EXPENSE LIMITATION AGREEMENT
This EXPENSE LIMITATION AGREEMENT (the "Agreement") is between Massachusetts
Mutual Life Insurance Company, a Massachusetts corporation (the "Manager"), and
MassMutual Premier Funds, a Massachusetts business trust (the "Trust"),
effective as of the 29th day of October, 2004.
WHEREAS, the Trust is an open-end diversified management investment company
registered as such with the Securities and Exchange Commission pursuant to the
Investment Company Act of 1940, as amended;
WHEREAS, The MassMutual Premier Money Market Fund, MassMutual Premier
Short-Duration Bond Fund, MassMutual Premier Inflation-Protected Bond Fund,
MassMutual Premier Core Bond Fund, MassMutual Premier Diversified Bond Fund,
MassMutual Premier High Yield Fund, MassMutual Premier Balanced Fund, MassMutual
Premier Value Fund, MassMutual Premier Enhanced Index Value Fund, MassMutual
Premier Enhanced Index Core Equity Fund, MassMutual Premier Enhanced Index
Growth Fund, MassMutual Premier Core Growth Fund, MassMutual Premier Small
Capitalization Value Fund, MassMutual Premier Small Company Opportunities Fund,
and MassMutual Premier International Equity Fund are each a series of the Trust
(together, the "Funds");
WHEREAS, the Manager is an investment adviser registered with the Securities and
Exchange Commission 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 Agreement;
NOW THEREFORE, the Trust and the Manager hereby agree as follows:
1. Expense Limitation
The Manager agrees to expense waivers and/or cap the fees and expenses (other
than extraordinary litigation and legal expenses, or other nonrecurring or
unusual expenses) of the Funds at the amounts listed below through March 1,
2006.
MassMutual Premier Money Market Fund
Class Expense Cap Waiver
----- ----------- ------
N................................... 1.07% 0.18%
A................................... 0.77% 0.18%
L................................... 0.52% 0.18%
Y................................... 0.55%
S................................... 0.45%
MassMutual Premier Short-Duration Bond Fund
Class Expense Cap Waiver
----- ----------- ------
N................................... 1.22% 0.07%
A................................... 0.92% 0.07%
L................................... 0.67% 0.07%
Y................................... 0.59%
S................................... 0.54%
MassMutual Premier Inflation-Protected Bond Fund
Class Expense Cap
----- -----------
N................................... 1.38%
A................................... 1.08%
L................................... 0.83%
Y................................... 0.68%
S................................... 0.58%
MassMutual Premier Core Bond Fund
Class Expense Cap Waiver
----- ----------- ------
N................................... 1.28% 0.08%
A................................... 0.96% 0.08%
L................................... 0.71% 0.08%
Y................................... 0.64%
S................................... 0.59%
MassMutual Premier Diversified Bond Fund
Class Expense Cap Waiver
----- ----------- ------
N................................... 1.29% 0.15%
A................................... 0.99% 0.15%
L................................... 0.75% 0.15%
Y................................... 0.74%
S................................... 0.69%
MassMutual Premier High Yield Fund
Class Expense Cap
----- -----------
N................................... 1.45%
A................................... 1.15%
L................................... 0.90%
Y................................... 0.75%
S................................... 0.70%
MassMutual Premier Balanced Fund
Class Expense Cap
----- -----------
N................................... 1.47%
A................................... 1.16%
L................................... 0.91%
Y................................... 0.76%
S................................... 0.60%
MassMutual Premier Value Fund
Class Expense Cap
----- -----------
N................................... 1.40%
A................................... 1.09%
L................................... 0.80%
Y................................... 0.69%
S................................... 0.59%
MassMutual Premier Enhanced Index Value Fund
Class Expense Cap
----- -----------
N................................... 1.40%
A................................... 1.09%
L................................... 0.84%
Y................................... 0.69%
S................................... 0.59%
MassMutual Premier Enhanced Index Core Equity Fund
Class Expense Cap Waiver
----- ----------- ------
N................................... 1.40% 0.05%
A................................... 1.09% 0.06%
L................................... 0.84% 0.06%
Y................................... 0.69% 0.06%
S................................... 0.59% 0.11%
MassMutual Premier Enhanced Index Growth Fund
Class Expense Cap Waiver
----- ----------- ------
N................................... 1.40% 0.05%
A................................... 1.09% 0.06%
L................................... 0.84% 0.06%
Y................................... 0.69% 0.06%
S................................... 0.59% 0.11%
MassMutual Premier Core Growth Fund
Class Expense Cap
----- -----------
N................................... 1.50%
A................................... 1.20%
L................................... 0.95%
Y................................... 0.80%
S................................... 0.75%
MassMutual Premier Small Capitalization Value Fund
Class Expense Cap
----- -----------
N................................... 1.60%
A................................... 1.30%
L................................... 1.05%
Y................................... 0.90%
S................................... 0.85%
MassMutual Premier Small Company Opportunities Fund
Class Expense Cap
----- -----------
N................................... 1.49%
A................................... 1.14%
L................................... 0.89%
Y................................... 0.79%
S................................... 0.69% 0.01%
MassMutual Premier International Equity Fund
Class Expense Cap
----- -----------
N................................... 1.82%
A................................... 1.52%
L................................... 1.27%
Y................................... 1.12%
S................................... 1.09%
This Agreement cannot be terminated unilaterally by the Manager.
IN WITNESS WHEREOF, the Trust and the Manager have caused this Agreement to be
executed on the 29th day of October 2004.
MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
By:
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▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇,
Vice President and Actuary
MassMutual Premier Funds
on behalf of each of the Funds
By:
------------------------------------
▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇, President
