EXPENSE LIMITATION AGREEMENT
Exhibit H(46)
Form of
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, 2023.
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 Total Return Bond Fund, MassMutual Strategic Bond Fund, MassMutual Growth Opportunities Fund, MassMutual Mid Cap Value Fund, MassMutual Small Company Value Fund, MassMutual Overseas Fund, MassMutual 20/80 Allocation Fund, MassMutual 40/60 Allocation Fund, MassMutual 60/40 Allocation Fund, MassMutual 80/20 Allocation Fund, MassMutual RetireSMART℠ by JPMorgan In Retirement Fund, MassMutual RetireSMART℠ by JPMorgan 2020 Fund, MassMutual RetireSMART℠ by JPMorgan 2025 Fund, MassMutual RetireSMART℠ by JPMorgan 2030 Fund, MassMutual RetireSMART℠ by JPMorgan 2035 Fund, MassMutual RetireSMART℠ by JPMorgan 2040 Fund, MassMutual RetireSMART℠ by JPMorgan 2045 Fund, MassMutual RetireSMART℠ by JPMorgan 2050 Fund, MassMutual RetireSMART℠ by JPMorgan 2055 Fund, MassMutual RetireSMART℠ by JPMorgan 2060 Fund, MassMutual RetireSMART℠ by JPMorgan 2065 Fund, MassMutual Select X. Xxxx Price Bond Asset Fund, MassMutual Select X. Xxxx Price Emerging Markets Bond Fund, MassMutual Select X. Xxxx Price International Equity 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 Fund, MassMutual Select X. Xxxx Price Small and Mid Cap Blend Fund, MassMutual Select X. Xxxx Price U.S. Treasury Long-Term Index Fund, 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, and MassMutual Select X. Xxxx Price Retirement 2065 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 and this agreement can only be terminated by mutual consent of the Board of Trustees of the Trust on behalf of a Fund and the Manager:
(i) | The Manager agrees to waive 0.03% of the management fees of the MassMutual Total Return Bond Fund through January 31, 2024. |
(ii) | The Manager agrees to waive 0.05% of the management fees of the MassMutual Strategic Bond Fund through January 31, 2024. |
(iii) | The Manager agrees to waive 0.02% of the management fees of the MassMutual Growth Opportunities Fund through January 31, 2024. |
(iv) | The Manager agrees to cap the fees and expenses of each Fund (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, 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, 2024 at the following amounts: |
MassMutual Mid Cap Value Fund
Expense Cap | ||||
Class I shares | 0.61 | % | ||
Class R5 shares | 0.71 | % | ||
Service Class shares | 0.81 | % | ||
Administrative Class shares | 0.91 | % | ||
Class R4 shares | 1.06 | % | ||
Class A shares | 1.16 | % | ||
Class R3 shares | 1.31 | % | ||
Class Y | 0.71 | % |
MassMutual Small Company Value Fund
Expense Cap | ||||
Class I shares | 0.86 | % | ||
Class R5 shares | 0.96 | % | ||
Service Class shares | 1.06 | % | ||
Administrative Class shares | 1.16 | % | ||
Class R4 shares | 1.31 | % | ||
Class A shares | 1.41 | % | ||
Class R3 shares | 1.56 | % | ||
Class Y | 0.96 | % |
MassMutual Overseas Fund
Expense Cap | ||||
Class I shares | 0.79 | % | ||
Class R5 shares | 0.89 | % | ||
Service Class shares | 0.99 | % | ||
Administrative Class shares | 1.09 | % | ||
Class R4 shares | 1.24 | % | ||
Class A shares | 1.34 | % | ||
Class R3 shares | 1.49 | % | ||
Class Y | 0.89 | % |
MassMutual 20/80 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 R4 shares | 0.49 | % | ||
Class A shares | 0.59 | % | ||
Class R3 shares | 0.74 | % | ||
Class Y shares | 0.14 | % |
MassMutual 40/60 Allocation 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 A shares | 0.61 | % | ||
Class R3 shares | 0.76 | % | ||
Class Y shares | 0.16 | % |
MassMutual 60/40 Allocation 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 A shares | 0.61 | % | ||
Class R3 shares | 0.76 | % | ||
Class Y shares | 0.16 | % |
MassMutual 80/20 Allocation Fund
Expense Cap | ||||
Class I shares | 0.09 | % | ||
Class R5 shares | 0.19 | % | ||
Service Class shares | 0.29 | % | ||
Administrative Class shares | 0.39 | % | ||
Class R4 shares | 0.54 | % | ||
Class A shares | 0.64 | % | ||
Class R3 shares | 0.79 | % | ||
Class Y shares | 0.19 | % |
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 A shares | 0.61 | % | ||
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 R4 shares | 0.49 | % | ||
Class A shares | 0.59 | % | ||
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 R4 shares | 0.46 | % | ||
Class A shares | 0.56 | % | ||
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 R4 shares | 0.49 | % | ||
Class A shares | 0.59 | % | ||
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 R4 shares | 0.50 | % | ||
Class A shares | 0.60 | % | ||
