effective as of the 1<sup>st</sup> day of July, 2022 (the "Agreement"), between New York Life Investment Management LLC, a Delaware limited liability company (the "Manager") and Candriam, a partnership limited by shares organized under the laws of Luxembourg (the "Subadvisor" or "Candriam").

WHEREAS, The MainStay Funds (the "Registrant"), is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end, management investment company; and

WHEREAS, the Registrant is authorized to issue separate series, each of which may offer a separate class of shares of beneficial interest, each series having its own investment objective or objectives, policies and limitations; and

WHEREAS, the Registrant currently offers shares in multiple series, may offer shares of additional series in the future, and intends to offer shares of additional series in the future; and

WHEREAS, the Manager entered into a Management Agreement with the Registrant, on behalf of its separate series (the "Management Agreement"); and

WHEREAS, under the Management Agreement, the Manager has agreed to provide certain investment advisory and related administrative services to the Registrant; and

WHEREAS, the Management Agreement permits the Manager to delegate certain of its investment advisory duties under the Management Agreement to one or more subadvisors; and

WHEREAS, the Manager and the Subadvisor entered into a Subadvisory Agreement dated June 21, 2019 with respect to The MainStay Fund, as amended (the "Previous Subadvisory Agreement"); and

WHEREAS, the Manager wishes to retain the Subadvisor to furnish certain investment advisory services to one or more of the series of the Registrant and manage such portion of the Registrant as the Manager shall from time to time direct, and the Subadvisor is willing to furnish such services; and

WHEREAS, the parties hereto now desire to amend and restate the Previous Subadvisory Agreement; and

WHEREAS, the parties to this Agreement acknowledge that the Agreement is not intended to materially change the services provided under the Previous Subadvisory Agreement;

NOW, THEREFORE, in consideration of the premises and the promises and mutual covenants herein contained, it is agreed between the Manager and the Subadvisor as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment.</u> The Manager hereby appoints Candriam to act as Subadvisor to the series of the Registrant designated on Schedule A of this Agreement (each a "Series") with respect to all, or a portion of the assets of the Series designated by the Manager as allocated to the Subadvisor (the "Allocated Assets"), subject to such written instructions, including any redesignation of Allocated Assets and supervision as the Manager may from time to time furnish for the periods and on the terms set forth in this Agreement. The Subadvisor accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.

In the event that any Registrant designates one or more series other than the Series with respect to which the Manager wishes to retain the Subadvisor to render investment advisory services hereunder, it shall notify the Subadvisor in writing. If the Subadvisor is willing to render such services, it shall notify the Manager in writing, whereupon such series shall become a Series hereunder, and be subject to this Agreement, and Schedule A shall be revised accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Portfolio Management Duties.</u> Subject to the supervision of the Registrant's Board of Trustees ("Board") and the Manager, the Subadvisor will provide a continuous investment program for the Series' Allocated Assets and determine the composition of the assets of the Series' Allocated Assets, including determination of the purchase, retention or sale of the securities, cash and other investments contained in the portfolio. The Subadvisor will conduct investment research and conduct a continuous program of evaluation, investment, sales and reinvestment of the Series' Allocated Assets by determining the

------

securities and other investments that shall be purchased, entered into, sold, closed or exchanged for the Series, when these transactions should be executed, and what portion of the Allocated Assets of the Series should be held in the various securities and other investments in which it may invest, and the Subadvisor is hereby authorized to execute and perform such services on behalf of the Series. The Subadvisor will provide the services under this Agreement in accordance with the Series' investment objective or objectives, policies and restrictions as stated in the Registrant's Registration Statement filed with the Securities and Exchange Commission (the "SEC"), as amended, copies of which shall be delivered to the Subadvisor by the Manager. The Subadvisor further agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subadvisor understands that the Allocated Assets of the Series need to be managed so as to permit the Series to qualify or continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code ("Code"), and will coordinate efforts with the Manager with that objective, and to comply with the diversification requirements of Section 817(h) of the Code, and the regulations issued thereunder, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadvisor will conform with the 1940 Act and all rules and regulations thereunder, all other applicable federal and state laws and regulations, any applicable procedures adopted by the Registrant's Board of which a copy has been delivered to the Subadvisor, and the provisions of the Registration Statement of the Registrant under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act, as supplemented or amended, copies of which shall be delivered to the Subadvisor by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On occasions when the Subadvisor deems the purchase or sale of a security to be in the best interest of the Series as well as of other investment advisory clients of the Subadvisor or any of its affiliates, the Subadvisor may, to the extent permitted by applicable laws and regulations, but shall not be obligated to, aggregate the securities to be so sold or purchased with those of its other clients where such aggregation is not inconsistent with the policies set forth in the Registration Statement. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Subadvisor in a manner that, over time, is fair and equitable in the judgment of the Subadvisor in the exercise of its fiduciary obligations to the Registrant and to such other clients, subject to review by the Manager and the Board. The Manager recognizes that in some cases this procedure may adversely affect the results obtained for the Series or Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with the purchase and sale of securities for the Series, the Subadvisor will arrange for the transmission to the custodian and portfolio accounting agent for the Series, on a daily basis, such confirmation, trade tickets and other documents and information, including, but not limited to, CUSIP, Sedol or other numbers that identify securities (such as ISIN code) to be purchased or sold on behalf of the Series, as may be reasonably necessary to enable the custodian and portfolio accounting agent to perform their administrative and recordkeeping responsibilities with respect to the Series. With respect to portfolio securities to be purchased or sold through the Depository Trust and Clearing Corporation, the Subadvisor will arrange for the automatic transmission of the confirmation of such trades to the Registrant's custodian and portfolio accounting agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Subadvisor will assist the custodian and portfolio accounting agent for the Registrant in determining or confirming, consistent with the procedures and policies stated in the Registration Statement for the Registrant, the value of any portfolio securities or other Allocated Assets of the Series for which the custodian and portfolio accounting agent seek assistance from, or which they identify for review by, the Subadvisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Subadvisor will make available to the Registrant and the Manager, promptly upon request, all of the Series' investment records and ledgers maintained by the Subadvisor (which shall not include the records and ledgers maintained by the custodian or portfolio accounting agent for the Registrant), as are necessary to assist the applicable Registrant and the Manager to comply with requirements of the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act"), as well as other applicable laws. The Subadvisor will furnish to regulatory agencies having the requisite authority any information or reports in connection with such services that may be requested in order to ascertain whether the operations of the Registrant are being conducted in a manner consistent with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Subadvisor will provide reports to the Registrant's Board, for consideration at meetings of the Board, on the investment program for the Series and the issuers and securities represented in the Series' Allocated Assets, and will furnish the Registrant's Board with respect to the Series such periodic and special reports as the Trustees and the Manager may reasonably request.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In rendering the services required under this Agreement, the Subadvisor may, from time to time, employ or associate with itself such entity, entities, person or persons as it believes necessary to assist it in carrying out its obligations under this Agreement. The Subadvisor may not, however, retain as subadvisor any company that would be an "investment adviser" as that term is defined in the 1940 Act, to the Series unless the contract with such company is approved by a majority of the applicable Registrant's Board and by a majority of the applicable Trustees who are not parties to any agreement or contract with such company and who are not "interested persons" as defined in the 1940 Act, of the Trust, the Manager, the Subadvisor or any such company that is retained as subadvisor, and also is approved by the vote of a majority of the outstanding voting securities of the applicable Series of the Registrant to the extent required by the 1940 Act. The Subadvisor shall be responsible for making reasonable inquiries and for reasonably ensuring that any employee of the Subadvisor, any subadvisor that the Subadvisor has employed or with which it has associated with respect to the Series, or any employee thereof has not, to the best of the Subadvisor's knowledge, in any material connection with the handling of Trust assets:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) been convicted, within the last ten (10) years, of any felony or misdemeanor arising out of conduct involving embezzlement, fraudulent conversion or misappropriation of funds or securities, involving violations of Sections 1341, 1342, or 1343 of Title 18, United States Code, or involving the purchase or sale of any security; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) been found by any state regulatory authority, within the last ten (10) years, to have violated or to have acknowledged violation of any provision of any state insurance law involving fraud, deceit or knowing misrepresentation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) been found by any federal or state regulatory authorities, within the last ten (10) years, to have violated or to have acknowledged violation of any provision of federal or state securities laws involving fraud, deceit or knowing misrepresentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Subadvisor is authorized to retain legal counsel and financial advisors and to negotiate and execute documentation relating to investments in the Allocated Assets or Portfolio, at the expense of the Allocated Assets or Portfolio. Such documentation may relate to investments to be made or sold, currently held or previously held. The authority shall include, without limitation: (i) documentation relating to private placements and bank debt; (ii) waivers, consents, amendments or other modifications relating to investments; and (iii) purchase agreements, sales agreements, commitment letters, pricing letters, registration rights agreements, indemnities and contributions, escrow agreements and other investment related agreements. Manager represents that the Allocated Assets or Portfolio can settle such private placements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation.</u> For the services provided and the expenses assumed pursuant to this Agreement, the Manager shall pay the Subadvisor as compensation therefor, a fee equal to the percentage of the Allocated Assets constituting the respective Series' average daily net assets as described in the attached Schedule A. Liability for payment of compensation by the Manager to the Subadvisor under this Agreement is contingent upon the Manager's receipt of payment from the applicable Registrant for management services described under the Management Agreement between the Registrant and the Manager. Expense caps or fee waivers for the Series that may be agreed to by the Manager, but not agreed to in writing by the Subadvisor, shall not cause a reduction in the amount of the payment to the Subadvisor.

------

amount of commission was reasonable in relation to the value of the brokerage and research services provided by such broker-dealer, viewed in terms of either that particular transaction or the Subadvisor's or its affiliate's overall responsibilities with respect to the Series and to their other clients as to which they exercise investment discretion. To the extent consistent with these standards and the Registrant's Procedures for Securities Transactions with Affiliated Brokers pursuant to Rule 17e-1, the Subadvisor is further authorized to allocate the orders placed by it on behalf of the Series to the (i) Subadvisor if it is registered as a broker-dealer with the SEC, (ii) its affiliated broker-dealer, or (iii) such brokers and dealers who also provide research, statistical material or other services to the Series, the Subadvisor or an affiliate of the Subadvisor. Such allocation shall be in such amounts and proportions as the Subadvisor shall determine consistent with the above standards and the Subadvisor will report on said allocation regularly to the Board, indicating the broker-dealers to which such allocations have been made and the basis therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Disclosure about Subadvisor.</u> The Subadvisor has reviewed the post-effective amendment to the Registration Statement for the Registrant filed with the SEC that contains disclosure about the Subadvisor and represents and warrants that, with respect to the disclosure about the Subadvisor or information relating directly or indirectly to the Subadvisor, such Registration Statement contains, as of the date hereof, no untrue statement of any material fact and does not omit any statement of a material fact which was required to be stated therein or necessary to make the statements contained therein not misleading. The Subadvisor further represents and warrants that it is a duly registered investment adviser under the Advisers Act and has notice filed in all states in which the Subadvisor is required to make such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses.</u> During the term of this Agreement, the Subadvisor will pay all expenses incurred by it and its staff for their activities in connection with its portfolio management duties under this Agreement. The Manager or the Registrant shall be responsible for all the expenses of that Registrant's operations, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fees and expenses of Trustees who are not interested persons of the Manager or of the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the fees and expenses of each Series which relate to: (i) the custodial function and recordkeeping connected therewith; (ii) the maintenance of the required accounting records of the Series not being maintained by the Manager; (iii) the pricing of the Series' shares, including the cost of any pricing service or services that may be retained pursuant to the authorization of that Registrant's Trustees; and (iv) for both mail and wire orders, the cashiering function in connection with the issuance and redemption of the Series' shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the fees and expenses of the Registrant's transfer and dividend disbursing agent, that may be the custodian, which relate to the maintenance of each shareholder account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the charges and expenses of legal counsel and independent accountants for the Registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) brokers' commissions and any issue or transfer taxes chargeable to the Registrant in connection with its securities transactions on behalf of the Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all taxes and business fees payable by the Registrant or the Series to federal, state or other governmental agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the fees of any trade association of which the Registrant may be a member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the cost of share certificates representing the Series' shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the fees and expenses involved in registering and maintaining registrations of the Registrant and of its Series with the SEC, registering the Trust as a broker or dealer and qualifying its shares under state securities laws, including the preparation and printing of the Registrant's registration statements and prospectuses for filing under federal and state securities laws for such purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) allocable communications expenses with respect to investor services and all expenses of shareholders' and Trustees' meetings and of preparing, printing and mailing reports to shareholders in the amount necessary for distribution to the shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Registrant's business; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any expenses assumed by the Series pursuant to a Plan of Distribution adopted in conformity with Rule 12b-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compliance.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Subadvisor agrees to assist the Manager and the Registrant in complying with the Registrant's obligations under Rule 38a-1 under the 1940 Act, including but not limited to: (i) periodically providing the Registrant's Chief Compliance Officer with requested information about and independent third-party reports (if available) in connection with the Subadvisor's compliance program adopted pursuant to Rule 206(4)-7 under the Advisers Act ("Subadvisor's Compliance Program"); (ii) reporting any material deficiencies in the Subadvisor's Compliance Program to the Registrant's Chief Compliance Officer within a reasonable time following the Subadvisor becoming aware of such deficiency; and (iii) reporting any material changes to the Subadvisor's Compliance Program to the Trust's Chief Compliance Officer within a reasonable time. The Subadvisor understands that the Board is required to approve the Subadvisor's Compliance Program on at least an annual basis, and acknowledges that this Agreement is conditioned upon the Board' approval of the Subadvisor's Compliance Program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Subadvisor agrees that it shall immediately notify the Manager and the Registrant's Chief Compliance Officer: (i) in the event that the SEC has censured the Subadvisor, placed limitations upon its activities, functions or operations, suspended or revoked its registration as an investment adviser or commenced proceedings or an investigation that may result in any of these actions; or (ii) upon having a reasonable basis for believing that the Series has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Subadvisor further agrees to notify the Manager immediately of any material fact known to the Subadvisor about the Subadvisor that is not contained in the Registration Statement or prospectus for the Registrant, or any amendment or supplement thereto, or upon the Subadvisor becoming aware of any statement contained therein about the Subadvisor that becomes untrue in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager agrees that it shall immediately notify the Subadvisor: (i) in the event that the SEC has censured the Manager or a Registrant, placed limitations upon either of their activities, functions or operations, suspended or revoked the Manager's registration as an investment adviser or commenced proceedings or an investigation that may result in any of these actions; or (ii) upon having a reasonable basis for believing that the Series has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Internal Revenue Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Documents.</u> The Manager has delivered to the Subadvisor copies of each of the following documents and will deliver to it all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Declaration of Trust of the Registrant, as amended from time to time, as filed with the Commonwealth of Massachusetts (such Declaration of Trust, as in effect on the date hereof and as amended from time to time, is herein called the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws of the Registrant, as amended from time to time (such By-Laws, as in effect on the date hereof and as amended from time to time, are herein called the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Certified Resolutions of the Registrant's Trustees authorizing the appointment of the Subadvisor and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Registration Statement under the 1940 Act and the Securities Act of 1933, as amended, on Form N-lA, as filed with the SEC relating to the Series and the Series' shares, and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notification of Registration of the Registrant under the 1940 Act on Form N-8A, as filed with the SEC, and all amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Prospectus and Statement of Additional Information of the Portfolio.

The Manager agrees that it shall provide all other information to the Subadvisor as the Subadvisor shall reasonably require to enable it to perform its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Books and Records.</u> In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Subadvisor hereby agrees that all records that it maintains for the Series are the property of the applicable Registrant and further agrees to surrender promptly to the applicable Registrant any of such records upon the applicable Registrant's or the Manager's request; provided, however, that the Subadvisor may, at its own expense, make and retain a copy of such records. The Subadvisor further

------

agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-l under the 1940 Act and to preserve the records required by Rule 204-2 under the Advisers Act for the period specified in the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Cooperation.</u> Each party to this Agreement agrees to cooperate with each other party and with all appropriate governmental authorities having the requisite jurisdiction (including, but not limited to, the SEC) in connection with any investigation or inquiry relating to this Agreement or any Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations Respecting Subadvisor.</u> The Manager and the Registrant agree that neither that Registrant, the Manager, nor affiliated persons of that Registrant, or the Manager shall, except with the prior permission of the Subadvisor, give any information or make any representations or statements in connection with the sale of shares of the Series concerning the Subadvisor or the Series other than the information or representations contained in the Registration Statement, Prospectus or Statement of Additional Information for the Registrant's shares, as they may be amended or supplemented from time to time, or in reports or proxy statements for the Registrant, or in sales literature or other promotional material approved in advance by the Subadvisor. The parties agree that, in the event that the Manager or an affiliated person of the Manager sends sales literature or other promotional material to the Subadvisor for its approval and the Subadvisor has not commented within ten (10) business days, the Manager and its affiliated persons may use and distribute such sales literature or other promotional material, although, in such event, the Subadvisor shall not be deemed to have approved of the contents of such sales literature or other promotional material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Confidentiality.</u> The Subadvisor will treat as proprietary and confidential any information obtained in connection with its duties hereunder, including all records and information pertaining to the Series and their prior, present or potential shareholders, unless required by law. The Subadvisor will not use such information for any purpose other than the performance of its responsibilities and duties hereunder. Such information may not be disclosed except after prior notification to and approval in writing by the Series or if such disclosure is expressly required or requested by applicable federal or state regulatory authorities or otherwise required by law. Confidential information of a party shall not include information that has been disclosed to the public, becomes available to the public through no fault of the other party or which is disclosed to the other party by a third party who had lawfully obtained such information and without a breach of the third party's confidentiality obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Control.</u> Notwithstanding any other provision of the Agreement, it is understood and agreed that the Manager shall at all times retain the ultimate responsibility for and control of all functions performed pursuant to this Agreement, and reserves the right to direct, approve or disapprove any action hereunder taken on its behalf by the Subadvisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Liability.</u> Except as may otherwise be required by the 1940 Act or the rules thereunder or other applicable law, the Registrant and the Manager agree that the Subadvisor, any affiliated person of the Subadvisor, and each person, if any, who, within the meaning of Section 15 of the 1933 Act controls the Subadvisor, shall not be liable for, or subject to any damages, expenses or losses in connection with, any act or omission connected with or arising out of any services rendered under this Agreement, except by reason of willful misfeasance, bad faith or gross negligence in the performance of the Subadvisor's duties, or by reason of reckless disregard of the Subadvisor's obligations and duties under this Agreement.

Nothing in this section shall be deemed a limitation or waiver of any obligation or duty that may not by law be limited or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager agrees to indemnify and hold harmless the Subadvisor, any affiliated person of the Subadvisor, and each person, if any, who, within the meaning of Section 15 of the 1933 Act controls ("controlling person") the Subadvisor (all of such persons being referred to as "Subadvisor Indemnified Persons") against any and all losses, claims, damages, liabilities or litigation (including legal and other expenses) to which a Subadvisor Indemnified Person may become subject under the 1933 Act, the 1940 Act, the Advisers Act, the Internal Revenue Code, under any other statute, at common law or otherwise, arising out of the Manager's responsibilities to the Registrant, which: (i) may be based upon any willful misfeasance, bad faith or gross negligence in the performance of the Manager's duties or reckless disregard of the Manager's obligations and duties under this Agreement, or by any of its employees or representatives or any affiliate of or any person acting on behalf of the Manager, or (ii) may be based upon any untrue statement or alleged untrue statement of a material fact supplied by, or which is the responsibility of, the Manager and contained in the Registration Statement or Prospectus covering shares of a Registrant or Series, or any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact known or which should have been known to the Manager and was required to be stated therein or necessary to make the statements therein not misleading, unless such statement or omission was made in reliance upon information furnished to the Manager, a Registrant or to

------

any affiliated person of the Manager by a Subadvisor Indemnified Person; provided, however, that in no case shall the indemnity in favor of the Subadvisor Indemnified Person be deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding Section 14 of this Agreement, the Subadvisor agrees to indemnify and hold harmless the Manager, any affiliated person of the Manager, and each person, if any, who, within the meaning of Section 15 of the 1933 Act, controls ("controlling person") the Manager (all of such persons being referred to as "Manager Indemnified Persons") against any and all losses, claims, damages, liabilities or litigation (including legal and other expenses) to which a Manager Indemnified Person may become subject under the 1933 Act, 1940 Act, the Advisers Act, the Internal Revenue Code, under any other statute, at common law or otherwise, arising out of the Subadvisor's responsibilities as Subadvisor of the Series, which: (i) may be based upon any willful misfeasance, bad faith or gross negligence in the performance of the Subadvisor's duties, or by reason of reckless disregard of the Subadvisor's obligations and duties under this Agreement, or by any of its employees or representatives, or any affiliate of or any person acting on behalf of the Subadvisor; (ii) may be based upon a failure by the Subadvisor to comply with Section 2, Paragraph (a) of this Agreement; or (iii) may be based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or Prospectus covering the shares of a Registrant or Series, or any amendment or supplement thereto, or the omission or alleged omission to state therein a material fact known or which should have been known to the Subadvisor and was required to be stated therein or necessary to make the statements therein not misleading, if such a statement or omission was made in reliance upon information furnished to the Manager, a Registrant or any affiliated person of the Manager or a Registrant by the Subadvisor or any affiliated person of the Subadvisor; provided, however, that in no case shall the indemnity in favor of a Manager Indemnified Person be deemed to protect such person against any liability to which any such person would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Manager shall not be liable under Paragraph (a) of this Section 15 with respect to any claim made against a Subadvisor Indemnified Person unless such Subadvisor Indemnified Person shall have notified the Manager in writing within a reasonable time after the summons, notice or other first legal process or notice giving information of the nature of the claim shall have been served upon such Subadvisor Indemnified Person (or after such Subadvisor Indemnified Person shall have received notice of such service on any designated agent), but failure to notify the Manager of any such claim shall not relieve the Manager from any liability that it may have to the Subadvisor Indemnified Person against whom such action is brought otherwise than on account of this Section 15. In case any such action is brought against the Subadvisor Indemnified Person, the Manager will be entitled to participate, at its own expense, in the defense thereof or, after notice to the Subadvisor Indemnified Person, to assume the defense thereof, with counsel satisfactory to the Subadvisor Indemnified Person. If the Manager assumes the defense of any such action and the selection of counsel by the Manager to represent both the Manager and the Subadvisor Indemnified Person would result in a conflict of interest and, therefore, would not, in the reasonable judgment of the Subadvisor Indemnified Person, adequately represent the interests of the Subadvisor Indemnified Person, the Manager will, at its own expense, assume the defense with counsel to the Manager and, also at its own expense, with separate counsel to the Subadvisor Indemnified Person, which counsel shall be satisfactory to the Manager and to the Subadvisor Indemnified Person. The Subadvisor Indemnified Person shall bear the fees and expenses of any additional counsel retained by it, and the Manager shall not be liable to the Subadvisor Indemnified Person under this Agreement for any legal or other expenses subsequently incurred by the Subadvisor Indemnified Person independently in connection with the defense thereof other than reasonable costs of investigation. The Manager shall not have the right to compromise on or settle the litigation without the prior written consent of the Subadvisor Indemnified Person if the compromise or settlement results, or may result, in a finding of wrongdoing on the part of the Subadvisor Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Subadvisor shall not be liable under Paragraph (b) of this Section 15 with respect to any claim made against a Manager Indemnified Person unless such Manager Indemnified Person shall have notified the Subadvisor in writing within a reasonable time after the summons, notice or other first legal process or notice giving information of the nature of the claim shall have been served upon such Manager Indemnified Person (or after such Manager Indemnified Person shall have received notice of such service on any designated agent), but failure to notify the Subadvisor of any such claim shall not relieve the Subadvisor from any liability that it may have to the Manager Indemnified Person against whom such action is brought otherwise than on account of this Section 15. In case any such action is brought against the Manager Indemnified Person, the Subadvisor will be entitled to participate, at its own expense, in the defense thereof or, after notice to the Manager Indemnified Person, to assume the defense thereof, with counsel satisfactory to the Manager Indemnified Person. If the Subadvisor assumes the defense of any such action and the selection of counsel by the Subadvisor to represent both the Subadvisor and the Manager Indemnified Person would result in a conflict of interest and, therefore, would not, in the reasonable judgment of the Manager Indemnified Person, adequately represent the interests of the Manager Indemnified Person, the Subadvisor will, at its own expense, assume the defense with counsel to the Subadvisor and, also at its own expense, with separate counsel to the Manager Indemnified Person, which counsel shall be satisfactory to the Subadvisor and to the Manager Indemnified Person. The Manager

