EXPENSE LIMITATION AGREEMENT
Exhibit (h)(45)
This EXPENSE LIMITATION AGREEMENT (the “Agreement”) is between MML Investment Advisers, LLC, a Delaware limited liability company (the “Manager”), and MML Series Investment Fund II, a Massachusetts business trust (the “Trust”), effective as of the 1st day of May, 2024.
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, MML Dynamic Bond Fund, MML Equity Rotation Fund, MML High Yield Fund, MML Inflation-Protected and Income Fund, MML iShares® 60/40 Allocation Fund, MML iShares® 80/20 Allocation Fund, and MML Strategic Emerging Markets Fund (each a “Fund” and together, 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 0.05% of the advisory fees of the MML Equity Rotation Fund through April 30, 2025.
|
| (ii) |
The Manager agrees to waive 0.04% of the advisory fees of the MML High Yield Fund through April 30, 2025.
|
| (iii) |
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 April 30, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed the following amounts: |
MML Dynamic Bond Fund
| Expense | |||
| Cap | |||
| Class II shares | 0.57% | ||
| Service Class I shares | 0.82% |
MML Inflation-Protected and Income Fund
| Expense | |||
| Cap | |||
| Initial Class shares | 0.61% | ||
| Service Class shares | 0.86% |
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MML Strategic Emerging Markets Fund
| Expense | |||
| Cap | |||
| Class II shares | 1.25% | ||
| Service Class I shares | 1.50% |
| (iv) |
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 April 30, 2025, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed the following amounts: |
MML iShares® 60/40 Allocation Fund
| Expense | |||
| Cap | |||
| Class II shares | 0.50% | ||
| Service Class I shares | 0.75% |
MML iShares® 80/20 Allocation Fund
| Expense | ||||
| Cap | ||||
| Class II shares | 0.50% | |||
| Service Class I shares | 0.75% | |||
IN WITNESS WHEREOF, the Trust and the Manager have caused this Agreement to be executed on the 30th day of April, 2024.
| MML INVESTMENT ADVISERS, LLC | ||
| By: |
/s/ Xxxxxxx Xxxxxx |
|
| Xxxxxxx Xxxxxx, Vice President | ||
| MML SERIES INVESTMENT FUND II on behalf of each of the Funds |
||
| By: | /s/ Xxxxx Xxxxxxxxx | |
| Xxxxx Xxxxxxxxx, CFO and Treasurer | ||
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