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 R4 shares | 0.49 | % | ||
Class A shares | 0.59 | % | ||
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 R4 shares | 0.47 | % | ||
Class A shares | 0.57 | % | ||
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 R4 shares | 0.47 | % | ||
Class A shares | 0.57 | % | ||
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 R4 shares | 0.45 | % | ||
Class A shares | 0.55 | % | ||
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 R4 shares | 0.45 | % | ||
Class A shares | 0.55 | % | ||
Class R3 shares | 0.70 | % |
MassMutual RetireSMART by JPMorgan 2065 Fund
Expense Cap | ||||
Class I shares | 0.00 | % | ||
Class R5 shares | 0.10 | % | ||
Service Class shares | 0.20 | % | ||
Administrative Class shares | 0.30 | % | ||
Class R4 shares | 0.45 | % | ||
Class A shares | 0.55 | % | ||
Class R3 shares | 0.70 | % |
MassMutual Select X. Xxxx Price Bond Asset Fund
Expense Cap | ||||
Class I shares | 0.00 | % |
MassMutual Select X. Xxxx Price Emerging Markets Bond Fund
Expense Cap | ||||
Class I shares | 0.00 | % |
MassMutual Select X. Xxxx Price International Equity Fund
Expense Cap | ||||
Class I shares | 0.00 | % |
MassMutual Select X. Xxxx Price Large Cap Blend Fund
Expense Cap | ||||
Class I shares | 0.00 | % |
MassMutual Select X. Xxxx Price Limited Duration Inflation Focused Bond Fund
Expense Cap | ||||
Class I shares | 0.00 | % |
MassMutual Select X. Xxxx Price Real Assets Fund
Expense Cap | ||||
Class I shares | 0.00 | % |
MassMutual Select X. Xxxx Price Small and Mid Cap Blend Fund
Expense Cap | ||||
Class I shares | 0.00 | % |
MassMutual Select X. Xxxx Price U.S. Treasury Long-Term Index Fund
Expense Cap | ||||
Class I shares | 0.00 | % |
(v) | The Manager agrees to cap the fees and expenses of each Fund (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, 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, 2024 at the following amounts: |
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 | 0.34 | % | ||
Class M5 shares | 0.49 | % | ||
Class M4 shares | 0.74 | % | ||
Class M3 shares | 0.99 | % |
MassMutual Select X. Xxxx Price Retirement 2010 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 2015 Fund
Expense Cap | ||||
Class I shares | 0.36 | % | ||
Class M5 shares | 0.51 | % | ||
Class M4 shares | 0.76 | % | ||
Class M3 shares | 1.01 | % |
MassMutual Select X. Xxxx Price Retirement 2020 Fund
Expense Cap | ||||
Class I shares | 0.37 | % | ||
Class M5 shares | 0.53 | % | ||
Class M4 shares | 0.78 | % | ||
Class M3 shares | 1.03 | % |
MassMutual Select X. Xxxx Price Retirement 2025 Fund
Expense Cap | ||||
Class I shares | 0.39 | % | ||
Class M5 shares | 0.55 | % | ||
Class M4 shares | 0.80 | % | ||
Class M3 shares | 1.05 | % |
MassMutual Select X. Xxxx Price Retirement 2030 Fund
Expense Cap | ||||
Class I shares | 0.41 | % | ||
Class M5 shares | 0.58 | % | ||
Class M4 shares | 0.83 | % | ||
Class M3 shares | 1.08 | % |
MassMutual Select X. Xxxx Price Retirement 2035 Fund
Expense Cap | ||||
Class I shares | 0.42 | % | ||
Class M5 shares | 0.59 | % | ||
Class M4 shares | 0.84 | % | ||
Class M3 shares | 1.09 | % |
MassMutual Select X. Xxxx Price Retirement 2040 Fund
Expense Cap | ||||
Class I shares | 0.43 | % | ||
Class M5 shares | 0.60 | % | ||
Class M4 shares | 0.85 | % | ||
Class M3 shares | 1.10 | % |
MassMutual Select X. Xxxx Price Retirement 2045 Fund
Expense Cap | ||||
Class I shares | 0.44 | % | ||
Class M5 shares | 0.62 | % | ||
Class M4 shares | 0.87 | % | ||
Class M3 shares | 1.12 | % |
MassMutual Select X. Xxxx Price Retirement 2050 Fund
Expense Cap | ||||
Class I shares | 0.45 | % | ||
Class M5 shares | 0.63 | % | ||
Class M4 shares | 0.88 | % | ||
Class M3 shares | 1.13 | % |
MassMutual Select X. Xxxx Price Retirement 2055 Fund
Expense Cap | ||||
Class I shares | 0.46 | % | ||
Class M5 shares | 0.64 | % | ||
Class M4 shares | 0.89 | % | ||
Class M3 shares | 1.14 | % |
MassMutual Select X. Xxxx Price Retirement 2060 Fund
Expense Cap | ||||
Class I shares | 0.46 | % | ||
Class M5 shares | 0.64 | % | ||
Class M4 shares | 0.89 | % | ||
Class M3 shares | 1.14 | % |
MassMutual Select X. Xxxx Price Retirement 2065 Fund
Expense Cap | ||||
Class I shares | 0.46 | % | ||
Class M5 shares | 0.64 | % | ||
Class M4 shares | 0.89 | % | ||
Class M3 shares | 1.14 | % |
IN WITNESS WHEREOF, the Trust and the Manager have caused this Agreement to be executed on the 31st day of January, 2023.
MML INVESTMENT ADVISERS, LLC | ||
By: | ||
Xxxxxxx Xxxxxx, Vice President | ||
MASSMUTUAL SELECT FUNDS on behalf of each of the Funds | ||
By: | ||
Xxxxx Xxxxxxxxx, CFO and Treasurer |