------

Indemnified Person shall bear the fees and expenses of any additional counsel retained by it, and the Subadvisor shall not be liable to the Manager Indemnified Person under this Agreement for any legal or other expenses subsequently incurred by the Manager Indemnified Person independently in connection with the defense thereof other than reasonable costs of investigation. The Subadvisor shall not have the right to compromise on or settle the litigation without the prior written consent of the Manager Indemnified Person if the compromise or settlement results, or may result, in a finding of wrongdoing on the part of the Manager Indemnified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Services Not Exclusive.</u> The services furnished by the Subadvisor hereunder are not to be deemed exclusive, and except as the Subadvisor may otherwise agree in writing, the Subadvisor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of the Subadvisor, who may also be a Trustee, officer or employee of the Registrant, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Duration and Termination.</u> This Agreement shall become effective on the date first indicated above. Unless terminated as provided herein, the Agreement shall remain in full force and effect for an initial period of two (2) years from the date first indicated above when following a shareholder approval, and otherwise a period of one (1) year, and continue on an annual basis thereafter with respect to the Series, provided that such continuance is specifically approved each year by: (a) the vote of a majority of the entire Board or by the vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Series; and (b) the vote of a majority of those applicable Trustees who are not parties to this Agreement or interested persons (as such term is defined in the 1940 Act) of any such party to this Agreement cast in person at a meeting called for the purpose of voting on such approval. Any approval of this Agreement by the holders of a majority of the outstanding shares (as defined in the 1940 Act) of a Series shall be effective to continue this Agreement with respect to the Series notwithstanding: (i) that this Agreement has not been approved by the holders of a majority of the outstanding shares of any other Series; or (ii) that this Agreement has not been approved by the vote of a majority of the outstanding shares of the Registrant, unless such approval shall be required by any other applicable law or otherwise. Notwithstanding the foregoing, this Agreement may be terminated for each or any Series hereunder: (A) by the Manager at any time without penalty, upon sixty (60) days' written notice to the Subadvisor and the applicable Registrant; (B) at any time without payment of any penalty by the Registrant, upon the vote of a majority of the Registrant's Board or a majority of the outstanding voting securities of each Portfolio, upon sixty (60) days' written notice to the Manager and the Subadvisor; or (C) by the Subadvisor at any time without penalty, upon sixty (60) days' written notice to the Manager and the Registrant. In the event of termination for any reason, all records of each Series for which the Agreement is terminated shall promptly be returned to the Manager or the applicable Registrant, free from any claim or retention of rights in such record by the Subadvisor; provided, however, that the Subadvisor may, at its own expense, make and retain a copy of such records. The Agreement shall automatically terminate in the event of its assignment (as such term is defined in Section 2(a)(4) of the 1940 Act) or in the event the Management Agreement between the Manager and a Registrant is assigned or terminates for any other reason. In the event this Agreement is terminated or is not approved in the manner described above, the Sections numbered 2(f), 9, 10, 12, 14, 15 and 19 of this Agreement shall remain in effect, as well as any applicable provision of this Section 17.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Amendments.</u> No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought, and no material amendment of this Agreement shall be effective until approved by an affirmative vote of: (i) the holders of a majority of the outstanding voting securities of the Series; and (ii) the Trustees of the Registrant, including a majority of the Trustees of the Registrant who are not interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, if such approval is required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Use of Name.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is understood that the name MainStay or any derivative thereof or logo associated with that name is the valuable property of the Manager and/or its affiliates, and that the Subadvisor has the right to use such name (or derivative or logo) only with the approval of the Manager and only so long as the Manager is Manager to the Registrants and/or the Series. Upon termination of the Management Agreement between a Registrant and the Manager, the Subadvisor shall forthwith cease to use such name (or derivative or logo).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is understood that the name Candriam or any derivative thereof or logo associated with that name is the valuable property of the Subadvisor and its affiliates and that the Registrants and/or the Series have the right to use such name (or derivative or logo) in offering materials of the Registrant and sales materials with respect to the Registrant with the approval of

------

the Subadvisor and for so long as the Subadvisor is a Subadvisor to the Registrants and/or the Series. Upon termination of this Agreement, the Registrants shall forthwith cease to use such name (or derivative or logo).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Proxies; Class Actions.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Manager has provided the Subadvisor a copy of the Manager's Proxy Voting Policy, setting forth the policy that proxies be voted for the exclusive benefit and in the best interests of the Registrants. Absent contrary instructions received in writing from a Registrant, the Subadvisor will vote all proxies solicited by or with respect to the issuers of securities held by the Series in accordance with applicable fiduciary obligations. The Subadvisor shall maintain records concerning how it has voted proxies on behalf of the Registrant, and these records shall be available to the Registrant upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Manager acknowledges and agrees that the Subadvisor shall not be responsible for taking any action or rendering advice with respect to any class action claim relating to any assets held in the Allocated Assets or Series. Manager will instruct the applicable service providers not to forward to the Subadvisor any information concerning such actions. The Subadvisor will, however, forward to Manager any information it receives regarding any legal matters involving any asset held in the Allocated Assets or Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Notice.</u> Any notice or other communication required to be given pursuant to this Agreement shall be deemed duly given if delivered or mailed by registered mail, postage prepaid, (1) to the Manager at New York Life Investment Management, 30 Hudson Street, Jersey City, New Jersey 07302, Attention: Chief Operating Officer, with a copy to General Counsel; or (2) to the Subadvisor at Candriam, 19-21 route d'Arlon L-8009 Strassen Luxembourg, Attention: Chairman of the Management Board, with a copy to General Counsel.

22. <u>Miscellaneous.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by the laws of the State of New York, provided that nothing herein shall be construed in a manner inconsistent with the 1940 Act, the Advisers Act or rules or orders of the SEC thereunder. The term "affiliate" or "affiliated person" as used in this Agreement shall mean "affiliated person" as defined in Section 2(a)(3) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The captions of this Agreement are included for convenience only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent permitted under Section 17 of this Agreement, this Agreement may only be assigned by a party with the prior written consent of the other parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby, and to this extent, the provisions of this Agreement shall be deemed to be severable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing herein shall be construed as constituting the Subadvisor as an agent of the Manager, or constituting the Manager as an agent of the Subadvisor.

\* \* \*

------

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the 1<sup>st</sup> day of July, 2022. This Agreement may be signed in counterparts.

#### NEW YORK LIFE INVESTMENT MANAGEMENT LLC
Attest: <u>/s/ Brian J. McGrady</u> By: <u>/s/ Yie-Hsin Hung</u> 

Name: Brian J. McGrady Name: Yie-Hsin Hung

Title: Director and Associate General Counsel Title: Chief Executive Officer

#### CANDRIAM
Attest: <u>/s/ Alain Peters</u> By: <u>/s/ Jean Yves Maldague</u> 

Name: Alain Peters Name: Jean Yves Maldague

Title: Member of the Board of Management Title: Managing Director

------

#### SCHEDULE A
(As of July 1, 2022)

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:

---

| | | |
|:---|:---|:---|
| **<u>FUND/PORTFOLIO</u>** | **<u>ANNUAL RATE</u>** | **<u>ANNUAL RATE</u>** |
| MainStay Candriam Emerging Markets Debt Fund | MainStay Candriam Emerging Markets Debt Fund | 0.35% on assets up to $500 million; and <br>0.325% on assets over $500 million |

---

The portion of the fee based upon the average daily net assets of the respective Series shall be accrued daily at the rate of 1/(number of days in calendar year) of the annual rate applied to the daily net assets of the Series.

The Manager may agree to waive a portion of the Series' management fee or reimburse the expenses of the appropriate class of the Series so that the class' total ordinary operating expenses do not exceed certain amounts. These waivers or reimbursements may be changed with Board approval. To the extent the Manager agrees to waive its management fee or reimburse expenses, Candriam, as Subadvisor for these Series, has voluntarily agreed to waive or reimburse its fee proportionately.

Payment will be made to the Subadvisor on a monthly basis.

------

## Ex-99.H

#### AMENDMENT TO <br> AMENDED AND RESTATED <br> TRANSFER AGENCY AND SERVICE AGREEMENT
This Amendment to the Amended and Restated Transfer Agency and Service Agreement ("Amendment") is effective as of the 1<sup>st</sup> day of July, 2025, by and among New York Life Investments Funds, a Massachusetts business trust, and New York Life Investments VP Funds Trust and New York Life Investments Funds Trust, each a Delaware statutory trust (each, a "Fund" and collectively, the "Funds"), and NYLIM Service Company LLC ("NSC"), a Delaware limited liability company, having its principal office and place of business at 30 Hudson Street, Jersey City, New Jersey 07302.

**WHEREAS,** the Funds and NSC are parties to an Amended and Restated Transfer Agency and Service Agreement, dated October 1, 2008, as amended ("Agreement"); and

**WHEREAS**, pursuant to Article 2.01 and Article 11 of the Agreement, the parties hereby wish to amend the Agreement to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. update the Transfer Agency Fee Schedule to reflect the cost-of-living adjustment to the transfer agency fees effective July 1, 2025, as NSC notified the New York Life Investments Group of Funds' Board of Trustees at meetings held on June 4-5, 2025.

**NOW, THEREFORE,** in consideration of the mutual covenants contained in the Agreement and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Schedule A of the Agreement is hereby deleted in its entirety and replaced with the Schedule A attached hereto.

------

**IN WITNESS HEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers.

**NEW YORK LIFE INVESTMENTS FUNDS**<br>By: <u>/s/ Kirk C. Lehneis</u><br>Name: Kirk C. Lehneis<br>Title: President and Principal Executive Officer<br>

**NEW YORK LIFE INVESTMENTS FUNDS TRUST**<br>By: <u>/s/ Kirk C. Lehneis</u><br>Name: Kirk C. Lehneis<br>Title: President and Principal Executive Officer<br>

**NEW YORK LIFE INVESTMENTS VP FUNDS TRUST<br>**<br> By: <u>/s/ Kirk C. Lehneis</u><br>Name: Kirk C. Lehneis<br>Title: President and Principal Executive Officer<br>

**NYLIM SERVICE COMPANY LLC <br>**<br> By: <u>/s/ Jack R. Benintende</u><br>Name: Jack R. Benintende<br>Title: President<br>

------

#### SCHEDULE A
Effective Date: July 1, 2025<br>(unless otherwise indicated)<br>

---

| | |
|:---|:---|
| **<u>New York Life Investments Funds</u>**<br>NYLI Candriam Emerging Markets Debt Fund<br>NYLI Income Builder Fund<br>NYLI MacKay Convertible Fund<br>NYLI MacKay High Yield Corporate Bond Fund<br>NYLI MacKay Strategic Bond Fund<br>NYLI MacKay Tax Free Bond Fund<br>NYLI MacKay U.S. Infrastructure Bond Fund <br>NYLI Money Market Fund<br>NYLI Winslow Large Cap Growth Fund<br>NYLI WMC Enduring Capital Fund<br>NYLI WMC Value Fund<br>**<u>New York Life Investments VP Funds Trust</u>**<br>all currently available VP Portfolios<br>| &nbsp;&nbsp;**<u>New York Life Investments Funds Trust</u>**<br>NYLI Balanced Fund<br>NYLI Candriam Emerging Markets Equity Fund<br>NYLI CBRE Global Infrastructure Fund<br>NYLI CBRE Real Estate Fund<br>NYLI Conservative Allocation Fund <br>NYLI Conservative ETF Allocation Fund <br>NYLI Cushing MLP Premier Fund <br>NYLI Epoch Capital Growth Fund<br>NYLI Epoch Global Equity Yield Fund<br>NYLI Epoch International Choice Fund<br>NYLI Epoch U.S. Equity Yield Fund <br>NYLI Equity Allocation Fund<br>NYLI Equity ETF Allocation Fund <br>NYLI Fiera SMID Growth Fund<br>NYLI Floating Rate Fund<br>NYLI Growth Allocation Fund<br>NYLI Growth ETF Allocation Fund<br>NYLI MacKay Arizona Muni Fund<br>NYLI MacKay California Muni Fund<br>NYLI MacKay Colorado Muni Fund<br>NYLI MacKay High Yield Muni Bond Fund<br>NYLI MacKay New York Muni Fund<br>NYLI MacKay Oregon Muni Fund<br>NYLI MacKay Short Duration High Income Fund<br>NYLI MacKay Short Term Muni Fund <br>NYLI MacKay Strategic Muni Allocation Fund<br>NYLI MacKay Total Return Bond Fund<br>NYLI MacKay Utah Muni Fund<br>NYLI Moderate Allocation Fund<br>NYLI Moderate ETF Allocation Fund <br>NYLI PineStone Global Equity Fund<br>NYLI PineStone International Equity Fund<br>NYLI PineStone U.S. Equity Fund<br>NYLI S&P 500 Index Fund<br>NYLI Short Term Bond Fund<br>NYLI U.S. Government Liquidity Fund<br>NYLI WMC Growth Fund<br>NYLI WMC International Research Equity Fund<br>NYLI WMC Small Companies Fund<br>|

---

------

#### TRANSFER AGENCY FEE SCHEDULE
**As Amended effective July 1, 2025**<br>(unless otherwise indicated)

#### 1) Maintenance and Transaction Charges – Billable Monthly\* <br>
\* For each share class other than Class P, Class R6 and SIMPLE Class shares, the Funds listed below will be billed at the greater of A or B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) Per Account Annual Fee:

The following Funds will be billed at a rate of 1/12 of the annual fee for each Fund account serviced during the month. "Accounts serviced" is defined as all open accounts at month end and accounts that close during the month, including underlying Shareholder accounts which may be held in omnibus positions and serviced by other administrators.

#### NEW YORK LIFE INVESTMENTS FUNDS <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**EQUITY FUNDS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ACCOUNT RATES** |
| &nbsp;&nbsp;NYLI Winslow Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI WMC Enduring Capital Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| *NYLI WMC Value Fund* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;**FIXED INCOME & BLENDED FUNDS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ACCOUNT RATES** |
| &nbsp;&nbsp;NYLI Candriam Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI Income Builder Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Convertible Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay High Yield Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Strategic Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay U.S. Infrastructure Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;**MONEY MARKET FUND** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ACCOUNT RATES** |
| &nbsp;&nbsp;NYLI Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31.13 |

---

#### NEW YORK LIFE INVESTMENTS FUNDS TRUST <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**EQUITY FUNDS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ACCOUNT RATES** |
| &nbsp;&nbsp;NYLI Candriam Emerging Markets Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI CBRE Global Infrastructure Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI CBRE Real Estate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI Conservative Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI Cushing MLP Premier Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI Epoch Capital Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI Epoch Global Equity Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI Epoch International Choice Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI Epoch U.S. Equity Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI Equity Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI Fiera SMID Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI Growth Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI S&P 500 Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**EQUITY FUNDS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ACCOUNT RATES** |
| &nbsp;&nbsp;NYLI Moderate Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI PineStone Global Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI PineStone International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI PineStone U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI WMC Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI WMC International Research Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;NYLI WMC Small Companies Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26.64 |
| &nbsp;&nbsp;**FIXED INCOME & BLENDED FUNDS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ACCOUNT RATES** |
| &nbsp;&nbsp;NYLI Balanced Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI Floating Rate Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Arizona Muni Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay California Muni Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Colorado Muni Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay High Yield Muni Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay New York Muni Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Oregon Muni Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Short Duration High Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Short Term Muni Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Strategic Muni Allocation Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Total Return Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI MacKay Utah Muni Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |
| &nbsp;&nbsp;NYLI Short Term Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$32.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B) Fund Minimum (CUSIP/Class/Fund):<br>

The Funds listed above will be billed at $458.84 per month per CUSIP (*i.e.,* 1/12 of the annual Fund Minimum charge of $5,506.08) for each Fund serviced during the month that is not being charged at the per account rate. Those Funds that do not have a minimum account volume are charged at the Fund Minimum level until such account volumes are achieved. Seed accounts are excluded from Fund Minimums.

The fees and charges set forth above shall increase annually over the fees and charges during the prior 12 months in an amount equal to the annual percentage of change in the Northeastern Consumer Price Index as last reported by the U.S. Bureau of Labor Statistics.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C) Expense Allocation Methodology

<br>**<u>All Funds (except New York Life Investments ETF Asset Allocation Funds</u>**<sup>1</sup>**<u>)</u>**<br>For purposes of allocating the transfer agency expenses for each Fund under this Agreement: (i) Class A, Class A2, Class I, Class R1, Class R2, Class R3 and Class Z shares will be grouped together as one group; (ii) Investor Class, Class C and Class C2 shares will be grouped together as a separate group; and (iii) SIMPLE Class, Class P and Class R6 shares will not be grouped together with any other share class.

<sup>1</sup> The New York Life Investments ETF Asset Allocation Funds consist of NYLI Conservative ETF Allocation Fund, NYLI Equity ETF Allocation Fund, NYLI Growth ETF Allocation Fund, and NYLI Moderate ETF Allocation Fund.

------

<br>For each Fund, the transfer agency expenses will be calculated and allocated between the share classes in each group in the following manner:<br>multiplying the total number of accounts in each group of share classes by the per account fee to determine the total transfer agency fees allocable to each group, and<br>allocating the total fees per group among the share classes in the group based on the relative assets of the share classes.<br>**<u>Class P and Class R6 Shares</u>**<br>For Class P and Class R6 shares, a Fund will be charged a transfer agency fee of 0.004% of the average daily net assets attributable to Class P and Class R6 shares of the Fund.<br>**<u>New York Life Investments ETF Asset Allocation Funds</u>**<br>Each share class of the New York Life Investments ETF Asset Allocation Funds will be charged a transfer agency fee as follows:<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;**NEW YORK LIFE INVESTMENTS ETF ASSET ALLOCATION FUNDS** | &nbsp;&nbsp;&nbsp;&nbsp;**ACCOUNT RATES** |
| &nbsp;&nbsp;Shareholder accounts with total value of less than $12,000 | &nbsp;&nbsp;0.20% on assets |
| &nbsp;&nbsp;Shareholder accounts with total value of $12,000 or more to the extent the size of a shareholder account is available | &nbsp;&nbsp;$26.64 |

---

#### SIMPLE Class Shares
SIMPLE Class shares of a Fund will be charged a transfer agency fee as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**SIMPLE CLASS SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;**ACCOUNT RATES** |
| &nbsp;&nbsp;Shareholder accounts with total value of less than $12,000 | &nbsp;&nbsp;0.20% on assets |
| &nbsp;&nbsp;Shareholder accounts with total value of $12,000 or more to the extent the size of a shareholder account is available | &nbsp;&nbsp;Each Fund's respective Account Rate as set forth in Section 1). A above |

---

#### 2) Other Items
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A) <u>New</u> <u>Funds</u><br>New Funds that contain "seed money" only will not be charged the Fund Minimum.<br><u>Fund Billing</u> <u>Restrictions/Caps</u><u><br></u><br> In order to facilitate the introduction of New Fund and Products and keep transfer agency expenses at a minimum, certain billing restrictions and/or Caps apply to New Funds (except the New York Life Investments ETF Asset Allocation Funds). New Funds (Class A, A2, C, C2, I, R1, R2, and R3) are charged a maximum transfer agency expense of 25 basis points for one year. After one year, the Fund expenses are reviewed and, at

------

Management discretion, will either continue to be charged the 25 basis points maximum or commencement of the per account rate or Fund Minimum charge will begin.

------

**IN WITNESS WHEREOF**, each of the Funds listed below and NYLIM Service Company LLC have agreed upon this Transfer Agency Fee Schedule and have caused this Transfer Agency Fee Schedule to be executed in their names and on their behalf by and through their duly authorized officers as of the day and year first written above.<br>

**NEW YORK LIFE INVESTMENTS FUNDS**<br>By: <u>/s/ Kirk C. Lehneis</u><br>Name: Kirk C. Lehneis<br>Title: President and Principal Executive Officer<br>

**NEW YORK LIFE INVESTMENTS FUNDS TRUST**<br>By: <u>/s/ Kirk C. Lehneis</u><br>Name: Kirk C. Lehneis<br>Title: President and Principal Executive Officer<br>

**NEW YORK LIFE INVESTMENTS VP FUNDS TRUST<br>**<br> By: <u>/s/ Kirk C. Lehneis</u><br>Name: Kirk C. Lehneis<br>Title: President and Principal Executive Officer<br>

**NYLIM SERVICE COMPANY LLC <br>**<br> By: <u>/s/ Jack R. Benintende</u><br>Name: Jack R. Benintende<br>Title: President<br>

------

## Ex-99.H

#### AMENDED AND RESTATED <br> EXPENSE LIMITATION AGREEMENT
**THIS AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT,** is hereby

made as of August 28, 2025, between New York Life Investments Funds and New York Life Investments 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2026, except as provided below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The waivers and/or reimbursements described in Section 1 above are not subject to recoupment by the Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Funds.

