Massachusetts Financial Services Company
000 Xxxxxxxxxx Xxxxxx
Xxxxxx, XX 00000
September 14, 2017
MML Investment Advisers, LLC
000 Xxxxxx Xxxxxx Xxxx.
Enfield, CT 06082
Ladies and Gentlemen:
Massachusetts Mutual Life Insurance Company and
Massachusetts Financial Services Company
("Subadviser") have entered into a Subadvisory
Agreement dated as of March 1, 2014 and assigned
to MML Investment Advisers, LLC ("MML
Advisers") on April 1, 2014 (the "Agreement"). In
the Agreement, MML Advisers has retained the
Subadviser to manage the assets of the MML
Global Fund (the "Fund"), a series of MML Series
Investment Fund. In connection with the
performance by the parties of their respective
obligations under the Agreement, the parties wish to
set out the following understanding with respect to
foreign currency transactions on behalf of the Fund.
For the avoidance of doubt, (i) the term "securities-
related FX transactions" as used below means
foreign exchange transactions executed in
connection with specific purchase and sale
transactions in individual securities in order to
transact an exchange between U.S. dollars ("USD")
and the foreign currency in which a particular
security is traded, and (ii) the term "foreign income
and dividend repatriation FX transactions" as used
below means foreign exchange transactions
executed in order to convert into USD all dividends,
interest payments and other corporate action
proceeds received in a currency other than the Fund
portfolio's operating currency.
Except as provided below in the case of transactions
in so-called "restricted markets," MML Advisers
agrees that the Subadviser is not required to execute
securities-related FX transactions through the
Fund's custodian, but may, in its sole discretion and
in accordance with Section 5 of the Agreement,
place orders with or through such brokers, dealers
or other financial intermediaries as Subadviser may
select for the execution of such securities-related
FX transactions, unless the scope of the authority
given to the Subadviser enables MML Advisers to
direct otherwise (e.g., by reason of any directed
brokerage requirements, brokerage affiliation issues
and/or any specific approved brokers lists provided
to the Subadviser with respect to the Fund).
The parties agree that the Fund's custodian bank
shall execute any securities-related FX transactions
in countries that restrict transactions in their
currency due to regulatory or foreign exchange
controls (i.e., "restricted markets"). The parties
further agree that with respect to all foreign income
and dividend repatriation FX transactions, the
Subadviser will generally direct the Fund's
custodian bank to execute the FX transactions in
order to repatriate all income to USD.
If you are in agreement with the foregoing, please
countersign where indicated below.
Very truly yours,
Massachusetts Financial Services Company
B
y
:
/s/ Xxxxx
Xxxxxx
N
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e
:
Xxxxx Xxxxxx
T
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e
:
Executive
Vice President
Acknowledged and agreed:
MML Investment Advisers, LLC
B
y
:
/s/ Xxxx
Xxxxxx
N
a
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e
:
Xxxx Xxxxxx
T
i
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e
:
Vice President
