EXPENSE LIMITATION AGREEMENT

 

Exhibit H(43)

 

EXPENSE LIMITATION AGREEMENT

 

This EXPENSE LIMITATION AGREEMENT (the “Agreement”) is between MML Investment Advisers, LLC, a Delaware limited liability company (the “Manager”), and MassMutual Select Funds, a Massachusetts business trust (the “Trust”), effective as of the 1st day of February, 2020.

 

WHEREAS, the Trust is an open-end management investment company registered as such with the Securities and Exchange Commission (the “SEC”) pursuant to the Investment Company Act of 1940, as amended;

 

WHEREAS, MassMutual Select X. Xxxx Price Retirement Balanced Fund, MassMutual Select X. Xxxx Price Retirement 2005 Fund, MassMutual Select X. Xxxx Price Retirement 2010 Fund, MassMutual Select X. Xxxx Price Retirement 2015 Fund, MassMutual Select X. Xxxx Price Retirement 2020 Fund, MassMutual Select X. Xxxx Price Retirement 2025 Fund, MassMutual Select X. Xxxx Price Retirement 2030 Fund, MassMutual Select X. Xxxx Price Retirement 2035 Fund, MassMutual Select X. Xxxx Price Retirement 2040 Fund, MassMutual Select X. Xxxx Price Retirement 2045 Fund, MassMutual Select X. Xxxx Price Retirement 2050 Fund, MassMutual Select X. Xxxx Price Retirement 2055 Fund, MassMutual Select X. Xxxx Price Retirement 2060 Fund, MassMutual Select X. Xxxx Price Bond Asset Fund, MassMutual Select X. Xxxx Price Emerging Markets Bond Fund, MassMutual Select X. Xxxx Price Large Cap Blend Fund, MassMutual Select X. Xxxx Price Limited Duration Inflation Focused Bond Fund, MassMutual Select X. Xxxx Price Real Assets Funds, MassMutual Select X. Xxxx Price Small and Mid Cap Value Fund, MassMutual Select X. Xxxx Price U.S. Treasury Long-Term Fund MassMutual Select BlackRock Global Allocation Fund, MassMutual Select Mid-Cap Value Fund, MassMutual Select 20/80 Allocation Fund (formerly known as MassMutual RetireSMARTSM Conservative Fund), MassMutual Select 40/60 Allocation Fund) (formerly known as MassMutual RetireSMARTSM Moderate Fund, MassMutual Select 60/40 Allocation Fund (formerly known as MassMutual RetireSMARTSM Moderate Growth Fund), MassMutual Select 80/20 Allocation Fund (formerly known as MassMutual RetireSMARTSM Growth Fund), MassMutual RetireSMARTSM by JPMorgan In Retirement Fund, MassMutual RetireSMARTSM by JPMorgan 2020 Fund, MassMutual RetireSMARTSM by JPMorgan 2025 Fund, MassMutual RetireSMARTSM by JPMorgan 2030 Fund, MassMutual RetireSMARTSM by JPMorgan 2035 Fund, MassMutual RetireSMARTSM by JPMorgan 2040 Fund, MassMutual RetireSMARTSM by JPMorgan 2045 Fund, MassMutual RetireSMARTSM by JPMorgan 2050 Fund, MassMutual RetireSMARTSM by JPMorgan 2055 Fund, and MassMutual RetireSMARTSM by JPMorgan 2060 Fund (the “Funds”) are each a series of the Trust.

 

WHEREAS, the Manager is an investment adviser registered with the SEC as such under the Investment Advisers Act of 1940, as amended; and

 

WHEREAS, the Trust has appointed the Manager as its investment manager for the Funds and the Manager has agreed to act in such capacity upon the terms set forth in the relevant Investment Management Agreements;

 

NOW THEREFORE, the Trust and the Manager hereby agree as follows:

 

1. Expense Limitation

 

The Manager agrees to cap the fees and expenses of each Fund (other than extraordinary litigation and legal expenses, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2021 at the following amounts. This agreement can only be terminated by mutual consent of the Board of Trustees of the Trust on behalf of the Funds and the Manager.