------

**IN WITNESS WHEREOF**, the parties hereto have executed this Agreement as of the date first written above.<br>

#### NEW YORK LIFE INVESTMENTS FUNDS TRUST
By: <u>/s/ Jack R. Benintende</u><br>Name: Jack R. Benintende<br>Title: Treasurer and Principal Financial and Accounting Officer<br>

#### NEW YORK LIFE INVESTMENTS FUNDS
By: <u>/s/ Jack R. Benintende</u><br>Name: Jack R. Benintende<br>Title: Treasurer and Principal Financial and Accounting Officer<br>

#### NEW YORK LIFE INVESTMENT MANAGEMENT LLC
By: <u>/s/ Kirk C. Lehneis</u><br>Name: Kirk C. Lehneis<br>Title: Senior Managing Director<br>

------

#### SCHEDULE A

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>FUND</u>** | &nbsp;&nbsp;**<u>Total Annual Operating Expense Limit (as a percent of average daily</u> <u>net assets)</u>** |
| &nbsp;&nbsp;**ALL FUNDS**<br>**(except NYLI CBRE Global Infrastructure Fund, NYLI CBRE Real Estate Fund, NYLI Epoch Global Equity Yield Fund, NYLI Fiera SMID Growth Fund, NYLI MacKay Short Term Muni Fund, NYLI MacKay Strategic Muni Allocation Fund, NYLI MacKay U.S. Infrastructure Bond Fund, NYLI PineStone Global Equity Fund, NYLI PineStone International Equity Fund and NYLI PineStone U.S. Equity Fund) CLASS R6 SHARES** | &nbsp;&nbsp;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. |
| &nbsp;&nbsp;**NYLI Candriam Emerging Markets Equity Fund** | &nbsp;&nbsp;<u>Class A</u>: 1.50%<br><u>Class C</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class I</u>: 1.01%<br><u>Investor Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
| &nbsp;&nbsp;**NYLI Candriam Emerging Markets Debt Fund** | &nbsp;&nbsp;<u>Class A</u>: 1.15%<br><u>Class C</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class I</u>: 0.85%<br><u>Investor Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
| &nbsp;&nbsp;**NYLI CBRE Global Infrastructure Fund** | &nbsp;&nbsp;**Expense Limitation until August 31, 2026**<br><u>Class A:</u> 1.33%<br><u>Class C:</u> 2.08%<br><u>Investor Class:</u> 1.45%<br><u>Class I:</u> 0.97%<br><u>Class R6:</u> 0.95% |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>FUND</u>** | &nbsp;&nbsp;**<u>Total Annual Operating Expense Limit (as a percent of average daily</u> <u>net assets)</u>** |
| &nbsp;&nbsp;**NYLI CBRE Real Estate Fund** | &nbsp;&nbsp;**Expense Limitation until August 31, 2026**<br><u>Class A:</u> 1.18%<br><u>Class C:</u> 1.93%<br><u>Investor Class:</u> 1.35%<br><u>Class I:</u> 0.83%<br>**<u>Class R6:</u> 0.74%** |
| &nbsp;&nbsp;**NYLI Conservative Allocation Fund** | &nbsp;&nbsp;<u>Class A:</u> 0.50%<br><u>Class C</u>: 1.30%<br><u>Class I</u>: 0.25%<br><u>Investor Class</u>: 0.55%<br>**<u>SIMPLE Class</u>: 0.80%** |
| &nbsp;&nbsp;**NYLI Conservative ETF Allocation Fund** | &nbsp;&nbsp;**Expense Limitation until August 31, 2026**<br><u>Class A</u>: 0.80%<br><u>Class C</u>: 1.55%<br><u>Class I</u>: 0.55%<br><u>Class R3</u>: 1.15%<br><u>SIMPLE Class</u>: 1.05% |
| &nbsp;&nbsp;**NYLI Epoch Capital Growth Fund** | &nbsp;&nbsp;<u>Class A</u>: 1.15% <br>**<u>Class I</u>: 0.90%**  |
| &nbsp;&nbsp;**NYLI Epoch Global Equity Yield Fund** | &nbsp;&nbsp;<u>Class A</u>: 1.09%<br><u>Class C</u>: 1.84%<br><u>Class I</u>: 0.84%<br><u>Class R6</u>: 0.74% |
| &nbsp;&nbsp;**NYLI Epoch International Choice Fund** | &nbsp;&nbsp;<u>Class I</u>: 0.95% |
| &nbsp;&nbsp;**NYLI Epoch U.S. Equity Yield Fund** | &nbsp;&nbsp;<u>Class I</u>: 0.73% |
| &nbsp;&nbsp;**NYLI Equity Allocation Fund** | &nbsp;&nbsp;<u>Class A:</u> 0.50%<br><u>Class C:</u> 1.30%<br><u>Class I:</u> 0.25%<br><u>Investor Class:</u> 0.55%<br><u>SIMPLE Class</u>: 0.80% |
| &nbsp;&nbsp;**NYLI Equity ETF Allocation Fund** | &nbsp;&nbsp;**Expense Limitation until August 31, 2026**<br><u>Class A</u>: 0.80%<br><u>Class C</u>: 1.55%<br><u>Class I</u>: 0.55%<br><u>Class R3</u>: 1.15%<br><u>SIMPLE Class</u>: 1.05% |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>FUND</u>** | &nbsp;&nbsp;**<u>Total Annual Operating Expense Limit (as a percent of average daily</u> <u>net assets)</u>** |
| &nbsp;&nbsp;**NYLI Fiera SMID Growth Fund** | &nbsp;&nbsp;<u>Class A</u>: 1.15%<br><u>Class C</u>: 2.05%<br><u>Class I</u>: 0.85%<br><u>Class R6</u>: 0.84% |
| &nbsp;&nbsp;**NYLI Floating Rate Fund** | &nbsp;&nbsp;<u>Class A:</u> 1.05%<br><u>Class C</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class I:</u> The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Investor Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>SIMPLE Class:</u> The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
| &nbsp;&nbsp;**NYLI Growth Allocation Fund** | &nbsp;&nbsp;<u>Class A</u>: 0.50%<br><u>Class C</u>: 1.30%<br><u>Class I</u>: 0.25%<br><u>Investor Class</u>: 0.55%<br><u>SIMPLE Class</u>: 0.80% |
| &nbsp;&nbsp;**NYLI Growth ETF Allocation Fund** | &nbsp;&nbsp;**Expense Limitation until August 31, 2026**<br><u>Class A</u>: 0.80%<br><u>Class C</u>: 1.55%<br><u>Class I</u>: 0.55%<br><u>Class R3</u>: 1.15%<br><u>SIMPLE Class</u>: 1.05% |
| &nbsp;&nbsp;**NYLI MacKay Arizona Muni Fund** | &nbsp;&nbsp;**Expense Limitation until February 28, 2027**<br><u>Class A</u>: 0.80%<br><u>Class C</u>: 1.10%<br><u>Class I</u>: 0.55%<br><u>Class Z</u>: 0.74% |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>FUND</u>** | &nbsp;&nbsp;**<u>Total Annual Operating Expense Limit (as a percent of average daily</u> <u>net assets)</u>** |
| &nbsp;&nbsp;**NYLI MacKay California Muni Fund** | &nbsp;&nbsp;<u>Class A</u>: 0.75%<br><u>Class C</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class C2</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class I</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Investor Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
| &nbsp;&nbsp;**NYLI MacKay Colorado Muni Fund** | &nbsp;&nbsp;**Expense Limitation until February 28, 2027**<br><u>Class A</u>: 0.80%<br><u>Class C</u>: 1.10%<br><u>Class I</u>: 0.55%<br><u>Class Z</u>: 0.785% |
| &nbsp;&nbsp;**NYLI MacKay Convertible Fund** | &nbsp;&nbsp;<u>Class I</u>: 0.61% |
| &nbsp;&nbsp;**NYLI MacKay High Yield Muni Bond Fund** | &nbsp;&nbsp;<u>Class A</u>: 0.875%<br><u>Class C</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class I</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Investor Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
| &nbsp;&nbsp;**NYLI MacKay New York Muni Fund** | &nbsp;&nbsp;<u>Class A:</u> 0.75%<br><u>Class C</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class C2</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class I</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Investor Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>FUND</u>** | &nbsp;&nbsp;**<u>Total Annual Operating Expense Limit (as a percent of average daily</u> <u>net assets)</u>** |
| &nbsp;&nbsp;**NYLI MacKay Oregon Muni Fund** | &nbsp;&nbsp;**Expense Limitation until February 28, 2027**<br><u>Class A</u>: 0.80%<br><u>Class C</u>: 1.10%<br><u>Class I</u>: 0.55%<br><u>Class Z</u>: 0.71% |
| &nbsp;&nbsp;**NYLI MacKay Short Duration High Income Fund** | &nbsp;&nbsp;<u>Class A:</u> 1.02%<br><u>Class C:</u> 1.88%<br><u>Class I:</u> 0.78%<br><u>Investor Class:</u> 1.13% |
| &nbsp;&nbsp;**NYLI MacKay Short Term Muni Fund** | &nbsp;&nbsp;<u>Class A</u>: 0.70%<br><u>Class A2</u>: 0.70%<br><u>Class I</u>: 0.40%<br><u>Investor Class:</u> The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
| &nbsp;&nbsp;**NYLI MacKay Strategic Bond Fund** | &nbsp;&nbsp;<u>Class I</u>: 0.70% |
| &nbsp;&nbsp;**NYLI MacKay Strategic Muni Allocation Fund** | &nbsp;&nbsp;**Expense Limitation until February 28, 2027**<br><u>Class A</u>: 0.77%<br><u>Class C</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class C2</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class I:</u> The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Investor Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class R6:</u> 0.50%<br><u>Class Z</u>: 0.79% |
| &nbsp;&nbsp;**NYLI MacKay Total Return Bond Fund** | &nbsp;&nbsp;<u>Class A:</u> 0.88%<br>Class C: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class I:</u> 0.35%<br><u>Investor Class:</u> The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>SIMPLE Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>FUND</u>** | &nbsp;&nbsp;**<u>Total Annual Operating Expense Limit (as a percent of average daily</u> <u>net assets)</u>** |
| &nbsp;&nbsp;**NYLI MacKay Utah Muni Fund** | &nbsp;&nbsp;**Expense Limitation until February 28, 2027**<br><u>Class A</u>: 0.80%<br><u>Class C</u>: 1.10%<br><u>Class I</u>: 0.55%<br><u>Class Z</u>: 0.90% |
| &nbsp;&nbsp;**NYLI MacKay U.S. Infrastructure Bond Fund** | &nbsp;&nbsp;<u>Class A</u>: 0.85%<br><u>Class C</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class I</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Investor Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Class R6</u>: 0.53% |
| &nbsp;&nbsp;**NYLI Moderate Allocation Fund** | &nbsp;&nbsp;<u>Class A:</u> 0.50%<br><u>Class C:</u> 1.30%<br><u>Class I:</u> 0.25%<br><u>Investor Class:</u> 0.55%<br><u>SIMPLE Class</u>: 0.80% |
| &nbsp;&nbsp;**NYLI Moderate ETF Allocation Fund** | &nbsp;&nbsp;**Expense Limitation until August 31, 2026**<br><u>Class A</u>: 0.80%<br><u>Class C</u>: 1.55%<br><u>Class I</u>: 0.55%<br><u>Class R3</u>: 1.15%<br><u>SIMPLE Class</u>: 1.05% |
| &nbsp;&nbsp;**NYLI Money Market Fund** | &nbsp;&nbsp;<u>Class A</u>: 0.70%<br><u>Class C</u>: 0.80%<br><u>Investor Class</u>: 0.80%<br><u>SIMPLE Class</u>: 0.80% |
| &nbsp;&nbsp;**NYLI PineStone Global Equity Fund** | &nbsp;&nbsp;<u>Class A</u>: 1.10%<br><u>Class C</u>: 2.00%<br><u>Class I</u>: 0.85%<br><u>Class R6</u>: 0.84%<br><u>Class P</u>: 0.85% |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>FUND</u>** | &nbsp;&nbsp;**<u>Total Annual Operating Expense Limit (as a percent of average daily</u> <u>net assets)</u>** |
| &nbsp;&nbsp;**NYLI PineStone International Equity Fund** | &nbsp;&nbsp;**Expense Limitation until February 28, 2028**<br><u>Class A</u>: 1.20%<br><u>Class C</u>: 2.29%<br><u>Class I</u>: 0.85%<br><u>Investor Class</u>: 1.54%<br><u>Class R6</u>: 0.80%<br><u>Class P</u>: 0.85% |
| &nbsp;&nbsp;**NYLI PineStone U.S. Equity Fund** | &nbsp;&nbsp;<u>Class A</u>: 0.99%<br><u>Class C</u>: 1.89%<br><u>Class I</u>: 0.74%<br><u>Class R6</u>: 0.73%<br><u>Class P</u>: 0.74% |
| &nbsp;&nbsp;**NYLI Short Term Bond Fund** | &nbsp;&nbsp;<u>Class A</u>: 0.82%<br><u>Class I</u>: 0.40%<br><u>Investor Class</u>: 0.92%<br><u>SIMPLE Class</u>: 1.17% |
| &nbsp;&nbsp;**NYLI S&P 500 Index Fund** | &nbsp;&nbsp;<u>Class A</u>: 0.60%<br><u>Class I</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>Investor Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.<br><u>SIMPLE Class</u>: The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares. |
| &nbsp;&nbsp;**NYLI Winslow Large Cap Growth Fund** | &nbsp;&nbsp;<u>Class I</u>: 0.88% |
| &nbsp;&nbsp;**NYLI WMC Growth Fund** | &nbsp;&nbsp;<u>Class I</u>: 0.75% |
| &nbsp;&nbsp;**NYLI WMC International Research Equity Fund** | &nbsp;&nbsp;<u>Class A</u>: 1.18%<br><u>Class I</u>: 0.86% |
| &nbsp;&nbsp;**NYLI WMC Value Fund** | &nbsp;&nbsp;<u>Class I</u>: 0.70% |

---

------

## Ex-99.M

Exhibit (m)(8)

#### PLAN OF DISTRIBUTION PURSUANT TO RULE 12b-1 <br> FOR CLASS C2 SHARES OF <br> MAINSTAY FUNDS TRUST <br> THE MAINSTAY FUNDS
WHEREAS, MainStay Funds Trust and The MainStay Funds (each, a "Trust") each engage in business as an open-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "Act");

WHEREAS, shares of beneficial interest of each Trust are currently divided into a number of separate series as set forth in each Trust's prospectuses, as amended from time to time (individually, a "Fund," and collectively, the "Funds");

WHEREAS, the Board of Trustees of each Trust (the "Board") has determined that there is a reasonable likelihood that the adoption of this Plan of Distribution (the "Plan") pursuant to Rule 12b-1 under the Act will benefit each Trust, each Fund and its respective shareholders;

WHEREAS, each Trust employs NYLIFE Distributors LLC ("NYLIFE Distributors") as distributor of the securities of which it is the issuer, including Class C2 shares of each Fund; and

WHEREAS, each Trust and NYLIFE Distributors have entered into an Amended and Restated Master Distribution Agreement dated August 1, 2014, pursuant to which the Trust employs NYLIFE Distributors in such capacity during the continuous offering of Class C2 shares of each Fund;

NOW, THEREFORE, each Trust hereby adopts on behalf of each Fund, and NYLIFE Distributors hereby agrees to the terms of, this Plan, in accordance with Rule 12b-1 under the Act on the following terms and conditions:

1. Each Fund shall pay to NYLIFE Distributors, as the distributor of securities of which the Fund is the issuer, a fee for distribution of the Class C2 shares of the Fund at an annual rate of 0.40% of the Fund's average daily net assets attributable to the Fund's Class C2 shares. Such fee shall be calculated and accrued daily and paid monthly or at such other intervals as the Board shall determine, subject to any applicable restriction imposed by rules of the Financial Industry Regulatory Authority, Inc. ("FINRA"). If this Plan is terminated with respect to a Fund, such Fund will owe no payments to NYLIFE Distributors other than any portion of the distribution fee accrued through the effective date of termination but then unpaid.

2. The amount set forth in paragraph 1 of this Plan shall be paid for NYLIFE Distributors' services as distributor of the Class C2 shares of each Fund in connection with any activities or expenses primarily intended to result in the sale of Class C2 shares of the Fund, including, but not limited to: compensation to registered representatives or other employees of NYLIFE Distributors and its affiliates, including NYLIFE Securities Inc., and to other broker-dealers that have entered into a Soliciting Dealer Agreement with NYLIFE Distributors; compensation to and expenses of employees of NYLIFE Distributors who engage in or support distribution of the Fund's Class C2 shares; telephone expenses; interest expenses; printing of prospectuses and reports for other than existing shareholders; preparation, printing and distribution of sales literature and advertising materials; administrative services and expenses; and profit on the foregoing.

3. Each Fund will pay to NYLIFE Distributors, in addition to the distribution fee, a service fee at the rate of 0.25% on an annualized basis of the average daily net assets of the Class C2 shares of the Fund (the "Service Fee") as compensation for "service activities" (as defined below) rendered to shareholders of the Fund. Such Service Fee shall be calculated daily and paid monthly or at such other intervals as the Board shall determine.

For purposes of the Plan, "service activities" shall mean activities in connection with the provision of personal, continuing services to investors in a Fund, excluding transfer agent and subtransfer agent services for beneficial owners of the Fund's Class C2 shares, aggregating and processing purchase and redemption orders, providing beneficial owners with share account statements, processing dividend payments, providing subaccounting services for Class C2 shares held beneficially, forwarding shareholder communications to beneficial owners and receiving, tabulating and transmitting proxies executed by beneficial owners; provided, however, that if FINRA adopts a definition of "service fee" for purposes of FINRA Rule 2341 that differs from the definition of "service activities" hereunder, or if FINRA adopts a related definition intended to define the same concept, the definition of "service activities" in this Paragraph shall be automatically amended, without further action of the parties, to conform to such FINRA definition. Overhead and other expenses of NYLIFE Distributors related to its "service activities," including telephone and other communications expenses, may be included in the amounts expended for such activities.

------

4. This Plan shall not take effect until it, together with any related agreements, has been approved by votes of a majority of both (a) the Board and (b) those Trustees of the Trust who are not "interested persons" of the Trust (as defined in the Act) and who have no direct or indirect financial interest in the operation of this Plan or any agreements related to it (the "Rule 12b-l Trustees"), cast in person at a meeting (or meetings) called for the purpose of voting on this Plan and such related agreements.

5. The Plan shall continue in full force and effect as to a Fund for so long as such continuance is specifically approved at least annually in the manner provided for approval of this Plan in paragraph 4.

6. NYLIFE Distributors shall provide to the Board, and the Board shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

7. This Plan may be terminated as to a Fund at any time, without payment of any penalty, by vote of a majority of the Rule 12b-l Trustees, or by a vote of a "majority of the outstanding voting securities" (as defined in the Act) of the Class C2 shares of the Fund, on not more than 30 days' written notice to any other party to the Plan.

8. This Plan may not be amended to increase materially the amount of compensation provided for herein with respect to a Fund unless such amendment is approved by at least a "majority of the outstanding voting securities" (as defined in the Act) of the Class C2 shares of such Fund, and no material amendment to the Plan shall be made unless approved in the manner provided for in paragraph 4 hereof.

9. While this Plan is in effect, the Trust shall comply at all times with the fund governance standards set forth in Rule 0-1(a)(7) under the Act that are in effect.

10. The Trust shall preserve copies of this Plan and any related agreements and all reports made pursuant to paragraph 6 hereof, for a period of not less than six years from the date of this Plan, any such agreement or any such report, as the case may be, the first two years in an easily accessible place.

11. The Board and the shareholders of each Fund shall not be liable for any obligations of the Trust or a Fund under this Plan, and NYLIFE Distributors or any other person, in asserting any rights or claims under this Plan, shall look only to the assets and property of the Trust or a Fund in settlement of such right or claim, and not to such Trustees or shareholders.

IN WITNESS WHEREOF, each Trust, on behalf of each Fund, and NYLIFE Distributors have executed this Plan as of the 24<sup>th</sup> day of June, 2020, to be effective June 24, 2020.

---

| | |
|:---|:---|
| **MAINSTAY FUNDS TRUST<br>THE MAINSTAY FUNDS** | **MAINSTAY FUNDS TRUST<br>THE MAINSTAY FUNDS** |
| By: | <u>/s/ Kirk C. Lehneis</u> |
| Name: | Kirk C. Lehneis |
| Title: | President and |
|  | Chief Executive Officer |
| **NYLIFE DISTRIBUTORS LLC** | **NYLIFE DISTRIBUTORS LLC** |
| By: | <u>/s/ Brian D. Wickwire</u> |
| Name: | Brian D. Wickwire |
| Title: | Chief Operating Officer |

---

------

## Ex-99.P

![](img_f8d6bddc32d24f9.jpg)

![](img_a8fdb3a8baa74f9.jpg)

## New York Life Investments
![](img_a8fdb3a8baa74f9.jpg)

## Code of Ethics
![](img_a8fdb3a8baa74f9.jpg)

## December 2024
![](img_a8fdb3a8baa74f9.jpg)

------

![](img_110b0127ed644f9.jpg)

**SECTION 1 GENERAL FIDUCIARY PRINCIPLES**![](img_110b0127ed644f9.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;As fiduciaries to our clients' assets, New York Life Investments<sup>1</sup> and its employees have a duty to act in good faith and in the best interest of its clients. To this end, this Code of Ethics ("Code") sets forth practices and standards to assist employees avoid potential conflicts that may arise from their personal trading. In conducting personal trading, Employees have the following responsibilities, for example:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Place the interest of clients before your own personal trading. Employees may not engage in insider trading, front-running or scalping;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conduct personal trading in a manner as to avoid any actual or potential conflict of interest or abuse of an individual's position of trust and responsibility;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid taking inappropriate advantage of your position at the Company when conducting personal trading; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Act with integrity and in accordance with both the letter and spirit of applicable laws. Employees may not do anything indirectly that, if done directly, would violate the Code. For example, never use a derivative, or any other instrument or technique, to circumvent Code restrictions. Such actions would be the equivalent of direct Code violations. | ![](img_946efaec0de64f9.jpg) |

---

<sup>1</sup> Apogem Capital LLC, Flatiron RR LLC Manager Series, MacKay Shields LLC, MacKay Shields UK LLP, NYL Investments Europe Investment Management Limited, NYLIFE Distributors LLC, New York Life Investment Management LLC, New York Life Investment Management (UK) Limited, NYLIM Service Company LLC, and the following New York Life Insurance Company subsidiaries: New York Life Trust Company and NYL Investors LLC. Each registered investment adviser referred to above may be referred to individually as an "Investment Adviser."

------

This Code does not attempt to identify all possible circumstances. When in doubt, exercise good judgment and ask for help when you need it.

------

![](img_110b0127ed644f9.jpg)

**SECTION 2 PERSONAL INVESTING ACTIVITIES PROCEDURES**

![](img_110b0127ed644f9.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Applicable to all</u> <u>Employees</u>

![](img_da91daf323ce4f9.jpg)

#### The following requirements governing personal trading are applicable to all Employees:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Active personal trading (e.g., day trading) is discouraged. While there is currently no limitation on the number of trades that an Employee may execute or trade requests that an Employee may submit, personal trading limitations may be placed on any Employee if: (i) it is believed to be in the best interest of the Company or its clients, (ii) such trading interferes with an Employee's professional duties, or (iii) there are excessive violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No personal trades may be effected through Company's traders and trading systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees may not purchase and sell (or exchange), or sell and purchase (or exchange), shares of the same NYLI Mutual Fund within 30 days. The 30-day holding period is measured from the time of the most recent purchase of shares of the relevant NYLI Mutual Fund by the Employee. This applies to all NYLI Funds, including shares owned through a 401(K) plan or similar account, or through a variable insurance product. It does not apply to purchases that are effected as part of an automatic dividend reinvestment plan, an automatic investment plan, a payroll deduction plan or program, or transactions in money market funds.

