MML SERIES INVESTMENT FUND
(the “Trust”)
1295 State Street
Springfield, MA 01111-0001
MML Global Fund
(the “Fund”)
INFORMATION STATEMENT
July 14, 2025
Important Notice Regarding the Availability of this Information Statement
This Information Statement is available at
https://www.massmutual.com/product-performance/variable-insurance-funds
The Trustees of the MML Series Investment Fund (the “Trustees”) are distributing this Information Statement in connection with a new investment subadvisory agreement for the Fund (the “New Subadvisory Agreement”) between MML Investment Advisers, LLC (in its capacity as investment adviser to the Fund, the “Adviser” or “MML Advisers”) and Invesco Advisers, Inc. (“Invesco Advisers”). This Information Statement explains why the Trustees approved (i) the termination of the Investment Subadvisory Agreement between the Adviser and Massachusetts Financial Services Company (“MFS”) with respect to the Fund (the “Prior Subadvisory Agreement”), and (ii) the Adviser’s entering into the New Subadvisory Agreement with Invesco Advisers with respect to the Fund. In addition, this Information Statement describes generally the terms of the New Subadvisory Agreement. This Information Statement is being delivered to shareholders of record as of June 25, 2025 on or about July 14, 2025.
As required by an Exemptive Order that MML Advisers has received from the Securities and Exchange Commission (the “SEC”) to permit the Adviser to change subadvisers or hire new subadvisers for one or more funds from time to time without obtaining shareholder approval, subject to approval by a fund’s shareholders of this arrangement, the Fund is distributing this Information Statement solely for your information. WE ARE NOT ASKING YOU FOR A PROXY, AND YOU ARE REQUESTED NOT TO SEND US A PROXY.
Termination of the Prior Subadvisory Agreement and Trustee Approval of the New Subadvisory Agreement
At a meeting of the Trustees held on March 18-19, 2025, the Trustees, including a majority of the Trustees who are not “interested persons” as such term is defined in the Investment Company Act of 1940, as amended (“Independent Trustees”), approved (i) the termination of the Prior Subadvisory Agreement dated March 1, 2014, as amended, between Massachusetts Mutual Life Insurance Company (“MassMutual”) (assigned to the Adviser on April 1, 2014) and MFS on behalf of the Fund, such termination to take effect on April 24, 2025; and (ii) the New Subadvisory Agreement pursuant to which Invesco Advisers, an investment adviser registered with the SEC, would provide certain investment advisory services with respect to the Fund. In reaching this decision, the Trustees considered, among other factors, (a) MML Advisers’ longstanding relationship with Invesco Advisers and the fact that a change in subadviser is consistent with MML Advisers’ focus on business efficiency through the reduction of subadviser relationships; (b) that as of December 31, 2024, the Invesco Advisers strategy outperformed its peers, ranking top half for the trailing 1- and 3-year periods and near median for the trailing 5-year period (53rd percentile); and (c) MML Advisers’ belief that the Fund’s shareholders will benefit from a similar risk/return profile with strong performance and that the subadviser change is in the best interest of shareholders. The decision was further influenced by the opportunity for the Fund to increase its assets through a fund substitution, whereby, the Fund would be substituted in place of a similar fund managed by Invesco Advisers for certain shareholders of that fund, and MML Advisers expectation that the increased scale will benefit shareholders of the Fund. The Trustees also noted that Invesco Advisers has agreed to act as subadviser at a rate for the Fund that is lower than what was agreed to by MFS and that MML Advisers had agreed to cap the expenses of the Fund for two years following the subadviser change.