 

MassMutual Select X. Xxxx Price Retirement Balanced Fund

 

   Expense Cap 
Class I shares   0.34%
Class M5 shares   0.49%
Class M4 shares   0.74%
Class M3 shares   0.99%

 

MassMutual Select X. Xxxx Price Retirement 2005 Fund

 

   Expense Cap 
Class I shares   0.37%
Class M5 shares   0.52%
Class M4 shares   0.77%
Class M3 shares   1.02%

 

 

 

 

MassMutual Select X. Xxxx Price Retirement 2010 Fund

 

   Expense Cap 
Class I shares   0.37%
Class M5 shares   0.52%
Class M4 shares   0.77%
Class M3 shares   1.02%

 

MassMutual Select X. Xxxx Price Retirement 2015 Fund

 

   Expense Cap 
Class I shares   0.40%
Class M5 shares   0.55%
Class M4 shares   0.80%
Class M3 shares   1.05%

 

MassMutual Select X. Xxxx Price Retirement 2020 Fund

 

   Expense Cap 
Class I shares   0.43%
Class M5 shares   0.58%
Class M4 shares   0.83%
Class M3 shares   1.08%

 

MassMutual Select X. Xxxx Price Retirement 2025 Fund

 

   Expense Cap 
Class I shares   0.47%
Class M5 shares   0.62%
Class M4 shares   0.87%
Class M3 shares   1.12%

 

MassMutual Select X. Xxxx Price Retirement 2030 Fund

 

   Expense Cap 
Class I shares   0.50%
Class M5 shares   0.65%
Class M4 shares   0.90%
Class M3 shares   1.15%

 

MassMutual Select X. Xxxx Price Retirement 2035 Fund

 

   Expense Cap 
Class I shares   0.52%
Class M5 shares   0.67%
Class M4 shares   0.92%
Class M3 shares   1.17%

 

MassMutual Select X. Xxxx Price Retirement 2040 Fund

 

   Expense Cap 
Class I shares   0.52%
Class M5 shares   0.69%
Class M4 shares   0.94%
Class M3 shares   1.19%

 

MassMutual Select X. Xxxx Price Retirement 2045 Fund

 

   Expense Cap 
Class I shares   0.55%
Class M5 shares   0.70%
Class M4 shares   0.95%
Class M3 shares   1.20%

 

MassMutual Select X. Xxxx Price Retirement 2050 Fund

 

   Expense Cap 
Class I shares   0.55%
Class M5 shares   0.70%
Class M4 shares   0.95%
Class M3 shares   1.20%

 

MassMutual Select X. Xxxx Price Retirement 2055 Fund

 

   Expense Cap 
Class I shares   0.55%
Class M5 shares   0.70%
Class M4 shares   0.95%
Class M3 shares   1.20%

 

 

 

 

MassMutual Select X. Xxxx Price Retirement 2060 Fund

 

   Expense Cap 
Class I shares   0.56%
Class M5 shares   0.71%
Class M4 shares   0.96%
Class M3 shares   1.21%

 

 

2. Expense Limitation

 

The Manager agrees to cap the fees and expenses of each Fund (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) through January 31, 2021 at the following amounts. This agreement can only be terminated by mutual consent of the Board of Trustees of the Trust on behalf of the Funds and the Manager.

 

MassMutual Select X. Xxxx Price Bond Asset Fund

 

   Expense Cap 
Class I shares   0.40%

 

MassMutual Select X. Xxxx Price Emerging Markets Bond Fund

 

   Expense Cap 
Class I shares   0.70%

 

MassMutual Select X. Xxxx Price International Equity Fund

 

   Expense Cap 
Class I shares   0.67%

 

MassMutual Select X. Xxxx Price Large Cap Blend Fund

 

   Expense Cap 
Class I shares   0.55%


 

MassMutual Select X. Xxxx Price Limited Duration Inflation Focused Bond Fund

 

   Expense Cap 
Class I shares   0.15%

 

MassMutual Select X. Xxxx Price Real Assets Fund

 

   Expense Cap 
Class I shares   0.61%

 

MassMutual Select X. Xxxx Price Small and Mid Cap Value Fund

 

   Expense Cap 
Class I shares   0.65%

 

MassMutual Select X. Xxxx Price U.S. Treasury Long-Term Fund

 

   Expense Cap 
Class I shares   0.15%

 

MassMutual Select BlackRock Global Allocation Fund

 

   Expense Cap 
Class I shares   0.79%
Class R5 shares   0.89%
Service Class shares   0.99%
Administrative Class shares   1.09%
Class A shares   1.34%
Class R4 shares   1.24%
Class R3 shares   1.49%

 

MassMutual Select Mid-Cap Value Fund  

 

   Expense Cap 
Class I shares   0.80%
Class R5 shares   0.90%
Service Class shares   1.00%
Administrative Class shares   1.10%
Class A shares   1.35%
Class R4 shares   1.25%
Class R3 shares   1.50%

 

 

 

 

MassMutual Select 20/80 Allocation Fund

 

   Expense Cap 
Class I shares   0.02%
Class R5 shares   0.12%
Service Class shares   0.22%
Administrative Class shares   0.32%
Class A shares   0.57%
Class R4 shares   0.47%
Class R3 shares   0.72%