------

&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Additional Requirements</u> <u>for</u> <u>Access</u> <u>Persons</u> <u>and Investment</u> <u>Personnel</u>

![](img_39071d34a5814f9.jpg)

**Access Persons, Investment Personnel and Index Personnel** are subject to the following additional requirements:

&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 <u>Preclearance</u> <u>of</u> <u>Covered</u> <u>Securities</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access Persons must preclear all transactions in Covered Securities (see Appendix B for a list of Covered Securities).** Each Access Person must submit their requests through the Employee Trade Pre-Clearance System ("ComplySci") available on the intranet (nylife.complysci.com) between the hours of 9:00 a.m. and 4:00 p.m. EST. Automated feedback will be provided to the Employee as to whether the request is approved or denied. In the event that the system is unavailable, Access Persons must contact Investments Compliance ("Compliance"). Compliance will provide approval or denial via email.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access Persons must preclear all transactions in Covered Securities (see Appendix B for a list of Covered Securities).** Each Access Person must submit their requests through the Employee Trade Pre-Clearance System ("ComplySci") available on the intranet (nylife.complysci.com) between the hours of 9:00 a.m. and 4:00 p.m. EST. Automated feedback will be provided to the Employee as to whether the request is approved or denied. In the event that the system is unavailable, Access Persons must contact Investments Compliance ("Compliance"). Compliance will provide approval or denial via email. | ![](img_3d2b1d73681d4f9.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons must preclear all transactions in **NYLI ETFs and Single Stock ETFs.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Pre-clearance approval is only good during U.S. market hours (9:30 a.m. to 4:00 p.m. EST)**. If you do not trade during the market session for which you were granted approval, the approval expires. If your transaction is not executed during that market session, a new request must be submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All stop orders and good to cancel orders are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;2.2.2 <u>Holding</u> <u>Period/Short</u> <u>Swing</u> <u>Rule</u>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access Persons may not purchase and sell (or exchange) or sell and purchase (or exchange) the same (or equivalent) Covered Security within sixty (60) calendar days.** The holding period is measured from the time of the most recent purchase of shares of the relevant Covered Security by the Employee (Last In First Out method). Exceptions may be made by Compliance to accommodate special circumstances.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Transactions in NYLI ETFs are subject to a seven-day Holding Period.** <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons who receive a grant of options through an Employee Stock Option Plan, or who chooses to exercise those options in a Cashless Exercise, will be allowed an exception from the sixty-day holding period, but only after obtaining approval by email from Compliance. | ![](img_3c597fd81f5e4f9.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 <u>Trading</u> <u>/Black-Out</u> <u>Periods</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons may not purchase or sell a Covered Security on a day when there is a transaction for a Client of their respective Investment Adviser. Access Persons deemed Investment Personnel and Index Personnel are further restricted during black-out periods.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment Personnel and Index Personnel may not purchase or sell a Covered Security if any purchase or sale of such securities has been made for an Investment Adviser Client account in the prior <u>seven</u> calendar days or can reasonably be anticipated for a Company Client account in the next <u>seven</u> calendar days.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions may be granted to the black-out period related to Investment Personnel and Index Personnel on days when there is no Buy or Sell order for a Client of the Company and your personal trading involves one of the following: | ![](img_9aede669ba274f9.jpg) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 2000 shares or less in securities in the Russell 1000 Index; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 500 shares or less in securities **NOT** in the Russell 1000 Index

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Blackout exceptions will not apply to Index Personnel or the NYLIM Multi-Asset Solutions team during a black-out period resulting from an Index Rebalance.

&nbsp;&nbsp;&nbsp;&nbsp;2.2.4 <u>Preclearance Exceptions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Requirements pertaining to preclearance, hold and blackout periods (Sections 2.2.1 through 2.2.3) do not apply to the following transactions:

####  Certain securities and transaction types set forth in Section 2.2.1 through 2.2.3. See Appendix B for a list of exempt securities and transactions.
 In Discretionary Managed Accounts provided the Employee provides Compliance with a copy of the fully executed investment management agreement, which provides for the investment advisor's complete discretion and control over the account. The Employee (and his/her investment advisor) are required to certify that he/she will not have any direct or indirect influence or control over the account. Employees that have Discretionary Managed Accounts managed by an immediate family member are subject to preclearance requirements. Access Persons are prohibited from investing in and/or holding Private Placements and IPOs in Third-Party Discretionary Managed Accounts.

 That are non-volitional in nature: e.g., stock splits, stock dividends, exchanges and conversions, mandatory tenders, pro rata distributions to all holders of a class of securities, gifts, inheritances, margin/maintenance calls (where the securities to be sold are not directed by the covered person), and sales pursuant to regulated tender offers.

**Even though pre-clearance requirements may not apply in certain situations, Employees are reminded of their fiduciary duty, and must place the interest of clients before your own personal trading, and conduct personal trading in a manner that avoids any actual or potential conflict of interest.**

&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Initial</u> <u>Public</u> <u>Offerings, Limited Offerings</u> <u>(e.g.,</u> <u>Private</u> <u>Placements, Private Equity and Hedge Funds and/or Alternative Investments) and Initial Coin Offerings</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Person or Employees who are Registered Representatives of NYLIFE Distributors may not directly or indirectly acquire Beneficial Ownership in any securities in an Initial Public Offering of securities, a Limited Offering (e.g., private placement, private equity hedge fund and/or alternative investments) or a virtual currency token offered in an initial or digital coin offering (also called ICOs or token sales) except with the express written prior approval of Compliance. Employees must submit a preclearance request through ComplySci. If ComplySci is unavailable,

------

employees must contact Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;2.4 <u>Options Trading</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Transactions by Access Persons</u> 

 Access Persons may trade options on individual securities but must ensure that expiration dates meet or exceed the 60-day holding period and short swing rule.

 Access Persons are also prohibited from trading in uncovered options on individual securities (i.e., trading in a position where the seller of an option contract does not own any, or enough, of the underlying security). Should an Access Person decide to exercise any option prior to expiration, a separate preclearance request would also need to be entered prior to exercise. As discussed above, options on individual ETFs (excluding single-stock ETFs and NYLI ETFs) are excluded from the pre-clearance, 60-day holding period and short swing rule requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Transactions by Investment Personnel</u> 

 Investment Personnel may not trade in options with respect to individual securities. Transactions in index options effected on a broad-based index are permitted.

 Transactions by Access Persons and Investment Personnel in index options effected on a broad-based index, options on individual ETFs (excluding single-stock ETFs and NYLI ETFs) and options on commodities are permitted, and, these types of options do not require pre-clearance, nor are they subject to the 60-day holding period and short swing rule.

------

&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>NYLI Funds and NYLI ETFs Independent Trustees</u>

The following requirements apply only to the Independent Trustees of the NYLI Funds and NYLI ETFs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Pre Clearance</u>

 An Independent Trustee need only obtain prior approval from the Adviser CCO or Senior Compliance Officer before directly or indirectly acquiring or disposing of beneficial ownership in a Covered Security if he/she knew or, in the ordinary course of fulfilling his/her duties as a Trustee should have known<sup>2</sup>, (i) that during the 15-day period immediately before or after a transaction in that security, a NYLI Fund or ETF, or any series thereof, purchased or sold that security, or (ii) an Adviser or subadvisers considered purchasing or selling that security on behalf of the NYLI Fund or ETF.

 With respect to the NYLI ETF Independent Trustees, the preclearance requirement to obtain prior approval from the CCO does not apply to purchases and sales of any non-NYLI ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Initial Certification</u>

 Each newly appointed Independent Trustee is required to provide an initial certification stating that he/she has received a copy of the Code and that he/she understands the relevant requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Annual Certification</u>

 Each Independent Trustee is also required to certify on an annual basis that he/she has received, read, understood and complied with this Code.

&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Section</u> <u>16</u> <u>Requirements (NYLI Closed End Funds and NYLI Interval Funds)</u>

<sup>2</sup> The "should have known" standard implies no duty of inquiry, does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting a Funds' investment objectives, or that any knowledge is to be imputed because of prior knowledge of the Fund's portfolio holdings, market considerations, or the Fund's investment policies, objectives and restrictions.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain Employees, including NYLI Independent Trustees, are considered "Fund Insiders" pursuant to Section 16 of the Exchange Act with respect to closed-end funds (including interval funds). Pre-clearance by Fund Insiders is required prior to transacting in closed-end fund shares, including closed-end fund shares purchased or sold in Discretionary Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In addition, transactions in closed-end fund shares by Fund Insiders require additional reporting to the U.S. Securities and Exchange Commission and are subject to holding periods. Please refer to the NYLI Funds' Policies and Procedures for Compliance with Section 16 of the Securities Act of 1934 or contact Compliance for more information.

---

| | |
|:---|:---|
| &nbsp;&nbsp;![](img_110b0127ed644f9.jpg)<br>**SECTION 3 RECORDKEEPING AND REPORTING REQUIREMENTS**<br>![](img_110b0127ed644f9.jpg) | ![](img_2abf461204cc4f9.jpg) |

---

3.1 <u>Initial Securities</u> <u>Holdings and Account</u> <u>Reports</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons must, no later than 10 days after becoming an employee, submit an initial holdings and account report and certification electronically through ComplySci. The holdings information presented in this report must be current as of 45 days prior to employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons must also disclose all broker, dealer or bank accounts in which any Securities (including Covered Securities) are held. Non-Access Persons are only required to disclose where Affiliated or Reportable Fund shares are held. Additionally, each new Employee shall file an "Acknowledgement of Receipt of the Code of Ethics and Related Policies" via ComplySci.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In addition, NYLIFE Distributors Registered Representatives **are also required to notify Compliance of any crypto currency accounts**. Upon opening any new brokerage and/or crypto currency accounts, Registered Representatives must notify Compliance of the new account in accordance with NYLIFE Distributors procedures.

------

3.2 <u>Quarterly</u> <u>Reporting</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons must, no later than 30 calendar days following quarter end, certify to all transactions in any Covered Security and Affiliated Funds or, alternatively, must confirm that there were no such transactions in the applicable quarter. This does not apply to transactions in Discretionary Managed Accounts as described in Section 2.2.4. Employees must complete this requirement electronically through ComplySci.

3.3 <u>Annual Reporting</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No later than January 30th each year: (i) all Employees must file an annual certification indicating that the Employee has complied with the Code; and (ii) Access Persons must also file an annual holdings report or submit updated, complete brokerage statements and certify to their brokerage accounts as of year-end. Employees must complete these requirements electronically through ComplySci.

3.4 <u>Opening</u> <u>of</u> <u>Brokerage</u> <u>Accounts</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons shall promptly notify Compliance of any new account opened with a broker, dealer or bank including Discretionary Managed Accounts. Access Persons must provide Compliance with sufficient information so that Compliance can arrange for duplicate confirmations and accounts statements to be provided to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons may only open brokerage accounts with a firm that provides Compliance with an electronic feed of trade confirmations and statements. Contact Compliance for the complete list of firms. Exceptions are limited and require the approval of Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Non-Access Persons are only required to notify Compliance of any new accounts opened with a broker, dealer or bank in which Affiliated Fund shares or Reportable Fund shares are held.

![](img_110b0127ed644f9.jpg)

**SECTION 4 ADMINISTRATION**

![](img_110b0127ed644f9.jpg)

4.1 <u>Sanctions</u> <u>and Review</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon discovering a violation of the Code, the Company shall take whatever remedial steps it deems necessary and available to correct an actual or apparent conflict (e.g., trade reversal etc.). Following those corrective efforts, Compliance may impose sanctions if, based upon all of the facts and circumstances considered, such action is

------

deemed appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The magnitude of these penalties varies with the severity of the violation, although repeat offenders will likely be subjected to harsher sanctions. These sanctions may include, among others, the reversal of trades, disgorgement of profits, suspension of trading privileges or, in more serious cases, inclusion in annual performance evaluations, suspension or termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is important to note that violations of the Code may occur without employee fault (e.g., despite preclearance). In those cases, punitive action may not be warranted, although remedial steps may still be necessary.

4.2 <u>Acknowledgment</u> <u>and Training</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Employee must certify initially and annually thereafter that he or she has read and understood, is subject to and has complied with the Code and its related polices. Each Employee must attend a Code of Ethics training session conducted by Compliance within a reasonable time of becoming an Employee.

4.3 <u>Exceptions</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The CCO or LCO, as applicable, in consultation with Compliance, may grant an exception to the Code in circumstances on a case-by-case basis if it is determined that the proposed conduct involves no opportunity for abuse and does not conflict with interests. Exceptions shall be structured to be as narrow as is reasonably practicable with appropriate safeguards designed to prevent abuse of the exception. Exceptions are expected to be rare. Notwithstanding the foregoing, however, no exception to a provision of the Code shall be granted where such exception would result in a violation of Rule 17j-1 or Rule 204A-1.

------

**Appendix A DEFINITIONS**

![](img_110b0127ed644f9.jpg)

**Affiliated Fund** - The NYLI Funds and NYLI Exchange Traded Funds ("NYLI ETFs")

**Beneficial Ownership** - interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") in determining whether a person is the beneficial owner of a security for purposes of the Exchange Act and the rules and regulations thereunder. A beneficial owner is any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the securities. A pecuniary interest in securities means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in those securities. A person is presumed to have an indirect pecuniary interest in securities held by members of a person's Immediate Family who either reside with, or are financially dependent upon, or whose investments <u>are</u> <u>controlled</u> <u>by,</u> <u>that</u> <u>person</u>. A person also has a beneficial interest in securities held: (i) in a trust which he or she is a trustee, has a beneficial interest or is the settlor with a power to revoke; (ii) by another person and he or she has a contract or an understanding with such person that the securities held in that person's name are for his or her benefit; (iii) in the form of a right to acquisition of such security through the exercise of warrants, options, rights, or conversion rights; (iv) by a partnership of which he or she is a member; (v) by a corporation that he or she uses as a personal trading medium; or (vi) by a holding company that he or she controls.

**Chief Compliance Officer ("CCO")** – CCO, as applicable, of each New York Life Investments entity.

**Covered Security** - means any security as defined in Section 202(a)(18) of the Advisers Act. **Please see Appendix B for a list of Covered Securities, Exempt Securities, Prohibited Activities and Holding Periods. If you have a question regarding whether a security is considered a "Covered Security," please contact Compliance.** 

**Discretionary Managed Account** – an account managed on a discretionary basis by a person (or Robo-Adviser) other than an Employee over which the Employee has no direct or indirect influence or control over the selection or disposition of securities and no advance knowledge of transactions therein.

**Immediate Family** - any of the following individuals: child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, including adoptive relationships who reside in the same household. **The term also includes (i) any related or unrelated individual who resides with, and (ii) whose investments are controlled by, or whose financial support is materially contributed to by, the employee, such as a "significant other."**

**NYLI Independent Board Member - a trustee of a registered fund who is not an "interested person" of the NYLI Funds or NYLI ETFs, as defined in Section 2(a)(19)(B) of the 1940 Act.**

------

**Index Rebalance** - a time period when a NYLI ETF or other accounts for which New York Life Investment Management LLC ("NYLIM") acts as advisor and/or sub-advisor receives its rebalance or reconstitution information with respect to an underlying index for which (i) NYLIM or (ii) an unaffiliated entity serves as the index provider.

**Index Personnel** – employees who maintain affiliated indexes and are responsible for rebalancing, validating and delivering index component securities and weightings of each affiliated index to the trading team.

**Local Compliance Officer ("LCO")** – CCO or designee of an applicable NYL Investments entity.

#### NYLI ETFs – each exchange traded fund series of the New York Life Investments ETF Trust and New York Life Investments Active ETF Trust.
**NYLI Funds** – each open-end fund and closed-end fund series of the New York Life Investments Funds.

**Non-Access Person –** employees that do not fall into the definition of Access Person.

**Private Placement** - an offering that is exempt from registration under the Securities Act of 1933 under Sections 4(a)(2) or 4(a)(6), or Rules 504, 505 or 506 thereunder.

**Reportable Fund** – an investment company, whether or not affiliated, advised or subadvised by the Company.

**Restricted List** – a listing of securities maintained by Compliance in which trading by Access Persons is generally prohibited.

**Registered Representative** - an Employee who is registered as such with a member firm of the Financial Industry Regulatory Authority ("FINRA").

**Supervised Person** – partners, officers, directors (or other persons occupying a similar status or performing similar functions) and employees, as well as any other persons who provide advice on behalf of an adviser and are subject to the adviser's supervision and control.

------

#### COMPLYSCI System availability

#### 9:00 a.m. to 4:00 p.m. Eastern Standard Time APPENDIX B

---

| |
|:---|
| **<u>Securities and Transaction Types Not Requiring Preclearance or Subject to a Holding Period and Requiring Disclosure</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Open-end mutual funds **(not including NYLI Funds which are subject to a 30-day hold)** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the U.S. government |
| &nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the U.K. government |
| &nbsp;&nbsp;&nbsp;&nbsp;· Government-sponsored enterprises fixed income securities (e.g., FNMA, FHLMC) |
| &nbsp;&nbsp;&nbsp;&nbsp;· Variable Rate Demand Notes (VRDN's) and variable rate demand obligations (VRDO's) |
| &nbsp;&nbsp;&nbsp;&nbsp;· Money Market Funds **(does not require disclosure)** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, Bank CDs, commercial paper **(does not require disclosure)** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Securities futures and options on direct obligations of the US government or Non-U.S. governments and associated derivatives |
| &nbsp;&nbsp;&nbsp;&nbsp;· Options, forwards, and futures on commodities and foreign exchange, and associated derivatives |
| &nbsp;&nbsp;&nbsp;&nbsp;· ETFs **(not including NYLI ETFs or single stock ETFs)** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Unit Investment Trusts |
| &nbsp;&nbsp;&nbsp;&nbsp;· Options on ETFs not issued though NYLIM or that are not single stock ETFs |
| &nbsp;&nbsp;&nbsp;&nbsp;· Municipal Bonds (**except for employees of MacKay Shields**) |
| &nbsp;&nbsp;&nbsp;&nbsp;· Municipal auction rate securities ("ARS") with short-term coupon resets (e.g., 7 days) and closed-end municipal auction rate "Preferred" shares (**except for employees of MacKay Shields**) |
| &nbsp;&nbsp;&nbsp;&nbsp;· Transfers of cash or securities, including gifts of stock given or received |
| &nbsp;&nbsp;&nbsp;&nbsp;· Sales of previously approved private investments |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;· Commodities, futures, currencies or precious metals (except for single stock futures and initial coin offerings. |
| &nbsp;&nbsp;&nbsp;&nbsp;· Transactions in approved discretionary managed accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;· Crypto Index Funds and Single Asset products invested in cryptocurrencies, which are traded on a public exchange |
| &nbsp;&nbsp;&nbsp;&nbsp;· Automatic Investment Plans such as Dividend Reinvestment Plans, Employee Stock Purchase Plans or similar accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;· Securities that are not "Covered Securities" |
| &nbsp;&nbsp;&nbsp;&nbsp;· Stock options issued by a corporation as part of a compensation package (e.g., board memberships) do not require pre-clearance. However, a subsequent sale of the stock obtained by means of the exercise must receive prior clearance |
| &nbsp;&nbsp;&nbsp;&nbsp;· High quality short-term debt instruments, including repurchase agreements |
| &nbsp;&nbsp;&nbsp;&nbsp;· Interests in qualified state college tuition programs (529 Plans) and 529 ABLE accounts **(does not require disclosure)** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrencies or digital currencies, such as Bitcoin, Ethereum, Litecoin and Dogecoin, which are a virtual or digital representations of value. However, a virtual currency token offered in an initial or digital coin offering will be deemed a Covered Security for purposes of the Code and subject to preclearance requirements |
| &nbsp;&nbsp;&nbsp;&nbsp;· That are non-volitional in nature: e.g., stock splits, stock dividends, exchanges and conversions, mandatory tenders, pro rata distributions to all holders of a class of securities, gifts, inheritances, margin/maintenance calls (where the securities to be sold are not directed by the covered person), and sales pursuant to regulated tender offers |
| &nbsp;&nbsp;&nbsp;&nbsp;· Involving stock options issued by a corporation as part of a compensation package (e.g., board memberships) do not require pre-clearance. However, a subsequent sale of the stock obtained by means of the exercise must receive prior clearance |
| &nbsp;&nbsp;&nbsp;&nbsp;· Interval Funds |
| **<u>Accounts Not Requiring Disclosure</u>**  |
| &nbsp;&nbsp;&nbsp;&nbsp;· Non-NYL 401K accounts **(unless they hold NYLI Funds or ETFs, common stock or stock options)**. (However, if an Access Person's immediate family member has a NYL 401k account or has a 401k account which can hold the types of securities mentioned above, the Access Person must report the account.) |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;· Annuities **(Unless they hold NYLI Funds)** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Accounts that cannot hold or trade covered securities regardless of intent (i.e., commodities, currencies). If the account is a brokerage account regardless of intent, it must be disclosed. |
| &nbsp;&nbsp;&nbsp;&nbsp;· Banking or savings accounts |
| &nbsp;&nbsp;&nbsp;&nbsp;· Mutual fund accounts held directly with the fund family to hold and trade that family of mutual funds only (i.e., account held with American Funds to hold and trade American Funds only). |
| **<u>Preclearance and Reporting of Securities Transactions Required</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Corporate Bonds |
| &nbsp;&nbsp;&nbsp;&nbsp;· Stock (common and preferred) or other equity securities, including any security convertible into equity securities |
| &nbsp;&nbsp;&nbsp;&nbsp;· Closed-end funds (including Business Development Companies (BDCs)) |
| &nbsp;&nbsp;&nbsp;&nbsp;· NYLI ETFs and Single Stock ETFs |
| &nbsp;&nbsp;&nbsp;&nbsp;· Options on securities (but not their non-volitional exercise or expiration), excluding ETFs not requiring preclearance. Options on NYLI ETFs and Single Stock ETFs do require preclearance and are subject to the holding periods of the underlying instrument as mentioned below. Transactions in index options effected on a broad-based index do not require preclearance |
| &nbsp;&nbsp;&nbsp;&nbsp;· Warrants |
| &nbsp;&nbsp;&nbsp;&nbsp;· Rights |
| &nbsp;&nbsp;&nbsp;&nbsp;· Limited Offerings (e.g., private placements, hedge funds and/or alternative investments). (Access Persons are prohibited from investing in and/or holding limited offerings in Third-Party Discretionary Managed Accounts) |
| &nbsp;&nbsp;&nbsp;&nbsp;· Initial Public Offerings (IPOs)(Registered Representative are prohibited from investing in IPOs. Access Persons are prohibited from investing in and/or holding IPOs in Third-Party Discretionary Managed Accounts) |
| **<u>Prohibited Investments and Activities</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Initial public offerings (IPOs) by Registered Representatives |
| &nbsp;&nbsp;&nbsp;&nbsp;· Selling of naked call or naked puts |

---

------

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;· Options trading in covered securities by Investment Personnel. However, transactions by Access Persons (including Investment Personnel) in index options effected on a broad-based index, options on individual ETFs (excluding single-stock ETFs and NYLI ETFs) and options on commodities are permitted, and, these types of options do not require pre-clearance, nor are they subject to the 60-day holding period and short swing rule |
| &nbsp;&nbsp;&nbsp;&nbsp;· Good until Canceled or Stop Loss Orders |
| &nbsp;&nbsp;&nbsp;&nbsp;· Securities on the Restricted List |
| **<u>Security Holding Periods</u>** |
| &nbsp;&nbsp;&nbsp;&nbsp;· Covered securities (and Options on such securities) requiring preclearance - 60-calendar days (last in, first out) |
| &nbsp;&nbsp;&nbsp;&nbsp;· NYLI Funds - 30-calendar days (last in, first out) |
| &nbsp;&nbsp;&nbsp;&nbsp;· NYLI ETFs - 7-calendar days (last in, first out) |

---

------

## Ex-99.P

![LOGO](img_e9fa4eae57de4f10.jpg)

October 2024 CANDRIAMO A NEW YORK LIFE INVESTMENTS COMPANY Code of Ethics Candriam

------

![LOGO](img_8426139542a64f10.jpg)

Code of Ethics Status: FINAL Document Type: Policy Version: V 3 Issuing Date: 07/06/2015 General Information Process Owner: Compl Responsible (Policy owner) Business Unit Contact / Backup Department Head of Conduct & Compliance Advisory Compliance Other Contributor(s) Department(s) Senior Compliance Officer [Complince \| Data classification Criticality level Confidential Medium Approval Authorities Responsible Date of last approval Board of Management 21/10/2024 Versions Version Revision Date A r Changes 1 11/03/2021 Compliance \| Update of the Policy 2 31/08/2023 Conduct & - Reformat: SupermanCo Compliance Advisory - Update of the Policy with: e Precisions towards the countries included for sovereign bond (Points 4 & 5, appendixes). e Obligation of certification after a period of absence (point 8) 3 16/09/2024 Conduct & 1.1.: The word Delegate is defined to avoid any Compliance misunderstanding. Advisory 6.2.: The transaction reporting process is shifting from a posttrade approval model, where transactions are submitted for validation one day after execution, to a pre-trade approval model, which requires prior validation before any transaction is carried out. Table of contents. October 2024 —Only forintemal use -2- .

------

![LOGO](img_03853780a63b4f10.jpg)

1. Introduction to the Code of Ethics 5 1.1. Definitions 5 1.2. Purpose 8 1.3. Scope 8 1.4. Policy owner and review of the Policy 8 1.5. General requirements, principles, and applicable regulatory framework 9 1.5.1. Fiduciary principles 10 1.5.2. Compliance with Law 11 1.5.3. Additional Prohibitions 11 1.5.4. Acknowledgement of receipt and Certification 11 1.6. Related policies and procedures 11 2. Roles and Responsibilities 12 2.1. The Board of Directors 12 2.2. The Board of Management 12 2.3. The Compliance Department 12 2.4. All employees 12 3. Prohibition on insider dealing and market manipulation 13 4. Authorized personal account transactions for non -covered persons 14 5. Authorized personal account transactions. for covered persons 14 6. General requirements regarding personal transactions-All staff members 15 6.1. Initial Holdings disclosure 15 6.2. Declaration of transactions 15 6.3. Holdings period requirement 16 6.4. Initial Public Offering and Limited Private Ofering (Private Placement) 16 6.5. Annual security account statement 16 6.6. Annual Certification 16 6.7. Restricted Security List 16 7. Additional requirements regarding personal transactions-covered persons 17 7.1. Quarterly Certification 17 7.2. Confirmation of personal transactions 17 8. Exceptions from reporting requirements 17 9. US Registered representatives 18 10. The Board of Directors 18 11. Miscellaneous 18 11. 1. Chief Legal & Compliance Officer 18 11.2. Review Procedures 18 11.3. lnterpretation 19 11.4. Reporting of Violations 19 11.5. Sanctions 19

------

![LOGO](img_0fc8985cfe184f10.jpg)

11.6. Records 19 11.7. Confidentiality 19 11.8. Investment Clubs 20 12. U.S. Employee b enefit plans and Erisa 20 13. Data protection 20 14. Concluding provisions 20 15. Exhibit s 20 15.1. Exhibit 1- Covered accounts 20 15.2. Exhibit 2A- Covered persons only and their Relatives 22 15.3. Exhibit 28- Candriam Staff Members excluding Covered Persons 23 15.4. Exhibit 3- Covered Account over which the Covered Person has no direct or indirect influence or control ("Covered account managed by a Delegate without inter vention") 24

------

![LOGO](img_f649986886ca4f10.jpg)

1. Introduction to the Code of Ethics This Code of Ethics ("COE"), as amended from time to time, applies to all employees (includi? trainees, VIE and any person working under an open-ended or fixed-term employment contract with Candriam), officers, senior management, and directors (hereafter, the "Staff Members") of Candriam Luxembourg including its subsidiaries and branches (hereafter collectively referred to as "Candriam"). Employees personal securities transactions may raise potential conflicts of interest or be used to carry out market abuses and are therefore subject to special conditions. The following restrictions on transactions and actions to be taken are designed to provide a credible safeguard against abuses of trust and thus protect both Candriam and its Staff Members. Adherence to this Code is a fundamental and absolute condition of service with Candriam. Candriam will provide a copy of this Code and inform employees of any subsequent amendments promptly after its effective date. New employees are informed and trained about their obligations related to the COE shortly after joining the Company. Copies of this Code are always available on the Intranet forail Staff Members. Violations of the COE may result in the imposition of sanctions on employees, including suspension ordismissal from Candriam's employment. This Code shall be read in conjunction with the Code of Conduct, the Conflict-of-Interest Policy and the Market Abuse Policy. 1.1. Definitions Term Description Candriam, societe en commandite par actions, its branches and subsidiaries Candriam (hereafter collectively referred to as "Candriam") The Board of Directors shall mean the body who, under company law, monitors the management by the Senior Management. The Board of Directors shall have Board of the overall responsibility for the institution. It shall ensure execution of activities Directors and preserve business continuity by way of sound central administration and internal governance arrangements. Please refer to CSSF Circular 18/698 for further information. Board of Management shall be intended as the "Senior Management". Senior Management means the persons who effectively conduct the business of the IFM Board of within the meaning of Article 102(1)(c) of the 2010 Law and Article 7(1)(c) of the Management 2013 Law (hereinafter the "conducting officers") irrespective of the form or legal structure of the IFM. Please refer to CSSF Circular 18/698 for further information. The Luxembourg regulator of the financial sector(Commission de Surveillance du CSSF Secteur Financier) "Policy" shall include a system of detailed key measures/principles/guidelines to be implemented to achieve the strategy of the Company with regards to specific topics: Set of general guidelines that outline the organization's plan for tackling an Policy issue. Communication of the connection between the organization's vision and values and its day-to-day operations. Guidance for the day-to-day actions and strategies but allowing flexibility . Formal statement of a principle that should be followed by its intended audience. The Business Unit is either a department or a team within Candriam that represents a specific line of business, and it is part of the value chain of activities Business Unit of the company. A Business Unit often develops and implements its own processes independently Candriam employees, employees of Candriam group companies insourced by Employee Candriam and any temporary employees

------

![LOGO](img_db87d0c5d0304f10.jpg)

A program in which regular periodic purchases (or withdrawals) are made Automatic automatically in (or from) investment accounts in accordance with a predetermined investment plan schedule and allocation. An automatic investment plan includes a dividend reinvestment plan. It refers to exchange traded funds on commodities or that hold at least 30 underlying securities for which Candriam or its affiliates (including New York Life Candriam ETF entities) act as Management Company or investment adviser, Investment manager or placement agent. It refers to open-ended funds (UCITS, AIF, OIECs, U.S. registered investment companies and similar funds offered to the public), whether or not organized in the Candriam EU forwhich Candriam and its affiliates (including New York Life entities) act as Funds Management Company or investment adviser, investment delegate, Investment manager or placement agent COE It refers to the Code of Ethics Covered It refers to the type of accounts that have to be disclosed by Staff Members as Account defined under Exhibit 1 It refers to Staff Members subject to Candriam's supervision and who either. a) have access to non-public information regarding: - any purchase or sale of securities on behalf of a portfolio (including separately managed account, investment funds) advised or sub-advised by Candriam or - the holdings of any portfolio (including separately managed account, investment funds) which Candriam serves as an adviser or sub-adviser or any such investment company whose adviser or principal underwriter controls, is controlled by, or is under common control with Candriam; and/or b) are involved in making securities recommendations to clients and/or portfolio Covered Person (including separately managed account, investment funds), or who have access to such recommendations that are non-public. Covered persons also include: - persons discharging managerial responsibilities at Candriam, as well as persons closely associated with them (''!Relatives"). - portfoliomanagers and research staff, aswell as persons closely associated with them ('Relatives"). A group two or more people, each of whom contributes monies to an investment Investment Club pool and participates in the investment making decision process and shares in the investment returns. Transactions in any investments effected by: (a) the staff member for her/his own account (independently whether the transactions undertaken on such account by staff member himself are for her/his direct or indirect benefit or that of another person) or (b) the staff member for any other person who has given to the staff member, in her/is personal capacity, permission or authority to transact on their behalf. In summary to the above, transactions conducted by third parties are also deemed Personal personal transactions if a staff member has a beneficial interest in whole or in part transactions or makes investment decisions. Within the scope of this Code, the term "personal transactions" and "personal account dealing" have a broad interpretation. Besides securities in the usual sense, it also includes all transactions in respect of derivative instruments. This Code therefore applies to all types of transaction, not just those conducted, for example, on the stock exchang1e. The Code does not concern cryptocurrencies or digital currencies, such as Bitcoin or Ether, which are a virtual or digital representations of value. Non-Candriam It refers to exchange traded funds on commodities or that hold at least 30 ETF underlying securities for which Candriam, or its affiliates (including New York Life

------

![LOGO](img_f8c6afa1e3474f10.jpg)

entities) do not act as Management Company or investment adviser, Investment manager or placement agent It refers to open-ended funds (UCITS, AIF, OIECs, U.S. registered investment companies and similar funds offered to the public), whether or not organized in the Non-Candriam EU for which Candriam or its affiliates (including New York Life entities) do not act Funds as Management Company or investment adviser, investment delegate, Investment manager or placement agent Relatives It refers to Covered Person's spouse, children or relatives who reside in the same household. Refers to an individual or entity that has been authorized or assigned the Delegate responsibility to make investment decisions on behalf of another party, such as an investor, a board, or a company.

------

![LOGO](img_ddc7e1adc8564f10.jpg)

1.2. Purpose Code of Ethics hereafter (the "Policy" or "COE") describes the framework established by Candriam in order to set out the principles and rules applicable to potential conflicts of interest. This COE is designed to ensure, among other things, that the personal securities transactions of Candriam's Staff Members are conducted in accordance with the following principles, and all other applicable policies and procedures (including Candriam's ERISA Plan Compliance Policy): (i) a duty at all times to place the best interests of Candriam's clients first and foremost . (ii) the requirement that all personal securities transactions be conducted in such a manner as to avoid any actual, potential or appearance of a conflict of interest or any abuse of a person's position of trust and responsibility. (iii) the requirement that Candriam Staff Members should not take inappropriate advantage of their positions with Candriam. 1.3. Scope The Policy applies to all Candriam employees, including any external contractor as the case may be. Each employee must ensure he/she understands his/her personal role and responsibilities resulting from the Policy. The Policy applies as well to any Candriam branch or subsidiary, when applicable, and its respective employees. 1.4. Policy owner and review of the Policy The Global Head of Compliance of Candriam is formally appointed as the owner of this Policy. Any amendments thereof must be duly approved by the Board of Management and the Board of Directors of Candriam. If you have any queries or comments regarding the information contained in this document, please contact the Policy Owner. As this Policy has been identified as a Medium as per the criteria defined in the Policy of Policies, Charters & Procedures, at the minimum, the Policy is reviewed/updated every two years- particularly in the case of any changes to applicable standards/regulatory rules. In accordance with Section 5.5.4 "Manual of procedures" of CSSF Circular 18/698, the Policy's description of the internal functioning, allocation of tasks and reporting lines are part of the procedures manual for employees of Candriam. For the implementation of the Policy, Candriam has put in place intemal rules in the Procedure Manual that must be used as guidelines by employeesfromdifferentfunctions and business units in the exercise of their day-to-day tasks.

------

![LOGO](img_8b7269a1c2fe4f10.jpg)

1.5. General requirements, principles, and applicable regulatory framework Candriam is subject to the ucns Law, the AIFM Law, as well as all relevant applicable laws, regulationand circulars enacted by the CSSF. This Policy was drafted and implemented to comply with applicable laws, regulations, and internalreferences: Issuer Reference Type I Description CSSF 18/698 Circular Authorisation and organisation of investment fund managers incorporated under Luxembourg law Compliance Code of Internal Set of principles, standards and moral & ethical Department Conduct Code expectations the Company's employees must adhere to Luxembourg Law of 23 Law Implements EU regulations on market abuse and December 2016 insider trading to ensure transparency and integrity in on market abuse financial markets. implementing Regulation (EU) No 596/2014 Luxembourg Law of 17 Law Governs undertakings for collective investment in December 2010 transferable securities (UCITS), implementing the (the "UCITS related EU Directive for fund management. Law") Luxembourg Law of 12 July Law Regulates alternative investment fund managers in 2013 on Luxembourg, aligning with the EU AIFM Directive to Alternative improve oversight and transparency in alternative Investment Fund investment funds. Managers (the "AIFM Law''). Luxembourg CSSF CSSF Transposes EU directives on organizational Regulation 10-4 Regulation requirements and risk management procedures for transposing UCITS management companies in Luxembourg. commission directive 2010/43/EU Belgium Law of 19 April Law Regulates alternative collective investment 2014 relating to undertakings and their managers, setting rules for alternative investment, governance, and transparency. collective investment undertakings and their managers: Article 26. Belgium Law of August 3, Law Governs collective investment undertakings, ensuring 2012, relating to compliance with the EU's UCilS Directive and undertakings for addressing debt investment undertakings. collective investment that meet the conditions of Directive 2009/65/EC

------

![LOGO](img_2816a52b67ed4f10.jpg)

Belgium Royal Decree of Royal Regulates the management companies of collective 12 November Decree investment undertakings in Belgium, ensuring 2012 relating to compliance with EU UCITS rules. management companies of undertakings for collective investment which comply with the conditions of Directive 2009/65/EC: Article 27. Belgium Law of 25 Law Governs access to the provision of investment October 2016 on services, including the status, regulation, and access to the oversight of portfolio management and investment activity of advisory firms. providing investment services: Article 25, §3. France Article L533-10 Code Governs rules for financial services, particularly of the Monetary concerning conflicts of interest, investor protection, and Financial and organizational requirements. Code. France Articles 321-42 AMF Outlines rules on the internal organization, conflict of to 45 of the AMF General interest management, and ethical requirements for General Regulation investment firms regulated by the French Financial Regulation. Markets Authority (AMF). France Article 63 of Delegated Provides additional rules for alternative investment Commission Regulation fund managers, focusing on transparency, risk Delegated management, and operational practices for AIFMs Regulation (EU) operating in France. No 231/2013 1.5.1. Fiduciary principles Candriam is subject to fiduciary requirements under the laws of jurisdictions in which it offers and provides services to clients. It is Candriam's policy that Staff Members subject to these requirements must conduct their personal account dealings in securities so as to avoid not only actual conflicts of interest with Candriam's clients, but also that they refrain from conduct which could give rise to the appearance of a conflict of interest that may compromise the trust our clients have placed in us. These Fiduciary principles are included in the applicable European and local laws of European Union members such as UCITS, MiFID and AIFM Directives. In addition, the Fiduciary Principles are defined in the US Investment Advisers Act of 1940. As a result, Candriam owes an undivided duty of loyalty to its clients, and Candriam expects its Staff Members to adhere to this duty. Additional requirements apply where Candriam is a fiduciary for separately managed accounts for U.S. employee benefit plan clients subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA" and "ERISA plan clients"). ERISA contains strict regulatory requirements including a fiduciary duty of prudence, which requires that a fiduciary demonstrate and document the procedural prudence of its decision making. ERISA also imposes a duty of loyalty, which requires that fiduciaries act for the exclusive benefit of the ERISA plan client's participants and beneficiaries.

------

![LOGO](img_ef2f73c7d7734f10.jpg)

This Code should be read together with Candriam's general ERISA Plan Compliance Policy. Candriam expects its Staff Members to adhere to these duties and the other duties imposed by ERISA 1.5.2. Compliance with Law Candriam strictly complies with the laws applicable to its business in the jurisdictions in which it offers or provides services to clients. Staff Members are required to do so as well to the extent any such laws are applicable. If a Staff Member is unsure of what laws are applicable, they can contact their Compliance function for clarification. 1.5.3. Additional Prohibitions In addition to the specific prohibitions on certain personal securities transactions as set forth herein, all Candriam Staff Members are prohibited from: (i) employing any device, scheme, or artifice to defraud any client or prospective client (including, with respect to Candriam's ERISA plan clients, acting for the exclusive benefit of the ERISA plan client). (ii) making to any client or prospective client any untrue statement of a material factor omitting to state to such prospect or client a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading. (iii) engaging in any act, practice or course of business which operates or would operate as a fraud or deceit upon any client or prospective client. (iv) engaging in any manipulative practice with respect to any client or prospective client. (v) revealing to any third party (except in the normal course of his or her duties on behalf of a client) any non-public information regarding securities transactions by any client or the consideration by any client or the Firm of any securities transactions. (vi) causing any ERISA plan client to engage in any nonexempt prohibited transaction or any other transaction that would violate Candriam's applicable fiduciary duties under ERISA, as described under Candriam's ERISA Plan Compliance Policy. 1.5.4. Acknowledgement of receipt and Certification Each Staff Member s hall provide to the Compliance Department initially and not later than 10 calendar days after her/his arrival a signed Compliance Acknowledgement Letter in order to undertake her/himself to observe and comply with all policies and procedures as set out in the manual including the COE. Each Staff Member shall providetheCompliance with an Initial certification ofcompliance by any means accepted by Candriam including through any dedicated tool adopted by Candriam not later than 10 calendar days after the first compliance request. 1.6. Related policies and procedures The Policy is also to be read in conjunction with other policies and procedures: Conflicts of Interest Policy. Code of Conduct. Best Selection Policy. Relevant monitoring controls are performed appropriately according to the above-mentioned control processes ("first-level controls") and testing controls are carried out by the Compliance ("second -level controls").

------

![LOGO](img_81643268d3904f10.jpg)

2. Roles and Responsibilities 2.1. The Board of Directors The Board of Directors is primarily responsible for supervision of the management of Candriam, responsible for the strategy I general policy, risk monitoring and shareholders relations and as part of this role, of examining and approving the key policies set forth by the Board of Management Candriam. 2.2. The Board of Management The Board of Management is responsible for establishing policies prescribing key measures, principles and guidelines to be implemented in order to plan, execute and control activities and achieve the objectives of the Company and the daily management of Candriam entities. The Board of Management examines and approve policies. The Board of Management via the Conducting Officers is also responsible for ensuring that all members of the staff are aware of the aspects of the Policy relevant to them. 2.3. The Compliance Department The Compliance Department is responsible of the control of the application and update of this Policy. 2.4. All employees All employees have a responsibility for carrying out aspects of the Policy that are relevant to them and any failure to adhere to this Policy can be considered as a breach of an employee's contract.

------

![LOGO](img_22774667bb744f10.jpg)

3. Prohibition on insider dealing and market manipulation Candriam Staff Members are required to adhere strictly to all applicable laws and regulations concerning insider dealing and disclosure of material inside information. Violations of these laws and regulations may result in disciplinary action by Candriam, as well as penalties under law. Insider information definitions in accordance with Article 7 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 can be summarized as the illegal use of confidential information from inside the company for personal gain. It is also described as: Use any non-public information. Offering a degree of certainty and specific enough to be able to infer an impact on the financial instruments. Directly or indirectly, information concerning one or more issuers of financial instruments; and Which, if it were made public, would be likely to have a significant effect on the price of those financial instruments or related derivative financial instruments such as commodity underlying. It also applies to auctioned products such as emissions. Market manipulation definitions according to Article 12 of Regulation (EU) No 596/2014 imply, inter alia, the following behaviour: a) The carrying out of transactions or issuing orders: Which give or are likely to give false or misleading signals as to the supply of, demand for, or price of financial instruments; or Which secure, or are likely to secure, by a person or persons acting in collaboration, the price of one or several financial instruments at an abnormal or artificial level, unless the person who entered into the transactions or issued the orders establishes that his/her reasons for so doi'Y:;j are legitimate and that those transactions or orders to trade conform to accepted market practices on the regulated market concerned. b) Carrying out transactions or issuing orders to trade which employ fictitious devices or any other form of deception or contrivance or c) Disseminating information, through the media (including the Internet, or by any other means), which gives or is likely to give false or misleading signals as to the supply of, demand for, or price of financial instruments, including the dissemination of rumors and false or misleading news, where the person who made the dissemination knew, or ought to have known, that the information was false or misleading. As a general rule, personal transactions undertaken by each Staff Member must not conflict with Candriam's duty of care to its clients and investors under the regulatory system nor contravene the market abuse rules or involve the misuse or improper disclosure of confidential information. Staff Members may not use confidential or proprietary information for personal investment purposes or for personal gain. The prohibition also extends to using another person to take such actions ordisclosirg information or opinions to another person, which might lead them to undertake such business. Any security purchased by an employee on a covered account in contravention of the COE must be sold immediately and no later than 2 business days after notification of the breach by the Compliance team. Employee will not be compensated for any financial disadvantage or loss arising in application of this Code. The following rules are designed to protect Staff Members and Candriam, from any allegation of improper conduct arising from personal transactions. Staff Members may not try to avoid the rules by undertaking their personal transactions through the names of other persons/third parties whether directly or indirectly connected to them. Therefore, if a Staff Member is not permitted to enter into a transaction for their own account, they must not procure any other person/third party to enter into such a personal transaction on their behalf.

------

![LOGO](img_ca4ef130d9e64f10.jpg)

4. Authorized personal account transactions for non- covered persons Each Staff Member, that is not a Covered Person, are not permitted to undertake personal transactions except that: The following transactions are permitted but must be reported to the Compliance Department as the case may be, in accordance with Section 8 and Exhibit 2: (i) Candriam Exchange Traded Funds ("ETF") that hold at least 30 underlying securities, and exchange traded funds on commodities. (ii) Candriam funds (UCilS,AIF, OEIC, U.S. registered investment companies and similar funds offered to the public, whether or not organized in the EU). (iii) Options and futures. (iv) Stocks or corporate bonds. (v) Sovereign bonds issues by an OECD Country or European Union Countries. The following transactions are permitted and must not be reported to the Compliance Department (i) Non-Candriam ExchangeTraded Funds{"ETF"} thatholdat least30 underlying securities,and exchange traded funds on commodities. (ii) Non-Candriam funds (UCilS, AIF, OEIC, U.S. registered investment companies and similar funds offered to the public, whether or not organized in the EU). (iii) Transactions that are non-volitional in nature1: e.g.,mandatory corporate actions (stock splits, stock dividends, exchanges and conversions, mandatory tenders, pro rata distributions to all holders of a class of securities), donation or inheritances of securities, and margin/maintenance calls (where the securities to be sold are not directed by the covered person). (iv) Transactions that are related to: a) Bankers' acceptances. b) Bank certificates of deposit. c) Commercial paper. EXHIBIT 2B summarizes these rules for Non-Covered persons. 5. Authorized personal account transactions for covered persons The following rules apply to Covered Persons and their Relatives. Covered Persons are not permitted to undertake personal transactions except that: the following transactions are permitted but must be reported to the Compliance Department as the case may be, in accordance with Section 8 and Exhibit 2: (i) Candriam Exchange Traded Funds ("ElF"} that hold at least 30 underlying securities, and exchange traded funds on commodities. (ii) Candriam funds (UCilS, AIF, OEIC, U.S. registered investment companies and similar 1 These transactions must however be reflected, as soon as possible and at the latest at each certification, in the quantities declared in position in the specific tool adopted by Candriam.