 

MassMutual Select 40/60 Allocation Fund

 

   Expense Cap 
Class I shares   0.04%
Class R5 shares   0.14%
Service Class shares   0.24%
Administrative Class shares   0.34%
Class A shares   0.59%
Class R4 shares   0.49%
Class R3 shares   0.74%

 

MassMutual Select 60/40 Allocation Fund

 

   Expense Cap 
Class I shares   0.04%
Class R5 shares   0.14%
Service Class shares   0.24%
Administrative Class shares   0.34%
Class A shares   0.59%
Class R4 shares   0.49%
Class R3 shares   0.74%

 

MassMutual Select 80/20 Allocation Fund

 

   Expense Cap 
Class I shares   0.07%
Class R5 shares   0.17%
Service Class shares   0.27%
Administrative Class shares   0.37%
Class A shares   0.62%
Class R4 shares   0.52%
Class R3 shares   0.77%

 

MassMutual RetireSMART by JPMorgan In Retirement Fund

 

   Expense Cap 
Class I shares   0.06%
Class R5 shares   0.16%
Service Class shares   0.26%
Administrative Class shares   0.36%
Class R4 shares   0.51%
Class R3 shares   0.76%

 

MassMutual RetireSMART by JPMorgan 2020 Fund

 

   Expense Cap 
Class I shares   0.04%
Class R5 shares   0.14%
Service Class shares   0.24%
Administrative Class shares   0.34%
Class A shares   0.59%
Class R4 shares   0.49%
Class R3 shares   0.74%

 

 

 

 

MassMutual RetireSMART by JPMorgan 2025 Fund

 

   Expense Cap 
Class I shares   0.01%
Class R5 shares   0.11%
Service Class shares   0.21%
Administrative Class shares   0.31%
Class A shares   0.56%
Class R4 shares   0.46%
Class R3 shares   0.71%

 

MassMutual RetireSMART by JPMorgan 2030 Fund

 

   Expense Cap 
Class I shares   0.04%
Class R5 shares   0.14%
Service Class shares   0.24%
Administrative Class shares   0.34%
Class A shares   0.59%
Class R4 shares   0.49%
Class R3 shares   0.74%

 

MassMutual RetireSMART by JPMorgan 2035 Fund

 

   Expense Cap 
Class I shares   0.05%
Class R5 shares   0.15%
Service Class shares   0.25%
Administrative Class shares   0.35%
Class A shares   0.60%
Class R4 shares   0.50%
Class R3 shares   0.75%

 

MassMutual RetireSMART by JPMorgan 2040 Fund

 

   Expense Cap 
Class I shares   0.04%
Class R5 shares   0.14%
Service Class shares   0.24%
Administrative Class shares   0.34%
Class A shares   0.59%
Class R4 shares   0.49%
Class R3 shares   0.74%

 

MassMutual RetireSMART 2045 Fund

 

   Expense Cap 
Class I shares   0.02%
Class R5 shares   0.12%
Service Class shares   0.22%
Administrative Class shares   0.32%
Class A shares   0.57%
Class R4 shares   0.47%
Class R3 shares   0.72%

 

MassMutual RetireSMART 2050 Fund

 

   Expense Cap 
Class I shares   0.02%
Class R5 shares   0.12%
Service Class shares   0.22%
Administrative Class shares   0.32%
Class A shares   0.57%
Class R4 shares   0.47%
Class R3 shares   0.72%

 

 

 

 

MassMutual RetireSMART 2055 Fund

 

   Expense Cap 
Class I shares   0.00%
Class R5 shares   0.10%
Service Class shares   0.20%
Administrative Class shares   0.30%
Class A shares   0.55%
Class R4 shares   0.45%
Class R3 shares   0.70%

 

MassMutual RetireSMART by JPMorgan 2060 Fund

 

   Expense Cap 
Class I shares   0.00%
Class R5 shares   0.10%
Service Class shares   0.20%
Administrative Class shares   0.30%
Class A shares   0.55%
Class R4 shares   0.45%
Class R3 shares   0.70%

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

IN WITNESS WHEREOF, the Trust and the Manager have caused this Agreement to be executed as of the 31st day of January, 2020.

 

  MML INVESTMENT ADVISERS, LLC

 

  By: /s/ Xxxxxxx Xxxxxx
    Xxxxxxx Xxxxxx, Vice President

 

  MASSMUTUAL SELECT FUNDS
on behalf of each of the Funds  

 

  By: /s/ Xxxxx Xxxxxxxxx
    Xxxxx Xxxxxxxxx, CFO and Treasurer

 

 

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Filed: January 31st, 2020
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