------

![LOGO](img_5895de084fc84f10.jpg)

funds offered to the public, whether or not organized in the EU). (iii) Options and futures on commodities or securities indices that have at least 30 constituent underlying securities. (iv) Stocks orcorporate bonds issued by issuers which are considered as Large capitalization when the investment is made, which are considered to have a market capitalization exceeding 10 billion USD (on the secondary market or on the primary market when the overall issue is above 10 billion USD). (v) Sovereign bonds issues by an OE

------

![LOGO](img_32f5262fb4204f10.jpg)

2. Verification: The system runs automatic checks to ensure that the proposed transaction complies with Candriam's internal policies, regulatory rules, and that it does not exceed risk limits or security restrictions (prevention of market abuse). 3. Approval orrejection: After this review, the transaction is either approved orrejected based on the results of the checks. The user is informed of the decision (approval orrejection) and may, if approved, proceed with the transaction. 6.3. Holdings period requirement All Staff Members are prohibited from undertaking personal transactions for speculative purposes and must hold personal investments fora period longer than 30 calendar days. In practice, this obligationimpliesthat no sell can be done within 30 calendar days afterthe last buy of the same security/derivative contract (even if other buy transactions on the same instrument have been performed previously). Exceptions to this rule may be granted for compelling reasons. Furthermore, personal transactions must not demand too much of a Staff Member's timeor prevent them in any other way from fulfilling them contractual duties. All Staff Members are prohibited from selling securities short. Excessiveor inappropriate trading that interferes with job performance or compromisesthe duty that the Candriam owes to its clients will not be permitted. An unusually highlevel of personal trading is strongly discouraged. 6.4. Initial Public Offering and Limited Private Offering (Private Placement) Staff members may not acquire beneficial ownership of any security in an initial public offering,or a limited private offering (including investments in limited partnerships and hedge funds) not made to the general public or a virtual currency token offered in an initial ordigital coin offering (also called ICOs or token sales) except with the express written priorapprovalof the Conduct & Compliance Advisory Team . Requests for such permission are to be submitted by e-mail via conduct@candriam.com. 6.5. Annual security account statement Each year, no more than 30 calendar days afterthe end of each calendar year, all Staff Members must arrange to providea security account statement, of the holdings of their Covered Accounts from their banks/brokerto the Compliance Department. This can be done by any means accepted by Candriam including through any dedicated tool adopted by Candriam. The Compliance Department shall revie w these account statements to identify conflicts of interest or potential misconduct. 6.6. Annual Certification Each year, no more than 30 calendar days after the end of each calendar year, all Candriam Staff Members must provide the Compliance Department with a Certification of Compliance with this Code of Ethics by any means accepted by Candriam including through any dedicated tool adopted by Candriam. 6.7. Restricted Security List In addition, Staff Members may be subject to a Restricted Security List maintained by the Compliance Team that includes securities where Candriam has, oris in a position,to receive material non-public information about acompany as aresult of a special relationship between Candriam, a Covered Person

------

![LOGO](img_54c7b6c2e9a44f10.jpg)

and the security's issuer. When applicable, concerned Staff Members are individually informed by Compliance of the existence of that restriction. Employees are not allowed to trade or invest in any securities listed on the Restricted Security List without the prior consent of the Compliance Team . If any concerned Staff Member already holds a security that is on the Restricted Security List and has not received consent from the Compliance Team, such Staff Member must continue to hold and may not execute any buy or sell orders for the relevant security until such security is removed from the Restricted Security List. 7. Additional requirements regarding personal transactions- covered persons This section only applies to Candriam Staff Members that are "Covered Persons" and their Relatives. 7.1. Quarterly Certification Each Covered Person, within 30 calendar days of the end of each calendar quarter (end March, June, September, and December), must confirm that he/she has complied with the Code of Ethicsand that he/she has either declared all reportable transactions or has no reportable transactions to declare, by any means accepted by Candriam including through any dedicated tool adopted by Candriam. 7.2. Confirmation of personal transactions All Covered Persons must provide a copy of the bank/broker-dealer confirmation of their personal transactions or arrange forthe bank/broker-dealer holding their Covered Accounts to send duplicate confirmation of their transaction to the Compliance Department no later than the business day after the transaction, or where the Staff Member enters into a transaction while absent from the office due, for example, to holiday or illness, without delay as soon as practicable thereafter and no later than the first day such Staff Member is back in the office. In this case, an explanatory comment must be included in the declaration when the timing of the required declaration is not respected . 8. Exceptions from reporting requirements There is no reporting requirement for all Staff Members with respect to personal transactions if: • Effected pursuant to an automatic investment plan (such as saving or pension plans but only with automatic investments). • Effected by a financial institution in any Covered Account over which the Staff Member has no direct or indirect influence or control (a "Personal account managed by a third party without intervention") to the condition that the investment discretion for such account has been delegated in writing toan independent fiduciary and such investment discretion is not shared with the Covered Person. • Effected by a Delegate in any Covered Account over which the Staff Member has no direct or indirect influence, control ("Covered account managed by a Delegate without intervention") to the condition that: o the Covered Person certifies in writing (using Exhibit 3)that they have not and will take any investment decision nor discuss any potential investment decisions with such Delegate, o and the Conduct & Compliance Advisory Team has determined that the account satisfies the foregoing requirements. There is also no requirements in terms of certifications and declarations forjustified absences (holidays, sick leave, maternity leave, etc.). The exemption is only valid during this period of time and until the return at work. From this date, the employee has to comply with all the obligations without delay as soon as practicable and no later than the first week of work.

------

![LOGO](img_dddc781a6c984f10.jpg)

9. US Registered representatives Staff Members that are Registered Representatives in the United States are also subject to additional reporting requirements and must report securities holdirgs to their member firm(s). Please refer to the broker-dealer's policies and procedures for such disclosure requirements. 10. The Board of Directors Certain members of the Board of Directors of Candriam are either employed by Candriam affiliate New York Life Investment Management ("NYLIM") or another New York Life entity ("NYL Associated Directors") or are not employed by Candriam, New York Life, or any affiliate of Candriam or New York Life (an "Outside Director''). Candriam seeks to keep any NYL Associated Directors and Outside Directors informed of Candriam's investment activities through reports and other information provided in connection with Board meetings and other Board events. Since NYL Associated Directors and Outside Directors do not work in the investment business of Candriam, Candriam Policy is not to communicate routinely with them concerning specific trading information or advice on specific issues (i.e., no information is given regarding investments for which current activity is being considered for clients). In light of this code, such Director only needs to obtain prior approval for a personal trade in a security if he or she knew or, in the ordinary course of his or her activities should have known, that during a 15-day period immediately before or after a transaction in that security, either a Candriam client purchased or sold that security or Candriam considered purchasing or selling that security on behalf of a client. If this occurs, then the Director would be required to submit a transaction report forthe quarter in which the trade took place. That report may be submitted to Candriam under this code, orin the case of a NYL Associated Director, to NYLIM under its Code of Ethics. 11. Miscellaneous 11.1. Chief Legal & Compliance Officer The Chief Compliance Officer must request approvals from the Global Head of Compliance or submit reports with respect to their personal securities transactions or other activities restricted by the Code of Ethics by any means accepted by Candriam including through any dedicated tool adopted by Candriam. 11.2. Review Procedures A review of this Code will be made at least every two years by the Compliance function to ensure it remains accurate and fit for purpos

------

![LOGO](img_eba9048786f54f10.jpg)

11.3. lnterpretation Should any staff member have questions on how they interpret this Code or whether a proposed transaction, account, etc. should be reported, they are encouraged to contact the Conduct & Compliance Advisory Team for clarification. 11.4. Reporting of Violations All Staff Members, upon learning of any violation of these rules, are expected to report the violation promptly to the Compliance team in writing. The Compliance Team shall note on any such report the date of its receipt. Notwithstanding the foregoing, nothing in this Code of Ethics, or any other firm policy, guideline or agreement, prohibits or restricts you from initiating communications directly with, or responding to any inquiry from, any regulatory or supervisory authority regarding any good faith concerns about possible violations of law or regulation. 11.5. Sanctions If advised of a violation of this Code of Ethics by any Staff Member, the Chief Legal & Compliance Officer or the Global Head of Compliaoce may impose such sanctions as deemed appropriate and provided for by law. 11.6. Records Candriam will maintain and preserve the following records in the manner and to the extent set forth below, and these shall be available for examination by representatives of the SEC and other regulators as applicable, which may include the U.S. Department of Labor. (i) a copy of this Code andany other rules, policies, procedures and codes which are, or at any time within the pastfive years have been in effect, shall be held for the first two years in Candriam's office; (ii) a record of any violation of this Code and of any action/sanctions taken as a result of such violation shall be held for a period of not less than five years following the end of the fiscal year and for the first two years after the violation at Candriam's office; a copy of each report made, notice or acknowledgement received pursuant to this Pol icy shall be preserved in an easily accessible place for a period of not less than five years from the end of the fiscal year in which it is made and for the first two years in Candriam's office; (iii) a list of all persons who are required, or within the past five years have been required, to make reports pursuant to this Code shall be maintained in an easily accessible place, the first two years in Candriam's office; and (iv) record of any decision, and the reasons supporting the decision, to approve a transaction by an C

------

![LOGO](img_5a47cd01ee204f10.jpg)

11.8. Investment Clubs Covered Persons are prohibited from joining an Investment Club ,which is defined as a group of people who pool their money to make investments and who collectively make investment decisions. Any questions as to whether an organization orpartnership qualifies as an Investment Club should be directed to the Compliance Team. 12. U.S. Employee benefit plans and Erisa This Code should be read together with Candriam's general ERISA Plan Compliance Policy.The ERISA Plan Compliance Policy which describes the comprehensive U.S. statutory scheme that governs the operation, administration, and investment of plans. ERISA's requirements include strict requirements relating to conflicts of interest and prohibited transactions. Any approval granted under this Code for an action that may relate to an ERISA plan client should take into account the requirements of ERISA. In addition, certain U.S. employee benefit plans are not subjectto ERISA, including governmental plans and church plans. These plans may instead be subject to other laws, such as state or local laws, which may be similar to or different from ERISA. The laws applicable to a U.S. governmental plan or church plans should be reviewed on a case-by-case basis. For example, the laws applicable to governmental plans, and even different governmental plans within the same city or state, can vary widely. Candriam will establish policies and procedures for instances when Candriam acts as an investment adviser or discretionary investment manager forplan clients not subject to ERISA. 13. Data protection These Covered Accounts relate not only to Staff Member's financial portfolios but also to thefinancial portfolios of their spouse, relatives and all persons referred to Exhibit 1. Given that such disclosures contain "personal data", Candriam must comply with specific rules governing privacy and data protection. Such personal data may be transferred to other Candriam/New York Life entities for Compliance purposes as well as to competent authorities in the European Union and the United States when duly required and or permitted by relevant laws or regulations. Staff Members and their Relatives are entitled to oppose on legitimate grounds to the collection and processing of personal data, request access personal data, rectify inaccuracies, requestthe deletion of personal data by contacting the Compliance Team. Given that Candriam does not have any contact with such Relatives, Candriam requests that Staff Members convey on its behalf the above information to them and relay to Candriam any request such Relative may have regarding the above data processing. Candriam will delete and purge such data within 5 years after the departure of Staff Member. 14. Concluding provisions The Policy comes into force with immediate effect and is subject to regular review and if indicated by the review, subsequent update. 15. Exhibits 15.1. Exhibit 1 -Covered accounts The Code of Ethics applies to all transactions in the following investment accounts:

------

![LOGO](img_88bb0311a12f4f10.jpg)

Accounts held for your benefit by you or other persons (including nominees, custodians, brokers, pledgees, partnerships, personal holding companies, trustees or other fiduciaries). For covered persons, accounts held by (or for the benefit of) your spouse or any children or relatives who share your home. Accounts (otherthan Candriam client accounts) for which you have or share, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise: Voting power (which includes power to vote, or to direct the voting of, a security). Investment power (which includes the power to dispose, or to direct the disposition� of a security. Accounts held by any other person to whose support you materially contribute or in which, by reason of any agreement or arrangement, you have or share benefits substantially equivalent to ownership, including, for example: Arrangements (which may be informal) under which you have agreed to share the profits from an investment. Accounts maintained or administered by you for a relative (such as children or parents) who do not share your home. Accounts you oversee which involve any other person not described above in which you may have an interest that could affect your best judgment.

------

![LOGO](img_6dbab5d6966e4f10.jpg)

15.2. Exhibit 2A- Covered persons only and their Relatives 1 Rules for Covered Persons and their Relatives (Y=Yes/N=No, NA= Not Applicable) Declaration Holclng period Disclosure of Initial Annual security Confirmation of Financial Instruments Pre-clearance transactions (calendar days) holclngs accountsta?ent transaction All transactions prohlbHed except: Equities and CorpotateBonds issued by La-ge capE (Marketcap > 10 billion USO) at transaction date y y 30 days y y y Options and Futlres (Authorized Index ll'ld Commodities) y y 30 Days y y y Funds managed by or delegated to Can? E'1'F: y y 30 days y y y (inciLding Candriam ETF}(including authorizsd Non CandriamFunds(induding noo-Candriam ETF N N N N N N Sovereign bonds issued by an y y 30 days y y y OECD country or European Union Countries Priva , placement and IPOs y y 30 days NA NA y on large caps Money Mar 1tet instruments (such as "Bona de caisse", CD, CP) N N N N N N Specific c:.u.: Covered account managed by a third party wlllouinwvention N N N N N N AutomaticlnvestmentPian(saWigorpension plan N N N N N N Saving or Pension plan with intervention y y 30 days y y y MandatoryCorpora"' scions, donation, inheriiii"IOIBand marginfmaintenance calls N N 30 days N N N

------

![LOGO](img_91d87b4033594f10.jpg)

15.3. Exhibit 28- Candriam Staff Members excluding Covered Persons I Rules for Non-Covered Persons (excluding relatives) (Y=Yes/N=No, NA= Non-Applicable) Declaration Holding period Disclosure of initial Annual security Confirmation of Financial Instruments pre-clearance transactions (calendar days) holdings account statement transaction Allowed for transactions: Equities and Corporate Bonds y y 30 days y y N Options and Futures y y 30 Days y y N Funds managed by or delegated to Candriarr y y 30 days y y N (including CandriamETF)(lnclud ingauthorized ETF Non Candriam Funds(induding no-Candriam ETF N N N N N N Sovereign bonds issued by an y y 30 days y y N DECO country or European Union Countries Private placement and IPOs y y 30 days NA NA N Money Market instruments N N N N N N (such as "Bons decaisse", CD, CP) Specific cases: Covered account managed by a third party ?intervention N N N N N N Automatic Investment Plan(saving or pension plan N N N N N N Saving or Pension plan with intervention y y y y y N Mandatory Corporate actions. donation, inherilalcesmargin/maintenance calls N N 30 days N N N

------

![LOGO](img_95708f03592c4f10.jpg)

15A. Exhibit 3—Covered Account over which the Covered Person has !!Q direct or indirect influence or control ("Covered account managed by a Delegate without intervention") Employee identification Last name: Employee identification First name: Entity: Department: Position: For the account number :. at . .(Financial institution), I declare that as a person involved, I do not exercise any direct or indirect influence or control on this account and investment decisions for this account are made by . In accordance with the rules of the Code of Ethics (point 8), I choose not to report positions and transactions with regard to this account because the investment decisions are not taken by myself. Date: Signature: Please send this document to the Conduct & Compliance Advisory Team by e-mail to conduct@candriam.com.

## Ex-99.P

Epoch Investment Partners, Inc.

Code of Ethics and Business Conduct

OCTOBER 2024

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

**<u>**Table of Contents**</u>** 

---

| | | | |
|:---|:---|:---|:---|
| ***[1. Statement of General Principles](#td_code37729_1_1_11)*** | **** | ***4*** | **** |
| ***[2. Definition of Terms Used](#td_code37729_2_1_11)*** | **** | ***5*** | **** |
| ***[3. Compliance with Laws, Rules and Regulations](#td_code37729_3_1_11)*** | **** | ***6*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; ***[Retaliation Prohibited](#td_code37729_4_1_11)*** | **** | ***7*** | **** |
| ***[4. Compliance with Disclosure Controls and Dealing with External Auditors](#td_code37729_5_1_11)*** | **** | ***7*** | **** |
| ***[5. Conflicts of Interest](#td_code37729_6_1_11)*** | **** | ***8*** | **** |
| ***[6. Disclosure and Reporting of Conflicts of Interest](#td_code37729_7_1_11)*** | **** | ***9*** | **** |
| ***[7. Insider Trading](#td_code37729_8_1_11)*** | **** | ***10*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[What is confidential information about TD Epoch?](#td_code37729_9_1_11)** | **** | ***10*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[What is non-public information?](#td_code37729_10_1_11)** | **** | ***10*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[What is material information?](#td_code37729_11_1_11)** | **** | ***11*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[How might I receive information about TD Epoch that is non-public and confidential?](#td_code37729_12_1_11)** | **** | ***11*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[How might I receive information that is non-public and material?](#td_code37729_13_1_11)** | **** | ***12*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[How do I protect information that is non-public and confidential about TD Epoch?](#td_code37729_14_1_11)** | **** | ***12*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[How do I protect information that is non-public and material?](#td_code37729_15_1_11)** | **** | ***12*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Usage of Expert Networks and Political Intelligence Firms for Research](#td_code37729_16_1_11)** | **** | ***13*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Discussions with Other Buy Side Investors](#td_code37729_17_1_11)** | **** | ***13*** | **** |
| ***[8. Corporate Opportunities](#td_code37729_18_1_11)*** | **** | ***14*** | **** |
| ***[9. Prohibition on Illegal Payments](#td_code37729_19_1_11)*** | **** | ***14*** | **** |
| ***[10. Competition and Fair Dealing](#td_code37729_20_1_11)*** | **** | ***14*** | **** |
| ***[11. Preferential Treatment and Gifts & Entertainment](#td_code37729_21_1_11)*** | **** | ***14*** | **** |
| ***[12. Corporate Books and Records](#td_code37729_22_1_11)*** | **** | ***15*** | **** |
| ***[13. Document Retention](#td_code37729_23_1_11)*** | **** | ***15*** | **** |
| ***[14. Non-Disclosure of Information](#td_code37729_24_1_11)*** | **** | ***16*** | **** |
| ***[15. Guarding of Corporate Assets](#td_code37729_25_1_11)*** | **** | ***16*** | **** |
| ***[16. Implementation of the Code](#td_code37729_26_1_11)*** | **** | ***16*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Code of Ethics Contact Person](#td_code37729_27_1_11)** | **** | ***16*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Reporting Violations](#td_code37729_28_1_11)** | **** | ***17*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Investigations of Violations](#td_code37729_29_1_11)** | **** | ***17*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Amendments to the Code](#td_code37729_30_1_11)** | **** | ***17*** | **** |
| ***[17. Enforcement](#td_code37729_31_1_11)*** | **** | ***17*** | **** |
| ***[18. Condition of Employment or Service](#td_code37729_32_1_11)*** | **** | ***17*** | **** |
|  ***[Exhibit A – Personal Trading Procedures](#td_code37729_33_1_11)*** | **** | ***19*** | **** |

---

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

---

| | | | |
|:---|:---|:---|:---|
| ***[1. Requirements Applicable to Personal Trading Activity](#td_code37729_34_1_11)*** | **** | ***19*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Definitions of Terms Used](#td_code37729_35_1_11)** | **** | ***19*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Prohibited Activities and Transactions](#td_code37729_36_1_11)** | **** | ***21*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Same Direction Transactions](#td_code37729_37_1_11)** | **** | ***22*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Opposite Direction Transactions](#td_code37729_38_1_11)** | **** | ***22*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Holding Period](#td_code37729_39_1_11)** | **** | ***22*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Limitation on the Number of Pre-Clearance Requests](#td_code37729_40_1_11)** | **** | ***23*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Pre-Clearance of Reportable Securities Transactions in Employee-Related Accounts](#td_code37729_41_1_11)** | **** | ***23*** | **** |
| &nbsp;&nbsp;&nbsp;&nbsp; ***[Reporting Requirements Applicable to Employee-Related Accounts](#td_code37729_42_1_11)*** | **** | ***25*** | **** |
|  ***[Exhibit B - Initial Certification](#td_code37729_43_1_11)*** | **** | ***27*** | **** |

---

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

**1.** **Statement of General Principles** 

This Code of Ethics and Business Conduct ("Code") applies to you, as an officer, director, or employee of Epoch Investment Partners, Inc.<sup>1</sup> ("TD Epoch", "Epoch" or the "Company"), as well as your Family Members (as defined below) and in appropriate circumstances, the Code may be provided and applied to TD Epoch's agents and representatives, including but not limited to, consultants and temporary employees who may periodically work onsite at TD Epoch's offices (collectively defined as "You" below). TD Epoch will evaluate such individuals on a case-by-case basis to determine if they should be considered access persons for purposes of this Code depending on their specific role and access to client information.

TD Epoch is committed to the principle of honest and ethical conduct in all aspects of its business. We both expect and require You to be familiar with this Code and to adhere to those principles and procedures set forth in the Code that apply to You. The Company's specific procedures contained in memoranda, policies, e-mail, or other guidance, which we may from time to time distribute to our officers, directors and employees, are separate requirements and are in addition to and not in derogation of this Code.

TD Epoch's business should be carried on with loyalty to the interest of its Clients (as defined below). In furtherance of the foregoing, You shall not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Employ any device, scheme or artifice to defraud TD Epoch or a Client; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engage in any act, practice or course of conduct that operates or would operate as a fraud or deceit upon TD
Epoch or a Client.

As a fiduciary, TD Epoch is committed to a high standard of business conduct which encompasses conducting business in accordance with both the spirit and letter of applicable laws and regulations as well as in accordance with ethical business practices. While this Code does not cover every issue that may arise, the Code sets out basic principles to guide You and is intended to provide a clear statement of the fundamental principles that govern TD Epoch's business to promote, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Mitigation of conflicts of interest, including disclosure to an appropriate person or persons identified in
the Code of any material transaction or relationship that reasonably could be expected to give rise to such a conflict;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Full, fair, accurate, timely, and understandable disclosure in reports and documents that TD Epoch files with
various regulatory authorities or prepares and distributes to various affiliates of The Toronto-Dominion Bank ("TD");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Compliance with applicable governmental laws, rules and regulations, not only of the United States, but also
of foreign jurisdictions in which we or any of our direct or indirect subsidiaries operate;

<sup>1</sup> This Code also applies to employees of Epoch Investment Partners UK, Ltd ("Epoch UK") as well as employees of TD Southeast Asia who support Epoch. Epoch UK employees must also adhere to the FCA Principles in the UK Supplement. The UK Supplement sets out certain UK specific policies and procedures which the employees of Epoch UK must observe to fulfill Epoch UK's own administrative requirements and to achieve compliance with the requirements of the Financial Services & Markets Act 2000 and the FCA Rules of the Financial Conduct Authority, by which Epoch UK is authorized and regulated. Unless otherwise directed, you must also comply with the policies and procedures contained within the Epoch Investment Partners Compliance Policies & Procedures Manual.

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The prompt reporting of Code violations to an appropriate person or persons identified in the Code; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Accountability for adherence to the Code.

Furthermore, to build a stronger company and maintain our culture of integrity - a culture of lawful and ethical conduct, we ask that You utilize the channels identified herein to ask questions or raise good faith concerns about observed or perceived violations of the Code. We are at our best when each of us helps identify and correct concerns in our workplace so that we may strengthen the business for all and enhance our reputation as an ethical and compliant company.

If an applicable law conflicts with a policy set forth in this Code, You must comply with the law; however, if a local custom or policy conflicts with this Code, You must comply with the Code. If You have any questions about these conflicts, You should ask your supervisor or the Code of Ethics Contact Person how to handle the situation.

If You violate the standards in this Code, You will be subject to disciplinary action. If You are in a situation that You believe may violate or lead to a violation of this Code, You should follow the guidelines described in Section 3 of this Code and notify your supervisor or the Code of Ethics Contact Person as soon as practical.

From time to time, the Company may waive some provisions of this Code. Any waiver of the Code for executive officers or directors of the Company requires the approval of the Chief Compliance Officer who may consult with the Directors (as defined below) or the Operating Committee (as defined below).

**2.** **Definition of Terms Used** 

"Business Associate" means any supplier of services or materials, Client, customer, consultant, professional advisor, lessor of space or goods, tenant, licensor, licensee or partner of TD Epoch.

"Client" means any entity which receives investment advisory services from TD Epoch for a fee.

"Code of Ethics Contact Person" means the Chief Compliance Officer or such person or persons as may be designated from time to time.

"Conflict Resolution Group" means the TD Epoch's President, Chief Compliance Officer and business line Chief Financial Officer.

"Directors" means the directors of Epoch Investment Partners, Inc.

"Family Members" means Immediate Family Members and any company, partnership, limited liability company, trust or other entity that is directly or indirectly controlled by You or by any Immediate Family Member.

"Immediate Family Member" includes the spouse (or life partner) and children of You and any relative (by blood or marriage) of You residing in the same household.

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

"Investor" means an investor in a Private Fund or UCITS managed by TD Epoch.

"PTCC" means Compliance Science Personal Trading Control Center.

"Operating Committee" means the TD Epoch's Operating Committee which meets frequently and is responsible for implementing the Company's strategy, making operational decisions and overseeing the day-to-day running of the Company.

"You" means each director, officer, and employee of TD Epoch, temporary employees and consultants who reside in TD Epoch offices.

**3.** **Compliance with Laws, Rules and Regulations** 

Obeying the law, both in letter and in spirit, is the foundation on which TD Epoch's ethical standards are built. You must respect and obey the laws of the cities, states, and countries in which TD Epoch and its direct and indirect subsidiaries operate. It is our personal responsibility to adhere to the standards and restrictions imposed by those laws, rules and regulations. Although not all employees are expected to know the details of these laws, it is important that You know enough to determine when to seek advice from your supervisors or other appropriate personnel.

Where You reasonably believe that TD Epoch, or a director, officer or employee of TD Epoch, is not compliant with any law, regulation or section of this Code, we ask that You utilize our established channels identified herein to report such violations so that they may be properly addressed. As an initial matter, please bring the matter up directly with your immediate supervisor and the Code of Ethics Contact Person (or if the matter involves your supervisor, then directly with the Code of Ethics Contact Person), and if the matter is not ultimately resolved by either a reasonable explanation or action taken to rectify any non-compliance, we encourage You to bring the matter directly to the attention of the Operating Committee. With respect to financial matters in particular, and not just confined to those of our employees performing accounting functions, where You believe that TD Epoch has or is about to engage in any financial irregularity or impropriety, You are encouraged to bring the matter to the attention of the Operating Committee. This may be done anonymously and without fear of reprisal of any sort. Any complaint directed to the Operating Committee may be sent by mail as follows:

The Operating Committee

Attention: David A Barnett

Epoch Investment Partners, Inc.

One Vanderbilt Avenue

New York, New York 10017

In addition, TD Epoch officers or employees can also report violations to an independent third party, EthicsPoint:

EthicsPoint

<u>www.ethicspoint.com</u>

1-866-293-2365

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

Nothing contained in this Code prohibits employees from exercising their legal rights to communicate with or report violations of law to government entities or regulatory authorities (e.g., the SEC). For avoidance of doubt, You do not need prior authorization from Your supervisor, the Operating Committee, the CCO, nor any other person or entity affiliated with TD Epoch to make any such reports or disclosures and do not need to notify TD Epoch that they have made such reports or disclosures. Additionally, nothing in this Manual prohibits You from recovering an award pursuant to a whistleblower program of a government agency or entity.

***Retaliation Prohibited***

TD Epoch will not tolerate retaliation of any kind (also known as victimization in some jurisdictions) because an employee in good faith raises a concern or reports a violation or suspected violation of our Code or of an TD Epoch policy or practice.

Retaliation is any conduct that would reasonably dissuade an employee from raising or reporting good faith concerns through our internal reporting channels or with any governmental body, or from participating in or cooperating with any investigation of such concerns. It includes conduct that would reasonably dissuade an employee from filing, testifying or participating in a legal proceeding relating to a violation of law, or from providing information to or otherwise assisting a government or law enforcement agency pursuing a violation of law.

If you feel You have been subjected to retaliation, we encourage you to immediately raise your concerns through the provided channels so that TD Epoch may promptly and properly address such concerns.

**4.** **Compliance with Disclosure Controls and Dealing with External Auditors** 

The honest and accurate recording and reporting of financial information is of critical importance to TD Epoch. This is not only essential for our officers and directors to make informed business decisions, but is essential to TD Epoch's ability to file accurate financial reports with regulatory bodies and TD and to enable TD Epoch to comply with various laws relating to the maintenance of books and records and financial reporting.

TD Epoch has implemented internal accounting controls that must be strictly adhered to by You as an officer, director or employee or any other person subject to the Code. You are prohibited from knowingly circumventing or failing to implement the internal accounting controls of TD Epoch as now existing or as may be modified, revised, amended or supplemented in the future. If You become aware of actual or suspected breaches or violations of TD Epoch's internal accounting controls or any fraudulent or questionable transactions or occurrences, whether actual or suspected, we ask that You immediately utilize our established channels to report such concerns to enable us to take proper corrective action. Potentially fraudulent or questionable transactions or occurrences include, without limitation, embezzlement, forgery, alteration of checks and other documents, theft, misappropriation or conversion of assets for personal use, falsification of

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

records, and the reporting of the financial condition of TD Epoch contrary to generally accepted accounting principles.

TD Epoch has implemented a system of disclosure controls and procedures to assure that all important information regarding the business and prospects of Epoch is brought to the attention of TD Epoch's Chief Executive Officer. You are required to adhere to this system of disclosure controls and procedures, and You should promptly report any significant event or occurrence (whether positive or negative) that affects TD Epoch or its Business Associates to enable us to respond appropriately. General economic conditions need not be reported.

Open, honest and fair dealings with our external and internal auditors are essential to the financial reporting process. You are required to be candid in discussing matters concerning internal controls and business disclosures with TD Epoch's officers, directors, and external auditors. Factual information is important. Opinions and observations are strongly encouraged. You are prohibited from making any false or misleading statement to any external auditor of TD Epoch in connection with an audit or examination of TD Epoch's financial statements or the preparation or filing of any document or report. Similarly, You are prohibited from engaging in any conduct to fraudulently influence, coerce, manipulate or mislead any accountant engaged in the audit or review of any of TD Epoch's financial statements.

**5.** **Conflicts of Interest** 

Section 206(2) of the Advisers Act prohibits investment advisers from engaging in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client whereas Section 206(4) of the Advisers Act prohibits investment advisers from engaging in any act, practice, or course of business which is fraudulent, deceptive, or manipulative. Rule 206(4)-8(a) under the Advisers Act effectively extends this prohibition so as to apply to pooled investment vehicle investors or prospective investors. A failure to identify, disclose and/or manage a conflict of interest could constitute a violation of any of these provisions.

TD Epoch's policy is to disclose, mitigate, and/or eliminate all identified conflicts of interest in the best interests of its Clients and Investors. In the event that a conflict of interest arises between Clients and/or Investors, TD Epoch's policy is to seek to resolve such conflict as fairly as possible in relation to all parties.

You must avoid any activity or personal interest that creates, or appears to create, a conflict between your interests and the interests of TD Epoch or a Client or Investor. A conflict of interest occurs when your private interest interferes or appears to interfere with the interests of the Company or a Client or Investor. For example, a conflict of interest would arise where You or a Family Member receives improper personal benefits as a result of your position in the Company. Conflicts of interest include, by way of example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Soliciting or accepting gifts, entertainment, or other benefits from an organization that does, or seeks to
do, business with TD Epoch in violation of TD Epoch's policies;

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Owning a meaningful financial interest in, being employed by or acting as a consultant to or board member of
an organization that competes with TD Epoch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Owning a meaningful financial interest in, being employed by or acting as a consultant to or board member of
an organization that does, or seeks to do, business with TD Epoch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Borrowing money from a Business Associate unless that Business Associate is regularly engaged in the business
of lending money or such other property, and the loan and the terms thereof are in the ordinary course of the Business Associate's business; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Making a material decision on a matter on behalf of TD Epoch or a Client where your financial, reputational,
or other self-interests may reasonably call the appropriateness of the decision into question.

**6.** **Disclosure and Reporting of Conflicts of Interest** 

TD Epoch requires You to fully disclose any potential or actual conflicts of interest as soon as it is known by speaking with the Code of Ethics Contact Person who may discuss and/or seek the approval of the conflict with the Conflict Resolution Group and the Operating Committee depending on the nature and severity of the conflict. Additionally, TD Epoch requires You to complete a Compliance Questionnaire upon joining the firm and at least annually thereafter. Many of the questions contained in the Compliance Questionnaire are intended to identify actual or potential conduct that could constitute a conflict of interest.

Neither You nor a Family Member shall personally benefit, directly or indirectly, or derive any other personal gain from any business transaction or activity of TD Epoch, except when the transaction or activity has been fully disclosed to and approved in writing by the Conflict Resolution Group. For the avoidance of doubt, the receipt of business gifts or entertainment pursuant to TD Epoch's Business Entertainment and Gift Policy does not require written Conflict Resolution Group approval.

Neither You nor a Family Member shall have any meaningful personal business or financial interest in any Business Associate or competitor of TD Epoch, without prior written consent from the Conflict Resolution Group. For the avoidance of doubt, holding 5% or less of the outstanding equity interests of a Business Associate or competitor whose equity interests are publicly traded shall not be deemed "meaningful."

Neither You nor a Family Member shall hold any position with (including as a member of the board of directors or other governing body) or perform services for a Business Associate or a competitor of TD Epoch, without prior written consent from the Conflict Resolution Group.

Neither You nor a Family Member shall provide any services to other business enterprises which reasonably could be deemed to adversely affect the proper performance of your work for TD Epoch or which might jeopardize the interests of TD Epoch or a Client, including serving as a director, officer, consultant or advisor of another business, without prior consent in writing by the Conflict Resolution Group. In addition, You must

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

list all outside business interests on the new employee certification and on the annual Code of Ethics and Business Conduct acknowledgement and certification.

Neither You nor a Family Member shall direct, or seek to direct, any business of TD Epoch to any business enterprise in which you or a Family Member has a meaningful ownership position or serves in a leadership capacity, without prior written consent from the Conflict Resolution Group. For the avoidance of doubt, holding 5% or less of the outstanding equity interests of a Business Associate or competitor whose equity interests are publicly traded shall not be deemed "meaningful."

**7.** **Insider Trading** 

You are not permitted to use or share information that is both non-public and confidential about TD Epoch for trading purposes or for any other purpose except the conduct of TD Epoch's business. You are not permitted to use or share information that is both non-public and material about other public companies for trading purposes or for any purpose. To use such information for personal financial benefit or to "tip" others who might make an investment decision on the basis of this information is not only unethical but also illegal. You are strictly prohibited from using any illegal means, such as hacking, to obtain any non-public or material information. TD Epoch has separately prepared and distributed to You a copy of TD Epoch's Personal Trading Procedures relating to personal securities trades by You and Family Members, which is attached hereto as "<u>Exhibit A</u>."

***What is confidential information about TD Epoch?***

Confidential information regarding TD Epoch includes any information regarding TD Epoch's business activities, any information regarding TD Epoch's directors, officers and employees, and any information regarding TD Epoch's clients for which disclosure, by an individual authorized to make such disclosure, has not been previously made. By way of example, the following information is considered confidential:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information You obtain concerning present or future securities transactions undertaken for TD Epoch's
clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information You obtain relating to past, present, or future business activities of TD Epoch; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information You obtain relating to a director's, officer's, or employee's medical, financial,
employment, legal or personal affairs.

For the avoidance of doubt, all information regarding TD Epoch's revenue, assets under management, fee structures, number and types of clients, and business plans is confidential unless such information has been previously disclosed by an individual authorized to make such disclosure.

***What is non-public information?***

Information is non-public until it has been made available to investors. The distribution of non-public information must occur through commonly recognized channels for the classification to change, such as through the inclusion in reports filed with the U.S. Securities and Exchange Commission, press releases issued by the issuer of the securities,

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

or reference to such information in publications of general circulation such as The Wall Street Journal or The New York Times. In addition, there must be adequate time for the public to receive and digest the information. Non-public information does not change to public information solely by selective dissemination. The confirmation by an insider of unconfirmed rumors, even if the information in question was reported as rumors in a public form, may be non-public information. Examples of the ways in which You might receive non-public information or be transmitted include in person, in writing, by telephone, during a presentation, by email, IM, or Bloomberg messaging, by texting, through social media sites, by drone, through online black or grey markets, and artificial intelligence engines. You must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Nonpublic Information. You should consult with the CCO or designee if there is any question as to whether material information is non-public.

***What is material information?***

Information is material where there is a substantial likelihood that a reasonable investor could consider the information important in deciding whether to buy or sell the securities in question, or where the information, if disclosed, could be viewed by a reasonable investor as having significantly altered the total mix of information available. Where the nonpublic information relates to a possible or contingent event, materiality depends upon a balancing of both the probability that the event will occur and the anticipated magnitude of the event in light of the totality of the activities of the issuer involved.

Common examples of material information include information concerning a company's sales, earnings, dividends, significant acquisitions or mergers, business opportunities, discovery or research developments, bankruptcy or insolvency, debt service or liquidity problems, change in capital structure, major litigation or events that could lead to litigation, and criminal, civil and government investigations and indictments. So-called market information, such as information concerning an impending securities transaction may also, depending upon the circumstances, be material. Material information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material. Advance notice of forthcoming secondary market transactions could also be material. Additionally, material information pertaining to one issuer may affect the stock prices of other companies (such as competitors or major service providers). These examples are by no means exclusive. Because materiality determinations are often challenged with the benefit of hindsight, if You have any doubt whether certain information is material, such doubt should be resolved against trading or communicating such information.

***How might I receive information about TD Epoch that is non-public and confidential?***

You can expect to receive various forms of information about TD Epoch in the normal course of your role as a director, officer, or employee that is both non-public and confidential; however, You are prohibited from seeking to obtain such information if the information is not directly related to your duties or responsibilities. For example, if your duties or responsibilities do not require You to know about present or future securities

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

transactions undertaken for TD Epoch's clients, You are prohibited from seeking to obtain such information.

***How might I receive information that is non-public and material?***

You may encounter information that is both non-public and material in variety of ways, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● During discussions or interviews, either private or group, with a public company's management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● During discussions or interviews with a public company's vendors, suppliers, or competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● During discussions or interviews with members of the press;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● During discussions with credit analysts, traders, attorneys, accountants, consultants, research providers,
investment bankers or other professionals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● By receiving information packages from issuers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● During discussions with certain sensitive Clients or Investors such as executive-level officers or directors
of a public company; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● By being a board member of a public company.

You are prohibited from soliciting or accepting information about a public company where You know, or should know, that such information is both non-public and material.

***How do I protect information that is non-public and confidential about TD Epoch?***

When not in use, You must keep all documents or files containing confidential information in locked desk drawers or file cabinets. Under no circumstances, should confidential information be left on desks, counter tops, or floors where the information is visible to others. You must not review or work on any documents that contain confidential information about TD Epoch in any setting that would permit others to see the information, such as in airplanes, public spaces, or even open areas in TD Epoch's offices.

***How do I protect information that is non-public and material?***

If You believe that You are in possession of non-public and material information, You are instructed to immediately contact the Code of Ethics Contact Person. You are prohibited from sharing this information with any other officer, director, or employee at TD Epoch unless You receive permission from the Code of Ethics Contact Person and follow the information barrier procedures implemented by the Code of Ethics Contact Person. For the avoidance of doubt, You are prohibited from sharing this information with anyone other than the Code of Ethics Contact Person until the Code of Ethics Contact Person implements information barrier procedures. In addition, the Code of Ethics Contact Person may add the company to the TD Epoch restricted list which is maintained by the Compliance Department.

For the avoidance of doubt, You are prohibited from trading the securities of any company about which You may possess Material Nonpublic Information, or derivatives related to the issuer in question. Additionally, You may not conduct research, trading, or other investment activities regarding a security for which You may have Material

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

Nonpublic Information until the CCO or Code of Ethics Contact Person dictates an appropriate course of action.

When not in use, You must keep all documents or files containing non-public and material information in locked desk drawers or file cabinets. Under no circumstances, should such information be left on desks, counter tops, or floors where others can see the documents. You must not review or work on any documents that contain non-public and material information in any setting that would permit others to see the documents, such as in airplanes, public spaces, or even open areas in TD Epoch's offices.

***Usage of Expert Networks and Political Intelligence Firms for Research***

Prior to engaging with a new expert network/consultants or political intelligence firm, employees must request pre-approval from the CCO and CIO. Such relationships may only be approved after sufficient due diligence by the CCO including a review of the relevant company's policies prohibiting experts from disclosing material non-public information.

***Discussions with Other Buy Side Investors***

Employees may consider it beneficial to communicate with other investment advisers, buy side investors, and/or employees thereof ("Buy Side Investors"), either because they have knowledge of a specific investment, theme, or thesis, or because it is condition of participating in an idea dinner or idea sharing website. In connection with these interactions, an Employee may subsequently determine that it is in TD Epoch's (and our clients') interests to disclose certain information on TD Epoch's investments and research to the other Buy Side Investor.

While these interactions and disclosures are permissible, You should not disclose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information that could be considered MNPI or that TD Epoch has otherwise agreed with a third party to keep
confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Specific information relating to TD Epoch's trading of securities, including the timing and/or sizing of
trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information that could be detrimental to TD Epoch's (or the clients') business interests, such as
disclosure of information on a short position where there is limited capacity for borrow; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Information on TD Epoch's intentions for future proxy votes.

You are also subject to the following prohibitions when interacting with other Buy Side Investors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You may not provide proprietary models or other research without the prior approval of the CCO;

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You may not provide research obtained from a third-party research provider to any Buy Side Investor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You must not participate in/provide ideas via an idea dinner without the prior approval of the CCO.

If you have any questions about whether any information is permissible to be disclosed in an interaction with a Buy Side Investor, you should consult with the CCO.

**8.** **Corporate Opportunities** 

You owe a duty to the Company to advance the Company's business interests wherever possible. You and Family Members are prohibited from personally profiting, directly or indirectly, due to your position with TD Epoch, to the detriment (or at the expense) of TD Epoch or any Business Associate. You are prohibited from taking for yourself opportunities that are discovered through the use of Company property or information or through your position with TD Epoch, without the consent of TD Epoch's Code of Ethics Contact Person.

**9.** **Prohibition on Illegal Payments** 

You and your Family Members are prohibited from, directly or indirectly, making any illegal payment, offering to make any illegal payment, promising to make any illegal payment, or taking any other unlawful action with respect to any government official, including officials of foreign governments. By way of example, You are prohibited from paying, offering, or promising anything of value to a foreign official, foreign political party, foreign party official, or candidate for foreign office with the intent to influence any act or decision of a foreign official, to induce the official to do or omit to do any act in violation of the official's lawful duty, or to obtain any improper advantage.

**10.** **Competition and Fair Dealing** 

TD Epoch seeks to outperform competitors fairly and honestly through superior performance, and never through unethical or illegal business practices. Stealing proprietary information, possessing trade secret information that was obtained without the owner's consent, inducing such disclosures by past or present employees of other companies, or engaging in any unlawful competitive practices is prohibited. You should respect the rights of and deal fairly with TD Epoch's clients, suppliers, competitors, and employees. You are prohibited from taking unfair advantage of any person through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other intentional, unfair-dealing practice.

**11.** **Preferential Treatment and Gifts & Entertainment** 

The purpose of business entertainment and gifts in a commercial setting is to create goodwill and sound working relationships, not to gain unfair advantage. You shall not offer or provide a business gift or entertainment unless it (1) is not a cash gift or cash equivalent, (2) is consistent with customary business practices, (3) is not excessive in value, (4) cannot

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

be construed as a bribe or payoff, and (5) does not violate any applicable laws or regulations. If You are uncertain whether a business gift or entertainment is inappropriate, You should seek guidance from your supervisor or the Code of Ethics Contact Person. Additional policies with respect to the giving and receipt of gifts are contained in TD Epoch's Compliance Policies and Procedures Manual.

**12.** **Corporate Books and Records** 

You must ensure that all of TD Epoch's documents that You are responsible for in the normal course of your duties are completed accurately, truthfully, in a timely manner and properly authorized.

All of TD Epoch's books, records, accounts, and financial statements must be maintained in reasonable detail, appropriately reflect the Company's transactions, conform to applicable legal requirements, must be recorded in compliance with all applicable laws and accounting practices and in accordance with the United States' generally accepted accounting principles designated by TD Epoch, and be accurately maintained in accordance with the Company's system of internal controls. The making of false or misleading entries, records or documentation is strictly prohibited.

Ensuring accurate and complete business and financial records is everyone's responsibility, not just the obligation of accounting and finance personnel. Accurate recordkeeping and reporting reflects on TD Epoch's reputation and credibility, and ensures that our Company satisfies its legal and regulatory obligations. Always record and classify transactions properly, never falsify any document, and never distort the true nature of any transaction or other company information. You may never create a false or misleading report under TD Epoch's name. In addition, no payments or established accounts shall be used for any purpose other than as described by their supporting documentation. Unrecorded or "off the books" funds or assets should not be maintained unless permitted by applicable law or regulation.

You may not take any action to defraud, influence, coerce, manipulate or mislead any other officer, director or employee of TD Epoch or any external auditor or legal counsel for TD Epoch for the purpose of rendering the books, records or financial statements of TD Epoch incorrect or misleading.

Errors, or possible errors or misstatements in TD Epoch's books and records should be brought to the attention of the Code of Ethics Contact Person promptly upon discovery thereof. The Code of Ethics Contact Person shall promptly inform the Chief Financial Officer of any such error or misstatement.

You are expected to cooperate fully with TD Epoch's internal auditors and external auditors. You shall not impede or interfere with the financial statement audit process.

**13.** **Document Retention** 

The Company seeks to comply fully with all laws and regulations relating to the retention and preservation of records. You shall comply fully with the Company's policies or procedures regarding the retention and preservation of records. Under no circumstances

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

may Company records be destroyed selectively or maintained outside Company premises or designated storage facilities. Specific document retention policies are contained in the Compliance Policies and Procedures Manual.

Where there is actual or potential litigation or reasonable likelihood of an external investigation, TD Epoch may determine that it is necessary to preserve information relating to the matter, such as emails and other documents that might otherwise be deleted in the ordinary course of business. If You become aware of any actual or potential litigation, subpoena, or other legal proceeding involving TD Epoch, you should notify the Chief Compliance Officer immediately, so that the Company may determine what additional document preservation may be necessary. You are expected to comply with any document retention or preservation instructions that you receive from the Compliance Department.

**14.** **Non-Disclosure of Information** 

Neither You nor your Family Members shall discuss, or inform others about, any actual or contemplated business transaction by a Business Associate or the Company except in the performance of your employment duties or in an official capacity and then only for the benefit of the Business Associate or the Company, as appropriate. In no event should you discuss, or inform others about, any actual or contemplated business transaction by a Business Associate or the Company in violation of applicable law.

**15.** **Guarding of Corporate Assets** 

You have a duty to safeguard Company assets, including its physical premises and equipment, records, customer information and Company trademarks, trade secrets and other intellectual property. Company assets shall be used for Company business only. Without specific authorization, neither you nor a Family Member may take, loan, sell, damage or dispose of Company property or use, or allow others to use, Company property for any non-Company purposes.

**16.** **Implementation of the Code** 

While each of us is individually responsible for compliance with the Code, You do have access to a number of resources to assist You in understanding your legal and ethical obligations as an employee of the Company. The Company has the following resources, people and processes in place to answer questions and guide You through difficult decisions.

***Code of Ethics Contact Person***

The Chief Compliance Officer is the designated Code of Ethics Contact Person for purposes of this Code and shall report directly to the Chief Executive Officer all material matters arising under this Code. At his discretion, the Chief Executive Officer will report matters arising under this Code to the Directors, or to the Company's Operating Committee, as may be determined to be appropriate. The Code of Ethics Contact Person is responsible for overseeing, interpreting, and monitoring compliance with the Code. Any questions relating to how this Code should be interpreted or applied should be addressed

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

to the Code of Ethics Contact Person. If You are unsure of whether a situation violates this Code, You should discuss the situation with your supervisor or the Code of Ethics Contact Person.

***Reporting Violations***

With regards to reporting violations, please see Section 3. Compliance with Laws, Rules and Regulations.

***Investigations of Violations***

Reported violations will be promptly and thoroughly investigated and, to the extent possible, treated confidentially. TD Epoch complies with the law in conducting investigations and TD Epoch expects that employees will cooperate with lawful investigations and provide truthful information to facilitate an effective investigation.

***Amendments to the Code***

The Code is updated and maintained on a regular basis. You are required to acknowledge and comply with the Code and all amendments. At a minimum, all employees are required to complete an annual certification through PTCC during TD Epoch's annual recertification period.

**17.** **Enforcement** 

You can expect that TD Epoch will take appropriate action with respect to any employee, officer, or director who violates, or whose Family Member violates, any provision of this Code. Any alleged violation of the Code shall be reported promptly to the CEO for his consideration and such action as the CEO in its sole judgment, shall deem warranted.

**18.** **Condition of Employment or Service<sup>2</sup>** 

Compliance with this Code is a condition of your employment. Employee conduct not in accordance with this Code shall constitute grounds for disciplinary action, including, without limitation, termination of employment.

This Code is <u>not</u> an employment contract nor is it intended to be an all-inclusive policy statement on the part of the Company. TD Epoch reserves the right to provide the final interpretation of the policies contained in this Code as well as the specific procedures contained in memorandums, policies, e-mail or other guidance, which we may from time to time distribute to You. TD Epoch reserves the right to revise these policies or procedures as deemed necessary or appropriate.

By signing below or completing the certification on PTCC, I acknowledge that I have read TD Epoch's Code of Ethics and Business Conduct (a copy of which has been

<sup>2</sup> Full time employees, or persons deemed access persons, are generally required to complete an initial certification of the Code in a substantially similar format online.

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

supplied to me and which I will retain for future reference) and agree to comply in all respects with the terms and provisions hereof. I also acknowledge that this Code of Ethics and Business Conduct may be modified or supplemented from time to time and I agree to comply with those modifications and supplements as well.

---

| | |
|:---|:---|
| <br> Print Name | <br> Signature |
| <br> Date |  |

---

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

**Exhibit A – Personal Trading Procedures** 

**1.** **Requirements Applicable to Personal Trading Activity** 

TD Epoch has adopted the following procedures concerning the pre-clearance and periodic reporting of transactions and accounts for all Access Persons (as defined below). TD Directors (as defined below), shall not be required to adhere to such pre-clearance or reporting requirements since TD Directors do not have access to non-public information regarding client purchases or sales, have no access to portfolio holdings and are not involved in securities recommendations to clients. The Chief Compliance Officer shall, on an annual basis, meet with the TD Directors in person and discuss and confirm that each of them will abide by these policies.

***Definitions of Terms Used***

"Access Persons" for purposes of personal trade reporting and pre-clearance includes all TD Epoch employees, including certain temporary employees and consultants who reside on TD Epoch premises.

"Approving Official" for a personal trade pre-clearance request is the Code of Ethics Contact Person, or in his or her absence the Compliance Officer or other personnel as may be appointed from time-to-time. At no time may an individual who may otherwise serve as an Approving Official also be the Approving Official for a pre-clearance request for their own personal trade or for the personal trade of their Family Members.

"Beneficial ownership" of a Security (as defined below) is to be determined in the same manner as it is for purposes of Section 16 of the Securities Exchange Act of 1934. This means that a person should generally consider themselves the beneficial owner of any securities in which he has a direct or indirect pecuniary interest. In addition, a person should consider themselves the beneficial owner of securities held by his or her spouse, his or her dependent children, a relative who shares his or her home, or other persons by reason of any contract, arrangement, understanding or relationship that provides them with sole or shared voting or investment power.

"Client Account" means any account which receives investment advisory services from TD Epoch for a fee.

"Code of Ethics Contact Person" shall mean the Chief Compliance Officer or such person or persons as may be from time to time designated.

"Employee-Related Account" is any personal account or any other account in which You or a Family Member has a direct or indirect pecuniary interest and over which You or a Family Member exercises any control or influence and can transact in Reportable Securities or Securities. For example, an "Employee-Related Account" includes any account of your Immediate Family Members, but excludes any such account over which neither You nor your Immediate Family Members exercises control or influence (i.e., an account over which some other third person or entity exercises exclusive discretionary authority). Employee-Related Accounts include but are not

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

limited to brokerage accounts, Treasury Direct accounts, 401(k) plans, IRAs, or other retirement plans, among other accounts.

"Family Members" means Immediate Family Members and any company, partnership, limited liability company, trust or other entity that is directly or indirectly controlled by You or by any Immediate Family Member of You.

"Immediate Family Member" includes the spouse (or life partner) and children of You and any relative (by blood, marriage or adoption) of You residing in the same household as You. Immediate Family Members include children, stepchildren, grandchildren, parents, stepparents, grandparents, spouse, siblings, mother-in-law, father-in-law, sons-in-law, daughters-in-law, brothers-in-law, or sisters-in-law, and any such adoptive relationships.

"Investment Person" or "Investment Personnel" means all officers, directors or employees who occupy the position of portfolio manager (or who serve on an investment committee that carries out the portfolio management function) with respect to any Client Accounts and all officers, directors or employees who provide or supply information and/or advice to any portfolio manager (or committee), or who execute or help execute any portfolio managers (or committees) decisions, and all officers, directors or employees who, in connection with their regular functions, obtain contemporaneous or advance information regarding the purchase or sale of a Security by or for any Client Accounts.

"New Idea Research Monitor List" means the list of securities maintained by Investment Personnel that may lead to investments for Client Accounts.

"Operating Committee" means the Operating Committee of TD Epoch which meets periodically and is responsible for implementation of TD Epoch's business strategy.

"Private Placement" is also known as a "Limited Offering." An offering that is exempt from registration pursuant to sections 4(a)(2) or 4(6) of the Securities Act, or pursuant to Rules 504 or 506 of Regulation D. Private placements include interests in private funds (e.g., hedge funds, private equity funds, venture capital funds, real estate funds, etc.), interests in LLCs, including real estate for investment purposes, and interests in private companies, among other things.

"Purchase or sale of a Security" includes, among other things, the writing of an option to purchase or sell a Security.

"Reportable Security" shall have the same meaning as that set forth in Section 2(a)(36) of the 1940 Act, except that it shall not include securities issued by the Government of the United States or an agency thereof, bankers acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements, shares issued by money market funds, registered, open-end mutual funds other than those open-end mutual funds advised by TD Epoch, and interests in 529 college savings plans. For the sole purpose of this policy, the term "Reportable Security" shall also include all exchange-traded funds ("ETFs"), exchange-traded notes, closed-end funds, and index or ETF derivatives. Common examples of

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

"Reportable Securities" include equities, corporate bonds, municipal bonds, options, warrants, and Private Placements. Commodities are not Reportable Securities.

"Security<sup>3</sup>" is defined by the SEC broadly to include stocks, bonds, certificates of deposit, options, interests in Private Placements, futures contracts on other securities, participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things. "Security" is also defined to include any instrument commonly known as a security.

A "Security held or to be acquired by a Client Account" means any Security which, within the most recent fifteen days: (i) is or has been held by a Client's Account; or (ii) is being or has been considered by TD Epoch for purchase within a Client's Account.

A Security is "being purchased or sold by a Client Account" from the time when a purchase or sale order has been communicated to the person who places the buy and sell orders for Client Accounts until the time when such order has been fully completed or terminated.

"TD Director" refers to those directors who are non-employee directors of TD Epoch.

"You" means all Access Persons.

***Prohibited Activities and Transactions***

You and your Family Members, with respect to a Security held or to be acquired by a Client Account and with respect to a Security being purchased or sold by a Client Account, are prohibited from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Short selling securities issued by TD or other TD Restricted Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Entering into any contract or series of contracts that create a short sale of TD or other TD Restricted
Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trading in put or call options or other derivatives on securities issued by TD or other TD Restricted
Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trading in units or shares in TD mutual funds or pooled funds in any manner that is not consistent with the
best interests of other unit holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Certain Access Persons may from time to time be subject to blackout periods restricting the ability to
purchase or sell securities issued by TD or other TD Restricted Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acquiring securities as part of an initial public offering by an issuer.

<sup>3</sup> "Security" may also include certain assets that are issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" ("Digital Assets"). A Digital Asset is likely to be considered a Security if it is offered and sold as an investment contract. On April 3, 2019, the SEC published a framework for investment contract analysis of Digital Assets: https://www.sec.gov/files/dlt-framework.pdf. Generally, virtual currency or cryptocurrency coins or tokens that are being offered, or previously were offered, as part of certain types of initial coin offerings ("ICOs"). For the avoidance of doubt, virtual currency or cryptocurrency coins or tokens that were created outside the context of an ICO are not to be considered Securities. Any questions about whether an instrument is a security for purposes of the Federal Securities Laws should be directed to the CCO or the Code of Ethics Contact Person.

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trading in securities that are on the TD Epoch restricted list or TD Epoch's New Idea Research Monitor
List without approval of the Code of Ethics Contact Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Trading in securities of market comparable or related companies to a company in which you are in possession of
MNPI of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Employing any device, scheme or artifice to defraud a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Making any untrue statement of a material fact or omitting to state a material fact necessary in order to make
the statements made, in light of the circumstances under which they are made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engaging in any act, practice or course of business which would operate as a fraud or deceit upon a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Engaging in any manipulative practice with respect to a Client.

***Same Direction Transactions***

Subject to the pre-clearance procedures below, neither you nor your Family Members may purchase or sell, directly or indirectly, any Reportable Security during the time<sup>4</sup> that the same (or a related) Reportable Security is being purchased or sold by a Client Account where You or your Family Member's trade is on the same side (purchase or sale) as the trade for the Client Account.

***Opposite Direction Transactions***

Subject to the pre-clearance procedures below, neither You nor your Family Members may purchase or sell, directly or indirectly, any Security within 7 calendar days after the time that the same (or a related) Security is being purchased or sold by a Client Account where your trade or your Family Member's trade is on the opposite side (purchase or sale) as the trade in the Client Account. The determination of whether a Client Account has transacted within 7 calendar days shall be made at the time the Access Person requests pre-clearance. In limited circumstances, where subsequent to execution of your or your Family Member's trade, TD Epoch receives an additional Client or new assets which would necessitate the purchase or sale of the same security such a personal trade will not be considered a violation of this prohibition. Furthermore, subject to the discretion of the Code of Ethics Contact person, certain de minimis transactions may be approved and not be considered a violation of this section of the Code. For purposes of this section de minimis is defined to include purchases or sales of up to 1,000 shares of a Security if the issuer has a market capitalization of over $1 billion.

***Holding Period***

Neither You nor your Family Member shall sell a Security or cover a short sale within 30 days of acquiring that Security or short sale, other than broad based ETFs or ETF derivative for which a 7 day holding period applies, except in the case of involuntary transactions, such as in connection with a reorganization or other extraordinary transactions requiring the surrender or exchange of securities, or upon the prior written consent of an Approving Official for good cause shown. You or your Family Member must adhere to the stated holding period irrespective of taxable lots.

<sup>4</sup> Applies to personal trades within a permitted daily trading window in securities where Epoch has active open orders.

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

***Limitation on the Number of Pre-Clearance Requests***

You and your Family Members are limited to a maximum of fifteen (15) pre-clearance requests per quarter. Exceptions to this restriction will be considered in hardship situations and at the discretion of the Chief Compliance Officer.

***Pre-Clearance of Reportable Securities Transactions in Employee-Related Accounts***

Neither You nor your Family Member may place an order for the purchase or sale of any Reportable Security (including a Private Placement) for an Employee-Related Account until the transaction has been approved by an Approving Official in accordance with the following procedures.

When either You or your Family Member wishes to complete a transaction in an Employee-Related Account, You must submit electronically a pre-clearance request through PTCC between the hours of 10:00 a.m. and 3:30 p.m. EST. Your pre-clearance request will be routed electronically to the TD Epoch trading desk who will review the electronic request and determine whether TD Epoch is active in the Security in which you have requested approval. Once approved by the trading desk, the pre-clearance request will be sent electronically to the Code of Ethics Contact Person and other designated Approving Officials. Approval or denial of that request is then made by the Code of Ethics Contact person or in their absence an Approving Official. Once the Code of Ethics Contact person or an Approving Official has approved or denied the trade request, You will receive electronic notification from PTCC. In limited circumstances, an Approving Official or a designee may waive the requirement that a Pre-Clearance Request Form be electronically submitted on or before the date of the proposed transaction, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You communicate orally or via e-mail the required information and make
the required representations to the Approving Official or a designee on or before the date of the proposed transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Approving Official or a designee makes a written record of the same; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● You submit a pre-clearance request through PTCC by the end of the same
trading day as your verbal or email pre-clearance request.

By submitting an electronic pre-clearance request through PTCC, You represent that to the best of your knowledge and belief, and after due inquiry, neither You nor your Family Member is in possession of any material, nonpublic information concerning the Security proposed to be bought or sold, and the proposed transaction is not otherwise prohibited by the Code or these procedures.

An Approving Official will base their decision to approve or disapprove a Pre-Clearance Request on the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The general policies set forth in the Code and these procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The requirements under federal and state laws, rules, and regulations as they may apply to the proposed
transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The timing of the proposed transaction in relation to transactions or contemplated transactions for any Client
Accounts; and

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The nature of the securities and the parties involved in the proposed transaction.

Any approval of a proposed transaction is effective for the proposed transaction date only and is subject to the conditions, if any, specified by the Approving Official. A breach of any of the above procedures may, depending upon the circumstances, subject you to sanctions, up to and including termination of employment.

Investment Personnel, before acting on personal investment opportunities, must share all personal trading ideas with the Portfolio Manager, in each respective strategy, so the Portfolio Manager can determine whether the investment opportunity may be appropriate for Client accounts. The Compliance Department monitors all employees' trading and provides periodic reports to all Portfolio Managers regarding the volume and nature of Investment Personnel transactions.

For the avoidance of confusion, the pre-clearance requirements shall not apply to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases and sales of any Security by TD Directors<sup>5</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases and sales of shares of open-end mutual funds not managed by
TD Epoch;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases that are part of an automatic purchase plan, such as an automatic dividend reinvestment plan or a
plan to purchase a fixed number of shares or face value per month (e.g. purchases of an TD Epoch sub-advised mutual fund as part of an on-going payroll contribution
(401(k) Plan) do not require pre- mutual fund in the 401(k) plan requires pre-clearance as does any rebalancing You make which results in the purchase or sale of shares
of an TD Epoch sub-advised fund within the 401(k) plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases and sales of fixed income securities issued, guaranteed or sponsored by a government member of the
Organization of Economic Co-Operation and Development ("OECD'');

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases and sales that are involuntary (e.g., stock splits, tender offers, and share buy-backs);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Acquisitions of securities through inheritance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases and sales in any account over which neither You nor your Family Member has direct or indirect
influence or control over the investment or trading of the account (e.g., an account managed on a discretionary basis by an outside portfolio manager, including a "Blind Trust"). Such accounts must be brought to the attention of the CCO.
You may be asked to provide documentation to determine whether the account is eligible for the exception and the Employee may be required to provide account statements on a periodic basis to identify transactions that may be inconsistent with the
provisions of this Code.; and,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Purchases and sales of certain broad-based ETFs described in PTCC, as amended from time-to-time.

Furthermore, subject to the discretion of the Code of Ethics Contact person, a supplementary review of Investment Personnel transactions may be conducted.

<sup>5</sup> "TD Director" refers to those directors who are non-employee directors of Epoch

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

***Reporting Requirements Applicable to Employee-Related Accounts***

Neither You nor your Family Members are permitted to maintain Employee-Related Accounts, at a domestic or foreign broker-dealer, investment adviser, bank, or other financial institution without the approval of the Code of Ethics Contact Person. All Employee-Related Accounts must be maintained at broker-dealers or financial institutions that provide TD Epoch with duplicate copies of all confirmations and periodic statements for such accounts. In addition, many broker-dealers supply account information in real time to the Code of Ethics Contact Person. Within 10 days of beginning your employment with TD Epoch, you must log into the PTCC system and disclose all Employee-Related Accounts and the Reportable Securities held in those accounts. The information must be no more than 45 days old prior to becoming a director, officer, or employee of TD Epoch. Initial reports must disclose the existence of all accounts that hold any Securities, even if none of those Securities fall within the definition of a "Reportable Security."

In addition to electronic feeds with PTCC, you are required to send to the broker-dealer or financial institution carrying each Employee-Related Account a letter authorizing and requesting that it forward duplicate confirmations of all trades and duplicate periodic statements, as well as any other information or documents as an Approving Official may request, directly to TD Epoch. A form letter drafted for this purpose may be obtained from the Code of Ethics Contact Person.

You are required to obtain pre-approval, through PTCC when You or a Family Member wish to open a new Employee-Related Account.

You shall certify your securities transactions and your Family Member's Reportable Securities transactions during each quarter within ten (10) days of quarter-end and Reportable Security holdings and Employee-Related Accounts as of December 31st of each year within ten (10) days of year-end via PTCC. With respect to an employee's TD Epoch 401(k) plan account, employees are not required to report transactions in their quarterly transaction certification or update holdings in their TD Epoch 401(k) annually. TD Epoch maintains the 401(k) accounts in PTCC on behalf of all employees. Additionally, employees are not required to submit quarterly reports for any transactions effected pursuant to an Automatic Investment Plan or any reports with respect to Securities held in accounts over which the employee had no direct or indirect influence or control, such as an account managed by an investment adviser on a discretionary basis. Any investment plans or accounts that may be eligible for either of these exceptions should be brought to the attention of the Code of Ethics Contact Person who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception.

All new employees receive a username and password in order to access PTCC and are required to enter all accounts and securities in the system, including 401(k) or other retirement accounts from prior employers within 10 days of the commencement of their employment.

Access to information submitted pursuant to these procedures will be restricted to those persons who are assigned by TD Epoch to perform the review functions, and all such materials will be kept confidential, subject to the rights of inspection by the Board of

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

Directors of TD Epoch, TD Epoch's Operating Committee or their designee, and governmental bodies authorized by law to obtain such access.

TD Epoch's *Personal Trading Procedures* are designed to mitigate any potential material conflicts of interest associated with Employees personal trading activities. Accordingly, the Code of Ethics Contact Person will closely monitor Employees' investment patterns to detect potentially abusive behavior.

------

*TD Epoch Code of Ethics and Business Conduct – October 2024* 

**Exhibit B - Initial Certification<sup>6</sup>** 

I certify that:

● I have read and understand the Epoch Investment Partners, Inc. ("TD Epoch") Personal Trading
Procedures, as outlined in the Code of Ethics and Business Conduct, and recognize that I am subject to its requirements.

● I have disclosed or reported all personal Reportable Securities holdings information on Compliance Science
Personal Trading Control Center in which I or a Family Member has a Beneficial Interest, including all Employee-Related Accounts as defined in the Personal Trading Procedures, as of the date I became a director, officer, or employee of TD Epoch. I
have also reported the name(s) of each person or institution managing any account (or portion thereof) for which I or my Immediate Family Members have no direct or indirect influence or control over the investment or trading of the account.

● I understand that TD Epoch will monitor securities transactions and holdings in order to ensure compliance
with the Code and the Personal Trading Procedures. I also understand that personal trading information will be made available to any regulatory or self-regulatory organization to the extent required by applicable law or regulation.

● For the purpose of monitoring securities transactions and holdings information under the TD Epoch Personal
Trading Procedures, I confirm that I will instruct all financial institutions to provide copies of trade confirmation and periodic statements, subject to these procedures. This covers my current Employee-Related Accounts and accounts that will be
opened in the future during my employment with TD Epoch.

● I understand that any circumvention or violation of the TD Epoch Personal Trading Procedures will lead to
disciplinary and/or legal actions, including up to and including termination of employment.

● I understand that I have to pre-clear any additions and report
deletions or changes with respect to my Employee-Related Accounts.

---

| | |
|:---|:---|
| <br> Print Name | <br> Signature |
| <br> Date |  |

---

<sup>6</sup> Full time employees are generally required to complete an initial certification of the Code in a substantially similar format online..